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Facebook's stock dropped almost 3 per cent on Friday in regular trading after news reports suggested that the US FTC may take anti-trust action to prevent <a href="https://www.wionews.com/business-economy/facebook-no-longer-among-glassdoors-top-10-workplaces-267599">Facebook from integrating</a> its disparate messaging apps.

The reports said the Federal Trade Commission(FTC) may seek a court injunction that would block Facebook's "interoperability" plans for Facebook messenger, Whatsapp and Instagram, which involves revising them to use the same underlying software.

Facebook has been planning to integrate the app since early 2019. Federal regulators are concerned that Facebook's plan could make it hard to break up the company should the FTC find that necessary.

An additional investigation had revealed that Facebook has been buying small app developers and IT firms that could pose a threat to the firm's market share.

Facebook has been charged with taking higher stake in all those firms to kill competition not only in the United States but in other parts of the world as well. The company is facing similar charges in the European Union as well, meanwhile, Facebook has denied the charges.

Facebook's stock dropped almost 3 per cent on Friday in regular trading after news reports suggested that the US FTC may take anti-trust action to prevent Facebook from integrating its disparate messaging apps.

Facebook's stock dropped almost 3 per cent on Friday in regular trading after news reports suggested that the US FTC may take anti-trust action to prevent Facebook from integrating its disparate messaging apps. The reports said the Federal Trade Commission(FTC) may seek a court injunction that would block Facebook's "interoperability" plans for Facebook messenger, Whatsapp and Instagram, which involves revising them to use the same underlying software. Facebook has been planning to integrate the app since early 2019. Federal regulators are concerned that Facebook's plan could make it hard to break up the company should the FTC find that necessary. An additional investigation had revealed that Facebook has been buying small app developers and IT firms that could pose a threat to the firm's market share. Facebook has been charged with taking higher stake in all those firms to kill competition not only in the United States but in other parts of the world as well. The company is facing similar charges in the European Union as well, meanwhile, Facebook has denied the charges.

Facebook shares fall over possible US antitrust move

Appliance maker Electrolux AB said on Sunday its <a href="https://www.wionews.com/india-news/indian-company-among-top-3-employers-in-north-america-32732">North American business</a> would take a higher than forecast $70 million earnings hit in the fourth quarter, partly due to extra costs related to its move into a new facility in South Carolina.

The company is investing about $250 million in new product platforms at a new facility in Anderson, South Carolina. The plant will replace manufacturing in St Cloud, Minnesota and manufacturing at another facility in Anderson, <a href="https://www.wionews.com/videos/south-carolina-20-years-terms-for-cop-accused-of-murder-7224">South Carolina</a>.

"The transition to the new facility has resulted in temporary capacity constraints impacting deliveries to some customers in the fourth quarter," Electrolux said.

The company, which previously forecast a negative impact of $25 million on fourth-quarter earnings from the factory plan, said it expected the capacity constraints in Anderson to be gradually resolved in the first half of 2020.

It said the $70 million impact now foreseen also included effects from accounting adjustments from previous quarters and a reduction in inventory by a US&nbsp;customer.

Electrolux said its new investment programme and streamlining measures were on track to generate about $364 million&nbsp;of annual cost savings, with full effect from 2024. But it slashed the forecast for 2020 to $21 million from $34&nbsp;million

Analysts at <a href="https://www.wionews.com/videos/south-carolina-20-years-terms-for-cop-accused-of-murder-7224">Citigroup </a>said the negative impact on 2020 earnings forecasts would weigh on shares, even though long-term saving by 2024 were confirmed.

Electrolux said it would run its two plants in Anderson in parallel into the second half of next year to meet market demand.

Appliance maker Electrolux AB said on Sunday its North American business would take a higher than forecast $70 million earnings hit in the fourth quarter, partly due to extra costs related to its move into a new facility in South Carolina.

Appliance maker Electrolux AB said on Sunday its North American business would take a higher than forecast $70 million earnings hit in the fourth quarter, partly due to extra costs related to its move into a new facility in South Carolina. The company is investing about $250 million in new product platforms at a new facility in Anderson, South Carolina. The plant will replace manufacturing in St Cloud, Minnesota and manufacturing at another facility in Anderson, South Carolina. "The transition to the new facility has resulted in temporary capacity constraints impacting deliveries to some customers in the fourth quarter," Electrolux said. The company, which previously forecast a negative impact of $25 million on fourth-quarter earnings from the factory plan, said it expected the capacity constraints in Anderson to be gradually resolved in the first half of 2020. It said the $70 million impact now foreseen also included effects from accounting adjustments from previous quarters and a reduction in inventory by a US customer. Electrolux said its new investment programme and streamlining measures were on track to generate about $364 million of annual cost savings, with full effect from 2024. But it slashed the forecast for 2020 to $21 million from $34 million Analysts at Citigroup said the negative impact on 2020 earnings forecasts would weigh on shares, even though long-term saving by 2024 were confirmed. Electrolux said it would run its two plants in Anderson in parallel into the second half of next year to meet market demand.

Electrolux sees extra US costs hitting fourth quarter earnings

It sounds counterintuitive, but members of Generation Z will have to focus on human connections if they want to compete with robots for the jobs of the future.

Born after 1996 on the heels of the millennials,<a href="https://www.wionews.com/videos/tech-it-out-ep-26-e-parenting-for-the-gen-z-2790"> Gen Z</a> is just entering the workforce. Its members are the first true digital natives, and their ability to adapt to an automating workplace will likely determine their success.

While science and engineering degrees are on the rise, “soft” skills such as intellectual insight, flexibility, intuition, and creativity will be essential for workers competing with machines that are growing more technically proficient.

Here are the soft skills Gen Z members need to succeed:

Be an effective strategic communicator

Some employers fear that digital native workers might be too much like the robots they are competing with. What will make Gen Z workers stand out? Good communication skills.

Those in technology fields often work remotely or in relative isolation, so they do not always get enough time to sharpen their interpersonal skills, said Jason Wingard, dean, and professor of the school of professional studies at Columbia University.

There is a way for young people to train for that skill, though, added Vicki Walia, chief talent and capability officer at financial services giant Prudential.

"Gen Zs should not under-emphasize the importance of relationship building, listening, communicating, working collaboratively,” Walia said.

One way to do this is through mentorship. Young workers should work to form relationships with older colleagues or even engage in "reverse mentorships," helping an older worker learn a new technology skill.

Last year, Russell Bingham, a senior engineering major, participated in the clinic program at Harvey Mudd College in Claremont, California, which partners student teams with companies. The interactions were “eye-opening,” Bingham said, making him find better ways to interact with colleagues.

Be a continuous learner

While most of Generation Z is still in school, they already need to think about how to continually adapt to a fast-changing world. Their advantage, said Walia, is that they are “digitally capable and multidimensional.”

To succeed, they must be pragmatic and realistic about their skills and how desired skillsets will change. For example, Walia said graduates might be trained in Microsoft Excel, but a job might require them to learn how to interpret that data.

"Storytelling skills are an important part of being able to help others interpret the data, and use it to tell a story through data visualization," Walia said.

More industry knowledge also equals more money up to $6,387 more a year in salary in a high-wage industry according to a study the MIT-IBM Watson AI lab did between 2010 and 2017.

Find work that gives you a sense of purpose

Nearly half of the Gen Zs said they had experienced job burnout in the past year, according to a survey by ServiceNow, a Santa Clara, California cloud computing company. Half said they were considering a job outside their current industry because of it.

Workers are at their best when doing something meaningful to them, said Obed Louissaint, vice president of talent at IBM.

To avoid burnout, young people should couple finding purpose with taking proper mental breaks and trying to build healthy habits, Louissaint added.

Harvey Mudd student Bingham, for instance, is looking for a job that lets him apply his science and engineering skills to projects with societal impact. He recently worked as part of the expedition team that located the HMS Urge submarine after it was lost at sea for 77 years.

"That experience has led me to strongly value the fact that my unique robotics skill set can be an asset to people and projects totally outside the direct development of robots," Bingham said.

It sounds counterintuitive, but members of Generation Z will have to focus on human connections if they want to compete with robots for the jobs of the future. Born after 1996 on the heels of the millennials, Gen Z is just entering the workforce.

It sounds counterintuitive, but members of Generation Z will have to focus on human connections if they want to compete with robots for the jobs of the future. Born after 1996 on the heels of the millennials, Gen Z is just entering the workforce. Its members are the first true digital natives, and their ability to adapt to an automating workplace will likely determine their success. While science and engineering degrees are on the rise, “soft” skills such as intellectual insight, flexibility, intuition, and creativity will be essential for workers competing with machines that are growing more technically proficient. Here are the soft skills Gen Z members need to succeed: Be an effective strategic communicator Some employers fear that digital native workers might be too much like the robots they are competing with. What will make Gen Z workers stand out? Good communication skills. Those in technology fields often work remotely or in relative isolation, so they do not always get enough time to sharpen their interpersonal skills, said Jason Wingard, dean, and professor of the school of professional studies at Columbia University. There is a way for young people to train for that skill, though, added Vicki Walia, chief talent and capability officer at financial services giant Prudential. "Gen Zs should not under-emphasize the importance of relationship building, listening, communicating, working collaboratively,” Walia said. One way to do this is through mentorship. Young workers should work to form relationships with older colleagues or even engage in "reverse mentorships," helping an older worker learn a new technology skill. Last year, Russell Bingham, a senior engineering major, participated in the clinic program at Harvey Mudd College in Claremont, California, which partners student teams with companies. The interactions were “eye-opening,” Bingham said, making him find better ways to interact with colleagues. Be a continuous learner While most of Generation Z is still in school, they already need to think about how to continually adapt to a fast-changing world. Their advantage, said Walia, is that they are “digitally capable and multidimensional.” To succeed, they must be pragmatic and realistic about their skills and how desired skillsets will change. For example, Walia said graduates might be trained in Microsoft Excel, but a job might require them to learn how to interpret that data. "Storytelling skills are an important part of being able to help others interpret the data, and use it to tell a story through data visualization," Walia said. More industry knowledge also equals more money up to $6,387 more a year in salary in a high-wage industry according to a study the MIT-IBM Watson AI lab did between 2010 and 2017. Find work that gives you a sense of purpose Nearly half of the Gen Zs said they had experienced job burnout in the past year, according to a survey by ServiceNow, a Santa Clara, California cloud computing company. Half said they were considering a job outside their current industry because of it. Workers are at their best when doing something meaningful to them, said Obed Louissaint, vice president of talent at IBM. To avoid burnout, young people should couple finding purpose with taking proper mental breaks and trying to build healthy habits, Louissaint added. Harvey Mudd student Bingham, for instance, is looking for a job that lets him apply his science and engineering skills to projects with societal impact. He recently worked as part of the expedition team that located the HMS Urge submarine after it was lost at sea for 77 years. "That experience has led me to strongly value the fact that my unique robotics skill set can be an asset to people and projects totally outside the direct development of robots," Bingham said.

How can Generation Z compete with robots? Focus on the human touch

British&nbsp;businesses endured their worst downturn since mid-2016 in the run-up to Prime Minister <a href="https://www.wionews.com/opinions/uk-election-what-boris-johnsons-victory-means-for-britains-place-in-the-world-268495">Boris Johnson</a>'s landslide victory in a national&nbsp;election&nbsp;last week, a survey showed on Monday.

The <a href="UK economy starts to shows cracks under Brexit and global strains">'flash' early reading</a> of the IHS Markit/CIPS&nbsp;UK&nbsp;Purchasing Managers' Indexes (PMI) for Britain showed on Monday that the decline in both the services and manufacturing sectors has accelerated unexpectedly in December.

The readings suggested the world's fifth-<a href="https://www.wionews.com/business-economy/worlds-largest-economies-india-likely-to-surpass-uk-this-year-says-pwc-191559">biggest economy</a> is on course to contract in the fourth quarter, survey compiler IHS Markit said, although the&nbsp;PMIs have overstated weakness in previous quarters, partly because of higher government spending&nbsp;before&nbsp;Brexit.

This is also only the second month for which IHS Markit has released flash&nbsp;PMIs for Britain, and November's flash estimates were revised up significantly when final data came out.

Addressing a wilting economy is likely to be among the first items in Johnson's in-tray as he builds his new government, bolstered by a majority of 80 seats in parliament.

"Any positive aspects of the survey came largely from the sentiment indicators, with future expectations rising to the highest since June as firms hope that the&nbsp;election&nbsp;will bring clarity on the outlook and remove some of the uncertainty that has been holding back demand," said IHS Markit chief&nbsp;business&nbsp;economist Chris Williamson.

The composite&nbsp;PMI, which combines the services&nbsp;business&nbsp;activity and services and manufacturing output readings, fell to 48.5 from 49.3, its lowest level since July 2016, just after the Brexit vote.

Readings below 50 denote contraction.

The&nbsp;PMI&nbsp;for the dominant services sector fell to 49.0 in December from 49.3 in November, its lowest level since July 2016. A Reuters poll of economists had pointed to an improved reading of 49.5.

The manufacturing&nbsp;PMI&nbsp;dropped to 47.4 from 48.9 -- again weaker than forecast -- as a stockpiling drive&nbsp;before&nbsp;the aborted October&nbsp;31 Brexit deadline evaporated. The survey's gauge of factory output fell to its lowest level since July 2012.

"<a href="https://www.wionews.com/business-economy/uk-economic-growth-hits-six-month-low-manufacturing-slides-189603">Manufacturing production is falling</a> at one of the steepest rates since the height of the global financial crisis in early 2009, but output of the vast service sector has now also fallen in each of the past two months, representing the first back-to-back declines since 2009," Williamson said.

The final versions of the manufacturing and services&nbsp;PMIs will be released on January&nbsp;2 and January&nbsp;6.

A separate gauge of British household finances from IHS Markit on Monday fell to a three-month low in December, as perceptions of job security declined.

British businesses endured their worst downturn since mid-2016 in the run-up to Prime Minister Boris Johnson's landslide victory in a national election last week, a survey showed on Monday.

British businesses endured their worst downturn since mid-2016 in the run-up to Prime Minister Boris Johnson's landslide victory in a national election last week, a survey showed on Monday. The 'flash' early reading of the IHS Markit/CIPS UK Purchasing Managers' Indexes (PMI) for Britain showed on Monday that the decline in both the services and manufacturing sectors has accelerated unexpectedly in December. The readings suggested the world's fifth-biggest economy is on course to contract in the fourth quarter, survey compiler IHS Markit said, although the PMIs have overstated weakness in previous quarters, partly because of higher government spending before Brexit. This is also only the second month for which IHS Markit has released flash PMIs for Britain, and November's flash estimates were revised up significantly when final data came out. Addressing a wilting economy is likely to be among the first items in Johnson's in-tray as he builds his new government, bolstered by a majority of 80 seats in parliament. "Any positive aspects of the survey came largely from the sentiment indicators, with future expectations rising to the highest since June as firms hope that the election will bring clarity on the outlook and remove some of the uncertainty that has been holding back demand," said IHS Markit chief business economist Chris Williamson. The composite PMI, which combines the services business activity and services and manufacturing output readings, fell to 48.5 from 49.3, its lowest level since July 2016, just after the Brexit vote. Readings below 50 denote contraction. The PMI for the dominant services sector fell to 49.0 in December from 49.3 in November, its lowest level since July 2016. A Reuters poll of economists had pointed to an improved reading of 49.5. The manufacturing PMI dropped to 47.4 from 48.9 -- again weaker than forecast -- as a stockpiling drive before the aborted October 31 Brexit deadline evaporated. The survey's gauge of factory output fell to its lowest level since July 2012. "Manufacturing production is falling at one of the steepest rates since the height of the global financial crisis in early 2009, but output of the vast service sector has now also fallen in each of the past two months, representing the first back-to-back declines since 2009," Williamson said. The final versions of the manufacturing and services PMIs will be released on January 2 and January 6. A separate gauge of British household finances from IHS Markit on Monday fell to a three-month low in December, as perceptions of job security declined.

UK business malaise deepened before election

Domestic Stock Markets indices Sensex and Nifty on Monday turned volatile and traded lower, tracking global equities.

Earlier in the day, Sensex hit a new record high of 41,185.03 points.&nbsp;

At 9:17 am, the Sensex was up 117.03 points, or 0.29%, at 41,126.74. Nifty too was trading higher by 35.80 points to 12,122.50.

The NSE Nifty 50 Index settled 0.27% lower at 12,053.95, while the S&amp;P BSE Sensex index closed down 0.17% at 40,938.72.

Shares of Reliance Industries weakened 0.75%, while ITC fell almost 2%.

The Nifty Metal index inched 1.4% lower and was the worst-performing sector.

IT stocks were among the few gainers, with the Nifty IT index closing nearly 1% higher.

(With inputs from Reuters)

Domestic Stock Markets indices Sensex and Nifty on Monday turned volatile and traded lower, tracking global equities. Earlier in the day, Sensex hit a new record high of 41,185.

Domestic Stock Markets indices Sensex and Nifty on Monday turned volatile and traded lower, tracking global equities. Earlier in the day, Sensex hit a new record high of 41,185.03 points. At 9:17 am, the Sensex was up 117.03 points, or 0.29%, at 41,126.74. Nifty too was trading higher by 35.80 points to 12,122.50. The NSE Nifty 50 Index settled 0.27% lower at 12,053.95, while the S&P BSE Sensex index closed down 0.17% at 40,938.72. Shares of Reliance Industries weakened 0.75%, while ITC fell almost 2%. The Nifty Metal index inched 1.4% lower and was the worst-performing sector. IT stocks were among the few gainers, with the Nifty IT index closing nearly 1% higher. (With inputs from Reuters)

Sensex ends 70 points lower, Nifty at 12,060

Domestic Stock Markets indices on Monday erased early gains to trade marginally higher in the first hour of trade.

At 2 PM Sensex was trading 76.94 points higher at 41,086.65 and Nifty traded 7.75 points lower at 12,094.70.&nbsp;

Earlier in the day, Sensex hit a new record high of 41,185.03 points.&nbsp;

At 9:17 am, the Sensex was up 117.03 points, or 0.29%, at 41,126.74. Nifty too was trading higher by 35.80 points to 12,122.50.

Among stocks, those which lost were Adani Ports, Sun Pharma, IndianOil Corporation, JSW Steel and Yes Bank. However, IT stocks were up with HCL Technologies gaining by 1.4 per cent to Rs 550.80 per share. Tech Mahindra ticked up by 1.2 per cent and Tata Consultancy Services by 0.9 per cent.

Meanwhile, Asian shares moved higher as investors welcomed a trade agreement between Beijing and Washington over the weekend.&nbsp;

But the enthusiasm was capped by lingering scepticism about ongoing relations between China and the United States.&nbsp;

Still, that helped push the MSCI's broadest index of Asia Pacific shares outside Japan up by 0.27 per cent while shares in Taiwan and South Korea added about 0.1 per cent.&nbsp;

But Japan's Nikkei 225 succumbed to profit-taking, easing by 0.14 per cent after surging 2.55 per cent to a 14-month closing high on Friday.

The phase one agreement suspended a threatened round of US tariffs on a 160 billion dollar list of Chinese imports that were scheduled to take effect on Sunday.&nbsp;

The United States also agreed to halve the tariff rate to 7.5 per cent on 120 billion dollars worth of Chinese goods.

(With inputs from ANI)

Domestic Stock Markets indices on Monday erased early gains to trade marginally higher in the first hour of trade. At 2 PM Sensex was trading 76.94 points higher at 41,086.

Domestic Stock Markets indices on Monday erased early gains to trade marginally higher in the first hour of trade. At 2 PM Sensex was trading 76.94 points higher at 41,086.65 and Nifty traded 7.75 points lower at 12,094.70. Earlier in the day, Sensex hit a new record high of 41,185.03 points. At 9:17 am, the Sensex was up 117.03 points, or 0.29%, at 41,126.74. Nifty too was trading higher by 35.80 points to 12,122.50. Among stocks, those which lost were Adani Ports, Sun Pharma, IndianOil Corporation, JSW Steel and Yes Bank. However, IT stocks were up with HCL Technologies gaining by 1.4 per cent to Rs 550.80 per share. Tech Mahindra ticked up by 1.2 per cent and Tata Consultancy Services by 0.9 per cent. Meanwhile, Asian shares moved higher as investors welcomed a trade agreement between Beijing and Washington over the weekend. But the enthusiasm was capped by lingering scepticism about ongoing relations between China and the United States. Still, that helped push the MSCI's broadest index of Asia Pacific shares outside Japan up by 0.27 per cent while shares in Taiwan and South Korea added about 0.1 per cent. But Japan's Nikkei 225 succumbed to profit-taking, easing by 0.14 per cent after surging 2.55 per cent to a 14-month closing high on Friday. The phase one agreement suspended a threatened round of US tariffs on a 160 billion dollar list of Chinese imports that were scheduled to take effect on Sunday. The United States also agreed to halve the tariff rate to 7.5 per cent on 120 billion dollars worth of Chinese goods. (With inputs from ANI)

Markets: Sensex up 76.94 points, Nifty holds 12,094.70 in the afternoon session

Telenor will use equipment from Huawei in building Norway's 5G network, the telecoms operator said on Sunday, one of several companies to continue working with the Chinese company despite US pressure.

Huawei faces increased official scrutiny in Europe amid US allegations that it poses a security threat. The company rejects the charges.

State-controlled Telenor on Friday picked Sweden's Ericsson to help roll out its fifth-generation (5G) telecoms network.

Huawei, with which Telenor has collaborated for more than a decade on 4G, will continue to play a role in modernising its infrastructure, Hanne Knudsen, Telenor vice president for communications, told Reuters.

"Ericsson has been introduced as a new vendor for 5G RAN, but we will also work with Huawei both to maintain the 4G network and also upgrade to 5G coverage in selected areas of Norway," Knudsen said in response to written questions.

"Huawei has delivered hardware for RAN, but not for the core network. When they will build 5G in selected areas for the modernisation, this is also for RAN, not core," she said.

Telenor's Finnish subsidiary DNA also uses Huawei as one of several vendors for 5G RAN, Knudsen said.

RAN, or radio access network, refers to the radios and antenna that connect smartphones to the mobile network and accounts for the bulk of the cost of a new network. It is not the core.

Huawei said it welcomed competition in 5G and looked forward to continuing its collaboration with Telenor.

Telenor is using Finnish company Nokia and Ericsson for building its core network.

Telenor Norway boss Petter-Boerre Furberg told Reuters on Friday that Huawei network components would be phased out over the next four to five years.

Last week, Telefonica Deutschland picked Nokia and Huawei to build its 5G network.

Telenor will use equipment from Huawei in building Norway's 5G network, the telecoms operator said on Sunday, one of several companies to continue working with the Chinese company despite US pressure.

Telenor will use equipment from Huawei in building Norway's 5G network, the telecoms operator said on Sunday, one of several companies to continue working with the Chinese company despite US pressure. Huawei faces increased official scrutiny in Europe amid US allegations that it poses a security threat. The company rejects the charges. State-controlled Telenor on Friday picked Sweden's Ericsson to help roll out its fifth-generation (5G) telecoms network. Huawei, with which Telenor has collaborated for more than a decade on 4G, will continue to play a role in modernising its infrastructure, Hanne Knudsen, Telenor vice president for communications, told Reuters. "Ericsson has been introduced as a new vendor for 5G RAN, but we will also work with Huawei both to maintain the 4G network and also upgrade to 5G coverage in selected areas of Norway," Knudsen said in response to written questions. "Huawei has delivered hardware for RAN, but not for the core network. When they will build 5G in selected areas for the modernisation, this is also for RAN, not core," she said. Telenor's Finnish subsidiary DNA also uses Huawei as one of several vendors for 5G RAN, Knudsen said. RAN, or radio access network, refers to the radios and antenna that connect smartphones to the mobile network and accounts for the bulk of the cost of a new network. It is not the core. Huawei said it welcomed competition in 5G and looked forward to continuing its collaboration with Telenor. Telenor is using Finnish company Nokia and Ericsson for building its core network. Telenor Norway boss Petter-Boerre Furberg told Reuters on Friday that Huawei network components would be phased out over the next four to five years. Last week, Telefonica Deutschland picked Nokia and Huawei to build its 5G network.

Telenor says Huawei will still play role in 5G rollout

Saudi Aramco shares gained for a third consecutive day on Sunday, rising 1.63% to 37.4 Saudi riyals ($9.97), pushing the company's value back towards the $2 trillion level it topped last week.

The state-owned oil company listed 1.5% of its shares at 32 riyals on Riyadh's Tadawul exchange on Dec 11 in the world's largest initial public offering (IPO).

Initially valued at $1.7 trillion, the shares topped $2 trillion, a value long sought by Saudi Crown Prince Mohammed bin Salman, last Thursday.

The IPO is the centrepiece of the Saudi leader's plans for diversifying the economy away from its dependence on oil.

The additional demand, particularly from "passive" investors, is expected this week, as Aramco's shares will join the Tadawul index and global benchmarks such as MSCI.

Aramco is the world's largest and most profitable company, but its valuation faced scepticism among international investors as the IPO was marketed.

Analysts at Bernstein last week put its value at $1.36 trillion, citing corporate governance concerns due to the fact that the government owns 98.5% of the firm.

Saudi Aramco shares gained for a third consecutive day on Sunday, rising 1.63% to 37.4 Saudi riyals ($9.97), pushing the company's value back towards the $2 trillion level it topped last week.

Saudi Aramco shares gained for a third consecutive day on Sunday, rising 1.63% to 37.4 Saudi riyals ($9.97), pushing the company's value back towards the $2 trillion level it topped last week. The state-owned oil company listed 1.5% of its shares at 32 riyals on Riyadh's Tadawul exchange on Dec 11 in the world's largest initial public offering (IPO). Initially valued at $1.7 trillion, the shares topped $2 trillion, a value long sought by Saudi Crown Prince Mohammed bin Salman, last Thursday. The IPO is the centrepiece of the Saudi leader's plans for diversifying the economy away from its dependence on oil. The additional demand, particularly from "passive" investors, is expected this week, as Aramco's shares will join the Tadawul index and global benchmarks such as MSCI. Aramco is the world's largest and most profitable company, but its valuation faced scepticism among international investors as the IPO was marketed. Analysts at Bernstein last week put its value at $1.36 trillion, citing corporate governance concerns due to the fact that the government owns 98.5% of the firm.

Saudi Aramco shares up 1.6% in third consecutive day of gains

Uber submitted an appeal on Friday against a decision by London's transport regulator to strip the taxi app of its right to operate in one its most important markets, setting up a potentially lengthy legal process during which it can continue to take rides.

Uber submitted an appeal on Friday against a decision by London's transport regulator to strip the taxi app of its right to operate in one its most important markets, setting up a potentially lengthy legal process during which it can continue to take rides. Last month, Transport for London (TfL) refused to grant the Silicon Valley-based company a new licence due to what it called a "pattern of failures" on safety and security, the latest stage of a long-running battle with the authorities. Uber, which was also denied a licence by TfL in 2017 before a judge restored it on a probationary basis, said it had changed its business model over the last two years and would go further, as it lodged its appeal at Westminster Magistrates' Court. "We are committed to Londoners and are working closely with TfL to address their concerns and requests, as we have since 2017," said the firm's Northern and Eastern Europe boss Jamie Heywood. TfL director Helen Chapman said it would now be for a magistrate to decide. "We found Uber not fit and proper to hold a new private hire operator's licence on 25 November," she said in a statement. "We note that Uber has submitted an appeal and it will now be for a magistrate to determine if they are fit and proper." The firm's roughly 45,000 drivers in London will still be able to take rides until the appeals process is exhausted, which could take months or even years. The regulator said in November that unauthorised drivers were able to upload their photos to other Uber accounts so that on at least 14,000 trips a driver other than the advertised one picked up passengers. The Silicon Valley company has run into regulatory barriers and a backlash in several markets, forcing it to withdraw completely from places such as Copenhagen and Hungary. In London, black cab drivers who see Uber as a threat to their livelihoods have blocked streets in protest, arguing that they are being unfairly undercut by an inferior service.

Uber submits appeal to regain London taxi licence

Indian markets opened on the last day of the week with huge gains led by metal, banks and auto stocks as the trade tension between the United States and China eased.

The BSE Sensex was up 350.24 points or 0.86 per cent to 40,931.95 points, while the NSE Nifty rose to 91.55 points or 0.76 per cent to 12,063.35 points.&nbsp;

On the <a href="https://www.wionews.com/business-economy/sensex-nifty-close-on-positive-note-led-by-metals-and-banks-267902">last session</a>, the 30-share index closed 169.14 points, or 0.42 per cent, higher at 40,581.71, while the Nifty rose 61.65 points or 0.52 per cent, to 11,971.80.&nbsp;

Earlier, the US has agreed to remove some tariffs on Chinese goods and reduce others in exchange for Beijing's commitments to increase purchases of US farm products in 2020, claimed news agency Reuters.&nbsp;

The US President Donald Trump also tweeted on Thursday that Washington is on the verge of a "big" deal with China.

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Getting VERY close to a BIG DEAL with China. They want it, and so do we!
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1205134155853574145?ref_src=twsrc%5Etfw">December 12, 2019</a></blockquote>
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In the 30-share-index, Tata Motors was the top gainer, rising up to 3.78 per cent. The shares of Vedanta, Yes Bank, Tata Steel, SBI, M&amp;M, Axis Bank and RIL were also in the green in the Sensex-pack. Bharti Airtel was the biggest loser in the BSE Sensex, shedding up to 0.59 per cent.&nbsp;

Miner Vedanta gained big in the early trade in Nifty 50 index, rising 4 per cent.&nbsp; 
&nbsp; 
In the early trade, the rupee continued its strong run and appreciated by 33 paise to 70.50 against the US dollar.&nbsp;

Elsewhere, in Shanghai, Tokyo and Hong Kong, markets were trading higher due to positive cues from US-China trade truce.&nbsp;

Indian markets opened on the last day of the week with huge gains led by metal, banks and auto stocks as the trade tension between the United States and China eased.

Indian markets opened on the last day of the week with huge gains led by metal, banks and auto stocks as the trade tension between the United States and China eased. The BSE Sensex was up 350.24 points or 0.86 per cent to 40,931.95 points, while the NSE Nifty rose to 91.55 points or 0.76 per cent to 12,063.35 points. On the last session, the 30-share index closed 169.14 points, or 0.42 per cent, higher at 40,581.71, while the Nifty rose 61.65 points or 0.52 per cent, to 11,971.80. Earlier, the US has agreed to remove some tariffs on Chinese goods and reduce others in exchange for Beijing's commitments to increase purchases of US farm products in 2020, claimed news agency Reuters. The US President Donald Trump also tweeted on Thursday that Washington is on the verge of a "big" deal with China. Getting VERY close to a BIG DEAL with China. They want it, and so do we! — Donald J. Trump (@realDonaldTrump) December 12, 2019 × In the 30-share-index, Tata Motors was the top gainer, rising up to 3.78 per cent. The shares of Vedanta, Yes Bank, Tata Steel, SBI, M&M, Axis Bank and RIL were also in the green in the Sensex-pack. Bharti Airtel was the biggest loser in the BSE Sensex, shedding up to 0.59 per cent. Miner Vedanta gained big in the early trade in Nifty 50 index, rising 4 per cent. In the early trade, the rupee continued its strong run and appreciated by 33 paise to 70.50 against the US dollar. Elsewhere, in Shanghai, Tokyo and Hong Kong, markets were trading higher due to positive cues from US-China trade truce.

BSE Sensex, NSE Nifty witness huge gains in early trade

Japanese big manufacturers' business mood sank to a near seven-year low in the fourth quarter, a closely watched central bank survey showed, as the US-China trade war and soft global demand weighed on the export-reliant economy.

Companies expect conditions to remain unchanged or even worsen three months ahead, the Bank of Japan's "tankan" quarterly survey showed, suggesting that the fallout from the trade conflict could hurt broader sectors of the economy.

But there were some bright signs. Non-manufacturers' sentiment appeared to weather the hit from October's sales tax hike with companies maintaining robust capital expenditure plans, reinforcing market expectations the BOJ will hold off on expanding stimulus at next week's rate review.

"The tankan suggests that the economy is slowing rather than collapsing so the BOJ is unlikely to cut interest rates at next week's meeting," said Marcel Thieliant, senior Japan economist at Capital Economics.

The headline index for big manufacturers' sentiment stood at 0 in December, down from plus 5 in September and worse than a median market forecast of plus 2, the tankan showed on Friday.

It marked the fourth straight quarter of decline and hit the lowest reading since March 2013, a month before BOJ Governor Haruhiko Kuroda deployed his "bazooka" monetary stimulus to pull Japan out of deflation.

Underscoring the pain from the trade war, an index gauging big automakers' sentiment turned negative for the first time in more than three years.

Some steel and cement makers also saw demand ahead of the 2020 Tokyo Olympic Games peak, a BOJ official told reporters.

"The weakness in automakers' sentiment is noteworthy. The global economy is taking longer to recover and that uncertainty is affecting Japanese companies," said Tsuyoshi Ueno, senior economist at NLI Research Institute.

A sales tax hike that rolled out in October weighed on Japan's service sector, with the index for big non-manufacturers sliding to plus 20 from plus 21 in September. But the reading exceeded a Refinitiv estimate of plus 17.

"Domestic demand wasn't hurt much by the sales tax hike so far. Public works projects to be earmarked under the government's spending package will underpin growth," said Mari Iwashita, chief market economist at Daiwa Securities.

Big firms plan to increase capital expenditure by 6.8% in the current business year ending in March 2020, up slightly from their plan made three months ago, the survey showed. It compared with a median market forecast of a 6.0% gain.

The reading backs the BOJ's view that robust corporate spending plans will keep domestic demand firm and help the economy weather heightening overseas risks, analysts say.

"Domestic demand may slow temporarily ... though in the long-term, it will stay resilient," BOJ Deputy Governor Masayoshi Amamiya said on Thursday, adding that now was the time to stand pat and carefully watch upcoming data.

Capital expenditure has been among the few bright spots in Japan's economy as companies continue to invest in high-tech and labour-saving technology to cope with a labour crunch.

Japan's economy expanded at a much faster pace than initially reported in the third quarter, as solid domestic demand and business spending offset the pain from weak exports and output.

But many analysts anticipate a slowdown this quarter as the October sales tax hike weighs on consumption.

The tankan's sentiment indexes are derived by subtracting the number of respondents who say conditions are poor from those who say they are good. A positive reading means optimists outnumber pessimists.

Japanese big manufacturers' business mood sank to a near seven-year low in the fourth quarter, a closely watched central bank survey showed, as the US-China trade war and soft global demand weighed on the export-reliant economy.

Japanese big manufacturers' business mood sank to a near seven-year low in the fourth quarter, a closely watched central bank survey showed, as the US-China trade war and soft global demand weighed on the export-reliant economy. Companies expect conditions to remain unchanged or even worsen three months ahead, the Bank of Japan's "tankan" quarterly survey showed, suggesting that the fallout from the trade conflict could hurt broader sectors of the economy. But there were some bright signs. Non-manufacturers' sentiment appeared to weather the hit from October's sales tax hike with companies maintaining robust capital expenditure plans, reinforcing market expectations the BOJ will hold off on expanding stimulus at next week's rate review. "The tankan suggests that the economy is slowing rather than collapsing so the BOJ is unlikely to cut interest rates at next week's meeting," said Marcel Thieliant, senior Japan economist at Capital Economics. The headline index for big manufacturers' sentiment stood at 0 in December, down from plus 5 in September and worse than a median market forecast of plus 2, the tankan showed on Friday. It marked the fourth straight quarter of decline and hit the lowest reading since March 2013, a month before BOJ Governor Haruhiko Kuroda deployed his "bazooka" monetary stimulus to pull Japan out of deflation. Underscoring the pain from the trade war, an index gauging big automakers' sentiment turned negative for the first time in more than three years. Some steel and cement makers also saw demand ahead of the 2020 Tokyo Olympic Games peak, a BOJ official told reporters. "The weakness in automakers' sentiment is noteworthy. The global economy is taking longer to recover and that uncertainty is affecting Japanese companies," said Tsuyoshi Ueno, senior economist at NLI Research Institute. A sales tax hike that rolled out in October weighed on Japan's service sector, with the index for big non-manufacturers sliding to plus 20 from plus 21 in September. But the reading exceeded a Refinitiv estimate of plus 17. "Domestic demand wasn't hurt much by the sales tax hike so far. Public works projects to be earmarked under the government's spending package will underpin growth," said Mari Iwashita, chief market economist at Daiwa Securities. Big firms plan to increase capital expenditure by 6.8% in the current business year ending in March 2020, up slightly from their plan made three months ago, the survey showed. It compared with a median market forecast of a 6.0% gain. The reading backs the BOJ's view that robust corporate spending plans will keep domestic demand firm and help the economy weather heightening overseas risks, analysts say. "Domestic demand may slow temporarily ... though in the long-term, it will stay resilient," BOJ Deputy Governor Masayoshi Amamiya said on Thursday, adding that now was the time to stand pat and carefully watch upcoming data. Capital expenditure has been among the few bright spots in Japan's economy as companies continue to invest in high-tech and labour-saving technology to cope with a labour crunch. Japan's economy expanded at a much faster pace than initially reported in the third quarter, as solid domestic demand and business spending offset the pain from weak exports and output. But many analysts anticipate a slowdown this quarter as the October sales tax hike weighs on consumption. The tankan's sentiment indexes are derived by subtracting the number of respondents who say conditions are poor from those who say they are good. A positive reading means optimists outnumber pessimists.

Japan business mood gloomiest in nearly seven years as trade war bites

British business on Friday urged Prime Minister <a href="https://www.wionews.com/world/brexit-beckons-as-uks-johnson-coasts-to-commanding-win-267999">Boris Johnson</a> to provide clarity and assurances on his <a href="https://www.wionews.com/world/we-will-leave-eu-on-january-31-no-ifs-no-buts-says-uk-prime-minister-johnson-amid-resounding-victory-268054">Brexit deal</a>, while stimulating the stalled UK economy, after his Conservative party's emphatic election victory.

"After three years of (political) gridlock, the prime minister has a clear mandate to govern," Carolyn Fairbairn, director-general of the Confederation of British Industry (CBI), said in a statement.

"Businesses across the UK urge him to use it to rebuild confidence in our economy and break the cycle of uncertainty."

Fairbairn said "early reassurance on Brexit will be vital", noting that "firms will continue to do all they can to prepare for Brexit, but will want to know they won't face another 'no deal' cliff-edge next year".

Britain is set to depart the EU by a deadline of January 31 thanks to Johnson's decisive victory in Thursday's general election.

But he still has to negotiate a new economic partnership with the bloc that remains Britain's biggest trading partner.

Catherine McGuinness, policy chair at the City of London Corporation, a local government authority for the capital's powerful financial district, pointed to "a long road ahead" on Brexit with Britain having to negotiate trade deals also with non-EU nations.

"For the City, it is vital that the future framework agreement recognises the enormous contribution of the services sector, securing maximum market access and developing a structure for the UK economy to prosper in the years ahead," she added.

Johnson, whose general election campaign message was 'Get Brexit done', has promised to forge a Canada-style free trade agreement with the European Union, handing Britain greater freedom from EU rules but would involve more barriers and costs to trade.

Also Watch:&nbsp;UK Elections 2019: Boris Johnson wins, now onto Brexit

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"British companies... are eager for some clarity now," Jonathan Geldart, director-general of the Institute of Directors, said on Friday.

"For directors, 'Get Brexit done' will only have meaning once the details of our long-term future<a href="https://www.wionews.com/world/eu-ready-for-next-round-of-brexit-talks-council-president-michel-says-hope-we-will-have-loyal-negotiations-268092"> relationship with the EU</a> are clear."

Geldart added: "The prime minister must resist the urge for arbitrary negotiating deadlines, and should commit to a proper adjustment period that starts when businesses know the full detail of what changes they may be facing."

On the domestic front, business leaders on Friday urged the new government to be mindful of shaking up Britain's immigration, noting the need for skilled workers to help grow Britain's stalled economy.

"The UK's future success depends on attracting, retaining and developing high-quality talent," said McGuinness.

"A critical first step is creating an effective and efficient visa system to meet the demand for talented individuals. But the government also needs to look closer to home to supercharge our own skills agenda."

Concerns about mass immigration from the EU was one of the drivers of the Brexit referendum in 2016.

The Conservatives say that the free movement of people will end after Brexit, and want to introduce an "Australia-style" points-based system for both EU and non-EU citizens.

The CBI's Fairbairn on Friday said that "pro-enterprise policies on immigration, infrastructure, innovation and skills, will help relaunch the UK on the world stage".

Adam Marshall, director-general at the British Chambers of Commerce, meanwhile called on the government to push on with improvements to transport infrastructure, including more capacity at London's Heathrow airport and a new high-speed railway linking the capital in southern England with cities in the north.

"Restoring business, investor and consumer confidence -&nbsp;and firing up the economy -&nbsp;must now be the prime minister's top priority," he said.

British business on Friday urged Prime Minister Boris Johnson to provide clarity and assurances on his Brexit deal, while stimulating the stalled UK economy, after his Conservative party's emphatic election victory.

British business on Friday urged Prime Minister Boris Johnson to provide clarity and assurances on his Brexit deal, while stimulating the stalled UK economy, after his Conservative party's emphatic election victory. "After three years of (political) gridlock, the prime minister has a clear mandate to govern," Carolyn Fairbairn, director-general of the Confederation of British Industry (CBI), said in a statement. "Businesses across the UK urge him to use it to rebuild confidence in our economy and break the cycle of uncertainty." Fairbairn said "early reassurance on Brexit will be vital", noting that "firms will continue to do all they can to prepare for Brexit, but will want to know they won't face another 'no deal' cliff-edge next year". Britain is set to depart the EU by a deadline of January 31 thanks to Johnson's decisive victory in Thursday's general election. But he still has to negotiate a new economic partnership with the bloc that remains Britain's biggest trading partner. Catherine McGuinness, policy chair at the City of London Corporation, a local government authority for the capital's powerful financial district, pointed to "a long road ahead" on Brexit with Britain having to negotiate trade deals also with non-EU nations. "For the City, it is vital that the future framework agreement recognises the enormous contribution of the services sector, securing maximum market access and developing a structure for the UK economy to prosper in the years ahead," she added. Johnson, whose general election campaign message was 'Get Brexit done', has promised to forge a Canada-style free trade agreement with the European Union, handing Britain greater freedom from EU rules but would involve more barriers and costs to trade. Also Watch: UK Elections 2019: Boris Johnson wins, now onto Brexit × "British companies... are eager for some clarity now," Jonathan Geldart, director-general of the Institute of Directors, said on Friday. "For directors, 'Get Brexit done' will only have meaning once the details of our long-term future relationship with the EU are clear." Geldart added: "The prime minister must resist the urge for arbitrary negotiating deadlines, and should commit to a proper adjustment period that starts when businesses know the full detail of what changes they may be facing." On the domestic front, business leaders on Friday urged the new government to be mindful of shaking up Britain's immigration, noting the need for skilled workers to help grow Britain's stalled economy. "The UK's future success depends on attracting, retaining and developing high-quality talent," said McGuinness. "A critical first step is creating an effective and efficient visa system to meet the demand for talented individuals. But the government also needs to look closer to home to supercharge our own skills agenda." Concerns about mass immigration from the EU was one of the drivers of the Brexit referendum in 2016. The Conservatives say that the free movement of people will end after Brexit, and want to introduce an "Australia-style" points-based system for both EU and non-EU citizens. The CBI's Fairbairn on Friday said that "pro-enterprise policies on immigration, infrastructure, innovation and skills, will help relaunch the UK on the world stage". Adam Marshall, director-general at the British Chambers of Commerce, meanwhile called on the government to push on with improvements to transport infrastructure, including more capacity at London's Heathrow airport and a new high-speed railway linking the capital in southern England with cities in the north. "Restoring business, investor and consumer confidence - and firing up the economy - must now be the prime minister's top priority," he said.

UK business seeks Brexit assurances after Johnson win

Equity benchmark indices closed nearly one per cent higher on Friday amid fresh hopes of a trade deal between the United States and China along with a decisive victory of Boris Johnson-led Conservative Party in Britain's elections.

The BSE S&amp;P Sensex surged ahead by 428 points at 41,010 while the Nifty 50 ticked up by 115 points at 12,087.

All sectoral indices at the National Stock Exchange (NSE) were in the positive terrain except for Nifty pharma, which dropped by 0.1 per cent.

But Nifty PSU bank was up by 4.08 per cent, metal by 2.33 per cent and auto by 1.72 per cent.A decisive victory of Britain's Conservative Party strengthens the prospects of a smooth Brexit, ending the three-and-a-half years of political instability in Britain.

Banking stocks gained the most amid reports that lenders are likely to get payments from Essar Steel resolution this month.

Axis Bank climbed up by 4.1 per cent to Rs 752.25 per share while State Bank of India gained by 3.5 per cent, IndusInd Bank by 3.3 per cent and Yes Bank by 2.9 per cent.

Metal stocks witnessed healthy profits with Vedanta gaining by 3.7 per cent, Hindalco by 3.5 per cent and Tata Steel by 2.7 per cent.

Automaker Maruti Suzuki was up by 3.4 per cent to close at Rs 7,242 per share.

However, those which lost were Dr Reddy's, Bharti Airtel, Kotak Mahindra Bank and UPL.

Meanwhile, Asian markets jumped on news regarding the US-China trade deal.Reports said the US and China have reached an agreement over the terms of a phase-one trade deal.

The new tariffs to take force on December 15 onwards have been set aside, the reports said.Japan's Nikkei spurted by 2.55 per cent, Hong Kong's Hang Seng rose by 2.21 per cent and South Korea's Kospi index lifted up by 1.54 per cent.

Equity benchmark indices closed nearly one per cent higher on Friday amid fresh hopes of a trade deal between the United States and China along with a decisive victory of Boris Johnson-led Conservative Party in Britain's elections.

Equity benchmark indices closed nearly one per cent higher on Friday amid fresh hopes of a trade deal between the United States and China along with a decisive victory of Boris Johnson-led Conservative Party in Britain's elections. The BSE S&P Sensex surged ahead by 428 points at 41,010 while the Nifty 50 ticked up by 115 points at 12,087. All sectoral indices at the National Stock Exchange (NSE) were in the positive terrain except for Nifty pharma, which dropped by 0.1 per cent. But Nifty PSU bank was up by 4.08 per cent, metal by 2.33 per cent and auto by 1.72 per cent.A decisive victory of Britain's Conservative Party strengthens the prospects of a smooth Brexit, ending the three-and-a-half years of political instability in Britain. Banking stocks gained the most amid reports that lenders are likely to get payments from Essar Steel resolution this month. Axis Bank climbed up by 4.1 per cent to Rs 752.25 per share while State Bank of India gained by 3.5 per cent, IndusInd Bank by 3.3 per cent and Yes Bank by 2.9 per cent. Metal stocks witnessed healthy profits with Vedanta gaining by 3.7 per cent, Hindalco by 3.5 per cent and Tata Steel by 2.7 per cent. Automaker Maruti Suzuki was up by 3.4 per cent to close at Rs 7,242 per share. However, those which lost were Dr Reddy's, Bharti Airtel, Kotak Mahindra Bank and UPL. Meanwhile, Asian markets jumped on news regarding the US-China trade deal.Reports said the US and China have reached an agreement over the terms of a phase-one trade deal. The new tariffs to take force on December 15 onwards have been set aside, the reports said.Japan's Nikkei spurted by 2.55 per cent, Hong Kong's Hang Seng rose by 2.21 per cent and South Korea's Kospi index lifted up by 1.54 per cent.

Sensex reclaims 41,000-mark on upbeat global sentiment, banking

Telenor has picked Sweden's Ericsson as the key technology provider for its 5G telecoms network in Norway, it said on Friday, gradually abandoning China's Huawei after a decade of collaboration over 4G, reported news agency Reuters.

Telenor has picked Sweden's Ericsson as the key technology provider for its 5G telecoms network in Norway, it said on Friday, gradually abandoning China's Huawei after a decade of collaboration over 4G, reported news agency Reuters. Fearing high-tech espionage, and battling with China over trade, the United States has pushed NATO allies such as Norway to exclude Huawei from lucrative 5G deals, the report added. The Norwegian security services also warned against the firm, the report said. "Ericsson will modernise and build Telenor's 5G radio access network (RAN)," the operator said in a statement. "The modernisation will take 4-5 years. Due to this, Telenor will use equipment from existing RAN vendor Huawei to maintain the 4G network and also upgrade to 5G coverage in selected areas of Norway," it added. State-controlled Telenor is Norway's biggest telecoms provider, and is active in the rest of the Nordic region as well as five Asian countries, serving some 183 million customers. (With inputs from Reuters)

Telenor abandons Huawei, picks  Ericsson for Norway 5G service

World stocks hit a record high on Thursday, passing an all-time peak set in early 2018, on investor enthusiasm the United States and China were close to an initial deal to defuse a prolonged trade war.

Shares moved sharply higher after US President Donald Trump said in a tweet that the two countries were "getting VERY close to a BIG DEAL."

The MSCI all-country world index, which tracks shares in 49 countries, climbed to 551.84 points to surpass the previous record of 550.63 points set on Jan. 29, 2018.

The index has risen more than 20% this year, helped as well by a lowering of interest rates and injections of government stimulus around the world.

Oil prices also jumped as&nbsp;Brent crude rose $1.06 cents to $64.78 a barrel by 1502 GMT.

Oil prices had fallen IEA pointed to pressure on oil prices, predicting a sharp rise in global inventories despite an agreement by OPEC and its allies to deepen output cuts but Trump's tweet gave fresh impetus to the prices.

The US president's comments come as his administration gets ready to impose tariffs on almost $160 billion of Chinese imports such as video game consoles, computer monitors and toys on Sunday which could hit stock markets around the world.

Trump tweeted "Getting VERY close to a BIG DEAL with China. They want it, and so do we."

US and China have been locked in a trade war for the past one year with the Trump administration maintaining its tariff grip over Chinese products entering the US, China, in turn, has hit back with retaliatory tariffs.

In August, China said it would impose 5 per cent and 10 per cent in additional tariffs on $75 billion of US goods in two batches.

World stocks hit a record high on Thursday, passing an all-time peak set in early 2018, on investor enthusiasm the United States and China were close to an initial deal to defuse a prolonged trade war.

World stocks hit a record high on Thursday, passing an all-time peak set in early 2018, on investor enthusiasm the United States and China were close to an initial deal to defuse a prolonged trade war. Shares moved sharply higher after US President Donald Trump said in a tweet that the two countries were "getting VERY close to a BIG DEAL." The MSCI all-country world index, which tracks shares in 49 countries, climbed to 551.84 points to surpass the previous record of 550.63 points set on Jan. 29, 2018. The index has risen more than 20% this year, helped as well by a lowering of interest rates and injections of government stimulus around the world. Oil prices also jumped as Brent crude rose $1.06 cents to $64.78 a barrel by 1502 GMT. Oil prices had fallen IEA pointed to pressure on oil prices, predicting a sharp rise in global inventories despite an agreement by OPEC and its allies to deepen output cuts but Trump's tweet gave fresh impetus to the prices. The US president's comments come as his administration gets ready to impose tariffs on almost $160 billion of Chinese imports such as video game consoles, computer monitors and toys on Sunday which could hit stock markets around the world. Trump tweeted "Getting VERY close to a BIG DEAL with China. They want it, and so do we." US and China have been locked in a trade war for the past one year with the Trump administration maintaining its tariff grip over Chinese products entering the US, China, in turn, has hit back with retaliatory tariffs. In August, China said it would impose 5 per cent and 10 per cent in additional tariffs on $75 billion of US goods in two batches.

World stocks hit all time high after Trump tweets 'close to China deal'

Benchmark indices of Indian stock markets are holding on their morning gains with Nifty trading above 11,950 level.

The Sensex is up 133.73 points or 0.33% at 40,546.30, and the Nifty up by 41.65 points or 0.35% at 11,951.80. About 1002 shares have advanced, 504 shares declined, and 98 shares are unchanged.&nbsp;

Meanwhile, the Indian rupee holding on its morning gains and trading higher by 17 paise at 70.67 per dollar.

However, ONGC, Bharti Infratel, HCL Technologies and HDFC were on a low swing.

Meanwhile, Asian stocks rose to the highest in a month after the US Federal Reserve signalled that interest rates are likely to remain accommodative.&nbsp;

But the upcoming election in Britain and a deadline for US-China trade talks kept most investors cautious.

The Fed kept interest rates unchanged at its policy meeting a day earlier.&nbsp;

That helped MSCI`s broadest index of Asia Pacific shares outside Japan climb by 0.8 per cent to the highest since November 11. Japan`s Nikkei stock index rose by 0.18 per cent.

Reports said US President Donald Trump is expected to meet soon with top advisers to discuss tariffs on nearly 160 billion dollars of Chinese consumer goods that are scheduled to take effect on December 15.

(With inputs from ANI)

Benchmark indices of Indian stock markets are holding on their morning gains with Nifty trading above 11,950 level. The Sensex is up 133.73 points or 0.33% at 40,546.

Benchmark indices of Indian stock markets are holding on their morning gains with Nifty trading above 11,950 level. The Sensex is up 133.73 points or 0.33% at 40,546.30, and the Nifty up by 41.65 points or 0.35% at 11,951.80. About 1002 shares have advanced, 504 shares declined, and 98 shares are unchanged. Meanwhile, the Indian rupee holding on its morning gains and trading higher by 17 paise at 70.67 per dollar. However, ONGC, Bharti Infratel, HCL Technologies and HDFC were on a low swing. Meanwhile, Asian stocks rose to the highest in a month after the US Federal Reserve signalled that interest rates are likely to remain accommodative. But the upcoming election in Britain and a deadline for US-China trade talks kept most investors cautious. The Fed kept interest rates unchanged at its policy meeting a day earlier. That helped MSCI`s broadest index of Asia Pacific shares outside Japan climb by 0.8 per cent to the highest since November 11. Japan`s Nikkei stock index rose by 0.18 per cent. Reports said US President Donald Trump is expected to meet soon with top advisers to discuss tariffs on nearly 160 billion dollars of Chinese consumer goods that are scheduled to take effect on December 15. (With inputs from ANI)

Sensex up 133 points, Nifty above 11,950

Japan unveiled tax measures on Thursday aimed at encouraging companies to spend their cash piles on start-ups and other investments and stimulating a slowing economy, while also helping firms to compete with China's advance in <a href="https://www.wionews.com/business-economy/telefonica-deutschland-picks-nokia-and-huawei-for-5g-network-267684">5G technology</a>.

The annual tax revision for fiscal 2020, formally decided by the ruling<a href="https://www.wionews.com/world/as-britain-heads-to-polls-a-glance-at-last-three-elections-267767"> Liberal Democratic Party</a> (LDP) and its coalition ally Komeito party, focused on steps to encourage Japanese firms to spend their internal reserves of over 460 trillion yen ($4.23 trillion), lawmakers said.

For years Japanese companies have been sitting on a record cash-pile as they remain wary about boosting wages and investment.

Japan's economy grew at an annualised rate of 1.8 per cent&nbsp;in July-September, backed by capital spending and domestic demand, but analysts expect growth to slow in the current quarter as the Sino-US&nbsp;trade war and the national sales tax hike likely weighed on the world's third-largest economy.

Weak business spending would be another blow to Prime Minister<a href="https://www.wionews.com/india-news/india-asks-japan-to-reduce-trade-surplus-before-abes-visit-267468"> Shinzo Abe</a>'s stimulus policy, or "Abenomics", which is aimed at stoking a cycle of higher wages, household, and corporate incomes and spending.

The new scheme will allow a 15 per cent tax break to mobile phone carriers and other businesses investing in 5G infrastructure to help domestic firms compete with China's strides in the next-generation communications network.

The roll-out of 5G networks, with speeds fast enough to download a movie to a smartphone in seconds, has raised security concerns in the United States over equipment for the upgrade supplied by Chinese telecommunication firm <a href="https://www.wionews.com/business-economy/huawei-to-roll-out-harmony-os-to-more-products-next-year-but-not-phones-and-tablets-267130">Huawei</a>.

"5G taxation marks the beginning of a new era as information technology greatly includes the national security point of view," LDP tax panel Chief Akira Amari told reporters after a meeting with ruling bloc lawmakers approved the tax revision.

"With this tax revision, I believe we managed to raise a flag so that Japan can lead America and EU on 5G development," Amari said. He made no mention of China.

Japanese companies eligible for the tax incentive will include mobile phone operators, and those preparing 5G networks for smart factories and smart agriculture using artificial intelligence in rural areas.

The overall tax revision is expected to have no big impact on annual tax revenue, Amari added.

The revision follows Abe's announcement last week that the government will roll out fiscal stimulus worth 13.2 trillion yen in spending.

The tax revision for the next fiscal year also includes preferential treatment for companies investing in businesses focusing on innovative technologies.

The new scheme will also allow businesses that invest 100 million yen or more in start-ups established less than a decade earlier, to deduct 25 per cent&nbsp;of that investment from taxable income.

Japan unveiled tax measures on Thursday aimed at encouraging companies to spend their cash piles on start-ups and other investments and stimulating a slowing economy, while also helping firms to compete with China's advance in 5G technology.

Japan unveiled tax measures on Thursday aimed at encouraging companies to spend their cash piles on start-ups and other investments and stimulating a slowing economy, while also helping firms to compete with China's advance in 5G technology. The annual tax revision for fiscal 2020, formally decided by the ruling Liberal Democratic Party (LDP) and its coalition ally Komeito party, focused on steps to encourage Japanese firms to spend their internal reserves of over 460 trillion yen ($4.23 trillion), lawmakers said. For years Japanese companies have been sitting on a record cash-pile as they remain wary about boosting wages and investment. Japan's economy grew at an annualised rate of 1.8 per cent in July-September, backed by capital spending and domestic demand, but analysts expect growth to slow in the current quarter as the Sino-US trade war and the national sales tax hike likely weighed on the world's third-largest economy. Weak business spending would be another blow to Prime Minister Shinzo Abe's stimulus policy, or "Abenomics", which is aimed at stoking a cycle of higher wages, household, and corporate incomes and spending. The new scheme will allow a 15 per cent tax break to mobile phone carriers and other businesses investing in 5G infrastructure to help domestic firms compete with China's strides in the next-generation communications network. The roll-out of 5G networks, with speeds fast enough to download a movie to a smartphone in seconds, has raised security concerns in the United States over equipment for the upgrade supplied by Chinese telecommunication firm Huawei. "5G taxation marks the beginning of a new era as information technology greatly includes the national security point of view," LDP tax panel Chief Akira Amari told reporters after a meeting with ruling bloc lawmakers approved the tax revision. "With this tax revision, I believe we managed to raise a flag so that Japan can lead America and EU on 5G development," Amari said. He made no mention of China. Japanese companies eligible for the tax incentive will include mobile phone operators, and those preparing 5G networks for smart factories and smart agriculture using artificial intelligence in rural areas. The overall tax revision is expected to have no big impact on annual tax revenue, Amari added. The revision follows Abe's announcement last week that the government will roll out fiscal stimulus worth 13.2 trillion yen in spending. The tax revision for the next fiscal year also includes preferential treatment for companies investing in businesses focusing on innovative technologies. The new scheme will also allow businesses that invest 100 million yen or more in start-ups established less than a decade earlier, to deduct 25 per cent of that investment from taxable income.

Japan tax revision targets corporate cashpile to spur spending, 5G investment

Global oil inventories could rise sharply despite an agreement by<a href="https://www.wionews.com/business-economy/opec-gearing-up-for-deeper-oil-cuts-russia-yet-to-agree-266198"> OPEC </a>and its allies to deepen output cuts, as well as lower expected production by the United States and other non-OPEC nations, the<a href="https://www.wionews.com/business-economy/us-briefly-overtakes-saudi-arabia-as-top-oil-exporter-international-energy-agency-249182"> International Energy Agency </a>(IEA), said on Thursday.

"Despite the additional curbs and a reduction in our forecast of 2020 non-OPEC supply growth to 2.1 million barrels per day (BPD), global oil inventories could build by 700,000 BPD&nbsp;in Q1 2020," the Paris-based IEA said in a monthly report.

The Organization of the <a href="https://www.wionews.com/business-economy/oil-prices-tumble-ahead-of-opec-meeting-global-stocks-fall-265363">Petroleum Exporting Countries</a> and other producers including Russia agreed last week to rein in output by an extra 500,000 BPD in the first quarter of 2020 to balance the market and buoy prices, but they stopped short of pledging action beyond March.

Even if the group adhered strictly to the new pact and output from members beset by political troubles such as Iran, Libya and Venezuela remained steady, the IEA said that only 530,000 bpd of crude would be withdrawn from the market compared to November production.

The group's production is also set to outstrip the IEA's projection of demand for its crude by 700,000&nbsp;BPD in the first half of next year and a full million bpd in the second half.

The IEA revised down its forecast for supply growth by non-OPEC countries in 2020 by 200,000&nbsp;BPD "on a continued slowdown in the US, reduced expectations for Brazil and Ghana as well as additional cuts by (OPEC's allies)".

The biggest reduction is expected to be in US&nbsp;shale output, where operators have been cutting spending under investor pressure to improve returns.

The IEA estimates total US&nbsp;oil production growth will slow to 1.1 million BPD in&nbsp;2020 from 1.6 million bpd this year.

Global oil inventories could rise sharply despite an agreement by OPEC and its allies to deepen output cuts, as well as lower expected production by the United States and other non-OPEC nations, the International Energy Agency (IEA), said on Thursday.

Global oil inventories could rise sharply despite an agreement by OPEC and its allies to deepen output cuts, as well as lower expected production by the United States and other non-OPEC nations, the International Energy Agency (IEA), said on Thursday. "Despite the additional curbs and a reduction in our forecast of 2020 non-OPEC supply growth to 2.1 million barrels per day (BPD), global oil inventories could build by 700,000 BPD in Q1 2020," the Paris-based IEA said in a monthly report. The Organization of the Petroleum Exporting Countries and other producers including Russia agreed last week to rein in output by an extra 500,000 BPD in the first quarter of 2020 to balance the market and buoy prices, but they stopped short of pledging action beyond March. Even if the group adhered strictly to the new pact and output from members beset by political troubles such as Iran, Libya and Venezuela remained steady, the IEA said that only 530,000 bpd of crude would be withdrawn from the market compared to November production. The group's production is also set to outstrip the IEA's projection of demand for its crude by 700,000 BPD in the first half of next year and a full million bpd in the second half. The IEA revised down its forecast for supply growth by non-OPEC countries in 2020 by 200,000 BPD "on a continued slowdown in the US, reduced expectations for Brazil and Ghana as well as additional cuts by (OPEC's allies)". The biggest reduction is expected to be in US shale output, where operators have been cutting spending under investor pressure to improve returns. The IEA estimates total US oil production growth will slow to 1.1 million BPD in 2020 from 1.6 million bpd this year.

Oil market to remain oversupplied despite OPEC+ pact, says IEA

<a href="https://www.wionews.com/world/apple-taking-a-deeper-look-at-map-policies-after-calling-crimea-part-of-russia-265344">Apple</a> supplier <a href="https://www.wionews.com/business-economy/apple-supplier-japan-display-aims-to-seal-468-million-bailout-deal-by-end-october-ceo-254195">Japan Display Inc</a> said on Thursday it plans to receive up to 90 billion yen ($830 million) in financial support from Ichigo Asset Management, giving effective control to the Japanese asset manager.

Ichigo will join Apple and Taiwanese contract electronics manufacturer Wistron Corp in bailing out the advanced liquid crystal display (LCD) maker.

Apple's commitment to financially support Japan Display has reassured potential investors, two sources with direct knowledge of the talks told Reuters.

"It's a vote of confidence," one of them said on condition of anonymity because of the sensitivity of the matter.

<a href="https://www.wionews.com/business-economy/apple-asks-united-states-to-waive-tariffs-on-chinese-made-watches-iphone-parts-airpods-259657">Apple</a>, which sources LCD panels for iPhones from Japan Display, has agreed to shorten payment periods and to put up $200 million. The U.S. tech giant has rarely intervened to help distressed suppliers.

It will soon use organic light-emitting diode (OLED) screens from Japan Display for the Apple Watch, diversifying supplies currently dependent on <a href="https://www.wionews.com/world/apple-supplier-lg-display-slashes-investment-plans-as-losses-mount-154339">LG Display</a>.

The deal with Ichigo will be finalised in January and completed by March, Japan Display said.

One of the sources said Scott Callon, Ichigo's chief executive officer, would join Japan Display as the company's co-chairman.

"Ichigo has told us that they hope to see us turn around while keeping Japanese technologies with us," Minoru Kikuoka, Japan Display's chief executive, told reporters on Thursday.

The company said the $200 million financial support promised by "a customer", which sources said was Apple, may come in the form of purchasing equipment at a smartphone screen plant.

Japan Display owes Apple more than $800 million for the $1.5 billion cost of building the plant four years ago.

Japan Display has been losing money for the past five years because of its late shift to OLED and a slowing smartphone market. Last month, it reported its 11th consecutive quarterly loss.

Bailout talks have been repeatedly derailed as Chinese investment firm Harvest and several other potential investors pulled out of the plan.

Japan Display was formed in 2012 when the LCD businesses of Hitachi Ltd, <a href="https://www.wionews.com/business-economy/toshiba-shares-jump-as-delisting-fears-ease-18745">Toshiba Corp</a>, and <a href="https://www.google.com/url?client=internal-element-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/microsoft-sony-partner-on-streaming-games-chips-and-artificial-intelligence-219300&amp;sa=U&amp;ved=2ahUKEwjEx-_fgbDmAhWCzTgGHRJiDmQQFjAAegQIBBAC&amp;usg=AOvVaw3eGNW1u36gY8XK6JJdQDQ3">Sony Corp</a> merged in a government-brokered deal.

The company came under scrutiny last month after it began a review of past earnings reports following revelations that an executive, who was fired last year, had embezzled about $5 million.

Apple supplier Japan Display Inc said on Thursday it plans to receive up to 90 billion yen ($830 million) in financial support from Ichigo Asset Management, giving effective control to the Japanese asset manager.

Apple supplier Japan Display Inc said on Thursday it plans to receive up to 90 billion yen ($830 million) in financial support from Ichigo Asset Management, giving effective control to the Japanese asset manager. Ichigo will join Apple and Taiwanese contract electronics manufacturer Wistron Corp in bailing out the advanced liquid crystal display (LCD) maker. Apple's commitment to financially support Japan Display has reassured potential investors, two sources with direct knowledge of the talks told Reuters. "It's a vote of confidence," one of them said on condition of anonymity because of the sensitivity of the matter. Apple, which sources LCD panels for iPhones from Japan Display, has agreed to shorten payment periods and to put up $200 million. The U.S. tech giant has rarely intervened to help distressed suppliers. It will soon use organic light-emitting diode (OLED) screens from Japan Display for the Apple Watch, diversifying supplies currently dependent on LG Display. The deal with Ichigo will be finalised in January and completed by March, Japan Display said. One of the sources said Scott Callon, Ichigo's chief executive officer, would join Japan Display as the company's co-chairman. "Ichigo has told us that they hope to see us turn around while keeping Japanese technologies with us," Minoru Kikuoka, Japan Display's chief executive, told reporters on Thursday. The company said the $200 million financial support promised by "a customer", which sources said was Apple, may come in the form of purchasing equipment at a smartphone screen plant. Japan Display owes Apple more than $800 million for the $1.5 billion cost of building the plant four years ago. Japan Display has been losing money for the past five years because of its late shift to OLED and a slowing smartphone market. Last month, it reported its 11th consecutive quarterly loss. Bailout talks have been repeatedly derailed as Chinese investment firm Harvest and several other potential investors pulled out of the plan. Japan Display was formed in 2012 when the LCD businesses of Hitachi Ltd, Toshiba Corp, and Sony Corp merged in a government-brokered deal. The company came under scrutiny last month after it began a review of past earnings reports following revelations that an executive, who was fired last year, had embezzled about $5 million.

Apple supplier Japan Display to receive $830 million from asset manager Ichigo

The retail inflation in November accelerated to 5.54 per cent due to higher prices of food items, government data showed on Thursday.

In October, the consumer price index (CPI) stood at 4.62 per cent. Figures released by the Ministry of Statistics and Programme Implementation showed that retail inflation in rural areas was at 5.27 per cent last month and 5.76 per cent in urban areas.

Food prices grew 10.01 per cent compared to 7.89 per cent in October. Inflation rate in cereals and products went up at 3.71 per cent against 2.16 per cent a month ago.

Vegetable inflation for November stood at 36 per cent against 26 per cent in October. On the other hand, pulses and products recorded inflation of 13.94 per cent in November against 11.72 per cent in October.

Meanwhile, industrial production shrank by 3.8 per cent in October due to poor performance by power, mining and manufacturing sectors.

Factory output as measured in terms of index of industrial production (IIP) had expanded 8.4 per cent in October last year. Power generation dipped sharply by 12.2 per cent in October compared to 10.8 per cent growth in the year-ago period.

Mining output also fell 8 per cent as against 7.3 per cent growth in the corresponding period last fiscal.&nbsp;

The retail inflation in November accelerated to 5.54 per cent due to higher prices of food items, government data showed on Thursday. In October, the consumer price index (CPI) stood at 4.

The retail inflation in November accelerated to 5.54 per cent due to higher prices of food items, government data showed on Thursday. In October, the consumer price index (CPI) stood at 4.62 per cent. Figures released by the Ministry of Statistics and Programme Implementation showed that retail inflation in rural areas was at 5.27 per cent last month and 5.76 per cent in urban areas. Food prices grew 10.01 per cent compared to 7.89 per cent in October. Inflation rate in cereals and products went up at 3.71 per cent against 2.16 per cent a month ago. Vegetable inflation for November stood at 36 per cent against 26 per cent in October. On the other hand, pulses and products recorded inflation of 13.94 per cent in November against 11.72 per cent in October. Meanwhile, industrial production shrank by 3.8 per cent in October due to poor performance by power, mining and manufacturing sectors. Factory output as measured in terms of index of industrial production (IIP) had expanded 8.4 per cent in October last year. Power generation dipped sharply by 12.2 per cent in October compared to 10.8 per cent growth in the year-ago period. Mining output also fell 8 per cent as against 7.3 per cent growth in the corresponding period last fiscal.

Retail inflation up at 5.54% in November, industrial production in October down by 3.8%

Equity benchmark indices mirrored global sentiment and extended gains after making a positive start on Thursday.

The Union Cabinet's nod to Insolvency and Bankruptcy Code amendment and the government's approval to a partial credit guarantee scheme for government-owned banks to purchase high-rated pooled assets from financially sound non-banking finance companies boosted the investor sentiment.

The BSE S&amp;P Sensex surged ahead by 169 points at 40,582 while the Nifty 50 ticked up by 62 points at 11,972.

All sectoral indices at the National Stock Exchange were in the positive terrain except for Nifty IT which dropped by over 1 per cent.

Among stocks, metal majors shined brightly with Vedanta gaining by 3.7 per cent, Tata Steel by 3 per cent, Hindalco by 2.3 per cent and JSW Steel by 2.2 per cent.

Automaker Tata Motors gained by 6.8 per cent to close at Rs 172.90 per share while Eicher Motors added gains of 1.9 per cent.

State Bank of India was up by 2.7 per cent and closed at Rs 321.45 per share while Yes Bank ended 5.8 per cent higher at Rs 45.35 apiece.

The private sector lender said its board failed to reach a final decision on potential investors at a meeting on Tuesday, though it favoured a 500 million dollar offer from Citax Holdings Ltd.

However, IT majors were in the red with Infosys slipping by 2.6 per cent, Tata Consultancy Services by 1.9 per cent, HCL Technologies by 1.4 per cent, Tech Mahindra by 0.6 per cent and Wipro by 0.2 per cent.

The other which lost were Hero MotoCorp, Vedanta, Hindalco and Bharti Airtel.

Meanwhile, Asian stocks rose to the highest in a month after the US Federal Reserve signalled that interest rates are likely to remain accommodative.

But the upcoming election in Britain and a deadline for US-China trade talks kept most investors cautious.

The Fed kept interest rates unchanged at its policy meeting a day earlier.

That helped Japan's Nikkei stock index to rise by 0.14 per cent, Hong Kong`s Hang Seng by 1.31 per cent and South Korea's Kospi by 1.51 per cent.

Reports said US President Donald Trump is expected to meet soon with top advisers to discuss tariffs on nearly 160 billion dollars of Chinese consumer goods that are scheduled to take effect on December 15. 
&nbsp;

Equity benchmark indices mirrored global sentiment and extended gains after making a positive start on Thursday. The Union Cabinet's nod to Insolvency and Bankruptcy Code amendment and the government's approval to a partial credit guarantee scheme for government-owned banks to purchase high-rated pooled assets from financially sound non-banking finance companies boosted the investor sentiment.

Equity benchmark indices mirrored global sentiment and extended gains after making a positive start on Thursday. The Union Cabinet's nod to Insolvency and Bankruptcy Code amendment and the government's approval to a partial credit guarantee scheme for government-owned banks to purchase high-rated pooled assets from financially sound non-banking finance companies boosted the investor sentiment. The BSE S&P Sensex surged ahead by 169 points at 40,582 while the Nifty 50 ticked up by 62 points at 11,972. All sectoral indices at the National Stock Exchange were in the positive terrain except for Nifty IT which dropped by over 1 per cent. Among stocks, metal majors shined brightly with Vedanta gaining by 3.7 per cent, Tata Steel by 3 per cent, Hindalco by 2.3 per cent and JSW Steel by 2.2 per cent. Automaker Tata Motors gained by 6.8 per cent to close at Rs 172.90 per share while Eicher Motors added gains of 1.9 per cent. State Bank of India was up by 2.7 per cent and closed at Rs 321.45 per share while Yes Bank ended 5.8 per cent higher at Rs 45.35 apiece. The private sector lender said its board failed to reach a final decision on potential investors at a meeting on Tuesday, though it favoured a 500 million dollar offer from Citax Holdings Ltd. However, IT majors were in the red with Infosys slipping by 2.6 per cent, Tata Consultancy Services by 1.9 per cent, HCL Technologies by 1.4 per cent, Tech Mahindra by 0.6 per cent and Wipro by 0.2 per cent. The other which lost were Hero MotoCorp, Vedanta, Hindalco and Bharti Airtel. Meanwhile, Asian stocks rose to the highest in a month after the US Federal Reserve signalled that interest rates are likely to remain accommodative. But the upcoming election in Britain and a deadline for US-China trade talks kept most investors cautious. The Fed kept interest rates unchanged at its policy meeting a day earlier. That helped Japan's Nikkei stock index to rise by 0.14 per cent, Hong Kong`s Hang Seng by 1.31 per cent and South Korea's Kospi by 1.51 per cent. Reports said US President Donald Trump is expected to meet soon with top advisers to discuss tariffs on nearly 160 billion dollars of Chinese consumer goods that are scheduled to take effect on December 15.

Sensex, Nifty close on positive note led by metals and banks

After a <a href="https://www.wionews.com/business-economy/saudi-aramco-shares-surge-maximum-10-on-market-debut-267696">10 per cent surge</a> on Wednesday, Aramco shares rose 9.7 per cent to $10.3 (38.60 riyals) on Thursday morning in the second day of trading ensuring the oil giant's valuation to shoot over $2 trillion.

Saudi Arabia's Crown Prince Mohammed bin Salman had earlier sought a $2 trillion valuation before the IPO but had to settle for a lesser figure. Prince Salman earlier had planned to raise $100 billion in a blockbuster IPO but the figure fell well short as the oil giant opened for trading.

However, Aramco's capitalisation went up over $2 trillion on Thursday from a $1.7 trillion valuation set during its IPO.

Reports said at least 400 million Aramco shares worth over $4 billion changed hands in a hectic day of trading on Thursday morning. The shares were trading at 37.10 riyals at 1026 GMT, a rise of 5.5 per cent from Wednesday's close.

On Wednesday, Aramco shares surged ten per cent over the IPO price&nbsp;during its debut in the Riyadh stock market. The shares of the oil giant went up $9.39(35.2 riyals) up from the initial public offering (IPO) price of 32 riyals crossing the daily limit under the Tadawul exchange.

The rally on Wednesday saw Aramco's valuation jump&nbsp;to $1.88 trillion, which was surpassed on Thursday at the Saudi stock exchange. The state-owned Saudi oil giant had&nbsp;received subscription orders for around 5.9 billion shares so far from institutions in the first 17 days of the IPO.&nbsp;

Armco had pledged to sell 1.5 per cent of the company in the IPO, setting the price range at 30-32 Saudi riyals per share ($8-8.5).

Aramco had said it will sell a part of its shares to institutional investors, including foreign companies, as well as to individual Saudis and other Gulf nationals.

The company said it has decided to sell up to 0.5 per cent of its shares to individual investors while it will decide on the percentage for larger investors later.

After a 10 per cent surge on Wednesday, Aramco shares rose 9.7 per cent to $10.3 (38.60 riyals) on Thursday morning in the second day of trading ensuring the oil giant's valuation to shoot over $2 trillion.

After a 10 per cent surge on Wednesday, Aramco shares rose 9.7 per cent to $10.3 (38.60 riyals) on Thursday morning in the second day of trading ensuring the oil giant's valuation to shoot over $2 trillion. Saudi Arabia's Crown Prince Mohammed bin Salman had earlier sought a $2 trillion valuation before the IPO but had to settle for a lesser figure. Prince Salman earlier had planned to raise $100 billion in a blockbuster IPO but the figure fell well short as the oil giant opened for trading. However, Aramco's capitalisation went up over $2 trillion on Thursday from a $1.7 trillion valuation set during its IPO. Reports said at least 400 million Aramco shares worth over $4 billion changed hands in a hectic day of trading on Thursday morning. The shares were trading at 37.10 riyals at 1026 GMT, a rise of 5.5 per cent from Wednesday's close. On Wednesday, Aramco shares surged ten per cent over the IPO price during its debut in the Riyadh stock market. The shares of the oil giant went up $9.39(35.2 riyals) up from the initial public offering (IPO) price of 32 riyals crossing the daily limit under the Tadawul exchange. The rally on Wednesday saw Aramco's valuation jump to $1.88 trillion, which was surpassed on Thursday at the Saudi stock exchange. The state-owned Saudi oil giant had received subscription orders for around 5.9 billion shares so far from institutions in the first 17 days of the IPO. Armco had pledged to sell 1.5 per cent of the company in the IPO, setting the price range at 30-32 Saudi riyals per share ($8-8.5). Aramco had said it will sell a part of its shares to institutional investors, including foreign companies, as well as to individual Saudis and other Gulf nationals. The company said it has decided to sell up to 0.5 per cent of its shares to individual investors while it will decide on the percentage for larger investors later.

Aramco shares surge for second day, oil giant's valuation shoots over $2 trillion

<a href="https://www.wionews.com/business-economy/saudi-aramco-shares-surge-maximum-10-on-market-debut-267696">Saudi Aramco</a> hit the $2 trillion target sought by Saudi leader Crown Prince <a href="https://www.wionews.com/opinions/are-saudi-arabia-and-crown-prince-becoming-a-liability-for-the-white-house-185302">Mohammed bin Salman</a> on Thursday as its shares clocked up a second day of gains, defying some scepticism about the state-owned oil firm's long-term value.

The Saudi Crown Prince has made Aramco's initial public offering (<a href="https://www.wionews.com/opinions/aramco-ipo-how-saudi-arabia-caught-between-united-states-and-china-245687">IPO</a>) the centerpiece of his vision of diversifying the Kingdom's economy away from its dependence on oil by using the $25.6 billion raised to develop other sectors.

But that is well below his plan in 2016 to raise as much as $100 billion via a blockbuster international and domestic IPO.

Riyadh scaled back its plans after overseas investors balked at the proposed valuation and only 1.5 per cent of Saudi Arabian Oil Co (Aramco) shares were listed on the Riyadh stock exchange on Wednesday, a tiny free float for such a large company.

While a 10&nbsp;per cent jump in the stock on its Wednesday market debut was hailed by the Saudi government as a vindication of it long-sought valuation, support was largely from loyal Saudi and Gulf investors, with some analysts saying it is worthless.

Aramco's listing was front-page news for almost all Saudi Arabia's mainstream media on Thursday, with headlines such as "Aramco at the top of the world" and "A dream come true".

But Bernstein analysts put Aramco's value at around $1.36 trillion, which compares with US&nbsp;energy giant Exxon Mobil's market capitalisation of less than $300 billion.

"Saudi Aramco is the largest, most profitable oil company in the world but the size is not everything," they wrote, flagging the risk of slow net income growth if oil prices stay flat.

An International Energy Agency (IEA) report on Thursday pointed to pressure on oil prices, predicting a sharp rise in global inventories despite an agreement by OPEC and its allies to deepen output cuts as well as lower expected production by the US&nbsp;and other non-OPEC countries.

Bernstein said Aramco should trade at a discount rather than a premium to international oil majors, with corporate governance "the key risk" as the Saudi government owns more than 98% of it.

"For actively managed funds, one of the key considerations aside from valuation will be ESG (environmental, social and corporate governance) criteria," said Tim Love, Investment Director for emerging markets equities at GAM.

"The main concerns here are lagging corporate governance standards as well as environmental issues since an investment in Aramco would obviously have a significant impact on a portfolio’s CO2 emissions," Love added.

Aramco, whose shares gained the maximum 10&nbsp;per cent allowed by the Riyadh exchange on their first day of trading, hit 38.7 riyals ($10.32) on Thursday, lifting its market value above $2 trillion. The shares were trading at 37.10 riyals at 1026 GMT, a rise of 5.5&nbsp;per cent from Wednesday's close.

Some 13.7 billion riyal worth of Aramco shares were traded by 1018 GMT, with around 370 million shares exchanging hands, Refinitiv data showed. This made up most of the total turnover of the whole Riyadh market which was 15.3 billion riyals.

"Initial price action has validated our thesis that Aramco discounted its IPO price to leave upside on the table and allow regional investors to benefit from the listing of its crown jewel," Zachary Cefaratti, CEO of Dubai-based Dalma Capital, which invested in the IPO, said in a note on Thursday.

"The average institutional investor received less than 1/6th of the shares they bid for in the IPO, and have had to buy shares on the open market," Cefaratti said of the Aramco deal, which became the world's largest, topping the $25 billion 2014 listing of China's <a href="https://www.wionews.com/business-economy/hong-kongs-future-is-bright-says-alibaba-262275">Alibaba</a>.

Because Aramco opted to sell a smaller proportion of shares and rely mainly on domestic and regional buyers, some analysts predict a lag before its price settles.

A trader in Riyadh, who asked not to be identified, said that most of the early trading was small scale, of 1,000-1,500 shares, "signaling that some retail investors opted to make quick gains" as they were "happy with a 6 riyal per share gain".

"We shouldn’t be reading too much into intraday dips. Let’s not forget that more than 93&nbsp;per cent of the market is still dominated by retail investors, and like in any IPO issuance flippers will exist," said Aarthi Chandrasekaran, portfolio manager at Abu Dhabi-based Shuaa Capital.

Aramco shares will also join the Tadawul index and global benchmarks such as MSCI and FTSE next week, which analysts said should fuel further demand, particularly from "passive" investors who track such indexes.

A Gulf analyst, who asked not to be identified, said trading by investors in the region could be driven by Saudi Arabia's own view of the value of Aramco.

"Investors will debate: why should it go higher while its owners value it at $2 trillion?" the analyst said, adding that when National Commercial Bank listed in 2014 its shares rose by the maximum limit for 10 days before swelling set in.

Saudi Aramco hit the $2 trillion target sought by Saudi leader Crown Prince Mohammed bin Salman on Thursday as its shares clocked up a second day of gains, defying some scepticism about the state-owned oil firm's long-term value.

Saudi Aramco hit the $2 trillion target sought by Saudi leader Crown Prince Mohammed bin Salman on Thursday as its shares clocked up a second day of gains, defying some scepticism about the state-owned oil firm's long-term value. The Saudi Crown Prince has made Aramco's initial public offering (IPO) the centerpiece of his vision of diversifying the Kingdom's economy away from its dependence on oil by using the $25.6 billion raised to develop other sectors. But that is well below his plan in 2016 to raise as much as $100 billion via a blockbuster international and domestic IPO. Riyadh scaled back its plans after overseas investors balked at the proposed valuation and only 1.5 per cent of Saudi Arabian Oil Co (Aramco) shares were listed on the Riyadh stock exchange on Wednesday, a tiny free float for such a large company. While a 10 per cent jump in the stock on its Wednesday market debut was hailed by the Saudi government as a vindication of it long-sought valuation, support was largely from loyal Saudi and Gulf investors, with some analysts saying it is worthless. Aramco's listing was front-page news for almost all Saudi Arabia's mainstream media on Thursday, with headlines such as "Aramco at the top of the world" and "A dream come true". But Bernstein analysts put Aramco's value at around $1.36 trillion, which compares with US energy giant Exxon Mobil's market capitalisation of less than $300 billion. "Saudi Aramco is the largest, most profitable oil company in the world but the size is not everything," they wrote, flagging the risk of slow net income growth if oil prices stay flat. An International Energy Agency (IEA) report on Thursday pointed to pressure on oil prices, predicting a sharp rise in global inventories despite an agreement by OPEC and its allies to deepen output cuts as well as lower expected production by the US and other non-OPEC countries. Bernstein said Aramco should trade at a discount rather than a premium to international oil majors, with corporate governance "the key risk" as the Saudi government owns more than 98% of it. "For actively managed funds, one of the key considerations aside from valuation will be ESG (environmental, social and corporate governance) criteria," said Tim Love, Investment Director for emerging markets equities at GAM. "The main concerns here are lagging corporate governance standards as well as environmental issues since an investment in Aramco would obviously have a significant impact on a portfolio’s CO2 emissions," Love added. Aramco, whose shares gained the maximum 10 per cent allowed by the Riyadh exchange on their first day of trading, hit 38.7 riyals ($10.32) on Thursday, lifting its market value above $2 trillion. The shares were trading at 37.10 riyals at 1026 GMT, a rise of 5.5 per cent from Wednesday's close. Some 13.7 billion riyal worth of Aramco shares were traded by 1018 GMT, with around 370 million shares exchanging hands, Refinitiv data showed. This made up most of the total turnover of the whole Riyadh market which was 15.3 billion riyals. "Initial price action has validated our thesis that Aramco discounted its IPO price to leave upside on the table and allow regional investors to benefit from the listing of its crown jewel," Zachary Cefaratti, CEO of Dubai-based Dalma Capital, which invested in the IPO, said in a note on Thursday. "The average institutional investor received less than 1/6th of the shares they bid for in the IPO, and have had to buy shares on the open market," Cefaratti said of the Aramco deal, which became the world's largest, topping the $25 billion 2014 listing of China's Alibaba. Because Aramco opted to sell a smaller proportion of shares and rely mainly on domestic and regional buyers, some analysts predict a lag before its price settles. A trader in Riyadh, who asked not to be identified, said that most of the early trading was small scale, of 1,000-1,500 shares, "signaling that some retail investors opted to make quick gains" as they were "happy with a 6 riyal per share gain". "We shouldn’t be reading too much into intraday dips. Let’s not forget that more than 93 per cent of the market is still dominated by retail investors, and like in any IPO issuance flippers will exist," said Aarthi Chandrasekaran, portfolio manager at Abu Dhabi-based Shuaa Capital. Aramco shares will also join the Tadawul index and global benchmarks such as MSCI and FTSE next week, which analysts said should fuel further demand, particularly from "passive" investors who track such indexes. A Gulf analyst, who asked not to be identified, said trading by investors in the region could be driven by Saudi Arabia's own view of the value of Aramco. "Investors will debate: why should it go higher while its owners value it at $2 trillion?" the analyst said, adding that when National Commercial Bank listed in 2014 its shares rose by the maximum limit for 10 days before swelling set in.

Saudi Aramco tops Crown Prince's $2 trillion goal on share surge

China and the United States are in close communication on trade, its commerce ministry said on Thursday, declining to comment on possible retaliatory steps if Washington imposes more tariffs on Chinese goods this weekend.

The United States is due to impose tariffs on almost $160 billion of Chinese imports such as <a href="https://www.wionews.com/world/nintendo-to-officially-launch-its-switch-gaming-console-in-china-266103">video game consoles</a>, computer monitors and toys on Sunday.

US&nbsp;President<a href="https://www.wionews.com/world/amid-criticism-trump-signs-order-targeting-anti-semitism-at-universities-267765"> Donald Trump</a> is expected to meet top trade advisers on Thursday to discuss the move, sources told Reuters previously.

A decision to proceed with the levies could roil financial markets and scuttle <a href="https://www.wionews.com/opinions/us-china-trade-talks-free-trade-must-not-be-derailed-198923">US-China talks</a> to end the 17-month-long trade war between the world's two largest economies.

"The two sides' economic and trade teams are maintaining close communication," Gao Feng, a spokesman at the Chinese commerce ministry, told reporters at a regular briefing.

The countries agreed in October to conclude a preliminary trade agreement, but talks have failed to produce deals on agricultural purchases by China and rollbacks of existing tariffs imposed by the United States. Many analysts had expected a deal ahead of December&nbsp;15.

Beijing has said it would retaliate if the United States escalates the trade dispute.

In August, China said it would impose 5 per cent&nbsp;and 10&nbsp;per cent&nbsp;in additional tariffs on $75 billion of US&nbsp;goods in two batches. Tariffs on the first batch kicked in on September&nbsp;1, hitting US&nbsp;goods including soybeans, pork, beef, chemicals, and crude oil.

The tariffs on the second batch of products are due to be activated on December&nbsp;15, affecting goods ranging from corn and wheat to small aircraft and rare earth magnets.

China also said at the time that it will reinstitute on December&nbsp;15 an additional 25&nbsp;per cent&nbsp;tariff on US-made vehicles and 5&nbsp;per cent&nbsp;tariffs on auto parts that had been suspended at the beginning of 2019.

China and the United States are in close communication on trade, its commerce ministry said on Thursday, declining to comment on possible retaliatory steps if Washington imposes more tariffs on Chinese goods this weekend.

China and the United States are in close communication on trade, its commerce ministry said on Thursday, declining to comment on possible retaliatory steps if Washington imposes more tariffs on Chinese goods this weekend. The United States is due to impose tariffs on almost $160 billion of Chinese imports such as video game consoles, computer monitors and toys on Sunday. US President Donald Trump is expected to meet top trade advisers on Thursday to discuss the move, sources told Reuters previously. A decision to proceed with the levies could roil financial markets and scuttle US-China talks to end the 17-month-long trade war between the world's two largest economies. "The two sides' economic and trade teams are maintaining close communication," Gao Feng, a spokesman at the Chinese commerce ministry, told reporters at a regular briefing. The countries agreed in October to conclude a preliminary trade agreement, but talks have failed to produce deals on agricultural purchases by China and rollbacks of existing tariffs imposed by the United States. Many analysts had expected a deal ahead of December 15. Beijing has said it would retaliate if the United States escalates the trade dispute. In August, China said it would impose 5 per cent and 10 per cent in additional tariffs on $75 billion of US goods in two batches. Tariffs on the first batch kicked in on September 1, hitting US goods including soybeans, pork, beef, chemicals, and crude oil. The tariffs on the second batch of products are due to be activated on December 15, affecting goods ranging from corn and wheat to small aircraft and rare earth magnets. China also said at the time that it will reinstitute on December 15 an additional 25 per cent tariff on US-made vehicles and 5 per cent tariffs on auto parts that had been suspended at the beginning of 2019.

China says in close communication with US on trade as fresh tariffs loom

Indian stock market indices Sensex and Nifty on Thursday traded marginally higher by the afternoon session.

Except IT, all other sectoral indices are trading in the green led by the metal, auto, pharma, infra and energy.

At 1 pm, the BSE S&amp;P Sensex was up by 150 points to 40,563.26 while the Nifty 50 ticked up by 48.65 points at 11,958.55.&nbsp;

Meanwhile, The Indian rupee appreciated by 21 paise to 70.64 against the US dollar in early trade as higher opening in domestic equities and sustained foreign fund inflows strengthened investor sentiments..

Asian markets

Asian equities mostly rose and the dollar was subdued after the Federal Reserve indicated it was unlikely to change interest rates throughout next year, while the pound was in focus as the UK votes in a general election.

Investors are also tracking developments in the China-US trade talks, with nervousness setting in as a deadline for fresh US tariffs on Chinese goods approaches and no sign yet that they will be delayed.

(With inputs from agencies)

Indian stock market indices Sensex and Nifty on Thursday traded marginally higher by the afternoon session. Except IT, all other sectoral indices are trading in the green led by the metal, auto, pharma, infra and energy.

Indian stock market indices Sensex and Nifty on Thursday traded marginally higher by the afternoon session. Except IT, all other sectoral indices are trading in the green led by the metal, auto, pharma, infra and energy. At 1 pm, the BSE S&P Sensex was up by 150 points to 40,563.26 while the Nifty 50 ticked up by 48.65 points at 11,958.55. Meanwhile, The Indian rupee appreciated by 21 paise to 70.64 against the US dollar in early trade as higher opening in domestic equities and sustained foreign fund inflows strengthened investor sentiments.. Asian markets Asian equities mostly rose and the dollar was subdued after the Federal Reserve indicated it was unlikely to change interest rates throughout next year, while the pound was in focus as the UK votes in a general election. Investors are also tracking developments in the China-US trade talks, with nervousness setting in as a deadline for fresh US tariffs on Chinese goods approaches and no sign yet that they will be delayed. (With inputs from agencies)

Markets: Sensex up 150 points, Nifty holds 11,959.80 in the afternoon session

<a href="https://www.wionews.com/world/facebook-corrects-users-post-under-new-singapore-fake-news-law-265378">Facebook&nbsp;Inc</a> dropped to the 23rd spot in&nbsp;Glassdoor's&nbsp;list of "Best Places to Work" in 2020 from the seventh it secured last year, amid heightened regulatory scrutiny of the world's largest social network.

The company received an overall rating of 4.4 out of 5, compared with 4.5 last year, as employees gave relatively lower ratings for&nbsp;Facebook's senior leadership and work-life balance.

"High profile projects can be extremely political and can really be dragged down by too many cooks in the kitchen. In a post-Cambridge Analytica world, there are huge slowdowns in releasing new features or products," according to one of the employee reviews on Glassdoor.&nbsp;Facebook&nbsp;is facing the heat over its handling of user data, misinformation campaigns on the platform, as well as its plan for a global cryptocurrency called Libra.

Still, employee sentiment toward&nbsp;<a href="https://www.wionews.com/india-news/parliamentary-panel-meets-facebook-group-over-rising-crime-against-women-on-social-media-266457">Facebook</a>&nbsp;remained largely positive on better compensation and career opportunities, according to the Glassdoor report released late on Tuesday.

Software company HubSpot Inc&nbsp;topped the&nbsp;100 best&nbsp;workplaces&nbsp;list, while Alphabet Inc's <a href="https://www.wionews.com/world/google-stopped-accepting-political-advertisements-in-singapore-month-before-the-elections-266126">Google</a> ranked number 11 and <a href="https://www.wionews.com/business-economy/apple-fails-to-end-macbook-butterfly-keyboard-class-action-265873">Apple</a> Inc 84.

Facebook Inc dropped to the 23rd spot in Glassdoor's list of "Best Places to Work" in 2020 from the seventh it secured last year, amid heightened regulatory scrutiny of the world's largest social network.

Facebook Inc dropped to the 23rd spot in Glassdoor's list of "Best Places to Work" in 2020 from the seventh it secured last year, amid heightened regulatory scrutiny of the world's largest social network. The company received an overall rating of 4.4 out of 5, compared with 4.5 last year, as employees gave relatively lower ratings for Facebook's senior leadership and work-life balance. "High profile projects can be extremely political and can really be dragged down by too many cooks in the kitchen. In a post-Cambridge Analytica world, there are huge slowdowns in releasing new features or products," according to one of the employee reviews on Glassdoor. Facebook is facing the heat over its handling of user data, misinformation campaigns on the platform, as well as its plan for a global cryptocurrency called Libra. Still, employee sentiment toward Facebook remained largely positive on better compensation and career opportunities, according to the Glassdoor report released late on Tuesday. Software company HubSpot Inc topped the 100 best workplaces list, while Alphabet Inc's Google ranked number 11 and Apple Inc 84.

Facebook no longer among Glassdoor's top 10 workplaces