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The British pound bounced back Wednesday ahead of a <a href="https://www.wionews.com/world/ultra-rich-attract-interest-in-britains-general-election-campaign-267556">UK general election</a>, even as a fresh poll predicted Prime Minister Boris Johnson's ruling Conservatives would win a much smaller majority than previously forecast.

Sterling initially fell sharply before recouping losses to show a gain of 0.2 per cent against the dollar in afternoon exchanges.

Pre-election jitters continued to weigh, however, on the British capital's FTSE 100 index of blue-chip companies, which was down 0.2 per cent as caution prevailed.

A key poll released late Tuesday showed Johnson's lead over veteran socialist Jeremy Corbyn's Labour party ebbing away.

"The highly-regarded poll shows that the Conservative advantage has slipped. This is the poll that correctly predicted a hung parliament in 2017 -- and indicates that the scenario could repeat itself," said analyst Fiona Cincotta at trading firm City Index.

The YouGov opinion poll said the Tories would win Thursday's vote, with a majority of 28 seats, sharply down from the 68 forecast in a similar study at the end of November.

Sterling has surged in recent weeks -- sitting at an eight-month high against the greenback and a two-and-a-half-year peak against the euro -- on expectations Johnson would win a big enough majority to push through his Brexit deal.

However, the narrowing polls point to the possibility of another hung parliament -- which would lead to more uncertainty in Westminster and drag out the Britain-EU saga even longer.

"There's a bit of a waiting mode at the moment," Oanda analyst Craig Erlam told AFP.

"There's probably too much optimism in the market right now, a bit of complacency even."

As trading got underway in New York, the Dow Jones index showed a loss of 0.1 per cent.

- Asia mostly climbs - 
Elsewhere, Asian markets mostly rose Wednesday but investors are growing nervous at the lack of news on China-US trade talks, with Washington yet to cancel tariffs on a swathe of Chinese goods planned for the weekend.

Negotiators are still trying to hammer out a mini agreement and the mood on trading floors remains upbeat, while most observers are confident the two sides will reach a deal, which has fed a global equities rally for weeks.

However, a fresh round of levies on $160 billion of Chinese exports to the US is due to be imposed on December 15, and there has been no word from the White House on a possible delay to that date.

The removal of tariffs is a key demand of Beijing in the talks.

And on Tuesday Donald Trump's top economics adviser Larry Kudlow warned that the measures remained in play for now.

The Federal Reserve's policy decision later Wednesday is in focus too, with the central bank's plans for monetary policy next year being watched closely.

Analysts nonetheless widely expect the central bank to hold off making any moves on interest rates as it assesses the state of the US economy.

In company news, shares in Saudi Aramco soared 10 percent on their trading debut on the Saudi stock exchange, boosting the energy titan's valuation to $1.88 trillion.

The British pound bounced back Wednesday ahead of a UK general election, even as a fresh poll predicted Prime Minister Boris Johnson's ruling Conservatives would win a much smaller majority than previously forecast.

The British pound bounced back Wednesday ahead of a UK general election, even as a fresh poll predicted Prime Minister Boris Johnson's ruling Conservatives would win a much smaller majority than previously forecast. Sterling initially fell sharply before recouping losses to show a gain of 0.2 per cent against the dollar in afternoon exchanges. Pre-election jitters continued to weigh, however, on the British capital's FTSE 100 index of blue-chip companies, which was down 0.2 per cent as caution prevailed. A key poll released late Tuesday showed Johnson's lead over veteran socialist Jeremy Corbyn's Labour party ebbing away. "The highly-regarded poll shows that the Conservative advantage has slipped. This is the poll that correctly predicted a hung parliament in 2017 -- and indicates that the scenario could repeat itself," said analyst Fiona Cincotta at trading firm City Index. The YouGov opinion poll said the Tories would win Thursday's vote, with a majority of 28 seats, sharply down from the 68 forecast in a similar study at the end of November. Sterling has surged in recent weeks -- sitting at an eight-month high against the greenback and a two-and-a-half-year peak against the euro -- on expectations Johnson would win a big enough majority to push through his Brexit deal. However, the narrowing polls point to the possibility of another hung parliament -- which would lead to more uncertainty in Westminster and drag out the Britain-EU saga even longer. "There's a bit of a waiting mode at the moment," Oanda analyst Craig Erlam told AFP. "There's probably too much optimism in the market right now, a bit of complacency even." As trading got underway in New York, the Dow Jones index showed a loss of 0.1 per cent. - Asia mostly climbs - Elsewhere, Asian markets mostly rose Wednesday but investors are growing nervous at the lack of news on China-US trade talks, with Washington yet to cancel tariffs on a swathe of Chinese goods planned for the weekend. Negotiators are still trying to hammer out a mini agreement and the mood on trading floors remains upbeat, while most observers are confident the two sides will reach a deal, which has fed a global equities rally for weeks. However, a fresh round of levies on $160 billion of Chinese exports to the US is due to be imposed on December 15, and there has been no word from the White House on a possible delay to that date. The removal of tariffs is a key demand of Beijing in the talks. And on Tuesday Donald Trump's top economics adviser Larry Kudlow warned that the measures remained in play for now. The Federal Reserve's policy decision later Wednesday is in focus too, with the central bank's plans for monetary policy next year being watched closely. Analysts nonetheless widely expect the central bank to hold off making any moves on interest rates as it assesses the state of the US economy. In company news, shares in Saudi Aramco soared 10 percent on their trading debut on the Saudi stock exchange, boosting the energy titan's valuation to $1.88 trillion.

Sterling rebounds on eve of UK election

Telefonica&nbsp;Deutschland&nbsp;picked&nbsp;<a href="https://www.wionews.com/science-tech/nokia-is-back-but-now-in-an-android-avatar-12834">Nokia</a>&nbsp;of Finland and China's&nbsp;<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&nbsp;</a>on Wednesday to build its&nbsp;<a href="https://www.wionews.com/business-economy/chinas-huawei-set-to-lead-global-charge-to-5g-networks-33858">5G&nbsp;network</a>, seeking to get work moving even though Germany has yet to finalise security rules governing equipment suppliers.

The decision by the unit of Spain's&nbsp;Telefonica&nbsp;comes amid a heated debate in Germany over whether to heed US&nbsp;warnings that&nbsp;Huawei&nbsp;poses such a serious security threat that it should be excluded from the critical&nbsp;network&nbsp;infrastructure.

<a href="https://www.wionews.com/world/no-doubt-will-be-able-to-meet-german-5g-security-standards-huawei-230070">Telefonica&nbsp;Deutschland</a>&nbsp;also said it would cut its 2019 dividend by 37 per cent&nbsp;to prioritise&nbsp;network&nbsp;investments, following on the heels of similar cuts in the payout by competitors Deutsche Telekom and Vodafone.

The company's shares were down 2.5&nbsp;per cent&nbsp;at 0856 GMT in Frankfurt at their lowest level in a month and one of the top fallers on Europe's STOXX 600 index.

Telefonica&nbsp;Deutschland, which operates under the O2 brand, is one of few European operators to have named&nbsp;Huawei&nbsp;as a&nbsp;5G&nbsp;vendor, following first-mover Sunrise of Switzerland, whose&nbsp;Huawei-built&nbsp;5G&nbsp;network&nbsp;went life earlier this year.

Berlin wants to toughen up technical certification and scrutiny of a vendor's governance, while lawmakers are still considering whether to introduce additional parliamentary oversight. Calls for an outright&nbsp;Huawei&nbsp;ban have faded of late.

"We hope that this window of uncertainty will be as short as possible we don't yet have certification for any of our vendors,"&nbsp;Telefonica&nbsp;Deutschland&nbsp;CEO Markus Haas told reporters on a conference call.

Germany's other two mobile operators market leader Deutsche Telekom and Vodafone are existing customers of&nbsp;Huawei&nbsp;but have yet to publicly confirm whether they will stick with the Shenzhen-based&nbsp;networks leader for&nbsp;5G.

Haas hoped that&nbsp;Nokia&nbsp;and&nbsp;Huawei&nbsp;would build the&nbsp;Telefonica&nbsp;Deutschland&nbsp;5G&nbsp;Radio Access&nbsp;Network&nbsp;on a 50-50 basis, but cautioned that this would be subject to receiving the necessary certification in Germany.

Work should start in early 2020, and&nbsp;Telefonica&nbsp;Deutschland&nbsp;said it expected to have&nbsp;5G&nbsp;up and running in Berlin, Hamburg, Munich, Cologne, and Frankfurt by the end of 2021. A year later, 30 cities with a population of 16 million would be covered.

A decision on picking suppliers of its more sensitive 'core'&nbsp;network&nbsp;would be taken next year, Haas said.

The company, which is holding an investor briefing in London later, said it would cut its 2019 dividend to 0.17 euro ($0.19) from 0.27 euros.

This would become a new floor over the next three years, during which it expects cumulative revenue growth of at least 5 per cent, while the ratio of capital investment to sales will peak at 17-18 per cent before normalising.

"We believe the announcement is worse than anticipated," analysts at Citi said in a research note. "A dividend cut and a CAPEX increase was expected, though the magnitude is above ours and market expectations."

Telefonica&nbsp;Deutschland&nbsp;reiterated its earnings guidance for the full year.

Telefonica Deutschland picked Nokia of Finland and China's Huawei on Wednesday to build its 5G network, seeking to get work moving even though Germany has yet to finalise security rules governing equipment suppliers.

Telefonica Deutschland picked Nokia of Finland and China's Huawei on Wednesday to build its 5G network, seeking to get work moving even though Germany has yet to finalise security rules governing equipment suppliers. The decision by the unit of Spain's Telefonica comes amid a heated debate in Germany over whether to heed US warnings that Huawei poses such a serious security threat that it should be excluded from the critical network infrastructure. Telefonica Deutschland also said it would cut its 2019 dividend by 37 per cent to prioritise network investments, following on the heels of similar cuts in the payout by competitors Deutsche Telekom and Vodafone. The company's shares were down 2.5 per cent at 0856 GMT in Frankfurt at their lowest level in a month and one of the top fallers on Europe's STOXX 600 index. Telefonica Deutschland, which operates under the O2 brand, is one of few European operators to have named Huawei as a 5G vendor, following first-mover Sunrise of Switzerland, whose Huawei-built 5G network went life earlier this year. Berlin wants to toughen up technical certification and scrutiny of a vendor's governance, while lawmakers are still considering whether to introduce additional parliamentary oversight. Calls for an outright Huawei ban have faded of late. "We hope that this window of uncertainty will be as short as possible we don't yet have certification for any of our vendors," Telefonica Deutschland CEO Markus Haas told reporters on a conference call. Germany's other two mobile operators market leader Deutsche Telekom and Vodafone are existing customers of Huawei but have yet to publicly confirm whether they will stick with the Shenzhen-based networks leader for 5G. Haas hoped that Nokia and Huawei would build the Telefonica Deutschland 5G Radio Access Network on a 50-50 basis, but cautioned that this would be subject to receiving the necessary certification in Germany. Work should start in early 2020, and Telefonica Deutschland said it expected to have 5G up and running in Berlin, Hamburg, Munich, Cologne, and Frankfurt by the end of 2021. A year later, 30 cities with a population of 16 million would be covered. A decision on picking suppliers of its more sensitive 'core' network would be taken next year, Haas said. The company, which is holding an investor briefing in London later, said it would cut its 2019 dividend to 0.17 euro ($0.19) from 0.27 euros. This would become a new floor over the next three years, during which it expects cumulative revenue growth of at least 5 per cent, while the ratio of capital investment to sales will peak at 17-18 per cent before normalising. "We believe the announcement is worse than anticipated," analysts at Citi said in a research note. "A dividend cut and a CAPEX increase was expected, though the magnitude is above ours and market expectations." Telefonica Deutschland reiterated its earnings guidance for the full year.

Telefonica Deutschland picks Nokia and Huawei for 5G network

Global&nbsp;airlines reduced a forecast for industry-wide&nbsp;profits&nbsp;in&nbsp;2019&nbsp;under the weight of trade tensions but predicted a modest recovery next year on the assumption that tariff wars will recede in the run-up to the <a href="https://www.wionews.com/world/ahead-of-2020-us-presidential-election-trump-accused-google-of-very-illegal-acts-241344">US&nbsp;presidential election</a>.

Airline&nbsp;net&nbsp;profits&nbsp;are now expected to fall to $25.9 billion from $27.3 billion last year, before recovering to $29.3 billion in&nbsp;2020, the <a href="https://www.wionews.com/business-economy/india-expected-to-become-third-largest-aviation-market-by-2037-173276">International Air Transport Association </a>said. In June it had forecast $28 billion in profit for&nbsp;2019.

The starkest deterioration is being felt in&nbsp;airlines' cargo businesses&nbsp;where a 3.3 per cent&nbsp;drop in freight demand marked the sharpest decline since the 2009 financial crisis, with revenue&nbsp;down&nbsp;8&nbsp;per cent&nbsp;year-on-year.

Growth in world trade has all but evaporated to an expected 0.9 per cent&nbsp;this year, sharply&nbsp;down&nbsp;from the 2.5&nbsp;per cent&nbsp;forecast in June and the 4.1 per cent&nbsp;expansion predicted a year ago,&nbsp;IATA&nbsp;said.

Underpinning the partial recovery predicted next year,&nbsp;IATA&nbsp;forecast more robust trade growth of 3.3&nbsp;per cent&nbsp;as "election-year pressures in the US&nbsp;contribute to reduced trade tensions".

Global airlines reduced a forecast for industry-wide profits in 2019 under the weight of trade tensions but predicted a modest recovery next year on the assumption that tariff wars will recede in the run-up to the US presidential election.

Global airlines reduced a forecast for industry-wide profits in 2019 under the weight of trade tensions but predicted a modest recovery next year on the assumption that tariff wars will recede in the run-up to the US presidential election. Airline net profits are now expected to fall to $25.9 billion from $27.3 billion last year, before recovering to $29.3 billion in 2020, the International Air Transport Association said. In June it had forecast $28 billion in profit for 2019. The starkest deterioration is being felt in airlines' cargo businesses where a 3.3 per cent drop in freight demand marked the sharpest decline since the 2009 financial crisis, with revenue down 8 per cent year-on-year. Growth in world trade has all but evaporated to an expected 0.9 per cent this year, sharply down from the 2.5 per cent forecast in June and the 4.1 per cent expansion predicted a year ago, IATA said. Underpinning the partial recovery predicted next year, IATA forecast more robust trade growth of 3.3 per cent as "election-year pressures in the US contribute to reduced trade tensions".

IATA revises down 2019 airline profits, sees stability in 2020

Inditex, owner of fashion chain <a href="https://www.wionews.com/entertainment/fashion-brand-zara-seeks-to-distance-itself-from-hong-kong-controversy-247439">Zara</a>, shrugged off malaise affecting the broader apparel sector to post strong profit growth on Wednesday and forecast full-year same-store sales of up to 6 per cent.

At a time when fashion retailers are struggling to adapt to changing shopping habits, Inditex has benefited from its ability to quickly deliver small batches of the latest designs to consumers due to its fast and flexible sourcing arrangements.

The Spanish retail giant reported a net profit of 1.17 billion euros ($1.3 billion) for the third quarter slightly above analysts' expectations and up 14 per cent from the year-ago period. Revenue for the quarter was 7 billion euros.

Inditex did not give a trading update on sales since the new financial quarter started in November.

The company said it had tightly controlled operating expenses even as it enlarged and improved stores like the flagship Zara in <a href="https://www.wionews.com/world/dubai-will-soon-have-a-us-billion-mall-the-size-100-football-pitches-high-tech-interiors--158970">The Dubai Mall</a> in the United Arab Emirates.

Inditex said the low inventory and strong sales seen in the financial period was thanks to its business model of tight control of products throughout the supply chain and quick response to trends due to short design-to-production times.

"Our very low level of inventory allows us to have low levels of commitment at any given time and we continue to make decisions during the season," Chairman Pablo Isla told analysts on a conference call.

The company said it was online to have stock-tracking technology RFID on products across its stable of brands by 2020. The RFID tags attached to clothing allow the company to match items to buyers, meaning more is sold at full price.

Shares, which had risen 28 percent in the year to date, traded higher to touch year-highs of over 29 euros per share.

In a sign of how some fashion retailers are failing to keep track of their inventory, British label <a href="https://www.wionews.com/business-economy/ted-baker-ceo-chairman-step-down-outlook-cut-dividend-suspended-267420">Ted Baker</a> said last week it had overstated the value of its inventory by as much as 25 million pounds ($32 million).

Inditex's arch-rival, Sweden's <a href="https://www.wionews.com/world/hm-suspends-brazil-leather-purchases-over-amazon-fires-247906">H&amp;M</a>, has also battled with growing inventories due to slowing sales.

Though Inditex largely eschews partnerships with high-profile celebrities, the collaboration between its youth-oriented Bershka brand and singer-songwriter Billie Eilish had been particularly successful, Isla said.

Inditex, owner of fashion chain Zara, shrugged off malaise affecting the broader apparel sector to post strong profit growth on Wednesday and forecast full-year same-store sales of up to 6 per cent.

Inditex, owner of fashion chain Zara, shrugged off malaise affecting the broader apparel sector to post strong profit growth on Wednesday and forecast full-year same-store sales of up to 6 per cent. At a time when fashion retailers are struggling to adapt to changing shopping habits, Inditex has benefited from its ability to quickly deliver small batches of the latest designs to consumers due to its fast and flexible sourcing arrangements. The Spanish retail giant reported a net profit of 1.17 billion euros ($1.3 billion) for the third quarter slightly above analysts' expectations and up 14 per cent from the year-ago period. Revenue for the quarter was 7 billion euros. Inditex did not give a trading update on sales since the new financial quarter started in November. The company said it had tightly controlled operating expenses even as it enlarged and improved stores like the flagship Zara in The Dubai Mall in the United Arab Emirates. Inditex said the low inventory and strong sales seen in the financial period was thanks to its business model of tight control of products throughout the supply chain and quick response to trends due to short design-to-production times. "Our very low level of inventory allows us to have low levels of commitment at any given time and we continue to make decisions during the season," Chairman Pablo Isla told analysts on a conference call. The company said it was online to have stock-tracking technology RFID on products across its stable of brands by 2020. The RFID tags attached to clothing allow the company to match items to buyers, meaning more is sold at full price. Shares, which had risen 28 percent in the year to date, traded higher to touch year-highs of over 29 euros per share. In a sign of how some fashion retailers are failing to keep track of their inventory, British label Ted Baker said last week it had overstated the value of its inventory by as much as 25 million pounds ($32 million). Inditex's arch-rival, Sweden's H&M, has also battled with growing inventories due to slowing sales. Though Inditex largely eschews partnerships with high-profile celebrities, the collaboration between its youth-oriented Bershka brand and singer-songwriter Billie Eilish had been particularly successful, Isla said.

Zara owner Inditex reports strong profit growth, shares at year highs

After the initial euphoria had subsided,&nbsp;Mexican&nbsp;business leaders emerged bruised and resigned to a new stricter&nbsp;trade&nbsp;deal&nbsp;with the United States and Canada that could usher in more intrusive enforcement of labor rules in Mexico.

Moises Kalach, a leader of the CCE business lobby, which represented Mexico's private sector in the negotiation of the <a href="https://www.wionews.com/world/usmca-united-states-mexico-and-canada-finalize-new-trade-agreement-267552">US-Mexico-Canada Agreement </a>(USMCA) that will replace the 1994 North American Free&nbsp;Trade&nbsp;Agreement (NAFTA), said that&nbsp;businesses&nbsp;felt sidelined.

"We would have liked to have been (in the negotiations) more to give our opinion more. This is the reality, we participated but not as much as we would have liked," said Kalach.

USMCA&nbsp;was signed more than a year ago to replace NAFTA, but Democrats controlling the US&nbsp;House of Representatives insisted on major changes to labor and environmental enforcement before bringing it to a vote.

In an unusual display of bipartisan and cross-border cooperation in the <a href="https://www.wionews.com/world/opinion-in-the-trump-era-the-eu-needs-to-rethink-its-approach-to-liberal-order-160809">Trump era</a> of global&nbsp;trade&nbsp;conflicts, top officials from Canada, Mexico, and the United States on Tuesday signed a fresh overhaul of the quarter-century-old&nbsp;trade&nbsp;pact.

Some&nbsp;Mexican&nbsp;business groups bemoaned a lack of&nbsp;clarity&nbsp;and conflicting information on how the rules would actually be enforced under the&nbsp;deal, the text of which has not been made public.

Gustavo Hoyos, president of employers federation Coparmex and a vocal critic of President <a href="https://www.wionews.com/world/morales-victim-of-coup-mexican-president-amlo-265630">Andres Manuel Lopez Obrador,</a> said: "up to now virtually no one but government officials have seen the&nbsp;deal's fine print". He called the government "a bad negotiator."

Others were more positive.

"There were many things we would have liked to have seen but in general we can say this&nbsp;deal&nbsp;is very beneficial for Mexico, it will bring investment to the country and I have no doubt will make the North American region more competitive," said Antonio del Valle, head of the&nbsp;Mexican&nbsp;Business Council.

The&nbsp;deal&nbsp;included a new mechanism under which the United States and Canada can create panels of labor experts to investigate union complaints at&nbsp;Mexican&nbsp;factories.

The experts&nbsp;will be able to penalize goods and services exported from that plant if violations of the freedom to organize or collectively bargain are detected, Canada and the US&nbsp;House Ways and Means Committee said.

Mexico's chief negotiator Jesus Seade sought to play down&nbsp;the impact of such "rapid panels," saying he had fended off US&nbsp;union demands to place foreign labor inspectors in&nbsp;Mexican&nbsp;factories.

The rapid panels would be formed after three months and only in response to repeated complaints and they would be selected from a roster of experts, including one from each country involved in the dispute and one chosen by a third party, Seade said.

The&nbsp;Mexican&nbsp;official denied there would be anything like foreign labor inspectors in <a href="https://www.wionews.com/world/its-business-as-usual-at-mexicos-southern-border-despite-trump-deal-225581">Mexico</a>.

Canada said that, under the new&nbsp;deal, the burden of proof has been reversed, in that failure to comply with an obligation in the chapter is now presumed to be "in a manner affecting&nbsp;trade&nbsp;or investment between the parties," unless the defending party can demonstrate otherwise.

"If I'm reading this correctly now the country defending itself is guilty until proven otherwise," said a former senior&nbsp;Mexican&nbsp;USMCA&nbsp;negotiator.

"This can become an incentive to block&nbsp;trade&nbsp;you just gave the US&nbsp;an instrument to impose tariffs and close markets because it is going to be accusing you of not complying with your labor standards."

Duncan Wood, director of the Wilson Center's Mexico Institute in Washington, said: "that while the word 'inspections' has been avoided, 'facility-based enforcement' and in-country 'labor attaches' will raise the specter of foreign interference for some in Mexico."

&nbsp;

After the initial euphoria had subsided, Mexican business leaders emerged bruised and resigned to a new stricter trade deal with the United States and Canada that could usher in more intrusive enforcement of labor rules in Mexico.

After the initial euphoria had subsided, Mexican business leaders emerged bruised and resigned to a new stricter trade deal with the United States and Canada that could usher in more intrusive enforcement of labor rules in Mexico. Moises Kalach, a leader of the CCE business lobby, which represented Mexico's private sector in the negotiation of the US-Mexico-Canada Agreement (USMCA) that will replace the 1994 North American Free Trade Agreement (NAFTA), said that businesses felt sidelined. "We would have liked to have been (in the negotiations) more to give our opinion more. This is the reality, we participated but not as much as we would have liked," said Kalach. USMCA was signed more than a year ago to replace NAFTA, but Democrats controlling the US House of Representatives insisted on major changes to labor and environmental enforcement before bringing it to a vote. In an unusual display of bipartisan and cross-border cooperation in the Trump era of global trade conflicts, top officials from Canada, Mexico, and the United States on Tuesday signed a fresh overhaul of the quarter-century-old trade pact. Some Mexican business groups bemoaned a lack of clarity and conflicting information on how the rules would actually be enforced under the deal, the text of which has not been made public. Gustavo Hoyos, president of employers federation Coparmex and a vocal critic of President Andres Manuel Lopez Obrador, said: "up to now virtually no one but government officials have seen the deal's fine print". He called the government "a bad negotiator." Others were more positive. "There were many things we would have liked to have seen but in general we can say this deal is very beneficial for Mexico, it will bring investment to the country and I have no doubt will make the North American region more competitive," said Antonio del Valle, head of the Mexican Business Council. The deal included a new mechanism under which the United States and Canada can create panels of labor experts to investigate union complaints at Mexican factories. The experts will be able to penalize goods and services exported from that plant if violations of the freedom to organize or collectively bargain are detected, Canada and the US House Ways and Means Committee said. Mexico's chief negotiator Jesus Seade sought to play down the impact of such "rapid panels," saying he had fended off US union demands to place foreign labor inspectors in Mexican factories. The rapid panels would be formed after three months and only in response to repeated complaints and they would be selected from a roster of experts, including one from each country involved in the dispute and one chosen by a third party, Seade said. The Mexican official denied there would be anything like foreign labor inspectors in Mexico. Canada said that, under the new deal, the burden of proof has been reversed, in that failure to comply with an obligation in the chapter is now presumed to be "in a manner affecting trade or investment between the parties," unless the defending party can demonstrate otherwise. "If I'm reading this correctly now the country defending itself is guilty until proven otherwise," said a former senior Mexican USMCA negotiator. "This can become an incentive to block trade you just gave the US an instrument to impose tariffs and close markets because it is going to be accusing you of not complying with your labor standards." Duncan Wood, director of the Wilson Center's Mexico Institute in Washington, said: "that while the word 'inspections' has been avoided, 'facility-based enforcement' and in-country 'labor attaches' will raise the specter of foreign interference for some in Mexico."

Mexican businesses want clarity on details of USMCA trade deal

<a href="https://www.wionews.com/world/singapore-fines-credit-suisse-local-bank-over-1mdb-corruption-scandal-16218">Credit&nbsp;Suisse&nbsp;</a>cut a key&nbsp;profitability target for this year and next as a drop-in dealmaking, negative interest rates and uncertainty caused by global trade tensions dimmed the outlook.

Switzerland's second-largest lender said on Wednesday it expects to hit a return on tangible equity (RoTE) above 8 per cent&nbsp;this year, below its previous target of 10-11 per cent. The Zurich-based bank also cut its forecast for next year.

"If markets are constructive and support&nbsp;revenue&nbsp;growth, we would expect our year-end 2020 RoTE to be approximately 11 per cent," the bank said in a statement ahead of an investor day in London.

"Conversely, should markets remain challenging in 2020, we have identified up to 50 basis points of additional cost measures in order to protect our RoTE ambition of approximately 10 per cent."

<a href="https://www.wionews.com/business-economy/indian-mobile-industry-to-consolidate-further-if-government-doesnt-offer-material-relief-262952">Credit&nbsp;Suisse</a>&nbsp;previously aimed to achieve 11-12&nbsp;per cent&nbsp;RoTE in 2020.

The bank will present its first investor update since completing a three-year restructuring in 2018 which cut back its investment banking activities, boosted cooperation with wealth management, and whittled down costs.

While performance at its <a href="https://www.wionews.com/business-economy/global-markets-bonds-reign-supreme-equities-struggle-on-recession-brexit-fears-246318">Global Markets</a> trading division, the focus of previous criticism, has picked up in 2019,&nbsp;revenues have&nbsp;fallen in its investment banking and capital markets business due to floundering M&amp;A activity.&nbsp;Credit&nbsp;Suisse&nbsp;now expects the division to make a loss this year.

The bank last month appointed new leadership to the division and aims to bolster its M&amp;A activity by adding more bankers to advise deals in growth industries including technology and healthcare.

"Looking ahead to 2020, we are working on actions that will reinvigorate the division, building on a strongly improving pipeline, which we expect will put us in a more advantageous position compared to 2019," it said on Wednesday.

The Swiss lender said it expected to distribute at least 50&nbsp;per cent&nbsp;of net income to shareholders looking ahead to 2020 by growing its dividend at least 5&nbsp;per cent&nbsp;annually and through a share buyback of 1-1.5 billion Swiss francs ($1.00-$1.50 billion).

Credit Suisse cut a key profitability target for this year and next as a drop-in dealmaking, negative interest rates and uncertainty caused by global trade tensions dimmed the outlook.

Credit Suisse cut a key profitability target for this year and next as a drop-in dealmaking, negative interest rates and uncertainty caused by global trade tensions dimmed the outlook. Switzerland's second-largest lender said on Wednesday it expects to hit a return on tangible equity (RoTE) above 8 per cent this year, below its previous target of 10-11 per cent. The Zurich-based bank also cut its forecast for next year. "If markets are constructive and support revenue growth, we would expect our year-end 2020 RoTE to be approximately 11 per cent," the bank said in a statement ahead of an investor day in London. "Conversely, should markets remain challenging in 2020, we have identified up to 50 basis points of additional cost measures in order to protect our RoTE ambition of approximately 10 per cent." Credit Suisse previously aimed to achieve 11-12 per cent RoTE in 2020. The bank will present its first investor update since completing a three-year restructuring in 2018 which cut back its investment banking activities, boosted cooperation with wealth management, and whittled down costs. While performance at its Global Markets trading division, the focus of previous criticism, has picked up in 2019, revenues have fallen in its investment banking and capital markets business due to floundering M&A activity. Credit Suisse now expects the division to make a loss this year. The bank last month appointed new leadership to the division and aims to bolster its M&A activity by adding more bankers to advise deals in growth industries including technology and healthcare. "Looking ahead to 2020, we are working on actions that will reinvigorate the division, building on a strongly improving pipeline, which we expect will put us in a more advantageous position compared to 2019," it said on Wednesday. The Swiss lender said it expected to distribute at least 50 per cent of net income to shareholders looking ahead to 2020 by growing its dividend at least 5 per cent annually and through a share buyback of 1-1.5 billion Swiss francs ($1.00-$1.50 billion).

Credit Suisse cuts profit goals as revenue hopes fall short

US Justice Department said today that <a href="https://www.wionews.com/business-economy/hsbc-announces-new-heads-of-investment-banking-division-267192">Switzerland's HSBC</a> had "conspired with US account holders to conceal assets abroad and evade taxes" and had agreed to pay $192.4 million in unpaid taxes, improper fees and fines.

"HSBC Switzerland conspired with US account holders to conceal assets abroad and evade taxes that every American must pay," Stuart Goldberg, acting chief of the department's tax division, said in a statement.&nbsp;

The bank essentially helped wealthy Americans evade taxes, the US Justice Department investigation revealed.

"Banks, asset managers and other financial firms enable such crimes -- and we will hold these institutions to account, right along with the taxpayers that use them to facilitate and disguise illegal activities," Goldberg added. 
&nbsp; 
"Some HSBC Switzerland bankers assisted clients in closing their accounts in a manner that continued to conceal their offshore assets," US prosecutors said in a statement.

According to the Justice Department, In 2002, HSBC had over 720 undeclared US client relationships with a total value of more than $800 million which reached $1.3 billion over the next five years.

The bank will now have to demonstrate "good conduct" under the settlement deal with the US government, however, the Justice Department said in a statement that it does not mean individuals will not be prosecuted separately.

After the US decision, Chief Executive Alex Classen said: "Today the Swiss subsidiary operates under new management, we have strengthened our compliance function, enhanced our control framework and put in place a comprehensive client tax transparency policy."

US Justice Department said today that Switzerland's HSBC had "conspired with US account holders to conceal assets abroad and evade taxes" and had agreed to pay $192.

US Justice Department said today that Switzerland's HSBC had "conspired with US account holders to conceal assets abroad and evade taxes" and had agreed to pay $192.4 million in unpaid taxes, improper fees and fines. "HSBC Switzerland conspired with US account holders to conceal assets abroad and evade taxes that every American must pay," Stuart Goldberg, acting chief of the department's tax division, said in a statement. The bank essentially helped wealthy Americans evade taxes, the US Justice Department investigation revealed. "Banks, asset managers and other financial firms enable such crimes -- and we will hold these institutions to account, right along with the taxpayers that use them to facilitate and disguise illegal activities," Goldberg added. "Some HSBC Switzerland bankers assisted clients in closing their accounts in a manner that continued to conceal their offshore assets," US prosecutors said in a statement. According to the Justice Department, In 2002, HSBC had over 720 undeclared US client relationships with a total value of more than $800 million which reached $1.3 billion over the next five years. The bank will now have to demonstrate "good conduct" under the settlement deal with the US government, however, the Justice Department said in a statement that it does not mean individuals will not be prosecuted separately. After the US decision, Chief Executive Alex Classen said: "Today the Swiss subsidiary operates under new management, we have strengthened our compliance function, enhanced our control framework and put in place a comprehensive client tax transparency policy."

US government fines HSBC $192.4 million in tax evasion case

Saudi Arabia's Armco shares surged ten per cent over the IPO price on Wednesday during in 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

Aramco&nbsp;raised a record $25.6 billion in its IPO last week which is Crown Prince Salman's attempt to boost funds in order to help the economy step away from oil. Prince Salman hopes to fund his "Vision 2030" to take the Saudi economy into a new era.

The astronomical rally saw the oil giants valuation soar to $1.88 trillion. The Kingdom had earlier hoped for a $2 trillion but settled below it.&nbsp;

The state-owned Saudi oil giant has received subscription orders for around 5.9 billion shares so far from institutions in the first 17 days of the IPO. The biggest IPO in Saudi Arabia, before Aramco, was for the National Commercial Bank (NCB) in 2013, which sought to raise $6 billion.

According to reports, the Armco IPO was oversubscribed three times receiving orders worth $50.4 billion.

Aramco had said that it would sell 1.5 per cent of the company in an IPO worth at least $24 billion which values it up to $1.71 trillion. Wednesday's surge saw its valuation break the record set by the company earlier.

In a 658-page prospectus, 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.

"The targeted percentage of Offer Shares allocable to individual investors will be up to 0.5 per cent of the shares," the prospectus said.

Saudi Arabia's Armco shares surged ten per cent over the IPO price on Wednesday during in its debut in the Riyadh stock market. The shares of the oil giant went up $9.

Saudi Arabia's Armco shares surged ten per cent over the IPO price on Wednesday during in 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 Aramco raised a record $25.6 billion in its IPO last week which is Crown Prince Salman's attempt to boost funds in order to help the economy step away from oil. Prince Salman hopes to fund his "Vision 2030" to take the Saudi economy into a new era. The astronomical rally saw the oil giants valuation soar to $1.88 trillion. The Kingdom had earlier hoped for a $2 trillion but settled below it. The state-owned Saudi oil giant has received subscription orders for around 5.9 billion shares so far from institutions in the first 17 days of the IPO. The biggest IPO in Saudi Arabia, before Aramco, was for the National Commercial Bank (NCB) in 2013, which sought to raise $6 billion. According to reports, the Armco IPO was oversubscribed three times receiving orders worth $50.4 billion. Aramco had said that it would sell 1.5 per cent of the company in an IPO worth at least $24 billion which values it up to $1.71 trillion. Wednesday's surge saw its valuation break the record set by the company earlier. In a 658-page prospectus, 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. "The targeted percentage of Offer Shares allocable to individual investors will be up to 0.5 per cent of the shares," the prospectus said.

Saudi Aramco shares surge maximum 10% on market debut

According to German newspaper Bild, <a href="https://www.wionews.com/world/tesla-boss-elon-musk-wins-defamation-trial-over-his-pedo-guy-tweet-266759">Tesla</a> is planning to build 500,000 electric vehicles a year at its new factory situated in the outskirts of Berlin.

Tesla's Chief Executive Elon Musk announced last month that a site in Gruenheide, Brandenburg, had been chosen to build Tesla Model 3 and Model Y vehicles.

Another German newspaper, Frankfurter Allgemeine Zeitung reported that <a href="https://www.wionews.com/business-economy/musk-suggests-tesla-has-200000-orders-for-cybertruck-264354">Tesla</a> will invest up to $4.41 billion in the plant.

The Gigafactory will generate 10,000 jobs. Reportedly, the site of the factory is as large as 420 soccer pitches.

The construction is slated to begin in 2020.&nbsp;

(With inputs from Reuters)

According to German newspaper Bild, Tesla is planning to build 500,000 electric vehicles a year at its new factory situated in the outskirts of Berlin. Tesla's Chief Executive Elon Musk announced last month that a site in Gruenheide, Brandenburg, had been chosen to build Tesla Model 3 and Model Y vehicles.

According to German newspaper Bild, Tesla is planning to build 500,000 electric vehicles a year at its new factory situated in the outskirts of Berlin. Tesla's Chief Executive Elon Musk announced last month that a site in Gruenheide, Brandenburg, had been chosen to build Tesla Model 3 and Model Y vehicles. Another German newspaper, Frankfurter Allgemeine Zeitung reported that Tesla will invest up to $4.41 billion in the plant. The Gigafactory will generate 10,000 jobs. Reportedly, the site of the factory is as large as 420 soccer pitches. The construction is slated to begin in 2020. (With inputs from Reuters)

Tesla's upcoming plant in Germany to produce 500,000 cars a year: Sources

Indian stock market indices Sensex and Nifty on Wednesday traded marginally higher by the afternoon session due to bank, finance and metal sector.

At 2 pm, the BSE S&amp;P Sensex was up by 70 points to 40,310.55 while the Nifty 50 ticked up by 18 points at 11,875.95.&nbsp;

Meanwhile, the rupee has extended its morning gains and trading higher by 12 paise at 70.80 per dollar. It opened higher at 70.89 per dollar versus previous close 70.92.

Asian markets

Asian markets mostly rose Wednesday but investors are growing nervous at the lack of news on China-US trade talks, with Washington yet to cancel tariffs on a swathe of Chinese goods planned for the weekend.

Negotiators are still trying to hammer out a mini agreement and the mood on trading floors remains upbeat, while most observers are confident the two sides will eventually reach a deal, which has fed a global equities rally for weeks.

However, a fresh round of levies on $160 billion of Chinese exports to the US is due to be imposed on December 15, and there has been no word from the White House on a possible delay to that date.

(With inputs from agencies)

Indian stock market indices Sensex and Nifty on Wednesday traded marginally higher by the afternoon session due to bank, finance and metal sector. At 2 pm, the BSE S&P Sensex was up by 70 points to 40,310.

Indian stock market indices Sensex and Nifty on Wednesday traded marginally higher by the afternoon session due to bank, finance and metal sector. At 2 pm, the BSE S&P Sensex was up by 70 points to 40,310.55 while the Nifty 50 ticked up by 18 points at 11,875.95. Meanwhile, the rupee has extended its morning gains and trading higher by 12 paise at 70.80 per dollar. It opened higher at 70.89 per dollar versus previous close 70.92. Asian markets Asian markets mostly rose Wednesday but investors are growing nervous at the lack of news on China-US trade talks, with Washington yet to cancel tariffs on a swathe of Chinese goods planned for the weekend. Negotiators are still trying to hammer out a mini agreement and the mood on trading floors remains upbeat, while most observers are confident the two sides will eventually reach a deal, which has fed a global equities rally for weeks. However, a fresh round of levies on $160 billion of Chinese exports to the US is due to be imposed on December 15, and there has been no word from the White House on a possible delay to that date. (With inputs from agencies)

Markets: Sensex up 70 points, Nifty holds 11,875.95 in the afternoon session

Equity indices languished in the negative terrain during early hours on Tuesday as investors awaited the outcome of new European Central Bank (ECB) boss Christine Lagarde`s first policy meeting later this week.

At 10:50 am, the BSE S&amp;P Sensex was down by 85.22 points to 40,402.21 while the Nifty 50 edged lower by 27.10 points at 11,910.40.&nbsp;

Most sectoral indices at the National Stock Exchange were in the red with Nifty IT down by 0.23 per cent.&nbsp;

Among stocks, Tata Consultancy Services slipped by 1.3 per cent to Rs 2,033 per share.&nbsp;

Tech Mahindra was down by 1.2 per cent, Wipro traded 0.8 per cent lower while HCL Technologies suffered a loss of 0.7 per cent.The other major losers were Bharti Infratel, Axis Bank, Yes Bank and Power Grid Corporation.&nbsp;

However, those which showed some gains were Sun Pharma, Cipla, ONGC, UPL and Grasim. Meanwhile, Asian equity markets were a tad lower as investors refrained from making major bets before December 15, when the next round of US tariffs on Chinese imports is due to take effect.&nbsp;

A Chinese Commerce Ministry official said a day earlier that Beijing hopes to make a trade deal with Washington as soon as possible.MSCI's broadest index of Asia Pacific shares outside Japan was down by 0.04 per cent while Japan's Nikkei lost by 0.23 per cent.

(With inputs from ANI)

Equity indices languished in the negative terrain during early hours on Tuesday as investors awaited the outcome of new European Central Bank (ECB) boss Christine Lagarde`s first policy meeting later this week.

Equity indices languished in the negative terrain during early hours on Tuesday as investors awaited the outcome of new European Central Bank (ECB) boss Christine Lagarde`s first policy meeting later this week. At 10:50 am, the BSE S&P Sensex was down by 85.22 points to 40,402.21 while the Nifty 50 edged lower by 27.10 points at 11,910.40. Most sectoral indices at the National Stock Exchange were in the red with Nifty IT down by 0.23 per cent. Among stocks, Tata Consultancy Services slipped by 1.3 per cent to Rs 2,033 per share. Tech Mahindra was down by 1.2 per cent, Wipro traded 0.8 per cent lower while HCL Technologies suffered a loss of 0.7 per cent.The other major losers were Bharti Infratel, Axis Bank, Yes Bank and Power Grid Corporation. However, those which showed some gains were Sun Pharma, Cipla, ONGC, UPL and Grasim. Meanwhile, Asian equity markets were a tad lower as investors refrained from making major bets before December 15, when the next round of US tariffs on Chinese imports is due to take effect. A Chinese Commerce Ministry official said a day earlier that Beijing hopes to make a trade deal with Washington as soon as possible.MSCI's broadest index of Asia Pacific shares outside Japan was down by 0.04 per cent while Japan's Nikkei lost by 0.23 per cent. (With inputs from ANI)

Sensex drops 85 points, Nifty below 11,950

Iron&nbsp;ore&nbsp;futures in&nbsp;China&nbsp;rose to their&nbsp;highest in more&nbsp;than&nbsp;four&nbsp;months on Tuesday on&nbsp;supply&nbsp;uncertainties expected to emerge during the first quarter of next year.

The most-traded&nbsp;iron&nbsp;ore&nbsp;futures contract on the Dalian Commodity Exchange, for May 2020 delivery, soared as much as 3.2&nbsp;per cent&nbsp;to 662 yuan ($94.05) per tonne in morning trade, the most since August&nbsp;7. It jumped 2.96 per cent&nbsp;to 661 yuan per tonne as of 0330 GMT.

Prices for spot cargoes of benchmark&nbsp;iron&nbsp;ore&nbsp;with 62 per cent&nbsp;iron&nbsp;content for delivery to&nbsp;China, also tracked the robust futures market and rose to $93 per tonne on Monday from $89.50 in the previous session.

"The surge in&nbsp;iron&nbsp;ore&nbsp;prices was mainly driven by&nbsp;supply&nbsp;concerns from foreign miners in the first quarter next year," said Tang Bingqing, an analyst with Founder CIFCO Futures, referring to Brazilian miner Vale SA lowering production outlook and the upcoming expiry of mining leases in India.

Meanwhile,&nbsp;demand&nbsp;prospects for construction steel products and steelmaking raw materials were improved as the latest <a href="https://www.wionews.com/world/propaganda-20-chinese-communist-partys-message-gets-tech-upgrade-201246">Chinese Communist Party</a> conference reiterated the need to strengthen infrastructure constructions, and did not mention real estate controls, Tang added.

Construction steel rebar on the Shanghai Futures Exchange, for May 2020 delivery, jumped 1.0&nbsp;per cent&nbsp;to 3,528 yuan per tonne.

January hot-rolled coil contract, used in cars and home appliances, rose 0.7per cent&nbsp;to 3,690 yuan per tonne.

&nbsp;

Fundamentals

* Shanghai stainless steel futures, for February 2020 delivery, edged up 0.2 per cent&nbsp;to 14,010 yuan per tonne.

* Other steelmaking ingredients were mixed. Dalian coking coal, for January 2020 delivery, inched down 0.3 per cent&nbsp;to 1,243 yuan per tonne while Dalian coke gained 1.2 per cent&nbsp;to 1,928 yuan per tonne.

*&nbsp;China's producer prices fell in annual terms for the fifth consecutive&nbsp;month&nbsp;in November, while consumer prices spiked as food costs climbed, data showed on Tuesday, complicating policymakers' efforts to boost&nbsp;demand&nbsp;as economic growth slows.

Iron ore futures in China rose to their highest in more than four months on Tuesday on supply uncertainties expected to emerge during the first quarter of next year.

Iron ore futures in China rose to their highest in more than four months on Tuesday on supply uncertainties expected to emerge during the first quarter of next year. The most-traded iron ore futures contract on the Dalian Commodity Exchange, for May 2020 delivery, soared as much as 3.2 per cent to 662 yuan ($94.05) per tonne in morning trade, the most since August 7. It jumped 2.96 per cent to 661 yuan per tonne as of 0330 GMT. Prices for spot cargoes of benchmark iron ore with 62 per cent iron content for delivery to China, also tracked the robust futures market and rose to $93 per tonne on Monday from $89.50 in the previous session. "The surge in iron ore prices was mainly driven by supply concerns from foreign miners in the first quarter next year," said Tang Bingqing, an analyst with Founder CIFCO Futures, referring to Brazilian miner Vale SA lowering production outlook and the upcoming expiry of mining leases in India. Meanwhile, demand prospects for construction steel products and steelmaking raw materials were improved as the latest Chinese Communist Party conference reiterated the need to strengthen infrastructure constructions, and did not mention real estate controls, Tang added. Construction steel rebar on the Shanghai Futures Exchange, for May 2020 delivery, jumped 1.0 per cent to 3,528 yuan per tonne. January hot-rolled coil contract, used in cars and home appliances, rose 0.7per cent to 3,690 yuan per tonne. Fundamentals * Shanghai stainless steel futures, for February 2020 delivery, edged up 0.2 per cent to 14,010 yuan per tonne. * Other steelmaking ingredients were mixed. Dalian coking coal, for January 2020 delivery, inched down 0.3 per cent to 1,243 yuan per tonne while Dalian coke gained 1.2 per cent to 1,928 yuan per tonne. * China's producer prices fell in annual terms for the fifth consecutive month in November, while consumer prices spiked as food costs climbed, data showed on Tuesday, complicating policymakers' efforts to boost demand as economic growth slows.

China iron ore surges to over four-month high amid supply uncertainty, demand hopes

<a href="https://www.wionews.com/business-economy/softbanks-son-sticks-with-gut-led-investing-in-chat-with-alibabas-ma-266629">Softbank group's vision</a> fund has agreed to sell its nearly 50 per cent stake in Wag labs inc back to the dog-walking startup.&nbsp;

“We are amicably parting ways with Softbank and Softbank will no longer have board representation,” chief executive Garrett Smallwood said in a memo to employees.

Wag, which earlier this year laid off several dozen employees, is letting go a significant amount of the remainder of its workforce, the report said.&nbsp;

Wag, which pairs dog owners with available walkers in their neighbourhood, landed its first investment from Softbank’s vision fund in January 2018. Since then, Softbank’s $100 billion vision fund has come under scrutiny for ploughing money into unprofitable start-ups, such as WeWork and Uber. &nbsp;&nbsp;

The price of the deal is unclear, but reports say it is going to be below the $650 million valuations that was earned by wag when Softbank first invested nearly two years ago.

Softbank group's vision fund has agreed to sell its nearly 50 per cent stake in Wag labs inc back to the dog-walking startup. “We are amicably parting ways with Softbank and Softbank will no longer have board representation,” chief executive Garrett Smallwood said in a memo to employees.

Softbank group's vision fund has agreed to sell its nearly 50 per cent stake in Wag labs inc back to the dog-walking startup. “We are amicably parting ways with Softbank and Softbank will no longer have board representation,” chief executive Garrett Smallwood said in a memo to employees. Wag, which earlier this year laid off several dozen employees, is letting go a significant amount of the remainder of its workforce, the report said. Wag, which pairs dog owners with available walkers in their neighbourhood, landed its first investment from Softbank’s vision fund in January 2018. Since then, Softbank’s $100 billion vision fund has come under scrutiny for ploughing money into unprofitable start-ups, such as WeWork and Uber. The price of the deal is unclear, but reports say it is going to be below the $650 million valuations that was earned by wag when Softbank first invested nearly two years ago.

Softbank agrees to sell 50% stake in Wag labs back to the dog-walking startup

The fate of the <a href="https://www.wionews.com/world/brics-leaders-call-for-free-trade-reform-to-un-wto-262203">world trade organization's(WTO)</a> top court has effectively been sealed after the United States said that it would not back a proposal to allow it to continue.

The powerful appellate body of the global commerce block which rules during trade disputes is all set to lose two judges, who finish their terms on December 10.

According to WTO rules, there must be three judges to hear each case but the Trump administration has blocked new appointments to the body.

The US has also threatened to block the WTO's budget, which could cause the entire organisation to shut down by January 2020.

Ever since his appointment, Trump has always maintained that WTO is "biased" against the US, and has criticised it for being “unfair”.

It signals the demise of the 24-year-old body which was founded in 1995 based out of Geneva, the WTO governs nearly $23 billion in global trade.

The move&nbsp;could mean danger for India's interests which has several disputes that could be left in limbo if the top court collapses.

Some of those ongoing disputes include US and Japan complaining of excessive import duties and fee hikes for non-immigrant visas, including the H-1B issue and India pulling up the US over its steel and aluminium tariffs.

In the last few months alone, four cases have been brought to the WTO against India’s alleged support measures for its sugar and sugarcane producer.

Meanwhile, other major WTO economies have planned ahead by deciding on an interim arrangement but India has also opposed such an idea to set up arbitration panels to resolve disputes bilaterally.

The fate of the world trade organization's(WTO) top court has effectively been sealed after the United States said that it would not back a proposal to allow it to continue.

The fate of the world trade organization's(WTO) top court has effectively been sealed after the United States said that it would not back a proposal to allow it to continue. The powerful appellate body of the global commerce block which rules during trade disputes is all set to lose two judges, who finish their terms on December 10. According to WTO rules, there must be three judges to hear each case but the Trump administration has blocked new appointments to the body. The US has also threatened to block the WTO's budget, which could cause the entire organisation to shut down by January 2020. Ever since his appointment, Trump has always maintained that WTO is "biased" against the US, and has criticised it for being “unfair”. It signals the demise of the 24-year-old body which was founded in 1995 based out of Geneva, the WTO governs nearly $23 billion in global trade. The move could mean danger for India's interests which has several disputes that could be left in limbo if the top court collapses. Some of those ongoing disputes include US and Japan complaining of excessive import duties and fee hikes for non-immigrant visas, including the H-1B issue and India pulling up the US over its steel and aluminium tariffs. In the last few months alone, four cases have been brought to the WTO against India’s alleged support measures for its sugar and sugarcane producer. Meanwhile, other major WTO economies have planned ahead by deciding on an interim arrangement but India has also opposed such an idea to set up arbitration panels to resolve disputes bilaterally.

US proposal set to seal fate of WTO top court

The auto market continues to be in grip of a slowdown. The auto sales have continued to be under pressure in November, sliding slightly.

After having reduced output for nine straight months due to lower demand, India's largest carmaker Maruti Suzuki has raised production in November by 4.3 per cent, the first in nine months.

Maruti Suzuki produced a total of 1,41,834 units in November as against 1,35,946 units in the year-ago month, it said in a filing to the exchanges.

Domestic automobile sales have been on a precipitous decline since the September quarter of 2018-19 due to an overall slowdown in consumption and liquidity crisis at financial institutions after the collapse of infrastructure leasing and financial services ltd.

Maruti’s wholesales from April to October 2019 fell 20.4 per cent&nbsp;to 958,373 vehicles. The increase in vehicle production in November follows a 4.5 per cent&nbsp;year-on-year growth in wholesales&nbsp;or industry dispatches&nbsp;of Maruti in October to 144,277 units.

This was the first increase in seven months for the company thanks to a high level of discounts across most of its product range.&nbsp; In November, however, Maruti's wholesales declined 3.2 per cent&nbsp;year-on-year to 141,400 units.

The auto market continues to be in grip of a slowdown. The auto sales have continued to be under pressure in November, sliding slightly. After having reduced output for nine straight months due to lower demand, India's largest carmaker Maruti Suzuki has raised production in November by 4.

The auto market continues to be in grip of a slowdown. The auto sales have continued to be under pressure in November, sliding slightly. After having reduced output for nine straight months due to lower demand, India's largest carmaker Maruti Suzuki has raised production in November by 4.3 per cent, the first in nine months. Maruti Suzuki produced a total of 1,41,834 units in November as against 1,35,946 units in the year-ago month, it said in a filing to the exchanges. Domestic automobile sales have been on a precipitous decline since the September quarter of 2018-19 due to an overall slowdown in consumption and liquidity crisis at financial institutions after the collapse of infrastructure leasing and financial services ltd. Maruti’s wholesales from April to October 2019 fell 20.4 per cent to 958,373 vehicles. The increase in vehicle production in November follows a 4.5 per cent year-on-year growth in wholesales or industry dispatches of Maruti in October to 144,277 units. This was the first increase in seven months for the company thanks to a high level of discounts across most of its product range. In November, however, Maruti's wholesales declined 3.2 per cent year-on-year to 141,400 units.

Maruti raises production in November for first time in nine months

Japan's <a href="https://www.wionews.com/business-economy/in-a-first-us-approved-drone-delivers-donuts-to-doorstep-3079">7-Eleven </a>convenience store chain, already under nationwide scrutiny over labor issues, admitted on Tuesday that the company had been underpaying workers for years due to miscalculations.

The chain, a unit of Japanese retail group <a href="https://www.wionews.com/world/japans-capital-braces-for-what-could-be-worst-typhoon-in-60-years-255362">Seven &amp; I Holdings</a>, confirmed errors going back to 2012 and affecting 8,000 stores and over 30,000 workers. The total missed payments amounted to about 490 million yen ($4.5 million), it said.

The error was spotted by labor standards inspectors in September, the company said, confirming an earlier report by financial daily <a href="https://www.wionews.com/business-economy/japans-stock-exchange-nikkei-posts-biggest-weekly-gain-in-over-6-years-2577">Nikkei</a>.

"We deeply apologize to our franchise stores and employees for this problem," the company said in a statement, adding that it would ensure the overdue payments will be paid out.

The convenience store chain has been under pressure to review its 24-hour store policy, with franchise owners struggling to keep stores staffed around the clock amid the tightest labor market in 40 years.

The company has been testing shorter hours at some stores after the plight of some franchise owners attracted nationwide attention.

The 7-Eleven stores, which originated in the United States but are now owned by Japan's Seven &amp; I, expanded rapidly since the 1970s as their 24-hour accessibility proved a perfect match with the country's dense population and late-night work culture.

Until recently, the convenience store industry's high margins and strong growth were the envy of the rest of Japan's retail sector that was struggling with pricing pressure and lean consumer spending.

Analysts, however, say the convenience store market is now highly saturated and a demographic crunch means the industry has little room for growth.

Japan's 7-Eleven convenience store chain, already under nationwide scrutiny over labor issues, admitted on Tuesday that the company had been underpaying workers for years due to miscalculations.

Japan's 7-Eleven convenience store chain, already under nationwide scrutiny over labor issues, admitted on Tuesday that the company had been underpaying workers for years due to miscalculations. The chain, a unit of Japanese retail group Seven & I Holdings, confirmed errors going back to 2012 and affecting 8,000 stores and over 30,000 workers. The total missed payments amounted to about 490 million yen ($4.5 million), it said. The error was spotted by labor standards inspectors in September, the company said, confirming an earlier report by financial daily Nikkei. "We deeply apologize to our franchise stores and employees for this problem," the company said in a statement, adding that it would ensure the overdue payments will be paid out. The convenience store chain has been under pressure to review its 24-hour store policy, with franchise owners struggling to keep stores staffed around the clock amid the tightest labor market in 40 years. The company has been testing shorter hours at some stores after the plight of some franchise owners attracted nationwide attention. The 7-Eleven stores, which originated in the United States but are now owned by Japan's Seven & I, expanded rapidly since the 1970s as their 24-hour accessibility proved a perfect match with the country's dense population and late-night work culture. Until recently, the convenience store industry's high margins and strong growth were the envy of the rest of Japan's retail sector that was struggling with pricing pressure and lean consumer spending. Analysts, however, say the convenience store market is now highly saturated and a demographic crunch means the industry has little room for growth.

Japan's 7-Eleven admits it underpaid staff for years

<a href="https://www.wionews.com/world/deutsche-bank-says-to-slash-18000-jobs-by-2022-233897">Deutsche Bank</a> pared back its revenue growth target on Tuesday, blaming rock-bottom interest rates for hurting its business in a downbeat presentation to investors.

The German bank said it expected revenue at its core banking business to grow by just 1% in the run-up to 2022, half the growth level estimated in July. It put emphasis instead on efforts to cut billions of euros in costs.

Chief Executive <a href="https://www.wionews.com/world/us-congressional-probe-finds-possible-lapses-in-deutsche-bank-controls-report-247969">Christian Sewing</a> pointed to "significant progress" in recent months in turning around the bank in the presentation ahead of an investor day. But the bank highlighted the impact of low interest rates in the eurozone on its business.

Deutsche said such low rates would hurt its retail bank as well as corporate banking in the medium term, but it predicted that growth at its investment bank would partly make up for this.

The bank said it had taken steps to cope with low rates, including lending more and "selectively" passing on to customers the costs it faces for keeping cash at the central bank.

Deutsche Bank also said that the <a href="https://www.wionews.com/world/trump-criticises-federal-reserve-for-not-acting-quickly-as-european-central-bank-249248">European Central Bank</a> had reduced the lender's capital ratio requirement, following a review.

Deutsche Bank pared back its revenue growth target on Tuesday, blaming rock-bottom interest rates for hurting its business in a downbeat presentation to investors.

Deutsche Bank pared back its revenue growth target on Tuesday, blaming rock-bottom interest rates for hurting its business in a downbeat presentation to investors. The German bank said it expected revenue at its core banking business to grow by just 1% in the run-up to 2022, half the growth level estimated in July. It put emphasis instead on efforts to cut billions of euros in costs. Chief Executive Christian Sewing pointed to "significant progress" in recent months in turning around the bank in the presentation ahead of an investor day. But the bank highlighted the impact of low interest rates in the eurozone on its business. Deutsche said such low rates would hurt its retail bank as well as corporate banking in the medium term, but it predicted that growth at its investment bank would partly make up for this. The bank said it had taken steps to cope with low rates, including lending more and "selectively" passing on to customers the costs it faces for keeping cash at the central bank. Deutsche Bank also said that the European Central Bank had reduced the lender's capital ratio requirement, following a review.

Deutsche Bank predicts meagre growth due to low rates

<a href="https://www.wionews.com/world/ted-baker-posts-loss-warns-on-full-year-results-253424">Ted Baker Plc</a> said on Tuesday its chief executive officer and chairman have stepped down, and the British fashion retailer also cut its full-year outlook again and suspended its dividend.

Recently appointed Chief Financial Officer, Rachel Osborne, will take on the CEO role from Lindsay Page on an interim basis.

The departures come a week after the company said it may have overstated inventory by as much as 25 million pounds ($32.08 million).

Page was promoted to the role in April after founder <a href="https://www.wionews.com/world/shock-waves-of-metoo-reach-the-city-of-london-184453">Ray Kelvin</a> stepped down after allegations of misconduct at the company.

Sharon Baylay has assumed the role of acting chair, replacing David Bernstein.

Ted Baker Plc said on Tuesday its chief executive officer and chairman have stepped down, and the British fashion retailer also cut its full-year outlook again and suspended its dividend.

Ted Baker Plc said on Tuesday its chief executive officer and chairman have stepped down, and the British fashion retailer also cut its full-year outlook again and suspended its dividend. Recently appointed Chief Financial Officer, Rachel Osborne, will take on the CEO role from Lindsay Page on an interim basis. The departures come a week after the company said it may have overstated inventory by as much as 25 million pounds ($32.08 million). Page was promoted to the role in April after founder Ray Kelvin stepped down after allegations of misconduct at the company. Sharon Baylay has assumed the role of acting chair, replacing David Bernstein.

Ted Baker CEO, chairman step down; outlook cut, dividend suspended

Amazon.com Inc on Monday accused US&nbsp;President <a href="https://www.wionews.com/opinions/donald-trumps-attitude-towards-india-unpredictable-unreliable-238560">Donald&nbsp;Trump</a>&nbsp;of exerting "improper pressure" and bias that led the Department of Defence to award a lucrative $10 billion&nbsp;cloud&nbsp;contract&nbsp;to rival <a href="https://www.wionews.com/business-economy/growth-in-cloud-computing-business-helps-lift-microsoft-corps-quarterly-revenue-2847">Microsoft Corp</a>.

In a complaint filed in the US&nbsp;Court of Federal Claims,&nbsp;<a href="https://www.wionews.com/business-economy/amazon-offers-employees-10000-to-quit-launch-delivery-business-218463">Amazon</a>&nbsp;said&nbsp;Trump&nbsp;launched "repeated public and behind-the-scenes attacks to steer" the&nbsp;Pentagon&nbsp;cloud&nbsp;contract&nbsp;called the Joint Enterprise Defence Infrastructure, popularly known as JEDI, away from&nbsp;Amazon&nbsp;Web Services.

The heavily redacted complaint said&nbsp;Trump's motive was to "harm his perceived political enemy-Jeffrey P. Bezos, founder, and CEO of AWS's parent company,&nbsp;Amazon.com and owner of the Washington Post."

Trump's interference made it impossible for the&nbsp;Pentagon&nbsp;to judge a winner "reasonably, consistently, an in a fair and equal manner,"&nbsp;Amazon&nbsp;said.

Trump&nbsp;has long criticized Bezos and&nbsp;Amazon&nbsp;over low tax payments and accused the Washington Post of acting as a lobbyist for Bezos and&nbsp;Amazon&nbsp;and spreading "fake news."

Amazon&nbsp;called for a reevaluation of the proposals submitted to the&nbsp;Pentagon&nbsp;and a new award decision.

"The question is whether the President of the United States should be allowed to use the budget of DoD to pursue his own personal and political ends," the 103-page complaint said.

Amazon&nbsp;and the Department of Defense did not immediately respond to requests for comment.

Details from the complaint were first reported by Bloomberg last week.

In recent congressional testimony, a top&nbsp;Pentagon&nbsp;technology official, Dana Deasy, denied that&nbsp;Trump&nbsp;or the White House influenced the JEDI selection process.

A challenge to the Defense Department's award announced in October was widely expected by legal experts, analysts and consultants, especially after&nbsp;Trump&nbsp;publicly derided&nbsp;Amazon's bid for the high-stakes&nbsp;contract.

Amazon.com Inc on Monday accused US President Donald Trump of exerting "improper pressure" and bias that led the Department of Defence to award a lucrative $10 billion cloud contract to rival Microsoft Corp.

Amazon.com Inc on Monday accused US President Donald Trump of exerting "improper pressure" and bias that led the Department of Defence to award a lucrative $10 billion cloud contract to rival Microsoft Corp. In a complaint filed in the US Court of Federal Claims, Amazon said Trump launched "repeated public and behind-the-scenes attacks to steer" the Pentagon cloud contract called the Joint Enterprise Defence Infrastructure, popularly known as JEDI, away from Amazon Web Services. The heavily redacted complaint said Trump's motive was to "harm his perceived political enemy-Jeffrey P. Bezos, founder, and CEO of AWS's parent company, Amazon.com and owner of the Washington Post." Trump's interference made it impossible for the Pentagon to judge a winner "reasonably, consistently, an in a fair and equal manner," Amazon said. Trump has long criticized Bezos and Amazon over low tax payments and accused the Washington Post of acting as a lobbyist for Bezos and Amazon and spreading "fake news." Amazon called for a reevaluation of the proposals submitted to the Pentagon and a new award decision. "The question is whether the President of the United States should be allowed to use the budget of DoD to pursue his own personal and political ends," the 103-page complaint said. Amazon and the Department of Defense did not immediately respond to requests for comment. Details from the complaint were first reported by Bloomberg last week. In recent congressional testimony, a top Pentagon technology official, Dana Deasy, denied that Trump or the White House influenced the JEDI selection process. A challenge to the Defense Department's award announced in October was widely expected by legal experts, analysts and consultants, especially after Trump publicly derided Amazon's bid for the high-stakes contract.

Amazon lawsuit blames Trump for loss of Pentagon cloud contract

China announced on Monday the establishment of a national oil and gas pipeline company in a move intended to boost competition, the Xinhua state news agency said.

The long-awaited state pipeline company aims to provide other investors fair market access to infrastructure that is mainly controlled by China's three national oil companies, Xinhua said.

"The new company will separate (oil and gas) transportation, production and sales, and open (transportation) to third-party entities, which will benefit market competition," said Xinhua, citing an unidentified official at the newly launched pipeline company.

The new entity is expected to manage most of the country's pipeline infrastructure, controlled by energy giants China National Petroleum Corp (<a href="https://www.wionews.com/business-%26-economy/chinas-cnpc-to-invest-more-than-22-billion-to-boost-xinjiang-oil-gas-output-by-2020-154342">CNPC</a>), Sinopec and <a href="https://www.wionews.com/business-economy/failed-exxon-talks-left-petrobras-stranded-for-auctions-report-261167">CNOOC</a>, and some underground natural gas storage, as well as a few liquefied natural gas terminals.

As of end-2018, CNPC owned 63 per cent&nbsp;of China's mainstream oil and gas pipelines, while Sinopec and CNOOC controlled 31&nbsp;per cent&nbsp;and 6 per cent, respectively.

In a separate report on Monday, Xinhua said the new entity is expected to be overseen by the State-owned Assets Supervision and Administration Commission (SASAC), which will have a 40&nbsp;per cent&nbsp;share in the new entity.

Citing an unidentified industry insider, Xinhua reported the three energy giants will share the remaining ownership, with CNPC holding 30 per cent, Sinopec 20 per cent&nbsp;and CNOOC 10 per cent.

China announced on Monday the establishment of a national oil and gas pipeline company in a move intended to boost competition, the Xinhua state news agency said.

China announced on Monday the establishment of a national oil and gas pipeline company in a move intended to boost competition, the Xinhua state news agency said. The long-awaited state pipeline company aims to provide other investors fair market access to infrastructure that is mainly controlled by China's three national oil companies, Xinhua said. "The new company will separate (oil and gas) transportation, production and sales, and open (transportation) to third-party entities, which will benefit market competition," said Xinhua, citing an unidentified official at the newly launched pipeline company. The new entity is expected to manage most of the country's pipeline infrastructure, controlled by energy giants China National Petroleum Corp (CNPC), Sinopec and CNOOC, and some underground natural gas storage, as well as a few liquefied natural gas terminals. As of end-2018, CNPC owned 63 per cent of China's mainstream oil and gas pipelines, while Sinopec and CNOOC controlled 31 per cent and 6 per cent, respectively. In a separate report on Monday, Xinhua said the new entity is expected to be overseen by the State-owned Assets Supervision and Administration Commission (SASAC), which will have a 40 per cent share in the new entity. Citing an unidentified industry insider, Xinhua reported the three energy giants will share the remaining ownership, with CNPC holding 30 per cent, Sinopec 20 per cent and CNOOC 10 per cent.

China sets up national oil, gas pipe firm in drive to 'boost competition': Report

<a href="https://www.wionews.com/business-economy/oil-prices-jump-to-61-over-opec-supply-cut-reports-265782">Oil prices</a> fell on Monday after data showing China's overall exports of goods and services shrank for a fourth straight month, sending shivers through a market already concerned about damage being down to global demand by the Sino-US&nbsp;trade war.

Brent futures were down 21 cents, or 0.3 per cent, at $64.18 per barrel by 0220 GMT, after gaining about 3&nbsp;per cent&nbsp;last week on the news that OPEC and its allies would deepen output cuts.

West Texas Intermediate oil futures were down 28 cents, or 0.47&nbsp;per cent&nbsp;to $58.92 a barrel, having risen about 7&nbsp;per cent&nbsp;last week on the prospects for lower production from '<a href="https://www.wionews.com/business-economy/saudi-energy-minister-talks-opec-unity-backs-aramco-to-soar-266793">OPEC+</a>', which is made up of the Organization of the Petroleum Exporting Countries (<a href="https://www.wionews.com/business-economy/opec-gearing-up-for-deeper-oil-cuts-russia-yet-to-agree-266198">OPEC</a>) and associated producers including Russia.

Monday's sudden chill came after customs data released on Sunday showed exports from the world's second-biggest economy in November fell 1.1&nbsp;per cent&nbsp;from a year earlier - a sharp reversal from expectations for a 1per cent&nbsp;rise in a Reuters poll.

The weak start to the week came despite data showing China's crude imports jumped to a record, revealing just how deep jitters are embedded in the market over the US-China trade row that has stymied global growth and oil demand.

The sagging export data is "a casualty again of the protracted trade war," said Stephen Innes chief&nbsp;Asia market strategist at AxiTrader.

Washington and Beijing have been trying to agree on a trade deal that will end tit-for-tat tariffs, but talks have dragged on for months as they wrangle over key details.

Monday's declines also went against signs on Friday that China was easing its stance on resolving its trade dispute with the United States, confirming on Friday that it was waiving import tariffs for some soybean and pork shipments.

The price drops also put an end to a strong run in previous sessions fuelled by hopes for the OPEC+ production curb deal.

On Friday, those producers agreed to deepen their output cuts from 1.2 million barrels per day (BPD) to 1.7 million BPD, representing about 1.7 per cent&nbsp;of global production.

"What made the announcement constructive was the fact that Saudi Arabia said it will produce around 400,000 BPD below its new quota level," ING Economics said in a note.

"This would effectively take OPEC+ cuts to 2.1 million BPD," ING said.

Still, US&nbsp;production has surged since the OPEC+ cuts were first introduced in 2017 in an attempt to drain a supply glut that had long weighed on prices. American output has risen even as the drill count has fallen, reflecting more efficient well extraction.

Energy services firm Baker Hughes said in its closely watched weekly drilling report on Friday that the US&nbsp;drill count fell in the week to December&nbsp;6 a seventh week of decline.

Drilling companies cut five oil rigs, leaving a total of 661, the lowest since April 2017.

Oil prices fell on Monday after data showing China's overall exports of goods and services shrank for a fourth straight month, sending shivers through a market already concerned about damage being down to global demand by the Sino-US trade war.

Oil prices fell on Monday after data showing China's overall exports of goods and services shrank for a fourth straight month, sending shivers through a market already concerned about damage being down to global demand by the Sino-US trade war. Brent futures were down 21 cents, or 0.3 per cent, at $64.18 per barrel by 0220 GMT, after gaining about 3 per cent last week on the news that OPEC and its allies would deepen output cuts. West Texas Intermediate oil futures were down 28 cents, or 0.47 per cent to $58.92 a barrel, having risen about 7 per cent last week on the prospects for lower production from 'OPEC+', which is made up of the Organization of the Petroleum Exporting Countries (OPEC) and associated producers including Russia. Monday's sudden chill came after customs data released on Sunday showed exports from the world's second-biggest economy in November fell 1.1 per cent from a year earlier - a sharp reversal from expectations for a 1per cent rise in a Reuters poll. The weak start to the week came despite data showing China's crude imports jumped to a record, revealing just how deep jitters are embedded in the market over the US-China trade row that has stymied global growth and oil demand. The sagging export data is "a casualty again of the protracted trade war," said Stephen Innes chief Asia market strategist at AxiTrader. Washington and Beijing have been trying to agree on a trade deal that will end tit-for-tat tariffs, but talks have dragged on for months as they wrangle over key details. Monday's declines also went against signs on Friday that China was easing its stance on resolving its trade dispute with the United States, confirming on Friday that it was waiving import tariffs for some soybean and pork shipments. The price drops also put an end to a strong run in previous sessions fuelled by hopes for the OPEC+ production curb deal. On Friday, those producers agreed to deepen their output cuts from 1.2 million barrels per day (BPD) to 1.7 million BPD, representing about 1.7 per cent of global production. "What made the announcement constructive was the fact that Saudi Arabia said it will produce around 400,000 BPD below its new quota level," ING Economics said in a note. "This would effectively take OPEC+ cuts to 2.1 million BPD," ING said. Still, US production has surged since the OPEC+ cuts were first introduced in 2017 in an attempt to drain a supply glut that had long weighed on prices. American output has risen even as the drill count has fallen, reflecting more efficient well extraction. Energy services firm Baker Hughes said in its closely watched weekly drilling report on Friday that the US drill count fell in the week to December 6 a seventh week of decline. Drilling companies cut five oil rigs, leaving a total of 661, the lowest since April 2017.

Oil prices slip as weak China exports highlights trade war impact

<a href="https://www.wionews.com/business-economy/asian-stocks-stumble-china-us-trade-war-167374">Asian stocks</a> edged up on Monday, catching some of Wall Street's momentum after surprisingly strong US&nbsp;jobs data although regional gains were capped by concerns about China's economic slowdown due to the prolonged Sino-US&nbsp;trade war.

Japan's benchmark Nikkei added 0.4 per cent&nbsp;while MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.3 per cent, with Australian stocks and South Korea's KOSPI up 0.4 per cent&nbsp;and 0.3 per cent, respectively.

China's Shanghai Composite stood flat and Hong Kong's Hang Seng rose 0.2 per cent.

Wall Street rose to near record highs on Friday on the strong jobs data and some signs of optimism about the <a href="https://www.wionews.com/opinions/us-china-trade-talks-free-trade-must-not-be-derailed-198923">US-China trade talks</a>, with the benchmark S&amp;P 500 closing within 0.2 per cent&nbsp;of its peak set in late November.

US&nbsp;job growth increased by the most in 10 months in November as the healthcare industry boosted hiring and production workers at General Motors returned to work after a strike, in the strongest sign that the world's largest economy is in no danger of stalling.

"This economy is still climbing and shattering the records for longevity," said Chris Rupkey, chief financial economist at MUFG Union Bank. "Right now, the clouds of recession still remain well offshore despite troubled economies elsewhere in the world and a trade war."

Top White House economic adviser Larry Kudlow said on Friday that a Dec. 15 deadline is still in place to impose a new round of US&nbsp;tariffs on Chinese consumer goods, but President Donald Trump likes where trade talks with China are going.

Still, investors think things could change if trade tensions escalate further, especially if Trump goes ahead with the planned tariffs on some $156 billion worth of products from China in mid-December.

The market has been largely working on the assumption that those tariffs, which cover several consumer products such as cellphones and toys, will be dropped or at least postponed, given that Washington and Beijing agreed in October to work on a trade deal.

Meanwhile, China's exports shrank for the fourth consecutive month in November, sending shivers through a market already concerned about damage being done to global demand by the trade war. But growth in imports was seen as a possible sign that Beijing's stimulus efforts over the last two years were helping to stir demand.

"Although the trade data did not have much impact, concerns about slowing growth and a lack of government stimulus are capping the Chinese shares' upside," said Naoki Tashiro, president of TS China Research.

"Yet chip-related shares are doing well, suggesting investors are still positive on the outlook of Sino-US&nbsp;trade talks overall."

US&nbsp;Treasury yields climbed on the strong employment report, with benchmark 10-year notes rising to 1.843 per cent.

The Federal Reserve's Open Market Committee (FOMC) kicks off its two-day policy meeting on Tuesday. The central bank is expected to highlight the economy's resilience and keep interest rates on hold in the range of 1.50&nbsp;per cent&nbsp;to 1.75 per cent.

Analysts said the much better-than-expected jobs report offset mixed signals from recent economic data and validated the Fed's wait-and-see stance on interest rates after three "insurance cuts" this year.

Oil prices retreated but hovered near recent peaks after OPEC and its allies agreed to deepen output cuts by 500,000 barrels per day in early 2020.

<a href="https://www.wionews.com/business-economy/crude-oil-prices-fall-1-on-fears-for-global-economy-233148">US&nbsp;West Texas Intermediate</a> (WTI) crude slipped 0.5&nbsp;per cent&nbsp;to $58.92 per barrel, still not far from Friday's 2-1/2-month high of $59.85 per barrel, while Brent futures were down 0.3 per cent&nbsp;at $64.21 per barrel.

In the currency market, the dollar maintained a firm tone on Monday, with the dollar index against a basket of major currencies standing at 97.715 and the euro changing hands at $1.1055, both little changed on the day.

Against the Japanese yen, the dollar was last traded at 108.60 yen, flat on the day.

Elsewhere, British pound traded at $1.3142, not far from a seven-month high of $1.3166 set on Thursday. Versus the euro, the currency hit a 2-1/2-year high of 84.07 pence per euro on Monday.

Sterling has been bolstered by expectations that Prime Minister Boris Johnson's Conservative Party will win an outright majority in the upcoming election on Thursday, thereby ending a hung parliament and political paralysis on Brexit.

Asian stocks edged up on Monday, catching some of Wall Street's momentum after surprisingly strong US jobs data although regional gains were capped by concerns about China's economic slowdown due to the prolonged Sino-US trade war.

Asian stocks edged up on Monday, catching some of Wall Street's momentum after surprisingly strong US jobs data although regional gains were capped by concerns about China's economic slowdown due to the prolonged Sino-US trade war. Japan's benchmark Nikkei added 0.4 per cent while MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.3 per cent, with Australian stocks and South Korea's KOSPI up 0.4 per cent and 0.3 per cent, respectively. China's Shanghai Composite stood flat and Hong Kong's Hang Seng rose 0.2 per cent. Wall Street rose to near record highs on Friday on the strong jobs data and some signs of optimism about the US-China trade talks, with the benchmark S&P 500 closing within 0.2 per cent of its peak set in late November. US job growth increased by the most in 10 months in November as the healthcare industry boosted hiring and production workers at General Motors returned to work after a strike, in the strongest sign that the world's largest economy is in no danger of stalling. "This economy is still climbing and shattering the records for longevity," said Chris Rupkey, chief financial economist at MUFG Union Bank. "Right now, the clouds of recession still remain well offshore despite troubled economies elsewhere in the world and a trade war." Top White House economic adviser Larry Kudlow said on Friday that a Dec. 15 deadline is still in place to impose a new round of US tariffs on Chinese consumer goods, but President Donald Trump likes where trade talks with China are going. Still, investors think things could change if trade tensions escalate further, especially if Trump goes ahead with the planned tariffs on some $156 billion worth of products from China in mid-December. The market has been largely working on the assumption that those tariffs, which cover several consumer products such as cellphones and toys, will be dropped or at least postponed, given that Washington and Beijing agreed in October to work on a trade deal. Meanwhile, China's exports shrank for the fourth consecutive month in November, sending shivers through a market already concerned about damage being done to global demand by the trade war. But growth in imports was seen as a possible sign that Beijing's stimulus efforts over the last two years were helping to stir demand. "Although the trade data did not have much impact, concerns about slowing growth and a lack of government stimulus are capping the Chinese shares' upside," said Naoki Tashiro, president of TS China Research. "Yet chip-related shares are doing well, suggesting investors are still positive on the outlook of Sino-US trade talks overall." US Treasury yields climbed on the strong employment report, with benchmark 10-year notes rising to 1.843 per cent. The Federal Reserve's Open Market Committee (FOMC) kicks off its two-day policy meeting on Tuesday. The central bank is expected to highlight the economy's resilience and keep interest rates on hold in the range of 1.50 per cent to 1.75 per cent. Analysts said the much better-than-expected jobs report offset mixed signals from recent economic data and validated the Fed's wait-and-see stance on interest rates after three "insurance cuts" this year. Oil prices retreated but hovered near recent peaks after OPEC and its allies agreed to deepen output cuts by 500,000 barrels per day in early 2020. US West Texas Intermediate (WTI) crude slipped 0.5 per cent to $58.92 per barrel, still not far from Friday's 2-1/2-month high of $59.85 per barrel, while Brent futures were down 0.3 per cent at $64.21 per barrel. In the currency market, the dollar maintained a firm tone on Monday, with the dollar index against a basket of major currencies standing at 97.715 and the euro changing hands at $1.1055, both little changed on the day. Against the Japanese yen, the dollar was last traded at 108.60 yen, flat on the day. Elsewhere, British pound traded at $1.3142, not far from a seven-month high of $1.3166 set on Thursday. Versus the euro, the currency hit a 2-1/2-year high of 84.07 pence per euro on Monday. Sterling has been bolstered by expectations that Prime Minister Boris Johnson's Conservative Party will win an outright majority in the upcoming election on Thursday, thereby ending a hung parliament and political paralysis on Brexit.

Asian shares buoyed by Wall St rally, but China worry caps gains

Tighter government climate regulations by 2025 could wipe up to $2.3 trillion off the value of companies in industries ranging from fossil fuel producers to agriculture and carmakers, an investor group warned in a report.

Rules aimed at lowering carbon emissions are expected to accelerate in the coming years as countries scramble to meet obligations under the 2015 Paris climate agreement limiting global warming.

Any abrupt policy shifts risk severely disrupting current investment strategies, U.N.-backed Principles of Responsible Investing (PRI), a group representing investors with $86 trillion of assets under management, said in a report.

"As the realities of climate change catch up, social pressure mounts, and low carbon solutions get cheaper, it's highly improbable that governments will be allowed to let the world sleep-walk into greater rises in temperature without being compelled into forceful action sooner," PRI Chief Executive Fiona Reynolds said.

"This poses huge threats for assets and for the wider system."

Most exposed is the fossil fuel sector which could lose one-third of its current value, the report said. Fossil fuels account for around two-thirds of global greenhouse gas emissions.

Coal firms could lose as much as 44% in value, while the world's top oil and gas companies risk losing up to 31% of their current market share, according to the report which forecasts oil demand peaking around 2027.

The analysis showed that broad index-based funds such as the iShares MSCI ACWI ETF could lose up to 4.5% or $2.3 trillion in its value under the most extreme scenario.

The shift would nevertheless also lead to winners.

Automakers heavily invested in electric vehicles and electric utility firms using low-carbon power could more than double their values, the report said.

The report came out as world leaders meet in Madrid for the 2019 United Nations climate change conference, known as COP25.

Tighter government climate regulations by 2025 could wipe up to $2.3 trillion off the value of companies in industries ranging from fossil fuel producers to agriculture and carmakers, an investor group warned in a report.

Tighter government climate regulations by 2025 could wipe up to $2.3 trillion off the value of companies in industries ranging from fossil fuel producers to agriculture and carmakers, an investor group warned in a report. Rules aimed at lowering carbon emissions are expected to accelerate in the coming years as countries scramble to meet obligations under the 2015 Paris climate agreement limiting global warming. Any abrupt policy shifts risk severely disrupting current investment strategies, U.N.-backed Principles of Responsible Investing (PRI), a group representing investors with $86 trillion of assets under management, said in a report. "As the realities of climate change catch up, social pressure mounts, and low carbon solutions get cheaper, it's highly improbable that governments will be allowed to let the world sleep-walk into greater rises in temperature without being compelled into forceful action sooner," PRI Chief Executive Fiona Reynolds said. "This poses huge threats for assets and for the wider system." Most exposed is the fossil fuel sector which could lose one-third of its current value, the report said. Fossil fuels account for around two-thirds of global greenhouse gas emissions. Coal firms could lose as much as 44% in value, while the world's top oil and gas companies risk losing up to 31% of their current market share, according to the report which forecasts oil demand peaking around 2027. The analysis showed that broad index-based funds such as the iShares MSCI ACWI ETF could lose up to 4.5% or $2.3 trillion in its value under the most extreme scenario. The shift would nevertheless also lead to winners. Automakers heavily invested in electric vehicles and electric utility firms using low-carbon power could more than double their values, the report said. The report came out as world leaders meet in Madrid for the 2019 United Nations climate change conference, known as COP25.

Tighter climate policies could erase $2.3 trillion in companies value: Report

Indian stock market indices were trading flat with a negative bias on Monday as Asian stocks edged up, catching some of Wall Street's momentum after surprisingly strong United States (US) jobs data

At 10:0 am, the Sensex traded 40.47 points - or 0.10 per cent - higher at 40,485.62 while the Nifty was up by 7.65 points - or 0.064 per cent - at 11,929.15.

Earlier, in the morning Nifty Auto, Nifty Metal and Nifty Media indices were all trading over 1 per cent higher, the Bank Nifty was largely flat while Nifty FMCG and Nifty IT indices slipped around 0.5 per cent.

(With inputs from agencies)

 
&nbsp;

Indian stock market indices were trading flat with a negative bias on Monday as Asian stocks edged up, catching some of Wall Street's momentum after surprisingly strong United States (US) jobs data At 10:0 am, the Sensex traded 40.

Indian stock market indices were trading flat with a negative bias on Monday as Asian stocks edged up, catching some of Wall Street's momentum after surprisingly strong United States (US) jobs data At 10:0 am, the Sensex traded 40.47 points - or 0.10 per cent - higher at 40,485.62 while the Nifty was up by 7.65 points - or 0.064 per cent - at 11,929.15. Earlier, in the morning Nifty Auto, Nifty Metal and Nifty Media indices were all trading over 1 per cent higher, the Bank Nifty was largely flat while Nifty FMCG and Nifty IT indices slipped around 0.5 per cent. (With inputs from agencies)

Sensex trades flat, Nifty tests 11,950

The number of&nbsp;Egyptians&nbsp;switching to&nbsp;duel-fuel&nbsp;vehicles&nbsp;is accelerating as the government pushes motorists to use cheaper, cleaner and plentiful natural gas.

About 300,000&nbsp;vehicles, mostly taxis and minibuses, have been&nbsp;converted to&nbsp;duel-fuel&nbsp;systems since the 1990s,&nbsp;a small fraction of the 11 million&nbsp;vehicles&nbsp;licensed in the country.

But authorities are encouraging&nbsp;more&nbsp;drivers to switch by subsidising vehicle conversions, keeping compressed natural gas (CNG)&nbsp;prices&nbsp;low, and building CNG&nbsp;fuelling stations and conversion plants.

Nearly 32,000&nbsp;vehicles&nbsp;were&nbsp;converted during the financial year from July 2018 to June 2019, two&nbsp;petroleum ministry officials said. The target for this financial year is 50,000&nbsp;vehicles. That compares with just 6,000 conversions in 2015/16.

Officials say the number of private cars&nbsp;converting is rising. They hope this will soften the blow of&nbsp;petrol&nbsp;price hikes after recent subsidy removals, as well as reducing pollution and cutting the import bill for liquid&nbsp;fuels.

Egyptians&nbsp;have seen steep increases to&nbsp;fuel&nbsp;prices&nbsp;since 2014, with most energy&nbsp;prices&nbsp;brought up to international levels under a three-year, IMF-backed reform plan completed this year.

But gas has remained cheap compared with liquid&nbsp;fuels.

One cubic metre of CNG costs 3.5 Egyptian pounds, roughly the equivalent of one litre of diesel at 6.75 pounds or one litre of 80-octane&nbsp;petrol&nbsp;at 6.5 pounds.

"The ministry of&nbsp;petroleum has maintained an appropriate price so that natural gas always stays at 50 per cent&nbsp;of the 80-octane&nbsp;petrol&nbsp;(price), which encouraged drivers to turn to conversion," said Abdelfattah Moustafa Farahat, head of Egyptian International Gas Technology GASTEC.

Private cars now make up 30 per cent&nbsp;of conversions, Farahat said.

Officials say a boom in natural gas production and exploration since the discovery of the giant offshore Zohr gas field in 2015 spurred them to act. Egypt became self-sufficient in natural gas in late 2018.

"The discovery of Zohr field and achieving self-sufficiency in natural gas have encouraged the state to think: why don't we use this gas as a domestic&nbsp;fuel&nbsp;and work to expand its use," said ‭‭‭‭Ayman Shalaby, assistant vice chairman at the Egyptian Natural Gas Holding Company (EGAS).

GASTEC is one of two state-run companies, along with the Natural Gas&nbsp;Vehicles&nbsp;Company (Car Gas), that dominate the sector. Private and foreign companies have also entered the market in the past few years.

GASTEC plans to set up 54 new&nbsp;duel-fuel&nbsp;stations with CNG over the next three years, in partnership with Italy's Eni, as well as building&nbsp;more&nbsp;fuelling stations for public buses, Farahat said. Currently, Egypt has 187 CNG&nbsp;fuelling stations and 72 conversion centres.

The government also has a plan for minibuses, a common form of cheap transport across Egypt. Under the scheme, 142,000 minibuses would be&nbsp;converted and another 88,000 old diesel minibuses replaced with biofuel&nbsp;equivalents over the next three years, while&nbsp;more&nbsp;than 350&nbsp;fuelling stations would be built.

Motorists gave the&nbsp;duel-fuel&nbsp;system mixed reviews. Some praised cost savings on&nbsp;fuel but complained of reduced power or luggage space.

Officials say conversions are preceded by technical checks and the cylinder size and shape can be adapted to the vehicle.

The government is subsidising and providing low-interest instalment plans for conversion systems, which cost 5,000-7,500 pounds, as well as encouraging assembly plants and importers to provide&nbsp;vehicles&nbsp;with built-in systems.

The number of Egyptians switching to duel-fuel vehicles is accelerating as the government pushes motorists to use cheaper, cleaner and plentiful natural gas. About 300,000 vehicles, mostly taxis and minibuses, have been converted to duel-fuel systems since the 1990s, a small fraction of the 11 million vehicles licensed in the country.

The number of Egyptians switching to duel-fuel vehicles is accelerating as the government pushes motorists to use cheaper, cleaner and plentiful natural gas. About 300,000 vehicles, mostly taxis and minibuses, have been converted to duel-fuel systems since the 1990s, a small fraction of the 11 million vehicles licensed in the country. But authorities are encouraging more drivers to switch by subsidising vehicle conversions, keeping compressed natural gas (CNG) prices low, and building CNG fuelling stations and conversion plants. Nearly 32,000 vehicles were converted during the financial year from July 2018 to June 2019, two petroleum ministry officials said. The target for this financial year is 50,000 vehicles. That compares with just 6,000 conversions in 2015/16. Officials say the number of private cars converting is rising. They hope this will soften the blow of petrol price hikes after recent subsidy removals, as well as reducing pollution and cutting the import bill for liquid fuels. Egyptians have seen steep increases to fuel prices since 2014, with most energy prices brought up to international levels under a three-year, IMF-backed reform plan completed this year. But gas has remained cheap compared with liquid fuels. One cubic metre of CNG costs 3.5 Egyptian pounds, roughly the equivalent of one litre of diesel at 6.75 pounds or one litre of 80-octane petrol at 6.5 pounds. "The ministry of petroleum has maintained an appropriate price so that natural gas always stays at 50 per cent of the 80-octane petrol (price), which encouraged drivers to turn to conversion," said Abdelfattah Moustafa Farahat, head of Egyptian International Gas Technology GASTEC. Private cars now make up 30 per cent of conversions, Farahat said. Officials say a boom in natural gas production and exploration since the discovery of the giant offshore Zohr gas field in 2015 spurred them to act. Egypt became self-sufficient in natural gas in late 2018. "The discovery of Zohr field and achieving self-sufficiency in natural gas have encouraged the state to think: why don't we use this gas as a domestic fuel and work to expand its use," said ‭‭‭‭Ayman Shalaby, assistant vice chairman at the Egyptian Natural Gas Holding Company (EGAS). GASTEC is one of two state-run companies, along with the Natural Gas Vehicles Company (Car Gas), that dominate the sector. Private and foreign companies have also entered the market in the past few years. GASTEC plans to set up 54 new duel-fuel stations with CNG over the next three years, in partnership with Italy's Eni, as well as building more fuelling stations for public buses, Farahat said. Currently, Egypt has 187 CNG fuelling stations and 72 conversion centres. The government also has a plan for minibuses, a common form of cheap transport across Egypt. Under the scheme, 142,000 minibuses would be converted and another 88,000 old diesel minibuses replaced with biofuel equivalents over the next three years, while more than 350 fuelling stations would be built. Motorists gave the duel-fuel system mixed reviews. Some praised cost savings on fuel but complained of reduced power or luggage space. Officials say conversions are preceded by technical checks and the cylinder size and shape can be adapted to the vehicle. The government is subsidising and providing low-interest instalment plans for conversion systems, which cost 5,000-7,500 pounds, as well as encouraging assembly plants and importers to provide vehicles with built-in systems.

As petrol prices rise, more Egyptians convert to duel-fuel vehicles

&nbsp;Non-Saudi&nbsp;investors were allocated&nbsp;23 per cent&nbsp;of the&nbsp;institutional&nbsp;tranche&nbsp;of&nbsp;Saudi&nbsp;<a href="https://www.wionews.com/business-economy/saudi-energy-minister-talks-opec-unity-backs-aramco-to-soar-266793">Aramco's initial public offering</a> (IPO), an executive at one of the lead banks on the deal told the Al Arabiya news channel on Monday.

Wassim Al Khatib, head of investment banking at National Commercial Bank&nbsp;also said the&nbsp;Saudi&nbsp;Public Pension Agency received an allocation equivalent to 11.5 per cent&nbsp;of the&nbsp;Aramco&nbsp;IPO&nbsp;institutional&nbsp;tranche.

State-owned&nbsp;Aramco&nbsp;is expected to list 1.5 per cent&nbsp;of its shares on the&nbsp;Saudi&nbsp;exchange later this week in a deal worth $25.6 billion.

Non-Saudi investors were allocated 23 per cent of the institutional tranche of Saudi Aramco's initial public offering (IPO), an executive at one of the lead banks on the deal told the Al Arabiya news channel on Monday.

Non-Saudi investors were allocated 23 per cent of the institutional tranche of Saudi Aramco's initial public offering (IPO), an executive at one of the lead banks on the deal told the Al Arabiya news channel on Monday. Wassim Al Khatib, head of investment banking at National Commercial Bank also said the Saudi Public Pension Agency received an allocation equivalent to 11.5 per cent of the Aramco IPO institutional tranche. State-owned Aramco is expected to list 1.5 per cent of its shares on the Saudi exchange later this week in a deal worth $25.6 billion.

Non-Saudi buyers got 23% of Aramco IPO institutional tranche