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Indian shares ended higher on Wednesday tracking global equity markets, as upbeat comments by US&nbsp;President Donald Trump that Washington and Beijing were in the final throes of an initial trade deal stoked risk appetite.

The Nifty closed up 0.5 per cent at 12,100.70, while the benchmark Sensex was also 0.5 per cent higher at 41,020.60.

The biggest gainers on the Nifty were Yes Bank Ltd, up 8.08 per cent, UltraTech Cement Ltd higher by 2.96 per cent and State Bank of India gaining 2.4 per cent.

Auto stocks led gains in the Nifty as their main sub-index rose 1.30 per cent.

Shares of Tata Motors advanced 4.22 per cent, while Maruti Suzuki climbed 2.40 per cent.

The biggest laggards on the Nifty were Bharti Infratel Ltd, Cipla Ltd and Larsen &amp; Toubro Ltd.

Bharti Infratel fell 3.16 per cent, Cipla Ltd was down 2.02 per cent, while Larsen &amp; Toubro Ltd lost 2.02 per cent.

Indian shares ended higher on Wednesday tracking global equity markets, as upbeat comments by US President Donald Trump that Washington and Beijing were in the final throes of an initial trade deal stoked risk appetite.

Indian shares ended higher on Wednesday tracking global equity markets, as upbeat comments by US President Donald Trump that Washington and Beijing were in the final throes of an initial trade deal stoked risk appetite. The Nifty closed up 0.5 per cent at 12,100.70, while the benchmark Sensex was also 0.5 per cent higher at 41,020.60. The biggest gainers on the Nifty were Yes Bank Ltd, up 8.08 per cent, UltraTech Cement Ltd higher by 2.96 per cent and State Bank of India gaining 2.4 per cent. Auto stocks led gains in the Nifty as their main sub-index rose 1.30 per cent. Shares of Tata Motors advanced 4.22 per cent, while Maruti Suzuki climbed 2.40 per cent. The biggest laggards on the Nifty were Bharti Infratel Ltd, Cipla Ltd and Larsen & Toubro Ltd. Bharti Infratel fell 3.16 per cent, Cipla Ltd was down 2.02 per cent, while Larsen & Toubro Ltd lost 2.02 per cent.

Sensex, Nifty end higher as US-China trade hopes lift investor sentiment

<a href="https://www.wionews.com/world/merkels-coalition-in-crisis-talks-after-european-union-vote-debacle-221923">German Chancellor Angela Merkel </a>called on European countries on Wednesday to agree on a common approach towards China and the rollout of the next-generation 5G mobile network.

Some German lawmakers want to exclude <a href="https://www.wionews.com/americas/united-states-formally-charges-chinas-huawei-with-bank-fraud-stealing-trade-secrets-193545">China's Huawei </a>from 5G contracts, following warnings by the United States that this could lead to spying for Beijing. Huawei denies the allegations made by Washington.

Merkel prefers security standards to be the yardstick rather than singling out individual firms.

"One of the biggest dangers is that individual countries in Europe will have their own policies towards China and then mixed signals will be sent out," she told lawmakers in a budget debate in the Bundestag lower house on Wednesday.

"That would be disastrous not for China but for us in Europe," Merkel said, adding Germany and France must try to agree on a common approach first and a Europe-wide solution could be developed from that.

France will not follow the United States and exclude Huawei from its 5G network but will have the power to vet all equipment makers for any potential security threat, a minister said on Monday.

"It is undisputed that we need high-security standards in the expansion of 5G but just as we must define that for ourselves, we must also discuss it with other European partners," Merkel said.

All the telecom operators in Germany, which have close trading ties with China, are customers of Huawei and have warned that banning it would delay the launch of 5G networks.

German Chancellor Angela Merkel called on European countries on Wednesday to agree on a common approach towards China and the rollout of the next-generation 5G mobile network.

German Chancellor Angela Merkel called on European countries on Wednesday to agree on a common approach towards China and the rollout of the next-generation 5G mobile network. Some German lawmakers want to exclude China's Huawei from 5G contracts, following warnings by the United States that this could lead to spying for Beijing. Huawei denies the allegations made by Washington. Merkel prefers security standards to be the yardstick rather than singling out individual firms. "One of the biggest dangers is that individual countries in Europe will have their own policies towards China and then mixed signals will be sent out," she told lawmakers in a budget debate in the Bundestag lower house on Wednesday. "That would be disastrous not for China but for us in Europe," Merkel said, adding Germany and France must try to agree on a common approach first and a Europe-wide solution could be developed from that. France will not follow the United States and exclude Huawei from its 5G network but will have the power to vet all equipment makers for any potential security threat, a minister said on Monday. "It is undisputed that we need high-security standards in the expansion of 5G but just as we must define that for ourselves, we must also discuss it with other European partners," Merkel said. All the telecom operators in Germany, which have close trading ties with China, are customers of Huawei and have warned that banning it would delay the launch of 5G networks.

Merkel wants Europe to aim for joint stance on China and 5G

<a href="https://www.wionews.com/india-news/fuel-supply-to-air-india-stopped-at-six-domestic-airports-report-244881">Air India</a> is not privatised then from where the money would come for it to function?" said <a href="https://www.wionews.com/india-news/appalled-by-uk-mps-statement-on-article-370-union-minister-hardeep-puri-245232">Civil Aviation Minister Hardeep Singh Puri</a> on Wednesday.

"If it (Air India) is not privatised then from where the money would come to for it to function? Earlier we used to go to the finance ministry to make up the operating loss. We are not getting any money from the finance ministry, we have to go to banks," Puri told ANI when asked about Air India disinvestment.

"The condition of Air India today is that it is a first-class asset. If we sell it now then bidders would come. If we take ideological positions that we don't want to sell it then it would be difficult to run it in the future," he said.

When asked people employed by Air India, Puri said: "We are committed to them to get a fair deal. 11,000 and 4,000 on contract include trained engineers. Those who would acquire the airline would also require these trained people."

Earlier in August this year, the Civil Aviation Minister had said that the government is determined to privatise Air India and people are interested in buying it.

The Parliament on August 3 passed the<a href="https://www.wionews.com/india-news/monsoon-session-parliament-set-for-yet-another-centre-vs-opposition-battle-152493"> Airports Economic Regulatory Authority of India</a> (Amendment) Bill, 2019, that increases the threshold of annual passenger traffic for major airports to over 35 lakh with Civil Aviation stating that the government was committed to privatisation of Air India as its debt has become totally unsustainable.

The Bill, which seeks to amend the Airports Economic Regulatory Authority of India Act, 2008, had earlier been passed by Rajya Sabha.

Air India is not privatised then from where the money would come for it to function?" said Civil Aviation Minister Hardeep Singh Puri on Wednesday. "If it (Air India) is not privatised then from where the money would come to for it to function?

Air India is not privatised then from where the money would come for it to function?" said Civil Aviation Minister Hardeep Singh Puri on Wednesday. "If it (Air India) is not privatised then from where the money would come to for it to function? Earlier we used to go to the finance ministry to make up the operating loss. We are not getting any money from the finance ministry, we have to go to banks," Puri told ANI when asked about Air India disinvestment. "The condition of Air India today is that it is a first-class asset. If we sell it now then bidders would come. If we take ideological positions that we don't want to sell it then it would be difficult to run it in the future," he said. When asked people employed by Air India, Puri said: "We are committed to them to get a fair deal. 11,000 and 4,000 on contract include trained engineers. Those who would acquire the airline would also require these trained people." Earlier in August this year, the Civil Aviation Minister had said that the government is determined to privatise Air India and people are interested in buying it. The Parliament on August 3 passed the Airports Economic Regulatory Authority of India (Amendment) Bill, 2019, that increases the threshold of annual passenger traffic for major airports to over 35 lakh with Civil Aviation stating that the government was committed to privatisation of Air India as its debt has become totally unsustainable. The Bill, which seeks to amend the Airports Economic Regulatory Authority of India Act, 2008, had earlier been passed by Rajya Sabha.

Will be difficult for Air India to function if it not privatised: Aviation minister Hardeep Singh Puri

South Korea's <a href="https://www.wionews.com/business-economy/feuding-korean-firms-risk-disrupting-electric-car-battery-supplies-264839">Hyundai Motor</a>&nbsp;has signed a deal to build a $1.5 billion car plant in Indonesia, the company said, its first in Southeast Asia, where Japanese carmakers dominate the market.

The deal comes as Seoul looks to diversify its trade-dependent economy, the world's 11th largest, away from reliance on traditional partners China and the US.

Indonesia is the region's largest automobile market, and the $1.55 billion deal&nbsp;aims to "combat slowing demand in the global automotive market" and propel future growth, Hyundai said in a statement.

The plant, to be built in Bekasi, east of Jakarta, will start production in 2021, Hyundai said, ultimately aiming to produce 250,000 vehicles a year.

<a href="https://www.wionews.com/world/north-korea-says-pointless-for-kim-to-attend-south-korea-asean-summit-263634">South Korea's President Moon Jae-in </a>has been pushing a "New Southern Policy", seeking to bolster economic ties with Southeast Asia as the country aims to reduce over-reliance on Beijing and Washington, and Hyundai's announcement coincided with a South Korea-ASEAN summit in Busan.

Hyundai, the South's largest automaker, said it was building the factory in Indonesia to avoid import tariffs&nbsp;ranging from five to 80 percent in the ASEAN region.

At present it lags far behind its Japanese rivals in the region, with its sales reaching 122,883 vehicles versus <a href="https://www.wionews.com/sports/rallying-new-world-champion-tanak-leaves-toyota-for-hyundai-259174">Toyota's</a> 854,032 and<a href="https://www.wionews.com/business-economy/renault-nissan-alliance-in-flux-a-year-after-ghosn-shock-262664"> Renault–Nissan–Mitsubishi's</a> 351,267 from January to September this year, according to research firm LMC Automotive.

South Korea's central bank last month cut its key interest rate to its lowest in two years in an effort to prop up slowing growth with the economy hit by a bitter trade spat with Japan.

Hyundai shares were up 1.22 per cent in Wednesday afternoon trading in Seoul.

South Korea's Hyundai Motor has signed a deal to build a $1.5 billion car plant in Indonesia, the company said, its first in Southeast Asia, where Japanese carmakers dominate the market.

South Korea's Hyundai Motor has signed a deal to build a $1.5 billion car plant in Indonesia, the company said, its first in Southeast Asia, where Japanese carmakers dominate the market. The deal comes as Seoul looks to diversify its trade-dependent economy, the world's 11th largest, away from reliance on traditional partners China and the US. Indonesia is the region's largest automobile market, and the $1.55 billion deal aims to "combat slowing demand in the global automotive market" and propel future growth, Hyundai said in a statement. The plant, to be built in Bekasi, east of Jakarta, will start production in 2021, Hyundai said, ultimately aiming to produce 250,000 vehicles a year. South Korea's President Moon Jae-in has been pushing a "New Southern Policy", seeking to bolster economic ties with Southeast Asia as the country aims to reduce over-reliance on Beijing and Washington, and Hyundai's announcement coincided with a South Korea-ASEAN summit in Busan. Hyundai, the South's largest automaker, said it was building the factory in Indonesia to avoid import tariffs ranging from five to 80 percent in the ASEAN region. At present it lags far behind its Japanese rivals in the region, with its sales reaching 122,883 vehicles versus Toyota's 854,032 and Renault–Nissan–Mitsubishi's 351,267 from January to September this year, according to research firm LMC Automotive. South Korea's central bank last month cut its key interest rate to its lowest in two years in an effort to prop up slowing growth with the economy hit by a bitter trade spat with Japan. Hyundai shares were up 1.22 per cent in Wednesday afternoon trading in Seoul.

Hyundai Motor to invest $1.5 billion in Indonesia factory

Asian&nbsp;shares&nbsp;rose on Wednesday and European stocks looked set for gains after&nbsp;<a href="https://www.wionews.com/business-economy/nifty-sensex-end-lower-it-stocks-slump-263898">US&nbsp;President Donald&nbsp;Trump</a>&nbsp;said negotiators were close to inking an initial&nbsp;trade&nbsp;deal, while expectations the Federal Reserve will keep rates low underpinned sentiment.

Trump's upbeat comments on&nbsp;trade&nbsp;stoked confidence in Asia with MSCI's broadest index of Asia-Pacific&nbsp;shares&nbsp;outside Japan&nbsp;up 0.29 per cent. Australian shares added 0.93 per cent&nbsp;and Japan's Nikkei rose 0.39 per cent.

In Europe, pan-region Euro Stoxx 50 futures were up 0.16 per cent&nbsp;at 3,710, German DAX futures&nbsp; gained 0.16 per cent&nbsp;to 13,262.5 and FTSE futures rose 0.1 per cent&nbsp;to 7,412.

Chinese blue-chip&nbsp;shares, in contrast, dropped 0.21 per cent&nbsp;after the data showed profits at&nbsp;China's industrial firms declined in annual terms for the third consecutive month in October. The decline tracked sustained drops in producer prices and exports and underscored slowing momentum in the world's second-largest economy.

Trump&nbsp;said on Tuesday the United States and&nbsp;China&nbsp;are close to agreement on the first phase of a&nbsp;trade&nbsp;deal&nbsp;after top negotiators from the two countries spoke by telephone and agreed to keep working on remaining issues.

The positive mood pushed Wall Street indexes to fresh record closing highs on Tuesday. But while&nbsp;Trump&nbsp;said Washington was in the "final throes" of work on a&nbsp;trade&nbsp;deal&nbsp;with Beijing, he also underscored&nbsp;US&nbsp;support for protesters in Hong Kong, seen as a sore point for Beijing.

Trump's comments came alongside softer-than-expected economic data from the United States, which showed a fourth straight monthly contraction in consumer confidence and an unexpected drop in new home sales in October.

However, consumer confidence still remained at levels able to support steady consumer spending, and the housing data for September was revised up, with purchases touching more than 12-year highs.

Kay Van-Petersen, the global macro strategist at Saxo Capital Markets in Singapore, said while&nbsp;US-China&nbsp;trade&nbsp;headlines may be driving some tactical,&nbsp;near-term moves in the market, they were mostly just "noise".

The broader market direction is "about the accommodative Fed and accommodative monetary policy and the fact that structurally the meta-trend is still lower in yields and rates," he said.

Some analysts said a fall in&nbsp;US&nbsp;bond yields on Tuesday also pointed to more mechanical explanations beyond&nbsp;trade&nbsp;for rising equity prices.

"It reinforces the notion that it really is the Fed pump-priming to grease the wheels of market liquidity which are driving both these moves," Greg McKenna, strategist at McKenna Macro, said in a morning note.

Fed Chair Jerome Powell said on Monday monetary policy was "well-positioned" to support the strong&nbsp;US&nbsp;labor market.

On Tuesday, the Dow Jones Industrial Average rose 0.2 per cent&nbsp;to 28,121.68, the S&amp;P 500&nbsp; gained 0.22per cent&nbsp;to 3,140.52 and the Nasdaq Composite&nbsp;added 0.18 per cent&nbsp;to 8,647.93. All three indexes notched record closing highs.

On Wednesday, the rally in US&nbsp;Treasuries moderated across the curve, with benchmark 10-year notes&nbsp;yielding 1.7431 per cent, up from their&nbsp;US&nbsp;close of 1.74 per cent&nbsp;on Tuesday.

The two-year yield watched as a guide to market expectations of Fed policy, rose to 1.5939 per cent&nbsp;compared with the&nbsp;US&nbsp;close of 1.586 per cent.

In currency markets, the dollar strengthened 0.11 per cent against the yen to 109.15&nbsp;and the euro&nbsp;weakened 0.08 per cent&nbsp;to buy $1.1009.

The dollar index, which tracks the greenback against a basket of six major rivals, was up 0.09 per cent&nbsp;at 98.341.

Oil prices retreated after rising Tuesday on reassuring&nbsp;trade&nbsp;headlines. The US&nbsp;West Texas Intermediate crude&nbsp;was down 0.21 per cent&nbsp;at $58.29 per barrel.

Global benchmark Brent crude lost 0.11 per cent&nbsp;to $64.20 per barrel.

Gold was lower, changing hands at $1,458.33 per ounce on the spot market, down 0.2 per cent.

Asian shares rose on Wednesday and European stocks looked set for gains after US President Donald Trump said negotiators were close to inking an initial trade deal, while expectations the Federal Reserve will keep rates low underpinned sentiment.

Asian shares rose on Wednesday and European stocks looked set for gains after US President Donald Trump said negotiators were close to inking an initial trade deal, while expectations the Federal Reserve will keep rates low underpinned sentiment. Trump's upbeat comments on trade stoked confidence in Asia with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.29 per cent. Australian shares added 0.93 per cent and Japan's Nikkei rose 0.39 per cent. In Europe, pan-region Euro Stoxx 50 futures were up 0.16 per cent at 3,710, German DAX futures gained 0.16 per cent to 13,262.5 and FTSE futures rose 0.1 per cent to 7,412. Chinese blue-chip shares, in contrast, dropped 0.21 per cent after the data showed profits at China's industrial firms declined in annual terms for the third consecutive month in October. The decline tracked sustained drops in producer prices and exports and underscored slowing momentum in the world's second-largest economy. Trump said on Tuesday the United States and China are close to agreement on the first phase of a trade deal after top negotiators from the two countries spoke by telephone and agreed to keep working on remaining issues. The positive mood pushed Wall Street indexes to fresh record closing highs on Tuesday. But while Trump said Washington was in the "final throes" of work on a trade deal with Beijing, he also underscored US support for protesters in Hong Kong, seen as a sore point for Beijing. Trump's comments came alongside softer-than-expected economic data from the United States, which showed a fourth straight monthly contraction in consumer confidence and an unexpected drop in new home sales in October. However, consumer confidence still remained at levels able to support steady consumer spending, and the housing data for September was revised up, with purchases touching more than 12-year highs. Kay Van-Petersen, the global macro strategist at Saxo Capital Markets in Singapore, said while US-China trade headlines may be driving some tactical, near-term moves in the market, they were mostly just "noise". The broader market direction is "about the accommodative Fed and accommodative monetary policy and the fact that structurally the meta-trend is still lower in yields and rates," he said. Some analysts said a fall in US bond yields on Tuesday also pointed to more mechanical explanations beyond trade for rising equity prices. "It reinforces the notion that it really is the Fed pump-priming to grease the wheels of market liquidity which are driving both these moves," Greg McKenna, strategist at McKenna Macro, said in a morning note. Fed Chair Jerome Powell said on Monday monetary policy was "well-positioned" to support the strong US labor market. On Tuesday, the Dow Jones Industrial Average rose 0.2 per cent to 28,121.68, the S&P 500 gained 0.22per cent to 3,140.52 and the Nasdaq Composite added 0.18 per cent to 8,647.93. All three indexes notched record closing highs. On Wednesday, the rally in US Treasuries moderated across the curve, with benchmark 10-year notes yielding 1.7431 per cent, up from their US close of 1.74 per cent on Tuesday. The two-year yield watched as a guide to market expectations of Fed policy, rose to 1.5939 per cent compared with the US close of 1.586 per cent. In currency markets, the dollar strengthened 0.11 per cent against the yen to 109.15 and the euro weakened 0.08 per cent to buy $1.1009. The dollar index, which tracks the greenback against a basket of six major rivals, was up 0.09 per cent at 98.341. Oil prices retreated after rising Tuesday on reassuring trade headlines. The US West Texas Intermediate crude was down 0.21 per cent at $58.29 per barrel. Global benchmark Brent crude lost 0.11 per cent to $64.20 per barrel. Gold was lower, changing hands at $1,458.33 per ounce on the spot market, down 0.2 per cent.

Asian shares climb as Trump says US-China trade deal near

An&nbsp;Indian antitrust&nbsp;probe&nbsp;has found that&nbsp;units&nbsp;of&nbsp;<a href="https://www.wionews.com/business-economy/indian-markets-end-big-as-bse-sensex-hits-lifetime-high-264376">Tata&nbsp;Steel&nbsp;Ltd</a>, Sweden's AB&nbsp;SKF&nbsp; and Germany's&nbsp;Schaeffler&nbsp;AG&nbsp; colluded&nbsp;on the pricing of&nbsp;bearings, according to an investigation report seen by Reuters.

The Competition Commission of&nbsp;India&nbsp;(CCI) began an investigation in 2017 after receiving allegations of five companies colluding on&nbsp;bearings&nbsp;prices&nbsp;from 2009-2014 to pass higher raw material costs onto customers in the auto sector.

Bearings&nbsp;reduce friction in moving parts, helping smooth the operation of vehicles.&nbsp;India's&nbsp;bearings&nbsp;market is dominated by&nbsp;SKF&nbsp;and&nbsp;Schaeffler&nbsp;and is worth $1.3 billion, showed data from ICRA Research.

CCI's investigations arm, in a report dated May 6 which has not been made public, said it analyzed company emails, call records and executive testimonies and concluded that&nbsp;SKF&nbsp;India&nbsp;Ltd,&nbsp;Schaeffler&nbsp;India&nbsp;Ltd, National Engineering Industries and&nbsp;Tata&nbsp;Steel's&nbsp;bearings&nbsp;division contravened antitrust law by discussing and agreeing on prices.

SKF, the world's largest maker of ball-bearings, in a statement said it aided the investigation, and that "we dispute any claim of wrongdoing on the part of&nbsp;SKF".

Schaeffler&nbsp;did not respond to a request for comment.&nbsp;Tata&nbsp;Steel&nbsp;and National Engineering Industries - part of&nbsp;Indian conglomerate <a href="https://www.wionews.com/south-asia/india-hindustan-motors-sells-iconic-ambassador-brand-to-peugeot-12277">CK Birla Group</a> - declined to comment beyond saying the CCI proceedings were confidential.

The investigations arm said it found no evidence against the fifth firm, ABC&nbsp;Bearings, part of US&nbsp;firm Timken Co, the report showed. ABC&nbsp;Bearings&nbsp;declined to comment.

The report also showed the investigations arm considered the collusion lasted through the financial year to March 2011 but found no evidence to indicate when it actually ended.

The four firms, "through personal meetings of key persons, on two occasions shared the strategic information regarding their future efforts to seek price increase from" auto sector companies, the investigations arm said in its 106-page report.

The CCI did not respond to a Reuters request for comment. A person with direct knowledge of the matter said senior CCI officials are reviewing the report and that the antitrust body is able to dispute the findings of its investigation arm.

The CCI can fine firms up to three times the profit made in each year of wrongdoing or 10 per cent&nbsp;of revenue, whichever is higher.

In 2014, European Union antitrust regulators fined&nbsp;SKF,&nbsp;Schaeffler&nbsp;and three Japanese auto parts makers $1.3 billion for taking part in a&nbsp;bearings&nbsp;cartel from 2004 through 2011.

The investigation report showed the four companies controlled nearly 75&nbsp;per cent&nbsp;of the domestic&nbsp;bearings&nbsp;market in the period 2009-11 - a time when&nbsp;prices&nbsp;of&nbsp;steel, the key raw material in&nbsp;bearings, were fluctuating sharply.

The steep&nbsp;steel&nbsp;price volatility, the CCI's investigation arm said, provided the companies an "incentive to collude".

There was a consensus among the firms "to seek a price increase of 12per cent&nbsp;and settle at 6 per cent" with a tractor and automotive manufacturers. With motorbike makers, there was a consensus to seek a 10% price increase and settle at 4 per cent, the report showed.

The investigation arm also said&nbsp;Schaeffler&nbsp;and National Engineering Industries told the CCI that employees had participated in discussions with competitors "mainly to seek coordinated price increase of&nbsp;bearings". It did not elaborate on when the companies disclosed discussions to the CCI.

During the&nbsp;probe, ABC&nbsp;Bearings,&nbsp;SKF, and&nbsp;Tata&nbsp;Steel's&nbsp;bearings&nbsp;division told the CCI they had no evidence of such discussions, the report showed.

"The conduct of the parties has resulted in an appreciable adverse effect on competition," the CCI investigation arm said in the report. "The sharing of price information is particularly sensitive to the competition law perspective."

An Indian antitrust probe has found that units of Tata Steel Ltd, Sweden's AB SKF and Germany's Schaeffler AG colluded on the pricing of bearings, according to an investigation report seen by Reuters.

An Indian antitrust probe has found that units of Tata Steel Ltd, Sweden's AB SKF and Germany's Schaeffler AG colluded on the pricing of bearings, according to an investigation report seen by Reuters. The Competition Commission of India (CCI) began an investigation in 2017 after receiving allegations of five companies colluding on bearings prices from 2009-2014 to pass higher raw material costs onto customers in the auto sector. Bearings reduce friction in moving parts, helping smooth the operation of vehicles. India's bearings market is dominated by SKF and Schaeffler and is worth $1.3 billion, showed data from ICRA Research. CCI's investigations arm, in a report dated May 6 which has not been made public, said it analyzed company emails, call records and executive testimonies and concluded that SKF India Ltd, Schaeffler India Ltd, National Engineering Industries and Tata Steel's bearings division contravened antitrust law by discussing and agreeing on prices. SKF, the world's largest maker of ball-bearings, in a statement said it aided the investigation, and that "we dispute any claim of wrongdoing on the part of SKF". Schaeffler did not respond to a request for comment. Tata Steel and National Engineering Industries - part of Indian conglomerate CK Birla Group - declined to comment beyond saying the CCI proceedings were confidential. The investigations arm said it found no evidence against the fifth firm, ABC Bearings, part of US firm Timken Co, the report showed. ABC Bearings declined to comment. The report also showed the investigations arm considered the collusion lasted through the financial year to March 2011 but found no evidence to indicate when it actually ended. The four firms, "through personal meetings of key persons, on two occasions shared the strategic information regarding their future efforts to seek price increase from" auto sector companies, the investigations arm said in its 106-page report. The CCI did not respond to a Reuters request for comment. A person with direct knowledge of the matter said senior CCI officials are reviewing the report and that the antitrust body is able to dispute the findings of its investigation arm. The CCI can fine firms up to three times the profit made in each year of wrongdoing or 10 per cent of revenue, whichever is higher. In 2014, European Union antitrust regulators fined SKF, Schaeffler and three Japanese auto parts makers $1.3 billion for taking part in a bearings cartel from 2004 through 2011. The investigation report showed the four companies controlled nearly 75 per cent of the domestic bearings market in the period 2009-11 - a time when prices of steel, the key raw material in bearings, were fluctuating sharply. The steep steel price volatility, the CCI's investigation arm said, provided the companies an "incentive to collude". There was a consensus among the firms "to seek a price increase of 12per cent and settle at 6 per cent" with a tractor and automotive manufacturers. With motorbike makers, there was a consensus to seek a 10% price increase and settle at 4 per cent, the report showed. The investigation arm also said Schaeffler and National Engineering Industries told the CCI that employees had participated in discussions with competitors "mainly to seek coordinated price increase of bearings". It did not elaborate on when the companies disclosed discussions to the CCI. During the probe, ABC Bearings, SKF, and Tata Steel's bearings division told the CCI they had no evidence of such discussions, the report showed. "The conduct of the parties has resulted in an appreciable adverse effect on competition," the CCI investigation arm said in the report. "The sharing of price information is particularly sensitive to the competition law perspective."

Indian probe finds SKF, Schaeffler, Tata Steel units colluded on bearings prices

A&nbsp;US-based&nbsp;foundation&nbsp;overseeing promising semiconductor&nbsp;technology developed with Pentagon support will soon move to&nbsp;Switzerland&nbsp;after several of the&nbsp;group's foreign members raised concerns about potential&nbsp;US&nbsp;trade&nbsp;curbs.

The nonprofit RISC-V Foundation (pronounced risk-five) wants to ensure that universities, governments, and companies outside the United States can help develop its open-source&nbsp;technology, it's Chief Executive Calista Redmond said in an interview with Reuters.

She said the foundation's global collaboration has faced no restrictions to date but members are "concerned about possible geopolitical disruption."

"From around the world, we've heard that 'If the incorporation was not in the&nbsp;US, we would be a lot more comfortable'," she said. Redmond said the foundation's board of directors approved the move unanimously but declined to disclose which members prompted it.

Created in 2015, the RISC-V Foundation sets standards for the core&nbsp;chip&nbsp;architecture and controls who can use the RISC-V&nbsp;trademark on products, as other organizations do for Wi-Fi and Bluetooth&nbsp;chips. It does not own or control the&nbsp;technology.

More than 325 companies or other entities pay to be members, including&nbsp;US&nbsp;and European&nbsp;chip&nbsp;suppliers such as<a href="https://www.wionews.com/business-economy/us-trade-commission-to-investigate-apple-qualcomm-legal-dispute-18734"> Qualcomm Inc</a> and <a href="https://www.wionews.com/world/overwhelming-view-is-qualcomm-will-up-offer-for-nxp-morgan-stanley-21178">NXP Semiconductors</a>, as well as China's<a href="https://www.wionews.com/business-economy/alibaba-eyes-129-billion-hong-kong-ipo-after-setting-price-reports-263274"> Alibaba&nbsp;Group&nbsp;Holding Ltd</a> and <a href="https://www.wionews.com/world/canadas-use-of-huawei-5g-would-hamper-its-access-to-us-intelligence-us-official-264310">Huawei&nbsp;Technologies Co Ltd</a>.

The foundation's move from Delaware to&nbsp;Switzerland&nbsp;may foreshadow further&nbsp;technology flight because of&nbsp;US&nbsp;restrictions on dealing with some Chinese&nbsp;technology companies, said William Reinsch, who was undersecretary of commerce for export administration in the Clinton administration.

"There is a message for the government. The message is if you clamp down on things too tightly this is what is going to happen. In a global supply chain world, companies have choices, and one choice is to go&nbsp;overseas," he said.

In a statement to Reuters, the&nbsp;US&nbsp;Department of Commerce said its controls were designed to safeguard&nbsp;U.S. national security and to "ensure bad actors cannot acquire&nbsp;technology that harms&nbsp;US&nbsp;citizens or interests while promoting innovation to fuel continued American&nbsp;technological leadership." The department said it meets regularly with private industry to gauge market conditions and the effects of its regulations.

Some Republican&nbsp;US&nbsp;lawmakers said they are concerned the United States will lose influence&nbsp;over&nbsp;RISC-V&nbsp;chip&nbsp;architecture, which can be used to make microprocessors for almost every type of electronic device, making it a crucial building block of a modern economy. The&nbsp;technology came from labs at the University of California, Berkeley, and later benefited from funding by the Pentagon's Defense Advanced Research Projects Agency (DARPA).

The lawmakers warn that the foundation's Chinese members could influence the&nbsp;technology's development to help China's semiconductor industry.

"The Chinese Communist Party is trying to circumvent our export control system to support national security threats like Huawei - we cannot let it succeed," Representative Mike Gallagher, a Republican from Wisconsin, told Reuters.

Arkansas Republican Senator Tom Cotton said&nbsp;moving&nbsp;the foundation to ensure it could retain Chinese members was "short-sighted at best." He added that "if American public funds were used to develop the&nbsp;technology, it’s also completely outrageous."

Redmond said in follow-up emails after speaking to Reuters that given the&nbsp;technology is open source and available to anyone, she does not see how the move could be against the&nbsp;US&nbsp;national interest.

A DARPA spokesman told Reuters the agency intended for RISC-V work is funded to be publicly available to companies and academics around the world.&nbsp;

Morgan Reed, president of The App Association, which receives funding from major&nbsp;US&nbsp;technology firms such as Apple Inc and Microsoft Corp in Washington, likened the RISC-V Foundation's work to efforts between&nbsp;US&nbsp;and Chinese companies to jointly develop Wi-Fi&nbsp;chip&nbsp;standards.

"The notion that China can be barred from participating in standards alongside the&nbsp;US&nbsp;and the EU is simply not viable," Reed said. "China is too important as a manufacturer and an end-market to ignore."

The RISC-V Foundation announced at a meeting last December it would seek a "neutral" country before making a formal decision to go to&nbsp;Switzerland&nbsp;earlier this year, a decision that got little public attention. Final approvals in&nbsp;Switzerland&nbsp;for the move are expected as soon as the end of November, Redmond said.

Chinese companies have had access to the RISC-V architecture, which is publicly available, since its creation, Redmond said.

Alibaba claimed in July it had developed the fastest RISC-V processor to date. The company declined to comment for this story.

The RISC-V Foundation's move shows how&nbsp;US-China&nbsp;trade&nbsp;tensions could make the United States a harder place to host&nbsp;technology standards groups, according to two attorneys who represent such groups.

The lawyers said it is unclear whether standards groups&nbsp;are allowed to work with Huawei. These groups&nbsp;are concerned&nbsp;US&nbsp;authorities may decide that some closed-door&nbsp;technical discussions involve the transfer of sensitive&nbsp;technology to the Chinese or others on banned lists, said one of the attorneys, Brad Biddle, who works for several standards groups.

In June, more than two dozen standards groups&nbsp;- including those&nbsp;overseeing SD memory cards and Ethernet and HDMI cables - wrote a letter to US Commerce Secretary Wilbur Ross asking for clarification of the rules on working with Huawei.

The groups&nbsp;warned Ross that the Huawei restrictions posed a "serious risk" that standards work could move out of the United States, which could end a long-held trend where&nbsp;US-based&nbsp;groups&nbsp;set de facto standards for the rest of the world, they wrote.

The Commerce Department published an advisory opinion seeking to clarify the issue in August, but standards lawyers said the rules remain confusing.

The RISC-V Foundation's Redmond does not yet see a "credible threat" to international collaboration. "But we're taking out an insurance policy against that type of action by&nbsp;moving&nbsp;our incorporation," she told Reuters.

The board's seven current members are all&nbsp;based&nbsp;in North America. After the move, the foundation's board will be expanded and European and Asian members will be added, said Redmond. Reuters could not confirm whether any Chinese companies planned to join the board.

Andrew Updegrove, an attorney who does work for standards groups, said that&nbsp;US&nbsp;restrictions on transferring&nbsp;US-origin&nbsp;technology to Chinese companies will still apply regardless of where the RISC-V Foundation is headquartered.

At Netherlands-based&nbsp;NXP Semiconductors, which is a member of the foundation, customers have asked the company to detail where the&nbsp;technology in its&nbsp;chips comes from, said Lars Reger, its chief&nbsp;technology officer. The customers do not want to be cut off in future&nbsp;trade&nbsp;disputes, he said.

US officials and some lawmakers have alleged Huawei's telecom equipment may enable surveillance by China. The resulting backlash has prevented it from making inroads into the&nbsp;US&nbsp;market. Huawei has denied the claims.

In response to Reuter's questions, a Huawei spokesman said: "We support RISC-V Foundation identifying&nbsp;Switzerland&nbsp;as a neutral venue for open source development. Making open source as open as possible is important for the industry."

He said that RISC-V "might fit well into Huawei's vision of this heterogeneous, open world."

A US-based foundation overseeing promising semiconductor technology developed with Pentagon support will soon move to Switzerland after several of the group's foreign members raised concerns about potential US trade curbs.

A US-based foundation overseeing promising semiconductor technology developed with Pentagon support will soon move to Switzerland after several of the group's foreign members raised concerns about potential US trade curbs. The nonprofit RISC-V Foundation (pronounced risk-five) wants to ensure that universities, governments, and companies outside the United States can help develop its open-source technology, it's Chief Executive Calista Redmond said in an interview with Reuters. She said the foundation's global collaboration has faced no restrictions to date but members are "concerned about possible geopolitical disruption." "From around the world, we've heard that 'If the incorporation was not in the US, we would be a lot more comfortable'," she said. Redmond said the foundation's board of directors approved the move unanimously but declined to disclose which members prompted it. Created in 2015, the RISC-V Foundation sets standards for the core chip architecture and controls who can use the RISC-V trademark on products, as other organizations do for Wi-Fi and Bluetooth chips. It does not own or control the technology. More than 325 companies or other entities pay to be members, including US and European chip suppliers such as Qualcomm Inc and NXP Semiconductors, as well as China's Alibaba Group Holding Ltd and Huawei Technologies Co Ltd. The foundation's move from Delaware to Switzerland may foreshadow further technology flight because of US restrictions on dealing with some Chinese technology companies, said William Reinsch, who was undersecretary of commerce for export administration in the Clinton administration. "There is a message for the government. The message is if you clamp down on things too tightly this is what is going to happen. In a global supply chain world, companies have choices, and one choice is to go overseas," he said. In a statement to Reuters, the US Department of Commerce said its controls were designed to safeguard U.S. national security and to "ensure bad actors cannot acquire technology that harms US citizens or interests while promoting innovation to fuel continued American technological leadership." The department said it meets regularly with private industry to gauge market conditions and the effects of its regulations. Some Republican US lawmakers said they are concerned the United States will lose influence over RISC-V chip architecture, which can be used to make microprocessors for almost every type of electronic device, making it a crucial building block of a modern economy. The technology came from labs at the University of California, Berkeley, and later benefited from funding by the Pentagon's Defense Advanced Research Projects Agency (DARPA). The lawmakers warn that the foundation's Chinese members could influence the technology's development to help China's semiconductor industry. "The Chinese Communist Party is trying to circumvent our export control system to support national security threats like Huawei - we cannot let it succeed," Representative Mike Gallagher, a Republican from Wisconsin, told Reuters. Arkansas Republican Senator Tom Cotton said moving the foundation to ensure it could retain Chinese members was "short-sighted at best." He added that "if American public funds were used to develop the technology, it’s also completely outrageous." Redmond said in follow-up emails after speaking to Reuters that given the technology is open source and available to anyone, she does not see how the move could be against the US national interest. A DARPA spokesman told Reuters the agency intended for RISC-V work is funded to be publicly available to companies and academics around the world. Morgan Reed, president of The App Association, which receives funding from major US technology firms such as Apple Inc and Microsoft Corp in Washington, likened the RISC-V Foundation's work to efforts between US and Chinese companies to jointly develop Wi-Fi chip standards. "The notion that China can be barred from participating in standards alongside the US and the EU is simply not viable," Reed said. "China is too important as a manufacturer and an end-market to ignore." The RISC-V Foundation announced at a meeting last December it would seek a "neutral" country before making a formal decision to go to Switzerland earlier this year, a decision that got little public attention. Final approvals in Switzerland for the move are expected as soon as the end of November, Redmond said. Chinese companies have had access to the RISC-V architecture, which is publicly available, since its creation, Redmond said. Alibaba claimed in July it had developed the fastest RISC-V processor to date. The company declined to comment for this story. The RISC-V Foundation's move shows how US-China trade tensions could make the United States a harder place to host technology standards groups, according to two attorneys who represent such groups. The lawyers said it is unclear whether standards groups are allowed to work with Huawei. These groups are concerned US authorities may decide that some closed-door technical discussions involve the transfer of sensitive technology to the Chinese or others on banned lists, said one of the attorneys, Brad Biddle, who works for several standards groups. In June, more than two dozen standards groups - including those overseeing SD memory cards and Ethernet and HDMI cables - wrote a letter to US Commerce Secretary Wilbur Ross asking for clarification of the rules on working with Huawei. The groups warned Ross that the Huawei restrictions posed a "serious risk" that standards work could move out of the United States, which could end a long-held trend where US-based groups set de facto standards for the rest of the world, they wrote. The Commerce Department published an advisory opinion seeking to clarify the issue in August, but standards lawyers said the rules remain confusing. The RISC-V Foundation's Redmond does not yet see a "credible threat" to international collaboration. "But we're taking out an insurance policy against that type of action by moving our incorporation," she told Reuters. The board's seven current members are all based in North America. After the move, the foundation's board will be expanded and European and Asian members will be added, said Redmond. Reuters could not confirm whether any Chinese companies planned to join the board. Andrew Updegrove, an attorney who does work for standards groups, said that US restrictions on transferring US-origin technology to Chinese companies will still apply regardless of where the RISC-V Foundation is headquartered. At Netherlands-based NXP Semiconductors, which is a member of the foundation, customers have asked the company to detail where the technology in its chips comes from, said Lars Reger, its chief technology officer. The customers do not want to be cut off in future trade disputes, he said. US officials and some lawmakers have alleged Huawei's telecom equipment may enable surveillance by China. The resulting backlash has prevented it from making inroads into the US market. Huawei has denied the claims. In response to Reuter's questions, a Huawei spokesman said: "We support RISC-V Foundation identifying Switzerland as a neutral venue for open source development. Making open source as open as possible is important for the industry." He said that RISC-V "might fit well into Huawei's vision of this heterogeneous, open world."

US-based chip-tech group moving to Switzerland over trade curb fears

<a href="https://www.wionews.com/business-economy/tesla-cybertruck-orders-near-150000-just-days-after-chaotic-launch-264195">Tesla Inc</a>'s chief executive, <a href="https://www.wionews.com/business-economy/musk-suggests-tesla-has-200000-orders-for-cybertruck-264354">Elon&nbsp;Musk</a>, will&nbsp;testify&nbsp;in&nbsp;his&nbsp;own&nbsp;defence&nbsp;against a&nbsp;defamation&nbsp;lawsuit brought by a British cave explorer,&nbsp;Musk's&nbsp;lawyer&nbsp;said on Monday in US&nbsp;District Court in Los Angeles.

Vernon Unsworth is suing&nbsp;Musk&nbsp;for calling him a "<a href="https://www.wionews.com/world/after-elon-musks-pedo-tweet-british-rescuer-threatens-legal-action-152054">pedo guy</a>."&nbsp;Musk&nbsp;posted the tweet after Unsworth accused&nbsp;Musk&nbsp;in a CNN interview of grandstanding by offering to help Unsworth's diving team rescue 12 boys and their soccer coach from a Thailand cave in July 2018.

"Evidence is going to be through Mr&nbsp;Musk&nbsp;(testifying) that in fact, Mr&nbsp;Musk&nbsp;didn't call him a paedophile. Mr&nbsp;Musk&nbsp;deleted the tweet, apologised and moved on," Alexander Spiro,&nbsp;Musk’s attorney, told the court.&nbsp;

There was no sign either side was interested in settling the case before a&nbsp;trial&nbsp;scheduled to begin on December&nbsp;3 in the Los Angeles federal court.

Unsworth will also&nbsp;testify, said&nbsp;his&nbsp;attorney, L&nbsp;Lin Wood. He will provide evidence of damages by “talking about&nbsp;his&nbsp;worries,&nbsp;his&nbsp;anxieties,&nbsp;his&nbsp;concern by being branded a paedophile,” Wood told the court.

US&nbsp;District Judge Stephen Wilson called for the second day of pretrial&nbsp;hearings on Tuesday to thrash out what evidence can be used in next week's civil&nbsp;trial.

Last week, Wilson rejected&nbsp;Musk's attempt to have the lawsuit dismissed and also ruled that Unsworth was not a public figure - which makes it easier to prove&nbsp;defamation.

Unsworth can now win if he shows that&nbsp;Musk&nbsp;acted negligently when making&nbsp;his&nbsp;comments.

Musk&nbsp;had argued that Unsworth became a public figure because of&nbsp;his&nbsp;help with the high-profile rescue and needed to prove "actual malice."

Musk&nbsp;has apologized for the "pedo guy" comment, saying it was a common insult in South Africa where he was raised, and that he did not intend to accuse Unsworth of paedophilia.

Unsworth has denied the allegations and has said he had shared a house in the Thailand countryside with a 40-year-old woman who&nbsp;owned a nail salon.

The dispute between the two men arose after the search team decided not to use a mini-submarine offered by&nbsp;Musk's SpaceX rocket company to help with the rescue. Unsworth told CNN that the offer was a "PR stunt" and that&nbsp;Musk&nbsp;could "stick&nbsp;his&nbsp;submarine where it hurts."

Unsworth is seeking compensatory and punitive damages.

Musk&nbsp;recently settled a&nbsp; US&nbsp;Securities and Exchange Commission lawsuit over&nbsp;his&nbsp;Twitter use.

The case is Unsworth v&nbsp;Musk, US&nbsp;District Court, Central District of California, Number&nbsp;18-08048.

Tesla Inc's chief executive, Elon Musk, will testify in his own defence against a defamation lawsuit brought by a British cave explorer, Musk's lawyer said on Monday in US District Court in Los Angeles.

Tesla Inc's chief executive, Elon Musk, will testify in his own defence against a defamation lawsuit brought by a British cave explorer, Musk's lawyer said on Monday in US District Court in Los Angeles. Vernon Unsworth is suing Musk for calling him a "pedo guy." Musk posted the tweet after Unsworth accused Musk in a CNN interview of grandstanding by offering to help Unsworth's diving team rescue 12 boys and their soccer coach from a Thailand cave in July 2018. "Evidence is going to be through Mr Musk (testifying) that in fact, Mr Musk didn't call him a paedophile. Mr Musk deleted the tweet, apologised and moved on," Alexander Spiro, Musk’s attorney, told the court. There was no sign either side was interested in settling the case before a trial scheduled to begin on December 3 in the Los Angeles federal court. Unsworth will also testify, said his attorney, L Lin Wood. He will provide evidence of damages by “talking about his worries, his anxieties, his concern by being branded a paedophile,” Wood told the court. US District Judge Stephen Wilson called for the second day of pretrial hearings on Tuesday to thrash out what evidence can be used in next week's civil trial. Last week, Wilson rejected Musk's attempt to have the lawsuit dismissed and also ruled that Unsworth was not a public figure - which makes it easier to prove defamation. Unsworth can now win if he shows that Musk acted negligently when making his comments. Musk had argued that Unsworth became a public figure because of his help with the high-profile rescue and needed to prove "actual malice." Musk has apologized for the "pedo guy" comment, saying it was a common insult in South Africa where he was raised, and that he did not intend to accuse Unsworth of paedophilia. Unsworth has denied the allegations and has said he had shared a house in the Thailand countryside with a 40-year-old woman who owned a nail salon. The dispute between the two men arose after the search team decided not to use a mini-submarine offered by Musk's SpaceX rocket company to help with the rescue. Unsworth told CNN that the offer was a "PR stunt" and that Musk could "stick his submarine where it hurts." Unsworth is seeking compensatory and punitive damages. Musk recently settled a US Securities and Exchange Commission lawsuit over his Twitter use. The case is Unsworth v Musk, US District Court, Central District of California, Number 18-08048.

Musk to testify in own defence in defamation trial, his lawyer says

<a href="https://www.wionews.com/world/singapore-invokes-fake-news-law-for-first-time-over-facebook-post-264359">Facebook</a>&nbsp;on Monday introduced a "Viewpoints" app in the US that pays members of the social network for taking part in surveys.

The new market research app will be used to improve the&nbsp;Facebook&nbsp;"family" of offerings including<a href="https://www.wionews.com/business-economy/instagram-in-trouble-as-nearly-50-million-users-data-gets-leaked-online-220423"> Instagram</a>, <a href="https://www.wionews.com/photos/whatsapp-business-launches-on-iphones-207989#the-business-app-207980">WhatsApp</a>, Portal, Oculus and the core online social network, according to product manager Erez Naveh.

The app could blunt criticism that&nbsp;Facebook&nbsp;keeps to itself profits made by taking advantage of data shared on the social network.

"We believe the best way to make products better is to get insights directly from people who use them," Naveh said in an online post.

Points can be accumulated to earn payments, which will be sent to people via PayPal.

People who set up accounts in the Viewpoints app will be invited to take part in programs, the first a well-being survey intended to gather insights that can be used to curb negative effects of social media and enhance its benefits, according to Naveh.

Personal information such as name, age, gender, and country of residence will be gathered while setting up Viewpoints accounts, which are only open to people 18 years of age or older.

"We won't sell your information from this app to third parties," Naveh said.

"We also won't publicly share your&nbsp;Facebook&nbsp;Viewpoints activity on&nbsp;Facebook&nbsp;or on other accounts you've linked without your permission."

Viewpoints are only available to US&nbsp;Facebook&nbsp;members, but the California-based internet giant planned to expand it to more countries next year.

Facebook on Monday introduced a "Viewpoints" app in the US that pays members of the social network for taking part in surveys. The new market research app will be used to improve the Facebook "family" of offerings including Instagram, WhatsApp, Portal, Oculus and the core online social network, according to product manager Erez Naveh.

Facebook on Monday introduced a "Viewpoints" app in the US that pays members of the social network for taking part in surveys. The new market research app will be used to improve the Facebook "family" of offerings including Instagram, WhatsApp, Portal, Oculus and the core online social network, according to product manager Erez Naveh. The app could blunt criticism that Facebook keeps to itself profits made by taking advantage of data shared on the social network. "We believe the best way to make products better is to get insights directly from people who use them," Naveh said in an online post. Points can be accumulated to earn payments, which will be sent to people via PayPal. People who set up accounts in the Viewpoints app will be invited to take part in programs, the first a well-being survey intended to gather insights that can be used to curb negative effects of social media and enhance its benefits, according to Naveh. Personal information such as name, age, gender, and country of residence will be gathered while setting up Viewpoints accounts, which are only open to people 18 years of age or older. "We won't sell your information from this app to third parties," Naveh said. "We also won't publicly share your Facebook Viewpoints activity on Facebook or on other accounts you've linked without your permission." Viewpoints are only available to US Facebook members, but the California-based internet giant planned to expand it to more countries next year.

New Facebook application pays people to take part in surveys

<a href="https://www.wionews.com/world/singapore-invokes-fake-news-law-for-first-time-over-facebook-post-264359">Facebook</a>&nbsp;on Monday introduced a "Viewpoints" app in the US that pays members of the social network for taking part in surveys.

The new market research app will be used to improve the&nbsp;Facebook&nbsp;"family" of offerings including <a href="https://www.wionews.com/business-economy/instagram-in-trouble-as-nearly-50-million-users-data-gets-leaked-online-220423">Instagram</a>, <a href="https://www.wionews.com/photos/whatsapp-business-launches-on-iphones-207989#the-business-app-207980">WhatsApp</a>, Portal, <a href="https://www.wionews.com/science-tech/to-boost-the-sale-of-immersive-games-facebooks-oculus-cuts-price-of-its-hardware-17782">Oculus</a> and the core online social network, according to product manager Erez Naveh.

The app could blunt criticism that&nbsp;Facebook&nbsp;keeps to itself profits made by taking advantage of data shared on the social network.

"We believe the best way to make products better is to get insights directly from people who use them," Naveh said in an online post.

Points can be accumulated to earn payments, which will be sent to people via PayPal.

People who set up accounts in the Viewpoints app will be invited to take part in programs, the first a well-being survey intended to gather insights that can be used to curb negative effects of social media and enhance its benefits, according to Naveh.

Personal information such as name, age, gender, and country of residence will be gathered while setting up Viewpoints accounts, which are only open to people 18 years of age or older.

"We won't sell your information from this app to third parties," Naveh said.

"We also won't publicly share your&nbsp;Facebook&nbsp;Viewpoints activity on&nbsp;Facebook&nbsp;or on other accounts you've linked without your permission."

Viewpoints are only available to US&nbsp;Facebook&nbsp;members, but the California-based internet giant planned to expand it to more countries next year.

New Facebook app pays people to take part in surveys

<a href="https://www.wionews.com/business-economy/indian-markets-end-big-as-bse-sensex-hits-lifetime-high-264376">Sensex opened over 200 points up</a> today, breaching the 41,000 mark for the first time in its history.&nbsp;

BSE Sensex currently stands at a lifetime high of 41,102.29 points after surging&nbsp;216 points or 0.53 per cent over the previous close. NSE Nifty gained 51 points or 0.42 per cent to go up&nbsp;12,126 points.&nbsp;

Top gainers included Hindalco (1.54 per cent gain), Tata Steel (1.66 per cent), Yes Bank (2.12 per cent), ICICI Bank (1.46 per cent), Sun Pharma (1.24 per cent).

The top losers were&nbsp;Bharti Infratel (which dropped by 4.42 per cent), Zee Entertainment (2.41 per cent), Bharti Airtel&nbsp;(1.79 per cent), Nestle (1.23 per cent), and Grasim (0.82 per cent).&nbsp;

On Saturday, US national security adviser Robert O'Brien had said an initial trade deal with China was still possible by the end of 2019 as a result&nbsp;Indian shares rose yesterday, led by metals and real estate stocks, while gains in broader Asia on hopes of progress in the US-China trade talks also boosted sentiment.&nbsp;

On Monday, Bharti Airtel was the biggest gainer in the Sensex pack with a rise of 7.20 per cent in its share value after telecom companies moved to Supreme Court regarding payment of Rs 92,000 crore dues to Department of Telecom.&nbsp;

Tata Steel, IndusInd Bank, Axis Bank, HDFC, Maruti and Tata Motors were the major gainers in the Sensex pack on Monday. In the Nifty, Bharti Airtel, Bharti Infratel, Tata Steel and Hindalco were the top earners. Only two stocks in the 30-share index ended in&nbsp;red.&nbsp;

Earlier, the <a href="https://www.wionews.com/business-economy/indian-markets-end-big-as-bse-sensex-hits-lifetime-high-264376">30-share-index</a>&nbsp;had touched a record high of 40,931.71 points in intraday trade.&nbsp;

(With inputs from agencies)

Sensex opened over 200 points up today, breaching the 41,000 mark for the first time in its history. BSE Sensex currently stands at a lifetime high of 41,102.29 points after surging 216 points or 0.

Sensex opened over 200 points up today, breaching the 41,000 mark for the first time in its history. BSE Sensex currently stands at a lifetime high of 41,102.29 points after surging 216 points or 0.53 per cent over the previous close. NSE Nifty gained 51 points or 0.42 per cent to go up 12,126 points. Top gainers included Hindalco (1.54 per cent gain), Tata Steel (1.66 per cent), Yes Bank (2.12 per cent), ICICI Bank (1.46 per cent), Sun Pharma (1.24 per cent). The top losers were Bharti Infratel (which dropped by 4.42 per cent), Zee Entertainment (2.41 per cent), Bharti Airtel (1.79 per cent), Nestle (1.23 per cent), and Grasim (0.82 per cent). On Saturday, US national security adviser Robert O'Brien had said an initial trade deal with China was still possible by the end of 2019 as a result Indian shares rose yesterday, led by metals and real estate stocks, while gains in broader Asia on hopes of progress in the US-China trade talks also boosted sentiment. On Monday, Bharti Airtel was the biggest gainer in the Sensex pack with a rise of 7.20 per cent in its share value after telecom companies moved to Supreme Court regarding payment of Rs 92,000 crore dues to Department of Telecom. Tata Steel, IndusInd Bank, Axis Bank, HDFC, Maruti and Tata Motors were the major gainers in the Sensex pack on Monday. In the Nifty, Bharti Airtel, Bharti Infratel, Tata Steel and Hindalco were the top earners. Only two stocks in the 30-share index ended in red. Earlier, the 30-share-index had touched a record high of 40,931.71 points in intraday trade. (With inputs from agencies)

Sensex hits all-time high, breaches 41K mark

The annual airline awards are out, judging the best in the sector across the globe, &nbsp;airline-ratings.com has come out with the top 20 best-in-class airlines.

For the sixth time in seven years, Air New Zealand has emerged as the best carrier in the world.

The assessment was done by an experienced and awarded team of professionals from the aviation sector.

Comparing the best in class service provided by the top names in the industry, the survey named the top 20 airlines.

To be in the top 20, airlines must achieve a seven-star safety rating, they must also demonstrate leadership in innovation for passenger comfort.

Releasing the findings, &nbsp;airline-ratings.com editor-in-chief Geoffrey Thomas said that going by these standards, Air New Zealand is the leader followed by Singapore Airlines.

Last year, Singapore Airlines ended Air New Zealand's five-year dominance.

Following closely behind is Japan's All Nippon Airways, Australia's Qantas and Hong Kong's Cathay Pacific in the top five slots.

The airlines got rated on 12 counts including fleet age, passenger review, investment rating, staff relations, product offering and profitability

Air New Zealand has had an obsession with the top spot. It is one of the few airlines in the world to have the lowest risk of default. Over the years, the airline has enjoyed a healthy expansion in its domestic and international circuit.

Singapore Airlines at no.2 spot has been at the forefront of passenger safety and comfort. In the past two years, they introduced new fleets of Airbus a350 and Boeing 787 known to be the best with cutting-edge technology

Japanese Nippon Airways enters the big league at no 3 standing out for its cabin innovation. Qantas comes in with its best lounge and domestic service and an all-time high customer approval rating.

Delta Airlines was America's favourite choice while Lufthansa was the best airline operator in the European continent.

Cathay Pacific at no. 5 was the best airline in the Asia-Pacific segment.

Emirates figures at no. 6 in overall rating while being the best airline in the Middle-East and Africa sector. In the coming year, the airline will introduce premium economy to its fleet.

The countdown also includes Britain's Virgin Atlantic, Taiwan's Eva Air, Qatar Airways and Virgin Australia, making a maiden entry at no. 10.

The survey also names the best low-cost carriers and leaders in regional sectors. Jet-blue in Americas, Wizz of Europe, Air Arabia in the Middle East and Africa and Air Asia in the Asia Pacific were the top budget carriers.

This is the first time, the rating has extended its survey to name the top 20 instead of top 10 airlines.

The annual airline awards are out, judging the best in the sector across the globe, airline-ratings.com has come out with the top 20 best-in-class airlines. For the sixth time in seven years, Air New Zealand has emerged as the best carrier in the world.

The annual airline awards are out, judging the best in the sector across the globe, airline-ratings.com has come out with the top 20 best-in-class airlines. For the sixth time in seven years, Air New Zealand has emerged as the best carrier in the world. The assessment was done by an experienced and awarded team of professionals from the aviation sector. Comparing the best in class service provided by the top names in the industry, the survey named the top 20 airlines. To be in the top 20, airlines must achieve a seven-star safety rating, they must also demonstrate leadership in innovation for passenger comfort. Releasing the findings, airline-ratings.com editor-in-chief Geoffrey Thomas said that going by these standards, Air New Zealand is the leader followed by Singapore Airlines. Last year, Singapore Airlines ended Air New Zealand's five-year dominance. Following closely behind is Japan's All Nippon Airways, Australia's Qantas and Hong Kong's Cathay Pacific in the top five slots. The airlines got rated on 12 counts including fleet age, passenger review, investment rating, staff relations, product offering and profitability Air New Zealand has had an obsession with the top spot. It is one of the few airlines in the world to have the lowest risk of default. Over the years, the airline has enjoyed a healthy expansion in its domestic and international circuit. Singapore Airlines at no.2 spot has been at the forefront of passenger safety and comfort. In the past two years, they introduced new fleets of Airbus a350 and Boeing 787 known to be the best with cutting-edge technology Japanese Nippon Airways enters the big league at no 3 standing out for its cabin innovation. Qantas comes in with its best lounge and domestic service and an all-time high customer approval rating. Delta Airlines was America's favourite choice while Lufthansa was the best airline operator in the European continent. Cathay Pacific at no. 5 was the best airline in the Asia-Pacific segment. Emirates figures at no. 6 in overall rating while being the best airline in the Middle-East and Africa sector. In the coming year, the airline will introduce premium economy to its fleet. The countdown also includes Britain's Virgin Atlantic, Taiwan's Eva Air, Qatar Airways and Virgin Australia, making a maiden entry at no. 10. The survey also names the best low-cost carriers and leaders in regional sectors. Jet-blue in Americas, Wizz of Europe, Air Arabia in the Middle East and Africa and Air Asia in the Asia Pacific were the top budget carriers. This is the first time, the rating has extended its survey to name the top 20 instead of top 10 airlines.

Air New Zealand named top carrier globally in annual airline awards

The Seoul city government said on Tuesday that it has approved the long-delayed construction of&nbsp;<a href="https://www.wionews.com/business-economy/hyundai-motor-group-to-invest-35-billion-in-future-automotive-tech-256032">Hyundai&nbsp;Motor Group's</a> new headquarters in the affluent district of&nbsp;Gangnam, which is set to be&nbsp;South&nbsp;Korea's&nbsp;tallest&nbsp;skyscraper&nbsp;when completed in 2026.

The 569-meter&nbsp;building will break ground in the first half of 2020, Seoul city said in a statement.

The approval came more than four years after&nbsp;Hyundai&nbsp;Motor Group,&nbsp;South&nbsp;Korea's&nbsp;second-largest conglomerate, offered to purchase the site with $10 billion in 2014, more than triple it's market price, outbidding <a href="https://www.wionews.com/business-economy/samsung-electronics-third-quarter-net-profit-slumps-52-258964">Samsung Electronics Co Ltd</a> and sparking a stock sell-off.

The construction, originally scheduled to commence in 2016, was delayed partly due to security concerns raised by&nbsp;South&nbsp;Korea's&nbsp;air force, which said the&nbsp;building would interfere with radar and military operations, a Seoul city official said.

Hyundai&nbsp;signed an agreement with the defense ministry to resolve operational restrictions until the construction of the&nbsp;building has reached around 260 meters high, the official said, adding that the construction can be suspended should&nbsp;Hyundai&nbsp;fail to do so.

The&nbsp;building, consisting of 105 floors, will house not only offices but a car theme park, a hotel, a concert hall and a convention center, according to its 2014 plan. It will be home to 18,000 employees from 30 affiliates of the conglomerate, it said at the time.

Hyundai&nbsp;Motor said in March that it was in talks with potential investors to share additional investment costs worth about 3.7 trillion won needed to develop its new headquarters, following a call by US&nbsp;hedge fund Elliott Management Corp to drop the controversial project.

Hyundai&nbsp;Motor is trying to rebound from its sixth consecutive annual profit declines while accelerating its investments in future technologies.

Hyundai&nbsp;said it "will continue to work closely with the Seoul Metropolitan Government to proceed with the project in compliance with the administrative procedures.”

The Seoul city government said on Tuesday that it has approved the long-delayed construction of Hyundai Motor Group's new headquarters in the affluent district of Gangnam, which is set to be South Korea's tallest skyscraper when completed in 2026.

The Seoul city government said on Tuesday that it has approved the long-delayed construction of Hyundai Motor Group's new headquarters in the affluent district of Gangnam, which is set to be South Korea's tallest skyscraper when completed in 2026. The 569-meter building will break ground in the first half of 2020, Seoul city said in a statement. The approval came more than four years after Hyundai Motor Group, South Korea's second-largest conglomerate, offered to purchase the site with $10 billion in 2014, more than triple it's market price, outbidding Samsung Electronics Co Ltd and sparking a stock sell-off. The construction, originally scheduled to commence in 2016, was delayed partly due to security concerns raised by South Korea's air force, which said the building would interfere with radar and military operations, a Seoul city official said. Hyundai signed an agreement with the defense ministry to resolve operational restrictions until the construction of the building has reached around 260 meters high, the official said, adding that the construction can be suspended should Hyundai fail to do so. The building, consisting of 105 floors, will house not only offices but a car theme park, a hotel, a concert hall and a convention center, according to its 2014 plan. It will be home to 18,000 employees from 30 affiliates of the conglomerate, it said at the time. Hyundai Motor said in March that it was in talks with potential investors to share additional investment costs worth about 3.7 trillion won needed to develop its new headquarters, following a call by US hedge fund Elliott Management Corp to drop the controversial project. Hyundai Motor is trying to rebound from its sixth consecutive annual profit declines while accelerating its investments in future technologies. Hyundai said it "will continue to work closely with the Seoul Metropolitan Government to proceed with the project in compliance with the administrative procedures.”

Hyundai gets nod to build South Korea's tallest skyscraper for Gangnam HQ

<a href="https://www.wionews.com/business-economy/world-stocks-hold-near-one-week-low-195">World&nbsp;stocks</a>&nbsp;edged&nbsp;off&nbsp;their highest in almost two years on Tuesday, but kept record levels insight, following fresh signs that the United States and&nbsp;China&nbsp;were working to end a trade war dragging on the&nbsp;global&nbsp;economy.

China's Vice Premier Liu He,&nbsp;US&nbsp;Trade Representative Robert Lighthizer and&nbsp;US&nbsp;Treasury Secretary Steven Mnuchin held a phone call on issues&nbsp;related to a phase one trade agreement on Tuesday,&nbsp;China&nbsp;said.

This, alongside a strong Hong Kong debut for Chinese e-commerce giant <a href="https://www.wionews.com/business-economy/alibaba-launches-134-billion-hong-kong-listing-to-fund-expansion-261906">Alibaba</a>, is the&nbsp;world's largest share sale this year, boosted&nbsp;markets&nbsp;in Asia.

MSCI's 49-country main&nbsp;world&nbsp;share index, touched its highest level in almost two years, before drifting lower as the European session wore on. Still, it remained less than 1 per cent&nbsp;off&nbsp;record&nbsp;highs&nbsp;hit in early 2018.

European&nbsp;stocks, with the exception of London's FTSE, were broadly lower and&nbsp;US&nbsp;equity futures also inched down as a note of caution returned after a strong rally fuelled by trade talk hopes.

The pan-European STOXX 600 remained within striking distance of four-year&nbsp;highs.

"The outlook is positive as&nbsp;world&nbsp;trade angst is the biggest negative out there, especially when you throw in loose policy, the pick-up yields for equities versus bonds and the like," said Chris Bailey, European strategist at Raymond James in London.

"However, the residual issues&nbsp;are clear: The first is a reversal in&nbsp;world&nbsp;trade optimism, the second is that valuations become perceived as overstretched - this can easily happen given lackluster corporate earnings growth."

In Asia, Alibaba shares opened almost 7 per cent&nbsp;higher in Hong Kong than their issue price and at a small premium to pricing in New York. The listing has been seen as a vote of confidence in Hong Kong after months of anti-government protests that have rocked the financial hub.

A flurry of major acquisition activity has also supported sentiment in equity&nbsp;markets, with Global markets: World stocks edge off highs to await US-China progress agreeing to buy&nbsp;US&nbsp;jeweller Tiffany for $16.2 billion and Charles Schwab Corp set to purchase&nbsp;US&nbsp;discount brokerage TD Ameritrade Holding Corp in an all-stock deal valued at $26 billion.

Still, it was the outcome of&nbsp;US-China&nbsp;trade talks that remained the key driver for&nbsp;world&nbsp;markets.

The&nbsp;US&nbsp;dollar gave up earlier gains as some of the optimism over an agreement faded, slipping from a two-week high of 109.205 yen hit during Asian trade.

The euro was also a touch firmer at $1.10150.

China's yuan - the currency most sensitive to the trade war - had risen to a one-week high of 7.0181 against the dollar, but was last trading at 7.0388.

"China&nbsp;and the&nbsp;US&nbsp;agreed on a framework to resolve their phase one issue, which is just a way of saying that they did admin work," said Sebastien Galy, senior macro strategist at Nordea Asset Management.

The United States has imposed tariffs on Chinese goods in a 16-month dispute over trade practices that the US&nbsp;government says are unfair.&nbsp;China&nbsp;has responded with its own tariffs on&nbsp;US&nbsp;goods.

The next important date to watch is December&nbsp;15, when Washington is scheduled to impose even more tariffs on Chinese goods.

Safe-haven bond yields nudged back down, also reflecting the more cautious tone among investors.

The 10-year&nbsp;US&nbsp;Treasury yield was last down 2 basis points on the day at around 1.75 per cent.

Elsewhere, Bitcoin, the&nbsp;world's biggest cryptocurrency, dipped to $7,065, holding above six-month lows hit on Monday after the People's Bank of&nbsp;China&nbsp;launched a fresh crackdown on cryptocurrencies.

US&nbsp;crude was flat at $58 a barrel. Brent crude was little changed at $63.71 per barrel.

World stocks edged off their highest in almost two years on Tuesday, but kept record levels insight, following fresh signs that the United States and China were working to end a trade war dragging on the global economy.

World stocks edged off their highest in almost two years on Tuesday, but kept record levels insight, following fresh signs that the United States and China were working to end a trade war dragging on the global economy. China's Vice Premier Liu He, US Trade Representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin held a phone call on issues related to a phase one trade agreement on Tuesday, China said. This, alongside a strong Hong Kong debut for Chinese e-commerce giant Alibaba, is the world's largest share sale this year, boosted markets in Asia. MSCI's 49-country main world share index, touched its highest level in almost two years, before drifting lower as the European session wore on. Still, it remained less than 1 per cent off record highs hit in early 2018. European stocks, with the exception of London's FTSE, were broadly lower and US equity futures also inched down as a note of caution returned after a strong rally fuelled by trade talk hopes. The pan-European STOXX 600 remained within striking distance of four-year highs. "The outlook is positive as world trade angst is the biggest negative out there, especially when you throw in loose policy, the pick-up yields for equities versus bonds and the like," said Chris Bailey, European strategist at Raymond James in London. "However, the residual issues are clear: The first is a reversal in world trade optimism, the second is that valuations become perceived as overstretched - this can easily happen given lackluster corporate earnings growth." In Asia, Alibaba shares opened almost 7 per cent higher in Hong Kong than their issue price and at a small premium to pricing in New York. The listing has been seen as a vote of confidence in Hong Kong after months of anti-government protests that have rocked the financial hub. A flurry of major acquisition activity has also supported sentiment in equity markets, with Global markets: World stocks edge off highs to await US-China progress agreeing to buy US jeweller Tiffany for $16.2 billion and Charles Schwab Corp set to purchase US discount brokerage TD Ameritrade Holding Corp in an all-stock deal valued at $26 billion. Still, it was the outcome of US-China trade talks that remained the key driver for world markets. The US dollar gave up earlier gains as some of the optimism over an agreement faded, slipping from a two-week high of 109.205 yen hit during Asian trade. The euro was also a touch firmer at $1.10150. China's yuan - the currency most sensitive to the trade war - had risen to a one-week high of 7.0181 against the dollar, but was last trading at 7.0388. "China and the US agreed on a framework to resolve their phase one issue, which is just a way of saying that they did admin work," said Sebastien Galy, senior macro strategist at Nordea Asset Management. The United States has imposed tariffs on Chinese goods in a 16-month dispute over trade practices that the US government says are unfair. China has responded with its own tariffs on US goods. The next important date to watch is December 15, when Washington is scheduled to impose even more tariffs on Chinese goods. Safe-haven bond yields nudged back down, also reflecting the more cautious tone among investors. The 10-year US Treasury yield was last down 2 basis points on the day at around 1.75 per cent. Elsewhere, Bitcoin, the world's biggest cryptocurrency, dipped to $7,065, holding above six-month lows hit on Monday after the People's Bank of China launched a fresh crackdown on cryptocurrencies. US crude was flat at $58 a barrel. Brent crude was little changed at $63.71 per barrel.

Global markets: World stocks edge off highs to await US-China progress

After opening with <a href="https://www.wionews.com/business-economy/sensex-hits-all-time-high-breaches-41k-mark-264523">record gains</a>, Indian ended lower due to losses in the IT sector even though global markets reacted positively on the hope of US-China trade deal. &nbsp;

The BSE Sensex lost 67.93 points or 0.17 per cent lower to end at 40,821, while NSE Nifty fell 36.05 points or 0.30 per cent to close at 12,006.35.

Earlier on the day, Sensex opened with a rise of 200 points to breach 41,000 mark for the first time in its history. NSE 50 also touched a lifetime high of 12,132.45 in the early trade.

ICICI Bank was the biggest gainer in both Sensex and Nifty 50. Shares of IndusInd Bank, Tata Steel, HDFC, Hero Moto Co, HDFC, Asian Paints and &nbsp;HUL also ended in green in the Sensex pack. Reliance Industries, Kotak Bank and SBI were the top losers.

GAIL, IndusInd Bank, Dr Reddy, among others were the winners, while, Infratel, Airtel and Grasim were the major losers in Nifty 50. Bharti Aritel's shares dropped 4.3 per cent after the credit rating agency ICRA, downgraded its rating from "AA" to "AA-".&nbsp;

IT shares fell after the rupee firmed to 71.5387 against the US dollar. The Nifty IT index closed 1.18% lower, with India's second-most valuable company TCS losing 1.67%.

Earlier on Monday, BSE Sensex closed with a lifetime high of 40,889.23, while, NSE Nifty rose 164.10 points or 1.38 per cent to settle at 12,078.50 points.&nbsp;

(with inputs from agencies)

After opening with record gains, Indian ended lower due to losses in the IT sector even though global markets reacted positively on the hope of US-China trade deal.

After opening with record gains, Indian ended lower due to losses in the IT sector even though global markets reacted positively on the hope of US-China trade deal. The BSE Sensex lost 67.93 points or 0.17 per cent lower to end at 40,821, while NSE Nifty fell 36.05 points or 0.30 per cent to close at 12,006.35. Earlier on the day, Sensex opened with a rise of 200 points to breach 41,000 mark for the first time in its history. NSE 50 also touched a lifetime high of 12,132.45 in the early trade. ICICI Bank was the biggest gainer in both Sensex and Nifty 50. Shares of IndusInd Bank, Tata Steel, HDFC, Hero Moto Co, HDFC, Asian Paints and HUL also ended in green in the Sensex pack. Reliance Industries, Kotak Bank and SBI were the top losers. GAIL, IndusInd Bank, Dr Reddy, among others were the winners, while, Infratel, Airtel and Grasim were the major losers in Nifty 50. Bharti Aritel's shares dropped 4.3 per cent after the credit rating agency ICRA, downgraded its rating from "AA" to "AA-". IT shares fell after the rupee firmed to 71.5387 against the US dollar. The Nifty IT index closed 1.18% lower, with India's second-most valuable company TCS losing 1.67%. Earlier on Monday, BSE Sensex closed with a lifetime high of 40,889.23, while, NSE Nifty rose 164.10 points or 1.38 per cent to settle at 12,078.50 points. (with inputs from agencies)

Indian markets end lower after Sensex, Nifty touch record high

<a href="https://www.wionews.com/.../bitcoin-plummets-to-a-six-month-low-on-china- crackdown-263935">China's central bank</a> issued draft guidelines on Tuesday on the evaluation of the country's systemically important banks.

The guidelines will help regulators to identify lenders that are crucial to China's financial system, and thus reduce and fend off major financial risks, the People's Bank of China (PBOC) said on its official website.

A list of systemically important banks will be jointly reviewed and announced by the PBOC and the China Banking and Insurance Regulatory Commission (CBIRC) once a year, according to the statement.

Yet the draft didn't elaborate on the detailed list of banks nor specific requirements they need to meet with.

China's central bank issued draft guidelines on Tuesday on the evaluation of the country's systemically important banks. The guidelines will help regulators to identify lenders that are crucial to China's financial system, and thus reduce and fend off major financial risks, the People's Bank of China (PBOC) said on its official website.

China's central bank issued draft guidelines on Tuesday on the evaluation of the country's systemically important banks. The guidelines will help regulators to identify lenders that are crucial to China's financial system, and thus reduce and fend off major financial risks, the People's Bank of China (PBOC) said on its official website. A list of systemically important banks will be jointly reviewed and announced by the PBOC and the China Banking and Insurance Regulatory Commission (CBIRC) once a year, according to the statement. Yet the draft didn't elaborate on the detailed list of banks nor specific requirements they need to meet with.

China Central Bank issues draft guidelines on evaluation of systemically important banks

<a href="https://www.wionews.com/business-economy/alibaba-eyes-129-billion-hong-kong-ipo-after-setting-price-reports-263274">Alibaba Group's&nbsp; </a>Hong Kong shares closed its first trading session up 6.6 per cent&nbsp;from the issue price after this year's largest stock sale.

Shares worth HK$13.99 billion&nbsp;were traded, according to Refinitiv data, making it the third-biggest debut on record for the Hong Kong market.

Alibaba is already the fifth most-traded company in New York this year, averaging $2.6 billion a day, Refinitiv data showed.

The Chinese e-commerce giant has raised at least $11.3 billion from its secondary listing, which has been seen as a vote of confidence in Hong Kong's financial future amid six months of increasingly violent anti-government protests.

The figure could climb to as much as $12.9 billion if Alibaba chooses to exercise an over-allotment option within 30 days of the start of trade.&nbsp;

Alibaba shares closed at HK$187.60 which was 6.6 per cent higher than the issue price of HK$176 per share.

On Monday its US&nbsp;American Depository Shares (ADS) closed at $190.45. With eight Hong Kong shares per ADS, that implied a price of HK$186.30 per share.

Alibaba's debut ranks third in the city for a first-day turnover behind insurer AIA Group&nbsp;in 2010 which recorded $HK49.38 billion in turnover, China Literature was second with $HK14.17 billion when it debuted in November 2017, Refinitiv data showed.

The average daily turnover on the Hong Kong Exchange this year has been $11.6 billion, according to the exchange's third-quarter earnings report, implying that Alibaba on Tuesday accounted for more than one-tenth of total market turnover.

The funds raised from the Hong Kong listing will help Alibaba, Asia's biggest company by market value and the world's seventh-largest, invest more in a range of online services.

But analysts also note that the establishment of a base of investors in Hong Kong and China could function as a backup for the company should its shares be hit in New York amid the US-China trade dispute.

The Hong Kong and New York stocks are fungible, which means investors can buy and sell the same shares on either exchange and that pricing on the exchanges are unlikely to diverge too far from each other.

The premium to New York reflects the willingness of investors in the city and Asia to take on the stock of a company they know well, market participants said. Expectations are also high that it will get a lift in valuation when it becomes eligible for trading in the Stock Connect that links Shanghai and Shenzhen with Hong Kong next June.

"There will be some upside for the company's price in Hong Kong but I don't think we will see the shares double or triple in a year," said Geo Securities Chief Executive Francis Lun.

At Tuesday's listing ceremony, CEO Daniel Zhang noted the Hong Kong debut had been a long time coming.

Alibaba had hoped to initially list in Hong Kong but eventually chose New York for its record-breaking $25 billion initial public offerings in 2014 after its unusual governance structure failed to win acceptance from Hong Kong regulators.

The loss of the listing triggered years of argument and consultations that resulted in rule changes last year.

"Thank you Hong Kong and thank you HKEX. Your reform and innovation of the capital markets in the past few years have made it possible for us to realise what we missed five years ago," Zhang said at the listing ceremony.

The Hong Kong listing has surpassed other large stock sales this year, ranking ahead of Uber Technologies&nbsp; $8.1 billion IPO and $5.7 billion IPO for Anheuser-Busch InBev’s&nbsp;&nbsp;Asian brewing business in Hong Kong.

In its prospectus, Alibaba said it would use the funds raised to increase its investment in online delivery and local services platform Ele me and in online travel group Fliggy.

Alibaba also plans to spend more on developing Youku, one of the leading online video platforms in China.

Small retail investors were enthusiastic buyers of the deal, subscribing for 40 times the shares they were originally allotted and eventually taking 10 per cent&nbsp;of the deal.

Alibaba Group's Hong Kong shares closed its first trading session up 6.6 per cent from the issue price after this year's largest stock sale. Shares worth HK$13.99 billion were traded, according to Refinitiv data, making it the third-biggest debut on record for the Hong Kong market.

Alibaba Group's Hong Kong shares closed its first trading session up 6.6 per cent from the issue price after this year's largest stock sale. Shares worth HK$13.99 billion were traded, according to Refinitiv data, making it the third-biggest debut on record for the Hong Kong market. Alibaba is already the fifth most-traded company in New York this year, averaging $2.6 billion a day, Refinitiv data showed. The Chinese e-commerce giant has raised at least $11.3 billion from its secondary listing, which has been seen as a vote of confidence in Hong Kong's financial future amid six months of increasingly violent anti-government protests. The figure could climb to as much as $12.9 billion if Alibaba chooses to exercise an over-allotment option within 30 days of the start of trade. Alibaba shares closed at HK$187.60 which was 6.6 per cent higher than the issue price of HK$176 per share. On Monday its US American Depository Shares (ADS) closed at $190.45. With eight Hong Kong shares per ADS, that implied a price of HK$186.30 per share. Alibaba's debut ranks third in the city for a first-day turnover behind insurer AIA Group in 2010 which recorded $HK49.38 billion in turnover, China Literature was second with $HK14.17 billion when it debuted in November 2017, Refinitiv data showed. The average daily turnover on the Hong Kong Exchange this year has been $11.6 billion, according to the exchange's third-quarter earnings report, implying that Alibaba on Tuesday accounted for more than one-tenth of total market turnover. The funds raised from the Hong Kong listing will help Alibaba, Asia's biggest company by market value and the world's seventh-largest, invest more in a range of online services. But analysts also note that the establishment of a base of investors in Hong Kong and China could function as a backup for the company should its shares be hit in New York amid the US-China trade dispute. The Hong Kong and New York stocks are fungible, which means investors can buy and sell the same shares on either exchange and that pricing on the exchanges are unlikely to diverge too far from each other. The premium to New York reflects the willingness of investors in the city and Asia to take on the stock of a company they know well, market participants said. Expectations are also high that it will get a lift in valuation when it becomes eligible for trading in the Stock Connect that links Shanghai and Shenzhen with Hong Kong next June. "There will be some upside for the company's price in Hong Kong but I don't think we will see the shares double or triple in a year," said Geo Securities Chief Executive Francis Lun. At Tuesday's listing ceremony, CEO Daniel Zhang noted the Hong Kong debut had been a long time coming. Alibaba had hoped to initially list in Hong Kong but eventually chose New York for its record-breaking $25 billion initial public offerings in 2014 after its unusual governance structure failed to win acceptance from Hong Kong regulators. The loss of the listing triggered years of argument and consultations that resulted in rule changes last year. "Thank you Hong Kong and thank you HKEX. Your reform and innovation of the capital markets in the past few years have made it possible for us to realise what we missed five years ago," Zhang said at the listing ceremony. The Hong Kong listing has surpassed other large stock sales this year, ranking ahead of Uber Technologies $8.1 billion IPO and $5.7 billion IPO for Anheuser-Busch InBev’s Asian brewing business in Hong Kong. In its prospectus, Alibaba said it would use the funds raised to increase its investment in online delivery and local services platform Ele me and in online travel group Fliggy. Alibaba also plans to spend more on developing Youku, one of the leading online video platforms in China. Small retail investors were enthusiastic buyers of the deal, subscribing for 40 times the shares they were originally allotted and eventually taking 10 per cent of the deal.

Alibaba's Hong Kong shares rise 6.6% on debut in heavy volume

<a href="https://www.wionews.com/world/erdogan-says-he-told-trump-turkey-will-not-give-up-russian-s-400s-263168">Russia hopes to seal a deal to supply Turkey</a> with more S-400 missile systems in the first half of next year, the head of Russian state arms exporter Rosoboronexport, Alexander Mikheev, said in an interview with RIA news agency published on Tuesday.

Turkey's purchase of the S-400 missiles has already drawn the ire of the United States, which has suspended Ankara from the F-35 stealth fighter jet programme, which it was a buyer and producer of, to punish it.

Washington has also warned of possible US&nbsp;sanctions, saying the missiles are not compatible with NATO defences, but has not yet imposed them.

And a senior US&nbsp;State Department official said last week that Turkey needed to get rid of the S-400s it had already bought to mend fences.

But Mikheev said in an interview with RIA that Moscow and Ankara were actively discussing Ankara taking up an option that was part of the original contract for it to take delivery of more S-400 systems with talks focused on financial questions.

"We hope that in the first half of 2020 we will sign the contract documents," RIA cited Mikheev as saying. "But I want to stress that military-technical cooperation with Turkey is not limited to the supply of the S-400s. We have big plans ahead."

Mikheev said the option, if signed, would cover a new regiment of S-400s and that some of the system's components would be produced in Turkey.

He said it was premature to talk about which components would be made in Turkey however and in what quantities.

Ankara began receiving the first batch of S-400s in July but they are not yet operational, though Turkish media reported on Monday that Turkish F-16 warplanes would fly over the country's capital to test the system.

Mikheev was cited as saying that efforts by the United States to stop other countries buying Russian military hardware had not been as effective as Washington hoped.

"You can see how confident India, China, Turkey and other countries are on the international stage," he said.

"Many are openly outraged by US&nbsp;sanctions policy, which is trying to prevent them from developing their own armed forces and technical military cooperation with Russia," he said.

Russia hopes to seal a deal to supply Turkey with more S-400 missile systems in the first half of next year, the head of Russian state arms exporter Rosoboronexport, Alexander Mikheev, said in an interview with RIA news agency published on Tuesday.

Russia hopes to seal a deal to supply Turkey with more S-400 missile systems in the first half of next year, the head of Russian state arms exporter Rosoboronexport, Alexander Mikheev, said in an interview with RIA news agency published on Tuesday. Turkey's purchase of the S-400 missiles has already drawn the ire of the United States, which has suspended Ankara from the F-35 stealth fighter jet programme, which it was a buyer and producer of, to punish it. Washington has also warned of possible US sanctions, saying the missiles are not compatible with NATO defences, but has not yet imposed them. And a senior US State Department official said last week that Turkey needed to get rid of the S-400s it had already bought to mend fences. But Mikheev said in an interview with RIA that Moscow and Ankara were actively discussing Ankara taking up an option that was part of the original contract for it to take delivery of more S-400 systems with talks focused on financial questions. "We hope that in the first half of 2020 we will sign the contract documents," RIA cited Mikheev as saying. "But I want to stress that military-technical cooperation with Turkey is not limited to the supply of the S-400s. We have big plans ahead." Mikheev said the option, if signed, would cover a new regiment of S-400s and that some of the system's components would be produced in Turkey. He said it was premature to talk about which components would be made in Turkey however and in what quantities. Ankara began receiving the first batch of S-400s in July but they are not yet operational, though Turkish media reported on Monday that Turkish F-16 warplanes would fly over the country's capital to test the system. Mikheev was cited as saying that efforts by the United States to stop other countries buying Russian military hardware had not been as effective as Washington hoped. "You can see how confident India, China, Turkey and other countries are on the international stage," he said. "Many are openly outraged by US sanctions policy, which is trying to prevent them from developing their own armed forces and technical military cooperation with Russia," he said.

Russia, Turkey may sign new contract on S-400 systems in 2020

&nbsp;Deutsche Post&nbsp;DHL&nbsp;Group's&nbsp;StreetScooter&nbsp;electric&nbsp;vehicle unit will enter the&nbsp;US&nbsp;market next year as&nbsp;delivery&nbsp;firms and municipalities work to cut greenhouse gas&nbsp;emissions.

DHL&nbsp;will&nbsp;debut&nbsp;StreetScooter's&nbsp;zero-emission&nbsp;Work L&nbsp;delivery&nbsp;van in two urban&nbsp;US markets, one on each coast, starting in Spring 2020, the companies said. They did not specify which markets would be the first.

Full deployment could come in 2022 and 2023, said Ulrich Stuhec, StreetScooter's chief technology officer, who joined the company from Ford Motor Co in October.

Los Angeles, London, Berlin, Tokyo and 30 other&nbsp;cities&nbsp;around the globe have been working to establish&nbsp;zero-emission&nbsp;zones by 2030. Those&nbsp;cities&nbsp;hope to curb accumulating greenhouse gases that contribute to extreme weather, higher temperatures, and rising sea levels, which have steep economic, environmental and human costs.

The transportation industry - which includes fossil-fuel-burning ships, trains, trucks, and planes - accounted for 14 per cent&nbsp;of global greenhouse gas&nbsp;emissions in 2010, according to the United Nations' Intergovernmental Panel on Climate Change.

Over the last three years,&nbsp;DHL&nbsp;has kicked off "CO2-free last-mile&nbsp;delivery" efforts with German&nbsp;cities&nbsp;like Berlin, Hamburg, and Munich.

Roughly 10,000 of the 12,000 StreetScooter&nbsp;electric&nbsp;vehicles on the road make&nbsp;DHL&nbsp;deliveries. They operate in Amsterdam, Vienna, and&nbsp;cities&nbsp;around Germany - saving roughly 36,000 metric tons of CO2 per truck each year, StreetScooter said.

"We have the most experience on the road while others are still working on their first prototypes," StreetScooter's Stuhec said in a recent interview.&nbsp;

Up-and-coming&nbsp;delivery&nbsp;competitor Amazon.com Inc in September gave the&nbsp;electric&nbsp;vehicle industry a jolt with its plan to order 100,000&nbsp;electric&nbsp;delivery&nbsp;vans&nbsp;from Rivian Automotive LLC, a company it funds. The first&nbsp;vans&nbsp;should hit streets in 2021. Meanwhile,<a href="https://www.wionews.com/world/amazon-files-lawsuit-contesting-pentagons-10-billion-cloud-contract-to-microsoft-263976"> Amazon </a>said it's&nbsp;delivery&nbsp;partners are using around 200&nbsp;electric&nbsp;vehicles.

United Parcel Service Inc has 1,000&nbsp;electric&nbsp;and hybrid&nbsp;electric&nbsp;vehicles in its fleet, and<a href="https://www.wionews.com/business-economy/fedex-to-end-amazon-contract-for-fedex-express-plane-service-225431"> FedEx Corp</a>&nbsp;last year announced plans to deploy 1,000&nbsp;electric&nbsp;vehicles in California.

DHL&nbsp;fully acquired StreetScooter in 2014. The unprofitable subsidiary is seeking new investors and customers to further ramp production. Current partners include the United Kingdom's Milk &amp; More, which ordered 200 trucks, and Japanese&nbsp;delivery&nbsp;firm <a href="https://www.wionews.com/world/missing-japanese-boy-found-alive-unharmed-190">Yamato</a>, which has started to deploy 500 planned vehicles.

In September, StreetScooter cracked the world's biggest&nbsp;electric&nbsp;vehicle market - signing a memorandum of understanding with Chinese carmaker Chery Automobile Co&nbsp;to begin&nbsp;electric&nbsp;van production in 2021.

Deutsche Post DHL Group's StreetScooter electric vehicle unit will enter the US market next year as delivery firms and municipalities work to cut greenhouse gas emissions.

Deutsche Post DHL Group's StreetScooter electric vehicle unit will enter the US market next year as delivery firms and municipalities work to cut greenhouse gas emissions. DHL will debut StreetScooter's zero-emission Work L delivery van in two urban US markets, one on each coast, starting in Spring 2020, the companies said. They did not specify which markets would be the first. Full deployment could come in 2022 and 2023, said Ulrich Stuhec, StreetScooter's chief technology officer, who joined the company from Ford Motor Co in October. Los Angeles, London, Berlin, Tokyo and 30 other cities around the globe have been working to establish zero-emission zones by 2030. Those cities hope to curb accumulating greenhouse gases that contribute to extreme weather, higher temperatures, and rising sea levels, which have steep economic, environmental and human costs. The transportation industry - which includes fossil-fuel-burning ships, trains, trucks, and planes - accounted for 14 per cent of global greenhouse gas emissions in 2010, according to the United Nations' Intergovernmental Panel on Climate Change. Over the last three years, DHL has kicked off "CO2-free last-mile delivery" efforts with German cities like Berlin, Hamburg, and Munich. Roughly 10,000 of the 12,000 StreetScooter electric vehicles on the road make DHL deliveries. They operate in Amsterdam, Vienna, and cities around Germany - saving roughly 36,000 metric tons of CO2 per truck each year, StreetScooter said. "We have the most experience on the road while others are still working on their first prototypes," StreetScooter's Stuhec said in a recent interview. Up-and-coming delivery competitor Amazon.com Inc in September gave the electric vehicle industry a jolt with its plan to order 100,000 electric delivery vans from Rivian Automotive LLC, a company it funds. The first vans should hit streets in 2021. Meanwhile, Amazon said it's delivery partners are using around 200 electric vehicles. United Parcel Service Inc has 1,000 electric and hybrid electric vehicles in its fleet, and FedEx Corp last year announced plans to deploy 1,000 electric vehicles in California. DHL fully acquired StreetScooter in 2014. The unprofitable subsidiary is seeking new investors and customers to further ramp production. Current partners include the United Kingdom's Milk & More, which ordered 200 trucks, and Japanese delivery firm Yamato, which has started to deploy 500 planned vehicles. In September, StreetScooter cracked the world's biggest electric vehicle market - signing a memorandum of understanding with Chinese carmaker Chery Automobile Co to begin electric van production in 2021.

DHL to debut zero-emission electric delivery vans in US cities

<a href="https://www.wionews.com/business-economy/mcdonalds-hr-chief-exits-after-ceo-shakeup-260024">McDonald's&nbsp;Corp</a> agreed to&nbsp;pay&nbsp;$26&nbsp;million&nbsp;to&nbsp;settle&nbsp;a nearly seven-year-old&nbsp;lawsuit&nbsp;accusing the fast-food chain of underpaying US&nbsp;staff at its corporate-owned restaurants in&nbsp;California.

The preliminary&nbsp;settlement resolves claims that the company used a timekeeping system that cheated workers out of overtime, barred workers from taking rest breaks during their shifts, and forced workers to clean and iron their uniforms out of pocket.

It resolves claims by about 38,000 cashiers and cooks in&nbsp;California, and is the largest&nbsp;wage&nbsp;settlement against Chicago-based&nbsp;McDonald's&nbsp;in the United States, representatives for the plaintiffs said.

The accord requires&nbsp;McDonald's&nbsp;to&nbsp;pay&nbsp;required overtime, track&nbsp;pay&nbsp;electronically, provide rest breaks during rather than at the start or end of shifts, and provide replacement work uniforms when old uniforms become damaged or worn out.

McDonald's&nbsp;denied wrongdoing as part of the&nbsp;settlement. The accord requires court approval.

In a statement,&nbsp;McDonald's&nbsp;said it still believes its employment practices complied with&nbsp;California&nbsp;labor law. It also said it is improving training at company-owned restaurants "to promote continued compliance with all&nbsp;wage&nbsp;and hour laws."

McDonald's&nbsp;has long been a target of labor organizers who claim it underpays workers and provides unsafe working conditions at company-owned and franchised restaurants.

On November&nbsp;12, the<a href="https://www.wionews.com/world/microsoft-to-probe-work-of-israeli-facial-recognition-startup-it-funded-262511"> American Civil Liberties Union</a> and workers in Michigan sued&nbsp;McDonald's&nbsp;for allegedly allowing sexual harassment to flourish at its restaurants.

Then on November&nbsp;21, a group of Chicago-area workers sued&nbsp;McDonald's&nbsp;and several franchisees over a recent restaurant redesign that they said left them vulnerable to physical attacks by angry customers.

Lawyers for the&nbsp;California&nbsp;workers may seek fees of up to one-third of the&nbsp;settlement amount, according to court papers.

McDonald's&nbsp;has roughly 14,000 US&nbsp;restaurants, of which approximately 95 per cent&nbsp;are franchised. It has more than 38,000 restaurants worldwide.

McDonald's Corp agreed to pay $26 million to settle a nearly seven-year-old lawsuit accusing the fast-food chain of underpaying US staff at its corporate-owned restaurants in California.

McDonald's Corp agreed to pay $26 million to settle a nearly seven-year-old lawsuit accusing the fast-food chain of underpaying US staff at its corporate-owned restaurants in California. The preliminary settlement resolves claims that the company used a timekeeping system that cheated workers out of overtime, barred workers from taking rest breaks during their shifts, and forced workers to clean and iron their uniforms out of pocket. It resolves claims by about 38,000 cashiers and cooks in California, and is the largest wage settlement against Chicago-based McDonald's in the United States, representatives for the plaintiffs said. The accord requires McDonald's to pay required overtime, track pay electronically, provide rest breaks during rather than at the start or end of shifts, and provide replacement work uniforms when old uniforms become damaged or worn out. McDonald's denied wrongdoing as part of the settlement. The accord requires court approval. In a statement, McDonald's said it still believes its employment practices complied with California labor law. It also said it is improving training at company-owned restaurants "to promote continued compliance with all wage and hour laws." McDonald's has long been a target of labor organizers who claim it underpays workers and provides unsafe working conditions at company-owned and franchised restaurants. On November 12, the American Civil Liberties Union and workers in Michigan sued McDonald's for allegedly allowing sexual harassment to flourish at its restaurants. Then on November 21, a group of Chicago-area workers sued McDonald's and several franchisees over a recent restaurant redesign that they said left them vulnerable to physical attacks by angry customers. Lawyers for the California workers may seek fees of up to one-third of the settlement amount, according to court papers. McDonald's has roughly 14,000 US restaurants, of which approximately 95 per cent are franchised. It has more than 38,000 restaurants worldwide.

McDonald's to pay $26 million to settle California wage lawsuit

<a href="https://www.wionews.com/business-economy/paytm-raises-1-billion-in-fresh-funding-264351">SoftBank</a>-backed Oyo Hotels and Homes' losses ballooned six-fold in the year to March, while its revenue more than quadrupled, a valuation report filed by the India-based hotel chain with local regulators showed on Monday.

The losses highlight a period of rapid expansion by Oyo into markets such as China, the United States, and the United Kingdom, which has made the six-year-old startup one of the world's biggest hotel chains by room count.

Oyo reported a net loss of 23.85 billion rupees ($332 million) in the year to March 2019, compared with a loss of 3.6 billion rupees a year earlier, according to the report filed with India's ministry of corporate affairs. Revenue from operations surged to 64.57 billion rupees ($900 million) from about 14.13 billion rupees a year earlier.

Oyo said in a statement the report contained only "certain provisional financials" for the year ending March 2019. "These are not the final audited financials and the same will be issued later by the company along with the annual report that we issue every year."

The report, prepared by a valuer in Gurugram, just south of New Delhi, said the financials for the year to March 2019 were unaudited and all figures were provided by Oyo's management.

The growing losses at <a href="https://www.wionews.com/business-economy/softbank-backed-oyo-to-raise-15-billion-led-by-founder-other-existing-investors-254242">Oyo</a> come as its major investor SoftBank struggles to raise funding for a second investment fund in the wake of the failed listing of office-rental company WeWork and amid questions about the path to profitability of other marquee investments like <a href="https://www.wionews.com/business-economy/uber-safety-culture-lacking-in-autonomous-car-incident-regulator-263292">Uber</a>.

SoftBank, which has invested nearly $1 billion in Oyo through its Vision Fund, this month reported its first quarterly loss in 14 years, dragged down by an $8.9 billion hit at the Vision Fund.

Oyo's operating expenses grew nearly five-fold year-over-year to 61.32 billion rupees, while total expenses hit 90.28 billion rupees, the report showed.

Gurugram-headquartered Oyo, valued at $10 billion, allows guests to book hotels through its mobile app and charges partnering hotels a fee on room revenue. It also franchises its brand and offers standardized amenities at hotels on its network.

SoftBank-backed Oyo Hotels and Homes' losses ballooned six-fold in the year to March, while its revenue more than quadrupled, a valuation report filed by the India-based hotel chain with local regulators showed on Monday.

SoftBank-backed Oyo Hotels and Homes' losses ballooned six-fold in the year to March, while its revenue more than quadrupled, a valuation report filed by the India-based hotel chain with local regulators showed on Monday. The losses highlight a period of rapid expansion by Oyo into markets such as China, the United States, and the United Kingdom, which has made the six-year-old startup one of the world's biggest hotel chains by room count. Oyo reported a net loss of 23.85 billion rupees ($332 million) in the year to March 2019, compared with a loss of 3.6 billion rupees a year earlier, according to the report filed with India's ministry of corporate affairs. Revenue from operations surged to 64.57 billion rupees ($900 million) from about 14.13 billion rupees a year earlier. Oyo said in a statement the report contained only "certain provisional financials" for the year ending March 2019. "These are not the final audited financials and the same will be issued later by the company along with the annual report that we issue every year." The report, prepared by a valuer in Gurugram, just south of New Delhi, said the financials for the year to March 2019 were unaudited and all figures were provided by Oyo's management. The growing losses at Oyo come as its major investor SoftBank struggles to raise funding for a second investment fund in the wake of the failed listing of office-rental company WeWork and amid questions about the path to profitability of other marquee investments like Uber. SoftBank, which has invested nearly $1 billion in Oyo through its Vision Fund, this month reported its first quarterly loss in 14 years, dragged down by an $8.9 billion hit at the Vision Fund. Oyo's operating expenses grew nearly five-fold year-over-year to 61.32 billion rupees, while total expenses hit 90.28 billion rupees, the report showed. Gurugram-headquartered Oyo, valued at $10 billion, allows guests to book hotels through its mobile app and charges partnering hotels a fee on room revenue. It also franchises its brand and offers standardized amenities at hotels on its network.

SoftBank's Oyo reveals over $330 million annual loss; Revenue surges: Valuation report

Indian markets ended with massive gains on Friday due to positive cues from US-China trade agreement. &nbsp;

<a href="https://www.wionews.com/business-economy/sensex-nifty-track-broader-asia-higher-metal-stocks-gain-264364">BSE Sensex</a> ended with a lifetime high of 40,889.23&nbsp;points after grabbing 529.82 points or 1.31 per cent over the previous close. NSE Nifty gained 164.10 points or 1.38 per cent to settle at 12,078.50 points.&nbsp;

Earlier, the 30-share-index touched a record high of 40,931.71 points intraday.&nbsp;

On Saturday, US national security adviser Robert O'Brien said an initial trade deal with China was still possible by the end of 2019.&nbsp;

Bharti Airtel was the biggest gainer in the Sensex pack with a rise of 7.20 per cent in its share value after telecom companies moved to Supreme Court regarding payment of Rs 92,000 crore dues to Department of Telecom.&nbsp;

Tata Steel, IndusInd Bank, Axis Bank, HDFC, Maruti and Tata Motors were the major gainers in the Sensex pack. In the Nifty pack, Bharti Airtel,&nbsp;Bharti Infratel, Tata Steel and Hindalco were the top earners. Only two stocks in the 30-share index ended on red.&nbsp;

The Nifty Metal index rose 3.48 per cent at the day's highest level, which is its biggest percentage jump in more than five weeks.

On Friday, BSE Sensex closed 40,359.4o, while Nifty ended at 11,914.40.

Indian markets ended with massive gains on Friday due to positive cues from US-China trade agreement. BSE Sensex ended with a lifetime high of 40,889.23 points after grabbing 529.

Indian markets ended with massive gains on Friday due to positive cues from US-China trade agreement. BSE Sensex ended with a lifetime high of 40,889.23 points after grabbing 529.82 points or 1.31 per cent over the previous close. NSE Nifty gained 164.10 points or 1.38 per cent to settle at 12,078.50 points. Earlier, the 30-share-index touched a record high of 40,931.71 points intraday. On Saturday, US national security adviser Robert O'Brien said an initial trade deal with China was still possible by the end of 2019. Bharti Airtel was the biggest gainer in the Sensex pack with a rise of 7.20 per cent in its share value after telecom companies moved to Supreme Court regarding payment of Rs 92,000 crore dues to Department of Telecom. Tata Steel, IndusInd Bank, Axis Bank, HDFC, Maruti and Tata Motors were the major gainers in the Sensex pack. In the Nifty pack, Bharti Airtel, Bharti Infratel, Tata Steel and Hindalco were the top earners. Only two stocks in the 30-share index ended on red. The Nifty Metal index rose 3.48 per cent at the day's highest level, which is its biggest percentage jump in more than five weeks. On Friday, BSE Sensex closed 40,359.4o, while Nifty ended at 11,914.40.

Indian markets end big as BSE Sensex hits lifetime high

<a href="https://www.wionews.com/world/hong-kong-democrats-romp-to-local-election-landslide-after-months-of-protests-264272">China </a>plans to make power purchasers take fair returns into account when buying electricity from renewable power generators, according to a draft rule issued by the National Energy Administration on Monday aimed at improving their revenues.

The draft rule will apply to non-hydropower resources, including wind, solar, biomass, geothermal and ocean power, the energy body said in a statement.

Despite the rapid expansion and a drastic fall in the cost of producing power, renewable firms are still struggling to produce power as cheaply as coal-fired plants.

China said last week it will cut its renewable power subsidy by 30 per cent&nbsp;to 5.67 billion yuan ($800 million) in 2020 and plans to stop funding large solar power stations and onshore wind farms in the coming two years, partly due to a payment backlog.

China, the world's largest energy consumer, has been boosting the consumption of clean energy by forcing grid firms to prioritize renewable power resources and to maximize purchases from local renewable power providers.

In the future, local energy administrations would also need to take into account "fair returns" for renewable power producers, the National Energy Administration said in the draft rule. It did not give further details.

The administration said it also plans to look at tightening supervision of grid firms, electricity trading firms and renewable power generators, in a bid to ensure electricity is bought from renewable sources.

In the first 10 months of this year, China generated 38.62 billion kilowatt-hours (kWh) electricity from solar and wind resources, accounting for 6.6 per cent&nbsp;of total power generation, official data showed.

China plans to make power purchasers take fair returns into account when buying electricity from renewable power generators, according to a draft rule issued by the National Energy Administration on Monday aimed at improving their revenues.

China plans to make power purchasers take fair returns into account when buying electricity from renewable power generators, according to a draft rule issued by the National Energy Administration on Monday aimed at improving their revenues. The draft rule will apply to non-hydropower resources, including wind, solar, biomass, geothermal and ocean power, the energy body said in a statement. Despite the rapid expansion and a drastic fall in the cost of producing power, renewable firms are still struggling to produce power as cheaply as coal-fired plants. China said last week it will cut its renewable power subsidy by 30 per cent to 5.67 billion yuan ($800 million) in 2020 and plans to stop funding large solar power stations and onshore wind farms in the coming two years, partly due to a payment backlog. China, the world's largest energy consumer, has been boosting the consumption of clean energy by forcing grid firms to prioritize renewable power resources and to maximize purchases from local renewable power providers. In the future, local energy administrations would also need to take into account "fair returns" for renewable power producers, the National Energy Administration said in the draft rule. It did not give further details. The administration said it also plans to look at tightening supervision of grid firms, electricity trading firms and renewable power generators, in a bid to ensure electricity is bought from renewable sources. In the first 10 months of this year, China generated 38.62 billion kilowatt-hours (kWh) electricity from solar and wind resources, accounting for 6.6 per cent of total power generation, official data showed.

China aims to boost revenue for renewable power firms

<a href="https://www.wionews.com/entertainment/luxury-brands-group-lvmh-targets-tourist-shoppers-with-revamp-of-historic-paris-store-263262">LVMH</a> has agreed a $16.2 billion deal to buy US&nbsp;jeweller Tiffany, Louis Vuitton's parent firm confirmed on Monday, in the luxury good maker's biggest purchase to date.

The deal will boost LVMH's smallest business, the jeweller and watch division, home to Bulgari and Tag Heuer.

Fashion and accessories brands including <a href="https://www.wionews.com/entertainment/luxury-brand-christian-dior-apologises-for-china-map-excluding-taiwan-256487">Christian Dior</a> generate the bulk of the earnings at the conglomerate, which is run by France's richest man, Bernard Arnault.

"The <a href="https://www.wionews.com/entertainment/french-luxury-giant-lvmh-in-talks-to-take-over-us-jewellers-tiffany-258600/amp">acquisition of Tiffany</a> will strengthen LVMH's position in jewellery and further increase its presence in the United States," LVMH and Tiffany said in a joint statement.

Tiffany CEO Alessandro Bogliolo said the transaction would "provide further support, resources and momentum."

The companies said they expected to close the deal in mid-2020.

The swoop on Tiffany, which involved revised offers from LVMH after its original $120 per share bid in October, comes amid an attempted turnaround for the jewellery chain.

Founded in New York in 1837 and known for its signature robin's egg blue packaging, the brand is one of the best-known names in the sector, but has struggled to win over younger shoppers in recent years.

It now also has to contend with shifting spending patterns as Chinese shoppers retreat from the United States and spend more at home.

LVMH has agreed a $16.2 billion deal to buy US jeweller Tiffany, Louis Vuitton's parent firm confirmed on Monday, in the luxury good maker's biggest purchase to date.

LVMH has agreed a $16.2 billion deal to buy US jeweller Tiffany, Louis Vuitton's parent firm confirmed on Monday, in the luxury good maker's biggest purchase to date. The deal will boost LVMH's smallest business, the jeweller and watch division, home to Bulgari and Tag Heuer. Fashion and accessories brands including Christian Dior generate the bulk of the earnings at the conglomerate, which is run by France's richest man, Bernard Arnault. "The acquisition of Tiffany will strengthen LVMH's position in jewellery and further increase its presence in the United States," LVMH and Tiffany said in a joint statement. Tiffany CEO Alessandro Bogliolo said the transaction would "provide further support, resources and momentum." The companies said they expected to close the deal in mid-2020. The swoop on Tiffany, which involved revised offers from LVMH after its original $120 per share bid in October, comes amid an attempted turnaround for the jewellery chain. Founded in New York in 1837 and known for its signature robin's egg blue packaging, the brand is one of the best-known names in the sector, but has struggled to win over younger shoppers in recent years. It now also has to contend with shifting spending patterns as Chinese shoppers retreat from the United States and spend more at home.

LVMH agrees $16.2 billion deal for jeweller Tiffany

Indian shares rose on Monday, led by metals and real estate stocks, while gains in broader Asia on hopes of progress in the <a href="https://www.wionews.com/world/no-phase-two-us-china-deal-on-the-horizon-officials-say-264312">US-China trade talks</a> also boosted sentiment.

The NSE Nifty 50 index rose 0.3 per cent&nbsp;at 11,946.90, while the S&amp;P BSE&nbsp;Sensex&nbsp;was up 0.27 per cent&nbsp;at 40,472.53.

MSCI's broadest index of Asia-Pacific shares outside Japan bounced 0.8 per cent&nbsp;after US&nbsp;national security adviser Robert O'Brien on Saturday said an initial trade agreement with China was still possible by the end of the year.

O'Brien, however, warned Washington would not turn a blind eye to what happens in Hong Kong, which added to worries that a Chinese crackdown on anti-government protests in Hong Kong could further complicate the talks.

In the domestic markets, the Nifty Metals index rose about 1.6 per cent, while the Nifty Realty index advanced 1.8 per cent&nbsp;in early trading.

Steelmakers JSW Steel and Tata Steel were the top gainers on the Nifty, rising about 2.5 per cent&nbsp;each, after prices of metals rose on positive signals from Washington on China.

Zee Entertainment lost 2.69 per cent&nbsp;and was the top loser on the Nifty.

Indian shares rose on Monday, led by metals and real estate stocks, while gains in broader Asia on hopes of progress in the US-China trade talks also boosted sentiment.

Indian shares rose on Monday, led by metals and real estate stocks, while gains in broader Asia on hopes of progress in the US-China trade talks also boosted sentiment. The NSE Nifty 50 index rose 0.3 per cent at 11,946.90, while the S&P BSE Sensex was up 0.27 per cent at 40,472.53. MSCI's broadest index of Asia-Pacific shares outside Japan bounced 0.8 per cent after US national security adviser Robert O'Brien on Saturday said an initial trade agreement with China was still possible by the end of the year. O'Brien, however, warned Washington would not turn a blind eye to what happens in Hong Kong, which added to worries that a Chinese crackdown on anti-government protests in Hong Kong could further complicate the talks. In the domestic markets, the Nifty Metals index rose about 1.6 per cent, while the Nifty Realty index advanced 1.8 per cent in early trading. Steelmakers JSW Steel and Tata Steel were the top gainers on the Nifty, rising about 2.5 per cent each, after prices of metals rose on positive signals from Washington on China. Zee Entertainment lost 2.69 per cent and was the top loser on the Nifty.

Sensex, Nifty track broader Asia higher; metal stocks gain

Indian digital payments company <a href="https://www.wionews.com/business-%26-economy/paytm-to-roll-new-retail-model-for-instant-deliveries-155414">Paytm</a> said on Monday it has raised fresh funds from a group of investors including existing backers SoftBank's Vision Fund and China's Ant Financial Services in a deal valuing the firm at $16 billion.

Paytm did not officially disclose details of the funding, but a source said the Indian company raised $1 billion in the latest round.

SoftBank's fresh investment in Paytm comes as the Japanese investment firm's founder Masayoshi Son battles to restore his reputation after an ill-fated investment in office-sharing firm WeWork.

New investment deals by <a href="https://www.wionews.com/business-economy/softbank-to-create-30-billion-tech-giant-with-yahoo-japan-line-corp-merger-262950">SoftBank</a> are also under growing scrutiny after the group reported its first quarterly loss in 14 years, dragged down by an $8.9 billion hit at Vision Fund.

Paytm said on Monday it will expand into insurance, lending, stockbroking and investments and invest 100 billion rupees ($1.4 billion) over the next three years to bring in more users to its services.

"This new investment by our current and new investors is a reaffirmation of our commitment to serve Indians with new-age financial services," Paytm founder and chief executive Vijay Shekhar Sharma said in the statement.

Other investors include Discovery Capital and funds advised by T. Rowe Price Associates.

($1 = 71.7700 Indian rupees)

Indian digital payments company Paytm said on Monday it has raised fresh funds from a group of investors including existing backers SoftBank's Vision Fund and China's Ant Financial Services in a deal valuing the firm at $16 billion.

Indian digital payments company Paytm said on Monday it has raised fresh funds from a group of investors including existing backers SoftBank's Vision Fund and China's Ant Financial Services in a deal valuing the firm at $16 billion. Paytm did not officially disclose details of the funding, but a source said the Indian company raised $1 billion in the latest round. SoftBank's fresh investment in Paytm comes as the Japanese investment firm's founder Masayoshi Son battles to restore his reputation after an ill-fated investment in office-sharing firm WeWork. New investment deals by SoftBank are also under growing scrutiny after the group reported its first quarterly loss in 14 years, dragged down by an $8.9 billion hit at Vision Fund. Paytm said on Monday it will expand into insurance, lending, stockbroking and investments and invest 100 billion rupees ($1.4 billion) over the next three years to bring in more users to its services. "This new investment by our current and new investors is a reaffirmation of our commitment to serve Indians with new-age financial services," Paytm founder and chief executive Vijay Shekhar Sharma said in the statement. Other investors include Discovery Capital and funds advised by T. Rowe Price Associates. ($1 = 71.7700 Indian rupees)

Paytm raises $1 billion in fresh funding