'My name has always been Ilhan Omar': Congresswoman hits back at Trump, calls him a 'creep'

Gravitas | US attack could trigger WW III: Russian planes in Tehran, Israeli jets, US warships in action

Viral video shows cross falling on Colombia priest, no official confirmation | WATCH

US Navy, Marine Corps boards defy Trump's transgender military ban, vote to retain troops

Will the US attack Iran this weekend? Trump's envoy says, 'absolutely'

Fauzi teaser out: Prabhas takes on the British Empire in patriotic avatar | Watch

India-China face-off continues near Arunachal’s Taksing, reveals ITBP chief in first official confirmation of tensions

Nairobi building collapse: Several feared trapped after 16-storey structure crumbles; rescue operation underway

Pakistan airline PIA unveils new crew uniforms, faces online criticism

Did Neha Bora call for Bangladesh-like GenZ protest, 'anarchy' in India? WION Fact-checks viral claim

'Already tired of his 9-to-5': Baby born with a moustache becomes internet sensation, video goes viral | Watch

Horrific video shows the moment 18-year-old fell to her death from Mexico amusement park ride

'Black triangle' UFO flying at 1,800mph spotted over sensitive US site: Latest Trump admin UFO file dump

IND-W vs ZIM-W, 1st ODI: Rawal, Charani star in India’s nine-wicket win over Zimbabwe

Massive 7.2 magnitude quake off Vanuatu triggers tsunami warning for coasts within 300 km

French Open: PV Sindhu storms into final with win over Hina Akechi

Google Fitbit Air’s new health guardian feature tracks trends: How it works

US midterms 2026: Trump revises Canada tariffs as Susan Collins faces tight re-election race in Maine

US midterms 2026: Viral video claims Lindsey Graham paid underage men for sex; clip released weeks before his sister's Senate race

IND vs NZ 2nd T20I: Shreyas Iyer on brink of breaking Rohit Sharma’s record

AI deepfakes are spreading online: Why is removing them so difficult?

China's dancing robot turns violent bodyguard, lifts cars and fights intruders - Watch

Global cybersecurity alert: PHP flaws trigger website shutdowns as hack attempts surge into millions

'You’re a horrible little reporter, aren’t you?': Trump snaps at NBC reporter questioning his support for Ramaswamy's campaign ad

Chemical warehouse explosion in Mexico: Several injured in multiple blasts, 1,000 evacuated in León

US charges two former FBI officials with lying to Congress about Hunter Biden probes. 'Politically motivated' Trump grievance or something else?

How smart robots and AI assemble vehicles in 20 hours

New Friday OTT releases (October 23, 2026): Gajab Raat, Dorothy, Chaar Yaar- Watch these 6 new movies and TV shows on Netflix, Prime Video and more

Anthropic security chief issues grim cyberattack warning: ‘It’s going to get a lot worse’

Tu Hai Meri Kiran film review: Sonakshi Sinha and Zaheer Iqbal's thriller gets tangled in its own twists

First Lady Melania Trump secures ceasefire between Russia, Ukraine in Oleshky: White House

Negotiators from Ukraine, Russia, United States to meet in Abu Dhabi: Zelensky

Farooq Abdullah says Pakistan’s raising of Kashmir issue keeps pressure on Delhi

Emmanuel Macron calls Paris suburb shooting a 'racist terrorist attack' after one killed, several injured

South Korea and Japan have agreed to hold senior-level trade talks in December to discuss Tokyo's export restrictions at the centre of a bitter dispute between the two countries, the South Korean trade ministry said on Friday.

South Korea and Japan have agreed to hold senior-level trade talks in December to discuss Tokyo's export restrictions at the centre of a bitter dispute between the two countries, the South Korean trade ministry said on Friday. The talks would include Japan's tighter rules since July on the export of three high-tech materials to South Korea and its removal of Seoul from its so-called "white list" of countries with fast-track trade status, the ministry said. Seoul responded by taking Japan off its list of fast-track trade countries, deepening the trade dispute that has festered for months and hurt some of Asia's biggest exporters. "We will pursue dialogue with an ultimate goal to make things like the white list or three items go back to the original state," Lee Ho-hyun, a South Korean senior trade ministry official, said at a news briefing. The talks would take place in the third week of December in Tokyo, the ministry added. The two countries agreed on Saturday to hold a summit next month in a major step towards improving relations strained by decades of bitterness over their wartime past. In a further sign of an easing of tensions, South Korea has also agreed to stick to an intelligence-sharing deal with Japan. Officials from both countries met on Thursday to discuss holding the senior-level trade dialogue, according to the South Korean trade ministry. The mood at the meeting on Thursday was more "friendly" than a similar meeting in July shortly after Tokyo imposed the export curbs, Lee added.

South Korea to hold trade talks with Japan in December

India's <a href="https://www.wionews.com/india-news/gdp-growth-rate-slump-is-temporary-prakash-javadekar-248490">Gross Domestic Product (GDP</a>) growth for quarter 2 (Q2) slipped to a six-year low, government data showed on Friday.&nbsp;

At 4.5 per cent, India's Q2 GDP for the June-September quarter slipped from 5 per cent in the previous quarter of the current fiscal year.&nbsp;

India's economic growth was measured at 7 per cent for the July-September quarter a year earlier.&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
Government of India: Quarter 2 Gross Domestic Product (GDP) showing a growth rate of 4.5% <a href="https://t.co/ysSTQ3rZAH">https://t.co/ysSTQ3rZAH</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1200385271532941313?ref_src=twsrc%5Etfw">November 29, 2019</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Meanwhile, the country's infrastructure output also contracted for the second consecutive month to 5.8 per cent in October from a year earlier, lowest since at least April 2012, news agency Reuters reported.&nbsp;

During April-October, output grew 0.2 per cent from the year-ago period, according to the data.

Infrastructure output comprises eight sectors such as coal, crude oil and electricity and accounts for nearly 40 per cent of the country's industrial output.

India's Gross Domestic Product (GDP) growth for quarter 2 (Q2) slipped to a six-year low, government data showed on Friday. At 4.5 per cent, India's Q2 GDP for the June-September quarter slipped from 5 per cent in the previous quarter of the current fiscal year.

India's Gross Domestic Product (GDP) growth for quarter 2 (Q2) slipped to a six-year low, government data showed on Friday. At 4.5 per cent, India's Q2 GDP for the June-September quarter slipped from 5 per cent in the previous quarter of the current fiscal year. India's economic growth was measured at 7 per cent for the July-September quarter a year earlier. Government of India: Quarter 2 Gross Domestic Product (GDP) showing a growth rate of 4.5% https://t.co/ysSTQ3rZAH — ANI (@ANI) November 29, 2019 × Meanwhile, the country's infrastructure output also contracted for the second consecutive month to 5.8 per cent in October from a year earlier, lowest since at least April 2012, news agency Reuters reported. During April-October, output grew 0.2 per cent from the year-ago period, according to the data. Infrastructure output comprises eight sectors such as coal, crude oil and electricity and accounts for nearly 40 per cent of the country's industrial output.

India's GDP for June-September quarter falls to 4.5%, lowest in 6 years  

Luxury automaker Daimler said Friday it would scrap at least 10,000 jobs worldwide, the latest in a wave of layoffs to hit the stuttering German car industry as it battles with a costly switch to electric.

The Mercedes-Benz maker said it wanted to save 1.4 billion euros ($1.5 billion) in staff costs by the end of 2022 as it joins rivals in investing huge sums in the greener, smarter cars of the future.

"The total number worldwide will be in the five-digits," Daimler personnel chief Wilfried Porth said in a conference call about the job cull.

He declined to give a more detailed breakdown.

The group said in an earlier statement that "thousands" of jobs would be axed by the end of 2022, after clinching a deal with labour representatives.

The cull includes slashing management jobs "by 10 per cent", Daimler said, reportedly amounting to some 1,100 positions around the world.

"The automotive industry is in the middle of the biggest transformation in its history," Daimler said.

"The development towards CO2-neutral mobility requires large investments," it added.

Along with other manufacturers, Daimler is scrambling to get ready for tough new EU emission rules taking effect next year, forcing it to accelerate the costly shift to zero-emissions electric cars and plug-in hybrids.

The group, which employs 304,000 people globally, said the job cuts would be achieved through natural turnover, early retirement schemes and severance packages.

Fewer parts needed

Daimler's announcement comes as the mighty German car industry is buffeted by trade tensions, weaker Chinese demand and a darkening economic outlook.

Other major car companies have in recent months already unveiled plans to cut some 30,000 jobs in the sector over the next years.

Germany's Audi said it wants to axe 9,500 jobs, followed by more than 5,000 at Volkswagen, some 5,500 at car parts supplier Continental, while Bosch aims to cut more than 2,000 roles.

US car giant Ford plans to scrap some 5,000 jobs in Germany alone.

Electric engines require fewer parts and are less complicated to assemble than internal combustion engines, needing fewer hands.

But auto bosses have said thousands of new, hi-tech jobs will also be created in the electric era to make cars more autonomous and connected.

German automotive expert Ferdinand Dudenhoeffer has said he believes the German car sector -- which currently employs 800,000 people -- will shed 250,000 jobs over the next decade.&nbsp;

A total of 125,000 new ones will be created, he predicted.

Daimler returned to profit in the third quarter and said it was expecting 2019 revenues to be "slightly above" last year's, while operating profit would be "significantly below" the 11.1 billion euros in 2018.

Adding to Daimler's woes this year were expensive recalls linked to faulty Takata airbags and to diesel cars allegedly fitted with software to dupe emissions tests.

While the company has staunchly denied cheating, it nevertheless agreed to pay an 870-million-euro fine in Germany for having sold vehicles that did not conform with legal emissions limits.

Luxury automaker Daimler said Friday it would scrap at least 10,000 jobs worldwide, the latest in a wave of layoffs to hit the stuttering German car industry as it battles with a costly switch to electric.

Luxury automaker Daimler said Friday it would scrap at least 10,000 jobs worldwide, the latest in a wave of layoffs to hit the stuttering German car industry as it battles with a costly switch to electric. The Mercedes-Benz maker said it wanted to save 1.4 billion euros ($1.5 billion) in staff costs by the end of 2022 as it joins rivals in investing huge sums in the greener, smarter cars of the future. "The total number worldwide will be in the five-digits," Daimler personnel chief Wilfried Porth said in a conference call about the job cull. He declined to give a more detailed breakdown. The group said in an earlier statement that "thousands" of jobs would be axed by the end of 2022, after clinching a deal with labour representatives. The cull includes slashing management jobs "by 10 per cent", Daimler said, reportedly amounting to some 1,100 positions around the world. "The automotive industry is in the middle of the biggest transformation in its history," Daimler said. "The development towards CO2-neutral mobility requires large investments," it added. Along with other manufacturers, Daimler is scrambling to get ready for tough new EU emission rules taking effect next year, forcing it to accelerate the costly shift to zero-emissions electric cars and plug-in hybrids. The group, which employs 304,000 people globally, said the job cuts would be achieved through natural turnover, early retirement schemes and severance packages. Fewer parts needed Daimler's announcement comes as the mighty German car industry is buffeted by trade tensions, weaker Chinese demand and a darkening economic outlook. Other major car companies have in recent months already unveiled plans to cut some 30,000 jobs in the sector over the next years. Germany's Audi said it wants to axe 9,500 jobs, followed by more than 5,000 at Volkswagen, some 5,500 at car parts supplier Continental, while Bosch aims to cut more than 2,000 roles. US car giant Ford plans to scrap some 5,000 jobs in Germany alone. Electric engines require fewer parts and are less complicated to assemble than internal combustion engines, needing fewer hands. But auto bosses have said thousands of new, hi-tech jobs will also be created in the electric era to make cars more autonomous and connected. German automotive expert Ferdinand Dudenhoeffer has said he believes the German car sector -- which currently employs 800,000 people -- will shed 250,000 jobs over the next decade. A total of 125,000 new ones will be created, he predicted. Daimler returned to profit in the third quarter and said it was expecting 2019 revenues to be "slightly above" last year's, while operating profit would be "significantly below" the 11.1 billion euros in 2018. Adding to Daimler's woes this year were expensive recalls linked to faulty Takata airbags and to diesel cars allegedly fitted with software to dupe emissions tests. While the company has staunchly denied cheating, it nevertheless agreed to pay an 870-million-euro fine in Germany for having sold vehicles that did not conform with legal emissions limits.

More pain for German car industry as Daimler axes 10,000 jobs

The year 2019 has proven to be a tough year for India's top metal tycoon Tata Steel. The steel sector across Europe is battling surplus capacity and high costs causing big losses to metal firms.&nbsp;

Tata Steel has already announced job cuts in the region which angered the unions. Amid this Tata Steel is planning to hold talks with its workers on a “transformation programme” that involves up to three thousand job cuts.

The company plans to cut up to 1,600 manpower in the Netherlands and 1000 in Britain and 350 elsewhere in Europe. About two-thirds of job losses are expected to be managed and office-based roles. Indian-owned Tata steel announced the restructuring plans on November 18 in a bid to boost profitability.

The restructuring follows a decision by competition regulators in June to block a joint venture with Germany's ThyssenKrupp.

Unions in Britain and the Netherlands said that after that deal collapsed, they were given a job guarantee until 2021, and they would expect the company to stick to that.

Tata has said their proposals are designed to ensure a long-term future, but the unions say a vision that includes plans for investment has been consistently lacking.

Tata Steel is not the only metal firm battling with a sales drop in the European region. Britain’s biggest steel factory, British Steel, went into compulsory liquidation in may and is subject to a provisional agreement to be sold to Chinese steelmaker Jingye, which requires regulatory approvals if it is to go ahead. ArcelorMittal, the world’s biggest steelmaker, has idled a series of plants across Europe. It is also in conflict with the Italian government over its attempt to walk away from a deal signed in the year 2018 to buy Europe's largest steel plant Ilva.

(With inputs from agencies)

The year 2019 has proven to be a tough year for India's top metal tycoon Tata Steel. The steel sector across Europe is battling surplus capacity and high costs causing big losses to metal firms.

The year 2019 has proven to be a tough year for India's top metal tycoon Tata Steel. The steel sector across Europe is battling surplus capacity and high costs causing big losses to metal firms. Tata Steel has already announced job cuts in the region which angered the unions. Amid this Tata Steel is planning to hold talks with its workers on a “transformation programme” that involves up to three thousand job cuts. The company plans to cut up to 1,600 manpower in the Netherlands and 1000 in Britain and 350 elsewhere in Europe. About two-thirds of job losses are expected to be managed and office-based roles. Indian-owned Tata steel announced the restructuring plans on November 18 in a bid to boost profitability. The restructuring follows a decision by competition regulators in June to block a joint venture with Germany's ThyssenKrupp. Unions in Britain and the Netherlands said that after that deal collapsed, they were given a job guarantee until 2021, and they would expect the company to stick to that. Tata has said their proposals are designed to ensure a long-term future, but the unions say a vision that includes plans for investment has been consistently lacking. Tata Steel is not the only metal firm battling with a sales drop in the European region. Britain’s biggest steel factory, British Steel, went into compulsory liquidation in may and is subject to a provisional agreement to be sold to Chinese steelmaker Jingye, which requires regulatory approvals if it is to go ahead. ArcelorMittal, the world’s biggest steelmaker, has idled a series of plants across Europe. It is also in conflict with the Italian government over its attempt to walk away from a deal signed in the year 2018 to buy Europe's largest steel plant Ilva. (With inputs from agencies)

Tata Steel announces job cuts across Europe after major losses in 2019

Equity markets witnessed profit booking on Friday amid expectations of slower GDP numbers for the September quarter and weak global cues.

Investors also tracked trends after the passage of the <a href="https://www.wionews.com/.../draped-in-us-flag-protestors-stage-thanksgiving -rally-after-trump-signs-hong-kong-democracy-act-265122">Hong Kong pro-democracy bill</a> in Washington that could derail trade talks between the United States and China.

At the closing bell, the BSE S&amp;P Sensex was down by 336 points or 0.82 per cent to 40,704. The Nifty 50 tumbled down by 95 points or 0.78 per cent at 12,056.

All sectoral indices at the National Stock Exchange were in the red except for Nifty realty which was up by 0.98 per cent. But Nifty media was down by 2.4 per cent, PSU bank by 1.7 per cent metal by 1.2 per cent, auto by 1.1 per cent and FMCG by 0.9 per cent.

Among stocks, metal majors Hindalco and Vedanta lost by 2.1 per cent each while Tata Motors dived by 2.3 per cent.

The other prominent losers were Mahindra &amp; Mahindra, Hindustan Lever, Dr Reddy's, Yes Bank and State Bank of India.

However, Bharti Infratel continued to climb up and added gains of 6.7 per cent at Rs 273.80 per share while Bharti Airtel was up by 1.1 per cent. Adani Ports, utility major NTPC and HDFC Bank were also in the green.

Meanwhile, Asian markets slipped as investors turned cautious, fearing a new US law backing Hong Kong protesters could put hurdles in efforts to end the US-China trade conflict.

Hong Kong led the losses, dropping by 2 per cent while South Korean shares lost by 1.4 per cent and Japan's Nikkei eased by 0.5 per cent.

Equity markets witnessed profit booking on Friday amid expectations of slower GDP numbers for the September quarter and weak global cues. Investors also tracked trends after the passage of the Hong Kong pro-democracy bill in Washington that could derail trade talks between the United States and China.

Equity markets witnessed profit booking on Friday amid expectations of slower GDP numbers for the September quarter and weak global cues. Investors also tracked trends after the passage of the Hong Kong pro-democracy bill in Washington that could derail trade talks between the United States and China. At the closing bell, the BSE S&P Sensex was down by 336 points or 0.82 per cent to 40,704. The Nifty 50 tumbled down by 95 points or 0.78 per cent at 12,056. All sectoral indices at the National Stock Exchange were in the red except for Nifty realty which was up by 0.98 per cent. But Nifty media was down by 2.4 per cent, PSU bank by 1.7 per cent metal by 1.2 per cent, auto by 1.1 per cent and FMCG by 0.9 per cent. Among stocks, metal majors Hindalco and Vedanta lost by 2.1 per cent each while Tata Motors dived by 2.3 per cent. The other prominent losers were Mahindra & Mahindra, Hindustan Lever, Dr Reddy's, Yes Bank and State Bank of India. However, Bharti Infratel continued to climb up and added gains of 6.7 per cent at Rs 273.80 per share while Bharti Airtel was up by 1.1 per cent. Adani Ports, utility major NTPC and HDFC Bank were also in the green. Meanwhile, Asian markets slipped as investors turned cautious, fearing a new US law backing Hong Kong protesters could put hurdles in efforts to end the US-China trade conflict. Hong Kong led the losses, dropping by 2 per cent while South Korean shares lost by 1.4 per cent and Japan's Nikkei eased by 0.5 per cent.

Sensex falls by 336 points ahead of GDP data

A new report has raised concerns over smartphone addiction among youngsters. Psychiatrists say that almost a quarter of young people are so dependent on their mobiles that they become panicky and upset if they are denied constant access.

The study by UK based researchers also found that youngsters are unable to control the amount of time they spend on the phone.

The study which involved 42 thousand youngsters warns that such addictions have "serious consequences" for <a href="https://www.wionews.com/.../teenagers-not-getting-enough-exercise-at-risk- of-obesity-and-cardiovascular-diseases-world-health-organisation-2...">mental health</a>.

23 per cent of the surveyed youngsters were found to be addicted to their phones. They showed anxiety when denied access to their gadgets. The addiction also interfered with their daily activities.

Researches said that such behaviour could also be linked to other problems such as stress, lack of sleep and poor performance in school.

The study concluded that there was a need for public awareness and that parents should monitor the amount the time their children are spending on smartphones.

A new report has raised concerns over smartphone addiction among youngsters. Psychiatrists say that almost a quarter of young people are so dependent on their mobiles that they become panicky and upset if they are denied constant access.

A new report has raised concerns over smartphone addiction among youngsters. Psychiatrists say that almost a quarter of young people are so dependent on their mobiles that they become panicky and upset if they are denied constant access. The study by UK based researchers also found that youngsters are unable to control the amount of time they spend on the phone. The study which involved 42 thousand youngsters warns that such addictions have "serious consequences" for mental health. 23 per cent of the surveyed youngsters were found to be addicted to their phones. They showed anxiety when denied access to their gadgets. The addiction also interfered with their daily activities. Researches said that such behaviour could also be linked to other problems such as stress, lack of sleep and poor performance in school. The study concluded that there was a need for public awareness and that parents should monitor the amount the time their children are spending on smartphones.

Smartphone addiction: Digital dependency could doom the youth

BMW and its partner Great Wall Motor said they plan to build a plant in China with a capacity of 160,000 cars per year, and which will produce BMW's electric MINI brand and Great Wall Motor models.

BMW and its partner Great Wall Motor said they plan to build a plant in China with a capacity of 160,000 cars per year, and which will produce BMW's electric MINI brand and Great Wall Motor models. The 650 million euro ($716 million) plant is due for completion in 2022. Automakers and suppliers are scrambling to meet tough new Chinese quotas for less polluting cars. Those rules call for electric and rechargeable hybrid vehicles to account for a fifth of total sales by 2025. The new joint venture Spotlight Automotive, will be based in Zhangjiagang near Shanghai and eventually employ 3,000 staff. Earlier this month, Great Wall gained domestic regulatory approval for the new plant. Great Wall is China's top sport utility vehicle and pick-up truck maker. It also builds Ora, an affordable battery electric vehicle brand in Baoding, the city where it is based. BMW is following the footsteps of larger peer Volkswagen, which is readying two Chinese factories to build electric cars next year, and which will have a combined production capacity of 600,000 vehicles. Tesla is aiming for more than 500,000 cars a year by building a new factory in Shanghai.

BMW, Great Wall to build new China plant for electric cars

Indian shares inched higher in early trade on Thursday ahead of the expiry of November futures and options, while investors awaited gross domestic product (GDP) data due on Friday for clues about the health of Asia's third-largest economy.

The NSE Nifty 50 index was up 0.1 per cent&nbsp;at 12,111.90 by 0406 GMT, while the S&amp;P BSE Sensex index was higher 0.1 per cent&nbsp;at 41,062.

"We are at a crucial juncture at this point of time. Today's move will decide the future course of action," said Rusmik Oza, head of fundamental research, Kotak Securities.

"If the market closes above 12,100 levels on expiry, then investors are ready to digest the GDP numbers. If they retrace today, then there are chances they might go down tomorrow or after the data."

Indian stocks are set to rise further over the coming year, according to a Reuters poll of equity strategists, but those gains will be limited as fiscal stimulus and easy monetary policy fail to reverse an economic slowdown.

Public sector banks led gains in the Nifty index, with the main sub-index rising 1.15 per cent. Shares of Indian Bank rose 4.52 per cent, while Oriental Bank of Commerce gained 4.1per cent.

Bharti Infratel was the top gainer in the Nifty 50 index, rising 4.7 per cent.

Indian shares inched higher in early trade on Thursday ahead of the expiry of November futures and options, while investors awaited gross domestic product (GDP) data due on Friday for clues about the health of Asia's third-largest economy.

Indian shares inched higher in early trade on Thursday ahead of the expiry of November futures and options, while investors awaited gross domestic product (GDP) data due on Friday for clues about the health of Asia's third-largest economy. The NSE Nifty 50 index was up 0.1 per cent at 12,111.90 by 0406 GMT, while the S&P BSE Sensex index was higher 0.1 per cent at 41,062. "We are at a crucial juncture at this point of time. Today's move will decide the future course of action," said Rusmik Oza, head of fundamental research, Kotak Securities. "If the market closes above 12,100 levels on expiry, then investors are ready to digest the GDP numbers. If they retrace today, then there are chances they might go down tomorrow or after the data." Indian stocks are set to rise further over the coming year, according to a Reuters poll of equity strategists, but those gains will be limited as fiscal stimulus and easy monetary policy fail to reverse an economic slowdown. Public sector banks led gains in the Nifty index, with the main sub-index rising 1.15 per cent. Shares of Indian Bank rose 4.52 per cent, while Oriental Bank of Commerce gained 4.1per cent. Bharti Infratel was the top gainer in the Nifty 50 index, rising 4.7 per cent.

Nifty, Sensex tick up ahead of F&O expiry, GDP data

Oil&nbsp;prices fell on Thursday, extending losses from the previous session after official data showed United States&nbsp;crude and gasoline stocks rose against expectations and production hit a record.

Brent crude futures were down 16 cents, or 0.3 per cent, at $63.90 a barrel by 0141 GMT, having dropped 0.3 per cent&nbsp;on Wednesday.

US&nbsp;West Texas Intermediate crude fell 21 cents, or 0.4 per cent, to $57.90, after falling 0.5 per cent&nbsp;in the previous session.

Crude stockpiles in the United States swelled 1.6 million barrels last week as production hit a record high of 12.9 million barrels per day (bpd) and refinery runs slowed, the Energy Information Administration said. Analysts in a Reuters poll had forecast an inventory drop of 418,000 barrels.&nbsp;

More bearish was a 5.1 million-barrel rise in gasoline stocks, compared with forecasts for a 1.2 million-barrel gain.

Oil&nbsp;prices had risen earlier this week on expectations that China and the United States, the world's two biggest crude users, would soon sign a preliminary agreement, putting an end to their 16-month trade dispute.

"The stock data overshadowed other supply-side issues and a general pick-up in sentiment regarding the <a href="https://www.wionews.com/world/were-in-final-throes-of-trade-deal-but-will-see-how-it-goes-in-hong-kong-trump-264769">US-China trade deal</a>," ANZ Research said in a note.

Forces based in eastern Libya said on Wednesday they had driven rival factions from the 70,000-bpd El Feel&nbsp;oilfield after attacking the area with airstrikes, leading to production being halted and raising some worries about supply.

In the United States as well, energy services company Baker Hughes reported that US&nbsp;oil&nbsp;drillers reduced the number of drilling rigs for a record 12 months in a row.&nbsp;

Drillers cut three&nbsp;oil&nbsp;rigs in the week to November&nbsp;27, bringing the count down to 668, lowest since April 2017, Baker Hughes said in its report released a day early due to the US&nbsp;Thanksgiving holiday.

Oil prices fell on Thursday, extending losses from the previous session after official data showed United States crude and gasoline stocks rose against expectations and production hit a record.

Oil prices fell on Thursday, extending losses from the previous session after official data showed United States crude and gasoline stocks rose against expectations and production hit a record. Brent crude futures were down 16 cents, or 0.3 per cent, at $63.90 a barrel by 0141 GMT, having dropped 0.3 per cent on Wednesday. US West Texas Intermediate crude fell 21 cents, or 0.4 per cent, to $57.90, after falling 0.5 per cent in the previous session. Crude stockpiles in the United States swelled 1.6 million barrels last week as production hit a record high of 12.9 million barrels per day (bpd) and refinery runs slowed, the Energy Information Administration said. Analysts in a Reuters poll had forecast an inventory drop of 418,000 barrels. More bearish was a 5.1 million-barrel rise in gasoline stocks, compared with forecasts for a 1.2 million-barrel gain. Oil prices had risen earlier this week on expectations that China and the United States, the world's two biggest crude users, would soon sign a preliminary agreement, putting an end to their 16-month trade dispute. "The stock data overshadowed other supply-side issues and a general pick-up in sentiment regarding the US-China trade deal," ANZ Research said in a note. Forces based in eastern Libya said on Wednesday they had driven rival factions from the 70,000-bpd El Feel oilfield after attacking the area with airstrikes, leading to production being halted and raising some worries about supply. In the United States as well, energy services company Baker Hughes reported that US oil drillers reduced the number of drilling rigs for a record 12 months in a row. Drillers cut three oil rigs in the week to November 27, bringing the count down to 668, lowest since April 2017, Baker Hughes said in its report released a day early due to the US Thanksgiving holiday.

Oil drops as US inventory build, record output rekindles supply worries

<a href="https://www.wionews.com/business-economy/asian-shares-climb-as-trump-says-us-china-trade-deal-near-264827">Asian markets</a> mostly fell Thursday as optimism over the China-US trade talks took a jolt after <a href="https://www.wionews.com/world/were-in-final-throes-of-trade-deal-but-will-see-how-it-goes-in-hong-kong-trump-264769">Donald Trump</a> signed into law a bill recognising Hong Kong's rights, prompting an angry response from Beijing.

Global equities have been surging in recent weeks with Wall Street hitting multiple records on expectations, the much-vaunted negotiations would result in a partial pact soon.

Trump on Wednesday put his name to the <a href="https://www.wionews.com/world/trump-signs-hong-kong-democracy-act-china-threatens-firm-countermeasures-264966">Hong Kong Human Rights and Democracy Act,</a> which requires the president to annually review the city's favorable trade status and threatens to revoke it if the territory's freedoms are quashed.

He also agreed to legislation banning sales of tear gas, rubber bullets and other equipment used by Hong Kong security forces in putting down protests that have wracked the city since June and have battered its economy.

The president spoke of "respect" for his Chinese counterpart <a href="https://www.wionews.com/world/hong-kong-major-highway-reopens-authorities-appeal-for-calm-264791">Xi Jinping</a> and said he hoped Beijing and Hong Kong could "amicably settle their differences".

For his part, Trump had seemed reluctant to sign the bill with the trade talks still ongoing, but with almost unanimous US congressional support for the measure, he had little political room to maneuver.

However, China hit out at the decision, calling it "extremely abominable", and threatened "firm countermeasures", though it did not specify what they would be. Hong Kong's government expressed "extreme regret" at the move.

The signing, while not entirely surprising, spooked investors, who had been in an upbeat mood following a string of positive comments from both sides indicating the first part of a wider agreement was close.

"Trump's signing the Hong Kong bill is likely to trigger another risk-off session," said Hao Zhou, senior emerging markets economist at Commerzbank AG. "The phase one deal is likely to be delayed."

Hong Kong fell 0.4 per cent in the morning session and Shanghai shed 0.1 per cent, while China's yuan was also slightly lower.

Singapore slipped 0.3 per cent and Seoul dropped 0.2 per cent while Taipei and Manila also retreated.

However, Tokyo ended the morning up 0.1 per cent, Sydney rose 0.3 per cent and Jakarta added 0.1 per cent.

Wellington climbed one per cent on data showing a pick-up in New Zealand business confidence.

"Now the big question is, does China decide to compartmentalise the Hong Kong issues away from the phase one deal. So that's where the risk lies now," said AxiTrader's Stephen Innes.

Wall Street had provided another record lead following figures showing US growth was faster than originally reported in the July-September period, easing concerns about the world's top economy.

However, China remains under pressure, and a top government adviser on Wednesday warned its economy could expand slower than six per cent this year. The government had fixed a growth target of between six and 6.5 per cent for 2019.

Worries about the trade talks also weighed on oil prices, with traders concerned that the prolonging of the China-US trade war would hit long-term demand.

On currency markets, the pound rallied after a much-anticipated opinion poll suggested Prime Minister Boris Johnson was on course to win a healthy majority in next month's general election.

The huge YouGov poll of around 100,000 people sparked buying in the pound on hopes a big Conservative party win would allow Johnson to push through his Brexit deal and avoid a no-deal divorce from the <a href="https://www.wionews.com/world/uk-election-poll-predicts-conservative-majority-264965">European Union</a>.

Asian markets mostly fell Thursday as optimism over the China-US trade talks took a jolt after Donald Trump signed into law a bill recognising Hong Kong's rights, prompting an angry response from Beijing.

Asian markets mostly fell Thursday as optimism over the China-US trade talks took a jolt after Donald Trump signed into law a bill recognising Hong Kong's rights, prompting an angry response from Beijing. Global equities have been surging in recent weeks with Wall Street hitting multiple records on expectations, the much-vaunted negotiations would result in a partial pact soon. Trump on Wednesday put his name to the Hong Kong Human Rights and Democracy Act, which requires the president to annually review the city's favorable trade status and threatens to revoke it if the territory's freedoms are quashed. He also agreed to legislation banning sales of tear gas, rubber bullets and other equipment used by Hong Kong security forces in putting down protests that have wracked the city since June and have battered its economy. The president spoke of "respect" for his Chinese counterpart Xi Jinping and said he hoped Beijing and Hong Kong could "amicably settle their differences". For his part, Trump had seemed reluctant to sign the bill with the trade talks still ongoing, but with almost unanimous US congressional support for the measure, he had little political room to maneuver. However, China hit out at the decision, calling it "extremely abominable", and threatened "firm countermeasures", though it did not specify what they would be. Hong Kong's government expressed "extreme regret" at the move. The signing, while not entirely surprising, spooked investors, who had been in an upbeat mood following a string of positive comments from both sides indicating the first part of a wider agreement was close. "Trump's signing the Hong Kong bill is likely to trigger another risk-off session," said Hao Zhou, senior emerging markets economist at Commerzbank AG. "The phase one deal is likely to be delayed." Hong Kong fell 0.4 per cent in the morning session and Shanghai shed 0.1 per cent, while China's yuan was also slightly lower. Singapore slipped 0.3 per cent and Seoul dropped 0.2 per cent while Taipei and Manila also retreated. However, Tokyo ended the morning up 0.1 per cent, Sydney rose 0.3 per cent and Jakarta added 0.1 per cent. Wellington climbed one per cent on data showing a pick-up in New Zealand business confidence. "Now the big question is, does China decide to compartmentalise the Hong Kong issues away from the phase one deal. So that's where the risk lies now," said AxiTrader's Stephen Innes. Wall Street had provided another record lead following figures showing US growth was faster than originally reported in the July-September period, easing concerns about the world's top economy. However, China remains under pressure, and a top government adviser on Wednesday warned its economy could expand slower than six per cent this year. The government had fixed a growth target of between six and 6.5 per cent for 2019. Worries about the trade talks also weighed on oil prices, with traders concerned that the prolonging of the China-US trade war would hit long-term demand. On currency markets, the pound rallied after a much-anticipated opinion poll suggested Prime Minister Boris Johnson was on course to win a healthy majority in next month's general election. The huge YouGov poll of around 100,000 people sparked buying in the pound on hopes a big Conservative party win would allow Johnson to push through his Brexit deal and avoid a no-deal divorce from the European Union.

Asian markets hit as Trump sparks China anger with Hong Kong law

Facebook's network of apps consisting of - Facebook, Instagram - suffered a major global outage on Thursday. Users across the globe reported that they were unable to access these social media platforms media files - images, videos, GIFs - on Facebook's services.&nbsp;

Acknowledging the outage Instagram has posted on its official twitter handle that "We’re aware that some people are currently having trouble accessing Facebook’s family of apps, including Instagram. We’re working to get things back to normal as quickly as possible. #InstagramDown".

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
We’re aware that some people are currently having trouble accessing Facebook’s family of apps, including Instagram. We’re working to get things back to normal as quickly as possible. <a href="https://twitter.com/hashtag/InstagramDown?src=hash&amp;ref_src=twsrc%5Etfw">#InstagramDown</a>
— Instagram (@instagram) <a href="https://twitter.com/instagram/status/1200077305894162433?ref_src=twsrc%5Etfw">November 28, 2019</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Facebook also confirmed the issue on its <a href="https://developers.facebook.com/status/issues/2287293591515186/">service website</a> saying that "We are currently experiencing increased error rates across Facebook Login and the Graph API. Our team is aware of the issue and is working on a fix." 
 
However, this is not the first time that Facebook's and Instagram have suffered a global outage. The social media giant's services - particularly Facebook and Instagram -- suffered one of the worst outages ever back in March, July this year.

(With inputs from agencies)

Facebook's network of apps consisting of - Facebook, Instagram - suffered a major global outage on Thursday. Users across the globe reported that they were unable to access these social media platforms media files - images, videos, GIFs - on Facebook's services.

Facebook's network of apps consisting of - Facebook, Instagram - suffered a major global outage on Thursday. Users across the globe reported that they were unable to access these social media platforms media files - images, videos, GIFs - on Facebook's services. Acknowledging the outage Instagram has posted on its official twitter handle that "We’re aware that some people are currently having trouble accessing Facebook’s family of apps, including Instagram. We’re working to get things back to normal as quickly as possible. #InstagramDown". We’re aware that some people are currently having trouble accessing Facebook’s family of apps, including Instagram. We’re working to get things back to normal as quickly as possible. #InstagramDown — Instagram (@instagram) November 28, 2019 × Facebook also confirmed the issue on its service website saying that "We are currently experiencing increased error rates across Facebook Login and the Graph API. Our team is aware of the issue and is working on a fix." However, this is not the first time that Facebook's and Instagram have suffered a global outage. The social media giant's services - particularly Facebook and Instagram -- suffered one of the worst outages ever back in March, July this year. (With inputs from agencies)

Facebook and Instagram suffer global outage

The government wants the <a href="https://www.wionews.com/india.../government-making-efforts-to-ensure- better-regulatory-mechanism-in-banking-sector-nirmala-sitharaman-...">Reserve Bank of India</a> to set up a fund to buy out stressed assets of the country's top 25 shadow lenders and revive the financial sector, a government source told reporters on Thursday.

The shadow banking sector has been battling a credit crunch ever since one of the sector's biggest firms Infrastructure Leasing &amp; Financial Services collapsed in late 2018 amid fraud allegations.

The finance ministry has proposed a bailout plan on the lines of the US&nbsp;Troubled Asset Relief Programme following the 2008 financial crisis to pull India's financial sector out of a deep slump and get credit flowing back into a weak economy, the source told a group of reporters.

"Talks are on and various rounds of discussions have happened with the central bank on a mini TARP-like programme," the source who is involved in the discussions told reporters.

"RBI could be the buyer of last resort”," the source, who cannot be named in line with his service rules, said.

In 2008, the United States Treasury Department had worked out a $700 billion bailout plan to address the financial crisis.

The government has been considering measures to revive the financial sector to get boost economic growth after five straight quarters of declines. A further decline in the growth rate is forecast for the July-September period, in data due out on Friday.

Shadow lenders account for a large chunk of India's credit market, accounting for a 30 per cent&nbsp;share of auto loans and more than 40 per cent of home loans as of December 2018, according to the central bank.

The government official said that the RBI has been reluctant to open its balance sheet for a large bailout programme for the shadow banks as it feels the step is too drastic and more discussions are required.

The RBI declined to comment on the government source's remarks.

Any new measure is likely to help such as Indiabulls Housing Finance, Piramal Enterprises, Reliance Capital, Shriram Transport Finance and Mahindra &amp; Mahindra Financial Services.

Shares of Piramal rose nearly 5 per cent&nbsp;to 1830.70 rupees a share, while Shriram Transport Finance company rose 1.3 per cent&nbsp;to 1,155 apiece from 1,140 rupees, after the news before paring some gains.

The new proposal comes after the government's 1 trillion rupees partial credit guarantee scheme under which state-run banks would buy high-rated pooled assets of financially sound shadow lenders failed to take off.

Banks, which are burdened with over 9 trillion rupees of bad loans of their own, remain risk-averse.

The government has also asked the central bank to consider a one-time waiver to banks from classifying some real estate loans as bad loans, the official said.

The government wants the Reserve Bank of India to set up a fund to buy out stressed assets of the country's top 25 shadow lenders and revive the financial sector, a government source told reporters on Thursday.

The government wants the Reserve Bank of India to set up a fund to buy out stressed assets of the country's top 25 shadow lenders and revive the financial sector, a government source told reporters on Thursday. The shadow banking sector has been battling a credit crunch ever since one of the sector's biggest firms Infrastructure Leasing & Financial Services collapsed in late 2018 amid fraud allegations. The finance ministry has proposed a bailout plan on the lines of the US Troubled Asset Relief Programme following the 2008 financial crisis to pull India's financial sector out of a deep slump and get credit flowing back into a weak economy, the source told a group of reporters. "Talks are on and various rounds of discussions have happened with the central bank on a mini TARP-like programme," the source who is involved in the discussions told reporters. "RBI could be the buyer of last resort”," the source, who cannot be named in line with his service rules, said. In 2008, the United States Treasury Department had worked out a $700 billion bailout plan to address the financial crisis. The government has been considering measures to revive the financial sector to get boost economic growth after five straight quarters of declines. A further decline in the growth rate is forecast for the July-September period, in data due out on Friday. Shadow lenders account for a large chunk of India's credit market, accounting for a 30 per cent share of auto loans and more than 40 per cent of home loans as of December 2018, according to the central bank. The government official said that the RBI has been reluctant to open its balance sheet for a large bailout programme for the shadow banks as it feels the step is too drastic and more discussions are required. The RBI declined to comment on the government source's remarks. Any new measure is likely to help such as Indiabulls Housing Finance, Piramal Enterprises, Reliance Capital, Shriram Transport Finance and Mahindra & Mahindra Financial Services. Shares of Piramal rose nearly 5 per cent to 1830.70 rupees a share, while Shriram Transport Finance company rose 1.3 per cent to 1,155 apiece from 1,140 rupees, after the news before paring some gains. The new proposal comes after the government's 1 trillion rupees partial credit guarantee scheme under which state-run banks would buy high-rated pooled assets of financially sound shadow lenders failed to take off. Banks, which are burdened with over 9 trillion rupees of bad loans of their own, remain risk-averse. The government has also asked the central bank to consider a one-time waiver to banks from classifying some real estate loans as bad loans, the official said.

Government wants RBI to buy out stressed assets of shadow banks: Report

<a href="https://www.wionews.com/...economy/oecd-hails-india-reforms-pegs-62- growth-in-2020-264158">&nbsp;India's economy</a> probably expanded at its weakest pace in more than six years in the quarter to September, a Reuters poll showed, as consumer demand and private investment weakened further and a global slowdown hit exports.

The median of a poll of economists showed annual growth in gross domestic product of 4.7 per cent&nbsp;in the quarter, down from 5.0 per cent&nbsp;in the previous three months and 7 per cent&nbsp;for the corresponding period of 2018.

Economic growth could dip to around 4 per cent&nbsp;in the September quarter, two domestic television channels said on Wednesday, citing government sources.

If the latest figure for expansion of gross domestic product is 4.7 per cent&nbsp;or less, the quarter will have registered the slowest expansion in 26 quarters, since 4.3 per cent&nbsp;in January-March 2013.

<a href="https://www.wionews.com/.../india-uk-reaffirm-commitment-on-counter- terrorism-cooperation-264974">Prime Minister Narendra Modi</a>'s government has taken several steps, including cutting corporate tax in September, to boost investments and bolster economic growth.

Economists in a Reuters poll predicted the Reserve Bank of India would cut its repo rate for the sixth time in a row, by 25 basis points, to 4.90 per cent&nbsp;at its Dec. 3-5 meeting.

"Agrarian distress and dismal income growth so far, coupled with subdued income growth expectation in urban areas, have weakened consumption demand considerably," said Devindra Pant, chief economist at Fitch arm India Ratings &amp; Research.

"Even the festive demand has failed to revive it," he said, citing data on non-food credit, auto sales and select fast-moving consumer goods.

'Economic emergency'

On Wednesday, in a heated parliamentary debate on the economic slowdown affecting jobs, opposition parties said millions of people had lost their jobs and the country faced an "economic emergency".

In her reply, <a href="https://www.wionews.com/.../cbic-suspends-assistant-commissioner-deepak- pandit-for-misusing-powers-264782">Finance Minister Nirmala Sitharaman</a> said the economy faced a slowdown but no "recession" and cited several government measures to support economic growth.

On Thursday, she sought parliament's approval to spend $2.7 billion in addition to a budgeted 27.86 trillion rupees ($388 billion) in the 2019/20 fiscal year.

Economists said with persistently tight domestic credit and weak corporate profits, India's recovery could be delayed and the pick-up would remain below potential.

India needs to grow at around 8 per cent&nbsp;to create enough jobs for its millions of young people joining the labour force each year.

The unemployment rate in October rose to 8.5 per cent, its highest since August 2016, according to the Centre for Monitoring Indian Economy (CMIE), though the government estimates that urban unemployment declined.

Some economists, however, said economic growth could pick up in the second half of the current fiscal year, after the government took steps to support real estate and non-bank finance companies.

"The economic slowdown has bottomed out in the September quarter," said N.R. Bhanumurthy, an economist at the National Institute of Public Finance and Policy, a Delhi-based government think tank.

"With easing of credit and pick up in festival demand, economic growth is expected to pick up from October onward."

India's economy probably expanded at its weakest pace in more than six years in the quarter to September, a Reuters poll showed, as consumer demand and private investment weakened further and a global slowdown hit exports.

India's economy probably expanded at its weakest pace in more than six years in the quarter to September, a Reuters poll showed, as consumer demand and private investment weakened further and a global slowdown hit exports. The median of a poll of economists showed annual growth in gross domestic product of 4.7 per cent in the quarter, down from 5.0 per cent in the previous three months and 7 per cent for the corresponding period of 2018. Economic growth could dip to around 4 per cent in the September quarter, two domestic television channels said on Wednesday, citing government sources. If the latest figure for expansion of gross domestic product is 4.7 per cent or less, the quarter will have registered the slowest expansion in 26 quarters, since 4.3 per cent in January-March 2013. Prime Minister Narendra Modi's government has taken several steps, including cutting corporate tax in September, to boost investments and bolster economic growth. Economists in a Reuters poll predicted the Reserve Bank of India would cut its repo rate for the sixth time in a row, by 25 basis points, to 4.90 per cent at its Dec. 3-5 meeting. "Agrarian distress and dismal income growth so far, coupled with subdued income growth expectation in urban areas, have weakened consumption demand considerably," said Devindra Pant, chief economist at Fitch arm India Ratings & Research. "Even the festive demand has failed to revive it," he said, citing data on non-food credit, auto sales and select fast-moving consumer goods. 'Economic emergency' On Wednesday, in a heated parliamentary debate on the economic slowdown affecting jobs, opposition parties said millions of people had lost their jobs and the country faced an "economic emergency". In her reply, Finance Minister Nirmala Sitharaman said the economy faced a slowdown but no "recession" and cited several government measures to support economic growth. On Thursday, she sought parliament's approval to spend $2.7 billion in addition to a budgeted 27.86 trillion rupees ($388 billion) in the 2019/20 fiscal year. Economists said with persistently tight domestic credit and weak corporate profits, India's recovery could be delayed and the pick-up would remain below potential. India needs to grow at around 8 per cent to create enough jobs for its millions of young people joining the labour force each year. The unemployment rate in October rose to 8.5 per cent, its highest since August 2016, according to the Centre for Monitoring Indian Economy (CMIE), though the government estimates that urban unemployment declined. Some economists, however, said economic growth could pick up in the second half of the current fiscal year, after the government took steps to support real estate and non-bank finance companies. "The economic slowdown has bottomed out in the September quarter," said N.R. Bhanumurthy, an economist at the National Institute of Public Finance and Policy, a Delhi-based government think tank. "With easing of credit and pick up in festival demand, economic growth is expected to pick up from October onward."

India's economy seen growing at 4.7 per cent in September quarter

British automotive output dropped by an annual 4 per cent&nbsp;in October, the 16th month out of the last 17 to record a fall, as demand from both domestic and overseas buyers decreased, according to a trade body.

Production stood at 134,752 cars last month, hit by a nearly 11 per cent&nbsp;drop in demand from Britons and a 2.6 per cent&nbsp;drop in export demand, which accounts for roughly 80 per cent&nbsp;of output, statistics from the Society of Motor Manufacturers and Traders (SMMT) showed.

The global automotive industry has had a torrid year, hit by declining sales in <a href="https://www.wionews.com/.../wion-wallet-china-increases-export-of-second- hand-vehicles-265047">China</a>, trade war worries between the world's two biggest economies, a slump in diesel sales in Europe and the need to invest heavily in electrification.

Model changeovers at some sites were also blamed by the SMMT which has called for Britain to negotiate the closest possible trading relationship with the European Union after Brexit as part of a trade deal due to take effect in 2021.

"Our global competitiveness&nbsp;is under threat," said SMMT Chief Executive Mike Hawes.

"To safeguard it, we need to work closely with the next government to ensure frictionless trade, free of tariffs, with regulatory alignment and continued access to talent in the future."

British automotive output dropped by an annual 4 per cent in October, the 16th month out of the last 17 to record a fall, as demand from both domestic and overseas buyers decreased, according to a trade body.

British automotive output dropped by an annual 4 per cent in October, the 16th month out of the last 17 to record a fall, as demand from both domestic and overseas buyers decreased, according to a trade body. Production stood at 134,752 cars last month, hit by a nearly 11 per cent drop in demand from Britons and a 2.6 per cent drop in export demand, which accounts for roughly 80 per cent of output, statistics from the Society of Motor Manufacturers and Traders (SMMT) showed. The global automotive industry has had a torrid year, hit by declining sales in China, trade war worries between the world's two biggest economies, a slump in diesel sales in Europe and the need to invest heavily in electrification. Model changeovers at some sites were also blamed by the SMMT which has called for Britain to negotiate the closest possible trading relationship with the European Union after Brexit as part of a trade deal due to take effect in 2021. "Our global competitiveness is under threat," said SMMT Chief Executive Mike Hawes. "To safeguard it, we need to work closely with the next government to ensure frictionless trade, free of tariffs, with regulatory alignment and continued access to talent in the future."

Slump in demand pulls down UK car production, again

&nbsp;In 2018, South Korea's SK Innovation beat its larger, local rival LG Chem to a multibillion-dollar deal to supply German carmaker <a href="https://www.wionews.com/business-economy/future-is-electric-porsche-sets-out-plans-to-battle-tesla-in-us-263254">Volkswagen</a> with electric vehicle batteries in the United States.

With great fanfare, SK Innovation (SKI) broke ground in March on a $1.7 billion&nbsp;factory in Commerce, Georgia, about 200 km from VW's Chattanooga plant, which will be the automaker's electric vehicle hub in the United States.

LG Chem (LGC) had other ideas.

Stung by missing out on the VW deal to the new kid on the block and the departure of 77 employees for its rival across the Han River in Seoul, LGC took SKI to court in the United States in April accusing it of misappropriating trade secrets.

Fast forward seven months and the two firms have hit each other with US&nbsp;lawsuits for battery patent infringements in a bitter row that threatens to disrupt the launches of electric vehicles (EVs) by some of the world's biggest carmakers.

US court filings reviewed by Reuters show the feuding firms are trying to stop each other from importing and selling EV batteries destined for the SUVs VW will build in Tennessee as well as GM's Bolt, Ford pickups, Jaguar's I-Pace, Audi's e-Tron, and Kia Motor's Niro.

At stake is the Korean firms' ability to supply automakers in the United States with batteries just as the car producers are scrambling to lock in supplies with lucrative contracts ahead of an expected surge in demand, according to court filings by the two companies and several industry experts.

"Whoever loses the fight would suffer a fatal blow, unless the two reach a settlement. This will also be a setback for automakers," said Cho Jae-Phil, a professor at Ulsan National Institute of Science and Technology who worked previously at another Korean rival, Samsung SDI.

Ford spokeswoman Jennifer Flake said it was encouraging LGC and SKI to resolve their conflict without litigation and that it believed there was sufficient demand for multiple suppliers.

"We are aware of the issue. As a normal course of action, we have business continuity plans in place to protect our interests," Flake said in an emailed statement to Reuters.

GM spokesman Patrick Morrissey said the company was aware of the dispute and at this point, it did not expect any impact on the production of its Chevy Bolt electric vehicle.

Kia, Jaguar Land Rover, and Volkswagen, which also owns Audi, declined to comment.

Volkswagen has said it is worried there won't be enough batteries for all the EVs it plans to launch in the next five years, partly because producers such as LGC and China's CATL don't have enough skilled workers for new plants in Europe to ramp up output quickly.

According to Korea's battery industry tracker SNE Research, the market for EV batteries - the most expensive and important component in the vehicles - is set to grow 23 per cent&nbsp;a year to reach $167 billion by 2025, making it bigger than the global memory chip market which is expected to be worth $150 billion by then.

In one court filing, LGC said its rival poached employees working on its own project to supply batteries for VW's MEB electric vehicle architecture - and that SKI only won the VW contract because it had misappropriated trade secrets.

SKI has denied stealing trade secrets, saying its staff signed agreements not to use information from former workplaces. "We value intellectual property," a spokesman for SKI said.

If the US&nbsp;International Trade Commission (ITC) rules in favor of LGC on June 5, when it is due to make a preliminary ruling, that could jeopardize SKI's plans to supply VW in the United States with batteries from Georgia or a new factory in Hungary, according to court filings.

In April, LGC asked the ITC to block SKI from bringing batteries and components into the United States, as well as manufacturing systems needed for US production which is scheduled to start in 2022.

The SKI spokesman said there had been no change to its schedule for the factory, which will have the capacity to make batteries for more than 200,000 EVs a year. He said SKI had received inquiries about the lawsuits from customers, including if they would have an impact on supplies, without elaborating.

LGC said a final ruling on the case would be made on October&nbsp;5 next year but it asked the ITC earlier this month to make a so-called default judgment against SKI quickly.

According to a memo obtained by Reuters on Wednesday, the Commission's investigative staff recommended a motion in favor of LGC as it is "the most appropriate sanction for Respondents' (SKI's) widespread spoliation of evidence."

Evidence spoliation is the destruction or alteration of evidence that may be used in a legal proceeding.

The staff also said a two-day hearing may be held "because of the severity of the allegations of misconduct and the extraordinary nature of the relief requested by (LGC)."

SKI denied the allegation of evidence spoliation in a statement on Wednesday, saying it is "sincerely responding to any investigation by the ITC" and its statement of position filed with the panel will clear the "groundless" accusation.

The patent infringement lawsuits lodged by the companies in the United States, meanwhile, mean that if one, or both, lose they probably won't be able to market products using the patents in question in the country, the companies said in court filings. The two have taken their feud to South Korean courts as well.

LGC said in a statement it would impossible to design around its patents while SKI said losing the patents case could create "substantial setbacks" to its battery business.

SKI and LGC said there had been no supply disruptions yet.

LGC was an early industry force to be reckoned with, winning a deal in 2008 to supply batteries for GM's Volt, the world's first mass-market, plug-in hybrid car, and it has since worked with almost every EV maker including <a href="https://www.wionews.com/business-economy/musk-suggests-tesla-has-200000-orders-for-cybertruck-264354">Tesla</a>.

But LGC has been grappling with an exodus of workers: 1,258 staff jumped ship from 2016 to 2018, according to its sustainability reports. The company told Reuters the total number of staff who have joined SKI since 2016 has risen since it filed its complaint in April to about 100.

The bitterness of the fight is worrying Korean government officials on the grounds it could damage the firms' reputations and let rivals win market share from South Korean companies.

Lawmakers have called on the government to intervene and Industry Minister Sung Yoon-mo said in October it was watching the dispute closely to see how and when it could play a role to bring about a "positive outcome for the country overall".

Beejay Kim, a battery consultant, said Volkswagen may have to broker a truce as the dispute could disrupt not only battery suppliers but also reduce competition between its vendors.

"No one wants them to fight till the end," he said.

In 2018, South Korea's SK Innovation beat its larger, local rival LG Chem to a multibillion-dollar deal to supply German carmaker Volkswagen with electric vehicle batteries in the United States.

In 2018, South Korea's SK Innovation beat its larger, local rival LG Chem to a multibillion-dollar deal to supply German carmaker Volkswagen with electric vehicle batteries in the United States. With great fanfare, SK Innovation (SKI) broke ground in March on a $1.7 billion factory in Commerce, Georgia, about 200 km from VW's Chattanooga plant, which will be the automaker's electric vehicle hub in the United States. LG Chem (LGC) had other ideas. Stung by missing out on the VW deal to the new kid on the block and the departure of 77 employees for its rival across the Han River in Seoul, LGC took SKI to court in the United States in April accusing it of misappropriating trade secrets. Fast forward seven months and the two firms have hit each other with US lawsuits for battery patent infringements in a bitter row that threatens to disrupt the launches of electric vehicles (EVs) by some of the world's biggest carmakers. US court filings reviewed by Reuters show the feuding firms are trying to stop each other from importing and selling EV batteries destined for the SUVs VW will build in Tennessee as well as GM's Bolt, Ford pickups, Jaguar's I-Pace, Audi's e-Tron, and Kia Motor's Niro. At stake is the Korean firms' ability to supply automakers in the United States with batteries just as the car producers are scrambling to lock in supplies with lucrative contracts ahead of an expected surge in demand, according to court filings by the two companies and several industry experts. "Whoever loses the fight would suffer a fatal blow, unless the two reach a settlement. This will also be a setback for automakers," said Cho Jae-Phil, a professor at Ulsan National Institute of Science and Technology who worked previously at another Korean rival, Samsung SDI. Ford spokeswoman Jennifer Flake said it was encouraging LGC and SKI to resolve their conflict without litigation and that it believed there was sufficient demand for multiple suppliers. "We are aware of the issue. As a normal course of action, we have business continuity plans in place to protect our interests," Flake said in an emailed statement to Reuters. GM spokesman Patrick Morrissey said the company was aware of the dispute and at this point, it did not expect any impact on the production of its Chevy Bolt electric vehicle. Kia, Jaguar Land Rover, and Volkswagen, which also owns Audi, declined to comment. Volkswagen has said it is worried there won't be enough batteries for all the EVs it plans to launch in the next five years, partly because producers such as LGC and China's CATL don't have enough skilled workers for new plants in Europe to ramp up output quickly. According to Korea's battery industry tracker SNE Research, the market for EV batteries - the most expensive and important component in the vehicles - is set to grow 23 per cent a year to reach $167 billion by 2025, making it bigger than the global memory chip market which is expected to be worth $150 billion by then. In one court filing, LGC said its rival poached employees working on its own project to supply batteries for VW's MEB electric vehicle architecture - and that SKI only won the VW contract because it had misappropriated trade secrets. SKI has denied stealing trade secrets, saying its staff signed agreements not to use information from former workplaces. "We value intellectual property," a spokesman for SKI said. If the US International Trade Commission (ITC) rules in favor of LGC on June 5, when it is due to make a preliminary ruling, that could jeopardize SKI's plans to supply VW in the United States with batteries from Georgia or a new factory in Hungary, according to court filings. In April, LGC asked the ITC to block SKI from bringing batteries and components into the United States, as well as manufacturing systems needed for US production which is scheduled to start in 2022. The SKI spokesman said there had been no change to its schedule for the factory, which will have the capacity to make batteries for more than 200,000 EVs a year. He said SKI had received inquiries about the lawsuits from customers, including if they would have an impact on supplies, without elaborating. LGC said a final ruling on the case would be made on October 5 next year but it asked the ITC earlier this month to make a so-called default judgment against SKI quickly. According to a memo obtained by Reuters on Wednesday, the Commission's investigative staff recommended a motion in favor of LGC as it is "the most appropriate sanction for Respondents' (SKI's) widespread spoliation of evidence." Evidence spoliation is the destruction or alteration of evidence that may be used in a legal proceeding. The staff also said a two-day hearing may be held "because of the severity of the allegations of misconduct and the extraordinary nature of the relief requested by (LGC)." SKI denied the allegation of evidence spoliation in a statement on Wednesday, saying it is "sincerely responding to any investigation by the ITC" and its statement of position filed with the panel will clear the "groundless" accusation. The patent infringement lawsuits lodged by the companies in the United States, meanwhile, mean that if one, or both, lose they probably won't be able to market products using the patents in question in the country, the companies said in court filings. The two have taken their feud to South Korean courts as well. LGC said in a statement it would impossible to design around its patents while SKI said losing the patents case could create "substantial setbacks" to its battery business. SKI and LGC said there had been no supply disruptions yet. LGC was an early industry force to be reckoned with, winning a deal in 2008 to supply batteries for GM's Volt, the world's first mass-market, plug-in hybrid car, and it has since worked with almost every EV maker including Tesla. But LGC has been grappling with an exodus of workers: 1,258 staff jumped ship from 2016 to 2018, according to its sustainability reports. The company told Reuters the total number of staff who have joined SKI since 2016 has risen since it filed its complaint in April to about 100. The bitterness of the fight is worrying Korean government officials on the grounds it could damage the firms' reputations and let rivals win market share from South Korean companies. Lawmakers have called on the government to intervene and Industry Minister Sung Yoon-mo said in October it was watching the dispute closely to see how and when it could play a role to bring about a "positive outcome for the country overall". Beejay Kim, a battery consultant, said Volkswagen may have to broker a truce as the dispute could disrupt not only battery suppliers but also reduce competition between its vendors. "No one wants them to fight till the end," he said.

Feuding Korean firms risk disrupting electric car battery supplies

Chinese <a href="https://www.wionews.com/business-economy/founder-of-chinas-smartphone-maker-smartisan-barred-from-planes-trains-259693">smartphone </a>maker <a href="https://www.wionews.com/world/chinas-xiaomi-secures-seven-cornerstone-investors-for-61-billion-hong-kong-ipo-146044">Xiaomi Corp</a> posted its slowest-ever quarterly revenue growth, as the country's smartphone market copes with a protracted lull in sales and bigger rival Huawei grabs more market share.

Revenue in the first quarter ended September&nbsp;30 rose 5.5 per cent&nbsp;to 53.66 billion yuan from the same period last year, largely in line with analysts' expectations of 53.74 billion yuan.

Net income rose to 3.47 billion yuan, up from 2.50 billion yuan a year ago.

Demand for smartphones has eased in China as consumers hold on to devices longer. As well, Chinese shoppers have rallied behind and boosted sales at Huawei, the world's second-largest smartphone maker, which was added to a trade blacklist by the United States.

<a href="https://www.wionews.com/photos/mi-mix-xiaomis-first-phone-with-edge-to-edge-display-72">Xiaomi</a> shipments to Chinese consumers fell by a third in the September quarter, according to market research firm Canalys, while Huawei's rose 66 per cent. Total smartphone shipments in China shrank 3 per cent.

Once the darling of China's smartphone industry, Xiaomi still makes most of its money selling smartphones but has been touting its aspirations to boost its internet services division, which mainly consists of online ad sales.

Revenue from this business jumped 12.3 per cent to 5.31 billion yuan in the year. The unit contributed 10% of the company's total sales, roughly the same as when it listed in August 2018.

Chinese smartphone maker Xiaomi Corp posted its slowest-ever quarterly revenue growth, as the country's smartphone market copes with a protracted lull in sales and bigger rival Huawei grabs more market share.

Chinese smartphone maker Xiaomi Corp posted its slowest-ever quarterly revenue growth, as the country's smartphone market copes with a protracted lull in sales and bigger rival Huawei grabs more market share. Revenue in the first quarter ended September 30 rose 5.5 per cent to 53.66 billion yuan from the same period last year, largely in line with analysts' expectations of 53.74 billion yuan. Net income rose to 3.47 billion yuan, up from 2.50 billion yuan a year ago. Demand for smartphones has eased in China as consumers hold on to devices longer. As well, Chinese shoppers have rallied behind and boosted sales at Huawei, the world's second-largest smartphone maker, which was added to a trade blacklist by the United States. Xiaomi shipments to Chinese consumers fell by a third in the September quarter, according to market research firm Canalys, while Huawei's rose 66 per cent. Total smartphone shipments in China shrank 3 per cent. Once the darling of China's smartphone industry, Xiaomi still makes most of its money selling smartphones but has been touting its aspirations to boost its internet services division, which mainly consists of online ad sales. Revenue from this business jumped 12.3 per cent to 5.31 billion yuan in the year. The unit contributed 10% of the company's total sales, roughly the same as when it listed in August 2018.

Smartphone maker Xiaomi posts slowest-ever revenue growth in third-quarter

Indian shares ended higher on Wednesday tracking global equity markets, as upbeat comments by US&nbsp;President Donald Trump that Washington and Beijing were in the final throes of an initial trade deal stoked risk appetite.

The Nifty closed up 0.5 per cent at 12,100.70, while the benchmark Sensex was also 0.5 per cent higher at 41,020.60.

The biggest gainers on the Nifty were Yes Bank Ltd, up 8.08 per cent, UltraTech Cement Ltd higher by 2.96 per cent and State Bank of India gaining 2.4 per cent.

Auto stocks led gains in the Nifty as their main sub-index rose 1.30 per cent.

Shares of Tata Motors advanced 4.22 per cent, while Maruti Suzuki climbed 2.40 per cent.

The biggest laggards on the Nifty were Bharti Infratel Ltd, Cipla Ltd and Larsen &amp; Toubro Ltd.

Bharti Infratel fell 3.16 per cent, Cipla Ltd was down 2.02 per cent, while Larsen &amp; Toubro Ltd lost 2.02 per cent.

Indian shares ended higher on Wednesday tracking global equity markets, as upbeat comments by US President Donald Trump that Washington and Beijing were in the final throes of an initial trade deal stoked risk appetite.

Indian shares ended higher on Wednesday tracking global equity markets, as upbeat comments by US President Donald Trump that Washington and Beijing were in the final throes of an initial trade deal stoked risk appetite. The Nifty closed up 0.5 per cent at 12,100.70, while the benchmark Sensex was also 0.5 per cent higher at 41,020.60. The biggest gainers on the Nifty were Yes Bank Ltd, up 8.08 per cent, UltraTech Cement Ltd higher by 2.96 per cent and State Bank of India gaining 2.4 per cent. Auto stocks led gains in the Nifty as their main sub-index rose 1.30 per cent. Shares of Tata Motors advanced 4.22 per cent, while Maruti Suzuki climbed 2.40 per cent. The biggest laggards on the Nifty were Bharti Infratel Ltd, Cipla Ltd and Larsen & Toubro Ltd. Bharti Infratel fell 3.16 per cent, Cipla Ltd was down 2.02 per cent, while Larsen & Toubro Ltd lost 2.02 per cent.

Sensex, Nifty end higher as US-China trade hopes lift investor sentiment

<a href="https://www.wionews.com/world/merkels-coalition-in-crisis-talks-after-european-union-vote-debacle-221923">German Chancellor Angela Merkel </a>called on European countries on Wednesday to agree on a common approach towards China and the rollout of the next-generation 5G mobile network.

Some German lawmakers want to exclude <a href="https://www.wionews.com/americas/united-states-formally-charges-chinas-huawei-with-bank-fraud-stealing-trade-secrets-193545">China's Huawei </a>from 5G contracts, following warnings by the United States that this could lead to spying for Beijing. Huawei denies the allegations made by Washington.

Merkel prefers security standards to be the yardstick rather than singling out individual firms.

"One of the biggest dangers is that individual countries in Europe will have their own policies towards China and then mixed signals will be sent out," she told lawmakers in a budget debate in the Bundestag lower house on Wednesday.

"That would be disastrous not for China but for us in Europe," Merkel said, adding Germany and France must try to agree on a common approach first and a Europe-wide solution could be developed from that.

France will not follow the United States and exclude Huawei from its 5G network but will have the power to vet all equipment makers for any potential security threat, a minister said on Monday.

"It is undisputed that we need high-security standards in the expansion of 5G but just as we must define that for ourselves, we must also discuss it with other European partners," Merkel said.

All the telecom operators in Germany, which have close trading ties with China, are customers of Huawei and have warned that banning it would delay the launch of 5G networks.

German Chancellor Angela Merkel called on European countries on Wednesday to agree on a common approach towards China and the rollout of the next-generation 5G mobile network.

German Chancellor Angela Merkel called on European countries on Wednesday to agree on a common approach towards China and the rollout of the next-generation 5G mobile network. Some German lawmakers want to exclude China's Huawei from 5G contracts, following warnings by the United States that this could lead to spying for Beijing. Huawei denies the allegations made by Washington. Merkel prefers security standards to be the yardstick rather than singling out individual firms. "One of the biggest dangers is that individual countries in Europe will have their own policies towards China and then mixed signals will be sent out," she told lawmakers in a budget debate in the Bundestag lower house on Wednesday. "That would be disastrous not for China but for us in Europe," Merkel said, adding Germany and France must try to agree on a common approach first and a Europe-wide solution could be developed from that. France will not follow the United States and exclude Huawei from its 5G network but will have the power to vet all equipment makers for any potential security threat, a minister said on Monday. "It is undisputed that we need high-security standards in the expansion of 5G but just as we must define that for ourselves, we must also discuss it with other European partners," Merkel said. All the telecom operators in Germany, which have close trading ties with China, are customers of Huawei and have warned that banning it would delay the launch of 5G networks.

Merkel wants Europe to aim for joint stance on China and 5G

<a href="https://www.wionews.com/india-news/fuel-supply-to-air-india-stopped-at-six-domestic-airports-report-244881">Air India</a> is not privatised then from where the money would come for it to function?" said <a href="https://www.wionews.com/india-news/appalled-by-uk-mps-statement-on-article-370-union-minister-hardeep-puri-245232">Civil Aviation Minister Hardeep Singh Puri</a> on Wednesday.

"If it (Air India) is not privatised then from where the money would come to for it to function? Earlier we used to go to the finance ministry to make up the operating loss. We are not getting any money from the finance ministry, we have to go to banks," Puri told ANI when asked about Air India disinvestment.

"The condition of Air India today is that it is a first-class asset. If we sell it now then bidders would come. If we take ideological positions that we don't want to sell it then it would be difficult to run it in the future," he said.

When asked people employed by Air India, Puri said: "We are committed to them to get a fair deal. 11,000 and 4,000 on contract include trained engineers. Those who would acquire the airline would also require these trained people."

Earlier in August this year, the Civil Aviation Minister had said that the government is determined to privatise Air India and people are interested in buying it.

The Parliament on August 3 passed the<a href="https://www.wionews.com/india-news/monsoon-session-parliament-set-for-yet-another-centre-vs-opposition-battle-152493"> Airports Economic Regulatory Authority of India</a> (Amendment) Bill, 2019, that increases the threshold of annual passenger traffic for major airports to over 35 lakh with Civil Aviation stating that the government was committed to privatisation of Air India as its debt has become totally unsustainable.

The Bill, which seeks to amend the Airports Economic Regulatory Authority of India Act, 2008, had earlier been passed by Rajya Sabha.

Air India is not privatised then from where the money would come for it to function?" said Civil Aviation Minister Hardeep Singh Puri on Wednesday. "If it (Air India) is not privatised then from where the money would come to for it to function?

Air India is not privatised then from where the money would come for it to function?" said Civil Aviation Minister Hardeep Singh Puri on Wednesday. "If it (Air India) is not privatised then from where the money would come to for it to function? Earlier we used to go to the finance ministry to make up the operating loss. We are not getting any money from the finance ministry, we have to go to banks," Puri told ANI when asked about Air India disinvestment. "The condition of Air India today is that it is a first-class asset. If we sell it now then bidders would come. If we take ideological positions that we don't want to sell it then it would be difficult to run it in the future," he said. When asked people employed by Air India, Puri said: "We are committed to them to get a fair deal. 11,000 and 4,000 on contract include trained engineers. Those who would acquire the airline would also require these trained people." Earlier in August this year, the Civil Aviation Minister had said that the government is determined to privatise Air India and people are interested in buying it. The Parliament on August 3 passed the Airports Economic Regulatory Authority of India (Amendment) Bill, 2019, that increases the threshold of annual passenger traffic for major airports to over 35 lakh with Civil Aviation stating that the government was committed to privatisation of Air India as its debt has become totally unsustainable. The Bill, which seeks to amend the Airports Economic Regulatory Authority of India Act, 2008, had earlier been passed by Rajya Sabha.

Will be difficult for Air India to function if it not privatised: Aviation minister Hardeep Singh Puri

South Korea's <a href="https://www.wionews.com/business-economy/feuding-korean-firms-risk-disrupting-electric-car-battery-supplies-264839">Hyundai Motor</a>&nbsp;has signed a deal to build a $1.5 billion car plant in Indonesia, the company said, its first in Southeast Asia, where Japanese carmakers dominate the market.

The deal comes as Seoul looks to diversify its trade-dependent economy, the world's 11th largest, away from reliance on traditional partners China and the US.

Indonesia is the region's largest automobile market, and the $1.55 billion deal&nbsp;aims to "combat slowing demand in the global automotive market" and propel future growth, Hyundai said in a statement.

The plant, to be built in Bekasi, east of Jakarta, will start production in 2021, Hyundai said, ultimately aiming to produce 250,000 vehicles a year.

<a href="https://www.wionews.com/world/north-korea-says-pointless-for-kim-to-attend-south-korea-asean-summit-263634">South Korea's President Moon Jae-in </a>has been pushing a "New Southern Policy", seeking to bolster economic ties with Southeast Asia as the country aims to reduce over-reliance on Beijing and Washington, and Hyundai's announcement coincided with a South Korea-ASEAN summit in Busan.

Hyundai, the South's largest automaker, said it was building the factory in Indonesia to avoid import tariffs&nbsp;ranging from five to 80 percent in the ASEAN region.

At present it lags far behind its Japanese rivals in the region, with its sales reaching 122,883 vehicles versus <a href="https://www.wionews.com/sports/rallying-new-world-champion-tanak-leaves-toyota-for-hyundai-259174">Toyota's</a> 854,032 and<a href="https://www.wionews.com/business-economy/renault-nissan-alliance-in-flux-a-year-after-ghosn-shock-262664"> Renault–Nissan–Mitsubishi's</a> 351,267 from January to September this year, according to research firm LMC Automotive.

South Korea's central bank last month cut its key interest rate to its lowest in two years in an effort to prop up slowing growth with the economy hit by a bitter trade spat with Japan.

Hyundai shares were up 1.22 per cent in Wednesday afternoon trading in Seoul.

South Korea's Hyundai Motor has signed a deal to build a $1.5 billion car plant in Indonesia, the company said, its first in Southeast Asia, where Japanese carmakers dominate the market.

South Korea's Hyundai Motor has signed a deal to build a $1.5 billion car plant in Indonesia, the company said, its first in Southeast Asia, where Japanese carmakers dominate the market. The deal comes as Seoul looks to diversify its trade-dependent economy, the world's 11th largest, away from reliance on traditional partners China and the US. Indonesia is the region's largest automobile market, and the $1.55 billion deal aims to "combat slowing demand in the global automotive market" and propel future growth, Hyundai said in a statement. The plant, to be built in Bekasi, east of Jakarta, will start production in 2021, Hyundai said, ultimately aiming to produce 250,000 vehicles a year. South Korea's President Moon Jae-in has been pushing a "New Southern Policy", seeking to bolster economic ties with Southeast Asia as the country aims to reduce over-reliance on Beijing and Washington, and Hyundai's announcement coincided with a South Korea-ASEAN summit in Busan. Hyundai, the South's largest automaker, said it was building the factory in Indonesia to avoid import tariffs ranging from five to 80 percent in the ASEAN region. At present it lags far behind its Japanese rivals in the region, with its sales reaching 122,883 vehicles versus Toyota's 854,032 and Renault–Nissan–Mitsubishi's 351,267 from January to September this year, according to research firm LMC Automotive. South Korea's central bank last month cut its key interest rate to its lowest in two years in an effort to prop up slowing growth with the economy hit by a bitter trade spat with Japan. Hyundai shares were up 1.22 per cent in Wednesday afternoon trading in Seoul.

Hyundai Motor to invest $1.5 billion in Indonesia factory

Asian&nbsp;shares&nbsp;rose on Wednesday and European stocks looked set for gains after&nbsp;<a href="https://www.wionews.com/business-economy/nifty-sensex-end-lower-it-stocks-slump-263898">US&nbsp;President Donald&nbsp;Trump</a>&nbsp;said negotiators were close to inking an initial&nbsp;trade&nbsp;deal, while expectations the Federal Reserve will keep rates low underpinned sentiment.

Trump's upbeat comments on&nbsp;trade&nbsp;stoked confidence in Asia with MSCI's broadest index of Asia-Pacific&nbsp;shares&nbsp;outside Japan&nbsp;up 0.29 per cent. Australian shares added 0.93 per cent&nbsp;and Japan's Nikkei rose 0.39 per cent.

In Europe, pan-region Euro Stoxx 50 futures were up 0.16 per cent&nbsp;at 3,710, German DAX futures&nbsp; gained 0.16 per cent&nbsp;to 13,262.5 and FTSE futures rose 0.1 per cent&nbsp;to 7,412.

Chinese blue-chip&nbsp;shares, in contrast, dropped 0.21 per cent&nbsp;after the data showed profits at&nbsp;China's industrial firms declined in annual terms for the third consecutive month in October. The decline tracked sustained drops in producer prices and exports and underscored slowing momentum in the world's second-largest economy.

Trump&nbsp;said on Tuesday the United States and&nbsp;China&nbsp;are close to agreement on the first phase of a&nbsp;trade&nbsp;deal&nbsp;after top negotiators from the two countries spoke by telephone and agreed to keep working on remaining issues.

The positive mood pushed Wall Street indexes to fresh record closing highs on Tuesday. But while&nbsp;Trump&nbsp;said Washington was in the "final throes" of work on a&nbsp;trade&nbsp;deal&nbsp;with Beijing, he also underscored&nbsp;US&nbsp;support for protesters in Hong Kong, seen as a sore point for Beijing.

Trump's comments came alongside softer-than-expected economic data from the United States, which showed a fourth straight monthly contraction in consumer confidence and an unexpected drop in new home sales in October.

However, consumer confidence still remained at levels able to support steady consumer spending, and the housing data for September was revised up, with purchases touching more than 12-year highs.

Kay Van-Petersen, the global macro strategist at Saxo Capital Markets in Singapore, said while&nbsp;US-China&nbsp;trade&nbsp;headlines may be driving some tactical,&nbsp;near-term moves in the market, they were mostly just "noise".

The broader market direction is "about the accommodative Fed and accommodative monetary policy and the fact that structurally the meta-trend is still lower in yields and rates," he said.

Some analysts said a fall in&nbsp;US&nbsp;bond yields on Tuesday also pointed to more mechanical explanations beyond&nbsp;trade&nbsp;for rising equity prices.

"It reinforces the notion that it really is the Fed pump-priming to grease the wheels of market liquidity which are driving both these moves," Greg McKenna, strategist at McKenna Macro, said in a morning note.

Fed Chair Jerome Powell said on Monday monetary policy was "well-positioned" to support the strong&nbsp;US&nbsp;labor market.

On Tuesday, the Dow Jones Industrial Average rose 0.2 per cent&nbsp;to 28,121.68, the S&amp;P 500&nbsp; gained 0.22per cent&nbsp;to 3,140.52 and the Nasdaq Composite&nbsp;added 0.18 per cent&nbsp;to 8,647.93. All three indexes notched record closing highs.

On Wednesday, the rally in US&nbsp;Treasuries moderated across the curve, with benchmark 10-year notes&nbsp;yielding 1.7431 per cent, up from their&nbsp;US&nbsp;close of 1.74 per cent&nbsp;on Tuesday.

The two-year yield watched as a guide to market expectations of Fed policy, rose to 1.5939 per cent&nbsp;compared with the&nbsp;US&nbsp;close of 1.586 per cent.

In currency markets, the dollar strengthened 0.11 per cent against the yen to 109.15&nbsp;and the euro&nbsp;weakened 0.08 per cent&nbsp;to buy $1.1009.

The dollar index, which tracks the greenback against a basket of six major rivals, was up 0.09 per cent&nbsp;at 98.341.

Oil prices retreated after rising Tuesday on reassuring&nbsp;trade&nbsp;headlines. The US&nbsp;West Texas Intermediate crude&nbsp;was down 0.21 per cent&nbsp;at $58.29 per barrel.

Global benchmark Brent crude lost 0.11 per cent&nbsp;to $64.20 per barrel.

Gold was lower, changing hands at $1,458.33 per ounce on the spot market, down 0.2 per cent.

Asian shares rose on Wednesday and European stocks looked set for gains after US President Donald Trump said negotiators were close to inking an initial trade deal, while expectations the Federal Reserve will keep rates low underpinned sentiment.

Asian shares rose on Wednesday and European stocks looked set for gains after US President Donald Trump said negotiators were close to inking an initial trade deal, while expectations the Federal Reserve will keep rates low underpinned sentiment. Trump's upbeat comments on trade stoked confidence in Asia with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.29 per cent. Australian shares added 0.93 per cent and Japan's Nikkei rose 0.39 per cent. In Europe, pan-region Euro Stoxx 50 futures were up 0.16 per cent at 3,710, German DAX futures gained 0.16 per cent to 13,262.5 and FTSE futures rose 0.1 per cent to 7,412. Chinese blue-chip shares, in contrast, dropped 0.21 per cent after the data showed profits at China's industrial firms declined in annual terms for the third consecutive month in October. The decline tracked sustained drops in producer prices and exports and underscored slowing momentum in the world's second-largest economy. Trump said on Tuesday the United States and China are close to agreement on the first phase of a trade deal after top negotiators from the two countries spoke by telephone and agreed to keep working on remaining issues. The positive mood pushed Wall Street indexes to fresh record closing highs on Tuesday. But while Trump said Washington was in the "final throes" of work on a trade deal with Beijing, he also underscored US support for protesters in Hong Kong, seen as a sore point for Beijing. Trump's comments came alongside softer-than-expected economic data from the United States, which showed a fourth straight monthly contraction in consumer confidence and an unexpected drop in new home sales in October. However, consumer confidence still remained at levels able to support steady consumer spending, and the housing data for September was revised up, with purchases touching more than 12-year highs. Kay Van-Petersen, the global macro strategist at Saxo Capital Markets in Singapore, said while US-China trade headlines may be driving some tactical, near-term moves in the market, they were mostly just "noise". The broader market direction is "about the accommodative Fed and accommodative monetary policy and the fact that structurally the meta-trend is still lower in yields and rates," he said. Some analysts said a fall in US bond yields on Tuesday also pointed to more mechanical explanations beyond trade for rising equity prices. "It reinforces the notion that it really is the Fed pump-priming to grease the wheels of market liquidity which are driving both these moves," Greg McKenna, strategist at McKenna Macro, said in a morning note. Fed Chair Jerome Powell said on Monday monetary policy was "well-positioned" to support the strong US labor market. On Tuesday, the Dow Jones Industrial Average rose 0.2 per cent to 28,121.68, the S&P 500 gained 0.22per cent to 3,140.52 and the Nasdaq Composite added 0.18 per cent to 8,647.93. All three indexes notched record closing highs. On Wednesday, the rally in US Treasuries moderated across the curve, with benchmark 10-year notes yielding 1.7431 per cent, up from their US close of 1.74 per cent on Tuesday. The two-year yield watched as a guide to market expectations of Fed policy, rose to 1.5939 per cent compared with the US close of 1.586 per cent. In currency markets, the dollar strengthened 0.11 per cent against the yen to 109.15 and the euro weakened 0.08 per cent to buy $1.1009. The dollar index, which tracks the greenback against a basket of six major rivals, was up 0.09 per cent at 98.341. Oil prices retreated after rising Tuesday on reassuring trade headlines. The US West Texas Intermediate crude was down 0.21 per cent at $58.29 per barrel. Global benchmark Brent crude lost 0.11 per cent to $64.20 per barrel. Gold was lower, changing hands at $1,458.33 per ounce on the spot market, down 0.2 per cent.

Asian shares climb as Trump says US-China trade deal near

An&nbsp;Indian antitrust&nbsp;probe&nbsp;has found that&nbsp;units&nbsp;of&nbsp;<a href="https://www.wionews.com/business-economy/indian-markets-end-big-as-bse-sensex-hits-lifetime-high-264376">Tata&nbsp;Steel&nbsp;Ltd</a>, Sweden's AB&nbsp;SKF&nbsp; and Germany's&nbsp;Schaeffler&nbsp;AG&nbsp; colluded&nbsp;on the pricing of&nbsp;bearings, according to an investigation report seen by Reuters.

The Competition Commission of&nbsp;India&nbsp;(CCI) began an investigation in 2017 after receiving allegations of five companies colluding on&nbsp;bearings&nbsp;prices&nbsp;from 2009-2014 to pass higher raw material costs onto customers in the auto sector.

Bearings&nbsp;reduce friction in moving parts, helping smooth the operation of vehicles.&nbsp;India's&nbsp;bearings&nbsp;market is dominated by&nbsp;SKF&nbsp;and&nbsp;Schaeffler&nbsp;and is worth $1.3 billion, showed data from ICRA Research.

CCI's investigations arm, in a report dated May 6 which has not been made public, said it analyzed company emails, call records and executive testimonies and concluded that&nbsp;SKF&nbsp;India&nbsp;Ltd,&nbsp;Schaeffler&nbsp;India&nbsp;Ltd, National Engineering Industries and&nbsp;Tata&nbsp;Steel's&nbsp;bearings&nbsp;division contravened antitrust law by discussing and agreeing on prices.

SKF, the world's largest maker of ball-bearings, in a statement said it aided the investigation, and that "we dispute any claim of wrongdoing on the part of&nbsp;SKF".

Schaeffler&nbsp;did not respond to a request for comment.&nbsp;Tata&nbsp;Steel&nbsp;and National Engineering Industries - part of&nbsp;Indian conglomerate <a href="https://www.wionews.com/south-asia/india-hindustan-motors-sells-iconic-ambassador-brand-to-peugeot-12277">CK Birla Group</a> - declined to comment beyond saying the CCI proceedings were confidential.

The investigations arm said it found no evidence against the fifth firm, ABC&nbsp;Bearings, part of US&nbsp;firm Timken Co, the report showed. ABC&nbsp;Bearings&nbsp;declined to comment.

The report also showed the investigations arm considered the collusion lasted through the financial year to March 2011 but found no evidence to indicate when it actually ended.

The four firms, "through personal meetings of key persons, on two occasions shared the strategic information regarding their future efforts to seek price increase from" auto sector companies, the investigations arm said in its 106-page report.

The CCI did not respond to a Reuters request for comment. A person with direct knowledge of the matter said senior CCI officials are reviewing the report and that the antitrust body is able to dispute the findings of its investigation arm.

The CCI can fine firms up to three times the profit made in each year of wrongdoing or 10 per cent&nbsp;of revenue, whichever is higher.

In 2014, European Union antitrust regulators fined&nbsp;SKF,&nbsp;Schaeffler&nbsp;and three Japanese auto parts makers $1.3 billion for taking part in a&nbsp;bearings&nbsp;cartel from 2004 through 2011.

The investigation report showed the four companies controlled nearly 75&nbsp;per cent&nbsp;of the domestic&nbsp;bearings&nbsp;market in the period 2009-11 - a time when&nbsp;prices&nbsp;of&nbsp;steel, the key raw material in&nbsp;bearings, were fluctuating sharply.

The steep&nbsp;steel&nbsp;price volatility, the CCI's investigation arm said, provided the companies an "incentive to collude".

There was a consensus among the firms "to seek a price increase of 12per cent&nbsp;and settle at 6 per cent" with a tractor and automotive manufacturers. With motorbike makers, there was a consensus to seek a 10% price increase and settle at 4 per cent, the report showed.

The investigation arm also said&nbsp;Schaeffler&nbsp;and National Engineering Industries told the CCI that employees had participated in discussions with competitors "mainly to seek coordinated price increase of&nbsp;bearings". It did not elaborate on when the companies disclosed discussions to the CCI.

During the&nbsp;probe, ABC&nbsp;Bearings,&nbsp;SKF, and&nbsp;Tata&nbsp;Steel's&nbsp;bearings&nbsp;division told the CCI they had no evidence of such discussions, the report showed.

"The conduct of the parties has resulted in an appreciable adverse effect on competition," the CCI investigation arm said in the report. "The sharing of price information is particularly sensitive to the competition law perspective."

An Indian antitrust probe has found that units of Tata Steel Ltd, Sweden's AB SKF and Germany's Schaeffler AG colluded on the pricing of bearings, according to an investigation report seen by Reuters.

An Indian antitrust probe has found that units of Tata Steel Ltd, Sweden's AB SKF and Germany's Schaeffler AG colluded on the pricing of bearings, according to an investigation report seen by Reuters. The Competition Commission of India (CCI) began an investigation in 2017 after receiving allegations of five companies colluding on bearings prices from 2009-2014 to pass higher raw material costs onto customers in the auto sector. Bearings reduce friction in moving parts, helping smooth the operation of vehicles. India's bearings market is dominated by SKF and Schaeffler and is worth $1.3 billion, showed data from ICRA Research. CCI's investigations arm, in a report dated May 6 which has not been made public, said it analyzed company emails, call records and executive testimonies and concluded that SKF India Ltd, Schaeffler India Ltd, National Engineering Industries and Tata Steel's bearings division contravened antitrust law by discussing and agreeing on prices. SKF, the world's largest maker of ball-bearings, in a statement said it aided the investigation, and that "we dispute any claim of wrongdoing on the part of SKF". Schaeffler did not respond to a request for comment. Tata Steel and National Engineering Industries - part of Indian conglomerate CK Birla Group - declined to comment beyond saying the CCI proceedings were confidential. The investigations arm said it found no evidence against the fifth firm, ABC Bearings, part of US firm Timken Co, the report showed. ABC Bearings declined to comment. The report also showed the investigations arm considered the collusion lasted through the financial year to March 2011 but found no evidence to indicate when it actually ended. The four firms, "through personal meetings of key persons, on two occasions shared the strategic information regarding their future efforts to seek price increase from" auto sector companies, the investigations arm said in its 106-page report. The CCI did not respond to a Reuters request for comment. A person with direct knowledge of the matter said senior CCI officials are reviewing the report and that the antitrust body is able to dispute the findings of its investigation arm. The CCI can fine firms up to three times the profit made in each year of wrongdoing or 10 per cent of revenue, whichever is higher. In 2014, European Union antitrust regulators fined SKF, Schaeffler and three Japanese auto parts makers $1.3 billion for taking part in a bearings cartel from 2004 through 2011. The investigation report showed the four companies controlled nearly 75 per cent of the domestic bearings market in the period 2009-11 - a time when prices of steel, the key raw material in bearings, were fluctuating sharply. The steep steel price volatility, the CCI's investigation arm said, provided the companies an "incentive to collude". There was a consensus among the firms "to seek a price increase of 12per cent and settle at 6 per cent" with a tractor and automotive manufacturers. With motorbike makers, there was a consensus to seek a 10% price increase and settle at 4 per cent, the report showed. The investigation arm also said Schaeffler and National Engineering Industries told the CCI that employees had participated in discussions with competitors "mainly to seek coordinated price increase of bearings". It did not elaborate on when the companies disclosed discussions to the CCI. During the probe, ABC Bearings, SKF, and Tata Steel's bearings division told the CCI they had no evidence of such discussions, the report showed. "The conduct of the parties has resulted in an appreciable adverse effect on competition," the CCI investigation arm said in the report. "The sharing of price information is particularly sensitive to the competition law perspective."

Indian probe finds SKF, Schaeffler, Tata Steel units colluded on bearings prices

A&nbsp;US-based&nbsp;foundation&nbsp;overseeing promising semiconductor&nbsp;technology developed with Pentagon support will soon move to&nbsp;Switzerland&nbsp;after several of the&nbsp;group's foreign members raised concerns about potential&nbsp;US&nbsp;trade&nbsp;curbs.

The nonprofit RISC-V Foundation (pronounced risk-five) wants to ensure that universities, governments, and companies outside the United States can help develop its open-source&nbsp;technology, it's Chief Executive Calista Redmond said in an interview with Reuters.

She said the foundation's global collaboration has faced no restrictions to date but members are "concerned about possible geopolitical disruption."

"From around the world, we've heard that 'If the incorporation was not in the&nbsp;US, we would be a lot more comfortable'," she said. Redmond said the foundation's board of directors approved the move unanimously but declined to disclose which members prompted it.

Created in 2015, the RISC-V Foundation sets standards for the core&nbsp;chip&nbsp;architecture and controls who can use the RISC-V&nbsp;trademark on products, as other organizations do for Wi-Fi and Bluetooth&nbsp;chips. It does not own or control the&nbsp;technology.

More than 325 companies or other entities pay to be members, including&nbsp;US&nbsp;and European&nbsp;chip&nbsp;suppliers such as<a href="https://www.wionews.com/business-economy/us-trade-commission-to-investigate-apple-qualcomm-legal-dispute-18734"> Qualcomm Inc</a> and <a href="https://www.wionews.com/world/overwhelming-view-is-qualcomm-will-up-offer-for-nxp-morgan-stanley-21178">NXP Semiconductors</a>, as well as China's<a href="https://www.wionews.com/business-economy/alibaba-eyes-129-billion-hong-kong-ipo-after-setting-price-reports-263274"> Alibaba&nbsp;Group&nbsp;Holding Ltd</a> and <a href="https://www.wionews.com/world/canadas-use-of-huawei-5g-would-hamper-its-access-to-us-intelligence-us-official-264310">Huawei&nbsp;Technologies Co Ltd</a>.

The foundation's move from Delaware to&nbsp;Switzerland&nbsp;may foreshadow further&nbsp;technology flight because of&nbsp;US&nbsp;restrictions on dealing with some Chinese&nbsp;technology companies, said William Reinsch, who was undersecretary of commerce for export administration in the Clinton administration.

"There is a message for the government. The message is if you clamp down on things too tightly this is what is going to happen. In a global supply chain world, companies have choices, and one choice is to go&nbsp;overseas," he said.

In a statement to Reuters, the&nbsp;US&nbsp;Department of Commerce said its controls were designed to safeguard&nbsp;U.S. national security and to "ensure bad actors cannot acquire&nbsp;technology that harms&nbsp;US&nbsp;citizens or interests while promoting innovation to fuel continued American&nbsp;technological leadership." The department said it meets regularly with private industry to gauge market conditions and the effects of its regulations.

Some Republican&nbsp;US&nbsp;lawmakers said they are concerned the United States will lose influence&nbsp;over&nbsp;RISC-V&nbsp;chip&nbsp;architecture, which can be used to make microprocessors for almost every type of electronic device, making it a crucial building block of a modern economy. The&nbsp;technology came from labs at the University of California, Berkeley, and later benefited from funding by the Pentagon's Defense Advanced Research Projects Agency (DARPA).

The lawmakers warn that the foundation's Chinese members could influence the&nbsp;technology's development to help China's semiconductor industry.

"The Chinese Communist Party is trying to circumvent our export control system to support national security threats like Huawei - we cannot let it succeed," Representative Mike Gallagher, a Republican from Wisconsin, told Reuters.

Arkansas Republican Senator Tom Cotton said&nbsp;moving&nbsp;the foundation to ensure it could retain Chinese members was "short-sighted at best." He added that "if American public funds were used to develop the&nbsp;technology, it’s also completely outrageous."

Redmond said in follow-up emails after speaking to Reuters that given the&nbsp;technology is open source and available to anyone, she does not see how the move could be against the&nbsp;US&nbsp;national interest.

A DARPA spokesman told Reuters the agency intended for RISC-V work is funded to be publicly available to companies and academics around the world.&nbsp;

Morgan Reed, president of The App Association, which receives funding from major&nbsp;US&nbsp;technology firms such as Apple Inc and Microsoft Corp in Washington, likened the RISC-V Foundation's work to efforts between&nbsp;US&nbsp;and Chinese companies to jointly develop Wi-Fi&nbsp;chip&nbsp;standards.

"The notion that China can be barred from participating in standards alongside the&nbsp;US&nbsp;and the EU is simply not viable," Reed said. "China is too important as a manufacturer and an end-market to ignore."

The RISC-V Foundation announced at a meeting last December it would seek a "neutral" country before making a formal decision to go to&nbsp;Switzerland&nbsp;earlier this year, a decision that got little public attention. Final approvals in&nbsp;Switzerland&nbsp;for the move are expected as soon as the end of November, Redmond said.

Chinese companies have had access to the RISC-V architecture, which is publicly available, since its creation, Redmond said.

Alibaba claimed in July it had developed the fastest RISC-V processor to date. The company declined to comment for this story.

The RISC-V Foundation's move shows how&nbsp;US-China&nbsp;trade&nbsp;tensions could make the United States a harder place to host&nbsp;technology standards groups, according to two attorneys who represent such groups.

The lawyers said it is unclear whether standards groups&nbsp;are allowed to work with Huawei. These groups&nbsp;are concerned&nbsp;US&nbsp;authorities may decide that some closed-door&nbsp;technical discussions involve the transfer of sensitive&nbsp;technology to the Chinese or others on banned lists, said one of the attorneys, Brad Biddle, who works for several standards groups.

In June, more than two dozen standards groups&nbsp;- including those&nbsp;overseeing SD memory cards and Ethernet and HDMI cables - wrote a letter to US Commerce Secretary Wilbur Ross asking for clarification of the rules on working with Huawei.

The groups&nbsp;warned Ross that the Huawei restrictions posed a "serious risk" that standards work could move out of the United States, which could end a long-held trend where&nbsp;US-based&nbsp;groups&nbsp;set de facto standards for the rest of the world, they wrote.

The Commerce Department published an advisory opinion seeking to clarify the issue in August, but standards lawyers said the rules remain confusing.

The RISC-V Foundation's Redmond does not yet see a "credible threat" to international collaboration. "But we're taking out an insurance policy against that type of action by&nbsp;moving&nbsp;our incorporation," she told Reuters.

The board's seven current members are all&nbsp;based&nbsp;in North America. After the move, the foundation's board will be expanded and European and Asian members will be added, said Redmond. Reuters could not confirm whether any Chinese companies planned to join the board.

Andrew Updegrove, an attorney who does work for standards groups, said that&nbsp;US&nbsp;restrictions on transferring&nbsp;US-origin&nbsp;technology to Chinese companies will still apply regardless of where the RISC-V Foundation is headquartered.

At Netherlands-based&nbsp;NXP Semiconductors, which is a member of the foundation, customers have asked the company to detail where the&nbsp;technology in its&nbsp;chips comes from, said Lars Reger, its chief&nbsp;technology officer. The customers do not want to be cut off in future&nbsp;trade&nbsp;disputes, he said.

US officials and some lawmakers have alleged Huawei's telecom equipment may enable surveillance by China. The resulting backlash has prevented it from making inroads into the&nbsp;US&nbsp;market. Huawei has denied the claims.

In response to Reuter's questions, a Huawei spokesman said: "We support RISC-V Foundation identifying&nbsp;Switzerland&nbsp;as a neutral venue for open source development. Making open source as open as possible is important for the industry."

He said that RISC-V "might fit well into Huawei's vision of this heterogeneous, open world."

A US-based foundation overseeing promising semiconductor technology developed with Pentagon support will soon move to Switzerland after several of the group's foreign members raised concerns about potential US trade curbs.

A US-based foundation overseeing promising semiconductor technology developed with Pentagon support will soon move to Switzerland after several of the group's foreign members raised concerns about potential US trade curbs. The nonprofit RISC-V Foundation (pronounced risk-five) wants to ensure that universities, governments, and companies outside the United States can help develop its open-source technology, it's Chief Executive Calista Redmond said in an interview with Reuters. She said the foundation's global collaboration has faced no restrictions to date but members are "concerned about possible geopolitical disruption." "From around the world, we've heard that 'If the incorporation was not in the US, we would be a lot more comfortable'," she said. Redmond said the foundation's board of directors approved the move unanimously but declined to disclose which members prompted it. Created in 2015, the RISC-V Foundation sets standards for the core chip architecture and controls who can use the RISC-V trademark on products, as other organizations do for Wi-Fi and Bluetooth chips. It does not own or control the technology. More than 325 companies or other entities pay to be members, including US and European chip suppliers such as Qualcomm Inc and NXP Semiconductors, as well as China's Alibaba Group Holding Ltd and Huawei Technologies Co Ltd. The foundation's move from Delaware to Switzerland may foreshadow further technology flight because of US restrictions on dealing with some Chinese technology companies, said William Reinsch, who was undersecretary of commerce for export administration in the Clinton administration. "There is a message for the government. The message is if you clamp down on things too tightly this is what is going to happen. In a global supply chain world, companies have choices, and one choice is to go overseas," he said. In a statement to Reuters, the US Department of Commerce said its controls were designed to safeguard U.S. national security and to "ensure bad actors cannot acquire technology that harms US citizens or interests while promoting innovation to fuel continued American technological leadership." The department said it meets regularly with private industry to gauge market conditions and the effects of its regulations. Some Republican US lawmakers said they are concerned the United States will lose influence over RISC-V chip architecture, which can be used to make microprocessors for almost every type of electronic device, making it a crucial building block of a modern economy. The technology came from labs at the University of California, Berkeley, and later benefited from funding by the Pentagon's Defense Advanced Research Projects Agency (DARPA). The lawmakers warn that the foundation's Chinese members could influence the technology's development to help China's semiconductor industry. "The Chinese Communist Party is trying to circumvent our export control system to support national security threats like Huawei - we cannot let it succeed," Representative Mike Gallagher, a Republican from Wisconsin, told Reuters. Arkansas Republican Senator Tom Cotton said moving the foundation to ensure it could retain Chinese members was "short-sighted at best." He added that "if American public funds were used to develop the technology, it’s also completely outrageous." Redmond said in follow-up emails after speaking to Reuters that given the technology is open source and available to anyone, she does not see how the move could be against the US national interest. A DARPA spokesman told Reuters the agency intended for RISC-V work is funded to be publicly available to companies and academics around the world. Morgan Reed, president of The App Association, which receives funding from major US technology firms such as Apple Inc and Microsoft Corp in Washington, likened the RISC-V Foundation's work to efforts between US and Chinese companies to jointly develop Wi-Fi chip standards. "The notion that China can be barred from participating in standards alongside the US and the EU is simply not viable," Reed said. "China is too important as a manufacturer and an end-market to ignore." The RISC-V Foundation announced at a meeting last December it would seek a "neutral" country before making a formal decision to go to Switzerland earlier this year, a decision that got little public attention. Final approvals in Switzerland for the move are expected as soon as the end of November, Redmond said. Chinese companies have had access to the RISC-V architecture, which is publicly available, since its creation, Redmond said. Alibaba claimed in July it had developed the fastest RISC-V processor to date. The company declined to comment for this story. The RISC-V Foundation's move shows how US-China trade tensions could make the United States a harder place to host technology standards groups, according to two attorneys who represent such groups. The lawyers said it is unclear whether standards groups are allowed to work with Huawei. These groups are concerned US authorities may decide that some closed-door technical discussions involve the transfer of sensitive technology to the Chinese or others on banned lists, said one of the attorneys, Brad Biddle, who works for several standards groups. In June, more than two dozen standards groups - including those overseeing SD memory cards and Ethernet and HDMI cables - wrote a letter to US Commerce Secretary Wilbur Ross asking for clarification of the rules on working with Huawei. The groups warned Ross that the Huawei restrictions posed a "serious risk" that standards work could move out of the United States, which could end a long-held trend where US-based groups set de facto standards for the rest of the world, they wrote. The Commerce Department published an advisory opinion seeking to clarify the issue in August, but standards lawyers said the rules remain confusing. The RISC-V Foundation's Redmond does not yet see a "credible threat" to international collaboration. "But we're taking out an insurance policy against that type of action by moving our incorporation," she told Reuters. The board's seven current members are all based in North America. After the move, the foundation's board will be expanded and European and Asian members will be added, said Redmond. Reuters could not confirm whether any Chinese companies planned to join the board. Andrew Updegrove, an attorney who does work for standards groups, said that US restrictions on transferring US-origin technology to Chinese companies will still apply regardless of where the RISC-V Foundation is headquartered. At Netherlands-based NXP Semiconductors, which is a member of the foundation, customers have asked the company to detail where the technology in its chips comes from, said Lars Reger, its chief technology officer. The customers do not want to be cut off in future trade disputes, he said. US officials and some lawmakers have alleged Huawei's telecom equipment may enable surveillance by China. The resulting backlash has prevented it from making inroads into the US market. Huawei has denied the claims. In response to Reuter's questions, a Huawei spokesman said: "We support RISC-V Foundation identifying Switzerland as a neutral venue for open source development. Making open source as open as possible is important for the industry." He said that RISC-V "might fit well into Huawei's vision of this heterogeneous, open world."

US-based chip-tech group moving to Switzerland over trade curb fears

<a href="https://www.wionews.com/business-economy/tesla-cybertruck-orders-near-150000-just-days-after-chaotic-launch-264195">Tesla Inc</a>'s chief executive, <a href="https://www.wionews.com/business-economy/musk-suggests-tesla-has-200000-orders-for-cybertruck-264354">Elon&nbsp;Musk</a>, will&nbsp;testify&nbsp;in&nbsp;his&nbsp;own&nbsp;defence&nbsp;against a&nbsp;defamation&nbsp;lawsuit brought by a British cave explorer,&nbsp;Musk's&nbsp;lawyer&nbsp;said on Monday in US&nbsp;District Court in Los Angeles.

Vernon Unsworth is suing&nbsp;Musk&nbsp;for calling him a "<a href="https://www.wionews.com/world/after-elon-musks-pedo-tweet-british-rescuer-threatens-legal-action-152054">pedo guy</a>."&nbsp;Musk&nbsp;posted the tweet after Unsworth accused&nbsp;Musk&nbsp;in a CNN interview of grandstanding by offering to help Unsworth's diving team rescue 12 boys and their soccer coach from a Thailand cave in July 2018.

"Evidence is going to be through Mr&nbsp;Musk&nbsp;(testifying) that in fact, Mr&nbsp;Musk&nbsp;didn't call him a paedophile. Mr&nbsp;Musk&nbsp;deleted the tweet, apologised and moved on," Alexander Spiro,&nbsp;Musk’s attorney, told the court.&nbsp;

There was no sign either side was interested in settling the case before a&nbsp;trial&nbsp;scheduled to begin on December&nbsp;3 in the Los Angeles federal court.

Unsworth will also&nbsp;testify, said&nbsp;his&nbsp;attorney, L&nbsp;Lin Wood. He will provide evidence of damages by “talking about&nbsp;his&nbsp;worries,&nbsp;his&nbsp;anxieties,&nbsp;his&nbsp;concern by being branded a paedophile,” Wood told the court.

US&nbsp;District Judge Stephen Wilson called for the second day of pretrial&nbsp;hearings on Tuesday to thrash out what evidence can be used in next week's civil&nbsp;trial.

Last week, Wilson rejected&nbsp;Musk's attempt to have the lawsuit dismissed and also ruled that Unsworth was not a public figure - which makes it easier to prove&nbsp;defamation.

Unsworth can now win if he shows that&nbsp;Musk&nbsp;acted negligently when making&nbsp;his&nbsp;comments.

Musk&nbsp;had argued that Unsworth became a public figure because of&nbsp;his&nbsp;help with the high-profile rescue and needed to prove "actual malice."

Musk&nbsp;has apologized for the "pedo guy" comment, saying it was a common insult in South Africa where he was raised, and that he did not intend to accuse Unsworth of paedophilia.

Unsworth has denied the allegations and has said he had shared a house in the Thailand countryside with a 40-year-old woman who&nbsp;owned a nail salon.

The dispute between the two men arose after the search team decided not to use a mini-submarine offered by&nbsp;Musk's SpaceX rocket company to help with the rescue. Unsworth told CNN that the offer was a "PR stunt" and that&nbsp;Musk&nbsp;could "stick&nbsp;his&nbsp;submarine where it hurts."

Unsworth is seeking compensatory and punitive damages.

Musk&nbsp;recently settled a&nbsp; US&nbsp;Securities and Exchange Commission lawsuit over&nbsp;his&nbsp;Twitter use.

The case is Unsworth v&nbsp;Musk, US&nbsp;District Court, Central District of California, Number&nbsp;18-08048.

Tesla Inc's chief executive, Elon Musk, will testify in his own defence against a defamation lawsuit brought by a British cave explorer, Musk's lawyer said on Monday in US District Court in Los Angeles.

Tesla Inc's chief executive, Elon Musk, will testify in his own defence against a defamation lawsuit brought by a British cave explorer, Musk's lawyer said on Monday in US District Court in Los Angeles. Vernon Unsworth is suing Musk for calling him a "pedo guy." Musk posted the tweet after Unsworth accused Musk in a CNN interview of grandstanding by offering to help Unsworth's diving team rescue 12 boys and their soccer coach from a Thailand cave in July 2018. "Evidence is going to be through Mr Musk (testifying) that in fact, Mr Musk didn't call him a paedophile. Mr Musk deleted the tweet, apologised and moved on," Alexander Spiro, Musk’s attorney, told the court. There was no sign either side was interested in settling the case before a trial scheduled to begin on December 3 in the Los Angeles federal court. Unsworth will also testify, said his attorney, L Lin Wood. He will provide evidence of damages by “talking about his worries, his anxieties, his concern by being branded a paedophile,” Wood told the court. US District Judge Stephen Wilson called for the second day of pretrial hearings on Tuesday to thrash out what evidence can be used in next week's civil trial. Last week, Wilson rejected Musk's attempt to have the lawsuit dismissed and also ruled that Unsworth was not a public figure - which makes it easier to prove defamation. Unsworth can now win if he shows that Musk acted negligently when making his comments. Musk had argued that Unsworth became a public figure because of his help with the high-profile rescue and needed to prove "actual malice." Musk has apologized for the "pedo guy" comment, saying it was a common insult in South Africa where he was raised, and that he did not intend to accuse Unsworth of paedophilia. Unsworth has denied the allegations and has said he had shared a house in the Thailand countryside with a 40-year-old woman who owned a nail salon. The dispute between the two men arose after the search team decided not to use a mini-submarine offered by Musk's SpaceX rocket company to help with the rescue. Unsworth told CNN that the offer was a "PR stunt" and that Musk could "stick his submarine where it hurts." Unsworth is seeking compensatory and punitive damages. Musk recently settled a US Securities and Exchange Commission lawsuit over his Twitter use. The case is Unsworth v Musk, US District Court, Central District of California, Number 18-08048.

Musk to testify in own defence in defamation trial, his lawyer says

<a href="https://www.wionews.com/world/singapore-invokes-fake-news-law-for-first-time-over-facebook-post-264359">Facebook</a>&nbsp;on Monday introduced a "Viewpoints" app in the US that pays members of the social network for taking part in surveys.

The new market research app will be used to improve the&nbsp;Facebook&nbsp;"family" of offerings including<a href="https://www.wionews.com/business-economy/instagram-in-trouble-as-nearly-50-million-users-data-gets-leaked-online-220423"> Instagram</a>, <a href="https://www.wionews.com/photos/whatsapp-business-launches-on-iphones-207989#the-business-app-207980">WhatsApp</a>, Portal, Oculus and the core online social network, according to product manager Erez Naveh.

The app could blunt criticism that&nbsp;Facebook&nbsp;keeps to itself profits made by taking advantage of data shared on the social network.

"We believe the best way to make products better is to get insights directly from people who use them," Naveh said in an online post.

Points can be accumulated to earn payments, which will be sent to people via PayPal.

People who set up accounts in the Viewpoints app will be invited to take part in programs, the first a well-being survey intended to gather insights that can be used to curb negative effects of social media and enhance its benefits, according to Naveh.

Personal information such as name, age, gender, and country of residence will be gathered while setting up Viewpoints accounts, which are only open to people 18 years of age or older.

"We won't sell your information from this app to third parties," Naveh said.

"We also won't publicly share your&nbsp;Facebook&nbsp;Viewpoints activity on&nbsp;Facebook&nbsp;or on other accounts you've linked without your permission."

Viewpoints are only available to US&nbsp;Facebook&nbsp;members, but the California-based internet giant planned to expand it to more countries next year.

Facebook on Monday introduced a "Viewpoints" app in the US that pays members of the social network for taking part in surveys. The new market research app will be used to improve the Facebook "family" of offerings including Instagram, WhatsApp, Portal, Oculus and the core online social network, according to product manager Erez Naveh.

Facebook on Monday introduced a "Viewpoints" app in the US that pays members of the social network for taking part in surveys. The new market research app will be used to improve the Facebook "family" of offerings including Instagram, WhatsApp, Portal, Oculus and the core online social network, according to product manager Erez Naveh. The app could blunt criticism that Facebook keeps to itself profits made by taking advantage of data shared on the social network. "We believe the best way to make products better is to get insights directly from people who use them," Naveh said in an online post. Points can be accumulated to earn payments, which will be sent to people via PayPal. People who set up accounts in the Viewpoints app will be invited to take part in programs, the first a well-being survey intended to gather insights that can be used to curb negative effects of social media and enhance its benefits, according to Naveh. Personal information such as name, age, gender, and country of residence will be gathered while setting up Viewpoints accounts, which are only open to people 18 years of age or older. "We won't sell your information from this app to third parties," Naveh said. "We also won't publicly share your Facebook Viewpoints activity on Facebook or on other accounts you've linked without your permission." Viewpoints are only available to US Facebook members, but the California-based internet giant planned to expand it to more countries next year.

New Facebook application pays people to take part in surveys

<a href="https://www.wionews.com/world/singapore-invokes-fake-news-law-for-first-time-over-facebook-post-264359">Facebook</a>&nbsp;on Monday introduced a "Viewpoints" app in the US that pays members of the social network for taking part in surveys.

The new market research app will be used to improve the&nbsp;Facebook&nbsp;"family" of offerings including <a href="https://www.wionews.com/business-economy/instagram-in-trouble-as-nearly-50-million-users-data-gets-leaked-online-220423">Instagram</a>, <a href="https://www.wionews.com/photos/whatsapp-business-launches-on-iphones-207989#the-business-app-207980">WhatsApp</a>, Portal, <a href="https://www.wionews.com/science-tech/to-boost-the-sale-of-immersive-games-facebooks-oculus-cuts-price-of-its-hardware-17782">Oculus</a> and the core online social network, according to product manager Erez Naveh.

The app could blunt criticism that&nbsp;Facebook&nbsp;keeps to itself profits made by taking advantage of data shared on the social network.

"We believe the best way to make products better is to get insights directly from people who use them," Naveh said in an online post.

Points can be accumulated to earn payments, which will be sent to people via PayPal.

People who set up accounts in the Viewpoints app will be invited to take part in programs, the first a well-being survey intended to gather insights that can be used to curb negative effects of social media and enhance its benefits, according to Naveh.

Personal information such as name, age, gender, and country of residence will be gathered while setting up Viewpoints accounts, which are only open to people 18 years of age or older.

"We won't sell your information from this app to third parties," Naveh said.

"We also won't publicly share your&nbsp;Facebook&nbsp;Viewpoints activity on&nbsp;Facebook&nbsp;or on other accounts you've linked without your permission."

Viewpoints are only available to US&nbsp;Facebook&nbsp;members, but the California-based internet giant planned to expand it to more countries next year.

New Facebook app pays people to take part in surveys