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<a href="https://www.wionews.com/business-economy/tesla-suffer-mishap-during-launch-of-electric-cybertruck-263848">Tesla Inc</a> Chief Executive Officer Elon Musk<a> </a>indicated in a tweet on Sunday that the electric carmaker received 200,000 orders for its electric pickup truck within three days of its launch.

<a href="https://www.wionews.com/business-economy/tesla-cybertruck-orders-near-150000-just-days-after-chaotic-lau">Musk</a>, who has been regularly tweeting about the Cybertruck's features since its launch late Thursday, has also been updating his followers with the number of orders the company has received.

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200k
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1198788116372344832?ref_src=twsrc%5Etfw">November 25, 2019</a></blockquote>
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In an earlier tweet, Musk said the company had received 146,000 orders for <a href="https://www.wionews.com/videos/built-for-bullets-smashed-by-a-ball-look-at-tesla-cybertrucks-epic-fail-moment-263864">Cybertruck</a> and tweeted again on Sunday saying "200K" - an apparent reference to the number of orders.

Watch Video:

<div class="videoWrapper trancodeVideo"><iframe src="http://13.235.153.162/videos/built-for-bullets-smashed-by-a-ball-look-at-tesla-cybertrucks-epic-fail-moment-263864/embed" width="560" height="350" style="width:100%;max-width:560px;" class="includeVideo" frameborder="0" autoplay=1 allowfullscreen></iframe></div>

The company's website shows that an immediate payment of $100 is required to reserve an order for the Cybertruck, which has a starting price of $39,900.

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Cybertruck is our last product unveil for a while, but there will be some (mostly) unexpected technology announcements next year
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1198723473708699648?ref_src=twsrc%5Etfw">November 24, 2019</a></blockquote>
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The launch of its futuristic pickup on Thursday suffered a setback when the electric vehicle's "armored glass" windows shattered in a much-anticipated unveiling. The overall look of the electric vehicle had worried Wall Street on Friday, driving the automaker's shares to close 6.1 per cent&nbsp;lower.

During the launch, Musk had taken aim at the design, power, and durability of mainstream trucks, only to be shaken when he boasts about his new vehicle's windows backfired.

Separately, Musk said the Cybertruck is Tesla's last product unveil for a while.

Tesla plans to start manufacturing the Cybertruck around late-2021.

Tesla Inc Chief Executive Officer Elon Musk indicated in a tweet on Sunday that the electric carmaker received 200,000 orders for its electric pickup truck within three days of its launch.

Tesla Inc Chief Executive Officer Elon Musk indicated in a tweet on Sunday that the electric carmaker received 200,000 orders for its electric pickup truck within three days of its launch. Musk, who has been regularly tweeting about the Cybertruck's features since its launch late Thursday, has also been updating his followers with the number of orders the company has received. 200k — Elon Musk (@elonmusk) November 25, 2019 × In an earlier tweet, Musk said the company had received 146,000 orders for Cybertruck and tweeted again on Sunday saying "200K" - an apparent reference to the number of orders. Watch Video: The company's website shows that an immediate payment of $100 is required to reserve an order for the Cybertruck, which has a starting price of $39,900. Cybertruck is our last product unveil for a while, but there will be some (mostly) unexpected technology announcements next year — Elon Musk (@elonmusk) November 24, 2019 × The launch of its futuristic pickup on Thursday suffered a setback when the electric vehicle's "armored glass" windows shattered in a much-anticipated unveiling. The overall look of the electric vehicle had worried Wall Street on Friday, driving the automaker's shares to close 6.1 per cent lower. During the launch, Musk had taken aim at the design, power, and durability of mainstream trucks, only to be shaken when he boasts about his new vehicle's windows backfired. Separately, Musk said the Cybertruck is Tesla's last product unveil for a while. Tesla plans to start manufacturing the Cybertruck around late-2021.

Musk indicates Tesla has 200,000 orders for Cybertruck

India's monetary and fiscal policies have become accommodative as election-related uncertainties fade, raising the prospect of economic growth recovering to just under 6.5 per cent by next financial year (2020-21), the Organisation for Economic Cooperation and Development (OECD) has said.

India's economy grew by 6.8 per cent in 2018-19.

The OECD marginally cut its growth forecast for 2019 to 5.8 per cent but said it will pick up to 6.2 per cent in 2020 and further to 6.4 per cent in 2021.

The OECD Economic Outlook's second edition for 2019 says New Delhi's income support scheme for farmers and good monsoon are supporting private consumption.

The cut in corporate income tax will support corporate investment.

Inflation and the current account deficit will remain moderate given the relatively large spare capacity in the economy and low oil prices. However, job creation remains a challenge.

At the same time, the stress in non-banking financial companies coupled with changes in insurance regulations has affected car sales, while volatility in fuel prices is weighing on consumer confidence.

Construction has been hurt as non-banking financial companies contribute a large share to its financing, weighing on job creation, income and consumption. Industrial production and related imports have weakened. Exports have suffered from the slowdown in foreign demand.

However, they have benefitted from improvements in the Goods and Services Tax (GST) administration, enabling exporters to get faster tax refunds while efforts to improve trade infrastructure, logistics and processes are starting to pay off.

Overall, India has succeeded in seizing some of the market shares lost by other countries and exports have proved relatively resilient.

Headline consumer price inflation has remained close to the 4 per cent target and core inflation is adjusting down.

Spare capacity, a good monsoon, the steady rupee, relatively low oil prices and modest increases in minimum support prices for summer crops are all contributing to keep price pressures low.

The OECD says raising more revenue from property and personal income taxes and improving the financial situation of public banks and enterprises will be key to finance better public education and health services. To boost job creation and reduce informality, efforts to modernise labour regulations should continue.

The Reserve Bank of India has cut policy rates by 135 basis points since early 2019 and maintains an accommodative stance. Looking ahead, private investment will bounce back as capacity utilisation rises and the cost of borrowing for the corporate sector declines.

The ongoing resolution of distressed assets of non-financial corporates under the Insolvency and Bankruptcy Code is expected to unlock resources for new investment projects.

Recent reforms to improve the ease of doing business -- including measures to liberalise foreign direct investments, lower corporate income tax rates and efforts to improve judicial services and contract enforcement -- will also help.

Rural consumption will pick up, thanks to the good monsoon, the full implementation of the new income support scheme for farmers and measures to reduce liquidity stress in non-banking financial companies.

The increased ability to pass and implement reforms -- as illustrated with the recent liberalisation of FDI and disinvestment plans -- represents a positive risk to the outlook, said the OECD.

 
&nbsp;

India's monetary and fiscal policies have become accommodative as election-related uncertainties fade, raising the prospect of economic growth recovering to just under 6.

India's monetary and fiscal policies have become accommodative as election-related uncertainties fade, raising the prospect of economic growth recovering to just under 6.5 per cent by next financial year (2020-21), the Organisation for Economic Cooperation and Development (OECD) has said. India's economy grew by 6.8 per cent in 2018-19. The OECD marginally cut its growth forecast for 2019 to 5.8 per cent but said it will pick up to 6.2 per cent in 2020 and further to 6.4 per cent in 2021. The OECD Economic Outlook's second edition for 2019 says New Delhi's income support scheme for farmers and good monsoon are supporting private consumption. The cut in corporate income tax will support corporate investment. Inflation and the current account deficit will remain moderate given the relatively large spare capacity in the economy and low oil prices. However, job creation remains a challenge. At the same time, the stress in non-banking financial companies coupled with changes in insurance regulations has affected car sales, while volatility in fuel prices is weighing on consumer confidence. Construction has been hurt as non-banking financial companies contribute a large share to its financing, weighing on job creation, income and consumption. Industrial production and related imports have weakened. Exports have suffered from the slowdown in foreign demand. However, they have benefitted from improvements in the Goods and Services Tax (GST) administration, enabling exporters to get faster tax refunds while efforts to improve trade infrastructure, logistics and processes are starting to pay off. Overall, India has succeeded in seizing some of the market shares lost by other countries and exports have proved relatively resilient. Headline consumer price inflation has remained close to the 4 per cent target and core inflation is adjusting down. Spare capacity, a good monsoon, the steady rupee, relatively low oil prices and modest increases in minimum support prices for summer crops are all contributing to keep price pressures low. The OECD says raising more revenue from property and personal income taxes and improving the financial situation of public banks and enterprises will be key to finance better public education and health services. To boost job creation and reduce informality, efforts to modernise labour regulations should continue. The Reserve Bank of India has cut policy rates by 135 basis points since early 2019 and maintains an accommodative stance. Looking ahead, private investment will bounce back as capacity utilisation rises and the cost of borrowing for the corporate sector declines. The ongoing resolution of distressed assets of non-financial corporates under the Insolvency and Bankruptcy Code is expected to unlock resources for new investment projects. Recent reforms to improve the ease of doing business -- including measures to liberalise foreign direct investments, lower corporate income tax rates and efforts to improve judicial services and contract enforcement -- will also help. Rural consumption will pick up, thanks to the good monsoon, the full implementation of the new income support scheme for farmers and measures to reduce liquidity stress in non-banking financial companies. The increased ability to pass and implement reforms -- as illustrated with the recent liberalisation of FDI and disinvestment plans -- represents a positive risk to the outlook, said the OECD.

OECD hails India reforms, pegs 6.2% growth in 2020

Several factions of Argentina's bondholders are jostling for influence ahead of restructuring talks with incoming president Alberto Fernandez as Latin America's third-largest economy tries to avert a default, more than a dozen sources familiar with the process said.

Argentina is once again buckling under the weight of its sovereign debts, which total around $100 billion, and Fernandez needs to urgently agree a deal with creditors to ease the burden and give his government space to try to revive the economy.

Several investors told Reuters they are growing increasingly annoyed by a lack of clarity on the plans of the new government, which is set to take over on December&nbsp;10. Fernandez has not yet named his economic team or said how he will deal with the debts, which have become painfully costly after the collapse of the peso.

"The general frustration is how slow the incoming administration has been to name people and get the ball rolling," a source at a large fixed-income investor that holds Argentine debt said, adding that with more clarity things could change "fairly quickly".

Fernandez this week told the International Monetary Fund's (IMF) head Kristalina Georgieva he has a "sustainable" plan to meet creditor obligations as well as maintain growth, without giving details.

A media representative for Fernandez did not immediately respond to a request for comment on Friday.

A creditor committee of at least 20 members was formed last month as bondholders look for ways to avoid losses, which could reach tens of billions of dollars, on their holdings.

A second group is now being assembled, led by US-based emerging markets-focused investment manager Gramercy, three sources said, amid differences over the way forward.

A third group of mostly hedge funds holding bonds restructured after a prior Argentine default was also being brought together, sources said.

Gramercy has previous experience in Argentina, where its distressed debt chief investment officer Robert Koenigsberger was involved in debt talks in 2009.

Several bondholders said a range of proposals for bundling creditors were circulating, although some said they would rather stick to a larger single group controlling a bigger debt slice.

The process of organising creditors is still in the early stages and it is not clear how much of Argentina's debt each grouping represents at this stage.

Gramercy's proposal, which also involves emerging markets investment manager Macrosynergy Partners, has put together a number of possible scenarios, three sources familiar with the plans said.

One of these includes an extension of maturities to ease the pressure on Argentina's struggling finances, but no write-down.

"The group's preferred scenario is to get a five-year extension, but there is no haircut," one of the sources said.

The IMF says that until the new government sets an economic path it cannot decide if private creditor haircuts are needed to keep its $57 billion bailout programme in place.

"In the absence of the whole macroeconomic strategy it is very hard to judge how their operation would lead to a sustainable debt position," Alejandro Werner, head of the Western Hemisphere Department at the IMF, said on Wednesday at an event in New York.

"Once you have the policy proposals you can judge what kind of debt operation is consistent with those policies," he added.

The last major default by Argentina in 2001 tipped the country of 44 million people into years of recession and economic crisis from which it only emerged in 2015.

Argentine bonds, almost 80 per cent&nbsp;of which are denominated in foreign currency, were given a small lift by Fernandez's comments this week, but they are still trading at less than half their face value.

And the peso is the world's worst-performing currency this year, despite being propped up by capital controls put in place in September, weeks after Fernandez's shock victory in a primary election sparked financial market panic.

Several factions of Argentina's bondholders are jostling for influence ahead of restructuring talks with incoming president Alberto Fernandez as Latin America's third-largest economy tries to avert a default, more than a dozen sources familiar with the process said.

Several factions of Argentina's bondholders are jostling for influence ahead of restructuring talks with incoming president Alberto Fernandez as Latin America's third-largest economy tries to avert a default, more than a dozen sources familiar with the process said. Argentina is once again buckling under the weight of its sovereign debts, which total around $100 billion, and Fernandez needs to urgently agree a deal with creditors to ease the burden and give his government space to try to revive the economy. Several investors told Reuters they are growing increasingly annoyed by a lack of clarity on the plans of the new government, which is set to take over on December 10. Fernandez has not yet named his economic team or said how he will deal with the debts, which have become painfully costly after the collapse of the peso. "The general frustration is how slow the incoming administration has been to name people and get the ball rolling," a source at a large fixed-income investor that holds Argentine debt said, adding that with more clarity things could change "fairly quickly". Fernandez this week told the International Monetary Fund's (IMF) head Kristalina Georgieva he has a "sustainable" plan to meet creditor obligations as well as maintain growth, without giving details. A media representative for Fernandez did not immediately respond to a request for comment on Friday. A creditor committee of at least 20 members was formed last month as bondholders look for ways to avoid losses, which could reach tens of billions of dollars, on their holdings. A second group is now being assembled, led by US-based emerging markets-focused investment manager Gramercy, three sources said, amid differences over the way forward. A third group of mostly hedge funds holding bonds restructured after a prior Argentine default was also being brought together, sources said. Gramercy has previous experience in Argentina, where its distressed debt chief investment officer Robert Koenigsberger was involved in debt talks in 2009. Several bondholders said a range of proposals for bundling creditors were circulating, although some said they would rather stick to a larger single group controlling a bigger debt slice. The process of organising creditors is still in the early stages and it is not clear how much of Argentina's debt each grouping represents at this stage. Gramercy's proposal, which also involves emerging markets investment manager Macrosynergy Partners, has put together a number of possible scenarios, three sources familiar with the plans said. One of these includes an extension of maturities to ease the pressure on Argentina's struggling finances, but no write-down. "The group's preferred scenario is to get a five-year extension, but there is no haircut," one of the sources said. The IMF says that until the new government sets an economic path it cannot decide if private creditor haircuts are needed to keep its $57 billion bailout programme in place. "In the absence of the whole macroeconomic strategy it is very hard to judge how their operation would lead to a sustainable debt position," Alejandro Werner, head of the Western Hemisphere Department at the IMF, said on Wednesday at an event in New York. "Once you have the policy proposals you can judge what kind of debt operation is consistent with those policies," he added. The last major default by Argentina in 2001 tipped the country of 44 million people into years of recession and economic crisis from which it only emerged in 2015. Argentine bonds, almost 80 per cent of which are denominated in foreign currency, were given a small lift by Fernandez's comments this week, but they are still trading at less than half their face value. And the peso is the world's worst-performing currency this year, despite being propped up by capital controls put in place in September, weeks after Fernandez's shock victory in a primary election sparked financial market panic.

Argentina creditors jockey for lead ahead of $100 billion debt talks

<a href="https://www.wionews.com/.../egypt-mediated-truce-with-israel-in-force-in- gaza-islamic-jihad-261943">Egypt</a> said on Saturday it had signed several multimillion-dollar energy investment accords including a $430-million deal for Texas-based Noble Energy to pump natural gas through the East Mediterranean Gas Company's pipeline.

Under another agreement with Noble, which will also be financed by the US&nbsp;International Development Finance Corporation, the energy company will manufacture petroleum products in partnership with Egyptian company Dolphinus Holdings.

The cabinet detailed the plans at the end of an Africa investment forum held on the site of the country's planned new administrative capital in the desert east of Cairo.

Amsterdam-based Lekela also announced the start of construction work on its West Bakr wind power plant, which will have a capacity of 250 megawatts and require a total investment of $350 million.

Lekela CEO Chris Antonopoulos said Siemens Gamesa will build the West Bakr plant in the Gulf of Suez, creating an expected 550 jobs, according to the cabinet statement.

Egypt signed an agreement with the European Bank for Reconstruction and Development (EBRD) worth $201 million to improve the Egyptian Electricity Transmission Company's electric grid, and the lender will also finance a new asphalt production unit for the Suez Oil Processing Company worth $50 million.

The EBRD signed further deals with Sarwa Capital Holding and state-owned Banque Misr to issue 500 million Egyptian pounds ($31.13 million) in securitization bonds for the government's New Urban Communities Authority (NUCA).

NUCA, 51 per cent&nbsp;owned by the military's engineering authority and 49 per cent&nbsp;by the housing ministry, is developing Egypt's as-yet-unnamed new capital.

Egypt said on Saturday it had signed several multimillion-dollar energy investment accords including a $430-million deal for Texas-based Noble Energy to pump natural gas through the East Mediterranean Gas Company's pipeline.

Egypt said on Saturday it had signed several multimillion-dollar energy investment accords including a $430-million deal for Texas-based Noble Energy to pump natural gas through the East Mediterranean Gas Company's pipeline. Under another agreement with Noble, which will also be financed by the US International Development Finance Corporation, the energy company will manufacture petroleum products in partnership with Egyptian company Dolphinus Holdings. The cabinet detailed the plans at the end of an Africa investment forum held on the site of the country's planned new administrative capital in the desert east of Cairo. Amsterdam-based Lekela also announced the start of construction work on its West Bakr wind power plant, which will have a capacity of 250 megawatts and require a total investment of $350 million. Lekela CEO Chris Antonopoulos said Siemens Gamesa will build the West Bakr plant in the Gulf of Suez, creating an expected 550 jobs, according to the cabinet statement. Egypt signed an agreement with the European Bank for Reconstruction and Development (EBRD) worth $201 million to improve the Egyptian Electricity Transmission Company's electric grid, and the lender will also finance a new asphalt production unit for the Suez Oil Processing Company worth $50 million. The EBRD signed further deals with Sarwa Capital Holding and state-owned Banque Misr to issue 500 million Egyptian pounds ($31.13 million) in securitization bonds for the government's New Urban Communities Authority (NUCA). NUCA, 51 per cent owned by the military's engineering authority and 49 per cent by the housing ministry, is developing Egypt's as-yet-unnamed new capital.

Egypt signs $430-million gas deal with Texas' Noble Energy

Tesla's new electric pickup truck has secured almost 150,000 orders, the company's chief executive Elon Musk boasted on Twitter, just two days after its big reveal went embarrassingly wrong.

Tesla's new electric pickup truck has secured almost 150,000 orders, the company's chief executive Elon Musk boasted on Twitter, just two days after its big reveal went embarrassingly wrong. The billionaire Tesla co-founder floundered on stage in California on Thursday when the vehicle's armored glass windows cracked in a demonstration intended to prove their indestructible design. Shares in the company plunged 6.1 percent following the truck's bumpy launch and several lackluster reviews. But on Saturday Musk tweeted that Tesla had already received 146,000 orders from prospective owners. "146k Cybertruck orders so far, with 42% choosing dual, 41% tri & 17% single motor," he wrote. The demand comes despite the product receiving "no advertising & no paid endorsement". The industrial-looking Cybertruck is covered in the same steel alloy Musk plans to use for his SpaceX Starship rocket and will be able to go from 0 to 100 kilometers (62 miles) per hour in about three seconds, the Tesla chief executive claimed in his presentation. He said the entry-level model will have a starting price of $39,900 and a 400-kilometer (250-mile) range, while a deluxe option will be able to travel twice the distance and will sell for $69,900. No date has been given for its release, but analysts said it would not be ready before the end of 2021 at the earliest. Its space-age design is unlikely to challenge top-selling models by Ford and other conventional car companies, analysts warn.

Tesla cybertruck orders near 150,000 just days after chaotic launch

Wall Street advanced on Friday as both Washington and Beijing made positive comments on the potential for a trade deal between the world's two biggest economies and upbeat domestic economic data helped to ease investor worries.

US&nbsp;President <a href="https://www.wionews.com/world/frustrated-trump-lashes-out-at-impeachment-probe-263974">Donald Trump</a> told Fox News a trade deal was "potentially very close" following <a href="https://www.wionews.com/world/want-to-work-out-preliminary-trade-deal-with-united-states-not-afraid-of-retaliating-chinese-president-jinping-263827">remarks by President Xi Jinping</a> that Beijing wanted to work out an initial agreement.

The S&amp;P 500 and the Dow showed their biggest daily gains in a lacklustre week marked by uncertainty, with a report suggesting the delay of a trade truce to 2020 and US&nbsp;lawmakers passing two bills <a href="https://www.wionews.com/world/hong-kong-would-be-obliterated-in-14-minutes-if-not-for-me-donald-trump-263961">supporting protesters in Hong Kong</a>, which could complicate US-China talks.

Strategists said it helped that Trump was vague on Friday about whether he would sign or veto the bills.

Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia, attributed Friday's gains to strong US&nbsp;manufacturing data as well as the improving mood on trade. He said investors were cautious about the apparent trade progress, however.

“President Trump saying it's close is news we’ve heard before. How close is close? Close but not quite or close but I could change my mind?" he said. "That’s what’s keeping the market on its heels at the moment, keeping the move a little bit more timid.”

Manufacturing output accelerated in November to its fastest pace in seven months and services activity picked up more than expected.

The Dow Jones Industrial Average&nbsp;rose 109.33 points, or 0.39 per cent, to 27,875.62, the S&amp;P 500&nbsp;gained 6.75 points, or 0.22 per cent, to 3,110.29 and the Nasdaq Composite&nbsp;added 13.67 points, or 0.16 per cent, to 8,519.89.

Still, the S&amp;P snapped its six-week winning streak, while the tech-heavy Nasdaq registered its first weekly drop in eight weeks and the Dow showed a weekly loss after four weeks of gains. A largely better-than-expected third-quarter corporate earnings season contributed to recent rallies.

Seven of the 11 major S&amp;P 500 sectors closed higher, led by a 0.76 per cent&nbsp;gain in financials&nbsp;and a 0.65 per cent&nbsp;rise in consumer discretionary.

Nordstrom Inc&nbsp;rose 10.6 per cent&nbsp;after the retailer raised its 2019 forecast and reported third-quarter profit above expectations. Gap Inc&nbsp;shares rose 4.4 per cent&nbsp;as the retailer beat lowered quarterly profit estimates days after it cut its annual forecast and replaced its longtime chief executive officer.

Shares of Tesla Inc&nbsp;fell 6 per cent&nbsp;as Wall Street questioned the look of its newly unveiled electric pickup truck, whose "armored glass" windows<a href="https://www.wionews.com/business-economy/tesla-suffer-mishap-during-launch-of-electric-cybertruck-263848"> shattered in a demonstration</a>.

Intuit Inc&nbsp;dropped 4.2 per cent&nbsp;after the income-tax filing software maker forecast second-quarter profit below estimates.

Advancing issues outnumbered declining ones on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.40-to-1 ratio favoured advancers.

The S&amp;P 500 posted 17 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 60 new highs and 84 new lows.

On US&nbsp;exchanges, 5.96 billion shares changed hands compared with the 7.03 billion average for the last 20 sessions.

Wall Street advanced on Friday as both Washington and Beijing made positive comments on the potential for a trade deal between the world's two biggest economies and upbeat domestic economic data helped to ease investor worries.

Wall Street advanced on Friday as both Washington and Beijing made positive comments on the potential for a trade deal between the world's two biggest economies and upbeat domestic economic data helped to ease investor worries. US President Donald Trump told Fox News a trade deal was "potentially very close" following remarks by President Xi Jinping that Beijing wanted to work out an initial agreement. The S&P 500 and the Dow showed their biggest daily gains in a lacklustre week marked by uncertainty, with a report suggesting the delay of a trade truce to 2020 and US lawmakers passing two bills supporting protesters in Hong Kong, which could complicate US-China talks. Strategists said it helped that Trump was vague on Friday about whether he would sign or veto the bills. Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia, attributed Friday's gains to strong US manufacturing data as well as the improving mood on trade. He said investors were cautious about the apparent trade progress, however. “President Trump saying it's close is news we’ve heard before. How close is close? Close but not quite or close but I could change my mind?" he said. "That’s what’s keeping the market on its heels at the moment, keeping the move a little bit more timid.” Manufacturing output accelerated in November to its fastest pace in seven months and services activity picked up more than expected. The Dow Jones Industrial Average rose 109.33 points, or 0.39 per cent, to 27,875.62, the S&P 500 gained 6.75 points, or 0.22 per cent, to 3,110.29 and the Nasdaq Composite added 13.67 points, or 0.16 per cent, to 8,519.89. Still, the S&P snapped its six-week winning streak, while the tech-heavy Nasdaq registered its first weekly drop in eight weeks and the Dow showed a weekly loss after four weeks of gains. A largely better-than-expected third-quarter corporate earnings season contributed to recent rallies. Seven of the 11 major S&P 500 sectors closed higher, led by a 0.76 per cent gain in financials and a 0.65 per cent rise in consumer discretionary. Nordstrom Inc rose 10.6 per cent after the retailer raised its 2019 forecast and reported third-quarter profit above expectations. Gap Inc shares rose 4.4 per cent as the retailer beat lowered quarterly profit estimates days after it cut its annual forecast and replaced its longtime chief executive officer. Shares of Tesla Inc fell 6 per cent as Wall Street questioned the look of its newly unveiled electric pickup truck, whose "armored glass" windows shattered in a demonstration. Intuit Inc dropped 4.2 per cent after the income-tax filing software maker forecast second-quarter profit below estimates. Advancing issues outnumbered declining ones on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.40-to-1 ratio favoured advancers. The S&P 500 posted 17 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 60 new highs and 84 new lows. On US exchanges, 5.96 billion shares changed hands compared with the 7.03 billion average for the last 20 sessions.

Wall Street rises with US-China trade mood, upbeat economic data

India's urban unemployment rate between January and March this year was 9.3 per cent, the lowest in at least four quarters, according to an unpublished government report reviewed by Reuters.

The numbers, recorded in the statistics ministry's quarterly jobs report, could provide some relief to <a href="https://www.wionews.com/india-news/prime-minister-narendra-modi-to-address-conclave-of-accountants-in-delhi-today-263523">Prime Minister Narendra Modi</a> who has faced criticism for not being able to create enough jobs amid slowing economic growth.

The urban unemployment rate of the January-March quarter compared with 9.9 per cent&nbsp;in the preceding quarter. Quarterly data prior to the April-June 2018 survey period is not available and the January-March quarter's rate is the lowest since then.

The report, which is likely to be published soon, did not assess rural unemployment.

The estimates were arrived as using the so-called "current weekly status" method which gives an average picture of unemployment in a short period of seven days preceding the survey period, the document said. A person is considered as unemployed in a week if he did not work even for 1 hour during that week.

Joblessness among the youth,&nbsp;those aged between 15-29 years and who account for roughly over a third of India's 1.3 billion people - was also marginally lower at 22.5 per cent&nbsp;in the quarter ending March 2019, from 23.7 per cent&nbsp;in the preceding quarter.

India's urban unemployment rate between January and March this year was 9.3 per cent, the lowest in at least four quarters, according to an unpublished government report reviewed by Reuters.

India's urban unemployment rate between January and March this year was 9.3 per cent, the lowest in at least four quarters, according to an unpublished government report reviewed by Reuters. The numbers, recorded in the statistics ministry's quarterly jobs report, could provide some relief to Prime Minister Narendra Modi who has faced criticism for not being able to create enough jobs amid slowing economic growth. The urban unemployment rate of the January-March quarter compared with 9.9 per cent in the preceding quarter. Quarterly data prior to the April-June 2018 survey period is not available and the January-March quarter's rate is the lowest since then. The report, which is likely to be published soon, did not assess rural unemployment. The estimates were arrived as using the so-called "current weekly status" method which gives an average picture of unemployment in a short period of seven days preceding the survey period, the document said. A person is considered as unemployed in a week if he did not work even for 1 hour during that week. Joblessness among the youth, those aged between 15-29 years and who account for roughly over a third of India's 1.3 billion people - was also marginally lower at 22.5 per cent in the quarter ending March 2019, from 23.7 per cent in the preceding quarter.

India's urban unemployment rate slows in March 2019 quarter: Government data

The founder and CEO of one of Nigeria's largest airlines, Air Peace, has been indicted by the US Department of Justice on charges of bank fraud and money laundering for the alleged illegal movement of more than $20 million, the department said.

Allen Onyema was accused of transferring the money from Nigeria through US&nbsp;bank accounts in a scheme involving false documents based on the purchase of airplanes, the justice department said in a statement dated Nov. 22.

The airline's chief of administration and finance, Ejiroghene Eghagha, has also been charged with bank fraud and identity theft in connection with the alleged scheme, the statement said.

Both Onyema and Eghagha denied any wrongdoing in statements issued by their lawyers, adding that they would defend themselves against the allegations.

"Onyema allegedly leveraged his status as a prominent business leader and airline executive while using falsified documents to commit fraud," US Attorney Byung J. Pak was quoted as saying by the Department of Justice.

Legal firm A.O. Alegeh &amp; Co. said "the allegations are unfounded and strange," in statements on behalf of each of the accused. It added they both looked forward to "an opportunity to rebut these allegations in court".

Air Peace, founded by Onyema in 2010, flies to destinations across Nigeria as well as international routes to other West African countries including Ghana, Sierra Leone and Senegal.

Onyema, 56, of Lagos, and Eghagha, 37, also of Lagos, were indicted on Nov. 19 on one count of conspiracy to commit bank fraud, three counts of bank fraud, one count of conspiracy to commit credit application fraud, and three counts of credit application fraud, the department.

Onyema was also charged with 27 counts of money laundering, and Eghagha was charged with one count of aggravated identity theft.

The founder and CEO of one of Nigeria's largest airlines, Air Peace, has been indicted by the US Department of Justice on charges of bank fraud and money laundering for the alleged illegal movement of more than $20 million, the department said.

The founder and CEO of one of Nigeria's largest airlines, Air Peace, has been indicted by the US Department of Justice on charges of bank fraud and money laundering for the alleged illegal movement of more than $20 million, the department said. Allen Onyema was accused of transferring the money from Nigeria through US bank accounts in a scheme involving false documents based on the purchase of airplanes, the justice department said in a statement dated Nov. 22. The airline's chief of administration and finance, Ejiroghene Eghagha, has also been charged with bank fraud and identity theft in connection with the alleged scheme, the statement said. Both Onyema and Eghagha denied any wrongdoing in statements issued by their lawyers, adding that they would defend themselves against the allegations. "Onyema allegedly leveraged his status as a prominent business leader and airline executive while using falsified documents to commit fraud," US Attorney Byung J. Pak was quoted as saying by the Department of Justice. Legal firm A.O. Alegeh & Co. said "the allegations are unfounded and strange," in statements on behalf of each of the accused. It added they both looked forward to "an opportunity to rebut these allegations in court". Air Peace, founded by Onyema in 2010, flies to destinations across Nigeria as well as international routes to other West African countries including Ghana, Sierra Leone and Senegal. Onyema, 56, of Lagos, and Eghagha, 37, also of Lagos, were indicted on Nov. 19 on one count of conspiracy to commit bank fraud, three counts of bank fraud, one count of conspiracy to commit credit application fraud, and three counts of credit application fraud, the department. Onyema was also charged with 27 counts of money laundering, and Eghagha was charged with one count of aggravated identity theft.

US indicts Nigerian airline CEO on bank fraud and money laundering charges

ArcelorMittal has agreed to immediately restart talks with the Italian government over the future of steelmaker Ilva, Prime Minister <a href="https://www.wionews.com/business-economy/arcelormittal-wants-to-cut-5000-jobs-italy-pm-260457">Giuseppe Conte </a>said after a four-hour-long meeting with the company's leaders.

Rome and ArcelorMittal are on the brink of a harsh legal battle as the latter tries to walk away from a 2018 deal to buy the troubled Ilva plant in the southern city of Taranto.

The Indian steelmaker has blamed the Italian government's move to scrap previous guarantees of legal immunity for a massive clean-up operation at Ilva's heavily polluted site.

Conte said the Mittals were available to start immediate talks to decide on a new shared future for Ilva.

"The aim...is to get to a new industrial plan, with new production solutions and new ecological technologies allowing the highest effort in cleaning up the environment," Conte said late on Friday after a meeting in Rome with Chairman and Chief Executive Lakshmi Mittal and his son Aditya Mittal, the group's Chief Financial Officer and CEO of ArcelorMittal Europe.

Arcelor Mittal said on Saturday the meeting was "constructive".

"Talks will continue with the aim of reaching an agreement as soon as possible for sustainable steel production in Taranto," it said in a statement.

To facilitate the talks, the government will ask for the postponement of a court hearing scheduled for November 27 over an urgent appeal filed by Rome to try to stop ArcelorMittlal's planned decision to shut down Ilva.

"We're ready to allow this postponement under the condition that ArcelorMittal agrees to keep plant working and production flowing during talks," Conte said.

Ilva, Europe's biggest steel plant, employs around 8,200 workers, with thousands of more jobs depending indirectly on the site.

According to trade unions, ArcelorMittal was ready to hand over the plant to state-appointed administrators on Dec. 4 and had begun winding down operations ahead of turning off blast furnaces and production lines.

However, earlier this week ArcelorMittal said it would halt the planned shutdown pending the court ruling.

Conte said legal immunity was not discussed at the meeting but opened up the possibility that the state could play a direct role in Ilva, given its importance for the wider Italian economy.

Rome is also ready to adopt measures to support Ilva's workers, Conte said, adding that the highest levels of employment must be preserved.

ArcelorMittal has agreed to immediately restart talks with the Italian government over the future of steelmaker Ilva, Prime Minister Giuseppe Conte said after a four-hour-long meeting with the company's leaders.

ArcelorMittal has agreed to immediately restart talks with the Italian government over the future of steelmaker Ilva, Prime Minister Giuseppe Conte said after a four-hour-long meeting with the company's leaders. Rome and ArcelorMittal are on the brink of a harsh legal battle as the latter tries to walk away from a 2018 deal to buy the troubled Ilva plant in the southern city of Taranto. The Indian steelmaker has blamed the Italian government's move to scrap previous guarantees of legal immunity for a massive clean-up operation at Ilva's heavily polluted site. Conte said the Mittals were available to start immediate talks to decide on a new shared future for Ilva. "The aim...is to get to a new industrial plan, with new production solutions and new ecological technologies allowing the highest effort in cleaning up the environment," Conte said late on Friday after a meeting in Rome with Chairman and Chief Executive Lakshmi Mittal and his son Aditya Mittal, the group's Chief Financial Officer and CEO of ArcelorMittal Europe. Arcelor Mittal said on Saturday the meeting was "constructive". "Talks will continue with the aim of reaching an agreement as soon as possible for sustainable steel production in Taranto," it said in a statement. To facilitate the talks, the government will ask for the postponement of a court hearing scheduled for November 27 over an urgent appeal filed by Rome to try to stop ArcelorMittlal's planned decision to shut down Ilva. "We're ready to allow this postponement under the condition that ArcelorMittal agrees to keep plant working and production flowing during talks," Conte said. Ilva, Europe's biggest steel plant, employs around 8,200 workers, with thousands of more jobs depending indirectly on the site. According to trade unions, ArcelorMittal was ready to hand over the plant to state-appointed administrators on Dec. 4 and had begun winding down operations ahead of turning off blast furnaces and production lines. However, earlier this week ArcelorMittal said it would halt the planned shutdown pending the court ruling. Conte said legal immunity was not discussed at the meeting but opened up the possibility that the state could play a direct role in Ilva, given its importance for the wider Italian economy. Rome is also ready to adopt measures to support Ilva's workers, Conte said, adding that the highest levels of employment must be preserved.

Italy's government restarts talks with ArcelorMittal over ailing Ilva steel plant

<a href="https://www.wionews.com/south-asia/fatf-european-union-offers-technical-assistance-to-pakistan-262766">European Union</a> (EU) countries on Friday endorsed a tough line for selecting 5G suppliers, including vetting the domestic legal framework to which they are subjected, potentially dealing a blow to telecoms equipment market leader <a href="https://www.wionews.com/business-economy/microsoft-granted-licence-to-export-mass-market-software-to-huawei-263823">Huawei Technologies</a>.

Ambassadors meeting in Brussels agreed to the approach, a spokeswoman for Finland, which currently holds the rotating EU presidency, said in a tweet.

EU countries should consider non-technical factors such as the legal and policy framework to which suppliers may be subject in third countries, a draft document seen by Reuters ahead of the meeting said. The document did not mention any specific countries or companies.

EU governments should also diversify their suppliers and not depend on one, the document said. EU ministers will give the green light to the approach at a meeting next month.

The United States has urged the EU to ban Huawei equipment, saying that its gear could be used by <a href="https://www.wionews.com/world/china-wants-to-take-over-australian-politics-ex-spy-chief-263762">China</a> for spying. Concerns have focused on a Chinese law on domestic companies' cooperation with the government on security matters, with critics saying that these could compel them to be a vehicle for Chinese spying.

The Shenzen-based company, which competes with Finland's Nokia&nbsp;and Sweden's Ericsson&nbsp;has denied the US&nbsp;charges and dismissed the concerns as groundless.

Last month, the EU warned of the risk of increased cyber attacks by state-backed entities but did not name any company or country. The bloc sees 5G networks as key to boosting economic growth.

The EU is now looking into a so-called toolbox of measures by the end of the year to address cyber security risks at national and bloc-wide level. The European Agency for Cybersecurity is also finalising a map of specific threats related to 5G networks.

European Union (EU) countries on Friday endorsed a tough line for selecting 5G suppliers, including vetting the domestic legal framework to which they are subjected, potentially dealing a blow to telecoms equipment market leader Huawei Technologies.

European Union (EU) countries on Friday endorsed a tough line for selecting 5G suppliers, including vetting the domestic legal framework to which they are subjected, potentially dealing a blow to telecoms equipment market leader Huawei Technologies. Ambassadors meeting in Brussels agreed to the approach, a spokeswoman for Finland, which currently holds the rotating EU presidency, said in a tweet. EU countries should consider non-technical factors such as the legal and policy framework to which suppliers may be subject in third countries, a draft document seen by Reuters ahead of the meeting said. The document did not mention any specific countries or companies. EU governments should also diversify their suppliers and not depend on one, the document said. EU ministers will give the green light to the approach at a meeting next month. The United States has urged the EU to ban Huawei equipment, saying that its gear could be used by China for spying. Concerns have focused on a Chinese law on domestic companies' cooperation with the government on security matters, with critics saying that these could compel them to be a vehicle for Chinese spying. The Shenzen-based company, which competes with Finland's Nokia and Sweden's Ericsson has denied the US charges and dismissed the concerns as groundless. Last month, the EU warned of the risk of increased cyber attacks by state-backed entities but did not name any company or country. The bloc sees 5G networks as key to boosting economic growth. The EU is now looking into a so-called toolbox of measures by the end of the year to address cyber security risks at national and bloc-wide level. The European Agency for Cybersecurity is also finalising a map of specific threats related to 5G networks.

EU countries back tough line on 5G suppliers in potential blow to Huawei

<a href="https://www.wionews.com/business-economy/microsoft-increases-data-protection-responsibilities-for-european-union-262842">Microsoft&nbsp;Corp</a>&nbsp;said on Thursday it had been&nbsp;granted&nbsp;a&nbsp;licence&nbsp;from the US&nbsp;government to&nbsp;export&nbsp;software&nbsp;to&nbsp;<a href="https://www.wionews.com/business-economy/some-huawei-suppliers-get-us-approval-to-restart-sales-to-blacklisted-firm-263525">Huawei&nbsp;Technologies Co </a>Ltd.

"On November 20, the US&nbsp;Department of Commerce&nbsp;granted&nbsp;Microsoft's request for a license to&nbsp;export&nbsp;mass-market&nbsp;software&nbsp;to&nbsp;Huawei. We appreciate the Department's action in response to our request," a&nbsp;Microsoft&nbsp;spokesman told Reuters via email.

The administration of US&nbsp;President <a href="https://www.wionews.com/world/trumps-behaviour-worse-than-nixon-head-of-impeachment-probe-263752">Donald Trump</a> said this week it would allow some suppliers to restart sales to the Chinese telecoms giant, which was placed on a trade blacklist over national security concerns six months ago.

The Commerce Department confirmed it had begun issuing licenses for some companies to sell goods to&nbsp;Huawei, expanding the company's supplier base and providing long-awaited clarity to the industry that once sold it billions of dollars worth of goods.

On Wednesday, a US&nbsp;official said it had received roughly 300&nbsp;licence&nbsp;requests, about half of which had been processed. Roughly half of those – or one-quarter of the total – had been approved and the rest denied.

It was not immediately clear which products had been approved for sale to&nbsp;Huawei, which is the world's top telecommunications equipment maker and second-largest smartphone maker. A person familiar with the process said Wednesday that some licenses for sales of cellphone components and non-electronic components were approved.

Microsoft&nbsp;declined to comment beyond its statement on which products had been approved, and the Commerce Department declined to comment.

Dan Ives, an analyst with Wedbush Securities, said the&nbsp;licence&nbsp;was most likely for the company's Windows operating system.

"This will be a major relief for&nbsp;Huawei&nbsp;after an arduous period with large technology players like&nbsp;Microsoft, Google and others restricted on the platform," Ives said.

Huawei&nbsp;has been anxiously awaiting a&nbsp;licence&nbsp;for Alphabet Inc's&nbsp;Google to supply its mobile services to new models. Without access to Google services such as its Play Store for apps,&nbsp;Huawei&nbsp;phones will become harder to sell to consumers outside of China. Google declined to comment on Thursday.

The granting of licenses comes as the Trump administration is working to sign a phase one trade deal with China to end a tit-for-tat trade war that has roiled markets and hit global growth.

But the move immediately met with opposition. A bipartisan group of 15 senators urged the Commerce Department to suspend the issuing of licenses, saying it could threaten US&nbsp;security.

In a letter on Thursday to Trump, the senators said the administration should halt issuing licenses until it provides Congress "a report outlining specific criteria for determining whether or not the approval of any license poses a national security threat."

Microsoft Corp said on Thursday it had been granted a licence from the US government to export software to Huawei Technologies Co Ltd. "On November 20, the US Department of Commerce granted Microsoft's request for a license to export mass-market software to Huawei.

Microsoft Corp said on Thursday it had been granted a licence from the US government to export software to Huawei Technologies Co Ltd. "On November 20, the US Department of Commerce granted Microsoft's request for a license to export mass-market software to Huawei. We appreciate the Department's action in response to our request," a Microsoft spokesman told Reuters via email. The administration of US President Donald Trump said this week it would allow some suppliers to restart sales to the Chinese telecoms giant, which was placed on a trade blacklist over national security concerns six months ago. The Commerce Department confirmed it had begun issuing licenses for some companies to sell goods to Huawei, expanding the company's supplier base and providing long-awaited clarity to the industry that once sold it billions of dollars worth of goods. On Wednesday, a US official said it had received roughly 300 licence requests, about half of which had been processed. Roughly half of those – or one-quarter of the total – had been approved and the rest denied. It was not immediately clear which products had been approved for sale to Huawei, which is the world's top telecommunications equipment maker and second-largest smartphone maker. A person familiar with the process said Wednesday that some licenses for sales of cellphone components and non-electronic components were approved. Microsoft declined to comment beyond its statement on which products had been approved, and the Commerce Department declined to comment. Dan Ives, an analyst with Wedbush Securities, said the licence was most likely for the company's Windows operating system. "This will be a major relief for Huawei after an arduous period with large technology players like Microsoft, Google and others restricted on the platform," Ives said. Huawei has been anxiously awaiting a licence for Alphabet Inc's Google to supply its mobile services to new models. Without access to Google services such as its Play Store for apps, Huawei phones will become harder to sell to consumers outside of China. Google declined to comment on Thursday. The granting of licenses comes as the Trump administration is working to sign a phase one trade deal with China to end a tit-for-tat trade war that has roiled markets and hit global growth. But the move immediately met with opposition. A bipartisan group of 15 senators urged the Commerce Department to suspend the issuing of licenses, saying it could threaten US security. In a letter on Thursday to Trump, the senators said the administration should halt issuing licenses until it provides Congress "a report outlining specific criteria for determining whether or not the approval of any license poses a national security threat."

Microsoft granted licence to export 'mass-market' software to Huawei

<a href="https://www.wionews.com/business-economy/teslas-musk-greenlights-einhorn-taunt-each-other-on-twitter-261007">Tesla&nbsp;Inc</a> on Thursday unveiled its&nbsp;first&nbsp;pickup&nbsp;truck, delivering on a promise by Chief Executive <a href="https://www.wionews.com/world/elon-musk-unveils-chip-allowing-brain-computer-communication-237060">Elon Musk</a> to build an&nbsp;electric&nbsp;version of America's favourite vehicle and one that threatens the heart of Detroit automakers' profits.

At a launch event in Los Angeles,&nbsp;Tesla&nbsp;Chief Executive Elon Musk said the&nbsp;truck, which looked liked a futuristic armoured vehicle, will have a starting price of $39,900 and a maximum range of 500 plus miles.

"We need sustainable energy now. If we don't have a&nbsp;pickup&nbsp;truck&nbsp;we can't solve it. The top three&nbsp;selling vehicles in America are&nbsp;pickup&nbsp;trucks. To solve sustainable energy, we have to have a&nbsp;pickup&nbsp;truck," he said.

Production is expected to begin in late 2021.

Musk earlier tweeted the design was partly influenced by the Lotus Esprit sportscar that doubled as a submarine in the 1970s 007 films "The Spy Who Loved Me".

The&nbsp;truck&nbsp;marks the&nbsp;first&nbsp;foray by&nbsp;Tesla, whose Model 3 sedan is the world's top-selling battery-electric&nbsp;car, into&nbsp;pickup&nbsp;trucks, a market dominated by Ford Motor Co's F-150, along with models by General Motors Co, and Fiat Chrysler Automobiles NV.

The&nbsp;pickup&nbsp;shifts&nbsp;Tesla&nbsp;more toward&nbsp;trucks and SUVs. The automaker has so far sold mostly Model S and Model 3 sedans, but also offers the Model X SUV and starting next year the Model Y compact SUV.

A focus on the high-performance end of the market is only natural given the success of Ford's 450-horsepower F-150 Raptor&nbsp;truck, which launched in 2009 and whose sales have since risen annually, according to Ford spokesman Mike Levine.

While Ford does not disclose Raptor sales, Levine said annual demand is well above 19,000 vehicles and the number&nbsp;2 US&nbsp;automaker has never&nbsp;had to offer incentives on the model, which costs in the high $60,000 range. Ford also offers the more expensive F-150 Limited, its most powerful and luxurious&nbsp;pickup.

Ford and GM are also gearing up to challenge&nbsp;Tesla&nbsp;more directly with new offerings like the Ford Mustang Mach E&nbsp;electric&nbsp;SUV as well as&nbsp;electric&nbsp;pickups.

Electric&nbsp;pickups and SUVs could help <a href="https://www.wionews.com/entertainment/box-office-ford-v-ferrari-races-to-first-place-charlies-angels-collapses-262840">Ford </a>and GM generate the significant EV sales they will need to meet tougher emission standards and EV mandates in California and other states.

The Trump administration is moving to roll back those standards, but&nbsp;electric&nbsp;trucks are a hedge if California prevails.

Demand for full-size&nbsp;electric&nbsp;pickup&nbsp;trucks in the near term may not be huge, however.

Industry tracking firm IHS Markit estimates the&nbsp;electric&nbsp;truck&nbsp;segment - both full- and mid-sized models - will account for about 75,000 sales in 2026, compared with an expected 3 million light&nbsp;trucks overall. The&nbsp;Tesla&nbsp;truck&nbsp;is not part of that estimate.

Tesla Inc on Thursday unveiled its first pickup truck, delivering on a promise by Chief Executive Elon Musk to build an electric version of America's favourite vehicle and one that threatens the heart of Detroit automakers' profits.

Tesla Inc on Thursday unveiled its first pickup truck, delivering on a promise by Chief Executive Elon Musk to build an electric version of America's favourite vehicle and one that threatens the heart of Detroit automakers' profits. At a launch event in Los Angeles, Tesla Chief Executive Elon Musk said the truck, which looked liked a futuristic armoured vehicle, will have a starting price of $39,900 and a maximum range of 500 plus miles. "We need sustainable energy now. If we don't have a pickup truck we can't solve it. The top three selling vehicles in America are pickup trucks. To solve sustainable energy, we have to have a pickup truck," he said. Production is expected to begin in late 2021. Musk earlier tweeted the design was partly influenced by the Lotus Esprit sportscar that doubled as a submarine in the 1970s 007 films "The Spy Who Loved Me". The truck marks the first foray by Tesla, whose Model 3 sedan is the world's top-selling battery-electric car, into pickup trucks, a market dominated by Ford Motor Co's F-150, along with models by General Motors Co, and Fiat Chrysler Automobiles NV. The pickup shifts Tesla more toward trucks and SUVs. The automaker has so far sold mostly Model S and Model 3 sedans, but also offers the Model X SUV and starting next year the Model Y compact SUV. A focus on the high-performance end of the market is only natural given the success of Ford's 450-horsepower F-150 Raptor truck, which launched in 2009 and whose sales have since risen annually, according to Ford spokesman Mike Levine. While Ford does not disclose Raptor sales, Levine said annual demand is well above 19,000 vehicles and the number 2 US automaker has never had to offer incentives on the model, which costs in the high $60,000 range. Ford also offers the more expensive F-150 Limited, its most powerful and luxurious pickup. Ford and GM are also gearing up to challenge Tesla more directly with new offerings like the Ford Mustang Mach E electric SUV as well as electric pickups. Electric pickups and SUVs could help Ford and GM generate the significant EV sales they will need to meet tougher emission standards and EV mandates in California and other states. The Trump administration is moving to roll back those standards, but electric trucks are a hedge if California prevails. Demand for full-size electric pickup trucks in the near term may not be huge, however. Industry tracking firm IHS Markit estimates the electric truck segment - both full- and mid-sized models - will account for about 75,000 sales in 2026, compared with an expected 3 million light trucks overall. The Tesla truck is not part of that estimate.

Tesla unveils first-ever electric pickup truck

Bharti Airtel, Vodafone Idea and Tata Teleservices on Friday filed a petition in the Supreme Court seeking a review of its October 24 ruling ordering telecom companies to pay around Rs 92,000 crore to the Centre on Adjusted Gross Revenue (AGR).

The Supreme Court had rejected their appeal against the Centre`s definition of Adjusted Gross Revenue (AGR), ordering to pay around Rs 92,000 crore to the Department of Telecommunications (DoT).

The apex court, while passing the order, termed the issues raised by telecom companies with respect to AGR as "frivolous".

The court also made it clear that not only the original charges, but principal interest and penalties on delayed payments would also have to be paid by telecom companies.

As per the order, Vodafone Idea has to pay Rs 28,000 crore (license fees of Rs 6,900 crore and the balance is interest and penalty) over the next three months to the government.

The telecom sector, which is reeling under stress due to the AGR norms and predatory pricing, got relief from the government when it announced a moratorium of two years for spectrum payments.

Vodafone Idea and Bharti Airtel will raise prices of their services starting next month.&nbsp;

 
&nbsp;

Bharti Airtel, Vodafone Idea and Tata Teleservices on Friday filed a petition in the Supreme Court seeking a review of its October 24 ruling ordering telecom companies to pay around Rs 92,000 crore to the Centre on Adjusted Gross Revenue (AGR).

Bharti Airtel, Vodafone Idea and Tata Teleservices on Friday filed a petition in the Supreme Court seeking a review of its October 24 ruling ordering telecom companies to pay around Rs 92,000 crore to the Centre on Adjusted Gross Revenue (AGR). The Supreme Court had rejected their appeal against the Centre`s definition of Adjusted Gross Revenue (AGR), ordering to pay around Rs 92,000 crore to the Department of Telecommunications (DoT). The apex court, while passing the order, termed the issues raised by telecom companies with respect to AGR as "frivolous". The court also made it clear that not only the original charges, but principal interest and penalties on delayed payments would also have to be paid by telecom companies. As per the order, Vodafone Idea has to pay Rs 28,000 crore (license fees of Rs 6,900 crore and the balance is interest and penalty) over the next three months to the government. The telecom sector, which is reeling under stress due to the AGR norms and predatory pricing, got relief from the government when it announced a moratorium of two years for spectrum payments. Vodafone Idea and Bharti Airtel will raise prices of their services starting next month.

Bharti Airtel, Vodafone Idea, Tata Teleservices file review plea in SC in AGR case

Equity benchmark indices were in the negative terrain during early hours on Friday amid persistent global concerns over the US-China trade deal.

At 10:15 am, the BSE S&amp;P Sensex was down by 112 points at 40,463 while the Nifty 50 slipped by 32 points to 11,936. Sectoral indices at the National Stock Exchange were mixed with Nifty IT dropping by 2.1 per cent.

Software major Infosys tumbled by 2.78 per cent to Rs 693.40 per share while Wipro and Tech Mahindra were down by 1.9 per cent each, HCL Technologies by 1.8 per cent and Tata Consultancy Services by 1.7 per cent.

The other losers were Bharti Infratel, Bharti Airtel, Cipla, UPL and Titan.

However, NTPC gained by 2.6 per cent at Rs 118.35 per share after Morgan Stanley upgraded the power utility major to 'overweight' from 'equal weight' earlier with a target price of Rs 152.

Index heavyweight Reliance Industries also added gains of 1.7 per cent while the other gainers included Power Grid Corporation, Zee Entertainment, Sun Pharma, ITC, Vedanta and Tata Steel.

Meanwhile, Asian equities posted mild gains amid persistent worries over the status of trade negotiations between China and the United States.

MSCI's broadest index of Asia Pacific shares outside Japan climbed by 0.12 per cent on worries that the US legislation on Hong Kong threatens to undermine trade talks between the world's two largest economies.

Chinese blue-chip shares were down by 0.82 per cent but Japan's Nikkei was up by 0.43 per cent.

Equity benchmark indices were in the negative terrain during early hours on Friday amid persistent global concerns over the US-China trade deal. At 10:15 am, the BSE S&P Sensex was down by 112 points at 40,463 while the Nifty 50 slipped by 32 points to 11,936.

Equity benchmark indices were in the negative terrain during early hours on Friday amid persistent global concerns over the US-China trade deal. At 10:15 am, the BSE S&P Sensex was down by 112 points at 40,463 while the Nifty 50 slipped by 32 points to 11,936. Sectoral indices at the National Stock Exchange were mixed with Nifty IT dropping by 2.1 per cent. Software major Infosys tumbled by 2.78 per cent to Rs 693.40 per share while Wipro and Tech Mahindra were down by 1.9 per cent each, HCL Technologies by 1.8 per cent and Tata Consultancy Services by 1.7 per cent. The other losers were Bharti Infratel, Bharti Airtel, Cipla, UPL and Titan. However, NTPC gained by 2.6 per cent at Rs 118.35 per share after Morgan Stanley upgraded the power utility major to 'overweight' from 'equal weight' earlier with a target price of Rs 152. Index heavyweight Reliance Industries also added gains of 1.7 per cent while the other gainers included Power Grid Corporation, Zee Entertainment, Sun Pharma, ITC, Vedanta and Tata Steel. Meanwhile, Asian equities posted mild gains amid persistent worries over the status of trade negotiations between China and the United States. MSCI's broadest index of Asia Pacific shares outside Japan climbed by 0.12 per cent on worries that the US legislation on Hong Kong threatens to undermine trade talks between the world's two largest economies. Chinese blue-chip shares were down by 0.82 per cent but Japan's Nikkei was up by 0.43 per cent.

Equities downbeat on trade worries, Nifty IT down by over 2%

The OECD trimmed its outlook for the global economy on Thursday, saying the world was headed for its weakest economic growth since the 2007-2008 financial crisis.

Urging governments to invest in digital and climate transformation, the Organisation for Economic Co-operation and Development said activity had been hobbled by weaker trade and investment in the past two years, as US President Donald Trump and Chinese leaders continue to be locked in a trade conflict.

The OECD now expects economic activity around the world to expand by 2.9 per cent next year, a decline of 0.1 percentage points from a previous forecast issued in September.

Growth was likely to remain slow, it said, with expansion in 2020-2021 seen at around 3.0 per cent, down from a 3.5 per cent rate projected only a year ago.

This was shaping up to be "the weakest rate since the global financial crisis", according to OECD chief economist Laurence Boone.

Growth this year was also likely to come in at 2.9 per cent, the OECD said in its November 2019 Economic Outlook.

Boone noted that "for the past two years, global growth outcomes and prospects have steadily deteriorated, amidst persistent policy uncertainty and weak trade and investment flows."

She said that central banks had taken decisive and timely monetary decisions that partly offset the negative effects of trade tensions.

But governments had not done the same, instead of failing to invest enough in long-term projects to improve infrastructure, advance digitalisation of their economies or in the fight against climate change.

Boone warned that the OECD was concerned the outlook would deteriorate further due to "unaddressed structural changes more than any cyclical shock".

She highlighted climate change and digitalisation as two examples, along with the fact that "trade and geopolitics are moving away from the multilateral order of the 1990s."

A breakdown of the forecasts showed that the US economy, the world's biggest, is tipped "to slow to 2.0 per cent by 2021, while growth in Japan and the euro area is expected to be around 0.7 and 1.2 per cent respectively," the report said.

In China, the world's second-biggest economy, growth was forecast to "continue to edge down, to around 5.5 per cent by 2021", it added.

Other emerging-market economies are expected to recover "only modestly," Boone said.

The OECD trimmed its outlook for the global economy on Thursday, saying the world was headed for its weakest economic growth since the 2007-2008 financial crisis.

The OECD trimmed its outlook for the global economy on Thursday, saying the world was headed for its weakest economic growth since the 2007-2008 financial crisis. Urging governments to invest in digital and climate transformation, the Organisation for Economic Co-operation and Development said activity had been hobbled by weaker trade and investment in the past two years, as US President Donald Trump and Chinese leaders continue to be locked in a trade conflict. The OECD now expects economic activity around the world to expand by 2.9 per cent next year, a decline of 0.1 percentage points from a previous forecast issued in September. Growth was likely to remain slow, it said, with expansion in 2020-2021 seen at around 3.0 per cent, down from a 3.5 per cent rate projected only a year ago. This was shaping up to be "the weakest rate since the global financial crisis", according to OECD chief economist Laurence Boone. Growth this year was also likely to come in at 2.9 per cent, the OECD said in its November 2019 Economic Outlook. Boone noted that "for the past two years, global growth outcomes and prospects have steadily deteriorated, amidst persistent policy uncertainty and weak trade and investment flows." She said that central banks had taken decisive and timely monetary decisions that partly offset the negative effects of trade tensions. But governments had not done the same, instead of failing to invest enough in long-term projects to improve infrastructure, advance digitalisation of their economies or in the fight against climate change. Boone warned that the OECD was concerned the outlook would deteriorate further due to "unaddressed structural changes more than any cyclical shock". She highlighted climate change and digitalisation as two examples, along with the fact that "trade and geopolitics are moving away from the multilateral order of the 1990s." A breakdown of the forecasts showed that the US economy, the world's biggest, is tipped "to slow to 2.0 per cent by 2021, while growth in Japan and the euro area is expected to be around 0.7 and 1.2 per cent respectively," the report said. In China, the world's second-biggest economy, growth was forecast to "continue to edge down, to around 5.5 per cent by 2021", it added. Other emerging-market economies are expected to recover "only modestly," Boone said.

OECD warns global growth 'weakest since financial crisis'

Embattled office-sharing firm&nbsp;<a href="https://www.wionews.com/business-economy/wework-data-shows-growth-still-doubling-261004">WeWork</a>&nbsp;will&nbsp;lay&nbsp;off&nbsp;2,400&nbsp;employees&nbsp;worldwide, about a fifth of its workforce, as it struggles to reorganize amid mounting losses, the company announced Thursday.

The painful job cuts underscore the rapid decline of what had been one of America's most celebrated startups which put a mammoth footprint in the commercial real estate of major cities around the globe but recently had to cancel its debut on Wall Street.

The layoffs which began "weeks ago" were necessary "to create a more efficient organization," a&nbsp;WeWork&nbsp;spokesperson said in a statement.

The dismissed&nbsp;workers&nbsp;"will receive severance, continued benefits, and other forms of assistance to aid in their career transition."

The company told shareholders earlier this month it lost almost $1.3 billion in the third quarter, more than twice the losses recorded in the same period a year earlier.

As investors and analysts questioned the company's value,&nbsp;WeWork&nbsp;in September scrapped plans for an initial public offering, forced out chief executive Adam Neumann and took a bailout from Japan's SoftBank Group, a major investor.

Unconventional executive

Alex Cohen, a vice president at the real estate firm Compass in New York, told AFP that&nbsp;WeWork's payroll became bloated as it tried to keep services, space design, engineering and construction management,&nbsp;in house rather than outsourcing them.

"WeWork's 'growth at all costs' ethos meant they didn't have time or appropriate management to put in place the processes and organizational structures to enable their staff to efficiently service the business's relentless appetite for new locations," he said in an email.

Neumann stepped down from&nbsp;WeWork's board of directors with a $1.7 billion exit package while the company's value was slashed to $8 billion,&nbsp;a far cry from its $47 billion valuation at the start of this year and just a fraction of the sum envisioned as part of the failed IPO.

A source told AFP that Neumann will get $1 billion for his SoftBank shares, $500 million for reimbursements of personal debts and $185 million in consulting fees.

The unconventional entrepreneur had faced simmering questions over his management style, loose approach to corporate governance and allegations of self-dealing,&nbsp;not to mention a Wall Street Journal expose which laid out Neumann's drug and alcohol use and his aspiration to become the world's first trillionaire.

A former employee, Maria Bardhi, filed a labor a grievance in New York accusing Neumann of pregnancy discrimination, saying he referred to her maternity leave as "vacation" and "retirement."&nbsp;

The company also allegedly paid Bardhi's temporary replacement twice her salary and fired her six months after her return.

The&nbsp;<a href="https://www.wionews.com/business-economy/wework-plans-to-lay-off-4000-staff-report-258004">WeWork</a>&nbsp;debacle contributed to woes at SoftBank, which earlier this month announced its largest quarterly loss ever at $6.4 billion.

Masayoshi Son, SoftBank's chief executive, expressed remorse and acknowledged having misjudged both ride-hailing giant Uber and&nbsp;WeWork.

"My investment decisions were in many ways poor. I regret them deeply," he said.

Embattled office-sharing firm WeWork will lay off 2,400 employees worldwide, about a fifth of its workforce, as it struggles to reorganize amid mounting losses, the company announced Thursday.

Embattled office-sharing firm WeWork will lay off 2,400 employees worldwide, about a fifth of its workforce, as it struggles to reorganize amid mounting losses, the company announced Thursday. The painful job cuts underscore the rapid decline of what had been one of America's most celebrated startups which put a mammoth footprint in the commercial real estate of major cities around the globe but recently had to cancel its debut on Wall Street. The layoffs which began "weeks ago" were necessary "to create a more efficient organization," a WeWork spokesperson said in a statement. The dismissed workers "will receive severance, continued benefits, and other forms of assistance to aid in their career transition." The company told shareholders earlier this month it lost almost $1.3 billion in the third quarter, more than twice the losses recorded in the same period a year earlier. As investors and analysts questioned the company's value, WeWork in September scrapped plans for an initial public offering, forced out chief executive Adam Neumann and took a bailout from Japan's SoftBank Group, a major investor. Unconventional executive Alex Cohen, a vice president at the real estate firm Compass in New York, told AFP that WeWork's payroll became bloated as it tried to keep services, space design, engineering and construction management, in house rather than outsourcing them. "WeWork's 'growth at all costs' ethos meant they didn't have time or appropriate management to put in place the processes and organizational structures to enable their staff to efficiently service the business's relentless appetite for new locations," he said in an email. Neumann stepped down from WeWork's board of directors with a $1.7 billion exit package while the company's value was slashed to $8 billion, a far cry from its $47 billion valuation at the start of this year and just a fraction of the sum envisioned as part of the failed IPO. A source told AFP that Neumann will get $1 billion for his SoftBank shares, $500 million for reimbursements of personal debts and $185 million in consulting fees. The unconventional entrepreneur had faced simmering questions over his management style, loose approach to corporate governance and allegations of self-dealing, not to mention a Wall Street Journal expose which laid out Neumann's drug and alcohol use and his aspiration to become the world's first trillionaire. A former employee, Maria Bardhi, filed a labor a grievance in New York accusing Neumann of pregnancy discrimination, saying he referred to her maternity leave as "vacation" and "retirement." The company also allegedly paid Bardhi's temporary replacement twice her salary and fired her six months after her return. The WeWork debacle contributed to woes at SoftBank, which earlier this month announced its largest quarterly loss ever at $6.4 billion. Masayoshi Son, SoftBank's chief executive, expressed remorse and acknowledged having misjudged both ride-hailing giant Uber and WeWork. "My investment decisions were in many ways poor. I regret them deeply," he said.

WeWork to lay off 2,400 workers worldwide

Japan's <a href="https://www.wionews.com/entertainment/box-office-ford-v-ferrari-races-to-first-place-charlies-angels-collapses-262840">Sony</a> Corp is in talks to acquire a stake in Indian billionaire Mukesh Ambani's TV business, Network18 Media &amp; Investments Ltd, Bloomberg reported on Thursday.

Ambani's Reliance Industries Ltd, through various subsidiaries, owns a controlling stake in Network18, which has a market capitalization of about 30 billion rupees($417.66 million).

Network18 shares rose 18 per cent, while shares of TV18 Broadcast Ltd, the broadcast arm of the Network 18 group, were up 4 per cent.

Sony is doing due diligence and considering several potential deal options, Bloomberg reported, citing people familiar with the matter.

A Reliance Industries spokesman declined to comment, saying that the company "evaluates various opportunities on an ongoing basis." Sony did not immediately respond to Reuters request for comment.

A potential stake deal with Sony would come at a time when India's lucrative but crowded TV market is expected to grow more than 50 per cent in the next three years, according to Statista.

Cable television started going mainstream in India through the 1990s, riding on the country's massive middle-class population.

Network18's channel portfolio includes <a href="https://www.wionews.com/entertainment/lilly-singh-creates-tv-history-as-the-first-asian-queer-woman-to-host-a-late-night-show-250355">VH1</a>,<a href="https://www.wionews.com/entertainment/beyond-baby-shark-creator-of-viral-hit-eyes-china-with-dinosaurs-262289"> Nickelodeon</a>,<a href="https://www.wionews.com/entertainment/late-prodigy-singer-keith-flints-belongings-sell-for-nearly-450000-260929"> MTV</a>, <a href="https://www.wionews.com/business-economy/airtel-vodafone-idea-shares-jump-after-on-hopes-of-govt-help-262309">CNBC TV18</a>, and a range of other local language channels, along with news portals like Firstpost and Moneycontrol.

The media company also has a broad suite of news channels including CNN-News18, CNBC TV18, and other regional language news channels that together held over a 10 per cent&nbsp;per cent&nbsp;share in TV news viewership in India in fiscal 2018-19, according to its annual report.

Japan's Sony Corp is in talks to acquire a stake in Indian billionaire Mukesh Ambani's TV business, Network18 Media & Investments Ltd, Bloomberg reported on Thursday.

Japan's Sony Corp is in talks to acquire a stake in Indian billionaire Mukesh Ambani's TV business, Network18 Media & Investments Ltd, Bloomberg reported on Thursday. Ambani's Reliance Industries Ltd, through various subsidiaries, owns a controlling stake in Network18, which has a market capitalization of about 30 billion rupees($417.66 million). Network18 shares rose 18 per cent, while shares of TV18 Broadcast Ltd, the broadcast arm of the Network 18 group, were up 4 per cent. Sony is doing due diligence and considering several potential deal options, Bloomberg reported, citing people familiar with the matter. A Reliance Industries spokesman declined to comment, saying that the company "evaluates various opportunities on an ongoing basis." Sony did not immediately respond to Reuters request for comment. A potential stake deal with Sony would come at a time when India's lucrative but crowded TV market is expected to grow more than 50 per cent in the next three years, according to Statista. Cable television started going mainstream in India through the 1990s, riding on the country's massive middle-class population. Network18's channel portfolio includes VH1, Nickelodeon, MTV, CNBC TV18, and a range of other local language channels, along with news portals like Firstpost and Moneycontrol. The media company also has a broad suite of news channels including CNN-News18, CNBC TV18, and other regional language news channels that together held over a 10 per cent per cent share in TV news viewership in India in fiscal 2018-19, according to its annual report.

Japan's Sony in talks to buy stake in India's Network18 Media

Bitcoin slumped to a six-month low on Friday after China's central bank launched a fresh crackdown on cryptocurrencies, warning of the risks entailed in issuing or trading them.

Bitcoin, the world's biggest cryptocurrency, fell 9% to $6,929, its lowest since May, and was last down 7% at $7,107.

The People's Bank of China's Shanghai headquarters said it would tackle growing cases of illegality involving virtual currencies. It also cautioned investors not to confuse crypto with blockchain technology, the digital ledger that underpins many cryptocurrencies such as bitcoin.

The move came a day after regulators in Shenzhen launched a similar campaign, and came as the PBOC prepares to launch its own digital currency.

Chinese President Xi Jinping said last month that the world's second-biggest economy should accelerate the development of blockchain technology.

Bitcoin, known for its wild price swings, soared over 40% in two days after Xi's remarks, with investors betting that Beijing's backing of blockchain and plans for a digital renminbi would accelerate the mainstream embrace of cryptocurrencies.

But since late October bitcoin has slumped by nearly a third.

Jamie Farquhar, portfolio manager at London-based crypto firm NKB Group, said the PBOC statement crystallised a growing sense among crypto investors that China's embrace of blockchain would be unlikely to include cryptocurrencies like bitcoin.

"It's the realisation that the positivity over Xi's blockchain announcement was exaggerated," he said. "It may not include bitcoin at this point."

 
&nbsp;

Bitcoin slumped to a six-month low on Friday after China's central bank launched a fresh crackdown on cryptocurrencies, warning of the risks entailed in issuing or trading them.

Bitcoin slumped to a six-month low on Friday after China's central bank launched a fresh crackdown on cryptocurrencies, warning of the risks entailed in issuing or trading them. Bitcoin, the world's biggest cryptocurrency, fell 9% to $6,929, its lowest since May, and was last down 7% at $7,107. The People's Bank of China's Shanghai headquarters said it would tackle growing cases of illegality involving virtual currencies. It also cautioned investors not to confuse crypto with blockchain technology, the digital ledger that underpins many cryptocurrencies such as bitcoin. The move came a day after regulators in Shenzhen launched a similar campaign, and came as the PBOC prepares to launch its own digital currency. Chinese President Xi Jinping said last month that the world's second-biggest economy should accelerate the development of blockchain technology. Bitcoin, known for its wild price swings, soared over 40% in two days after Xi's remarks, with investors betting that Beijing's backing of blockchain and plans for a digital renminbi would accelerate the mainstream embrace of cryptocurrencies. But since late October bitcoin has slumped by nearly a third. Jamie Farquhar, portfolio manager at London-based crypto firm NKB Group, said the PBOC statement crystallised a growing sense among crypto investors that China's embrace of blockchain would be unlikely to include cryptocurrencies like bitcoin. "It's the realisation that the positivity over Xi's blockchain announcement was exaggerated," he said. "It may not include bitcoin at this point."

Bitcoin plummets to a six-month low on China crackdown

Indian shares ended lower on Friday, dragged by losses in information technology stocks, as global investors were cautious about mixed signals surrounding the US-China trade deal.

The Nifty ended 0.45 per cent&nbsp;lower at 11,914.40, while the Sensex was down 0.53 per cent at 40,395.41. For the week, the Nifty and Sensex edged up 0.16 per cent and 0.01 per cent, respectively.

China said it was willing to work with the United States to resolve core trade concerns, but the US&nbsp;bills backing protesters in Hong Kong, which President Donald Trump is expected to sign, seemed to undermine planned trade talks between the world's two largest economies.

In the domestic market, the Nifty IT index ended 1.95&nbsp;per cent&nbsp;lower, led by losses among heavyweights such as Infosys and Tata Consultancy Services, down 2.85 per cent and 2.41 per cent respectively.

Tata Steel was the top gainer and rose 3.87 per cent.

Indian shares ended lower on Friday, dragged by losses in information technology stocks, as global investors were cautious about mixed signals surrounding the US-China trade deal.

Indian shares ended lower on Friday, dragged by losses in information technology stocks, as global investors were cautious about mixed signals surrounding the US-China trade deal. The Nifty ended 0.45 per cent lower at 11,914.40, while the Sensex was down 0.53 per cent at 40,395.41. For the week, the Nifty and Sensex edged up 0.16 per cent and 0.01 per cent, respectively. China said it was willing to work with the United States to resolve core trade concerns, but the US bills backing protesters in Hong Kong, which President Donald Trump is expected to sign, seemed to undermine planned trade talks between the world's two largest economies. In the domestic market, the Nifty IT index ended 1.95 per cent lower, led by losses among heavyweights such as Infosys and Tata Consultancy Services, down 2.85 per cent and 2.41 per cent respectively. Tata Steel was the top gainer and rose 3.87 per cent.

Nifty, Sensex end lower; IT stocks slump

Oil prices pulled back from their highest levels in nearly two months on Friday amid lingering doubts on whether the United States and China will be able to reach a partial <a href="https://www.wionews.com/world/want-to-work-out-preliminary-trade-deal-with-united-states-not-afraid-of-retaliating-chinese-president-jinping-263827">trade deal </a>that would lift some pressure on the global economy.

That was more than enough to offset news of a likely extension of production cuts by major producers that drove prices higher in the previous session.

Brent crude futures dropped 34 cents, or 0.53%, to $63.63 a barrel by 0745 GMT, while West Texas Intermediate (WTI) crude futures fell 31 cents, also down 0.53%, to $58.27 per barrel.

China has invited top US&nbsp;trade negotiators for a new round of face-to-face talks in Beijing amid continued efforts to strike at least a limited deal, the Wall Street Journal reported on Thursday citing unidentified sources.

"The key factor for the demand outlook for oil is the (US-China) trade negotiation currently going on," said Michael McCarthy, chief market strategist at CMC Markets and Stockbroking in Sydney.

"With oil near the top of recent trading ranges it's no surprise to see a bit of selling pressure during the session today."

Prices had touched their highest since late September on Thursday after Reuters reported that the Organization of the Petroleum Exporting Countries (OPEC) and Russia are likely to extend existing production cuts by another three months to mid-2020 when they meet on Dec. 5.

Oil was also buoyed by comments from China's commerce ministry on Thursday that it will strive to reach an initial agreement with the United States to end the pair's long-running trade war, allaying fears that talks might be unravelling. However, the completion of a phase one deal could slide into next year.

News that last week saw the biggest drawdown in three months for US&nbsp;crude stock stockpiles at Cushing, Oklahoma also underpinned prices earlier this week. Cushing is the delivery point for WTI futures.

Elsewhere, traders are also keeping a keen eye on the impact on oil production at OPEC countries Iran and Iraq amid ongoing protests.

Several major economies - the United States, France and Germany - will release manufacturing data later today which could impact the market, McCarthy said.

Oil prices pulled back from their highest levels in nearly two months on Friday amid lingering doubts on whether the United States and China will be able to reach a partial trade deal that would lift some pressure on the global economy.

Oil prices pulled back from their highest levels in nearly two months on Friday amid lingering doubts on whether the United States and China will be able to reach a partial trade deal that would lift some pressure on the global economy. That was more than enough to offset news of a likely extension of production cuts by major producers that drove prices higher in the previous session. Brent crude futures dropped 34 cents, or 0.53%, to $63.63 a barrel by 0745 GMT, while West Texas Intermediate (WTI) crude futures fell 31 cents, also down 0.53%, to $58.27 per barrel. China has invited top US trade negotiators for a new round of face-to-face talks in Beijing amid continued efforts to strike at least a limited deal, the Wall Street Journal reported on Thursday citing unidentified sources. "The key factor for the demand outlook for oil is the (US-China) trade negotiation currently going on," said Michael McCarthy, chief market strategist at CMC Markets and Stockbroking in Sydney. "With oil near the top of recent trading ranges it's no surprise to see a bit of selling pressure during the session today." Prices had touched their highest since late September on Thursday after Reuters reported that the Organization of the Petroleum Exporting Countries (OPEC) and Russia are likely to extend existing production cuts by another three months to mid-2020 when they meet on Dec. 5. Oil was also buoyed by comments from China's commerce ministry on Thursday that it will strive to reach an initial agreement with the United States to end the pair's long-running trade war, allaying fears that talks might be unravelling. However, the completion of a phase one deal could slide into next year. News that last week saw the biggest drawdown in three months for US crude stock stockpiles at Cushing, Oklahoma also underpinned prices earlier this week. Cushing is the delivery point for WTI futures. Elsewhere, traders are also keeping a keen eye on the impact on oil production at OPEC countries Iran and Iraq amid ongoing protests. Several major economies - the United States, France and Germany - will release manufacturing data later today which could impact the market, McCarthy said.

Oil topples from two-month high on concern over US-China trade deal

The big reveal of <a href="https://www.wionews.com/business-economy/tesla-unveils-first-ever-electric-pickup-truck-263785">Tesla's electric pick-up</a> went&nbsp;wrong when the supposedly impact-proof windows smash, leaving a flustered Elon Musk to flounder through the rest of his presentation in front of a badly damaged vehicle.

The Tesla co-founder unveiled the all-electric battery-powered Tesla Cybertruck in California on Thursday, daring staff to hit the vehicle with sledgehammers and showing a video of it withstanding bullets shot from a 9mm gun.

But the demonstration of the vehicle's indestructible windows didn't appear to go entirely to plan after one assistant threw a steel ball bearing at the truck, only to see the armoured glass smash.

An expletive could be heard at the Tesla Design Center and as his assistant laughed nervously, Musk said: "Well, maybe that was a little too hard."

Watch: Look at Tesla Cybertruck's epic fail moment

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/built-for-bullets-smashed-by-a-ball-look-at-tesla-cybertrucks-epic-fail-moment-263864/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

A second attempt fared little better, however, and another window was left badly damaged.

"It didn't go through," said a clearly uncomfortable Musk, who was forced to push on through the remainder of the chaotic launch with the two smashed windows in full view.&nbsp;

The industrial-looking Cybertruck,&nbsp;covered in the same steel alloy Musk plans to use for his SpaceX rocket,&nbsp;will have a starting price of $39,900 and can go from 0 to 100 kilometres per hour in about three seconds, the Tesla chief executive claimed.

No date has been given for its release but analysts said it would not be ready before the end of 2021 at the earliest.

Tesla dominates the global electric car market and has an especially firm grip on the United States.

The big reveal of Tesla's electric pick-up went wrong when the supposedly impact-proof windows smash, leaving a flustered Elon Musk to flounder through the rest of his presentation in front of a badly damaged vehicle.

The big reveal of Tesla's electric pick-up went wrong when the supposedly impact-proof windows smash, leaving a flustered Elon Musk to flounder through the rest of his presentation in front of a badly damaged vehicle. The Tesla co-founder unveiled the all-electric battery-powered Tesla Cybertruck in California on Thursday, daring staff to hit the vehicle with sledgehammers and showing a video of it withstanding bullets shot from a 9mm gun. But the demonstration of the vehicle's indestructible windows didn't appear to go entirely to plan after one assistant threw a steel ball bearing at the truck, only to see the armoured glass smash. An expletive could be heard at the Tesla Design Center and as his assistant laughed nervously, Musk said: "Well, maybe that was a little too hard." Watch: Look at Tesla Cybertruck's epic fail moment A second attempt fared little better, however, and another window was left badly damaged. "It didn't go through," said a clearly uncomfortable Musk, who was forced to push on through the remainder of the chaotic launch with the two smashed windows in full view. The industrial-looking Cybertruck, covered in the same steel alloy Musk plans to use for his SpaceX rocket, will have a starting price of $39,900 and can go from 0 to 100 kilometres per hour in about three seconds, the Tesla chief executive claimed. No date has been given for its release but analysts said it would not be ready before the end of 2021 at the earliest. Tesla dominates the global electric car market and has an especially firm grip on the United States.

Tesla suffers mishap during launch of electric cybertruck

Trump-Cook bonhomie on display as both visit Apple facility

Global&nbsp;shares&nbsp;slid on Thursday as a fresh&nbsp;row&nbsp;between Washington and Beijing&nbsp;over&nbsp;US&nbsp;bills on&nbsp;Hong&nbsp;Kong&nbsp;could complicate their&nbsp;trade&nbsp;negotiation and delay a "phase one"&nbsp;deal&nbsp;that investors had initially hoped to be inked by now.

MSCI's broadest index of <a href="https://www.wionews.com/business-economy/flare-up-of-sino-us-tensions-over-hong-kong-knocks-world-shares-off-22-month-high-263395">Asia-Pacific&nbsp;shares</a>&nbsp;outside Japan fell 1.2 per cent, with&nbsp;Hong&nbsp;Kong's Hang Seng shedding 2&nbsp;per cent&nbsp;while Japan's Nikkei dropped 1.6 per cent. Chinese mainland&nbsp;shares&nbsp;dropped 0.6 per cent.

US&nbsp;futures&nbsp;dropped 0.5&nbsp;per cent&nbsp;in Asian&nbsp;trade, a day after MSCI's broadest gauge of world stocks fell 0.4 per cent, the biggest fall since early October. On Wall Street, all three major indexes fell, with the losing 0.38 per cent.

The&nbsp;US&nbsp;House of Representatives on Wednesday passed two bills intended to support protesters in&nbsp;Hong&nbsp;Kong&nbsp;and send a warning to&nbsp;China&nbsp;about human rights.

The legislation, which has angered Beijing, has been sent to the White House for <a href="https://www.wionews.com/world/twitter-accuses-uk-of-misleading-public-in-election-row-263418">President Donald Trump</a>'s approval. A person familiar with the matter said Trump was expected to sign it.

"China&nbsp;will surely take this as interference into its domestic affairs and is likely to think it will no longer need to make concessions on&nbsp;trade," said Norihiro Fujito, chief investment strategist at <a href="https://www.wionews.com/business-economy/asian-shares-near-two-month-lows-ahead-of-looming-us-tariff-hike-217382">Mitsubishi UFJ Morgan Stanley Securities</a>.

The move came as&nbsp;trade&nbsp;experts and people close to the White House said completion of a "phase one"&nbsp;US-China&nbsp;trade&nbsp;deal&nbsp;could slide into next year, as Beijing presses for more extensive tariff rollbacks, and the Trump administration counters with heightened demands of its own.

Trump said on Oct. 11 that the&nbsp;deal&nbsp;could take as long as five weeks, and investors had initially expected an agreement by mid-November.

Asked Wednesday about the status of the&nbsp;China&nbsp;deal, Trump told reporters in Texas: "I don't think they're stepping up to the level that I want."

Trade&nbsp;jitters sent the 10-year&nbsp;US&nbsp;Treasuries to yield down to 1.707 per cent, near its lowest levels in three weeks and down more than 25 basis points from a Nov. 7 peak of 1.973 per cent, a three-month high.

Similarly in the currency market, the yuan hit three-week lows, trading as low as 7.0450 to the dollar in onshore&nbsp;trade.

The dollar slipped 0.3 per cent&nbsp;against the yen to 108.31, compared to this week's high of 109.07 touched on Monday, while safe-haven gold edged up 0.26 per cent to $1,474.9 per ounce.

The euro was little changed at $1.1075&nbsp;

Tomoo Kinoshita, chief economist at Invesco Asset Management in Tokyo, said the market is unlikely to completely give up hopes on the&nbsp;trade&nbsp;deal.

"There have always been some uncertainties in&nbsp;trade&nbsp;talks but that won't erase positive effects from signs of bottoming out in the global manufacturing sector," he said.

The minutes from the Federal Reserve's previous policy meeting published on Wednesday offered little guidance on what would cause policymakers to change their minds on the&nbsp;outlook&nbsp;after an increasingly divided Fed decided to hit pause in its easing cycle.

Oil prices also dipped, paring some of their 2 per cent&nbsp;gains made on Wednesday after a better-than-expected&nbsp;US&nbsp;crude inventories report and as Russia said it would continue its cooperation with OPEC to keep the market balanced.

Global benchmark Brent futures dropped 0.4 per cent&nbsp;to $62.16.&nbsp;US&nbsp;West Texas Intermediate (WTI) crude futures were down 0.39 per cent&nbsp;at $56.79 per barrel in early Thursday&nbsp;trade.

Global shares slid on Thursday as a fresh row between Washington and Beijing over US bills on Hong Kong could complicate their trade negotiation and delay a "phase one" deal that investors had initially hoped to be inked by now.

Global shares slid on Thursday as a fresh row between Washington and Beijing over US bills on Hong Kong could complicate their trade negotiation and delay a "phase one" deal that investors had initially hoped to be inked by now. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.2 per cent, with Hong Kong's Hang Seng shedding 2 per cent while Japan's Nikkei dropped 1.6 per cent. Chinese mainland shares dropped 0.6 per cent. US futures dropped 0.5 per cent in Asian trade, a day after MSCI's broadest gauge of world stocks fell 0.4 per cent, the biggest fall since early October. On Wall Street, all three major indexes fell, with the losing 0.38 per cent. The US House of Representatives on Wednesday passed two bills intended to support protesters in Hong Kong and send a warning to China about human rights. The legislation, which has angered Beijing, has been sent to the White House for President Donald Trump's approval. A person familiar with the matter said Trump was expected to sign it. "China will surely take this as interference into its domestic affairs and is likely to think it will no longer need to make concessions on trade," said Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley Securities. The move came as trade experts and people close to the White House said completion of a "phase one" US-China trade deal could slide into next year, as Beijing presses for more extensive tariff rollbacks, and the Trump administration counters with heightened demands of its own. Trump said on Oct. 11 that the deal could take as long as five weeks, and investors had initially expected an agreement by mid-November. Asked Wednesday about the status of the China deal, Trump told reporters in Texas: "I don't think they're stepping up to the level that I want." Trade jitters sent the 10-year US Treasuries to yield down to 1.707 per cent, near its lowest levels in three weeks and down more than 25 basis points from a Nov. 7 peak of 1.973 per cent, a three-month high. Similarly in the currency market, the yuan hit three-week lows, trading as low as 7.0450 to the dollar in onshore trade. The dollar slipped 0.3 per cent against the yen to 108.31, compared to this week's high of 109.07 touched on Monday, while safe-haven gold edged up 0.26 per cent to $1,474.9 per ounce. The euro was little changed at $1.1075 Tomoo Kinoshita, chief economist at Invesco Asset Management in Tokyo, said the market is unlikely to completely give up hopes on the trade deal. "There have always been some uncertainties in trade talks but that won't erase positive effects from signs of bottoming out in the global manufacturing sector," he said. The minutes from the Federal Reserve's previous policy meeting published on Wednesday offered little guidance on what would cause policymakers to change their minds on the outlook after an increasingly divided Fed decided to hit pause in its easing cycle. Oil prices also dipped, paring some of their 2 per cent gains made on Wednesday after a better-than-expected US crude inventories report and as Russia said it would continue its cooperation with OPEC to keep the market balanced. Global benchmark Brent futures dropped 0.4 per cent to $62.16. US West Texas Intermediate (WTI) crude futures were down 0.39 per cent at $56.79 per barrel in early Thursday trade.

Shares stumble as China-US row over Hong Kong clouds trade deal outlook

The Trump administration on Wednesday gave&nbsp;<a href="https://www.wionews.com/world/united-states-china-trade-deal-may-not-be-signed-this-year-263497">Huawei</a>&nbsp;its second reprieve this week, allowing&nbsp;some&nbsp;suppliers&nbsp;to&nbsp;restart&nbsp;sales&nbsp;to the Chinese telecoms giant after it was placed on a trade blacklist over national security concerns six months ago.

The Commerce Department said it has begun issuing licenses for&nbsp;some&nbsp;companies to sell goods to&nbsp;Huawei, expanding the company's supplier base and providing long-awaited clarity to the industry that once sold it billions of dollars worth of goods.

It was not immediately clear which products had been approved for sale to the world's top telecommunications equipment maker. But&nbsp;Huawei&nbsp;Technologies Co Ltd, also the second-largest smartphone maker, has been anxiously awaiting a license for Alphabet Inc's Google to supply its mobile services to new models. <a href="https://www.wionews.com/business-economy/google-to-make-stricter-regulatory-policy-for-political-ads-to-curb-abuse-263489">Google</a> declined to comment.

A&nbsp;US&nbsp;official said of roughly 300 license requests, about half have been processed. Roughly half of those – or one-quarter of the total – have been approved and the rest have been denied.

A different person familiar with the process added that&nbsp;some&nbsp;licenses for&nbsp;sales&nbsp;of cell phone components and non-electronic components were approved.

"The Department is issuing these narrow licenses to authorize limited and specific activities which do not pose a significant risk to the national security or foreign policy interests of the United States," the Commerce Department said in a statement, without providing further detail.

The move came after the Commerce Department renewed the so-called temporary general license for the company for a third time on Monday, extending permission for&nbsp;Huawei&nbsp;to engage in limited transactions to assist&nbsp;US&nbsp;rural network operators.

The goodwill gestures come as the Trump administration is working to sign a phase one trade deal with China to end a tit-for-tat trade war that has roiled markets and hit global growth.

Many China hawks have voiced fears that the administration could relax sanctions on&nbsp;Huawei&nbsp;to appease Beijing and score a win on trade.

Republican Senator Marco Rubio said in a statement the company "poses a clear and growing threat to the economic and national security" of the United States and its allies.

"I strongly believe it's against America's national security interest to grant licenses for&nbsp;US&nbsp;exports that sustain or strengthen&nbsp;Huawei," he said, adding that the Commerce Department should inform lawmakers of what licenses were given.

But the Semiconductor Industry Association, a trade group, welcomed the Commerce Department's announcement, saying&nbsp;sales&nbsp;of the non-sensitive items help ensure the competitiveness of&nbsp;US&nbsp;chipmakers, "which is essential to national security."

"We hope license&nbsp;approvals continue to proceed in an appropriate and timely manner," the group added.

The United States has pending cases against&nbsp;Huawei&nbsp;for allegedly stealing American intellectual property and violating Iran sanctions. The administration has also lobbied&nbsp;US&nbsp;allies to keep&nbsp;Huawei&nbsp;out of next-generation 5G telecommunications infrastructure.&nbsp;Huawei&nbsp;denied the allegations.

The Trump administration put&nbsp;Huawei&nbsp;on a trade blacklist, citing national security concerns in May after trade talks broke down. Companies on the list are not allowed to receive shipments of&nbsp;US&nbsp;goods without a special license from the Commerce Department.

But in June,&nbsp;<a href="https://www.wionews.com/world/united-states-china-trade-deal-may-not-be-signed-this-year-263497">US&nbsp;President Donald Trump</a> said&nbsp;some&nbsp;sales&nbsp;would be allowed to the company, and&nbsp;US&nbsp;officials urged&nbsp;firms to apply for licenses, noting that they would be granted in cases where the items were readily available and did not compromise national security.

But until Wednesday, there had been no responses on the license requests.

Despite the good news, plenty of headwinds remain for&nbsp;Huawei, which is still awaiting rules from the Commerce Department that are expected to bar them from the&nbsp;US&nbsp;telecoms network.

"The White House isn't ready to pull the plug on&nbsp;Huawei&nbsp;because that would do almost as much harm to&nbsp;US&nbsp;companies," said James Lewis, a technology expert with the Washington-based Center for Strategic and International Studies. "But they're keeping it in reserve," he added.

The Trump administration on Wednesday gave Huawei its second reprieve this week, allowing some suppliers to restart sales to the Chinese telecoms giant after it was placed on a trade blacklist over national security concerns six months ago.

The Trump administration on Wednesday gave Huawei its second reprieve this week, allowing some suppliers to restart sales to the Chinese telecoms giant after it was placed on a trade blacklist over national security concerns six months ago. The Commerce Department said it has begun issuing licenses for some companies to sell goods to Huawei, expanding the company's supplier base and providing long-awaited clarity to the industry that once sold it billions of dollars worth of goods. It was not immediately clear which products had been approved for sale to the world's top telecommunications equipment maker. But Huawei Technologies Co Ltd, also the second-largest smartphone maker, has been anxiously awaiting a license for Alphabet Inc's Google to supply its mobile services to new models. Google declined to comment. A US official said of roughly 300 license requests, about half have been processed. Roughly half of those – or one-quarter of the total – have been approved and the rest have been denied. A different person familiar with the process added that some licenses for sales of cell phone components and non-electronic components were approved. "The Department is issuing these narrow licenses to authorize limited and specific activities which do not pose a significant risk to the national security or foreign policy interests of the United States," the Commerce Department said in a statement, without providing further detail. The move came after the Commerce Department renewed the so-called temporary general license for the company for a third time on Monday, extending permission for Huawei to engage in limited transactions to assist US rural network operators. The goodwill gestures come as the Trump administration is working to sign a phase one trade deal with China to end a tit-for-tat trade war that has roiled markets and hit global growth. Many China hawks have voiced fears that the administration could relax sanctions on Huawei to appease Beijing and score a win on trade. Republican Senator Marco Rubio said in a statement the company "poses a clear and growing threat to the economic and national security" of the United States and its allies. "I strongly believe it's against America's national security interest to grant licenses for US exports that sustain or strengthen Huawei," he said, adding that the Commerce Department should inform lawmakers of what licenses were given. But the Semiconductor Industry Association, a trade group, welcomed the Commerce Department's announcement, saying sales of the non-sensitive items help ensure the competitiveness of US chipmakers, "which is essential to national security." "We hope license approvals continue to proceed in an appropriate and timely manner," the group added. The United States has pending cases against Huawei for allegedly stealing American intellectual property and violating Iran sanctions. The administration has also lobbied US allies to keep Huawei out of next-generation 5G telecommunications infrastructure. Huawei denied the allegations. The Trump administration put Huawei on a trade blacklist, citing national security concerns in May after trade talks broke down. Companies on the list are not allowed to receive shipments of US goods without a special license from the Commerce Department. But in June, US President Donald Trump said some sales would be allowed to the company, and US officials urged firms to apply for licenses, noting that they would be granted in cases where the items were readily available and did not compromise national security. But until Wednesday, there had been no responses on the license requests. Despite the good news, plenty of headwinds remain for Huawei, which is still awaiting rules from the Commerce Department that are expected to bar them from the US telecoms network. "The White House isn't ready to pull the plug on Huawei because that would do almost as much harm to US companies," said James Lewis, a technology expert with the Washington-based Center for Strategic and International Studies. "But they're keeping it in reserve," he added.

Some Huawei suppliers get US approval to restart sales to blacklisted firm

India&nbsp;has agreed to&nbsp;sell&nbsp;stakes in five&nbsp;state-run companies, including oil refiner&nbsp;<a href="https://www.wionews.com/business-economy/sensex-closes-in-the-green-at-40345-nifty-bank-gains-by-12-per-cent-261425">Bharat&nbsp;Petroleum&nbsp;Corp </a>(BPCL), finance minister <a href="https://www.wionews.com/india-news/indias-state-run-banks-report-frauds-of-more-than-13-billion-in-six-months-finance-minister-263160">Nirmala Sitharaman </a>said on Wednesday, a move that could help bridge a widening fiscal gap.

Prime Minister <a href="https://www.wionews.com/india-news/aap-protests-in-parliament-demands-inclusion-of-bill-on-unauthorised-colonies-in-winter-session-263360">Narendra Modi</a>'s government has also approved the sale of holdings in logistics firm Container Corp of&nbsp;India&nbsp;Ltd and Shipping Corp of&nbsp;India, Sitharaman told reporters after a cabinet meeting.

India&nbsp;has set a target of raising 1.05 trillion rupees ($14.6 billion) through the sale of&nbsp;state&nbsp;stakes in companies by March 2020. It has reached 173.64 billion rupees since April by&nbsp;selling minority&nbsp;stakes in government companies.

Watch: Indian government to&nbsp;divest stake in BPCL&nbsp;

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The government owns 63.75 per cent&nbsp;of Shipping Corp and a&nbsp;stake&nbsp;of 53.29 per cent&nbsp;in&nbsp;India's second-biggest&nbsp;state&nbsp;refiner BPCL, which industry sources estimate could fetch $8 billion to $10 billion.

Sitharaman said management control of BPCL's subsidiary, Numaligarh Refinery Ltd (NRL), in the eastern&nbsp;Indian&nbsp;state&nbsp;of Assam, will be given to another oil company for consolidation.

India, which has already announced a plan to&nbsp;sell&nbsp;national carrier Air&nbsp;India, faces tax shortfalls of around 2 trillion rupees in the current fiscal year, making the&nbsp;stake&nbsp;sales critical to relieving the deficit.

Modi's government has set a fiscal deficit target of 3.3 per cent&nbsp;of gross domestic product (GDP) for the current year, but economists and government sources say this is likely to slip to around 3.8 per cent.

New Delhi also plans to&nbsp;offload&nbsp;stakes in Tehri Hydro Development Corporation&nbsp;India&nbsp;Ltd (THDCIL) and North Eastern Electric Power Corp Ltd (NEEPCO), which the government plans to hand over to&nbsp;state-run power producer NTPC.

India&nbsp;plans to invite international energy firms to participate in the privatisation of&nbsp;state-owned oil companies, oil minister Dharmendra Pradhan said last week.

Separately, the cabinet approved the import of 1.2 million tonnes of onions to curb local price rises, as well as a two-year moratorium for telecom companies to pay their spectrum dues.

India has agreed to sell stakes in five state-run companies, including oil refiner Bharat Petroleum Corp (BPCL), finance minister Nirmala Sitharaman said on Wednesday, a move that could help bridge a widening fiscal gap.

India has agreed to sell stakes in five state-run companies, including oil refiner Bharat Petroleum Corp (BPCL), finance minister Nirmala Sitharaman said on Wednesday, a move that could help bridge a widening fiscal gap. Prime Minister Narendra Modi's government has also approved the sale of holdings in logistics firm Container Corp of India Ltd and Shipping Corp of India, Sitharaman told reporters after a cabinet meeting. India has set a target of raising 1.05 trillion rupees ($14.6 billion) through the sale of state stakes in companies by March 2020. It has reached 173.64 billion rupees since April by selling minority stakes in government companies. Watch: Indian government to divest stake in BPCL The government owns 63.75 per cent of Shipping Corp and a stake of 53.29 per cent in India's second-biggest state refiner BPCL, which industry sources estimate could fetch $8 billion to $10 billion. Sitharaman said management control of BPCL's subsidiary, Numaligarh Refinery Ltd (NRL), in the eastern Indian state of Assam, will be given to another oil company for consolidation. India, which has already announced a plan to sell national carrier Air India, faces tax shortfalls of around 2 trillion rupees in the current fiscal year, making the stake sales critical to relieving the deficit. Modi's government has set a fiscal deficit target of 3.3 per cent of gross domestic product (GDP) for the current year, but economists and government sources say this is likely to slip to around 3.8 per cent. New Delhi also plans to offload stakes in Tehri Hydro Development Corporation India Ltd (THDCIL) and North Eastern Electric Power Corp Ltd (NEEPCO), which the government plans to hand over to state-run power producer NTPC. India plans to invite international energy firms to participate in the privatisation of state-owned oil companies, oil minister Dharmendra Pradhan said last week. Separately, the cabinet approved the import of 1.2 million tonnes of onions to curb local price rises, as well as a two-year moratorium for telecom companies to pay their spectrum dues.

India to offload Bharat Petroleum in state stake sell-off

<a href="https://www.wionews.com/world/us-president-donald-trump-praises-apple-chief-tim-cook-for-great-job-in-austin-after-tirade-against-technology-firms-263491">Apple Inc</a> and Intel Corp on Wednesday filed an antitrust lawsuit against Fortress Investment Group, alleging the <a href="https://www.wionews.com/business-economy/softbank-to-create-30-billion-tech-giant-with-yahoo-japan-line-corp-merger-262950">SoftBank</a> Group Corp unit stockpiled patents to hold up tech firms with lawsuits demanding as much as $5.1 billion.

The suit follows an earlier case that Intel filed against Fortress in October. Intel withdrew that suit and on Wednesday filed a new version in the US&nbsp;District Court for the Northern District of California with Apple joining as a plaintiff.

Intel and Apple allege that Fortress and firms it either owned or whose patent portfolios it effectively controlled - and which do no make any technology products - stockpiled patents for the primary purpose of suing technology companies and did so in a manner that violated US&nbsp;antitrust laws.

"Apple has suffered economic harm in the form of litigation costs and diversion of resources away from innovation to respond to these entities' serial nuisance suits," Apple wrote in the complaint.

Fortress and Japanese parent SoftBank did not immediately respond to a request for comment. When <a href="https://www.wionews.com/world/wall-street-set-for-weak-open-amidst-us-china-trade-war-and-hong-kong-crisis-261444">Intel</a> filed the similar lawsuit in October, a Fortress spokesman told Reuters the company was "confident in our business practices and our legal position and view this lawsuit as meritless".

In the filing on Wednesday, Apple said firms connected to Fortress had filed at least 25 lawsuits against the iPhone maker demanding $2.6 billion to $5.1 billion in damages. One of the suits, Apple wrote in its filing, alleged that Apple violated a step-counting patent in its devices with health-tracking apps.

Two Fortress-connected firms, Uniloc USA and Uniloc Luxembourg, "have disclosed that they believe they are entitled to damages of between $1.41 and $2.75 per Apple product, for total damages in the range of $375 to $732 million," Apple wrote in its complaint.

"The apparent precision of the per-unit damages request is a facade; Uniloc USA and Uniloc Luxembourg simply adopted the amounts that Apple sought from Samsung in litigation for Apple's patents," Apple wrote, referring to South Korea's Samsung Electronics Co Ltd.

Intel said it could not comment beyond the court filing. Apple did not immediately respond to a request for comment.

Apple Inc and Intel Corp on Wednesday filed an antitrust lawsuit against Fortress Investment Group, alleging the SoftBank Group Corp unit stockpiled patents to hold up tech firms with lawsuits demanding as much as $5.

Apple Inc and Intel Corp on Wednesday filed an antitrust lawsuit against Fortress Investment Group, alleging the SoftBank Group Corp unit stockpiled patents to hold up tech firms with lawsuits demanding as much as $5.1 billion. The suit follows an earlier case that Intel filed against Fortress in October. Intel withdrew that suit and on Wednesday filed a new version in the US District Court for the Northern District of California with Apple joining as a plaintiff. Intel and Apple allege that Fortress and firms it either owned or whose patent portfolios it effectively controlled - and which do no make any technology products - stockpiled patents for the primary purpose of suing technology companies and did so in a manner that violated US antitrust laws. "Apple has suffered economic harm in the form of litigation costs and diversion of resources away from innovation to respond to these entities' serial nuisance suits," Apple wrote in the complaint. Fortress and Japanese parent SoftBank did not immediately respond to a request for comment. When Intel filed the similar lawsuit in October, a Fortress spokesman told Reuters the company was "confident in our business practices and our legal position and view this lawsuit as meritless". In the filing on Wednesday, Apple said firms connected to Fortress had filed at least 25 lawsuits against the iPhone maker demanding $2.6 billion to $5.1 billion in damages. One of the suits, Apple wrote in its filing, alleged that Apple violated a step-counting patent in its devices with health-tracking apps. Two Fortress-connected firms, Uniloc USA and Uniloc Luxembourg, "have disclosed that they believe they are entitled to damages of between $1.41 and $2.75 per Apple product, for total damages in the range of $375 to $732 million," Apple wrote in its complaint. "The apparent precision of the per-unit damages request is a facade; Uniloc USA and Uniloc Luxembourg simply adopted the amounts that Apple sought from Samsung in litigation for Apple's patents," Apple wrote, referring to South Korea's Samsung Electronics Co Ltd. Intel said it could not comment beyond the court filing. Apple did not immediately respond to a request for comment.

Apple, Intel file antitrust case against SoftBank- Owned firm over patent practices