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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kodak to launch Android smart TV in India

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

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

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

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

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

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

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

Walmart sacks 56 executives in India as part of restructuring

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Thousands of small-scale traders in India are planning to organise protests against <a href="https://www.wionews.com/business-economy/india-to-tweak-proposed-content-regulations-to-ease-burden-on-some-sources-272997">Amazon.com</a> Inc founder <a href="https://www.wionews.com/business-economy/worlds-richest-get-richer-adding-12-trillion-to-their-combined-wealth-271083">Jeff Bezos</a>, who will visit the country next week for a company event and potential meetings with government officials.

Bezos will participate in an Amazon event in capital New Delhi aimed at connecting with small and medium-sized enterprises, three sources told reporters.

He has also sought meetings with the prime minister and other government officials, with conversations expected to centre around e-commerce, one of the sources familiar with the matter said.

Details of Bezos' visit, including his arrival date and the duration of his stay, are not known.

Amazon did not respond to a request to confirm the visit. The prime minister's office also did not respond to requests for comment.

The <a href="https://www.wionews.com/india-news/finance-minister-nirmala-sitharaman-holds-meeting-on-gst-simplification-in-delhi-262629">Confederation of All India Traders</a> (CAIT), a group representing roughly 70 million brick-and-mortar retailers, said it will protest across 300 cities during Bezos' stay in the country.

CAIT has since 2015 waged a battle against online retailers Amazon and Walmart-controlled <a href="https://www.wionews.com/business-economy/start-up-revolution-new-age-billionaires-leaving-boardrooms-to-focus-on-new-business-270238">Flipkart</a>, accusing them of deep discounts and flouting India's foreign investment rules.

Both e-tailers have denied the allegations.

Amazon has previously said its platform provides business opportunities to thousands of small sellers, artisans, weavers and women entrepreneurs. But CAIT is not convinced.

"We plan to organise peaceful rallies against Jeff Bezos in all major cities such as Delhi, Mumbai, Kolkata as well as smaller towns and cities," <a href="https://www.wionews.com/business-economy/india-looks-into-flipkart-amazon-festive-discounts-after-retailer-complaints-256043">Praveen Khandelwal</a>, the group's secretary-general told reporters.

"We expect to mobilise at least 100,000 traders in the protests."

With its 1.3 billion population and the world's second-biggest smartphone user base that relies on cheap data for social media and online shopping, India is a key market for US&nbsp;retailers Amazon and Walmart to grow their business.

Discounts on their platforms have helped lure Indians to shop online for everything from groceries to large electronic devices, a phenomenon which traders say has unfairly hurt their business.

New Delhi introduced rules last year to protect nearly 130 million people dependent on small-scale retail, a key voter base, by deterring large online discounts.

The rules forced e-commerce firms to change their business structures, drawing criticism from the United States and straining the two countries' trade ties.

The federal commerce ministry is reviewing <a href="https://www.wionews.com/business-economy/flipkart-amazon-others-rush-to-pull-vaping-devices-after-india-ban-250626">complaints</a> and evidence filed by CAIT against Flipkart and Amazon, reporters&nbsp;reported previously.

Thousands of small-scale traders in India are planning to organise protests against Amazon.com Inc founder Jeff Bezos, who will visit the country next week for a company event and potential meetings with government officials.

Thousands of small-scale traders in India are planning to organise protests against Amazon.com Inc founder Jeff Bezos, who will visit the country next week for a company event and potential meetings with government officials. Bezos will participate in an Amazon event in capital New Delhi aimed at connecting with small and medium-sized enterprises, three sources told reporters. He has also sought meetings with the prime minister and other government officials, with conversations expected to centre around e-commerce, one of the sources familiar with the matter said. Details of Bezos' visit, including his arrival date and the duration of his stay, are not known. Amazon did not respond to a request to confirm the visit. The prime minister's office also did not respond to requests for comment. The Confederation of All India Traders (CAIT), a group representing roughly 70 million brick-and-mortar retailers, said it will protest across 300 cities during Bezos' stay in the country. CAIT has since 2015 waged a battle against online retailers Amazon and Walmart-controlled Flipkart, accusing them of deep discounts and flouting India's foreign investment rules. Both e-tailers have denied the allegations. Amazon has previously said its platform provides business opportunities to thousands of small sellers, artisans, weavers and women entrepreneurs. But CAIT is not convinced. "We plan to organise peaceful rallies against Jeff Bezos in all major cities such as Delhi, Mumbai, Kolkata as well as smaller towns and cities," Praveen Khandelwal, the group's secretary-general told reporters. "We expect to mobilise at least 100,000 traders in the protests." With its 1.3 billion population and the world's second-biggest smartphone user base that relies on cheap data for social media and online shopping, India is a key market for US retailers Amazon and Walmart to grow their business. Discounts on their platforms have helped lure Indians to shop online for everything from groceries to large electronic devices, a phenomenon which traders say has unfairly hurt their business. New Delhi introduced rules last year to protect nearly 130 million people dependent on small-scale retail, a key voter base, by deterring large online discounts. The rules forced e-commerce firms to change their business structures, drawing criticism from the United States and straining the two countries' trade ties. The federal commerce ministry is reviewing complaints and evidence filed by CAIT against Flipkart and Amazon, reporters reported previously.

Amazon boss Jeff Bezos to face 'protests' from traders during India trip

Supreme Court on Friday stayed National Company Law Appellate Tribunal(NCLAT) order which had reinstated Cyrus Mistry as executive chairman of Tata group.

<a href="https://www.wionews.com/india-news/tata-sons-moves-supreme-court-over-nclat-order-to-reinstate-cyrus-mistry-as-chairman-271594">Also Read:&nbsp;Tata Sons moves Supreme Court over NCLAT order to reinstate Cyrus Mistry as chairman</a>

Former Tata Sons chairman Cyrus Mistry had earlier said that despite the NCLAT order he would not be taking up the chairmanship of Tata.

On January 2, Tata Sons had moved the Supreme Court against the NCLAT order that had directed reinstatement of Cyrus Mistry as executive chairman of the group.

Mistry’s family owns over 18 per cent stake in Tata Sons, the holding company of Tata Group, although its holding with voting rights is only under 4 per cent.

Mistry was ousted as chairman in October 2016, he subsequently resigned from the boards of six group companies.

&nbsp;

Supreme Court on Friday stayed National Company Law Appellate Tribunal(NCLAT) order which had reinstated Cyrus Mistry as executive chairman of Tata group. Also Read: Tata Sons moves Supreme Court over NCLAT order to reinstate Cyrus Mistry as chairman Former Tata Sons chairman Cyrus Mistry had earlier said that despite the NCLAT order he would not be taking up the chairmanship of Tata.

Supreme Court on Friday stayed National Company Law Appellate Tribunal(NCLAT) order which had reinstated Cyrus Mistry as executive chairman of Tata group. Also Read: Tata Sons moves Supreme Court over NCLAT order to reinstate Cyrus Mistry as chairman Former Tata Sons chairman Cyrus Mistry had earlier said that despite the NCLAT order he would not be taking up the chairmanship of Tata. On January 2, Tata Sons had moved the Supreme Court against the NCLAT order that had directed reinstatement of Cyrus Mistry as executive chairman of the group. Mistry’s family owns over 18 per cent stake in Tata Sons, the holding company of Tata Group, although its holding with voting rights is only under 4 per cent. Mistry was ousted as chairman in October 2016, he subsequently resigned from the boards of six group companies.

Supreme Court stays NCLAT order restoring Cyrus Mistry as executive chairman of Tata

<a href="https://www.wionews.com/business-economy/global-markets-bonds-reign-supreme-equities-struggle-on-recession-brexit-fears-246318">World stocks</a> set new record highs on Friday and the prices of safe-haven assets such as gold pulled back as investors cheered an apparent de-escalation in <a href="https://www.wionews.com/opinions/why-did-iran-and-us-step-back-from-all-out-war-273243">US-Iran </a>tensions and looked instead toward prospects of improved global growth.

Markets have swiftly reversed the sharp falls seen at the start of the week after the United States killed Iran's most senior general, as investors have concluded that a full-scale military confrontation is unlikely.

The MSCI world equity index, which tracks shares in 49 countries, has quickly resumed its rally and added another 0.12 percent&nbsp;on Friday to hit a new record high. It is almost 1.5 percent&nbsp;above the lows seen on Monday.

European shares also rose, although not quite hitting new records. The pan-European Euro Stoxx 50 gained 0.1&nbsp;and the German DAX 0.23 percent, while Britain's FTSE 100 was unchanged.

The three major share indexes on Wall Street touched new record highs on Thursday, and S&amp;P 500 futures were 0.28 percent higher, pointing to a stronger open ahead of all-important US&nbsp;non-farm payrolls data due at 1330 GMT.

A Reuters poll of economists is forecasting the <a href="https://www.wionews.com/opinions/could-a-weakening-us-economy-imperil-trumps-trade-war-against-china-226753">US&nbsp;economy</a> will have added 164,000 jobs in December, down from 254,000 in November, typically a strong month for hiring. Investors will also be focusing on underlying wage growth data for a gauge of underlying labour market strength.

Stock markets have got off to a decent start in 2019 despite US&nbsp;President Donald Trump's decision to kill military commander Qassem Soleimani, the second most powerful figure in Iran, in a missile strike in Baghdad.

FULL CIRCLE

"In the space of a few days we appear to have swung full circle; with investors seem convinced that the problems in the Middle East appear to have settled down, at least for the time being," said Michael Hewson, chief markets analyst at CMC Markets.

"Investors now have the opportunity to focus on the signing of the new <a href="https://www.wionews.com/world/no-phase-two-us-china-deal-on-the-horizon-officials-say-264312">US-China phase one trade</a> deal next week, as well as the health of the US&nbsp;economy today, and in particular the labour market which has continued to look resilient," he added.

Adding to the bullish mood, investors welcomed news that sales of Apple's iPhones in China in December jumped more than 18 percent&nbsp;on the year. They digested the report as a prelude to the upcoming visit by China's Vice Premier Liu He, head of the country's negotiation team in Sino-U.S. trade talks, to Washington next week to sign a trade deal.

MSCI's emerging market currency index, although little changed on Friday, hit 1-1/2-year highs on Thursday in what is likely to be its sixth straight week of gains. It has also benefited from three US&nbsp;rate cuts last year.

Safe haven assets extended their drop.

Gold eased 0.1&nbsp;percent&nbsp;&nbsp;to $1,550 per ounce from a seven-year high of $1,610.90 hit right after Iran's missile attack on Wednesday.

Against the Japanese yen, which investors often buy in times of uncertainty, the US&nbsp;dollar strengthened 0.2percent&nbsp;&nbsp;to a two-week high of 109.65 yen.

The dollar was slightly firmer. The euro dropped 0.1percent&nbsp;to $1.1085, its lowest in about two weeks.

Oil prices, which briefly spiked at the start of the week on worries that tensions with Iran would disrupt global supplies, recovered some of their subsequent losses.

Brent crude rose 0.3&nbsp;percent&nbsp;&nbsp;to $65.57 a barrel and was heading for its first decline in six weeks and its biggest since October, down around 4.5%.

US&nbsp;crude oil rallied 0.22percent&nbsp;&nbsp;to $59.69 a barrel but was also on track for its first weekly drop in six, falling 5.3% from last Friday's close.

Government bond yields, which rose on Thursday as investors' nerves about the situation in the Middle East eased, edged lower on Friday.

The benchmark 10-year German bond yield fell marginally to -0.221 per cent but for the week remains up 6 basis points, in a strong signal of investors' willingness to pull back from safe-haven government debt for riskier assets.

The 10-year US&nbsp;Treasury yield slipped to 1.852 percent&nbsp;&nbsp;but it too remains up more than 6 basis points on the week.

"With risk appetite showing little sign of abating following another resurgent 24 hours in markets, the next potential hurdle to jump is the first payrolls Friday of the new decade," said Deutsche Bank macro strategists.

World stocks set new record highs on Friday and the prices of safe-haven assets such as gold pulled back as investors cheered an apparent de-escalation in US-Iran tensions and looked instead toward prospects of improved global growth.

World stocks set new record highs on Friday and the prices of safe-haven assets such as gold pulled back as investors cheered an apparent de-escalation in US-Iran tensions and looked instead toward prospects of improved global growth. Markets have swiftly reversed the sharp falls seen at the start of the week after the United States killed Iran's most senior general, as investors have concluded that a full-scale military confrontation is unlikely. The MSCI world equity index, which tracks shares in 49 countries, has quickly resumed its rally and added another 0.12 percent on Friday to hit a new record high. It is almost 1.5 percent above the lows seen on Monday. European shares also rose, although not quite hitting new records. The pan-European Euro Stoxx 50 gained 0.1 and the German DAX 0.23 percent, while Britain's FTSE 100 was unchanged. The three major share indexes on Wall Street touched new record highs on Thursday, and S&P 500 futures were 0.28 percent higher, pointing to a stronger open ahead of all-important US non-farm payrolls data due at 1330 GMT. A Reuters poll of economists is forecasting the US economy will have added 164,000 jobs in December, down from 254,000 in November, typically a strong month for hiring. Investors will also be focusing on underlying wage growth data for a gauge of underlying labour market strength. Stock markets have got off to a decent start in 2019 despite US President Donald Trump's decision to kill military commander Qassem Soleimani, the second most powerful figure in Iran, in a missile strike in Baghdad. FULL CIRCLE "In the space of a few days we appear to have swung full circle; with investors seem convinced that the problems in the Middle East appear to have settled down, at least for the time being," said Michael Hewson, chief markets analyst at CMC Markets. "Investors now have the opportunity to focus on the signing of the new US-China phase one trade deal next week, as well as the health of the US economy today, and in particular the labour market which has continued to look resilient," he added. Adding to the bullish mood, investors welcomed news that sales of Apple's iPhones in China in December jumped more than 18 percent on the year. They digested the report as a prelude to the upcoming visit by China's Vice Premier Liu He, head of the country's negotiation team in Sino-U.S. trade talks, to Washington next week to sign a trade deal. MSCI's emerging market currency index, although little changed on Friday, hit 1-1/2-year highs on Thursday in what is likely to be its sixth straight week of gains. It has also benefited from three US rate cuts last year. Safe haven assets extended their drop. Gold eased 0.1 percent to $1,550 per ounce from a seven-year high of $1,610.90 hit right after Iran's missile attack on Wednesday. Against the Japanese yen, which investors often buy in times of uncertainty, the US dollar strengthened 0.2percent to a two-week high of 109.65 yen. The dollar was slightly firmer. The euro dropped 0.1percent to $1.1085, its lowest in about two weeks. Oil prices, which briefly spiked at the start of the week on worries that tensions with Iran would disrupt global supplies, recovered some of their subsequent losses. Brent crude rose 0.3 percent to $65.57 a barrel and was heading for its first decline in six weeks and its biggest since October, down around 4.5%. US crude oil rallied 0.22percent to $59.69 a barrel but was also on track for its first weekly drop in six, falling 5.3% from last Friday's close. Government bond yields, which rose on Thursday as investors' nerves about the situation in the Middle East eased, edged lower on Friday. The benchmark 10-year German bond yield fell marginally to -0.221 per cent but for the week remains up 6 basis points, in a strong signal of investors' willingness to pull back from safe-haven government debt for riskier assets. The 10-year US Treasury yield slipped to 1.852 percent but it too remains up more than 6 basis points on the week. "With risk appetite showing little sign of abating following another resurgent 24 hours in markets, the next potential hurdle to jump is the first payrolls Friday of the new decade," said Deutsche Bank macro strategists.

Stocks march back to record highs as Middle East tensions ease

Former Managing Director and Chief Executive Officer (CEO) of <a href="https://www.wionews.com/india-news/icici-bank-videocon-case-enforcement-directorate-grills-chanda-kochhar-husband-and-venugopal-dhoot-231310">ICICI Bank Chanda Kochhar</a> and her family's assets worth over Rs 78 crore have been attached in connection with the <a href="https://www.wionews.com/india-news/icici-videocon-case-court-reserves-order-on-plea-of-rajiv-kochhar-223925">Videocon loan case</a>, the Enforcement Directorate (ED) said on Friday.

These assets comprise her flat in Mumbai and some other properties belonging to the company of her husband, Deepak Kocchar.

The ED had registered a criminal case in February last year against Videocon chairman Venugopal Dhoot, <a href="https://www.wionews.com/india-news/icici-videocon-case-court-reserves-order-on-plea-of-chanda-kocchars-brother-rajiv-223845">Chanda Kochhar, her husband Deepak Kochhar</a> and others to probe alleged irregularities and corrupt practices in sanctioning Rs 3,250-crore loan by the bank to the corporate group.

A probe was initiated in the case to find out if alleged kickbacks were generated in the loan deal and laundered to create a tainted asset. 
 
(With inputs from ANI)

Former Managing Director and Chief Executive Officer (CEO) of ICICI Bank Chanda Kochhar and her family's assets worth over Rs 78 crore have been attached in connection with the Videocon loan case, the Enforcement Directorate (ED) said on Friday.

Former Managing Director and Chief Executive Officer (CEO) of ICICI Bank Chanda Kochhar and her family's assets worth over Rs 78 crore have been attached in connection with the Videocon loan case, the Enforcement Directorate (ED) said on Friday. These assets comprise her flat in Mumbai and some other properties belonging to the company of her husband, Deepak Kocchar. The ED had registered a criminal case in February last year against Videocon chairman Venugopal Dhoot, Chanda Kochhar, her husband Deepak Kochhar and others to probe alleged irregularities and corrupt practices in sanctioning Rs 3,250-crore loan by the bank to the corporate group. A probe was initiated in the case to find out if alleged kickbacks were generated in the loan deal and laundered to create a tainted asset. (With inputs from ANI)

Videocon loan case: Enforcement Directorate attaches assets worth Rs 78 crore of former ICICI Bank CEO Chanda Kochhar, her husband

Uttam Prakash Agarwal, an independent board member with Yes Bank Ltd, resigned from the lender's board and stepped down as head of its audit committee on Friday, citing major corporate governance concerns at the troubled lender.

Agarwal, in a resignation letter seen by Reuters, said there were "serious concerns" around deteriorating corporate governance standards, along with compliance failures, at the bank.

The allegations against the country's fifth-largest private lender by assets could spell more trouble for the bank, and the news sent its stock tumbling 5 percent&nbsp;on Friday.

Yes Bank's shares fell nearly 75 percent&nbsp;last year, as non-performing assets on its books have risen sharply.

Delays in the bank's plans to raise a <a href="https://www.wionews.com/business-economy/yes-bank-seeks-up-to-2-billion-in-preferential-new-share-issue-265494">substantial sum</a> of fresh capital have also spooked <a href="https://www.wionews.com/business-economy/yes-bank-in-talks-with-microsoft-other-tech-firms-to-sell-up-to-15-stake-report-254145">investors</a>. The bank has since November been talking about raising up to $2 billion in funds.

Agarwal was appointed to the board in November 2018 by the lender's former managing director Rana Kapoor.

Agarwal in his resignation letter raised concerns about the management practices of the bank's senior leadership team, and said he had shared his concerns with all the relevant regulatory authorities.

His resignation came just ahead of a Yes Bank board meeting on Friday to discuss its fundraising plans.

Uttam Prakash Agarwal, an independent board member with Yes Bank Ltd, resigned from the lender's board and stepped down as head of its audit committee on Friday, citing major corporate governance concerns at the troubled lender.

Uttam Prakash Agarwal, an independent board member with Yes Bank Ltd, resigned from the lender's board and stepped down as head of its audit committee on Friday, citing major corporate governance concerns at the troubled lender. Agarwal, in a resignation letter seen by Reuters, said there were "serious concerns" around deteriorating corporate governance standards, along with compliance failures, at the bank. The allegations against the country's fifth-largest private lender by assets could spell more trouble for the bank, and the news sent its stock tumbling 5 percent on Friday. Yes Bank's shares fell nearly 75 percent last year, as non-performing assets on its books have risen sharply. Delays in the bank's plans to raise a substantial sum of fresh capital have also spooked investors. The bank has since November been talking about raising up to $2 billion in funds. Agarwal was appointed to the board in November 2018 by the lender's former managing director Rana Kapoor. Agarwal in his resignation letter raised concerns about the management practices of the bank's senior leadership team, and said he had shared his concerns with all the relevant regulatory authorities. His resignation came just ahead of a Yes Bank board meeting on Friday to discuss its fundraising plans.

Board member at Yes Bank quits, cites governance concerns

Oil edged further above $65 a barrel on Friday as concerns about a possible renewed spike in <a href="https://www.wionews.com/opinions/middle-east-protests-a-tug-of-war-over-who-has-the-longer-breath-263181">Middle East tensions</a> outweighed rising US&nbsp;inventories and other signs of ample supply.

Iran responded to a <a href="https://www.wionews.com/videos/donald-trump-orders-killing-of-qassim-suleimani-in-baghdad-271821">US&nbsp;drone strike</a> that killed a top Iranian general on January&nbsp;3 with a missile attack on Iraqi airbases hosting US&nbsp;forces that left no casualties. But a Revolutionary Guards commander said Iran would take "harsher revenge" soon.

"Hostilities may have ended for the time being, but the longer-term risks of conflict have by no means vanished," said Stephen Brennock of oil broker PVM.

"Set against this backdrop, the threat of supply disruptions in the Middle East is very much alive."

Brent crude&nbsp;the global benchmark was up 24 cents at $65.61 by 1155 GMT and was heading for its first weekly decline in six weeks, down over 4 percent. US&nbsp;West Texas Intermediate crude&nbsp;added 11 cents to $59.67.

Brent is still below where it was before the US&nbsp;drone strike killed Iranian general Qassem Soleimani on January&nbsp;3.

"There has been some de-escalation, but the return of risk is still there," said Olivier Jakob, oil analyst at Petromatrix.

"The closing hours of Friday are traditionally filled by short-covering due to the impossibility to react during the weekend."

Still, there has been no disruption to Middle East production as a result of the flare-up in tensions and other indications this week suggest supply is ample.

Crude inventories in the United States rose last week by 1.2 million barrels, the US&nbsp;Energy Information Administration said on Wednesday.&nbsp;

That compared with analysts' expectations in a Reuters poll for a 3.6 million-barrel drop.

"There's too much supply out there," a Japan-based based oil executive told Reuters.

In a bid to tackle any build-up of excess supply, the Organization of the Petroleum Exporting Countries plus allies including Russia are embarking on a further cut in production as of January&nbsp;1 this year.

Industry surveys, including from Reuters, showed that OPEC output declined in December ahead of the new pact. Still, production remains higher than the forecast demand for early 2020, according to some analysts.&nbsp;

"The oversupply on the oil market is sizeable," said Carsten Fritsch, an analyst at Commerzbank.

Oil edged further above $65 a barrel on Friday as concerns about a possible renewed spike in Middle East tensions outweighed rising US inventories and other signs of ample supply.

Oil edged further above $65 a barrel on Friday as concerns about a possible renewed spike in Middle East tensions outweighed rising US inventories and other signs of ample supply. Iran responded to a US drone strike that killed a top Iranian general on January 3 with a missile attack on Iraqi airbases hosting US forces that left no casualties. But a Revolutionary Guards commander said Iran would take "harsher revenge" soon. "Hostilities may have ended for the time being, but the longer-term risks of conflict have by no means vanished," said Stephen Brennock of oil broker PVM. "Set against this backdrop, the threat of supply disruptions in the Middle East is very much alive." Brent crude the global benchmark was up 24 cents at $65.61 by 1155 GMT and was heading for its first weekly decline in six weeks, down over 4 percent. US West Texas Intermediate crude added 11 cents to $59.67. Brent is still below where it was before the US drone strike killed Iranian general Qassem Soleimani on January 3. "There has been some de-escalation, but the return of risk is still there," said Olivier Jakob, oil analyst at Petromatrix. "The closing hours of Friday are traditionally filled by short-covering due to the impossibility to react during the weekend." Still, there has been no disruption to Middle East production as a result of the flare-up in tensions and other indications this week suggest supply is ample. Crude inventories in the United States rose last week by 1.2 million barrels, the US Energy Information Administration said on Wednesday. That compared with analysts' expectations in a Reuters poll for a 3.6 million-barrel drop. "There's too much supply out there," a Japan-based based oil executive told Reuters. In a bid to tackle any build-up of excess supply, the Organization of the Petroleum Exporting Countries plus allies including Russia are embarking on a further cut in production as of January 1 this year. Industry surveys, including from Reuters, showed that OPEC output declined in December ahead of the new pact. Still, production remains higher than the forecast demand for early 2020, according to some analysts. "The oversupply on the oil market is sizeable," said Carsten Fritsch, an analyst at Commerzbank.

Oil edges above $65 as Middle East concerns support

The Boeing Company on Thursday released hundreds of 'internal conversations' between its employees, which mostly shows contempt among its working staff.

<a href="https://www.wionews.com/opinions/wion-edit-the-fall-of-brand-boeing-268899">WION Edit: The fall of Brand Boeing</a> 
 
A majority of the conversations released show that the company's workers were worried about the 737 MAX rolling off of their factory floors, claiming that the variant of the decades-old 737 was "designed by clowns who in turn are supervised by monkeys."

Also read:&nbsp;<a href="https://www.wionews.com/world/intelligence-evidence-indicates-boeing-airliner-was-shot-down-by-iranian-surface-to-air-missile-trudeau-273282">Intelligence evidence indicates Boeing airliner was shot down by Iranian surface-to-air missile: Trudeau</a>

The conversations were released as part of documents handed over to the Congressional transportation committee investigating the design and regulatory certification of the aircraft, which since March 13, 2019, has been grounded worldwide.

The 737 MAX was grounded globally after two air accidents killing all 346 souls on board, in five months. The aircraft will remain grounded until investigations are completed.

US Representative Peter DeFazio, an Oregon Democrat who chairs the Congressional committee. Said that “these newly-released emails are incredibly damning.”

“They paint a deeply disturbing picture of the lengths Boeing was willing to go to evade scrutiny from regulators, flight crews, and the flying public, even as its employees were sounding alarms internally,” DeFazio said in a statement online.

Among the many messages disclosed by the company, one transcript showed an employee asking a colleague whether the other 'would put their family on a MAX simulator trained aircraft', to which they said that 'they wouldn't'.

The reigns of the Boeing Company on Monday will be taken over by board-member David Calhoun, after the former CEO – Gregory Smith was ousted last month.

These conversations released by the company in a bid to be more 'transparent' have greatly added to the pressure that Calhoun is about to receive, in addition to the pressure of having to overhaul the entire company's work culture.

Boeing was willing to 'skip proper training' and distributed licenses to pilots who had flown older versions of the 737 after a simple simulator training course. This made it a very popular variant of the aircraft and was the reason why so many customers were falling in line to place orders.

The same reason is also why so many internal messages between employees at bowing criticised the aircraft, saying "that we have a senior leadership team that understand very little about the business and yet are driving us to certain objectives ".

The Boeing Company on Thursday released hundreds of 'internal conversations' between its employees, which mostly shows contempt among its working staff. WION Edit: The fall of Brand Boeing A majority of the conversations released show that the company's workers were worried about the 737 MAX rolling off of their factory floors, claiming that the variant of the decades-old 737 was "designed by clowns who in turn are supervised by monkeys.

The Boeing Company on Thursday released hundreds of 'internal conversations' between its employees, which mostly shows contempt among its working staff. WION Edit: The fall of Brand Boeing A majority of the conversations released show that the company's workers were worried about the 737 MAX rolling off of their factory floors, claiming that the variant of the decades-old 737 was "designed by clowns who in turn are supervised by monkeys." Also read: Intelligence evidence indicates Boeing airliner was shot down by Iranian surface-to-air missile: Trudeau The conversations were released as part of documents handed over to the Congressional transportation committee investigating the design and regulatory certification of the aircraft, which since March 13, 2019, has been grounded worldwide. The 737 MAX was grounded globally after two air accidents killing all 346 souls on board, in five months. The aircraft will remain grounded until investigations are completed. US Representative Peter DeFazio, an Oregon Democrat who chairs the Congressional committee. Said that “these newly-released emails are incredibly damning.” “They paint a deeply disturbing picture of the lengths Boeing was willing to go to evade scrutiny from regulators, flight crews, and the flying public, even as its employees were sounding alarms internally,” DeFazio said in a statement online. Among the many messages disclosed by the company, one transcript showed an employee asking a colleague whether the other 'would put their family on a MAX simulator trained aircraft', to which they said that 'they wouldn't'. The reigns of the Boeing Company on Monday will be taken over by board-member David Calhoun, after the former CEO – Gregory Smith was ousted last month. These conversations released by the company in a bid to be more 'transparent' have greatly added to the pressure that Calhoun is about to receive, in addition to the pressure of having to overhaul the entire company's work culture. Boeing was willing to 'skip proper training' and distributed licenses to pilots who had flown older versions of the 737 after a simple simulator training course. This made it a very popular variant of the aircraft and was the reason why so many customers were falling in line to place orders. The same reason is also why so many internal messages between employees at bowing criticised the aircraft, saying "that we have a senior leadership team that understand very little about the business and yet are driving us to certain objectives ".

Boeing papers: Would you put your family on a 737 MAX?

Indian shares ended higher on Friday as easing US-Iran tensions pulled down oil prices, while investors awaited December quarter earnings from IT bellwether Infosys Ltd scheduled to be released later in the day.

Cooling crude propped up equities at the third-largest global oil consumer, with the blue-chip NSE Nifty 50 index hitting a record high during the session at 12,311.20.

The Nifty ended nearly 0.33 per cent&nbsp;higher at 12,256.80, while the benchmark Sensex jumped 0.36 per cent to 41,599.72. The Nifty and Sensex posted a weekly gain of 0.25 per cent and 0.33 per cent, respectively.

Coal India Ltd was the top gainer on the Nifty index, closing 3.69 per cent higher.

Shares of Yes Bank Ltd closed 5.39 per cent lower, the biggest loser on the Nifty after its independent director Uttam Prakash Agarwal said he was leaving the private sector lender, citing issues with fundraising and corporate governance.

Shares of IT giant Infosys Ltd closed 1.46 per cent higher ahead of its third-quarter results to be released later in the day.

Tata Motors Ltd shares closed 2.27 per cent higher after reporting a 1.3 per cent rise in December retail sales for Jaguar Land Rover.

Indian shares ended higher on Friday as easing US-Iran tensions pulled down oil prices, while investors awaited December quarter earnings from IT bellwether Infosys Ltd scheduled to be released later in the day.

Indian shares ended higher on Friday as easing US-Iran tensions pulled down oil prices, while investors awaited December quarter earnings from IT bellwether Infosys Ltd scheduled to be released later in the day. Cooling crude propped up equities at the third-largest global oil consumer, with the blue-chip NSE Nifty 50 index hitting a record high during the session at 12,311.20. The Nifty ended nearly 0.33 per cent higher at 12,256.80, while the benchmark Sensex jumped 0.36 per cent to 41,599.72. The Nifty and Sensex posted a weekly gain of 0.25 per cent and 0.33 per cent, respectively. Coal India Ltd was the top gainer on the Nifty index, closing 3.69 per cent higher. Shares of Yes Bank Ltd closed 5.39 per cent lower, the biggest loser on the Nifty after its independent director Uttam Prakash Agarwal said he was leaving the private sector lender, citing issues with fundraising and corporate governance. Shares of IT giant Infosys Ltd closed 1.46 per cent higher ahead of its third-quarter results to be released later in the day. Tata Motors Ltd shares closed 2.27 per cent higher after reporting a 1.3 per cent rise in December retail sales for Jaguar Land Rover.

Nifty, Sensex end higher on cooling oil prices

Indian shares rose on Friday, tracking global markets, as <a href="https://www.wionews.com/opinions/could-iran-us-tensions-mean-troubled-waters-ahead-in-the-strait-of-hormuz-273207">US-Iran tensions</a> abated and investors looked for domestic cues ahead of corporate earnings.

The NSE&nbsp;Nifty&nbsp;50 index inched up 0.16 per cent&nbsp;to 12,234.25 by 0413 GMT, while the benchmark <a href="https://www.wionews.com/business-economy/sensex-jumps-634-points-as-us-iran-tensions-ease-auto-and-realty-stocks-gain-273229">S&amp;P BSE Sensex</a> was 0.14 per cent&nbsp;higher at 41,511.58. The&nbsp;Nifty&nbsp;50 and Sensex are headed for a weekly gain of around 0.5 per cent&nbsp;each.

Meanwhile, easing oil prices came as a relief for investors in India, the world's third-biggest oil consumer. <a href="https://www.wionews.com/india-news/fresh-hike-in-petrol-diesel-prices-in-india-273300">Brent crude</a> was headed for its first decline in six weeks.&nbsp;

"There were some panic and fears from the global market which is fading out domestic cues are also not that negative, in fact, they are improving," said Shrikant Chouhan, technical analyst at Kotak Securities.

<a href="https://www.wionews.com/business-economy/sensex-nifty-surge-as-easing-middle-east-tensions-steady-crude-prices-273111">MSCI's broadest</a> gauge of the world's stocks in 49 countries rose a tad to hit an all-time high and its index of <a href="https://www.wionews.com/business-economy/asian-shares-erase-losses-as-mideast-tensions-ease-oil-ticks-up-273093">Asia-Pacific shares</a> outside Japan rose 0.18 per cent.&nbsp;

In India, IT heavyweight Infosys Ltd rose 1.44 per cent&nbsp;ahead of its third-quarter earnings due later in the day.

Shares of Indian private sector lender Yes Bank Ltd rose 1.37 per cent&nbsp;ahead of a board meeting on Friday to discuss a capital raise as it looks to stave off the impact of bad loans.

Airline stocks Interglobe Aviation Ltd and SpiceJet Ltd reacted positively to lower oil prices, rising 1.68 per cent&nbsp;and 0.94 per cent&nbsp;respectively.

Bharti Infratel Ltd and Dr Reddy's Laboratories Ltd were among the top gainers on the&nbsp;Nifty, rising 2.13 per cent&nbsp;and 2.06 per cent&nbsp;each.&nbsp;

Indian shares rose on Friday, tracking global markets, as US-Iran tensions abated and investors looked for domestic cues ahead of corporate earnings. The NSE Nifty 50 index inched up 0.

Indian shares rose on Friday, tracking global markets, as US-Iran tensions abated and investors looked for domestic cues ahead of corporate earnings. The NSE Nifty 50 index inched up 0.16 per cent to 12,234.25 by 0413 GMT, while the benchmark S&P BSE Sensex was 0.14 per cent higher at 41,511.58. The Nifty 50 and Sensex are headed for a weekly gain of around 0.5 per cent each. Meanwhile, easing oil prices came as a relief for investors in India, the world's third-biggest oil consumer. Brent crude was headed for its first decline in six weeks. "There were some panic and fears from the global market which is fading out domestic cues are also not that negative, in fact, they are improving," said Shrikant Chouhan, technical analyst at Kotak Securities. MSCI's broadest gauge of the world's stocks in 49 countries rose a tad to hit an all-time high and its index of Asia-Pacific shares outside Japan rose 0.18 per cent. In India, IT heavyweight Infosys Ltd rose 1.44 per cent ahead of its third-quarter earnings due later in the day. Shares of Indian private sector lender Yes Bank Ltd rose 1.37 per cent ahead of a board meeting on Friday to discuss a capital raise as it looks to stave off the impact of bad loans. Airline stocks Interglobe Aviation Ltd and SpiceJet Ltd reacted positively to lower oil prices, rising 1.68 per cent and 0.94 per cent respectively. Bharti Infratel Ltd and Dr Reddy's Laboratories Ltd were among the top gainers on the Nifty, rising 2.13 per cent and 2.06 per cent each.

Nifty, Sensex headed for weekly gain as Mideast tensions ease