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<a href="https://www.wionews.com/business-economy/prosus-sticks-with-63-billion-just-eat-bid-but-lowers-threshold-261345">Prosus</a>, the Dutch-based technology giant, has raised its unsolicited cash offer for British food delivery service Just Eat to $6.5 billion, ratcheting up pressure on rival suitor Takeaway, it said on Monday.

Prosus's increased offer of 740 pence per share from 710 pence is about 5 per cent&nbsp;higher than a rival all-share deal from Takeaway.com, which has the backing the board of Just Eat.

Netherlands-based Prosus also lowered its acceptance threshold for Just Eat shareholders to 50&nbsp; per cent&nbsp;plus one share from 75&nbsp; per cent&nbsp;previously, and it extended its offer period through December&nbsp;27.

Prosus said that although its new offer is only slightly higher than Takeaway's, it is still around 25&nbsp; per cent&nbsp;above the level where Just Eat shares were trading before it entered the bidding in October.

"Prosus believes the increased offer underscores its commitment to the transaction and constitutes attractive and certain value for Just Eat shareholders," CEO Bob van Dijk said in a statement.

"Unlike the Takeaway.com offer, which relies on (its) shares remaining at an above-sector multiple, our cash offer provides certainty of value to Just Eat shareholders."

Takeaway CEO Jitse Groen issued a statement on Monday urging Just Eat shareholders to accept his company's offer.

"Through this merger, we will combine our two great companies to create the largest global platform in online food delivery outside China."

"Unfortunately, Prosus is attempting to derail the combination and instead buy your company with a hostile, low-ball cash offer "If it succeeds, it will keep Just Eat’s value creation potential for itself."

Both sides are due to report on how many shares their offers have won by December 12. If neither has emerged as winner, Britain's Takeover Panel will start an auction process from December 27.

Prosus, the Dutch-based technology giant, has raised its unsolicited cash offer for British food delivery service Just Eat to $6.5 billion, ratcheting up pressure on rival suitor Takeaway, it said on Monday.

Prosus, the Dutch-based technology giant, has raised its unsolicited cash offer for British food delivery service Just Eat to $6.5 billion, ratcheting up pressure on rival suitor Takeaway, it said on Monday. Prosus's increased offer of 740 pence per share from 710 pence is about 5 per cent higher than a rival all-share deal from Takeaway.com, which has the backing the board of Just Eat. Netherlands-based Prosus also lowered its acceptance threshold for Just Eat shareholders to 50 per cent plus one share from 75 per cent previously, and it extended its offer period through December 27. Prosus said that although its new offer is only slightly higher than Takeaway's, it is still around 25 per cent above the level where Just Eat shares were trading before it entered the bidding in October. "Prosus believes the increased offer underscores its commitment to the transaction and constitutes attractive and certain value for Just Eat shareholders," CEO Bob van Dijk said in a statement. "Unlike the Takeaway.com offer, which relies on (its) shares remaining at an above-sector multiple, our cash offer provides certainty of value to Just Eat shareholders." Takeaway CEO Jitse Groen issued a statement on Monday urging Just Eat shareholders to accept his company's offer. "Through this merger, we will combine our two great companies to create the largest global platform in online food delivery outside China." "Unfortunately, Prosus is attempting to derail the combination and instead buy your company with a hostile, low-ball cash offer "If it succeeds, it will keep Just Eat’s value creation potential for itself." Both sides are due to report on how many shares their offers have won by December 12. If neither has emerged as winner, Britain's Takeover Panel will start an auction process from December 27.

Prosus raises bid for Just Eat, pressure now on rival Takeaway

<a href="https://www.wionews.com/europe/germanys-arms-exports-to-saudi-arabia-cannot-take-place-in-current-situation-merkel-172715">Germany's exports</a> rose unexpectedly in October, a morale boost for Europe's largest economy, which has been teetering on the brink of recession over recent quarters.

The 1.2 per cent&nbsp;rise in exports raises hopes that the economy can avoid contracting in the final quarter, despite producing a string of negative economic indicators in recent weeks, including a fall in industrial output last week.

The surprise increase was mainly driven by strong demand from non-European countries: sales to European Union countries were up 0.1&nbsp;per cent compared&nbsp;with a year ago but the value of German goods sold to non-European countries rose by 4.6 per cent&nbsp;.

Analysts had expected exports to fall 0.7&nbsp;per cent in&nbsp;October.

"After last week's disappointing industrial data, this morning's trade data brought some welcome relief for the economy," said ING's Carsten Brzeski, who warned against excessive optimism.

"Looking ahead, however, the ongoing drought in order books is a strong argument against any optimism," he added.

At 20.6 billion euros, the seasonally adjusted trade surplus was wider than the 19 billion euros analysts had expected.

Germany's exports rose unexpectedly in October, a morale boost for Europe's largest economy, which has been teetering on the brink of recession over recent quarters.

Germany's exports rose unexpectedly in October, a morale boost for Europe's largest economy, which has been teetering on the brink of recession over recent quarters. The 1.2 per cent rise in exports raises hopes that the economy can avoid contracting in the final quarter, despite producing a string of negative economic indicators in recent weeks, including a fall in industrial output last week. The surprise increase was mainly driven by strong demand from non-European countries: sales to European Union countries were up 0.1 per cent compared with a year ago but the value of German goods sold to non-European countries rose by 4.6 per cent . Analysts had expected exports to fall 0.7 per cent in October. "After last week's disappointing industrial data, this morning's trade data brought some welcome relief for the economy," said ING's Carsten Brzeski, who warned against excessive optimism. "Looking ahead, however, the ongoing drought in order books is a strong argument against any optimism," he added. At 20.6 billion euros, the seasonally adjusted trade surplus was wider than the 19 billion euros analysts had expected.

Surging exports lend a fillip to flagging German economy

<a href="https://www.wionews.com/world/south-african-airways-hit-by-crippling-strike-262310">South African Airways</a> (SAA) had to be placed on "business rescue" because there was no other viable and financially workable option to secure a credible future for the state-owned airline, President Cyril Ramaphosa said on Monday.

SAA has been posting losses since 2011 and is deeply in debt. It has received more than 20 billion rand ($1.4 billion) in government bailouts over the past three years, which has achieved little more than keeping it barely afloat.

Ramaphosa ordered SAA on Wednesday to seek a business rescue as the airline is close to collapse. Business rescue is a form of bankruptcy protection where a specialist adviser takes control of a company to restructure it.

"The financial crisis had become so grave that the only way to secure its survival was to take this extraordinary measure," <a href="https://www.wionews.com/world/cyril-ramaphosas-anc-win-closely-watched-south-africa-poll-with-absolute-majority-217627">Ramaphosa</a> said in his weekly newsletter.

"With the support of lenders, government, management and workers, SAA will continue to operate while the airline undergoes the restructuring needed to make it a viable company."

SAA has been granted a 4 billion rand ($272 million) lifeline from the government and banks to launch the rescue plan, but that cash could only last for months, analysts say.

On Sunday, Minister of Public Enterprises <a href="https://www.wionews.com/world/south-africa-drops-graft-charges-against-finance-minister-8155">Pravin Gordhan</a> wrote in an opinion piece in the Sunday Times that the decision to rescue the airline, rather than let it fail as some analysts have argued, would save many of the 10,000 jobs at SAA.&nbsp;

After years of government dithering, the distressed state entity's crisis was increasingly seen as a test of Ramaphosa's resolve to carry out badly-needed economic reforms.

Years of corruption and mismanagement have put several state-owned enterprises in dire straits, including power utility Eskom, whose financial problems have left it struggling to keep the lights on.

Ramaphosa said although many of the state-owned firms such as Eskom are deeply in debt, they remain valuable state assets with immense capacity.

"We will not allow any of these strategic entities to fail. Rather, we need to take all necessary steps even&nbsp;drastic ones to restore them to health," he said.

South African Airways (SAA) had to be placed on "business rescue" because there was no other viable and financially workable option to secure a credible future for the state-owned airline, President Cyril Ramaphosa said on Monday.

South African Airways (SAA) had to be placed on "business rescue" because there was no other viable and financially workable option to secure a credible future for the state-owned airline, President Cyril Ramaphosa said on Monday. SAA has been posting losses since 2011 and is deeply in debt. It has received more than 20 billion rand ($1.4 billion) in government bailouts over the past three years, which has achieved little more than keeping it barely afloat. Ramaphosa ordered SAA on Wednesday to seek a business rescue as the airline is close to collapse. Business rescue is a form of bankruptcy protection where a specialist adviser takes control of a company to restructure it. "The financial crisis had become so grave that the only way to secure its survival was to take this extraordinary measure," Ramaphosa said in his weekly newsletter. "With the support of lenders, government, management and workers, SAA will continue to operate while the airline undergoes the restructuring needed to make it a viable company." SAA has been granted a 4 billion rand ($272 million) lifeline from the government and banks to launch the rescue plan, but that cash could only last for months, analysts say. On Sunday, Minister of Public Enterprises Pravin Gordhan wrote in an opinion piece in the Sunday Times that the decision to rescue the airline, rather than let it fail as some analysts have argued, would save many of the 10,000 jobs at SAA. After years of government dithering, the distressed state entity's crisis was increasingly seen as a test of Ramaphosa's resolve to carry out badly-needed economic reforms. Years of corruption and mismanagement have put several state-owned enterprises in dire straits, including power utility Eskom, whose financial problems have left it struggling to keep the lights on. Ramaphosa said although many of the state-owned firms such as Eskom are deeply in debt, they remain valuable state assets with immense capacity. "We will not allow any of these strategic entities to fail. Rather, we need to take all necessary steps even drastic ones to restore them to health," he said.

Only option was to put South African Airways on rescue: Ramaphosa

Chinese tech giant <a href="https://www.wionews.com/business-economy/huawei-plans-to-shift-research-center-to-canada-from-us-globe-and-mail-265889">Huawei Technologies</a> plans to equip more of its products with its<a href="https://www.wionews.com/world/huawei-unveils-own-operating-system-harmonyos-to-compete-with-android-241698"> Harmony operating system </a>(OS) next year, and will promote them at home and abroad, a Huawei spokesman said on Monday.

But there are no plans currently to roll out the OS to its phones, tablets, and computers, among Huawei's most popular products, the spokesman added.

The plans were first reported in the government-backed Shenzhen Special Zone Daily newspaper which cited comments made by Wang Chenglu, president of the Huawei consumer business group's software division, at a store event held in the city of Shenzhen, where the firm has its headquarters.

Huawei unveiled its proprietary OS in August as a possible alternative to Google's Android, as it copes with trade restrictions by the United States that threatens to cut its access to technology made by US&nbsp;firms.

A "smart screen", or connected television product was its first product to use Harmony, called Hongmeng in Chinese, but it said at the time that it would stick to <a href="https://www.wionews.com/science-tech/android-o-google-teases-next-version-of-its-operating-system-15725">Android</a> for <a href="https://www.wionews.com/business-economy/smartphones-booming-indias-electronics-manufacturing-sector-173345">smartphones</a> and gradually roll out Harmony to other devices such as smartwatches, speakers and virtual reality gadgets.

Wang reiterated that stance at the store event and noted the company would still prefer to use Android on its phones, according to the Shenzhen Special Zone Daily newspaper.

Chinese tech giant Huawei Technologies plans to equip more of its products with its Harmony operating system (OS) next year, and will promote them at home and abroad, a Huawei spokesman said on Monday.

Chinese tech giant Huawei Technologies plans to equip more of its products with its Harmony operating system (OS) next year, and will promote them at home and abroad, a Huawei spokesman said on Monday. But there are no plans currently to roll out the OS to its phones, tablets, and computers, among Huawei's most popular products, the spokesman added. The plans were first reported in the government-backed Shenzhen Special Zone Daily newspaper which cited comments made by Wang Chenglu, president of the Huawei consumer business group's software division, at a store event held in the city of Shenzhen, where the firm has its headquarters. Huawei unveiled its proprietary OS in August as a possible alternative to Google's Android, as it copes with trade restrictions by the United States that threatens to cut its access to technology made by US firms. A "smart screen", or connected television product was its first product to use Harmony, called Hongmeng in Chinese, but it said at the time that it would stick to Android for smartphones and gradually roll out Harmony to other devices such as smartwatches, speakers and virtual reality gadgets. Wang reiterated that stance at the store event and noted the company would still prefer to use Android on its phones, according to the Shenzhen Special Zone Daily newspaper.

Huawei to roll out Harmony OS to more products next year, but not phones and tablets

<a href="https://www.wionews.com/world/ukraine-president-zelensky-renews-denial-of-quid-pro-quo-with-us-president-trump-265736">Ukraine</a> will ask the British Supreme Court on Monday not to force it to pay billions of dollars in debt to&nbsp;Russia&nbsp;without a trial that would determine whether Kiev was forced to borrow the money under duress.

The case, being decided in London because the debt was structured as a Eurobond under English law, could see British courts rule on some of the most contentious issues in the&nbsp;<a href="https://www.wionews.com/world/nato-calls-emergency-meeting-over-russia-ukraine-standoff-at-sea-of-azov-179555">Russia-Ukraine</a> feud that has divided Moscow from the West.

The debt was borrowed six years ago by a pro-Russian president months before he was toppled in a popular uprising. Moscow is seeking a summary judgment in its favor that could see Ukraine ordered to pay the debt in full, without a trial.

Ukraine argues that it should not be forced to pay without having a chance to challenge the debt, a position backed by an appeals court in a ruling that&nbsp;Russia&nbsp;now wants the Supreme Court to overturn.

Alex Gerbi, a partner at the firm representing Kiev in the case, said Ukraine would argue that the debt was incurred under duress.

"Russia&nbsp;should have to prove its claim, and justify its conduct, in the full public scrutiny of an English trial,” Gerbi said.

Ukraine has accused&nbsp;Russia&nbsp;of applying “massive, unlawful and illegitimate economic and political pressure to Ukraine in 2013”, forcing the country to accept Moscow’s financial support instead of striking up closer ties with the EU, according to earlier court documents.

Moscow has not commented on the case. A source familiar with the&nbsp;Russian position said&nbsp;Russia&nbsp;would argue that Ukraine's case has no merit and no trial is needed.

The $3 billion bond was borrowed by Ukraine in the final months of the administration of President <a href="https://www.wionews.com/world/ukraine-investigates-grenade-attack-on-kiev-tv-station-235589">Viktor Yanukovich</a>, a supporter of close relations with Moscow who was toppled in a public uprising after abandoning a deal on ties with the EU.

Russia&nbsp;responded to Yanukovich's fall by seizing Ukraine's Crimea peninsula and backing separatists in eastern Ukraine in a war which has killed more than 13,000 people. The <a href="https://www.wionews.com/opinions/china-united-states-relations-and-the-thucydides-trap-192673">United States</a> and <a href="https://www.wionews.com/world/european-union-presses-uk-to-resubmit-brexit-plan-as-end-game-looms-254002">European Union</a> responded to those&nbsp;Russian moves with sanctions against Moscow which have yet to be lifted.

Ukraine's new president, Volodymyr Zelenskiy, is scheduled to meet&nbsp;Russia's Vladimir Putin on Monday to push for a peaceful resolution to the conflict in eastern Ukraine.

Both countries are also due to renew a gas transit deal a regular source of disagreement between them -- by the end of December.

The Eurobond matured in December 2015 and has not been repaid. Moscow wants payment in full, including interest which could push the debt beyond $4 billion. Kiev says&nbsp;Russia&nbsp;should have participated in a 2015 restructuring of its Eurobonds.

The case is one of two major court cases this month being watched by international investors in Ukraine. Hearings are due to begin in Kiev on December&nbsp;19 in the case of the nationalisation of Ukraine's largest commercial bank.

Ukraine will ask the British Supreme Court on Monday not to force it to pay billions of dollars in debt to Russia without a trial that would determine whether Kiev was forced to borrow the money under duress.

Ukraine will ask the British Supreme Court on Monday not to force it to pay billions of dollars in debt to Russia without a trial that would determine whether Kiev was forced to borrow the money under duress. The case, being decided in London because the debt was structured as a Eurobond under English law, could see British courts rule on some of the most contentious issues in the Russia-Ukraine feud that has divided Moscow from the West. The debt was borrowed six years ago by a pro-Russian president months before he was toppled in a popular uprising. Moscow is seeking a summary judgment in its favor that could see Ukraine ordered to pay the debt in full, without a trial. Ukraine argues that it should not be forced to pay without having a chance to challenge the debt, a position backed by an appeals court in a ruling that Russia now wants the Supreme Court to overturn. Alex Gerbi, a partner at the firm representing Kiev in the case, said Ukraine would argue that the debt was incurred under duress. "Russia should have to prove its claim, and justify its conduct, in the full public scrutiny of an English trial,” Gerbi said. Ukraine has accused Russia of applying “massive, unlawful and illegitimate economic and political pressure to Ukraine in 2013”, forcing the country to accept Moscow’s financial support instead of striking up closer ties with the EU, according to earlier court documents. Moscow has not commented on the case. A source familiar with the Russian position said Russia would argue that Ukraine's case has no merit and no trial is needed. The $3 billion bond was borrowed by Ukraine in the final months of the administration of President Viktor Yanukovich, a supporter of close relations with Moscow who was toppled in a public uprising after abandoning a deal on ties with the EU. Russia responded to Yanukovich's fall by seizing Ukraine's Crimea peninsula and backing separatists in eastern Ukraine in a war which has killed more than 13,000 people. The United States and European Union responded to those Russian moves with sanctions against Moscow which have yet to be lifted. Ukraine's new president, Volodymyr Zelenskiy, is scheduled to meet Russia's Vladimir Putin on Monday to push for a peaceful resolution to the conflict in eastern Ukraine. Both countries are also due to renew a gas transit deal a regular source of disagreement between them -- by the end of December. The Eurobond matured in December 2015 and has not been repaid. Moscow wants payment in full, including interest which could push the debt beyond $4 billion. Kiev says Russia should have participated in a 2015 restructuring of its Eurobonds. The case is one of two major court cases this month being watched by international investors in Ukraine. Hearings are due to begin in Kiev on December 19 in the case of the nationalisation of Ukraine's largest commercial bank.

Ukraine seeks to require UK court hearings if Russia tries to enforce debt

The <a href="https://www.wionews.com/world/trump-calls-for-world-bank-to-stop-loaning-to-china-266779">World Bank </a>said Saturday its lending to China has fallen sharply and will continue to be pared back, after US President Donald Trump demanded it stop altogether.

"Why is the World Bank loaning money to China? Can this be possible? China has plenty of money, and if they don't, they create it. STOP!" Trump wrote on Twitter Friday.

The bank, which is led by former US Treasury official David Malpass, defended its approach in a brief statement.

"World Bank lending to China has fallen sharply and will continue to reduce as part of our agreement with all our shareholders including the United States.

"We eliminate lending as countries get richer," it said.

Trump was reiterating a position long held by his administration, including Malpass prior to his election as the current head of the World Bank.

Treasury Secretary Steven Mnuchin told US lawmakers Thursday that the United States "has objected" to the institution's multi-year program of loans and projects in China.

That program, which includes plans to reduce lending to China, was adopted on Thursday.

The program "reflects the evolution of our relationship with China," Martin Raiser, World Bank Country Director for China, said on Thursday. "Our engagement will be increasingly selective."

Trump's very public stance comes amid negotiations between Washington and Beijing seeking to end the US president's 18-month-long trade war, which is aimed at forcing China to make concessions on protecting American businesses and reducing its trade surplus.

There is a great deal of uncertainty about the date of a possible partial agreement, which Trump said was imminent in October. 
&nbsp;

The World Bank said Saturday its lending to China has fallen sharply and will continue to be pared back, after US President Donald Trump demanded it stop altogether.

The World Bank said Saturday its lending to China has fallen sharply and will continue to be pared back, after US President Donald Trump demanded it stop altogether. "Why is the World Bank loaning money to China? Can this be possible? China has plenty of money, and if they don't, they create it. STOP!" Trump wrote on Twitter Friday. The bank, which is led by former US Treasury official David Malpass, defended its approach in a brief statement. "World Bank lending to China has fallen sharply and will continue to reduce as part of our agreement with all our shareholders including the United States. "We eliminate lending as countries get richer," it said. Trump was reiterating a position long held by his administration, including Malpass prior to his election as the current head of the World Bank. Treasury Secretary Steven Mnuchin told US lawmakers Thursday that the United States "has objected" to the institution's multi-year program of loans and projects in China. That program, which includes plans to reduce lending to China, was adopted on Thursday. The program "reflects the evolution of our relationship with China," Martin Raiser, World Bank Country Director for China, said on Thursday. "Our engagement will be increasingly selective." Trump's very public stance comes amid negotiations between Washington and Beijing seeking to end the US president's 18-month-long trade war, which is aimed at forcing China to make concessions on protecting American businesses and reducing its trade surplus. There is a great deal of uncertainty about the date of a possible partial agreement, which Trump said was imminent in October.

World Bank to reduce lending to China

Volkswagen's German plants need to boost efficiency to match overseas operations, production chief Andreas Tostmann was quoted as saying, targeting 2 billion euros ($2.2 billion) in savings by 2023.

German carmakers, including Volkswagen's Audi brand, have announced thousands of job cuts in recent weeks to address an expected 5 per cent&nbsp;drop in global auto sales this year, with declines likely to spill into 2020.

"The pace of improvement is better abroad. In Germany, despite all the successes we've achieved, we have to do better," Tostmann told trade journal Automobilwoche.

Tostmann wants to implement the savings in the production of VW branded cars through a bundle of measures on top of automation, including a leaner logistics operation.

"The result is that we need 15 per cent&nbsp;less space, 60 per cent&nbsp;fewer logistics vehicles and are able to move 20 per cent&nbsp;more product," said Tostmann, according to extracts from his Automobilwoche interview.

VW's luxury Audi division last month said that it would cut up to 9,500 jobs, equating to 10.6 per cent&nbsp;of total staff, by 2025 in a move to free up billions of euros to fund the shift towards electric vehicle production.

Rival Daimler, as well as car suppliers Continental, Robert Bosch and Osram, have also recently announced staff and cost cuts.

Volkswagen's German plants need to boost efficiency to match overseas operations, production chief Andreas Tostmann was quoted as saying, targeting 2 billion euros ($2.

Volkswagen's German plants need to boost efficiency to match overseas operations, production chief Andreas Tostmann was quoted as saying, targeting 2 billion euros ($2.2 billion) in savings by 2023. German carmakers, including Volkswagen's Audi brand, have announced thousands of job cuts in recent weeks to address an expected 5 per cent drop in global auto sales this year, with declines likely to spill into 2020. "The pace of improvement is better abroad. In Germany, despite all the successes we've achieved, we have to do better," Tostmann told trade journal Automobilwoche. Tostmann wants to implement the savings in the production of VW branded cars through a bundle of measures on top of automation, including a leaner logistics operation. "The result is that we need 15 per cent less space, 60 per cent fewer logistics vehicles and are able to move 20 per cent more product," said Tostmann, according to extracts from his Automobilwoche interview. VW's luxury Audi division last month said that it would cut up to 9,500 jobs, equating to 10.6 per cent of total staff, by 2025 in a move to free up billions of euros to fund the shift towards electric vehicle production. Rival Daimler, as well as car suppliers Continental, Robert Bosch and Osram, have also recently announced staff and cost cuts.

Volkswagen's German plants need to shape up: Production chief

The Italian state is ready to take an 18 per cent&nbsp;stake in the troubled Ilva steel plant in southern Italy through a public agency, newspaper Il Messaggero reported on Sunday, citing a draft proposal to save the factory.

Industry ministry officials will present the plan on Monday to steel firm ArcelorMittal, the daily said, in an attempt to convince it to scrap its threat to walk away from a 2018 deal to buy the plant in the city of Taranto.

The industry minister was not immediately available to comment on the report.

The factory directly employs around 8,200 workers in one of Italy's least prosperous areas.

Under the terms of an 8-page plan, the state will propose taking an 18 per cent&nbsp;stake either through state lender Cassa Depositi e Prestiti (CDP) or Invitalia, a state-owned investment agency, the daily said.

The government will also offer to reinstate a legal shield against prosecution for ArcelorMittal while it carries out a clean-up plan for the heavily polluting plant, the report said.

The withdrawal of this legal protection was one reason given by ArcelorMittal for pulling out of the purchase agreement.

In return, Rome will ask ArcelorMittal to drastically reduce the number of lay-offs it has said are necessary at the plant, from 4,700 to no more than 1,000, the newspaper said.

Industry Minister Stefano Patuanelli told parliament last month that Invitalia could take a stake in Ilva, without going into details.

The Italian state is ready to take an 18 per cent stake in the troubled Ilva steel plant in southern Italy through a public agency, newspaper Il Messaggero reported on Sunday, citing a draft proposal to save the factory.

The Italian state is ready to take an 18 per cent stake in the troubled Ilva steel plant in southern Italy through a public agency, newspaper Il Messaggero reported on Sunday, citing a draft proposal to save the factory. Industry ministry officials will present the plan on Monday to steel firm ArcelorMittal, the daily said, in an attempt to convince it to scrap its threat to walk away from a 2018 deal to buy the plant in the city of Taranto. The industry minister was not immediately available to comment on the report. The factory directly employs around 8,200 workers in one of Italy's least prosperous areas. Under the terms of an 8-page plan, the state will propose taking an 18 per cent stake either through state lender Cassa Depositi e Prestiti (CDP) or Invitalia, a state-owned investment agency, the daily said. The government will also offer to reinstate a legal shield against prosecution for ArcelorMittal while it carries out a clean-up plan for the heavily polluting plant, the report said. The withdrawal of this legal protection was one reason given by ArcelorMittal for pulling out of the purchase agreement. In return, Rome will ask ArcelorMittal to drastically reduce the number of lay-offs it has said are necessary at the plant, from 4,700 to no more than 1,000, the newspaper said. Industry Minister Stefano Patuanelli told parliament last month that Invitalia could take a stake in Ilva, without going into details.

Italy ready to take 18% stake in Ilva steel plant

Japan's markets watchdog will likely recommend soon that the financial regulator fine Nissan Motor Co Ltd about 2.4 billion yen ($22 million) over false reporting on its financial statement, public broadcaster NHK reported on Sunday.

Nissan's former Chairman Carlos Ghosn was arrested in Tokyo in November last year over allegations of financial misconduct, including understating his salary by around 9.1 billion yen ($84.71 million) over a period of nearly a decade and temporarily transferring personal financial losses to the books of Nissan, Japan's number&nbsp;2 automaker.

Reuters reported in June that Nissan would be fined up to 4 billion yen and it may receive a reduced fine of around 2.4 billion yen if the automaker filed documentation to the Securities and Exchange Surveillance Commission (SESC) before the formal investigation begins, citing a source.

The fine would cover a four-year period through March 2018, the source previously told Reuters.

Nissan and the SESC could not immediately be reached for comment.

Japan's markets watchdog will likely recommend soon that the financial regulator fine Nissan Motor Co Ltd about 2.4 billion yen ($22 million) over false reporting on its financial statement, public broadcaster NHK reported on Sunday.

Japan's markets watchdog will likely recommend soon that the financial regulator fine Nissan Motor Co Ltd about 2.4 billion yen ($22 million) over false reporting on its financial statement, public broadcaster NHK reported on Sunday. Nissan's former Chairman Carlos Ghosn was arrested in Tokyo in November last year over allegations of financial misconduct, including understating his salary by around 9.1 billion yen ($84.71 million) over a period of nearly a decade and temporarily transferring personal financial losses to the books of Nissan, Japan's number 2 automaker. Reuters reported in June that Nissan would be fined up to 4 billion yen and it may receive a reduced fine of around 2.4 billion yen if the automaker filed documentation to the Securities and Exchange Surveillance Commission (SESC) before the formal investigation begins, citing a source. The fine would cover a four-year period through March 2018, the source previously told Reuters. Nissan and the SESC could not immediately be reached for comment.

Japan's markets watchdog likely to recommend $22 million fine against Nissan

France-based luxury audio brand Devialet&nbsp;launched its iconic speaker in a new finish recently and&nbsp;it is a treat for all the audio enthusiasts out there.

The ultra-compact Phantom Reactor, which was only available for sale in the colour white so far, is now available in a new matte black finish.

According to the company, it took them one year to design this beauty and we must say that the company did a good job.&nbsp;

The design is undoubtedly impressive and with its sharp finish, the Devialet Phantom Reactor looks very elegant.

In terms of audio quality, the Phantom Reactor is powerful. It delivers unprecedented power with zero distortion or background noise. 
The audio experience is thrilling.

The phantom reactor is unrivalled because, despite its diminutive size, it manages to produce such big sound that it will move you, even at low volume.&nbsp;

Also, it's capable of handling intense power and pressure.

The Phantom Reactor comes in two output variants - 600 watts and 900 watts.

They can be configured in either solo or stereo modes.

The Phantom Reactor 600 is priced at &nbsp;Rs 1,09,000, and the 900 watts variant can be bought for Rs 1,29,000.&nbsp;

We do think it's the finest wireless Bluetooth speaker available in India right now.

So, if you need a hi-fi compact Bluetooth speaker, and the price is not a deterrent, you must try Phantom Reactor 600.

France-based luxury audio brand Devialet launched its iconic speaker in a new finish recently and it is a treat for all the audio enthusiasts out there. The ultra-compact Phantom Reactor, which was only available for sale in the colour white so far, is now available in a new matte black finish.

France-based luxury audio brand Devialet launched its iconic speaker in a new finish recently and it is a treat for all the audio enthusiasts out there. The ultra-compact Phantom Reactor, which was only available for sale in the colour white so far, is now available in a new matte black finish. According to the company, it took them one year to design this beauty and we must say that the company did a good job. The design is undoubtedly impressive and with its sharp finish, the Devialet Phantom Reactor looks very elegant. In terms of audio quality, the Phantom Reactor is powerful. It delivers unprecedented power with zero distortion or background noise. The audio experience is thrilling. The phantom reactor is unrivalled because, despite its diminutive size, it manages to produce such big sound that it will move you, even at low volume. Also, it's capable of handling intense power and pressure. The Phantom Reactor comes in two output variants - 600 watts and 900 watts. They can be configured in either solo or stereo modes. The Phantom Reactor 600 is priced at Rs 1,09,000, and the 900 watts variant can be bought for Rs 1,29,000. We do think it's the finest wireless Bluetooth speaker available in India right now. So, if you need a hi-fi compact Bluetooth speaker, and the price is not a deterrent, you must try Phantom Reactor 600.

Devialet's ultra-compact Phantom Reactor speakers launched in new elegant design

China's <a href="https://www.wionews.com/business-economy/china-november-exports-fall-but-import-growth-hints-of-recovering-demand-266930">potential economic growth</a> will be below 6 per cent&nbsp;over the next five years, an adviser to China's central bank said on Saturday.

The economy could grow between 5 per cent&nbsp;and 6 per cent&nbsp;from 2020 to 2025, Liu Shijin, a policy adviser to the People's Bank of China, said at a conference in Beijing, according to an article he posted on social media.

China's monetary policy is already quite loose, and attempting to stimulate the economy to grow faster than its potential could cause it to fall off a cliff, said Liu.

China's third-quarter economic growth slowed more than expected to 6 per cent&nbsp;year-on-year, marking its weakest pace in almost three decades, and at the bottom end of the government's full-year target range of 6.0 per cent-6.5 per cent.

Despite the growing strains on the economy caused by slowing domestic demand and a trade war with the United States, Beijing remains reluctant to implement major stimulus for fear of heightening financial risks given already high levels of debt.

China central bank governor Yi Gang reiterated in an article published last week that China will not resort to quantitative easing and is committed to maintaining a prudent monetary policy.

China's potential economic growth will be below 6 per cent over the next five years, an adviser to China's central bank said on Saturday. The economy could grow between 5 per cent and 6 per cent from 2020 to 2025, Liu Shijin, a policy adviser to the People's Bank of China, said at a conference in Beijing, according to an article he posted on social media.

China's potential economic growth will be below 6 per cent over the next five years, an adviser to China's central bank said on Saturday. The economy could grow between 5 per cent and 6 per cent from 2020 to 2025, Liu Shijin, a policy adviser to the People's Bank of China, said at a conference in Beijing, according to an article he posted on social media. China's monetary policy is already quite loose, and attempting to stimulate the economy to grow faster than its potential could cause it to fall off a cliff, said Liu. China's third-quarter economic growth slowed more than expected to 6 per cent year-on-year, marking its weakest pace in almost three decades, and at the bottom end of the government's full-year target range of 6.0 per cent-6.5 per cent. Despite the growing strains on the economy caused by slowing domestic demand and a trade war with the United States, Beijing remains reluctant to implement major stimulus for fear of heightening financial risks given already high levels of debt. China central bank governor Yi Gang reiterated in an article published last week that China will not resort to quantitative easing and is committed to maintaining a prudent monetary policy.

China's potential growth below 6% over next five years: Central bank adviser

Swedish mobile telecoms company Ericsson has agreed to pay over $1 billion to resolve probes into corruption, including the bribing of government officials, the US Department of Justice said on Friday.

The bribery took place over many years in countries including China, Vietnam and Djibouti, the department said. The total charges include a criminal penalty of more than $520 million, plus $540 million to be paid to the US Securities and Exchange Commission (SEC) in a related matter.

The company admitted it had conspired with others to violate the Foreign Corrupt Practices Act (FCPA) from at least 2000 to 2016 by engaging in a scheme to pay bribes and to falsify books and records and by failing to implement reasonable internal accounting controls, the Justice Department said in a statement.

"Certain employees in some markets, some of whom were executives in those markets, acted in bad faith and knowingly failed to implement sufficient controls," Ericsson CEO Borje Ekholm said in a conference call on Saturday.

"I view what has happened as a completely unacceptable and hugely upsetting chapter of our history."

Ericsson used third parties to pay bribes to government officials to secure and keep business, authorities said. Consultants were retained to create slush funds and transfer money to third parties, according to one of the complaints.

One of the company's subsidiaries, Ericsson Egypt Ltd, pleaded guilty in the Southern District of New York to a charge of conspiracy to violate the anti-bribery provisions of the FCPA.

Pleading guilty can bring additional severe sanctions, including the revoking of licenses, but the company can negotiate waivers to ensure they can continue to operate.

"Through slush funds, bribes, gifts, and graft, Ericsson conducted telecom business with the guiding principle that 'money talks,'" US Attorney Geoffrey Berman of the Southern District of New York said in a statement.

Ericsson said it had reviewed its anti-corruption program and taken measures to improve its ethics and compliance.

It has said previously it was cooperating with US authorities and that it would make a $1.2 billion provision in relation to the probes.

Carl Mellander, chief financial officer, said the amount was fully covered by a provision the company made in the third quarter and added it would not impact any financial targets.

"While the amount for the settlement today is significant I can confirm that we will be able to manage the associated cash outflow with available funds," he told the conference call.

Swedish mobile telecoms company Ericsson has agreed to pay over $1 billion to resolve probes into corruption, including the bribing of government officials, the US Department of Justice said on Friday.

Swedish mobile telecoms company Ericsson has agreed to pay over $1 billion to resolve probes into corruption, including the bribing of government officials, the US Department of Justice said on Friday. The bribery took place over many years in countries including China, Vietnam and Djibouti, the department said. The total charges include a criminal penalty of more than $520 million, plus $540 million to be paid to the US Securities and Exchange Commission (SEC) in a related matter. The company admitted it had conspired with others to violate the Foreign Corrupt Practices Act (FCPA) from at least 2000 to 2016 by engaging in a scheme to pay bribes and to falsify books and records and by failing to implement reasonable internal accounting controls, the Justice Department said in a statement. "Certain employees in some markets, some of whom were executives in those markets, acted in bad faith and knowingly failed to implement sufficient controls," Ericsson CEO Borje Ekholm said in a conference call on Saturday. "I view what has happened as a completely unacceptable and hugely upsetting chapter of our history." Ericsson used third parties to pay bribes to government officials to secure and keep business, authorities said. Consultants were retained to create slush funds and transfer money to third parties, according to one of the complaints. One of the company's subsidiaries, Ericsson Egypt Ltd, pleaded guilty in the Southern District of New York to a charge of conspiracy to violate the anti-bribery provisions of the FCPA. Pleading guilty can bring additional severe sanctions, including the revoking of licenses, but the company can negotiate waivers to ensure they can continue to operate. "Through slush funds, bribes, gifts, and graft, Ericsson conducted telecom business with the guiding principle that 'money talks,'" US Attorney Geoffrey Berman of the Southern District of New York said in a statement. Ericsson said it had reviewed its anti-corruption program and taken measures to improve its ethics and compliance. It has said previously it was cooperating with US authorities and that it would make a $1.2 billion provision in relation to the probes. Carl Mellander, chief financial officer, said the amount was fully covered by a provision the company made in the third quarter and added it would not impact any financial targets. "While the amount for the settlement today is significant I can confirm that we will be able to manage the associated cash outflow with available funds," he told the conference call.

Ericsson to pay over $1 billion to resolve US corruption probes

Iran's President Hassan Rouhani on Sunday presented to parliament what he called a "budget of resistance" against crippling sanctions imposed by arch-enemy the United States.

"Next year, similar to the current year, our budget is a budget of resistance and perseverance against sanctions," Rouhani told parliament in remarks broadcast on state radio.

"This budget announces to the world that despite sanctions we will manage the country, especially in terms of oil," he added.

The budget for the financial year starting late March 2020 comes after fuel price hikes that were imposed in mid-November triggered deadly demonstrations across the Islamic republic.

In his speech, Rouhani announced a 15 per cent increase for public sector wages in a country whose economy has been battered by US sanctions.

US President Donald Trump began imposing punitive measures in May 2018, after unilaterally withdrawing from an accord that gave Iran relief from sanctions in return for limits on its nuclear programme.

The International Monetary Fund has forecast that Iran's economy will contract by 9.5 per cent this year.

Iran's President Hassan Rouhani on Sunday presented to parliament what he called a "budget of resistance" against crippling sanctions imposed by arch-enemy the United States.

Iran's President Hassan Rouhani on Sunday presented to parliament what he called a "budget of resistance" against crippling sanctions imposed by arch-enemy the United States. "Next year, similar to the current year, our budget is a budget of resistance and perseverance against sanctions," Rouhani told parliament in remarks broadcast on state radio. "This budget announces to the world that despite sanctions we will manage the country, especially in terms of oil," he added. The budget for the financial year starting late March 2020 comes after fuel price hikes that were imposed in mid-November triggered deadly demonstrations across the Islamic republic. In his speech, Rouhani announced a 15 per cent increase for public sector wages in a country whose economy has been battered by US sanctions. US President Donald Trump began imposing punitive measures in May 2018, after unilaterally withdrawing from an accord that gave Iran relief from sanctions in return for limits on its nuclear programme. The International Monetary Fund has forecast that Iran's economy will contract by 9.5 per cent this year.

Iran unveils budget of 'resistance' against US sanctions

China's exports in November shrank for the fourth consecutive month, underscoring persistent pressures on manufacturers from the Sino-U.S. war but growth in imports may be a sign that Beijing's stimulus steps are helping to stoke demand.

The 17-month long trade dispute has heightened the risks of a global recession and fuelled speculation that China's policymakers could unleash more stimulus as growth in the world's second-largest economy cooled to nearly 30-year lows.

Overseas shipments fell 1.1% from a year earlier last month, customs data showed on Sunday, compared with a 1.0% expansion tipped by a Reuters poll of analysts and a 0.9% drop in October.

Imports unexpectedly rose 0.3% from a year earlier, marking the first year-on-year growth since April and compared with a 1.8% decline forecast by economists.

The better-than-expected import data may point to firming domestic demand after factory activity showed surprising signs of improvement recently, although analysts have noted the recovery could be difficult to sustain amid trade risks.

China's trade surplus for November stood at $38.73 billion, compared with an expected $46.30 billion surplus in the poll and a $42.81 billion surplus recorded in October.

Trade tensions

Beijing and Washington are negotiating a first phase trade deal aimed at de-escalating a trade dispute but they continue to wrangle over key details.

A US House bill targeting China's camps for ethnic Muslim minorities in Xinjiang and other bills supporting anti-government protesters in Hong Kong have have also angered Beijing, further clouding prospects for a deal.

US President Donald Trump said on Thursday trade talks with China are "moving right along," striking an upbeat tone even as Chinese officials held fast to their line that existing tariffs must come off as part of an interim deal. Earlier in the week, though, Trump rattled global markets when he said a deal might have to wait until after the 2020 election.

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 some $156 billion of China's remaining exports to the United States, but the president likes where trade talks with China are going, he added.

One Chinese official told Reuters that China will implement its own tariffs as a countermeasure if the Dec. 15 tariffs go into place, which may dash any chance of a near-term trade deal.

Trump has demanded that China commit to specific minimum purchases of U.S. agricultural products, among other concessions on intellectual property rights, currency and access to China's financial services markets.

China's trade surplus with the United States for November stood at $24.60 billion, according to Reuters calculations based on customs data, easing from the previous month's surplus of $26.45 billion.

China confirmed on Friday that it will waive import tariffs for some soybeans and pork shipments from the United States.

Domestic demand

Imports of copper rose 12.1% on the previous month as an improvement in the manufacturing sector stoked higher demand for the red metal, customs data showed on Sunday.

China's official factory activity gauge returned to growth for the first time in seven months in November, with a private survey showing activity expanding at the quickest pace in almost three years.

But falling industrial profits and factory prices suggest persisting downward pressure on the sector.

Iron ore imports fell for a second straight month in November, pulled down by falling shipments from top miners in Australia and Brazil despite firm demand at mills.

Despite the growing strains on the economy, Beijing remains reluctant to implement major stimulus for fear of heightening financial risks given already high levels of debt.

Authorities have instead opted for more targeted measures such as incremental interest rate reductions and bringing forward 1 trillion yuan ($142.1 billion) of the 2020 local government special bonds quota to this year.

People's Bank of China Governor Yi Gang reiterated in a signed article published last week that China will not resort to quantitative easing and is committed to maintaining a prudent monetary policy.

China's exports in November shrank for the fourth consecutive month, underscoring persistent pressures on manufacturers from the Sino-U.S. war but growth in imports may be a sign that Beijing's stimulus steps are helping to stoke demand.

China's exports in November shrank for the fourth consecutive month, underscoring persistent pressures on manufacturers from the Sino-U.S. war but growth in imports may be a sign that Beijing's stimulus steps are helping to stoke demand. The 17-month long trade dispute has heightened the risks of a global recession and fuelled speculation that China's policymakers could unleash more stimulus as growth in the world's second-largest economy cooled to nearly 30-year lows. Overseas shipments fell 1.1% from a year earlier last month, customs data showed on Sunday, compared with a 1.0% expansion tipped by a Reuters poll of analysts and a 0.9% drop in October. Imports unexpectedly rose 0.3% from a year earlier, marking the first year-on-year growth since April and compared with a 1.8% decline forecast by economists. The better-than-expected import data may point to firming domestic demand after factory activity showed surprising signs of improvement recently, although analysts have noted the recovery could be difficult to sustain amid trade risks. China's trade surplus for November stood at $38.73 billion, compared with an expected $46.30 billion surplus in the poll and a $42.81 billion surplus recorded in October. Trade tensions Beijing and Washington are negotiating a first phase trade deal aimed at de-escalating a trade dispute but they continue to wrangle over key details. A US House bill targeting China's camps for ethnic Muslim minorities in Xinjiang and other bills supporting anti-government protesters in Hong Kong have have also angered Beijing, further clouding prospects for a deal. US President Donald Trump said on Thursday trade talks with China are "moving right along," striking an upbeat tone even as Chinese officials held fast to their line that existing tariffs must come off as part of an interim deal. Earlier in the week, though, Trump rattled global markets when he said a deal might have to wait until after the 2020 election. 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 some $156 billion of China's remaining exports to the United States, but the president likes where trade talks with China are going, he added. One Chinese official told Reuters that China will implement its own tariffs as a countermeasure if the Dec. 15 tariffs go into place, which may dash any chance of a near-term trade deal. Trump has demanded that China commit to specific minimum purchases of U.S. agricultural products, among other concessions on intellectual property rights, currency and access to China's financial services markets. China's trade surplus with the United States for November stood at $24.60 billion, according to Reuters calculations based on customs data, easing from the previous month's surplus of $26.45 billion. China confirmed on Friday that it will waive import tariffs for some soybeans and pork shipments from the United States. Domestic demand Imports of copper rose 12.1% on the previous month as an improvement in the manufacturing sector stoked higher demand for the red metal, customs data showed on Sunday. China's official factory activity gauge returned to growth for the first time in seven months in November, with a private survey showing activity expanding at the quickest pace in almost three years. But falling industrial profits and factory prices suggest persisting downward pressure on the sector. Iron ore imports fell for a second straight month in November, pulled down by falling shipments from top miners in Australia and Brazil despite firm demand at mills. Despite the growing strains on the economy, Beijing remains reluctant to implement major stimulus for fear of heightening financial risks given already high levels of debt. Authorities have instead opted for more targeted measures such as incremental interest rate reductions and bringing forward 1 trillion yuan ($142.1 billion) of the 2020 local government special bonds quota to this year. People's Bank of China Governor Yi Gang reiterated in a signed article published last week that China will not resort to quantitative easing and is committed to maintaining a prudent monetary policy.

China November exports fall, but import growth hints of recovering demand

Onions have continued to keep citizens teary-eyed as the prices in Bidhan market in West Bengal's Siliguri have soared to Rs 110 per kilogram due to the acute shortage of the commodity in the markets, as claimed by the sellers.

Speaking to ANI, a homemaker named Rupa said, "The onion prices are so high and it should be brought down. The common people are suffering because of the price hike. It is very difficult for me not to use onions while cooking because it adds taste to the food. Now, because of the shortage, we are forced to buy high-priced onions."

"As far as I think, the new stocks will start coming into the market in two weeks and the price might drop then. In the northern area of West Bengal itself, almost 15-20 trucks of onion are being used on a daily basis. However, we are supplying 8-10 trucks now as there is an acute shortage of the commodity," Jaishwar, a supplier, said.

Meanwhile, Ramodar Prasad, a member of Siliguri Onion and Potato Merchants Association, told ANI, "The production of onion was affected due to the unseasonal rains across the country. The market is down because many merchants aren't capable of buying onion at a high price. We are not able to provide the commodity as per the customer demands."

"The price will only decrease when there is enough stock of onions in the market. It may take some time for the situation to get back to normalcy. Earlier, I used to buy 3 kgs, now I only buy half kg," said a customer.

Onions price has skyrocketed across the country with the vegetable being sold in a range of Rs 80 to Rs 150 per kilogram. The price of onions has been on the rise in many states of the country, which has even sparked protests among the people.&nbsp; 
&nbsp;

Onions have continued to keep citizens teary-eyed as the prices in Bidhan market in West Bengal's Siliguri have soared to Rs 110 per kilogram due to the acute shortage of the commodity in the markets, as claimed by the sellers.

Onions have continued to keep citizens teary-eyed as the prices in Bidhan market in West Bengal's Siliguri have soared to Rs 110 per kilogram due to the acute shortage of the commodity in the markets, as claimed by the sellers. Speaking to ANI, a homemaker named Rupa said, "The onion prices are so high and it should be brought down. The common people are suffering because of the price hike. It is very difficult for me not to use onions while cooking because it adds taste to the food. Now, because of the shortage, we are forced to buy high-priced onions." "As far as I think, the new stocks will start coming into the market in two weeks and the price might drop then. In the northern area of West Bengal itself, almost 15-20 trucks of onion are being used on a daily basis. However, we are supplying 8-10 trucks now as there is an acute shortage of the commodity," Jaishwar, a supplier, said. Meanwhile, Ramodar Prasad, a member of Siliguri Onion and Potato Merchants Association, told ANI, "The production of onion was affected due to the unseasonal rains across the country. The market is down because many merchants aren't capable of buying onion at a high price. We are not able to provide the commodity as per the customer demands." "The price will only decrease when there is enough stock of onions in the market. It may take some time for the situation to get back to normalcy. Earlier, I used to buy 3 kgs, now I only buy half kg," said a customer. Onions price has skyrocketed across the country with the vegetable being sold in a range of Rs 80 to Rs 150 per kilogram. The price of onions has been on the rise in many states of the country, which has even sparked protests among the people.

West Bengal: Onion prices touch Rs 110 per kg at market in Siliguri

Italy's biggest bank, UniCredit, announced on Tuesday to cut 8,000 jobs by closing 500 branches across Europe by 2023.

This means 9 per cent of its workforce.

The decision came as part of the four-year strategic plan of the bank to cut cost due to slow economic growth and negative interest rates.

"The layoffs in Italian banks may promote the upgrade of the industry's division of labor so as to meet customers' demands for better services. The reduction will also probably help introduce younger employees to the industry, but we have not yet seen the effectiveness of the change of personnel," said Marcello Messori, director of the European Political Economy School of Luiss University in Rome.

Figures from the Autonomous Federation of Italian Bank Workers (AFBI) show the nine major banking groups, including UniCredit,decided to cut 34,914 employees starting from 2012 and they have up to the present cut 16,434, about 47 per cent of the figure planned.

Statistics show that banks in the whole world will cut 70,000 employees within this year and over 80 per cent come from Europe, where bank employees are sure to have a harsh winter.

Italy's biggest bank, UniCredit, announced on Tuesday to cut 8,000 jobs by closing 500 branches across Europe by 2023. This means 9 per cent of its workforce. The decision came as part of the four-year strategic plan of the bank to cut cost due to slow economic growth and negative interest rates.

Italy's biggest bank, UniCredit, announced on Tuesday to cut 8,000 jobs by closing 500 branches across Europe by 2023. This means 9 per cent of its workforce. The decision came as part of the four-year strategic plan of the bank to cut cost due to slow economic growth and negative interest rates. "The layoffs in Italian banks may promote the upgrade of the industry's division of labor so as to meet customers' demands for better services. The reduction will also probably help introduce younger employees to the industry, but we have not yet seen the effectiveness of the change of personnel," said Marcello Messori, director of the European Political Economy School of Luiss University in Rome. Figures from the Autonomous Federation of Italian Bank Workers (AFBI) show the nine major banking groups, including UniCredit,decided to cut 34,914 employees starting from 2012 and they have up to the present cut 16,434, about 47 per cent of the figure planned. Statistics show that banks in the whole world will cut 70,000 employees within this year and over 80 per cent come from Europe, where bank employees are sure to have a harsh winter.

Italy's biggest bank UniCredit to cut 8,000 jobs

With so many smartwatches available in India, we are spoilt for choice; and even though there's no dearth of options there are very few smartwatches that are truly worth the money.&nbsp; 
&nbsp; 
So let's see if the recently-released Huawei Watch GT 2 fits the bill.

One of the major highlights of the Huawei Watch GT 2 is its battery. According to the company, the smartwatch can last up to two weeks on a single charge.

Like many other smartwatches, it can be paired with a phone via Bluetooth. Huawei claims it offers Bluetooth connectivity up to 150 metres.

It is powered by Huawei's first self-developed wearable chip, which ensures high operation performance and low power consumption.

GT 2 features a minimalist aesthetic design. It has a 3D curved glass with a bezel-less watch face. Also, there are a variety of watch faces available for users to select and customise. Its 1.39-inch AMOLED display is bright and the touch experience is also good.&nbsp;

The Huawei Watch GT 2 is compatible with 15 sports including eight outdoor sports and seven indoor sports. Talking about heart rate monitoring, it notifies the user if the heart rate is above 100 beats per minute or below 50 beats per minute.

It also has a sleep monitoring function.

The watch comes in three variants at different price points, the 46 mm sport model in black costs Rs 15,990; the 46 mm leather edition is priced at Rs 17, 990; and the 46mm metal variant comes with a price tag of Rs 21,990.

So which one would you pick?

With so many smartwatches available in India, we are spoilt for choice; and even though there's no dearth of options there are very few smartwatches that are truly worth the money.

With so many smartwatches available in India, we are spoilt for choice; and even though there's no dearth of options there are very few smartwatches that are truly worth the money. So let's see if the recently-released Huawei Watch GT 2 fits the bill. One of the major highlights of the Huawei Watch GT 2 is its battery. According to the company, the smartwatch can last up to two weeks on a single charge. Like many other smartwatches, it can be paired with a phone via Bluetooth. Huawei claims it offers Bluetooth connectivity up to 150 metres. It is powered by Huawei's first self-developed wearable chip, which ensures high operation performance and low power consumption. GT 2 features a minimalist aesthetic design. It has a 3D curved glass with a bezel-less watch face. Also, there are a variety of watch faces available for users to select and customise. Its 1.39-inch AMOLED display is bright and the touch experience is also good. The Huawei Watch GT 2 is compatible with 15 sports including eight outdoor sports and seven indoor sports. Talking about heart rate monitoring, it notifies the user if the heart rate is above 100 beats per minute or below 50 beats per minute. It also has a sleep monitoring function. The watch comes in three variants at different price points, the 46 mm sport model in black costs Rs 15,990; the 46 mm leather edition is priced at Rs 17, 990; and the 46mm metal variant comes with a price tag of Rs 21,990. So which one would you pick?

Packed with 2-week battery life, is Huawei Watch GT 2 worth the price?

The stock market looks set to end 2019 the way it began the year -- highly sensitive to headlines from President Donald Trump's global trade war.

Stocks pulled back from record highs to start December, undermined by comments from Trump and others in his administration suggesting any deal to resolve the trade dispute between the United States and China would not come soon. But the market rebounded at the end of the week on Friday's strong US jobs and a change in tone from Trump.

Wall Street could see more volatility ahead of December 15, when the next tranche of US tariffs on Chinese imports is set to take effect.

At the start of the week, investors said equity prices were factoring in that those tariffs would be delayed if not cancelled as Beijing and Washington work on a "phase one" trade deal. But subsequent tough talk from Trump officials has shaken those expectations somewhat.

"Until we get some finality on this, the day-to-day is going to move on headlines that suggest progress or lack thereof,” said Keith Lerner, chief market strategist at SunTrust Advisory Services in Atlanta.

While the dispute between the world's two largest economies commands the spotlight, other trade issues also have drawn investor attention. They include a recent delay in ratification of the North American Trade pact, potential US tariffs on imported autos and Trump's issuing surprise levies on steel imports from Brazil and Argentina.

Optimism over a US-China truce has helped push the major Wall Street indexes to all-time highs recently, with the benchmark S&amp;P 500 &lt;.SPX&gt; logging a gain of more than 20 per cent&nbsp;so far in 2019. But as the latest swings show, lack of a resolution to a trade dispute that has lasted nearly two years continues to weigh on the market.

“The problem is the uncertainty that the trade war process has on business decisions," said Art Hogan, chief market strategist at National Securities in New York. "Without some sort of short-term truce, company spending gets frozen and that’s where it affects the economy and the market."

The tariffs on $156 billion in Chinese imports that could take effect Dec. 15 are largely on consumer goods, including cellphones, laptop and desktop computers, toys and clothing.

UBS economists estimate those tariffs would drag on US gross domestic product by either 0.1 per cent&nbsp;or 0.2 per cent&nbsp;in each of the four quarters next year. UBS projects overall GDP growth to average 1.1 per cent&nbsp;in 2020, with tariffs generally weighing heavily in the first half of the year.

Aside from the fallout from the tariffs themselves, "the next read from them going into effect is that trade discussions are not going well," said Walter Todd, chief investment officer with Greenwood Capital in South Carolina.

Political tensions over US support for protesters in Hong Kong and over Beijing's treatment of its Uighur Muslim minority have also raised concerns about the prospects for an initial trade deal.

“Without a phase one plan on getting something signed early in the new year, I think the market is susceptible for a pullback," said Robert Pavlik, chief investment strategist at SlateStone Wealth LLC.

The focus will remain on trade into next week, even as the Federal Reserve holds its last meeting of 2019, with the US central bank expected to keep interest rates steady after three cuts earlier in the year.

"The Fed chairman pretty much outlined that the bar is very high to raise rates," SunTrust's Lerner said.

However, he added, if some of the tariffs result in a sharp slowdown, "the Fed would have to act eventually" by cutting rates.

Investors will also be looking for signs of strength in the holiday shopping season, given that consumer spending is seen as a key pillar holding up overall economic growth.

There is a strong incentive to push off the tariffs "as long as people are at the negotiating table," said Carol Schleif, deputy chief investment officer at Abbot Downing in Minneapolis.

"President Trump definitely doesn’t want a downbeat consumer going into the election cycle,” she said.

The stock market looks set to end 2019 the way it began the year -- highly sensitive to headlines from President Donald Trump's global trade war. Stocks pulled back from record highs to start December, undermined by comments from Trump and others in his administration suggesting any deal to resolve the trade dispute between the United States and China would not come soon.

The stock market looks set to end 2019 the way it began the year -- highly sensitive to headlines from President Donald Trump's global trade war. Stocks pulled back from record highs to start December, undermined by comments from Trump and others in his administration suggesting any deal to resolve the trade dispute between the United States and China would not come soon. But the market rebounded at the end of the week on Friday's strong US jobs and a change in tone from Trump. Wall Street could see more volatility ahead of December 15, when the next tranche of US tariffs on Chinese imports is set to take effect. At the start of the week, investors said equity prices were factoring in that those tariffs would be delayed if not cancelled as Beijing and Washington work on a "phase one" trade deal. But subsequent tough talk from Trump officials has shaken those expectations somewhat. "Until we get some finality on this, the day-to-day is going to move on headlines that suggest progress or lack thereof,” said Keith Lerner, chief market strategist at SunTrust Advisory Services in Atlanta. While the dispute between the world's two largest economies commands the spotlight, other trade issues also have drawn investor attention. They include a recent delay in ratification of the North American Trade pact, potential US tariffs on imported autos and Trump's issuing surprise levies on steel imports from Brazil and Argentina. Optimism over a US-China truce has helped push the major Wall Street indexes to all-time highs recently, with the benchmark S&P 500 <.SPX> logging a gain of more than 20 per cent so far in 2019. But as the latest swings show, lack of a resolution to a trade dispute that has lasted nearly two years continues to weigh on the market. “The problem is the uncertainty that the trade war process has on business decisions," said Art Hogan, chief market strategist at National Securities in New York. "Without some sort of short-term truce, company spending gets frozen and that’s where it affects the economy and the market." The tariffs on $156 billion in Chinese imports that could take effect Dec. 15 are largely on consumer goods, including cellphones, laptop and desktop computers, toys and clothing. UBS economists estimate those tariffs would drag on US gross domestic product by either 0.1 per cent or 0.2 per cent in each of the four quarters next year. UBS projects overall GDP growth to average 1.1 per cent in 2020, with tariffs generally weighing heavily in the first half of the year. Aside from the fallout from the tariffs themselves, "the next read from them going into effect is that trade discussions are not going well," said Walter Todd, chief investment officer with Greenwood Capital in South Carolina. Political tensions over US support for protesters in Hong Kong and over Beijing's treatment of its Uighur Muslim minority have also raised concerns about the prospects for an initial trade deal. “Without a phase one plan on getting something signed early in the new year, I think the market is susceptible for a pullback," said Robert Pavlik, chief investment strategist at SlateStone Wealth LLC. The focus will remain on trade into next week, even as the Federal Reserve holds its last meeting of 2019, with the US central bank expected to keep interest rates steady after three cuts earlier in the year. "The Fed chairman pretty much outlined that the bar is very high to raise rates," SunTrust's Lerner said. However, he added, if some of the tariffs result in a sharp slowdown, "the Fed would have to act eventually" by cutting rates. Investors will also be looking for signs of strength in the holiday shopping season, given that consumer spending is seen as a key pillar holding up overall economic growth. There is a strong incentive to push off the tariffs "as long as people are at the negotiating table," said Carol Schleif, deputy chief investment officer at Abbot Downing in Minneapolis. "President Trump definitely doesn’t want a downbeat consumer going into the election cycle,” she said.

Wall Street week ahead: Tariff deadline keeps focus on trade as 2019 draws to close

A 20-year global moratorium on imposing tariffs on digital trade could end next week if India or South Africa makes good on threats, according to trade officials and documents, potentially forcing people to pay duties on software and movie downloads.

A 20-year global moratorium on imposing tariffs on digital trade could end next week if India or South Africa makes good on threats, according to trade officials and documents, potentially forcing people to pay duties on software and movie downloads. Since 1998, World Trade Organization (WTO) members have renewed a ban on import duties on so-called "electronic transmissions", worth up to $255 billion a year by one estimate. Some think this favours rich countries, given it received strong backing from Washington at the outset and most of the lost customs revenues are thought to be born by developing countries. Pressure is now growing to lift the ban as more books and movies become digital, potentially reducing revenues further. India and South Africa circulated an internal WTO document, reviewed by Reuters this week, saying that rising digitalisation compelled "a rethink of the role of the temporary moratorium" last year, citing the potential of 3D printing to manufacture products. It will be decided on next week and renewal requires full consensus. Asked about its position, South Africa's WTO Ambassador Xolelwa Mlumbi-Peter said in an emailed response this week that it was "still consulting on this important decision." India did not respond to a request for comment. "At the moment there are a number of countries that feel confident they can stand aside from the global consensus," said the International Chamber of Commerce's (ICC) Secretary General John Denton. "It could break the Internet." A proposal backed by 21 countries including China and Canada seeks to extend the ban for at least six months when it expires at year end. Deal-broker Switzerland said "a large part of the WTO has signalled its support for the Moratorium". Such duties could be difficult to apply and it is not clear how it would be determined where the digital product originated from and whether it is an import. "How do you put a tariff on a byte? How would you capture millions of data flows from multiple sources flowing across countries’ borders every minute of every day," asked Denton. However, the first possible answers are emerging. Indonesia created tariff codes for digital goods in 2018, fixing the level at 0 percent for now. Lost revenues? Should the moratorium end, it does not mean that tariffs will immediately follow, and Mlumbi-Peter stressed that. But this is seen as more likely in a new culture of permissiveness following the expected paralysis of the WTO's top ruling body after Dec. 10. "If someone tries to experiment putting customs duties on even a limited set of products or services, then there is a risk of immediate retaliation absent of the dispute settlement function," said the ICC's Andrew Wilson. Estimates of the ban's effect vary. At the top of the scale, a recent U.N. report said potential annual tariff revenue losses could be up to $10.4 billion a year, with more than $10 billion lost by WTO developing countries. "More and more production is going to be digitised in future so developing countries will lose tariff revenues," Rashmi Banga, the report's author, said. However, an OECD study questioned these assumptions, arguing that the revenue gains from lifting the ban would be relatively small and tariffs would lead to higher prices for consumers among other costs.

Trade war goes digital: Countries eye tariffs on Internet economy

OPEC and its allies would only ease supply curbs and pump more oil once global crude inventories fall and pricing reflects a tighter market, Saudi Arabia's energy minister told Reuters.

Saudi Arabia spearheaded a deal on Friday with Russia and the other so-called OPEC+ oil producers to deepen output cuts through the first quarter of 2020.

In his first interview with Reuters since he became energy minister in September, Prince Abdulaziz bin Salman said he expected OPEC+ producers to continue cooperating beyond March.

"The jury is still out where will we be in March," he said regarding the level of supply the market will need then.

OPEC+ producers pump more than 40% of the world's oil and have constrained output since 2017 in an effort to balance rapidly rising output from the United States.

While all oil producers would like to increase output, Saudi Arabia would only do so when it saw global inventories fall, he said. Saudi Arabia would like to see stocks within the range of the last five years and the average of 2010-2014, he added.

"The more we are inside this contour, the better..." he said, adding another indicator would be prompt oil prices moving higher than longer-dated ones, known as backwardation, which reflects a tighter market.

He said the steeper the structure was for later months, the better as it would indicate OPEC+ was doing a good job in destocking.

The OPEC+ cuts agreed on Friday run until March, while some watchers had expected them to last until June or even December 2020. Russia opposed a longer deal which some analysts interpret as a sign it may want to leave the pact soon.

Prince Abdulaziz said that was not the case and cooperation with Russia would continue. He said OPEC+ simply wanted to be more flexible in adjusting output and reacting to market needs.

"We as producers all wish for a good room to increase production... With Russia we (Saudi Arabia) are committed to a huge joint cooperation programme (besides oil)," he said.

The minister also stressed the need for producers such as Iraq and Nigeria to improve their compliance with promised cuts.

Even if their compliance did not improve, however, he said Riyadh would not raise output unilaterally but instead would wait for consultations with OPEC+ at its next meeting in early March.

"I won't take unilateral measures. I would still consult and review... It will be the group versus those who have not performed."

Brent oil&nbsp;rose 2% to more than $64 a barrel on Friday after he said that cuts agreed by OPEC+ could be as much as 2.1 million barrels per day (bpd) including Riyadh continuing to cut 400,000 bpd more than its quota.

He also said that he expected a resumption of production from oilfields jointly operated by Saudi Arabia and Kuwait "very soon."

"But it would not affect both our countries' commitments (with OPEC+ cuts)," he said.

The two countries halted output from the Khafji and Wafra oilfields in the so-called Neutral Zone more than three years ago, cutting some 500,000 bpd of supply.

Aramco value

The minister said he believed state-run oil giant Saudi Aramco is worth more its $1.7 trillion (£1.33 trillion) valuation ahead of its initial public offering set for Dec. 11.

"We believe that the value of the company is way higher than $1.7 trillion," he told Reuters, adding Aramco had fallen victim to a wider industry downturn which had dropped its valuation below the $2 trillion that Saudi Crown Prince Mohammed bin Salman had targeted.

"We believe too that once those shares are floating it would hopefully evolve that people (see) we were not wrong in terms of what we think this company is worth."Even with the lower valuation, it is the world's biggest IPO, raising $25.6 billion and topping Alibaba Group's&nbsp;$25 billion listing in 2014.

The IPO involves a stake of 1.5% and is aimed at raising funds to help diversify the kingdom away from its reliance on oil and to create jobs for a growing population.

Domestic and regional investors bid for the bulk of the shares and original plans to also list on an international stock exchange were shelved.

"I cannot wait to see the faces of people who missed that opportunity and how they will be chewing their thumbs," the minister said, calling those who invested "friends and family" set to benefit from any future rise in its value.

OPEC and its allies would only ease supply curbs and pump more oil once global crude inventories fall and pricing reflects a tighter market, Saudi Arabia's energy minister told Reuters.

OPEC and its allies would only ease supply curbs and pump more oil once global crude inventories fall and pricing reflects a tighter market, Saudi Arabia's energy minister told Reuters. Saudi Arabia spearheaded a deal on Friday with Russia and the other so-called OPEC+ oil producers to deepen output cuts through the first quarter of 2020. In his first interview with Reuters since he became energy minister in September, Prince Abdulaziz bin Salman said he expected OPEC+ producers to continue cooperating beyond March. "The jury is still out where will we be in March," he said regarding the level of supply the market will need then. OPEC+ producers pump more than 40% of the world's oil and have constrained output since 2017 in an effort to balance rapidly rising output from the United States. While all oil producers would like to increase output, Saudi Arabia would only do so when it saw global inventories fall, he said. Saudi Arabia would like to see stocks within the range of the last five years and the average of 2010-2014, he added. "The more we are inside this contour, the better..." he said, adding another indicator would be prompt oil prices moving higher than longer-dated ones, known as backwardation, which reflects a tighter market. He said the steeper the structure was for later months, the better as it would indicate OPEC+ was doing a good job in destocking. The OPEC+ cuts agreed on Friday run until March, while some watchers had expected them to last until June or even December 2020. Russia opposed a longer deal which some analysts interpret as a sign it may want to leave the pact soon. Prince Abdulaziz said that was not the case and cooperation with Russia would continue. He said OPEC+ simply wanted to be more flexible in adjusting output and reacting to market needs. "We as producers all wish for a good room to increase production... With Russia we (Saudi Arabia) are committed to a huge joint cooperation programme (besides oil)," he said. The minister also stressed the need for producers such as Iraq and Nigeria to improve their compliance with promised cuts. Even if their compliance did not improve, however, he said Riyadh would not raise output unilaterally but instead would wait for consultations with OPEC+ at its next meeting in early March. "I won't take unilateral measures. I would still consult and review... It will be the group versus those who have not performed." Brent oil rose 2% to more than $64 a barrel on Friday after he said that cuts agreed by OPEC+ could be as much as 2.1 million barrels per day (bpd) including Riyadh continuing to cut 400,000 bpd more than its quota. He also said that he expected a resumption of production from oilfields jointly operated by Saudi Arabia and Kuwait "very soon." "But it would not affect both our countries' commitments (with OPEC+ cuts)," he said. The two countries halted output from the Khafji and Wafra oilfields in the so-called Neutral Zone more than three years ago, cutting some 500,000 bpd of supply. Aramco value The minister said he believed state-run oil giant Saudi Aramco is worth more its $1.7 trillion (£1.33 trillion) valuation ahead of its initial public offering set for Dec. 11. "We believe that the value of the company is way higher than $1.7 trillion," he told Reuters, adding Aramco had fallen victim to a wider industry downturn which had dropped its valuation below the $2 trillion that Saudi Crown Prince Mohammed bin Salman had targeted. "We believe too that once those shares are floating it would hopefully evolve that people (see) we were not wrong in terms of what we think this company is worth."Even with the lower valuation, it is the world's biggest IPO, raising $25.6 billion and topping Alibaba Group's $25 billion listing in 2014. The IPO involves a stake of 1.5% and is aimed at raising funds to help diversify the kingdom away from its reliance on oil and to create jobs for a growing population. Domestic and regional investors bid for the bulk of the shares and original plans to also list on an international stock exchange were shelved. "I cannot wait to see the faces of people who missed that opportunity and how they will be chewing their thumbs," the minister said, calling those who invested "friends and family" set to benefit from any future rise in its value.

Saudi energy minister talks OPEC+ unity, backs Aramco to soar

The Federal Aviation Administration (FAA) said on Friday it seeks to impose a $3.9 million (£3.04 million) fine on Boeing Co, alleging it failed to prevent the installation of defective parts on about 130 737 NG airplanes.

The FAA alleged that Boeing "failed to adequately oversee its suppliers to ensure they complied with the company’s quality assurance system ... Boeing knowingly submitted aircraft for final FAA airworthiness certification after determining that the parts could not be used due to a failed strength test."

In a statement on Friday, Boeing did not admit liability but said they were aware of the FAA's concerns.

"We are working closely with our customers to take the appropriate corrective actions," spokesman Charles Bickers said.

The company has 30 days to respond either by paying the fine or challenging it; Boeing said it would review the penalty.

The FAA disclosed in June that 300 NG and 737 MAX airplanes could contain improperly manufactured parts and said it would require these parts to be quickly replaced. The fine announced on Friday only relates to NG airplane components, the FAA said, but it is continuing to review the issue as it relates to the MAX.

The parts at issue are tracks on the leading edge of the wings used to guide the movement of slats that provide additional lift during takeoff and landing, the FAA said. The issue could result in a slat striking an airplane, potentially resulting in injury to passengers or preventing a safe landing.

The FAA said Boeing's oversight failure "resulted in the installation of slat tracks that were weakened by a condition known as hydrogen embrittlement that occurred during cadmium-titanium plating."

Boeing reiterated on Friday it had not been informed of any in-service issues related to the batch of slat tracks in question. It added that "all affected 737 NGs have been inspected and all slat track installations determined to be required have been completed on the NGs."

The NG is the third-generation 737 that the company began building in 1997.

Boeing's safety record has come under criticism from some in Congress, as has the FAA's certification of the 737 MAX, which has been grounded since March after two fatal crashes killed 346 people. Boeing said it will ensure "all inspections and any necessary part replacements are performed on all 737 MAXs before they return to service."

The Federal Aviation Administration (FAA) said on Friday it seeks to impose a $3.9 million (£3.04 million) fine on Boeing Co, alleging it failed to prevent the installation of defective parts on about 130 737 NG airplanes.

The Federal Aviation Administration (FAA) said on Friday it seeks to impose a $3.9 million (£3.04 million) fine on Boeing Co, alleging it failed to prevent the installation of defective parts on about 130 737 NG airplanes. The FAA alleged that Boeing "failed to adequately oversee its suppliers to ensure they complied with the company’s quality assurance system ... Boeing knowingly submitted aircraft for final FAA airworthiness certification after determining that the parts could not be used due to a failed strength test." In a statement on Friday, Boeing did not admit liability but said they were aware of the FAA's concerns. "We are working closely with our customers to take the appropriate corrective actions," spokesman Charles Bickers said. The company has 30 days to respond either by paying the fine or challenging it; Boeing said it would review the penalty. The FAA disclosed in June that 300 NG and 737 MAX airplanes could contain improperly manufactured parts and said it would require these parts to be quickly replaced. The fine announced on Friday only relates to NG airplane components, the FAA said, but it is continuing to review the issue as it relates to the MAX. The parts at issue are tracks on the leading edge of the wings used to guide the movement of slats that provide additional lift during takeoff and landing, the FAA said. The issue could result in a slat striking an airplane, potentially resulting in injury to passengers or preventing a safe landing. The FAA said Boeing's oversight failure "resulted in the installation of slat tracks that were weakened by a condition known as hydrogen embrittlement that occurred during cadmium-titanium plating." Boeing reiterated on Friday it had not been informed of any in-service issues related to the batch of slat tracks in question. It added that "all affected 737 NGs have been inspected and all slat track installations determined to be required have been completed on the NGs." The NG is the third-generation 737 that the company began building in 1997. Boeing's safety record has come under criticism from some in Congress, as has the FAA's certification of the 737 MAX, which has been grounded since March after two fatal crashes killed 346 people. Boeing said it will ensure "all inspections and any necessary part replacements are performed on all 737 MAXs before they return to service."

FAA seeks $3.9 million fine from Boeing for defective parts on 737 NG planes

Indian shares rose on Friday, in line with gains in broader Asia, as investors cheered US&nbsp;President Donald Trump's latest comments saying trade talks with China were moving on track.

The NSE Nifty 50 index rose 0.22% at 12,044.25 and the S&amp;P BSE Sensex was up 0.28% at 40,893.17 by 0349 GMT.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5% after Trump's upbeat tone in comments on Thursday, despite a lack of agreement between Washington and Beijing over whether existing tariffs should be dropped as part of a preliminary trade deal.

In the domestic market, shares bounced back, a day after the Reserve Bank of India kept rates steady, which led to markets ending lower on Thursday.

State-owned banking stocks led gains on Friday, as their main sub-index rose 0.52% in early trading, followed by the metals index, which gained 0.47%.

Bharti Infratel Ltd rose 1.3.% and topped the list among stock gainers, while Yes Bank Ltd fell 4.27% and was the day`s biggest laggard. 
&nbsp;

Indian shares rose on Friday, in line with gains in broader Asia, as investors cheered US President Donald Trump's latest comments saying trade talks with China were moving on track.

Indian shares rose on Friday, in line with gains in broader Asia, as investors cheered US President Donald Trump's latest comments saying trade talks with China were moving on track. The NSE Nifty 50 index rose 0.22% at 12,044.25 and the S&P BSE Sensex was up 0.28% at 40,893.17 by 0349 GMT. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5% after Trump's upbeat tone in comments on Thursday, despite a lack of agreement between Washington and Beijing over whether existing tariffs should be dropped as part of a preliminary trade deal. In the domestic market, shares bounced back, a day after the Reserve Bank of India kept rates steady, which led to markets ending lower on Thursday. State-owned banking stocks led gains on Friday, as their main sub-index rose 0.52% in early trading, followed by the metals index, which gained 0.47%. Bharti Infratel Ltd rose 1.3.% and topped the list among stock gainers, while Yes Bank Ltd fell 4.27% and was the day`s biggest laggard.

Nifty, Sensex track broader Asia higher as Trump's comments renew trade hopes

Indian shares gave up <a href="https://www.wionews.com/business-economy/nifty-sensex-track-broader-asia-higher-as-trumps-comments-renew-trade-hopes-266533">early gains </a>and ended lower on Friday, dragged down by state-owned banking stocks, as investor risk appetite waned after the central bank held interest rates in a surprise move on Thursday.

The NSE Nifty 50 index closed down 0.81% at 11,921.50 at Friday's close and the S&amp;P BSE Sensex&nbsp;ended 0.82% lower at 40,445.15.

For the week, the NSE and BSE indexes lost 1.12% and 0.85%, respectively.

The Reserve Bank of India (RBI) kept its key lending rate on hold in a shock decision that spooked markets on Thursday, even as it slashed its growth forecast for the economy to its lowest level in over a decade.

The Nifty state-owned banking index&nbsp;was down 4.39% and ended as the day's biggest laggard among sectors.

Yes Bank dropped over 10%, while Bharti Infratel&nbsp;gained 5.55% among stocks.

Indian shares gave up early gains and ended lower on Friday, dragged down by state-owned banking stocks, as investor risk appetite waned after the central bank held interest rates in a surprise move on Thursday.

Indian shares gave up early gains and ended lower on Friday, dragged down by state-owned banking stocks, as investor risk appetite waned after the central bank held interest rates in a surprise move on Thursday. The NSE Nifty 50 index closed down 0.81% at 11,921.50 at Friday's close and the S&P BSE Sensex ended 0.82% lower at 40,445.15. For the week, the NSE and BSE indexes lost 1.12% and 0.85%, respectively. The Reserve Bank of India (RBI) kept its key lending rate on hold in a shock decision that spooked markets on Thursday, even as it slashed its growth forecast for the economy to its lowest level in over a decade. The Nifty state-owned banking index was down 4.39% and ended as the day's biggest laggard among sectors. Yes Bank dropped over 10%, while Bharti Infratel gained 5.55% among stocks.

Nifty, Sensex end lower as state-owned banks weigh

The <a href="https://www.wionews.com/world/italy-readies-web-tax-in-its-2020-budget-sources-255911">euro </a>was steady against the dollar on Friday, though the greenback was headed for its worst week since mid-October, dragged down by nervousness around US-China trade relations and hints of weakness in the US&nbsp;economy.

The resurgent kiwi enjoyed a hefty recovery thanks to some renewed risk appetite, as well as due to positive domestic factors.

Against a basket of six currencies, the greenback fell to a one-month low of 97.355. The euro was last flat at $ 1.1106.

Sterling was 0.2 per cent&nbsp;weaker at $1.3132 and 84.58 pence against the euro&nbsp;but parked close to a 2-1/2-year high as traders grow more confident the uncertainty over Brexit could soon be over.

Opinion polls suggest the Conservative Party of Prime Minister <a href="https://www.wionews.com/world/uk-pm-boris-johnson-rejects-calls-for-no-deal-brexit-in-election-pitch-259559">Boris Johnson</a> is on course for a majority on December 12 to push through the Brexit deal he struck with the EU after the bloc granted a third delay to a divorce that was originally supposed to have taken place at the end of March.

US&nbsp;President <a href="https://www.wionews.com/business-economy/global-stocks-rattled-after-donald-trump-says-no-deadline-on-us-china-trade-deal-266025">Donald Trump</a> remained upbeat overnight on trade and said talks are "moving right along" and that "we'll have to see" about the increase in tariffs that are scheduled to take place on December&nbsp;15.

But markets were unconvinced, with worries stemming from a lack of similar enthusiasm from China, keeping the dollar subdued.

Chinese officials reiterated their stance that some US&nbsp;tariffs must be rolled back for a deal to end the 17-month trade war between the two powers, something Washington has given no sign of doing.&nbsp;

Still, risk sentiment recovered somewhat, pushing the New Zealand dollar to a four-month high of 0.6568 against the US&nbsp;dollar.

"My guess and it’s just a guess is that the rally in NZD may have started with a recovery in risk sentiment" driven by Trump's comments, said Marshall Gittler, strategist at ACLS Global, noting the kiwi tracked the safe-haven Japanese yen's performance on Thursday.

The currency also got a boost from Reserve Bank of New Zealand Deputy Governor Geoff Bascand saying in a Bloomberg interview that the latest economic&nbsp;developments are "supportive of the story that we’re near or around that turning point" in the economic cycle, Gittler said.

US&nbsp;non-farm payrolls data due at 1330 GMT comes after dismal numbers showed weak private payrolls, soft services activity, and a shrinking manufacturing sector.

A Reuters poll shows a forecast of 180,000 jobs being added in November, and a miss might leave the Fed reconsidering its wait-and-see mode when the committee meets on Tuesday and Wednesday.

"Markets are in a highly fragile condition at the moment," said Michael McCarthy, chief market strategist at CMC Markets in Sydney.

"So there is a greater potential for an exaggerated move if we see a big divergence from expectations," he said. "The risk is in both directions&nbsp;below 150,000 or above 210,000 we could see a significant market reaction."

The euro was steady against the dollar on Friday, though the greenback was headed for its worst week since mid-October, dragged down by nervousness around US-China trade relations and hints of weakness in the US economy.

The euro was steady against the dollar on Friday, though the greenback was headed for its worst week since mid-October, dragged down by nervousness around US-China trade relations and hints of weakness in the US economy. The resurgent kiwi enjoyed a hefty recovery thanks to some renewed risk appetite, as well as due to positive domestic factors. Against a basket of six currencies, the greenback fell to a one-month low of 97.355. The euro was last flat at $ 1.1106. Sterling was 0.2 per cent weaker at $1.3132 and 84.58 pence against the euro but parked close to a 2-1/2-year high as traders grow more confident the uncertainty over Brexit could soon be over. Opinion polls suggest the Conservative Party of Prime Minister Boris Johnson is on course for a majority on December 12 to push through the Brexit deal he struck with the EU after the bloc granted a third delay to a divorce that was originally supposed to have taken place at the end of March. US President Donald Trump remained upbeat overnight on trade and said talks are "moving right along" and that "we'll have to see" about the increase in tariffs that are scheduled to take place on December 15. But markets were unconvinced, with worries stemming from a lack of similar enthusiasm from China, keeping the dollar subdued. Chinese officials reiterated their stance that some US tariffs must be rolled back for a deal to end the 17-month trade war between the two powers, something Washington has given no sign of doing. Still, risk sentiment recovered somewhat, pushing the New Zealand dollar to a four-month high of 0.6568 against the US dollar. "My guess and it’s just a guess is that the rally in NZD may have started with a recovery in risk sentiment" driven by Trump's comments, said Marshall Gittler, strategist at ACLS Global, noting the kiwi tracked the safe-haven Japanese yen's performance on Thursday. The currency also got a boost from Reserve Bank of New Zealand Deputy Governor Geoff Bascand saying in a Bloomberg interview that the latest economic developments are "supportive of the story that we’re near or around that turning point" in the economic cycle, Gittler said. US non-farm payrolls data due at 1330 GMT comes after dismal numbers showed weak private payrolls, soft services activity, and a shrinking manufacturing sector. A Reuters poll shows a forecast of 180,000 jobs being added in November, and a miss might leave the Fed reconsidering its wait-and-see mode when the committee meets on Tuesday and Wednesday. "Markets are in a highly fragile condition at the moment," said Michael McCarthy, chief market strategist at CMC Markets in Sydney. "So there is a greater potential for an exaggerated move if we see a big divergence from expectations," he said. "The risk is in both directions below 150,000 or above 210,000 we could see a significant market reaction."

Euro steady as US dollar set for worst week since October

Weeks after his billion-dollar bailout of WeWork, <a href="https://www.wionews.com/business-economy/softbanks-oyo-reveals-over-330-million-annual-loss-revenue-surges-valuation-report-264451">SoftBank</a> Group Corp's founder and CEO Masayoshi Son reiterated his belief in an instinct-led investing style, in a discussion with Alibaba Group Holding Inc's co-founder Jack Ma.

SoftBank owns 26 per cent&nbsp;of China's Alibaba, with its origin in a $20 million investment in 2000, and the stake is now worth more than the Japanese firm's market capitalization.

Son on Friday said the decision to invest in Alibaba was driven by a gut feeling.

Other entrepreneurs Son met at that time "did not have true belief in their heart. I can feel," Son said. "We are the same animal. We are both a little crazy," he said of long-time ally Ma.

Ma said Son initially tried to invest $50 million in the e-commerce firm, but that he declined saying it was too large a sum - part of a pattern of offering big cheques to company founders that continued with WeWork co-founder Adam Neumann.

Son's comments come weeks after he was forced to bail out office-sharing startup WeWork when Neumann's level of control over his firm and hard-partying ways chilled investor appetite and crashed plans for an initial public offering (IPO).

Son last month said he misjudged Neumann's character after <a href="https://www.wionews.com/business-economy/wework-plans-to-lay-off-4000-staff-report-258004">WeWork </a>formally The We Company and other sputtering bets saw his $100 billion Vision Fund report an $8.9 billion second-quarter operating loss.

The conversation at Tokyo University between two of Asia's most prominent tech entrepreneurs comes at a point of divergence in their careers, with 55-year-old Ma retiring as Alibaba's executive chairman in September and Son pledging to spend his sixth decade at the helm of his investment juggernaut.

Domestically, SoftBank hopes to drive commercialization of the emerging field of artificial intelligence (AI), announcing on Friday it will spend 20 billion yen ($184 million) over 10 years funding an AI research institute with Tokyo University.

Son "probably has the biggest guts in the world on doing investment," Ma told attendees to the conference.

"Too much guts, sometimes I lose a lot of money," Son responded.

With the highly leveraged SoftBank trying to raise funds for a second megafund in which it is currently the only investor, its stake in Alibaba is one possible source of funds.

"In my view, I have not achieved anything yet," Son said. "I'm still a challenger and every day I'm still fighting."

That approach contrasts with Ma, who stepped back from running Alibaba to focus on philanthropy.

Weeks after his billion-dollar bailout of WeWork, SoftBank Group Corp's founder and CEO Masayoshi Son reiterated his belief in an instinct-led investing style, in a discussion with Alibaba Group Holding Inc's co-founder Jack Ma.

Weeks after his billion-dollar bailout of WeWork, SoftBank Group Corp's founder and CEO Masayoshi Son reiterated his belief in an instinct-led investing style, in a discussion with Alibaba Group Holding Inc's co-founder Jack Ma. SoftBank owns 26 per cent of China's Alibaba, with its origin in a $20 million investment in 2000, and the stake is now worth more than the Japanese firm's market capitalization. Son on Friday said the decision to invest in Alibaba was driven by a gut feeling. Other entrepreneurs Son met at that time "did not have true belief in their heart. I can feel," Son said. "We are the same animal. We are both a little crazy," he said of long-time ally Ma. Ma said Son initially tried to invest $50 million in the e-commerce firm, but that he declined saying it was too large a sum - part of a pattern of offering big cheques to company founders that continued with WeWork co-founder Adam Neumann. Son's comments come weeks after he was forced to bail out office-sharing startup WeWork when Neumann's level of control over his firm and hard-partying ways chilled investor appetite and crashed plans for an initial public offering (IPO). Son last month said he misjudged Neumann's character after WeWork formally The We Company and other sputtering bets saw his $100 billion Vision Fund report an $8.9 billion second-quarter operating loss. The conversation at Tokyo University between two of Asia's most prominent tech entrepreneurs comes at a point of divergence in their careers, with 55-year-old Ma retiring as Alibaba's executive chairman in September and Son pledging to spend his sixth decade at the helm of his investment juggernaut. Domestically, SoftBank hopes to drive commercialization of the emerging field of artificial intelligence (AI), announcing on Friday it will spend 20 billion yen ($184 million) over 10 years funding an AI research institute with Tokyo University. Son "probably has the biggest guts in the world on doing investment," Ma told attendees to the conference. "Too much guts, sometimes I lose a lot of money," Son responded. With the highly leveraged SoftBank trying to raise funds for a second megafund in which it is currently the only investor, its stake in Alibaba is one possible source of funds. "In my view, I have not achieved anything yet," Son said. "I'm still a challenger and every day I'm still fighting." That approach contrasts with Ma, who stepped back from running Alibaba to focus on philanthropy.

SoftBank's Son sticks with gut-led investing in chat with Alibaba's Ma

<a href="https://www.wionews.com/business-economy/global-markets-biting-bears-sink-world-shares-to-1-year-low-173030">World shares</a> ticked up on Friday, buoyed by comments from US&nbsp;President <a href="https://www.wionews.com/business-economy/global-stocks-rattled-after-donald-trump-says-no-deadline-on-us-china-trade-deal-266025">Donald Trump</a> that talks aimed at dialing down the damaging trade war with China were "moving right along".

Trump's relatively upbeat tone in comments on Thursday was enough to encourage riskier bets by investors, despite a lack of agreement over whether existing tariffs should be dropped as part of an initial deal to ease the long standoff.

European shares, including the broader Euro STOXX 600 gained 0.3&nbsp;per cent&nbsp;in early trade, with indexes in Frankfurt and Paris up by similar amounts.

The cautiously buoyant mood mirrored an appetite for riskier bets in Asia, where MSCI's broadest index of <a href="https://www.wionews.com/business-economy/flare-up-of-sino-us-tensions-over-hong-kong-knocks-world-shares-off-22-month-high-263395">Asia-Pacific shares</a> outside Japan was up 0.5 per cent.

The MSCI world equity index, which tracks shares in 47 countries, added 0.2&nbsp;per cent&nbsp;to 554.91 points, not far off a record high of 550.63 hit last January but still on track for a weekly fall.

Investors were hoping the two sides can reach a compromise to at least avoid their worst fear: that the United States goes ahead with its final batch of tariffs on about $156 billion of Chinese exports, due to take effect on December&nbsp;15.

Trump's remarks came after Chinese officials reiterated demands that some US&nbsp;tariffs be rolled back if the sides are to reach a so-called phase one deal.

Markets had expected the sides to seal the initial deal in November. Instead, investors are nervously watching the approaching deadline for the new US&nbsp;levies.

"The difficulty with this is it's very difficult to time and to trade," said Jeremy Gatto, a multi-asset investment manager at Unigestion. "We are relatively favorable towards riskier assets in general but with hedges."

Gatto said those hedges include currencies such as the US&nbsp;dollar, Japanese yen, and Australian dollar, as well as options.

Investors have already taken precautions against a possible slide in stocks by buying put options, with demand for "put" options to hedge exposure to the S&amp;P500 index climbing in recent days.

In one sign of detente, China said it would waive import tariffs imposed last year on some US&nbsp;soybean and pork shipments. Beijing is rushing to source more meat to fill a gap in protein supplies.

China stocks posted their biggest weekly advance in nearly two months, with the blue-chips up 0.6 per cent.

Investors were looking out for US&nbsp;jobs data, due out at 1330 GMT. The non-farm payrolls report is expected to show 180,000 new jobs were created in November, up from 128,000 a month earlier.

Signs of buoyancy in the labour market would soothe anxiety over the impact of the trade war.

"Markets are in consolidation phase," said Salman Ahmed, chief investment strategist at Lombard Odier. "It's wait and watch for first, how does the non-farm payrolls look and, more importantly, the December&nbsp;15 tariff deadline."

In other economic data, German industrial output fell unexpectedly in October, pointing to persistent weakness in the backbone of the economy. Berlin said, however, that new orders and business expectations suggest output may stabilise.

While markets have largely priced in the view that the world economy has dodged the bullet of recession, there are still signs of fragility in many major economies.

Oil lost ground as investors awaited a meeting of OPEC and its allies later on Friday, which is expected to formally agree to more output curbs in early 2020.

Details of the agreement and how the cuts will be distributed among producers still need to be ratified at a meeting of OPEC and non-OPEC nations, otherwise known as OPEC+, in Vienna.

Brent crude futures were flat at $63.46 a barrel after earlier gaining ground.

The agreement coincided with the initial public offering of state oil firm Saudi Aramco, which was priced at the top of its range and raised $25.6 billion in the world's biggest IPO.

In currencies, the British pound stepped back some 0.2 per cent. Sterling spiked to a seven-month high of $1.3166 on Thursday on bets that next week's election will give the Conservative party the majority it needs to deliver Brexit, ending near-term uncertainty.

The pound last stood at $1.313. It hit 2-1/2-year highs versus the euro.

Against a basket of currencies the dollar has dropped every day this week, falling to a one-month low of 97.356 on Thursday. The index was last down a smidgeon at 97.370 and has lost nearly 1 per cent&nbsp;this week.

World shares ticked up on Friday, buoyed by comments from US President Donald Trump that talks aimed at dialing down the damaging trade war with China were "moving right along".

World shares ticked up on Friday, buoyed by comments from US President Donald Trump that talks aimed at dialing down the damaging trade war with China were "moving right along". Trump's relatively upbeat tone in comments on Thursday was enough to encourage riskier bets by investors, despite a lack of agreement over whether existing tariffs should be dropped as part of an initial deal to ease the long standoff. European shares, including the broader Euro STOXX 600 gained 0.3 per cent in early trade, with indexes in Frankfurt and Paris up by similar amounts. The cautiously buoyant mood mirrored an appetite for riskier bets in Asia, where MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5 per cent. The MSCI world equity index, which tracks shares in 47 countries, added 0.2 per cent to 554.91 points, not far off a record high of 550.63 hit last January but still on track for a weekly fall. Investors were hoping the two sides can reach a compromise to at least avoid their worst fear: that the United States goes ahead with its final batch of tariffs on about $156 billion of Chinese exports, due to take effect on December 15. Trump's remarks came after Chinese officials reiterated demands that some US tariffs be rolled back if the sides are to reach a so-called phase one deal. Markets had expected the sides to seal the initial deal in November. Instead, investors are nervously watching the approaching deadline for the new US levies. "The difficulty with this is it's very difficult to time and to trade," said Jeremy Gatto, a multi-asset investment manager at Unigestion. "We are relatively favorable towards riskier assets in general but with hedges." Gatto said those hedges include currencies such as the US dollar, Japanese yen, and Australian dollar, as well as options. Investors have already taken precautions against a possible slide in stocks by buying put options, with demand for "put" options to hedge exposure to the S&P500 index climbing in recent days. In one sign of detente, China said it would waive import tariffs imposed last year on some US soybean and pork shipments. Beijing is rushing to source more meat to fill a gap in protein supplies. China stocks posted their biggest weekly advance in nearly two months, with the blue-chips up 0.6 per cent. Investors were looking out for US jobs data, due out at 1330 GMT. The non-farm payrolls report is expected to show 180,000 new jobs were created in November, up from 128,000 a month earlier. Signs of buoyancy in the labour market would soothe anxiety over the impact of the trade war. "Markets are in consolidation phase," said Salman Ahmed, chief investment strategist at Lombard Odier. "It's wait and watch for first, how does the non-farm payrolls look and, more importantly, the December 15 tariff deadline." In other economic data, German industrial output fell unexpectedly in October, pointing to persistent weakness in the backbone of the economy. Berlin said, however, that new orders and business expectations suggest output may stabilise. While markets have largely priced in the view that the world economy has dodged the bullet of recession, there are still signs of fragility in many major economies. Oil lost ground as investors awaited a meeting of OPEC and its allies later on Friday, which is expected to formally agree to more output curbs in early 2020. Details of the agreement and how the cuts will be distributed among producers still need to be ratified at a meeting of OPEC and non-OPEC nations, otherwise known as OPEC+, in Vienna. Brent crude futures were flat at $63.46 a barrel after earlier gaining ground. The agreement coincided with the initial public offering of state oil firm Saudi Aramco, which was priced at the top of its range and raised $25.6 billion in the world's biggest IPO. In currencies, the British pound stepped back some 0.2 per cent. Sterling spiked to a seven-month high of $1.3166 on Thursday on bets that next week's election will give the Conservative party the majority it needs to deliver Brexit, ending near-term uncertainty. The pound last stood at $1.313. It hit 2-1/2-year highs versus the euro. Against a basket of currencies the dollar has dropped every day this week, falling to a one-month low of 97.356 on Thursday. The index was last down a smidgeon at 97.370 and has lost nearly 1 per cent this week.

'Moving right along'? Global shares nudge up after Trump trade talk