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

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

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

BSE Sensex, NSE Nifty witness huge gains in early trade

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

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

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

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

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

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

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

UK business seeks Brexit assurances after Johnson win

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

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

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

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

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

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

Telenor abandons Huawei, picks  Ericsson for Norway 5G service

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

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

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

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

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

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

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

Sensex up 133 points, Nifty above 11,950

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Facebook no longer among Glassdoor's top 10 workplaces

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

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

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

Sterling rebounds on eve of UK election

Telefonica&nbsp;Deutschland&nbsp;picked&nbsp;<a href="https://www.wionews.com/science-tech/nokia-is-back-but-now-in-an-android-avatar-12834">Nokia</a>&nbsp;of Finland and China's&nbsp;<a href="https://www.wionews.com/business-economy/huawei-to-roll-out-harmony-os-to-more-products-next-year-but-not-phones-and-tablets-267130">Huawei&nbsp;</a>on Wednesday to build its&nbsp;<a href="https://www.wionews.com/business-economy/chinas-huawei-set-to-lead-global-charge-to-5g-networks-33858">5G&nbsp;network</a>, seeking to get work moving even though Germany has yet to finalise security rules governing equipment suppliers.

The decision by the unit of Spain's&nbsp;Telefonica&nbsp;comes amid a heated debate in Germany over whether to heed US&nbsp;warnings that&nbsp;Huawei&nbsp;poses such a serious security threat that it should be excluded from the critical&nbsp;network&nbsp;infrastructure.

<a href="https://www.wionews.com/world/no-doubt-will-be-able-to-meet-german-5g-security-standards-huawei-230070">Telefonica&nbsp;Deutschland</a>&nbsp;also said it would cut its 2019 dividend by 37 per cent&nbsp;to prioritise&nbsp;network&nbsp;investments, following on the heels of similar cuts in the payout by competitors Deutsche Telekom and Vodafone.

The company's shares were down 2.5&nbsp;per cent&nbsp;at 0856 GMT in Frankfurt at their lowest level in a month and one of the top fallers on Europe's STOXX 600 index.

Telefonica&nbsp;Deutschland, which operates under the O2 brand, is one of few European operators to have named&nbsp;Huawei&nbsp;as a&nbsp;5G&nbsp;vendor, following first-mover Sunrise of Switzerland, whose&nbsp;Huawei-built&nbsp;5G&nbsp;network&nbsp;went life earlier this year.

Berlin wants to toughen up technical certification and scrutiny of a vendor's governance, while lawmakers are still considering whether to introduce additional parliamentary oversight. Calls for an outright&nbsp;Huawei&nbsp;ban have faded of late.

"We hope that this window of uncertainty will be as short as possible we don't yet have certification for any of our vendors,"&nbsp;Telefonica&nbsp;Deutschland&nbsp;CEO Markus Haas told reporters on a conference call.

Germany's other two mobile operators market leader Deutsche Telekom and Vodafone are existing customers of&nbsp;Huawei&nbsp;but have yet to publicly confirm whether they will stick with the Shenzhen-based&nbsp;networks leader for&nbsp;5G.

Haas hoped that&nbsp;Nokia&nbsp;and&nbsp;Huawei&nbsp;would build the&nbsp;Telefonica&nbsp;Deutschland&nbsp;5G&nbsp;Radio Access&nbsp;Network&nbsp;on a 50-50 basis, but cautioned that this would be subject to receiving the necessary certification in Germany.

Work should start in early 2020, and&nbsp;Telefonica&nbsp;Deutschland&nbsp;said it expected to have&nbsp;5G&nbsp;up and running in Berlin, Hamburg, Munich, Cologne, and Frankfurt by the end of 2021. A year later, 30 cities with a population of 16 million would be covered.

A decision on picking suppliers of its more sensitive 'core'&nbsp;network&nbsp;would be taken next year, Haas said.

The company, which is holding an investor briefing in London later, said it would cut its 2019 dividend to 0.17 euro ($0.19) from 0.27 euros.

This would become a new floor over the next three years, during which it expects cumulative revenue growth of at least 5 per cent, while the ratio of capital investment to sales will peak at 17-18 per cent before normalising.

"We believe the announcement is worse than anticipated," analysts at Citi said in a research note. "A dividend cut and a CAPEX increase was expected, though the magnitude is above ours and market expectations."

Telefonica&nbsp;Deutschland&nbsp;reiterated its earnings guidance for the full year.

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

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

Telefonica Deutschland picks Nokia and Huawei for 5G network

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

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

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

IATA revises down 2019 airline profits, sees stability in 2020

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

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

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

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

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

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

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

Mexican businesses want clarity on details of USMCA trade deal

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

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

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

Credit Suisse cuts profit goals as revenue hopes fall short

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

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

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

US government fines HSBC $192.4 million in tax evasion case

Saudi Arabia's Armco shares surged ten per cent over the IPO price on Wednesday during in its debut in the Riyadh stock market.

The shares of the oil giant went up $9.39(35.2 riyals) up from the initial public offering (IPO) price of 32 riyals crossing the daily limit under the Tadawul exchange

Aramco&nbsp;raised a record $25.6 billion in its IPO last week which is Crown Prince Salman's attempt to boost funds in order to help the economy step away from oil. Prince Salman hopes to fund his "Vision 2030" to take the Saudi economy into a new era.

The astronomical rally saw the oil giants valuation soar to $1.88 trillion. The Kingdom had earlier hoped for a $2 trillion but settled below it.&nbsp;

The state-owned Saudi oil giant has received subscription orders for around 5.9 billion shares so far from institutions in the first 17 days of the IPO. The biggest IPO in Saudi Arabia, before Aramco, was for the National Commercial Bank (NCB) in 2013, which sought to raise $6 billion.

According to reports, the Armco IPO was oversubscribed three times receiving orders worth $50.4 billion.

Aramco had said that it would sell 1.5 per cent of the company in an IPO worth at least $24 billion which values it up to $1.71 trillion. Wednesday's surge saw its valuation break the record set by the company earlier.

In a 658-page prospectus, Aramco had said it will sell a part of its shares to institutional investors, including foreign companies, as well as to individual Saudis and other Gulf nationals.

The company said it has decided to sell up to 0.5 per cent of its shares to individual investors while it will decide on the percentage for larger investors later.

"The targeted percentage of Offer Shares allocable to individual investors will be up to 0.5 per cent of the shares," the prospectus said.

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

Saudi Arabia's Armco shares surged ten per cent over the IPO price on Wednesday during in its debut in the Riyadh stock market. The shares of the oil giant went up $9.39(35.2 riyals) up from the initial public offering (IPO) price of 32 riyals crossing the daily limit under the Tadawul exchange Aramco raised a record $25.6 billion in its IPO last week which is Crown Prince Salman's attempt to boost funds in order to help the economy step away from oil. Prince Salman hopes to fund his "Vision 2030" to take the Saudi economy into a new era. The astronomical rally saw the oil giants valuation soar to $1.88 trillion. The Kingdom had earlier hoped for a $2 trillion but settled below it. The state-owned Saudi oil giant has received subscription orders for around 5.9 billion shares so far from institutions in the first 17 days of the IPO. The biggest IPO in Saudi Arabia, before Aramco, was for the National Commercial Bank (NCB) in 2013, which sought to raise $6 billion. According to reports, the Armco IPO was oversubscribed three times receiving orders worth $50.4 billion. Aramco had said that it would sell 1.5 per cent of the company in an IPO worth at least $24 billion which values it up to $1.71 trillion. Wednesday's surge saw its valuation break the record set by the company earlier. In a 658-page prospectus, Aramco had said it will sell a part of its shares to institutional investors, including foreign companies, as well as to individual Saudis and other Gulf nationals. The company said it has decided to sell up to 0.5 per cent of its shares to individual investors while it will decide on the percentage for larger investors later. "The targeted percentage of Offer Shares allocable to individual investors will be up to 0.5 per cent of the shares," the prospectus said.

Saudi Aramco shares surge maximum 10% on market debut

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

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

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

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