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Indian stock market indices Sensex and Nifty on Wednesday traded marginally higher by the afternoon session due to bank, finance and metal sector.

At 2 pm, the BSE S&amp;P Sensex was up by 70 points to 40,310.55 while the Nifty 50 ticked up by 18 points at 11,875.95.&nbsp;

Meanwhile, the rupee has extended its morning gains and trading higher by 12 paise at 70.80 per dollar. It opened higher at 70.89 per dollar versus previous close 70.92.

Asian markets

Asian markets mostly rose Wednesday but investors are growing nervous at the lack of news on China-US trade talks, with Washington yet to cancel tariffs on a swathe of Chinese goods planned for the weekend.

Negotiators are still trying to hammer out a mini agreement and the mood on trading floors remains upbeat, while most observers are confident the two sides will eventually reach a deal, which has fed a global equities rally for weeks.

However, a fresh round of levies on $160 billion of Chinese exports to the US is due to be imposed on December 15, and there has been no word from the White House on a possible delay to that date.

(With inputs from agencies)

Indian stock market indices Sensex and Nifty on Wednesday traded marginally higher by the afternoon session due to bank, finance and metal sector. At 2 pm, the BSE S&P Sensex was up by 70 points to 40,310.

Indian stock market indices Sensex and Nifty on Wednesday traded marginally higher by the afternoon session due to bank, finance and metal sector. At 2 pm, the BSE S&P Sensex was up by 70 points to 40,310.55 while the Nifty 50 ticked up by 18 points at 11,875.95. Meanwhile, the rupee has extended its morning gains and trading higher by 12 paise at 70.80 per dollar. It opened higher at 70.89 per dollar versus previous close 70.92. Asian markets Asian markets mostly rose Wednesday but investors are growing nervous at the lack of news on China-US trade talks, with Washington yet to cancel tariffs on a swathe of Chinese goods planned for the weekend. Negotiators are still trying to hammer out a mini agreement and the mood on trading floors remains upbeat, while most observers are confident the two sides will eventually reach a deal, which has fed a global equities rally for weeks. However, a fresh round of levies on $160 billion of Chinese exports to the US is due to be imposed on December 15, and there has been no word from the White House on a possible delay to that date. (With inputs from agencies)

Markets: Sensex up 70 points, Nifty holds 11,875.95 in the afternoon session

Equity indices languished in the negative terrain during early hours on Tuesday as investors awaited the outcome of new European Central Bank (ECB) boss Christine Lagarde`s first policy meeting later this week.

At 10:50 am, the BSE S&amp;P Sensex was down by 85.22 points to 40,402.21 while the Nifty 50 edged lower by 27.10 points at 11,910.40.&nbsp;

Most sectoral indices at the National Stock Exchange were in the red with Nifty IT down by 0.23 per cent.&nbsp;

Among stocks, Tata Consultancy Services slipped by 1.3 per cent to Rs 2,033 per share.&nbsp;

Tech Mahindra was down by 1.2 per cent, Wipro traded 0.8 per cent lower while HCL Technologies suffered a loss of 0.7 per cent.The other major losers were Bharti Infratel, Axis Bank, Yes Bank and Power Grid Corporation.&nbsp;

However, those which showed some gains were Sun Pharma, Cipla, ONGC, UPL and Grasim. Meanwhile, Asian equity markets were a tad lower as investors refrained from making major bets before December 15, when the next round of US tariffs on Chinese imports is due to take effect.&nbsp;

A Chinese Commerce Ministry official said a day earlier that Beijing hopes to make a trade deal with Washington as soon as possible.MSCI's broadest index of Asia Pacific shares outside Japan was down by 0.04 per cent while Japan's Nikkei lost by 0.23 per cent.

(With inputs from ANI)

Equity indices languished in the negative terrain during early hours on Tuesday as investors awaited the outcome of new European Central Bank (ECB) boss Christine Lagarde`s first policy meeting later this week.

Equity indices languished in the negative terrain during early hours on Tuesday as investors awaited the outcome of new European Central Bank (ECB) boss Christine Lagarde`s first policy meeting later this week. At 10:50 am, the BSE S&P Sensex was down by 85.22 points to 40,402.21 while the Nifty 50 edged lower by 27.10 points at 11,910.40. Most sectoral indices at the National Stock Exchange were in the red with Nifty IT down by 0.23 per cent. Among stocks, Tata Consultancy Services slipped by 1.3 per cent to Rs 2,033 per share. Tech Mahindra was down by 1.2 per cent, Wipro traded 0.8 per cent lower while HCL Technologies suffered a loss of 0.7 per cent.The other major losers were Bharti Infratel, Axis Bank, Yes Bank and Power Grid Corporation. However, those which showed some gains were Sun Pharma, Cipla, ONGC, UPL and Grasim. Meanwhile, Asian equity markets were a tad lower as investors refrained from making major bets before December 15, when the next round of US tariffs on Chinese imports is due to take effect. A Chinese Commerce Ministry official said a day earlier that Beijing hopes to make a trade deal with Washington as soon as possible.MSCI's broadest index of Asia Pacific shares outside Japan was down by 0.04 per cent while Japan's Nikkei lost by 0.23 per cent. (With inputs from ANI)

Sensex drops 85 points, Nifty below 11,950

Iron&nbsp;ore&nbsp;futures in&nbsp;China&nbsp;rose to their&nbsp;highest in more&nbsp;than&nbsp;four&nbsp;months on Tuesday on&nbsp;supply&nbsp;uncertainties expected to emerge during the first quarter of next year.

The most-traded&nbsp;iron&nbsp;ore&nbsp;futures contract on the Dalian Commodity Exchange, for May 2020 delivery, soared as much as 3.2&nbsp;per cent&nbsp;to 662 yuan ($94.05) per tonne in morning trade, the most since August&nbsp;7. It jumped 2.96 per cent&nbsp;to 661 yuan per tonne as of 0330 GMT.

Prices for spot cargoes of benchmark&nbsp;iron&nbsp;ore&nbsp;with 62 per cent&nbsp;iron&nbsp;content for delivery to&nbsp;China, also tracked the robust futures market and rose to $93 per tonne on Monday from $89.50 in the previous session.

"The surge in&nbsp;iron&nbsp;ore&nbsp;prices was mainly driven by&nbsp;supply&nbsp;concerns from foreign miners in the first quarter next year," said Tang Bingqing, an analyst with Founder CIFCO Futures, referring to Brazilian miner Vale SA lowering production outlook and the upcoming expiry of mining leases in India.

Meanwhile,&nbsp;demand&nbsp;prospects for construction steel products and steelmaking raw materials were improved as the latest <a href="https://www.wionews.com/world/propaganda-20-chinese-communist-partys-message-gets-tech-upgrade-201246">Chinese Communist Party</a> conference reiterated the need to strengthen infrastructure constructions, and did not mention real estate controls, Tang added.

Construction steel rebar on the Shanghai Futures Exchange, for May 2020 delivery, jumped 1.0&nbsp;per cent&nbsp;to 3,528 yuan per tonne.

January hot-rolled coil contract, used in cars and home appliances, rose 0.7per cent&nbsp;to 3,690 yuan per tonne.

&nbsp;

Fundamentals

* Shanghai stainless steel futures, for February 2020 delivery, edged up 0.2 per cent&nbsp;to 14,010 yuan per tonne.

* Other steelmaking ingredients were mixed. Dalian coking coal, for January 2020 delivery, inched down 0.3 per cent&nbsp;to 1,243 yuan per tonne while Dalian coke gained 1.2 per cent&nbsp;to 1,928 yuan per tonne.

*&nbsp;China's producer prices fell in annual terms for the fifth consecutive&nbsp;month&nbsp;in November, while consumer prices spiked as food costs climbed, data showed on Tuesday, complicating policymakers' efforts to boost&nbsp;demand&nbsp;as economic growth slows.

Iron ore futures in China rose to their highest in more than four months on Tuesday on supply uncertainties expected to emerge during the first quarter of next year.

Iron ore futures in China rose to their highest in more than four months on Tuesday on supply uncertainties expected to emerge during the first quarter of next year. The most-traded iron ore futures contract on the Dalian Commodity Exchange, for May 2020 delivery, soared as much as 3.2 per cent to 662 yuan ($94.05) per tonne in morning trade, the most since August 7. It jumped 2.96 per cent to 661 yuan per tonne as of 0330 GMT. Prices for spot cargoes of benchmark iron ore with 62 per cent iron content for delivery to China, also tracked the robust futures market and rose to $93 per tonne on Monday from $89.50 in the previous session. "The surge in iron ore prices was mainly driven by supply concerns from foreign miners in the first quarter next year," said Tang Bingqing, an analyst with Founder CIFCO Futures, referring to Brazilian miner Vale SA lowering production outlook and the upcoming expiry of mining leases in India. Meanwhile, demand prospects for construction steel products and steelmaking raw materials were improved as the latest Chinese Communist Party conference reiterated the need to strengthen infrastructure constructions, and did not mention real estate controls, Tang added. Construction steel rebar on the Shanghai Futures Exchange, for May 2020 delivery, jumped 1.0 per cent to 3,528 yuan per tonne. January hot-rolled coil contract, used in cars and home appliances, rose 0.7per cent to 3,690 yuan per tonne. Fundamentals * Shanghai stainless steel futures, for February 2020 delivery, edged up 0.2 per cent to 14,010 yuan per tonne. * Other steelmaking ingredients were mixed. Dalian coking coal, for January 2020 delivery, inched down 0.3 per cent to 1,243 yuan per tonne while Dalian coke gained 1.2 per cent to 1,928 yuan per tonne. * China's producer prices fell in annual terms for the fifth consecutive month in November, while consumer prices spiked as food costs climbed, data showed on Tuesday, complicating policymakers' efforts to boost demand as economic growth slows.

China iron ore surges to over four-month high amid supply uncertainty, demand hopes

<a href="https://www.wionews.com/business-economy/softbanks-son-sticks-with-gut-led-investing-in-chat-with-alibabas-ma-266629">Softbank group's vision</a> fund has agreed to sell its nearly 50 per cent stake in Wag labs inc back to the dog-walking startup.&nbsp;

“We are amicably parting ways with Softbank and Softbank will no longer have board representation,” chief executive Garrett Smallwood said in a memo to employees.

Wag, which earlier this year laid off several dozen employees, is letting go a significant amount of the remainder of its workforce, the report said.&nbsp;

Wag, which pairs dog owners with available walkers in their neighbourhood, landed its first investment from Softbank’s vision fund in January 2018. Since then, Softbank’s $100 billion vision fund has come under scrutiny for ploughing money into unprofitable start-ups, such as WeWork and Uber. &nbsp;&nbsp;

The price of the deal is unclear, but reports say it is going to be below the $650 million valuations that was earned by wag when Softbank first invested nearly two years ago.

Softbank group's vision fund has agreed to sell its nearly 50 per cent stake in Wag labs inc back to the dog-walking startup. “We are amicably parting ways with Softbank and Softbank will no longer have board representation,” chief executive Garrett Smallwood said in a memo to employees.

Softbank group's vision fund has agreed to sell its nearly 50 per cent stake in Wag labs inc back to the dog-walking startup. “We are amicably parting ways with Softbank and Softbank will no longer have board representation,” chief executive Garrett Smallwood said in a memo to employees. Wag, which earlier this year laid off several dozen employees, is letting go a significant amount of the remainder of its workforce, the report said. Wag, which pairs dog owners with available walkers in their neighbourhood, landed its first investment from Softbank’s vision fund in January 2018. Since then, Softbank’s $100 billion vision fund has come under scrutiny for ploughing money into unprofitable start-ups, such as WeWork and Uber. The price of the deal is unclear, but reports say it is going to be below the $650 million valuations that was earned by wag when Softbank first invested nearly two years ago.

Softbank agrees to sell 50% stake in Wag labs back to the dog-walking startup

The fate of the <a href="https://www.wionews.com/world/brics-leaders-call-for-free-trade-reform-to-un-wto-262203">world trade organization's(WTO)</a> top court has effectively been sealed after the United States said that it would not back a proposal to allow it to continue.

The powerful appellate body of the global commerce block which rules during trade disputes is all set to lose two judges, who finish their terms on December 10.

According to WTO rules, there must be three judges to hear each case but the Trump administration has blocked new appointments to the body.

The US has also threatened to block the WTO's budget, which could cause the entire organisation to shut down by January 2020.

Ever since his appointment, Trump has always maintained that WTO is "biased" against the US, and has criticised it for being “unfair”.

It signals the demise of the 24-year-old body which was founded in 1995 based out of Geneva, the WTO governs nearly $23 billion in global trade.

The move&nbsp;could mean danger for India's interests which has several disputes that could be left in limbo if the top court collapses.

Some of those ongoing disputes include US and Japan complaining of excessive import duties and fee hikes for non-immigrant visas, including the H-1B issue and India pulling up the US over its steel and aluminium tariffs.

In the last few months alone, four cases have been brought to the WTO against India’s alleged support measures for its sugar and sugarcane producer.

Meanwhile, other major WTO economies have planned ahead by deciding on an interim arrangement but India has also opposed such an idea to set up arbitration panels to resolve disputes bilaterally.

The fate of the world trade organization's(WTO) top court has effectively been sealed after the United States said that it would not back a proposal to allow it to continue.

The fate of the world trade organization's(WTO) top court has effectively been sealed after the United States said that it would not back a proposal to allow it to continue. The powerful appellate body of the global commerce block which rules during trade disputes is all set to lose two judges, who finish their terms on December 10. According to WTO rules, there must be three judges to hear each case but the Trump administration has blocked new appointments to the body. The US has also threatened to block the WTO's budget, which could cause the entire organisation to shut down by January 2020. Ever since his appointment, Trump has always maintained that WTO is "biased" against the US, and has criticised it for being “unfair”. It signals the demise of the 24-year-old body which was founded in 1995 based out of Geneva, the WTO governs nearly $23 billion in global trade. The move could mean danger for India's interests which has several disputes that could be left in limbo if the top court collapses. Some of those ongoing disputes include US and Japan complaining of excessive import duties and fee hikes for non-immigrant visas, including the H-1B issue and India pulling up the US over its steel and aluminium tariffs. In the last few months alone, four cases have been brought to the WTO against India’s alleged support measures for its sugar and sugarcane producer. Meanwhile, other major WTO economies have planned ahead by deciding on an interim arrangement but India has also opposed such an idea to set up arbitration panels to resolve disputes bilaterally.

US proposal set to seal fate of WTO top court

The auto market continues to be in grip of a slowdown. The auto sales have continued to be under pressure in November, sliding slightly.

After having reduced output for nine straight months due to lower demand, India's largest carmaker Maruti Suzuki has raised production in November by 4.3 per cent, the first in nine months.

Maruti Suzuki produced a total of 1,41,834 units in November as against 1,35,946 units in the year-ago month, it said in a filing to the exchanges.

Domestic automobile sales have been on a precipitous decline since the September quarter of 2018-19 due to an overall slowdown in consumption and liquidity crisis at financial institutions after the collapse of infrastructure leasing and financial services ltd.

Maruti’s wholesales from April to October 2019 fell 20.4 per cent&nbsp;to 958,373 vehicles. The increase in vehicle production in November follows a 4.5 per cent&nbsp;year-on-year growth in wholesales&nbsp;or industry dispatches&nbsp;of Maruti in October to 144,277 units.

This was the first increase in seven months for the company thanks to a high level of discounts across most of its product range.&nbsp; In November, however, Maruti's wholesales declined 3.2 per cent&nbsp;year-on-year to 141,400 units.

The auto market continues to be in grip of a slowdown. The auto sales have continued to be under pressure in November, sliding slightly. After having reduced output for nine straight months due to lower demand, India's largest carmaker Maruti Suzuki has raised production in November by 4.

The auto market continues to be in grip of a slowdown. The auto sales have continued to be under pressure in November, sliding slightly. After having reduced output for nine straight months due to lower demand, India's largest carmaker Maruti Suzuki has raised production in November by 4.3 per cent, the first in nine months. Maruti Suzuki produced a total of 1,41,834 units in November as against 1,35,946 units in the year-ago month, it said in a filing to the exchanges. Domestic automobile sales have been on a precipitous decline since the September quarter of 2018-19 due to an overall slowdown in consumption and liquidity crisis at financial institutions after the collapse of infrastructure leasing and financial services ltd. Maruti’s wholesales from April to October 2019 fell 20.4 per cent to 958,373 vehicles. The increase in vehicle production in November follows a 4.5 per cent year-on-year growth in wholesales or industry dispatches of Maruti in October to 144,277 units. This was the first increase in seven months for the company thanks to a high level of discounts across most of its product range. In November, however, Maruti's wholesales declined 3.2 per cent year-on-year to 141,400 units.

Maruti raises production in November for first time in nine months

Japan's <a href="https://www.wionews.com/business-economy/in-a-first-us-approved-drone-delivers-donuts-to-doorstep-3079">7-Eleven </a>convenience store chain, already under nationwide scrutiny over labor issues, admitted on Tuesday that the company had been underpaying workers for years due to miscalculations.

The chain, a unit of Japanese retail group <a href="https://www.wionews.com/world/japans-capital-braces-for-what-could-be-worst-typhoon-in-60-years-255362">Seven &amp; I Holdings</a>, confirmed errors going back to 2012 and affecting 8,000 stores and over 30,000 workers. The total missed payments amounted to about 490 million yen ($4.5 million), it said.

The error was spotted by labor standards inspectors in September, the company said, confirming an earlier report by financial daily <a href="https://www.wionews.com/business-economy/japans-stock-exchange-nikkei-posts-biggest-weekly-gain-in-over-6-years-2577">Nikkei</a>.

"We deeply apologize to our franchise stores and employees for this problem," the company said in a statement, adding that it would ensure the overdue payments will be paid out.

The convenience store chain has been under pressure to review its 24-hour store policy, with franchise owners struggling to keep stores staffed around the clock amid the tightest labor market in 40 years.

The company has been testing shorter hours at some stores after the plight of some franchise owners attracted nationwide attention.

The 7-Eleven stores, which originated in the United States but are now owned by Japan's Seven &amp; I, expanded rapidly since the 1970s as their 24-hour accessibility proved a perfect match with the country's dense population and late-night work culture.

Until recently, the convenience store industry's high margins and strong growth were the envy of the rest of Japan's retail sector that was struggling with pricing pressure and lean consumer spending.

Analysts, however, say the convenience store market is now highly saturated and a demographic crunch means the industry has little room for growth.

Japan's 7-Eleven convenience store chain, already under nationwide scrutiny over labor issues, admitted on Tuesday that the company had been underpaying workers for years due to miscalculations.

Japan's 7-Eleven convenience store chain, already under nationwide scrutiny over labor issues, admitted on Tuesday that the company had been underpaying workers for years due to miscalculations. The chain, a unit of Japanese retail group Seven & I Holdings, confirmed errors going back to 2012 and affecting 8,000 stores and over 30,000 workers. The total missed payments amounted to about 490 million yen ($4.5 million), it said. The error was spotted by labor standards inspectors in September, the company said, confirming an earlier report by financial daily Nikkei. "We deeply apologize to our franchise stores and employees for this problem," the company said in a statement, adding that it would ensure the overdue payments will be paid out. The convenience store chain has been under pressure to review its 24-hour store policy, with franchise owners struggling to keep stores staffed around the clock amid the tightest labor market in 40 years. The company has been testing shorter hours at some stores after the plight of some franchise owners attracted nationwide attention. The 7-Eleven stores, which originated in the United States but are now owned by Japan's Seven & I, expanded rapidly since the 1970s as their 24-hour accessibility proved a perfect match with the country's dense population and late-night work culture. Until recently, the convenience store industry's high margins and strong growth were the envy of the rest of Japan's retail sector that was struggling with pricing pressure and lean consumer spending. Analysts, however, say the convenience store market is now highly saturated and a demographic crunch means the industry has little room for growth.

Japan's 7-Eleven admits it underpaid staff for years

<a href="https://www.wionews.com/world/deutsche-bank-says-to-slash-18000-jobs-by-2022-233897">Deutsche Bank</a> pared back its revenue growth target on Tuesday, blaming rock-bottom interest rates for hurting its business in a downbeat presentation to investors.

The German bank said it expected revenue at its core banking business to grow by just 1% in the run-up to 2022, half the growth level estimated in July. It put emphasis instead on efforts to cut billions of euros in costs.

Chief Executive <a href="https://www.wionews.com/world/us-congressional-probe-finds-possible-lapses-in-deutsche-bank-controls-report-247969">Christian Sewing</a> pointed to "significant progress" in recent months in turning around the bank in the presentation ahead of an investor day. But the bank highlighted the impact of low interest rates in the eurozone on its business.

Deutsche said such low rates would hurt its retail bank as well as corporate banking in the medium term, but it predicted that growth at its investment bank would partly make up for this.

The bank said it had taken steps to cope with low rates, including lending more and "selectively" passing on to customers the costs it faces for keeping cash at the central bank.

Deutsche Bank also said that the <a href="https://www.wionews.com/world/trump-criticises-federal-reserve-for-not-acting-quickly-as-european-central-bank-249248">European Central Bank</a> had reduced the lender's capital ratio requirement, following a review.

Deutsche Bank pared back its revenue growth target on Tuesday, blaming rock-bottom interest rates for hurting its business in a downbeat presentation to investors.

Deutsche Bank pared back its revenue growth target on Tuesday, blaming rock-bottom interest rates for hurting its business in a downbeat presentation to investors. The German bank said it expected revenue at its core banking business to grow by just 1% in the run-up to 2022, half the growth level estimated in July. It put emphasis instead on efforts to cut billions of euros in costs. Chief Executive Christian Sewing pointed to "significant progress" in recent months in turning around the bank in the presentation ahead of an investor day. But the bank highlighted the impact of low interest rates in the eurozone on its business. Deutsche said such low rates would hurt its retail bank as well as corporate banking in the medium term, but it predicted that growth at its investment bank would partly make up for this. The bank said it had taken steps to cope with low rates, including lending more and "selectively" passing on to customers the costs it faces for keeping cash at the central bank. Deutsche Bank also said that the European Central Bank had reduced the lender's capital ratio requirement, following a review.

Deutsche Bank predicts meagre growth due to low rates

<a href="https://www.wionews.com/world/ted-baker-posts-loss-warns-on-full-year-results-253424">Ted Baker Plc</a> said on Tuesday its chief executive officer and chairman have stepped down, and the British fashion retailer also cut its full-year outlook again and suspended its dividend.

Recently appointed Chief Financial Officer, Rachel Osborne, will take on the CEO role from Lindsay Page on an interim basis.

The departures come a week after the company said it may have overstated inventory by as much as 25 million pounds ($32.08 million).

Page was promoted to the role in April after founder <a href="https://www.wionews.com/world/shock-waves-of-metoo-reach-the-city-of-london-184453">Ray Kelvin</a> stepped down after allegations of misconduct at the company.

Sharon Baylay has assumed the role of acting chair, replacing David Bernstein.

Ted Baker Plc said on Tuesday its chief executive officer and chairman have stepped down, and the British fashion retailer also cut its full-year outlook again and suspended its dividend.

Ted Baker Plc said on Tuesday its chief executive officer and chairman have stepped down, and the British fashion retailer also cut its full-year outlook again and suspended its dividend. Recently appointed Chief Financial Officer, Rachel Osborne, will take on the CEO role from Lindsay Page on an interim basis. The departures come a week after the company said it may have overstated inventory by as much as 25 million pounds ($32.08 million). Page was promoted to the role in April after founder Ray Kelvin stepped down after allegations of misconduct at the company. Sharon Baylay has assumed the role of acting chair, replacing David Bernstein.

Ted Baker CEO, chairman step down; outlook cut, dividend suspended

Amazon.com Inc on Monday accused US&nbsp;President <a href="https://www.wionews.com/opinions/donald-trumps-attitude-towards-india-unpredictable-unreliable-238560">Donald&nbsp;Trump</a>&nbsp;of exerting "improper pressure" and bias that led the Department of Defence to award a lucrative $10 billion&nbsp;cloud&nbsp;contract&nbsp;to rival <a href="https://www.wionews.com/business-economy/growth-in-cloud-computing-business-helps-lift-microsoft-corps-quarterly-revenue-2847">Microsoft Corp</a>.

In a complaint filed in the US&nbsp;Court of Federal Claims,&nbsp;<a href="https://www.wionews.com/business-economy/amazon-offers-employees-10000-to-quit-launch-delivery-business-218463">Amazon</a>&nbsp;said&nbsp;Trump&nbsp;launched "repeated public and behind-the-scenes attacks to steer" the&nbsp;Pentagon&nbsp;cloud&nbsp;contract&nbsp;called the Joint Enterprise Defence Infrastructure, popularly known as JEDI, away from&nbsp;Amazon&nbsp;Web Services.

The heavily redacted complaint said&nbsp;Trump's motive was to "harm his perceived political enemy-Jeffrey P. Bezos, founder, and CEO of AWS's parent company,&nbsp;Amazon.com and owner of the Washington Post."

Trump's interference made it impossible for the&nbsp;Pentagon&nbsp;to judge a winner "reasonably, consistently, an in a fair and equal manner,"&nbsp;Amazon&nbsp;said.

Trump&nbsp;has long criticized Bezos and&nbsp;Amazon&nbsp;over low tax payments and accused the Washington Post of acting as a lobbyist for Bezos and&nbsp;Amazon&nbsp;and spreading "fake news."

Amazon&nbsp;called for a reevaluation of the proposals submitted to the&nbsp;Pentagon&nbsp;and a new award decision.

"The question is whether the President of the United States should be allowed to use the budget of DoD to pursue his own personal and political ends," the 103-page complaint said.

Amazon&nbsp;and the Department of Defense did not immediately respond to requests for comment.

Details from the complaint were first reported by Bloomberg last week.

In recent congressional testimony, a top&nbsp;Pentagon&nbsp;technology official, Dana Deasy, denied that&nbsp;Trump&nbsp;or the White House influenced the JEDI selection process.

A challenge to the Defense Department's award announced in October was widely expected by legal experts, analysts and consultants, especially after&nbsp;Trump&nbsp;publicly derided&nbsp;Amazon's bid for the high-stakes&nbsp;contract.

Amazon.com Inc on Monday accused US President Donald Trump of exerting "improper pressure" and bias that led the Department of Defence to award a lucrative $10 billion cloud contract to rival Microsoft Corp.

Amazon.com Inc on Monday accused US President Donald Trump of exerting "improper pressure" and bias that led the Department of Defence to award a lucrative $10 billion cloud contract to rival Microsoft Corp. In a complaint filed in the US Court of Federal Claims, Amazon said Trump launched "repeated public and behind-the-scenes attacks to steer" the Pentagon cloud contract called the Joint Enterprise Defence Infrastructure, popularly known as JEDI, away from Amazon Web Services. The heavily redacted complaint said Trump's motive was to "harm his perceived political enemy-Jeffrey P. Bezos, founder, and CEO of AWS's parent company, Amazon.com and owner of the Washington Post." Trump's interference made it impossible for the Pentagon to judge a winner "reasonably, consistently, an in a fair and equal manner," Amazon said. Trump has long criticized Bezos and Amazon over low tax payments and accused the Washington Post of acting as a lobbyist for Bezos and Amazon and spreading "fake news." Amazon called for a reevaluation of the proposals submitted to the Pentagon and a new award decision. "The question is whether the President of the United States should be allowed to use the budget of DoD to pursue his own personal and political ends," the 103-page complaint said. Amazon and the Department of Defense did not immediately respond to requests for comment. Details from the complaint were first reported by Bloomberg last week. In recent congressional testimony, a top Pentagon technology official, Dana Deasy, denied that Trump or the White House influenced the JEDI selection process. A challenge to the Defense Department's award announced in October was widely expected by legal experts, analysts and consultants, especially after Trump publicly derided Amazon's bid for the high-stakes contract.

Amazon lawsuit blames Trump for loss of Pentagon cloud contract

China announced on Monday the establishment of a national oil and gas pipeline company in a move intended to boost competition, the Xinhua state news agency said.

The long-awaited state pipeline company aims to provide other investors fair market access to infrastructure that is mainly controlled by China's three national oil companies, Xinhua said.

"The new company will separate (oil and gas) transportation, production and sales, and open (transportation) to third-party entities, which will benefit market competition," said Xinhua, citing an unidentified official at the newly launched pipeline company.

The new entity is expected to manage most of the country's pipeline infrastructure, controlled by energy giants China National Petroleum Corp (<a href="https://www.wionews.com/business-%26-economy/chinas-cnpc-to-invest-more-than-22-billion-to-boost-xinjiang-oil-gas-output-by-2020-154342">CNPC</a>), Sinopec and <a href="https://www.wionews.com/business-economy/failed-exxon-talks-left-petrobras-stranded-for-auctions-report-261167">CNOOC</a>, and some underground natural gas storage, as well as a few liquefied natural gas terminals.

As of end-2018, CNPC owned 63 per cent&nbsp;of China's mainstream oil and gas pipelines, while Sinopec and CNOOC controlled 31&nbsp;per cent&nbsp;and 6 per cent, respectively.

In a separate report on Monday, Xinhua said the new entity is expected to be overseen by the State-owned Assets Supervision and Administration Commission (SASAC), which will have a 40&nbsp;per cent&nbsp;share in the new entity.

Citing an unidentified industry insider, Xinhua reported the three energy giants will share the remaining ownership, with CNPC holding 30 per cent, Sinopec 20 per cent&nbsp;and CNOOC 10 per cent.

China announced on Monday the establishment of a national oil and gas pipeline company in a move intended to boost competition, the Xinhua state news agency said.

China announced on Monday the establishment of a national oil and gas pipeline company in a move intended to boost competition, the Xinhua state news agency said. The long-awaited state pipeline company aims to provide other investors fair market access to infrastructure that is mainly controlled by China's three national oil companies, Xinhua said. "The new company will separate (oil and gas) transportation, production and sales, and open (transportation) to third-party entities, which will benefit market competition," said Xinhua, citing an unidentified official at the newly launched pipeline company. The new entity is expected to manage most of the country's pipeline infrastructure, controlled by energy giants China National Petroleum Corp (CNPC), Sinopec and CNOOC, and some underground natural gas storage, as well as a few liquefied natural gas terminals. As of end-2018, CNPC owned 63 per cent of China's mainstream oil and gas pipelines, while Sinopec and CNOOC controlled 31 per cent and 6 per cent, respectively. In a separate report on Monday, Xinhua said the new entity is expected to be overseen by the State-owned Assets Supervision and Administration Commission (SASAC), which will have a 40 per cent share in the new entity. Citing an unidentified industry insider, Xinhua reported the three energy giants will share the remaining ownership, with CNPC holding 30 per cent, Sinopec 20 per cent and CNOOC 10 per cent.

China sets up national oil, gas pipe firm in drive to 'boost competition': Report

<a href="https://www.wionews.com/business-economy/oil-prices-jump-to-61-over-opec-supply-cut-reports-265782">Oil prices</a> fell on Monday after data showing China's overall exports of goods and services shrank for a fourth straight month, sending shivers through a market already concerned about damage being down to global demand by the Sino-US&nbsp;trade war.

Brent futures were down 21 cents, or 0.3 per cent, at $64.18 per barrel by 0220 GMT, after gaining about 3&nbsp;per cent&nbsp;last week on the news that OPEC and its allies would deepen output cuts.

West Texas Intermediate oil futures were down 28 cents, or 0.47&nbsp;per cent&nbsp;to $58.92 a barrel, having risen about 7&nbsp;per cent&nbsp;last week on the prospects for lower production from '<a href="https://www.wionews.com/business-economy/saudi-energy-minister-talks-opec-unity-backs-aramco-to-soar-266793">OPEC+</a>', which is made up of the Organization of the Petroleum Exporting Countries (<a href="https://www.wionews.com/business-economy/opec-gearing-up-for-deeper-oil-cuts-russia-yet-to-agree-266198">OPEC</a>) and associated producers including Russia.

Monday's sudden chill came after customs data released on Sunday showed exports from the world's second-biggest economy in November fell 1.1&nbsp;per cent&nbsp;from a year earlier - a sharp reversal from expectations for a 1per cent&nbsp;rise in a Reuters poll.

The weak start to the week came despite data showing China's crude imports jumped to a record, revealing just how deep jitters are embedded in the market over the US-China trade row that has stymied global growth and oil demand.

The sagging export data is "a casualty again of the protracted trade war," said Stephen Innes chief&nbsp;Asia market strategist at AxiTrader.

Washington and Beijing have been trying to agree on a trade deal that will end tit-for-tat tariffs, but talks have dragged on for months as they wrangle over key details.

Monday's declines also went against signs on Friday that China was easing its stance on resolving its trade dispute with the United States, confirming on Friday that it was waiving import tariffs for some soybean and pork shipments.

The price drops also put an end to a strong run in previous sessions fuelled by hopes for the OPEC+ production curb deal.

On Friday, those producers agreed to deepen their output cuts from 1.2 million barrels per day (BPD) to 1.7 million BPD, representing about 1.7 per cent&nbsp;of global production.

"What made the announcement constructive was the fact that Saudi Arabia said it will produce around 400,000 BPD below its new quota level," ING Economics said in a note.

"This would effectively take OPEC+ cuts to 2.1 million BPD," ING said.

Still, US&nbsp;production has surged since the OPEC+ cuts were first introduced in 2017 in an attempt to drain a supply glut that had long weighed on prices. American output has risen even as the drill count has fallen, reflecting more efficient well extraction.

Energy services firm Baker Hughes said in its closely watched weekly drilling report on Friday that the US&nbsp;drill count fell in the week to December&nbsp;6 a seventh week of decline.

Drilling companies cut five oil rigs, leaving a total of 661, the lowest since April 2017.

Oil prices fell on Monday after data showing China's overall exports of goods and services shrank for a fourth straight month, sending shivers through a market already concerned about damage being down to global demand by the Sino-US trade war.

Oil prices fell on Monday after data showing China's overall exports of goods and services shrank for a fourth straight month, sending shivers through a market already concerned about damage being down to global demand by the Sino-US trade war. Brent futures were down 21 cents, or 0.3 per cent, at $64.18 per barrel by 0220 GMT, after gaining about 3 per cent last week on the news that OPEC and its allies would deepen output cuts. West Texas Intermediate oil futures were down 28 cents, or 0.47 per cent to $58.92 a barrel, having risen about 7 per cent last week on the prospects for lower production from 'OPEC+', which is made up of the Organization of the Petroleum Exporting Countries (OPEC) and associated producers including Russia. Monday's sudden chill came after customs data released on Sunday showed exports from the world's second-biggest economy in November fell 1.1 per cent from a year earlier - a sharp reversal from expectations for a 1per cent rise in a Reuters poll. The weak start to the week came despite data showing China's crude imports jumped to a record, revealing just how deep jitters are embedded in the market over the US-China trade row that has stymied global growth and oil demand. The sagging export data is "a casualty again of the protracted trade war," said Stephen Innes chief Asia market strategist at AxiTrader. Washington and Beijing have been trying to agree on a trade deal that will end tit-for-tat tariffs, but talks have dragged on for months as they wrangle over key details. Monday's declines also went against signs on Friday that China was easing its stance on resolving its trade dispute with the United States, confirming on Friday that it was waiving import tariffs for some soybean and pork shipments. The price drops also put an end to a strong run in previous sessions fuelled by hopes for the OPEC+ production curb deal. On Friday, those producers agreed to deepen their output cuts from 1.2 million barrels per day (BPD) to 1.7 million BPD, representing about 1.7 per cent of global production. "What made the announcement constructive was the fact that Saudi Arabia said it will produce around 400,000 BPD below its new quota level," ING Economics said in a note. "This would effectively take OPEC+ cuts to 2.1 million BPD," ING said. Still, US production has surged since the OPEC+ cuts were first introduced in 2017 in an attempt to drain a supply glut that had long weighed on prices. American output has risen even as the drill count has fallen, reflecting more efficient well extraction. Energy services firm Baker Hughes said in its closely watched weekly drilling report on Friday that the US drill count fell in the week to December 6 a seventh week of decline. Drilling companies cut five oil rigs, leaving a total of 661, the lowest since April 2017.

Oil prices slip as weak China exports highlights trade war impact

<a href="https://www.wionews.com/business-economy/asian-stocks-stumble-china-us-trade-war-167374">Asian stocks</a> edged up on Monday, catching some of Wall Street's momentum after surprisingly strong US&nbsp;jobs data although regional gains were capped by concerns about China's economic slowdown due to the prolonged Sino-US&nbsp;trade war.

Japan's benchmark Nikkei added 0.4 per cent&nbsp;while MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.3 per cent, with Australian stocks and South Korea's KOSPI up 0.4 per cent&nbsp;and 0.3 per cent, respectively.

China's Shanghai Composite stood flat and Hong Kong's Hang Seng rose 0.2 per cent.

Wall Street rose to near record highs on Friday on the strong jobs data and some signs of optimism about the <a href="https://www.wionews.com/opinions/us-china-trade-talks-free-trade-must-not-be-derailed-198923">US-China trade talks</a>, with the benchmark S&amp;P 500 closing within 0.2 per cent&nbsp;of its peak set in late November.

US&nbsp;job growth increased by the most in 10 months in November as the healthcare industry boosted hiring and production workers at General Motors returned to work after a strike, in the strongest sign that the world's largest economy is in no danger of stalling.

"This economy is still climbing and shattering the records for longevity," said Chris Rupkey, chief financial economist at MUFG Union Bank. "Right now, the clouds of recession still remain well offshore despite troubled economies elsewhere in the world and a trade war."

Top White House economic adviser Larry Kudlow said on Friday that a Dec. 15 deadline is still in place to impose a new round of US&nbsp;tariffs on Chinese consumer goods, but President Donald Trump likes where trade talks with China are going.

Still, investors think things could change if trade tensions escalate further, especially if Trump goes ahead with the planned tariffs on some $156 billion worth of products from China in mid-December.

The market has been largely working on the assumption that those tariffs, which cover several consumer products such as cellphones and toys, will be dropped or at least postponed, given that Washington and Beijing agreed in October to work on a trade deal.

Meanwhile, China's exports shrank for the fourth consecutive month in November, sending shivers through a market already concerned about damage being done to global demand by the trade war. But growth in imports was seen as a possible sign that Beijing's stimulus efforts over the last two years were helping to stir demand.

"Although the trade data did not have much impact, concerns about slowing growth and a lack of government stimulus are capping the Chinese shares' upside," said Naoki Tashiro, president of TS China Research.

"Yet chip-related shares are doing well, suggesting investors are still positive on the outlook of Sino-US&nbsp;trade talks overall."

US&nbsp;Treasury yields climbed on the strong employment report, with benchmark 10-year notes rising to 1.843 per cent.

The Federal Reserve's Open Market Committee (FOMC) kicks off its two-day policy meeting on Tuesday. The central bank is expected to highlight the economy's resilience and keep interest rates on hold in the range of 1.50&nbsp;per cent&nbsp;to 1.75 per cent.

Analysts said the much better-than-expected jobs report offset mixed signals from recent economic data and validated the Fed's wait-and-see stance on interest rates after three "insurance cuts" this year.

Oil prices retreated but hovered near recent peaks after OPEC and its allies agreed to deepen output cuts by 500,000 barrels per day in early 2020.

<a href="https://www.wionews.com/business-economy/crude-oil-prices-fall-1-on-fears-for-global-economy-233148">US&nbsp;West Texas Intermediate</a> (WTI) crude slipped 0.5&nbsp;per cent&nbsp;to $58.92 per barrel, still not far from Friday's 2-1/2-month high of $59.85 per barrel, while Brent futures were down 0.3 per cent&nbsp;at $64.21 per barrel.

In the currency market, the dollar maintained a firm tone on Monday, with the dollar index against a basket of major currencies standing at 97.715 and the euro changing hands at $1.1055, both little changed on the day.

Against the Japanese yen, the dollar was last traded at 108.60 yen, flat on the day.

Elsewhere, British pound traded at $1.3142, not far from a seven-month high of $1.3166 set on Thursday. Versus the euro, the currency hit a 2-1/2-year high of 84.07 pence per euro on Monday.

Sterling has been bolstered by expectations that Prime Minister Boris Johnson's Conservative Party will win an outright majority in the upcoming election on Thursday, thereby ending a hung parliament and political paralysis on Brexit.

Asian stocks edged up on Monday, catching some of Wall Street's momentum after surprisingly strong US jobs data although regional gains were capped by concerns about China's economic slowdown due to the prolonged Sino-US trade war.

Asian stocks edged up on Monday, catching some of Wall Street's momentum after surprisingly strong US jobs data although regional gains were capped by concerns about China's economic slowdown due to the prolonged Sino-US trade war. Japan's benchmark Nikkei added 0.4 per cent while MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.3 per cent, with Australian stocks and South Korea's KOSPI up 0.4 per cent and 0.3 per cent, respectively. China's Shanghai Composite stood flat and Hong Kong's Hang Seng rose 0.2 per cent. Wall Street rose to near record highs on Friday on the strong jobs data and some signs of optimism about the US-China trade talks, with the benchmark S&P 500 closing within 0.2 per cent of its peak set in late November. US job growth increased by the most in 10 months in November as the healthcare industry boosted hiring and production workers at General Motors returned to work after a strike, in the strongest sign that the world's largest economy is in no danger of stalling. "This economy is still climbing and shattering the records for longevity," said Chris Rupkey, chief financial economist at MUFG Union Bank. "Right now, the clouds of recession still remain well offshore despite troubled economies elsewhere in the world and a trade war." Top White House economic adviser Larry Kudlow said on Friday that a Dec. 15 deadline is still in place to impose a new round of US tariffs on Chinese consumer goods, but President Donald Trump likes where trade talks with China are going. Still, investors think things could change if trade tensions escalate further, especially if Trump goes ahead with the planned tariffs on some $156 billion worth of products from China in mid-December. The market has been largely working on the assumption that those tariffs, which cover several consumer products such as cellphones and toys, will be dropped or at least postponed, given that Washington and Beijing agreed in October to work on a trade deal. Meanwhile, China's exports shrank for the fourth consecutive month in November, sending shivers through a market already concerned about damage being done to global demand by the trade war. But growth in imports was seen as a possible sign that Beijing's stimulus efforts over the last two years were helping to stir demand. "Although the trade data did not have much impact, concerns about slowing growth and a lack of government stimulus are capping the Chinese shares' upside," said Naoki Tashiro, president of TS China Research. "Yet chip-related shares are doing well, suggesting investors are still positive on the outlook of Sino-US trade talks overall." US Treasury yields climbed on the strong employment report, with benchmark 10-year notes rising to 1.843 per cent. The Federal Reserve's Open Market Committee (FOMC) kicks off its two-day policy meeting on Tuesday. The central bank is expected to highlight the economy's resilience and keep interest rates on hold in the range of 1.50 per cent to 1.75 per cent. Analysts said the much better-than-expected jobs report offset mixed signals from recent economic data and validated the Fed's wait-and-see stance on interest rates after three "insurance cuts" this year. Oil prices retreated but hovered near recent peaks after OPEC and its allies agreed to deepen output cuts by 500,000 barrels per day in early 2020. US West Texas Intermediate (WTI) crude slipped 0.5 per cent to $58.92 per barrel, still not far from Friday's 2-1/2-month high of $59.85 per barrel, while Brent futures were down 0.3 per cent at $64.21 per barrel. In the currency market, the dollar maintained a firm tone on Monday, with the dollar index against a basket of major currencies standing at 97.715 and the euro changing hands at $1.1055, both little changed on the day. Against the Japanese yen, the dollar was last traded at 108.60 yen, flat on the day. Elsewhere, British pound traded at $1.3142, not far from a seven-month high of $1.3166 set on Thursday. Versus the euro, the currency hit a 2-1/2-year high of 84.07 pence per euro on Monday. Sterling has been bolstered by expectations that Prime Minister Boris Johnson's Conservative Party will win an outright majority in the upcoming election on Thursday, thereby ending a hung parliament and political paralysis on Brexit.

Asian shares buoyed by Wall St rally, but China worry caps gains

Tighter government climate regulations by 2025 could wipe up to $2.3 trillion off the value of companies in industries ranging from fossil fuel producers to agriculture and carmakers, an investor group warned in a report.

Rules aimed at lowering carbon emissions are expected to accelerate in the coming years as countries scramble to meet obligations under the 2015 Paris climate agreement limiting global warming.

Any abrupt policy shifts risk severely disrupting current investment strategies, U.N.-backed Principles of Responsible Investing (PRI), a group representing investors with $86 trillion of assets under management, said in a report.

"As the realities of climate change catch up, social pressure mounts, and low carbon solutions get cheaper, it's highly improbable that governments will be allowed to let the world sleep-walk into greater rises in temperature without being compelled into forceful action sooner," PRI Chief Executive Fiona Reynolds said.

"This poses huge threats for assets and for the wider system."

Most exposed is the fossil fuel sector which could lose one-third of its current value, the report said. Fossil fuels account for around two-thirds of global greenhouse gas emissions.

Coal firms could lose as much as 44% in value, while the world's top oil and gas companies risk losing up to 31% of their current market share, according to the report which forecasts oil demand peaking around 2027.

The analysis showed that broad index-based funds such as the iShares MSCI ACWI ETF could lose up to 4.5% or $2.3 trillion in its value under the most extreme scenario.

The shift would nevertheless also lead to winners.

Automakers heavily invested in electric vehicles and electric utility firms using low-carbon power could more than double their values, the report said.

The report came out as world leaders meet in Madrid for the 2019 United Nations climate change conference, known as COP25.

Tighter government climate regulations by 2025 could wipe up to $2.3 trillion off the value of companies in industries ranging from fossil fuel producers to agriculture and carmakers, an investor group warned in a report.

Tighter government climate regulations by 2025 could wipe up to $2.3 trillion off the value of companies in industries ranging from fossil fuel producers to agriculture and carmakers, an investor group warned in a report. Rules aimed at lowering carbon emissions are expected to accelerate in the coming years as countries scramble to meet obligations under the 2015 Paris climate agreement limiting global warming. Any abrupt policy shifts risk severely disrupting current investment strategies, U.N.-backed Principles of Responsible Investing (PRI), a group representing investors with $86 trillion of assets under management, said in a report. "As the realities of climate change catch up, social pressure mounts, and low carbon solutions get cheaper, it's highly improbable that governments will be allowed to let the world sleep-walk into greater rises in temperature without being compelled into forceful action sooner," PRI Chief Executive Fiona Reynolds said. "This poses huge threats for assets and for the wider system." Most exposed is the fossil fuel sector which could lose one-third of its current value, the report said. Fossil fuels account for around two-thirds of global greenhouse gas emissions. Coal firms could lose as much as 44% in value, while the world's top oil and gas companies risk losing up to 31% of their current market share, according to the report which forecasts oil demand peaking around 2027. The analysis showed that broad index-based funds such as the iShares MSCI ACWI ETF could lose up to 4.5% or $2.3 trillion in its value under the most extreme scenario. The shift would nevertheless also lead to winners. Automakers heavily invested in electric vehicles and electric utility firms using low-carbon power could more than double their values, the report said. The report came out as world leaders meet in Madrid for the 2019 United Nations climate change conference, known as COP25.

Tighter climate policies could erase $2.3 trillion in companies value: Report

Indian stock market indices were trading flat with a negative bias on Monday as Asian stocks edged up, catching some of Wall Street's momentum after surprisingly strong United States (US) jobs data

At 10:0 am, the Sensex traded 40.47 points - or 0.10 per cent - higher at 40,485.62 while the Nifty was up by 7.65 points - or 0.064 per cent - at 11,929.15.

Earlier, in the morning Nifty Auto, Nifty Metal and Nifty Media indices were all trading over 1 per cent higher, the Bank Nifty was largely flat while Nifty FMCG and Nifty IT indices slipped around 0.5 per cent.

(With inputs from agencies)

 
&nbsp;

Indian stock market indices were trading flat with a negative bias on Monday as Asian stocks edged up, catching some of Wall Street's momentum after surprisingly strong United States (US) jobs data At 10:0 am, the Sensex traded 40.

Indian stock market indices were trading flat with a negative bias on Monday as Asian stocks edged up, catching some of Wall Street's momentum after surprisingly strong United States (US) jobs data At 10:0 am, the Sensex traded 40.47 points - or 0.10 per cent - higher at 40,485.62 while the Nifty was up by 7.65 points - or 0.064 per cent - at 11,929.15. Earlier, in the morning Nifty Auto, Nifty Metal and Nifty Media indices were all trading over 1 per cent higher, the Bank Nifty was largely flat while Nifty FMCG and Nifty IT indices slipped around 0.5 per cent. (With inputs from agencies)

Sensex trades flat, Nifty tests 11,950

The number of&nbsp;Egyptians&nbsp;switching to&nbsp;duel-fuel&nbsp;vehicles&nbsp;is accelerating as the government pushes motorists to use cheaper, cleaner and plentiful natural gas.

About 300,000&nbsp;vehicles, mostly taxis and minibuses, have been&nbsp;converted to&nbsp;duel-fuel&nbsp;systems since the 1990s,&nbsp;a small fraction of the 11 million&nbsp;vehicles&nbsp;licensed in the country.

But authorities are encouraging&nbsp;more&nbsp;drivers to switch by subsidising vehicle conversions, keeping compressed natural gas (CNG)&nbsp;prices&nbsp;low, and building CNG&nbsp;fuelling stations and conversion plants.

Nearly 32,000&nbsp;vehicles&nbsp;were&nbsp;converted during the financial year from July 2018 to June 2019, two&nbsp;petroleum ministry officials said. The target for this financial year is 50,000&nbsp;vehicles. That compares with just 6,000 conversions in 2015/16.

Officials say the number of private cars&nbsp;converting is rising. They hope this will soften the blow of&nbsp;petrol&nbsp;price hikes after recent subsidy removals, as well as reducing pollution and cutting the import bill for liquid&nbsp;fuels.

Egyptians&nbsp;have seen steep increases to&nbsp;fuel&nbsp;prices&nbsp;since 2014, with most energy&nbsp;prices&nbsp;brought up to international levels under a three-year, IMF-backed reform plan completed this year.

But gas has remained cheap compared with liquid&nbsp;fuels.

One cubic metre of CNG costs 3.5 Egyptian pounds, roughly the equivalent of one litre of diesel at 6.75 pounds or one litre of 80-octane&nbsp;petrol&nbsp;at 6.5 pounds.

"The ministry of&nbsp;petroleum has maintained an appropriate price so that natural gas always stays at 50 per cent&nbsp;of the 80-octane&nbsp;petrol&nbsp;(price), which encouraged drivers to turn to conversion," said Abdelfattah Moustafa Farahat, head of Egyptian International Gas Technology GASTEC.

Private cars now make up 30 per cent&nbsp;of conversions, Farahat said.

Officials say a boom in natural gas production and exploration since the discovery of the giant offshore Zohr gas field in 2015 spurred them to act. Egypt became self-sufficient in natural gas in late 2018.

"The discovery of Zohr field and achieving self-sufficiency in natural gas have encouraged the state to think: why don't we use this gas as a domestic&nbsp;fuel&nbsp;and work to expand its use," said ‭‭‭‭Ayman Shalaby, assistant vice chairman at the Egyptian Natural Gas Holding Company (EGAS).

GASTEC is one of two state-run companies, along with the Natural Gas&nbsp;Vehicles&nbsp;Company (Car Gas), that dominate the sector. Private and foreign companies have also entered the market in the past few years.

GASTEC plans to set up 54 new&nbsp;duel-fuel&nbsp;stations with CNG over the next three years, in partnership with Italy's Eni, as well as building&nbsp;more&nbsp;fuelling stations for public buses, Farahat said. Currently, Egypt has 187 CNG&nbsp;fuelling stations and 72 conversion centres.

The government also has a plan for minibuses, a common form of cheap transport across Egypt. Under the scheme, 142,000 minibuses would be&nbsp;converted and another 88,000 old diesel minibuses replaced with biofuel&nbsp;equivalents over the next three years, while&nbsp;more&nbsp;than 350&nbsp;fuelling stations would be built.

Motorists gave the&nbsp;duel-fuel&nbsp;system mixed reviews. Some praised cost savings on&nbsp;fuel but complained of reduced power or luggage space.

Officials say conversions are preceded by technical checks and the cylinder size and shape can be adapted to the vehicle.

The government is subsidising and providing low-interest instalment plans for conversion systems, which cost 5,000-7,500 pounds, as well as encouraging assembly plants and importers to provide&nbsp;vehicles&nbsp;with built-in systems.

The number of Egyptians switching to duel-fuel vehicles is accelerating as the government pushes motorists to use cheaper, cleaner and plentiful natural gas. About 300,000 vehicles, mostly taxis and minibuses, have been converted to duel-fuel systems since the 1990s, a small fraction of the 11 million vehicles licensed in the country.

The number of Egyptians switching to duel-fuel vehicles is accelerating as the government pushes motorists to use cheaper, cleaner and plentiful natural gas. About 300,000 vehicles, mostly taxis and minibuses, have been converted to duel-fuel systems since the 1990s, a small fraction of the 11 million vehicles licensed in the country. But authorities are encouraging more drivers to switch by subsidising vehicle conversions, keeping compressed natural gas (CNG) prices low, and building CNG fuelling stations and conversion plants. Nearly 32,000 vehicles were converted during the financial year from July 2018 to June 2019, two petroleum ministry officials said. The target for this financial year is 50,000 vehicles. That compares with just 6,000 conversions in 2015/16. Officials say the number of private cars converting is rising. They hope this will soften the blow of petrol price hikes after recent subsidy removals, as well as reducing pollution and cutting the import bill for liquid fuels. Egyptians have seen steep increases to fuel prices since 2014, with most energy prices brought up to international levels under a three-year, IMF-backed reform plan completed this year. But gas has remained cheap compared with liquid fuels. One cubic metre of CNG costs 3.5 Egyptian pounds, roughly the equivalent of one litre of diesel at 6.75 pounds or one litre of 80-octane petrol at 6.5 pounds. "The ministry of petroleum has maintained an appropriate price so that natural gas always stays at 50 per cent of the 80-octane petrol (price), which encouraged drivers to turn to conversion," said Abdelfattah Moustafa Farahat, head of Egyptian International Gas Technology GASTEC. Private cars now make up 30 per cent of conversions, Farahat said. Officials say a boom in natural gas production and exploration since the discovery of the giant offshore Zohr gas field in 2015 spurred them to act. Egypt became self-sufficient in natural gas in late 2018. "The discovery of Zohr field and achieving self-sufficiency in natural gas have encouraged the state to think: why don't we use this gas as a domestic fuel and work to expand its use," said ‭‭‭‭Ayman Shalaby, assistant vice chairman at the Egyptian Natural Gas Holding Company (EGAS). GASTEC is one of two state-run companies, along with the Natural Gas Vehicles Company (Car Gas), that dominate the sector. Private and foreign companies have also entered the market in the past few years. GASTEC plans to set up 54 new duel-fuel stations with CNG over the next three years, in partnership with Italy's Eni, as well as building more fuelling stations for public buses, Farahat said. Currently, Egypt has 187 CNG fuelling stations and 72 conversion centres. The government also has a plan for minibuses, a common form of cheap transport across Egypt. Under the scheme, 142,000 minibuses would be converted and another 88,000 old diesel minibuses replaced with biofuel equivalents over the next three years, while more than 350 fuelling stations would be built. Motorists gave the duel-fuel system mixed reviews. Some praised cost savings on fuel but complained of reduced power or luggage space. Officials say conversions are preceded by technical checks and the cylinder size and shape can be adapted to the vehicle. The government is subsidising and providing low-interest instalment plans for conversion systems, which cost 5,000-7,500 pounds, as well as encouraging assembly plants and importers to provide vehicles with built-in systems.

As petrol prices rise, more Egyptians convert to duel-fuel vehicles

&nbsp;Non-Saudi&nbsp;investors were allocated&nbsp;23 per cent&nbsp;of the&nbsp;institutional&nbsp;tranche&nbsp;of&nbsp;Saudi&nbsp;<a href="https://www.wionews.com/business-economy/saudi-energy-minister-talks-opec-unity-backs-aramco-to-soar-266793">Aramco's initial public offering</a> (IPO), an executive at one of the lead banks on the deal told the Al Arabiya news channel on Monday.

Wassim Al Khatib, head of investment banking at National Commercial Bank&nbsp;also said the&nbsp;Saudi&nbsp;Public Pension Agency received an allocation equivalent to 11.5 per cent&nbsp;of the&nbsp;Aramco&nbsp;IPO&nbsp;institutional&nbsp;tranche.

State-owned&nbsp;Aramco&nbsp;is expected to list 1.5 per cent&nbsp;of its shares on the&nbsp;Saudi&nbsp;exchange later this week in a deal worth $25.6 billion.

Non-Saudi investors were allocated 23 per cent of the institutional tranche of Saudi Aramco's initial public offering (IPO), an executive at one of the lead banks on the deal told the Al Arabiya news channel on Monday.

Non-Saudi investors were allocated 23 per cent of the institutional tranche of Saudi Aramco's initial public offering (IPO), an executive at one of the lead banks on the deal told the Al Arabiya news channel on Monday. Wassim Al Khatib, head of investment banking at National Commercial Bank also said the Saudi Public Pension Agency received an allocation equivalent to 11.5 per cent of the Aramco IPO institutional tranche. State-owned Aramco is expected to list 1.5 per cent of its shares on the Saudi exchange later this week in a deal worth $25.6 billion.

Non-Saudi buyers got 23% of Aramco IPO institutional tranche

The European Union confirmed tariffs on Indonesian biodiesel imports on Monday to counter what it sees as unfair subsidies, the latest blow to producers after the bloc ruled that palm oil should be phased out of renewable transport fuels.

In the conclusion to a case that has lasted seven years, the duties, which normally remain in place for five years, have been set at between 8% and 18%, the same level as the provisional rates proposed by the EU in August.

The EU biodiesel market is worth an estimated 9 billion euros ($10 billion) a year, with imports from Indonesia worth about 400 million euros, the European Commission said.

Indonesian producers sold at unfairly low prices, the Commission, which coordinates trade policy for the EU, said, adding that its investigation found they benefit from grants, tax benefits and access to raw materials below market prices.

This was driving EU producers into losses, it added.

Master Parulian Tumanggor, chairman of Indonesia's biofuel producers association, told Reuters his group would ask the government to file a legal challenge at the World Trade Organization (WTO).

The EU and China are Indonesia's biggest markets for its biodiesel exports and the Indonesian government has threatened to impose its own tariffs on EU dairy products amid fraught relations with the bloc.

The EU said in March that Indonesian palm plantations were contributing to deforestation and said palm oil should no longer be used in renewable fuels.

It has also imposed anti-subsidy duties on Argentine biodiesel producers, although they have tariff-free access for about 1.2 million tonnes as long as they sell no lower than a set minimum price.

The EU began looking into biodiesel from both major producers in 2012 and imposed anti-dumping duties on companies in 2013. However, the firms subsequently won challenges at the European Court of Justice and the WTO.

This prompted the EU to remove duties on most biodiesel imports from the two countries, but the Commission also started an investigation into possible unfair subsidies.

The European Union confirmed tariffs on Indonesian biodiesel imports on Monday to counter what it sees as unfair subsidies, the latest blow to producers after the bloc ruled that palm oil should be phased out of renewable transport fuels.

The European Union confirmed tariffs on Indonesian biodiesel imports on Monday to counter what it sees as unfair subsidies, the latest blow to producers after the bloc ruled that palm oil should be phased out of renewable transport fuels. In the conclusion to a case that has lasted seven years, the duties, which normally remain in place for five years, have been set at between 8% and 18%, the same level as the provisional rates proposed by the EU in August. The EU biodiesel market is worth an estimated 9 billion euros ($10 billion) a year, with imports from Indonesia worth about 400 million euros, the European Commission said. Indonesian producers sold at unfairly low prices, the Commission, which coordinates trade policy for the EU, said, adding that its investigation found they benefit from grants, tax benefits and access to raw materials below market prices. This was driving EU producers into losses, it added. Master Parulian Tumanggor, chairman of Indonesia's biofuel producers association, told Reuters his group would ask the government to file a legal challenge at the World Trade Organization (WTO). The EU and China are Indonesia's biggest markets for its biodiesel exports and the Indonesian government has threatened to impose its own tariffs on EU dairy products amid fraught relations with the bloc. The EU said in March that Indonesian palm plantations were contributing to deforestation and said palm oil should no longer be used in renewable fuels. It has also imposed anti-subsidy duties on Argentine biodiesel producers, although they have tariff-free access for about 1.2 million tonnes as long as they sell no lower than a set minimum price. The EU began looking into biodiesel from both major producers in 2012 and imposed anti-dumping duties on companies in 2013. However, the firms subsequently won challenges at the European Court of Justice and the WTO. This prompted the EU to remove duties on most biodiesel imports from the two countries, but the Commission also started an investigation into possible unfair subsidies.

EU hits Indonesian biodiesel with import duties over subsidies

South Korean battery maker <a href="https://www.wionews.com/business-economy/feuding-korean-firms-risk-disrupting-electric-car-battery-supplies-264839">SK Innovation&nbsp;</a>on Monday said it would supply battery cells to a Chinese-made plug-in hybrid vehicle model that has been recommended for subsidies from Beijing.

The Mercedes Benz plug-in hybrid sedan to be built by Daimler AG's&nbsp;local joint venture with <a href="https://www.wionews.com/world/hyundai-motor-replaces-china-chief-after-supply-disruption-diplomatic-tensions-19837/amp">BAIC Group</a> is listed among new energy vehicles recommended to receive subsidies published by China's industry ministry last Friday.

A spokeswoman for SK Innovation said, "it is the first time since 2016 that we are receiving subsidies from the Chinese government."

SK Innovation's battery plant, a joint venture with BAIC in China's eastern city of Changzhou set up to supply BAIC's premium electric brand ARCFOX, recently started production, the Chinese company said.

China scrapped its list of recommended battery suppliers in June, a decision foreign companies said could open up the world's biggest market for electric vehicle batteries.

In 2015, China published a government list of recommended battery suppliers which excluded foreign firms, effectively locking out the world's biggest market for electric vehicle batteries.

<a href="https://www.wionews.com/business-economy/tesla-unveils-first-ever-electric-pickup-truck-263785">Tesla Inc&nbsp;</a>said on Friday its Chinese-built Model 3 model, being built at its $2 billion factory in Shanghai, would receive state subsidies.

South Korean media citing industry sources reported on Monday that the Model 3 would use batteries made by LG Chem. LG Chem declined to comment.

Reuters reported in August that Tesla was in advanced talks with LG Chem to source batteries for vehicles to be made in its Shanghai plant.

South Korean battery maker SK Innovation on Monday said it would supply battery cells to a Chinese-made plug-in hybrid vehicle model that has been recommended for subsidies from Beijing.

South Korean battery maker SK Innovation on Monday said it would supply battery cells to a Chinese-made plug-in hybrid vehicle model that has been recommended for subsidies from Beijing. The Mercedes Benz plug-in hybrid sedan to be built by Daimler AG's local joint venture with BAIC Group is listed among new energy vehicles recommended to receive subsidies published by China's industry ministry last Friday. A spokeswoman for SK Innovation said, "it is the first time since 2016 that we are receiving subsidies from the Chinese government." SK Innovation's battery plant, a joint venture with BAIC in China's eastern city of Changzhou set up to supply BAIC's premium electric brand ARCFOX, recently started production, the Chinese company said. China scrapped its list of recommended battery suppliers in June, a decision foreign companies said could open up the world's biggest market for electric vehicle batteries. In 2015, China published a government list of recommended battery suppliers which excluded foreign firms, effectively locking out the world's biggest market for electric vehicle batteries. Tesla Inc said on Friday its Chinese-built Model 3 model, being built at its $2 billion factory in Shanghai, would receive state subsidies. South Korean media citing industry sources reported on Monday that the Model 3 would use batteries made by LG Chem. LG Chem declined to comment. Reuters reported in August that Tesla was in advanced talks with LG Chem to source batteries for vehicles to be made in its Shanghai plant.

SK Innovation to supply batteries for Mercedes hybrid car in China

Equity benchmark indices ended on Monday with marginal gains after a volatile session on Friday while heavy buying was witnessed in metal, auto, energy and infra stocks.

The BSE S&amp;P Sensex closed 42 points higher at 40,487 while the Nifty 50 was up by 15 points at 11,937.

Sectoral indices at the National Stock Exchange (NSE) were mixed with Nifty auto gaining by 0.8 per cent and metal by 0.5 per cent.

But Nifty realty slipped by 1.57 per cent, IT by 0.93 per cent, and media by 0.79 per cent.Among stocks, auto majors Maruti and Mahindra &amp; Mahindra added gains of 1.7 per cent and 0.8 per cent respectively while JSW Steel was up by 1.7 per cent.

The other prominent gainers were Bharat Petroleum Corporation, IndianOil Corporation, Axis Bank, Adani Ports, HDFC.

Reliance Industries and Power Grid Corporation of India. However, IT major suffered losses.

Tata Consultancy Services was down by nearly 3 per cent, HCL Technologies by 1.6 per cent and Tech Mahindra by 0.8 per cent.

Cipla, Larsen &amp; Toubro, IndusInd Bank, Kotak Mahindra Bank, State Bank of India and ITC also closed in the red.

Meanwhile, Asian stocks edged up, catching some of Wall Street's momentum after surprisingly strong US jobs data.

Japan's benchmark Nikkei and South Korea's Kospi added gains of 0.33 per cent each while China's Shanghai Composite stood virtually flat at 0.08 per cent.Wall Street rose to near-record highs on Friday on the strong jobs data and some signs of optimism about the US-China trade talks.

Equity benchmark indices ended on Monday with marginal gains after a volatile session on Friday while heavy buying was witnessed in metal, auto, energy and infra stocks.

Equity benchmark indices ended on Monday with marginal gains after a volatile session on Friday while heavy buying was witnessed in metal, auto, energy and infra stocks. The BSE S&P Sensex closed 42 points higher at 40,487 while the Nifty 50 was up by 15 points at 11,937. Sectoral indices at the National Stock Exchange (NSE) were mixed with Nifty auto gaining by 0.8 per cent and metal by 0.5 per cent. But Nifty realty slipped by 1.57 per cent, IT by 0.93 per cent, and media by 0.79 per cent.Among stocks, auto majors Maruti and Mahindra & Mahindra added gains of 1.7 per cent and 0.8 per cent respectively while JSW Steel was up by 1.7 per cent. The other prominent gainers were Bharat Petroleum Corporation, IndianOil Corporation, Axis Bank, Adani Ports, HDFC. Reliance Industries and Power Grid Corporation of India. However, IT major suffered losses. Tata Consultancy Services was down by nearly 3 per cent, HCL Technologies by 1.6 per cent and Tech Mahindra by 0.8 per cent. Cipla, Larsen & Toubro, IndusInd Bank, Kotak Mahindra Bank, State Bank of India and ITC also closed in the red. Meanwhile, Asian stocks edged up, catching some of Wall Street's momentum after surprisingly strong US jobs data. Japan's benchmark Nikkei and South Korea's Kospi added gains of 0.33 per cent each while China's Shanghai Composite stood virtually flat at 0.08 per cent.Wall Street rose to near-record highs on Friday on the strong jobs data and some signs of optimism about the US-China trade talks.

Equity parameters close with marginal gains, IT stocks under pressure

France's <a href="https://www.wionews.com/world/tb-drug-price-slashed-in-global-push-to-thwart-killer-disease-259086">Sanofi </a>on Monday agreed to buy California-headquartered biotechnology firm Synthorx in a cash deal worth about $2.5 billion as it steps up a push in the lucrative field of cancer drugs under its new chief executive.

Sanofi has offered to buy all the outstanding shares of Synthorx common stock for $68 per share in cash, or a 172 per cent&nbsp;premium to Synthorx's closing price on December&nbsp;6, 2019.

"This acquisition fits perfectly with our strategy to build a portfolio of high-quality assets and to lead with innovation, as you will hear at our Capital Markets Day tomorrow, December 10," Sanofi Chief Executive Paul Hudson said in a statement.

"Additionally it is aligned with our goal to build our oncology franchise with potentially practice-changing medicines and novel combinations."

Synthorx, which posted a 2018 net loss of $56.6 million, is a clinical-stage biotech company focused on therapies for people with cancer and auto-immune disorders, according to the company's website.

Sanofi expects to complete the acquisition in the first quarter of 2020.

By 0946 GMT, Sanofi shares were down 0.7 per cent&nbsp;at 82.94 euros.

"The acquisition price is full at a 172 per cent&nbsp;premium to Synthorx December&nbsp;6 close price and is a lot to pay for an early-stage pipeline (lead drug THOR-707 is in phase 1 trial," Liberum analysts said in a note.

Sanofi is conducting a broad strategy review under Hudson, who took over as CEO on September&nbsp;1. He will give initial pointers on which businesses he wants to focus on at the investor day in Cambridge, Massachusetts on December&nbsp;10.

Hudson has indicated significant changes were underway.

"I am bringing a little sense of urgency and prioritisation. I have set a tone already that we can move a little bit faster," Hudson told reporters in October.

"I think we have the right level of resources although perhaps not always in the right place."

Sources have told Reuters Sanofi was contemplating a joint venture or an outright sale among options for its consumer healthcare unit.

In an early sign of the new strategy, Sanofi last week agreed to sell its Seprafilm unit to medical supply company Baxter International for $350 million in cash.

Sanofi also told staff its most senior strategy boss, Muzammil Mansuri, would leave, according to an internal memo seen by Reuters.

France's Sanofi on Monday agreed to buy California-headquartered biotechnology firm Synthorx in a cash deal worth about $2.5 billion as it steps up a push in the lucrative field of cancer drugs under its new chief executive.

France's Sanofi on Monday agreed to buy California-headquartered biotechnology firm Synthorx in a cash deal worth about $2.5 billion as it steps up a push in the lucrative field of cancer drugs under its new chief executive. Sanofi has offered to buy all the outstanding shares of Synthorx common stock for $68 per share in cash, or a 172 per cent premium to Synthorx's closing price on December 6, 2019. "This acquisition fits perfectly with our strategy to build a portfolio of high-quality assets and to lead with innovation, as you will hear at our Capital Markets Day tomorrow, December 10," Sanofi Chief Executive Paul Hudson said in a statement. "Additionally it is aligned with our goal to build our oncology franchise with potentially practice-changing medicines and novel combinations." Synthorx, which posted a 2018 net loss of $56.6 million, is a clinical-stage biotech company focused on therapies for people with cancer and auto-immune disorders, according to the company's website. Sanofi expects to complete the acquisition in the first quarter of 2020. By 0946 GMT, Sanofi shares were down 0.7 per cent at 82.94 euros. "The acquisition price is full at a 172 per cent premium to Synthorx December 6 close price and is a lot to pay for an early-stage pipeline (lead drug THOR-707 is in phase 1 trial," Liberum analysts said in a note. Sanofi is conducting a broad strategy review under Hudson, who took over as CEO on September 1. He will give initial pointers on which businesses he wants to focus on at the investor day in Cambridge, Massachusetts on December 10. Hudson has indicated significant changes were underway. "I am bringing a little sense of urgency and prioritisation. I have set a tone already that we can move a little bit faster," Hudson told reporters in October. "I think we have the right level of resources although perhaps not always in the right place." Sources have told Reuters Sanofi was contemplating a joint venture or an outright sale among options for its consumer healthcare unit. In an early sign of the new strategy, Sanofi last week agreed to sell its Seprafilm unit to medical supply company Baxter International for $350 million in cash. Sanofi also told staff its most senior strategy boss, Muzammil Mansuri, would leave, according to an internal memo seen by Reuters.

France's Sanofi to buy biotech firm Synthorx for $2.5 billion

Tullow <a href="https://www.wionews.com/business-economy/shares-end-lower-as-oil-prices-soar-after-saudi-attack-249991">Oil shares</a> more than halved on Monday as Chief Executive Officer Paul McDade stepped down and the energy company scrapped its dividend after failing to meet production targets due to weak performance by flagship assets in Ghana.

The company has been plagued by technical problems at its Jubilee field in Ghana and a delay in completing a well at the TEN offshore field, which led Tullow to cut its estimates for 2019 oil output last month.

Tullow also suffered blows in recent months due to setbacks at East Africa projects in Uganda and Kenya, as well as to its plans to develop oil fields in Guyana.

The shares were down 53 per cent&nbsp;by 0901 GMT, as Tullow's head of exploration Angus McCoss also resigned on Monday.

Tullow reset its production outlook and is expected to produce 87,000 barrels of oil per day (bopd) this year, while lower production in 2020 of between 70,000 and 80,000 bopd, as it undertook a review of its production performance issues.

In a conference call, the company said it was open to receiving offers to acquire the company at the proper value.

The Africa-focused oil firm also suspended its dividend as it aimed to generate more cash to support future investment plans and current explorations.

"The board has, however, been disappointed by the performance of Tullow's business and now needs time to complete its thorough review of operations," Executive Chairman Dorothy Thompson said.

Chief Financial Officer Les Wood said Tullow remained "comfortable" with its covenants with banks and the London-listed company said it had started a process to find a new group chief executive.

Cantor Fitzgerald Europe described the difficulties the company announced as "a bit of a kitchen sinking".

"Investors may well agree that a reset is the correct approach, although that is unlikely to prevent another huge sell-off today," the financial services company said in a note.

Tullow Oil shares more than halved on Monday as Chief Executive Officer Paul McDade stepped down and the energy company scrapped its dividend after failing to meet production targets due to weak performance by flagship assets in Ghana.

Tullow Oil shares more than halved on Monday as Chief Executive Officer Paul McDade stepped down and the energy company scrapped its dividend after failing to meet production targets due to weak performance by flagship assets in Ghana. The company has been plagued by technical problems at its Jubilee field in Ghana and a delay in completing a well at the TEN offshore field, which led Tullow to cut its estimates for 2019 oil output last month. Tullow also suffered blows in recent months due to setbacks at East Africa projects in Uganda and Kenya, as well as to its plans to develop oil fields in Guyana. The shares were down 53 per cent by 0901 GMT, as Tullow's head of exploration Angus McCoss also resigned on Monday. Tullow reset its production outlook and is expected to produce 87,000 barrels of oil per day (bopd) this year, while lower production in 2020 of between 70,000 and 80,000 bopd, as it undertook a review of its production performance issues. In a conference call, the company said it was open to receiving offers to acquire the company at the proper value. The Africa-focused oil firm also suspended its dividend as it aimed to generate more cash to support future investment plans and current explorations. "The board has, however, been disappointed by the performance of Tullow's business and now needs time to complete its thorough review of operations," Executive Chairman Dorothy Thompson said. Chief Financial Officer Les Wood said Tullow remained "comfortable" with its covenants with banks and the London-listed company said it had started a process to find a new group chief executive. Cantor Fitzgerald Europe described the difficulties the company announced as "a bit of a kitchen sinking". "Investors may well agree that a reset is the correct approach, although that is unlikely to prevent another huge sell-off today," the financial services company said in a note.

Britain's Tullow Oil shares plunge over 50% as CEO resigns

Swiss market supervisor FINMA on Monday allowed Schmolz+Bickenbach's big shareholders to increase their stakes without having to make a takeover offer for the entire business, boosting the steelmaker's fight for survival.

FINMA said Martin Haefner's BigPoint Capital can increase its 17.5 per cent&nbsp;stake to 37&nbsp; per cent&nbsp;as a condition of taking part in a capital increase of at least 325 million Swiss francs ($325.91 million) without the mandatory offer requirement kicking in.

The exemption runs until the end of 2024. If Haefner still owns more than 33.3&nbsp;per cent&nbsp;of the company then, it must make an offer for the entire company. Shareholders last week agreed terms of a rescue plan helping conclude a power struggle over control of the money-losing Swiss steelmaker.

Schmolz+Bickenbach's shares surged nearly 13&nbsp;per cent&nbsp;in early trading after the decision was announced, which was welcomed by BigPoint Holding and Martin Haefner, as well as the company.

"This decision by FINMA clears the way to complete the capital increase and thus to execute the planned restructuring of the company with the participation of BigPoint Holding AG and Martin Haefner," the investor said in a statement.

"We welcome this decision by FINMA which paves the way for the capital increase which will secure the future of the company," said Schmolz+Bickenbach spokesman Ulrich Steiner.

Swiss market supervisor FINMA on Monday allowed Schmolz+Bickenbach's big shareholders to increase their stakes without having to make a takeover offer for the entire business, boosting the steelmaker's fight for survival.

Swiss market supervisor FINMA on Monday allowed Schmolz+Bickenbach's big shareholders to increase their stakes without having to make a takeover offer for the entire business, boosting the steelmaker's fight for survival. FINMA said Martin Haefner's BigPoint Capital can increase its 17.5 per cent stake to 37 per cent as a condition of taking part in a capital increase of at least 325 million Swiss francs ($325.91 million) without the mandatory offer requirement kicking in. The exemption runs until the end of 2024. If Haefner still owns more than 33.3 per cent of the company then, it must make an offer for the entire company. Shareholders last week agreed terms of a rescue plan helping conclude a power struggle over control of the money-losing Swiss steelmaker. Schmolz+Bickenbach's shares surged nearly 13 per cent in early trading after the decision was announced, which was welcomed by BigPoint Holding and Martin Haefner, as well as the company. "This decision by FINMA clears the way to complete the capital increase and thus to execute the planned restructuring of the company with the participation of BigPoint Holding AG and Martin Haefner," the investor said in a statement. "We welcome this decision by FINMA which paves the way for the capital increase which will secure the future of the company," said Schmolz+Bickenbach spokesman Ulrich Steiner.

FINMA grants exemption, clears way for Schmolz+Bickenbach capital hike

<a href="https://www.wionews.com/opinions/kazakhstan-comes-to-the-rescue-of-its-nationals-caught-in-a-crackdown-on-turkic-muslims-in-china-201688">Kazakhstan</a> plans to provide more than $1 billion in aid to at least four local banks after an asset quality review revealed holes in their balance sheets that require capital injections, two sources familiar with the plans told Reuters.

The move follows previous bailouts that have cost the oil-producing Central Asian nation more than $13 billion but have still not resuscitated a banking system riddled with bad loans after a property price crash and a currency devaluation.

New bailouts could necessitate extra borrowing by the government or if they are once again financed by the central bank, put pressure on the tenge currency.

The asset quality review, begun this year, is due to be completed by the end of December. But three bankers familiar with the process said it has already shown that four medium-sized lenders need extra capital to write off bad loans.

The three sources also said the authorities were determined to provide financial aid to all four, but the terms of such assistance were yet to be agreed.

Kazakhstan's central bank has not replied to a request for comment on the matter.

Central bank governor Yerbolat Dosayev said in October the bank planned to launch an aid programme next year that would be open to all banks. The asset quality review covered the 14 largest banks out of Kazakhstan's 27.

One of the sources said the fresh aid package could be worth up to 1 trillion tenge ($2.6 billion), while another source said it would cost more than the previous aid programme which totaled 410 billion tenge and could involve more than four banks.

Kazakhstan's total central government spending next year has been set at 12.9 trillion tenge.

Kazakhstan plans to provide more than $1 billion in aid to at least four local banks after an asset quality review revealed holes in their balance sheets that require capital injections, two sources familiar with the plans told Reuters.

Kazakhstan plans to provide more than $1 billion in aid to at least four local banks after an asset quality review revealed holes in their balance sheets that require capital injections, two sources familiar with the plans told Reuters. The move follows previous bailouts that have cost the oil-producing Central Asian nation more than $13 billion but have still not resuscitated a banking system riddled with bad loans after a property price crash and a currency devaluation. New bailouts could necessitate extra borrowing by the government or if they are once again financed by the central bank, put pressure on the tenge currency. The asset quality review, begun this year, is due to be completed by the end of December. But three bankers familiar with the process said it has already shown that four medium-sized lenders need extra capital to write off bad loans. The three sources also said the authorities were determined to provide financial aid to all four, but the terms of such assistance were yet to be agreed. Kazakhstan's central bank has not replied to a request for comment on the matter. Central bank governor Yerbolat Dosayev said in October the bank planned to launch an aid programme next year that would be open to all banks. The asset quality review covered the 14 largest banks out of Kazakhstan's 27. One of the sources said the fresh aid package could be worth up to 1 trillion tenge ($2.6 billion), while another source said it would cost more than the previous aid programme which totaled 410 billion tenge and could involve more than four banks. Kazakhstan's total central government spending next year has been set at 12.9 trillion tenge.

Kazakhstan plans more than $1 billion in fresh aid to banks: Sources

As the monkeypox virus continues to spread, Germany confirmed the first case in a four-year-old child. German health officials detected the virus in a girl reportedly living with two infected adults. But she has no symptoms currently even as doctors took the swab for diagnosis.

The country’s Robert Koch Institute (RKI) had confirmed the spread of monkeypox virus among teenagers last week. Germany has recorded 2,900 monkeypox cases so far.

<a href="https://www.wionews.com/world/us-moves-to-stretch-out-monkeypox-vaccine-supply-505298">Also Read:&nbsp;US moves to stretch out monkeypox vaccine supply</a>

Monkeypox cases in Europe have surged since May. RKI said the risk to the population was low, but added it would continue to “monitor” the situation. Germany’s standing committee on health said in order to prevent the outbreak, it is important for the country to start the vaccination campaign.

However, the German committee said it had only 40,000 doses of Jynneos vaccine while it ordered another 200,000 doses.

Watch:&nbsp;California declares monkeypox emergency

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/california-records-827-monkeypox-cases-declares-emergency-502884/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The United States had declared monkeypox a public health emergency last week as it sought to ramp up the supply of vaccines. The US is one of the worst-hit countries with over 9,000 monkeypox cases. New York is currently the epicentre of the virus with majority of cases involving men who have had sex with men, reports say.

On Monday, Peru recorded the first monkeypox death while reporting over 300 cases. Health officials said the 45-year-old man suffered from comorbidities.&nbsp;Hospitals in the country have been reporting eight to nine monkeypox cases per day.

According to the World Health Organisation(WHO), over 18,000 people have been infected with the monkeypox virus outside Africa in at least 78 countries worldwide with the majority of cases currently in Europe.

(With inputs from Agencies)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe>

&nbsp;

As the monkeypox virus continues to spread, Germany confirmed the first case in a four-year-old child. German health officials detected the virus in a girl reportedly living with two infected adults.

As the monkeypox virus continues to spread, Germany confirmed the first case in a four-year-old child. German health officials detected the virus in a girl reportedly living with two infected adults. But she has no symptoms currently even as doctors took the swab for diagnosis. The country’s Robert Koch Institute (RKI) had confirmed the spread of monkeypox virus among teenagers last week. Germany has recorded 2,900 monkeypox cases so far. Also Read: US moves to stretch out monkeypox vaccine supply Monkeypox cases in Europe have surged since May. RKI said the risk to the population was low, but added it would continue to “monitor” the situation. Germany’s standing committee on health said in order to prevent the outbreak, it is important for the country to start the vaccination campaign. However, the German committee said it had only 40,000 doses of Jynneos vaccine while it ordered another 200,000 doses. Watch: California declares monkeypox emergency The United States had declared monkeypox a public health emergency last week as it sought to ramp up the supply of vaccines. The US is one of the worst-hit countries with over 9,000 monkeypox cases. New York is currently the epicentre of the virus with majority of cases involving men who have had sex with men, reports say. On Monday, Peru recorded the first monkeypox death while reporting over 300 cases. Health officials said the 45-year-old man suffered from comorbidities. Hospitals in the country have been reporting eight to nine monkeypox cases per day. According to the World Health Organisation(WHO), over 18,000 people have been infected with the monkeypox virus outside Africa in at least 78 countries worldwide with the majority of cases currently in Europe. (With inputs from Agencies) WATCH WION LIVE HERE

South Korea jails three executives of Samsung Electronics

<a href="https://www.wionews.com/business-economy/hsbc-ceo-john-flint-resigns-as-it-faces-challenging-geopolitics-240704">HSBC</a>&nbsp;has named Georges Elhedery and Greg Guyett as co-heads of the global banking and markets division, which contains the lender's investment banking business.

They replace Samir Assaf who will become chairman of corporate and institutional banking.

Guyett now heads banking while Elhedery runs the markets business. The two will be tasked with turning around a part of HSBC's global business that has underperformed in recent years.

The moves are among several senior management changes as Europe's biggest bank prepares to unveil a new strategy under interim Chief Executive Noel Quinn, who replaced John Flint in August.

The bank said on Monday Andy Maguire, chief operating officer, and Mark Moses, chief risk officer would also leave.

HSBC has named Georges Elhedery and Greg Guyett as co-heads of the global banking and markets division, which contains the lender's investment banking business. They replace Samir Assaf who will become chairman of corporate and institutional banking.

HSBC has named Georges Elhedery and Greg Guyett as co-heads of the global banking and markets division, which contains the lender's investment banking business. They replace Samir Assaf who will become chairman of corporate and institutional banking. Guyett now heads banking while Elhedery runs the markets business. The two will be tasked with turning around a part of HSBC's global business that has underperformed in recent years. The moves are among several senior management changes as Europe's biggest bank prepares to unveil a new strategy under interim Chief Executive Noel Quinn, who replaced John Flint in August. The bank said on Monday Andy Maguire, chief operating officer, and Mark Moses, chief risk officer would also leave.

HSBC announces new heads of investment banking division