National Handloom Day 2026: From Alia Bhatt to Samantha Ruth Prabhu; Actresses who celebrated India's textile heritage as brides

The Royals enter the Doctor Who universe: King Charles and Queen Camilla beam into Commonwealth Games in TARDIS

Unitree Robotics targets $9 billion valuation in landmark IPO backed by DeepSeek and Tencent

India names 27 sites in Arunachal Pradesh

Bharat Bhhagya Viddhaata OTT: When will Kangana Ranaut's film stream online?

How many soldiers operate one S-400 battery?

Shakib Al Hasan ready to return to Bangladesh—under one condition

‘Fake news’: MEA rejects report claiming India sought defence pact with Israel after Pakistan, Saudi Arabia, Turkey deal

Rockstar to unveil GTA 6 extended look ahead of November launch

Russia forms Ukrainian Volunteer Spetsnaz Brigade to fight Ukraine

Drug-resistant fungus that hides in hair and enters bloodstream reported in 23 US states

Technology transfer deal boosts India's defence manufacturing ambitions

Border row erupts in Europe after Ceuta crossings, Spain imposes border controls on Italy

Morale plummets on USS Abraham Lincoln: Are US sailors reaching a breaking point? | GRAVITAS

'Security can't be bought with Pakistan, Turkey deal': Iran tells Saudi Arabia

Baba Vanga's 2026 prophecy: 2 predictions 'already came true', 3 terrifying ones remain. Details inside

Colombia’s new president Abelardo de la Espriella vows to ‘defeat narco-terrorists’, signals hardline shift

New Friday OTT releases (August 7, 2026): Operation Safed Sagar, Vadhandhi, Main Vaapis Aaunga- 6 movies and TV shows on Netflix, Prime Video and more

Squadron Leader Bhawana Kanth scripts history as Indian Air Force gets its first woman ‘Top Gun’ pilot

RSS says Gen Z protests reflect genuine distress

Trump says Iranian school bombing photos could be AI-generated - 'I don’t think...'

IAF officer held for sharing sensitive information in 'honey trap' case, booked under Official Secrets Act

Stray Kids under scrutiny? Fans react to Grammy submission silence after BTS boycott

Why the Su-30MKI doesn't need external fuel tanks to fly vast distances

Jugal Hansraj reunites with Shekhar Kapur after 40 years for Masoom: The Next Generation

New speed limits, automatic challans: Big traffic change coming to Delhi-Meerut Expressway. All you need to know

India officially names 27 places in Arunachal to counter China's renaming claims

Trump calls White House ballroom ruling a 'national disgrace' as court says Congress approval needed

US sanctions Iran’s crypto network after Strait of Hormuz attacks, offers $15m bounty for intel on IRGC finance

Why the Su-30MKI is one of the heaviest fighters ever built

Uttarakhand young innovator builds India's own flying vehicle, conducts first test flight: WATCH

Chilling video shows students take cover as teen opens fire at Thai school

Reese Witherspoon's father hospitalised after poolside incident in Nashville: Report

&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

The European Union confirmed tariffs on Indonesian biodiesel imports on Monday to counter what it sees as unfair subsidies, the latest blow to producers after the bloc ruled that palm oil should be phased out of renewable transport fuels.

In the conclusion to a case that has lasted seven years, the duties, which normally remain in place for five years, have been set at between 8% and 18%, the same level as the provisional rates proposed by the EU in August.

The EU biodiesel market is worth an estimated 9 billion euros ($10 billion) a year, with imports from Indonesia worth about 400 million euros, the European Commission said.

Indonesian producers sold at unfairly low prices, the Commission, which coordinates trade policy for the EU, said, adding that its investigation found they benefit from grants, tax benefits and access to raw materials below market prices.

This was driving EU producers into losses, it added.

Master Parulian Tumanggor, chairman of Indonesia's biofuel producers association, told Reuters his group would ask the government to file a legal challenge at the World Trade Organization (WTO).

The EU and China are Indonesia's biggest markets for its biodiesel exports and the Indonesian government has threatened to impose its own tariffs on EU dairy products amid fraught relations with the bloc.

The EU said in March that Indonesian palm plantations were contributing to deforestation and said palm oil should no longer be used in renewable fuels.

It has also imposed anti-subsidy duties on Argentine biodiesel producers, although they have tariff-free access for about 1.2 million tonnes as long as they sell no lower than a set minimum price.

The EU began looking into biodiesel from both major producers in 2012 and imposed anti-dumping duties on companies in 2013. However, the firms subsequently won challenges at the European Court of Justice and the WTO.

This prompted the EU to remove duties on most biodiesel imports from the two countries, but the Commission also started an investigation into possible unfair subsidies.

The European Union confirmed tariffs on Indonesian biodiesel imports on Monday to counter what it sees as unfair subsidies, the latest blow to producers after the bloc ruled that palm oil should be phased out of renewable transport fuels.

The European Union confirmed tariffs on Indonesian biodiesel imports on Monday to counter what it sees as unfair subsidies, the latest blow to producers after the bloc ruled that palm oil should be phased out of renewable transport fuels. In the conclusion to a case that has lasted seven years, the duties, which normally remain in place for five years, have been set at between 8% and 18%, the same level as the provisional rates proposed by the EU in August. The EU biodiesel market is worth an estimated 9 billion euros ($10 billion) a year, with imports from Indonesia worth about 400 million euros, the European Commission said. Indonesian producers sold at unfairly low prices, the Commission, which coordinates trade policy for the EU, said, adding that its investigation found they benefit from grants, tax benefits and access to raw materials below market prices. This was driving EU producers into losses, it added. Master Parulian Tumanggor, chairman of Indonesia's biofuel producers association, told Reuters his group would ask the government to file a legal challenge at the World Trade Organization (WTO). The EU and China are Indonesia's biggest markets for its biodiesel exports and the Indonesian government has threatened to impose its own tariffs on EU dairy products amid fraught relations with the bloc. The EU said in March that Indonesian palm plantations were contributing to deforestation and said palm oil should no longer be used in renewable fuels. It has also imposed anti-subsidy duties on Argentine biodiesel producers, although they have tariff-free access for about 1.2 million tonnes as long as they sell no lower than a set minimum price. The EU began looking into biodiesel from both major producers in 2012 and imposed anti-dumping duties on companies in 2013. However, the firms subsequently won challenges at the European Court of Justice and the WTO. This prompted the EU to remove duties on most biodiesel imports from the two countries, but the Commission also started an investigation into possible unfair subsidies.

EU hits Indonesian biodiesel with import duties over subsidies

South Korean battery maker <a href="https://www.wionews.com/business-economy/feuding-korean-firms-risk-disrupting-electric-car-battery-supplies-264839">SK Innovation&nbsp;</a>on Monday said it would supply battery cells to a Chinese-made plug-in hybrid vehicle model that has been recommended for subsidies from Beijing.

The Mercedes Benz plug-in hybrid sedan to be built by Daimler AG's&nbsp;local joint venture with <a href="https://www.wionews.com/world/hyundai-motor-replaces-china-chief-after-supply-disruption-diplomatic-tensions-19837/amp">BAIC Group</a> is listed among new energy vehicles recommended to receive subsidies published by China's industry ministry last Friday.

A spokeswoman for SK Innovation said, "it is the first time since 2016 that we are receiving subsidies from the Chinese government."

SK Innovation's battery plant, a joint venture with BAIC in China's eastern city of Changzhou set up to supply BAIC's premium electric brand ARCFOX, recently started production, the Chinese company said.

China scrapped its list of recommended battery suppliers in June, a decision foreign companies said could open up the world's biggest market for electric vehicle batteries.

In 2015, China published a government list of recommended battery suppliers which excluded foreign firms, effectively locking out the world's biggest market for electric vehicle batteries.

<a href="https://www.wionews.com/business-economy/tesla-unveils-first-ever-electric-pickup-truck-263785">Tesla Inc&nbsp;</a>said on Friday its Chinese-built Model 3 model, being built at its $2 billion factory in Shanghai, would receive state subsidies.

South Korean media citing industry sources reported on Monday that the Model 3 would use batteries made by LG Chem. LG Chem declined to comment.

Reuters reported in August that Tesla was in advanced talks with LG Chem to source batteries for vehicles to be made in its Shanghai plant.

South Korean battery maker SK Innovation on Monday said it would supply battery cells to a Chinese-made plug-in hybrid vehicle model that has been recommended for subsidies from Beijing.

South Korean battery maker SK Innovation on Monday said it would supply battery cells to a Chinese-made plug-in hybrid vehicle model that has been recommended for subsidies from Beijing. The Mercedes Benz plug-in hybrid sedan to be built by Daimler AG's local joint venture with BAIC Group is listed among new energy vehicles recommended to receive subsidies published by China's industry ministry last Friday. A spokeswoman for SK Innovation said, "it is the first time since 2016 that we are receiving subsidies from the Chinese government." SK Innovation's battery plant, a joint venture with BAIC in China's eastern city of Changzhou set up to supply BAIC's premium electric brand ARCFOX, recently started production, the Chinese company said. China scrapped its list of recommended battery suppliers in June, a decision foreign companies said could open up the world's biggest market for electric vehicle batteries. In 2015, China published a government list of recommended battery suppliers which excluded foreign firms, effectively locking out the world's biggest market for electric vehicle batteries. Tesla Inc said on Friday its Chinese-built Model 3 model, being built at its $2 billion factory in Shanghai, would receive state subsidies. South Korean media citing industry sources reported on Monday that the Model 3 would use batteries made by LG Chem. LG Chem declined to comment. Reuters reported in August that Tesla was in advanced talks with LG Chem to source batteries for vehicles to be made in its Shanghai plant.

SK Innovation to supply batteries for Mercedes hybrid car in China

Equity benchmark indices ended on Monday with marginal gains after a volatile session on Friday while heavy buying was witnessed in metal, auto, energy and infra stocks.

The BSE S&amp;P Sensex closed 42 points higher at 40,487 while the Nifty 50 was up by 15 points at 11,937.

Sectoral indices at the National Stock Exchange (NSE) were mixed with Nifty auto gaining by 0.8 per cent and metal by 0.5 per cent.

But Nifty realty slipped by 1.57 per cent, IT by 0.93 per cent, and media by 0.79 per cent.Among stocks, auto majors Maruti and Mahindra &amp; Mahindra added gains of 1.7 per cent and 0.8 per cent respectively while JSW Steel was up by 1.7 per cent.

The other prominent gainers were Bharat Petroleum Corporation, IndianOil Corporation, Axis Bank, Adani Ports, HDFC.

Reliance Industries and Power Grid Corporation of India. However, IT major suffered losses.

Tata Consultancy Services was down by nearly 3 per cent, HCL Technologies by 1.6 per cent and Tech Mahindra by 0.8 per cent.

Cipla, Larsen &amp; Toubro, IndusInd Bank, Kotak Mahindra Bank, State Bank of India and ITC also closed in the red.

Meanwhile, Asian stocks edged up, catching some of Wall Street's momentum after surprisingly strong US jobs data.

Japan's benchmark Nikkei and South Korea's Kospi added gains of 0.33 per cent each while China's Shanghai Composite stood virtually flat at 0.08 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.

Equity benchmark indices ended on Monday with marginal gains after a volatile session on Friday while heavy buying was witnessed in metal, auto, energy and infra stocks.

Equity benchmark indices ended on Monday with marginal gains after a volatile session on Friday while heavy buying was witnessed in metal, auto, energy and infra stocks. The BSE S&P Sensex closed 42 points higher at 40,487 while the Nifty 50 was up by 15 points at 11,937. Sectoral indices at the National Stock Exchange (NSE) were mixed with Nifty auto gaining by 0.8 per cent and metal by 0.5 per cent. But Nifty realty slipped by 1.57 per cent, IT by 0.93 per cent, and media by 0.79 per cent.Among stocks, auto majors Maruti and Mahindra & Mahindra added gains of 1.7 per cent and 0.8 per cent respectively while JSW Steel was up by 1.7 per cent. The other prominent gainers were Bharat Petroleum Corporation, IndianOil Corporation, Axis Bank, Adani Ports, HDFC. Reliance Industries and Power Grid Corporation of India. However, IT major suffered losses. Tata Consultancy Services was down by nearly 3 per cent, HCL Technologies by 1.6 per cent and Tech Mahindra by 0.8 per cent. Cipla, Larsen & Toubro, IndusInd Bank, Kotak Mahindra Bank, State Bank of India and ITC also closed in the red. Meanwhile, Asian stocks edged up, catching some of Wall Street's momentum after surprisingly strong US jobs data. Japan's benchmark Nikkei and South Korea's Kospi added gains of 0.33 per cent each while China's Shanghai Composite stood virtually flat at 0.08 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.

Equity parameters close with marginal gains, IT stocks under pressure

France's <a href="https://www.wionews.com/world/tb-drug-price-slashed-in-global-push-to-thwart-killer-disease-259086">Sanofi </a>on Monday agreed to buy California-headquartered biotechnology firm Synthorx in a cash deal worth about $2.5 billion as it steps up a push in the lucrative field of cancer drugs under its new chief executive.

Sanofi has offered to buy all the outstanding shares of Synthorx common stock for $68 per share in cash, or a 172 per cent&nbsp;premium to Synthorx's closing price on December&nbsp;6, 2019.

"This acquisition fits perfectly with our strategy to build a portfolio of high-quality assets and to lead with innovation, as you will hear at our Capital Markets Day tomorrow, December 10," Sanofi Chief Executive Paul Hudson said in a statement.

"Additionally it is aligned with our goal to build our oncology franchise with potentially practice-changing medicines and novel combinations."

Synthorx, which posted a 2018 net loss of $56.6 million, is a clinical-stage biotech company focused on therapies for people with cancer and auto-immune disorders, according to the company's website.

Sanofi expects to complete the acquisition in the first quarter of 2020.

By 0946 GMT, Sanofi shares were down 0.7 per cent&nbsp;at 82.94 euros.

"The acquisition price is full at a 172 per cent&nbsp;premium to Synthorx December&nbsp;6 close price and is a lot to pay for an early-stage pipeline (lead drug THOR-707 is in phase 1 trial," Liberum analysts said in a note.

Sanofi is conducting a broad strategy review under Hudson, who took over as CEO on September&nbsp;1. He will give initial pointers on which businesses he wants to focus on at the investor day in Cambridge, Massachusetts on December&nbsp;10.

Hudson has indicated significant changes were underway.

"I am bringing a little sense of urgency and prioritisation. I have set a tone already that we can move a little bit faster," Hudson told reporters in October.

"I think we have the right level of resources although perhaps not always in the right place."

Sources have told Reuters Sanofi was contemplating a joint venture or an outright sale among options for its consumer healthcare unit.

In an early sign of the new strategy, Sanofi last week agreed to sell its Seprafilm unit to medical supply company Baxter International for $350 million in cash.

Sanofi also told staff its most senior strategy boss, Muzammil Mansuri, would leave, according to an internal memo seen by Reuters.

France's Sanofi on Monday agreed to buy California-headquartered biotechnology firm Synthorx in a cash deal worth about $2.5 billion as it steps up a push in the lucrative field of cancer drugs under its new chief executive.

France's Sanofi on Monday agreed to buy California-headquartered biotechnology firm Synthorx in a cash deal worth about $2.5 billion as it steps up a push in the lucrative field of cancer drugs under its new chief executive. Sanofi has offered to buy all the outstanding shares of Synthorx common stock for $68 per share in cash, or a 172 per cent premium to Synthorx's closing price on December 6, 2019. "This acquisition fits perfectly with our strategy to build a portfolio of high-quality assets and to lead with innovation, as you will hear at our Capital Markets Day tomorrow, December 10," Sanofi Chief Executive Paul Hudson said in a statement. "Additionally it is aligned with our goal to build our oncology franchise with potentially practice-changing medicines and novel combinations." Synthorx, which posted a 2018 net loss of $56.6 million, is a clinical-stage biotech company focused on therapies for people with cancer and auto-immune disorders, according to the company's website. Sanofi expects to complete the acquisition in the first quarter of 2020. By 0946 GMT, Sanofi shares were down 0.7 per cent at 82.94 euros. "The acquisition price is full at a 172 per cent premium to Synthorx December 6 close price and is a lot to pay for an early-stage pipeline (lead drug THOR-707 is in phase 1 trial," Liberum analysts said in a note. Sanofi is conducting a broad strategy review under Hudson, who took over as CEO on September 1. He will give initial pointers on which businesses he wants to focus on at the investor day in Cambridge, Massachusetts on December 10. Hudson has indicated significant changes were underway. "I am bringing a little sense of urgency and prioritisation. I have set a tone already that we can move a little bit faster," Hudson told reporters in October. "I think we have the right level of resources although perhaps not always in the right place." Sources have told Reuters Sanofi was contemplating a joint venture or an outright sale among options for its consumer healthcare unit. In an early sign of the new strategy, Sanofi last week agreed to sell its Seprafilm unit to medical supply company Baxter International for $350 million in cash. Sanofi also told staff its most senior strategy boss, Muzammil Mansuri, would leave, according to an internal memo seen by Reuters.

France's Sanofi to buy biotech firm Synthorx for $2.5 billion

Tullow <a href="https://www.wionews.com/business-economy/shares-end-lower-as-oil-prices-soar-after-saudi-attack-249991">Oil shares</a> more than halved on Monday as Chief Executive Officer Paul McDade stepped down and the energy company scrapped its dividend after failing to meet production targets due to weak performance by flagship assets in Ghana.

The company has been plagued by technical problems at its Jubilee field in Ghana and a delay in completing a well at the TEN offshore field, which led Tullow to cut its estimates for 2019 oil output last month.

Tullow also suffered blows in recent months due to setbacks at East Africa projects in Uganda and Kenya, as well as to its plans to develop oil fields in Guyana.

The shares were down 53 per cent&nbsp;by 0901 GMT, as Tullow's head of exploration Angus McCoss also resigned on Monday.

Tullow reset its production outlook and is expected to produce 87,000 barrels of oil per day (bopd) this year, while lower production in 2020 of between 70,000 and 80,000 bopd, as it undertook a review of its production performance issues.

In a conference call, the company said it was open to receiving offers to acquire the company at the proper value.

The Africa-focused oil firm also suspended its dividend as it aimed to generate more cash to support future investment plans and current explorations.

"The board has, however, been disappointed by the performance of Tullow's business and now needs time to complete its thorough review of operations," Executive Chairman Dorothy Thompson said.

Chief Financial Officer Les Wood said Tullow remained "comfortable" with its covenants with banks and the London-listed company said it had started a process to find a new group chief executive.

Cantor Fitzgerald Europe described the difficulties the company announced as "a bit of a kitchen sinking".

"Investors may well agree that a reset is the correct approach, although that is unlikely to prevent another huge sell-off today," the financial services company said in a note.

Tullow Oil shares more than halved on Monday as Chief Executive Officer Paul McDade stepped down and the energy company scrapped its dividend after failing to meet production targets due to weak performance by flagship assets in Ghana.

Tullow Oil shares more than halved on Monday as Chief Executive Officer Paul McDade stepped down and the energy company scrapped its dividend after failing to meet production targets due to weak performance by flagship assets in Ghana. The company has been plagued by technical problems at its Jubilee field in Ghana and a delay in completing a well at the TEN offshore field, which led Tullow to cut its estimates for 2019 oil output last month. Tullow also suffered blows in recent months due to setbacks at East Africa projects in Uganda and Kenya, as well as to its plans to develop oil fields in Guyana. The shares were down 53 per cent by 0901 GMT, as Tullow's head of exploration Angus McCoss also resigned on Monday. Tullow reset its production outlook and is expected to produce 87,000 barrels of oil per day (bopd) this year, while lower production in 2020 of between 70,000 and 80,000 bopd, as it undertook a review of its production performance issues. In a conference call, the company said it was open to receiving offers to acquire the company at the proper value. The Africa-focused oil firm also suspended its dividend as it aimed to generate more cash to support future investment plans and current explorations. "The board has, however, been disappointed by the performance of Tullow's business and now needs time to complete its thorough review of operations," Executive Chairman Dorothy Thompson said. Chief Financial Officer Les Wood said Tullow remained "comfortable" with its covenants with banks and the London-listed company said it had started a process to find a new group chief executive. Cantor Fitzgerald Europe described the difficulties the company announced as "a bit of a kitchen sinking". "Investors may well agree that a reset is the correct approach, although that is unlikely to prevent another huge sell-off today," the financial services company said in a note.

Britain's Tullow Oil shares plunge over 50% as CEO resigns

Swiss market supervisor FINMA on Monday allowed Schmolz+Bickenbach's big shareholders to increase their stakes without having to make a takeover offer for the entire business, boosting the steelmaker's fight for survival.

FINMA said Martin Haefner's BigPoint Capital can increase its 17.5 per cent&nbsp;stake to 37&nbsp; per cent&nbsp;as a condition of taking part in a capital increase of at least 325 million Swiss francs ($325.91 million) without the mandatory offer requirement kicking in.

The exemption runs until the end of 2024. If Haefner still owns more than 33.3&nbsp;per cent&nbsp;of the company then, it must make an offer for the entire company. Shareholders last week agreed terms of a rescue plan helping conclude a power struggle over control of the money-losing Swiss steelmaker.

Schmolz+Bickenbach's shares surged nearly 13&nbsp;per cent&nbsp;in early trading after the decision was announced, which was welcomed by BigPoint Holding and Martin Haefner, as well as the company.

"This decision by FINMA clears the way to complete the capital increase and thus to execute the planned restructuring of the company with the participation of BigPoint Holding AG and Martin Haefner," the investor said in a statement.

"We welcome this decision by FINMA which paves the way for the capital increase which will secure the future of the company," said Schmolz+Bickenbach spokesman Ulrich Steiner.

Swiss market supervisor FINMA on Monday allowed Schmolz+Bickenbach's big shareholders to increase their stakes without having to make a takeover offer for the entire business, boosting the steelmaker's fight for survival.

Swiss market supervisor FINMA on Monday allowed Schmolz+Bickenbach's big shareholders to increase their stakes without having to make a takeover offer for the entire business, boosting the steelmaker's fight for survival. FINMA said Martin Haefner's BigPoint Capital can increase its 17.5 per cent stake to 37 per cent as a condition of taking part in a capital increase of at least 325 million Swiss francs ($325.91 million) without the mandatory offer requirement kicking in. The exemption runs until the end of 2024. If Haefner still owns more than 33.3 per cent of the company then, it must make an offer for the entire company. Shareholders last week agreed terms of a rescue plan helping conclude a power struggle over control of the money-losing Swiss steelmaker. Schmolz+Bickenbach's shares surged nearly 13 per cent in early trading after the decision was announced, which was welcomed by BigPoint Holding and Martin Haefner, as well as the company. "This decision by FINMA clears the way to complete the capital increase and thus to execute the planned restructuring of the company with the participation of BigPoint Holding AG and Martin Haefner," the investor said in a statement. "We welcome this decision by FINMA which paves the way for the capital increase which will secure the future of the company," said Schmolz+Bickenbach spokesman Ulrich Steiner.

FINMA grants exemption, clears way for Schmolz+Bickenbach capital hike

<a href="https://www.wionews.com/opinions/kazakhstan-comes-to-the-rescue-of-its-nationals-caught-in-a-crackdown-on-turkic-muslims-in-china-201688">Kazakhstan</a> plans to provide more than $1 billion in aid to at least four local banks after an asset quality review revealed holes in their balance sheets that require capital injections, two sources familiar with the plans told Reuters.

The move follows previous bailouts that have cost the oil-producing Central Asian nation more than $13 billion but have still not resuscitated a banking system riddled with bad loans after a property price crash and a currency devaluation.

New bailouts could necessitate extra borrowing by the government or if they are once again financed by the central bank, put pressure on the tenge currency.

The asset quality review, begun this year, is due to be completed by the end of December. But three bankers familiar with the process said it has already shown that four medium-sized lenders need extra capital to write off bad loans.

The three sources also said the authorities were determined to provide financial aid to all four, but the terms of such assistance were yet to be agreed.

Kazakhstan's central bank has not replied to a request for comment on the matter.

Central bank governor Yerbolat Dosayev said in October the bank planned to launch an aid programme next year that would be open to all banks. The asset quality review covered the 14 largest banks out of Kazakhstan's 27.

One of the sources said the fresh aid package could be worth up to 1 trillion tenge ($2.6 billion), while another source said it would cost more than the previous aid programme which totaled 410 billion tenge and could involve more than four banks.

Kazakhstan's total central government spending next year has been set at 12.9 trillion tenge.

Kazakhstan plans to provide more than $1 billion in aid to at least four local banks after an asset quality review revealed holes in their balance sheets that require capital injections, two sources familiar with the plans told Reuters.

Kazakhstan plans to provide more than $1 billion in aid to at least four local banks after an asset quality review revealed holes in their balance sheets that require capital injections, two sources familiar with the plans told Reuters. The move follows previous bailouts that have cost the oil-producing Central Asian nation more than $13 billion but have still not resuscitated a banking system riddled with bad loans after a property price crash and a currency devaluation. New bailouts could necessitate extra borrowing by the government or if they are once again financed by the central bank, put pressure on the tenge currency. The asset quality review, begun this year, is due to be completed by the end of December. But three bankers familiar with the process said it has already shown that four medium-sized lenders need extra capital to write off bad loans. The three sources also said the authorities were determined to provide financial aid to all four, but the terms of such assistance were yet to be agreed. Kazakhstan's central bank has not replied to a request for comment on the matter. Central bank governor Yerbolat Dosayev said in October the bank planned to launch an aid programme next year that would be open to all banks. The asset quality review covered the 14 largest banks out of Kazakhstan's 27. One of the sources said the fresh aid package could be worth up to 1 trillion tenge ($2.6 billion), while another source said it would cost more than the previous aid programme which totaled 410 billion tenge and could involve more than four banks. Kazakhstan's total central government spending next year has been set at 12.9 trillion tenge.

Kazakhstan plans more than $1 billion in fresh aid to banks: Sources

As the monkeypox virus continues to spread, Germany confirmed the first case in a four-year-old child. German health officials detected the virus in a girl reportedly living with two infected adults. But she has no symptoms currently even as doctors took the swab for diagnosis.

The country’s Robert Koch Institute (RKI) had confirmed the spread of monkeypox virus among teenagers last week. Germany has recorded 2,900 monkeypox cases so far.

<a href="https://www.wionews.com/world/us-moves-to-stretch-out-monkeypox-vaccine-supply-505298">Also Read:&nbsp;US moves to stretch out monkeypox vaccine supply</a>

Monkeypox cases in Europe have surged since May. RKI said the risk to the population was low, but added it would continue to “monitor” the situation. Germany’s standing committee on health said in order to prevent the outbreak, it is important for the country to start the vaccination campaign.

However, the German committee said it had only 40,000 doses of Jynneos vaccine while it ordered another 200,000 doses.

Watch:&nbsp;California declares monkeypox emergency

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/california-records-827-monkeypox-cases-declares-emergency-502884/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The United States had declared monkeypox a public health emergency last week as it sought to ramp up the supply of vaccines. The US is one of the worst-hit countries with over 9,000 monkeypox cases. New York is currently the epicentre of the virus with majority of cases involving men who have had sex with men, reports say.

On Monday, Peru recorded the first monkeypox death while reporting over 300 cases. Health officials said the 45-year-old man suffered from comorbidities.&nbsp;Hospitals in the country have been reporting eight to nine monkeypox cases per day.

According to the World Health Organisation(WHO), over 18,000 people have been infected with the monkeypox virus outside Africa in at least 78 countries worldwide with the majority of cases currently in Europe.

(With inputs from Agencies)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe>

&nbsp;

As the monkeypox virus continues to spread, Germany confirmed the first case in a four-year-old child. German health officials detected the virus in a girl reportedly living with two infected adults.

As the monkeypox virus continues to spread, Germany confirmed the first case in a four-year-old child. German health officials detected the virus in a girl reportedly living with two infected adults. But she has no symptoms currently even as doctors took the swab for diagnosis. The country’s Robert Koch Institute (RKI) had confirmed the spread of monkeypox virus among teenagers last week. Germany has recorded 2,900 monkeypox cases so far. Also Read: US moves to stretch out monkeypox vaccine supply Monkeypox cases in Europe have surged since May. RKI said the risk to the population was low, but added it would continue to “monitor” the situation. Germany’s standing committee on health said in order to prevent the outbreak, it is important for the country to start the vaccination campaign. However, the German committee said it had only 40,000 doses of Jynneos vaccine while it ordered another 200,000 doses. Watch: California declares monkeypox emergency The United States had declared monkeypox a public health emergency last week as it sought to ramp up the supply of vaccines. The US is one of the worst-hit countries with over 9,000 monkeypox cases. New York is currently the epicentre of the virus with majority of cases involving men who have had sex with men, reports say. On Monday, Peru recorded the first monkeypox death while reporting over 300 cases. Health officials said the 45-year-old man suffered from comorbidities. Hospitals in the country have been reporting eight to nine monkeypox cases per day. According to the World Health Organisation(WHO), over 18,000 people have been infected with the monkeypox virus outside Africa in at least 78 countries worldwide with the majority of cases currently in Europe. (With inputs from Agencies) WATCH WION LIVE HERE

South Korea jails three executives of Samsung Electronics

<a href="https://www.wionews.com/business-economy/hsbc-ceo-john-flint-resigns-as-it-faces-challenging-geopolitics-240704">HSBC</a>&nbsp;has named Georges Elhedery and Greg Guyett as co-heads of the global banking and markets division, which contains the lender's investment banking business.

They replace Samir Assaf who will become chairman of corporate and institutional banking.

Guyett now heads banking while Elhedery runs the markets business. The two will be tasked with turning around a part of HSBC's global business that has underperformed in recent years.

The moves are among several senior management changes as Europe's biggest bank prepares to unveil a new strategy under interim Chief Executive Noel Quinn, who replaced John Flint in August.

The bank said on Monday Andy Maguire, chief operating officer, and Mark Moses, chief risk officer would also leave.

HSBC has named Georges Elhedery and Greg Guyett as co-heads of the global banking and markets division, which contains the lender's investment banking business. They replace Samir Assaf who will become chairman of corporate and institutional banking.

HSBC has named Georges Elhedery and Greg Guyett as co-heads of the global banking and markets division, which contains the lender's investment banking business. They replace Samir Assaf who will become chairman of corporate and institutional banking. Guyett now heads banking while Elhedery runs the markets business. The two will be tasked with turning around a part of HSBC's global business that has underperformed in recent years. The moves are among several senior management changes as Europe's biggest bank prepares to unveil a new strategy under interim Chief Executive Noel Quinn, who replaced John Flint in August. The bank said on Monday Andy Maguire, chief operating officer, and Mark Moses, chief risk officer would also leave.

HSBC announces new heads of investment banking division

<a href="https://www.wionews.com/business-economy/prosus-sticks-with-63-billion-just-eat-bid-but-lowers-threshold-261345">Prosus</a>, the Dutch-based technology giant, has raised its unsolicited cash offer for British food delivery service Just Eat to $6.5 billion, ratcheting up pressure on rival suitor Takeaway, it said on Monday.

Prosus's increased offer of 740 pence per share from 710 pence is about 5 per cent&nbsp;higher than a rival all-share deal from Takeaway.com, which has the backing the board of Just Eat.

Netherlands-based Prosus also lowered its acceptance threshold for Just Eat shareholders to 50&nbsp; per cent&nbsp;plus one share from 75&nbsp; per cent&nbsp;previously, and it extended its offer period through December&nbsp;27.

Prosus said that although its new offer is only slightly higher than Takeaway's, it is still around 25&nbsp; per cent&nbsp;above the level where Just Eat shares were trading before it entered the bidding in October.

"Prosus believes the increased offer underscores its commitment to the transaction and constitutes attractive and certain value for Just Eat shareholders," CEO Bob van Dijk said in a statement.

"Unlike the Takeaway.com offer, which relies on (its) shares remaining at an above-sector multiple, our cash offer provides certainty of value to Just Eat shareholders."

Takeaway CEO Jitse Groen issued a statement on Monday urging Just Eat shareholders to accept his company's offer.

"Through this merger, we will combine our two great companies to create the largest global platform in online food delivery outside China."

"Unfortunately, Prosus is attempting to derail the combination and instead buy your company with a hostile, low-ball cash offer "If it succeeds, it will keep Just Eat’s value creation potential for itself."

Both sides are due to report on how many shares their offers have won by December 12. If neither has emerged as winner, Britain's Takeover Panel will start an auction process from December 27.

Prosus, the Dutch-based technology giant, has raised its unsolicited cash offer for British food delivery service Just Eat to $6.5 billion, ratcheting up pressure on rival suitor Takeaway, it said on Monday.

Prosus, the Dutch-based technology giant, has raised its unsolicited cash offer for British food delivery service Just Eat to $6.5 billion, ratcheting up pressure on rival suitor Takeaway, it said on Monday. Prosus's increased offer of 740 pence per share from 710 pence is about 5 per cent higher than a rival all-share deal from Takeaway.com, which has the backing the board of Just Eat. Netherlands-based Prosus also lowered its acceptance threshold for Just Eat shareholders to 50 per cent plus one share from 75 per cent previously, and it extended its offer period through December 27. Prosus said that although its new offer is only slightly higher than Takeaway's, it is still around 25 per cent above the level where Just Eat shares were trading before it entered the bidding in October. "Prosus believes the increased offer underscores its commitment to the transaction and constitutes attractive and certain value for Just Eat shareholders," CEO Bob van Dijk said in a statement. "Unlike the Takeaway.com offer, which relies on (its) shares remaining at an above-sector multiple, our cash offer provides certainty of value to Just Eat shareholders." Takeaway CEO Jitse Groen issued a statement on Monday urging Just Eat shareholders to accept his company's offer. "Through this merger, we will combine our two great companies to create the largest global platform in online food delivery outside China." "Unfortunately, Prosus is attempting to derail the combination and instead buy your company with a hostile, low-ball cash offer "If it succeeds, it will keep Just Eat’s value creation potential for itself." Both sides are due to report on how many shares their offers have won by December 12. If neither has emerged as winner, Britain's Takeover Panel will start an auction process from December 27.

Prosus raises bid for Just Eat, pressure now on rival Takeaway

<a href="https://www.wionews.com/europe/germanys-arms-exports-to-saudi-arabia-cannot-take-place-in-current-situation-merkel-172715">Germany's exports</a> rose unexpectedly in October, a morale boost for Europe's largest economy, which has been teetering on the brink of recession over recent quarters.

The 1.2 per cent&nbsp;rise in exports raises hopes that the economy can avoid contracting in the final quarter, despite producing a string of negative economic indicators in recent weeks, including a fall in industrial output last week.

The surprise increase was mainly driven by strong demand from non-European countries: sales to European Union countries were up 0.1&nbsp;per cent compared&nbsp;with a year ago but the value of German goods sold to non-European countries rose by 4.6 per cent&nbsp;.

Analysts had expected exports to fall 0.7&nbsp;per cent in&nbsp;October.

"After last week's disappointing industrial data, this morning's trade data brought some welcome relief for the economy," said ING's Carsten Brzeski, who warned against excessive optimism.

"Looking ahead, however, the ongoing drought in order books is a strong argument against any optimism," he added.

At 20.6 billion euros, the seasonally adjusted trade surplus was wider than the 19 billion euros analysts had expected.

Germany's exports rose unexpectedly in October, a morale boost for Europe's largest economy, which has been teetering on the brink of recession over recent quarters.

Germany's exports rose unexpectedly in October, a morale boost for Europe's largest economy, which has been teetering on the brink of recession over recent quarters. The 1.2 per cent rise in exports raises hopes that the economy can avoid contracting in the final quarter, despite producing a string of negative economic indicators in recent weeks, including a fall in industrial output last week. The surprise increase was mainly driven by strong demand from non-European countries: sales to European Union countries were up 0.1 per cent compared with a year ago but the value of German goods sold to non-European countries rose by 4.6 per cent . Analysts had expected exports to fall 0.7 per cent in October. "After last week's disappointing industrial data, this morning's trade data brought some welcome relief for the economy," said ING's Carsten Brzeski, who warned against excessive optimism. "Looking ahead, however, the ongoing drought in order books is a strong argument against any optimism," he added. At 20.6 billion euros, the seasonally adjusted trade surplus was wider than the 19 billion euros analysts had expected.

Surging exports lend a fillip to flagging German economy

<a href="https://www.wionews.com/world/south-african-airways-hit-by-crippling-strike-262310">South African Airways</a> (SAA) had to be placed on "business rescue" because there was no other viable and financially workable option to secure a credible future for the state-owned airline, President Cyril Ramaphosa said on Monday.

SAA has been posting losses since 2011 and is deeply in debt. It has received more than 20 billion rand ($1.4 billion) in government bailouts over the past three years, which has achieved little more than keeping it barely afloat.

Ramaphosa ordered SAA on Wednesday to seek a business rescue as the airline is close to collapse. Business rescue is a form of bankruptcy protection where a specialist adviser takes control of a company to restructure it.

"The financial crisis had become so grave that the only way to secure its survival was to take this extraordinary measure," <a href="https://www.wionews.com/world/cyril-ramaphosas-anc-win-closely-watched-south-africa-poll-with-absolute-majority-217627">Ramaphosa</a> said in his weekly newsletter.

"With the support of lenders, government, management and workers, SAA will continue to operate while the airline undergoes the restructuring needed to make it a viable company."

SAA has been granted a 4 billion rand ($272 million) lifeline from the government and banks to launch the rescue plan, but that cash could only last for months, analysts say.

On Sunday, Minister of Public Enterprises <a href="https://www.wionews.com/world/south-africa-drops-graft-charges-against-finance-minister-8155">Pravin Gordhan</a> wrote in an opinion piece in the Sunday Times that the decision to rescue the airline, rather than let it fail as some analysts have argued, would save many of the 10,000 jobs at SAA.&nbsp;

After years of government dithering, the distressed state entity's crisis was increasingly seen as a test of Ramaphosa's resolve to carry out badly-needed economic reforms.

Years of corruption and mismanagement have put several state-owned enterprises in dire straits, including power utility Eskom, whose financial problems have left it struggling to keep the lights on.

Ramaphosa said although many of the state-owned firms such as Eskom are deeply in debt, they remain valuable state assets with immense capacity.

"We will not allow any of these strategic entities to fail. Rather, we need to take all necessary steps even&nbsp;drastic ones to restore them to health," he said.

South African Airways (SAA) had to be placed on "business rescue" because there was no other viable and financially workable option to secure a credible future for the state-owned airline, President Cyril Ramaphosa said on Monday.

South African Airways (SAA) had to be placed on "business rescue" because there was no other viable and financially workable option to secure a credible future for the state-owned airline, President Cyril Ramaphosa said on Monday. SAA has been posting losses since 2011 and is deeply in debt. It has received more than 20 billion rand ($1.4 billion) in government bailouts over the past three years, which has achieved little more than keeping it barely afloat. Ramaphosa ordered SAA on Wednesday to seek a business rescue as the airline is close to collapse. Business rescue is a form of bankruptcy protection where a specialist adviser takes control of a company to restructure it. "The financial crisis had become so grave that the only way to secure its survival was to take this extraordinary measure," Ramaphosa said in his weekly newsletter. "With the support of lenders, government, management and workers, SAA will continue to operate while the airline undergoes the restructuring needed to make it a viable company." SAA has been granted a 4 billion rand ($272 million) lifeline from the government and banks to launch the rescue plan, but that cash could only last for months, analysts say. On Sunday, Minister of Public Enterprises Pravin Gordhan wrote in an opinion piece in the Sunday Times that the decision to rescue the airline, rather than let it fail as some analysts have argued, would save many of the 10,000 jobs at SAA. After years of government dithering, the distressed state entity's crisis was increasingly seen as a test of Ramaphosa's resolve to carry out badly-needed economic reforms. Years of corruption and mismanagement have put several state-owned enterprises in dire straits, including power utility Eskom, whose financial problems have left it struggling to keep the lights on. Ramaphosa said although many of the state-owned firms such as Eskom are deeply in debt, they remain valuable state assets with immense capacity. "We will not allow any of these strategic entities to fail. Rather, we need to take all necessary steps even drastic ones to restore them to health," he said.

Only option was to put South African Airways on rescue: Ramaphosa

Chinese tech giant <a href="https://www.wionews.com/business-economy/huawei-plans-to-shift-research-center-to-canada-from-us-globe-and-mail-265889">Huawei Technologies</a> plans to equip more of its products with its<a href="https://www.wionews.com/world/huawei-unveils-own-operating-system-harmonyos-to-compete-with-android-241698"> Harmony operating system </a>(OS) next year, and will promote them at home and abroad, a Huawei spokesman said on Monday.

But there are no plans currently to roll out the OS to its phones, tablets, and computers, among Huawei's most popular products, the spokesman added.

The plans were first reported in the government-backed Shenzhen Special Zone Daily newspaper which cited comments made by Wang Chenglu, president of the Huawei consumer business group's software division, at a store event held in the city of Shenzhen, where the firm has its headquarters.

Huawei unveiled its proprietary OS in August as a possible alternative to Google's Android, as it copes with trade restrictions by the United States that threatens to cut its access to technology made by US&nbsp;firms.

A "smart screen", or connected television product was its first product to use Harmony, called Hongmeng in Chinese, but it said at the time that it would stick to <a href="https://www.wionews.com/science-tech/android-o-google-teases-next-version-of-its-operating-system-15725">Android</a> for <a href="https://www.wionews.com/business-economy/smartphones-booming-indias-electronics-manufacturing-sector-173345">smartphones</a> and gradually roll out Harmony to other devices such as smartwatches, speakers and virtual reality gadgets.

Wang reiterated that stance at the store event and noted the company would still prefer to use Android on its phones, according to the Shenzhen Special Zone Daily newspaper.

Chinese tech giant Huawei Technologies plans to equip more of its products with its Harmony operating system (OS) next year, and will promote them at home and abroad, a Huawei spokesman said on Monday.

Chinese tech giant Huawei Technologies plans to equip more of its products with its Harmony operating system (OS) next year, and will promote them at home and abroad, a Huawei spokesman said on Monday. But there are no plans currently to roll out the OS to its phones, tablets, and computers, among Huawei's most popular products, the spokesman added. The plans were first reported in the government-backed Shenzhen Special Zone Daily newspaper which cited comments made by Wang Chenglu, president of the Huawei consumer business group's software division, at a store event held in the city of Shenzhen, where the firm has its headquarters. Huawei unveiled its proprietary OS in August as a possible alternative to Google's Android, as it copes with trade restrictions by the United States that threatens to cut its access to technology made by US firms. A "smart screen", or connected television product was its first product to use Harmony, called Hongmeng in Chinese, but it said at the time that it would stick to Android for smartphones and gradually roll out Harmony to other devices such as smartwatches, speakers and virtual reality gadgets. Wang reiterated that stance at the store event and noted the company would still prefer to use Android on its phones, according to the Shenzhen Special Zone Daily newspaper.

Huawei to roll out Harmony OS to more products next year, but not phones and tablets

<a href="https://www.wionews.com/world/ukraine-president-zelensky-renews-denial-of-quid-pro-quo-with-us-president-trump-265736">Ukraine</a> will ask the British Supreme Court on Monday not to force it to pay billions of dollars in debt to&nbsp;Russia&nbsp;without a trial that would determine whether Kiev was forced to borrow the money under duress.

The case, being decided in London because the debt was structured as a Eurobond under English law, could see British courts rule on some of the most contentious issues in the&nbsp;<a href="https://www.wionews.com/world/nato-calls-emergency-meeting-over-russia-ukraine-standoff-at-sea-of-azov-179555">Russia-Ukraine</a> feud that has divided Moscow from the West.

The debt was borrowed six years ago by a pro-Russian president months before he was toppled in a popular uprising. Moscow is seeking a summary judgment in its favor that could see Ukraine ordered to pay the debt in full, without a trial.

Ukraine argues that it should not be forced to pay without having a chance to challenge the debt, a position backed by an appeals court in a ruling that&nbsp;Russia&nbsp;now wants the Supreme Court to overturn.

Alex Gerbi, a partner at the firm representing Kiev in the case, said Ukraine would argue that the debt was incurred under duress.

"Russia&nbsp;should have to prove its claim, and justify its conduct, in the full public scrutiny of an English trial,” Gerbi said.

Ukraine has accused&nbsp;Russia&nbsp;of applying “massive, unlawful and illegitimate economic and political pressure to Ukraine in 2013”, forcing the country to accept Moscow’s financial support instead of striking up closer ties with the EU, according to earlier court documents.

Moscow has not commented on the case. A source familiar with the&nbsp;Russian position said&nbsp;Russia&nbsp;would argue that Ukraine's case has no merit and no trial is needed.

The $3 billion bond was borrowed by Ukraine in the final months of the administration of President <a href="https://www.wionews.com/world/ukraine-investigates-grenade-attack-on-kiev-tv-station-235589">Viktor Yanukovich</a>, a supporter of close relations with Moscow who was toppled in a public uprising after abandoning a deal on ties with the EU.

Russia&nbsp;responded to Yanukovich's fall by seizing Ukraine's Crimea peninsula and backing separatists in eastern Ukraine in a war which has killed more than 13,000 people. The <a href="https://www.wionews.com/opinions/china-united-states-relations-and-the-thucydides-trap-192673">United States</a> and <a href="https://www.wionews.com/world/european-union-presses-uk-to-resubmit-brexit-plan-as-end-game-looms-254002">European Union</a> responded to those&nbsp;Russian moves with sanctions against Moscow which have yet to be lifted.

Ukraine's new president, Volodymyr Zelenskiy, is scheduled to meet&nbsp;Russia's Vladimir Putin on Monday to push for a peaceful resolution to the conflict in eastern Ukraine.

Both countries are also due to renew a gas transit deal a regular source of disagreement between them -- by the end of December.

The Eurobond matured in December 2015 and has not been repaid. Moscow wants payment in full, including interest which could push the debt beyond $4 billion. Kiev says&nbsp;Russia&nbsp;should have participated in a 2015 restructuring of its Eurobonds.

The case is one of two major court cases this month being watched by international investors in Ukraine. Hearings are due to begin in Kiev on December&nbsp;19 in the case of the nationalisation of Ukraine's largest commercial bank.

Ukraine will ask the British Supreme Court on Monday not to force it to pay billions of dollars in debt to Russia without a trial that would determine whether Kiev was forced to borrow the money under duress.

Ukraine will ask the British Supreme Court on Monday not to force it to pay billions of dollars in debt to Russia without a trial that would determine whether Kiev was forced to borrow the money under duress. The case, being decided in London because the debt was structured as a Eurobond under English law, could see British courts rule on some of the most contentious issues in the Russia-Ukraine feud that has divided Moscow from the West. The debt was borrowed six years ago by a pro-Russian president months before he was toppled in a popular uprising. Moscow is seeking a summary judgment in its favor that could see Ukraine ordered to pay the debt in full, without a trial. Ukraine argues that it should not be forced to pay without having a chance to challenge the debt, a position backed by an appeals court in a ruling that Russia now wants the Supreme Court to overturn. Alex Gerbi, a partner at the firm representing Kiev in the case, said Ukraine would argue that the debt was incurred under duress. "Russia should have to prove its claim, and justify its conduct, in the full public scrutiny of an English trial,” Gerbi said. Ukraine has accused Russia of applying “massive, unlawful and illegitimate economic and political pressure to Ukraine in 2013”, forcing the country to accept Moscow’s financial support instead of striking up closer ties with the EU, according to earlier court documents. Moscow has not commented on the case. A source familiar with the Russian position said Russia would argue that Ukraine's case has no merit and no trial is needed. The $3 billion bond was borrowed by Ukraine in the final months of the administration of President Viktor Yanukovich, a supporter of close relations with Moscow who was toppled in a public uprising after abandoning a deal on ties with the EU. Russia responded to Yanukovich's fall by seizing Ukraine's Crimea peninsula and backing separatists in eastern Ukraine in a war which has killed more than 13,000 people. The United States and European Union responded to those Russian moves with sanctions against Moscow which have yet to be lifted. Ukraine's new president, Volodymyr Zelenskiy, is scheduled to meet Russia's Vladimir Putin on Monday to push for a peaceful resolution to the conflict in eastern Ukraine. Both countries are also due to renew a gas transit deal a regular source of disagreement between them -- by the end of December. The Eurobond matured in December 2015 and has not been repaid. Moscow wants payment in full, including interest which could push the debt beyond $4 billion. Kiev says Russia should have participated in a 2015 restructuring of its Eurobonds. The case is one of two major court cases this month being watched by international investors in Ukraine. Hearings are due to begin in Kiev on December 19 in the case of the nationalisation of Ukraine's largest commercial bank.

Ukraine seeks to require UK court hearings if Russia tries to enforce debt

The <a href="https://www.wionews.com/world/trump-calls-for-world-bank-to-stop-loaning-to-china-266779">World Bank </a>said Saturday its lending to China has fallen sharply and will continue to be pared back, after US President Donald Trump demanded it stop altogether.

"Why is the World Bank loaning money to China? Can this be possible? China has plenty of money, and if they don't, they create it. STOP!" Trump wrote on Twitter Friday.

The bank, which is led by former US Treasury official David Malpass, defended its approach in a brief statement.

"World Bank lending to China has fallen sharply and will continue to reduce as part of our agreement with all our shareholders including the United States.

"We eliminate lending as countries get richer," it said.

Trump was reiterating a position long held by his administration, including Malpass prior to his election as the current head of the World Bank.

Treasury Secretary Steven Mnuchin told US lawmakers Thursday that the United States "has objected" to the institution's multi-year program of loans and projects in China.

That program, which includes plans to reduce lending to China, was adopted on Thursday.

The program "reflects the evolution of our relationship with China," Martin Raiser, World Bank Country Director for China, said on Thursday. "Our engagement will be increasingly selective."

Trump's very public stance comes amid negotiations between Washington and Beijing seeking to end the US president's 18-month-long trade war, which is aimed at forcing China to make concessions on protecting American businesses and reducing its trade surplus.

There is a great deal of uncertainty about the date of a possible partial agreement, which Trump said was imminent in October. 
&nbsp;

The World Bank said Saturday its lending to China has fallen sharply and will continue to be pared back, after US President Donald Trump demanded it stop altogether.

The World Bank said Saturday its lending to China has fallen sharply and will continue to be pared back, after US President Donald Trump demanded it stop altogether. "Why is the World Bank loaning money to China? Can this be possible? China has plenty of money, and if they don't, they create it. STOP!" Trump wrote on Twitter Friday. The bank, which is led by former US Treasury official David Malpass, defended its approach in a brief statement. "World Bank lending to China has fallen sharply and will continue to reduce as part of our agreement with all our shareholders including the United States. "We eliminate lending as countries get richer," it said. Trump was reiterating a position long held by his administration, including Malpass prior to his election as the current head of the World Bank. Treasury Secretary Steven Mnuchin told US lawmakers Thursday that the United States "has objected" to the institution's multi-year program of loans and projects in China. That program, which includes plans to reduce lending to China, was adopted on Thursday. The program "reflects the evolution of our relationship with China," Martin Raiser, World Bank Country Director for China, said on Thursday. "Our engagement will be increasingly selective." Trump's very public stance comes amid negotiations between Washington and Beijing seeking to end the US president's 18-month-long trade war, which is aimed at forcing China to make concessions on protecting American businesses and reducing its trade surplus. There is a great deal of uncertainty about the date of a possible partial agreement, which Trump said was imminent in October.

World Bank to reduce lending to China

Volkswagen's German plants need to boost efficiency to match overseas operations, production chief Andreas Tostmann was quoted as saying, targeting 2 billion euros ($2.2 billion) in savings by 2023.

German carmakers, including Volkswagen's Audi brand, have announced thousands of job cuts in recent weeks to address an expected 5 per cent&nbsp;drop in global auto sales this year, with declines likely to spill into 2020.

"The pace of improvement is better abroad. In Germany, despite all the successes we've achieved, we have to do better," Tostmann told trade journal Automobilwoche.

Tostmann wants to implement the savings in the production of VW branded cars through a bundle of measures on top of automation, including a leaner logistics operation.

"The result is that we need 15 per cent&nbsp;less space, 60 per cent&nbsp;fewer logistics vehicles and are able to move 20 per cent&nbsp;more product," said Tostmann, according to extracts from his Automobilwoche interview.

VW's luxury Audi division last month said that it would cut up to 9,500 jobs, equating to 10.6 per cent&nbsp;of total staff, by 2025 in a move to free up billions of euros to fund the shift towards electric vehicle production.

Rival Daimler, as well as car suppliers Continental, Robert Bosch and Osram, have also recently announced staff and cost cuts.

Volkswagen's German plants need to boost efficiency to match overseas operations, production chief Andreas Tostmann was quoted as saying, targeting 2 billion euros ($2.

Volkswagen's German plants need to boost efficiency to match overseas operations, production chief Andreas Tostmann was quoted as saying, targeting 2 billion euros ($2.2 billion) in savings by 2023. German carmakers, including Volkswagen's Audi brand, have announced thousands of job cuts in recent weeks to address an expected 5 per cent drop in global auto sales this year, with declines likely to spill into 2020. "The pace of improvement is better abroad. In Germany, despite all the successes we've achieved, we have to do better," Tostmann told trade journal Automobilwoche. Tostmann wants to implement the savings in the production of VW branded cars through a bundle of measures on top of automation, including a leaner logistics operation. "The result is that we need 15 per cent less space, 60 per cent fewer logistics vehicles and are able to move 20 per cent more product," said Tostmann, according to extracts from his Automobilwoche interview. VW's luxury Audi division last month said that it would cut up to 9,500 jobs, equating to 10.6 per cent of total staff, by 2025 in a move to free up billions of euros to fund the shift towards electric vehicle production. Rival Daimler, as well as car suppliers Continental, Robert Bosch and Osram, have also recently announced staff and cost cuts.

Volkswagen's German plants need to shape up: Production chief

The Italian state is ready to take an 18 per cent&nbsp;stake in the troubled Ilva steel plant in southern Italy through a public agency, newspaper Il Messaggero reported on Sunday, citing a draft proposal to save the factory.

Industry ministry officials will present the plan on Monday to steel firm ArcelorMittal, the daily said, in an attempt to convince it to scrap its threat to walk away from a 2018 deal to buy the plant in the city of Taranto.

The industry minister was not immediately available to comment on the report.

The factory directly employs around 8,200 workers in one of Italy's least prosperous areas.

Under the terms of an 8-page plan, the state will propose taking an 18 per cent&nbsp;stake either through state lender Cassa Depositi e Prestiti (CDP) or Invitalia, a state-owned investment agency, the daily said.

The government will also offer to reinstate a legal shield against prosecution for ArcelorMittal while it carries out a clean-up plan for the heavily polluting plant, the report said.

The withdrawal of this legal protection was one reason given by ArcelorMittal for pulling out of the purchase agreement.

In return, Rome will ask ArcelorMittal to drastically reduce the number of lay-offs it has said are necessary at the plant, from 4,700 to no more than 1,000, the newspaper said.

Industry Minister Stefano Patuanelli told parliament last month that Invitalia could take a stake in Ilva, without going into details.

The Italian state is ready to take an 18 per cent stake in the troubled Ilva steel plant in southern Italy through a public agency, newspaper Il Messaggero reported on Sunday, citing a draft proposal to save the factory.

The Italian state is ready to take an 18 per cent stake in the troubled Ilva steel plant in southern Italy through a public agency, newspaper Il Messaggero reported on Sunday, citing a draft proposal to save the factory. Industry ministry officials will present the plan on Monday to steel firm ArcelorMittal, the daily said, in an attempt to convince it to scrap its threat to walk away from a 2018 deal to buy the plant in the city of Taranto. The industry minister was not immediately available to comment on the report. The factory directly employs around 8,200 workers in one of Italy's least prosperous areas. Under the terms of an 8-page plan, the state will propose taking an 18 per cent stake either through state lender Cassa Depositi e Prestiti (CDP) or Invitalia, a state-owned investment agency, the daily said. The government will also offer to reinstate a legal shield against prosecution for ArcelorMittal while it carries out a clean-up plan for the heavily polluting plant, the report said. The withdrawal of this legal protection was one reason given by ArcelorMittal for pulling out of the purchase agreement. In return, Rome will ask ArcelorMittal to drastically reduce the number of lay-offs it has said are necessary at the plant, from 4,700 to no more than 1,000, the newspaper said. Industry Minister Stefano Patuanelli told parliament last month that Invitalia could take a stake in Ilva, without going into details.

Italy ready to take 18% stake in Ilva steel plant

Japan's markets watchdog will likely recommend soon that the financial regulator fine Nissan Motor Co Ltd about 2.4 billion yen ($22 million) over false reporting on its financial statement, public broadcaster NHK reported on Sunday.

Nissan's former Chairman Carlos Ghosn was arrested in Tokyo in November last year over allegations of financial misconduct, including understating his salary by around 9.1 billion yen ($84.71 million) over a period of nearly a decade and temporarily transferring personal financial losses to the books of Nissan, Japan's number&nbsp;2 automaker.

Reuters reported in June that Nissan would be fined up to 4 billion yen and it may receive a reduced fine of around 2.4 billion yen if the automaker filed documentation to the Securities and Exchange Surveillance Commission (SESC) before the formal investigation begins, citing a source.

The fine would cover a four-year period through March 2018, the source previously told Reuters.

Nissan and the SESC could not immediately be reached for comment.

Japan's markets watchdog will likely recommend soon that the financial regulator fine Nissan Motor Co Ltd about 2.4 billion yen ($22 million) over false reporting on its financial statement, public broadcaster NHK reported on Sunday.

Japan's markets watchdog will likely recommend soon that the financial regulator fine Nissan Motor Co Ltd about 2.4 billion yen ($22 million) over false reporting on its financial statement, public broadcaster NHK reported on Sunday. Nissan's former Chairman Carlos Ghosn was arrested in Tokyo in November last year over allegations of financial misconduct, including understating his salary by around 9.1 billion yen ($84.71 million) over a period of nearly a decade and temporarily transferring personal financial losses to the books of Nissan, Japan's number 2 automaker. Reuters reported in June that Nissan would be fined up to 4 billion yen and it may receive a reduced fine of around 2.4 billion yen if the automaker filed documentation to the Securities and Exchange Surveillance Commission (SESC) before the formal investigation begins, citing a source. The fine would cover a four-year period through March 2018, the source previously told Reuters. Nissan and the SESC could not immediately be reached for comment.

Japan's markets watchdog likely to recommend $22 million fine against Nissan

France-based luxury audio brand Devialet&nbsp;launched its iconic speaker in a new finish recently and&nbsp;it is a treat for all the audio enthusiasts out there.

The ultra-compact Phantom Reactor, which was only available for sale in the colour white so far, is now available in a new matte black finish.

According to the company, it took them one year to design this beauty and we must say that the company did a good job.&nbsp;

The design is undoubtedly impressive and with its sharp finish, the Devialet Phantom Reactor looks very elegant.

In terms of audio quality, the Phantom Reactor is powerful. It delivers unprecedented power with zero distortion or background noise. 
The audio experience is thrilling.

The phantom reactor is unrivalled because, despite its diminutive size, it manages to produce such big sound that it will move you, even at low volume.&nbsp;

Also, it's capable of handling intense power and pressure.

The Phantom Reactor comes in two output variants - 600 watts and 900 watts.

They can be configured in either solo or stereo modes.

The Phantom Reactor 600 is priced at &nbsp;Rs 1,09,000, and the 900 watts variant can be bought for Rs 1,29,000.&nbsp;

We do think it's the finest wireless Bluetooth speaker available in India right now.

So, if you need a hi-fi compact Bluetooth speaker, and the price is not a deterrent, you must try Phantom Reactor 600.

France-based luxury audio brand Devialet launched its iconic speaker in a new finish recently and it is a treat for all the audio enthusiasts out there. The ultra-compact Phantom Reactor, which was only available for sale in the colour white so far, is now available in a new matte black finish.

France-based luxury audio brand Devialet launched its iconic speaker in a new finish recently and it is a treat for all the audio enthusiasts out there. The ultra-compact Phantom Reactor, which was only available for sale in the colour white so far, is now available in a new matte black finish. According to the company, it took them one year to design this beauty and we must say that the company did a good job. The design is undoubtedly impressive and with its sharp finish, the Devialet Phantom Reactor looks very elegant. In terms of audio quality, the Phantom Reactor is powerful. It delivers unprecedented power with zero distortion or background noise. The audio experience is thrilling. The phantom reactor is unrivalled because, despite its diminutive size, it manages to produce such big sound that it will move you, even at low volume. Also, it's capable of handling intense power and pressure. The Phantom Reactor comes in two output variants - 600 watts and 900 watts. They can be configured in either solo or stereo modes. The Phantom Reactor 600 is priced at Rs 1,09,000, and the 900 watts variant can be bought for Rs 1,29,000. We do think it's the finest wireless Bluetooth speaker available in India right now. So, if you need a hi-fi compact Bluetooth speaker, and the price is not a deterrent, you must try Phantom Reactor 600.

Devialet's ultra-compact Phantom Reactor speakers launched in new elegant design

China's <a href="https://www.wionews.com/business-economy/china-november-exports-fall-but-import-growth-hints-of-recovering-demand-266930">potential economic growth</a> will be below 6 per cent&nbsp;over the next five years, an adviser to China's central bank said on Saturday.

The economy could grow between 5 per cent&nbsp;and 6 per cent&nbsp;from 2020 to 2025, Liu Shijin, a policy adviser to the People's Bank of China, said at a conference in Beijing, according to an article he posted on social media.

China's monetary policy is already quite loose, and attempting to stimulate the economy to grow faster than its potential could cause it to fall off a cliff, said Liu.

China's third-quarter economic growth slowed more than expected to 6 per cent&nbsp;year-on-year, marking its weakest pace in almost three decades, and at the bottom end of the government's full-year target range of 6.0 per cent-6.5 per cent.

Despite the growing strains on the economy caused by slowing domestic demand and a trade war with the United States, Beijing remains reluctant to implement major stimulus for fear of heightening financial risks given already high levels of debt.

China central bank governor Yi Gang reiterated in an article published last week that China will not resort to quantitative easing and is committed to maintaining a prudent monetary policy.

China's potential economic growth will be below 6 per cent over the next five years, an adviser to China's central bank said on Saturday. The economy could grow between 5 per cent and 6 per cent from 2020 to 2025, Liu Shijin, a policy adviser to the People's Bank of China, said at a conference in Beijing, according to an article he posted on social media.

China's potential economic growth will be below 6 per cent over the next five years, an adviser to China's central bank said on Saturday. The economy could grow between 5 per cent and 6 per cent from 2020 to 2025, Liu Shijin, a policy adviser to the People's Bank of China, said at a conference in Beijing, according to an article he posted on social media. China's monetary policy is already quite loose, and attempting to stimulate the economy to grow faster than its potential could cause it to fall off a cliff, said Liu. China's third-quarter economic growth slowed more than expected to 6 per cent year-on-year, marking its weakest pace in almost three decades, and at the bottom end of the government's full-year target range of 6.0 per cent-6.5 per cent. Despite the growing strains on the economy caused by slowing domestic demand and a trade war with the United States, Beijing remains reluctant to implement major stimulus for fear of heightening financial risks given already high levels of debt. China central bank governor Yi Gang reiterated in an article published last week that China will not resort to quantitative easing and is committed to maintaining a prudent monetary policy.

China's potential growth below 6% over next five years: Central bank adviser

Swedish mobile telecoms company Ericsson has agreed to pay over $1 billion to resolve probes into corruption, including the bribing of government officials, the US Department of Justice said on Friday.

The bribery took place over many years in countries including China, Vietnam and Djibouti, the department said. The total charges include a criminal penalty of more than $520 million, plus $540 million to be paid to the US Securities and Exchange Commission (SEC) in a related matter.

The company admitted it had conspired with others to violate the Foreign Corrupt Practices Act (FCPA) from at least 2000 to 2016 by engaging in a scheme to pay bribes and to falsify books and records and by failing to implement reasonable internal accounting controls, the Justice Department said in a statement.

"Certain employees in some markets, some of whom were executives in those markets, acted in bad faith and knowingly failed to implement sufficient controls," Ericsson CEO Borje Ekholm said in a conference call on Saturday.

"I view what has happened as a completely unacceptable and hugely upsetting chapter of our history."

Ericsson used third parties to pay bribes to government officials to secure and keep business, authorities said. Consultants were retained to create slush funds and transfer money to third parties, according to one of the complaints.

One of the company's subsidiaries, Ericsson Egypt Ltd, pleaded guilty in the Southern District of New York to a charge of conspiracy to violate the anti-bribery provisions of the FCPA.

Pleading guilty can bring additional severe sanctions, including the revoking of licenses, but the company can negotiate waivers to ensure they can continue to operate.

"Through slush funds, bribes, gifts, and graft, Ericsson conducted telecom business with the guiding principle that 'money talks,'" US Attorney Geoffrey Berman of the Southern District of New York said in a statement.

Ericsson said it had reviewed its anti-corruption program and taken measures to improve its ethics and compliance.

It has said previously it was cooperating with US authorities and that it would make a $1.2 billion provision in relation to the probes.

Carl Mellander, chief financial officer, said the amount was fully covered by a provision the company made in the third quarter and added it would not impact any financial targets.

"While the amount for the settlement today is significant I can confirm that we will be able to manage the associated cash outflow with available funds," he told the conference call.

Swedish mobile telecoms company Ericsson has agreed to pay over $1 billion to resolve probes into corruption, including the bribing of government officials, the US Department of Justice said on Friday.

Swedish mobile telecoms company Ericsson has agreed to pay over $1 billion to resolve probes into corruption, including the bribing of government officials, the US Department of Justice said on Friday. The bribery took place over many years in countries including China, Vietnam and Djibouti, the department said. The total charges include a criminal penalty of more than $520 million, plus $540 million to be paid to the US Securities and Exchange Commission (SEC) in a related matter. The company admitted it had conspired with others to violate the Foreign Corrupt Practices Act (FCPA) from at least 2000 to 2016 by engaging in a scheme to pay bribes and to falsify books and records and by failing to implement reasonable internal accounting controls, the Justice Department said in a statement. "Certain employees in some markets, some of whom were executives in those markets, acted in bad faith and knowingly failed to implement sufficient controls," Ericsson CEO Borje Ekholm said in a conference call on Saturday. "I view what has happened as a completely unacceptable and hugely upsetting chapter of our history." Ericsson used third parties to pay bribes to government officials to secure and keep business, authorities said. Consultants were retained to create slush funds and transfer money to third parties, according to one of the complaints. One of the company's subsidiaries, Ericsson Egypt Ltd, pleaded guilty in the Southern District of New York to a charge of conspiracy to violate the anti-bribery provisions of the FCPA. Pleading guilty can bring additional severe sanctions, including the revoking of licenses, but the company can negotiate waivers to ensure they can continue to operate. "Through slush funds, bribes, gifts, and graft, Ericsson conducted telecom business with the guiding principle that 'money talks,'" US Attorney Geoffrey Berman of the Southern District of New York said in a statement. Ericsson said it had reviewed its anti-corruption program and taken measures to improve its ethics and compliance. It has said previously it was cooperating with US authorities and that it would make a $1.2 billion provision in relation to the probes. Carl Mellander, chief financial officer, said the amount was fully covered by a provision the company made in the third quarter and added it would not impact any financial targets. "While the amount for the settlement today is significant I can confirm that we will be able to manage the associated cash outflow with available funds," he told the conference call.

Ericsson to pay over $1 billion to resolve US corruption probes

Iran's President Hassan Rouhani on Sunday presented to parliament what he called a "budget of resistance" against crippling sanctions imposed by arch-enemy the United States.

"Next year, similar to the current year, our budget is a budget of resistance and perseverance against sanctions," Rouhani told parliament in remarks broadcast on state radio.

"This budget announces to the world that despite sanctions we will manage the country, especially in terms of oil," he added.

The budget for the financial year starting late March 2020 comes after fuel price hikes that were imposed in mid-November triggered deadly demonstrations across the Islamic republic.

In his speech, Rouhani announced a 15 per cent increase for public sector wages in a country whose economy has been battered by US sanctions.

US President Donald Trump began imposing punitive measures in May 2018, after unilaterally withdrawing from an accord that gave Iran relief from sanctions in return for limits on its nuclear programme.

The International Monetary Fund has forecast that Iran's economy will contract by 9.5 per cent this year.

Iran's President Hassan Rouhani on Sunday presented to parliament what he called a "budget of resistance" against crippling sanctions imposed by arch-enemy the United States.

Iran's President Hassan Rouhani on Sunday presented to parliament what he called a "budget of resistance" against crippling sanctions imposed by arch-enemy the United States. "Next year, similar to the current year, our budget is a budget of resistance and perseverance against sanctions," Rouhani told parliament in remarks broadcast on state radio. "This budget announces to the world that despite sanctions we will manage the country, especially in terms of oil," he added. The budget for the financial year starting late March 2020 comes after fuel price hikes that were imposed in mid-November triggered deadly demonstrations across the Islamic republic. In his speech, Rouhani announced a 15 per cent increase for public sector wages in a country whose economy has been battered by US sanctions. US President Donald Trump began imposing punitive measures in May 2018, after unilaterally withdrawing from an accord that gave Iran relief from sanctions in return for limits on its nuclear programme. The International Monetary Fund has forecast that Iran's economy will contract by 9.5 per cent this year.

Iran unveils budget of 'resistance' against US sanctions

China's exports in November shrank for the fourth consecutive month, underscoring persistent pressures on manufacturers from the Sino-U.S. war but growth in imports may be a sign that Beijing's stimulus steps are helping to stoke demand.

The 17-month long trade dispute has heightened the risks of a global recession and fuelled speculation that China's policymakers could unleash more stimulus as growth in the world's second-largest economy cooled to nearly 30-year lows.

Overseas shipments fell 1.1% from a year earlier last month, customs data showed on Sunday, compared with a 1.0% expansion tipped by a Reuters poll of analysts and a 0.9% drop in October.

Imports unexpectedly rose 0.3% from a year earlier, marking the first year-on-year growth since April and compared with a 1.8% decline forecast by economists.

The better-than-expected import data may point to firming domestic demand after factory activity showed surprising signs of improvement recently, although analysts have noted the recovery could be difficult to sustain amid trade risks.

China's trade surplus for November stood at $38.73 billion, compared with an expected $46.30 billion surplus in the poll and a $42.81 billion surplus recorded in October.

Trade tensions

Beijing and Washington are negotiating a first phase trade deal aimed at de-escalating a trade dispute but they continue to wrangle over key details.

A US House bill targeting China's camps for ethnic Muslim minorities in Xinjiang and other bills supporting anti-government protesters in Hong Kong have have also angered Beijing, further clouding prospects for a deal.

US President Donald Trump said on Thursday trade talks with China are "moving right along," striking an upbeat tone even as Chinese officials held fast to their line that existing tariffs must come off as part of an interim deal. Earlier in the week, though, Trump rattled global markets when he said a deal might have to wait until after the 2020 election.

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 some $156 billion of China's remaining exports to the United States, but the president likes where trade talks with China are going, he added.

One Chinese official told Reuters that China will implement its own tariffs as a countermeasure if the Dec. 15 tariffs go into place, which may dash any chance of a near-term trade deal.

Trump has demanded that China commit to specific minimum purchases of U.S. agricultural products, among other concessions on intellectual property rights, currency and access to China's financial services markets.

China's trade surplus with the United States for November stood at $24.60 billion, according to Reuters calculations based on customs data, easing from the previous month's surplus of $26.45 billion.

China confirmed on Friday that it will waive import tariffs for some soybeans and pork shipments from the United States.

Domestic demand

Imports of copper rose 12.1% on the previous month as an improvement in the manufacturing sector stoked higher demand for the red metal, customs data showed on Sunday.

China's official factory activity gauge returned to growth for the first time in seven months in November, with a private survey showing activity expanding at the quickest pace in almost three years.

But falling industrial profits and factory prices suggest persisting downward pressure on the sector.

Iron ore imports fell for a second straight month in November, pulled down by falling shipments from top miners in Australia and Brazil despite firm demand at mills.

Despite the growing strains on the economy, Beijing remains reluctant to implement major stimulus for fear of heightening financial risks given already high levels of debt.

Authorities have instead opted for more targeted measures such as incremental interest rate reductions and bringing forward 1 trillion yuan ($142.1 billion) of the 2020 local government special bonds quota to this year.

People's Bank of China Governor Yi Gang reiterated in a signed article published last week that China will not resort to quantitative easing and is committed to maintaining a prudent monetary policy.

China's exports in November shrank for the fourth consecutive month, underscoring persistent pressures on manufacturers from the Sino-U.S. war but growth in imports may be a sign that Beijing's stimulus steps are helping to stoke demand.

China's exports in November shrank for the fourth consecutive month, underscoring persistent pressures on manufacturers from the Sino-U.S. war but growth in imports may be a sign that Beijing's stimulus steps are helping to stoke demand. The 17-month long trade dispute has heightened the risks of a global recession and fuelled speculation that China's policymakers could unleash more stimulus as growth in the world's second-largest economy cooled to nearly 30-year lows. Overseas shipments fell 1.1% from a year earlier last month, customs data showed on Sunday, compared with a 1.0% expansion tipped by a Reuters poll of analysts and a 0.9% drop in October. Imports unexpectedly rose 0.3% from a year earlier, marking the first year-on-year growth since April and compared with a 1.8% decline forecast by economists. The better-than-expected import data may point to firming domestic demand after factory activity showed surprising signs of improvement recently, although analysts have noted the recovery could be difficult to sustain amid trade risks. China's trade surplus for November stood at $38.73 billion, compared with an expected $46.30 billion surplus in the poll and a $42.81 billion surplus recorded in October. Trade tensions Beijing and Washington are negotiating a first phase trade deal aimed at de-escalating a trade dispute but they continue to wrangle over key details. A US House bill targeting China's camps for ethnic Muslim minorities in Xinjiang and other bills supporting anti-government protesters in Hong Kong have have also angered Beijing, further clouding prospects for a deal. US President Donald Trump said on Thursday trade talks with China are "moving right along," striking an upbeat tone even as Chinese officials held fast to their line that existing tariffs must come off as part of an interim deal. Earlier in the week, though, Trump rattled global markets when he said a deal might have to wait until after the 2020 election. 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 some $156 billion of China's remaining exports to the United States, but the president likes where trade talks with China are going, he added. One Chinese official told Reuters that China will implement its own tariffs as a countermeasure if the Dec. 15 tariffs go into place, which may dash any chance of a near-term trade deal. Trump has demanded that China commit to specific minimum purchases of U.S. agricultural products, among other concessions on intellectual property rights, currency and access to China's financial services markets. China's trade surplus with the United States for November stood at $24.60 billion, according to Reuters calculations based on customs data, easing from the previous month's surplus of $26.45 billion. China confirmed on Friday that it will waive import tariffs for some soybeans and pork shipments from the United States. Domestic demand Imports of copper rose 12.1% on the previous month as an improvement in the manufacturing sector stoked higher demand for the red metal, customs data showed on Sunday. China's official factory activity gauge returned to growth for the first time in seven months in November, with a private survey showing activity expanding at the quickest pace in almost three years. But falling industrial profits and factory prices suggest persisting downward pressure on the sector. Iron ore imports fell for a second straight month in November, pulled down by falling shipments from top miners in Australia and Brazil despite firm demand at mills. Despite the growing strains on the economy, Beijing remains reluctant to implement major stimulus for fear of heightening financial risks given already high levels of debt. Authorities have instead opted for more targeted measures such as incremental interest rate reductions and bringing forward 1 trillion yuan ($142.1 billion) of the 2020 local government special bonds quota to this year. People's Bank of China Governor Yi Gang reiterated in a signed article published last week that China will not resort to quantitative easing and is committed to maintaining a prudent monetary policy.

China November exports fall, but import growth hints of recovering demand

Onions have continued to keep citizens teary-eyed as the prices in Bidhan market in West Bengal's Siliguri have soared to Rs 110 per kilogram due to the acute shortage of the commodity in the markets, as claimed by the sellers.

Speaking to ANI, a homemaker named Rupa said, "The onion prices are so high and it should be brought down. The common people are suffering because of the price hike. It is very difficult for me not to use onions while cooking because it adds taste to the food. Now, because of the shortage, we are forced to buy high-priced onions."

"As far as I think, the new stocks will start coming into the market in two weeks and the price might drop then. In the northern area of West Bengal itself, almost 15-20 trucks of onion are being used on a daily basis. However, we are supplying 8-10 trucks now as there is an acute shortage of the commodity," Jaishwar, a supplier, said.

Meanwhile, Ramodar Prasad, a member of Siliguri Onion and Potato Merchants Association, told ANI, "The production of onion was affected due to the unseasonal rains across the country. The market is down because many merchants aren't capable of buying onion at a high price. We are not able to provide the commodity as per the customer demands."

"The price will only decrease when there is enough stock of onions in the market. It may take some time for the situation to get back to normalcy. Earlier, I used to buy 3 kgs, now I only buy half kg," said a customer.

Onions price has skyrocketed across the country with the vegetable being sold in a range of Rs 80 to Rs 150 per kilogram. The price of onions has been on the rise in many states of the country, which has even sparked protests among the people.&nbsp; 
&nbsp;

Onions have continued to keep citizens teary-eyed as the prices in Bidhan market in West Bengal's Siliguri have soared to Rs 110 per kilogram due to the acute shortage of the commodity in the markets, as claimed by the sellers.

Onions have continued to keep citizens teary-eyed as the prices in Bidhan market in West Bengal's Siliguri have soared to Rs 110 per kilogram due to the acute shortage of the commodity in the markets, as claimed by the sellers. Speaking to ANI, a homemaker named Rupa said, "The onion prices are so high and it should be brought down. The common people are suffering because of the price hike. It is very difficult for me not to use onions while cooking because it adds taste to the food. Now, because of the shortage, we are forced to buy high-priced onions." "As far as I think, the new stocks will start coming into the market in two weeks and the price might drop then. In the northern area of West Bengal itself, almost 15-20 trucks of onion are being used on a daily basis. However, we are supplying 8-10 trucks now as there is an acute shortage of the commodity," Jaishwar, a supplier, said. Meanwhile, Ramodar Prasad, a member of Siliguri Onion and Potato Merchants Association, told ANI, "The production of onion was affected due to the unseasonal rains across the country. The market is down because many merchants aren't capable of buying onion at a high price. We are not able to provide the commodity as per the customer demands." "The price will only decrease when there is enough stock of onions in the market. It may take some time for the situation to get back to normalcy. Earlier, I used to buy 3 kgs, now I only buy half kg," said a customer. Onions price has skyrocketed across the country with the vegetable being sold in a range of Rs 80 to Rs 150 per kilogram. The price of onions has been on the rise in many states of the country, which has even sparked protests among the people.

West Bengal: Onion prices touch Rs 110 per kg at market in Siliguri

Italy's biggest bank, UniCredit, announced on Tuesday to cut 8,000 jobs by closing 500 branches across Europe by 2023.

This means 9 per cent of its workforce.

The decision came as part of the four-year strategic plan of the bank to cut cost due to slow economic growth and negative interest rates.

"The layoffs in Italian banks may promote the upgrade of the industry's division of labor so as to meet customers' demands for better services. The reduction will also probably help introduce younger employees to the industry, but we have not yet seen the effectiveness of the change of personnel," said Marcello Messori, director of the European Political Economy School of Luiss University in Rome.

Figures from the Autonomous Federation of Italian Bank Workers (AFBI) show the nine major banking groups, including UniCredit,decided to cut 34,914 employees starting from 2012 and they have up to the present cut 16,434, about 47 per cent of the figure planned.

Statistics show that banks in the whole world will cut 70,000 employees within this year and over 80 per cent come from Europe, where bank employees are sure to have a harsh winter.

Italy's biggest bank, UniCredit, announced on Tuesday to cut 8,000 jobs by closing 500 branches across Europe by 2023. This means 9 per cent of its workforce. The decision came as part of the four-year strategic plan of the bank to cut cost due to slow economic growth and negative interest rates.

Italy's biggest bank, UniCredit, announced on Tuesday to cut 8,000 jobs by closing 500 branches across Europe by 2023. This means 9 per cent of its workforce. The decision came as part of the four-year strategic plan of the bank to cut cost due to slow economic growth and negative interest rates. "The layoffs in Italian banks may promote the upgrade of the industry's division of labor so as to meet customers' demands for better services. The reduction will also probably help introduce younger employees to the industry, but we have not yet seen the effectiveness of the change of personnel," said Marcello Messori, director of the European Political Economy School of Luiss University in Rome. Figures from the Autonomous Federation of Italian Bank Workers (AFBI) show the nine major banking groups, including UniCredit,decided to cut 34,914 employees starting from 2012 and they have up to the present cut 16,434, about 47 per cent of the figure planned. Statistics show that banks in the whole world will cut 70,000 employees within this year and over 80 per cent come from Europe, where bank employees are sure to have a harsh winter.

Italy's biggest bank UniCredit to cut 8,000 jobs