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<a href="https://www.wionews.com/business-economy/tata-steel-plans-to-cut-jobs-across-european-operations-262953">Tata&nbsp;Steel plans to cut</a> up to 3,000 jobs across its European operations, the company said on Monday, as the sector wrestles with excess supply, weak demand and high costs.

Earlier, a source close to the discussions told Reuters around 3,000 people would be affected after the group's European chief executive Henrik Adam said&nbsp;Tata&nbsp;was planning to announce job cuts across the European business without giving figures.

In a statement,&nbsp;Tata&nbsp;said it was urgently seeking to improve performance by increasing sales of higher value products, efficiency gains and reducing employment costs by cutting employee numbers by up to 3,000 across its European operations.

Around two-thirds of the job losses are expected to be office-based roles, it said.

Indian-owned&nbsp;Tata&nbsp;Steel, which launched a transformation programme in June to strengthen its European business, has operations including steelmaking in the Netherlands and Wales and downstream operations across Europe.

There will be no plant closures,&nbsp;Tata&nbsp;said, adding the aim was to shield&nbsp;Tata&nbsp;Steel Europe from challenges, such as weak demand, excess capacity and trade issues, and to become cash positive by the end of its financial year ending March 2021.

European steelmakers largely blame China for the extent of a surplus in the market, but the world's biggest steelmaker says it has made its own deep cuts to capacity.

Tata's quest to boost profitability follows a European anti-trust decision to block a joint venture with Germany's Thyssenkrupp.

Tata&nbsp;said in a statement challenging market conditions had been made "worse by the use of Europe as a dumping ground for the world's excess capacity".

In the first six months of its financial year starting April 2019,&nbsp;<a href="https://www.wionews.com/business-economy/tata-steel-reports-rs-3302-crore-q2-profit-260445">Tata&nbsp;Steel</a> Europe reported a drop of 90 per cent&nbsp;in EBITDA (earnings before interest, tax, depreciation and amortisation).

Britain last week said Chinese steelmaker Jingye has signed a provisional deal to buy British Steel, which went into compulsory liquidation in May.

The agreement is politically resonant ahead of British elections as job opportunities have become a major issue. If confirmed, the rescue could save thousands of jobs.

ArcelorMittal, the world's biggest steelmaker, has idled a series of plants across Europe.

Eurofer, which represents the European steel industry, said in an email job losses were "a worrying and upsetting trend" caused by global overcapacity and hesitant demand.

It urged EU policymakers "to help stabilise the EU market by warding off import surges and supporting vital steel sector workers during this challenging period".

Tata Steel plans to cut up to 3,000 jobs across its European operations, the company said on Monday, as the sector wrestles with excess supply, weak demand and high costs.

Tata Steel plans to cut up to 3,000 jobs across its European operations, the company said on Monday, as the sector wrestles with excess supply, weak demand and high costs. Earlier, a source close to the discussions told Reuters around 3,000 people would be affected after the group's European chief executive Henrik Adam said Tata was planning to announce job cuts across the European business without giving figures. In a statement, Tata said it was urgently seeking to improve performance by increasing sales of higher value products, efficiency gains and reducing employment costs by cutting employee numbers by up to 3,000 across its European operations. Around two-thirds of the job losses are expected to be office-based roles, it said. Indian-owned Tata Steel, which launched a transformation programme in June to strengthen its European business, has operations including steelmaking in the Netherlands and Wales and downstream operations across Europe. There will be no plant closures, Tata said, adding the aim was to shield Tata Steel Europe from challenges, such as weak demand, excess capacity and trade issues, and to become cash positive by the end of its financial year ending March 2021. European steelmakers largely blame China for the extent of a surplus in the market, but the world's biggest steelmaker says it has made its own deep cuts to capacity. Tata's quest to boost profitability follows a European anti-trust decision to block a joint venture with Germany's Thyssenkrupp. Tata said in a statement challenging market conditions had been made "worse by the use of Europe as a dumping ground for the world's excess capacity". In the first six months of its financial year starting April 2019, Tata Steel Europe reported a drop of 90 per cent in EBITDA (earnings before interest, tax, depreciation and amortisation). Britain last week said Chinese steelmaker Jingye has signed a provisional deal to buy British Steel, which went into compulsory liquidation in May. The agreement is politically resonant ahead of British elections as job opportunities have become a major issue. If confirmed, the rescue could save thousands of jobs. ArcelorMittal, the world's biggest steelmaker, has idled a series of plants across Europe. Eurofer, which represents the European steel industry, said in an email job losses were "a worrying and upsetting trend" caused by global overcapacity and hesitant demand. It urged EU policymakers "to help stabilise the EU market by warding off import surges and supporting vital steel sector workers during this challenging period".

Tata Steel plans to cut up to 3,000 European jobs due to excess supply, meagre demand

&nbsp;Chinese artificial intelligence (AI) firm <a href="https://www.wionews.com/.../us-expands-blacklist-to-include-chinas-top-ai- startups-ahead-of-trade-talks-254672">Megvii Technology Ltd</a> plans to seek listing approval on Thursday for a Hong Kong initial public offering (IPO) of at least $500 million, people with direct knowledge of the matter said.

However, Beijing-based Megvii, which is backed by e-commerce giant <a href="https://www.wionews.com/.../what-trade-war-chinese-companies-wow-with- third-quarter-report-card-263154">Alibaba </a>Group and is widely known for its facial recognition platform Face++, has yet to decide whether to carry out a roadshow once approval is granted, one of the people said.

Sources had previously told Reuters the listing was scheduled for Hong Kong in the fourth quarter and might raise as much as $1 billion.

The latest move comes weeks after the US&nbsp;government placed Megvii and seven other Chinese companies on a trade blacklist over their alleged involvement in human rights violations related to Beijing's repression of Muslim minority populations in the<a href="https://www.wionews.com/.../leaked-chinese-government-documents-show- details-of-xinjiang-clampdown-report-262676"> Xinjiang Uighur Autonomous Region.</a>

Goldman Sachs, which is a joint sponsor of the Megvii IPO alongside Citigroup and JPMorgan, last month said in an emailed statement in response to a request for comment on the Megvii IPO that it was "evaluating in light of the recent developments".

Megvii last month said it "strongly objects" to being added to the blacklist and there were "no grounds" for the designation. In a statement, it said around 1% of revenues were derived from Xinjiang in 2018 and none in the six months ended June 30.

Megvii and the three banks declined to comment.

Hong Kong, which topped the global charts in 2018 for funds raised through IPOs, has been roiled by nearly six months of political crisis. But IPO activity in the city has picked up since September, marked by AB InBev's Budweiser Brewing Company APAC Ltd, which raised about $5 billion in Hong Kong's biggest IPO so far this year.

Alibaba last week also launched the share sale for its Hong Kong listing, aiming to raise up to $13.4 billion in what would be the biggest follow-on share sale globally in seven years, according to Refinitiv data.

Founded in 2011 by Chief Executive Yin Qi and two friends from Tsinghua University, Megvii will become the first Chinese AI firm to go public if the deal goes ahead.

The company provides AI technology to governments and companies including Alibaba, Ant Financial, Lenovo Group Ltd and Huawei.

Its $750 million fundraising in May valued the company at slightly over $4 billion and attracted investors including Bank of China Group Investment Ltd, Macquarie Group and the Abu Dhabi Investment Authority.

Chinese artificial intelligence (AI) firm Megvii Technology Ltd plans to seek listing approval on Thursday for a Hong Kong initial public offering (IPO) of at least $500 million, people with direct knowledge of the matter said.

Chinese artificial intelligence (AI) firm Megvii Technology Ltd plans to seek listing approval on Thursday for a Hong Kong initial public offering (IPO) of at least $500 million, people with direct knowledge of the matter said. However, Beijing-based Megvii, which is backed by e-commerce giant Alibaba Group and is widely known for its facial recognition platform Face++, has yet to decide whether to carry out a roadshow once approval is granted, one of the people said. Sources had previously told Reuters the listing was scheduled for Hong Kong in the fourth quarter and might raise as much as $1 billion. The latest move comes weeks after the US government placed Megvii and seven other Chinese companies on a trade blacklist over their alleged involvement in human rights violations related to Beijing's repression of Muslim minority populations in the Xinjiang Uighur Autonomous Region. Goldman Sachs, which is a joint sponsor of the Megvii IPO alongside Citigroup and JPMorgan, last month said in an emailed statement in response to a request for comment on the Megvii IPO that it was "evaluating in light of the recent developments". Megvii last month said it "strongly objects" to being added to the blacklist and there were "no grounds" for the designation. In a statement, it said around 1% of revenues were derived from Xinjiang in 2018 and none in the six months ended June 30. Megvii and the three banks declined to comment. Hong Kong, which topped the global charts in 2018 for funds raised through IPOs, has been roiled by nearly six months of political crisis. But IPO activity in the city has picked up since September, marked by AB InBev's Budweiser Brewing Company APAC Ltd, which raised about $5 billion in Hong Kong's biggest IPO so far this year. Alibaba last week also launched the share sale for its Hong Kong listing, aiming to raise up to $13.4 billion in what would be the biggest follow-on share sale globally in seven years, according to Refinitiv data. Founded in 2011 by Chief Executive Yin Qi and two friends from Tsinghua University, Megvii will become the first Chinese AI firm to go public if the deal goes ahead. The company provides AI technology to governments and companies including Alibaba, Ant Financial, Lenovo Group Ltd and Huawei. Its $750 million fundraising in May valued the company at slightly over $4 billion and attracted investors including Bank of China Group Investment Ltd, Macquarie Group and the Abu Dhabi Investment Authority.

Chinese Artificial Intelligence start-up Megvii seeks approval for Hong Kong IPO of at least $500 million: Report

Indian shares ended higher on Tuesday, led by gains in banking stocks, while shares of <a href="https://www.wionews.com/business-economy/airtel-vodafone-idea-shares-jump-after-on-hopes-of-govt-help-262309">telecom companies</a> surged on the back of announcement by the country's two major mobile network service providers that they planned to hike tariffs.

The NSE Nifty 50 index ended 0.47 per cent&nbsp;at 11,940, while the S&amp;P BSE Sensex closed 0.5 per cent&nbsp;higher at 40,469.70.

The Nifty public sector bank index gained 3.9 per cent, while the Nifty energy index rose 1.5 per cent.

"The hope for bank investors is that many cases stuck in the insolvency and bankruptcy code may be sorted out now, taking Essar Steel verdict as precedent," said Amit Kumar Gupta, portfolio manager at Adroit Financial Services Pvt Ltd.

The Supreme Court of India on Friday cleared the path for steelmaker <a href="https://www.wionews.com/business-economy/supreme-court-clears-path-for-arcelormittal-to-acquire-essar-steel-262263">ArcelorMittal SA to take over bankrupt Essar</a> Steel, and the judgment comes as a big reprieve for banks which are struggling with bad loans worth $140 billion.

Shares of Bharti Airtel ended up 7.37 per cent&nbsp;and were one of the top gainers in Nifty 50, with the stock hitting its highest since January&nbsp;24, 2018. Yes Bank shares fell 2.51 per cent&nbsp;to end as the top loser.

Meanwhile, Vodafone Idea shares rose as much as 43.82 per cent&nbsp;during the session.

On Monday, Airtel and Vodafone Idea said they would increase mobile tariffs from December, after posting record, multi-billion-dollar quarterly losses.

Indian shares ended higher on Tuesday, led by gains in banking stocks, while shares of telecom companies surged on the back of announcement by the country's two major mobile network service providers that they planned to hike tariffs.

Indian shares ended higher on Tuesday, led by gains in banking stocks, while shares of telecom companies surged on the back of announcement by the country's two major mobile network service providers that they planned to hike tariffs. The NSE Nifty 50 index ended 0.47 per cent at 11,940, while the S&P BSE Sensex closed 0.5 per cent higher at 40,469.70. The Nifty public sector bank index gained 3.9 per cent, while the Nifty energy index rose 1.5 per cent. "The hope for bank investors is that many cases stuck in the insolvency and bankruptcy code may be sorted out now, taking Essar Steel verdict as precedent," said Amit Kumar Gupta, portfolio manager at Adroit Financial Services Pvt Ltd. The Supreme Court of India on Friday cleared the path for steelmaker ArcelorMittal SA to take over bankrupt Essar Steel, and the judgment comes as a big reprieve for banks which are struggling with bad loans worth $140 billion. Shares of Bharti Airtel ended up 7.37 per cent and were one of the top gainers in Nifty 50, with the stock hitting its highest since January 24, 2018. Yes Bank shares fell 2.51 per cent to end as the top loser. Meanwhile, Vodafone Idea shares rose as much as 43.82 per cent during the session. On Monday, Airtel and Vodafone Idea said they would increase mobile tariffs from December, after posting record, multi-billion-dollar quarterly losses.

Sensex closes at 40,469.70 up by 185.51, Nifty ends at 11,940.10

Snap on Monday confirmed that it checks political ads at <a href="https://www.wionews.com/world/google-servers-cause-problems-for-youtube-snapchat-in-us-223726">Snapchat</a> 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.

"We subject all advertising to review, including political advertising," Snap chief executive Evan Spiegel said in a story published by CNBC.

"And I think what we try to do is create a place for political ads on our platform, especially because we reach so many young people and first-time voters we want them to be able to engage with the political conversation, but we don't allow things like misinformation to appear in that advertising."

<a href="https://www.wionews.com/business-economy/snap-adds-games-to-snapchat-app-to-hold-on-to-young-users-208064">Snap policies</a> 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 "caused-based" messages on topics related to social or environmental issues.

The San Francisco-based messaging platform plans to bar all paid political messages starting November 22, 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."

<a href="https://www.wionews.com/world/twitter-tightens-bans-on-political-ads-and-causes-ahead-of-2020-us-election-262497">Twitter announced the political ad ban</a> on October 30, saying 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.

Some analysts point out that the ban will not affect "organic" content or messages from politicians that are shared or retweeted by supporters, and that it could encourage the use of "bots" or paid users to amplify the tweets.

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.

Snap on Monday 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 on Monday 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. "We subject all advertising to review, including political advertising," Snap chief executive Evan Spiegel said in a story published by CNBC. "And I think what we try to do is create a place for political ads on our platform, especially because we reach so many young people and first-time voters we want them to be able to engage with the political conversation, but we don't allow things like misinformation to appear in that advertising." 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 "caused-based" messages on topics related to social or environmental issues. The San Francisco-based messaging platform plans to bar all paid political messages starting November 22, 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 announced the political ad ban on October 30, saying 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. Some analysts point out that the ban will not affect "organic" content or messages from politicians that are shared or retweeted by supporters, and that it could encourage the use of "bots" or paid users to amplify the tweets. 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.

Snapchat checks for misleading political advertisements to enforce ban

In October this year, a World Economic Forum report&nbsp;highlighted that the average data cost in India is lower than any other country in the world. However,&nbsp;this might not be the scenario from next month.

Two of the country's biggest telecom players have announced that they will be increasing their mobile data rates&nbsp;from December 1.

The announcement came after Vodafone Idea and Bharti Airtel declared losses of about 10 billion dollars in their second quarter.

The companies haven't declared the quantum of the hikes yet.

This is the first time that these companies are increasing their data prices in more than three years.&nbsp;But, why are the companies doing so?

Three years ago, Reliance Jio's entry into the telecom market led to a disruption in the sector after they offered drastically reduced&nbsp;data prices which subsequently led to a price war among the telecom companies.

Recently, Jio started charging 6-paise a minute for calls made to a rival’s network in order to improve its operating performance.

Another reason for the recent data hike is, the Indian government and telecom operators were locked in a legal tussle over the definition of adjusted gross revenue.

In October, the Supreme Court ruled in the government's favour asked companies to pay&nbsp;Rs 92,000 cr to government.

This is a monumental sum;&nbsp;and, to pay this kind of money, Airtel and Vodafone Idea, had to set aside a huge sum. Meaning, their liabilities now run into thousands of crores.

According to a report, Bharti Airtel may face liabilities of a whopping Rs 62187 crores and Vodafone Idea may have to pay about Rs 54184 crores.

Both companies have said that they have no choice but to hike prices if customers want to continue to enjoy world-class digital experiences.

Meanwhile, soon after the announcement of tariff hikes,&nbsp;shares of Bharti Airtel Ltd and Vodafone Idea Ltd surged resulting in Vodafone recording best one-day gain ever.

Airtel's shares closed up 7.37%, their highest since January last year, while Vodafone's stock ended 35.96% higher and recorded its best one-day gain ever during the day's trade.

In October this year, a World Economic Forum report highlighted that the average data cost in India is lower than any other country in the world. However, this might not be the scenario from next month.

In October this year, a World Economic Forum report highlighted that the average data cost in India is lower than any other country in the world. However, this might not be the scenario from next month. Two of the country's biggest telecom players have announced that they will be increasing their mobile data rates from December 1. The announcement came after Vodafone Idea and Bharti Airtel declared losses of about 10 billion dollars in their second quarter. The companies haven't declared the quantum of the hikes yet. This is the first time that these companies are increasing their data prices in more than three years. But, why are the companies doing so? Three years ago, Reliance Jio's entry into the telecom market led to a disruption in the sector after they offered drastically reduced data prices which subsequently led to a price war among the telecom companies. Recently, Jio started charging 6-paise a minute for calls made to a rival’s network in order to improve its operating performance. Another reason for the recent data hike is, the Indian government and telecom operators were locked in a legal tussle over the definition of adjusted gross revenue. In October, the Supreme Court ruled in the government's favour asked companies to pay Rs 92,000 cr to government. This is a monumental sum; and, to pay this kind of money, Airtel and Vodafone Idea, had to set aside a huge sum. Meaning, their liabilities now run into thousands of crores. According to a report, Bharti Airtel may face liabilities of a whopping Rs 62187 crores and Vodafone Idea may have to pay about Rs 54184 crores. Both companies have said that they have no choice but to hike prices if customers want to continue to enjoy world-class digital experiences. Meanwhile, soon after the announcement of tariff hikes, shares of Bharti Airtel Ltd and Vodafone Idea Ltd surged resulting in Vodafone recording best one-day gain ever. Airtel's shares closed up 7.37%, their highest since January last year, while Vodafone's stock ended 35.96% higher and recorded its best one-day gain ever during the day's trade.

Mobile data to become expensive as Indian telecom companies to hike tariffs

<a href="https://www.wionews.com/world/huawei-lawyer-tells-us-jury-spelling-errors-video-shows-rival-stole-trade-secrets-224361">Huawei Technologies&nbsp;</a>has dismissed a new <a href="https://www.wionews.com/world/us-gives-huawei-another-90-days-reprieve-from-ban-amid-economic-blacklist-244165">90-day extension</a> by the Trump administration allowing US&nbsp;firms to continue doing business with the Chinese company as making little difference, repeating that it was being unfairly treated.

US&nbsp;regulators are crafting rules on telecommunications firms that pose national security risks. But after adding Huawei to an economic blacklist in May, the US&nbsp;Commerce Department has allowed it to purchase some American-made goods.

Its 90-day license extensions aim to minimise disruption for its customers, many of which operate networks in rural America.

Huawei said on Monday that the latest extension would not "have a substantial impact on Huawei's business either way".

"This decision does not change the fact that Huawei continues to be treated unfairly either," the Chinese firm said.

The extension comes as the United States and China try to resolve a trade war that has lasted for more than a year, with Huawei one of its most visible targets.

Beijing reiterated on Tuesday that it hopes Chinese companies will be treated fairly.

"We urge the US&nbsp;to stop abusing export controls to discriminate against the firms of another country in the name of national security, and to stop politicizing a trade problem," Foreign Ministry spokesman Geng Shuang said on Tuesday.

Reuters on Sunday reported the 90-day extension after the administration of President Donald Trump had initially planned a two-week reprieve but ran into bureaucratic issues.

"The Temporary General License extension will allow carriers to continue to service customers in some of the most remote areas of the United States who would otherwise be left in the dark," US&nbsp;Commerce Secretary Wilbur Ross said.

"The Department will continue to rigorously monitor sensitive technology exports to ensure that our innovations are not harnessed by those who would threaten our national security," Ross said in a statement on Monday.

The US&nbsp;Commerce Department added Huawei to its "Entity List" in May, concluding it was engaged in activities "contrary to US&nbsp;national security or foreign policy interests."

Huawei said the decision to add it to the list had caused more harm to the US&nbsp;than to Huawei.

"This has done significant economic harm to the American companies with which Huawei does business," it added.

In May, Trump also signed an executive order declaring a national emergency and barring US&nbsp;companies from using telecommunications equipment made by companies posing a national security risk. The Commerce Department was directed to draw up an enforcement plan by mid-October but has yet to publish one.

Huawei Technologies has dismissed a new 90-day extension by the Trump administration allowing US firms to continue doing business with the Chinese company as making little difference, repeating that it was being unfairly treated.

Huawei Technologies has dismissed a new 90-day extension by the Trump administration allowing US firms to continue doing business with the Chinese company as making little difference, repeating that it was being unfairly treated. US regulators are crafting rules on telecommunications firms that pose national security risks. But after adding Huawei to an economic blacklist in May, the US Commerce Department has allowed it to purchase some American-made goods. Its 90-day license extensions aim to minimise disruption for its customers, many of which operate networks in rural America. Huawei said on Monday that the latest extension would not "have a substantial impact on Huawei's business either way". "This decision does not change the fact that Huawei continues to be treated unfairly either," the Chinese firm said. The extension comes as the United States and China try to resolve a trade war that has lasted for more than a year, with Huawei one of its most visible targets. Beijing reiterated on Tuesday that it hopes Chinese companies will be treated fairly. "We urge the US to stop abusing export controls to discriminate against the firms of another country in the name of national security, and to stop politicizing a trade problem," Foreign Ministry spokesman Geng Shuang said on Tuesday. Reuters on Sunday reported the 90-day extension after the administration of President Donald Trump had initially planned a two-week reprieve but ran into bureaucratic issues. "The Temporary General License extension will allow carriers to continue to service customers in some of the most remote areas of the United States who would otherwise be left in the dark," US Commerce Secretary Wilbur Ross said. "The Department will continue to rigorously monitor sensitive technology exports to ensure that our innovations are not harnessed by those who would threaten our national security," Ross said in a statement on Monday. The US Commerce Department added Huawei to its "Entity List" in May, concluding it was engaged in activities "contrary to US national security or foreign policy interests." Huawei said the decision to add it to the list had caused more harm to the US than to Huawei. "This has done significant economic harm to the American companies with which Huawei does business," it added. In May, Trump also signed an executive order declaring a national emergency and barring US companies from using telecommunications equipment made by companies posing a national security risk. The Commerce Department was directed to draw up an enforcement plan by mid-October but has yet to publish one.

Huawei plays down impact of new US license extension

Gold held steady on Tuesday, after hitting its highest since November&nbsp;7 earlier in the session, as doubts about a trade deal between the United States and China dented risk sentiment.

Spot gold was little changed at $1,471.90 per ounce as of 0559 GMT.

US&nbsp;gold futures inched up 0.07 per cent&nbsp;to $1,472.90 per ounce.

"We're not seeing any big moves at the moment and given the proximity to the $1,490-level, movements will be sideways in the short term, unless Beijing or Washington come and say that a trade deal is unlikely," said Michael McCarthy, chief market strategist at CMC Markets.

Asian share markets were mixed as another day awaiting clearer news on the progress of the trade negotiations left investors bereft of trading motivation.

Overnight, CNBC had reported the mood in Beijing was pessimistic about the prospects of sealing an agreement.

"The to and fro between the two parties surrounding the first phase of the deal is keeping prices in a tight range," ANZ analyst Daniel Hynes said.

"Lingering global economic scenario and a weaker dollar is providing some support to gold."

The dollar held near a two-week low.

Market participants also kept a close eye on the unrest in<a href="https://www.wionews.com/.../china-appoints-new-police-chief-in-hong-kong- 263113"> Hong Kong</a>, with dozens of protesters in the financial hub staging a dramatic escape from a university campus sealed off by police on Monday.

Gold is considered a safe store of value during economic or political uncertainties.

The focus now shifts to minutes from the US&nbsp;Federal Reserve's last policy meeting this year, due on Wednesday.

The Fed cut rates three times this year in part to offset what it views as damage done by the <a href="https://www.wionews.com/.../china-us-had-constructive-phone-call-on-trade- report-262656">tariff war</a>. But after their meeting in October, policymakers signalled they would lower rates no further unless the economy took a serious turn for the worse.

"It is worth noting that recent gains (in gold) have been led by fast-money interest in the face of (exchange traded fund) ETF outflows, positioning that is fickle amid price volatility," according to MKS PAMP.

Holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.6 per cent&nbsp;to 891.79 tonnes on Monday from Friday.

Elsewhere, silver rose 0.6 per cent&nbsp;to $17.12 per ounce, while palladium fell 0.3 per cent&nbsp;to $1,732.93 per ounce.

Platinum advanced 0.5 per cent to $898.10 per ounce.

Gold held steady on Tuesday, after hitting its highest since November 7 earlier in the session, as doubts about a trade deal between the United States and China dented risk sentiment.

Gold held steady on Tuesday, after hitting its highest since November 7 earlier in the session, as doubts about a trade deal between the United States and China dented risk sentiment. Spot gold was little changed at $1,471.90 per ounce as of 0559 GMT. US gold futures inched up 0.07 per cent to $1,472.90 per ounce. "We're not seeing any big moves at the moment and given the proximity to the $1,490-level, movements will be sideways in the short term, unless Beijing or Washington come and say that a trade deal is unlikely," said Michael McCarthy, chief market strategist at CMC Markets. Asian share markets were mixed as another day awaiting clearer news on the progress of the trade negotiations left investors bereft of trading motivation. Overnight, CNBC had reported the mood in Beijing was pessimistic about the prospects of sealing an agreement. "The to and fro between the two parties surrounding the first phase of the deal is keeping prices in a tight range," ANZ analyst Daniel Hynes said. "Lingering global economic scenario and a weaker dollar is providing some support to gold." The dollar held near a two-week low. Market participants also kept a close eye on the unrest in Hong Kong, with dozens of protesters in the financial hub staging a dramatic escape from a university campus sealed off by police on Monday. Gold is considered a safe store of value during economic or political uncertainties. The focus now shifts to minutes from the US Federal Reserve's last policy meeting this year, due on Wednesday. The Fed cut rates three times this year in part to offset what it views as damage done by the tariff war. But after their meeting in October, policymakers signalled they would lower rates no further unless the economy took a serious turn for the worse. "It is worth noting that recent gains (in gold) have been led by fast-money interest in the face of (exchange traded fund) ETF outflows, positioning that is fickle amid price volatility," according to MKS PAMP. Holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.6 per cent to 891.79 tonnes on Monday from Friday. Elsewhere, silver rose 0.6 per cent to $17.12 per ounce, while palladium fell 0.3 per cent to $1,732.93 per ounce. Platinum advanced 0.5 per cent to $898.10 per ounce.

Gold prices steady as US-China trade deal doubts linger

India may keep a <a href="https://www.wionews.com/.../india-banned-onion-exports-now-asia-has-eye- watering-prices-253269">ban on onion exports</a> until February because domestic prices have risen after the harvest of summer-sown crops, which were expected to augment supplies, was delayed and damaged by untimely rains, a government official said.

The ban on overseas sales by India, the world's biggest exporter of the bulb, will keep prices elevated in Asia and require importers in Nepal, Bangladesh and Sri Lanka to find other sources to fulfil their demand.

Despite the export ban enacted in September to keep domestic supply inside India, prices have surged after rain and floods during October and November limited onion supply, especially in Maharashtra, the country's biggest producer.

Wholesale onion prices are about 40 rupees (55 cents) per kg, down slightly from 55 rupees earlier this month, the highest in six years, according to data compiled by the state-run National Horticultural Research and Development Foundation.

"We will think about resuming exports once prices come down. Right now it is not possible," a senior government official at the Department of Consumer Affairs said on Monday.

"From January onwards supplies are expected to rise meaningfully. Once prices come down to a comfortable level, say below 20 rupees (per kg), then we can allow exports," he said, asking to remain unidentified because he is not authorized to speak to the media.

A spokeswoman for&nbsp;Ministry of Commerce, which enacted the ban at the request of the Consumer Affairs department, did not immediately respond to an email requesting comment on how long the export ban would last.

Onion growers and government officials expected the ban would be lifted by the middle of November anticipating higher supplies from the summer crop.

Sakharam Darekar, a 79-year-old farmer from the village of Ghodegaon, 180 km (108 miles) east of Mumbai, said that last month's heavy rainfall left fields waterlogged for several days and damaged the onion crop on his 2-acre (0.8 hectares) plot that was ready for harvesting.

The rains have also delayed planting of the winter-sown crop by damaging seedlings in nurseries.

"I want to plant onion but seedlings are not available," said Dinesh Khairnar, a farmer in the Nashik district of Maharashtra.

Since India's ban, onion prices have spiralled in Asia and forcing leading buyers such as Bangladesh and Sri Lanka to source the crop from Myanmar, Egypt, Turkey and China. But the hefty volumes lost will be hard to replace as India exports more than 2 million tonnes onions per year.

"China or Egypt cannot replace the entire Indian supplies. Asian buyers are waiting for Indian supplies," said a Mumbai-based exporter.

India may keep a ban on onion exports until February because domestic prices have risen after the harvest of summer-sown crops, which were expected to augment supplies, was delayed and damaged by untimely rains, a government official said.

India may keep a ban on onion exports until February because domestic prices have risen after the harvest of summer-sown crops, which were expected to augment supplies, was delayed and damaged by untimely rains, a government official said. The ban on overseas sales by India, the world's biggest exporter of the bulb, will keep prices elevated in Asia and require importers in Nepal, Bangladesh and Sri Lanka to find other sources to fulfil their demand. Despite the export ban enacted in September to keep domestic supply inside India, prices have surged after rain and floods during October and November limited onion supply, especially in Maharashtra, the country's biggest producer. Wholesale onion prices are about 40 rupees (55 cents) per kg, down slightly from 55 rupees earlier this month, the highest in six years, according to data compiled by the state-run National Horticultural Research and Development Foundation. "We will think about resuming exports once prices come down. Right now it is not possible," a senior government official at the Department of Consumer Affairs said on Monday. "From January onwards supplies are expected to rise meaningfully. Once prices come down to a comfortable level, say below 20 rupees (per kg), then we can allow exports," he said, asking to remain unidentified because he is not authorized to speak to the media. A spokeswoman for Ministry of Commerce, which enacted the ban at the request of the Consumer Affairs department, did not immediately respond to an email requesting comment on how long the export ban would last. Onion growers and government officials expected the ban would be lifted by the middle of November anticipating higher supplies from the summer crop. Sakharam Darekar, a 79-year-old farmer from the village of Ghodegaon, 180 km (108 miles) east of Mumbai, said that last month's heavy rainfall left fields waterlogged for several days and damaged the onion crop on his 2-acre (0.8 hectares) plot that was ready for harvesting. The rains have also delayed planting of the winter-sown crop by damaging seedlings in nurseries. "I want to plant onion but seedlings are not available," said Dinesh Khairnar, a farmer in the Nashik district of Maharashtra. Since India's ban, onion prices have spiralled in Asia and forcing leading buyers such as Bangladesh and Sri Lanka to source the crop from Myanmar, Egypt, Turkey and China. But the hefty volumes lost will be hard to replace as India exports more than 2 million tonnes onions per year. "China or Egypt cannot replace the entire Indian supplies. Asian buyers are waiting for Indian supplies," said a Mumbai-based exporter.

India may extend onion export ban to February to cap domestic prices

The top 200 Chinese companies spanning consumer, technology, industrial, property and financial industries reported September quarter earnings well ahead of market expectations, setting them up for a strong showing next year, analysts said.

These companies mostly beat lowered market expectations as consumer spending remained strong, boosted by Chinese shoppers who opted to buy at home than to travel abroad, as a weaker yuan inflated travel costs.

Profits at Chinese companies grew 10 per cent&nbsp;in the July-September period, beating the 2 per cent&nbsp;growth rate analysts had predicted, and ahead of&nbsp;China's slowing economic growth rate. Only companies with a market capitalization of over $1 billion and tracked by at least three analysts are covered in this analysis.

"The sectors that were expected to suffer from the <a href="https://www.wionews.com/world/china-us-had-constructive-phone-call-on-trade-report-262656">US-China&nbsp;trade conflict</a> — the tech hardware exporters, textiles and sports goods exporters — have largely outperformed consensus expectations," said Manishi Raychaudhuri, head of equity research at BNP Paribas Asia Pacific.

Raychaudhuri added that earnings growth at Asian companies, excluding Japan, is likely to bounce back in 2020, partly as trade concerns recede.

Below is a report card of the third quarter for Asian companies and expectations for next year.

- Online retail giants <a href="https://www.wionews.com/business-economy/alibaba-launches-134-billion-hong-kong-listing-to-fund-expansion-261906">Alibaba Group Holding Ltd</a> and JD.com Inc posted strong sales as people bought baby products and sports gear. Western luxury and mass-market consumer companies had a good quarter as well.

- Overall, profitability at 1,625 Asian firms fell 5 per cent, versus an expected 6 per cent&nbsp;decline, according to a Reuters analysis of Refinitiv data. Results outperformed estimates for the first time in five quarters.

- Hong Kong-listed firms are not included in this analysis, as most of them announce earnings results on a semi-annual basis.

- Profits at 346 South Korean firms nearly halved, dragged down by lower chip prices and a fluctuation in commodity prices.

- Profit at Samsung Electronics Co Ltd fell 56 per cent. Smaller rival SK Hynix Inc posted its lowest profit in three years. Steelmaker Posco's earnings plunged by a third as iron ore prices rose.

- Profits at 201 Indian firms rose 29.5 per cent, led by consumer staples, financial and healthcare firms and helped by a corporate tax cut.

- Profits at 673 Japanese firms which exclude SoftBank Group Corp, fell 1 per cent, in line with estimates, as the yen firmed and demand fell for export items such as cars and machinery.

- The top three Japanese steelmakers and carmakers Suzuki Motor Corp and Mitsubishi Motors Corp have reduced their annual profit forecasts.

- Analysts expect profits at Asian firms to jump 13 per cent&nbsp;in 2020, versus a 5 per cent&nbsp;estimated increase this year, helped partly by recovering global demand as trade worries ease further.

The top 200 Chinese companies spanning consumer, technology, industrial, property and financial industries reported September quarter earnings well ahead of market expectations, setting them up for a strong showing next year, analysts said.

The top 200 Chinese companies spanning consumer, technology, industrial, property and financial industries reported September quarter earnings well ahead of market expectations, setting them up for a strong showing next year, analysts said. These companies mostly beat lowered market expectations as consumer spending remained strong, boosted by Chinese shoppers who opted to buy at home than to travel abroad, as a weaker yuan inflated travel costs. Profits at Chinese companies grew 10 per cent in the July-September period, beating the 2 per cent growth rate analysts had predicted, and ahead of China's slowing economic growth rate. Only companies with a market capitalization of over $1 billion and tracked by at least three analysts are covered in this analysis. "The sectors that were expected to suffer from the US-China trade conflict — the tech hardware exporters, textiles and sports goods exporters — have largely outperformed consensus expectations," said Manishi Raychaudhuri, head of equity research at BNP Paribas Asia Pacific. Raychaudhuri added that earnings growth at Asian companies, excluding Japan, is likely to bounce back in 2020, partly as trade concerns recede. Below is a report card of the third quarter for Asian companies and expectations for next year. - Online retail giants Alibaba Group Holding Ltd and JD.com Inc posted strong sales as people bought baby products and sports gear. Western luxury and mass-market consumer companies had a good quarter as well. - Overall, profitability at 1,625 Asian firms fell 5 per cent, versus an expected 6 per cent decline, according to a Reuters analysis of Refinitiv data. Results outperformed estimates for the first time in five quarters. - Hong Kong-listed firms are not included in this analysis, as most of them announce earnings results on a semi-annual basis. - Profits at 346 South Korean firms nearly halved, dragged down by lower chip prices and a fluctuation in commodity prices. - Profit at Samsung Electronics Co Ltd fell 56 per cent. Smaller rival SK Hynix Inc posted its lowest profit in three years. Steelmaker Posco's earnings plunged by a third as iron ore prices rose. - Profits at 201 Indian firms rose 29.5 per cent, led by consumer staples, financial and healthcare firms and helped by a corporate tax cut. - Profits at 673 Japanese firms which exclude SoftBank Group Corp, fell 1 per cent, in line with estimates, as the yen firmed and demand fell for export items such as cars and machinery. - The top three Japanese steelmakers and carmakers Suzuki Motor Corp and Mitsubishi Motors Corp have reduced their annual profit forecasts. - Analysts expect profits at Asian firms to jump 13 per cent in 2020, versus a 5 per cent estimated increase this year, helped partly by recovering global demand as trade worries ease further.

What trade war? Chinese companies wow with third quarter report card

British no-frills airline<a href="https://www.wionews.com/world/three-men-detained-after-easyjet-flight-diverted-to-cologne-16684"> EasyJet</a> on Tuesday made initial steps to reduce its carbon footprint, offsetting emissions from all flights in an industry first&nbsp;and revealing research into greener engines.

"I am proud that we have announced that from today we will be the world's first major airline to operate net-zero carbon flights across our whole network," said Chief Executive Johan Lundgren in a results statement.

"We are doing this by offsetting the <a href="https://www.wionews.com/world/joe-biden-unveils-17-trillion-climate-plan-to-end-us-carbon-emissions-by-2050-224374">carbon emissions</a> from the fuel used for all of our flights.

"We recognise that offsetting is only an interim measure, but we want to take action on our carbon emissions now."

The carrier announced the news, expected to cost it around £25 million ($32 million, 29 million euros) in 2020, alongside a modest drop in annual profit as the short-haul sector faced challenging trade.

The carrier added its priority was to work on reducing its carbon footprint in the short term while researching new greener technology in the longer term.

"Through carbon offsetting, EasyJet will invest in projects to reduce carbon and carbon equivalents from the atmosphere," it said.

"EasyJet will compensate&nbsp;for every tonne of CO2 emitted&nbsp;from fuel used for its flights by ensuring there is one tonne less in the atmosphere."

The airline added it would do this by either "reducing CO2 by physically removing it from the air, eg by planting more trees, or by avoiding the release of additional CO2".

EasyJet also said Tuesday that its annual profit after taxation dipped 2.5 per cent to £349 million in the 12 months to the end of September, citing "challenging market conditions".

But revenues jumped 8.3 per cent to £6.4 billion on the back of record passenger numbers.

EasyJet also unveiled a joint research project with Airbus, as part of industry-wide moves towards carbon neutrality.

"The airline will also continue its&nbsp;long-term work to support the development of new technology, including electric planes so that European aviation can move towards becoming net-zero carbon."

It added: "As part of this work,&nbsp;the EasyJet and Airbus partnership has been established,&nbsp;to jointly research the opportunities and challenges of introducing hybrid and electric aircraft for short-haul flying&nbsp;in Europe."&nbsp;

British no-frills airline EasyJet on Tuesday made initial steps to reduce its carbon footprint, offsetting emissions from all flights in an industry first and revealing research into greener engines.

British no-frills airline EasyJet on Tuesday made initial steps to reduce its carbon footprint, offsetting emissions from all flights in an industry first and revealing research into greener engines. "I am proud that we have announced that from today we will be the world's first major airline to operate net-zero carbon flights across our whole network," said Chief Executive Johan Lundgren in a results statement. "We are doing this by offsetting the carbon emissions from the fuel used for all of our flights. "We recognise that offsetting is only an interim measure, but we want to take action on our carbon emissions now." The carrier announced the news, expected to cost it around £25 million ($32 million, 29 million euros) in 2020, alongside a modest drop in annual profit as the short-haul sector faced challenging trade. The carrier added its priority was to work on reducing its carbon footprint in the short term while researching new greener technology in the longer term. "Through carbon offsetting, EasyJet will invest in projects to reduce carbon and carbon equivalents from the atmosphere," it said. "EasyJet will compensate for every tonne of CO2 emitted from fuel used for its flights by ensuring there is one tonne less in the atmosphere." The airline added it would do this by either "reducing CO2 by physically removing it from the air, eg by planting more trees, or by avoiding the release of additional CO2". EasyJet also said Tuesday that its annual profit after taxation dipped 2.5 per cent to £349 million in the 12 months to the end of September, citing "challenging market conditions". But revenues jumped 8.3 per cent to £6.4 billion on the back of record passenger numbers. EasyJet also unveiled a joint research project with Airbus, as part of industry-wide moves towards carbon neutrality. "The airline will also continue its long-term work to support the development of new technology, including electric planes so that European aviation can move towards becoming net-zero carbon." It added: "As part of this work, the EasyJet and Airbus partnership has been established, to jointly research the opportunities and challenges of introducing hybrid and electric aircraft for short-haul flying in Europe."

EasyJet announces steps toward zero-carbon future

<a href="https://www.wionews.com/world/indonesia-report-on-737-max-crash-faults-boeing-design-says-lion-air-made-mistakes-258127">Boeing's 737 MAX</a> took centre stage at the Dubai Airshow on Tuesday as airlines announced plans to order up to 50 of the jets worth $6 billion at list prices despite a global grounding in place since March.

Kazakhstan flag carrier Air Astana said it had signed a letter of intent to order 30 Boeing 737 MAX 8 jets for its Fly Arystana subsidiary.

Air Astana, which operates <a href="https://www.wionews.com/business-economy/ge-unit-orders-25-airbus-jets-including-12-rolls-powered-a330neo-260791">Airbus</a> and Embraer jets in its main network, said it was confident in Boeing's ability to resolve problems with the MAX.

Global regulators banned commercial flights of Boeing's fastest-selling jet in March after two fatal accidents.

Plans for the jet's return to commercial service have been pushed back to early 2020 as Boeing finalises software and training revisions that need regulatory approval.

"We are making flying affordable for the people of Kazakhstan," Air Astana Chief Planning Officer Alma Aliguzhinova told reporters, adding that budget carrier Fly Arystana would start taking the jets in late 2021.

The airline plans to hold 15 aircraft directly and may finance the rest through a lease transaction, she said, adding that Air Astana would not change the composition of its main fleet.

Separately, another airline signed a firm order for 10 Boeing 737 MAX 7 and 10 Boeing MAX 10 jets, a person familiar with the matter said. The airline's name was not disclosed.

<a href="https://www.wionews.com/world/boeing-ousts-airliner-chief-as-737-max-crisis-grows-257742">Boeing </a>has used the past two major industry events to try to secure market momentum for the grounded MAX, which is seen as key to the planemaker's financial health over the coming decade.

A letter of intent between Boeing and British Airways owner IAG for 200 jets, which grabbed the spotlight at the Paris Airshow in June, has yet to be finalised as the European holding company discusses the fleet change with subsidiaries that currently use Airbus for medium-haul operations.

In other business coinciding with the largest Middle East air show on Tuesday, Saudi budget airline Flynas agreed to buy long-range A321XLR jets.

The airline's chief executive had said on Monday that Flynas was in talks to exercise purchasing options for some or all of 40 Airbus A320neo narrowboday jets.

Airbus unveiled a provisional order in Dubai for 8 of its small A220 jets from Air Senegal. Britain's easyJet exercised options for 12 more Airbus A320neo aircraft.

Also coinciding with the show, leasing giant GECAS was expected to confirm an order for 25 Airbus planes, including 12 A330neo jets powered by engines from Rolls-Royce, a competitor to GECAS parent company General Electric.

However, there were no immediate signs that Dubai's Emirates was ready to finalise a provisional order for 40 Boeing 787 Dreamliners, part of a complex set of interlocking deals driving fleet changes at the world's largest international airline.

The fate of the order hinges on negotiations over the larger Boeing 777X, for which Emirates is the largest customer. Emirates has indicated it wants to restructure the order after delays and sources say it could use the pending 787 deal as leverage.

Boeing's 737 MAX took centre stage at the Dubai Airshow on Tuesday as airlines announced plans to order up to 50 of the jets worth $6 billion at list prices despite a global grounding in place since March.

Boeing's 737 MAX took centre stage at the Dubai Airshow on Tuesday as airlines announced plans to order up to 50 of the jets worth $6 billion at list prices despite a global grounding in place since March. Kazakhstan flag carrier Air Astana said it had signed a letter of intent to order 30 Boeing 737 MAX 8 jets for its Fly Arystana subsidiary. Air Astana, which operates Airbus and Embraer jets in its main network, said it was confident in Boeing's ability to resolve problems with the MAX. Global regulators banned commercial flights of Boeing's fastest-selling jet in March after two fatal accidents. Plans for the jet's return to commercial service have been pushed back to early 2020 as Boeing finalises software and training revisions that need regulatory approval. "We are making flying affordable for the people of Kazakhstan," Air Astana Chief Planning Officer Alma Aliguzhinova told reporters, adding that budget carrier Fly Arystana would start taking the jets in late 2021. The airline plans to hold 15 aircraft directly and may finance the rest through a lease transaction, she said, adding that Air Astana would not change the composition of its main fleet. Separately, another airline signed a firm order for 10 Boeing 737 MAX 7 and 10 Boeing MAX 10 jets, a person familiar with the matter said. The airline's name was not disclosed. Boeing has used the past two major industry events to try to secure market momentum for the grounded MAX, which is seen as key to the planemaker's financial health over the coming decade. A letter of intent between Boeing and British Airways owner IAG for 200 jets, which grabbed the spotlight at the Paris Airshow in June, has yet to be finalised as the European holding company discusses the fleet change with subsidiaries that currently use Airbus for medium-haul operations. In other business coinciding with the largest Middle East air show on Tuesday, Saudi budget airline Flynas agreed to buy long-range A321XLR jets. The airline's chief executive had said on Monday that Flynas was in talks to exercise purchasing options for some or all of 40 Airbus A320neo narrowboday jets. Airbus unveiled a provisional order in Dubai for 8 of its small A220 jets from Air Senegal. Britain's easyJet exercised options for 12 more Airbus A320neo aircraft. Also coinciding with the show, leasing giant GECAS was expected to confirm an order for 25 Airbus planes, including 12 A330neo jets powered by engines from Rolls-Royce, a competitor to GECAS parent company General Electric. However, there were no immediate signs that Dubai's Emirates was ready to finalise a provisional order for 40 Boeing 787 Dreamliners, part of a complex set of interlocking deals driving fleet changes at the world's largest international airline. The fate of the order hinges on negotiations over the larger Boeing 777X, for which Emirates is the largest customer. Emirates has indicated it wants to restructure the order after delays and sources say it could use the pending 787 deal as leverage.

Sales of grounded Boeing 737 MAX gather pace at Dubai Airshow

The state of California on Monday sued<a href="https://www.wionews.com/india-news/india-says-e-cigarette-ban-implies-use-of-devices-also-prohibited-262972"> e-cigarette </a>maker Juul Labs Inc, alleging the San Francisco company engaged in a "systematic" and "wildly successful" campaign to attract teenagers to its nicotine devices.

The lawsuit draws on internal correspondence and other evidence, asserting the company did little to prevent sales to underage customers. It also claims that Juul used a "flawed" age-verification process for online sales.

Filed in California state court in Alameda County, the lawsuit also cites passages from a recent Reuters investigation that documented how Juul disregarded evidence soon after its launch in 2015 that teenagers were attracted to the product.

The Reuters story documented how Juul rarely mentioned nicotine in early consumer marketing, while at the same time pitching retailers on Juul's unique addictive power.

Juul spokesman Austin Finan said the company had not yet reviewed the complaint. "We remain focused on resetting the vapour category in the US and earning the trust of society by working cooperatively with attorneys general, regulators, public health officials, and other stakeholders to combat underage use and convert adult smokers from combustible cigarettes," he said in a statement.

The lawsuit seeks monetary damages based on violations of state laws governing false advertising and unfair competition, among others.

Other lawsuits brought so far on behalf of teenage Juul users and other plaintiffs focus on the company's early youth-oriented advertising and social media campaigns. The state of North Carolina filed a lawsuit against Juul earlier this year.

Juul, the US&nbsp;&nbsp;market leader in <a href="https://www.wionews.com/world/china-calls-for-businesses-to-shut-down-e-cigarette-online-shops-259443">e-cigarette</a>s, has come under intense scrutiny from regulators, lawmakers and attorneys general over the surging popularity of its products among teenagers in recent years. More than 27 per cent&nbsp;of US&nbsp;high schoolers used an<a href="https://www.wionews.com/world/trump-to-meet-with-vaping-industry-as-he-mulls-tighter-regulation-261512"> e-cigarette</a> in the previous month, according to a federal youth tobacco survey released in September, up from 11.7 per cent two years ago.

A recent study found that nearly 60 per cent of high schoolers and 54 per cent&nbsp;of middle schoolers who use nicotine vaping products said Juul was their usual brand.

The company stopped selling many of its most popular flavours in the <a href="https://www.wionews.com/world/us-state-upholds-e-cigarette-ban-amid-vaping-deaths-253923">United States</a> in recent months, including mint and mango, as research showed those flavours were highly popular among teenagers.

The lawsuit brought by California alleges that customers who failed Juul's online age verification process could create multiple accounts to circumvent the system or ask Juul customer service employees to adjust the address or name to try again.

Sales records in California, according to the suit, show the company sent thousands of Juul devices and pods to fictitious names including "Beer Can" and "Patricia Juul," and to addresses such as&nbsp;"no signature needed, Palo Alto."

The lawsuit quotes correspondence earlier this year from a Juul senior developer, Frederic Boivin, agreeing with another employee that the company shouldn't be allowed to edit customer information because it risked "huge compliance violations."

Referring to a specific case, he added: "For all, we know this is an underage person," according to the suit.

Boivin went on to tell Eadon Jacobs, a director of digital product at Juul, that "you can edit everything," according to the suit. Jacobs responded with one word: "Shit," according to the complaint.

Boivin and Jacobs did not respond to requests for comment.

California Attorney General Xavier Becerra said on Monday that Juul "targeted underage Californians with its marketing and sales practices," and is engaging in business practices that are "endangering lives, especially of our children."

The state of California on Monday sued e-cigarette maker Juul Labs Inc, alleging the San Francisco company engaged in a "systematic" and "wildly successful" campaign to attract teenagers to its nicotine devices.

The state of California on Monday sued e-cigarette maker Juul Labs Inc, alleging the San Francisco company engaged in a "systematic" and "wildly successful" campaign to attract teenagers to its nicotine devices. The lawsuit draws on internal correspondence and other evidence, asserting the company did little to prevent sales to underage customers. It also claims that Juul used a "flawed" age-verification process for online sales. Filed in California state court in Alameda County, the lawsuit also cites passages from a recent Reuters investigation that documented how Juul disregarded evidence soon after its launch in 2015 that teenagers were attracted to the product. The Reuters story documented how Juul rarely mentioned nicotine in early consumer marketing, while at the same time pitching retailers on Juul's unique addictive power. Juul spokesman Austin Finan said the company had not yet reviewed the complaint. "We remain focused on resetting the vapour category in the US and earning the trust of society by working cooperatively with attorneys general, regulators, public health officials, and other stakeholders to combat underage use and convert adult smokers from combustible cigarettes," he said in a statement. The lawsuit seeks monetary damages based on violations of state laws governing false advertising and unfair competition, among others. Other lawsuits brought so far on behalf of teenage Juul users and other plaintiffs focus on the company's early youth-oriented advertising and social media campaigns. The state of North Carolina filed a lawsuit against Juul earlier this year. Juul, the US market leader in e-cigarettes, has come under intense scrutiny from regulators, lawmakers and attorneys general over the surging popularity of its products among teenagers in recent years. More than 27 per cent of US high schoolers used an e-cigarette in the previous month, according to a federal youth tobacco survey released in September, up from 11.7 per cent two years ago. A recent study found that nearly 60 per cent of high schoolers and 54 per cent of middle schoolers who use nicotine vaping products said Juul was their usual brand. The company stopped selling many of its most popular flavours in the United States in recent months, including mint and mango, as research showed those flavours were highly popular among teenagers. The lawsuit brought by California alleges that customers who failed Juul's online age verification process could create multiple accounts to circumvent the system or ask Juul customer service employees to adjust the address or name to try again. Sales records in California, according to the suit, show the company sent thousands of Juul devices and pods to fictitious names including "Beer Can" and "Patricia Juul," and to addresses such as "no signature needed, Palo Alto." The lawsuit quotes correspondence earlier this year from a Juul senior developer, Frederic Boivin, agreeing with another employee that the company shouldn't be allowed to edit customer information because it risked "huge compliance violations." Referring to a specific case, he added: "For all, we know this is an underage person," according to the suit. Boivin went on to tell Eadon Jacobs, a director of digital product at Juul, that "you can edit everything," according to the suit. Jacobs responded with one word: "Shit," according to the complaint. Boivin and Jacobs did not respond to requests for comment. California Attorney General Xavier Becerra said on Monday that Juul "targeted underage Californians with its marketing and sales practices," and is engaging in business practices that are "endangering lives, especially of our children."

California sues e-cigarette maker Juul for selling nicotine products to youth

The Trump administration is set to issue a&nbsp;90-day&nbsp;extension&nbsp;of a&nbsp;license&nbsp;on Monday&nbsp;allowing&nbsp;US&nbsp;companies to continue doing business with<a href="https://www.wionews.com/business-economy/huawei-to-give-staff-286-million-bonus-for-helping-it-ride-out-us-curbs-261626"> China's&nbsp;Huawei&nbsp;Technologies Co Ltd</a>, two&nbsp;sources&nbsp;familiar with the deliberations said.

Reuters reported Friday&nbsp;that an initial&nbsp;extension&nbsp;of around two weeks was&nbsp;expected&nbsp;and a longer&nbsp;extension&nbsp;was in the works but had not yet been finalized due to regulatory hurdles. Over the weekend, the Trump administration's plans changed and it now plans to renew the temporary&nbsp;extension&nbsp;for the same&nbsp;90-day&nbsp;period as it did in August, the&nbsp;sources&nbsp;said.

After adding&nbsp;Huawei&nbsp;to an economic blacklist in May citing national security concerns, the&nbsp;US&nbsp;Commerce Department has allowed it to purchase some American-made goods in a move aimed at minimising disruption for its customers, many of which operate networks in rural America.

The&nbsp;extension&nbsp;will be announced Monday when the earlier reprieve is set to expire, the&nbsp;sources&nbsp;said. The&nbsp;sources&nbsp;declined to be identified as the&nbsp;extension&nbsp;has not been publicly announced.

A spokesman for&nbsp;Huawei, the world's biggest maker of telecom network equipment, said Friday&nbsp;the company does not comment on rumours and speculation. The Commerce Department declined to comment.

Commerce Secretary Wilbur Ross told Fox Business Network on Friday&nbsp;that some rural carriers need the temporary&nbsp;licenses and are dependent on&nbsp;Huawei&nbsp;for 3G and 4G networks.

"There are enough problems with telephone service in the rural communities - we don’t want to knock them out. So, one of the main purposes of the temporary general&nbsp;licenses is to let those rural guys&nbsp;continue to operate," Ross said.

The development comes amid discussions between the United States and China aimed at coming to an initial agreement to resolve a trade war that has lasted for over a year.

In blacklisting&nbsp;Huawei, the&nbsp;US&nbsp;government said it had a "reasonable basis to conclude that&nbsp;Huawei&nbsp;is engaged in activities that are contrary to&nbsp;US&nbsp;national security or foreign policy interests."&nbsp;Huawei&nbsp;has repeatedly denied the accusations.

Last week, Attorney General William Barr said&nbsp;Huawei&nbsp;and ZTE Corp "cannot be trusted," as he backed a proposal to bar&nbsp;US&nbsp;rural wireless carriers from tapping an $8.5 billion government fund to purchase equipment or services from them.

In May, <a href="https://www.wionews.com/world/get-the-deal-done-trump-tweets-at-north-koreas-kim-tells-him-to-act-quickly-262780">President Donald Trump</a> also signed an executive order declaring a national emergency and barring&nbsp;US&nbsp;companies from using telecommunications equipment made by companies posing a national security risk. The Commerce Department was directed to draw up an enforcement plan by mid-October but has yet to publish one.

The Commerce Department is also considering whether to&nbsp;grant&nbsp;individual&nbsp;licenses for&nbsp;US&nbsp;firms to sell components to&nbsp;Huawei&nbsp;after receiving more than 200 requests. No action on those is&nbsp;expected&nbsp;on Monday.

The Trump administration is set to issue a 90-day extension of a license on Monday allowing US companies to continue doing business with China's Huawei Technologies Co Ltd, two sources familiar with the deliberations said.

The Trump administration is set to issue a 90-day extension of a license on Monday allowing US companies to continue doing business with China's Huawei Technologies Co Ltd, two sources familiar with the deliberations said. Reuters reported Friday that an initial extension of around two weeks was expected and a longer extension was in the works but had not yet been finalized due to regulatory hurdles. Over the weekend, the Trump administration's plans changed and it now plans to renew the temporary extension for the same 90-day period as it did in August, the sources said. After adding Huawei to an economic blacklist in May citing national security concerns, the US Commerce Department has allowed it to purchase some American-made goods in a move aimed at minimising disruption for its customers, many of which operate networks in rural America. The extension will be announced Monday when the earlier reprieve is set to expire, the sources said. The sources declined to be identified as the extension has not been publicly announced. A spokesman for Huawei, the world's biggest maker of telecom network equipment, said Friday the company does not comment on rumours and speculation. The Commerce Department declined to comment. Commerce Secretary Wilbur Ross told Fox Business Network on Friday that some rural carriers need the temporary licenses and are dependent on Huawei for 3G and 4G networks. "There are enough problems with telephone service in the rural communities - we don’t want to knock them out. So, one of the main purposes of the temporary general licenses is to let those rural guys continue to operate," Ross said. The development comes amid discussions between the United States and China aimed at coming to an initial agreement to resolve a trade war that has lasted for over a year. In blacklisting Huawei, the US government said it had a "reasonable basis to conclude that Huawei is engaged in activities that are contrary to US national security or foreign policy interests." Huawei has repeatedly denied the accusations. Last week, Attorney General William Barr said Huawei and ZTE Corp "cannot be trusted," as he backed a proposal to bar US rural wireless carriers from tapping an $8.5 billion government fund to purchase equipment or services from them. In May, President Donald Trump also signed an executive order declaring a national emergency and barring US companies from using telecommunications equipment made by companies posing a national security risk. The Commerce Department was directed to draw up an enforcement plan by mid-October but has yet to publish one. The Commerce Department is also considering whether to grant individual licenses for US firms to sell components to Huawei after receiving more than 200 requests. No action on those is expected on Monday.

Trump administration gives 90-day extension for US companies to continue business with Huawei

Microsoft&nbsp;said on Monday it was updating the&nbsp;privacy&nbsp;provisions of its commercial cloud contracts after&nbsp;European regulators found its deals with&nbsp;European Union institutions failed to protect&nbsp;data&nbsp;in line with&nbsp;EU&nbsp;law.

The EDPS, the&nbsp;EU's&nbsp;data&nbsp;watchdog, opened an investigation in April to assess whether&nbsp;Microsoft's contracts with the&nbsp;European Commission and other&nbsp;EU&nbsp;institutions met&nbsp;data&nbsp;protection rules. It raised concerns about compliance in October.

In a statement on its website addressing the issue,&nbsp;Microsoft&nbsp;said: "We will increase our&nbsp;data&nbsp;protection responsibilities for a subset of processing that&nbsp;Microsoft&nbsp;engages in when we provide enterprise services."

The company, the only major cloud provider to offer such&nbsp;terms&nbsp;in the&nbsp;European Economic Area and beyond, expects to offer the new provisions to public sector and enterprise customers in early 2020.

Microsoft said on Monday it was updating the privacy provisions of its commercial cloud contracts after European regulators found its deals with European Union institutions failed to protect data in line with EU law.

Microsoft said on Monday it was updating the privacy provisions of its commercial cloud contracts after European regulators found its deals with European Union institutions failed to protect data in line with EU law. The EDPS, the EU's data watchdog, opened an investigation in April to assess whether Microsoft's contracts with the European Commission and other EU institutions met data protection rules. It raised concerns about compliance in October. In a statement on its website addressing the issue, Microsoft said: "We will increase our data protection responsibilities for a subset of processing that Microsoft engages in when we provide enterprise services." The company, the only major cloud provider to offer such terms in the European Economic Area and beyond, expects to offer the new provisions to public sector and enterprise customers in early 2020.

Microsoft increases data protection responsibilities for European Union

Samsung's plan to&nbsp;outsource a fifth of its smartphone production to&nbsp;China&nbsp;next year may help it compete with low-cost&nbsp;rivals&nbsp;such as Huawei and Xiaomi but it's a strategy fraught with risks, people with familiar with the move said.

Samsung&nbsp;Electronics, which shut its last in-house Chinese smartphone factory in October, is quietly moving production of some Galaxy A models to contractors such as Wingtech, which are little known&nbsp;outside&nbsp;China.

<a href="https://www.wionews.com/business-economy/samsung-says-to-shut-down-united-states-cpu-research-division-260078">Samsung&nbsp;</a>has been coy about&nbsp;the volumes involved but sources said the South Korean tech giant plans to ship some 60 million&nbsp;phones&nbsp;made&nbsp;in&nbsp;China&nbsp;by so-called original design manufacturers (ODMs) next year&nbsp;out&nbsp;of a total of about&nbsp;300 million devices.

Wingtech and other ODMs make&nbsp;phones&nbsp;for multiple brands - including Huawei, Xiaomi and Oppo - giving them the economies of scale to keep costs down, and the nimble contractors can develop and produce new budget&nbsp;phones&nbsp;quickly.

Critics of&nbsp;Samsung's strategy say it risks losing control of quality and undermining its manufacturing expertise by&nbsp;outsourcing, and may even help&nbsp;rivals&nbsp;by giving contractors the extra volume they need to lowers costs further for all.

Samsung&nbsp;can ill afford another quality crisis. It scrapped its flagship Galaxy Note 7 in 2016 after reports the expensive&nbsp;phones&nbsp;were catching fire and delayed the launch of its folding phone this year after screen defects were identified.

But with margins razor-thin for budget smartphones, people familiar with&nbsp;Samsung's strategy say it has little choice but to follow&nbsp;rivals&nbsp;and use Chinese ODMs to shave costs.

"This is an inevitable strategy rather than a good strategy," a source with knowledge of&nbsp;Samsung's Chinese operations said.

Samsung&nbsp;said in a statement to Reuters that it has been making limited lines of smartphones&nbsp;outside its own plants to broaden its existing portfolio and "ensure efficient management in the market". It declined to say how many&nbsp;Samsung&nbsp;phones&nbsp;are&nbsp;made&nbsp;by ODMs and said future volumes had yet to be determined.

Wingtech did not respond to a request for comment.

Research firm Counterpoint says ODMs can procure all the components needed for $100-$250 smartphones&nbsp;for 10 per cent&nbsp;to 15&nbsp;per cent less than major brands with their own factories in&nbsp;China.

One supply chain source said Wingtech can get some parts for up to 30 per cent less than&nbsp;Samsung&nbsp;Electronics pays in Vietnam, where it has three factories churning&nbsp;out&nbsp;smartphones, TVs and home appliances.

Wingtech started making tablets and&nbsp;phones&nbsp;for&nbsp;Samsung&nbsp;in 2017, accounting for 3&nbsp;per cent&nbsp;of its smartphones. That's expected to hit 8 per cent, or 24 million units, this year, according to IHS Markit.

Samsung's&nbsp;outsourcing plans involve its lower and mid-range Galaxy A series, with Wingtech having a hand in both design and production, sources said. The A6S, one of the models to be&nbsp;outsourced, costs from 1,299 yuan ($185) in&nbsp;China.

The Wingtech&nbsp;phones&nbsp;will mainly go to Southeast Asia and South America, one source said.&nbsp;Samsung&nbsp;is gaining share in both at the expense of Huawei, which is suffering from U.S. sanctions that bar it from putting all Google's services on new&nbsp;phones.

While&nbsp;Samsung&nbsp;is anxious to remain global smartphone market leader, some analysts worry it might not be worth the risk is given that profits in the budget phone business are scarce for all.

"Low-end&nbsp;phones&nbsp;are a headache for&nbsp;Samsung," said CW Chung, head of research at Nomura in Korea.

Chung said they were now commodity products and it was "nonsense" to make them in-house. But he and other experts said if&nbsp;Samsung&nbsp;gave ODMs&nbsp;more&nbsp;volume, that could cut contractors' costs further and boost their experience and knowledge.

"If ODM firms become&nbsp;more&nbsp;competitive,&nbsp;rivals&nbsp;will be&nbsp;more&nbsp;competitive," Tom Kang, an analyst at Counterpoint said, adding that once a company loses its expertise in making low-end&nbsp;phones&nbsp;by&nbsp;outsourcing, it is difficult to regain the know-how.

Chung said&nbsp;Samsung's strategic shift signalled the declining manufacturing prowess of the company, once a low-cost Asian manufacturer and now the world's top producer of high-end electrical consumer goods.

US rival Apple&nbsp;outsources production to Taiwan's Foxconn Technology, which has factories in&nbsp;China, but Apple still designs its&nbsp;phones&nbsp;in California.

Samsung&nbsp;said in an emailed response to Reuters that it will be involved in the oversight of the design and development of smartphones&nbsp;produced by ODMs.

One person familiar with&nbsp;Samsung&nbsp;and Chinese ODMs said contractors save money by cutting some steps&nbsp;out&nbsp;of the manufacturing process, potentially raising quality issues. He declined to go into details.

With that in mind,&nbsp;Samsung&nbsp;has been pairing South Korean component suppliers with Chinese contractors to keep closer tabs on quality control, the person said.

"We understand the logic of increasing the production volume with Chinese contractors is a strategic business decision but that doesn't mean all of us are happy about&nbsp;it," an executive at a Korean component supplier said.

Samsung&nbsp;told Reuters it has applied the same quality checks and standards it does with all its devices, adding that it was committed to delivering high-quality products.

Historically,&nbsp;Samsung&nbsp;has designed and produced almost all its&nbsp;phones&nbsp;in-house in vast factories in Vietnam and,&nbsp;more&nbsp;recently, India while winding down production in South Korea and&nbsp;China&nbsp;where labour costs&nbsp;more.

But Roh Tae-moon, the youngest executive to become a president at&nbsp;Samsung&nbsp;Electronics, is championing the new ODM strategy in his role as number two at the mobile division, two people familiar with the matter said.

"It is crucial to cut costs to maintain competitiveness with Huawei and other Chinese handset makers," said a&nbsp;Samsung&nbsp;insider who declined to be named.

Other Korean firms have also embraced&nbsp;outsourcing. LG Electronics, whose smartphones&nbsp;have been losing money for several years, has said it plans to expand its ODM&nbsp;output from budget models to mid-priced&nbsp;phones.

"Smartphones&nbsp;have come down to a battle over costs.&nbsp;It's a game of survival now," said Kim Yong-serk, a former&nbsp;Samsung&nbsp;mobile executive who is a professor at South Korea's Sungkyunkwan University.

Samsung's plan to outsource a fifth of its smartphone production to China next year may help it compete with low-cost rivals such as Huawei and Xiaomi but it's a strategy fraught with risks, people with familiar with the move said.

Samsung's plan to outsource a fifth of its smartphone production to China next year may help it compete with low-cost rivals such as Huawei and Xiaomi but it's a strategy fraught with risks, people with familiar with the move said. Samsung Electronics, which shut its last in-house Chinese smartphone factory in October, is quietly moving production of some Galaxy A models to contractors such as Wingtech, which are little known outside China. Samsung has been coy about the volumes involved but sources said the South Korean tech giant plans to ship some 60 million phones made in China by so-called original design manufacturers (ODMs) next year out of a total of about 300 million devices. Wingtech and other ODMs make phones for multiple brands - including Huawei, Xiaomi and Oppo - giving them the economies of scale to keep costs down, and the nimble contractors can develop and produce new budget phones quickly. Critics of Samsung's strategy say it risks losing control of quality and undermining its manufacturing expertise by outsourcing, and may even help rivals by giving contractors the extra volume they need to lowers costs further for all. Samsung can ill afford another quality crisis. It scrapped its flagship Galaxy Note 7 in 2016 after reports the expensive phones were catching fire and delayed the launch of its folding phone this year after screen defects were identified. But with margins razor-thin for budget smartphones, people familiar with Samsung's strategy say it has little choice but to follow rivals and use Chinese ODMs to shave costs. "This is an inevitable strategy rather than a good strategy," a source with knowledge of Samsung's Chinese operations said. Samsung said in a statement to Reuters that it has been making limited lines of smartphones outside its own plants to broaden its existing portfolio and "ensure efficient management in the market". It declined to say how many Samsung phones are made by ODMs and said future volumes had yet to be determined. Wingtech did not respond to a request for comment. Research firm Counterpoint says ODMs can procure all the components needed for $100-$250 smartphones for 10 per cent to 15 per cent less than major brands with their own factories in China. One supply chain source said Wingtech can get some parts for up to 30 per cent less than Samsung Electronics pays in Vietnam, where it has three factories churning out smartphones, TVs and home appliances. Wingtech started making tablets and phones for Samsung in 2017, accounting for 3 per cent of its smartphones. That's expected to hit 8 per cent, or 24 million units, this year, according to IHS Markit. Samsung's outsourcing plans involve its lower and mid-range Galaxy A series, with Wingtech having a hand in both design and production, sources said. The A6S, one of the models to be outsourced, costs from 1,299 yuan ($185) in China. The Wingtech phones will mainly go to Southeast Asia and South America, one source said. Samsung is gaining share in both at the expense of Huawei, which is suffering from U.S. sanctions that bar it from putting all Google's services on new phones. While Samsung is anxious to remain global smartphone market leader, some analysts worry it might not be worth the risk is given that profits in the budget phone business are scarce for all. "Low-end phones are a headache for Samsung," said CW Chung, head of research at Nomura in Korea. Chung said they were now commodity products and it was "nonsense" to make them in-house. But he and other experts said if Samsung gave ODMs more volume, that could cut contractors' costs further and boost their experience and knowledge. "If ODM firms become more competitive, rivals will be more competitive," Tom Kang, an analyst at Counterpoint said, adding that once a company loses its expertise in making low-end phones by outsourcing, it is difficult to regain the know-how. Chung said Samsung's strategic shift signalled the declining manufacturing prowess of the company, once a low-cost Asian manufacturer and now the world's top producer of high-end electrical consumer goods. US rival Apple outsources production to Taiwan's Foxconn Technology, which has factories in China, but Apple still designs its phones in California. Samsung said in an emailed response to Reuters that it will be involved in the oversight of the design and development of smartphones produced by ODMs. One person familiar with Samsung and Chinese ODMs said contractors save money by cutting some steps out of the manufacturing process, potentially raising quality issues. He declined to go into details. With that in mind, Samsung has been pairing South Korean component suppliers with Chinese contractors to keep closer tabs on quality control, the person said. "We understand the logic of increasing the production volume with Chinese contractors is a strategic business decision but that doesn't mean all of us are happy about it," an executive at a Korean component supplier said. Samsung told Reuters it has applied the same quality checks and standards it does with all its devices, adding that it was committed to delivering high-quality products. Historically, Samsung has designed and produced almost all its phones in-house in vast factories in Vietnam and, more recently, India while winding down production in South Korea and China where labour costs more. But Roh Tae-moon, the youngest executive to become a president at Samsung Electronics, is championing the new ODM strategy in his role as number two at the mobile division, two people familiar with the matter said. "It is crucial to cut costs to maintain competitiveness with Huawei and other Chinese handset makers," said a Samsung insider who declined to be named. Other Korean firms have also embraced outsourcing. LG Electronics, whose smartphones have been losing money for several years, has said it plans to expand its ODM output from budget models to mid-priced phones. "Smartphones have come down to a battle over costs. It's a game of survival now," said Kim Yong-serk, a former Samsung mobile executive who is a professor at South Korea's Sungkyunkwan University.

Samsung to outsource production to China to fend off rivals

Indian shares edged higher on Monday, driven mostly by a surge in banking stocks after the top court last week provided relief to lenders in a case related to a steel company and on hopes of more support from the government towards ailing sectors.

The Supreme Court on Friday cleared the path for steelmaker <a href="https://www.wionews.com/business-economy/supreme-court-clears-path-for-arcelormittal-to-acquire-essar-steel-262263">ArcelorMittal SA to take over</a> bankrupt Essar Steel, and the judgment comes as a big reprieve for banks which are struggling with bad loans worth $140 billion.

"The Essar Steel verdict is very positive for the banking sector. Also, the banking sector results have been marginally better than expected," said Vinod Nair, head of research at Geojit Financial Services.

The government is coming up with positive measures to help the economy and ailing sectors like telecom, boosting investor confidence, he added.

The finance minister said on Friday the government was discussing the issue around telecom companies, but no final call had been taken yet.

This comes after India's two top mobile carriers warned last week that their ability to operate and make profits would depend on relief from the government.

The NSE Nifty 50 index was up 0.1 per cent&nbsp;at 11,903 as of 0410 GMT, while the S&amp;P BSE&nbsp;Sensex&nbsp;was 0.3 per cent&nbsp;higher at 40,495.

The Nifty public sector bank index was the top gainer, rising 1.4 per cent. State Bank of India led the rally with a rise of 1.8 per cent.

Indian shares edged higher on Monday, driven mostly by a surge in banking stocks after the top court last week provided relief to lenders in a case related to a steel company and on hopes of more support from the government towards ailing sectors.

Indian shares edged higher on Monday, driven mostly by a surge in banking stocks after the top court last week provided relief to lenders in a case related to a steel company and on hopes of more support from the government towards ailing sectors. The Supreme Court on Friday cleared the path for steelmaker ArcelorMittal SA to take over bankrupt Essar Steel, and the judgment comes as a big reprieve for banks which are struggling with bad loans worth $140 billion. "The Essar Steel verdict is very positive for the banking sector. Also, the banking sector results have been marginally better than expected," said Vinod Nair, head of research at Geojit Financial Services. The government is coming up with positive measures to help the economy and ailing sectors like telecom, boosting investor confidence, he added. The finance minister said on Friday the government was discussing the issue around telecom companies, but no final call had been taken yet. This comes after India's two top mobile carriers warned last week that their ability to operate and make profits would depend on relief from the government. The NSE Nifty 50 index was up 0.1 per cent at 11,903 as of 0410 GMT, while the S&P BSE Sensex was 0.3 per cent higher at 40,495. The Nifty public sector bank index was the top gainer, rising 1.4 per cent. State Bank of India led the rally with a rise of 1.8 per cent.

Nifty, Sensex tick up; Public sector banks lead gains

China's central bank unexpectedly trimmed a&nbsp;key&nbsp;interbank lending&nbsp;rate&nbsp;on Monday, the&nbsp;first&nbsp;easing in the&nbsp;liquidity&nbsp;tool in more than four years and a signal to markets that policymakers are ready to act to prop up slowing growth.

The People's Bank of&nbsp;China&nbsp;(PBOC) said on its website that it was lowering the seven-day reverse repurchase&nbsp;rate&nbsp;to 2.50 per cent from 2.55 per cent.

The move cheered&nbsp;China's bond market and comes just two weeks after the PBOC cut the borrowing cost on its medium-term lending facility (MLF) loans by the same margin.

Analysts say the unexpected cut on Monday shows the central bank is keen to ease investor worries that higher inflation will prevent it from delivering fresh stimulus measures.

Zhou Hao, an economist at Commerzbank in Singapore said the reverse repo&nbsp;rate&nbsp;cut indicates a policy change in coming months, including "some fine-tuning to prioritise the pro-growth policy for the&nbsp;time&nbsp;being."

Driven by soaring pork prices from the spread of African Swine Fever,&nbsp;China's consumer inflation rose past the government's target of around 3 per cent in&nbsp;October to its fastest pace in almost eight years, posing a dilemma for the PBOC.

"I expected an easing move from the PBOC, just didn't know when," said a Hong Kong-based portfolio manager. "The (high) Consumer Price Index (CPI) was only pigging CPI. Everything else is in big trouble."

He noted that the central bank continues to take a cautious approach to ease. In a report released Saturday, the PBOC said it would maintain a prudent monetary policy to prevent inflation from spreading.

Markets participants widely believe the two&nbsp;rate&nbsp;cuts&nbsp;in the open market operations suggest a similar adjustment in its newly established Loan Prime&nbsp;Rate.

The PBOC will announce its monthly LPR fixing on Wednesday. The&nbsp;rate&nbsp;on the one-year fixing now stands at 4.2&nbsp;per cent while&nbsp;the five-year is at 4.85 per cent.

The&nbsp;rate&nbsp;cut bolstered the bond market on Monday morning, with&nbsp;China's benchmark 10-year treasury futures for December delivery were up more than 0.4 per cent.

The PBOC has skipped reverse repo operations for 15 straight trading days before the resumption on Monday when it injected 180 billion yuan ($25.74 billion) into the interbank market.

China's central bank unexpectedly trimmed a key interbank lending rate on Monday, the first easing in the liquidity tool in more than four years and a signal to markets that policymakers are ready to act to prop up slowing growth.

China's central bank unexpectedly trimmed a key interbank lending rate on Monday, the first easing in the liquidity tool in more than four years and a signal to markets that policymakers are ready to act to prop up slowing growth. The People's Bank of China (PBOC) said on its website that it was lowering the seven-day reverse repurchase rate to 2.50 per cent from 2.55 per cent. The move cheered China's bond market and comes just two weeks after the PBOC cut the borrowing cost on its medium-term lending facility (MLF) loans by the same margin. Analysts say the unexpected cut on Monday shows the central bank is keen to ease investor worries that higher inflation will prevent it from delivering fresh stimulus measures. Zhou Hao, an economist at Commerzbank in Singapore said the reverse repo rate cut indicates a policy change in coming months, including "some fine-tuning to prioritise the pro-growth policy for the time being." Driven by soaring pork prices from the spread of African Swine Fever, China's consumer inflation rose past the government's target of around 3 per cent in October to its fastest pace in almost eight years, posing a dilemma for the PBOC. "I expected an easing move from the PBOC, just didn't know when," said a Hong Kong-based portfolio manager. "The (high) Consumer Price Index (CPI) was only pigging CPI. Everything else is in big trouble." He noted that the central bank continues to take a cautious approach to ease. In a report released Saturday, the PBOC said it would maintain a prudent monetary policy to prevent inflation from spreading. Markets participants widely believe the two rate cuts in the open market operations suggest a similar adjustment in its newly established Loan Prime Rate. The PBOC will announce its monthly LPR fixing on Wednesday. The rate on the one-year fixing now stands at 4.2 per cent while the five-year is at 4.85 per cent. The rate cut bolstered the bond market on Monday morning, with China's benchmark 10-year treasury futures for December delivery were up more than 0.4 per cent. The PBOC has skipped reverse repo operations for 15 straight trading days before the resumption on Monday when it injected 180 billion yuan ($25.74 billion) into the interbank market.

China slashes key liquidity rate for first time since 2015

Several Asian airlines have cut flights to Hong Kong over the coming weeks, according to industry scheduling publication Routes Online, as anti-government protests in the city grow increasingly violent and disrupt daily life.

Routes online said latest schedules showed cancellations from PT Garuda Indonesia (Persero) Tbk, India's SpiceJet Ltd, Malaysia's AirAsia Group Bhd, and the Philippines' PAL Holdings Inc and Cebu Air Inc.

The cuts come as Hong Kong police on Monday fired tear gas at protesters trying to escape a besieged university, while others armed with petrol bombs awaited an expected operation to oust them.

The unrest, raging for almost six months, and an escalating Sino-US&nbsp;trade war has pushed the Asian financial hub into recession for the first time in a decade.

On Monday, Routes Online showed Garuda has reduced weekly flights to Hong Kong to four from 21 through mid-December, SpiceJet has suspended its Mumbai-Hong Kong route through January&nbsp;15 and AirAsia has cut flights from Kuala Lumpur and Kota Kinabalu in December and January.

Garuda and SpiceJet did not respond to Reuters' requests for comment. AirAsia said passenger numbers have been lower over the past few months and that it is adjusting capacity accordingly.

A spokeswoman for PAL Holdings' Philippine Airlines said the carrier was using smaller planes than usual for Hong Kong as passengers were postponing travel due to safety concerns. It has also cut daily flights from Manila to four from five, she said.

A spokeswoman for Cebu Air's Cebu Pacific said the budget carrier has cut flights from Cebu and Clark through December and January respectively due to softened demand. She said the airline nevertheless launched its Puerto Princesa-Hong Kong route on Sunday as scheduled.

Airport Authority Hong Kong on Sunday reported an October decline of 13 per cent&nbsp;in passengers and 6.1 per cent&nbsp;in the number of inbound and outbound flights - the steepest falls since the unrest began. It said a growing proportion of travellers were using Hong Kong as a transit point rather than a destination.

Last week, Cathay Pacific Airways Ltd said its business outlook was "challenging and uncertain" and that it has cut capacity and delayed four plane deliveries due to falling demand.

Major mainland Chinese carriers also reported double-digit declines in demand on so-called regional routes in September and October as protests in Hong Kong and travel restrictions to Taiwan took their toll, monthly traffic reports showed.

Routes Online said several Chinese carriers, including Air China Ltd, China Eastern Airlines Corp Ltd and China Southern Airlines Co Ltd had filed for fresh capacity reductions to Hong Kong since late October.

China Eastern declined to comment when contacted by Reuters. Air China and China Southern did not respond to requests for comment.

Several Asian airlines have cut flights to Hong Kong over the coming weeks, according to industry scheduling publication Routes Online, as anti-government protests in the city grow increasingly violent and disrupt daily life.

Several Asian airlines have cut flights to Hong Kong over the coming weeks, according to industry scheduling publication Routes Online, as anti-government protests in the city grow increasingly violent and disrupt daily life. Routes online said latest schedules showed cancellations from PT Garuda Indonesia (Persero) Tbk, India's SpiceJet Ltd, Malaysia's AirAsia Group Bhd, and the Philippines' PAL Holdings Inc and Cebu Air Inc. The cuts come as Hong Kong police on Monday fired tear gas at protesters trying to escape a besieged university, while others armed with petrol bombs awaited an expected operation to oust them. The unrest, raging for almost six months, and an escalating Sino-US trade war has pushed the Asian financial hub into recession for the first time in a decade. On Monday, Routes Online showed Garuda has reduced weekly flights to Hong Kong to four from 21 through mid-December, SpiceJet has suspended its Mumbai-Hong Kong route through January 15 and AirAsia has cut flights from Kuala Lumpur and Kota Kinabalu in December and January. Garuda and SpiceJet did not respond to Reuters' requests for comment. AirAsia said passenger numbers have been lower over the past few months and that it is adjusting capacity accordingly. A spokeswoman for PAL Holdings' Philippine Airlines said the carrier was using smaller planes than usual for Hong Kong as passengers were postponing travel due to safety concerns. It has also cut daily flights from Manila to four from five, she said. A spokeswoman for Cebu Air's Cebu Pacific said the budget carrier has cut flights from Cebu and Clark through December and January respectively due to softened demand. She said the airline nevertheless launched its Puerto Princesa-Hong Kong route on Sunday as scheduled. Airport Authority Hong Kong on Sunday reported an October decline of 13 per cent in passengers and 6.1 per cent in the number of inbound and outbound flights - the steepest falls since the unrest began. It said a growing proportion of travellers were using Hong Kong as a transit point rather than a destination. Last week, Cathay Pacific Airways Ltd said its business outlook was "challenging and uncertain" and that it has cut capacity and delayed four plane deliveries due to falling demand. Major mainland Chinese carriers also reported double-digit declines in demand on so-called regional routes in September and October as protests in Hong Kong and travel restrictions to Taiwan took their toll, monthly traffic reports showed. Routes Online said several Chinese carriers, including Air China Ltd, China Eastern Airlines Corp Ltd and China Southern Airlines Co Ltd had filed for fresh capacity reductions to Hong Kong since late October. China Eastern declined to comment when contacted by Reuters. Air China and China Southern did not respond to requests for comment.

Asian airlines slash flights to Hong Kong as unrest escalates

Indian shares ended mostly flat on Monday, with gains in metal stocks and public sector banks offsetting losses in IT and auto stocks.

The NSE Nifty 50 index ended mostly unchanged at 11,888, while the S&amp;P BSE Sensex closed 0.1 per cent&nbsp;lower at 40,316.

"Some people who bought at lower levels are booking profits," said Alok Ranjan, head, portfolio management services with Way2Wealth Brokers.

"After gaining so much in the past month, the market is trying to consolidate around the present levels," he added.

The Nifty main index has risen over 12 per cent&nbsp;since mid-August, after hitting a 6-month trough.

The Nifty public sector bank index gained 1.43 per cent, while the Nifty metals index rose 1.63 per cent.

Shares of Bharti Airtel ended up 4.1 per cent&nbsp;and was the top gainer in Nifty 50, while Yes Bank shares fell 4.20 per cent&nbsp;to end as top loser.

Indian shares ended mostly flat on Monday, with gains in metal stocks and public sector banks offsetting losses in IT and auto stocks. The NSE Nifty 50 index ended mostly unchanged at 11,888, while the S&P BSE Sensex closed 0.

Indian shares ended mostly flat on Monday, with gains in metal stocks and public sector banks offsetting losses in IT and auto stocks. The NSE Nifty 50 index ended mostly unchanged at 11,888, while the S&P BSE Sensex closed 0.1 per cent lower at 40,316. "Some people who bought at lower levels are booking profits," said Alok Ranjan, head, portfolio management services with Way2Wealth Brokers. "After gaining so much in the past month, the market is trying to consolidate around the present levels," he added. The Nifty main index has risen over 12 per cent since mid-August, after hitting a 6-month trough. The Nifty public sector bank index gained 1.43 per cent, while the Nifty metals index rose 1.63 per cent. Shares of Bharti Airtel ended up 4.1 per cent and was the top gainer in Nifty 50, while Yes Bank shares fell 4.20 per cent to end as top loser.

Sensex, Nifty end mostly flat; metal, PSU banks gain

HP Inc. said Sunday it turned down a $33 billion hostile takeover bid from Xerox, saying it undervalued the computer and printer maker.&nbsp;

But the HP board said it still would like to discuss the possibility of reaching a deal with its rival, a venerable US tech company best known for its photocopy machines.

"We recognize the potential benefits of consolidation, and we are open to exploring whether there is value to be created for&nbsp;HP&nbsp;shareholders through a potential combination with Xerox," HP said in a statement.&nbsp;

But the company's board members have&nbsp;"fundamental questions that need to be addressed" first, it added.

It said, for instance, that Xerox's revenue dropped&nbsp;from $10.2 billion to $9.2 billion since June 2018.

And HP is three times more valuable than Xerox with&nbsp;a $27 billion market value.&nbsp;

Hewlett-Packard was one of the first Silicon Valle giants. In 2015, it spun off its enterprise products and services business and held onto the PC and printer businesses. It was renamed HP&nbsp;Inc.

Xerox, founded in 1906 as Haloid, was the pioneer in photocopy machines, so much so that in the United States, its name became a verb meaning to make a photocopy.

HP Inc. said Sunday it turned down a $33 billion hostile takeover bid from Xerox, saying it undervalued the computer and printer maker. But the HP board said it still would like to discuss the possibility of reaching a deal with its rival, a venerable US tech company best known for its photocopy machines.

HP Inc. said Sunday it turned down a $33 billion hostile takeover bid from Xerox, saying it undervalued the computer and printer maker. But the HP board said it still would like to discuss the possibility of reaching a deal with its rival, a venerable US tech company best known for its photocopy machines. "We recognize the potential benefits of consolidation, and we are open to exploring whether there is value to be created for HP shareholders through a potential combination with Xerox," HP said in a statement. But the company's board members have "fundamental questions that need to be addressed" first, it added. It said, for instance, that Xerox's revenue dropped from $10.2 billion to $9.2 billion since June 2018. And HP is three times more valuable than Xerox with a $27 billion market value. Hewlett-Packard was one of the first Silicon Valle giants. In 2015, it spun off its enterprise products and services business and held onto the PC and printer businesses. It was renamed HP Inc. Xerox, founded in 1906 as Haloid, was the pioneer in photocopy machines, so much so that in the United States, its name became a verb meaning to make a photocopy.

HP rejects takeover bid from Xerox

Japan's SoftBank Corp plans to merge internet unit Yahoo Japan with messaging app operator Line Corp to create a $30 billion tech giant, as it strives better compete to with local rival Rakuten and US tech powerhouses.

The deal, which would combine the providers of two of Japan's top QR code payment services, offers SoftBank access to 164 million Line users and their data in Japan and Southeast Asia as it expands into services outside its core wireless business.

It also offers Line a deep-pocket patron who can offer its tech expertise, including potentially via the giant Vision Fund.

The deal comes as SoftBank Group founder Masayoshi Son battles to restore his reputation after a disastrous investment in office-sharing firm WeWork.

Telecoms firm SoftBank Corp said in a statement that Yahoo Japan, which last month changed its name to Z Holdings Corp, would aim to complete its merger with Line, owned by South Korea's Naver Corp, in October 2020.

The companies plan to reach a definitive agreement by next month in a transaction that would see SoftBank Corp and Naver form a 50:50 venture that would control Z Holdings, which in turn would operate Yahoo Japan and Line.

SoftBank Corp and Naver, which owns 73 per cent of money-losing Line, plan to launch a tender offer for Line's remaining shares at 5,200 yen each - a 13.4 per cent&nbsp;premium to the shares' price before news of the merger broke. That values Line at about $12 billion.

Line's shares closed up 2.2 per cent&nbsp;at 5,150 yen after the announcement. Shares in Z Holdings rose 1.2 per cent, with Naver's shares up 2.9 per cent&nbsp;and SoftBank Corp's down 0.3 per cent.

Line has been looking for growth through expansion into areas such as QR code payments with Line Pay but has been squeezed because of its limited funds and heavy-spending peers including SoftBank, which has a rival service called PayPay.

The merger of Japan's most popular messaging app and one of the country's top online retailers is the latest consolidation in its tech industry and comes as Rakuten is expanding into SoftBank's core business with the launch of mobile services.

SoftBank this month completed its acquisition of online fashion retailer Zozo Inc, whose founder and ex-Chief Executive Yusaku Maezawa sold down his stake following a series of missteps.

The merger is driven by the two companies' "sense of crisis" over the rise of tech giants from the U.S. and China, Line CEO Takeshi Idezawa told a news conference, wearing a tie in Yahoo Japan's red corporate colour.

SoftBank Group's Son frequently laments Japan's tardiness in emerging fields like artificial intelligence, with Monday's presentation showing even after combining the company's research and development budget would be dwarfed by overseas rivals.

Yahoo Japan CEO Kentaro Kawabe, who was wearing a tie in Line's corporate green, declined to comment on which services would be combined or abolished post-merger.

Line launched to overcome downed networks in the aftermath of a 2011 earthquake and tsunami before building a strong following with its use of colourful emojis, eventually listing in 2016.

However, the messaging service struggled to make inroads in countries dominated by apps like Facebook's Whatapp and eventually retrenched in its core markets of Japan, Taiwan, Thailand and Indonesia.

Coming at a time of heightened political tension between Japan and South Korea, the merger might be the two countries' most significant economic cooperation of the last decade, Jaewoong Lee, a South Korean serial entrepreneur and founder of Naver rival Daum wrote on his Facebook page late on Sunday.

Z Holdings will continue to be a consolidated subsidiary of SoftBank Corp, which is a unit of investment conglomerate SoftBank Group Corp.

SoftBank retained Mizuho Securities, a unit of Mizuho Financial Group, as its financial advisor. Naver retained Deutsche Bank.

Japan's SoftBank Corp plans to merge internet unit Yahoo Japan with messaging app operator Line Corp to create a $30 billion tech giant, as it strives better compete to with local rival Rakuten and US tech powerhouses.

Japan's SoftBank Corp plans to merge internet unit Yahoo Japan with messaging app operator Line Corp to create a $30 billion tech giant, as it strives better compete to with local rival Rakuten and US tech powerhouses. The deal, which would combine the providers of two of Japan's top QR code payment services, offers SoftBank access to 164 million Line users and their data in Japan and Southeast Asia as it expands into services outside its core wireless business. It also offers Line a deep-pocket patron who can offer its tech expertise, including potentially via the giant Vision Fund. The deal comes as SoftBank Group founder Masayoshi Son battles to restore his reputation after a disastrous investment in office-sharing firm WeWork. Telecoms firm SoftBank Corp said in a statement that Yahoo Japan, which last month changed its name to Z Holdings Corp, would aim to complete its merger with Line, owned by South Korea's Naver Corp, in October 2020. The companies plan to reach a definitive agreement by next month in a transaction that would see SoftBank Corp and Naver form a 50:50 venture that would control Z Holdings, which in turn would operate Yahoo Japan and Line. SoftBank Corp and Naver, which owns 73 per cent of money-losing Line, plan to launch a tender offer for Line's remaining shares at 5,200 yen each - a 13.4 per cent premium to the shares' price before news of the merger broke. That values Line at about $12 billion. Line's shares closed up 2.2 per cent at 5,150 yen after the announcement. Shares in Z Holdings rose 1.2 per cent, with Naver's shares up 2.9 per cent and SoftBank Corp's down 0.3 per cent. Line has been looking for growth through expansion into areas such as QR code payments with Line Pay but has been squeezed because of its limited funds and heavy-spending peers including SoftBank, which has a rival service called PayPay. The merger of Japan's most popular messaging app and one of the country's top online retailers is the latest consolidation in its tech industry and comes as Rakuten is expanding into SoftBank's core business with the launch of mobile services. SoftBank this month completed its acquisition of online fashion retailer Zozo Inc, whose founder and ex-Chief Executive Yusaku Maezawa sold down his stake following a series of missteps. The merger is driven by the two companies' "sense of crisis" over the rise of tech giants from the U.S. and China, Line CEO Takeshi Idezawa told a news conference, wearing a tie in Yahoo Japan's red corporate colour. SoftBank Group's Son frequently laments Japan's tardiness in emerging fields like artificial intelligence, with Monday's presentation showing even after combining the company's research and development budget would be dwarfed by overseas rivals. Yahoo Japan CEO Kentaro Kawabe, who was wearing a tie in Line's corporate green, declined to comment on which services would be combined or abolished post-merger. Line launched to overcome downed networks in the aftermath of a 2011 earthquake and tsunami before building a strong following with its use of colourful emojis, eventually listing in 2016. However, the messaging service struggled to make inroads in countries dominated by apps like Facebook's Whatapp and eventually retrenched in its core markets of Japan, Taiwan, Thailand and Indonesia. Coming at a time of heightened political tension between Japan and South Korea, the merger might be the two countries' most significant economic cooperation of the last decade, Jaewoong Lee, a South Korean serial entrepreneur and founder of Naver rival Daum wrote on his Facebook page late on Sunday. Z Holdings will continue to be a consolidated subsidiary of SoftBank Corp, which is a unit of investment conglomerate SoftBank Group Corp. SoftBank retained Mizuho Securities, a unit of Mizuho Financial Group, as its financial advisor. Naver retained Deutsche Bank.

SoftBank to create $30 billion tech giant with Yahoo Japan, Line Corp merger

<a href="https://www.wionews.com/business-economy/tata-steel-reports-rs-3302-crore-q2-profit-260445">Tata&nbsp;Steel</a>&nbsp;plans&nbsp;to&nbsp;cut&nbsp;jobs&nbsp;across&nbsp;its&nbsp;European&nbsp;operations&nbsp;as it wrestles with excess supply and high costs, the company said on Monday.

Following a weekend interview in the Financial Times with the group's&nbsp;European&nbsp;chief executive, Henrik Adam,&nbsp;Tata&nbsp;confirmed it was planning to announce job&nbsp;cuts&nbsp;across&nbsp;the&nbsp;European&nbsp;business, which employs around 20,000 people.

No numbers have been made public. Indian-owned&nbsp;Tata&nbsp;Steel, which launched a transformation programme in June to strengthen its&nbsp;European&nbsp;business, has&nbsp;operations&nbsp;including&nbsp;steelmaking in the Netherlands and Wales and downstream&nbsp;operations&nbsp;across&nbsp;Europe.

There will be no plant closures but the aim is to shield the company against the "huge number of challenges" it faces, the company said.

"We are working hard on our&nbsp;plans&nbsp;to be operationally cash positive," Adam said, adding that the company was aiming for "a fundamental change". A company spokesman confirmed Adam's comments originally made to the Financial Times.

Steelmaking in Europe has come under strain from international competition and high energy costs, putting large numbers of well-paid&nbsp;jobs&nbsp;under threat.

European&nbsp;steelmakers blame China for the extent of a surplus in the market, but the world's biggest&nbsp;steelmaker says it has made its own deep&nbsp;cuts to capacity.

Britain last week announced that Chinese&nbsp;steelmaker Jingye has signed a provisional deal to buy British&nbsp;Steel, which went into compulsory liquidation in May.

The agreement is politically resonant ahead of British elections as job opportunities have become a major issue. If confirmed, the rescue could save thousands of&nbsp;jobs.

ArcelorMittal, the world's biggest&nbsp;steelmaker, has idled a series of plants&nbsp;across&nbsp;Europe.

In an emailed statement on Monday,&nbsp;Tata&nbsp;Steel&nbsp;said challenging market conditions had been made "worse by the use of Europe as a dumping ground for the world's excess capacity".

The company's&nbsp;European&nbsp;transformation programme launched in June aimed to develop "a simpler and leaner organisation, capable of sustainably financing high levels of investment,&nbsp;Tata&nbsp;said.

Changes will include streamlining supply chains and using technology to improve efficiency, as well as seeking to&nbsp;cut&nbsp;employment costs.

Tata's quest to boost profitability follows a&nbsp;European&nbsp;anti-trust decision to block a joint venture with Germany's ThyssenKrupp.

Tata Steel plans to cut jobs across its European operations as it wrestles with excess supply and high costs, the company said on Monday. Following a weekend interview in the Financial Times with the group's European chief executive, Henrik Adam, Tata confirmed it was planning to announce job cuts across the European business, which employs around 20,000 people.

Tata Steel plans to cut jobs across its European operations as it wrestles with excess supply and high costs, the company said on Monday. Following a weekend interview in the Financial Times with the group's European chief executive, Henrik Adam, Tata confirmed it was planning to announce job cuts across the European business, which employs around 20,000 people. No numbers have been made public. Indian-owned Tata Steel, which launched a transformation programme in June to strengthen its European business, has operations including steelmaking in the Netherlands and Wales and downstream operations across Europe. There will be no plant closures but the aim is to shield the company against the "huge number of challenges" it faces, the company said. "We are working hard on our plans to be operationally cash positive," Adam said, adding that the company was aiming for "a fundamental change". A company spokesman confirmed Adam's comments originally made to the Financial Times. Steelmaking in Europe has come under strain from international competition and high energy costs, putting large numbers of well-paid jobs under threat. European steelmakers blame China for the extent of a surplus in the market, but the world's biggest steelmaker says it has made its own deep cuts to capacity. Britain last week announced that Chinese steelmaker Jingye has signed a provisional deal to buy British Steel, which went into compulsory liquidation in May. The agreement is politically resonant ahead of British elections as job opportunities have become a major issue. If confirmed, the rescue could save thousands of jobs. ArcelorMittal, the world's biggest steelmaker, has idled a series of plants across Europe. In an emailed statement on Monday, Tata Steel said challenging market conditions had been made "worse by the use of Europe as a dumping ground for the world's excess capacity". The company's European transformation programme launched in June aimed to develop "a simpler and leaner organisation, capable of sustainably financing high levels of investment, Tata said. Changes will include streamlining supply chains and using technology to improve efficiency, as well as seeking to cut employment costs. Tata's quest to boost profitability follows a European anti-trust decision to block a joint venture with Germany's ThyssenKrupp.

Tata Steel plans to cut jobs across European operations

The Indian mobile industry will consolidate further if the government does not offer a material relief on adjusted gross revenue (AGR) liabilities, regulatory levies and potentially a floor on pricing, according to Kotak institutional equities.

Adjusted Gross Revenue (AGR) is the usage and licensing fee that telecom operators are charged by the Department of Telecommunications (DoT).&nbsp;

According to the DoT, the calculations should incorporate all revenues earned by a telecom company – including from non-telecom sources such as deposit interests and sale of assets. The companies, however, have been of the view that AGR should comprise the revenues generated from telecom services only and non-telecom revenues should be kept out of it.

&nbsp;A 'no material relief' scenario would be an industry-structure-altering one, it added.

Even as the massive AGR-case-related payout is a meaty gross negative for Bharti airtel, the potential gross positive from industry consolidation will likely result in a net positive outcome, it said adding that Bharti could be a net beneficiary.

Credit Suisse noted that Vodafone's idea faced "another operationally weak quarter" and that the government relief measures are "key to sustain". Meanwhile, the Indian telecom industry scenario of heavy losses continue day after details of.&nbsp;

Losses incurred by Reliance communications in the second quarter of 2019-2020 were made public, reliance communications on Saturday said Anil Dhirubhai Ambani resigned as the company's director. Along with him, four other senior officials of reliance communications have also stepped down from their posts. These are Chhaya Virani, Ryna Karani, Manjari Kacker and Suresh Rangachar.

In the second quarter of 2019-20, reliance communications' consolidated loss stood at Rs 30,142 crore. This data was released on Friday.

The Indian mobile industry will consolidate further if the government does not offer a material relief on adjusted gross revenue (AGR) liabilities, regulatory levies and potentially a floor on pricing, according to Kotak institutional equities.

The Indian mobile industry will consolidate further if the government does not offer a material relief on adjusted gross revenue (AGR) liabilities, regulatory levies and potentially a floor on pricing, according to Kotak institutional equities. Adjusted Gross Revenue (AGR) is the usage and licensing fee that telecom operators are charged by the Department of Telecommunications (DoT). According to the DoT, the calculations should incorporate all revenues earned by a telecom company – including from non-telecom sources such as deposit interests and sale of assets. The companies, however, have been of the view that AGR should comprise the revenues generated from telecom services only and non-telecom revenues should be kept out of it. A 'no material relief' scenario would be an industry-structure-altering one, it added. Even as the massive AGR-case-related payout is a meaty gross negative for Bharti airtel, the potential gross positive from industry consolidation will likely result in a net positive outcome, it said adding that Bharti could be a net beneficiary. Credit Suisse noted that Vodafone's idea faced "another operationally weak quarter" and that the government relief measures are "key to sustain". Meanwhile, the Indian telecom industry scenario of heavy losses continue day after details of. Losses incurred by Reliance communications in the second quarter of 2019-2020 were made public, reliance communications on Saturday said Anil Dhirubhai Ambani resigned as the company's director. Along with him, four other senior officials of reliance communications have also stepped down from their posts. These are Chhaya Virani, Ryna Karani, Manjari Kacker and Suresh Rangachar. In the second quarter of 2019-20, reliance communications' consolidated loss stood at Rs 30,142 crore. This data was released on Friday.

Indian Mobile industry to consolidate further if government doesn't offer material relief

Hopes for a trade deal between the <a href="https://www.wionews.com/world/china-us-had-constructive-phone-call-on-trade-report-262656">Unit</a>ed States and China and expectations that OPEC would extend production cuts supported oil prices on Monday, helping them hold on to last week's gains.

Brent crude futures, which rose 1.3 per cent&nbsp;last week, were little changed, trading at above $63 per barrel at 1100 GMT.

West Texas Intermediate (WTI) crude was also flat at $57.7 a barrel, having gained 0.8 per cent&nbsp;last week.

Oil rose on Friday as comments from a top US&nbsp;official raised optimism for a <a href="https://www.wionews.com/world/china-us-had-constructive-phone-call-on-trade-report-262656">US-China trade deal</a>, although worries about increasing crude supplies capped prices.

"In the short term, US-China trade talks and (the) OPEC meeting in early December are the two biggest events oil traders are watching for," Margaret Yang, an analyst at CMC Markets, said.

The 16-month trade war between the world's two biggest economies has slowed global growth, prompting analysts to lower forecasts for oil demand growth and raising concerns that a supply glut could develop in 2020.

China and the United States had "constructive talks" on trade in a high-level call on Saturday, state media Xinhua reported on Sunday, but it gave few other details.

In a signal that policymakers are ready to act to prop up slowing growth, China's central bank unexpectedly trimmed a closely-watched lending rate on Monday, the first such cut in more than four years.

The Organization of the Petroleum Exporting Countries (OPEC) said last week it expected demand for its oil to fall in 2020, supporting a view that there is a case for the group and other producers like Russia - collectively known as 'OPEC+' - to maintain limits on production that were introduced to cope with a supply glut.

OPEC and its allies are expected to discuss output policy at a meeting on December&nbsp;5-6 in Vienna. Their existing production deal runs until March.

US&nbsp;energy firms this week reduced the number of oil rigs operating for a fourth week in a row.

Hopes for a trade deal between the United States and China and expectations that OPEC would extend production cuts supported oil prices on Monday, helping them hold on to last week's gains.

Hopes for a trade deal between the United States and China and expectations that OPEC would extend production cuts supported oil prices on Monday, helping them hold on to last week's gains. Brent crude futures, which rose 1.3 per cent last week, were little changed, trading at above $63 per barrel at 1100 GMT. West Texas Intermediate (WTI) crude was also flat at $57.7 a barrel, having gained 0.8 per cent last week. Oil rose on Friday as comments from a top US official raised optimism for a US-China trade deal, although worries about increasing crude supplies capped prices. "In the short term, US-China trade talks and (the) OPEC meeting in early December are the two biggest events oil traders are watching for," Margaret Yang, an analyst at CMC Markets, said. The 16-month trade war between the world's two biggest economies has slowed global growth, prompting analysts to lower forecasts for oil demand growth and raising concerns that a supply glut could develop in 2020. China and the United States had "constructive talks" on trade in a high-level call on Saturday, state media Xinhua reported on Sunday, but it gave few other details. In a signal that policymakers are ready to act to prop up slowing growth, China's central bank unexpectedly trimmed a closely-watched lending rate on Monday, the first such cut in more than four years. The Organization of the Petroleum Exporting Countries (OPEC) said last week it expected demand for its oil to fall in 2020, supporting a view that there is a case for the group and other producers like Russia - collectively known as 'OPEC+' - to maintain limits on production that were introduced to cope with a supply glut. OPEC and its allies are expected to discuss output policy at a meeting on December 5-6 in Vienna. Their existing production deal runs until March. US energy firms this week reduced the number of oil rigs operating for a fourth week in a row.

Oil prices hold above $63 on trade talk optimism, OPEC

Japan's&nbsp;SoftBank&nbsp;Corp&nbsp;plans to merge internet unit&nbsp;<a href="https://www.wionews.com/entertainment/yahoo-japan-bids-for-control-of-fashion-e-tailer-zozo-for-37-billion-249306">Yahoo&nbsp;Japan</a>&nbsp;with messaging app operator&nbsp;Line&nbsp;Corp&nbsp;to&nbsp;create&nbsp;a $30&nbsp;billion&nbsp;tech&nbsp;giant, as it strives better compete to with local rival Rakuten and US&nbsp;tech&nbsp;powerhouses.

The deal, which would combine the providers of two of&nbsp;Japan's top QR code payment services, offers&nbsp;SoftBank&nbsp;access to 164 million&nbsp;Line&nbsp;users and their data in&nbsp;Japan&nbsp;and Southeast Asia as it expands into services outside its core wireless business.

It also offers&nbsp;Line&nbsp;a deep-pocket patron who can offer its&nbsp;tech&nbsp;expertise, including potentially via the&nbsp;giant&nbsp;Vision Fund.

The deal comes as&nbsp;<a href="https://www.wionews.com/business-economy/softbank-backed-oyo-to-raise-15-billion-led-by-founder-other-existing-investors-254242">SoftBank&nbsp;Group</a> founder Masayoshi Son battles to restore his reputation after a disastrous investment in office-sharing firm WeWork.

Telecoms firm&nbsp;SoftBank&nbsp;Corp&nbsp;said in a statement that&nbsp;Yahoo&nbsp;Japan, which last month changed its name to Z Holdings&nbsp;Corp, would aim to complete its&nbsp;merger&nbsp;with&nbsp;Line, owned by South Korea's Naver&nbsp;Corp, in October 2020.

The companies plan to reach a definitive agreement by next month in a transaction that would see&nbsp;SoftBank&nbsp;Corp&nbsp;and Naver form a 50:50 venture that would control Z Holdings, which in turn would operate&nbsp;Yahoo&nbsp;Japan&nbsp;and&nbsp;Line.

SoftBank&nbsp;Corp&nbsp;and Naver, which owns 73 per cent&nbsp;of money-losing&nbsp;Line, plan to launch a tender offer for&nbsp;Line's remaining shares at 5,200 yen each - a 13.4 per cent&nbsp;premium to the shares' price before news of the&nbsp;merger&nbsp;broke. That values&nbsp;Line&nbsp;at about $12&nbsp;billion.

Line's shares closed up 2.2 per cent&nbsp;at 5,150 yen after the announcement. Shares in Z Holdings rose 1.2 per cent, with Naver's shares up 2.9 per cent&nbsp;and&nbsp;SoftBank&nbsp;Corp's down 0.3 per cent.

Line&nbsp;has been looking for growth through expansion into areas such as QR code payments with&nbsp;Line&nbsp;Pay, but has been squeezed because of its limited funds and heavy-spending peers including&nbsp;SoftBank, which has a rival service called PayPay.

The&nbsp;merger&nbsp;of&nbsp;Japan's most popular messaging app and one of the country's top online&nbsp;retailers is the latest consolidation in its&nbsp;tech&nbsp;industry, and comes as Rakuten is expanding into&nbsp;SoftBank's core business with the launch of mobile services.

SoftBank&nbsp;this month completed its acquisition of online&nbsp;fashion retailer Zozo Inc, whose founder and ex-Chief Executive Yusaku Maezawa sold down his stake following a series of missteps.

The&nbsp;merger&nbsp;is driven by the two companies' "sense of crisis" over the rise of&nbsp;tech&nbsp;giants from the US&nbsp;and China,&nbsp;Line&nbsp;CEO Takeshi Idezawa told a news conference, wearing a tie in&nbsp;Yahoo&nbsp;Japan's red&nbsp;corporate colour.

SoftBank&nbsp;Group's Son frequently laments&nbsp;Japan's tardiness in emerging fields like artificial intelligence, with Monday's presentation showing even after combining the company's research and development budget would be dwarfed by overseas rivals.

Yahoo&nbsp;Japan&nbsp;CEO Kentaro Kawabe, who was wearing a tie in&nbsp;Line's&nbsp;corporate green, declined to comment on which services would be combined or abolished post-merger.

Line&nbsp;launched to overcome downed networks in the aftermath of a 2011 earthquake and tsunami before building a strong following with its use of colourful emojis, eventually listing in 2016.

However, the messaging service struggled to make inroads in countries dominated by apps like <a href="https://www.wionews.com/world/nso-snoop-row-how-pegasus-broke-into-whatsapp-260055">Facebook's Whatapp</a> and eventually retrenched in its core markets of&nbsp;Japan, Taiwan, Thailand and Indonesia.

Coming at a time of heightened political tension between&nbsp;Japan&nbsp;and South Korea, the&nbsp;merger&nbsp;might be the two countries' most significant economic cooperation of the last decade, Jaewoong Lee, a South Korean serial entrepreneur and founder of Naver rival Daum wrote on his Facebook page late on Sunday.

Z Holdings will continue to be a consolidated subsidiary of&nbsp;SoftBank&nbsp;Corp, which is a unit of investment conglomerate&nbsp;SoftBank&nbsp;Group&nbsp;Corp.

SoftBank&nbsp;retained Mizuho Securities, a unit of Mizuho Financial Group, as its financial advisor. Naver retained Deutsche Bank.

Japan's SoftBank Corp plans to merge internet unit Yahoo Japan with messaging app operator Line Corp to create a $30 billion tech giant, as it strives better compete to with local rival Rakuten and US tech powerhouses. The deal, which would combine the providers of two of Japan's top QR code payment services, offers SoftBank access to 164 million Line users and their data in Japan and Southeast Asia as it expands into services outside its core wireless business. It also offers Line a deep-pocket patron who can offer its tech expertise, including potentially via the giant Vision Fund. The deal comes as SoftBank Group founder Masayoshi Son battles to restore his reputation after a disastrous investment in office-sharing firm WeWork. Telecoms firm SoftBank Corp said in a statement that Yahoo Japan, which last month changed its name to Z Holdings Corp, would aim to complete its merger with Line, owned by South Korea's Naver Corp, in October 2020. The companies plan to reach a definitive agreement by next month in a transaction that would see SoftBank Corp and Naver form a 50:50 venture that would control Z Holdings, which in turn would operate Yahoo Japan and Line. SoftBank Corp and Naver, which owns 73 per cent of money-losing Line, plan to launch a tender offer for Line's remaining shares at 5,200 yen each - a 13.4 per cent premium to the shares' price before news of the merger broke. That values Line at about $12 billion. Line's shares closed up 2.2 per cent at 5,150 yen after the announcement. Shares in Z Holdings rose 1.2 per cent, with Naver's shares up 2.9 per cent and SoftBank Corp's down 0.3 per cent. Line has been looking for growth through expansion into areas such as QR code payments with Line Pay, but has been squeezed because of its limited funds and heavy-spending peers including SoftBank, which has a rival service called PayPay. The merger of Japan's most popular messaging app and one of the country's top online retailers is the latest consolidation in its tech industry, and comes as Rakuten is expanding into SoftBank's core business with the launch of mobile services. SoftBank this month completed its acquisition of online fashion retailer Zozo Inc, whose founder and ex-Chief Executive Yusaku Maezawa sold down his stake following a series of missteps. The merger is driven by the two companies' "sense of crisis" over the rise of tech giants from the US and China, Line CEO Takeshi Idezawa told a news conference, wearing a tie in Yahoo Japan's red corporate colour. SoftBank Group's Son frequently laments Japan's tardiness in emerging fields like artificial intelligence, with Monday's presentation showing even after combining the company's research and development budget would be dwarfed by overseas rivals. Yahoo Japan CEO Kentaro Kawabe, who was wearing a tie in Line's corporate green, declined to comment on which services would be combined or abolished post-merger. Line launched to overcome downed networks in the aftermath of a 2011 earthquake and tsunami before building a strong following with its use of colourful emojis, eventually listing in 2016. However, the messaging service struggled to make inroads in countries dominated by apps like Facebook's Whatapp and eventually retrenched in its core markets of Japan, Taiwan, Thailand and Indonesia. Coming at a time of heightened political tension between Japan and South Korea, the merger might be the two countries' most significant economic cooperation of the last decade, Jaewoong Lee, a South Korean serial entrepreneur and founder of Naver rival Daum wrote on his Facebook page late on Sunday. Z Holdings will continue to be a consolidated subsidiary of SoftBank Corp, which is a unit of investment conglomerate SoftBank Group Corp. SoftBank retained Mizuho Securities, a unit of Mizuho Financial Group, as its financial advisor. Naver retained Deutsche Bank.

The founder and CEO of <a href="https://www.wionews.com/.../exclusive-us-opens-national-security- investigation-into-tiktok-sources-259364">TikTok</a> owner <a href="https://www.wionews.com/.../founder-of-chinas-smartphone-maker-smartisan -barred-from-planes-trains-259693">ByteDance</a> will focus on adding users of the popular video app in countries outside of its strongest markets, according to an internal staff note seen by Reuters, as it faces political pressure in the United States.

The note from Zhang Yiming setting out company goals for November and December comes after lawmakers in the US&nbsp;recently voiced concerns about collection of user data and whether China censors content seen by US&nbsp;users.

"Continue to diversify TikTok's growth," said the note, which was written in both English and Mandarin Chinese. "Increase investment in weaker markets," Zhang added.

The video app is especially popular with US&nbsp;teenagers and young adults, drawing scrutiny at a time of rising tensions between Washington and Beijing.

Zhang did not mention the pressure in the US&nbsp;but urged the firm to enhance its capabilities in "handling global public affairs" and strengthening user data protection.

The Committee on Foreign Investment in the United States has started to review ByteDance’s $1 billion acquisition of the US&nbsp;app Musical.ly, which was subsequently merged into TikTok, Reuters reported this month.

ByteDance didn't immediately respond to a request for comment. The company has said the Chinese government does not have any jurisdiction over TikTok content.

Launched just two years ago, TikTok has been downloaded 1.5 billion times, making it the third most downloaded non-gaming app of the year, after of Facebook's WhatsApp and Messenger apps, according to research firm SensorTower.

TikTok has faced regulatory challenges in India and Indonesia, where it is also a big hit. India temporary banned downloads of the app in April this year and Indonesia did the same last year, largely due to concerns about salacious content.

<a href="https://www.wionews.com/.../if-madras-high-court-doesnt-decide-by-april-24 -ban-on-tiktok-will-be-lifted-supreme-court-212501">SensorTower</a> said that India is the main driver for TikTok's new downloads this year, and the app is also popular in Britain, France, Japan, Australia and Canada, according to App Annie.

In his brief note, Zhang also made mention of the company's other apps, such as the Chinese version of TikTok, Douyin, and Chinese news aggregator Jinri Toutiao. Both Douyin and Toutiao make money from advertising, competing with China's tech giants Tencent Holdings and Baidu Inc

He said the goal for Toutiao, one of ByteDance's major sources of revenue, was to enhance its "monetization efficiency" and urged staffers to "continue to put our foot to the floor" for Douyin to widen the app's advantage over its competitors.

The founder and CEO of TikTok owner ByteDance will focus on adding users of the popular video app in countries outside of its strongest markets, according to an internal staff note seen by Reuters, as it faces political pressure in the United States.

The founder and CEO of TikTok owner ByteDance will focus on adding users of the popular video app in countries outside of its strongest markets, according to an internal staff note seen by Reuters, as it faces political pressure in the United States. The note from Zhang Yiming setting out company goals for November and December comes after lawmakers in the US recently voiced concerns about collection of user data and whether China censors content seen by US users. "Continue to diversify TikTok's growth," said the note, which was written in both English and Mandarin Chinese. "Increase investment in weaker markets," Zhang added. The video app is especially popular with US teenagers and young adults, drawing scrutiny at a time of rising tensions between Washington and Beijing. Zhang did not mention the pressure in the US but urged the firm to enhance its capabilities in "handling global public affairs" and strengthening user data protection. The Committee on Foreign Investment in the United States has started to review ByteDance’s $1 billion acquisition of the US app Musical.ly, which was subsequently merged into TikTok, Reuters reported this month. ByteDance didn't immediately respond to a request for comment. The company has said the Chinese government does not have any jurisdiction over TikTok content. Launched just two years ago, TikTok has been downloaded 1.5 billion times, making it the third most downloaded non-gaming app of the year, after of Facebook's WhatsApp and Messenger apps, according to research firm SensorTower. TikTok has faced regulatory challenges in India and Indonesia, where it is also a big hit. India temporary banned downloads of the app in April this year and Indonesia did the same last year, largely due to concerns about salacious content. SensorTower said that India is the main driver for TikTok's new downloads this year, and the app is also popular in Britain, France, Japan, Australia and Canada, according to App Annie. In his brief note, Zhang also made mention of the company's other apps, such as the Chinese version of TikTok, Douyin, and Chinese news aggregator Jinri Toutiao. Both Douyin and Toutiao make money from advertising, competing with China's tech giants Tencent Holdings and Baidu Inc He said the goal for Toutiao, one of ByteDance's major sources of revenue, was to enhance its "monetization efficiency" and urged staffers to "continue to put our foot to the floor" for Douyin to widen the app's advantage over its competitors.

ByteDance CEO urges TikTok diversification as US pressure mounts: internal note