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Amazon's <a href="https://www.wionews.com/entertainment/top-fortnite-streamer-ninja-leaves-amazons-twitch-to-join-microsofts-mixer-240034">Twitch</a>&nbsp;said on Wednesday that Russia's Rambler Group had withdrawn its claim against the streaming service&nbsp;over&nbsp;alleged piracy broadcasting of English Premier League games.

No financial compensation has been sought or paid,&nbsp;Twitch&nbsp;added in a statement.

A&nbsp;Russian&nbsp;court on Monday blocked&nbsp;Twitch's access to English Premier League soccer broadcasts after Russia's Rambler media group said it would sue the Amazon subsidiary for 180 billion roubles ($2.88 billion)&nbsp;over&nbsp;pirate broadcasts.

On Tuesday, a&nbsp;Russian&nbsp;watchdog said it no longer planned to block&nbsp;Twitch&nbsp;after the company had taken down&nbsp;illegal&nbsp;sports&nbsp;content.

Amazon's Twitch said on Wednesday that Russia's Rambler Group had withdrawn its claim against the streaming service over alleged piracy broadcasting of English Premier League games.

Amazon's Twitch said on Wednesday that Russia's Rambler Group had withdrawn its claim against the streaming service over alleged piracy broadcasting of English Premier League games. No financial compensation has been sought or paid, Twitch added in a statement. A Russian court on Monday blocked Twitch's access to English Premier League soccer broadcasts after Russia's Rambler media group said it would sue the Amazon subsidiary for 180 billion roubles ($2.88 billion) over pirate broadcasts. On Tuesday, a Russian watchdog said it no longer planned to block Twitch after the company had taken down illegal sports content.

Russian firm has dropped suit over alleged illegal content: Amazon Twitch

Indian shares ended higher on Wednesday, after hitting record highs earlier in the session, boosted by metal, auto and information technology stocks.

The NSE Nifty 50 Index ended up 0.47 per cent&nbsp;at 12,221.65, having touched an all-time high of 12,237.70 earlier in the session.

The S&amp;P BSE Sensex index rose 0.55 per cent to 41,579.18, after hitting a record high of 41,614.77.

The Nifty IT index rose 0.47 per cent. The Nifty metals index gained 0.8 per cent, while the Nifty auto index rose 0.53 per cent.

The biggest gainers in the Nifty index were Mahindra and Mahindra Ltd gaining 3.59 per cent, Sun Pharmaceutical Industries Ltd up 2.51 per cent and JSW Steel Ltd higher by 2.07 per cent.

Indian shares ended higher on Wednesday, after hitting record highs earlier in the session, boosted by metal, auto and information technology stocks. The NSE Nifty 50 Index ended up 0.

Indian shares ended higher on Wednesday, after hitting record highs earlier in the session, boosted by metal, auto and information technology stocks. The NSE Nifty 50 Index ended up 0.47 per cent at 12,221.65, having touched an all-time high of 12,237.70 earlier in the session. The S&P BSE Sensex index rose 0.55 per cent to 41,579.18, after hitting a record high of 41,614.77. The Nifty IT index rose 0.47 per cent. The Nifty metals index gained 0.8 per cent, while the Nifty auto index rose 0.53 per cent. The biggest gainers in the Nifty index were Mahindra and Mahindra Ltd gaining 3.59 per cent, Sun Pharmaceutical Industries Ltd up 2.51 per cent and JSW Steel Ltd higher by 2.07 per cent.

Nifty, Sensex end higher; IT, metal stocks shine

Indian shares jumped on Tuesday, boosted by heavyweight Reliance Industries Ltd after it signed a deal to form a joint venture with BP Plc and improving ties between the United States and China, reported news agency Reuters.

Indian shares jumped on Tuesday, boosted by heavyweight Reliance Industries Ltd after it signed a deal to form a joint venture with BP Plc and improving ties between the United States and China, reported news agency Reuters. The Nifty was up 0.58% at 12,123.30, as of 0420 GMT, while the Sensex rose 0.63% to 41,197.14, the report added. Shares of Reliance Industries rose almost 1% after the company agreed to a deal with British oil major BP to form a fuels and mobility joint venture. Risk sentiment was also supported by the "phase one" Sino-US trade deal and Wall Street's run to all-time highs, with MSCI's broadest index of Asia-Pacific shares outside Japan climbing 0.6% to its highest since July 2018. Shares of Tata Motors Ltd advanced as much as 1.17% after media reports said the carmaker was in talks with Chinese firms regarding an alliance. That helped the Nifty Auto index gain 0.8%. Telecom stocks were among the top losers, with Vodafone Idea Ltd slipping over 3% and Bharti Airtel Ltd falling 0.39%. (With inputs from Reuters)

Nifty, Sensex jump on trade deal anticipation, Reliance Industries bounce

Equity benchmark indices touched fresh highs on Tuesday following gains in Asian and US markets with investors setting aside poor macro-economic indicators on the domestic front for a while.

A temporary deal between the United States and China buoyed market sentiment. Foreign institutional investors (FIIs) also started pouring money into Indian equities after the air over Brexit cleared.

The BSE S&amp;P Sensex closed 413 points or 1 per cent higher at 41,352 while the Nifty 50 moved up by 111 points at 12,165.

All sectoral indices at the National Stock Exchange were in the green except for Nifty pharma and realty.

Nifty metal climbed by 2.8 per cent while Nifty IT closed 1.8 per cent higher from its previous close.

Among stocks, metals witnessed dramatic intra-day profits with Tata Steel gaining by 4.64 per cent at Rs 440.55 per cent, Vedanta and Hindalco moving up by 3.3 per cent each while JSW Steel ticked up by 1.9 per cent.

Bharti Airtel was up by 4.5 per cent, Tata Motors by 2.9 per cent, Bajaj Finance by 2.6 per cent, Infosys by 2.3 per cent and Tata Consultancy Services by 1.9 per cent.

However, Sun Pharma, GAIL, Bajaj Auto, Mahindra and Mahindra and Titan showed some losses.

Meanwhile, Asian shares rose to their highest in more than a year as trade deal optimism and Wall Street's run to all-time highs supported sentiment.

The mood carried Japan's Nikkei up by 0.47 per cent while Hong Kong's Hang Seng rose by 1.22 per cent. Korea's Kospi and Shanghai Composite edged higher by 1.27 per cent each.

The preliminary deal between Washington and Beijing will double US exports to China, White House Adviser Larry Kudlow said a day earlier.

The United States will also reduce some tariffs on Chinese goods under the agreement. 
&nbsp;

Equity benchmark indices touched fresh highs on Tuesday following gains in Asian and US markets with investors setting aside poor macro-economic indicators on the domestic front for a while.

Equity benchmark indices touched fresh highs on Tuesday following gains in Asian and US markets with investors setting aside poor macro-economic indicators on the domestic front for a while. A temporary deal between the United States and China buoyed market sentiment. Foreign institutional investors (FIIs) also started pouring money into Indian equities after the air over Brexit cleared. The BSE S&P Sensex closed 413 points or 1 per cent higher at 41,352 while the Nifty 50 moved up by 111 points at 12,165. All sectoral indices at the National Stock Exchange were in the green except for Nifty pharma and realty. Nifty metal climbed by 2.8 per cent while Nifty IT closed 1.8 per cent higher from its previous close. Among stocks, metals witnessed dramatic intra-day profits with Tata Steel gaining by 4.64 per cent at Rs 440.55 per cent, Vedanta and Hindalco moving up by 3.3 per cent each while JSW Steel ticked up by 1.9 per cent. Bharti Airtel was up by 4.5 per cent, Tata Motors by 2.9 per cent, Bajaj Finance by 2.6 per cent, Infosys by 2.3 per cent and Tata Consultancy Services by 1.9 per cent. However, Sun Pharma, GAIL, Bajaj Auto, Mahindra and Mahindra and Titan showed some losses. Meanwhile, Asian shares rose to their highest in more than a year as trade deal optimism and Wall Street's run to all-time highs supported sentiment. The mood carried Japan's Nikkei up by 0.47 per cent while Hong Kong's Hang Seng rose by 1.22 per cent. Korea's Kospi and Shanghai Composite edged higher by 1.27 per cent each. The preliminary deal between Washington and Beijing will double US exports to China, White House Adviser Larry Kudlow said a day earlier. The United States will also reduce some tariffs on Chinese goods under the agreement.

Sensex rallies by 413 points to scale new high, Nifty closes at 12,165

The Confederation of British Industry's gauge of manufacturing output over the three months to December fell to -16 from -9 in November, its <a href="https://www.wionews.com/business-economy/brexit-weak-global-demand-to-hurt-uk-in-2020-industry-warns-265700">weakest</a> reading since September 2009.

Inflows of new work also deteriorated as the CBI's monthly order book balance fell to -28 from -26.

The survey of 289 manufacturers covered Nov. 22 to Dec. 11, just before Johnson chalked up a comprehensive victory in last Thursday's election.

Other surveys have also shown Britain's <a href="https://www.wionews.com/world/uk-economy-risks-severe-damage-without-orderly-brexit-cbi-181812">manufacturers</a> have struggled in recent months against a global drop in demand, as well as uncertainty surrounding Brexit and the election.

"With manufacturers reporting that output is declining at a pace not seen since the financial crisis, alongside another month of softer order books, it is crucially important to rebuild business confidence in this sector," CBI deputy chief economist Anna Leach said.

"After three years of gridlock, the Prime Minister now has a clear mandate to govern. <a href="https://www.wionews.com/business-economy/uk-business-seeks-brexit-assurances-after-johnson-win-268132">Businesses</a> across the UK will want him to break the cycle of uncertainty," she added.

The survey showed export orders declined at one of the fastest rates since the financial crisis.

The Confederation of British Industry's gauge of manufacturing output over the three months to December fell to -16 from -9 in November, its weakest reading since September 2009.

The Confederation of British Industry's gauge of manufacturing output over the three months to December fell to -16 from -9 in November, its weakest reading since September 2009. Inflows of new work also deteriorated as the CBI's monthly order book balance fell to -28 from -26. The survey of 289 manufacturers covered Nov. 22 to Dec. 11, just before Johnson chalked up a comprehensive victory in last Thursday's election. Other surveys have also shown Britain's manufacturers have struggled in recent months against a global drop in demand, as well as uncertainty surrounding Brexit and the election. "With manufacturers reporting that output is declining at a pace not seen since the financial crisis, alongside another month of softer order books, it is crucially important to rebuild business confidence in this sector," CBI deputy chief economist Anna Leach said. "After three years of gridlock, the Prime Minister now has a clear mandate to govern. Businesses across the UK will want him to break the cycle of uncertainty," she added. The survey showed export orders declined at one of the fastest rates since the financial crisis.

UK factory output slides in three months to December at fastest rate since 2009: CBI

China has seen a jump in private-sector corporate <a href="https://www.wionews.com/business-&amp;-economy/china-inc-tightens-reins-on-debt-raises-spectre-of-slowdown-139643">debt defaults</a> this year to record highs as the pace of economic growth slows to its lowest level in nearly 30 years amid trade tensions with the United States.

Authorities are also keen to wean market players off the perception that central and local-government backed-borrowers enjoy an implicit guarantee. That has led to stress among some state-backed firms and there are signs this could soon affect the offshore debt market.

The developments are, however, viewed as healthy - paving the way for more accurate risk pricing and creating more normal differentiation in yields for strong and weak borrowers.

Bankers note that stronger issuers such as Hong Kong-listed carmaker Geely and state-backed China Resources Land have had no problems attracting investors in recent weeks.

The situation in the onshore market

A record 4.9 per cent&nbsp;of privately-owned companies defaulted on yuan debt payments in the first 11 months of the year, compared with 4.2 per cent&nbsp;for the whole of 2018, according to Fitch. The credit rating agency estimates the size of the onshore corporate debt market at $2.7 trillion.

Taken together, state and private companies have missed payments on more than $14.2 billion&nbsp;of bonds in the year to end-October, not far off the $15.8 billion&nbsp;for all of 2018, according to S&amp;P Global.

Watch: S&amp;P global ratings downgrades China's economy

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Calculations show six state-owned firms and 42 private companies defaulted on payments this year.

The move by authorities to seize control of troubled Inner-Mongolia based Baoshang bank in May, with some investors taking haircuts, has led to further strains in the market.

Some issuers have missed payments, such as Hohhot Economic and Technological Development Zone Investment Development Group, a state-owned enterprise in Inner Mongolia, which defaulted on part of a $142 million bond this month.

Others have seen yields surge. These include state-backed issuers in Guizhou, China's second most-indebted province. For example, Guizhou Hongguo Development Zone Development's yield on a three-year bond maturing in January 2020 has rocketed to 14% from around 6% in the summer.

The situation in the offshore market

If defaults by state firms in China are rare, defaults on their borrowings from international investors are rarer still. But China's offshore debt market, with close to $76 billion in bonds outstanding according to Refinitiv data, is showing pockets of stress.

S&amp;P has warned risks are set to grow as more than $200 billion of debt in the offshore market will mature over the next two years, up from $89 billion in 2019.

Troubled companies include Tianjin-based commodities trader Tewoo Group, which according to <a href="https://www.wionews.com/business-economy/moodys-downgrades-china-for-the-first-time-since-1989-15988">Moody's Investors Service</a> became the first major SOE to miss a payment on and restructure an offshore bond in two decades in late November.

Many of its investors appeared to have fled, taking haircuts of 40% to 60% rather than opting for Tewoo's offer to exchange that debt for new bonds, according to a company filing and analysis by S&amp;P.

Peking University Founder Group, a holding company tied to one of China's top universities, is scrambling for funds after failing to repay an onshore bond on time on December&nbsp;2.

No repayment within the grace period - which sources say ends on Friday - will trigger $2.95 billion of cross-defaults in the offshore market, <a href="https://www.wionews.com/business-economy/china-manufacturing-activity-eases-unexpectedly-3868/amp">Nomura</a> has warned.

Some university-linked bonds have seen their prices tumble in the wake of Peking University Founder's woes.

<cn1680014=></cn1680014=>

China has seen a jump in private-sector corporate debt defaults this year to record highs as the pace of economic growth slows to its lowest level in nearly 30 years amid trade tensions with the United States.

China has seen a jump in private-sector corporate debt defaults this year to record highs as the pace of economic growth slows to its lowest level in nearly 30 years amid trade tensions with the United States. Authorities are also keen to wean market players off the perception that central and local-government backed-borrowers enjoy an implicit guarantee. That has led to stress among some state-backed firms and there are signs this could soon affect the offshore debt market. The developments are, however, viewed as healthy - paving the way for more accurate risk pricing and creating more normal differentiation in yields for strong and weak borrowers. Bankers note that stronger issuers such as Hong Kong-listed carmaker Geely and state-backed China Resources Land have had no problems attracting investors in recent weeks. The situation in the onshore market A record 4.9 per cent of privately-owned companies defaulted on yuan debt payments in the first 11 months of the year, compared with 4.2 per cent for the whole of 2018, according to Fitch. The credit rating agency estimates the size of the onshore corporate debt market at $2.7 trillion. Taken together, state and private companies have missed payments on more than $14.2 billion of bonds in the year to end-October, not far off the $15.8 billion for all of 2018, according to S&P Global. Watch: S&P global ratings downgrades China's economy × Calculations show six state-owned firms and 42 private companies defaulted on payments this year. The move by authorities to seize control of troubled Inner-Mongolia based Baoshang bank in May, with some investors taking haircuts, has led to further strains in the market. Some issuers have missed payments, such as Hohhot Economic and Technological Development Zone Investment Development Group, a state-owned enterprise in Inner Mongolia, which defaulted on part of a $142 million bond this month. Others have seen yields surge. These include state-backed issuers in Guizhou, China's second most-indebted province. For example, Guizhou Hongguo Development Zone Development's yield on a three-year bond maturing in January 2020 has rocketed to 14% from around 6% in the summer. The situation in the offshore market If defaults by state firms in China are rare, defaults on their borrowings from international investors are rarer still. But China's offshore debt market, with close to $76 billion in bonds outstanding according to Refinitiv data, is showing pockets of stress. S&P has warned risks are set to grow as more than $200 billion of debt in the offshore market will mature over the next two years, up from $89 billion in 2019. Troubled companies include Tianjin-based commodities trader Tewoo Group, which according to Moody's Investors Service became the first major SOE to miss a payment on and restructure an offshore bond in two decades in late November. Many of its investors appeared to have fled, taking haircuts of 40% to 60% rather than opting for Tewoo's offer to exchange that debt for new bonds, according to a company filing and analysis by S&P. Peking University Founder Group, a holding company tied to one of China's top universities, is scrambling for funds after failing to repay an onshore bond on time on December 2. No repayment within the grace period - which sources say ends on Friday - will trigger $2.95 billion of cross-defaults in the offshore market, Nomura has warned. Some university-linked bonds have seen their prices tumble in the wake of Peking University Founder's woes.

Explainer: Behind the climb in Chinese companies' defaults on bond payments

Swiss drugmaker Roche plans to complete its $4.3 billion takeover of gene therapy specialist <a href="https://www.wionews.com/science-tech/amazon-awarded-worlds-smartest-company-1588?first_load=no">Spark Therapeutics</a> on Tuesday after U.S. and British authorities ruled the deal would not hurt competition in haemophilia A treatment.

The <a href="https://www.wionews.com/business-economy/facebook-shares-fall-over-possible-us-antitrust-move-268567">Federal Trade Commission</a> (FTC) and Britain's Competition and Markets Authority (CMA) approved the deal on Monday without demanding asset sales.

Roche is buying U.S.-based Spark to expand in gene therapy and boost its haemophilia A portfolio, where the Basel-based company's existing drug Hemlibra will surpass $1 billion sales in 2019.

Regulators had feared Roche might sabotage Spark's haemophilia program to benefit Hemlibra, but came to another conclusion.

"The evidence developed during staff's investigation did not indicate that Roche would have the incentive to delay or terminate Spark's developmental effort for its haemophilia A gene therapy," the FTC said after its 5-0 approval vote.

Clearance for Roche to buy Spark helps reduce the chance the Swiss drugmaker will be eclipsed in one of the industry's most dynamic and potentially profitable areas, as it was by Merck and Bristol-Myers Squibb in immune therapies for cancer.

"That's why the market was increasingly worried that the deal announced in February was taking so long," said Michael Nawrath, an analyst at Zuercher Kantonalbank.

The deal follows Novartis's $8.7 billion takeover&nbsp;of gene therapy specialist AveXis in 2018.

Beyond haemophilia, Spark is also working on gene therapies for Pompe and Huntington's diseases, among others.

With the deal, Roche agreed to pay more than twice the US company's closing price on Feb. 22. As of Tuesday, Roche held more than 60% of Spark shares.

"Following completion of the merger, Spark will become a wholly-owned subsidiary of Roche," Roche said.

Lucrative, competitive

Hemophilia A, where sufferers lack a protein needed for blood clotting, has traditionally been one of the most expensive - and for companies, lucrative - treatment areas.

Traditional treatments can in some cases run into millions of dollars annually.

Spark's haemophilia A treatment is up against a crowded pool of gene therapy hopefuls, something the FTC said influenced its decision not to block the deal.

Biomarin Pharmaceutical is seen filing for approval this year, while Sangamo Therapeutics Inc and <a href="https://www.wionews.com/business-economy/pfizer-decides-not-to-split-into-two-6818">Pfizer Inc</a> are steadily producing data from studies.

"As the other companies endeavour to bring their gene therapies to market, Roche would have the incentive to accelerate, rather than decelerate, the development of Spark’s gene therapy," the FTC said.

Roche stock eased 0.2 per cent&nbsp;in early trading.

Swiss drugmaker Roche plans to complete its $4.3 billion takeover of gene therapy specialist Spark Therapeutics on Tuesday after U.S. and British authorities ruled the deal would not hurt competition in haemophilia A treatment.

Swiss drugmaker Roche plans to complete its $4.3 billion takeover of gene therapy specialist Spark Therapeutics on Tuesday after U.S. and British authorities ruled the deal would not hurt competition in haemophilia A treatment. The Federal Trade Commission (FTC) and Britain's Competition and Markets Authority (CMA) approved the deal on Monday without demanding asset sales. Roche is buying U.S.-based Spark to expand in gene therapy and boost its haemophilia A portfolio, where the Basel-based company's existing drug Hemlibra will surpass $1 billion sales in 2019. Regulators had feared Roche might sabotage Spark's haemophilia program to benefit Hemlibra, but came to another conclusion. "The evidence developed during staff's investigation did not indicate that Roche would have the incentive to delay or terminate Spark's developmental effort for its haemophilia A gene therapy," the FTC said after its 5-0 approval vote. Clearance for Roche to buy Spark helps reduce the chance the Swiss drugmaker will be eclipsed in one of the industry's most dynamic and potentially profitable areas, as it was by Merck and Bristol-Myers Squibb in immune therapies for cancer. "That's why the market was increasingly worried that the deal announced in February was taking so long," said Michael Nawrath, an analyst at Zuercher Kantonalbank. The deal follows Novartis's $8.7 billion takeover of gene therapy specialist AveXis in 2018. Beyond haemophilia, Spark is also working on gene therapies for Pompe and Huntington's diseases, among others. With the deal, Roche agreed to pay more than twice the US company's closing price on Feb. 22. As of Tuesday, Roche held more than 60% of Spark shares. "Following completion of the merger, Spark will become a wholly-owned subsidiary of Roche," Roche said. Lucrative, competitive Hemophilia A, where sufferers lack a protein needed for blood clotting, has traditionally been one of the most expensive - and for companies, lucrative - treatment areas. Traditional treatments can in some cases run into millions of dollars annually. Spark's haemophilia A treatment is up against a crowded pool of gene therapy hopefuls, something the FTC said influenced its decision not to block the deal. Biomarin Pharmaceutical is seen filing for approval this year, while Sangamo Therapeutics Inc and Pfizer Inc are steadily producing data from studies. "As the other companies endeavour to bring their gene therapies to market, Roche would have the incentive to accelerate, rather than decelerate, the development of Spark’s gene therapy," the FTC said. Roche stock eased 0.2 per cent in early trading.

Roche to complete $4.3 billion Spark deal as regulators give all clear

The boards of <a href="https://www.wionews.com/business-economy/fiat-chrysler-to-recall-nearly-700000-suvs-for-electrical-fault-risk-263669">Fiat Chrysler Automobiles</a> NV FCHA.MI&nbsp;and <a href="https://www.wionews.com/business-economy/fiat-chrysler-says-peugeot-talks-progressing-despite-general-motors-lawsuit-263632">Peugeot</a> SA PEUP.PA&nbsp;will meet separately on Tuesday to discuss finalising an initial agreement for a $50 billion (38.9 billion pounds) merger to create the world's number four carmaker, sources said.

A source close to FCA said the two companies could announce the signing of a binding memorandum early on Wednesday, followed by a conference call to explain further details later in the day.

The <a href="https://www.wionews.com/business-economy/fiat-chrysler-and-psa-confirm-talks-over-potential-tie-up-258778">two mid-sized</a> carmakers announced plans six weeks ago for a tie-up to help them deal with big challenges in the industry, including a global demand downturn and the need to develop costly cleaner cars to meet looming anti-pollution rules.

Ahead of the meetings, entities representing the Peugeot family, Etablissements Peugeot Freres (EPF) and FFP, unanimously approved a proposed memorandum of understanding for the planned merger, a source familiar with the situation said.

FCA and PSA have said they would seek to finalise a deal by year-end to create a group with 8.7 million in annual vehicle sales.

That would put it fourth globally behind Volkswagen, Toyota and the <a href="https://www.wionews.com/business-economy/renault-nissan-alliance-in-flux-a-year-after-ghosn-shock-262664">Renault-Nissan alliance</a>.

PSA's <a href="https://www.wionews.com/business-economy/new-psa-fiat-chrysler-management-to-try-to-improve-cost-savings-260788">Carlos Tavares </a>will be chief executive and FCA's John Elkann - the scion of Italy's Agnelli family, which controls FCA through their holding company Exor EXOR.MI&nbsp;- chairman of the combined company.

The group will include the Fiat, Jeep, Dodge, Ram, Chrysler, Alfa Romeo, Maserati, Peugeot, DS, Opel and Vauxhall brands, allowing it to serve mass and premium passenger car markets as well as those for trucks and light commercial vehicles.

The boards of Fiat Chrysler Automobiles NV FCHA.MI and Peugeot SA PEUP.PA will meet separately on Tuesday to discuss finalising an initial agreement for a $50 billion (38.

The boards of Fiat Chrysler Automobiles NV FCHA.MI and Peugeot SA PEUP.PA will meet separately on Tuesday to discuss finalising an initial agreement for a $50 billion (38.9 billion pounds) merger to create the world's number four carmaker, sources said. A source close to FCA said the two companies could announce the signing of a binding memorandum early on Wednesday, followed by a conference call to explain further details later in the day. The two mid-sized carmakers announced plans six weeks ago for a tie-up to help them deal with big challenges in the industry, including a global demand downturn and the need to develop costly cleaner cars to meet looming anti-pollution rules. Ahead of the meetings, entities representing the Peugeot family, Etablissements Peugeot Freres (EPF) and FFP, unanimously approved a proposed memorandum of understanding for the planned merger, a source familiar with the situation said. FCA and PSA have said they would seek to finalise a deal by year-end to create a group with 8.7 million in annual vehicle sales. That would put it fourth globally behind Volkswagen, Toyota and the Renault-Nissan alliance. PSA's Carlos Tavares will be chief executive and FCA's John Elkann - the scion of Italy's Agnelli family, which controls FCA through their holding company Exor EXOR.MI - chairman of the combined company. The group will include the Fiat, Jeep, Dodge, Ram, Chrysler, Alfa Romeo, Maserati, Peugeot, DS, Opel and Vauxhall brands, allowing it to serve mass and premium passenger car markets as well as those for trucks and light commercial vehicles.

Fiat Chrysler, Peugeot boards meet to finalise merger: Report

India, the world's biggest <a href="https://www.wionews.com/business-economy/indias-sugar-output-seen-falling-global-deficit-rises-fcstone-259213">sugar</a> producer, is poised to break its own export record this year thanks to a flurry of overseas sales in the past few months, prompted by attractive global prices, trade, and industry officials said on Tuesday.

Sugar mills in India have done deals to export 2 million tonnes in the new season that began on October&nbsp;1, 2019, raising hopes that the country would sell at least 5 million tonnes on the world market in the 2019/20 season, nearly a third higher than the previous year.

"Looking at the current trend, I can tell you with a lot of confidence that we'll be able to export at least 5 million tonnes this year," said a New Delhi-based dealer from the Indian unit of a global trading firm.

At 5 million tonnes, Indian exports would surpass their previous peak of 4.96 million tonnes shipped in 2007/08 according to trade and industry data. This was spurred by a rally in international prices, a weak Indian rupee and a clutch of government subsidies which made exports lucrative.

"Compared to last year, exports got the momentum this year from the start of the season due to an improvement in sugar prices," said Rahil Shaikh, managing director of MEIR Commodities India.

A sharp increase in exports from India, also the world's biggest sugar consumer, could weigh on benchmark prices in New York and London and trim the market share of rivals Brazil, Thailand and Australia, the world’s top sugar suppliers.

Higher sugar shipments from India could intensify a trade dispute at the World Trade Organization (<a href="https://www.wionews.com/business-economy/wto-authorises-chinese-tariffs-on-36-billion-in-us-goods-in-anti-dumping-tiff-259385">WTO</a>).

Brazil has already said India's subsidies for sugar exports were not in line with WTO rules and would hurt free competition in the global market. Brazil, Australia, and Guatemala have questioned the subsidies at the WTO.

India, struggling with surplus sugar supplies, has approved a subsidy of 10,448 rupees ($145.58) a tonne for exports in the 2019/20 season a move that encouraged mills to clinch overseas sales deals early this year.

Traders have contracted to export raw sugar at an average $300 a tonne and white sugar $330 a tonne on a free-on-board (FOB) basis, three dealers directly involved in the deals said. They did not wish to be identified in line with their organisations' policies.

In contrast to the 2 million tonnes of exports contracted so far this year, in the first three of the 2018/19 season, Indian mills were only able to sell about 850,000 tonnes of sugar.

India, the world's biggest sugar producer, is poised to break its own export record this year thanks to a flurry of overseas sales in the past few months, prompted by attractive global prices, trade, and industry officials said on Tuesday.

India, the world's biggest sugar producer, is poised to break its own export record this year thanks to a flurry of overseas sales in the past few months, prompted by attractive global prices, trade, and industry officials said on Tuesday. Sugar mills in India have done deals to export 2 million tonnes in the new season that began on October 1, 2019, raising hopes that the country would sell at least 5 million tonnes on the world market in the 2019/20 season, nearly a third higher than the previous year. "Looking at the current trend, I can tell you with a lot of confidence that we'll be able to export at least 5 million tonnes this year," said a New Delhi-based dealer from the Indian unit of a global trading firm. At 5 million tonnes, Indian exports would surpass their previous peak of 4.96 million tonnes shipped in 2007/08 according to trade and industry data. This was spurred by a rally in international prices, a weak Indian rupee and a clutch of government subsidies which made exports lucrative. "Compared to last year, exports got the momentum this year from the start of the season due to an improvement in sugar prices," said Rahil Shaikh, managing director of MEIR Commodities India. A sharp increase in exports from India, also the world's biggest sugar consumer, could weigh on benchmark prices in New York and London and trim the market share of rivals Brazil, Thailand and Australia, the world’s top sugar suppliers. Higher sugar shipments from India could intensify a trade dispute at the World Trade Organization (WTO). Brazil has already said India's subsidies for sugar exports were not in line with WTO rules and would hurt free competition in the global market. Brazil, Australia, and Guatemala have questioned the subsidies at the WTO. India, struggling with surplus sugar supplies, has approved a subsidy of 10,448 rupees ($145.58) a tonne for exports in the 2019/20 season a move that encouraged mills to clinch overseas sales deals early this year. Traders have contracted to export raw sugar at an average $300 a tonne and white sugar $330 a tonne on a free-on-board (FOB) basis, three dealers directly involved in the deals said. They did not wish to be identified in line with their organisations' policies. In contrast to the 2 million tonnes of exports contracted so far this year, in the first three of the 2018/19 season, Indian mills were only able to sell about 850,000 tonnes of sugar.

Indian sugar exports poised to hit record 5 million tonnes this year

The number of people in employment rose by 24,000 to 32.8 million in the August-to-October period, bucking the median forecast for a drop of 10,000 in a Reuters poll of economists.

The employment rate hit an all-time high of 76.2 per cent&nbsp;while the unemployment rate fell back to its lowest level since the three months to January 1975 at 3.8 per cent.

"The larger-than-expected rise in employment in October suggests the labour market is not getting any worse and may have even started to turn around," said Andrew Wishart at Capital Economics.

The increase in jobs was driven by a rise in the number of self-employed workers and full-time staff, while the number of part-time employees fell.

British government bond prices fell by a small amount as investors viewed the chance of a Bank of England interest rate cut next year as slightly lower.

Britain's labour market has stayed strong even as the economy slowed following the 2016 referendum vote to leave the European Union. That is due in part to employers, who are uncertain about what Brexit will bring, hiring staff who can be laid off easily rather than making longer-term commitments to invest in equipment.

But there had been signs recently that the jobs boom was weakening. These prompted two interest-rate setters at the Bank of England to vote for a cut to borrowing costs last month, and they are expected to do so again this week.

Prime Minister Boris Johnson last week reduced some of the uncertainty hanging over the economy by winning a big majority in a national election, ending any doubts about whether Britain would <a href="https://www.wionews.com/world/first-stop-brexit-uks-johnson-gets-down-to-work-268636">leave</a> the European Union on the new date of January&nbsp;31.

Watch:&nbsp;UK PM Boris Johnson promises the speedy Brexit, to happen before January 31

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But nerves about Brexit could return soon. Johnson plans to pass a law ruling out any extension of the Brexit transition period beyond the end of 2020, saying he is confident he will clinch a free trade deal with the European Union by then.

There were some signs of caution among employers in Tuesday's data. Vacancies were the lowest since the three months to August 2017 at 794,000.

The Office for National Statistics also said average <a href="https://www.wionews.com/business-economy/sterling-rebounds-on-eve-of-uk-election-267749">earnings rose</a> by an annual 3.2 per cent, the weakest increase in more than a year and slowing sharply from growth of 3.7 per cent&nbsp;in the three months to September. The ONS attributed much of the slowdown, however, to high bonus payments in October 2018 which distorted the comparison.

Excluding bonuses, pay growth slowed less sharply to 3.5 per cent&nbsp;from 3.6 per cent&nbsp;in the three months to September and was above the polls forecast of 3.4 per cent.

The number of people in employment rose by 24,000 to 32.8 million in the August-to-October period, bucking the median forecast for a drop of 10,000 in a Reuters poll of economists.

The number of people in employment rose by 24,000 to 32.8 million in the August-to-October period, bucking the median forecast for a drop of 10,000 in a Reuters poll of economists. The employment rate hit an all-time high of 76.2 per cent while the unemployment rate fell back to its lowest level since the three months to January 1975 at 3.8 per cent. "The larger-than-expected rise in employment in October suggests the labour market is not getting any worse and may have even started to turn around," said Andrew Wishart at Capital Economics. The increase in jobs was driven by a rise in the number of self-employed workers and full-time staff, while the number of part-time employees fell. British government bond prices fell by a small amount as investors viewed the chance of a Bank of England interest rate cut next year as slightly lower. Britain's labour market has stayed strong even as the economy slowed following the 2016 referendum vote to leave the European Union. That is due in part to employers, who are uncertain about what Brexit will bring, hiring staff who can be laid off easily rather than making longer-term commitments to invest in equipment. But there had been signs recently that the jobs boom was weakening. These prompted two interest-rate setters at the Bank of England to vote for a cut to borrowing costs last month, and they are expected to do so again this week. Prime Minister Boris Johnson last week reduced some of the uncertainty hanging over the economy by winning a big majority in a national election, ending any doubts about whether Britain would leave the European Union on the new date of January 31. Watch: UK PM Boris Johnson promises the speedy Brexit, to happen before January 31 × But nerves about Brexit could return soon. Johnson plans to pass a law ruling out any extension of the Brexit transition period beyond the end of 2020, saying he is confident he will clinch a free trade deal with the European Union by then. There were some signs of caution among employers in Tuesday's data. Vacancies were the lowest since the three months to August 2017 at 794,000. The Office for National Statistics also said average earnings rose by an annual 3.2 per cent, the weakest increase in more than a year and slowing sharply from growth of 3.7 per cent in the three months to September. The ONS attributed much of the slowdown, however, to high bonus payments in October 2018 which distorted the comparison. Excluding bonuses, pay growth slowed less sharply to 3.5 per cent from 3.6 per cent in the three months to September and was above the polls forecast of 3.4 per cent.

UK jobs growth resumes, unemployment rate near 45-year low

<a href="https://www.wionews.com/business-economy/unilevers-marijn-dekkers-to-step-down-as-chairman-261780">Unilever Plc</a>&nbsp;will miss its underlying sales target this year, the consumer goods giant warned on Tuesday, sending shares in the maker of Dove soap and Ben &amp; Jerry's ice cream into their steepest fall in six months.

In an unscheduled trading update, Anglo-Dutch Unilever also struck a downbeat tone on its prospects for meeting its mid-term target for sales growth of 3-5 per cent next year.

"Looking ahead to 2020, growth will be second-half weighted. While we expect improvement in H1 2020 versus this quarter, we expect that first half growth will be below 3 per cent," Chief Executive Alan Jope said in a statement.

"Our full-year underlying sales growth is expected to be in the lower half of the multi-year range," added Jope, who took on the top job earlier this year.

Shares in Unilever were down 5.1 per cent&nbsp;at 1025 GMT, while rival <a href="https://www.wionews.com/business-economy/loreal-nestle-turn-out-to-be-the-biggest-winners-at-alibabas-singles-day-shopping-fest-261650">Nestle </a>slipped 1.2 per cent.

Unilever's forecast implies it suffered its lowest fourth-quarter sales growth in more than a decade, RBC analysts said.

Earnings, margins and cash are not expected to be impacted by the slower sales growth, the company said.

Developed economies have been a drag for Unilever for several quarters, where growing numbers of consumers are turning to fresher foods, niche brands or cutting back on spending.

Growth in South Asia - India, Bangladesh, Pakistan, Sri Lanka and Nepal - slowed to 5 per cent this year, Jope said on a media call, marking a "significant deceleration" from last year's 10 per cent&nbsp;rise.

Much of this was caused by a sharp slowdown in consumption in rural India, where growth for the first time is underperforming urban markets, Jope said.

India is Unilever's second-biggest market after the United States, contributing nearly 10 per cent&nbsp;of its group revenue.

"When India takes a slowdown, we definitely feel it ...but this is more turbulent than normal," Jope said, adding that he expects the market to recover in the second half of 2020.

Unilever Plc will miss its underlying sales target this year, the consumer goods giant warned on Tuesday, sending shares in the maker of Dove soap and Ben & Jerry's ice cream into their steepest fall in six months.

Unilever Plc will miss its underlying sales target this year, the consumer goods giant warned on Tuesday, sending shares in the maker of Dove soap and Ben & Jerry's ice cream into their steepest fall in six months. In an unscheduled trading update, Anglo-Dutch Unilever also struck a downbeat tone on its prospects for meeting its mid-term target for sales growth of 3-5 per cent next year. "Looking ahead to 2020, growth will be second-half weighted. While we expect improvement in H1 2020 versus this quarter, we expect that first half growth will be below 3 per cent," Chief Executive Alan Jope said in a statement. "Our full-year underlying sales growth is expected to be in the lower half of the multi-year range," added Jope, who took on the top job earlier this year. Shares in Unilever were down 5.1 per cent at 1025 GMT, while rival Nestle slipped 1.2 per cent. Unilever's forecast implies it suffered its lowest fourth-quarter sales growth in more than a decade, RBC analysts said. Earnings, margins and cash are not expected to be impacted by the slower sales growth, the company said. Developed economies have been a drag for Unilever for several quarters, where growing numbers of consumers are turning to fresher foods, niche brands or cutting back on spending. Growth in South Asia - India, Bangladesh, Pakistan, Sri Lanka and Nepal - slowed to 5 per cent this year, Jope said on a media call, marking a "significant deceleration" from last year's 10 per cent rise. Much of this was caused by a sharp slowdown in consumption in rural India, where growth for the first time is underperforming urban markets, Jope said. India is Unilever's second-biggest market after the United States, contributing nearly 10 per cent of its group revenue. "When India takes a slowdown, we definitely feel it ...but this is more turbulent than normal," Jope said, adding that he expects the market to recover in the second half of 2020.

Unilever shares slide after warning of sales miss

Scarce palladium soared on Tuesday, nearing a breach of the $2,000 an ounce level for the first time, with a "phase one" <a href="https://www.wionews.com/business-economy/gold-prices-steady-as-us-china-trade-deal-doubts-linger-263135">US-China trade deal</a> driving prospects of a pick-up in demand and helping the autocatalyst metal extend a record run.

Palladium was up 0.6 per cent&nbsp;at $1,989.58 an ounce at 1035 GMT, after hitting an all-time high of $1,998.43.

"Supply is tight in the palladium market and when you're adding the speculation about a potential pick-up in demand due to recovery in the global economy, you have a perfect storm of bullish news continuing to keep it supported," Saxo Bank analyst <a href="https://www.wionews.com/business-economy/oil-prices-rise-nearly-3-on-china-service-sector-expansion-247634">Ole Hansen</a> said.

However, he added: "Liquidity is poor, which means that if we see a correction, it can be quite brutal and could take palladium back down towards $1,850, although there are no signs of that right now."

The phase one trade deal has been "absolutely completed", a top White House adviser said on Monday. However, Chinese officials have been more cautious, emphasizing the dispute has not been completely settled.

Palladium, used mainly in vehicle catalytic converters, has gained more than 57 per cent&nbsp;so far this year because of a sustained supply crunch.

"We look set for an imminent test above $2,000," <a href="https://www.wionews.com/business-economy/gold-up-in-wake-of-weak-us-jobs-data-5941/amp">MKS PAMP</a> said in a note.

Elsewhere, gold prices rose due to uncertainty driven by a lack of concrete details about the interim trade deal.

Spot gold rose 0.2 per cent&nbsp;to $1,478.41 per ounce. US&nbsp;gold futures were also up 0.2 per cent, at $1,482.90.

The trade dispute will be an influencing factor for gold throughout next year, said Commerzbank analyst Daniel Briesemann, adding a phase two deal would be much more difficult since a lot of critical issues had been left out of the current agreement.

"We must be prepared for some volatility and uncertainty. It's not yet a done deal."

Gold, considered a safe investment during political and economic uncertainty, has gained about 15 per cent&nbsp;this year, mainly driven by the 17-month-long tariff war and its impact on the global economy.

Also helping bullion, European stocks slid from record highs on reports that Britain's prime minister was ready to play rough in Brexit talks, souring sentiment somewhat after a record rally during the Asian session on the trade optimism.

Silver was 0.2 per cent higher at $17.07 per ounce, while platinum gained 0.3 per cent&nbsp;to $932.32.

Scarce palladium soared on Tuesday, nearing a breach of the $2,000 an ounce level for the first time, with a "phase one" US-China trade deal driving prospects of a pick-up in demand and helping the autocatalyst metal extend a record run.

Scarce palladium soared on Tuesday, nearing a breach of the $2,000 an ounce level for the first time, with a "phase one" US-China trade deal driving prospects of a pick-up in demand and helping the autocatalyst metal extend a record run. Palladium was up 0.6 per cent at $1,989.58 an ounce at 1035 GMT, after hitting an all-time high of $1,998.43. "Supply is tight in the palladium market and when you're adding the speculation about a potential pick-up in demand due to recovery in the global economy, you have a perfect storm of bullish news continuing to keep it supported," Saxo Bank analyst Ole Hansen said. However, he added: "Liquidity is poor, which means that if we see a correction, it can be quite brutal and could take palladium back down towards $1,850, although there are no signs of that right now." The phase one trade deal has been "absolutely completed", a top White House adviser said on Monday. However, Chinese officials have been more cautious, emphasizing the dispute has not been completely settled. Palladium, used mainly in vehicle catalytic converters, has gained more than 57 per cent so far this year because of a sustained supply crunch. "We look set for an imminent test above $2,000," MKS PAMP said in a note. Elsewhere, gold prices rose due to uncertainty driven by a lack of concrete details about the interim trade deal. Spot gold rose 0.2 per cent to $1,478.41 per ounce. US gold futures were also up 0.2 per cent, at $1,482.90. The trade dispute will be an influencing factor for gold throughout next year, said Commerzbank analyst Daniel Briesemann, adding a phase two deal would be much more difficult since a lot of critical issues had been left out of the current agreement. "We must be prepared for some volatility and uncertainty. It's not yet a done deal." Gold, considered a safe investment during political and economic uncertainty, has gained about 15 per cent this year, mainly driven by the 17-month-long tariff war and its impact on the global economy. Also helping bullion, European stocks slid from record highs on reports that Britain's prime minister was ready to play rough in Brexit talks, souring sentiment somewhat after a record rally during the Asian session on the trade optimism. Silver was 0.2 per cent higher at $17.07 per ounce, while platinum gained 0.3 per cent to $932.32.

Deficit-hit palladium takes aim at $2,000 ceiling in record run

Cash-strapped carrier <a href="https://www.wionews.com/business-economy/hong-kong-airlines-told-to-improve-finances-or-risk-losing-licence-265751">Hong Kong Airlines</a> has had seven idle planes impounded at the city's airport after it failed to make payments, authorities said Tuesday, with the firm hit by a plunge in tourist numbers caused by long-running protests.

The Airport Authority announced the seized planes under an ordinance that addresses overdue charges.

"The Airport Authority understands that the detained aircraft have not been operated for passenger service in recent months," a spokesman said.

The rule allows the city's air regulators to impound planes for non-payment of charges and that aircraft can be sold after 60 days if the account is not settled.

Hong Kong Airlines, which has a fleet of 39 planes, said the impounded aircraft were not currently operating passenger routes.

"Our operation remains normal," the carrier said in a statement.

The seizures will deepen concerns over the health of Hong Kong Airlines. The firm is owned by the struggling Chinese conglomerate HNA Group, which has been looking to lower its debt burden.

The airline has been hammered by a sharp drop-off in tourists to Hong Kong as the city convulses from six months of violent pro-democracy protests.

Earlier this month, regulators threatened to suspend its licence unless it found new cash revenues after the company announced it was delaying some salary payments to staff.

The carrier found a last-minute injection of funds, earning a reprieve.

Visitor arrivals have tanked during the protests with passengers from the Chinese mainland plummeting, hammering retail sales and helping tip the city into recession.

Hong Kong airline <a href="https://www.wionews.com/business-economy/cathay-pacific-shares-in-choppy-trade-after-shock-exit-of-ceo-rupert-hogg-243986">Cathay Pacific</a> on Tuesday announced it carried just under 2,624,000 passengers last month a drop of nine percent in November last year.

Cathay Pacific was criticised by Chinese state media and authorities earlier this year because some of its 27,000 employees took part in or were sympathetic to anti-government demonstrations in Hong Kong.

Cash-strapped carrier Hong Kong Airlines has had seven idle planes impounded at the city's airport after it failed to make payments, authorities said Tuesday, with the firm hit by a plunge in tourist numbers caused by long-running protests.

Cash-strapped carrier Hong Kong Airlines has had seven idle planes impounded at the city's airport after it failed to make payments, authorities said Tuesday, with the firm hit by a plunge in tourist numbers caused by long-running protests. The Airport Authority announced the seized planes under an ordinance that addresses overdue charges. "The Airport Authority understands that the detained aircraft have not been operated for passenger service in recent months," a spokesman said. The rule allows the city's air regulators to impound planes for non-payment of charges and that aircraft can be sold after 60 days if the account is not settled. Hong Kong Airlines, which has a fleet of 39 planes, said the impounded aircraft were not currently operating passenger routes. "Our operation remains normal," the carrier said in a statement. The seizures will deepen concerns over the health of Hong Kong Airlines. The firm is owned by the struggling Chinese conglomerate HNA Group, which has been looking to lower its debt burden. The airline has been hammered by a sharp drop-off in tourists to Hong Kong as the city convulses from six months of violent pro-democracy protests. Earlier this month, regulators threatened to suspend its licence unless it found new cash revenues after the company announced it was delaying some salary payments to staff. The carrier found a last-minute injection of funds, earning a reprieve. Visitor arrivals have tanked during the protests with passengers from the Chinese mainland plummeting, hammering retail sales and helping tip the city into recession. Hong Kong airline Cathay Pacific on Tuesday announced it carried just under 2,624,000 passengers last month a drop of nine percent in November last year. Cathay Pacific was criticised by Chinese state media and authorities earlier this year because some of its 27,000 employees took part in or were sympathetic to anti-government demonstrations in Hong Kong.

Seven Hong Kong Airlines planes impounded by authority over failed payments

Spain's <a href="https://www.wionews.com/business-economy/telefonica-deutschland-picks-nokia-and-huawei-for-5g-network-267684">Telefonica</a> plans to drastically reduce the amount of equipment it buys from Chinese technology giant Huawei for the core of its next-generation mobile networks in Europe, its Chief Technology and Information Officer (CTIO) said.

Europe's fourth-largest telecoms group will buy from several different providers the pieces of the most sensitive part of its infrastructure, which will use so-called 5G technology to handle ever more data and connect billions of devices.

Choosing manufacturers for network equipment has become a political hot potato since Washington imposed an export <a href="https://www.wionews.com/business-economy/huawei-ceo-says-underestimated-impact-of-us-ban-sees-revenue-dip-227902">ban on Huawei</a>, the global market leader, but Telefonica's shift away was "a purely technical decision", CTIO Enrique Blanco said.

Until now, Telefonica has relied entirely on Huawei for its core 4G networks in key markets of Spain and Germany, but under the new strategy, this will disappear by 2024.

Huawei equipment slots less well into networks whose various layers come from different providers, a structure which helps ensure security of service, Blanco said.

"When the core comes from a single vendor, the probability is high that a failure in one part stops the whole network," he said.

Telefonica has seen no evidence to support President <a href="https://www.wionews.com/videos/us-president-donald-trump-denies-business-possibility-with-huawei-244146">Donald Trump</a>'s allegations that Huawei gear is insecure, Blanco said. Huawei and Beijing have denied the accusations.

"We have no evidence of back doors ... we monitor every day," he said, referring to loopholes that would enable China to spy on other countries.

Nevertheless, protection of data was a motivating factor in the decision to use multiple suppliers.

This way, "no vendor, regardless of their nationality, has all the information in their system," Blanco said.

The Madrid-based company will continue to buy from Huawei the radios and antennas that connect smartphones to the mobile network, equipment which accounts for the bulk of the cost, Blanco said.

Fellow European operators Vodafone and Deutsche Telekom are also opting for multiple vendors, but the latter is holding off from signing any contracts until <a href="https://www.wionews.com/world/us-warns-germany-a-huawei-deal-could-hurt-intelligence-sharing-202739">German</a> politicians agree on whether to bar Huawei on national security grounds.

Spain's Telefonica plans to drastically reduce the amount of equipment it buys from Chinese technology giant Huawei for the core of its next-generation mobile networks in Europe, its Chief Technology and Information Officer (CTIO) said.

Spain's Telefonica plans to drastically reduce the amount of equipment it buys from Chinese technology giant Huawei for the core of its next-generation mobile networks in Europe, its Chief Technology and Information Officer (CTIO) said. Europe's fourth-largest telecoms group will buy from several different providers the pieces of the most sensitive part of its infrastructure, which will use so-called 5G technology to handle ever more data and connect billions of devices. Choosing manufacturers for network equipment has become a political hot potato since Washington imposed an export ban on Huawei, the global market leader, but Telefonica's shift away was "a purely technical decision", CTIO Enrique Blanco said. Until now, Telefonica has relied entirely on Huawei for its core 4G networks in key markets of Spain and Germany, but under the new strategy, this will disappear by 2024. Huawei equipment slots less well into networks whose various layers come from different providers, a structure which helps ensure security of service, Blanco said. "When the core comes from a single vendor, the probability is high that a failure in one part stops the whole network," he said. Telefonica has seen no evidence to support President Donald Trump's allegations that Huawei gear is insecure, Blanco said. Huawei and Beijing have denied the accusations. "We have no evidence of back doors ... we monitor every day," he said, referring to loopholes that would enable China to spy on other countries. Nevertheless, protection of data was a motivating factor in the decision to use multiple suppliers. This way, "no vendor, regardless of their nationality, has all the information in their system," Blanco said. The Madrid-based company will continue to buy from Huawei the radios and antennas that connect smartphones to the mobile network, equipment which accounts for the bulk of the cost, Blanco said. Fellow European operators Vodafone and Deutsche Telekom are also opting for multiple vendors, but the latter is holding off from signing any contracts until German politicians agree on whether to bar Huawei on national security grounds.

Telefonica to drastically reduce Huawei kit for its core 5G network

Samsung Electronics Co Ltd board chairman Lee Sang-hoon was sentenced to 1-1/2 years <a href="https://www.wionews.com/business-economy/south-korea-jails-three-executives-of-samsung-electronics-267180">jail</a> on Tuesday for sabotaging legitimate union activities, a South Korean court said.

Lee and about 25 other defendants were charged with sabotaging union activities by subcontracted workers at Samsung Electronics' repair unit, Samsung Electronics Service Co Ltd.

When union activities took place at Samsung Electronics Service in 2013, Samsung Group's now-defunct elite strategy office developed and implemented strategies to hinder the union's operation, Seoul Central District Court ruled.

Samsung executives and employees were, to different degrees, involved in finding out sensitive information about union members to convince them to leave the union, inducing the closure of subcontracting firms with active unions and delaying negotiations between labour and management.

Samsung Electronics declined to comment.

“This is a further signal of change for South Korean judicial system, which previously gave lenient sentences to convicted businessmen,” said Park Sang-in, a professor at Seoul National University.

Samsung’s new leader, <a href="https://www.wionews.com/world/south-korean-prosecutors-seek-12-year-jail-term-for-samsung-heir-lee-27847">Jay Y. Lee</a> needed to "build industrial relations which are in line with global standards," he added.

The verdict follows last week's ruling by the same court that gave a 16-month jail term to Samsung Electronics Vice-President Kang Kyung-hoon on charges of union-busting activities at a different Samsung affiliate.

Samsung Electronics Co Ltd board chairman Lee Sang-hoon was sentenced to 1-1/2 years jail on Tuesday for sabotaging legitimate union activities, a South Korean court said.

Samsung Electronics Co Ltd board chairman Lee Sang-hoon was sentenced to 1-1/2 years jail on Tuesday for sabotaging legitimate union activities, a South Korean court said. Lee and about 25 other defendants were charged with sabotaging union activities by subcontracted workers at Samsung Electronics' repair unit, Samsung Electronics Service Co Ltd. When union activities took place at Samsung Electronics Service in 2013, Samsung Group's now-defunct elite strategy office developed and implemented strategies to hinder the union's operation, Seoul Central District Court ruled. Samsung executives and employees were, to different degrees, involved in finding out sensitive information about union members to convince them to leave the union, inducing the closure of subcontracting firms with active unions and delaying negotiations between labour and management. Samsung Electronics declined to comment. “This is a further signal of change for South Korean judicial system, which previously gave lenient sentences to convicted businessmen,” said Park Sang-in, a professor at Seoul National University. Samsung’s new leader, Jay Y. Lee needed to "build industrial relations which are in line with global standards," he added. The verdict follows last week's ruling by the same court that gave a 16-month jail term to Samsung Electronics Vice-President Kang Kyung-hoon on charges of union-busting activities at a different Samsung affiliate.

Samsung Electronics board chairman jailed on union-busting charge

Indian <a href="https://www.wionews.com/india-general-elections-2019/sensex-crosses-40000-mark-as-election-trends-show-second-term-for-narendra-modi-220820">Stock Markets</a> on Monday erased early gains to trade marginally higher in the first hour of trade.

At 12 afternoon Sensex was trading 15.70 points higher at 41,025.41 and Nifty traded 4.15 points lower at 12,082.55.&nbsp;

Earlier in the day, Sensex hit a new record high of 41,185.03 points.&nbsp;

At 9:17 am, the Sensex was up 117.03 points, or 0.29%, at 41,126.74. Nifty too was trading higher by 35.80 points to 12,122.50.

The Competition Commission of India on Friday approved the acquisition of a stake in SBI General Insurance Company by Napean Opportunities LLP and Honey Wheat Investment Ltd. State Bank of India will continue to hold a majority stake in its insurance arm.

Shares of private sector lender Yes Bank Ltd were the top gainer on the NSE index in early trade, rising nearly 3%.

However, strength in oil prices, which were at three-month highs, sent shares of state-run oil marketing companies lower. Hindustan Petroleum Corp and Bharat Petroleum Corp inched 0.6% and 0.27% lower, respectively.

(With inputs from agencies)

Indian Stock Markets on Monday erased early gains to trade marginally higher in the first hour of trade. At 12 afternoon Sensex was trading 15.70 points higher at 41,025.

Indian Stock Markets on Monday erased early gains to trade marginally higher in the first hour of trade. At 12 afternoon Sensex was trading 15.70 points higher at 41,025.41 and Nifty traded 4.15 points lower at 12,082.55. Earlier in the day, Sensex hit a new record high of 41,185.03 points. At 9:17 am, the Sensex was up 117.03 points, or 0.29%, at 41,126.74. Nifty too was trading higher by 35.80 points to 12,122.50. The Competition Commission of India on Friday approved the acquisition of a stake in SBI General Insurance Company by Napean Opportunities LLP and Honey Wheat Investment Ltd. State Bank of India will continue to hold a majority stake in its insurance arm. Shares of private sector lender Yes Bank Ltd were the top gainer on the NSE index in early trade, rising nearly 3%. However, strength in oil prices, which were at three-month highs, sent shares of state-run oil marketing companies lower. Hindustan Petroleum Corp and Bharat Petroleum Corp inched 0.6% and 0.27% lower, respectively. (With inputs from agencies)

Sensex, Nifty erase gains to trade flat

China enjoyed a better-than-expected pick-up in the key retail and industrial sectors in November, data showed Monday, providing a further boost to Beijing after finally agreeing a mini trade pact with the United States last week.

The readings come at the end of a tough year for the world's number two economy, which is expanding at its weakest rate for three decades as it is buffeted by the long-running trade war with Washington as well as a slowdown in global demand for its goods.

Industrial production increased by 6.2 per cent on-year last month, up from 4.7 per cent in October and the best reading in six months.

There was also positive news for the country's shops, with retail sales up 8.0 pe rcent, compared with a 7.2 per cent rise the month before.

The figures exceeded expectations, with analysts surveyed by Bloomberg predicting just 5.0 per cent growth in industrial production and 7.6 per cent in retail sales.

Fu Linghui, spokesman at the<a href="https://www.wionews.com/world/chinas-factory-prices-fall-faster-as-weak-demand-hits-economy-248722"> National Bureau of Statistics</a>, said the key economic indicators "performed better than expected" in the "face of mounting risks and challenges both at home and abroad".

But he warned there was still "downward pressure" on the Chinese economy owing to "increasing external instabilities and uncertainties".

Investment in fixed capital was up 5.2 per cent, the same as October and in line with predictions.

In November, Chinese shoppers set new records for spending during the annual "Singles' Day" buying spree, with e-commerce giant <a href="https://www.wionews.com/business-economy/hong-kongs-future-is-bright-says-alibaba-262275">Alibaba</a> saying consumers spent $38.3 billion on its platforms during the world's biggest 24-hour shopping event.

The figure was up 26 percent from the previous all-time high set last year.

China's economy is in an extended slowdown and the <a href="https://www.wionews.com/business-economy/alibaba-singles-day-sales-hit-1-billion-in-one-minute-eight-seconds-261250">Singles' Day</a> fire sale is viewed as a snapshot of consumer sentiment.

Economic growth slowed to six percent in the third quarter the most sluggish rate since 1990 as demand for exports cooled and Chinese consumers tightened their belts.

Fu said Beijing was on track to meet its full-year growth target of 6.0-6.5 per cent for 2019, but "must also acknowledge that the current international environment is still relatively complicated".

The partial trade deal had "reduced market uncertainty", he said.

But analysts said Monday's strong data was not necessarily a sign of long-lasting growth.

"We think this uptick will prove short-lived," said Martin Lynge Rasmussen, China economist at Capital Economics, warning of the impact of a squeeze on financing in the important real-estate sector.

"Downward pressure on growth is likely to resurface before long," he added

China enjoyed a better-than-expected pick-up in the key retail and industrial sectors in November, data showed Monday, providing a further boost to Beijing after finally agreeing a mini trade pact with the United States last week.

China enjoyed a better-than-expected pick-up in the key retail and industrial sectors in November, data showed Monday, providing a further boost to Beijing after finally agreeing a mini trade pact with the United States last week. The readings come at the end of a tough year for the world's number two economy, which is expanding at its weakest rate for three decades as it is buffeted by the long-running trade war with Washington as well as a slowdown in global demand for its goods. Industrial production increased by 6.2 per cent on-year last month, up from 4.7 per cent in October and the best reading in six months. There was also positive news for the country's shops, with retail sales up 8.0 pe rcent, compared with a 7.2 per cent rise the month before. The figures exceeded expectations, with analysts surveyed by Bloomberg predicting just 5.0 per cent growth in industrial production and 7.6 per cent in retail sales. Fu Linghui, spokesman at the National Bureau of Statistics, said the key economic indicators "performed better than expected" in the "face of mounting risks and challenges both at home and abroad". But he warned there was still "downward pressure" on the Chinese economy owing to "increasing external instabilities and uncertainties". Investment in fixed capital was up 5.2 per cent, the same as October and in line with predictions. In November, Chinese shoppers set new records for spending during the annual "Singles' Day" buying spree, with e-commerce giant Alibaba saying consumers spent $38.3 billion on its platforms during the world's biggest 24-hour shopping event. The figure was up 26 percent from the previous all-time high set last year. China's economy is in an extended slowdown and the Singles' Day fire sale is viewed as a snapshot of consumer sentiment. Economic growth slowed to six percent in the third quarter the most sluggish rate since 1990 as demand for exports cooled and Chinese consumers tightened their belts. Fu said Beijing was on track to meet its full-year growth target of 6.0-6.5 per cent for 2019, but "must also acknowledge that the current international environment is still relatively complicated". The partial trade deal had "reduced market uncertainty", he said. But analysts said Monday's strong data was not necessarily a sign of long-lasting growth. "We think this uptick will prove short-lived," said Martin Lynge Rasmussen, China economist at Capital Economics, warning of the impact of a squeeze on financing in the important real-estate sector. "Downward pressure on growth is likely to resurface before long," he added

China sees strong industrial, retail growth in November

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

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

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

Facebook shares fall over possible US antitrust move

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

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

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

Electrolux sees extra US costs hitting fourth quarter earnings

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

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

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

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

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

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

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

UK business malaise deepened before election

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

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

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

Sensex ends 70 points lower, Nifty at 12,060

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

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

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

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

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

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

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

Telenor says Huawei will still play role in 5G rollout

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

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

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

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

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

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

Uber submits appeal to regain London taxi licence