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Hong Kong Airlines, controlled by cash-strapped Chinese conglomerate HNA Group, must shore up its financial position by December&nbsp;7 or risk the suspension or loss of its licence, a Hong Kong air transport regulator said on Monday.

The Air Transport Licensing Authority (ATLA) said in a statement that it attached new conditions to the licence of the city's second-largest airline, requiring it to raise money and maintain certain cash levels.

It said if the conditions are not met, a decision on whether to suspend or revoke the airline's licence will be announced by December&nbsp;7.

Hong Kong Airlines said in a statement posted on its website it is actively communicating with shareholders and other stakeholders to meet the new requirements from ATLA as requested.

"Our operation is still running normally and we remain committed to flying our passengers to their destinations safely," it said.

The airline is not publicly listed and does not disclose financial data, but in April, it told shareholders that it needed at least HK$2 billion ($256 million) in fresh funds or it would lose its operating license.

The carrier told them at the time it had lost HK$3 billion in 2018 and an infusion was crucial, according to people present.

Hong Kong's Transport and Housing Board said in a separate statement on Monday it met with the airline on November&nbsp;27 and expressed "grave dissatisfaction and deep concern" that the carrier's financial position had not improved.

Several <a href="https://www.wionews.com/business-economy/air-new-zealand-named-top-carrier-globally-in-annual-airline-awards-264722">airlines</a> have collapsed in 2019 because of financial problems, including India's Jet Airways Ltd, Britain's Thomas Cook and Iceland's WOW.

Hong Kong Airlines was struggling financially even before months of <a href="https://www.wionews.com/world/hong-kong-series-of-week-long-lunchtime-protests-begin-265716">anti-government protests</a> led to a plunge in visitors to the Asian financial capital.

"As weak travel demand resulting from the social unrest in Hong Kong has continued to affect our business and revenue, Hong Kong Airlines has reduced its capacity and flights in the coming months as well as further consolidated its network under the challenging business environment," it said in its statement.

The airline said on Friday it would further reduce capacity, suspending flights to Vancouver, Ho Chi Minh City and Tianjin.

On Saturday, the carrier said on its website that its in-flight entertainment system would be out of service until further notice.

Hong Kong Airlines, controlled by cash-strapped Chinese conglomerate HNA Group, must shore up its financial position by December 7 or risk the suspension or loss of its licence, a Hong Kong air transport regulator said on Monday.

Hong Kong Airlines, controlled by cash-strapped Chinese conglomerate HNA Group, must shore up its financial position by December 7 or risk the suspension or loss of its licence, a Hong Kong air transport regulator said on Monday. The Air Transport Licensing Authority (ATLA) said in a statement that it attached new conditions to the licence of the city's second-largest airline, requiring it to raise money and maintain certain cash levels. It said if the conditions are not met, a decision on whether to suspend or revoke the airline's licence will be announced by December 7. Hong Kong Airlines said in a statement posted on its website it is actively communicating with shareholders and other stakeholders to meet the new requirements from ATLA as requested. "Our operation is still running normally and we remain committed to flying our passengers to their destinations safely," it said. The airline is not publicly listed and does not disclose financial data, but in April, it told shareholders that it needed at least HK$2 billion ($256 million) in fresh funds or it would lose its operating license. The carrier told them at the time it had lost HK$3 billion in 2018 and an infusion was crucial, according to people present. Hong Kong's Transport and Housing Board said in a separate statement on Monday it met with the airline on November 27 and expressed "grave dissatisfaction and deep concern" that the carrier's financial position had not improved. Several airlines have collapsed in 2019 because of financial problems, including India's Jet Airways Ltd, Britain's Thomas Cook and Iceland's WOW. Hong Kong Airlines was struggling financially even before months of anti-government protests led to a plunge in visitors to the Asian financial capital. "As weak travel demand resulting from the social unrest in Hong Kong has continued to affect our business and revenue, Hong Kong Airlines has reduced its capacity and flights in the coming months as well as further consolidated its network under the challenging business environment," it said in its statement. The airline said on Friday it would further reduce capacity, suspending flights to Vancouver, Ho Chi Minh City and Tianjin. On Saturday, the carrier said on its website that its in-flight entertainment system would be out of service until further notice.

Hong Kong Airlines told to improve finances or risk losing licence

<a href="https://www.wionews.com/business-economy/sensex-rises-by-68-points-nifty-gains-11-265684">Indian shares </a>erased early gains to end nearly flat on Monday, dragged by losses in information technology and state-owned bank stocks, as a flagging economy kept investors cautious ahead of the central bank's monetary policy meeting later this week.

The NSE Nifty 50 index closed 0.07% lower at 12048.20 and the S&amp;P BSE Sensex was little changed at 40802.17.

India's economy grew at its slowest pace since 2013 for the July-September period at 4.5%, which could prompt the Reserve Bank of India to cut its repo rate at its monetary policy meeting.

The Nifty IT index dropped most among sub-indexes at to nearly 1%, while the state-owned bank index fell 0.87% at close.

A fall in auto sales in November also pushed auto stocks lower, sending the Nifty auto index down 0.9%.

Bharti Airtel was the top gainer among stocks on the Nifty, closing up 3.65%, and Yes Bank was the biggest loser, dropping 6.22%.

 
&nbsp;

Indian shares erased early gains to end nearly flat on Monday, dragged by losses in information technology and state-owned bank stocks, as a flagging economy kept investors cautious ahead of the central bank's monetary policy meeting later this week.

Indian shares erased early gains to end nearly flat on Monday, dragged by losses in information technology and state-owned bank stocks, as a flagging economy kept investors cautious ahead of the central bank's monetary policy meeting later this week. The NSE Nifty 50 index closed 0.07% lower at 12048.20 and the S&P BSE Sensex was little changed at 40802.17. India's economy grew at its slowest pace since 2013 for the July-September period at 4.5%, which could prompt the Reserve Bank of India to cut its repo rate at its monetary policy meeting. The Nifty IT index dropped most among sub-indexes at to nearly 1%, while the state-owned bank index fell 0.87% at close. A fall in auto sales in November also pushed auto stocks lower, sending the Nifty auto index down 0.9%. Bharti Airtel was the top gainer among stocks on the Nifty, closing up 3.65%, and Yes Bank was the biggest loser, dropping 6.22%.

Sensex, Nifty lose early gains, end flat as major sub-indices drop

Brexit&nbsp;pressures and political uncertainty have prompted the Confederation of British&nbsp;Industry&nbsp;and a manufacturing trade body, Make&nbsp;UK, to downgrade their growth forecasts for next year.

Official figures have shown that Britain's economy is growing at the&nbsp;weakest annual pace since 2010, and&nbsp;industry&nbsp;leaders see little or no improvement in&nbsp;2020, even if Prime Minister Boris Johnson wins re-election and secures a&nbsp;<a href="https://www.wionews.com/world/uk-pm-johnson-says-uk-will-leave-eu-by-jan-31-at-the-latest-265230">Brexit&nbsp;divorce deal</a> by a January&nbsp;31 deadline.

The CBI on Monday predicted economic growth of 1.3 per cent&nbsp;this year and 1.2 per cent&nbsp;in&nbsp;2020, followed by a pick-up to 1.8 per cent&nbsp;in 2021, assuming Johnson reaches a trade deal with the EU that leads to no tariffs and little divergence from EU rules.

"Alongside perennial&nbsp;Brexit&nbsp;uncertainty, (businesses) are also contending with softer&nbsp;global&nbsp;demand," CBI chief economist Rain Newton-Smith said.

Back in July, the CBI forecast growth of 1.4 per cent&nbsp;this year and 1.5 per cent&nbsp;next.

Make&nbsp;UK&nbsp;halved its forecast for manufacturing growth next year to 0.3 per cent&nbsp;from 0.6 per cent, though it kept its forecast for growth in the overall economy in&nbsp;2020&nbsp;unchanged at 1.4 per cent, up from 1.3 per cent this year.

"Export orders have increased slightly this quarter, indicating greater confidence from foreign customers about purchasing&nbsp;UK&nbsp;goods as concerns about an end of year no-deal&nbsp;Brexit&nbsp;fade," Make&nbsp;UK's chief executive, Stephen Phipson, said.

Britain's economy has slowed since the June 2016 referendum decision to leave the European Union, with manufacturing especially hard hit due to concerns about disruption to supply chains, on top of pressures from the <a href="https://www.wionews.com/world/china-wants-us-tariffs-rolled-back-in-phase-one-trade-deal-report-265517">US-China trade war</a>.

Johnson's&nbsp;Brexit&nbsp;plan - which he was unable to pass through parliament before he called an early election on <a href="https://www.wionews.com/opinions/uk-elections-2019-five-reasons-to-vote-265079">December&nbsp;12</a> - sees Britain leaving the EU on January&nbsp;31, and then negotiating a new trade deal to take effect at the end of&nbsp;2020.

Johnson has said he will not allow transitional arrangements to continue beyond the end of&nbsp;2020, but many trade experts say this leaves too little time to negotiate a good deal.

If a post-EU transition deal expires at the end of&nbsp;2020&nbsp;without an agreement settled for future trade ties, the CBI predicted a sharp slowdown in growth in 2021 to just 0.4 per cent&nbsp;- the&nbsp;weakest since the financial crisis.

"A no-deal&nbsp;Brexit&nbsp;would put the brakes on&nbsp;UK&nbsp;growth and realise businesses' worst fears," Newton-Smith said.

Brexit pressures and political uncertainty have prompted the Confederation of British Industry and a manufacturing trade body, Make UK, to downgrade their growth forecasts for next year.

Brexit pressures and political uncertainty have prompted the Confederation of British Industry and a manufacturing trade body, Make UK, to downgrade their growth forecasts for next year. Official figures have shown that Britain's economy is growing at the weakest annual pace since 2010, and industry leaders see little or no improvement in 2020, even if Prime Minister Boris Johnson wins re-election and secures a Brexit divorce deal by a January 31 deadline. The CBI on Monday predicted economic growth of 1.3 per cent this year and 1.2 per cent in 2020, followed by a pick-up to 1.8 per cent in 2021, assuming Johnson reaches a trade deal with the EU that leads to no tariffs and little divergence from EU rules. "Alongside perennial Brexit uncertainty, (businesses) are also contending with softer global demand," CBI chief economist Rain Newton-Smith said. Back in July, the CBI forecast growth of 1.4 per cent this year and 1.5 per cent next. Make UK halved its forecast for manufacturing growth next year to 0.3 per cent from 0.6 per cent, though it kept its forecast for growth in the overall economy in 2020 unchanged at 1.4 per cent, up from 1.3 per cent this year. "Export orders have increased slightly this quarter, indicating greater confidence from foreign customers about purchasing UK goods as concerns about an end of year no-deal Brexit fade," Make UK's chief executive, Stephen Phipson, said. Britain's economy has slowed since the June 2016 referendum decision to leave the European Union, with manufacturing especially hard hit due to concerns about disruption to supply chains, on top of pressures from the US-China trade war. Johnson's Brexit plan - which he was unable to pass through parliament before he called an early election on December 12 - sees Britain leaving the EU on January 31, and then negotiating a new trade deal to take effect at the end of 2020. Johnson has said he will not allow transitional arrangements to continue beyond the end of 2020, but many trade experts say this leaves too little time to negotiate a good deal. If a post-EU transition deal expires at the end of 2020 without an agreement settled for future trade ties, the CBI predicted a sharp slowdown in growth in 2021 to just 0.4 per cent - the weakest since the financial crisis. "A no-deal Brexit would put the brakes on UK growth and realise businesses' worst fears," Newton-Smith said.

Brexit, weak global demand to hurt UK in 2020, industry warns

European Commission's anti-trust regulators on Saturday said that it's investigating Google's collection of data, according to news agency Reuters. Google has again come under the lens of EU's anti-trust regulators despite record fines in recent years.

European Commission's anti-trust regulators on Saturday said that it's investigating Google's collection of data, according to news agency Reuters. Google has again come under the lens of EU's anti-trust regulators despite record fines in recent years. The EU executive said it was seeking information on how and why Alphabet unit Google is collecting data. "The Commission has sent out questionnaires as part of a preliminary investigation into Google's practices relating to Google's collection and use of data. The preliminary investigation is ongoing," the EU regulator was quoted as saying as per Reuters report. EU's focus is on data related to local search services, online advertising, online ad targeting services, login services, web browsers and others, the report added. European Competition Commissioner Margrethe Vestager has handed down fines totalling more than 8 billion euros to Google in the last two years and ordered it to change its business practices. Google claimed that it uses data to better its services and that users can manage, delete and transfer their data at any time.

EU antitrust regulators investigating Google's data collection: Report

Yes Bank Ltd aims to raise up to $2 billion in a massive issue of new shares to institutional investors and wealth managers as it soaks up the impact of bad loans in the country's crisis-hit shadow banking and real estate sectors.

The plan, announced late on Friday, would see the country's fifth-largest private sector bank by assets seek to sell new stock worth close to its existing market capitalisation of $2.4 billion at the close of trading on Friday.

As a major part of the plan, Yes Bank said it is in talks on a deal to sell shares worth $1.2 billion to Canadian billionaire Erwin Singh Braich and Hong Kong-based SPGP Holdings, which he backs. The bank said it expected those talks to close shortly.

SPGP Holdings did not immediately respond to a request for comment.

Shares of the Mumbai-based Yes Bank closed 2.5% lower ahead of the announcement on Friday. Its stock has risen about 20% since it said late in October it got a binding offer to buy shares of $1.2 billion from an unidentified global investor.

In its announcement, Yes Bank said other investors who have committed to buying shares include Discovery Capital, Aditya Birla Family Office from India and Citax Holdings Ltd &amp; Citax Investment Group.

Discovery did not immediately respond to a request for comment, while Aditya Birla Family Office and Citax weren't immediately reachable.

It also said a leading US&nbsp;fund house would subscribe, saying the name of the investor would be disclosed early next week.

Yes Bank's board of directors will meet on Dec. 10 to "finalise and approve the details of the preferential allotment and convene an extraordinary general meeting subsequently, to obtain the approval of the shareholders," it said.

The preferential allotment will also be subject to regulatory clearance. The approval of the Reserve Bank of India is needed to buy a stake of more than 5% in domestic banks.

Banking analysts say most of the funds raised by Yes Bank will be used to provide for bad loans. The lender's gross bad loans as a percentage of total loans - a measure of asset quality - spiked to 7.39% in last quarter.

Yes Bank Ltd aims to raise up to $2 billion in a massive issue of new shares to institutional investors and wealth managers as it soaks up the impact of bad loans in the country's crisis-hit shadow banking and real estate sectors.

Yes Bank Ltd aims to raise up to $2 billion in a massive issue of new shares to institutional investors and wealth managers as it soaks up the impact of bad loans in the country's crisis-hit shadow banking and real estate sectors. The plan, announced late on Friday, would see the country's fifth-largest private sector bank by assets seek to sell new stock worth close to its existing market capitalisation of $2.4 billion at the close of trading on Friday. As a major part of the plan, Yes Bank said it is in talks on a deal to sell shares worth $1.2 billion to Canadian billionaire Erwin Singh Braich and Hong Kong-based SPGP Holdings, which he backs. The bank said it expected those talks to close shortly. SPGP Holdings did not immediately respond to a request for comment. Shares of the Mumbai-based Yes Bank closed 2.5% lower ahead of the announcement on Friday. Its stock has risen about 20% since it said late in October it got a binding offer to buy shares of $1.2 billion from an unidentified global investor. In its announcement, Yes Bank said other investors who have committed to buying shares include Discovery Capital, Aditya Birla Family Office from India and Citax Holdings Ltd & Citax Investment Group. Discovery did not immediately respond to a request for comment, while Aditya Birla Family Office and Citax weren't immediately reachable. It also said a leading US fund house would subscribe, saying the name of the investor would be disclosed early next week. Yes Bank's board of directors will meet on Dec. 10 to "finalise and approve the details of the preferential allotment and convene an extraordinary general meeting subsequently, to obtain the approval of the shareholders," it said. The preferential allotment will also be subject to regulatory clearance. The approval of the Reserve Bank of India is needed to buy a stake of more than 5% in domestic banks. Banking analysts say most of the funds raised by Yes Bank will be used to provide for bad loans. The lender's gross bad loans as a percentage of total loans - a measure of asset quality - spiked to 7.39% in last quarter.

Yes Bank seeks up to $2 billion in preferential new share issue

Malaysia's government will discuss a depreciation of the ringgit that is making imports more expensive and raising living costs, Prime Minister Mahathir Mohamad said on Saturday, addressing one of the biggest criticisms of his administration.

The Malaysian ringgit fell for a third straight week this week.

"Previously, our currency was quoted at 3.80 against the US&nbsp;dollar, but now it is at 4.20. Due to our currency's value, everything that we buy has become more expensive," Mahathir told reporters when asked about high cost of basic necessities.

"This is one of the reasons. We will discuss this problem in the government."

The 94-year leader, who took office in May 2018 after unexpectedly winning a general election, said last week he was considering a cabinet reshuffle after the ruling coalition badly lost a by-election hit by voter discontentment over issues such as high living costs and the economy.

Southeast Asia's third-largest economy grew at its weakest pace in a year in the third quarter, hit by sharp falls in exports and mining.

Malaysia's government will discuss a depreciation of the ringgit that is making imports more expensive and raising living costs, Prime Minister Mahathir Mohamad said on Saturday, addressing one of the biggest criticisms of his administration.

Malaysia's government will discuss a depreciation of the ringgit that is making imports more expensive and raising living costs, Prime Minister Mahathir Mohamad said on Saturday, addressing one of the biggest criticisms of his administration. The Malaysian ringgit fell for a third straight week this week. "Previously, our currency was quoted at 3.80 against the US dollar, but now it is at 4.20. Due to our currency's value, everything that we buy has become more expensive," Mahathir told reporters when asked about high cost of basic necessities. "This is one of the reasons. We will discuss this problem in the government." The 94-year leader, who took office in May 2018 after unexpectedly winning a general election, said last week he was considering a cabinet reshuffle after the ruling coalition badly lost a by-election hit by voter discontentment over issues such as high living costs and the economy. Southeast Asia's third-largest economy grew at its weakest pace in a year in the third quarter, hit by sharp falls in exports and mining.

Malaysia to examine ringgit's fall as import costs sting: Mahathir

<a href="https://www.wionews.com/business-economy/oil-drops-as-us-inventory-build-record-output-rekindles-supply-worries-264998">Oil prices </a>tumbled Friday on expectations OPEC next week won't take aggressive action to boost oil prices, while global equities pulled back on trade war worries.&nbsp;

Both the US and European benchmark contracts for oil fell ahead of the December 5 meeting of the Organization of the Petroleum Exporting Countries in Vienna where analysts expect the cartel to stick with a current production agreement, but not to deepen cuts.

"The market may be disappointed that OPEC is not entertaining additional production cuts," said Andy Lipow of Lipow Oil Associates, adding that the group is "in a difficult position" given weak demand and higher output in the US and other regions.

Equity markets ended lower following a lackluster session. US bourses pulled back from records in a holiday-shortened session with low trading volumes.

Analysts said stocks were dragged lower by increased US-China trade friction as Beijing threatened unspecified retaliation after President Donald Trump signed into law legislation supporting Hong Kong pro-democracy protesters.

The market feels "a little angst" on US-China trade relations, although the modest drop suggests few fears that a preliminary US-China trade deal will fall apart, said Briefing.com analyst Patrick O'Hare, who added that low trading volume sharpened the decline.

The pullback also came as the holiday shopping season got started in earnest with the "Black Friday" promotions after Thanksgiving.&nbsp;

Walmart rose slightly, but most other leading US retailers fell, including Target and Amazon, as consumers shift ever more of their dollars to e-commerce from traditional stores.&nbsp;

Elsewhere, London underperformed its eurozone peers in response to a stronger pound which was boosted by expectations that Britain's ruling Conservatives will win next month's general election.

This would likely allow Prime Minister Boris Johnson to push through his Brexit agreement and avoid a no-deal divorce from the European Union.

On the corporate front, shares in Daimler dropped 1.5 per cent. on the Frankfurt bourse as the German luxury automaker said it would slash at least 10,000 jobs worldwide in a major cost-cutting drive to help finance the switch to electric cars.

Shares in UK online supermarket Ocado surged after the company announced a deal to provide artificial intelligence (AI) capabilities to Japanese retail giant Aeon.

Key figures around 1900 GMT&nbsp;

New York - Dow: DOWN 0.4 percent at 28,051.41 (close)

New York - S&amp;P 500: DOWN 0.4 percent at 3,140.98 (close)

New York - Nasdaq: DOWN 0.5 percent at 8,665.47 (close)

London - FTSE 100: DOWN 0.9 percent at 7,346.53 (close)

Frankfurt - DAX 30: DOWN 0.1 percent at 13,236.38 (close)

Paris - CAC 40: DOWN 0.1 percent at 5,905.17 (close)

EURO STOXX 50: FLAT at 3,703.58 (close)

Tokyo - Nikkei 225: DOWN 0.5 percent at 23,293.91 (close)

Hong Kong - Hang Seng: DOWN 2.0 percent at 26,346.49 (close)

Shanghai - Composite: DOWN 0.6 percent at 2,871.98 (close)

Euro/dollar: UP at $1.1017 from $1.1009&nbsp;

Pound/dollar: UP at $1.2933 from $1.2912

Euro/pound: DOWN at 85.18 pence from 85.27

Dollar/yen: DOWN at 109.47 yen from 109.51

Brent North Sea crude: DOWN 2.3 percent at $62.43 per barrel

West Texas Intermediate: DOWN 5.1 percent at $55.17 per barrel

Oil prices tumbled Friday on expectations OPEC next week won't take aggressive action to boost oil prices, while global equities pulled back on trade war worries.

Oil prices tumbled Friday on expectations OPEC next week won't take aggressive action to boost oil prices, while global equities pulled back on trade war worries. Both the US and European benchmark contracts for oil fell ahead of the December 5 meeting of the Organization of the Petroleum Exporting Countries in Vienna where analysts expect the cartel to stick with a current production agreement, but not to deepen cuts. "The market may be disappointed that OPEC is not entertaining additional production cuts," said Andy Lipow of Lipow Oil Associates, adding that the group is "in a difficult position" given weak demand and higher output in the US and other regions. Equity markets ended lower following a lackluster session. US bourses pulled back from records in a holiday-shortened session with low trading volumes. Analysts said stocks were dragged lower by increased US-China trade friction as Beijing threatened unspecified retaliation after President Donald Trump signed into law legislation supporting Hong Kong pro-democracy protesters. The market feels "a little angst" on US-China trade relations, although the modest drop suggests few fears that a preliminary US-China trade deal will fall apart, said Briefing.com analyst Patrick O'Hare, who added that low trading volume sharpened the decline. The pullback also came as the holiday shopping season got started in earnest with the "Black Friday" promotions after Thanksgiving. Walmart rose slightly, but most other leading US retailers fell, including Target and Amazon, as consumers shift ever more of their dollars to e-commerce from traditional stores. Elsewhere, London underperformed its eurozone peers in response to a stronger pound which was boosted by expectations that Britain's ruling Conservatives will win next month's general election. This would likely allow Prime Minister Boris Johnson to push through his Brexit agreement and avoid a no-deal divorce from the European Union. On the corporate front, shares in Daimler dropped 1.5 per cent. on the Frankfurt bourse as the German luxury automaker said it would slash at least 10,000 jobs worldwide in a major cost-cutting drive to help finance the switch to electric cars. Shares in UK online supermarket Ocado surged after the company announced a deal to provide artificial intelligence (AI) capabilities to Japanese retail giant Aeon. Key figures around 1900 GMT New York - Dow: DOWN 0.4 percent at 28,051.41 (close) New York - S&P 500: DOWN 0.4 percent at 3,140.98 (close) New York - Nasdaq: DOWN 0.5 percent at 8,665.47 (close) London - FTSE 100: DOWN 0.9 percent at 7,346.53 (close) Frankfurt - DAX 30: DOWN 0.1 percent at 13,236.38 (close) Paris - CAC 40: DOWN 0.1 percent at 5,905.17 (close) EURO STOXX 50: FLAT at 3,703.58 (close) Tokyo - Nikkei 225: DOWN 0.5 percent at 23,293.91 (close) Hong Kong - Hang Seng: DOWN 2.0 percent at 26,346.49 (close) Shanghai - Composite: DOWN 0.6 percent at 2,871.98 (close) Euro/dollar: UP at $1.1017 from $1.1009 Pound/dollar: UP at $1.2933 from $1.2912 Euro/pound: DOWN at 85.18 pence from 85.27 Dollar/yen: DOWN at 109.47 yen from 109.51 Brent North Sea crude: DOWN 2.3 percent at $62.43 per barrel West Texas Intermediate: DOWN 5.1 percent at $55.17 per barrel

Oil prices tumble ahead of OPEC meeting, global stocks fall

Factory activity in China unexpectedly returned to growth in November for the first time in seven months, as domestic demand picked up on Beijing's accelerated stimulus measures to steady growth.

But gains were slight, and export demand remained sluggish. More US&nbsp;tariffs are looming within weeks and Beijing and Washington are still haggling over the first phase of a trade deal.

With China's economic growth cooling to near 30-year lows and industrial profits shrinking, speculation is mounting that Beijing needs to roll out stimulus more quickly and more aggressively, even if it risks adding to a pile of debt.

The Purchasing Managers' Index (PMI) bounced back to 50.2 in November, its highest since March, China's National Bureau of Statistics (NBS) said on Saturday, above the 50-point mark that separates growth from contraction on a monthly basis.

The result compared with 49.3 in October. A Reuters poll showed analysts expected the November PMI to come in at 49.5.

The official factory gauge pointed to an improvement in China's vast manufacturing sector last month. Total new orders bounced back to expansionary territory with the sub-index rising to 51.3, the highest level seen since April.

That indicates domestic consumption firmed up after Beijing repeatedly urged local governments to kick stimulus up a gear to meet economic goals before year-end. Factory output also rose to 52.6 in November, marking the strongest pace since March.

"In the short term, we may have already passed the low point where the economy hit the bottom," Zhang Deli, a macro analyst with Lianxun Securities, wrote in a note.

Beijing has front-loaded 1 trillion yuan ($142 billion) of a 2020 local government special bonds quota to this year and has urged that they be issued and used as early as possible to boost infrastructure investment. Some analysts say that could be a sign that the government is worried about the downward economic pressure.

Zhang attributed to the better-than-expected November PMI to a government push on infrastructure investment, less property market control, and de-escalation in US-China trade tension in October, when both sides said they had substantially reached a "Phase 1" agreement and the United States delayed a tariff increase scheduled to take place on October 15.

Rising uncertainties

But recent developments underscore rising uncertainties in the trade conflict, which bodes ill for the outlook for external demand. New export orders fell for an 18th straight month in November, albeit at a slower pace, with the sub-index rising to 48.8 from 47.0 in October.

US President Donald Trump said this week that the world's largest economies are close to reaching agreement on the first phase deal. But trade experts and people close to the White House said it could slide into the new year, given China is pressing for more extensive tariff rollbacks.

An additional 15% in US tariffs are scheduled to take effect on about $156 billion of Chinese products on December&nbsp;15.

Trump has also highlighted Washington's support for protesters in Hong Kong, potentially a huge sore point for China.

The PMI survey also indicated factories continued to cut jobs in November despite slightly improved business confidence, while it signalled a further deterioration in profits for Chinese manufacturers, with output prices falling into a three-month low.

Beijing's drive to guide more bank lending towards small private firms appeared to be working. Their PMI index recorded the strongest gain in November, compared to medium-sized and large firms, but their performance was still the poorest of the three at 49.4.

Growth in China's services sector also quickened in November, while construction activity held up well, but growth in the latter slowed compared to the previous month, a separate statistics bureau survey showed.

The official non-manufacturing PMI picked up to 54.4, recovering from October's 52.8, the lowest point since February 2016.

A strong services sector has offered Beijing some cushioning effect as manufacturers face growing difficulties in securing demand both at home and abroad. However, the sector's resilience weakened late last year amid a broader economic slowdown.

Some analysts have also cast doubt over the prospects for robust growth in the construction sector.

"After all, we are still waiting for more definitive signs of a recovery in the credit cycle. Meanwhile, sentiment in the property market continues to cool down, which clouds the outlook of the sustainability of property investment growth," researchers from China International Capital Corporation (CICC) said in a note this week.

China's gross domestic product growth is expected to slow to a near three-decade low of 6.2% in 2019 and then hit 5.9% in 2020, according to a Reuters poll.

Factory activity in China unexpectedly returned to growth in November for the first time in seven months, as domestic demand picked up on Beijing's accelerated stimulus measures to steady growth.

Factory activity in China unexpectedly returned to growth in November for the first time in seven months, as domestic demand picked up on Beijing's accelerated stimulus measures to steady growth. But gains were slight, and export demand remained sluggish. More US tariffs are looming within weeks and Beijing and Washington are still haggling over the first phase of a trade deal. With China's economic growth cooling to near 30-year lows and industrial profits shrinking, speculation is mounting that Beijing needs to roll out stimulus more quickly and more aggressively, even if it risks adding to a pile of debt. The Purchasing Managers' Index (PMI) bounced back to 50.2 in November, its highest since March, China's National Bureau of Statistics (NBS) said on Saturday, above the 50-point mark that separates growth from contraction on a monthly basis. The result compared with 49.3 in October. A Reuters poll showed analysts expected the November PMI to come in at 49.5. The official factory gauge pointed to an improvement in China's vast manufacturing sector last month. Total new orders bounced back to expansionary territory with the sub-index rising to 51.3, the highest level seen since April. That indicates domestic consumption firmed up after Beijing repeatedly urged local governments to kick stimulus up a gear to meet economic goals before year-end. Factory output also rose to 52.6 in November, marking the strongest pace since March. "In the short term, we may have already passed the low point where the economy hit the bottom," Zhang Deli, a macro analyst with Lianxun Securities, wrote in a note. Beijing has front-loaded 1 trillion yuan ($142 billion) of a 2020 local government special bonds quota to this year and has urged that they be issued and used as early as possible to boost infrastructure investment. Some analysts say that could be a sign that the government is worried about the downward economic pressure. Zhang attributed to the better-than-expected November PMI to a government push on infrastructure investment, less property market control, and de-escalation in US-China trade tension in October, when both sides said they had substantially reached a "Phase 1" agreement and the United States delayed a tariff increase scheduled to take place on October 15. Rising uncertainties But recent developments underscore rising uncertainties in the trade conflict, which bodes ill for the outlook for external demand. New export orders fell for an 18th straight month in November, albeit at a slower pace, with the sub-index rising to 48.8 from 47.0 in October. US President Donald Trump said this week that the world's largest economies are close to reaching agreement on the first phase deal. But trade experts and people close to the White House said it could slide into the new year, given China is pressing for more extensive tariff rollbacks. An additional 15% in US tariffs are scheduled to take effect on about $156 billion of Chinese products on December 15. Trump has also highlighted Washington's support for protesters in Hong Kong, potentially a huge sore point for China. The PMI survey also indicated factories continued to cut jobs in November despite slightly improved business confidence, while it signalled a further deterioration in profits for Chinese manufacturers, with output prices falling into a three-month low. Beijing's drive to guide more bank lending towards small private firms appeared to be working. Their PMI index recorded the strongest gain in November, compared to medium-sized and large firms, but their performance was still the poorest of the three at 49.4. Growth in China's services sector also quickened in November, while construction activity held up well, but growth in the latter slowed compared to the previous month, a separate statistics bureau survey showed. The official non-manufacturing PMI picked up to 54.4, recovering from October's 52.8, the lowest point since February 2016. A strong services sector has offered Beijing some cushioning effect as manufacturers face growing difficulties in securing demand both at home and abroad. However, the sector's resilience weakened late last year amid a broader economic slowdown. Some analysts have also cast doubt over the prospects for robust growth in the construction sector. "After all, we are still waiting for more definitive signs of a recovery in the credit cycle. Meanwhile, sentiment in the property market continues to cool down, which clouds the outlook of the sustainability of property investment growth," researchers from China International Capital Corporation (CICC) said in a note this week. China's gross domestic product growth is expected to slow to a near three-decade low of 6.2% in 2019 and then hit 5.9% in 2020, according to a Reuters poll.

China's factory activity unexpectedly returns to growth in November

US stocks slipped on Friday in a post-holiday shortened session as a US-China discord over Hong Kong reignited trade tensions and retail stocks dipped on signs of a tepid start to in-store Black Friday sales.

China on Thursday threatened to retaliate against a US law backing pro-democracy protesters in Hong Kong. The measures could include barring drafters of the legislation from mainland China, Hong Kong and Macau, the editor of China's state-backed Global Times tabloid said in a tweet.

The trade-sensitive Philadelphia Semiconductor index fell as much as 0.8 per cent and was on track for its worst day in a week.

The diplomatic clash also knocked Wall Street's main indexes off record highs. They had closed at all-time highs in every session so far this week on upbeat domestic data and hopes of an imminent "phase one" trade deal.

"The fact that this is a half-day with the markets being at all-time highs is a reason to give investors a bit of a pause," said Robert Pavlik, chief investment strategist, at SlateStone Wealth LLC in New York.

The sentiment was also dulled by reports of spot checks on retailers around the country, which showed fewer people lining up outside stores at the start of Black Friday, suggesting a surge in online buying may have taken the shine off America's biggest shopping day.

The S&amp;P 500 retail sector fell 0.7 per cent, with Kohl's Corp dropping 2.3 per cent. But top retailers Walmart Inc and Best Buy Co Inc were up between 0.3% and 0.7%.

At 11:48 a.m. ET the Dow Jones Industrial Average was down 95.45 points, or 0.34 per cent, at 28,068.55, while the S&amp;P 500 was down 8.63 points, or 0.27per cent, at 3,145. The Nasdaq Composite was down 21.73 points, or 0.25%, at 8,683.45.

Shares of Tech Data Corp jumped 12.3 per cent&nbsp;as private equity firm Apollo Global Management raised its bid for the US information technology equipment distributor to about $5.14 billion.

Declining issues outnumbered advancers for a 1.58-to-1 ratio on the NYSE and for a 1.18-to-1 ratio on the Nasdaq. The S&amp;P index recorded 15 new 52-week highs and one new low, while the Nasdaq recorded 66 new highs and 26 new lows.

US stocks slipped on Friday in a post-holiday shortened session as a US-China discord over Hong Kong reignited trade tensions and retail stocks dipped on signs of a tepid start to in-store Black Friday sales.

US stocks slipped on Friday in a post-holiday shortened session as a US-China discord over Hong Kong reignited trade tensions and retail stocks dipped on signs of a tepid start to in-store Black Friday sales. China on Thursday threatened to retaliate against a US law backing pro-democracy protesters in Hong Kong. The measures could include barring drafters of the legislation from mainland China, Hong Kong and Macau, the editor of China's state-backed Global Times tabloid said in a tweet. The trade-sensitive Philadelphia Semiconductor index fell as much as 0.8 per cent and was on track for its worst day in a week. The diplomatic clash also knocked Wall Street's main indexes off record highs. They had closed at all-time highs in every session so far this week on upbeat domestic data and hopes of an imminent "phase one" trade deal. "The fact that this is a half-day with the markets being at all-time highs is a reason to give investors a bit of a pause," said Robert Pavlik, chief investment strategist, at SlateStone Wealth LLC in New York. The sentiment was also dulled by reports of spot checks on retailers around the country, which showed fewer people lining up outside stores at the start of Black Friday, suggesting a surge in online buying may have taken the shine off America's biggest shopping day. The S&P 500 retail sector fell 0.7 per cent, with Kohl's Corp dropping 2.3 per cent. But top retailers Walmart Inc and Best Buy Co Inc were up between 0.3% and 0.7%. At 11:48 a.m. ET the Dow Jones Industrial Average was down 95.45 points, or 0.34 per cent, at 28,068.55, while the S&P 500 was down 8.63 points, or 0.27per cent, at 3,145. The Nasdaq Composite was down 21.73 points, or 0.25%, at 8,683.45. Shares of Tech Data Corp jumped 12.3 per cent as private equity firm Apollo Global Management raised its bid for the US information technology equipment distributor to about $5.14 billion. Declining issues outnumbered advancers for a 1.58-to-1 ratio on the NYSE and for a 1.18-to-1 ratio on the Nasdaq. The S&P index recorded 15 new 52-week highs and one new low, while the Nasdaq recorded 66 new highs and 26 new lows.

Wall Street slips as US law on Hong Kong brings back trade fears

Equity <a href="https://www.wionews.com/india-news/sensex-scales-up-110-points-reliances-market-cap-ends-above-rs-10-lakh-crore-265086">benchmark indices </a>tumbled into the negative terrain during early hours on Friday following weak global cues as investors feared that passage of the Hong Kong pro-democracy bill in Washington could derail trade talks between the United States and China.

At 10:15 am, the BSE S&amp;P Sensex was down by 243 points to 40,888 while the Nifty 50 rolled down by 57 points at 12,094.

Sectoral indices at the National Stock Exchange were mixed with Nifty auto, financial services, FMCG and IT in the red.

Among stocks, the prominent losers were Dr Reddy`s, ICICI Bank, Hindustan Lever, HDFC and Mahindra &amp; Mahindra. However, Bharti Infratel continued to climb up and added gains of 5.6 per cent at Rs 271.05 per share while Bharti Airtel was up by 1.8 per cent.

Yes Bank gained 4.3 per cent, Zee Entertainment 2 per cent and GAIL by 1.7 per cent.

Meanwhile, Asian markets slipped as investors turned cautious, fearing a new US law backing Hong Kong protesters could put hurdles in efforts to end the US-China trade conflict.

MSCI`s broadest index of Asia Pacific shares outside Japan fell by 0.9 per cent. Hong Kong led the losses, dropping by 2 per cent while South Korean shares lost by 1.2 per cent and Japan`s Nikkei eased by 0.1 per cent.

Equity benchmark indices tumbled into the negative terrain during early hours on Friday following weak global cues as investors feared that passage of the Hong Kong pro-democracy bill in Washington could derail trade talks between the United States and China.

Equity benchmark indices tumbled into the negative terrain during early hours on Friday following weak global cues as investors feared that passage of the Hong Kong pro-democracy bill in Washington could derail trade talks between the United States and China. At 10:15 am, the BSE S&P Sensex was down by 243 points to 40,888 while the Nifty 50 rolled down by 57 points at 12,094. Sectoral indices at the National Stock Exchange were mixed with Nifty auto, financial services, FMCG and IT in the red. Among stocks, the prominent losers were Dr Reddy`s, ICICI Bank, Hindustan Lever, HDFC and Mahindra & Mahindra. However, Bharti Infratel continued to climb up and added gains of 5.6 per cent at Rs 271.05 per share while Bharti Airtel was up by 1.8 per cent. Yes Bank gained 4.3 per cent, Zee Entertainment 2 per cent and GAIL by 1.7 per cent. Meanwhile, Asian markets slipped as investors turned cautious, fearing a new US law backing Hong Kong protesters could put hurdles in efforts to end the US-China trade conflict. MSCI`s broadest index of Asia Pacific shares outside Japan fell by 0.9 per cent. Hong Kong led the losses, dropping by 2 per cent while South Korean shares lost by 1.2 per cent and Japan`s Nikkei eased by 0.1 per cent.

Indian markets open in red amid weak global cues

South Korea and Japan have agreed to hold senior-level trade talks in December to discuss Tokyo's export restrictions at the centre of a bitter dispute between the two countries, the South Korean trade ministry said on Friday.

South Korea and Japan have agreed to hold senior-level trade talks in December to discuss Tokyo's export restrictions at the centre of a bitter dispute between the two countries, the South Korean trade ministry said on Friday. The talks would include Japan's tighter rules since July on the export of three high-tech materials to South Korea and its removal of Seoul from its so-called "white list" of countries with fast-track trade status, the ministry said. Seoul responded by taking Japan off its list of fast-track trade countries, deepening the trade dispute that has festered for months and hurt some of Asia's biggest exporters. "We will pursue dialogue with an ultimate goal to make things like the white list or three items go back to the original state," Lee Ho-hyun, a South Korean senior trade ministry official, said at a news briefing. The talks would take place in the third week of December in Tokyo, the ministry added. The two countries agreed on Saturday to hold a summit next month in a major step towards improving relations strained by decades of bitterness over their wartime past. In a further sign of an easing of tensions, South Korea has also agreed to stick to an intelligence-sharing deal with Japan. Officials from both countries met on Thursday to discuss holding the senior-level trade dialogue, according to the South Korean trade ministry. The mood at the meeting on Thursday was more "friendly" than a similar meeting in July shortly after Tokyo imposed the export curbs, Lee added.

South Korea to hold trade talks with Japan in December

India's <a href="https://www.wionews.com/india-news/gdp-growth-rate-slump-is-temporary-prakash-javadekar-248490">Gross Domestic Product (GDP</a>) growth for quarter 2 (Q2) slipped to a six-year low, government data showed on Friday.&nbsp;

At 4.5 per cent, India's Q2 GDP for the June-September quarter slipped from 5 per cent in the previous quarter of the current fiscal year.&nbsp;

India's economic growth was measured at 7 per cent for the July-September quarter a year earlier.&nbsp;

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Meanwhile, the country's infrastructure output also contracted for the second consecutive month to 5.8 per cent in October from a year earlier, lowest since at least April 2012, news agency Reuters reported.&nbsp;

During April-October, output grew 0.2 per cent from the year-ago period, according to the data.

Infrastructure output comprises eight sectors such as coal, crude oil and electricity and accounts for nearly 40 per cent of the country's industrial output.

India's Gross Domestic Product (GDP) growth for quarter 2 (Q2) slipped to a six-year low, government data showed on Friday. At 4.5 per cent, India's Q2 GDP for the June-September quarter slipped from 5 per cent in the previous quarter of the current fiscal year.

India's Gross Domestic Product (GDP) growth for quarter 2 (Q2) slipped to a six-year low, government data showed on Friday. At 4.5 per cent, India's Q2 GDP for the June-September quarter slipped from 5 per cent in the previous quarter of the current fiscal year. India's economic growth was measured at 7 per cent for the July-September quarter a year earlier. Government of India: Quarter 2 Gross Domestic Product (GDP) showing a growth rate of 4.5% https://t.co/ysSTQ3rZAH — ANI (@ANI) November 29, 2019 × Meanwhile, the country's infrastructure output also contracted for the second consecutive month to 5.8 per cent in October from a year earlier, lowest since at least April 2012, news agency Reuters reported. During April-October, output grew 0.2 per cent from the year-ago period, according to the data. Infrastructure output comprises eight sectors such as coal, crude oil and electricity and accounts for nearly 40 per cent of the country's industrial output.

India's GDP for June-September quarter falls to 4.5%, lowest in 6 years  

Luxury automaker Daimler said Friday it would scrap at least 10,000 jobs worldwide, the latest in a wave of layoffs to hit the stuttering German car industry as it battles with a costly switch to electric.

The Mercedes-Benz maker said it wanted to save 1.4 billion euros ($1.5 billion) in staff costs by the end of 2022 as it joins rivals in investing huge sums in the greener, smarter cars of the future.

"The total number worldwide will be in the five-digits," Daimler personnel chief Wilfried Porth said in a conference call about the job cull.

He declined to give a more detailed breakdown.

The group said in an earlier statement that "thousands" of jobs would be axed by the end of 2022, after clinching a deal with labour representatives.

The cull includes slashing management jobs "by 10 per cent", Daimler said, reportedly amounting to some 1,100 positions around the world.

"The automotive industry is in the middle of the biggest transformation in its history," Daimler said.

"The development towards CO2-neutral mobility requires large investments," it added.

Along with other manufacturers, Daimler is scrambling to get ready for tough new EU emission rules taking effect next year, forcing it to accelerate the costly shift to zero-emissions electric cars and plug-in hybrids.

The group, which employs 304,000 people globally, said the job cuts would be achieved through natural turnover, early retirement schemes and severance packages.

Fewer parts needed

Daimler's announcement comes as the mighty German car industry is buffeted by trade tensions, weaker Chinese demand and a darkening economic outlook.

Other major car companies have in recent months already unveiled plans to cut some 30,000 jobs in the sector over the next years.

Germany's Audi said it wants to axe 9,500 jobs, followed by more than 5,000 at Volkswagen, some 5,500 at car parts supplier Continental, while Bosch aims to cut more than 2,000 roles.

US car giant Ford plans to scrap some 5,000 jobs in Germany alone.

Electric engines require fewer parts and are less complicated to assemble than internal combustion engines, needing fewer hands.

But auto bosses have said thousands of new, hi-tech jobs will also be created in the electric era to make cars more autonomous and connected.

German automotive expert Ferdinand Dudenhoeffer has said he believes the German car sector -- which currently employs 800,000 people -- will shed 250,000 jobs over the next decade.&nbsp;

A total of 125,000 new ones will be created, he predicted.

Daimler returned to profit in the third quarter and said it was expecting 2019 revenues to be "slightly above" last year's, while operating profit would be "significantly below" the 11.1 billion euros in 2018.

Adding to Daimler's woes this year were expensive recalls linked to faulty Takata airbags and to diesel cars allegedly fitted with software to dupe emissions tests.

While the company has staunchly denied cheating, it nevertheless agreed to pay an 870-million-euro fine in Germany for having sold vehicles that did not conform with legal emissions limits.

Luxury automaker Daimler said Friday it would scrap at least 10,000 jobs worldwide, the latest in a wave of layoffs to hit the stuttering German car industry as it battles with a costly switch to electric.

Luxury automaker Daimler said Friday it would scrap at least 10,000 jobs worldwide, the latest in a wave of layoffs to hit the stuttering German car industry as it battles with a costly switch to electric. The Mercedes-Benz maker said it wanted to save 1.4 billion euros ($1.5 billion) in staff costs by the end of 2022 as it joins rivals in investing huge sums in the greener, smarter cars of the future. "The total number worldwide will be in the five-digits," Daimler personnel chief Wilfried Porth said in a conference call about the job cull. He declined to give a more detailed breakdown. The group said in an earlier statement that "thousands" of jobs would be axed by the end of 2022, after clinching a deal with labour representatives. The cull includes slashing management jobs "by 10 per cent", Daimler said, reportedly amounting to some 1,100 positions around the world. "The automotive industry is in the middle of the biggest transformation in its history," Daimler said. "The development towards CO2-neutral mobility requires large investments," it added. Along with other manufacturers, Daimler is scrambling to get ready for tough new EU emission rules taking effect next year, forcing it to accelerate the costly shift to zero-emissions electric cars and plug-in hybrids. The group, which employs 304,000 people globally, said the job cuts would be achieved through natural turnover, early retirement schemes and severance packages. Fewer parts needed Daimler's announcement comes as the mighty German car industry is buffeted by trade tensions, weaker Chinese demand and a darkening economic outlook. Other major car companies have in recent months already unveiled plans to cut some 30,000 jobs in the sector over the next years. Germany's Audi said it wants to axe 9,500 jobs, followed by more than 5,000 at Volkswagen, some 5,500 at car parts supplier Continental, while Bosch aims to cut more than 2,000 roles. US car giant Ford plans to scrap some 5,000 jobs in Germany alone. Electric engines require fewer parts and are less complicated to assemble than internal combustion engines, needing fewer hands. But auto bosses have said thousands of new, hi-tech jobs will also be created in the electric era to make cars more autonomous and connected. German automotive expert Ferdinand Dudenhoeffer has said he believes the German car sector -- which currently employs 800,000 people -- will shed 250,000 jobs over the next decade. A total of 125,000 new ones will be created, he predicted. Daimler returned to profit in the third quarter and said it was expecting 2019 revenues to be "slightly above" last year's, while operating profit would be "significantly below" the 11.1 billion euros in 2018. Adding to Daimler's woes this year were expensive recalls linked to faulty Takata airbags and to diesel cars allegedly fitted with software to dupe emissions tests. While the company has staunchly denied cheating, it nevertheless agreed to pay an 870-million-euro fine in Germany for having sold vehicles that did not conform with legal emissions limits.

More pain for German car industry as Daimler axes 10,000 jobs

The year 2019 has proven to be a tough year for India's top metal tycoon Tata Steel. The steel sector across Europe is battling surplus capacity and high costs causing big losses to metal firms.&nbsp;

Tata Steel has already announced job cuts in the region which angered the unions. Amid this Tata Steel is planning to hold talks with its workers on a “transformation programme” that involves up to three thousand job cuts.

The company plans to cut up to 1,600 manpower in the Netherlands and 1000 in Britain and 350 elsewhere in Europe. About two-thirds of job losses are expected to be managed and office-based roles. Indian-owned Tata steel announced the restructuring plans on November 18 in a bid to boost profitability.

The restructuring follows a decision by competition regulators in June to block a joint venture with Germany's ThyssenKrupp.

Unions in Britain and the Netherlands said that after that deal collapsed, they were given a job guarantee until 2021, and they would expect the company to stick to that.

Tata has said their proposals are designed to ensure a long-term future, but the unions say a vision that includes plans for investment has been consistently lacking.

Tata Steel is not the only metal firm battling with a sales drop in the European region. Britain’s biggest steel factory, British Steel, went into compulsory liquidation in may and is subject to a provisional agreement to be sold to Chinese steelmaker Jingye, which requires regulatory approvals if it is to go ahead. ArcelorMittal, the world’s biggest steelmaker, has idled a series of plants across Europe. It is also in conflict with the Italian government over its attempt to walk away from a deal signed in the year 2018 to buy Europe's largest steel plant Ilva.

(With inputs from agencies)

The year 2019 has proven to be a tough year for India's top metal tycoon Tata Steel. The steel sector across Europe is battling surplus capacity and high costs causing big losses to metal firms.

The year 2019 has proven to be a tough year for India's top metal tycoon Tata Steel. The steel sector across Europe is battling surplus capacity and high costs causing big losses to metal firms. Tata Steel has already announced job cuts in the region which angered the unions. Amid this Tata Steel is planning to hold talks with its workers on a “transformation programme” that involves up to three thousand job cuts. The company plans to cut up to 1,600 manpower in the Netherlands and 1000 in Britain and 350 elsewhere in Europe. About two-thirds of job losses are expected to be managed and office-based roles. Indian-owned Tata steel announced the restructuring plans on November 18 in a bid to boost profitability. The restructuring follows a decision by competition regulators in June to block a joint venture with Germany's ThyssenKrupp. Unions in Britain and the Netherlands said that after that deal collapsed, they were given a job guarantee until 2021, and they would expect the company to stick to that. Tata has said their proposals are designed to ensure a long-term future, but the unions say a vision that includes plans for investment has been consistently lacking. Tata Steel is not the only metal firm battling with a sales drop in the European region. Britain’s biggest steel factory, British Steel, went into compulsory liquidation in may and is subject to a provisional agreement to be sold to Chinese steelmaker Jingye, which requires regulatory approvals if it is to go ahead. ArcelorMittal, the world’s biggest steelmaker, has idled a series of plants across Europe. It is also in conflict with the Italian government over its attempt to walk away from a deal signed in the year 2018 to buy Europe's largest steel plant Ilva. (With inputs from agencies)

Tata Steel announces job cuts across Europe after major losses in 2019

Equity markets witnessed profit booking on Friday amid expectations of slower GDP numbers for the September quarter and weak global cues.

Investors also tracked trends after the passage of the <a href="https://www.wionews.com/.../draped-in-us-flag-protestors-stage-thanksgiving -rally-after-trump-signs-hong-kong-democracy-act-265122">Hong Kong pro-democracy bill</a> in Washington that could derail trade talks between the United States and China.

At the closing bell, the BSE S&amp;P Sensex was down by 336 points or 0.82 per cent to 40,704. The Nifty 50 tumbled down by 95 points or 0.78 per cent at 12,056.

All sectoral indices at the National Stock Exchange were in the red except for Nifty realty which was up by 0.98 per cent. But Nifty media was down by 2.4 per cent, PSU bank by 1.7 per cent metal by 1.2 per cent, auto by 1.1 per cent and FMCG by 0.9 per cent.

Among stocks, metal majors Hindalco and Vedanta lost by 2.1 per cent each while Tata Motors dived by 2.3 per cent.

The other prominent losers were Mahindra &amp; Mahindra, Hindustan Lever, Dr Reddy's, Yes Bank and State Bank of India.

However, Bharti Infratel continued to climb up and added gains of 6.7 per cent at Rs 273.80 per share while Bharti Airtel was up by 1.1 per cent. Adani Ports, utility major NTPC and HDFC Bank were also in the green.

Meanwhile, Asian markets slipped as investors turned cautious, fearing a new US law backing Hong Kong protesters could put hurdles in efforts to end the US-China trade conflict.

Hong Kong led the losses, dropping by 2 per cent while South Korean shares lost by 1.4 per cent and Japan's Nikkei eased by 0.5 per cent.

Equity markets witnessed profit booking on Friday amid expectations of slower GDP numbers for the September quarter and weak global cues. Investors also tracked trends after the passage of the Hong Kong pro-democracy bill in Washington that could derail trade talks between the United States and China.

Equity markets witnessed profit booking on Friday amid expectations of slower GDP numbers for the September quarter and weak global cues. Investors also tracked trends after the passage of the Hong Kong pro-democracy bill in Washington that could derail trade talks between the United States and China. At the closing bell, the BSE S&P Sensex was down by 336 points or 0.82 per cent to 40,704. The Nifty 50 tumbled down by 95 points or 0.78 per cent at 12,056. All sectoral indices at the National Stock Exchange were in the red except for Nifty realty which was up by 0.98 per cent. But Nifty media was down by 2.4 per cent, PSU bank by 1.7 per cent metal by 1.2 per cent, auto by 1.1 per cent and FMCG by 0.9 per cent. Among stocks, metal majors Hindalco and Vedanta lost by 2.1 per cent each while Tata Motors dived by 2.3 per cent. The other prominent losers were Mahindra & Mahindra, Hindustan Lever, Dr Reddy's, Yes Bank and State Bank of India. However, Bharti Infratel continued to climb up and added gains of 6.7 per cent at Rs 273.80 per share while Bharti Airtel was up by 1.1 per cent. Adani Ports, utility major NTPC and HDFC Bank were also in the green. Meanwhile, Asian markets slipped as investors turned cautious, fearing a new US law backing Hong Kong protesters could put hurdles in efforts to end the US-China trade conflict. Hong Kong led the losses, dropping by 2 per cent while South Korean shares lost by 1.4 per cent and Japan's Nikkei eased by 0.5 per cent.

Sensex falls by 336 points ahead of GDP data

A new report has raised concerns over smartphone addiction among youngsters. Psychiatrists say that almost a quarter of young people are so dependent on their mobiles that they become panicky and upset if they are denied constant access.

The study by UK based researchers also found that youngsters are unable to control the amount of time they spend on the phone.

The study which involved 42 thousand youngsters warns that such addictions have "serious consequences" for <a href="https://www.wionews.com/.../teenagers-not-getting-enough-exercise-at-risk- of-obesity-and-cardiovascular-diseases-world-health-organisation-2...">mental health</a>.

23 per cent of the surveyed youngsters were found to be addicted to their phones. They showed anxiety when denied access to their gadgets. The addiction also interfered with their daily activities.

Researches said that such behaviour could also be linked to other problems such as stress, lack of sleep and poor performance in school.

The study concluded that there was a need for public awareness and that parents should monitor the amount the time their children are spending on smartphones.

A new report has raised concerns over smartphone addiction among youngsters. Psychiatrists say that almost a quarter of young people are so dependent on their mobiles that they become panicky and upset if they are denied constant access.

A new report has raised concerns over smartphone addiction among youngsters. Psychiatrists say that almost a quarter of young people are so dependent on their mobiles that they become panicky and upset if they are denied constant access. The study by UK based researchers also found that youngsters are unable to control the amount of time they spend on the phone. The study which involved 42 thousand youngsters warns that such addictions have "serious consequences" for mental health. 23 per cent of the surveyed youngsters were found to be addicted to their phones. They showed anxiety when denied access to their gadgets. The addiction also interfered with their daily activities. Researches said that such behaviour could also be linked to other problems such as stress, lack of sleep and poor performance in school. The study concluded that there was a need for public awareness and that parents should monitor the amount the time their children are spending on smartphones.

Smartphone addiction: Digital dependency could doom the youth

BMW and its partner Great Wall Motor said they plan to build a plant in China with a capacity of 160,000 cars per year, and which will produce BMW's electric MINI brand and Great Wall Motor models.

BMW and its partner Great Wall Motor said they plan to build a plant in China with a capacity of 160,000 cars per year, and which will produce BMW's electric MINI brand and Great Wall Motor models. The 650 million euro ($716 million) plant is due for completion in 2022. Automakers and suppliers are scrambling to meet tough new Chinese quotas for less polluting cars. Those rules call for electric and rechargeable hybrid vehicles to account for a fifth of total sales by 2025. The new joint venture Spotlight Automotive, will be based in Zhangjiagang near Shanghai and eventually employ 3,000 staff. Earlier this month, Great Wall gained domestic regulatory approval for the new plant. Great Wall is China's top sport utility vehicle and pick-up truck maker. It also builds Ora, an affordable battery electric vehicle brand in Baoding, the city where it is based. BMW is following the footsteps of larger peer Volkswagen, which is readying two Chinese factories to build electric cars next year, and which will have a combined production capacity of 600,000 vehicles. Tesla is aiming for more than 500,000 cars a year by building a new factory in Shanghai.

BMW, Great Wall to build new China plant for electric cars

Indian shares inched higher in early trade on Thursday ahead of the expiry of November futures and options, while investors awaited gross domestic product (GDP) data due on Friday for clues about the health of Asia's third-largest economy.

The NSE Nifty 50 index was up 0.1 per cent&nbsp;at 12,111.90 by 0406 GMT, while the S&amp;P BSE Sensex index was higher 0.1 per cent&nbsp;at 41,062.

"We are at a crucial juncture at this point of time. Today's move will decide the future course of action," said Rusmik Oza, head of fundamental research, Kotak Securities.

"If the market closes above 12,100 levels on expiry, then investors are ready to digest the GDP numbers. If they retrace today, then there are chances they might go down tomorrow or after the data."

Indian stocks are set to rise further over the coming year, according to a Reuters poll of equity strategists, but those gains will be limited as fiscal stimulus and easy monetary policy fail to reverse an economic slowdown.

Public sector banks led gains in the Nifty index, with the main sub-index rising 1.15 per cent. Shares of Indian Bank rose 4.52 per cent, while Oriental Bank of Commerce gained 4.1per cent.

Bharti Infratel was the top gainer in the Nifty 50 index, rising 4.7 per cent.

Indian shares inched higher in early trade on Thursday ahead of the expiry of November futures and options, while investors awaited gross domestic product (GDP) data due on Friday for clues about the health of Asia's third-largest economy.

Indian shares inched higher in early trade on Thursday ahead of the expiry of November futures and options, while investors awaited gross domestic product (GDP) data due on Friday for clues about the health of Asia's third-largest economy. The NSE Nifty 50 index was up 0.1 per cent at 12,111.90 by 0406 GMT, while the S&P BSE Sensex index was higher 0.1 per cent at 41,062. "We are at a crucial juncture at this point of time. Today's move will decide the future course of action," said Rusmik Oza, head of fundamental research, Kotak Securities. "If the market closes above 12,100 levels on expiry, then investors are ready to digest the GDP numbers. If they retrace today, then there are chances they might go down tomorrow or after the data." Indian stocks are set to rise further over the coming year, according to a Reuters poll of equity strategists, but those gains will be limited as fiscal stimulus and easy monetary policy fail to reverse an economic slowdown. Public sector banks led gains in the Nifty index, with the main sub-index rising 1.15 per cent. Shares of Indian Bank rose 4.52 per cent, while Oriental Bank of Commerce gained 4.1per cent. Bharti Infratel was the top gainer in the Nifty 50 index, rising 4.7 per cent.

Nifty, Sensex tick up ahead of F&O expiry, GDP data

Oil&nbsp;prices fell on Thursday, extending losses from the previous session after official data showed United States&nbsp;crude and gasoline stocks rose against expectations and production hit a record.

Brent crude futures were down 16 cents, or 0.3 per cent, at $63.90 a barrel by 0141 GMT, having dropped 0.3 per cent&nbsp;on Wednesday.

US&nbsp;West Texas Intermediate crude fell 21 cents, or 0.4 per cent, to $57.90, after falling 0.5 per cent&nbsp;in the previous session.

Crude stockpiles in the United States swelled 1.6 million barrels last week as production hit a record high of 12.9 million barrels per day (bpd) and refinery runs slowed, the Energy Information Administration said. Analysts in a Reuters poll had forecast an inventory drop of 418,000 barrels.&nbsp;

More bearish was a 5.1 million-barrel rise in gasoline stocks, compared with forecasts for a 1.2 million-barrel gain.

Oil&nbsp;prices had risen earlier this week on expectations that China and the United States, the world's two biggest crude users, would soon sign a preliminary agreement, putting an end to their 16-month trade dispute.

"The stock data overshadowed other supply-side issues and a general pick-up in sentiment regarding the <a href="https://www.wionews.com/world/were-in-final-throes-of-trade-deal-but-will-see-how-it-goes-in-hong-kong-trump-264769">US-China trade deal</a>," ANZ Research said in a note.

Forces based in eastern Libya said on Wednesday they had driven rival factions from the 70,000-bpd El Feel&nbsp;oilfield after attacking the area with airstrikes, leading to production being halted and raising some worries about supply.

In the United States as well, energy services company Baker Hughes reported that US&nbsp;oil&nbsp;drillers reduced the number of drilling rigs for a record 12 months in a row.&nbsp;

Drillers cut three&nbsp;oil&nbsp;rigs in the week to November&nbsp;27, bringing the count down to 668, lowest since April 2017, Baker Hughes said in its report released a day early due to the US&nbsp;Thanksgiving holiday.

Oil prices fell on Thursday, extending losses from the previous session after official data showed United States crude and gasoline stocks rose against expectations and production hit a record.

Oil prices fell on Thursday, extending losses from the previous session after official data showed United States crude and gasoline stocks rose against expectations and production hit a record. Brent crude futures were down 16 cents, or 0.3 per cent, at $63.90 a barrel by 0141 GMT, having dropped 0.3 per cent on Wednesday. US West Texas Intermediate crude fell 21 cents, or 0.4 per cent, to $57.90, after falling 0.5 per cent in the previous session. Crude stockpiles in the United States swelled 1.6 million barrels last week as production hit a record high of 12.9 million barrels per day (bpd) and refinery runs slowed, the Energy Information Administration said. Analysts in a Reuters poll had forecast an inventory drop of 418,000 barrels. More bearish was a 5.1 million-barrel rise in gasoline stocks, compared with forecasts for a 1.2 million-barrel gain. Oil prices had risen earlier this week on expectations that China and the United States, the world's two biggest crude users, would soon sign a preliminary agreement, putting an end to their 16-month trade dispute. "The stock data overshadowed other supply-side issues and a general pick-up in sentiment regarding the US-China trade deal," ANZ Research said in a note. Forces based in eastern Libya said on Wednesday they had driven rival factions from the 70,000-bpd El Feel oilfield after attacking the area with airstrikes, leading to production being halted and raising some worries about supply. In the United States as well, energy services company Baker Hughes reported that US oil drillers reduced the number of drilling rigs for a record 12 months in a row. Drillers cut three oil rigs in the week to November 27, bringing the count down to 668, lowest since April 2017, Baker Hughes said in its report released a day early due to the US Thanksgiving holiday.

Oil drops as US inventory build, record output rekindles supply worries

<a href="https://www.wionews.com/business-economy/asian-shares-climb-as-trump-says-us-china-trade-deal-near-264827">Asian markets</a> mostly fell Thursday as optimism over the China-US trade talks took a jolt after <a href="https://www.wionews.com/world/were-in-final-throes-of-trade-deal-but-will-see-how-it-goes-in-hong-kong-trump-264769">Donald Trump</a> signed into law a bill recognising Hong Kong's rights, prompting an angry response from Beijing.

Global equities have been surging in recent weeks with Wall Street hitting multiple records on expectations, the much-vaunted negotiations would result in a partial pact soon.

Trump on Wednesday put his name to the <a href="https://www.wionews.com/world/trump-signs-hong-kong-democracy-act-china-threatens-firm-countermeasures-264966">Hong Kong Human Rights and Democracy Act,</a> which requires the president to annually review the city's favorable trade status and threatens to revoke it if the territory's freedoms are quashed.

He also agreed to legislation banning sales of tear gas, rubber bullets and other equipment used by Hong Kong security forces in putting down protests that have wracked the city since June and have battered its economy.

The president spoke of "respect" for his Chinese counterpart <a href="https://www.wionews.com/world/hong-kong-major-highway-reopens-authorities-appeal-for-calm-264791">Xi Jinping</a> and said he hoped Beijing and Hong Kong could "amicably settle their differences".

For his part, Trump had seemed reluctant to sign the bill with the trade talks still ongoing, but with almost unanimous US congressional support for the measure, he had little political room to maneuver.

However, China hit out at the decision, calling it "extremely abominable", and threatened "firm countermeasures", though it did not specify what they would be. Hong Kong's government expressed "extreme regret" at the move.

The signing, while not entirely surprising, spooked investors, who had been in an upbeat mood following a string of positive comments from both sides indicating the first part of a wider agreement was close.

"Trump's signing the Hong Kong bill is likely to trigger another risk-off session," said Hao Zhou, senior emerging markets economist at Commerzbank AG. "The phase one deal is likely to be delayed."

Hong Kong fell 0.4 per cent in the morning session and Shanghai shed 0.1 per cent, while China's yuan was also slightly lower.

Singapore slipped 0.3 per cent and Seoul dropped 0.2 per cent while Taipei and Manila also retreated.

However, Tokyo ended the morning up 0.1 per cent, Sydney rose 0.3 per cent and Jakarta added 0.1 per cent.

Wellington climbed one per cent on data showing a pick-up in New Zealand business confidence.

"Now the big question is, does China decide to compartmentalise the Hong Kong issues away from the phase one deal. So that's where the risk lies now," said AxiTrader's Stephen Innes.

Wall Street had provided another record lead following figures showing US growth was faster than originally reported in the July-September period, easing concerns about the world's top economy.

However, China remains under pressure, and a top government adviser on Wednesday warned its economy could expand slower than six per cent this year. The government had fixed a growth target of between six and 6.5 per cent for 2019.

Worries about the trade talks also weighed on oil prices, with traders concerned that the prolonging of the China-US trade war would hit long-term demand.

On currency markets, the pound rallied after a much-anticipated opinion poll suggested Prime Minister Boris Johnson was on course to win a healthy majority in next month's general election.

The huge YouGov poll of around 100,000 people sparked buying in the pound on hopes a big Conservative party win would allow Johnson to push through his Brexit deal and avoid a no-deal divorce from the <a href="https://www.wionews.com/world/uk-election-poll-predicts-conservative-majority-264965">European Union</a>.

Asian markets mostly fell Thursday as optimism over the China-US trade talks took a jolt after Donald Trump signed into law a bill recognising Hong Kong's rights, prompting an angry response from Beijing.

Asian markets mostly fell Thursday as optimism over the China-US trade talks took a jolt after Donald Trump signed into law a bill recognising Hong Kong's rights, prompting an angry response from Beijing. Global equities have been surging in recent weeks with Wall Street hitting multiple records on expectations, the much-vaunted negotiations would result in a partial pact soon. Trump on Wednesday put his name to the Hong Kong Human Rights and Democracy Act, which requires the president to annually review the city's favorable trade status and threatens to revoke it if the territory's freedoms are quashed. He also agreed to legislation banning sales of tear gas, rubber bullets and other equipment used by Hong Kong security forces in putting down protests that have wracked the city since June and have battered its economy. The president spoke of "respect" for his Chinese counterpart Xi Jinping and said he hoped Beijing and Hong Kong could "amicably settle their differences". For his part, Trump had seemed reluctant to sign the bill with the trade talks still ongoing, but with almost unanimous US congressional support for the measure, he had little political room to maneuver. However, China hit out at the decision, calling it "extremely abominable", and threatened "firm countermeasures", though it did not specify what they would be. Hong Kong's government expressed "extreme regret" at the move. The signing, while not entirely surprising, spooked investors, who had been in an upbeat mood following a string of positive comments from both sides indicating the first part of a wider agreement was close. "Trump's signing the Hong Kong bill is likely to trigger another risk-off session," said Hao Zhou, senior emerging markets economist at Commerzbank AG. "The phase one deal is likely to be delayed." Hong Kong fell 0.4 per cent in the morning session and Shanghai shed 0.1 per cent, while China's yuan was also slightly lower. Singapore slipped 0.3 per cent and Seoul dropped 0.2 per cent while Taipei and Manila also retreated. However, Tokyo ended the morning up 0.1 per cent, Sydney rose 0.3 per cent and Jakarta added 0.1 per cent. Wellington climbed one per cent on data showing a pick-up in New Zealand business confidence. "Now the big question is, does China decide to compartmentalise the Hong Kong issues away from the phase one deal. So that's where the risk lies now," said AxiTrader's Stephen Innes. Wall Street had provided another record lead following figures showing US growth was faster than originally reported in the July-September period, easing concerns about the world's top economy. However, China remains under pressure, and a top government adviser on Wednesday warned its economy could expand slower than six per cent this year. The government had fixed a growth target of between six and 6.5 per cent for 2019. Worries about the trade talks also weighed on oil prices, with traders concerned that the prolonging of the China-US trade war would hit long-term demand. On currency markets, the pound rallied after a much-anticipated opinion poll suggested Prime Minister Boris Johnson was on course to win a healthy majority in next month's general election. The huge YouGov poll of around 100,000 people sparked buying in the pound on hopes a big Conservative party win would allow Johnson to push through his Brexit deal and avoid a no-deal divorce from the European Union.

Asian markets hit as Trump sparks China anger with Hong Kong law

Facebook's network of apps consisting of - Facebook, Instagram - suffered a major global outage on Thursday. Users across the globe reported that they were unable to access these social media platforms media files - images, videos, GIFs - on Facebook's services.&nbsp;

Acknowledging the outage Instagram has posted on its official twitter handle that "We’re aware that some people are currently having trouble accessing Facebook’s family of apps, including Instagram. We’re working to get things back to normal as quickly as possible. #InstagramDown".

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet">
We’re aware that some people are currently having trouble accessing Facebook’s family of apps, including Instagram. We’re working to get things back to normal as quickly as possible. <a href="https://twitter.com/hashtag/InstagramDown?src=hash&amp;ref_src=twsrc%5Etfw">#InstagramDown</a>
— Instagram (@instagram) <a href="https://twitter.com/instagram/status/1200077305894162433?ref_src=twsrc%5Etfw">November 28, 2019</a></blockquote>
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Facebook also confirmed the issue on its <a href="https://developers.facebook.com/status/issues/2287293591515186/">service website</a> saying that "We are currently experiencing increased error rates across Facebook Login and the Graph API. Our team is aware of the issue and is working on a fix." 
 
However, this is not the first time that Facebook's and Instagram have suffered a global outage. The social media giant's services - particularly Facebook and Instagram -- suffered one of the worst outages ever back in March, July this year.

(With inputs from agencies)

Facebook's network of apps consisting of - Facebook, Instagram - suffered a major global outage on Thursday. Users across the globe reported that they were unable to access these social media platforms media files - images, videos, GIFs - on Facebook's services.

Facebook's network of apps consisting of - Facebook, Instagram - suffered a major global outage on Thursday. Users across the globe reported that they were unable to access these social media platforms media files - images, videos, GIFs - on Facebook's services. Acknowledging the outage Instagram has posted on its official twitter handle that "We’re aware that some people are currently having trouble accessing Facebook’s family of apps, including Instagram. We’re working to get things back to normal as quickly as possible. #InstagramDown". We’re aware that some people are currently having trouble accessing Facebook’s family of apps, including Instagram. We’re working to get things back to normal as quickly as possible. #InstagramDown — Instagram (@instagram) November 28, 2019 × Facebook also confirmed the issue on its service website saying that "We are currently experiencing increased error rates across Facebook Login and the Graph API. Our team is aware of the issue and is working on a fix." However, this is not the first time that Facebook's and Instagram have suffered a global outage. The social media giant's services - particularly Facebook and Instagram -- suffered one of the worst outages ever back in March, July this year. (With inputs from agencies)

Facebook and Instagram suffer global outage

The government wants the <a href="https://www.wionews.com/india.../government-making-efforts-to-ensure- better-regulatory-mechanism-in-banking-sector-nirmala-sitharaman-...">Reserve Bank of India</a> to set up a fund to buy out stressed assets of the country's top 25 shadow lenders and revive the financial sector, a government source told reporters on Thursday.

The shadow banking sector has been battling a credit crunch ever since one of the sector's biggest firms Infrastructure Leasing &amp; Financial Services collapsed in late 2018 amid fraud allegations.

The finance ministry has proposed a bailout plan on the lines of the US&nbsp;Troubled Asset Relief Programme following the 2008 financial crisis to pull India's financial sector out of a deep slump and get credit flowing back into a weak economy, the source told a group of reporters.

"Talks are on and various rounds of discussions have happened with the central bank on a mini TARP-like programme," the source who is involved in the discussions told reporters.

"RBI could be the buyer of last resort”," the source, who cannot be named in line with his service rules, said.

In 2008, the United States Treasury Department had worked out a $700 billion bailout plan to address the financial crisis.

The government has been considering measures to revive the financial sector to get boost economic growth after five straight quarters of declines. A further decline in the growth rate is forecast for the July-September period, in data due out on Friday.

Shadow lenders account for a large chunk of India's credit market, accounting for a 30 per cent&nbsp;share of auto loans and more than 40 per cent of home loans as of December 2018, according to the central bank.

The government official said that the RBI has been reluctant to open its balance sheet for a large bailout programme for the shadow banks as it feels the step is too drastic and more discussions are required.

The RBI declined to comment on the government source's remarks.

Any new measure is likely to help such as Indiabulls Housing Finance, Piramal Enterprises, Reliance Capital, Shriram Transport Finance and Mahindra &amp; Mahindra Financial Services.

Shares of Piramal rose nearly 5 per cent&nbsp;to 1830.70 rupees a share, while Shriram Transport Finance company rose 1.3 per cent&nbsp;to 1,155 apiece from 1,140 rupees, after the news before paring some gains.

The new proposal comes after the government's 1 trillion rupees partial credit guarantee scheme under which state-run banks would buy high-rated pooled assets of financially sound shadow lenders failed to take off.

Banks, which are burdened with over 9 trillion rupees of bad loans of their own, remain risk-averse.

The government has also asked the central bank to consider a one-time waiver to banks from classifying some real estate loans as bad loans, the official said.

The government wants the Reserve Bank of India to set up a fund to buy out stressed assets of the country's top 25 shadow lenders and revive the financial sector, a government source told reporters on Thursday.

The government wants the Reserve Bank of India to set up a fund to buy out stressed assets of the country's top 25 shadow lenders and revive the financial sector, a government source told reporters on Thursday. The shadow banking sector has been battling a credit crunch ever since one of the sector's biggest firms Infrastructure Leasing & Financial Services collapsed in late 2018 amid fraud allegations. The finance ministry has proposed a bailout plan on the lines of the US Troubled Asset Relief Programme following the 2008 financial crisis to pull India's financial sector out of a deep slump and get credit flowing back into a weak economy, the source told a group of reporters. "Talks are on and various rounds of discussions have happened with the central bank on a mini TARP-like programme," the source who is involved in the discussions told reporters. "RBI could be the buyer of last resort”," the source, who cannot be named in line with his service rules, said. In 2008, the United States Treasury Department had worked out a $700 billion bailout plan to address the financial crisis. The government has been considering measures to revive the financial sector to get boost economic growth after five straight quarters of declines. A further decline in the growth rate is forecast for the July-September period, in data due out on Friday. Shadow lenders account for a large chunk of India's credit market, accounting for a 30 per cent share of auto loans and more than 40 per cent of home loans as of December 2018, according to the central bank. The government official said that the RBI has been reluctant to open its balance sheet for a large bailout programme for the shadow banks as it feels the step is too drastic and more discussions are required. The RBI declined to comment on the government source's remarks. Any new measure is likely to help such as Indiabulls Housing Finance, Piramal Enterprises, Reliance Capital, Shriram Transport Finance and Mahindra & Mahindra Financial Services. Shares of Piramal rose nearly 5 per cent to 1830.70 rupees a share, while Shriram Transport Finance company rose 1.3 per cent to 1,155 apiece from 1,140 rupees, after the news before paring some gains. The new proposal comes after the government's 1 trillion rupees partial credit guarantee scheme under which state-run banks would buy high-rated pooled assets of financially sound shadow lenders failed to take off. Banks, which are burdened with over 9 trillion rupees of bad loans of their own, remain risk-averse. The government has also asked the central bank to consider a one-time waiver to banks from classifying some real estate loans as bad loans, the official said.

Government wants RBI to buy out stressed assets of shadow banks: Report

<a href="https://www.wionews.com/...economy/oecd-hails-india-reforms-pegs-62- growth-in-2020-264158">&nbsp;India's economy</a> probably expanded at its weakest pace in more than six years in the quarter to September, a Reuters poll showed, as consumer demand and private investment weakened further and a global slowdown hit exports.

The median of a poll of economists showed annual growth in gross domestic product of 4.7 per cent&nbsp;in the quarter, down from 5.0 per cent&nbsp;in the previous three months and 7 per cent&nbsp;for the corresponding period of 2018.

Economic growth could dip to around 4 per cent&nbsp;in the September quarter, two domestic television channels said on Wednesday, citing government sources.

If the latest figure for expansion of gross domestic product is 4.7 per cent&nbsp;or less, the quarter will have registered the slowest expansion in 26 quarters, since 4.3 per cent&nbsp;in January-March 2013.

<a href="https://www.wionews.com/.../india-uk-reaffirm-commitment-on-counter- terrorism-cooperation-264974">Prime Minister Narendra Modi</a>'s government has taken several steps, including cutting corporate tax in September, to boost investments and bolster economic growth.

Economists in a Reuters poll predicted the Reserve Bank of India would cut its repo rate for the sixth time in a row, by 25 basis points, to 4.90 per cent&nbsp;at its Dec. 3-5 meeting.

"Agrarian distress and dismal income growth so far, coupled with subdued income growth expectation in urban areas, have weakened consumption demand considerably," said Devindra Pant, chief economist at Fitch arm India Ratings &amp; Research.

"Even the festive demand has failed to revive it," he said, citing data on non-food credit, auto sales and select fast-moving consumer goods.

'Economic emergency'

On Wednesday, in a heated parliamentary debate on the economic slowdown affecting jobs, opposition parties said millions of people had lost their jobs and the country faced an "economic emergency".

In her reply, <a href="https://www.wionews.com/.../cbic-suspends-assistant-commissioner-deepak- pandit-for-misusing-powers-264782">Finance Minister Nirmala Sitharaman</a> said the economy faced a slowdown but no "recession" and cited several government measures to support economic growth.

On Thursday, she sought parliament's approval to spend $2.7 billion in addition to a budgeted 27.86 trillion rupees ($388 billion) in the 2019/20 fiscal year.

Economists said with persistently tight domestic credit and weak corporate profits, India's recovery could be delayed and the pick-up would remain below potential.

India needs to grow at around 8 per cent&nbsp;to create enough jobs for its millions of young people joining the labour force each year.

The unemployment rate in October rose to 8.5 per cent, its highest since August 2016, according to the Centre for Monitoring Indian Economy (CMIE), though the government estimates that urban unemployment declined.

Some economists, however, said economic growth could pick up in the second half of the current fiscal year, after the government took steps to support real estate and non-bank finance companies.

"The economic slowdown has bottomed out in the September quarter," said N.R. Bhanumurthy, an economist at the National Institute of Public Finance and Policy, a Delhi-based government think tank.

"With easing of credit and pick up in festival demand, economic growth is expected to pick up from October onward."

India's economy probably expanded at its weakest pace in more than six years in the quarter to September, a Reuters poll showed, as consumer demand and private investment weakened further and a global slowdown hit exports.

India's economy probably expanded at its weakest pace in more than six years in the quarter to September, a Reuters poll showed, as consumer demand and private investment weakened further and a global slowdown hit exports. The median of a poll of economists showed annual growth in gross domestic product of 4.7 per cent in the quarter, down from 5.0 per cent in the previous three months and 7 per cent for the corresponding period of 2018. Economic growth could dip to around 4 per cent in the September quarter, two domestic television channels said on Wednesday, citing government sources. If the latest figure for expansion of gross domestic product is 4.7 per cent or less, the quarter will have registered the slowest expansion in 26 quarters, since 4.3 per cent in January-March 2013. Prime Minister Narendra Modi's government has taken several steps, including cutting corporate tax in September, to boost investments and bolster economic growth. Economists in a Reuters poll predicted the Reserve Bank of India would cut its repo rate for the sixth time in a row, by 25 basis points, to 4.90 per cent at its Dec. 3-5 meeting. "Agrarian distress and dismal income growth so far, coupled with subdued income growth expectation in urban areas, have weakened consumption demand considerably," said Devindra Pant, chief economist at Fitch arm India Ratings & Research. "Even the festive demand has failed to revive it," he said, citing data on non-food credit, auto sales and select fast-moving consumer goods. 'Economic emergency' On Wednesday, in a heated parliamentary debate on the economic slowdown affecting jobs, opposition parties said millions of people had lost their jobs and the country faced an "economic emergency". In her reply, Finance Minister Nirmala Sitharaman said the economy faced a slowdown but no "recession" and cited several government measures to support economic growth. On Thursday, she sought parliament's approval to spend $2.7 billion in addition to a budgeted 27.86 trillion rupees ($388 billion) in the 2019/20 fiscal year. Economists said with persistently tight domestic credit and weak corporate profits, India's recovery could be delayed and the pick-up would remain below potential. India needs to grow at around 8 per cent to create enough jobs for its millions of young people joining the labour force each year. The unemployment rate in October rose to 8.5 per cent, its highest since August 2016, according to the Centre for Monitoring Indian Economy (CMIE), though the government estimates that urban unemployment declined. Some economists, however, said economic growth could pick up in the second half of the current fiscal year, after the government took steps to support real estate and non-bank finance companies. "The economic slowdown has bottomed out in the September quarter," said N.R. Bhanumurthy, an economist at the National Institute of Public Finance and Policy, a Delhi-based government think tank. "With easing of credit and pick up in festival demand, economic growth is expected to pick up from October onward."

India's economy seen growing at 4.7 per cent in September quarter

British automotive output dropped by an annual 4 per cent&nbsp;in October, the 16th month out of the last 17 to record a fall, as demand from both domestic and overseas buyers decreased, according to a trade body.

Production stood at 134,752 cars last month, hit by a nearly 11 per cent&nbsp;drop in demand from Britons and a 2.6 per cent&nbsp;drop in export demand, which accounts for roughly 80 per cent&nbsp;of output, statistics from the Society of Motor Manufacturers and Traders (SMMT) showed.

The global automotive industry has had a torrid year, hit by declining sales in <a href="https://www.wionews.com/.../wion-wallet-china-increases-export-of-second- hand-vehicles-265047">China</a>, trade war worries between the world's two biggest economies, a slump in diesel sales in Europe and the need to invest heavily in electrification.

Model changeovers at some sites were also blamed by the SMMT which has called for Britain to negotiate the closest possible trading relationship with the European Union after Brexit as part of a trade deal due to take effect in 2021.

"Our global competitiveness&nbsp;is under threat," said SMMT Chief Executive Mike Hawes.

"To safeguard it, we need to work closely with the next government to ensure frictionless trade, free of tariffs, with regulatory alignment and continued access to talent in the future."

British automotive output dropped by an annual 4 per cent in October, the 16th month out of the last 17 to record a fall, as demand from both domestic and overseas buyers decreased, according to a trade body.

British automotive output dropped by an annual 4 per cent in October, the 16th month out of the last 17 to record a fall, as demand from both domestic and overseas buyers decreased, according to a trade body. Production stood at 134,752 cars last month, hit by a nearly 11 per cent drop in demand from Britons and a 2.6 per cent drop in export demand, which accounts for roughly 80 per cent of output, statistics from the Society of Motor Manufacturers and Traders (SMMT) showed. The global automotive industry has had a torrid year, hit by declining sales in China, trade war worries between the world's two biggest economies, a slump in diesel sales in Europe and the need to invest heavily in electrification. Model changeovers at some sites were also blamed by the SMMT which has called for Britain to negotiate the closest possible trading relationship with the European Union after Brexit as part of a trade deal due to take effect in 2021. "Our global competitiveness is under threat," said SMMT Chief Executive Mike Hawes. "To safeguard it, we need to work closely with the next government to ensure frictionless trade, free of tariffs, with regulatory alignment and continued access to talent in the future."

Slump in demand pulls down UK car production, again

&nbsp;In 2018, South Korea's SK Innovation beat its larger, local rival LG Chem to a multibillion-dollar deal to supply German carmaker <a href="https://www.wionews.com/business-economy/future-is-electric-porsche-sets-out-plans-to-battle-tesla-in-us-263254">Volkswagen</a> with electric vehicle batteries in the United States.

With great fanfare, SK Innovation (SKI) broke ground in March on a $1.7 billion&nbsp;factory in Commerce, Georgia, about 200 km from VW's Chattanooga plant, which will be the automaker's electric vehicle hub in the United States.

LG Chem (LGC) had other ideas.

Stung by missing out on the VW deal to the new kid on the block and the departure of 77 employees for its rival across the Han River in Seoul, LGC took SKI to court in the United States in April accusing it of misappropriating trade secrets.

Fast forward seven months and the two firms have hit each other with US&nbsp;lawsuits for battery patent infringements in a bitter row that threatens to disrupt the launches of electric vehicles (EVs) by some of the world's biggest carmakers.

US court filings reviewed by Reuters show the feuding firms are trying to stop each other from importing and selling EV batteries destined for the SUVs VW will build in Tennessee as well as GM's Bolt, Ford pickups, Jaguar's I-Pace, Audi's e-Tron, and Kia Motor's Niro.

At stake is the Korean firms' ability to supply automakers in the United States with batteries just as the car producers are scrambling to lock in supplies with lucrative contracts ahead of an expected surge in demand, according to court filings by the two companies and several industry experts.

"Whoever loses the fight would suffer a fatal blow, unless the two reach a settlement. This will also be a setback for automakers," said Cho Jae-Phil, a professor at Ulsan National Institute of Science and Technology who worked previously at another Korean rival, Samsung SDI.

Ford spokeswoman Jennifer Flake said it was encouraging LGC and SKI to resolve their conflict without litigation and that it believed there was sufficient demand for multiple suppliers.

"We are aware of the issue. As a normal course of action, we have business continuity plans in place to protect our interests," Flake said in an emailed statement to Reuters.

GM spokesman Patrick Morrissey said the company was aware of the dispute and at this point, it did not expect any impact on the production of its Chevy Bolt electric vehicle.

Kia, Jaguar Land Rover, and Volkswagen, which also owns Audi, declined to comment.

Volkswagen has said it is worried there won't be enough batteries for all the EVs it plans to launch in the next five years, partly because producers such as LGC and China's CATL don't have enough skilled workers for new plants in Europe to ramp up output quickly.

According to Korea's battery industry tracker SNE Research, the market for EV batteries - the most expensive and important component in the vehicles - is set to grow 23 per cent&nbsp;a year to reach $167 billion by 2025, making it bigger than the global memory chip market which is expected to be worth $150 billion by then.

In one court filing, LGC said its rival poached employees working on its own project to supply batteries for VW's MEB electric vehicle architecture - and that SKI only won the VW contract because it had misappropriated trade secrets.

SKI has denied stealing trade secrets, saying its staff signed agreements not to use information from former workplaces. "We value intellectual property," a spokesman for SKI said.

If the US&nbsp;International Trade Commission (ITC) rules in favor of LGC on June 5, when it is due to make a preliminary ruling, that could jeopardize SKI's plans to supply VW in the United States with batteries from Georgia or a new factory in Hungary, according to court filings.

In April, LGC asked the ITC to block SKI from bringing batteries and components into the United States, as well as manufacturing systems needed for US production which is scheduled to start in 2022.

The SKI spokesman said there had been no change to its schedule for the factory, which will have the capacity to make batteries for more than 200,000 EVs a year. He said SKI had received inquiries about the lawsuits from customers, including if they would have an impact on supplies, without elaborating.

LGC said a final ruling on the case would be made on October&nbsp;5 next year but it asked the ITC earlier this month to make a so-called default judgment against SKI quickly.

According to a memo obtained by Reuters on Wednesday, the Commission's investigative staff recommended a motion in favor of LGC as it is "the most appropriate sanction for Respondents' (SKI's) widespread spoliation of evidence."

Evidence spoliation is the destruction or alteration of evidence that may be used in a legal proceeding.

The staff also said a two-day hearing may be held "because of the severity of the allegations of misconduct and the extraordinary nature of the relief requested by (LGC)."

SKI denied the allegation of evidence spoliation in a statement on Wednesday, saying it is "sincerely responding to any investigation by the ITC" and its statement of position filed with the panel will clear the "groundless" accusation.

The patent infringement lawsuits lodged by the companies in the United States, meanwhile, mean that if one, or both, lose they probably won't be able to market products using the patents in question in the country, the companies said in court filings. The two have taken their feud to South Korean courts as well.

LGC said in a statement it would impossible to design around its patents while SKI said losing the patents case could create "substantial setbacks" to its battery business.

SKI and LGC said there had been no supply disruptions yet.

LGC was an early industry force to be reckoned with, winning a deal in 2008 to supply batteries for GM's Volt, the world's first mass-market, plug-in hybrid car, and it has since worked with almost every EV maker including <a href="https://www.wionews.com/business-economy/musk-suggests-tesla-has-200000-orders-for-cybertruck-264354">Tesla</a>.

But LGC has been grappling with an exodus of workers: 1,258 staff jumped ship from 2016 to 2018, according to its sustainability reports. The company told Reuters the total number of staff who have joined SKI since 2016 has risen since it filed its complaint in April to about 100.

The bitterness of the fight is worrying Korean government officials on the grounds it could damage the firms' reputations and let rivals win market share from South Korean companies.

Lawmakers have called on the government to intervene and Industry Minister Sung Yoon-mo said in October it was watching the dispute closely to see how and when it could play a role to bring about a "positive outcome for the country overall".

Beejay Kim, a battery consultant, said Volkswagen may have to broker a truce as the dispute could disrupt not only battery suppliers but also reduce competition between its vendors.

"No one wants them to fight till the end," he said.

In 2018, South Korea's SK Innovation beat its larger, local rival LG Chem to a multibillion-dollar deal to supply German carmaker Volkswagen with electric vehicle batteries in the United States.

In 2018, South Korea's SK Innovation beat its larger, local rival LG Chem to a multibillion-dollar deal to supply German carmaker Volkswagen with electric vehicle batteries in the United States. With great fanfare, SK Innovation (SKI) broke ground in March on a $1.7 billion factory in Commerce, Georgia, about 200 km from VW's Chattanooga plant, which will be the automaker's electric vehicle hub in the United States. LG Chem (LGC) had other ideas. Stung by missing out on the VW deal to the new kid on the block and the departure of 77 employees for its rival across the Han River in Seoul, LGC took SKI to court in the United States in April accusing it of misappropriating trade secrets. Fast forward seven months and the two firms have hit each other with US lawsuits for battery patent infringements in a bitter row that threatens to disrupt the launches of electric vehicles (EVs) by some of the world's biggest carmakers. US court filings reviewed by Reuters show the feuding firms are trying to stop each other from importing and selling EV batteries destined for the SUVs VW will build in Tennessee as well as GM's Bolt, Ford pickups, Jaguar's I-Pace, Audi's e-Tron, and Kia Motor's Niro. At stake is the Korean firms' ability to supply automakers in the United States with batteries just as the car producers are scrambling to lock in supplies with lucrative contracts ahead of an expected surge in demand, according to court filings by the two companies and several industry experts. "Whoever loses the fight would suffer a fatal blow, unless the two reach a settlement. This will also be a setback for automakers," said Cho Jae-Phil, a professor at Ulsan National Institute of Science and Technology who worked previously at another Korean rival, Samsung SDI. Ford spokeswoman Jennifer Flake said it was encouraging LGC and SKI to resolve their conflict without litigation and that it believed there was sufficient demand for multiple suppliers. "We are aware of the issue. As a normal course of action, we have business continuity plans in place to protect our interests," Flake said in an emailed statement to Reuters. GM spokesman Patrick Morrissey said the company was aware of the dispute and at this point, it did not expect any impact on the production of its Chevy Bolt electric vehicle. Kia, Jaguar Land Rover, and Volkswagen, which also owns Audi, declined to comment. Volkswagen has said it is worried there won't be enough batteries for all the EVs it plans to launch in the next five years, partly because producers such as LGC and China's CATL don't have enough skilled workers for new plants in Europe to ramp up output quickly. According to Korea's battery industry tracker SNE Research, the market for EV batteries - the most expensive and important component in the vehicles - is set to grow 23 per cent a year to reach $167 billion by 2025, making it bigger than the global memory chip market which is expected to be worth $150 billion by then. In one court filing, LGC said its rival poached employees working on its own project to supply batteries for VW's MEB electric vehicle architecture - and that SKI only won the VW contract because it had misappropriated trade secrets. SKI has denied stealing trade secrets, saying its staff signed agreements not to use information from former workplaces. "We value intellectual property," a spokesman for SKI said. If the US International Trade Commission (ITC) rules in favor of LGC on June 5, when it is due to make a preliminary ruling, that could jeopardize SKI's plans to supply VW in the United States with batteries from Georgia or a new factory in Hungary, according to court filings. In April, LGC asked the ITC to block SKI from bringing batteries and components into the United States, as well as manufacturing systems needed for US production which is scheduled to start in 2022. The SKI spokesman said there had been no change to its schedule for the factory, which will have the capacity to make batteries for more than 200,000 EVs a year. He said SKI had received inquiries about the lawsuits from customers, including if they would have an impact on supplies, without elaborating. LGC said a final ruling on the case would be made on October 5 next year but it asked the ITC earlier this month to make a so-called default judgment against SKI quickly. According to a memo obtained by Reuters on Wednesday, the Commission's investigative staff recommended a motion in favor of LGC as it is "the most appropriate sanction for Respondents' (SKI's) widespread spoliation of evidence." Evidence spoliation is the destruction or alteration of evidence that may be used in a legal proceeding. The staff also said a two-day hearing may be held "because of the severity of the allegations of misconduct and the extraordinary nature of the relief requested by (LGC)." SKI denied the allegation of evidence spoliation in a statement on Wednesday, saying it is "sincerely responding to any investigation by the ITC" and its statement of position filed with the panel will clear the "groundless" accusation. The patent infringement lawsuits lodged by the companies in the United States, meanwhile, mean that if one, or both, lose they probably won't be able to market products using the patents in question in the country, the companies said in court filings. The two have taken their feud to South Korean courts as well. LGC said in a statement it would impossible to design around its patents while SKI said losing the patents case could create "substantial setbacks" to its battery business. SKI and LGC said there had been no supply disruptions yet. LGC was an early industry force to be reckoned with, winning a deal in 2008 to supply batteries for GM's Volt, the world's first mass-market, plug-in hybrid car, and it has since worked with almost every EV maker including Tesla. But LGC has been grappling with an exodus of workers: 1,258 staff jumped ship from 2016 to 2018, according to its sustainability reports. The company told Reuters the total number of staff who have joined SKI since 2016 has risen since it filed its complaint in April to about 100. The bitterness of the fight is worrying Korean government officials on the grounds it could damage the firms' reputations and let rivals win market share from South Korean companies. Lawmakers have called on the government to intervene and Industry Minister Sung Yoon-mo said in October it was watching the dispute closely to see how and when it could play a role to bring about a "positive outcome for the country overall". Beejay Kim, a battery consultant, said Volkswagen may have to broker a truce as the dispute could disrupt not only battery suppliers but also reduce competition between its vendors. "No one wants them to fight till the end," he said.

Feuding Korean firms risk disrupting electric car battery supplies

Chinese <a href="https://www.wionews.com/business-economy/founder-of-chinas-smartphone-maker-smartisan-barred-from-planes-trains-259693">smartphone </a>maker <a href="https://www.wionews.com/world/chinas-xiaomi-secures-seven-cornerstone-investors-for-61-billion-hong-kong-ipo-146044">Xiaomi Corp</a> posted its slowest-ever quarterly revenue growth, as the country's smartphone market copes with a protracted lull in sales and bigger rival Huawei grabs more market share.

Revenue in the first quarter ended September&nbsp;30 rose 5.5 per cent&nbsp;to 53.66 billion yuan from the same period last year, largely in line with analysts' expectations of 53.74 billion yuan.

Net income rose to 3.47 billion yuan, up from 2.50 billion yuan a year ago.

Demand for smartphones has eased in China as consumers hold on to devices longer. As well, Chinese shoppers have rallied behind and boosted sales at Huawei, the world's second-largest smartphone maker, which was added to a trade blacklist by the United States.

<a href="https://www.wionews.com/photos/mi-mix-xiaomis-first-phone-with-edge-to-edge-display-72">Xiaomi</a> shipments to Chinese consumers fell by a third in the September quarter, according to market research firm Canalys, while Huawei's rose 66 per cent. Total smartphone shipments in China shrank 3 per cent.

Once the darling of China's smartphone industry, Xiaomi still makes most of its money selling smartphones but has been touting its aspirations to boost its internet services division, which mainly consists of online ad sales.

Revenue from this business jumped 12.3 per cent to 5.31 billion yuan in the year. The unit contributed 10% of the company's total sales, roughly the same as when it listed in August 2018.

Chinese smartphone maker Xiaomi Corp posted its slowest-ever quarterly revenue growth, as the country's smartphone market copes with a protracted lull in sales and bigger rival Huawei grabs more market share.

Chinese smartphone maker Xiaomi Corp posted its slowest-ever quarterly revenue growth, as the country's smartphone market copes with a protracted lull in sales and bigger rival Huawei grabs more market share. Revenue in the first quarter ended September 30 rose 5.5 per cent to 53.66 billion yuan from the same period last year, largely in line with analysts' expectations of 53.74 billion yuan. Net income rose to 3.47 billion yuan, up from 2.50 billion yuan a year ago. Demand for smartphones has eased in China as consumers hold on to devices longer. As well, Chinese shoppers have rallied behind and boosted sales at Huawei, the world's second-largest smartphone maker, which was added to a trade blacklist by the United States. Xiaomi shipments to Chinese consumers fell by a third in the September quarter, according to market research firm Canalys, while Huawei's rose 66 per cent. Total smartphone shipments in China shrank 3 per cent. Once the darling of China's smartphone industry, Xiaomi still makes most of its money selling smartphones but has been touting its aspirations to boost its internet services division, which mainly consists of online ad sales. Revenue from this business jumped 12.3 per cent to 5.31 billion yuan in the year. The unit contributed 10% of the company's total sales, roughly the same as when it listed in August 2018.

Smartphone maker Xiaomi posts slowest-ever revenue growth in third-quarter