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Google on Wednesday updated how it handles political ads as <a href="https://www.wionews.com/business-economy/now-have-a-news-host-in-your-devices-google-assistant-263271">online platforms</a> remain under pressure to avoid being used to spread misleading information intended to influence voters.

The internet company said its rules already ban any advertiser, including those with political messages, from lying in ads. But it is making its policy more clear and adding examples of how that prohibits content such as doctored or manipulated images or video.

"It's against our policies for any advertiser to make a false claim,&nbsp;whether it's a claim about the price of a chair or a claim that you can vote by text message, that election day is postponed, or that a candidate has died," Google ads product management vice president Scott Spencer said in an online post.

Examples of banned ad material included ads or links to information making demonstrably false claims that could undermine voter trust or participation in elections.

"Of course, we recognize that robust political dialogue is an important part of democracy, and no one can sensibly adjudicate every political claim, counterclaim, and insinuation," Spencer said.

"So we expect that the number of political ads on which we take action will be very limited - but we will continue to do so for clear violations."

Google's main formats for political advertising are ads posted along with search query results, those shown at video viewing service YouTube, and display ads that appear on websites.

Google will also limit the targeting of political ads to general categories such as age, gender, or postal code level location.

"Political advertisers can, of course, continue to do contextual targeting, such as serving ads to people reading or watching a story about, say, the economy," Spencer said/.

"This will align our approach to election ads with long-established practices in media such as TV, radio, and print, and result in election ads being more widely seen and available for public discussion."

Google will begin enforcing the changes in Britain within a week and throughout the EU by the end of the year, then in the rest of the world starting January 6, according to Spencer.

Watch: Google claims quantum supremacy

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/google-claims-quantum-supremacy-257905/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Speech vs Truth

Snap this week confirmed that it checks political ads at Snapchat to make sure they are not deceptive or misleading and thus enforce its ban on such material.

The strategy seems to be a middle ground between Facebook's controversial tolerance of proven lies in political ads and Twitter's decision to ban them altogether.

Snap policies prohibit political ads that are deceptive or misleading, with an in-house team reviewing such paid messages to make sure they don't break the rules.

Twitter last week said its ban on political ads will exempt "cause-based" messages on topics related to social or environmental issues.

The San Francisco-based messaging platform plans to bar all paid political messages starting Friday, while addressing concerns expressed by activists for social causes.

"Ads that educate, raise awareness, and/or call for people to take action in connection with civic engagement, economic growth, environmental stewardship, or social equity causes are allowed," Twitter said in its new policy.

"However, they may not reference prohibited political advertisers or political content."

Twitter said the move was aimed at countering the spread of misinformation by politicians.

The political ban has drawn mixed reactions: some argue it puts pressure on Facebook to follow suit or take other steps to curb the spread of misinformation from politicians; others say a ban will be difficult to enforce.

<a href="https://www.wionews.com/business-economy/google-begins-rolling-out-rich-communication-services-to-do-more-with-messages-262225">Social media platforms</a> have been challenged by President Donald Trump's campaign and its use of ads that contain claims which critics say have been debunked by independent fact-checkers.

Facebook CEO Mark Zuckerberg has said political advertising is not a major source of revenue but adds that he believes it is important to allow everyone a "voice," and that banning political ads would favour incumbents.

Google on Wednesday updated how it handles political ads as online platforms remain under pressure to avoid being used to spread misleading information intended to influence voters.

Google on Wednesday updated how it handles political ads as online platforms remain under pressure to avoid being used to spread misleading information intended to influence voters. The internet company said its rules already ban any advertiser, including those with political messages, from lying in ads. But it is making its policy more clear and adding examples of how that prohibits content such as doctored or manipulated images or video. "It's against our policies for any advertiser to make a false claim, whether it's a claim about the price of a chair or a claim that you can vote by text message, that election day is postponed, or that a candidate has died," Google ads product management vice president Scott Spencer said in an online post. Examples of banned ad material included ads or links to information making demonstrably false claims that could undermine voter trust or participation in elections. "Of course, we recognize that robust political dialogue is an important part of democracy, and no one can sensibly adjudicate every political claim, counterclaim, and insinuation," Spencer said. "So we expect that the number of political ads on which we take action will be very limited - but we will continue to do so for clear violations." Google's main formats for political advertising are ads posted along with search query results, those shown at video viewing service YouTube, and display ads that appear on websites. Google will also limit the targeting of political ads to general categories such as age, gender, or postal code level location. "Political advertisers can, of course, continue to do contextual targeting, such as serving ads to people reading or watching a story about, say, the economy," Spencer said/. "This will align our approach to election ads with long-established practices in media such as TV, radio, and print, and result in election ads being more widely seen and available for public discussion." Google will begin enforcing the changes in Britain within a week and throughout the EU by the end of the year, then in the rest of the world starting January 6, according to Spencer. Watch: Google claims quantum supremacy Speech vs Truth Snap this week confirmed that it checks political ads at Snapchat to make sure they are not deceptive or misleading and thus enforce its ban on such material. The strategy seems to be a middle ground between Facebook's controversial tolerance of proven lies in political ads and Twitter's decision to ban them altogether. Snap policies prohibit political ads that are deceptive or misleading, with an in-house team reviewing such paid messages to make sure they don't break the rules. Twitter last week said its ban on political ads will exempt "cause-based" messages on topics related to social or environmental issues. The San Francisco-based messaging platform plans to bar all paid political messages starting Friday, while addressing concerns expressed by activists for social causes. "Ads that educate, raise awareness, and/or call for people to take action in connection with civic engagement, economic growth, environmental stewardship, or social equity causes are allowed," Twitter said in its new policy. "However, they may not reference prohibited political advertisers or political content." Twitter said the move was aimed at countering the spread of misinformation by politicians. The political ban has drawn mixed reactions: some argue it puts pressure on Facebook to follow suit or take other steps to curb the spread of misinformation from politicians; others say a ban will be difficult to enforce. Social media platforms have been challenged by President Donald Trump's campaign and its use of ads that contain claims which critics say have been debunked by independent fact-checkers. Facebook CEO Mark Zuckerberg has said political advertising is not a major source of revenue but adds that he believes it is important to allow everyone a "voice," and that banning political ads would favour incumbents.

Google to make stricter regulatory policy for political ads to curb abuse

<a href="https://www.wionews.com/business-economy/fiat-chrysler-says-peugeot-talks-progressing-despite-general-motors-lawsuit-263632">Fiat Chrysler</a> Automobiles NV said on Thursday it will recall nearly 700,000 sport utility vehicles worldwide because a faulty electrical connection could prevent engine starts or contribute to a stall.

The recall, covering 2011 through 2013 model year Dodge Durango and <a href="https://www.wionews.com/business-economy/jeep-compass-is-all-set-to-explore-suv-market-in-india-18433">Jeep Grand Cherokee</a> SUVs, will address silicon deposits on the contact points of fuel pump relays that may interrupt electrical current, Fiat Chrysler said in a statement. It said it is unaware of any injuries or accidents related to the faulty vehicles.

The Italian-American automaker had previously recalled most of the same SUVs in 2014 and 2015 for issues with their fuel pump relays.

The company, which last month announced it planned to merge with Peugeot owner PSA, said it would notify owners at a later date when they will be able to schedule repairs at dealerships.

The recall includes around 528,500 vehicles in the United States, 34,700 in Canada, 18,100 in Mexico and 116,500 outside North America, it said.

Fiat Chrysler Automobiles NV said on Thursday it will recall nearly 700,000 sport utility vehicles worldwide because a faulty electrical connection could prevent engine starts or contribute to a stall.

Fiat Chrysler Automobiles NV said on Thursday it will recall nearly 700,000 sport utility vehicles worldwide because a faulty electrical connection could prevent engine starts or contribute to a stall. The recall, covering 2011 through 2013 model year Dodge Durango and Jeep Grand Cherokee SUVs, will address silicon deposits on the contact points of fuel pump relays that may interrupt electrical current, Fiat Chrysler said in a statement. It said it is unaware of any injuries or accidents related to the faulty vehicles. The Italian-American automaker had previously recalled most of the same SUVs in 2014 and 2015 for issues with their fuel pump relays. The company, which last month announced it planned to merge with Peugeot owner PSA, said it would notify owners at a later date when they will be able to schedule repairs at dealerships. The recall includes around 528,500 vehicles in the United States, 34,700 in Canada, 18,100 in Mexico and 116,500 outside North America, it said.

Fiat Chrysler to recall nearly 700,000 SUVs for electrical fault risk

Rating agency Moody's on Thursday slashed its outlook for German banks from "stable" to "negative", warning their profitability and creditworthiness would "decline" in the coming months.

"Banks' weak profitability will decline further as net interest income falls" amid low or negative interest rates set by the European Central Bank, Moody's vice-president Bernhard Held said in a statement.

While banks must for now set aside little cash to cover the risk of borrowers falling behind on payments, such charges are "unsustainably low", he judged.

Especially smaller banks that rely on customers' deposits for their funding are seeing profits sapped by low rates, which have prompted many bosses to blast the ECB for the policy.

Moody's noted that German banks "have had very limited success in improving their high cost-to-income ratios", spending around 80 euro cents for each euro of revenue in 2018.

Meanwhile, risk-averse depositors prefer to heap up cash in savings accounts rather than opt for riskier investments like stocks -- building deposits up to 40 percent of the sector's assets.

As banks cannot always find ways -- such as lending -- to put that cash to work in the real economy, they deposit large amounts with the ECB, which presently inflicts a negative interest rate of -0.5 per cent.

Banks have even been attempting to fend off new clients from opening accounts, passing on the negative rates to savers.

One Bavarian cooperative bank recently became the first to charge a negative rate from the first euro deposited in a savings account.

Rating agency Moody's on Thursday slashed its outlook for German banks from "stable" to "negative", warning their profitability and creditworthiness would "decline" in the coming months.

Rating agency Moody's on Thursday slashed its outlook for German banks from "stable" to "negative", warning their profitability and creditworthiness would "decline" in the coming months. "Banks' weak profitability will decline further as net interest income falls" amid low or negative interest rates set by the European Central Bank, Moody's vice-president Bernhard Held said in a statement. While banks must for now set aside little cash to cover the risk of borrowers falling behind on payments, such charges are "unsustainably low", he judged. Especially smaller banks that rely on customers' deposits for their funding are seeing profits sapped by low rates, which have prompted many bosses to blast the ECB for the policy. Moody's noted that German banks "have had very limited success in improving their high cost-to-income ratios", spending around 80 euro cents for each euro of revenue in 2018. Meanwhile, risk-averse depositors prefer to heap up cash in savings accounts rather than opt for riskier investments like stocks -- building deposits up to 40 percent of the sector's assets. As banks cannot always find ways -- such as lending -- to put that cash to work in the real economy, they deposit large amounts with the ECB, which presently inflicts a negative interest rate of -0.5 per cent. Banks have even been attempting to fend off new clients from opening accounts, passing on the negative rates to savers. One Bavarian cooperative bank recently became the first to charge a negative rate from the first euro deposited in a savings account.

Moody's sees 'negative' outlook for German banks

Indian shares ended lower on Thursday, dragged down by public sector stocks, as investors booked profits after the Nifty 50 index hit a multi-month high in the previous session.

The NSE Nifty 50 index ended 0.3 per cent lower at 11,968.40, while the S&amp;P BSE Sensex was down 0.2 per cent at 40,578.34.

In the previous session, the Nifty 50 index had hit its highest since June 6 and analysts said the market was consolidating as it tries to surpass previous highs.

The Nifty public sector bank index, energy index and metal index were top losers, falling 1.5 per cent to 2.2 per cent.

Zee Entertainment Enterprises ended up 12.4 per cent and was the top gainer on the Nifty index, while Bharat Petroleum Corp ended down 5.60 per cent and was the top loser.

The government agreed to sell stakes in five state-run companies, including oil refiner Bharat Petroleum Corp (BPCL), the finance minister said on Wednesday, a move that could help bridge a widening fiscal gap.

Meanwhile, Japan's Sony Corp is in talks to buy a stake in India's Network18 Media &amp; Investments Ltd, Bloomberg reported on Thursday, sending shares in billionaire Mukesh Ambani's TV business as much as 18 per cent higher.

Indian shares ended lower on Thursday, dragged down by public sector stocks, as investors booked profits after the Nifty 50 index hit a multi-month high in the previous session.

Indian shares ended lower on Thursday, dragged down by public sector stocks, as investors booked profits after the Nifty 50 index hit a multi-month high in the previous session. The NSE Nifty 50 index ended 0.3 per cent lower at 11,968.40, while the S&P BSE Sensex was down 0.2 per cent at 40,578.34. In the previous session, the Nifty 50 index had hit its highest since June 6 and analysts said the market was consolidating as it tries to surpass previous highs. The Nifty public sector bank index, energy index and metal index were top losers, falling 1.5 per cent to 2.2 per cent. Zee Entertainment Enterprises ended up 12.4 per cent and was the top gainer on the Nifty index, while Bharat Petroleum Corp ended down 5.60 per cent and was the top loser. The government agreed to sell stakes in five state-run companies, including oil refiner Bharat Petroleum Corp (BPCL), the finance minister said on Wednesday, a move that could help bridge a widening fiscal gap. Meanwhile, Japan's Sony Corp is in talks to buy a stake in India's Network18 Media & Investments Ltd, Bloomberg reported on Thursday, sending shares in billionaire Mukesh Ambani's TV business as much as 18 per cent higher.

Sensex, Nifty end lower; BPCL top loser

<a href="https://www.wionews.com/business-economy/renault-nissan-alliance-in-flux-a-year-after-ghosn-shock-262664">Fiat Chrysler</a> (FCA) said on Thursday talks with Peugeot owner PSA Group to create a $50 billion carmaking group were going well, despite FCA being sued for "substantial damages" by General Motors late on Wednesday.

<a href="wionews.com/world/united-states-adds-128000-jobs-in-october-jobless-rate-rises-to-36-amid-general-motors-strike-259312">General Motors </a>(GM) filed the lawsuit in the United States, alleging FCA had bribed United Auto Workers (UAW) union officials over many years to corrupt the bargaining process and gain advantages, costing GM billions of dollars.

"Talks are progressing smoothly," an FCA spokesman said on Thursday about discussions with PSA to create the world's fourth-biggest automaker.

Shares in FCA were down 3.4 per cent at 0840 GMT, while PSA shares were 1.4 per cent lower.

Asked whether the lawsuit might lead to a review of the two companies' valuations in the proposed merger deal, a source close to FCA replied: "No."

In a letter to employees, FCA Chief Executive Mike Manley said: "We are astonished by this filing, both it's content and its timing. We can only assume it was intended to disrupt our proposed merger with PSA."

FCA will vigorously defend itself against this "meritless" lawsuit, the letter, which was seen by Reuters, said.

"We will not be slowed down by this act," Manley said, adding: "Let’s keep the performance up as it has clearly got some of our competitors worried."

PSA declined to comment on the GM lawsuit and its potential impact on the merger talks.

Fiat Chrysler (FCA) said on Thursday talks with Peugeot owner PSA Group to create a $50 billion carmaking group were going well, despite FCA being sued for "substantial damages" by General Motors late on Wednesday.

Fiat Chrysler (FCA) said on Thursday talks with Peugeot owner PSA Group to create a $50 billion carmaking group were going well, despite FCA being sued for "substantial damages" by General Motors late on Wednesday. General Motors (GM) filed the lawsuit in the United States, alleging FCA had bribed United Auto Workers (UAW) union officials over many years to corrupt the bargaining process and gain advantages, costing GM billions of dollars. "Talks are progressing smoothly," an FCA spokesman said on Thursday about discussions with PSA to create the world's fourth-biggest automaker. Shares in FCA were down 3.4 per cent at 0840 GMT, while PSA shares were 1.4 per cent lower. Asked whether the lawsuit might lead to a review of the two companies' valuations in the proposed merger deal, a source close to FCA replied: "No." In a letter to employees, FCA Chief Executive Mike Manley said: "We are astonished by this filing, both it's content and its timing. We can only assume it was intended to disrupt our proposed merger with PSA." FCA will vigorously defend itself against this "meritless" lawsuit, the letter, which was seen by Reuters, said. "We will not be slowed down by this act," Manley said, adding: "Let’s keep the performance up as it has clearly got some of our competitors worried." PSA declined to comment on the GM lawsuit and its potential impact on the merger talks.

Fiat Chrysler says Peugeot talks progressing despite General Motors lawsuit

The data-collection business model fueling <a href="https://www.wionews.com/science-tech/facebook-to-welcome-its-first-ever-facebook-tv-18323">Facebook</a> and <a href="https://www.wionews.com/business-economy/google-pay-to-offer-checking-accounts-through-citi-stanford-federal-261964">Google</a> represents a threat to human rights around the world, Amnesty International said in a report Wednesday.

The organization argued that offering people free online services and then using information about them to target money-making ads imperils a gamut of rights including freedom of opinion and expression.

"Despite the real value of the services they provide, <a href="https://www.wionews.com/world/google-translates-sad-to-happy-angering-hong-kong-protesters-against-china-extradition-law-228536">Google</a> and Facebook's platforms come at a systemic cost," Amnesty said in its report, "Surveillance Giants."

"The companies' surveillance-based business model forces people to make a Faustian bargain, whereby they are only able to enjoy their human rights online by submitting to a system predicated on human rights abuse."

With ubiquitous surveillance, the two online giants are able to collect massive amounts of data which may be used against their customers, according to the London-based human rights group.

The business model is "inherently incompatible with the right to privacy," Amnesty contended.

The report maintained that the two Silicon Valley firms have established "near-total dominance over the primary channels through which people connect and engage with the online world," giving them unprecedented power over people's lives.

"Google and Facebook dominate our modern lives -- amassing unparalleled power over the digital world by harvesting and monetizing the personal data of billions of people," said Kumi Naidoo, Amnesty International's secretary-general.

"Their insidious control of our digital lives undermines the very essence of privacy and is one of the defining human rights challenges of our era."

The report called for governments to implement policies that ensure access to online services while protecting user privacy.

"Governments have an obligation to protect people from human rights abuses by corporations," Amnesty maintained.

"But for the past two decades, technology companies have been largely left to self-regulate."

Facebook pushed back against what it contended were inaccuracies in the report, saying it strongly disagreed with its business model being characterized as surveillance-based.

"Our business model is what allows us to offer an important service where people can exercise foundational human rights -- to have a voice (freedom of expression) and be able to connect (freedom of association and assembly)," said a letter from Facebook privacy and public policy director Steve Satterfield in an annex to the Amnesty report.

"Facebook's business model is not, as your summary suggests, driven by the collection of data about people."

Facebook spotlighted its measures implemented which limit data information used for ad targeting; controls provided to users regarding their data; and steps taken to restrict abuses by apps on the social network.

"As you correctly note, we do not sell data; we sell ads," Facebook said.

Facebook chief and co-founder <a href="https://www.wionews.com/business-economy/snapchat-checks-for-misleading-political-advertisements-to-enforce-ban-263042">Mark Zuckerberg</a> has called for governments to implement uniform rules regarding data-handling instead of leaving private companies to make crucial social decisions such as the limits of free speech.

Google did not offer a specific written response.

But the Amnesty report noted that Google announced this month it would limit data that it shares with advertisers through its ad auction platform, following the launch of an inquiry by the Irish data protection authority and had launched a new feature allowing users to delete location data.

The data-collection business model fueling Facebook and Google represents a threat to human rights around the world, Amnesty International said in a report Wednesday.

The data-collection business model fueling Facebook and Google represents a threat to human rights around the world, Amnesty International said in a report Wednesday. The organization argued that offering people free online services and then using information about them to target money-making ads imperils a gamut of rights including freedom of opinion and expression. "Despite the real value of the services they provide, Google and Facebook's platforms come at a systemic cost," Amnesty said in its report, "Surveillance Giants." "The companies' surveillance-based business model forces people to make a Faustian bargain, whereby they are only able to enjoy their human rights online by submitting to a system predicated on human rights abuse." With ubiquitous surveillance, the two online giants are able to collect massive amounts of data which may be used against their customers, according to the London-based human rights group. The business model is "inherently incompatible with the right to privacy," Amnesty contended. The report maintained that the two Silicon Valley firms have established "near-total dominance over the primary channels through which people connect and engage with the online world," giving them unprecedented power over people's lives. "Google and Facebook dominate our modern lives -- amassing unparalleled power over the digital world by harvesting and monetizing the personal data of billions of people," said Kumi Naidoo, Amnesty International's secretary-general. "Their insidious control of our digital lives undermines the very essence of privacy and is one of the defining human rights challenges of our era." The report called for governments to implement policies that ensure access to online services while protecting user privacy. "Governments have an obligation to protect people from human rights abuses by corporations," Amnesty maintained. "But for the past two decades, technology companies have been largely left to self-regulate." Facebook pushed back against what it contended were inaccuracies in the report, saying it strongly disagreed with its business model being characterized as surveillance-based. "Our business model is what allows us to offer an important service where people can exercise foundational human rights -- to have a voice (freedom of expression) and be able to connect (freedom of association and assembly)," said a letter from Facebook privacy and public policy director Steve Satterfield in an annex to the Amnesty report. "Facebook's business model is not, as your summary suggests, driven by the collection of data about people." Facebook spotlighted its measures implemented which limit data information used for ad targeting; controls provided to users regarding their data; and steps taken to restrict abuses by apps on the social network. "As you correctly note, we do not sell data; we sell ads," Facebook said. Facebook chief and co-founder Mark Zuckerberg has called for governments to implement uniform rules regarding data-handling instead of leaving private companies to make crucial social decisions such as the limits of free speech. Google did not offer a specific written response. But the Amnesty report noted that Google announced this month it would limit data that it shares with advertisers through its ad auction platform, following the launch of an inquiry by the Irish data protection authority and had launched a new feature allowing users to delete location data.

Google, Facebook business models threat to rights: Amnesty report

Indian shares&nbsp;inched&nbsp;lower&nbsp;on Thursday as investors booked profits after the government said it had approved stake sales in some state-run companies, while&nbsp;Zee&nbsp;Entertainment Enterprises surged on the promoter group's plan to pare holdings.

The government agreed to sell stakes in five state-run companies, including oil refiner <a href="https://www.wionews.com/business-economy/india-to-offload-bharat-petroleum-in-state-stake-sell-off-263518">Bharat Petroleum Corp</a> (BPCL), its finance minister said on Wednesday, a move that could help bridge a widening fiscal gap.

"A lot of good news is already factored into prices. It's actually bought on the rumour and sell on the news," said Sunil Sharma, chief investment officer at Sanctum Wealth Management in Mumbai.

"Markets are basically fighting to reach new highs. What we actually need to see now is a little bit of improvement in economic news."

The <a href="https://www.wionews.com/business-economy/nifty-sensex-edge-higher-bank-telecom-stocks-gain-263079">NSE&nbsp;Nifty&nbsp;50&nbsp;</a>index fell 0.2 per cent&nbsp;to 11,978, while the S&amp;P BSE&nbsp;Sensex&nbsp;was down 0.1 per cent&nbsp;at 40,630.16.

On Wednesday, the government also allowed telecom operators to defer payments due for airwaves bought via auction until the end of March 2022, giving some respite after a court ruled they must pay overdue levies and interest of nearly $13 billion.

Bharti Airtel and Vodafone Idea have warned that their operations may be under threat unless the government stops hitting operators with higher taxes and charges.

Meanwhile, the central bank said on Wednesday it would begin bankruptcy proceedings against Dewan Housing Finance Corp (DHFL).

DHFL owes its lenders nearly 1 trillion rupees ($14 billion), including several mutual funds, banks, pension funds, insurance firms and retail investors.

Zee&nbsp;Entertainment Enterprises surged 7.50 per cent&nbsp;and was the&nbsp;top&nbsp;gainer&nbsp;in the&nbsp;Nifty&nbsp;50 after promoter <a href="https://www.wionews.com/india-news/prime-minister-narendra-modi-to-address-conclave-of-accountants-in-delhi-today-263523">Essel Group</a> said on Wednesday it was planning to sell about 16.5 per cent&nbsp;stake in the company.

Indian shares inched lower on Thursday as investors booked profits after the government said it had approved stake sales in some state-run companies, while Zee Entertainment Enterprises surged on the promoter group's plan to pare holdings.

Indian shares inched lower on Thursday as investors booked profits after the government said it had approved stake sales in some state-run companies, while Zee Entertainment Enterprises surged on the promoter group's plan to pare holdings. The government agreed to sell stakes in five state-run companies, including oil refiner Bharat Petroleum Corp (BPCL), its finance minister said on Wednesday, a move that could help bridge a widening fiscal gap. "A lot of good news is already factored into prices. It's actually bought on the rumour and sell on the news," said Sunil Sharma, chief investment officer at Sanctum Wealth Management in Mumbai. "Markets are basically fighting to reach new highs. What we actually need to see now is a little bit of improvement in economic news." The NSE Nifty 50 index fell 0.2 per cent to 11,978, while the S&P BSE Sensex was down 0.1 per cent at 40,630.16. On Wednesday, the government also allowed telecom operators to defer payments due for airwaves bought via auction until the end of March 2022, giving some respite after a court ruled they must pay overdue levies and interest of nearly $13 billion. Bharti Airtel and Vodafone Idea have warned that their operations may be under threat unless the government stops hitting operators with higher taxes and charges. Meanwhile, the central bank said on Wednesday it would begin bankruptcy proceedings against Dewan Housing Finance Corp (DHFL). DHFL owes its lenders nearly 1 trillion rupees ($14 billion), including several mutual funds, banks, pension funds, insurance firms and retail investors. Zee Entertainment Enterprises surged 7.50 per cent and was the top gainer in the Nifty 50 after promoter Essel Group said on Wednesday it was planning to sell about 16.5 per cent stake in the company.

Nifty, Sensex inch lower; Zee top gainer in Nifty 50

Chinese&nbsp;airlines&nbsp;are adding seats on short- and mid-range&nbsp;<a href="https://www.wionews.com/business-economy/asian-airlines-slash-flights-to-hong-kong-as-unrest-escalates-262832">Asian flights</a> in a strategic shift away from prestigious but loss-making North American routes to a market that promises better returns and growth.

Over the past decade, the number of seats on US&nbsp;routes operated by China's top three state-owned carriers rose fourfold, but such breakneck expansion came at a price. The nation's international aviation industry has been in the red for at least three years, with&nbsp;losses&nbsp;reaching 21.9 billion yuan ($3.13 billion) in 2018, according to recent China Air Transport Association data.

In response,&nbsp;Chinese&nbsp;airlines&nbsp;are increasingly seeking growth closer to home. Out of 105 international routes that&nbsp;Chinese&nbsp;carriers plan to add to over 800 existing ones for the new winter-spring season, most focus on East&nbsp;Asia&nbsp;and Southeast&nbsp;Asia&nbsp;with some European routes also thrown into the mix.

"Chinese&nbsp;carriers are now taking a more commercial approach to international services," said John Grant, senior analyst at aviation data firm OAG. "If you could fly an aircraft for four hours and stay profitable compared to a 12-hour sector and not make any money, then you could do that thrice on a daily basis, thus making a better business sense."

For example, China Eastern has recently received approvals to open new routes from tier-two cities of Qingdao and Chengdu to South Korea's Cheongju-si and to Osaka in Japan. It will also fly Shanghai to Aomori Prefecture in Japan and from Xining to Japan's Nagoya.

Loong Air too received approval last month to open a new route linking Chengdu with Jakarta. Air China has been operating a Beijing-Phnom Penh route since the start of this year and China Southern has been flying from Guangzhou to Cebu in the Philippines since January.

The&nbsp;airlines&nbsp;have not responded to requests for comment.

And as demand on North American routes weakens, four&nbsp;Chinese&nbsp;airlines&nbsp;have dropped six US-bound flights so far this year, according to aviation data provider Variflight. For example, Air China suspended Beijing-Hawaii flights in August while Xiamen&nbsp;Airlines&nbsp;suspended its Xiamen-Shenzhen-Seattle route.

After a decade of double-digit growth,&nbsp;Chinese&nbsp;visitor numbers to the United States have fallen last year and the US&nbsp;National Travel and Tourism office forecasts another 5 per cent&nbsp;decline this year as a combination of a stronger dollar, China's cooling economy and trade tensions between Beijing and Washington take their toll.

US&nbsp;Travel Association Chief Executive Roger Dow told Reuters the US&nbsp;share of the global&nbsp;long-haul&nbsp;market has shrunk to 11.7 per cent&nbsp;last year from 13.7 per cent in 2015.

In all, while the number of seats on flights to North America operated by China's top three&nbsp;airlines, rose 2.9 per cent&nbsp;in the past three years, the capacity on Southeast&nbsp;Asian and European routes jumped 30.6 per cent&nbsp;and 34.6 per cent&nbsp;respectively.&nbsp;

"The demand on North American routes is not as strong as before, so&nbsp;airlines&nbsp;are shifting their capacity on these routes to places like Japan, South Korea and Southeast&nbsp;Asia, to protect their fares," Luya You, transportation analyst at BOCOM International said.

She added Air China and China Southern management expected Japan and Korea to contribute most capacity growth next year with slower growth in North America.

Long-haul&nbsp;flights tend to be more lucrative for&nbsp;airlines&nbsp;because there is less competition from low-cost carriers than on short routes, which means higher fares can more than make up for the higher cost of fuel, bigger planes and bigger crews.

However, as&nbsp;Chinese&nbsp;airlines, backed by state and local government subsidies, chased market share they have driven their&nbsp;long-haul&nbsp;rates so low that they stand to make more money on international routes closer to home, experts say.

OAG's Grant says they can do that without much additional investment because latest generation wide-body aircraft can also work well on shorter routes.

At the end of 2018, China's top three carriers had orders for 60&nbsp;long-haul&nbsp;planes, mostly Boeing 787s and 777s and Airbus A350s, all of which can be easily reassigned.

"Undoubtedly, Southeast&nbsp;Asia&nbsp;is where they are going to reallocate their order over the next couple of years," Grant said.

Chinese airlines are adding seats on short- and mid-range Asian flights in a strategic shift away from prestigious but loss-making North American routes to a market that promises better returns and growth.

Chinese airlines are adding seats on short- and mid-range Asian flights in a strategic shift away from prestigious but loss-making North American routes to a market that promises better returns and growth. Over the past decade, the number of seats on US routes operated by China's top three state-owned carriers rose fourfold, but such breakneck expansion came at a price. The nation's international aviation industry has been in the red for at least three years, with losses reaching 21.9 billion yuan ($3.13 billion) in 2018, according to recent China Air Transport Association data. In response, Chinese airlines are increasingly seeking growth closer to home. Out of 105 international routes that Chinese carriers plan to add to over 800 existing ones for the new winter-spring season, most focus on East Asia and Southeast Asia with some European routes also thrown into the mix. "Chinese carriers are now taking a more commercial approach to international services," said John Grant, senior analyst at aviation data firm OAG. "If you could fly an aircraft for four hours and stay profitable compared to a 12-hour sector and not make any money, then you could do that thrice on a daily basis, thus making a better business sense." For example, China Eastern has recently received approvals to open new routes from tier-two cities of Qingdao and Chengdu to South Korea's Cheongju-si and to Osaka in Japan. It will also fly Shanghai to Aomori Prefecture in Japan and from Xining to Japan's Nagoya. Loong Air too received approval last month to open a new route linking Chengdu with Jakarta. Air China has been operating a Beijing-Phnom Penh route since the start of this year and China Southern has been flying from Guangzhou to Cebu in the Philippines since January. The airlines have not responded to requests for comment. And as demand on North American routes weakens, four Chinese airlines have dropped six US-bound flights so far this year, according to aviation data provider Variflight. For example, Air China suspended Beijing-Hawaii flights in August while Xiamen Airlines suspended its Xiamen-Shenzhen-Seattle route. After a decade of double-digit growth, Chinese visitor numbers to the United States have fallen last year and the US National Travel and Tourism office forecasts another 5 per cent decline this year as a combination of a stronger dollar, China's cooling economy and trade tensions between Beijing and Washington take their toll. US Travel Association Chief Executive Roger Dow told Reuters the US share of the global long-haul market has shrunk to 11.7 per cent last year from 13.7 per cent in 2015. In all, while the number of seats on flights to North America operated by China's top three airlines, rose 2.9 per cent in the past three years, the capacity on Southeast Asian and European routes jumped 30.6 per cent and 34.6 per cent respectively. "The demand on North American routes is not as strong as before, so airlines are shifting their capacity on these routes to places like Japan, South Korea and Southeast Asia, to protect their fares," Luya You, transportation analyst at BOCOM International said. She added Air China and China Southern management expected Japan and Korea to contribute most capacity growth next year with slower growth in North America. Long-haul flights tend to be more lucrative for airlines because there is less competition from low-cost carriers than on short routes, which means higher fares can more than make up for the higher cost of fuel, bigger planes and bigger crews. However, as Chinese airlines, backed by state and local government subsidies, chased market share they have driven their long-haul rates so low that they stand to make more money on international routes closer to home, experts say. OAG's Grant says they can do that without much additional investment because latest generation wide-body aircraft can also work well on shorter routes. At the end of 2018, China's top three carriers had orders for 60 long-haul planes, mostly Boeing 787s and 777s and Airbus A350s, all of which can be easily reassigned. "Undoubtedly, Southeast Asia is where they are going to reallocate their order over the next couple of years," Grant said.

Chinese airlines turn to Asia as long-haul losses pile up

<a href="https://www.wionews.com/world/north-china-mine-explosion-kills-15-injures-9-263032">China</a>&nbsp;raised its&nbsp;coal-fired&nbsp;power&nbsp;capacity&nbsp;by 42.9 gigawatts (GW), or about 4.5 per cent, in the 18 months to June, connecting new projects to the grid at a time when&nbsp;capacity&nbsp;in the rest of the world shrank, according to a&nbsp;study&nbsp;published on Wednesday.

China&nbsp;also has another 121.3 GW of&nbsp;coal-fired&nbsp;power&nbsp;plants under construction, US-based&nbsp;research network&nbsp;Global&nbsp;Energy Monitor said in its report, nearly enough to&nbsp;power&nbsp;the whole of France.

The increase followed a 2014-2016 "permitting surge" by local governments aiming to boost growth while formerly suspended projects have also been restarted,&nbsp;Global&nbsp;Energy Monitor said. In the rest of the world,&nbsp;coal-fired&nbsp;power&nbsp;capacity&nbsp;fell 8.1 GW over the same period.

To cut pollution and <a href="https://www.wionews.com/world/climate-change-and-its-impact-to-cost-world-79-trillion-by-2050-study-263263">greenhouse </a><a href="https://www.wionews.com/world/big-companies-commit-to-slash-emissions-ahead-of-un-climate-summit-251143">gas emissions</a>,&nbsp;China&nbsp;has promised an "energy revolution" aimed at dramatically reducing its reliance on&nbsp;coal. It cut&nbsp;coal's share of the country's total energy from 68 per cent&nbsp;in 2012 to 59 per cent last year, and researchers predict it will fall to 55.3 per cent&nbsp;by 2020.

Absolute&nbsp;coal&nbsp;consumption, however, has continued to increase in line with a rise in overall Chinese energy demand.

And environmental groups have accused Beijing of relaxing its efforts on&nbsp;coal, pointing to remarks in October by <a href="https://www.wionews.com/world/china-launches-new-crackdown-on-chemical-safety-261981">Premier Li Keqiang</a>, who urged&nbsp;China&nbsp;to make greater use of its&nbsp;coal&nbsp;"endowment" by building clean&nbsp;power&nbsp;plants.

China&nbsp;approved new 40&nbsp;coal&nbsp;mines in the first three quarters of 2019, and it has continued to make use of "green" financing to support&nbsp;coal-related projects.

China's total&nbsp;coal-fired&nbsp;power&nbsp;capacity&nbsp;stands at more than 1,000 GW.&nbsp;Global&nbsp;Energy Monitor said it needed to close more than 40 per cent of that to meet greenhouse gas reductions required to keep&nbsp;global&nbsp;temperature rises well below 2 degrees Celsius.

It urged the government to strengthen policies discouraging&nbsp;coal&nbsp;plants, support low-carbon&nbsp;power&nbsp;and move toward clean energy, while an investor body warned of the risk of building new&nbsp;coal-fired&nbsp;plants.

"Over 40 per cent of&nbsp;China's existing&nbsp;coal&nbsp;fleet is already estimated to be loss-making," said Stephanie Pfeifer, chief executive of the Institutional Investors Group on Climate Change.

Though costs are now as low as fossil fuels, some Chinese policymakers worry renewables like wind and solar are unreliable, and there are concerns that decarbonisation will hurt the country's&nbsp;coal&nbsp;regions.

Some also believe that future energy shortages could hurt&nbsp;China's attempts to address its slowing economy, said Yang Fuqiang, senior advisor with the Natural Resources Defense Council, a US&nbsp;environment group.

"Right now there is a big argument about whether&nbsp;China&nbsp;needs more&nbsp;coal-fired&nbsp;power&nbsp;or not," he told Reuters. "They think the fourteenth five-year plan (2021-2025) will stimulate economic development and they are a little afraid there won't be enough electricity to support the economy."

China raised its coal-fired power capacity by 42.9 gigawatts (GW), or about 4.5 per cent, in the 18 months to June, connecting new projects to the grid at a time when capacity in the rest of the world shrank, according to a study published on Wednesday.

China raised its coal-fired power capacity by 42.9 gigawatts (GW), or about 4.5 per cent, in the 18 months to June, connecting new projects to the grid at a time when capacity in the rest of the world shrank, according to a study published on Wednesday. China also has another 121.3 GW of coal-fired power plants under construction, US-based research network Global Energy Monitor said in its report, nearly enough to power the whole of France. The increase followed a 2014-2016 "permitting surge" by local governments aiming to boost growth while formerly suspended projects have also been restarted, Global Energy Monitor said. In the rest of the world, coal-fired power capacity fell 8.1 GW over the same period. To cut pollution and greenhouse gas emissions, China has promised an "energy revolution" aimed at dramatically reducing its reliance on coal. It cut coal's share of the country's total energy from 68 per cent in 2012 to 59 per cent last year, and researchers predict it will fall to 55.3 per cent by 2020. Absolute coal consumption, however, has continued to increase in line with a rise in overall Chinese energy demand. And environmental groups have accused Beijing of relaxing its efforts on coal, pointing to remarks in October by Premier Li Keqiang, who urged China to make greater use of its coal "endowment" by building clean power plants. China approved new 40 coal mines in the first three quarters of 2019, and it has continued to make use of "green" financing to support coal-related projects. China's total coal-fired power capacity stands at more than 1,000 GW. Global Energy Monitor said it needed to close more than 40 per cent of that to meet greenhouse gas reductions required to keep global temperature rises well below 2 degrees Celsius. It urged the government to strengthen policies discouraging coal plants, support low-carbon power and move toward clean energy, while an investor body warned of the risk of building new coal-fired plants. "Over 40 per cent of China's existing coal fleet is already estimated to be loss-making," said Stephanie Pfeifer, chief executive of the Institutional Investors Group on Climate Change. Though costs are now as low as fossil fuels, some Chinese policymakers worry renewables like wind and solar are unreliable, and there are concerns that decarbonisation will hurt the country's coal regions. Some also believe that future energy shortages could hurt China's attempts to address its slowing economy, said Yang Fuqiang, senior advisor with the Natural Resources Defense Council, a US environment group. "Right now there is a big argument about whether China needs more coal-fired power or not," he told Reuters. "They think the fourteenth five-year plan (2021-2025) will stimulate economic development and they are a little afraid there won't be enough electricity to support the economy."

China coal-fired power capacity still rising, bucking global trend

A top US regulatory official on Tuesday said an investigation into a 2018 fatal crash involving a self-driving<a href="https://www.wionews.com/business-economy/uber-launches-new-safety-features-in-uk-as-it-fights-for-new-licence-261988"> Uber</a> car revealed "an ineffective safety culture" at the rideshare company.

<a href="https://www.wionews.com/world/united-states-nhtsa-reviewing-claims-2000-tesla-vehicles-should-have-been-recalled-253935">National Transportation Safety Board </a>chairman Robert Sumwalt made the remark while discussing a collision early last year in Arizona that killed a woman.

"The inappropriate actions of both the automated driving system, as implemented, and the vehicle's human operator, were symptoms of a deeper problem: an ineffective safety culture," Sumwalt said in his opening statement at the hearing.

The NTSB in March of last year sent a team to Tempe, Arizona, to investigate the fatal collision of an <a href="https://www.wionews.com/business-economy/judge-dismisses-uber-lawsuit-opposing-new-york-city-vehicle-license-caps-259652">Uber vehicle</a> and a pedestrian.

The Uber vehicle was part of the company's self-driving fleet of vehicles.

"Although the vehicle's sensors first noted the pedestrian 5.6 seconds before impact, the system waffled between classifying her as a vehicle, a bicycle, or 'other,'" Sumwalt said.

Uber had disabled a factory-installed collision warning system and automatic emergency braking system while the Volvo sport utility vehicle was being used to test Uber autonomous driving capabilities, according to the NTSB.

The pedestrian was dressed in dark clothing and was pushing a bicycle that had no side reflectors when she crossed an unlighted section of roadway at night.

Uber temporarily suspended its autonomous ridesharing program, eventually putting its self-driving cars back on the road in Pittsburgh in "manual mode," with a driver at the wheel at all times.

A top US regulatory official on Tuesday said an investigation into a 2018 fatal crash involving a self-driving Uber car revealed "an ineffective safety culture" at the rideshare company.

A top US regulatory official on Tuesday said an investigation into a 2018 fatal crash involving a self-driving Uber car revealed "an ineffective safety culture" at the rideshare company. National Transportation Safety Board chairman Robert Sumwalt made the remark while discussing a collision early last year in Arizona that killed a woman. "The inappropriate actions of both the automated driving system, as implemented, and the vehicle's human operator, were symptoms of a deeper problem: an ineffective safety culture," Sumwalt said in his opening statement at the hearing. The NTSB in March of last year sent a team to Tempe, Arizona, to investigate the fatal collision of an Uber vehicle and a pedestrian. The Uber vehicle was part of the company's self-driving fleet of vehicles. "Although the vehicle's sensors first noted the pedestrian 5.6 seconds before impact, the system waffled between classifying her as a vehicle, a bicycle, or 'other,'" Sumwalt said. Uber had disabled a factory-installed collision warning system and automatic emergency braking system while the Volvo sport utility vehicle was being used to test Uber autonomous driving capabilities, according to the NTSB. The pedestrian was dressed in dark clothing and was pushing a bicycle that had no side reflectors when she crossed an unlighted section of roadway at night. Uber temporarily suspended its autonomous ridesharing program, eventually putting its self-driving cars back on the road in Pittsburgh in "manual mode," with a driver at the wheel at all times.

Uber safety culture lacking in autonomous car incident

<a href="https://www.wionews.com/business-economy/google-begins-rolling-out-rich-communication-services-to-do-more-with-messages-262225">Google</a> said Tuesday its digital assistant will serve as a "news host" on its connected devices to deliver stories from a variety of its media partners.

The feature called Your News Update will be activated by asking the Google Assistant to read the news.

The artificial intelligence program will deliver "a mix of short news stories chosen at that moment based on your interests, location, user history and preferences, as well as the top news stories out there," said product manager Liz Gannes in a blog post.

The assistant will offer stories from partners including CBS, Politico, Fox News and CNN based on user preferences and other factors.

It can offer news, for example, about the user's favourite sports teams or specific local or business events.

"In between stories, the Google Assistant serves as your smart news host that introduces which publishers and updates are next," Gannes said.

The feature is available in English in the United States and will expand internationally next year, for people with compatible <a href="https://www.wionews.com/business-economy/focus-made-in-china-samsung-farms-out-more-phones-to-fend-off-rivals-262812">smartphones</a> and connected speakers.

It is activated by saying, "Hey Google, play me the news."

<a href="https://www.wionews.com/business-economy/amazon-offers-employees-10000-to-quit-launch-delivery-business-218463">Amazon </a>offers a similar "flash briefing" feature for its <a href="https://www.wionews.com/entertainment/amazon-brings-samuel-l-jacksons-voice-to-alexa-and-announces-voice-controlled-glasses-252112">Alexa</a>-powered devices.

Google said Tuesday its digital assistant will serve as a "news host" on its connected devices to deliver stories from a variety of its media partners. The feature called Your News Update will be activated by asking the Google Assistant to read the news.

Google said Tuesday its digital assistant will serve as a "news host" on its connected devices to deliver stories from a variety of its media partners. The feature called Your News Update will be activated by asking the Google Assistant to read the news. The artificial intelligence program will deliver "a mix of short news stories chosen at that moment based on your interests, location, user history and preferences, as well as the top news stories out there," said product manager Liz Gannes in a blog post. The assistant will offer stories from partners including CBS, Politico, Fox News and CNN based on user preferences and other factors. It can offer news, for example, about the user's favourite sports teams or specific local or business events. "In between stories, the Google Assistant serves as your smart news host that introduces which publishers and updates are next," Gannes said. The feature is available in English in the United States and will expand internationally next year, for people with compatible smartphones and connected speakers. It is activated by saying, "Hey Google, play me the news." Amazon offers a similar "flash briefing" feature for its Alexa-powered devices.

Google Assistant to soon work as news host for devices

Indian group&nbsp;NAFED&nbsp;has issued an international tender to&nbsp;purchase&nbsp;and import up to&nbsp;100,000&nbsp;tonnes&nbsp;of&nbsp;corn&nbsp;(maize), European&nbsp;traders said on Wednesday.

The&nbsp;corn&nbsp;should be sourced from Ukraine, they said.

The tender closes on December 3 with offers having to remain valid up to December&nbsp;24.

Indian group NAFED has issued an international tender to purchase and import up to 100,000 tonnes of corn (maize), European traders said on Wednesday. The corn should be sourced from Ukraine, they said.

Indian group NAFED has issued an international tender to purchase and import up to 100,000 tonnes of corn (maize), European traders said on Wednesday. The corn should be sourced from Ukraine, they said. The tender closes on December 3 with offers having to remain valid up to December 24.

NAFED tenders to purchase 100,000 tonnes corn

US&nbsp;President <a href="https://www.wionews.com/world/trump-says-china-tariffs-will-go-even-higher-without-deal-263234">Donald Trump </a>said on Wednesday the United States is continuing to talk to China but gave no other details, as both sides tried to hammer out a phase one trade deal ahead of looming US tariffs due next month.

"We continue to talk to China. China wants to make a deal. The question is: Do I want to make a deal? Because I like what's happening now," Trump told reporters at the White House.

Trump last month announced an agreement for an initial trade deal with Beijing but no formal agreement has been released. The pact had initially been expected to be signed by mid-November, but experts now say it could be pushed into next year.

Two people briefed on the talks have said Trump wants deeper concessions from China in order to roll back existing tariffs and cancel additional tariffs on some $156 billion in Chinese consumer goods scheduled to take effect Dec&nbsp;15.

On Tuesday, Trump also threatened to raise tariffs if no deal is reached with Beijing.

The ongoing trade dispute between the world's two largest economies have roiled financial markets and threatened global economic growth.

US President Donald Trump said on Wednesday the United States is continuing to talk to China but gave no other details, as both sides tried to hammer out a phase one trade deal ahead of looming US tariffs due next month.

US President Donald Trump said on Wednesday the United States is continuing to talk to China but gave no other details, as both sides tried to hammer out a phase one trade deal ahead of looming US tariffs due next month. "We continue to talk to China. China wants to make a deal. The question is: Do I want to make a deal? Because I like what's happening now," Trump told reporters at the White House. Trump last month announced an agreement for an initial trade deal with Beijing but no formal agreement has been released. The pact had initially been expected to be signed by mid-November, but experts now say it could be pushed into next year. Two people briefed on the talks have said Trump wants deeper concessions from China in order to roll back existing tariffs and cancel additional tariffs on some $156 billion in Chinese consumer goods scheduled to take effect Dec 15. On Tuesday, Trump also threatened to raise tariffs if no deal is reached with Beijing. The ongoing trade dispute between the world's two largest economies have roiled financial markets and threatened global economic growth.

Donald Trump says US is still talking to China on trade

More than half the cars produced by Porsche will be electric by 2025, the German manufacturer's North American chief said Tuesday as he set out plans to overtake <a href="https://www.wionews.com/business-economy/teslas-musk-greenlights-einhorn-taunt-each-other-on-twitter-261007">market leader Tesla</a>.

"The future is electric," Klaus Zellmer told the Los Angeles Auto Show, adding that the brand's commitment to battery-powered vehicles is "huge."

"By 2025 Porsche will have crossed a tipping point, actually building more than 50 per cent of its annual volume ... with either plug-in hybrid technology or fully battery," he said.

However, he added, the "combustion engine of course is not dead," pointing to Porsche's popular 911 sports cars.

Porsche, a subsidiary of the Volkswagen group, unveiled its new battery-powered Taycan at Frankfurt's International Auto Show in September.&nbsp;

The brand's first 100 per cent electric sports car, the Taycan is capable of going from 0 to 60 miles per hour in less than three seconds.

The luxury model is intended to rival Tesla, the California firm that dominates the global electric car market.

Tesla has an especially firm grip on the United States, which is Porsche's second-largest market. The German brand sold 57,000 cars in the US last year.

From 2021 Porsche intends to sell a fully electric version of its SUV, the Macan, which would compete directly against Tesla's Y model.

"The electric Macan will compete in many different segments,&nbsp;it's going to draw&nbsp;many people from different segments" just as Tesla did when it entered the market, Zellmer said.

"It's not a transition that is going to turn the world upside down within five years, it's probably 10 years" away, the North American CEO added.

<a href="https://www.wionews.com/business-economy/tesla-surges-twitter-slumps-amid-united-states-earnings-deluge-258002">Porsche is facing growing competition</a> in China, its biggest single market, from Tesla.

Tesla last month said its new so-called Gigafactory in Shanghai had started production on a trial basis.

Zellmer said the growth of electric cars in China was being impeded by the lack of access to charging facilities in mega-cities where tens of millions live and work in high rise buildings.

"Charging your car for the night is a challenge. Ninety per cent of charging according to our market research actually happens at home or at work," he said.

More than half the cars produced by Porsche will be electric by 2025, the German manufacturer's North American chief said Tuesday as he set out plans to overtake market leader Tesla.

More than half the cars produced by Porsche will be electric by 2025, the German manufacturer's North American chief said Tuesday as he set out plans to overtake market leader Tesla. "The future is electric," Klaus Zellmer told the Los Angeles Auto Show, adding that the brand's commitment to battery-powered vehicles is "huge." "By 2025 Porsche will have crossed a tipping point, actually building more than 50 per cent of its annual volume ... with either plug-in hybrid technology or fully battery," he said. However, he added, the "combustion engine of course is not dead," pointing to Porsche's popular 911 sports cars. Porsche, a subsidiary of the Volkswagen group, unveiled its new battery-powered Taycan at Frankfurt's International Auto Show in September. The brand's first 100 per cent electric sports car, the Taycan is capable of going from 0 to 60 miles per hour in less than three seconds. The luxury model is intended to rival Tesla, the California firm that dominates the global electric car market. Tesla has an especially firm grip on the United States, which is Porsche's second-largest market. The German brand sold 57,000 cars in the US last year. From 2021 Porsche intends to sell a fully electric version of its SUV, the Macan, which would compete directly against Tesla's Y model. "The electric Macan will compete in many different segments, it's going to draw many people from different segments" just as Tesla did when it entered the market, Zellmer said. "It's not a transition that is going to turn the world upside down within five years, it's probably 10 years" away, the North American CEO added. Porsche is facing growing competition in China, its biggest single market, from Tesla. Tesla last month said its new so-called Gigafactory in Shanghai had started production on a trial basis. Zellmer said the growth of electric cars in China was being impeded by the lack of access to charging facilities in mega-cities where tens of millions live and work in high rise buildings. "Charging your car for the night is a challenge. Ninety per cent of charging according to our market research actually happens at home or at work," he said.

'Future is electric': Porsche sets out plans to battle Tesla in US

India's central bank said on Wednesday it would initiate bankruptcy proceedings against <a href="https://www.wionews.com/business-economy/dhfl-board-approves-plan-to-convert-debt-into-equity-sell-assets-246667">Dewan Housing Finance Ltd (DHFL)</a>, as it seeks to address governance concerns and defaults at what was once one of the country's biggest shadow lenders.

The Reserve Bank of India said it had superseded the board of DHFL and appointed R Subramaniakumar, the former chief executive of state-run Indian Overseas Bank as the administrator.

DHFL's creditors include mutual funds, pension funds, insurance firms and a wide array of retail investors, and its collapse could impact India's already ailing banking sector and further weaken economic growth. The firm owes lenders close to 1 trillion rupees ($14 billion).

India's shadow banking sector has been under stress after a string of defaults by Infrastructure Leasing and Financial Service Ltd (IL&amp;FS) last year triggered fears about contagion in the financial sector.

DHFL had in September submitted a draft resolution plan proposing to convert debt to equity, while seeking to sell assets and raise more capital.

India's central bank said on Wednesday it would initiate bankruptcy proceedings against Dewan Housing Finance Ltd (DHFL), as it seeks to address governance concerns and defaults at what was once one of the country's biggest shadow lenders.

India's central bank said on Wednesday it would initiate bankruptcy proceedings against Dewan Housing Finance Ltd (DHFL), as it seeks to address governance concerns and defaults at what was once one of the country's biggest shadow lenders. The Reserve Bank of India said it had superseded the board of DHFL and appointed R Subramaniakumar, the former chief executive of state-run Indian Overseas Bank as the administrator. DHFL's creditors include mutual funds, pension funds, insurance firms and a wide array of retail investors, and its collapse could impact India's already ailing banking sector and further weaken economic growth. The firm owes lenders close to 1 trillion rupees ($14 billion). India's shadow banking sector has been under stress after a string of defaults by Infrastructure Leasing and Financial Service Ltd (IL&FS) last year triggered fears about contagion in the financial sector. DHFL had in September submitted a draft resolution plan proposing to convert debt to equity, while seeking to sell assets and raise more capital.

RBI to begin bankruptcy proceedings against shadow lender DHFL

India's publicly listed firms must disclose any failure to repay loans within 24 hours in cases where 30 days have passed since the default, its securities regulator said on Wednesday, tightening rules at a time when bond defaults have soared.

The decision was aimed at addressing any gaps in the availability of information to investors surrounding corporate defaults, the <a href="https://www.wionews.com/business-economy/sebi-to-expand-ofs-framework-relax-fpi-investment-clubbing-norms-182608">Securities and Exchange Board of India </a>(SEBI) said in a statement.

"The philosophy is that more and more information should be in the public domain that guides investors and other stakeholders," SEBI Chairman Ajay Tyagi told reporters in Mumbai.

The move comes as loan and bond defaults by companies, particularly several housing finance firms, are rising - adding to pressure on India's banks, which are saddled with a level of bad debt that is one of the world's highest.

India's housing finance companies and shadow lenders, a key source of credit to millions, have been battling a credit crunch since giant shadow bank IL&amp;FS collapsed in late 2018 amid fraud allegations.

Publicly-listed<a href="https://www.wionews.com/business-economy/sensex-nifty-nearly-flat-metal-stocks-drag-256379"> Dewan Housing Finance Corp Ltd </a>is one of India's top defaulters and owes close to 1 trillion rupees ($14 billion) to its debtors, which include banks and mutual funds.

The SEBI also tightened rules for portfolio managers, requiring that such firms must have a net worth of 50 million rupees ($696,233) from the earlier 20 million rupees.

It also doubled the required minimum investment by clients of portfolio managers to 5 million rupees from 2.5 million rupees.

"We have many clients between the 2.5 to 5 million-rupee bracket that is going to be disappointed," said Deepak Shenoy, the founder of Capitalmind, a portfolio manager in Bengaluru that manages 1.1 billion rupees in assets.

"It's not extremely bad (but) it will definitely affect business," Shenoy said.

&nbsp;

($1 = 71.8150 Indian rupees)

India's publicly listed firms must disclose any failure to repay loans within 24 hours in cases where 30 days have passed since the default, its securities regulator said on Wednesday, tightening rules at a time when bond defaults have soared.

India's publicly listed firms must disclose any failure to repay loans within 24 hours in cases where 30 days have passed since the default, its securities regulator said on Wednesday, tightening rules at a time when bond defaults have soared. The decision was aimed at addressing any gaps in the availability of information to investors surrounding corporate defaults, the Securities and Exchange Board of India (SEBI) said in a statement. "The philosophy is that more and more information should be in the public domain that guides investors and other stakeholders," SEBI Chairman Ajay Tyagi told reporters in Mumbai. The move comes as loan and bond defaults by companies, particularly several housing finance firms, are rising - adding to pressure on India's banks, which are saddled with a level of bad debt that is one of the world's highest. India's housing finance companies and shadow lenders, a key source of credit to millions, have been battling a credit crunch since giant shadow bank IL&FS collapsed in late 2018 amid fraud allegations. Publicly-listed Dewan Housing Finance Corp Ltd is one of India's top defaulters and owes close to 1 trillion rupees ($14 billion) to its debtors, which include banks and mutual funds. The SEBI also tightened rules for portfolio managers, requiring that such firms must have a net worth of 50 million rupees ($696,233) from the earlier 20 million rupees. It also doubled the required minimum investment by clients of portfolio managers to 5 million rupees from 2.5 million rupees. "We have many clients between the 2.5 to 5 million-rupee bracket that is going to be disappointed," said Deepak Shenoy, the founder of Capitalmind, a portfolio manager in Bengaluru that manages 1.1 billion rupees in assets. "It's not extremely bad (but) it will definitely affect business," Shenoy said. ($1 = 71.8150 Indian rupees)

India tightens rules on loan default disclosure for public firms

Aston Martin, which has seen its share price plunge this year as sales failed to meet expectations after a stock market flotation, launched its first sport utility vehicle on Wednesday, hoping for a turnaround in fortunes.

The sports car maker, famed for being fictional agent James Bond's car of choice, has gone bankrupt seven times in its 106-year history and has had multiple owners over the last century including Ford.

Now largely owned by Kuwaiti and Italian private equity groups, Aston listed in October last year at 19 pounds per share but that has since plunged by around 75 per cent, hit most recently by falling demand in Europe and for its Vantage model.

The firm, which reported a pre-tax loss of $118 million&nbsp;in the first nine months of the year, has ploughed money into a new factory in Wales which will build the new DBX SUV model from next year.

"We're essentially holding the cost of a complete factory right now without the benefit of the revenues coming in ... so from that point of view of course it's a really important model," Chief Executive Andy Palmer told Reuters earlier this month.

Aston hopes to encourage more women buyers with its new offering and has received input from a female advisory body on the choice of certain features such as separate central arm rests and the design of the glovebox.

The first trial build of the DBX has been completed with production due in the second quarter of 2020 which the company hopes will contribute to a boost to its output, alongside sports cars made at its southern English Gaydon facility.

"If our volumes are slightly north of 6,000 this year, obviously you're adding another ultimately 4 or 5,000 so it's a big chunk of volume for us," said Palmer.

Aston Martin, which has seen its share price plunge this year as sales failed to meet expectations after a stock market flotation, launched its first sport utility vehicle on Wednesday, hoping for a turnaround in fortunes.

Aston Martin, which has seen its share price plunge this year as sales failed to meet expectations after a stock market flotation, launched its first sport utility vehicle on Wednesday, hoping for a turnaround in fortunes. The sports car maker, famed for being fictional agent James Bond's car of choice, has gone bankrupt seven times in its 106-year history and has had multiple owners over the last century including Ford. Now largely owned by Kuwaiti and Italian private equity groups, Aston listed in October last year at 19 pounds per share but that has since plunged by around 75 per cent, hit most recently by falling demand in Europe and for its Vantage model. The firm, which reported a pre-tax loss of $118 million in the first nine months of the year, has ploughed money into a new factory in Wales which will build the new DBX SUV model from next year. "We're essentially holding the cost of a complete factory right now without the benefit of the revenues coming in ... so from that point of view of course it's a really important model," Chief Executive Andy Palmer told Reuters earlier this month. Aston hopes to encourage more women buyers with its new offering and has received input from a female advisory body on the choice of certain features such as separate central arm rests and the design of the glovebox. The first trial build of the DBX has been completed with production due in the second quarter of 2020 which the company hopes will contribute to a boost to its output, alongside sports cars made at its southern English Gaydon facility. "If our volumes are slightly north of 6,000 this year, obviously you're adding another ultimately 4 or 5,000 so it's a big chunk of volume for us," said Palmer.

Aston Martin launches first SUV, hopeful of a turnaround

<a href="https://www.wionews.com/business-economy/gold-prices-steady-as-market-awaits-united-states-employment-report-253433">Gold</a> prices rose to their highest in nearly two weeks on Wednesday as US&nbsp;Senate measures on Hong Kong posed a potential roadblock for a trade deal between the United States and China, denting appeal for riskier assets.

Spot gold was up 0.3 per cent&nbsp;at $1,476.50 an ounce by 1015 GMT and US&nbsp;gold futures rose 0.2 per cent to $1,477.

"The US&nbsp;senate passing the Hong Kong democracy bill is raising the further risk of a trade deal running into problems and it's causing some renewed risk-off in the markets," said <a href="https://www.wionews.com/business-%26-economy/gold-locked-below-1300-as-market-braces-for-fed-meeting-143852">Saxo Bank </a>commodity strategist Ole Hansen.

"We see stocks trading weaker, bond yields moving lower and gold is ticking higher."

The US&nbsp;Senate passed two bills backing human rights in Hong Kong and banning the export of certain munitions to the region's police forces. China condemned the move and called for Washington to stop meddling in its internal affairs.

European stocks steered away from a recent peak and US&nbsp;10-year bond yields slipped to their lowest in nearly three weeks, also pressured by US&nbsp;President Donald Trump's threat to raise tariffs on Chinese imports if a trade deal cannot be reached with Beijing.&nbsp;

Investor eyes will also be on minutes from the <a href="https://www.wionews.com/business-economy/nasdaq-ends-at-record-high-dollar-falls-as-us-fed-signals-possible-rate-cut-234814">US&nbsp;Federal Reserve'</a>s October policy meeting, due at 1900 GMT, for additional cues on the monetary policy outlook.

The US&nbsp;central bank cut interest rates three times this year to help to sustain US&nbsp;growth but last month signalled that there would be no further cuts unless the economy takes a turn for the worse.

"The market is pricing in one cut over the next 12 months and that will change very quickly on failure to reach a (trade) deal," Saxo Bank's Hansen added.

Lower interest rates reduce the opportunity cost for holding non-yielding bullion.

Spot gold could rise into a range of $1,480-$1,485 an ounce, according to Reuters technical analyst Wang Tao.

Elsewhere, silver was flat at $17.14, platinum was down 0.1 per cent at&nbsp;$909.14 and palladium was little changed at $1,764.50.

Palladium prices could continue to firm on supply issues, and $2,000 an ounce is a likely scenario for the autocatalyst metal next year, said Ross Norman, a London-based independent analyst.

The metal hit a record high of $1,824.50 on October&nbsp;30, buoyed by a sustained supply deficit.

Gold prices rose to their highest in nearly two weeks on Wednesday as US Senate measures on Hong Kong posed a potential roadblock for a trade deal between the United States and China, denting appeal for riskier assets.

Gold prices rose to their highest in nearly two weeks on Wednesday as US Senate measures on Hong Kong posed a potential roadblock for a trade deal between the United States and China, denting appeal for riskier assets. Spot gold was up 0.3 per cent at $1,476.50 an ounce by 1015 GMT and US gold futures rose 0.2 per cent to $1,477. "The US senate passing the Hong Kong democracy bill is raising the further risk of a trade deal running into problems and it's causing some renewed risk-off in the markets," said Saxo Bank commodity strategist Ole Hansen. "We see stocks trading weaker, bond yields moving lower and gold is ticking higher." The US Senate passed two bills backing human rights in Hong Kong and banning the export of certain munitions to the region's police forces. China condemned the move and called for Washington to stop meddling in its internal affairs. European stocks steered away from a recent peak and US 10-year bond yields slipped to their lowest in nearly three weeks, also pressured by US President Donald Trump's threat to raise tariffs on Chinese imports if a trade deal cannot be reached with Beijing. Investor eyes will also be on minutes from the US Federal Reserve's October policy meeting, due at 1900 GMT, for additional cues on the monetary policy outlook. The US central bank cut interest rates three times this year to help to sustain US growth but last month signalled that there would be no further cuts unless the economy takes a turn for the worse. "The market is pricing in one cut over the next 12 months and that will change very quickly on failure to reach a (trade) deal," Saxo Bank's Hansen added. Lower interest rates reduce the opportunity cost for holding non-yielding bullion. Spot gold could rise into a range of $1,480-$1,485 an ounce, according to Reuters technical analyst Wang Tao. Elsewhere, silver was flat at $17.14, platinum was down 0.1 per cent at $909.14 and palladium was little changed at $1,764.50. Palladium prices could continue to firm on supply issues, and $2,000 an ounce is a likely scenario for the autocatalyst metal next year, said Ross Norman, a London-based independent analyst. The metal hit a record high of $1,824.50 on October 30, buoyed by a sustained supply deficit.

Gold gains as souring US-China relations dent risk appetite

The <a href="https://www.wionews.com/south-asia/pakistan-rupee-falls-to-historic-low-against-us-dollar-gdp-growth-expected-to-fall-to-24-per-cent-227151">dollar</a> rose on Wednesday and trade-exposed currencies fell after the US&nbsp;president threatened a trade war escalation and China condemned a US&nbsp;senate measure backing pro-democracy protesters in Hong Kong.

China's yuan slipped to a new two-week low in overnight trading after US&nbsp;President <a href="https://www.wionews.com/world/trump-cook-meeting-culminates-with-visit-to-apple-factory-263332">Donald Trump</a> threatened to raise new tariffs on Chinese imports if ongoing trade negotiations fail.

China condemned the US&nbsp;legislation aimed at protecting human rights in Hong Kong, saying that the US&nbsp;should stop interfering.

After four days of falling, the dollar was up 0.1 per cent&nbsp;against both the euro and a basket of currencies.

"Today the main focus is the trade talks between China and the US&nbsp;and we are seeing risk aversion," said Piotr Matys, currency strategist at Rabobank.

Matys said that the US&nbsp;senate's bill in support of Hong Kong could complicate progress towards a preliminary trade deal.

Markets had hoped that a partial trade deal to end the 16-month US-China trade war could be signed at a summit in <a href="https://www.wionews.com/world/chile-police-suspend-use-of-birdshot-against-protesters-after-outcry-over-eye-injuries-263242">Chile</a>, which was scheduled for mid-November. The summit was cancelled, leaving the outlook for a deal unclear.

Adam Cole, chief currency strategist at RBC Capital Markets said that a preliminary "phase one" trade deal could be reached by the end of the year.

"The prospect of a broader more all-encompassing deal will drag on well into next year," he added.

"The market is worrying (about) this sort of exogenous shock to the process by the build-up of tension in Hong Kong - I ultimately doubt that either side will allow that to delay the process," Cole said.

The Canadian dollar fell against the US&nbsp;dollar to its lowest since October&nbsp;11 after a speech by the <a href="https://www.wionews.com/business-economy/asian-markets-mostly-down-after-mixed-lead-from-wall-street-213578">Bank of Canada</a>'s senior deputy governor boosted the perceived likelihood of a rate cut.&nbsp;

Trade-exposed currencies took a hit from the worsening US-China relations. The Australian and New Zealand dollars were both down 0.4 per cent&nbsp;versus the US&nbsp;dollar.

The Norwegian crown was down 0.9 per cent&nbsp;versus the dollar&nbsp;and 0.7 per cent versus the euro.

The Swedish crown tracked these losses, but to a lesser extent, down 0.4 per cent&nbsp;versus the dollar&nbsp;and 0.7 per cent&nbsp;versus the euro.

Demand for safe-have currencies was relatively unchanged, with the Japanese yen up around 0.1 per cent&nbsp;against the dollar and the Swiss franc flat around 0.9905.

Minutes from the US&nbsp;federal reserve's FOMC meeting in October are due at 19.00 GMT. Analysts expect little impact.

The dollar rose on Wednesday and trade-exposed currencies fell after the US president threatened a trade war escalation and China condemned a US senate measure backing pro-democracy protesters in Hong Kong.

The dollar rose on Wednesday and trade-exposed currencies fell after the US president threatened a trade war escalation and China condemned a US senate measure backing pro-democracy protesters in Hong Kong. China's yuan slipped to a new two-week low in overnight trading after US President Donald Trump threatened to raise new tariffs on Chinese imports if ongoing trade negotiations fail. China condemned the US legislation aimed at protecting human rights in Hong Kong, saying that the US should stop interfering. After four days of falling, the dollar was up 0.1 per cent against both the euro and a basket of currencies. "Today the main focus is the trade talks between China and the US and we are seeing risk aversion," said Piotr Matys, currency strategist at Rabobank. Matys said that the US senate's bill in support of Hong Kong could complicate progress towards a preliminary trade deal. Markets had hoped that a partial trade deal to end the 16-month US-China trade war could be signed at a summit in Chile, which was scheduled for mid-November. The summit was cancelled, leaving the outlook for a deal unclear. Adam Cole, chief currency strategist at RBC Capital Markets said that a preliminary "phase one" trade deal could be reached by the end of the year. "The prospect of a broader more all-encompassing deal will drag on well into next year," he added. "The market is worrying (about) this sort of exogenous shock to the process by the build-up of tension in Hong Kong - I ultimately doubt that either side will allow that to delay the process," Cole said. The Canadian dollar fell against the US dollar to its lowest since October 11 after a speech by the Bank of Canada's senior deputy governor boosted the perceived likelihood of a rate cut. Trade-exposed currencies took a hit from the worsening US-China relations. The Australian and New Zealand dollars were both down 0.4 per cent versus the US dollar. The Norwegian crown was down 0.9 per cent versus the dollar and 0.7 per cent versus the euro. The Swedish crown tracked these losses, but to a lesser extent, down 0.4 per cent versus the dollar and 0.7 per cent versus the euro. Demand for safe-have currencies was relatively unchanged, with the Japanese yen up around 0.1 per cent against the dollar and the Swiss franc flat around 0.9905. Minutes from the US federal reserve's FOMC meeting in October are due at 19.00 GMT. Analysts expect little impact.

Dollar rises as US-China relations worsen over Hong Kong and tariffs

World stocks were knocked off 22-month highs on Wednesday as a renewed flare-up in <a href="https://www.wionews.com/business-economy/asian-markets-slip-amidst-us-china-trade-war-251380">Sino-US&nbsp;tensions</a> and the creeping return of US&nbsp;recession fears fuelled a bid for bonds and other "safe" assets such as gold.

European equities tumbled half a per cent at the open, edging further off recent four-year highs hit when it had appeared Washington and Beijing were about to agree on the first phase of a trade deal. Wall Street futures were marked lower while oil prices suffered their biggest daily loss in seven weeks.

The mood in markets soured after the US&nbsp;Senate angered China by passing a bill requiring annual certification of Hong Kong's autonomy and warning Beijing against violently suppressing protesters. China demanded the United States stop interfering in its internal affairs and said it would retaliate.

US&nbsp;President <a href="https://www.wionews.com/world/trump-cook-meeting-culminates-with-visit-to-apple-factory-263332">Donald Trump</a> also threatened to up tariffs on Chinese goods if a trade deal is not reached soon.

"Markets have taken a bit of a wobble due to the talk about Hong Kong, but they had rallied a lot in recent weeks on expectations of a (trade) deal," said Salman Ahmed, chief investment strategist at Lombard Odier.

Ahmed said both sides needed a deal to be signed -- Trump cannot afford a recession because of his re-election bid next year, while China's economy is slowing markedly.

"I think we are looking at a short-term setback rather than a major issue that would derail the process. The bill still has to be signed into law by Trump so there's a high probability he will use it as leverage against China."

MSCI's index of Asia-Pacific shares ex-Japan tumbled 0.7 per cent,&nbsp;Japan's Nikkei fell 0.8 per cent and Shanghai blue chips lost 1 per cent. MSCI's global index slipped 0.3 per cent, ending a three-day winning streak.

Wall Street was tipped for a weaker start with futures down 0.2 per cent.

US shares closed just below record highs on Tuesday, however, and world stocks remain just 0.5 per cent off all-time peaks hit last year.

"It was noticeable that fixed income markets rallied despite equity markets being stable, suggestive of a market that remains cautious about the growth outlook," ANZ told clients.

US&nbsp;10-year Treasury yields, which have fallen in six out of the past seven sessions, slipped 5 basis points to 1.735 per cent, a 2-1/2 -week low.

German bonds fell for the third straight day to touch a 2-1/2 week low,&nbsp;shrugging off European Central Bank Chief Economist Philip Lane's comment that the eurozone economy would not fall into a recession.

"It's all about the sentiment on trade. We have this classical risk-off trade taking place again," Rainer Guntermann, a rates strategist at Commerzbank, said.

Moves on commodity prices and bond markets imply fears of the economic recession may be creeping back.

Japan's October exports fanned those fears further, tumbling at their quickest rate in three years, with shipments to China and the United States suffering big falls.

US&nbsp;crude stocks rose far more than expected, the American Petroleum Institute said, driving Brent crude&nbsp;into a 2.6&nbsp;per cent&nbsp;slide. Brent fell another half per cent, inching towards the $60 mark last breached three weeks ago.

A marked flattening of the curve the gap between two-year and 10-year yields is at its narrowest in more than two weeks -- also hints at a return of recession fears. The curve inverted earlier this year, returning to normal only after three US&nbsp;interest rate cuts.

But Federal Reserve officials have hinted there will be no further easing, for now, a message the US&nbsp;central bank may reiterate later in the day when it releases minutes from its last meeting. Markets are now pricing in just a 0.8&nbsp;per cent&nbsp;chance of a December rate cut&nbsp;

Dour forecasts from retailers Home Depot and Kohl's also fuelled worries about US consumer spending, which has so far been extremely robust, in contrast to manufacturing.

"We've had a bit of topping out of the U.S. consumer in the past couple of months, possibly we are seeing some catch up between consumer and manufacturing sectors," Lombard Odier's Ahmed said.

On currencies, the dollar nudged lower versus the yen to 108.4&nbsp;but firmed 0.13 per cent&nbsp;versus a basket of currencies. Gold rose 0.4&nbsp;per cent.&nbsp;

World stocks were knocked off 22-month highs on Wednesday as a renewed flare-up in Sino-US tensions and the creeping return of US recession fears fuelled a bid for bonds and other "safe" assets such as gold.

World stocks were knocked off 22-month highs on Wednesday as a renewed flare-up in Sino-US tensions and the creeping return of US recession fears fuelled a bid for bonds and other "safe" assets such as gold. European equities tumbled half a per cent at the open, edging further off recent four-year highs hit when it had appeared Washington and Beijing were about to agree on the first phase of a trade deal. Wall Street futures were marked lower while oil prices suffered their biggest daily loss in seven weeks. The mood in markets soured after the US Senate angered China by passing a bill requiring annual certification of Hong Kong's autonomy and warning Beijing against violently suppressing protesters. China demanded the United States stop interfering in its internal affairs and said it would retaliate. US President Donald Trump also threatened to up tariffs on Chinese goods if a trade deal is not reached soon. "Markets have taken a bit of a wobble due to the talk about Hong Kong, but they had rallied a lot in recent weeks on expectations of a (trade) deal," said Salman Ahmed, chief investment strategist at Lombard Odier. Ahmed said both sides needed a deal to be signed -- Trump cannot afford a recession because of his re-election bid next year, while China's economy is slowing markedly. "I think we are looking at a short-term setback rather than a major issue that would derail the process. The bill still has to be signed into law by Trump so there's a high probability he will use it as leverage against China." MSCI's index of Asia-Pacific shares ex-Japan tumbled 0.7 per cent, Japan's Nikkei fell 0.8 per cent and Shanghai blue chips lost 1 per cent. MSCI's global index slipped 0.3 per cent, ending a three-day winning streak. Wall Street was tipped for a weaker start with futures down 0.2 per cent. US shares closed just below record highs on Tuesday, however, and world stocks remain just 0.5 per cent off all-time peaks hit last year. "It was noticeable that fixed income markets rallied despite equity markets being stable, suggestive of a market that remains cautious about the growth outlook," ANZ told clients. US 10-year Treasury yields, which have fallen in six out of the past seven sessions, slipped 5 basis points to 1.735 per cent, a 2-1/2 -week low. German bonds fell for the third straight day to touch a 2-1/2 week low, shrugging off European Central Bank Chief Economist Philip Lane's comment that the eurozone economy would not fall into a recession. "It's all about the sentiment on trade. We have this classical risk-off trade taking place again," Rainer Guntermann, a rates strategist at Commerzbank, said. Moves on commodity prices and bond markets imply fears of the economic recession may be creeping back. Japan's October exports fanned those fears further, tumbling at their quickest rate in three years, with shipments to China and the United States suffering big falls. US crude stocks rose far more than expected, the American Petroleum Institute said, driving Brent crude into a 2.6 per cent slide. Brent fell another half per cent, inching towards the $60 mark last breached three weeks ago. A marked flattening of the curve the gap between two-year and 10-year yields is at its narrowest in more than two weeks -- also hints at a return of recession fears. The curve inverted earlier this year, returning to normal only after three US interest rate cuts. But Federal Reserve officials have hinted there will be no further easing, for now, a message the US central bank may reiterate later in the day when it releases minutes from its last meeting. Markets are now pricing in just a 0.8 per cent chance of a December rate cut Dour forecasts from retailers Home Depot and Kohl's also fuelled worries about US consumer spending, which has so far been extremely robust, in contrast to manufacturing. "We've had a bit of topping out of the U.S. consumer in the past couple of months, possibly we are seeing some catch up between consumer and manufacturing sectors," Lombard Odier's Ahmed said. On currencies, the dollar nudged lower versus the yen to 108.4 but firmed 0.13 per cent versus a basket of currencies. Gold rose 0.4 per cent.

Flare-up of Sino-US tensions over Hong Kong knocks world shares off 22-month high

Indian sugar mills have produced 485,000 tonnes of the sweetener between Oct. 1 and Nov. 15, down from 1.34 million tonnes last year, the Indian Sugar Mills Association said in a statement on Wednesday.

India is expected to produce 26.85 million tonnes of <a href="https://www.wionews.com/business-economy/indias-sugar-output-seen-falling-global-deficit-rises-fcstone-259213">sugar </a>in the current year that started in October 2019, a 5% drop compared with a previous estimate of 28.2 million tonnes, the producers' body said earlier this month.

The world's second-biggest producer of the sweetener had churned out a record 33.16 million tonnes of sugar in 2018/19.

Indian sugar mills have produced 485,000 tonnes of the sweetener between Oct. 1 and Nov. 15, down from 1.34 million tonnes last year, the Indian Sugar Mills Association said in a statement on Wednesday.

Indian sugar mills have produced 485,000 tonnes of the sweetener between Oct. 1 and Nov. 15, down from 1.34 million tonnes last year, the Indian Sugar Mills Association said in a statement on Wednesday. India is expected to produce 26.85 million tonnes of sugar in the current year that started in October 2019, a 5% drop compared with a previous estimate of 28.2 million tonnes, the producers' body said earlier this month. The world's second-biggest producer of the sweetener had churned out a record 33.16 million tonnes of sugar in 2018/19.

India's October 1-November 15 sugar output down 64%: Industry body

<a href="https://www.wionews.com/business-economy/china-coal-fired-power-capacity-still-rising-bucking-global-trend-study-263298">China</a> on Wednesday cut interest rates in a bid to shore up the world's number two economy as cooling domestic demand and a bruising trade spat with the United States hit growth.

The reduction in the loan prime rate (LPR) -- one of the preferential rates commercial banks impose on their best customers and which serves as a reference for other lending rates,&nbsp;was widely expected after disappointing economic data in October.

The one-year LPR was lowered to 4.15 per cent from 4.20 per cent in October, the <a href="https://www.wionews.com/business-economy/nifty-sensex-tick-up-psu-banks-lead-gains-262835">People's Bank of China</a> (PBoC) said in a statement.

The five-year LPR,&nbsp;on which many lenders base their mortgage rates,&nbsp;was also lowered&nbsp;to 4.8 per cent from 4.85 per cent.&nbsp;

The PBoC announced in August a plan to better reflect market changes with a new benchmark lending rate. The LPR, released on the 20th day of every month, is based on rates of the central bank's open market operations, especially medium-term lending facility rates.

The LPR cut is the latest in a series of measures used to reduce borrowing costs as China attempts to free up funds for credit-starved parts of the economy.&nbsp;

Beijing is struggling to kickstart the economy, which expanded at its lowest pace for nearly three decades in the third quarter, battered by the US trade war, falling global demand for its goods and government battles against debt.

The PBoC on Monday trimmed the seven-day reverse repurchase rate to 2.50 per cent from 2.55 per cent, encouraging commercial banks to lend more to small and medium-sized companies.

However, cutting the LPR will have a "small" impact on the economy&nbsp;since it will "not lower the interest rate on the bulk of outstanding loans that are still linked to the PBoC's traditional lending rate", said Julian Evans-Pritchard at Capital Economics.

The decline in the five-year LPR "hints at a possible softening" of restrictions on property buying put in place to mitigate price bubbles, he wrote in a research note.&nbsp;

China on Wednesday cut interest rates in a bid to shore up the world's number two economy as cooling domestic demand and a bruising trade spat with the United States hit growth.

China on Wednesday cut interest rates in a bid to shore up the world's number two economy as cooling domestic demand and a bruising trade spat with the United States hit growth. The reduction in the loan prime rate (LPR) -- one of the preferential rates commercial banks impose on their best customers and which serves as a reference for other lending rates, was widely expected after disappointing economic data in October. The one-year LPR was lowered to 4.15 per cent from 4.20 per cent in October, the People's Bank of China (PBoC) said in a statement. The five-year LPR, on which many lenders base their mortgage rates, was also lowered to 4.8 per cent from 4.85 per cent. The PBoC announced in August a plan to better reflect market changes with a new benchmark lending rate. The LPR, released on the 20th day of every month, is based on rates of the central bank's open market operations, especially medium-term lending facility rates. The LPR cut is the latest in a series of measures used to reduce borrowing costs as China attempts to free up funds for credit-starved parts of the economy. Beijing is struggling to kickstart the economy, which expanded at its lowest pace for nearly three decades in the third quarter, battered by the US trade war, falling global demand for its goods and government battles against debt. The PBoC on Monday trimmed the seven-day reverse repurchase rate to 2.50 per cent from 2.55 per cent, encouraging commercial banks to lend more to small and medium-sized companies. However, cutting the LPR will have a "small" impact on the economy since it will "not lower the interest rate on the bulk of outstanding loans that are still linked to the PBoC's traditional lending rate", said Julian Evans-Pritchard at Capital Economics. The decline in the five-year LPR "hints at a possible softening" of restrictions on property buying put in place to mitigate price bubbles, he wrote in a research note.

China cuts new benchmark rate to boost economy

Chinese online retail titan<a href="https://www.wionews.com/business-economy/hong-kongs-future-is-bright-says-alibaba-262275"> Alibaba</a> could raise almost $13 billion in Hong Kong's biggest <a href="https://www.wionews.com/business-economy/chinese-ai-start-up-megvii-seeks-approval-for-hong-kong-ipo-of-at-least-500-million-sources-263183">IPO</a> for nearly a decade after pricing its shares for the mega sale, reports said on Wednesday.

Asia's biggest company has called the listing a multi-billion-dollar vote of confidence in the city's markets as it is wracked by months of violent protests and the China-US trade war, which have sent its economy into recession.

Alibaba will sell 500 million shares to investors at HK$176, according to Bloomberg News, below the maximum HK$188 of its indicative price range. The number eight is considered auspicious in China.

That could rake in $11 billion but if it chooses to use its over-allotment option to sell a further 75 million shares, the firm could make HK$101.2 billion ($12.9 billion), the South China Morning Post said.&nbsp;

Even at the low end, the listing would still be Hong Kong's largest initial public offering since&nbsp;insurance giant AIA raised $20.5 billion in 2010.

The company had planned to list in the summer but called it off owing to the city's long-running pro-democracy protests and the China-US trade war.

The firm's shares are already traded in New York. The second listing in Hong Kong is expected to curry favour with Beijing, which has sought to encourage its current and future big tech firms to list nearer to home after the loss of companies such as Baidu to Wall Street.

Mainland authorities have also stepped up moves to attract such listings, including launching a new technology board in Shanghai in July.

The listing comes after the city's exchange tweaked the rules to allow double listings, while Chief Executive <a href="https://www.wionews.com/world/hong-kongs-carrie-lam-says-violence-exceeded-calls-for-democracy-police-defend-officers-who-shot-at-protesters-261394">Carrie Lam</a> had also been pushing Alibaba's billionaire founder <a href="https://www.wionews.com/gravitas?page=8">Jack Ma</a> to sell shares in the city.

Chinese online retail titan Alibaba could raise almost $13 billion in Hong Kong's biggest IPO for nearly a decade after pricing its shares for the mega sale, reports said on Wednesday.

Chinese online retail titan Alibaba could raise almost $13 billion in Hong Kong's biggest IPO for nearly a decade after pricing its shares for the mega sale, reports said on Wednesday. Asia's biggest company has called the listing a multi-billion-dollar vote of confidence in the city's markets as it is wracked by months of violent protests and the China-US trade war, which have sent its economy into recession. Alibaba will sell 500 million shares to investors at HK$176, according to Bloomberg News, below the maximum HK$188 of its indicative price range. The number eight is considered auspicious in China. That could rake in $11 billion but if it chooses to use its over-allotment option to sell a further 75 million shares, the firm could make HK$101.2 billion ($12.9 billion), the South China Morning Post said. Even at the low end, the listing would still be Hong Kong's largest initial public offering since insurance giant AIA raised $20.5 billion in 2010. The company had planned to list in the summer but called it off owing to the city's long-running pro-democracy protests and the China-US trade war. The firm's shares are already traded in New York. The second listing in Hong Kong is expected to curry favour with Beijing, which has sought to encourage its current and future big tech firms to list nearer to home after the loss of companies such as Baidu to Wall Street. Mainland authorities have also stepped up moves to attract such listings, including launching a new technology board in Shanghai in July. The listing comes after the city's exchange tweaked the rules to allow double listings, while Chief Executive Carrie Lam had also been pushing Alibaba's billionaire founder Jack Ma to sell shares in the city.

Alibaba eyes $12.9 billion Hong Kong IPO after setting price: Reports

Indian shares inched higher on Tuesday, driven by banking and telecom stocks after two major mobile network service providers said they planned to raise tariffs from next month.

The NSE Nifty 50 index rose 0.2 per cent&nbsp;to 11,906.25, while the S&amp;P BSE Sensex gained 0.4 per cent&nbsp;to 40,455.36.

"Markets are in a consolidation phase after the recent rally," said A.K Prabhakar, head of research at IDBI Capital.

The Nifty main index has risen over 12 per cent&nbsp;since hitting a six-month low mid-August, supported by government measures to boost investor confidence as Asia's third-largest economy faces slowdown.

Tariff hike announcements by telecom companies will benefit banks as they have a huge exposure to the sector, Prabhakar said.

On Monday, Bharti <a href="https://www.wionews.com/business-economy/airtel-vodafone-idea-shares-jump-after-on-hopes-of-govt-help-262309">Airtel and Vodafone</a> Idea said they would increase mobile tariffs from December, after posting record quarterly losses.

Airtel shares rose 4.8 per cent&nbsp;and were among the top gainers in the Nifty index, while Vodafone shares jumped 18 per cent.

Banking and IT stocks led gains, rising 0.2 per cent&nbsp;to 0.4 per cent.

The Nifty has an immediate support in the range of 11,700-11,800, said Amit&nbsp;Shah, technical research analyst with Indiabulls Ventures, in a note.

The index is poised to hit an all-time high above the 12,100 zone, Shah added.

Indian shares inched higher on Tuesday, driven by banking and telecom stocks after two major mobile network service providers said they planned to raise tariffs from next month.

Indian shares inched higher on Tuesday, driven by banking and telecom stocks after two major mobile network service providers said they planned to raise tariffs from next month. The NSE Nifty 50 index rose 0.2 per cent to 11,906.25, while the S&P BSE Sensex gained 0.4 per cent to 40,455.36. "Markets are in a consolidation phase after the recent rally," said A.K Prabhakar, head of research at IDBI Capital. The Nifty main index has risen over 12 per cent since hitting a six-month low mid-August, supported by government measures to boost investor confidence as Asia's third-largest economy faces slowdown. Tariff hike announcements by telecom companies will benefit banks as they have a huge exposure to the sector, Prabhakar said. On Monday, Bharti Airtel and Vodafone Idea said they would increase mobile tariffs from December, after posting record quarterly losses. Airtel shares rose 4.8 per cent and were among the top gainers in the Nifty index, while Vodafone shares jumped 18 per cent. Banking and IT stocks led gains, rising 0.2 per cent to 0.4 per cent. The Nifty has an immediate support in the range of 11,700-11,800, said Amit Shah, technical research analyst with Indiabulls Ventures, in a note. The index is poised to hit an all-time high above the 12,100 zone, Shah added.

Nifty, Sensex edge higher; bank, telecom stocks gain

Indian shares inched higher on Tuesday, driven by banking and telecom stocks after two major mobile network service providers said they planned to raise tariffs from next month. The NSE Nifty 50 index rose 0.2% to 11,906.25, while the S&P BSE Sensex gained 0.4% to 40,455.36. "Markets are in a consolidation phase after the recent rally," said A.K Prabhakar, head of research at IDBI Capital. The Nifty main index has risen over 12% since hitting a six-month low mid-August, supported by government measures to boost investor confidence as Asia's third-largest economy faces slowdown. Tariff hike announcements by telecom companies will benefit banks as they have huge exposure to the sector, Prabhakar said. On Monday, Bharti Airtel and Vodafone Idea said they would increase mobile tariffs from December, after posting record quarterly losses. Airtel shares rose 4.8% and were among the top gainers in the Nifty index, while Vodafone shares jumped 18%. Banking and IT stocks led gains, rising 0.2% to 0.4%. The Nifty has an immediate support in the range of 11,700-11,800, said Amit Shah, technical research analyst with Indiabulls Ventures, in a note. The index is poised to hit an all-time high above the 12,100 zone, Shah added.

Nifty, Sensex edge higher driven by banking, telecom stocks

OPEC's share of India's oil imports fell to 73 per cent&nbsp;in October, its lowest monthly share since at least 2011, tanker data from sources showed, as refiners shipped in fuel from the United States and other suppliers.

India, which usually imports about 80 per cent of its needs from members of the Organization of the <a href="https://www.wionews.com/business-economy/oil-prices-hold-above-63-on-trade-talk-optimism-opec-262945">Petroleum Exporting Countries</a> (OPEC), has been diversifying its sources of oil as local refiners have upgraded plants to process cheaper crude grades.

India, the world's third-biggest oil importer, shipped in 4.56 million barrels per day (bpd) of oil in October, about 3.3 per cent less compared with a year ago, data showed. Of that, it bought 3.43 million bpd from OPEC.

OPEC's share of India's imports in September was about 81 per cent although&nbsp;total volumes were lower, as the South Asian nation cut imports to a three-year low due to maintenance at some refineries.

OPEC oil output dipped to an eight-year low in September after attacks on Saudi oil plants led to production cuts, a Reuters survey showed. The kingdom's output has since recovered.

In October, Iraq replaced Saudi Arabia as India's top oil supplier, tanker arrival data showed, with refiners cutting purchases of the more expensive Saudi oil.

Sources who supplied the data asked not to be named.

"Saudi had raised its official selling price (OSP). That led to some buyers migrating to Iraqi and other producers," said Ehsan Ul Haq, an analyst with Refinitiv.

Saudi Arabia raised its October OSP for its Arab Light grade for Asia by $0.60/barrel compared to a $0.35/barrel increase in Iraq's Basra Light.

To make up for lower Saudi purchases, India also boosted purchases from Nigeria, its third-biggest supplier in October, as well as from Kuwait and Mexico.

India shipped in a record 336,000 bpd of US&nbsp;oil in October, about 7.5 per cent&nbsp;of total imports, as private refiner Reliance Industries bought three tanker cargoes, data showed. The United States was Indian's fourth-biggest supplier in October.

"Indian demand for Gasoil has been falling but overall Asian demand has been relatively strong because of new marine fuel rules from January. And good diesel cracks is prompting refiners to buy distillate rich crudes like that of Nigeria," Haq said.

Refining margins or cracks for 10 ppm Gasoil traded at $15.46 per barrel over Dubai crude during Asian trade on Monday. Cash premiums for the fuel climbed to 34 per cent&nbsp;barrel to Singapore quotes, compared with 31 cents&nbsp;per barrel on Friday.

India's fuel demand in October declined by 1.4 per cent&nbsp;from a year earlier, and its diesel consumption fell by the steepest in about three years, government data showed on Thursday.

OPEC's share of India's oil imports fell to 73 per cent in October, its lowest monthly share since at least 2011, tanker data from sources showed, as refiners shipped in fuel from the United States and other suppliers.

OPEC's share of India's oil imports fell to 73 per cent in October, its lowest monthly share since at least 2011, tanker data from sources showed, as refiners shipped in fuel from the United States and other suppliers. India, which usually imports about 80 per cent of its needs from members of the Organization of the Petroleum Exporting Countries (OPEC), has been diversifying its sources of oil as local refiners have upgraded plants to process cheaper crude grades. India, the world's third-biggest oil importer, shipped in 4.56 million barrels per day (bpd) of oil in October, about 3.3 per cent less compared with a year ago, data showed. Of that, it bought 3.43 million bpd from OPEC. OPEC's share of India's imports in September was about 81 per cent although total volumes were lower, as the South Asian nation cut imports to a three-year low due to maintenance at some refineries. OPEC oil output dipped to an eight-year low in September after attacks on Saudi oil plants led to production cuts, a Reuters survey showed. The kingdom's output has since recovered. In October, Iraq replaced Saudi Arabia as India's top oil supplier, tanker arrival data showed, with refiners cutting purchases of the more expensive Saudi oil. Sources who supplied the data asked not to be named. "Saudi had raised its official selling price (OSP). That led to some buyers migrating to Iraqi and other producers," said Ehsan Ul Haq, an analyst with Refinitiv. Saudi Arabia raised its October OSP for its Arab Light grade for Asia by $0.60/barrel compared to a $0.35/barrel increase in Iraq's Basra Light. To make up for lower Saudi purchases, India also boosted purchases from Nigeria, its third-biggest supplier in October, as well as from Kuwait and Mexico. India shipped in a record 336,000 bpd of US oil in October, about 7.5 per cent of total imports, as private refiner Reliance Industries bought three tanker cargoes, data showed. The United States was Indian's fourth-biggest supplier in October. "Indian demand for Gasoil has been falling but overall Asian demand has been relatively strong because of new marine fuel rules from January. And good diesel cracks is prompting refiners to buy distillate rich crudes like that of Nigeria," Haq said. Refining margins or cracks for 10 ppm Gasoil traded at $15.46 per barrel over Dubai crude during Asian trade on Monday. Cash premiums for the fuel climbed to 34 per cent barrel to Singapore quotes, compared with 31 cents per barrel on Friday. India's fuel demand in October declined by 1.4 per cent from a year earlier, and its diesel consumption fell by the steepest in about three years, government data showed on Thursday.

OPEC's share of indian oil imports fell down 43% , lowest since 2011