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Bezeq Israel Telecom reported a slightly larger-than-expected fall in third-quarter profit on Monday and reiterated it was on track for a large 2019 loss after two major write-downs in its business units.

Israel's largest telecoms group, which is in the midst of a change in ownership, reported a profit of 191 million shekels ($55 million), down from 234 million a year earlier and slightly short of the 198 million forecast by analysts.

Bezeq attributed the decline mainly to higher financing expenses.

Revenue fell 2.3 per cent&nbsp;to 2.25 billion shekels, slightly above the 2.23 billion expected by analysts.

The company maintained its 2019 forecast of a net loss of 1.1 billion shekels.

Bezeq is the dominant telecoms group in Israel and owns mobile phone operator Pelephone, satellite TV firm YES and internet service provider Bezeq International.

"Bezeq is in the midst of a major restructuring with several parallel early retirement plans and cost-cutting measures," Barclays analyst Tavy Rosner said. "These are starting to pay off, as demonstrated by the 4 per cent&nbsp;decrease in salaries."

Last week the communications ministry approved the sale of a controlling share in Bezeq to the foreign private investor group Searchlight Capital Partners.

For the past few years Bezeq has been locked in a battle with the telecoms regulator over deployment of a fibre optics network, with Bezeq unwilling to meet demands it provide the service for 100 per cent&nbsp;of the country, saying that was not economically viable.

Rivals Cellcom and Partner Communications have started their own fibre networks.

This month the ministry said it was willing to ease up on its demands and would allow Bezeq to choose where to roll out its network.

"We hope that the new policy that will be formulated will enable us to launch fibre optic services for the private sector in Israel on an economic basis," CEO David Mizrahi said in a statement.

Rosner noted that although Bezeq was losing market share in fixed line, that will likely change once Bezeq and the regulator reach a final agreement.

Bezeq's shares were down 1.5 per cent&nbsp;in morning trade in Tel Aviv. They are down 23 per cent&nbsp;this year.

Bezeq Israel Telecom reported a slightly larger-than-expected fall in third-quarter profit on Monday and reiterated it was on track for a large 2019 loss after two major write-downs in its business units.

Bezeq Israel Telecom reported a slightly larger-than-expected fall in third-quarter profit on Monday and reiterated it was on track for a large 2019 loss after two major write-downs in its business units. Israel's largest telecoms group, which is in the midst of a change in ownership, reported a profit of 191 million shekels ($55 million), down from 234 million a year earlier and slightly short of the 198 million forecast by analysts. Bezeq attributed the decline mainly to higher financing expenses. Revenue fell 2.3 per cent to 2.25 billion shekels, slightly above the 2.23 billion expected by analysts. The company maintained its 2019 forecast of a net loss of 1.1 billion shekels. Bezeq is the dominant telecoms group in Israel and owns mobile phone operator Pelephone, satellite TV firm YES and internet service provider Bezeq International. "Bezeq is in the midst of a major restructuring with several parallel early retirement plans and cost-cutting measures," Barclays analyst Tavy Rosner said. "These are starting to pay off, as demonstrated by the 4 per cent decrease in salaries." Last week the communications ministry approved the sale of a controlling share in Bezeq to the foreign private investor group Searchlight Capital Partners. For the past few years Bezeq has been locked in a battle with the telecoms regulator over deployment of a fibre optics network, with Bezeq unwilling to meet demands it provide the service for 100 per cent of the country, saying that was not economically viable. Rivals Cellcom and Partner Communications have started their own fibre networks. This month the ministry said it was willing to ease up on its demands and would allow Bezeq to choose where to roll out its network. "We hope that the new policy that will be formulated will enable us to launch fibre optic services for the private sector in Israel on an economic basis," CEO David Mizrahi said in a statement. Rosner noted that although Bezeq was losing market share in fixed line, that will likely change once Bezeq and the regulator reach a final agreement. Bezeq's shares were down 1.5 per cent in morning trade in Tel Aviv. They are down 23 per cent this year.

Israel's Bezeq Tel third-quarter profit falls, headed for big 2019 loss

Russia's&nbsp;military&nbsp;export sales have not fallen despite US&nbsp;sanctions, the head of state conglomerate&nbsp;Rostec&nbsp;said on Monday.

Rostec, whose business includes weapons manufacturer Kalashnikov as well as&nbsp;Russian&nbsp;Helicopters and United Aircraft Corporation (UAC), is among&nbsp;Russian&nbsp;firms that have been affected by&nbsp;sanctions&nbsp;imposed on the country over the annexation of Crimea from Ukraine and other factors.

Rosoboronexport, the state agency for&nbsp;exports&nbsp;and imports recorded&nbsp;military&nbsp;sales of $13.7 billion in 2018, slightly higher than the previous year,&nbsp;Rostec&nbsp;head Sergey Chemezov told reporters at the Dubai Airshow.

Sales for 2019 are expected to be like that of 2018 as the company has already recorded over $11 billion currently, he said.

“It is growing, that means our production is of higher quality and reliable.”

Chemezov said Russia would also continue its&nbsp;military&nbsp;cooperation with Saudi Arabia and the United Arab Emirates with several projects underway despite some western countries shunning the two Gulf states because of their role in the Yemen war.

Some countries such as Germany, Norway and others have restricted sale of arms to countries engaged in the Yemen war.

Russia always cooperates only with legitimate governments and has always advocated a diplomatic settlement of the conflict in Yemen. “At the same time, Saudi Arabia is our partner," Chemezov said.

Several projects are underway in cooperation with Saudi Arabia, including plans for a Kalashnikov plant in the Kingdom, he said, declining to give more details as negotiations are not yet completed.

Chemezov said there had been interested from the Middle East for Russia’s single-aisle passenger jet, the MC-21, that would compete with similar jets from Airbus and Boeing.&nbsp;Discussions are ongoing but no contract has been signed with any Middle East buyer, he said, declining to name potential customers.

Currently, there are orders for more than 170 of the planes, mostly from airlines in Russia.

“Regular production” of around 72 aircraft per year is planned. The first deliveries will begin in 2021, he said.

Asked whether an advance payment of $800 million was made by India to Russia relating to the S-400 long-range surface-to-air missile systems, Chemezov said the advance payment was done.&nbsp; “I don’t want to clarify the numbers, negotiations are underway, 2025 is the completion date.”

Russia's military export sales have not fallen despite US sanctions, the head of state conglomerate Rostec said on Monday. Rostec, whose business includes weapons manufacturer Kalashnikov as well as Russian Helicopters and United Aircraft Corporation (UAC), is among Russian firms that have been affected by sanctions imposed on the country over the annexation of Crimea from Ukraine and other factors.

Russia's military export sales have not fallen despite US sanctions, the head of state conglomerate Rostec said on Monday. Rostec, whose business includes weapons manufacturer Kalashnikov as well as Russian Helicopters and United Aircraft Corporation (UAC), is among Russian firms that have been affected by sanctions imposed on the country over the annexation of Crimea from Ukraine and other factors. Rosoboronexport, the state agency for exports and imports recorded military sales of $13.7 billion in 2018, slightly higher than the previous year, Rostec head Sergey Chemezov told reporters at the Dubai Airshow. Sales for 2019 are expected to be like that of 2018 as the company has already recorded over $11 billion currently, he said. “It is growing, that means our production is of higher quality and reliable.” Chemezov said Russia would also continue its military cooperation with Saudi Arabia and the United Arab Emirates with several projects underway despite some western countries shunning the two Gulf states because of their role in the Yemen war. Some countries such as Germany, Norway and others have restricted sale of arms to countries engaged in the Yemen war. Russia always cooperates only with legitimate governments and has always advocated a diplomatic settlement of the conflict in Yemen. “At the same time, Saudi Arabia is our partner," Chemezov said. Several projects are underway in cooperation with Saudi Arabia, including plans for a Kalashnikov plant in the Kingdom, he said, declining to give more details as negotiations are not yet completed. Chemezov said there had been interested from the Middle East for Russia’s single-aisle passenger jet, the MC-21, that would compete with similar jets from Airbus and Boeing. Discussions are ongoing but no contract has been signed with any Middle East buyer, he said, declining to name potential customers. Currently, there are orders for more than 170 of the planes, mostly from airlines in Russia. “Regular production” of around 72 aircraft per year is planned. The first deliveries will begin in 2021, he said. Asked whether an advance payment of $800 million was made by India to Russia relating to the S-400 long-range surface-to-air missile systems, Chemezov said the advance payment was done. “I don’t want to clarify the numbers, negotiations are underway, 2025 is the completion date.”

Russian military exports unaffected by United States sanctions: Rostec CEO

As healthcare turns costlier in developed countries, India's medical value travel (MVT) market is expected to reach a volume of nine billion dollars (about Rs 65,000 crore) by next year, according to a new knowledge paper released by industry body FICCI. 
 
The global MVT market estimated at 54 billion dollars is expected to grow at a compound annual growth rate of 13 per cent until 2025. With its growing emphasis, several Asian countries have developed ecosystems necessary to become an MVT hub. 
 
"Among these economies, India is viewed as one of the preferred destinations and holds the fifth position among 41 major medical tourism destinations," said the paper titled 'India: Building Best Practices in Healthcare Services Globally' prepared in collaboration with consulting major Ernst &amp; Young. 
 
The key drivers of growth of MVT are affordability and accessibility of good healthcare services, availability of the latest medical technologies and accreditations, facilitation around hospitality services and minimal waiting time. 
 
The report says India is more affordable in terms of medical treatment and travel when compared to western countries. Medical travellers can save up to 50 per cent as the average daily cost of travel within India is 31 dollars (about Rs 2,232) compared to the United States having 223 dollars (about Rs 16,056). 
 
Besides, the quality of medical service is one of the hallmarks of India's position in global MVT. Currently, there are 38 hospitals accredited by the Joint Commission International (JCI) and 619 accredited by the National Accreditation Board for Hospitals and Healthcare Providers (NABH). 
 
Even being affordable, the mortality rate after 30 days of surgery is less in India (1.4 per cent) compared to the United States (1.9 per cent) which shows the quality of post-operative care provided by the Indian health service providers. 
 
However, there is a need to improve on post-operative care in terms of environment, hygiene and precautions required after a patient is being operated, said the report. 
 
Besides, India is performing low when it comes to regulations. As of today, there are no regulations applicable to the industry pertaining to facilitators, hospitals, insurance, legal or medical issues, and promotion activities carried out by stakeholders. 
 
"With a lack of regulations, MVT in India might not be able to thrive at a steady pace. Hence, the formulation of regulations is important to make this industry sustainable," said the report. 
 
Significantly, there are no government-to-government institutional arrangements between India and patient source countries. The institutional tie-ups are maintained by hospitals and facilitators without government interference. 
 
In addition, there is no grievances or redressal mechanism in place for international patients to raise any complaints. There is no policy arrangement in place to insure patients in case of unexpected complications in treatment. 
 
Gaurav Taneja, National Director and Leader for Government and Public Sector practice at EY India, said the government must form institutions for regulation and implementation of MVT. There is a need to build a robust platform for patients to interact with different stakeholders of the industry and define a code of conduct for MVT business. 
 
"With a branding and marketing campaign 'Heal in India,' I am sure the country will elevate its existing position to rank among the most preferred MVT destinations," he said in the report.

As healthcare turns costlier in developed countries, India's medical value travel (MVT) market is expected to reach a volume of nine billion dollars (about Rs 65,000 crore) by next year, according to a new knowledge paper released by industry body FICCI.

As healthcare turns costlier in developed countries, India's medical value travel (MVT) market is expected to reach a volume of nine billion dollars (about Rs 65,000 crore) by next year, according to a new knowledge paper released by industry body FICCI. The global MVT market estimated at 54 billion dollars is expected to grow at a compound annual growth rate of 13 per cent until 2025. With its growing emphasis, several Asian countries have developed ecosystems necessary to become an MVT hub. "Among these economies, India is viewed as one of the preferred destinations and holds the fifth position among 41 major medical tourism destinations," said the paper titled 'India: Building Best Practices in Healthcare Services Globally' prepared in collaboration with consulting major Ernst & Young. The key drivers of growth of MVT are affordability and accessibility of good healthcare services, availability of the latest medical technologies and accreditations, facilitation around hospitality services and minimal waiting time. The report says India is more affordable in terms of medical treatment and travel when compared to western countries. Medical travellers can save up to 50 per cent as the average daily cost of travel within India is 31 dollars (about Rs 2,232) compared to the United States having 223 dollars (about Rs 16,056). Besides, the quality of medical service is one of the hallmarks of India's position in global MVT. Currently, there are 38 hospitals accredited by the Joint Commission International (JCI) and 619 accredited by the National Accreditation Board for Hospitals and Healthcare Providers (NABH). Even being affordable, the mortality rate after 30 days of surgery is less in India (1.4 per cent) compared to the United States (1.9 per cent) which shows the quality of post-operative care provided by the Indian health service providers. However, there is a need to improve on post-operative care in terms of environment, hygiene and precautions required after a patient is being operated, said the report. Besides, India is performing low when it comes to regulations. As of today, there are no regulations applicable to the industry pertaining to facilitators, hospitals, insurance, legal or medical issues, and promotion activities carried out by stakeholders. "With a lack of regulations, MVT in India might not be able to thrive at a steady pace. Hence, the formulation of regulations is important to make this industry sustainable," said the report. Significantly, there are no government-to-government institutional arrangements between India and patient source countries. The institutional tie-ups are maintained by hospitals and facilitators without government interference. In addition, there is no grievances or redressal mechanism in place for international patients to raise any complaints. There is no policy arrangement in place to insure patients in case of unexpected complications in treatment. Gaurav Taneja, National Director and Leader for Government and Public Sector practice at EY India, said the government must form institutions for regulation and implementation of MVT. There is a need to build a robust platform for patients to interact with different stakeholders of the industry and define a code of conduct for MVT business. "With a branding and marketing campaign 'Heal in India,' I am sure the country will elevate its existing position to rank among the most preferred MVT destinations," he said in the report.

India's medical value travel to reach $9 billion: FICCI

Japan's Nissan Motor Co Ltd&nbsp;has said it is recalling 394,025 cars in the United States over a braking system defect, causing concerns that a brake fluid leak could potentially lead to a fire.

The leak into internal circuit boards will trigger a warning to drivers, which if ignored may lead to a fire in "rare instances," Nissan said in a filing dated November 8 with the National Highway Traffic Safety Administration (NHTSA) under recall number 18V-601.

"... if the warning is ignored and the vehicle continues to be operated in this condition, the brake fluid leak may potentially create an electrical short in the actuator circuit, which in rare instances, may lead to a fire," the Japanese automaker said.

The recall, which was reported on Friday by US&nbsp;media, includes Maxima sedans from 2016 through 2018, Infiniti QX60 luxury crossovers from 2017 to 2019, Murano SUVs from 2015 to 2018 and Pathfinder SUVs from 2017 to 2019, the filing showed.

The document does not mention whether the brake system defect actually caused any fires or injuries.

The company also reportedly said that it was working to fix the issue and that owners of the affected cars will be notified starting early next month.

"Once the remedy is available, owners will receive a final notification letter asking them to bring their vehicle to an authorized Nissan dealer or INFINITI retailer to have the remedy work completed at no cost for parts or labour," it told NPR in an emailed statement.

The development comes less than two months after NHTSA opened a preliminary investigation into 553,000 Nissan Rogue sport utility vehicles after reports of their automatic emergency braking systems engaging without warning or an obstruction.

Improper inspections of brakes, steering wheels, speed measurements and vehicle stability had also caused the company to issue a recall of several thousand vehicles in Japan late last year.

In September, the company recalled 1.3 million vehicles to fix a problem with its backup camera displays.

Japan's Nissan Motor Co Ltd has said it is recalling 394,025 cars in the United States over a braking system defect, causing concerns that a brake fluid leak could potentially lead to a fire.

Japan's Nissan Motor Co Ltd has said it is recalling 394,025 cars in the United States over a braking system defect, causing concerns that a brake fluid leak could potentially lead to a fire. The leak into internal circuit boards will trigger a warning to drivers, which if ignored may lead to a fire in "rare instances," Nissan said in a filing dated November 8 with the National Highway Traffic Safety Administration (NHTSA) under recall number 18V-601. "... if the warning is ignored and the vehicle continues to be operated in this condition, the brake fluid leak may potentially create an electrical short in the actuator circuit, which in rare instances, may lead to a fire," the Japanese automaker said. The recall, which was reported on Friday by US media, includes Maxima sedans from 2016 through 2018, Infiniti QX60 luxury crossovers from 2017 to 2019, Murano SUVs from 2015 to 2018 and Pathfinder SUVs from 2017 to 2019, the filing showed. The document does not mention whether the brake system defect actually caused any fires or injuries. The company also reportedly said that it was working to fix the issue and that owners of the affected cars will be notified starting early next month. "Once the remedy is available, owners will receive a final notification letter asking them to bring their vehicle to an authorized Nissan dealer or INFINITI retailer to have the remedy work completed at no cost for parts or labour," it told NPR in an emailed statement. The development comes less than two months after NHTSA opened a preliminary investigation into 553,000 Nissan Rogue sport utility vehicles after reports of their automatic emergency braking systems engaging without warning or an obstruction. Improper inspections of brakes, steering wheels, speed measurements and vehicle stability had also caused the company to issue a recall of several thousand vehicles in Japan late last year. In September, the company recalled 1.3 million vehicles to fix a problem with its backup camera displays.

Nissan recalls nearly 400,00 vehicles over braking system defect

<a href="https://www.wionews.com/business-economy/saudi-aramco-will-not-market-ipo-in-the-united-states-report-262694">Saudi Aramco</a> — the state-owned oil giant has sought a valuation of up to 1.7 trillion US Dollars — which would make it the world’s biggest <a href="https://www.wionews.com/business-economy/saudis-scramble-to-raise-cash-for-aramco-share-sale-260106">initial public offering</a>.

Just to put it in perspective the target valuation will make Aramco the world’s biggest public company, overtaking Apple inc.&nbsp;

However, the valuation is below the $2 trillion target sought by Crown Prince Mohammad Bin Salman since he first mooted an initial public offering in 2016.

Watch: WION travels to Saudi Aramco's Khurais &amp; Abqaiq facilities

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Aramco will sell just 1.5% of its shares on the local stock exchange.

The offer falling short of a record coming in just below the $25 billion raised by Alibaba group holding ltd in 2014.

Interestingly, Aramco is slated to rely heavily on local investors after receiving a tepid response from international money managers.

The shares will not be marketed in the US and Canada as originally planned, Japan is also off the list.

This in total contrast to what Aramco Chairman Yasir Al-Rumayyan had said while the IPO was announced earlier this month.

Saudi Arabia has been pulling out all the stops to ensure the IPO is a success to a sceptical audience.

It’s cut the tax rate for Aramco three times promised the world’s largest dividend and offered bonus shares for retail investors and not to mention, the catastrophic drone attack suffered by Aramco at the hands of Iran-aligned Houthi rebels.

The Aramco IPO is a pet project of Mohammad bin Salman’s much-hyped vision 2030 plan to change the social and economic fabric of the Kingdom.

The plan, which relies heavily on attracting foreign investors into Saudi Arabia suffered a big setback after the assassination of journalist Jamal Ahmad Khashoggi in Saudi Arabia’s Istanbul consulate.

Aramco has also faced the challenge of the strengthening global movement against climate change that’s targeted the world’s largest oil and gas companies.

No matter what the final valuation, the share sale will create a public company of unmatched profitability. Aramco earned a net income of $111 billion in 2018 on revenue of $315 billion.

Saudi Aramco — the state-owned oil giant has sought a valuation of up to 1.7 trillion US Dollars — which would make it the world’s biggest initial public offering.

Saudi Aramco — the state-owned oil giant has sought a valuation of up to 1.7 trillion US Dollars — which would make it the world’s biggest initial public offering. Just to put it in perspective the target valuation will make Aramco the world’s biggest public company, overtaking Apple inc. However, the valuation is below the $2 trillion target sought by Crown Prince Mohammad Bin Salman since he first mooted an initial public offering in 2016. Watch: WION travels to Saudi Aramco's Khurais & Abqaiq facilities × Aramco will sell just 1.5% of its shares on the local stock exchange. The offer falling short of a record coming in just below the $25 billion raised by Alibaba group holding ltd in 2014. Interestingly, Aramco is slated to rely heavily on local investors after receiving a tepid response from international money managers. The shares will not be marketed in the US and Canada as originally planned, Japan is also off the list. This in total contrast to what Aramco Chairman Yasir Al-Rumayyan had said while the IPO was announced earlier this month. Saudi Arabia has been pulling out all the stops to ensure the IPO is a success to a sceptical audience. It’s cut the tax rate for Aramco three times promised the world’s largest dividend and offered bonus shares for retail investors and not to mention, the catastrophic drone attack suffered by Aramco at the hands of Iran-aligned Houthi rebels. The Aramco IPO is a pet project of Mohammad bin Salman’s much-hyped vision 2030 plan to change the social and economic fabric of the Kingdom. The plan, which relies heavily on attracting foreign investors into Saudi Arabia suffered a big setback after the assassination of journalist Jamal Ahmad Khashoggi in Saudi Arabia’s Istanbul consulate. Aramco has also faced the challenge of the strengthening global movement against climate change that’s targeted the world’s largest oil and gas companies. No matter what the final valuation, the share sale will create a public company of unmatched profitability. Aramco earned a net income of $111 billion in 2018 on revenue of $315 billion.

World's biggest initial public offering: Saudi Aramco seeks $1.71 trillion in valuation

One year ago, the sudden arrest at a Tokyo airport of Nissan boss Carlos Ghosn, one of the world's best-known and respected tycoons, sent shockwaves through the business world.

After 130 days languishing in a Japanese detention centre, Ghosn is now out on bail and vigorously proclaiming his innocence, seeking to have his case declared null and void,&nbsp;even if legal experts and his own defence deem his chances unlikely.

The 65-year-old Brazil-born executive faces charges of deferring part of his salary until after his retirement and concealing this from shareholders, as well as syphoning off millions in Nissan cash for his own purposes.

Ghosn denies every charge and has accused prosecutors and even Japanese government officials of colluding in a "plot" with Nissan to find a way to destroy him, fearful he was seeking to merge the firm with France's Renault.

His defence team filed a motion on October 24 to throw out the case given what they allege is illegal activity by Nissan and the prosecution,&nbsp;including seizing his wife's phone and searching private homes.

But even his own defence lawyer Takashi Takano is doubtful of success, telling AFP: "There are no precedents and Japanese courts are very reluctant to accept this type of argument."

Yasuyuki Takai, a former head of the special prosecutors' bureau in Tokyo, agreed: "This motion has zero chance of succeeding."

"The real goal of the lawyers is to get an acquittal. This motion can only serve to calm down the accused and to say publicly that the prosecutors and Nissan did terrible things," Takai told AFP.

'Hostage justice'

Independent lawyer Nobuo Gohara said it was "debatable" as to whether Ghosn even had a legal obligation to declare the alleged deferred salary and "in any case, it should not have led to an arrest".

"The Ghosn case was an enormous global shock which has uncovered very big problems in the way the Japanese system functions," Gohara told AFP.

"This case should never have existed. You can only think that the end goal was to arrest Carlos Ghosn."

The world-famous executive, once revered in Japan for rescuing the struggling Nissan and who crisscrossed the globe in private jets as the head of worldwide business, now faces 15 years in prison if convicted.

Defence and prosecution teams have held regular pre-trial meetings but Ghosn's team has complained that they do not yet have access to prosecution documents "proving" the tycoon's guilt.

This has delayed progress towards a trial and also explains why the defence has not yet itself produced what it says is cast-iron proof of Ghosn's innocence.

Around 99 per cent of trials in Japan result in a conviction and the global media attention given to the Ghosn case has shone a spotlight on the Japanese justice system.

Suspects can be detained for several days without being formally charged and can be re-arrested many times, extending the period of detention,&nbsp;a system critics dub "hostage justice" designed to extract a confession.

Ghosn is now out on bail and has been able to enjoy some trips outside Tokyo with his daughter while preparing for a trial expected to take place in the spring of next year.

His lawyers describe him as in relatively good spirits and combative, even though he remains banned from any contact with his wife Carole,&nbsp;a measure Takano slams as "stupid" and "useless".

"There is no justification... It's just a punishment," said the lawyer, adding he hoped the judges would relent before the Christmas holidays.

One year ago, the sudden arrest at a Tokyo airport of Nissan boss Carlos Ghosn, one of the world's best-known and respected tycoons, sent shockwaves through the business world.

One year ago, the sudden arrest at a Tokyo airport of Nissan boss Carlos Ghosn, one of the world's best-known and respected tycoons, sent shockwaves through the business world. After 130 days languishing in a Japanese detention centre, Ghosn is now out on bail and vigorously proclaiming his innocence, seeking to have his case declared null and void, even if legal experts and his own defence deem his chances unlikely. The 65-year-old Brazil-born executive faces charges of deferring part of his salary until after his retirement and concealing this from shareholders, as well as syphoning off millions in Nissan cash for his own purposes. Ghosn denies every charge and has accused prosecutors and even Japanese government officials of colluding in a "plot" with Nissan to find a way to destroy him, fearful he was seeking to merge the firm with France's Renault. His defence team filed a motion on October 24 to throw out the case given what they allege is illegal activity by Nissan and the prosecution, including seizing his wife's phone and searching private homes. But even his own defence lawyer Takashi Takano is doubtful of success, telling AFP: "There are no precedents and Japanese courts are very reluctant to accept this type of argument." Yasuyuki Takai, a former head of the special prosecutors' bureau in Tokyo, agreed: "This motion has zero chance of succeeding." "The real goal of the lawyers is to get an acquittal. This motion can only serve to calm down the accused and to say publicly that the prosecutors and Nissan did terrible things," Takai told AFP. 'Hostage justice' Independent lawyer Nobuo Gohara said it was "debatable" as to whether Ghosn even had a legal obligation to declare the alleged deferred salary and "in any case, it should not have led to an arrest". "The Ghosn case was an enormous global shock which has uncovered very big problems in the way the Japanese system functions," Gohara told AFP. "This case should never have existed. You can only think that the end goal was to arrest Carlos Ghosn." The world-famous executive, once revered in Japan for rescuing the struggling Nissan and who crisscrossed the globe in private jets as the head of worldwide business, now faces 15 years in prison if convicted. Defence and prosecution teams have held regular pre-trial meetings but Ghosn's team has complained that they do not yet have access to prosecution documents "proving" the tycoon's guilt. This has delayed progress towards a trial and also explains why the defence has not yet itself produced what it says is cast-iron proof of Ghosn's innocence. Around 99 per cent of trials in Japan result in a conviction and the global media attention given to the Ghosn case has shone a spotlight on the Japanese justice system. Suspects can be detained for several days without being formally charged and can be re-arrested many times, extending the period of detention, a system critics dub "hostage justice" designed to extract a confession. Ghosn is now out on bail and has been able to enjoy some trips outside Tokyo with his daughter while preparing for a trial expected to take place in the spring of next year. His lawyers describe him as in relatively good spirits and combative, even though he remains banned from any contact with his wife Carole, a measure Takano slams as "stupid" and "useless". "There is no justification... It's just a punishment," said the lawyer, adding he hoped the judges would relent before the Christmas holidays.

One year after arrest, Ghosn seeks to throw out case against him

A year on from the shock fall of boss Carlos Ghosn, the Renault-Nissan automobile alliance is bent on a reboot to leave behind the upheaval and dust kicked up by the affair.

The giant task falls to new board chairman Jean-Dominique Senard in the context of the car industry as a whole racing to meet huge new challenges.

Ghosn revelled in taking the two partners to the forefront of the carmaking game.

A total of 10.76 million vehicles sold last year along with ally Mitsubishi Motor put the trio ahead of Toyota and Volkswagen.

But this year saw volumes slide back again below those of both rivals.

The demise of the authoritarian Ghosn following his arrest on financial misconduct charges lifted the lid on an empire riven with internal conflict as he straddled the chairmanship of three companies, concentrating all power in himself.

"The unity of command masked the incredible diversity of forces at work. When that exploded it liberated them," says one highly-placed official within the alliance.

In one corner, feeling they were the standout part of the partnership yet long seeing themselves as under-valued, were the Japanese behind Nissan director Hiroto Saikawa.

In the other, foursquare behind Renault's then chief executive Thierry Bollore, the French contingent nursed a sense of betrayal at a secret Nissan investigation which had delivered Ghosn into the hands of the Japanese judiciary.

Unlike Volkswagen or Toyota, the alliance is not an integrated group but a partnership based on cross-shareholdings without a joint structure. Renault holds 43 per cent of Nissan, which has a 15 per cent stake in Renault and a 34 per cent controlling stake in Mitsubishi.

Lost year

Since the Ghosn affair burst into the open last November, there has been no means of achieving constructive dialogue or decision making, meaning a year has been lost as a result.

Last month saw the quickfire departures of both Saikawa and Bollore which did allow one page to be turned.

"There were excesses on both sides and sparks flew. But there has been a clean-up at Nissan as well as Renault. The people now in place are all convinced of the need to reinforce the alliance," said one source close to Nissan.

Ongoing problems include profitability and cash generation amid the burning need for technological innovations including electric and autonomous cars in a shrinking market.

Renault and Nissan have reduced operational margin targets for this year to five and 1.4 per cent of sales respectively.

That compares with Volkswagen's 6.5 to 7.5 per cent despite it having to bounce back from an emissions scandal which cost it tens of billions in fines. Toyota tops that with more than eight per cent.

Invisible synergies

"For a longstanding partnership" of 20 years "it is a little surprising that the synergies which should have existed for a long time don't show up in the figures," commented Vittoria Ferraris, an analyst with S&amp;P Global Ratings, which recently lowered its rating for Renault and put Nissan's on negative watch.

But Senard recently insisted that "you will be surprised at the strength of the alliance in the months ahead".

He added that the last meeting of the partner boards "was one of the most positive since I arrived".

After failing to deliver a hoped-for merger with Fiat Chrysler,&nbsp;now set to seal the deal with French rival PSA, the alliance is looking for new initiatives.

Debate on governance reform remains on the table, with the Japanese wanting a tilt in their favour.

Given Renault's strength in Europe and Nissan's in the USA and China, the pair are geographically complementary and could pool expertise on the move to electric power.

But Ferraris warns that while "the tough market will provide strong motivation... the problem is the time that will take".

A year on from the shock fall of boss Carlos Ghosn, the Renault-Nissan automobile alliance is bent on a reboot to leave behind the upheaval and dust kicked up by the affair.

A year on from the shock fall of boss Carlos Ghosn, the Renault-Nissan automobile alliance is bent on a reboot to leave behind the upheaval and dust kicked up by the affair. The giant task falls to new board chairman Jean-Dominique Senard in the context of the car industry as a whole racing to meet huge new challenges. Ghosn revelled in taking the two partners to the forefront of the carmaking game. A total of 10.76 million vehicles sold last year along with ally Mitsubishi Motor put the trio ahead of Toyota and Volkswagen. But this year saw volumes slide back again below those of both rivals. The demise of the authoritarian Ghosn following his arrest on financial misconduct charges lifted the lid on an empire riven with internal conflict as he straddled the chairmanship of three companies, concentrating all power in himself. "The unity of command masked the incredible diversity of forces at work. When that exploded it liberated them," says one highly-placed official within the alliance. In one corner, feeling they were the standout part of the partnership yet long seeing themselves as under-valued, were the Japanese behind Nissan director Hiroto Saikawa. In the other, foursquare behind Renault's then chief executive Thierry Bollore, the French contingent nursed a sense of betrayal at a secret Nissan investigation which had delivered Ghosn into the hands of the Japanese judiciary. Unlike Volkswagen or Toyota, the alliance is not an integrated group but a partnership based on cross-shareholdings without a joint structure. Renault holds 43 per cent of Nissan, which has a 15 per cent stake in Renault and a 34 per cent controlling stake in Mitsubishi. Lost year Since the Ghosn affair burst into the open last November, there has been no means of achieving constructive dialogue or decision making, meaning a year has been lost as a result. Last month saw the quickfire departures of both Saikawa and Bollore which did allow one page to be turned. "There were excesses on both sides and sparks flew. But there has been a clean-up at Nissan as well as Renault. The people now in place are all convinced of the need to reinforce the alliance," said one source close to Nissan. Ongoing problems include profitability and cash generation amid the burning need for technological innovations including electric and autonomous cars in a shrinking market. Renault and Nissan have reduced operational margin targets for this year to five and 1.4 per cent of sales respectively. That compares with Volkswagen's 6.5 to 7.5 per cent despite it having to bounce back from an emissions scandal which cost it tens of billions in fines. Toyota tops that with more than eight per cent. Invisible synergies "For a longstanding partnership" of 20 years "it is a little surprising that the synergies which should have existed for a long time don't show up in the figures," commented Vittoria Ferraris, an analyst with S&P Global Ratings, which recently lowered its rating for Renault and put Nissan's on negative watch. But Senard recently insisted that "you will be surprised at the strength of the alliance in the months ahead". He added that the last meeting of the partner boards "was one of the most positive since I arrived". After failing to deliver a hoped-for merger with Fiat Chrysler, now set to seal the deal with French rival PSA, the alliance is looking for new initiatives. Debate on governance reform remains on the table, with the Japanese wanting a tilt in their favour. Given Renault's strength in Europe and Nissan's in the USA and China, the pair are geographically complementary and could pool expertise on the move to electric power. But Ferraris warns that while "the tough market will provide strong motivation... the problem is the time that will take".

Renault-Nissan alliance in flux a year after Ghosn shock

Saudi Aramco said Sunday it would sell 1.5 per cent of the company in a blockbuster IPO worth at least $24 billion which values it at up to $1.71 trillion.

"The base offer size will be 1.5 per cent of the company's outstanding shares," the state-owned energy giant said in a statement that set the price range at 30-32 Saudi riyals per share ($8-8.5).

The offering is scaled down from original plans which had aimed for a $2.0 trillion valuation, but it could still rival the world's biggest listing so far,&nbsp;the $25 billion float of Chinese retail giant Alibaba in 2014.

Saudi Aramco said Sunday it would sell 1.5 per cent of the company in a blockbuster IPO worth at least $24 billion which values it at up to $1.71 trillion. "The base offer size will be 1.

Saudi Aramco said Sunday it would sell 1.5 per cent of the company in a blockbuster IPO worth at least $24 billion which values it at up to $1.71 trillion. "The base offer size will be 1.5 per cent of the company's outstanding shares," the state-owned energy giant said in a statement that set the price range at 30-32 Saudi riyals per share ($8-8.5). The offering is scaled down from original plans which had aimed for a $2.0 trillion valuation, but it could still rival the world's biggest listing so far, the $25 billion float of Chinese retail giant Alibaba in 2014.

Aramco says to sell 1.5% in IPO worth at least $24 billion

Saudi Aramco does not plan to market its domestic initial public offering (IPO) in the United States, two sources familiar with the matter said.

Aramco had said in its IPO prospectus earlier this month that the offering of shares would rely on the 144A rule of the US&nbsp;Securities Act, which allows a non-US&nbsp;issuer to tap the US&nbsp;market.

The sources said Aramco will no longer rely on that rule, meaning it will not market the shares in the United States.

Aramco did not immediately respond to a comment request.

Saudi Aramco does not plan to market its domestic initial public offering (IPO) in the United States, two sources familiar with the matter said. Aramco had said in its IPO prospectus earlier this month that the offering of shares would rely on the 144A rule of the US Securities Act, which allows a non-US issuer to tap the US market.

Saudi Aramco does not plan to market its domestic initial public offering (IPO) in the United States, two sources familiar with the matter said. Aramco had said in its IPO prospectus earlier this month that the offering of shares would rely on the 144A rule of the US Securities Act, which allows a non-US issuer to tap the US market. The sources said Aramco will no longer rely on that rule, meaning it will not market the shares in the United States. Aramco did not immediately respond to a comment request.

Saudi Aramco will not market IPO in the United States: Report

Bankrupt telecom operator Reliance Communications has posted a consolidated loss of Rs 30,142 crore for the second fiscal quarter (July to September) due to provisioning of liabilities after the recent Supreme Court ruling on statutory dues. 
 
It is the second-largest loss posted in corporate India, barely two days after Vodafone Idea reported Q2 FY20 loss of Rs 50,922 crore,&nbsp;the largest India Inc had seen for similar reasons. 
 
R-Com, which is going through the insolvency process, had made a profit of Rs 1,141 crore in the second quarter of the previous financial year (Q2 FY19). 
 
During Q2 FY20, the company set aside Rs 28,314 crore on account of provisioning following the Supreme Court's order on the calculation of annual adjusted gross revenue (AGR) of telecom companies. 
 
This includes Rs 23,327 crore for the licence fee and Rs 4,987 crore for spectrum usage charges, R-Com said in regulatory filings at stock exchanges late on Friday after market closing hours. 
 
Last month, the apex court upheld the government's position on including revenue from non-telecommunication businesses in calculating the annual AGR, a share of which has to be paid as licence and spectrum fee to the exchequer. 
 
R-Com,&nbsp;once led by billionaire industrialist Anil Ambani,&nbsp;is now in the reigns of a debt resolution professional. Its revenue from operations dropped to Rs 302 crore in Q2 FY20 from Rs 977 crore in Q2 FY19. 
 
After the Supreme Court ruling, total liability on telecom operators is estimated to be about Rs 1.6 lakh crore. 
 
The Cellular Operators Association of India (COAI) says the apex court's judgment is the last straw in contributing to the financial distress of the sector which is already reeling under a daunting debt of Rs four lakh crore as operators are making negative returns on their investments.

Bankrupt telecom operator Reliance Communications has posted a consolidated loss of Rs 30,142 crore for the second fiscal quarter (July to September) due to provisioning of liabilities after the recent Supreme Court ruling on statutory dues.

Bankrupt telecom operator Reliance Communications has posted a consolidated loss of Rs 30,142 crore for the second fiscal quarter (July to September) due to provisioning of liabilities after the recent Supreme Court ruling on statutory dues. It is the second-largest loss posted in corporate India, barely two days after Vodafone Idea reported Q2 FY20 loss of Rs 50,922 crore, the largest India Inc had seen for similar reasons. R-Com, which is going through the insolvency process, had made a profit of Rs 1,141 crore in the second quarter of the previous financial year (Q2 FY19). During Q2 FY20, the company set aside Rs 28,314 crore on account of provisioning following the Supreme Court's order on the calculation of annual adjusted gross revenue (AGR) of telecom companies. This includes Rs 23,327 crore for the licence fee and Rs 4,987 crore for spectrum usage charges, R-Com said in regulatory filings at stock exchanges late on Friday after market closing hours. Last month, the apex court upheld the government's position on including revenue from non-telecommunication businesses in calculating the annual AGR, a share of which has to be paid as licence and spectrum fee to the exchequer. R-Com, once led by billionaire industrialist Anil Ambani, is now in the reigns of a debt resolution professional. Its revenue from operations dropped to Rs 302 crore in Q2 FY20 from Rs 977 crore in Q2 FY19. After the Supreme Court ruling, total liability on telecom operators is estimated to be about Rs 1.6 lakh crore. The Cellular Operators Association of India (COAI) says the apex court's judgment is the last straw in contributing to the financial distress of the sector which is already reeling under a daunting debt of Rs four lakh crore as operators are making negative returns on their investments.

Reliance Communications posts loss of Rs 30,142 crores

Wall Street's main stock indexes closed at record levels on Friday, fueled by fresh optimism over a potential calming of US-China trade tensions and by big gains in shares of healthcare companies.

The benchmark S&amp;P 500 tallied its sixth straight week of gains, its longest such weekly streak in about two years, while the Dow breached 28,000 for the first time.

White House economic adviser Larry Kudlow said late on Thursday that the United States and China are getting close to a trade agreement, citing what he called very constructive talks with Beijing.

“Today is definitely about optimism surrounding the trade tensions,” said Jason Pride, chief investment officer of private wealth at Glenmede in Philadelphia.

The stock market has climbed recently to record highs, driven by Federal Reserve interest rate cuts, third-quarter earnings topping low expectations and signs that economic growth may be bottoming, while uncertainty over US-China trade relations remains a wild card.

"It’s definitely been a big source of volatility over a fairly long period of time for the markets and stocks in general," Pride said. "To see some sort of resolution of it would probably be a lift to investors and to equity holders because it takes away a big piece of uncertainty in many investors’, and even corporate executives’, minds.”

The Dow Jones Industrial Average&nbsp;rose 222.93 points, or 0.8 per cent, to 28,004.89, the S&amp;P 500&nbsp;gained 23.83 points, or 0.77 per cent, to 3,120.46 and the Nasdaq Composite&nbsp;added 61.81 points, or 0.73 per cent, to 8,540.83.

Ten of 11 S&amp;P 500 sectors ended positive. Healthcare&nbsp;led the way, gaining 2.2 per cent&nbsp;for its biggest one-day percentage rise since January, with UnitedHealth Group&nbsp;shares surging 5.3 per cent&nbsp;and Pfizer&nbsp;rising 2.0 per cent.

The gains came as President Donald Trump made an announcement on healthcare price transparency. Regulatory and election risks have contributed to the healthcare sector's underperformance in 2019, said Walter Todd, chief investment officer at Greenwood Capital in South Carolina, noting that perhaps Friday's gains were "a catch-up trade."

Shares of Applied Materials soared 9.0 per cent&nbsp;after the chip gear maker forecast first-quarter revenue and profit above Wall Street estimates.

The Philadelphia SE Semiconductor index&nbsp;gained 0.9 per cent&nbsp;and hit a record high. Enthusiasm for the group was tempered by a 2.7 per cent decline in Nvidia shares following the chipmaker's report.

Data on Friday showed US&nbsp;retail sales rebounded in October, but consumers cut back on purchases of big-ticket household items and clothing, which could temper expectations for a strong holiday shopping season.

Advancing issues outnumbered declining ones on the NYSE by a 1.84-to-1 ratio; on Nasdaq, a 1.50-to-1 ratio favoured advancers.

The S&amp;P 500 posted 52 new 52-week highs and one new low; the Nasdaq Composite recorded 121 new highs and 108 new lows.

About 6.5 billion shares changed hands in US&nbsp;exchanges, below the 6.9 billion-share daily average over the last 20 sessions.

Wall Street's main stock indexes closed at record levels on Friday, fueled by fresh optimism over a potential calming of US-China trade tensions and by big gains in shares of healthcare companies.

Wall Street's main stock indexes closed at record levels on Friday, fueled by fresh optimism over a potential calming of US-China trade tensions and by big gains in shares of healthcare companies. The benchmark S&P 500 tallied its sixth straight week of gains, its longest such weekly streak in about two years, while the Dow breached 28,000 for the first time. White House economic adviser Larry Kudlow said late on Thursday that the United States and China are getting close to a trade agreement, citing what he called very constructive talks with Beijing. “Today is definitely about optimism surrounding the trade tensions,” said Jason Pride, chief investment officer of private wealth at Glenmede in Philadelphia. The stock market has climbed recently to record highs, driven by Federal Reserve interest rate cuts, third-quarter earnings topping low expectations and signs that economic growth may be bottoming, while uncertainty over US-China trade relations remains a wild card. "It’s definitely been a big source of volatility over a fairly long period of time for the markets and stocks in general," Pride said. "To see some sort of resolution of it would probably be a lift to investors and to equity holders because it takes away a big piece of uncertainty in many investors’, and even corporate executives’, minds.” The Dow Jones Industrial Average rose 222.93 points, or 0.8 per cent, to 28,004.89, the S&P 500 gained 23.83 points, or 0.77 per cent, to 3,120.46 and the Nasdaq Composite added 61.81 points, or 0.73 per cent, to 8,540.83. Ten of 11 S&P 500 sectors ended positive. Healthcare led the way, gaining 2.2 per cent for its biggest one-day percentage rise since January, with UnitedHealth Group shares surging 5.3 per cent and Pfizer rising 2.0 per cent. The gains came as President Donald Trump made an announcement on healthcare price transparency. Regulatory and election risks have contributed to the healthcare sector's underperformance in 2019, said Walter Todd, chief investment officer at Greenwood Capital in South Carolina, noting that perhaps Friday's gains were "a catch-up trade." Shares of Applied Materials soared 9.0 per cent after the chip gear maker forecast first-quarter revenue and profit above Wall Street estimates. The Philadelphia SE Semiconductor index gained 0.9 per cent and hit a record high. Enthusiasm for the group was tempered by a 2.7 per cent decline in Nvidia shares following the chipmaker's report. Data on Friday showed US retail sales rebounded in October, but consumers cut back on purchases of big-ticket household items and clothing, which could temper expectations for a strong holiday shopping season. Advancing issues outnumbered declining ones on the NYSE by a 1.84-to-1 ratio; on Nasdaq, a 1.50-to-1 ratio favoured advancers. The S&P 500 posted 52 new 52-week highs and one new low; the Nasdaq Composite recorded 121 new highs and 108 new lows. About 6.5 billion shares changed hands in US exchanges, below the 6.9 billion-share daily average over the last 20 sessions.

Trade deal hopes, surging health stocks power Wall Street to highs

Microsoft Corp has hired former US&nbsp;Attorney General Eric Holder to investigate whether the use of facial recognition technology developed by an Israeli startup it funded complies with its ethics principles, the company said on Friday.

AnyVision, based outside Tel Aviv, has come under scrutiny following reports by Haaretz's TheMarker business newspaper and NBC News that its technology is used to surveil Palestinians who live in the occupied West Bank.

AnyVision, which denied to NBC such use of its services, did not respond to a request for comment.

The probe reflects growing unease about facial recognition surveillance in the United States and elsewhere that civil liberties groups say could lead to unfair arrests and limit freedom of expression.

Microsoft announced facial recognition ethics principles last year, saying the company would "advocate for safeguards for people's democratic freedoms in law enforcement surveillance scenarios and will not deploy facial recognition technology in scenarios that we believe will put these freedoms at risk."

Microsoft said in a statement that Holder would lead a team from law firm Covington &amp; Burling to conduct the probe. Holder, the top US&nbsp;legal official under former President Barack Obama, was hired by Uber Technologies Inc&nbsp;in 2017 to review claims of sexual harassment.

He did not immediately return a request for comment.

M12, the venture fund of Redmond, Washington-based Microsoft, participated in a $74 million series A investment round that AnyVision announced in June.

NBC had reported that AnyVision's technology was used within the West Bank and at Israeli border crossings. The company told NBC its software was not used for West Bank surveillance and was deployed at border crossings in a manner similar to US&nbsp;Customs' use of biometric identification at airports.

Israel faces criticism and a boycott for its occupation and policies toward Palestinians in the West Bank and Gaza.

AnyVision in an August blog post also said that it would announce an ethics advisory board and that it had a responsibility to prevent its technology's abuse. At the same time, it touted how facial recognition speeds up border crossings while helping law enforcement spot criminals.

Microsoft itself markets a facial recognition tool and backed a US&nbsp;Senate bill, announced on Thursday, that would require a court order before federal law enforcement could use the technology for targeted, ongoing surveillance.

Neema Singh Guliani, senior legislative counsel for the American Civil Liberties Union, said the bill "falls woefully short of protecting people's privacy rights."

Microsoft Corp has hired former US Attorney General Eric Holder to investigate whether the use of facial recognition technology developed by an Israeli startup it funded complies with its ethics principles, the company said on Friday.

Microsoft Corp has hired former US Attorney General Eric Holder to investigate whether the use of facial recognition technology developed by an Israeli startup it funded complies with its ethics principles, the company said on Friday. AnyVision, based outside Tel Aviv, has come under scrutiny following reports by Haaretz's TheMarker business newspaper and NBC News that its technology is used to surveil Palestinians who live in the occupied West Bank. AnyVision, which denied to NBC such use of its services, did not respond to a request for comment. The probe reflects growing unease about facial recognition surveillance in the United States and elsewhere that civil liberties groups say could lead to unfair arrests and limit freedom of expression. Microsoft announced facial recognition ethics principles last year, saying the company would "advocate for safeguards for people's democratic freedoms in law enforcement surveillance scenarios and will not deploy facial recognition technology in scenarios that we believe will put these freedoms at risk." Microsoft said in a statement that Holder would lead a team from law firm Covington & Burling to conduct the probe. Holder, the top US legal official under former President Barack Obama, was hired by Uber Technologies Inc in 2017 to review claims of sexual harassment. He did not immediately return a request for comment. M12, the venture fund of Redmond, Washington-based Microsoft, participated in a $74 million series A investment round that AnyVision announced in June. NBC had reported that AnyVision's technology was used within the West Bank and at Israeli border crossings. The company told NBC its software was not used for West Bank surveillance and was deployed at border crossings in a manner similar to US Customs' use of biometric identification at airports. Israel faces criticism and a boycott for its occupation and policies toward Palestinians in the West Bank and Gaza. AnyVision in an August blog post also said that it would announce an ethics advisory board and that it had a responsibility to prevent its technology's abuse. At the same time, it touted how facial recognition speeds up border crossings while helping law enforcement spot criminals. Microsoft itself markets a facial recognition tool and backed a US Senate bill, announced on Thursday, that would require a court order before federal law enforcement could use the technology for targeted, ongoing surveillance. Neema Singh Guliani, senior legislative counsel for the American Civil Liberties Union, said the bill "falls woefully short of protecting people's privacy rights."

Microsoft to probe work of Israeli facial recognition startup it funded

The Trump administration is set to issue a two-week extension of a license allowing US&nbsp;companies to continue doing business with China's Huawei Technologies Co Ltd, two sources familiar with the deliberations said.

The extension of around two weeks is far shorter than the prior 90-day extension and a longer extension is in the works but has not yet been finalized due to regulatory hurdles, said one source who was briefed on the matter.

After adding Huawei to an economic blacklist in May citing national security concerns, the US&nbsp;Commerce Department has allowed it to purchase some American-made goods in a move aimed at minimizing disruption for its customers, many of which operate networks in rural America.

The extension will be announced on Monday, when the earlier reprieve is set to expire, the sources said, declining 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 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&nbsp;government said it had a "reasonable basis to conclude that Huawei is engaged in activities that are contrary to US&nbsp;national security or foreign policy interests". Huawei has repeatedly denied the accusations.

Attorney General William Barr said on Thursday Huawei and ZTE Corp&nbsp;"cannot be trusted," as he backed a proposal to bar US&nbsp;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&nbsp;companies from using telecommunications equipment made by companies posing a national security risk. The Commerce Department was due 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&nbsp;firms to sell components to Huawei after receiving more than 200 requests.

The Trump administration is set to issue a two-week extension of a license 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 two-week extension of a license allowing US companies to continue doing business with China's Huawei Technologies Co Ltd, two sources familiar with the deliberations said. The extension of around two weeks is far shorter than the prior 90-day extension and a longer extension is in the works but has not yet been finalized due to regulatory hurdles, said one source who was briefed on the matter. 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 minimizing disruption for its customers, many of which operate networks in rural America. The extension will be announced on Monday, when the earlier reprieve is set to expire, the sources said, declining 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 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. Attorney General William Barr said on Thursday 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 due 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.

US to extend license for its companies to continue business with Huawei: Report

Unfavourable trends in tax revenue collections suggest that a fiscal slippage in the current financial year 2019-20 (FY20) appears likely, according to investment information firm ICRA. 
 
The fiscal deficit rose by 9.6 per cent to Rs 6.5 lakh crore in the April to September period (H1 FY20) from Rs 5.9 lakh crore in H1 FY19. This was equivalent to 92.6 per cent of the revised budget estimate for FY20, largely similar to the situation in H1 FY19 (92.2 per cent of the FY19 provisional accounts). 
 
Gross tax revenues rose by a muted 1.5 per cent in H1 FY20, considerably undershooting the 18.3 per cent growth included in FY20 revised budget estimate, with a modest rise in direct taxes and a contraction in indirect tax collections. 
 
The net tax revenues have grown by a somewhat faster 4.2 per cent in H1 FY20 since the taxes devolved to the states contracted by 3.4 per cent to Rs 3.1 lakh crore in H1 FY20 from Rs 3.2 lakh crore in H1 FY19. 
 
The transfer of a higher-than-budgeted Rs 1.76 lakh crore from the Reserve Bank of India (RBI) has boosted the growth of non-tax revenues to 91.8 per cent in H1 FY20. This has cushioned the impact of the muted performance of the government's tax revenues on its overall revenue receipts. 
 
The pace of government's expenditure growth has improved sharply, following the presentation of the Union Budget in July. The growth in revenue spending rose to 23.3 per cent in Q2 FY20 from 6.1 per cent in Q1 FY20. 
 
Moreover, capital expenditure and net lending expanded by a sharp 69.7 per cent in Q2 FY20 in contrast to the year-on-year contraction of 28.6 per cent in Q1 FY20. 
 
"Looking ahead, we estimate that the gross tax revenues of the government will need to expand by a sharp 31.3 per cent in H2 FY20 to meet the FY20 revised budget estimate," said ICRA's Principal Economist Aditi Nayar. 
 
"With both direct and indirect tax revenues reporting a subdued performance in the recent months, a mixed outlook for economic growth in H2 FY20 and the anticipated impact of the cut in corporate tax rates, ICRA expects the government's gross tax revenues to trail the FY20 revised budget estimate of Rs 24.6 lakh crore by a considerable Rs 2.5 lakh crore to 3 lakh crore," she said. 
 
A portion of this will be shared by the states through lower tax devolution to them, added Nayar. 
 
Moreover, taxes devolved to the states in FY19 were higher than required, as per ICRA's analysis. "Adjusting for this excess transfer of Central tax devolution in FY19, which we peg at around Rs 0.6 lakh crore to 0.7 lakh crore, we estimate the net Central tax shortfall at Rs 0.7 lakh crore to 1.3 lakh crore in FY20." 
 
A portion of this shortfall will be offset by transfers from the RBI which are higher than budgeted by Rs 0.6 lakh crore. 
 
"Therefore, we estimate the revenue receipts of the government to be Rs 0.1 lakh crore to 0.7 lakh crore lower than the FY20 revised budget estimate which can translate into a fiscal slippage of up to 40 basis points in FY20," said ICRA. 
 
The extent to which disinvestment revenues can be shored up in H2 FY20 will be crucial in determining the final extent of fiscal slippage in the current year. Expenditure cuts may have to be undertaken to prevent the fiscal deficit from rising too sharply in FY20, which can emerge as a risk to the pace of economic growth in H2 FY20.

Unfavourable trends in tax revenue collections suggest that a fiscal slippage in the current financial year 2019-20 (FY20) appears likely, according to investment information firm ICRA.

Unfavourable trends in tax revenue collections suggest that a fiscal slippage in the current financial year 2019-20 (FY20) appears likely, according to investment information firm ICRA. The fiscal deficit rose by 9.6 per cent to Rs 6.5 lakh crore in the April to September period (H1 FY20) from Rs 5.9 lakh crore in H1 FY19. This was equivalent to 92.6 per cent of the revised budget estimate for FY20, largely similar to the situation in H1 FY19 (92.2 per cent of the FY19 provisional accounts). Gross tax revenues rose by a muted 1.5 per cent in H1 FY20, considerably undershooting the 18.3 per cent growth included in FY20 revised budget estimate, with a modest rise in direct taxes and a contraction in indirect tax collections. The net tax revenues have grown by a somewhat faster 4.2 per cent in H1 FY20 since the taxes devolved to the states contracted by 3.4 per cent to Rs 3.1 lakh crore in H1 FY20 from Rs 3.2 lakh crore in H1 FY19. The transfer of a higher-than-budgeted Rs 1.76 lakh crore from the Reserve Bank of India (RBI) has boosted the growth of non-tax revenues to 91.8 per cent in H1 FY20. This has cushioned the impact of the muted performance of the government's tax revenues on its overall revenue receipts. The pace of government's expenditure growth has improved sharply, following the presentation of the Union Budget in July. The growth in revenue spending rose to 23.3 per cent in Q2 FY20 from 6.1 per cent in Q1 FY20. Moreover, capital expenditure and net lending expanded by a sharp 69.7 per cent in Q2 FY20 in contrast to the year-on-year contraction of 28.6 per cent in Q1 FY20. "Looking ahead, we estimate that the gross tax revenues of the government will need to expand by a sharp 31.3 per cent in H2 FY20 to meet the FY20 revised budget estimate," said ICRA's Principal Economist Aditi Nayar. "With both direct and indirect tax revenues reporting a subdued performance in the recent months, a mixed outlook for economic growth in H2 FY20 and the anticipated impact of the cut in corporate tax rates, ICRA expects the government's gross tax revenues to trail the FY20 revised budget estimate of Rs 24.6 lakh crore by a considerable Rs 2.5 lakh crore to 3 lakh crore," she said. A portion of this will be shared by the states through lower tax devolution to them, added Nayar. Moreover, taxes devolved to the states in FY19 were higher than required, as per ICRA's analysis. "Adjusting for this excess transfer of Central tax devolution in FY19, which we peg at around Rs 0.6 lakh crore to 0.7 lakh crore, we estimate the net Central tax shortfall at Rs 0.7 lakh crore to 1.3 lakh crore in FY20." A portion of this shortfall will be offset by transfers from the RBI which are higher than budgeted by Rs 0.6 lakh crore. "Therefore, we estimate the revenue receipts of the government to be Rs 0.1 lakh crore to 0.7 lakh crore lower than the FY20 revised budget estimate which can translate into a fiscal slippage of up to 40 basis points in FY20," said ICRA. The extent to which disinvestment revenues can be shored up in H2 FY20 will be crucial in determining the final extent of fiscal slippage in the current year. Expenditure cuts may have to be undertaken to prevent the fiscal deficit from rising too sharply in FY20, which can emerge as a risk to the pace of economic growth in H2 FY20.

India: Fiscal slippage likely in 2020 as tax revenue growth stumbles

Alibaba Group Chairman Daniel Zhang said Hong Kong's "future is bright" as the e-commerce giant kicked off the retail campaign for its secondary listing in the city gripped by increasingly violent protests and recession.

In a first for the Asian financial hub, Alibaba said the listing would be fully automated and paperless to reflect its environmental standards, confirming an earlier Reuters story.

Investment bankers familiar with the listing, however, said the move avoided a potential publicity nightmare of investors queuing at banks to place stock orders while protests raged around them.

Four thousand people have been arrested in Hong Kong since June and the territory’s economy has sunk into recession for the first time in a decade as the anti-government demonstrations disrupt&nbsp;business&nbsp;and deter tourists.

Zhang made no mention of the unrest in the chairman’s letter included in the company's supplementary prospectus.

"Over the last few years, there have been many encouraging reforms in Hong Kong’s capital market. During this time of ongoing change, we continue to believe that the future of Hong Kong remains bright," he wrote.

Hangzhou-based Alibaba is hoping to raise up to $13.4 billion in its Hong Kong listing and the shares are due to start trading on November 26. The retail price of the shares will be capped at HK$188 each.

The share sale is set to be Hong Kong's largest in more than nine years and comes as Beijing seeks support from the semi-autonomous territory's tycoons and entrepreneurs to maintain a sense of&nbsp;business-as-usual in the face of more than five months of unrest.

Alibaba had originally considered a Hong Kong IPO in 2013 but ultimately chose New York after failing to gain approval from Hong Kong regulators for its unusual governance structure.

The institutional price will be finalised on November 20 following a bookbuild which is underway for global investors.

In the retail component 12.5 million shares will be offered, which is 2.5 per cent of&nbsp;the total deal, however, that could be increased to up to 50 million, or 10 per cent of the total transaction.

Alibaba also has the option to exercise a so-called over-allotment option to add an extra 75 million shares to the deal.

Alibaba Group Chairman Daniel Zhang said Hong Kong's "future is bright" as the e-commerce giant kicked off the retail campaign for its secondary listing in the city gripped by increasingly violent protests and recession.

Alibaba Group Chairman Daniel Zhang said Hong Kong's "future is bright" as the e-commerce giant kicked off the retail campaign for its secondary listing in the city gripped by increasingly violent protests and recession. In a first for the Asian financial hub, Alibaba said the listing would be fully automated and paperless to reflect its environmental standards, confirming an earlier Reuters story. Investment bankers familiar with the listing, however, said the move avoided a potential publicity nightmare of investors queuing at banks to place stock orders while protests raged around them. Four thousand people have been arrested in Hong Kong since June and the territory’s economy has sunk into recession for the first time in a decade as the anti-government demonstrations disrupt business and deter tourists. Zhang made no mention of the unrest in the chairman’s letter included in the company's supplementary prospectus. "Over the last few years, there have been many encouraging reforms in Hong Kong’s capital market. During this time of ongoing change, we continue to believe that the future of Hong Kong remains bright," he wrote. Hangzhou-based Alibaba is hoping to raise up to $13.4 billion in its Hong Kong listing and the shares are due to start trading on November 26. The retail price of the shares will be capped at HK$188 each. The share sale is set to be Hong Kong's largest in more than nine years and comes as Beijing seeks support from the semi-autonomous territory's tycoons and entrepreneurs to maintain a sense of business-as-usual in the face of more than five months of unrest. Alibaba had originally considered a Hong Kong IPO in 2013 but ultimately chose New York after failing to gain approval from Hong Kong regulators for its unusual governance structure. The institutional price will be finalised on November 20 following a bookbuild which is underway for global investors. In the retail component 12.5 million shares will be offered, which is 2.5 per cent of the total deal, however, that could be increased to up to 50 million, or 10 per cent of the total transaction. Alibaba also has the option to exercise a so-called over-allotment option to add an extra 75 million shares to the deal.

Hong Kong's future is bright: Alibaba chairman

<a href="https://www.wionews.com/world/australia-probes-paypal-over-payments-for-child-abuse-content-251636">PayPal</a> Holdings Inc said on Thursday it had stopped payment support to PornHub's models after it found the adult entertainment website made certain payments without the permission of the payment processor.

"Following a review, we have discovered that PornHub has made certain&nbsp;business&nbsp;payments through PayPal without seeking our permission.&nbsp;We have taken action to stop these transactions from occurring," PayPal said in an email statement.

PornHub, owned by Luxembourg-headquartered company MindGeek, said it was "devastated by PayPal's decision to stop payouts to over a hundred thousand performers who rely on them for their livelihoods".

MindGeek did not respond to a Reuters request for comment.

PayPal Holdings Inc said on Thursday it had stopped payment support to PornHub's models after it found the adult entertainment website made certain payments without the permission of the payment processor.

PayPal Holdings Inc said on Thursday it had stopped payment support to PornHub's models after it found the adult entertainment website made certain payments without the permission of the payment processor. "Following a review, we have discovered that PornHub has made certain business payments through PayPal without seeking our permission. We have taken action to stop these transactions from occurring," PayPal said in an email statement. PornHub, owned by Luxembourg-headquartered company MindGeek, said it was "devastated by PayPal's decision to stop payouts to over a hundred thousand performers who rely on them for their livelihoods". MindGeek did not respond to a Reuters request for comment.

PayPal halts payment support to PornHub models

Huawei&nbsp;Technologies Co and&nbsp;ZTE&nbsp;Corp&nbsp; "cannot be trusted,"&nbsp;US Attorney&nbsp;General&nbsp;William Barr said, labelling the Chinese firms a&nbsp;security&nbsp;threat&nbsp;as he backed a proposal to bar&nbsp;U.S. rural wireless carriers from tapping an $8.5 billion (£6.64 billion) government fund to purchase equipment or services from them.

The Federal Communications Commission will vote on November&nbsp;&nbsp;22 and is proposing requiring the carriers to remove and replace equipment from the companies. Barr said in a letter to the FCC released on Thursday that "their own track record, as well as the practices of the Chinese government, demonstrate that&nbsp;Huawei&nbsp;and&nbsp;ZTE&nbsp;cannot be trusted."

He added that "we should not signal that&nbsp;Huawei&nbsp;and&nbsp;ZTE&nbsp;are anything other than a&nbsp;threat&nbsp;to our collective&nbsp;security, for that is exactly what they, through their actions, have shown themselves to be."

Huawei&nbsp;and&nbsp;ZTE&nbsp;did not immediately comment.

Barr noted that federal prosecutors charged&nbsp;Huawei&nbsp;with violations of the&nbsp;US embargo on Iran, bank fraud, obstruction of justice and trade secret theft.&nbsp;ZTE&nbsp;pleaded guilty in 2017 to illegally send approximately $32 million in&nbsp;US goods to Iran.

FCC Chairman Ajit Pai said the commission "cannot ignore the risk that the Chinese government will seek to exploit network vulnerabilities in order to engage in espionage, insert malware and viruses, and otherwise compromise our critical communications networks."

The move is the latest&nbsp;US action aimed at barring&nbsp;US&nbsp;companies from purchasing&nbsp;Huawei&nbsp;and&nbsp;ZTE&nbsp;equipment.&nbsp;Huawei&nbsp;said last week that "in 30 years of business,&nbsp;Huawei&nbsp;has never had a major&nbsp;security-related incident in the 170 countries where we operate."

The&nbsp;US&nbsp;government added&nbsp;Huawei&nbsp;to its economic blacklist in May, saying the Chinese company was involved in activities contrary to&nbsp;US national&nbsp;security.

The United States has pressed nations not to grant&nbsp;Huawei&nbsp;access to 5G networks and alleged&nbsp;Huawei’s equipment could be used by Beijing for spying, which the Chinese company has repeatedly denied. Several European countries in recent months have not agreed to bar&nbsp;Huawei, despite&nbsp;US pressure.

In May,&nbsp;US President Donald Trump signed a long-awaited executive order declaring a national emergency and barring&nbsp;US&nbsp;&nbsp;companies from using telecommunications equipment made by companies posing a national&nbsp;security&nbsp;risk. The order directed the Commerce Department, working with other government agencies, to draw up an enforcement plan by mid-October. The Commerce Department has yet to publish a plan.

Huawei Technologies Co and ZTE Corp "cannot be trusted," US Attorney General William Barr said, labelling the Chinese firms a security threat as he backed a proposal to bar U.

Huawei Technologies Co and ZTE Corp "cannot be trusted," US Attorney General William Barr said, labelling the Chinese firms a security threat as he backed a proposal to bar U.S. rural wireless carriers from tapping an $8.5 billion (£6.64 billion) government fund to purchase equipment or services from them. The Federal Communications Commission will vote on November 22 and is proposing requiring the carriers to remove and replace equipment from the companies. Barr said in a letter to the FCC released on Thursday that "their own track record, as well as the practices of the Chinese government, demonstrate that Huawei and ZTE cannot be trusted." He added that "we should not signal that Huawei and ZTE are anything other than a threat to our collective security, for that is exactly what they, through their actions, have shown themselves to be." Huawei and ZTE did not immediately comment. Barr noted that federal prosecutors charged Huawei with violations of the US embargo on Iran, bank fraud, obstruction of justice and trade secret theft. ZTE pleaded guilty in 2017 to illegally send approximately $32 million in US goods to Iran. FCC Chairman Ajit Pai said the commission "cannot ignore the risk that the Chinese government will seek to exploit network vulnerabilities in order to engage in espionage, insert malware and viruses, and otherwise compromise our critical communications networks." The move is the latest US action aimed at barring US companies from purchasing Huawei and ZTE equipment. Huawei said last week that "in 30 years of business, Huawei has never had a major security-related incident in the 170 countries where we operate." The US government added Huawei to its economic blacklist in May, saying the Chinese company was involved in activities contrary to US national security. The United States has pressed nations not to grant Huawei access to 5G networks and alleged Huawei’s equipment could be used by Beijing for spying, which the Chinese company has repeatedly denied. Several European countries in recent months have not agreed to bar Huawei, despite US pressure. In May, US President Donald Trump signed a long-awaited executive order declaring a national emergency and barring US companies from using telecommunications equipment made by companies posing a national security risk. The order directed the Commerce Department, working with other government agencies, to draw up an enforcement plan by mid-October. The Commerce Department has yet to publish a plan.

Huawei, ZTE 'cannot be trusted' and pose security threat - US attorney general

The&nbsp;Supreme&nbsp;Court&nbsp;cleared the&nbsp;path&nbsp;on Friday for&nbsp;steelmaker&nbsp;ArcelorMittal&nbsp;SA&nbsp; to take over bankrupt&nbsp;Essar&nbsp;Steel, following a legal tussle that has dragged through multiple&nbsp;courts for over two years.

The apex&nbsp;court&nbsp;said operational creditors cannot be treated on par with financial creditors of a bankrupt company, in a ruling that provides relief to lenders and sets a precedent that could speed-up the resolution of other insolvency cases.

Banks had moved the&nbsp;Supreme&nbsp;Court&nbsp;earlier this year after an appellate&nbsp;court&nbsp;judge put the claims of&nbsp;Essar's operational creditors on par with those of its lenders.

Essar&nbsp;Steel, with debts from banks worth nearly 500 billion rupees ($7.01 billion), was among the so-called dirty dozen - twelve large&nbsp;steel&nbsp;and other infrastructure companies which defaulted and were referred to India's bankruptcy&nbsp;court&nbsp;in 2017.

The Supreme Court cleared the path on Friday for steelmaker ArcelorMittal SA to take over bankrupt Essar Steel, following a legal tussle that has dragged through multiple courts for over two years.

The Supreme Court cleared the path on Friday for steelmaker ArcelorMittal SA to take over bankrupt Essar Steel, following a legal tussle that has dragged through multiple courts for over two years. The apex court said operational creditors cannot be treated on par with financial creditors of a bankrupt company, in a ruling that provides relief to lenders and sets a precedent that could speed-up the resolution of other insolvency cases. Banks had moved the Supreme Court earlier this year after an appellate court judge put the claims of Essar's operational creditors on par with those of its lenders. Essar Steel, with debts from banks worth nearly 500 billion rupees ($7.01 billion), was among the so-called dirty dozen - twelve large steel and other infrastructure companies which defaulted and were referred to India's bankruptcy court in 2017.

Supreme Court clears path for ArcelorMittal to acquire Essar Steel

German car giant Volkswagen said Friday it would plough 60 billion euros ($66 billion) by 2024 into its switch to electric, hybrid and connected vehicles, as automakers around the world rev up electrification plans.

The sum is an increase of 16 billion euros over previously-announced investments.

In a plan approved by its supervisory board, VW also said it would introduce up to 75 all-electric models and around 60 hybrid vehicles over the next decade, compared with a total of 70 across both types that were already planned.

VW is "focusing our investments on the future of mobility," chairman Dieter Poetsch said in a statement.

Chief executive Herbert Diess added: "In light of the worsening economic situation, we are also working on increasing our productivity, our efficiency and our cost base so as to secure meeting our targets."

The company said it was planning to sell 26 million all-electric vehicles by 2029 as well as around six million hybrid vehicles by that time, hoping they will help hit new European carbon dioxide (CO2) emissions targets.

On top of that should come around six million hybrids.

Volkswagen last month said it was confident of hitting financial targets despite a lower unit sales outlook, warning "vehicle markets will contract faster than previously anticipated in many regions".

A global growth slowdown triggered by trade wars and Brexit uncertainty has hit the car industry particularly hard, as have the mammoth costs associated with switching to electric car production.

Volkswagen has also been caught up in a series of legal cases ever since admitting four years ago that it illegally fitted 11 million diesel vehicles worldwide with software to make them appear less polluting.

German car giant Volkswagen said Friday it would plough 60 billion euros ($66 billion) by 2024 into its switch to electric, hybrid and connected vehicles, as automakers around the world rev up electrification plans.

German car giant Volkswagen said Friday it would plough 60 billion euros ($66 billion) by 2024 into its switch to electric, hybrid and connected vehicles, as automakers around the world rev up electrification plans. The sum is an increase of 16 billion euros over previously-announced investments. In a plan approved by its supervisory board, VW also said it would introduce up to 75 all-electric models and around 60 hybrid vehicles over the next decade, compared with a total of 70 across both types that were already planned. VW is "focusing our investments on the future of mobility," chairman Dieter Poetsch said in a statement. Chief executive Herbert Diess added: "In light of the worsening economic situation, we are also working on increasing our productivity, our efficiency and our cost base so as to secure meeting our targets." The company said it was planning to sell 26 million all-electric vehicles by 2029 as well as around six million hybrid vehicles by that time, hoping they will help hit new European carbon dioxide (CO2) emissions targets. On top of that should come around six million hybrids. Volkswagen last month said it was confident of hitting financial targets despite a lower unit sales outlook, warning "vehicle markets will contract faster than previously anticipated in many regions". A global growth slowdown triggered by trade wars and Brexit uncertainty has hit the car industry particularly hard, as have the mammoth costs associated with switching to electric car production. Volkswagen has also been caught up in a series of legal cases ever since admitting four years ago that it illegally fitted 11 million diesel vehicles worldwide with software to make them appear less polluting.

Volkswagen says to invest 60 billion euros by 2024 in future car models

A US delegation will be in India next week to give final touches to the India-US trade deal, reported news agency ANi quoting sources. The report quoting a source said that the trade talks have been very constructive and covered a wide range of issues that were pending on the table.

A US delegation will be in India next week to give final touches to the India-US trade deal, reported news agency ANi quoting sources. The report quoting a source said that the trade talks have been very constructive and covered a wide range of issues that were pending on the table. It's learnt that the list of important items that have been on the table have been resolved and a package is being worked upon, ANI has learnt. Commerce and Industry minister Piyush Goel was in Washington on a three-day trip from November 12 to hold talks with his American counterpart Robert Lighthizer and seek a breakthrough on some key knotty trade issues. On November 14, Goyal held a high-level industry interaction with business and industry representatives in New York. From D.C., the minister went to New York. The minister and his US counterpart Ambassador Robert Lighthizer also had a telephonic conversation as a follow up of the meeting. Goyal's visit helped develop a good rapport between the minister and his counterpart resulting in mutual understanding on equitable access for both sides, sources added. Tensions on trade front emerged between the two countries in June after US President Donald Trump revoked preferential trade privileges, in response to which India imposed tariffs on 28 US products, including almonds and apples. India was the biggest beneficiary of the Generalised System of Preferences (GSP), a programme designed to help developing countries sell to US consumers. On its part, India had also imposed retaliatory tariffs on 25 American goods, after the Donald Trump administration rescinded GSP. (With inputs from ANI)

US officials to visit India next week to give final touches to trade deal

Indian shares rose in early trade on Friday, tracking gains in broader Asia as risk appetite was whetted by a comment from a senior US&nbsp;official that the United States and China are getting close to an interim trade pact.

White House economic adviser <a href="https://www.wionews.com/world/united-states-and-china-getting-close-to-trade-deal-white-house-economic-adviser-262183">Larry Kudlow </a>said the world's two largest economies were in close touch via telephone, and an agreement could be reached soon.

That helped to lift MSCI's broadest index of Asia-Pacific shares outside Japan up 0.67%, Japan's Nikkei 0.76% and Australian shares by 0.8%.

The NSE Nifty 50 index was up 0.5% at 11,922.70, as of 0413 GMT, while S&amp;P BSE Sensex was 0.6% higher at 40,522.

"There is some optimism coming in on a deal being brokered between the US and China," said Saurabh Jain, assistant vice-president research, SMC Global Securities.

Jain, however, cautioned the gains could be short-lived as domestic lenders may soon come under pressure due to their exposure to telecom services provider Vodafone Idea, which posted huge losses on Thursday.

<a href="https://www.wionews.com/business-economy/vodafone-idea-makes-7-billion-loss-after-provisions-for-government-dues-262176">Vodafone Idea </a>on Thursday reported the biggest quarterly loss in India's corporate history after making provisions for outstanding government dues.

Rival Bharti Airtel reported a consolidated net loss of 230.45 billion rupees ($3.23 billion) in the three months to September.

The Nifty public sector undertaking and metal stocks led gains, rising 3% and 0.5%, respectively.

Miner Vedanta Ltd posted a surge in September quarter net profit, sending share up 1%.

Indian shares rose in early trade on Friday, tracking gains in broader Asia as risk appetite was whetted by a comment from a senior US official that the United States and China are getting close to an interim trade pact.

Indian shares rose in early trade on Friday, tracking gains in broader Asia as risk appetite was whetted by a comment from a senior US official that the United States and China are getting close to an interim trade pact. White House economic adviser Larry Kudlow said the world's two largest economies were in close touch via telephone, and an agreement could be reached soon. That helped to lift MSCI's broadest index of Asia-Pacific shares outside Japan up 0.67%, Japan's Nikkei 0.76% and Australian shares by 0.8%. The NSE Nifty 50 index was up 0.5% at 11,922.70, as of 0413 GMT, while S&P BSE Sensex was 0.6% higher at 40,522. "There is some optimism coming in on a deal being brokered between the US and China," said Saurabh Jain, assistant vice-president research, SMC Global Securities. Jain, however, cautioned the gains could be short-lived as domestic lenders may soon come under pressure due to their exposure to telecom services provider Vodafone Idea, which posted huge losses on Thursday. Vodafone Idea on Thursday reported the biggest quarterly loss in India's corporate history after making provisions for outstanding government dues. Rival Bharti Airtel reported a consolidated net loss of 230.45 billion rupees ($3.23 billion) in the three months to September. The Nifty public sector undertaking and metal stocks led gains, rising 3% and 0.5%, respectively. Miner Vedanta Ltd posted a surge in September quarter net profit, sending share up 1%.

Sensex, Nifty rise in early trade amid hopes of US-China trade deal

<a href="https://www.wionews.com/business-economy/google-pay-to-offer-checking-accounts-through-citi-stanford-federal-261964">Google</a> has announced the commencement of Rich Communication Services (RCS) on the Android operating software to replace the traditional Short Messaging Service (SMS) by introducing more chat features. 
 
In a statement on Thursday, Google said, "To make your conversations more seamless, we`ve worked on upgrading traditional SMS text messaging with more useful chat features, powered by RCS (Rich Communication Services)". 
 
RCS will improve the messaging experience on Android tremendously. Alongside traditional chatting features that include seamless texting over Wi-Fi or mobile data, sending and receiving high-resolution photos and videos, seeing if people have received your messages, one will have access to a better chatting ecosystem that will be group-chat centric.

"Plus, you`ll get better group chats, with the ability to name groups, add and remove people to and from groups, and see if people haven`t seen the latest messages," informed Google.

The chat feature was tested in the United Kingdom, France, and Mexico earlier this year.&nbsp;

The rolling out process has already kicked in the United States, with wider coverage planned for later.

"If you already have Messages, you`ll also be prompted to enable chat features in the coming weeks. If you don`t have Messages, you can download it on the Play Store. We expect this service to be broadly available in the US by the end of the year," said the company. 
 
The RCS as being pitched as the ''SMS killer'', for it will enable the transfer of in-call multimedia and set the foundation for a more immersive and simple messaging interface. Just like Apple's iMessage, RCS is a communication protocol between the phone and the carrier.

To enable the feature once it begins rolling out, the user will need to click on a notification that says ''do more with messages'' following which they will be able to ''enable chat features''.

Additionally, Google reaffirmed its commitment to working with stakeholders including carriers and device makers to allow a more seamless chatting experience across Android devices.

Google has announced the commencement of Rich Communication Services (RCS) on the Android operating software to replace the traditional Short Messaging Service (SMS) by introducing more chat features.

Google has announced the commencement of Rich Communication Services (RCS) on the Android operating software to replace the traditional Short Messaging Service (SMS) by introducing more chat features. In a statement on Thursday, Google said, "To make your conversations more seamless, we`ve worked on upgrading traditional SMS text messaging with more useful chat features, powered by RCS (Rich Communication Services)". RCS will improve the messaging experience on Android tremendously. Alongside traditional chatting features that include seamless texting over Wi-Fi or mobile data, sending and receiving high-resolution photos and videos, seeing if people have received your messages, one will have access to a better chatting ecosystem that will be group-chat centric. "Plus, you`ll get better group chats, with the ability to name groups, add and remove people to and from groups, and see if people haven`t seen the latest messages," informed Google. The chat feature was tested in the United Kingdom, France, and Mexico earlier this year. The rolling out process has already kicked in the United States, with wider coverage planned for later. "If you already have Messages, you`ll also be prompted to enable chat features in the coming weeks. If you don`t have Messages, you can download it on the Play Store. We expect this service to be broadly available in the US by the end of the year," said the company. The RCS as being pitched as the ''SMS killer'', for it will enable the transfer of in-call multimedia and set the foundation for a more immersive and simple messaging interface. Just like Apple's iMessage, RCS is a communication protocol between the phone and the carrier. To enable the feature once it begins rolling out, the user will need to click on a notification that says ''do more with messages'' following which they will be able to ''enable chat features''. Additionally, Google reaffirmed its commitment to working with stakeholders including carriers and device makers to allow a more seamless chatting experience across Android devices.

Google begins rolling out Rich Communication Services to 'do more with messages'

India's overall exports -- merchandise and services combined -- in April-October of 2019-20 financial year are estimated to be $310.23 billion, exhibiting a positive growth of 1.51 per cent over the last corresponding period, said the Ministry of Commerce and Industry in a statement on Friday.

"The overall imports in April-October 2019-20 are estimated to be $359.68 billion, exhibiting a negative growth of 4.61 per cent over the same period last year," added the ministry, saying that services data pertain to April-September 2019-20 as September 2019 is the latest data available as per the RBI's press release dated November 15, 2019.

Merchandise exports including re-exports in October were $26.38 billion as compared to $26.67billion in October last year, exhibiting a negative growth of 1.11 per cent. In rupee terms, exports were of Rs 1,87,382.29 crore in October this year as compared to Rs 1,96,406.43 crore in October 2018, registering a negative growth of 4.59 per cent, said the ministry.

According to the Ministry of Commerce and Industry, cumulative value of exports for the period April-October 2019-20 was $185.95 billion (Rs 13,04,149.06 crore) as against $190.15 billion (Rs 13,17,881.40 crore) during the period April-October 2018-19, registering a negative growth of 2.21 per cent in dollar terms (negative growth of 1.04 per cent in rupee terms).

Non-petroleum and non-gems and jewellery exports in October 2019 were $19.04 billion as compared to $18.93 billion in October 2018, exhibiting a positive growth of 0.59 per cent. Non-petroleum and non-gems and jewellery exports in April-October 2019-20 were $137.45 billion as compared to $137.93 billion for the corresponding period in 2018-19, a decrease of 0.35 per cent.

The ministry said that imports in October 2019 were $37.39billion (Rs 2,65,628.46 crore), which was 16.31per cent lower in dollar terms and 19.26 per cent lower in rupee terms over imports of $44.68 billion (Rs 3,28,973.56 crore) in October 2018.

The cumulative value of imports for the period April-October 2019-20 was $280.67 billion (Rs 19,67,625.73 crore) as against $306.31 billion (Rs 21,23,857.76 crore) during the period April-October 2018-19, registering a negative growth of 8.37per cent in dollar terms (negative growth of 7.36 per cent in rupee terms).

The oil imports in October 2019 were $9.63 billion (Rs 68,400.14 crore, which was 31.74 per cent lower in dollar terms (34.15per cent lower in rupee terms) as compared to $14.11billion (Rs 1,03,864.85 crore) in October last year.

Oil imports in April-October 2019-20 were $73.93 billion (Rs 5,18,270.66 crore), which was 12.16 per cent lower in dollar terms (11.31 per cent lower in rupee terms) as compared to $84.17 billion (Rs 5,84,362.56 crore), over the same period last year.

In this connection, it is mentioned that the global Brent price ($/bbl) has decreased by 26.22 per cent in October 2019 vis-a-vis October 2018 as per data available from the World Bank, said the ministry.

Non-oil imports in October this year were estimated at $27.76 billion (Rs 1,97,228.32 crore), which was 9.19 per cent lower in dollar terms (12.39 per cent lower in rupee terms as compared to $30.57 billion (Rs 2,25,108.71 crore) in October 2018.

Non-oil imports in April-October 2019-20 were $206.74 billion (Rs 14,49,355.07 crore), which was 6.93 per cent lower in dollar terms (5.86 per cent lower in rupee terms), as compared to $222.14 billion (Rs 15,39,495.20 crore) in April-October2018-19.

Non-oil and non-gold imports were $25.92 billion in October this year, recording a negative growth of 10.04 per cent, as compared to non-oil and non-gold imports of $28.82 billion in October last year.

Non-oil and non-gold imports were $189.10 billion in April-October 2019-20, recording a negative growth of 6.73 per cent, as compared to non-oil and non-gold imports $202.74 billion in April-October 2018-19.

As per the latest press release by the RBI issued on Friday, exports in September this year were $17.54 billion (Rs 1,25,090.78 crore) registering a positive growth of 7.05 per cent in dollar terms vis-a-vis September last year.

The estimated value of services export for October this year has been pegged at $17.22 billion.

According to the ministry, the trade deficit for October this year in merchandise segment was estimated at $11.01 billion as against the deficit of $18 billion in October last year.

As per the RBI`s press release dated November 15, the trade balance in services, that is, net services export, for September this year is estimated at $6.44 billion.

The ministry said that taking merchandise and services together, the overall trade deficit for April-October 2019-20 is estimated at $49.45 billion as compared to $71.45 billion in April-October 2018-19. The ministry said services data pertains to April-September 2019-20 as September 2019 is the latest data available as per the RBI's press release dated issued on November 15.

India's overall exports -- merchandise and services combined -- in April-October of 2019-20 financial year are estimated to be $310.23 billion, exhibiting a positive growth of 1.

India's overall exports -- merchandise and services combined -- in April-October of 2019-20 financial year are estimated to be $310.23 billion, exhibiting a positive growth of 1.51 per cent over the last corresponding period, said the Ministry of Commerce and Industry in a statement on Friday. "The overall imports in April-October 2019-20 are estimated to be $359.68 billion, exhibiting a negative growth of 4.61 per cent over the same period last year," added the ministry, saying that services data pertain to April-September 2019-20 as September 2019 is the latest data available as per the RBI's press release dated November 15, 2019. Merchandise exports including re-exports in October were $26.38 billion as compared to $26.67billion in October last year, exhibiting a negative growth of 1.11 per cent. In rupee terms, exports were of Rs 1,87,382.29 crore in October this year as compared to Rs 1,96,406.43 crore in October 2018, registering a negative growth of 4.59 per cent, said the ministry. According to the Ministry of Commerce and Industry, cumulative value of exports for the period April-October 2019-20 was $185.95 billion (Rs 13,04,149.06 crore) as against $190.15 billion (Rs 13,17,881.40 crore) during the period April-October 2018-19, registering a negative growth of 2.21 per cent in dollar terms (negative growth of 1.04 per cent in rupee terms). Non-petroleum and non-gems and jewellery exports in October 2019 were $19.04 billion as compared to $18.93 billion in October 2018, exhibiting a positive growth of 0.59 per cent. Non-petroleum and non-gems and jewellery exports in April-October 2019-20 were $137.45 billion as compared to $137.93 billion for the corresponding period in 2018-19, a decrease of 0.35 per cent. The ministry said that imports in October 2019 were $37.39billion (Rs 2,65,628.46 crore), which was 16.31per cent lower in dollar terms and 19.26 per cent lower in rupee terms over imports of $44.68 billion (Rs 3,28,973.56 crore) in October 2018. The cumulative value of imports for the period April-October 2019-20 was $280.67 billion (Rs 19,67,625.73 crore) as against $306.31 billion (Rs 21,23,857.76 crore) during the period April-October 2018-19, registering a negative growth of 8.37per cent in dollar terms (negative growth of 7.36 per cent in rupee terms). The oil imports in October 2019 were $9.63 billion (Rs 68,400.14 crore, which was 31.74 per cent lower in dollar terms (34.15per cent lower in rupee terms) as compared to $14.11billion (Rs 1,03,864.85 crore) in October last year. Oil imports in April-October 2019-20 were $73.93 billion (Rs 5,18,270.66 crore), which was 12.16 per cent lower in dollar terms (11.31 per cent lower in rupee terms) as compared to $84.17 billion (Rs 5,84,362.56 crore), over the same period last year. In this connection, it is mentioned that the global Brent price ($/bbl) has decreased by 26.22 per cent in October 2019 vis-a-vis October 2018 as per data available from the World Bank, said the ministry. Non-oil imports in October this year were estimated at $27.76 billion (Rs 1,97,228.32 crore), which was 9.19 per cent lower in dollar terms (12.39 per cent lower in rupee terms as compared to $30.57 billion (Rs 2,25,108.71 crore) in October 2018. Non-oil imports in April-October 2019-20 were $206.74 billion (Rs 14,49,355.07 crore), which was 6.93 per cent lower in dollar terms (5.86 per cent lower in rupee terms), as compared to $222.14 billion (Rs 15,39,495.20 crore) in April-October2018-19. Non-oil and non-gold imports were $25.92 billion in October this year, recording a negative growth of 10.04 per cent, as compared to non-oil and non-gold imports of $28.82 billion in October last year. Non-oil and non-gold imports were $189.10 billion in April-October 2019-20, recording a negative growth of 6.73 per cent, as compared to non-oil and non-gold imports $202.74 billion in April-October 2018-19. As per the latest press release by the RBI issued on Friday, exports in September this year were $17.54 billion (Rs 1,25,090.78 crore) registering a positive growth of 7.05 per cent in dollar terms vis-a-vis September last year. The estimated value of services export for October this year has been pegged at $17.22 billion. According to the ministry, the trade deficit for October this year in merchandise segment was estimated at $11.01 billion as against the deficit of $18 billion in October last year. As per the RBI`s press release dated November 15, the trade balance in services, that is, net services export, for September this year is estimated at $6.44 billion. The ministry said that taking merchandise and services together, the overall trade deficit for April-October 2019-20 is estimated at $49.45 billion as compared to $71.45 billion in April-October 2018-19. The ministry said services data pertains to April-September 2019-20 as September 2019 is the latest data available as per the RBI's press release dated issued on November 15.

India's overall export shows 1.51% growth during April-October

Asian markets rose Friday as trade hopes were given a boost by Donald Trump's economic aide saying "enormous progress" had been made in talks with China, easing recent concerns that they were stumbling.

Hong Kong enjoyed a much-needed leg-up after a bruising week but sentiment remained fragile after the city endured another night of violent protest, with the transport network partially shut down and many businesses closed for the fifth day.

The broad regional gains came after top White House adviser Larry Kudlow that the long-awaited mini trade deal with China was on track as part of a wider pact.

"The deal is not complete but we've made enormous progress," he told reporters, adding that the talks were "coming down to the short strokes".

His comments&nbsp;follow a week of unease about the much-vaunted talks after Trump dismissed Chinese claims of a plan to roll back tariffs as the negotiations progress, while reports said Beijing was uneasy about some aspects of the developing deal.

And on Thursday, China's commerce ministry had said the US lifting of tariffs was a "condition" to reaching the preliminary deal,&nbsp;suggesting it was not imminent.

Xi's Hong Kong warning

"Maybe, just maybe, we are finally nearing&nbsp;a long-awaited indication from President Trump that the protracted period of market adversity is mercifully nearing its end," said AxiTrader chief&nbsp;Asia market strategist Stephen Innes.

But he added that "the big question should be about what comes next. How long will phase two take?"

He also pointed to "some recriminations, with the US claiming that China is delaying the deal, which would seem to play into the view that President Trump is under pressure, having effectively announced a deal a couple of weeks ago".

Tokyo went into the break 0.7 per cent higher, Sydney jumped 0.8 per cent, Seoul climbed one per cent and Singapore was up 0.1 per cent. Taipei, Wellington and Jakarta also posted healthy gains. Shanghai was up 0.4 per cent, boosted by the central bank's decision to pump $29 billion into the financial system.

Hong Kong added 0.4 per cent in early trade, having shed almost five per cent over the previous four days as the city was wracked by violent protests, with police saying the rule of law was on "the brink of total collapse".

The increasingly violent standoff has also fanned concerns about possible intervention by Beijing, with Xi Jinping warning Thursday that Hong Kong's cherished "one country, two systems" principle was being threatened by the protests, which are in their sixth month.

Oil prices were also given a lift by the trade optimism, which offset data showing another pick-up in US stockpiles

Asian markets rose Friday as trade hopes were given a boost by Donald Trump's economic aide saying "enormous progress" had been made in talks with China, easing recent concerns that they were stumbling.

Asian markets rose Friday as trade hopes were given a boost by Donald Trump's economic aide saying "enormous progress" had been made in talks with China, easing recent concerns that they were stumbling. Hong Kong enjoyed a much-needed leg-up after a bruising week but sentiment remained fragile after the city endured another night of violent protest, with the transport network partially shut down and many businesses closed for the fifth day. The broad regional gains came after top White House adviser Larry Kudlow that the long-awaited mini trade deal with China was on track as part of a wider pact. "The deal is not complete but we've made enormous progress," he told reporters, adding that the talks were "coming down to the short strokes". His comments follow a week of unease about the much-vaunted talks after Trump dismissed Chinese claims of a plan to roll back tariffs as the negotiations progress, while reports said Beijing was uneasy about some aspects of the developing deal. And on Thursday, China's commerce ministry had said the US lifting of tariffs was a "condition" to reaching the preliminary deal, suggesting it was not imminent. Xi's Hong Kong warning "Maybe, just maybe, we are finally nearing a long-awaited indication from President Trump that the protracted period of market adversity is mercifully nearing its end," said AxiTrader chief Asia market strategist Stephen Innes. But he added that "the big question should be about what comes next. How long will phase two take?" He also pointed to "some recriminations, with the US claiming that China is delaying the deal, which would seem to play into the view that President Trump is under pressure, having effectively announced a deal a couple of weeks ago". Tokyo went into the break 0.7 per cent higher, Sydney jumped 0.8 per cent, Seoul climbed one per cent and Singapore was up 0.1 per cent. Taipei, Wellington and Jakarta also posted healthy gains. Shanghai was up 0.4 per cent, boosted by the central bank's decision to pump $29 billion into the financial system. Hong Kong added 0.4 per cent in early trade, having shed almost five per cent over the previous four days as the city was wracked by violent protests, with police saying the rule of law was on "the brink of total collapse". The increasingly violent standoff has also fanned concerns about possible intervention by Beijing, with Xi Jinping warning Thursday that Hong Kong's cherished "one country, two systems" principle was being threatened by the protests, which are in their sixth month. Oil prices were also given a lift by the trade optimism, which offset data showing another pick-up in US stockpiles

Asian markets boosted by fresh China-US trade optimism

<a href="https://www.wionews.com/business-economy/amazon-pumps-in-more-than-600-million-into-india-units-258756">Amazon</a> on Thursday challenged the awarding of a $10 billion Pentagon cloud computing contract to Microsoft, alleging "unmistakable bias" in the process.

The 10-year contract for the Joint Enterprise Defense Infrastructure program, better known as JEDI, ultimately will see all military branches sharing information in a system boosted by artificial intelligence.

"It's critical for our country that the government and its elected leaders administer procurements objectively and in a manner that is free from political influence," a spokesperson for Amazon Web Services said.

"Numerous aspects of the JEDI evaluation process contained clear deficiencies, errors, and unmistakable bias."

Amazon said it filed a notice in US court last week signalling its intent to protest the handling of the bidding process, which the DoD maintained was fair.

US President Donald Trump has repeatedly lashed out at Amazon and company founder Jeff Bezos, who also owns The Washington Post. The newspaper is among US media outlets most critical in its coverage of Trump and his administration.

The president told reporters during a news conference in July that he had asked aides to investigate the JEDI contract, citing complaints from companies that compete with Amazon.

"I'm getting tremendous complaints about the contract with the Pentagon and with Amazon. ... They're saying it wasn't competitively bid," Trump said.

"Some of the greatest companies in the world are complaining about it, having to do with Amazon and the Department of Defense, and I will be asking them to look at it very closely to see what's going on."

From leader to loser

Amazon was considered the lead contender to provide technology for JEDI, with its Amazon Web Services (AWS) dominating the cloud computing arena and the company already providing classified servers for other government outfits including the CIA.

But the Pentagon delayed awarding the hefty contract, saying the process would be reviewed by newly appointed Defense Secretary Mark Esper, who was selected by Trump.

A new book on the tenure of Esper's predecessor James Mattis, written by his speechwriter Guy Snodgrass, contends that Trump told Mattis to "screw&nbsp;Amazon" out of the JEDI contract.

Microsoft was Amazon's only rival in the final bidding for the winner-take-all contract, despite employees urging it to drop out. The Pentagon announced it was awarded the contract to Microsoft in late October.

Microsoft did not immediately respond to an email seeking comment late Thursday.

"AWS is uniquely experienced and qualified to provide the critical technology the US military needs, and remains committed to supporting the DoD's modernization efforts," the Amazon spokesperson said.

'Paradigm changer'

<a href="https://www.wionews.com/business-economy/microsoft-beats-amazon-for-pentagons-10-billion-cloud-computing-contract-258282">Microsoft chief Satya Nadella and Amazon's Bezos are "laser-focused"</a> on what has the potential to be a $100 billion market for government projects, according to Wedbush analyst Daniel Ives.

Amazon's protest of the JEDI procurement process is not likely to change the decision, the analyst said.

"We ultimately believe this is a paradigm changer for Microsoft who will remain the lone winner," Ives said, calling Amazon's loss a "black eye" for the company and Bezos.

Microsoft should be able to beef up its cloud services with money from the major military contract, increasing the odds of beating AWS more often in a market expected to see $1 trillion in cloud spending in the coming decade, according to the analyst.

Microsoft reported that profits rose 21 per cent in the recently ended quarter on the back of its thriving cloud computing business which has become a core focus for the US technology giant.

The tactic is a major switch from the way the Redmond-based company built its empire selling packaged software to computer users.

Amazon, one of the world's most valuable companies, has expanded from its origins in e-commerce to cloud services, streaming media, artificial intelligence and other ventures.

AWS accounted for nearly $9 billion in revenue in the recently-ended quarter, with growth in the cloud computing unit up 35 per cent from a year ago.

Amazon on Thursday challenged the awarding of a $10 billion Pentagon cloud computing contract to Microsoft, alleging "unmistakable bias" in the process. The 10-year contract for the Joint Enterprise Defense Infrastructure program, better known as JEDI, ultimately will see all military branches sharing information in a system boosted by artificial intelligence.

Amazon on Thursday challenged the awarding of a $10 billion Pentagon cloud computing contract to Microsoft, alleging "unmistakable bias" in the process. The 10-year contract for the Joint Enterprise Defense Infrastructure program, better known as JEDI, ultimately will see all military branches sharing information in a system boosted by artificial intelligence. "It's critical for our country that the government and its elected leaders administer procurements objectively and in a manner that is free from political influence," a spokesperson for Amazon Web Services said. "Numerous aspects of the JEDI evaluation process contained clear deficiencies, errors, and unmistakable bias." Amazon said it filed a notice in US court last week signalling its intent to protest the handling of the bidding process, which the DoD maintained was fair. US President Donald Trump has repeatedly lashed out at Amazon and company founder Jeff Bezos, who also owns The Washington Post. The newspaper is among US media outlets most critical in its coverage of Trump and his administration. The president told reporters during a news conference in July that he had asked aides to investigate the JEDI contract, citing complaints from companies that compete with Amazon. "I'm getting tremendous complaints about the contract with the Pentagon and with Amazon. ... They're saying it wasn't competitively bid," Trump said. "Some of the greatest companies in the world are complaining about it, having to do with Amazon and the Department of Defense, and I will be asking them to look at it very closely to see what's going on." From leader to loser Amazon was considered the lead contender to provide technology for JEDI, with its Amazon Web Services (AWS) dominating the cloud computing arena and the company already providing classified servers for other government outfits including the CIA. But the Pentagon delayed awarding the hefty contract, saying the process would be reviewed by newly appointed Defense Secretary Mark Esper, who was selected by Trump. A new book on the tenure of Esper's predecessor James Mattis, written by his speechwriter Guy Snodgrass, contends that Trump told Mattis to "screw Amazon" out of the JEDI contract. Microsoft was Amazon's only rival in the final bidding for the winner-take-all contract, despite employees urging it to drop out. The Pentagon announced it was awarded the contract to Microsoft in late October. Microsoft did not immediately respond to an email seeking comment late Thursday. "AWS is uniquely experienced and qualified to provide the critical technology the US military needs, and remains committed to supporting the DoD's modernization efforts," the Amazon spokesperson said. 'Paradigm changer' Microsoft chief Satya Nadella and Amazon's Bezos are "laser-focused" on what has the potential to be a $100 billion market for government projects, according to Wedbush analyst Daniel Ives. Amazon's protest of the JEDI procurement process is not likely to change the decision, the analyst said. "We ultimately believe this is a paradigm changer for Microsoft who will remain the lone winner," Ives said, calling Amazon's loss a "black eye" for the company and Bezos. Microsoft should be able to beef up its cloud services with money from the major military contract, increasing the odds of beating AWS more often in a market expected to see $1 trillion in cloud spending in the coming decade, according to the analyst. Microsoft reported that profits rose 21 per cent in the recently ended quarter on the back of its thriving cloud computing business which has become a core focus for the US technology giant. The tactic is a major switch from the way the Redmond-based company built its empire selling packaged software to computer users. Amazon, one of the world's most valuable companies, has expanded from its origins in e-commerce to cloud services, streaming media, artificial intelligence and other ventures. AWS accounted for nearly $9 billion in revenue in the recently-ended quarter, with growth in the cloud computing unit up 35 per cent from a year ago.

Amazon says 'bias' in Pentagon awarding $10 billion contract to Microsoft

Indian shares settled slightly higher on Friday, paring most of the gains made during the day as investors booked profits going into the weekend, with the broader Nifty 50 index posting its first weekly loss in three weeks

The NSE Nifty 50 index closed up 0.2 per cent&nbsp;at 11,895.45 after rising as much as 0.86 per cent, while the S&amp;P BSE&nbsp;Sensex&nbsp;finished 0.1 higher at 40,286.48.

The Nifty 50 index was still down 0.1 per cent&nbsp;for the week, while the&nbsp;Sensex&nbsp;closed 0.08 per cent&nbsp;higher for the week.

"With the present market conditions nobody wants to hold the positions overnight," said Siddharth Sedani, head of equity advisory at Anand Rathi Financial Services.

"We have news on<a href="https://www.wionews.com/world/united-states-and-china-getting-close-to-trade-deal-white-house-economic-adviser-262183"> US&nbsp;and China close to a trade deal</a>, but we never know what changes we will see overnight. There are uncertainties and that's creating a lot of volatility," he added.

White House economic adviser Larry Kudlow said on Thursday the world's two largest economies were in close touch via telephone, and an agreement could be reached soon.

The Nifty public sector undertaking index was the top gainer, rising 3.28 per cent.

Shares of Bharti Infratel closed 8.9 per cent&nbsp;higher and was the top gainer in the Nifty 50, while Indian Oil Corp was the top loser, closing down 3.8 per cent.

Indian shares settled slightly higher on Friday, paring most of the gains made during the day as investors booked profits going into the weekend, with the broader Nifty 50 index posting its first weekly loss in three weeks The NSE Nifty 50 index closed up 0.

Indian shares settled slightly higher on Friday, paring most of the gains made during the day as investors booked profits going into the weekend, with the broader Nifty 50 index posting its first weekly loss in three weeks The NSE Nifty 50 index closed up 0.2 per cent at 11,895.45 after rising as much as 0.86 per cent, while the S&P BSE Sensex finished 0.1 higher at 40,286.48. The Nifty 50 index was still down 0.1 per cent for the week, while the Sensex closed 0.08 per cent higher for the week. "With the present market conditions nobody wants to hold the positions overnight," said Siddharth Sedani, head of equity advisory at Anand Rathi Financial Services. "We have news on US and China close to a trade deal, but we never know what changes we will see overnight. There are uncertainties and that's creating a lot of volatility," he added. White House economic adviser Larry Kudlow said on Thursday the world's two largest economies were in close touch via telephone, and an agreement could be reached soon. The Nifty public sector undertaking index was the top gainer, rising 3.28 per cent. Shares of Bharti Infratel closed 8.9 per cent higher and was the top gainer in the Nifty 50, while Indian Oil Corp was the top loser, closing down 3.8 per cent.

Sensex, Nifty trim gains, close marginally higher