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The Organization of the Petroleum Exporting Countries and its allies face stiffening competition in 2020, the International Energy Agency said on Friday, adding urgency to the oil producer group's policy meeting next month.

"The OPEC+ countries face a major challenge in 2020 as demand for their crude is expected to fall sharply," the Paris-based agency said in a monthly report.

The IEA estimated non-OPEC supply growth would surge to 2.3 million barrels per day (bpd) next year compared to 1.8 million bpd in 2019, citing production from the United States, Brazil, Norway and Guyana.

"The hefty supply cushion that is likely to build up during the first half of next year will offer cold comfort to OPEC+ ministers gathering in Vienna at the start of next month," it added.

While US&nbsp;supply rose by 145,000 bpd in October, the IEA said, a slowdown in activity that started earlier this year looks set to continue as companies prioritise capital discipline.

Demand for crude oil from OPEC in 2020 will be 28.9 million bpd, the IEA forecast, 1 million bpd below the exporter club's current production.

The recovery by OPEC's de facto leader Saudi Arabia from attacks on the country's oil infrastructure contributed 1.4 million bpd to the global oil supply increase in October of 1.5 million bpd.

"With plans underway for the Aramco IPO and the persistent need for revenues to fund the government budget, Riyadh has every incentive to keep oil prices supported," the IEA said.

Saudi state oil company Aramco, the world’s most profitable firm, starts a share sale on Nov. 17 in an initial public offering (IPO) that may raise between $20 billion and $40 billion.

It was the IEA's last monthly report before December. 5-6 talks among OPEC states and partners led by Russia on whether to maintain supply curbs aimed at buoying prices and balancing the market.

The agency kept its assessments for growth in global oil demand in 2019 and 2020 at 1 million bpd and 1.2 million bpd respectively but said its outlook might slightly underestimate the impact of tariffs from the US-China&nbsp;trade war.

The IEA said that if some or all tariffs were lifted in coming months, "world economic growth and oil demand growth would both rise significantly", though the rebound may not be immediate.

Sluggish refinery activity in the first three quarters has caused crude oil demand to fall in 2019 for the first time since 2009, the IEA said, but refining is set to rebound sharply in the fourth quarter and in 2020.

The Organization of the Petroleum Exporting Countries and its allies face stiffening competition in 2020, the International Energy Agency said on Friday, adding urgency to the oil producer group's policy meeting next month.

The Organization of the Petroleum Exporting Countries and its allies face stiffening competition in 2020, the International Energy Agency said on Friday, adding urgency to the oil producer group's policy meeting next month. "The OPEC+ countries face a major challenge in 2020 as demand for their crude is expected to fall sharply," the Paris-based agency said in a monthly report. The IEA estimated non-OPEC supply growth would surge to 2.3 million barrels per day (bpd) next year compared to 1.8 million bpd in 2019, citing production from the United States, Brazil, Norway and Guyana. "The hefty supply cushion that is likely to build up during the first half of next year will offer cold comfort to OPEC+ ministers gathering in Vienna at the start of next month," it added. While US supply rose by 145,000 bpd in October, the IEA said, a slowdown in activity that started earlier this year looks set to continue as companies prioritise capital discipline. Demand for crude oil from OPEC in 2020 will be 28.9 million bpd, the IEA forecast, 1 million bpd below the exporter club's current production. The recovery by OPEC's de facto leader Saudi Arabia from attacks on the country's oil infrastructure contributed 1.4 million bpd to the global oil supply increase in October of 1.5 million bpd. "With plans underway for the Aramco IPO and the persistent need for revenues to fund the government budget, Riyadh has every incentive to keep oil prices supported," the IEA said. Saudi state oil company Aramco, the world’s most profitable firm, starts a share sale on Nov. 17 in an initial public offering (IPO) that may raise between $20 billion and $40 billion. It was the IEA's last monthly report before December. 5-6 talks among OPEC states and partners led by Russia on whether to maintain supply curbs aimed at buoying prices and balancing the market. The agency kept its assessments for growth in global oil demand in 2019 and 2020 at 1 million bpd and 1.2 million bpd respectively but said its outlook might slightly underestimate the impact of tariffs from the US-China trade war. The IEA said that if some or all tariffs were lifted in coming months, "world economic growth and oil demand growth would both rise significantly", though the rebound may not be immediate. Sluggish refinery activity in the first three quarters has caused crude oil demand to fall in 2019 for the first time since 2009, the IEA said, but refining is set to rebound sharply in the fourth quarter and in 2020.

Organization of the Petroleum Exporting Countries faces 'major challenge' from competitors' surging output: International Energy Agency

&nbsp;Hopes of a trade deal between Washington and Beijing turned world stock markets and other risk assets higher on Friday, though an escalating wave of<a href="https://www.wionews.com/.../urban-unrest-propels-global-wave-of-protests- 262305"> global protests from Hong Kong</a><a href="https://www.wionews.com/.../urban-unrest-propels-global-wave-of-protests- 262305"> to Chile</a> left some deep scars.

Europe's main bourses followed Asia and <a href="https://www.wionews.com/.../wall-street-subdued-as-economic-trade-doubts- persist-262154">Wall Street</a> higher after White House economic advisor Larry Kudlow said on Thursday that the US&nbsp;and China were getting close to an agreement and were talking every day.

"We're getting close," he told an event at the Council on Foreign Relations in Washington. "The mood music is pretty good, and that has not always been so in these things."

It kept alive hopes that MSCI's 49-country world index and Europe's STOXX 600 could both avoid their first weekly falls since the start of October, but others had little chance.

Emerging market stocks&nbsp;were down 1.7 per cent&nbsp;for the week, while the violent escalation of pro-democracy protests in Hong Kong left the Hang Seng down 4.7 per cent&nbsp;&lt;.HSI&gt;, its worst weekly performance in four months.

Chinese blue-chip shares ended the day down 0.75 per cent&nbsp;and 2.4 per cent, their biggest fall since August, while fierce anti-government protests in Chile gave its currency its worst week since 2011 with a 7 per cent&nbsp;plunge.

Shane Oliver, chief economist at AMP Capital in Sydney, likened regional markets' bullish reaction to positive trade news to being in a relationship with an alcoholic, driven by entrenched hopes for recovery.

"Markets want to believe that there will be some sort of resolution to this issue, some sort of lasting truce at least, even though the experience of the last 18 months doesn't give a lot of cause for comfort," he said.

However, Oliver said weaker Chinese and US&nbsp;economies as well as the <a href="https://www.wionews.com/.../fierce-proceedings-expected-as-impeachment- testimony-against-donald-trump-set-to-telecast-today-261802">US&nbsp;presidential election </a>next year put pressure on both sides to come to an agreement.

In currencies, the safe-haven yen&nbsp;weakened, with the dollar rising 0.17 per cent&nbsp;to buy 108.57 yen. The euro&nbsp;was barely changed at $1.1023 and the dollar index, which tracks the greenback against a basket of six major rivals was off just 0.02 per cent&nbsp;at 98.143.

Higher US&nbsp;Treasury yields also illustrated the risk-on tone in the Asian session, with the 10-year yield&nbsp;rising to 1.848 per cent&nbsp;from a US close of 1.815 per cent&nbsp;on Thursday.

The policy-sensitive two-year yield rose to 1.6101 per cent&nbsp;from 1.593 per cent on Thursday after US&nbsp;Federal Reserve Chair Jerome Powell said the risk of the U.S. economy facing a dramatic bust is remote.

A Reuters poll of more than 100 economists showed that while concerns have eased over a US&nbsp;recession, few see an economic rebound, and most believe a trade truce is unlikely in the coming year.

&nbsp;

&nbsp;

Government borrowing costs in Germany and France also inched up on Friday, but were set for sizeable weekly declines, in contrast to southern European countries that have come under heavy selling pressure again this week.

Germany's 10-year Bund yield was at -0.33 per cent off more than one-week lows hit on Thursday. But it is down 8 bps on the week, set for the biggest weekly fall since mid-August. Dutch 10-year bond yields are down 7 bps this week, and French yields are 5 bps lower.

Data on Thursday had showed Germany's economy grew just 0.1 per cent&nbsp;in the third quarter, with consumer spending helping the country to avoid a mild contraction and a technical recession of two quarters of economic shrinkage.

"In general, there has been risk aversion in recent days and a shift to core bond markets from the periphery," said Daniel Lenz, a rates strategist at DZ Bank.

Global sentiment has been buffeted in recent weeks by conflicting assessments of progress in talks between the United States and China aimed at ending their 16-month-long trade war.

<a href="https://www.wionews.com/.../asian-markets-boosted-by-fresh-china-us-trade- optimism-262213">China's commerce ministry</a> said the two countries are holding "in-depth" discussions on a first phase trade agreement, and that cancelling tariffs is an important condition to reaching a deal.

China has also ended a nearly five-year ban on imports of US&nbsp;poultry meat, which the US&nbsp;Trade Representative said would lead to more than $1 billion in annual shipments to China.

Those developments followed comments from officials from both countries last week that they had a deal to roll back tariffs, only to have US&nbsp;President Donald Trump deny that any such deal had been agreed to.

The new record for the S&amp;P, which gained just 0.08 per cent&nbsp;to 3,096.63, came despite a grim outlook from network gear maker Cisco Systems &lt;CSCO.O&gt; that underlined the impact of trade uncertainty.

In commodity markets, US&nbsp;crude prices rebounded after sliding Thursday on rising US&nbsp;crude inventories. US&nbsp;West Texas Intermediate crude was 0.44 per cent&nbsp;higher at $57.02 a barrel.

Global benchmark Brent crude added 0.37 per cent&nbsp;to $62.51 per barrel.

Gold retreated from gains that had been prompted by trade uncertainty. Spot gold&nbsp;was last trading at $1,463.90 per ounce, down 0.48 per cent.

($1 = 6.9941 Chinese yuan)

Hopes of a trade deal between Washington and Beijing turned world stock markets and other risk assets higher on Friday, though an escalating wave of global protests from Hong Kong to Chile left some deep scars.

Hopes of a trade deal between Washington and Beijing turned world stock markets and other risk assets higher on Friday, though an escalating wave of global protests from Hong Kong to Chile left some deep scars. Europe's main bourses followed Asia and Wall Street higher after White House economic advisor Larry Kudlow said on Thursday that the US and China were getting close to an agreement and were talking every day. "We're getting close," he told an event at the Council on Foreign Relations in Washington. "The mood music is pretty good, and that has not always been so in these things." It kept alive hopes that MSCI's 49-country world index and Europe's STOXX 600 could both avoid their first weekly falls since the start of October, but others had little chance. Emerging market stocks were down 1.7 per cent for the week, while the violent escalation of pro-democracy protests in Hong Kong left the Hang Seng down 4.7 per cent <.HSI>, its worst weekly performance in four months. Chinese blue-chip shares ended the day down 0.75 per cent and 2.4 per cent, their biggest fall since August, while fierce anti-government protests in Chile gave its currency its worst week since 2011 with a 7 per cent plunge. Shane Oliver, chief economist at AMP Capital in Sydney, likened regional markets' bullish reaction to positive trade news to being in a relationship with an alcoholic, driven by entrenched hopes for recovery. "Markets want to believe that there will be some sort of resolution to this issue, some sort of lasting truce at least, even though the experience of the last 18 months doesn't give a lot of cause for comfort," he said. However, Oliver said weaker Chinese and US economies as well as the US presidential election next year put pressure on both sides to come to an agreement. In currencies, the safe-haven yen weakened, with the dollar rising 0.17 per cent to buy 108.57 yen. The euro was barely changed at $1.1023 and the dollar index, which tracks the greenback against a basket of six major rivals was off just 0.02 per cent at 98.143. Higher US Treasury yields also illustrated the risk-on tone in the Asian session, with the 10-year yield rising to 1.848 per cent from a US close of 1.815 per cent on Thursday. The policy-sensitive two-year yield rose to 1.6101 per cent from 1.593 per cent on Thursday after US Federal Reserve Chair Jerome Powell said the risk of the U.S. economy facing a dramatic bust is remote. A Reuters poll of more than 100 economists showed that while concerns have eased over a US recession, few see an economic rebound, and most believe a trade truce is unlikely in the coming year. Government borrowing costs in Germany and France also inched up on Friday, but were set for sizeable weekly declines, in contrast to southern European countries that have come under heavy selling pressure again this week. Germany's 10-year Bund yield was at -0.33 per cent off more than one-week lows hit on Thursday. But it is down 8 bps on the week, set for the biggest weekly fall since mid-August. Dutch 10-year bond yields are down 7 bps this week, and French yields are 5 bps lower. Data on Thursday had showed Germany's economy grew just 0.1 per cent in the third quarter, with consumer spending helping the country to avoid a mild contraction and a technical recession of two quarters of economic shrinkage. "In general, there has been risk aversion in recent days and a shift to core bond markets from the periphery," said Daniel Lenz, a rates strategist at DZ Bank. Global sentiment has been buffeted in recent weeks by conflicting assessments of progress in talks between the United States and China aimed at ending their 16-month-long trade war. China's commerce ministry said the two countries are holding "in-depth" discussions on a first phase trade agreement, and that cancelling tariffs is an important condition to reaching a deal. China has also ended a nearly five-year ban on imports of US poultry meat, which the US Trade Representative said would lead to more than $1 billion in annual shipments to China. Those developments followed comments from officials from both countries last week that they had a deal to roll back tariffs, only to have US President Donald Trump deny that any such deal had been agreed to. The new record for the S&P, which gained just 0.08 per cent to 3,096.63, came despite a grim outlook from network gear maker Cisco Systems <CSCO.O> that underlined the impact of trade uncertainty. In commodity markets, US crude prices rebounded after sliding Thursday on rising US crude inventories. US West Texas Intermediate crude was 0.44 per cent higher at $57.02 a barrel. Global benchmark Brent crude added 0.37 per cent to $62.51 per barrel. Gold retreated from gains that had been prompted by trade uncertainty. Spot gold was last trading at $1,463.90 per ounce, down 0.48 per cent. ($1 = 6.9941 Chinese yuan)

Global Markets: US-China trade hopes revive stocks, protests leave scars

<a href="https://www.wionews.com/world/thousands-in-hong-kong-defy-chinas-xi-with-pro-democracy-rallies-262298">Hong&nbsp;Kong</a>&nbsp;confirmed on Friday its economy plunged into its first recession in a decade in the third quarter, weighed down by increasingly violent anti-government protests and the escalating US-China trade war.

The economy shrank by a seasonally adjusted 3.2 per cent&nbsp;in July-September from the previous quarter, in line with a preliminary reading, revised government data showed. Gross domestic product (GDP) contracted for the second consecutive quarter, meeting the technical definition of a recession.

From a year earlier, the economy contracted 2.9 per cent, the same as the preliminary drop. The readings were the weakest since the global financial crisis in 2008/2009.

Months of confrontation between police and protesters have plunged the financial and trading hub into its worst crisis since it reverted from British to <a href="https://www.wionews.com/world/china-condemns-attack-on-hong-kong-official-in-london-asks-local-police-to-continue-investigation-262218">Chinese rule</a> in 1997.

Tourists are cancelling bookings, retailers are reeling from a sharp drop in sales and the stock market is faltering, adding to pressure the city is feeling from China's economic slowdown and the prolonged Sino-US&nbsp;trade dispute.

Hong Kong confirmed on Friday its economy plunged into its first recession in a decade in the third quarter, weighed down by increasingly violent anti-government protests and the escalating US-China trade war.

Hong Kong confirmed on Friday its economy plunged into its first recession in a decade in the third quarter, weighed down by increasingly violent anti-government protests and the escalating US-China trade war. The economy shrank by a seasonally adjusted 3.2 per cent in July-September from the previous quarter, in line with a preliminary reading, revised government data showed. Gross domestic product (GDP) contracted for the second consecutive quarter, meeting the technical definition of a recession. From a year earlier, the economy contracted 2.9 per cent, the same as the preliminary drop. The readings were the weakest since the global financial crisis in 2008/2009. Months of confrontation between police and protesters have plunged the financial and trading hub into its worst crisis since it reverted from British to Chinese rule in 1997. Tourists are cancelling bookings, retailers are reeling from a sharp drop in sales and the stock market is faltering, adding to pressure the city is feeling from China's economic slowdown and the prolonged Sino-US trade dispute.

Hong Kong third-quarter GDP shrinks 3.2%, confirms depth of recession

Indian telecom stocks rose on Friday amid hopes that the government would step in to help the ailing sector, a day after two top mobile carriers warned their ability to operate and make profits would depend on relief from the country.

The S&amp;P BSE Telecom index jumped as much as 8.2%, led by a more than 10% surge in <a href="https://www.wionews.com/business-economy/vodafone-idea-makes-7-billion-loss-after-provisions-for-government-dues-262176">Vodafone Idea </a>Ltd and over 7% gain in Bharti Airtel Ltd.

The Supreme Court last month upheld a demand by the telecoms ministry that wireless carriers pay 920 billion rupees ($12.89 billion) in overdue levies and interest within months.

As two of the country's top three carriers, Vodafone Idea and Bharti Airtel will have to pay a bulk of that money.

"Vodafone closing will be a big negative for international investors at a time when the government is trying to attract more foreign investment," said Asutosh Mishra, head of research of institutional equities at Ashika Stock Broking.

"The government will have to provide some relief, and stocks are gaining on these expectations."

CNBC-TV18, citing sources, said the Department of Telecommunications (DoT) was going to begin consultation on "floor prices" for phone calls and data usage, as well as to make suggestions on the quantum of minimum charges to be set.

Ambit Capital analyst Vivekanand Subbaraman said the government had swung into action and it could not afford to let the companies go bust, adding the majority of Vodafone Idea's about 1.02 trillion rupees ($14.30 billion) debt was owed to the government.

Embattled Vodafone Idea, made up of the local unit of Vodafone Group Plc and billionaire Kumar Mangalam Birla's Idea Cellular, said on Thursday its "ability to continue as a going concern is dependent on obtaining the relief from the government... and positive outcome of the proposed legal remedy."

Airtel Chief Executive Officer Gopal Vittal said the company would continue to engage with the government to explore its options.

Telecom providers in India pay the DoT nearly 3%-5% of their adjusted gross revenue (AGR) in usage charges for spectrum or airwaves and 8% of AGR as licence fees.

The DoT and mobile carriers have been at odds over the definition of AGR. These companies argue that AGR should comprise just revenue accrued from core services, while the DoT says AGR should include all revenue.

Indian telecom stocks rose on Friday amid hopes that the government would step in to help the ailing sector, a day after two top mobile carriers warned their ability to operate and make profits would depend on relief from the country.

Indian telecom stocks rose on Friday amid hopes that the government would step in to help the ailing sector, a day after two top mobile carriers warned their ability to operate and make profits would depend on relief from the country. The S&P BSE Telecom index jumped as much as 8.2%, led by a more than 10% surge in Vodafone Idea Ltd and over 7% gain in Bharti Airtel Ltd. The Supreme Court last month upheld a demand by the telecoms ministry that wireless carriers pay 920 billion rupees ($12.89 billion) in overdue levies and interest within months. As two of the country's top three carriers, Vodafone Idea and Bharti Airtel will have to pay a bulk of that money. "Vodafone closing will be a big negative for international investors at a time when the government is trying to attract more foreign investment," said Asutosh Mishra, head of research of institutional equities at Ashika Stock Broking. "The government will have to provide some relief, and stocks are gaining on these expectations." CNBC-TV18, citing sources, said the Department of Telecommunications (DoT) was going to begin consultation on "floor prices" for phone calls and data usage, as well as to make suggestions on the quantum of minimum charges to be set. Ambit Capital analyst Vivekanand Subbaraman said the government had swung into action and it could not afford to let the companies go bust, adding the majority of Vodafone Idea's about 1.02 trillion rupees ($14.30 billion) debt was owed to the government. Embattled Vodafone Idea, made up of the local unit of Vodafone Group Plc and billionaire Kumar Mangalam Birla's Idea Cellular, said on Thursday its "ability to continue as a going concern is dependent on obtaining the relief from the government... and positive outcome of the proposed legal remedy." Airtel Chief Executive Officer Gopal Vittal said the company would continue to engage with the government to explore its options. Telecom providers in India pay the DoT nearly 3%-5% of their adjusted gross revenue (AGR) in usage charges for spectrum or airwaves and 8% of AGR as licence fees. The DoT and mobile carriers have been at odds over the definition of AGR. These companies argue that AGR should comprise just revenue accrued from core services, while the DoT says AGR should include all revenue.

Airtel, Vodafone Idea shares jump on hopes of govt help

Alphabet Inc's&nbsp;Google said on Wednesday it will offer personal checking accounts next year through its Google Pay app, initially in partnership with Citigroup Inc&nbsp;and a small credit union at Stanford University.

The project, codenamed Cache, comes as rivals <a href="https://www.wionews.com/world/libras-association-is-independent-facebook-wont-be-part-of-it-even-outside-the-us-till-regulators-approve-zuckerberg-to-us-house-panel-257767">Facebook Inc&nbsp;</a>and Apple Inc&nbsp;are expanding their own efforts in consumer finance, a broad area that ranges from digital payment apps to bank accounts, brokerage accounts and loans, and which offer Silicon Valley new sources of revenue and new opportunities to strengthen ties with users.

US&nbsp;regulators and lawmakers have expressed concern about how those companies' massive influence and poor records on data privacy will play out as they try to gain ground in finance. The scrutiny most recently prompted Facebook's partners to pull back from plans to support the launch of a digital currency.

Google said it has held initial talks with regulators, though it declined to specify which ones, about compliance issues related to the new checking accounts.

Asked about Google's plans, US&nbsp;Senator Mark Warner, a Democrat on the Senate panel that oversees banking, expressed reservations.

"There ought to be very strict scrutiny," Warner told CNBC about tech giants such as Facebook or Google entering new fields before rules governing them were in place.

Google spokesman Craig Ewer said the company's lead partners were Citi and Stanford Federal Credit Union and that more details would be known within months.

"We’re exploring how we can partner with banks and credit unions in the U.S. to offer smart checking accounts through Google Pay, helping their customers benefit from useful insights and budgeting tools, while keeping their money in an FDIC or NCUA-insured account," Ewer said in a statement, referring by acronym to two US&nbsp;agencies that insure deposits.

Stanford Federal and Citi confirmed their roles.

"This agreement has the potential to expand the reach and breadth of our customer base," Citi spokeswoman Liz Fogarty said. "Privacy and transparency are, and will continue to be, critical priorities."

Joan Opp, president and chief executive of Stanford Federal, described the deal as "critical to remaining relevant and meeting consumer expectations."

Traditional banks have long partnered with companies outside the industry to lure deposits or expand their loan books.

The most recent prominent example is Goldman Sachs Group Inc&nbsp;teaming up with <a href="https://www.wionews.com/business-economy/apple-co-founder-says-apple-card-algorithm-gave-wife-lower-credit-limit-261266">Apple Inc&nbsp;on a credit card</a> this year, but other regulated banks, including JPMorgan Chase &amp; Co, Citigroup Inc.&nbsp;American Express Corp&nbsp;and Green Dot Bank, have teamed with companies, including Amazon.com Inc, Walmart Inc, Delta Air Lines Inc&nbsp;and Home Depot Inc&nbsp;to offer co-branded products.

The Wall Street Journal reported earlier on Google's plan and quoted Caesar Sengupta, general manager and vice president of payments at Google, as describing an approach of partnering deeply with banks.

"It may be the slightly longer path, but it's more sustainable," Sengupta said.

Leaning on the regulatory and financial know-how of banks could allow Google to proceed without engaging much with bank regulators.

For instance, deposits are stored in an account managed by a regulated bank and protected by the Federal Deposit Insurance Corp (FDIC) and National Credit Union Administration (NCUA), and if the lender does not share consumers’ financial data with Google, there may not be a regulatory problem or license requirements.

Google's biggest success in financial services has been in India, where it has over 67 million monthly users for Google Pay, which is used to digitally pay for groceries, Uber rides and other transactions.

Though still behind Indian rivals, the Google Pay app's popularity in India has overshadowed its usage in the United States and other countries, where it can be used for cashless payments in stores and money transfers.

Sengupta had overseen the Indian service, formerly known as Tez, as head of Google's emerging markets product team. Chief Executive Sundar Pichai last year sought to build on the Indian app, developed by a team of about 150 employees in Asia, and merged it into Google's broader payments organization.

The move has given Sengupta oversight of several thousand workers worldwide, including those who maintain tools to help Google charge its advertisers and app store users.

Former Google Pay employees said the company faces a massive challenge gaining users for payment tools in locations such as the United States that have robust financial products already. High interest rates on deposits or major loyalty perks could become important incentives for Google to draw consumers, the former employees said.

On Tuesday, Facebook launched a unified payment service through which users across its platforms can make payments without exiting the app, named Facebook Pay.

The effort is separate from Facebook's plan to launch its Libra cryptocurrency, which has met with skepticism from US, European and Australian regulators concerned about the risk of money laundering and the security of transactions and user data.

Alphabet Inc's Google said on Wednesday it will offer personal checking accounts next year through its Google Pay app, initially in partnership with Citigroup Inc and a small credit union at Stanford University.

Alphabet Inc's Google said on Wednesday it will offer personal checking accounts next year through its Google Pay app, initially in partnership with Citigroup Inc and a small credit union at Stanford University. The project, codenamed Cache, comes as rivals Facebook Inc and Apple Inc are expanding their own efforts in consumer finance, a broad area that ranges from digital payment apps to bank accounts, brokerage accounts and loans, and which offer Silicon Valley new sources of revenue and new opportunities to strengthen ties with users. US regulators and lawmakers have expressed concern about how those companies' massive influence and poor records on data privacy will play out as they try to gain ground in finance. The scrutiny most recently prompted Facebook's partners to pull back from plans to support the launch of a digital currency. Google said it has held initial talks with regulators, though it declined to specify which ones, about compliance issues related to the new checking accounts. Asked about Google's plans, US Senator Mark Warner, a Democrat on the Senate panel that oversees banking, expressed reservations. "There ought to be very strict scrutiny," Warner told CNBC about tech giants such as Facebook or Google entering new fields before rules governing them were in place. Google spokesman Craig Ewer said the company's lead partners were Citi and Stanford Federal Credit Union and that more details would be known within months. "We’re exploring how we can partner with banks and credit unions in the U.S. to offer smart checking accounts through Google Pay, helping their customers benefit from useful insights and budgeting tools, while keeping their money in an FDIC or NCUA-insured account," Ewer said in a statement, referring by acronym to two US agencies that insure deposits. Stanford Federal and Citi confirmed their roles. "This agreement has the potential to expand the reach and breadth of our customer base," Citi spokeswoman Liz Fogarty said. "Privacy and transparency are, and will continue to be, critical priorities." Joan Opp, president and chief executive of Stanford Federal, described the deal as "critical to remaining relevant and meeting consumer expectations." Traditional banks have long partnered with companies outside the industry to lure deposits or expand their loan books. The most recent prominent example is Goldman Sachs Group Inc teaming up with Apple Inc on a credit card this year, but other regulated banks, including JPMorgan Chase & Co, Citigroup Inc. American Express Corp and Green Dot Bank, have teamed with companies, including Amazon.com Inc, Walmart Inc, Delta Air Lines Inc and Home Depot Inc to offer co-branded products. The Wall Street Journal reported earlier on Google's plan and quoted Caesar Sengupta, general manager and vice president of payments at Google, as describing an approach of partnering deeply with banks. "It may be the slightly longer path, but it's more sustainable," Sengupta said. Leaning on the regulatory and financial know-how of banks could allow Google to proceed without engaging much with bank regulators. For instance, deposits are stored in an account managed by a regulated bank and protected by the Federal Deposit Insurance Corp (FDIC) and National Credit Union Administration (NCUA), and if the lender does not share consumers’ financial data with Google, there may not be a regulatory problem or license requirements. Google's biggest success in financial services has been in India, where it has over 67 million monthly users for Google Pay, which is used to digitally pay for groceries, Uber rides and other transactions. Though still behind Indian rivals, the Google Pay app's popularity in India has overshadowed its usage in the United States and other countries, where it can be used for cashless payments in stores and money transfers. Sengupta had overseen the Indian service, formerly known as Tez, as head of Google's emerging markets product team. Chief Executive Sundar Pichai last year sought to build on the Indian app, developed by a team of about 150 employees in Asia, and merged it into Google's broader payments organization. The move has given Sengupta oversight of several thousand workers worldwide, including those who maintain tools to help Google charge its advertisers and app store users. Former Google Pay employees said the company faces a massive challenge gaining users for payment tools in locations such as the United States that have robust financial products already. High interest rates on deposits or major loyalty perks could become important incentives for Google to draw consumers, the former employees said. On Tuesday, Facebook launched a unified payment service through which users across its platforms can make payments without exiting the app, named Facebook Pay. The effort is separate from Facebook's plan to launch its Libra cryptocurrency, which has met with skepticism from US, European and Australian regulators concerned about the risk of money laundering and the security of transactions and user data.

Google Pay to offer checking accounts through Citi, Stanford Federal

The US&nbsp;government recorded a $134 billion budget deficit in October, the first month of the new fiscal year, the Treasury Department said on Wednesday.

That compared to a budget deficit of $100 billion in the same month last year, according to the Treasury's monthly budget statement.

Analysts polled by Reuters had forecast a $133 billion deficit for the month.

Unadjusted receipts last month totalled $246 billion, down 3 per cent&nbsp;from October 2018, while unadjusted outlays were $380 billion, a rise of 8 per cent&nbsp;from the same month a year earlier.

The US&nbsp;government's fiscal year ends in September each year. Fiscal year 2019 saw a widening in the deficit to $984 billion, the largest budget deficit in seven years, a result of the Trump administration's decision to cut taxes and increase government spending.

Those figures reflected the second full budget year under US&nbsp;President Donald Trump, a Republican, and a time when the country had an expanding tax base with moderate economic growth and an unemployment rate near a 50-year low.

When adjusted for calendar effects, the deficit for October remained at $134 billion compared with an adjusted deficit of $113 billion in October 2018.

The US government recorded a $134 billion budget deficit in October, the first month of the new fiscal year, the Treasury Department said on Wednesday. That compared to a budget deficit of $100 billion in the same month last year, according to the Treasury's monthly budget statement.

The US government recorded a $134 billion budget deficit in October, the first month of the new fiscal year, the Treasury Department said on Wednesday. That compared to a budget deficit of $100 billion in the same month last year, according to the Treasury's monthly budget statement. Analysts polled by Reuters had forecast a $133 billion deficit for the month. Unadjusted receipts last month totalled $246 billion, down 3 per cent from October 2018, while unadjusted outlays were $380 billion, a rise of 8 per cent from the same month a year earlier. The US government's fiscal year ends in September each year. Fiscal year 2019 saw a widening in the deficit to $984 billion, the largest budget deficit in seven years, a result of the Trump administration's decision to cut taxes and increase government spending. Those figures reflected the second full budget year under US President Donald Trump, a Republican, and a time when the country had an expanding tax base with moderate economic growth and an unemployment rate near a 50-year low. When adjusted for calendar effects, the deficit for October remained at $134 billion compared with an adjusted deficit of $113 billion in October 2018.

US government posts $134 billion deficit in October

The US&nbsp;President Donald Trump's threat to jack up US&nbsp;tariffs on Chinese goods if the world's two largest economies fail to reach a trade deal could raise the price of cellphones, laptops, and toys less than two weeks before Christmas.

Trump on Tuesday said a trade deal with <a href="https://www.wionews.com/world/trump-says-china-trade-deal-close-but-dashes-hopes-for-signing-details-261767">China was "close," </a>but offered no details and warned that he would raise tariffs "substantially" on Chinese goods without a deal.

Stocks fell on Wednesday in Asia and Europe and initially in the United States as investors digested his comments.

Trump's threat was a reference to previously announced 15 per cent&nbsp;tariffs on about $156 billion worth of Chinese-made consumer goods scheduled to take effect on December&nbsp;15, according multiple trade experts and a source close to the White House. Known as the "4B" list of goods, those tariffs would hit video game consoles, computer monitors, Christmas decorations and other items often given as gifts.

White House advisers said last week the December&nbsp;15 tariffs would likely be averted if a<a href="https://www.wionews.com/world/china-us-agree-tariff-rollback-if-phase-one-trade-deal-is-completed-260641"> "phase one" trade deal </a>was reached. Trump's threat, and the markets' reaction, illustrate how volatile the trade talks between the United States and China remains, and how important they are to the global economy.

The Trump administration hoped to avert the December&nbsp;15 tariffs, if possible, said William Reinsch, a former senior US&nbsp;Commerce official and trade expert at the Center for Strategic and International Studies.

More so than previous tariffs, these would hit consumers particularly hard at a sensitive time, he said. "Trump does not want to do that right before Christmas. The optics would be terrible," he said.

While most goods that Americans will buy before Christmas had been shipped long before, the imposition of the tariffs could trigger some "opportunistic price increases" on the part of retailers, he added.

Reinsch and other experts said they still expected Washington and Beijing to reach a "phase one" agreement before that point, but the timing was looking less certain.

"We're in sort of a dangerous moment because both sides feel they have the upper hand, but I don't think the talks have collapsed," Reinsch said.

Trump could theoretically increase tariffs already imposed on $250 billion of Chinese goods, according to congressional aides, former US&nbsp;officials, and trade experts. There is no indication the White House is considering that at this time.

Trump had agreed in October to skip raising those tariffs to 30 per cent&nbsp;from the 25 per cent&nbsp;rate in place now. That would affect goods ranging from industrial components and semiconductors to furniture and building supplies.

A 15 per cent&nbsp;tariff on about $125 billion of goods that went into effect on September&nbsp;1, including flat-panel television sets, flash memory devices, smart speakers, Bluetooth headphones, bed linens, multifunction printers and many types of footwear, could also be increased, trade experts said.

People familiar with the discussions say that China has asked for these September&nbsp;1 tariffs to be removed completely.

Scott McCandless, principal at PwC, said he was still fairly optimistic about the two sides reaching a "phase one" deal, given the positive impact it would have on key constituencies such as farmers ahead of the 2020 presidential election.

More tariffs on consumer goods aren't likely, he said. "Consumers have been a bright spot in the economy, so they will want to avoid any impact on that," he said.

The US President Donald Trump's threat to jack up US tariffs on Chinese goods if the world's two largest economies fail to reach a trade deal could raise the price of cellphones, laptops, and toys less than two weeks before Christmas.

The US President Donald Trump's threat to jack up US tariffs on Chinese goods if the world's two largest economies fail to reach a trade deal could raise the price of cellphones, laptops, and toys less than two weeks before Christmas. Trump on Tuesday said a trade deal with China was "close," but offered no details and warned that he would raise tariffs "substantially" on Chinese goods without a deal. Stocks fell on Wednesday in Asia and Europe and initially in the United States as investors digested his comments. Trump's threat was a reference to previously announced 15 per cent tariffs on about $156 billion worth of Chinese-made consumer goods scheduled to take effect on December 15, according multiple trade experts and a source close to the White House. Known as the "4B" list of goods, those tariffs would hit video game consoles, computer monitors, Christmas decorations and other items often given as gifts. White House advisers said last week the December 15 tariffs would likely be averted if a "phase one" trade deal was reached. Trump's threat, and the markets' reaction, illustrate how volatile the trade talks between the United States and China remains, and how important they are to the global economy. The Trump administration hoped to avert the December 15 tariffs, if possible, said William Reinsch, a former senior US Commerce official and trade expert at the Center for Strategic and International Studies. More so than previous tariffs, these would hit consumers particularly hard at a sensitive time, he said. "Trump does not want to do that right before Christmas. The optics would be terrible," he said. While most goods that Americans will buy before Christmas had been shipped long before, the imposition of the tariffs could trigger some "opportunistic price increases" on the part of retailers, he added. Reinsch and other experts said they still expected Washington and Beijing to reach a "phase one" agreement before that point, but the timing was looking less certain. "We're in sort of a dangerous moment because both sides feel they have the upper hand, but I don't think the talks have collapsed," Reinsch said. Trump could theoretically increase tariffs already imposed on $250 billion of Chinese goods, according to congressional aides, former US officials, and trade experts. There is no indication the White House is considering that at this time. Trump had agreed in October to skip raising those tariffs to 30 per cent from the 25 per cent rate in place now. That would affect goods ranging from industrial components and semiconductors to furniture and building supplies. A 15 per cent tariff on about $125 billion of goods that went into effect on September 1, including flat-panel television sets, flash memory devices, smart speakers, Bluetooth headphones, bed linens, multifunction printers and many types of footwear, could also be increased, trade experts said. People familiar with the discussions say that China has asked for these September 1 tariffs to be removed completely. Scott McCandless, principal at PwC, said he was still fairly optimistic about the two sides reaching a "phase one" deal, given the positive impact it would have on key constituencies such as farmers ahead of the 2020 presidential election. More tariffs on consumer goods aren't likely, he said. "Consumers have been a bright spot in the economy, so they will want to avoid any impact on that," he said.

Trump threat of more China tariffs could hit consumer goods before Christmas

MetLife Inc&nbsp;was sued for gender discrimination on Wednesday by a female former senior vice president who said she was underpaid, called a "bitch" and told she had to "choose between being pretty and being smart" while working at the insurance company.

Mona Moazzaz, who served as a chief administrative officer in MetLife's global technology and operations department, said in a lawsuit filed in federal court in Manhattan that she was retaliated against and ultimately fired in May after authoring a document calling attention a lack of diversity at the company and other issues.

"We believe the allegations are without merit and plan to defend this matter vigorously," MetLife spokesman Randy Clerihue said in an email.

"It is completely unacceptable for companies to pay women hundreds of thousands of dollars less than men who do the same or less work," said Michael Willemin of the law firm Wigdor, who represents Moazzaz, in a statement.

Moazzaz, who joined MetLife in 2012, said in her lawsuit that she was paid hundreds of thousands of dollars less than multiple men with similar or lesser responsibilities and unfairly passed over for promotion.

She said that a human resources executive referred to her as a "bitch" and repeatedly called her "the little one" rather than using her name.

Moazzaz said a male "leadership coach" the company assigned to her told her she needed to "choose between being pretty and being smart because men can't put you in both boxes" if she wanted to be promoted.

In 2018, Moazzaz said, she authored a "candidate strategy" for a MetLife executive, Martin Lippert, who was seeking to become its next CEO. Among other things, the document said MetLife had fallen short in hiring minorities and promoting women.

Lippert lost out to current MetLife CEO Michel Khalaf. Moazzaz said she was fired eight days after Khalaf took over.

Khalaf and other MetLife executives are also named as defendants in the lawsuit, which is brought under federal and New York law and seeks unspecified monetary damages.

MetLife Inc was sued for gender discrimination on Wednesday by a female former senior vice president who said she was underpaid, called a "bitch" and told she had to "choose between being pretty and being smart" while working at the insurance company.

MetLife Inc was sued for gender discrimination on Wednesday by a female former senior vice president who said she was underpaid, called a "bitch" and told she had to "choose between being pretty and being smart" while working at the insurance company. Mona Moazzaz, who served as a chief administrative officer in MetLife's global technology and operations department, said in a lawsuit filed in federal court in Manhattan that she was retaliated against and ultimately fired in May after authoring a document calling attention a lack of diversity at the company and other issues. "We believe the allegations are without merit and plan to defend this matter vigorously," MetLife spokesman Randy Clerihue said in an email. "It is completely unacceptable for companies to pay women hundreds of thousands of dollars less than men who do the same or less work," said Michael Willemin of the law firm Wigdor, who represents Moazzaz, in a statement. Moazzaz, who joined MetLife in 2012, said in her lawsuit that she was paid hundreds of thousands of dollars less than multiple men with similar or lesser responsibilities and unfairly passed over for promotion. She said that a human resources executive referred to her as a "bitch" and repeatedly called her "the little one" rather than using her name. Moazzaz said a male "leadership coach" the company assigned to her told her she needed to "choose between being pretty and being smart because men can't put you in both boxes" if she wanted to be promoted. In 2018, Moazzaz said, she authored a "candidate strategy" for a MetLife executive, Martin Lippert, who was seeking to become its next CEO. Among other things, the document said MetLife had fallen short in hiring minorities and promoting women. Lippert lost out to current MetLife CEO Michel Khalaf. Moazzaz said she was fired eight days after Khalaf took over. Khalaf and other MetLife executives are also named as defendants in the lawsuit, which is brought under federal and New York law and seeks unspecified monetary damages.

MetLife sued for gender discrimination by ex-chief administrative officer

Indian mobile carrier Vodafone Idea on Thursday reported the biggest quarterly loss in India's corporate history after making provisions for outstanding government dues.

Vodafone Idea, made up of the local unit of Vodafone Group Plc and billionaire Kumar Mangalam Birla's Idea Cellular, reported a consolidated net loss of 509 billion rupees ($7.13 billion) in the second quarter to September.

The company took a charge of 256.78 billion rupees for the quarter after India's Supreme Court last month upheld a demand by the telecoms department that wireless carriers pay 920 billion rupees in overdue levies and interest.

Vodafone Idea and rival Bharti Airtel, two of India's three main mobile carriers, will have to pay a bulk of this state demand.

Bharti Airtel on Thursday reported a consolidated net loss of 230.45 billion rupees ($3.23 billion) in three months to September.

Bharti said it made a provision of 284.50 billion rupees, more than 92% of the overall charge for exceptional items, after the Supreme Court ruling.

Telecom providers in India pay the Department of Telecommunications (DoT) nearly 3-5% of their adjusted gross revenue (AGR) in usage charges for spectrum or airwaves and 8% of AGR as licence fees.

The DoT and the mobile carriers have been at odds over the definition of AGR. The companies argue that AGR should comprise just revenue accrued from core services, while the DoT says AGR should include all revenue.

The Supreme Court last month upheld the DoT's view on AGR.

Vodafone Idea said it was in active discussions with the government seeking financial relief and also in the process of filing a review petition with the Supreme Court.

"It is to be noted that our ability to continue as a going concern is dependent on obtaining the reliefs from the government... and positive outcome of the proposed legal remedy," Vodafone Idea said in a statement.

The company's gross debt at end-Sept. stood at 1.17 trillion rupees. Analysts have previously warned that Vodafone Idea will be the worst hit after the Supreme Court ruling given its already stretched balance sheet.

"Vodafone results are a reflection of the company’s inability to compete effectively in a three-player market," said Deepa Dasani of HDFC Securities.

"Apart from its impact on its equity value, this result will surely result in wider financial repercussions because it will hit the lenders and debt investors in the company, including mutual funds."

Analysts on average expected Vodafone Idea to report a consolidated net loss of 44.22 billion rupees for the quarter, according to Refinitiv data, although those figures did not include the charge.

The wireless carrier had posted a net loss of 49.74 billion rupees a year ago.

Vodafone Idea's consolidated revenue from operations for the quarter rose 41.4% year-on-year to 108.44 billion rupees.

On Thursday, Vodafone Idea said it plans to sell its 11.15% stake in mobile mast operator Indus Towers once its merger with Bharti Infratel receives regulatory clearances.

Bharti Airtel's MD and CEO, India &amp; South Asia, Gopal Vittal said: "We continue to engage with the government and are evaluating various options available to us."

"We are hopeful that the government will take a considerate view in this matter given the fragile state of the industry," Gobal said.

Analysts on average expected Bharti Airtel to report a loss of 11.16 billion rupees for the three months to the end of September, according to Refinitiv data.

Bharti, which runs operations in South Asia and Africa, said its Indian revenue rose 3% year-on-year to 153.61 billion rupees.

Earlier on Thursday, Singapore-based Singtel posted a second-quarter loss of S$668 million ($491.29 million) hurt by a one-time charge recorded by Bharti.

Singtel is the biggest shareholder in Bharti Airtel, with an effective stake of about 35%.

Indian mobile carrier Vodafone Idea on Thursday reported the biggest quarterly loss in India's corporate history after making provisions for outstanding government dues.

Indian mobile carrier Vodafone Idea on Thursday reported the biggest quarterly loss in India's corporate history after making provisions for outstanding government dues. Vodafone Idea, made up of the local unit of Vodafone Group Plc and billionaire Kumar Mangalam Birla's Idea Cellular, reported a consolidated net loss of 509 billion rupees ($7.13 billion) in the second quarter to September. The company took a charge of 256.78 billion rupees for the quarter after India's Supreme Court last month upheld a demand by the telecoms department that wireless carriers pay 920 billion rupees in overdue levies and interest. Vodafone Idea and rival Bharti Airtel, two of India's three main mobile carriers, will have to pay a bulk of this state demand. Bharti Airtel on Thursday reported a consolidated net loss of 230.45 billion rupees ($3.23 billion) in three months to September. Bharti said it made a provision of 284.50 billion rupees, more than 92% of the overall charge for exceptional items, after the Supreme Court ruling. Telecom providers in India pay the Department of Telecommunications (DoT) nearly 3-5% of their adjusted gross revenue (AGR) in usage charges for spectrum or airwaves and 8% of AGR as licence fees. The DoT and the mobile carriers have been at odds over the definition of AGR. The companies argue that AGR should comprise just revenue accrued from core services, while the DoT says AGR should include all revenue. The Supreme Court last month upheld the DoT's view on AGR. Vodafone Idea said it was in active discussions with the government seeking financial relief and also in the process of filing a review petition with the Supreme Court. "It is to be noted that our ability to continue as a going concern is dependent on obtaining the reliefs from the government... and positive outcome of the proposed legal remedy," Vodafone Idea said in a statement. The company's gross debt at end-Sept. stood at 1.17 trillion rupees. Analysts have previously warned that Vodafone Idea will be the worst hit after the Supreme Court ruling given its already stretched balance sheet. "Vodafone results are a reflection of the company’s inability to compete effectively in a three-player market," said Deepa Dasani of HDFC Securities. "Apart from its impact on its equity value, this result will surely result in wider financial repercussions because it will hit the lenders and debt investors in the company, including mutual funds." Analysts on average expected Vodafone Idea to report a consolidated net loss of 44.22 billion rupees for the quarter, according to Refinitiv data, although those figures did not include the charge. The wireless carrier had posted a net loss of 49.74 billion rupees a year ago. Vodafone Idea's consolidated revenue from operations for the quarter rose 41.4% year-on-year to 108.44 billion rupees. On Thursday, Vodafone Idea said it plans to sell its 11.15% stake in mobile mast operator Indus Towers once its merger with Bharti Infratel receives regulatory clearances. Bharti Airtel's MD and CEO, India & South Asia, Gopal Vittal said: "We continue to engage with the government and are evaluating various options available to us." "We are hopeful that the government will take a considerate view in this matter given the fragile state of the industry," Gobal said. Analysts on average expected Bharti Airtel to report a loss of 11.16 billion rupees for the three months to the end of September, according to Refinitiv data. Bharti, which runs operations in South Asia and Africa, said its Indian revenue rose 3% year-on-year to 153.61 billion rupees. Earlier on Thursday, Singapore-based Singtel posted a second-quarter loss of S$668 million ($491.29 million) hurt by a one-time charge recorded by Bharti. Singtel is the biggest shareholder in Bharti Airtel, with an effective stake of about 35%.

Vodafone Idea makes $7 billion loss after provisions for government dues

Indian shares edged lower on Thursday, after retail inflation breached the Reserve Bank of India's (RBI) medium-term target of 4% for the first time in 15 months, while lenders fretted about possible insolvency of Vodafone Idea.

Annual retail inflation rose to 4.62% last month on higher food prices, but most economists expect the central bank to look past the inflation print and cut rates for a sixth straight time next month.

Higher inflation and reports of liquidation of Vodafone Idea were pulling down the markets, said Sumit Pokharna, vice president, Kotak Securities.

"If Vodafone Idea goes for a toss, then the pain will come to the banks. Again, the next leg of non-performing assets will start. Even private banks have exposure to Vodafone Idea," he said.

Aditya Birla Group will not infuse fresh equity into its venture with Vodafone and let it opt for insolvency if the government does not provide substantial relief, the Economic Times reported, quoting senior executives.

Vodafone Idea shares slumped as much as 23% to a record low in early trade.

Earlier this week, Vodafone said its future in India could be in doubt unless the government stopped hitting operators with higher taxes and charges, after a court judgment over licence fees resulted in a 1.9 billion euro group loss in its first half.

The NSE Nifty 50 index was down 0.3% at 11,806.65 as of 0413 GMT, while the S&amp;P BSE Sensex was 0.15% lower at 40,051.12.

The Nifty bank index, the public sector undertaking index and the private bank index&nbsp;were the top losers, down by 0.6% to 2.3%. All indexes except the Nifty information technology were in the red.

Bharti Infratel fell 8.7% and was the top loser in the Nifty 50, while Bharti Airtel fell 3.5% ahead of quarterly results due later in the day.

Indian shares edged lower on Thursday, after retail inflation breached the Reserve Bank of India's (RBI) medium-term target of 4% for the first time in 15 months, while lenders fretted about possible insolvency of Vodafone Idea.

Indian shares edged lower on Thursday, after retail inflation breached the Reserve Bank of India's (RBI) medium-term target of 4% for the first time in 15 months, while lenders fretted about possible insolvency of Vodafone Idea. Annual retail inflation rose to 4.62% last month on higher food prices, but most economists expect the central bank to look past the inflation print and cut rates for a sixth straight time next month. Higher inflation and reports of liquidation of Vodafone Idea were pulling down the markets, said Sumit Pokharna, vice president, Kotak Securities. "If Vodafone Idea goes for a toss, then the pain will come to the banks. Again, the next leg of non-performing assets will start. Even private banks have exposure to Vodafone Idea," he said. Aditya Birla Group will not infuse fresh equity into its venture with Vodafone and let it opt for insolvency if the government does not provide substantial relief, the Economic Times reported, quoting senior executives. Vodafone Idea shares slumped as much as 23% to a record low in early trade. Earlier this week, Vodafone said its future in India could be in doubt unless the government stopped hitting operators with higher taxes and charges, after a court judgment over licence fees resulted in a 1.9 billion euro group loss in its first half. The NSE Nifty 50 index was down 0.3% at 11,806.65 as of 0413 GMT, while the S&P BSE Sensex was 0.15% lower at 40,051.12. The Nifty bank index, the public sector undertaking index and the private bank index were the top losers, down by 0.6% to 2.3%. All indexes except the Nifty information technology were in the red. Bharti Infratel fell 8.7% and was the top loser in the Nifty 50, while Bharti Airtel fell 3.5% ahead of quarterly results due later in the day.

Indian markets witness fall on inflation data in early trade; telecom worries hurt banks

British luxury brand Burberry on Thursday said it has joined forces with China's Tencent for a new digital marketing and sales push to tap the nation's increasingly social media savvy shoppers in a critical luxury market.

Burberry said it will open a so-called "social retail" store in Shenzhen in China's technology hub powered by Tencent technology in the first half of next year that will blend retail and social media to create digital and physical spaces aimed at attracting customers.

Few other details were given.

But with its popular Wechat Pay online payment platform and Weibo's vast social media clout in one of the world's largest luxury goods market, Tencent offers Burberry a one-stop shop for marketing and selling its products online and in stores. Tencent's Wechat is China's dominant chat app.

"Social media is becoming such an important part of the luxury customer journey, particularly in the inspiration phase, and retail needs to keep pace with this," Burberry Chief Executive Marco Gobbetti said in a statement.

"China was the obvious place to start as it is one of the leading hubs for innovation and technology and Chinese consumers are some of the highest users of social media."

Shenzhen is the neighbouring city to Hong Kong on China's mainland where sales are suffering as months of protests have forced retailers to close stores.

The move also comes as more well-off Chinese consumers are buying at home, deterred from overseas shopping trips due to the weaker yuan.

Burberry, known for its traditional tartan pattern, posted double-digit declines in Hong Kong sales in its latest earnings released on Thursday although the popularity of collections by designer Riccardo Tisci boosted overall sales.

Chinese retail giants like Alibaba and JD.com have also upped the ante in their battle for relevance in the lucrative luxury goods market with the launch of luxury sites in mid-2017 that boast labels such as Hugo Boss.

British luxury brand Burberry on Thursday said it has joined forces with China's Tencent for a new digital marketing and sales push to tap the nation's increasingly social media savvy shoppers in a critical luxury market.

British luxury brand Burberry on Thursday said it has joined forces with China's Tencent for a new digital marketing and sales push to tap the nation's increasingly social media savvy shoppers in a critical luxury market. Burberry said it will open a so-called "social retail" store in Shenzhen in China's technology hub powered by Tencent technology in the first half of next year that will blend retail and social media to create digital and physical spaces aimed at attracting customers. Few other details were given. But with its popular Wechat Pay online payment platform and Weibo's vast social media clout in one of the world's largest luxury goods market, Tencent offers Burberry a one-stop shop for marketing and selling its products online and in stores. Tencent's Wechat is China's dominant chat app. "Social media is becoming such an important part of the luxury customer journey, particularly in the inspiration phase, and retail needs to keep pace with this," Burberry Chief Executive Marco Gobbetti said in a statement. "China was the obvious place to start as it is one of the leading hubs for innovation and technology and Chinese consumers are some of the highest users of social media." Shenzhen is the neighbouring city to Hong Kong on China's mainland where sales are suffering as months of protests have forced retailers to close stores. The move also comes as more well-off Chinese consumers are buying at home, deterred from overseas shopping trips due to the weaker yuan. Burberry, known for its traditional tartan pattern, posted double-digit declines in Hong Kong sales in its latest earnings released on Thursday although the popularity of collections by designer Riccardo Tisci boosted overall sales. Chinese retail giants like Alibaba and JD.com have also upped the ante in their battle for relevance in the lucrative luxury goods market with the launch of luxury sites in mid-2017 that boast labels such as Hugo Boss.

Burberry aims to woo more customers in China with Tencent tie-up

Global economic worries on Thursday caused Wall Street to retreat from record highs following sour economic data from major economies and signs of persistent deadlock in US-China trade talks.

China's Commerce Ministry reiterated its position that tariff concessions from Washington should be part of a phase one deal to resolve the trade conflict, suggesting a resolution to the US-China trade war was slipping out of reach yet again.

About 15 minutes into the trading day, the benchmark Dow Jones Industrial Average was down 0.1 per cent at 27,762.21, lifted by global retailer Walmart, which posted surging quarterly profits thanks to online sales and revenues from Indian retailer Flipkart.

Meanwhile, the S&amp;P 500 was flat at 3,093.35 and the Nasdaq was 0.3 per cent lower at 8,459.39.

Shares in Walmart were up more than 2.3 per cent, marking the best gains since August.

President Donald Trump hailed the Walmart results, saying the proved his trade wars were not damaging the US retail sector.

"No impact from Tariffs (which are contributing $Billions to our Treasury)," he wrote on Twitter.

However, Walmart executives said they are watching the tariff discussions and hoping for a prompt resolution to the dispute.

Networking and telecoms firm Cisco plunged seven per cent a day after cutting earnings guidance for its upcoming fiscal quarter.

"There is no dash for the exit in spite of reported stumbling blocks over China citing the rollback of some existing tariffs as a precondition for doing a deal and the US reportedly not being on board with that precondition," analyst Patrick O'Hare wrote at Briefing.com.

Economic data released Thursday showed further signs of strain in China's economy, with a sharp slowdown in consumer spending and factory production, while investment growth hit a record low as the trade war with the United States takes its toll.

Germany's economy narrowly avoided recession as it eked out 0.1 per cent quarter-on-quarter growth, beating forecasts of a 0.1 per cent contraction but confirming the trade-dependent nation's struggles.

Global economic worries on Thursday caused Wall Street to retreat from record highs following sour economic data from major economies and signs of persistent deadlock in US-China trade talks.

Global economic worries on Thursday caused Wall Street to retreat from record highs following sour economic data from major economies and signs of persistent deadlock in US-China trade talks. China's Commerce Ministry reiterated its position that tariff concessions from Washington should be part of a phase one deal to resolve the trade conflict, suggesting a resolution to the US-China trade war was slipping out of reach yet again. About 15 minutes into the trading day, the benchmark Dow Jones Industrial Average was down 0.1 per cent at 27,762.21, lifted by global retailer Walmart, which posted surging quarterly profits thanks to online sales and revenues from Indian retailer Flipkart. Meanwhile, the S&P 500 was flat at 3,093.35 and the Nasdaq was 0.3 per cent lower at 8,459.39. Shares in Walmart were up more than 2.3 per cent, marking the best gains since August. President Donald Trump hailed the Walmart results, saying the proved his trade wars were not damaging the US retail sector. "No impact from Tariffs (which are contributing $Billions to our Treasury)," he wrote on Twitter. However, Walmart executives said they are watching the tariff discussions and hoping for a prompt resolution to the dispute. Networking and telecoms firm Cisco plunged seven per cent a day after cutting earnings guidance for its upcoming fiscal quarter. "There is no dash for the exit in spite of reported stumbling blocks over China citing the rollback of some existing tariffs as a precondition for doing a deal and the US reportedly not being on board with that precondition," analyst Patrick O'Hare wrote at Briefing.com. Economic data released Thursday showed further signs of strain in China's economy, with a sharp slowdown in consumer spending and factory production, while investment growth hit a record low as the trade war with the United States takes its toll. Germany's economy narrowly avoided recession as it eked out 0.1 per cent quarter-on-quarter growth, beating forecasts of a 0.1 per cent contraction but confirming the trade-dependent nation's struggles.

Wall Street subdued as economic, trade doubts persist

Crisis-hit Japanese automaker Nissan Tuesday slashed its full-year forecast for both sales and profit as it struggles with weak demand in Japan, the US and Europe, as well as fallout from the arrest of former boss Carlos Ghosn.

Nissan downgraded its net profit forecast to 110 billion yen ($1 billion) for the fiscal year to March 2020, compared with an earlier estimate of 170 billion yen.

Full-year sales are now estimated at 10.6 trillion yen, down from a previous forecast of 11.3 trillion yen.

Nissan blamed the poor outlook on weak first-half earnings, a strong yen, an uncertain global outlook and the stagnation of the car industry in general.

Incoming chief financial officer Stephen Ma said, "Sales in China outpaced the market but sales in other key regions including the US, Europe and Japan underperformed in those markets. This resulted in the overall decrease of our market share."

Net profit for the six months to September plunged 73.5 per cent to 65.4 billion yen, the worst first-half result since the global financial crisis a decade ago.

"Nissan is in a very severe situation at a time when competition in the global auto market is further intensifying," said Satoru Takada, auto analyst at TIW, a Tokyo-based research and consulting firm.

It was Nissan's first earnings announcement since the appointment last month of Makoto Uchida as new chief executive, elevating the insider heading the firm's China unit as it overhauls its leadership after the Ghosn scandal.

Uchida's appointment, to take effect on December 1, came after months of turmoil for the automaker in the wake of the arrest of former chief Ghosn on allegations of financial misconduct.

Former CEO Hiroto Saikawa resigned in September after an investigation prompted by the Ghosn scandal revealed he was among Nissan executives who received excess pay by altering the terms of a share price bonus.

"Nissan's new management is setting sail in a storm," Takada told AFP.

"Uchida is expected to show new strategies for Nissan's survival," he said.

'Additional restructuring'

The automaker has cited a global slowdown in the auto sector, but it is also suffering from a lack of innovation on its production line and reputational damage from the Ghosn scandal.

Uchida inherits the harsh cost-cutting measures Saikawa proposed as a way out of the crisis -- including reducing dealer incentives and promotions but also cutting global production by 10 per cent to 2023 -- a measure that means the loss of 12,500 jobs.

"Additional restructuring is possible in the wake of the layoff plan," Takada said.

Asked about possible fresh job losses, Nissan official Ma said no new announcement would be made until the full new management team is in place on December 1.

The company is "very urgently working" to improve sales and profitability, Ma said.

Nissan separately said it would hold a shareholder meeting next February to put forward a plan to appoint new directors.&nbsp;

Adding to Nissan's woes is continued tension within the three-way alliance with Mitsubishi Motors and Renault.

Ghosn, who created the alliance, wanted greater integration with France's Renault and says his push for that prompted angry Nissan executives to plot against him.

The two firms have made a show of holding the marriage together in the wake of Ghosn's arrest, but tensions have bubbled to the surface.

Renault holds a 43 per cent stake in the Japanese automaker, which in turn controls 15 per cent of the French firm but has no voting rights.

"The negative impact of the furore around Ghosn is gradually becoming visible," Takada said. "The alliance is facing a crucial stage," he added.

Ghosn is out on bail in Tokyo, awaiting a trial that reports have suggested could start in April on charges of under-reporting millions of dollars in salary and using company funds for personal expenses.

He denies any wrongdoing.

Crisis-hit Japanese automaker Nissan Tuesday slashed its full-year forecast for both sales and profit as it struggles with weak demand in Japan, the US and Europe, as well as fallout from the arrest of former boss Carlos Ghosn.

Crisis-hit Japanese automaker Nissan Tuesday slashed its full-year forecast for both sales and profit as it struggles with weak demand in Japan, the US and Europe, as well as fallout from the arrest of former boss Carlos Ghosn. Nissan downgraded its net profit forecast to 110 billion yen ($1 billion) for the fiscal year to March 2020, compared with an earlier estimate of 170 billion yen. Full-year sales are now estimated at 10.6 trillion yen, down from a previous forecast of 11.3 trillion yen. Nissan blamed the poor outlook on weak first-half earnings, a strong yen, an uncertain global outlook and the stagnation of the car industry in general. Incoming chief financial officer Stephen Ma said, "Sales in China outpaced the market but sales in other key regions including the US, Europe and Japan underperformed in those markets. This resulted in the overall decrease of our market share." Net profit for the six months to September plunged 73.5 per cent to 65.4 billion yen, the worst first-half result since the global financial crisis a decade ago. "Nissan is in a very severe situation at a time when competition in the global auto market is further intensifying," said Satoru Takada, auto analyst at TIW, a Tokyo-based research and consulting firm. It was Nissan's first earnings announcement since the appointment last month of Makoto Uchida as new chief executive, elevating the insider heading the firm's China unit as it overhauls its leadership after the Ghosn scandal. Uchida's appointment, to take effect on December 1, came after months of turmoil for the automaker in the wake of the arrest of former chief Ghosn on allegations of financial misconduct. Former CEO Hiroto Saikawa resigned in September after an investigation prompted by the Ghosn scandal revealed he was among Nissan executives who received excess pay by altering the terms of a share price bonus. "Nissan's new management is setting sail in a storm," Takada told AFP. "Uchida is expected to show new strategies for Nissan's survival," he said. 'Additional restructuring' The automaker has cited a global slowdown in the auto sector, but it is also suffering from a lack of innovation on its production line and reputational damage from the Ghosn scandal. Uchida inherits the harsh cost-cutting measures Saikawa proposed as a way out of the crisis -- including reducing dealer incentives and promotions but also cutting global production by 10 per cent to 2023 -- a measure that means the loss of 12,500 jobs. "Additional restructuring is possible in the wake of the layoff plan," Takada said. Asked about possible fresh job losses, Nissan official Ma said no new announcement would be made until the full new management team is in place on December 1. The company is "very urgently working" to improve sales and profitability, Ma said. Nissan separately said it would hold a shareholder meeting next February to put forward a plan to appoint new directors. Adding to Nissan's woes is continued tension within the three-way alliance with Mitsubishi Motors and Renault. Ghosn, who created the alliance, wanted greater integration with France's Renault and says his push for that prompted angry Nissan executives to plot against him. The two firms have made a show of holding the marriage together in the wake of Ghosn's arrest, but tensions have bubbled to the surface. Renault holds a 43 per cent stake in the Japanese automaker, which in turn controls 15 per cent of the French firm but has no voting rights. "The negative impact of the furore around Ghosn is gradually becoming visible," Takada said. "The alliance is facing a crucial stage," he added. Ghosn is out on bail in Tokyo, awaiting a trial that reports have suggested could start in April on charges of under-reporting millions of dollars in salary and using company funds for personal expenses. He denies any wrongdoing.

Crisis-hit Nissan chops forecasts, net profit worst for a decade

China's&nbsp;factory output&nbsp;growth&nbsp;slowed significantly more than expected in&nbsp;October, as weakness in global and domestic demand and the drawn-out <a href="https://www.wionews.com/.../global-markets-asian-shares-a-sea-of-red-as-hk- chaos-hits-sentiment-261277">Sino-US&nbsp;trade&nbsp;war</a> weighed on broad segments of the world's second-largest economy.

Industrial production rose 4.7 per cent&nbsp;year-on-year in&nbsp;October, data from the <a href="https://www.wionews.com/.../chinas-q3-gdp-growth-slows-to-6-slowest-in-27 -years-256577">National Bureau of Statistics</a> released on Thursday showed, below the median forecast of 5.4 per cent&nbsp;growth&nbsp;in a Reuters poll and slower than September's 5.8 per cent.

Indicators showed other sectors also slowed significantly and missed forecasts with retail sales&nbsp;growth&nbsp;back near a 16-year trough and fixed asset investment&nbsp;growth&nbsp;the weakest on record.

The disappointing numbers show China off to a rough start in the final three months of 2019 and will bolster calls for Beijing to roll out fresh support after third-quarter&nbsp;growth&nbsp;slowed to its weakest in almost three decades, with factory production bruised by the&nbsp;trade&nbsp;war with Washington.

Asian stocks fell after the soft data, which reinforced concerns the&nbsp;trade&nbsp;war was hurting one of the world's major drivers of economic&nbsp;growth.

"These data support our view that&nbsp;growth&nbsp;headwinds remain&nbsp;strong and the economy has yet to hit bottom," said Nomura in a note, adding that GDP&nbsp;growth&nbsp;is expected to slow to 5.8 per cent&nbsp;in the fourth quarter from 6.0 per cent&nbsp;in the third quarter.

Broad activity in&nbsp;China's&nbsp;factory sector remained weak in&nbsp;October&nbsp;with producer prices falling at their fastest pace in more than three years and manufacturing activity mired in contraction for a six straight month, recent indicators showed.

Thursday's data showed the value of delivered industrial exports fell 3.8 per cent&nbsp;on-year in&nbsp;October, marking the third straight month of declines.

China's&nbsp;steel output fell to a seven-month low in&nbsp;October&nbsp;while the cement production contracted for the first time in over a year, compared with a year earlier.

The tariff war between China and the United States has hit global demand, disrupted supply chains and upended financial markets.

Other major trading powers have also felt the blow from the dispute with Japan's economy grinding to a near standstill in the third quarter, posting its weakest&nbsp;growth&nbsp;in a year.

While some signs of recent progress in&nbsp;trade&nbsp;negotiations between the superpowers have cheered financial market, officials from both sides have so far avoided any firm commitments to end their dispute.

That uncertainty has weighed persistently on manufacturers and their order books in recent months and raised doubts about the prospects of any breakthrough.

"Even if a minor deal is agreed upon in the coming months, this would merely allow the focus to shift to the more intractable issues that we think will eventually lead the&nbsp;trade&nbsp;talks to break down," Capital Economics China Economist Martin Lynge Rasmussen said.

Fixed asset investment, a key driver of economic&nbsp;growth, rose just 5.2 per cent&nbsp;from January-October, against expected&nbsp;growth&nbsp;of 5.4 per cent&nbsp;and the weakest pace since Reuters record began in 1996.

Infrastructure investment rose 4.2 per cent&nbsp;in the first 10 months, slowing from a 4.5 per cent&nbsp;gain in January-September.

In a bid to stop this trend,&nbsp;China's&nbsp;State Council on Wednesday pledged to lower the minimum capital ratio requirement for some infrastructure investment projects.

At the same time, local governments are facing increasing fiscal strains as tax cuts and the broader slowdown reduce revenues, hampering the big infrastructure projects Beijing needs to revive&nbsp;growth.

Meanwhile,&nbsp;China's&nbsp;property investment and sales&nbsp;growth&nbsp;both eased to three-months low in&nbsp;October, suggesting a critical pillar of the economy is softening.

Retail sales rose 7.2 per cent&nbsp;year-on-year in&nbsp;October, missing expected&nbsp;growth&nbsp;of 7.9 per cent&nbsp;and matching the more than 16-year low hit in April.

Consumers have been hit with higher food prices over the past few months, as pork and other meat prices soared. For&nbsp;October, they bought fewer garments, jewellery, automobiles from a year earlier.

To prop up&nbsp;growth,&nbsp;China's&nbsp;central bank this month cut the interest rate on its one-year medium-term lending facility loans, a key policy rate, for the first time since early 2016.

Analysts said the cut, while modest, maybe a sign the central bank is becoming more proactive and looking to ease worries that higher inflation will prevent it from delivering fresh stimulus.

"Economic performance still faces a fairly large number of risks and challenges and these cannot be underestimated. In the next stage, we will...continue to fully implement counter-cyclical adjustment policies," statistics bureau spokeswoman Liu Aihua told reporters in a briefing.

Earlier this week, Premier Li Keqiang flagged the need for the more effective use of economic support tools, such as "counter-cyclical adjustments" and local government special bonds.

In a front-page editorial on Thursday, the state-owned Securities Times said authorities should tolerate longer-term increases in&nbsp;China's&nbsp;debt-to-gross domestic product ratio to allow for changing economic conditions.

China's factory output growth slowed significantly more than expected in October, as weakness in global and domestic demand and the drawn-out Sino-US trade war weighed on broad segments of the world's second-largest economy.

China's factory output growth slowed significantly more than expected in October, as weakness in global and domestic demand and the drawn-out Sino-US trade war weighed on broad segments of the world's second-largest economy. Industrial production rose 4.7 per cent year-on-year in October, data from the National Bureau of Statistics released on Thursday showed, below the median forecast of 5.4 per cent growth in a Reuters poll and slower than September's 5.8 per cent. Indicators showed other sectors also slowed significantly and missed forecasts with retail sales growth back near a 16-year trough and fixed asset investment growth the weakest on record. The disappointing numbers show China off to a rough start in the final three months of 2019 and will bolster calls for Beijing to roll out fresh support after third-quarter growth slowed to its weakest in almost three decades, with factory production bruised by the trade war with Washington. Asian stocks fell after the soft data, which reinforced concerns the trade war was hurting one of the world's major drivers of economic growth. "These data support our view that growth headwinds remain strong and the economy has yet to hit bottom," said Nomura in a note, adding that GDP growth is expected to slow to 5.8 per cent in the fourth quarter from 6.0 per cent in the third quarter. Broad activity in China's factory sector remained weak in October with producer prices falling at their fastest pace in more than three years and manufacturing activity mired in contraction for a six straight month, recent indicators showed. Thursday's data showed the value of delivered industrial exports fell 3.8 per cent on-year in October, marking the third straight month of declines. China's steel output fell to a seven-month low in October while the cement production contracted for the first time in over a year, compared with a year earlier. The tariff war between China and the United States has hit global demand, disrupted supply chains and upended financial markets. Other major trading powers have also felt the blow from the dispute with Japan's economy grinding to a near standstill in the third quarter, posting its weakest growth in a year. While some signs of recent progress in trade negotiations between the superpowers have cheered financial market, officials from both sides have so far avoided any firm commitments to end their dispute. That uncertainty has weighed persistently on manufacturers and their order books in recent months and raised doubts about the prospects of any breakthrough. "Even if a minor deal is agreed upon in the coming months, this would merely allow the focus to shift to the more intractable issues that we think will eventually lead the trade talks to break down," Capital Economics China Economist Martin Lynge Rasmussen said. Fixed asset investment, a key driver of economic growth, rose just 5.2 per cent from January-October, against expected growth of 5.4 per cent and the weakest pace since Reuters record began in 1996. Infrastructure investment rose 4.2 per cent in the first 10 months, slowing from a 4.5 per cent gain in January-September. In a bid to stop this trend, China's State Council on Wednesday pledged to lower the minimum capital ratio requirement for some infrastructure investment projects. At the same time, local governments are facing increasing fiscal strains as tax cuts and the broader slowdown reduce revenues, hampering the big infrastructure projects Beijing needs to revive growth. Meanwhile, China's property investment and sales growth both eased to three-months low in October, suggesting a critical pillar of the economy is softening. Retail sales rose 7.2 per cent year-on-year in October, missing expected growth of 7.9 per cent and matching the more than 16-year low hit in April. Consumers have been hit with higher food prices over the past few months, as pork and other meat prices soared. For October, they bought fewer garments, jewellery, automobiles from a year earlier. To prop up growth, China's central bank this month cut the interest rate on its one-year medium-term lending facility loans, a key policy rate, for the first time since early 2016. Analysts said the cut, while modest, maybe a sign the central bank is becoming more proactive and looking to ease worries that higher inflation will prevent it from delivering fresh stimulus. "Economic performance still faces a fairly large number of risks and challenges and these cannot be underestimated. In the next stage, we will...continue to fully implement counter-cyclical adjustment policies," statistics bureau spokeswoman Liu Aihua told reporters in a briefing. Earlier this week, Premier Li Keqiang flagged the need for the more effective use of economic support tools, such as "counter-cyclical adjustments" and local government special bonds. In a front-page editorial on Thursday, the state-owned Securities Times said authorities should tolerate longer-term increases in China's debt-to-gross domestic product ratio to allow for changing economic conditions.

China's main growth engines falter in October on trade frictions

&nbsp;Oil&nbsp;rose on Thursday after industry data showed a surprise drop in&nbsp;US&nbsp;crude&nbsp;inventories, while&nbsp;comments&nbsp;from an&nbsp;<a href="https://www.wionews.com/.../new-oil-field-adds-222-billion-barrels-with- current-technology-iran-261333">OPEC</a>&nbsp;official about lower-than-expected&nbsp;US&nbsp;shale&nbsp;production&nbsp;growth&nbsp;in 2020 also provided some support.

Prices, however, were capped by mixed signs for&nbsp;oil&nbsp;demand in China, the world's biggest&nbsp;crude&nbsp;importer, as industrial output rose more slowly than expected in October, but&nbsp;oil&nbsp;refinery throughput hit the second-highest level ever.

Brent futures rose 47 cents, or 0.8 per cent, to $62.84 per barrel by 0808 GMT, while&nbsp;US&nbsp;West Texas Intermediate&nbsp;crude&nbsp;gained 47 cents, or 0.8 per cent, to reach $57.59.

The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Mohammad Barkindo said on Wednesday that there would likely be downward revisions of supply going into 2020, especially from United States&nbsp;shale, adding that some&nbsp;US&nbsp;shale&nbsp;oil&nbsp;firms see output growing by only 300,000-400,000 barrels per day (bpd).

While Barkindo's&nbsp;comments&nbsp;supported&nbsp;oil&nbsp;prices, there is not a clear way for&nbsp;OPEC&nbsp;to forecast&nbsp;oil&nbsp;production outside the group, Howie Lee, an economist at Singapore's OCBC bank said.

"I don't see much changes in supply so prices are still trading within the same range from the start of November," he said.

Barkindo's&nbsp;comments&nbsp;were also in contrast with forecasts by the&nbsp;<a href="https://www.wionews.com/.../oil-prices-gain-after-us-inventories-fall-249041">US&nbsp;Energy Information Administration</a> (EIA) on Wednesday that&nbsp;US&nbsp;oil&nbsp;production is on course to hit new records this year and next.

The American Petroleum Institute reported on Wednesday an unexpected drop in&nbsp;crude&nbsp;stockpiles by 541,000 barrels in the week to November&nbsp;8, against analysts' expectations of an increase of 1.6 million barrels. Gasoline and distillates inventories increased, the API data showed.

Official weekly EIA data is due at 11:00 a.m. EST (1600 GMT) on Thursday. Both reports were delayed a day for the&nbsp;US&nbsp;Veterans Day holiday on Monday.

OPEC&nbsp;and its allies, including Russia, meet on Dec. 5-6 to discuss&nbsp;output policy and production curbs of 1.2 million bpd that have been in place since January with the aim of supporting&nbsp;crude&nbsp;prices. The pact runs&nbsp;to March 2020.

Barkindo said on Wednesday it was too early to say if further output cuts&nbsp;would be needed.

"They have made it quite clear that they are not reducing production further," said OCBC's Lee. "What Saudi can do now is to urge compliance among members especially Iraq and Nigeria. If they can comply, then they can talk about cuts."

Oil rose on Thursday after industry data showed a surprise drop in US crude inventories, while comments from an OPEC official about lower-than-expected US shale production growth in 2020 also provided some support.

Oil rose on Thursday after industry data showed a surprise drop in US crude inventories, while comments from an OPEC official about lower-than-expected US shale production growth in 2020 also provided some support. Prices, however, were capped by mixed signs for oil demand in China, the world's biggest crude importer, as industrial output rose more slowly than expected in October, but oil refinery throughput hit the second-highest level ever. Brent futures rose 47 cents, or 0.8 per cent, to $62.84 per barrel by 0808 GMT, while US West Texas Intermediate crude gained 47 cents, or 0.8 per cent, to reach $57.59. The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Mohammad Barkindo said on Wednesday that there would likely be downward revisions of supply going into 2020, especially from United States shale, adding that some US shale oil firms see output growing by only 300,000-400,000 barrels per day (bpd). While Barkindo's comments supported oil prices, there is not a clear way for OPEC to forecast oil production outside the group, Howie Lee, an economist at Singapore's OCBC bank said. "I don't see much changes in supply so prices are still trading within the same range from the start of November," he said. Barkindo's comments were also in contrast with forecasts by the US Energy Information Administration (EIA) on Wednesday that US oil production is on course to hit new records this year and next. The American Petroleum Institute reported on Wednesday an unexpected drop in crude stockpiles by 541,000 barrels in the week to November 8, against analysts' expectations of an increase of 1.6 million barrels. Gasoline and distillates inventories increased, the API data showed. Official weekly EIA data is due at 11:00 a.m. EST (1600 GMT) on Thursday. Both reports were delayed a day for the US Veterans Day holiday on Monday. OPEC and its allies, including Russia, meet on Dec. 5-6 to discuss output policy and production curbs of 1.2 million bpd that have been in place since January with the aim of supporting crude prices. The pact runs to March 2020. Barkindo said on Wednesday it was too early to say if further output cuts would be needed. "They have made it quite clear that they are not reducing production further," said OCBC's Lee. "What Saudi can do now is to urge compliance among members especially Iraq and Nigeria. If they can comply, then they can talk about cuts."

Oil gains on US crude stocks fall, OPEC comments on slower US shale growth

Boeing&nbsp;Co&nbsp;has abandoned a key&nbsp;automation&nbsp;system&nbsp;used&nbsp;to make fuselage sections for its&nbsp;777&nbsp;jetliners amid reports of reliability issues, and will instead partially switch back to mechanics, the planemaker said on Thursday.

The company began to&nbsp;build&nbsp;777&nbsp;fuselages in 2015 in an upright orientation, with robots drilling holes and installing fasteners, an initiative known as fuselage automated upright&nbsp;build&nbsp;(FAUB).

The world's biggest planemaker said it had stopped using the&nbsp;system&nbsp;which, according to industry sources, caused&nbsp;problems with reliability and rework issues.

Boeing&nbsp;had faced delays last year when the FAUB machine was tried out on existing versions of the&nbsp;777.

Instead, the company will switch to "flex tracks" - an automated method to drill the holes along the circumference of the airplane that are then fastened manually.

The&nbsp;system&nbsp;was developed by&nbsp;Boeing&nbsp;Commercial Airplanes and has been tested in commercial and defence programs, company spokesman Paul Bergman said in an emailed statement.

Implementation of flex tracks for the&nbsp;777&nbsp;fuselages began in the second quarter and&nbsp;Boeing&nbsp;expects the transition to be completed by the year-end, Bergman said.

There are no planned changes in total staffing and the company continues to implement robotic&nbsp;systems on areas such as wing manufacturing for the&nbsp;777X.

The setback highlights continuing pressure on the company's management at a time it is trying to obtain approval to return its grounded 737 MAX jetliner to service before the end of this year.

The change in production strategy for the&nbsp;777&nbsp;was reported earlier by Bloomberg.

Boeing Co has abandoned a key automation system used to make fuselage sections for its 777 jetliners amid reports of reliability issues, and will instead partially switch back to mechanics, the planemaker said on Thursday.

Boeing Co has abandoned a key automation system used to make fuselage sections for its 777 jetliners amid reports of reliability issues, and will instead partially switch back to mechanics, the planemaker said on Thursday. The company began to build 777 fuselages in 2015 in an upright orientation, with robots drilling holes and installing fasteners, an initiative known as fuselage automated upright build (FAUB). The world's biggest planemaker said it had stopped using the system which, according to industry sources, caused problems with reliability and rework issues. Boeing had faced delays last year when the FAUB machine was tried out on existing versions of the 777. Instead, the company will switch to "flex tracks" - an automated method to drill the holes along the circumference of the airplane that are then fastened manually. The system was developed by Boeing Commercial Airplanes and has been tested in commercial and defence programs, company spokesman Paul Bergman said in an emailed statement. Implementation of flex tracks for the 777 fuselages began in the second quarter and Boeing expects the transition to be completed by the year-end, Bergman said. There are no planned changes in total staffing and the company continues to implement robotic systems on areas such as wing manufacturing for the 777X. The setback highlights continuing pressure on the company's management at a time it is trying to obtain approval to return its grounded 737 MAX jetliner to service before the end of this year. The change in production strategy for the 777 was reported earlier by Bloomberg.

Boeing drops automation system used to build 777 jets

The gains in banking and IT sector ensured that Indian markets closed on a high on Thursday.&nbsp;

The BSE Sensex rose 170.42 points or 0.42 per cent to close at 40,286.48, while NSE Nifty accumulated 31.65 points or 0.27 per cent to end at 11,872.10 points.&nbsp;

In the 30-share index, IndusInd Bank and ICICI Bank were the major gainers as their shares rose by 2.79 and 2.67 per cent respectively. The other gainers among the Sensex pack were Infosys, TCS, Yes Bank, Axis Bank and Bajaj Auto, among others. Vedanta Ltd was the biggest loser in the BSE Sensex with a drop of 2.90 in its share value during the day.&nbsp;

ICICI Bank was the biggest gainer in the Nifty 50 with a jump of 2.53 per cent in its share value. The other winners in NSE Nifty were Infosys, Bajaj Finance, HDFC Bank, Maruti, HDFC, ITC, Cipla, among others. Infratel, IndusInd Bank and Vedanta Ltd were the major losers in Nifty pack.

The investors' sentiments were affected after Moody's Investors Service on Thursday slashed India's economic growth forecast to 5.6 per cent for 2019, saying that government actions do not address the widespread weakness in consumption demand.

The markets also took cues from the Indian government which announced on Wednesday that retail <a href="https://www.wionews.com/business-economy/indias-october-retail-inflation-rises-to-462-per-cent-261864">inflation rate </a>rose by 4.62 per cent in October. The inflation rates were higher than the earlier forecasts and breached the Reserve Bank's target of 4 per cent. Earlier on November 11, data revealed 
that India's industrial output shrank 4.3 per cent in September.

Telecom stocks also followed a downward trend with Vodafone Idea slipping 19% and Bharti Airtel Ltd closing nearly one percent lower. Both the companies are likely to report quarterly results later in the day.

Elsewhere in Asia, mixed trends were witnessed.&nbsp;

On Wednesday, the 30-share-index closed at 40,116.06 points, while the Nifty 50 ended with 11,840.45 points.

(with inputs from agencies)

The gains in banking and IT sector ensured that Indian markets closed on a high on Thursday. The BSE Sensex rose 170.42 points or 0.42 per cent to close at 40,286.

The gains in banking and IT sector ensured that Indian markets closed on a high on Thursday. The BSE Sensex rose 170.42 points or 0.42 per cent to close at 40,286.48, while NSE Nifty accumulated 31.65 points or 0.27 per cent to end at 11,872.10 points. In the 30-share index, IndusInd Bank and ICICI Bank were the major gainers as their shares rose by 2.79 and 2.67 per cent respectively. The other gainers among the Sensex pack were Infosys, TCS, Yes Bank, Axis Bank and Bajaj Auto, among others. Vedanta Ltd was the biggest loser in the BSE Sensex with a drop of 2.90 in its share value during the day. ICICI Bank was the biggest gainer in the Nifty 50 with a jump of 2.53 per cent in its share value. The other winners in NSE Nifty were Infosys, Bajaj Finance, HDFC Bank, Maruti, HDFC, ITC, Cipla, among others. Infratel, IndusInd Bank and Vedanta Ltd were the major losers in Nifty pack. The investors' sentiments were affected after Moody's Investors Service on Thursday slashed India's economic growth forecast to 5.6 per cent for 2019, saying that government actions do not address the widespread weakness in consumption demand. The markets also took cues from the Indian government which announced on Wednesday that retail inflation rate rose by 4.62 per cent in October. The inflation rates were higher than the earlier forecasts and breached the Reserve Bank's target of 4 per cent. Earlier on November 11, data revealed that India's industrial output shrank 4.3 per cent in September. Telecom stocks also followed a downward trend with Vodafone Idea slipping 19% and Bharti Airtel Ltd closing nearly one percent lower. Both the companies are likely to report quarterly results later in the day. Elsewhere in Asia, mixed trends were witnessed. On Wednesday, the 30-share-index closed at 40,116.06 points, while the Nifty 50 ended with 11,840.45 points. (with inputs from agencies)

Indian markets close higher; Banking, IT lead gains

Asian&nbsp;stocks&nbsp;fell on Thursday after soft economic data in China and Japan showed the <a href="https://www.wionews.com/.../trade-truce-unlikely-in-2020-but-us-recession- fears-recede-economists-reuters-poll-261987">trade war</a> between Beijing and Washington hitting&nbsp;growth&nbsp;in some of the world's biggest economies.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3 per cent. Japan's Nikkei stock index fell further, dropping 0.8 per cent.

Australia's S&amp;P/ASX200 wiped earlier gains to close 0.5 per cent&nbsp;higher, while Shanghai blue chips trod water, supported by expectations the gloomy figures would add to the case for stimulus.

European stock futures point to a flat open after recent rises. US&nbsp;futures were down 0.1 per cent, following a record-high close on the S&amp;P 500 on Wednesday.

China's&nbsp;industrial production&nbsp;growth&nbsp;slowed sharply in October, with the 4.7 per cent&nbsp;year-on-year rise well below forecasts for 5.4 per cent. Investment&nbsp;growth&nbsp;hit a record low and retail sales also missed expectations.

"The weakness in investment and production would suggest that confidence is down," said Shane Oliver, chief economist at AMP Capital in Sydney.

"It puts more pressure on Chinese authorities to come to a deal with <a href="https://www.wionews.com/.../garbage-dropped-by-china-india-and-russia- into-the-sea-floats-into-los-angeles-trump-261937">Donald Trump</a><a href="https://www.wionews.com/.../trump-says-china-trade-deal-close-but-dashes- hopes-for-signing-details-261767"> on trade</a>, just as President Trump's desire to be re-elected puts pressure on him to come to a deal."

The weak figures also come as market confidence toward a resolution weakens, with a new Reuters poll showing most economists do not expect Washington and Beijing to strike a permanent truce over the coming year.

Trump offered no update on the progress of negotiations in a policy speech on Tuesday. The Wall Street Journal reported on Wednesday that talks had snagged on farm purchases.

Meanwhile, the&nbsp;global&nbsp;fallout from the dispute is widening.

Data due at 0700 GMT will reveal whether Germany has entered a technical recession, as forecast.

Japan's economic&nbsp;growth&nbsp;hit its slowest pace in a year in the third quarter as soft demand knocked exports.

"Looking around the region, you've had some near misses of recession - Korea's been one, Singapore's also been one and you've got Hong Kong in a recession at the moment," said Sean Darby,&nbsp;global&nbsp;equity strategist at Jefferies in Hong Kong.

"So it's not great. It's not a cycle that is not leaving any scars," he said.

Worries about spiralling violence as <a href="https://www.wionews.com/.../protesters-block-central-hong-kong-streets-as- chaos-grips-city-261782">anti-government protests</a> intensify in Hong Kong have also soured investor sentiment.

Protesters paralysed parts of Hong Kong for a fourth day on Thursday, forcing school closures and blocking highways and other transport links in a marked escalation of unrest in the financial hub.

Hong Kong's Hang Seng fell 0.8 per cent on&nbsp;Thursday to a fresh one-month low.

In currency&nbsp;markets, safe havens such as the Japanese yen and Swiss franc held on to gains.

The yen was quoted at 108.70 per dollar, close to a one-week high. The Swiss franc traded at 0.9900 versus the greenback, near the highest in more than a week.

The Australian dollar skidded to a one-month low on Thursday after a worryingly weak reading on employment re-ignited speculation about another cut in interest rates.

Brent crude futures rose 0.6 per cent&nbsp;to $62.76 a barrel while US&nbsp;West Texas Intermediate (WTI) crude gained 0.63 per cent&nbsp;to $57.48 per barrel.

The yield on benchmark 10-year Treasury notes rose to 1.8652 percent&nbsp;compared with its US&nbsp;close of 1.869 per cent&nbsp;on Wednesday.

Asian stocks fell on Thursday after soft economic data in China and Japan showed the trade war between Beijing and Washington hitting growth in some of the world's biggest economies.

Asian stocks fell on Thursday after soft economic data in China and Japan showed the trade war between Beijing and Washington hitting growth in some of the world's biggest economies. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3 per cent. Japan's Nikkei stock index fell further, dropping 0.8 per cent. Australia's S&P/ASX200 wiped earlier gains to close 0.5 per cent higher, while Shanghai blue chips trod water, supported by expectations the gloomy figures would add to the case for stimulus. European stock futures point to a flat open after recent rises. US futures were down 0.1 per cent, following a record-high close on the S&P 500 on Wednesday. China's industrial production growth slowed sharply in October, with the 4.7 per cent year-on-year rise well below forecasts for 5.4 per cent. Investment growth hit a record low and retail sales also missed expectations. "The weakness in investment and production would suggest that confidence is down," said Shane Oliver, chief economist at AMP Capital in Sydney. "It puts more pressure on Chinese authorities to come to a deal with Donald Trump on trade, just as President Trump's desire to be re-elected puts pressure on him to come to a deal." The weak figures also come as market confidence toward a resolution weakens, with a new Reuters poll showing most economists do not expect Washington and Beijing to strike a permanent truce over the coming year. Trump offered no update on the progress of negotiations in a policy speech on Tuesday. The Wall Street Journal reported on Wednesday that talks had snagged on farm purchases. Meanwhile, the global fallout from the dispute is widening. Data due at 0700 GMT will reveal whether Germany has entered a technical recession, as forecast. Japan's economic growth hit its slowest pace in a year in the third quarter as soft demand knocked exports. "Looking around the region, you've had some near misses of recession - Korea's been one, Singapore's also been one and you've got Hong Kong in a recession at the moment," said Sean Darby, global equity strategist at Jefferies in Hong Kong. "So it's not great. It's not a cycle that is not leaving any scars," he said. Worries about spiralling violence as anti-government protests intensify in Hong Kong have also soured investor sentiment. Protesters paralysed parts of Hong Kong for a fourth day on Thursday, forcing school closures and blocking highways and other transport links in a marked escalation of unrest in the financial hub. Hong Kong's Hang Seng fell 0.8 per cent on Thursday to a fresh one-month low. In currency markets, safe havens such as the Japanese yen and Swiss franc held on to gains. The yen was quoted at 108.70 per dollar, close to a one-week high. The Swiss franc traded at 0.9900 versus the greenback, near the highest in more than a week. The Australian dollar skidded to a one-month low on Thursday after a worryingly weak reading on employment re-ignited speculation about another cut in interest rates. Brent crude futures rose 0.6 per cent to $62.76 a barrel while US West Texas Intermediate (WTI) crude gained 0.63 per cent to $57.48 per barrel. The yield on benchmark 10-year Treasury notes rose to 1.8652 percent compared with its US close of 1.869 per cent on Wednesday.

Asian stocks retreat as China's growth slowdown deepens

Australian employment suffered its sharpest fall in three years last month, data showed on Thursday, underlining the need for urgent stimulus to revive economic activity and wages.

The local dollar fell a third of a cent to $0.6806&nbsp;as the market narrowed the odds on a rate cut from the Reserve Bank of Australia (RBA) in December, though it was still considered an outside chance.

The disappointing report will also pile political pressure on the conservative government of Prime Minister Scott Morrison to launch a fiscal rescue package for the economy.

Morrison has so far resisted all calls for action, in part by citing continued strength of the labour market.

That position will be harder to defend given net new jobs fell 19,000 in October, the largest drop since late 2016. The unemployment rate also nudged up to 5.3 per cent, reversing a promising dip in September.

Analysts polled by Reuters had forecast a gain of 15,000 jobs and an unemployment rate of 5.3 per cent.&nbsp;

"Slower employment growth also presents an additional challenge for the RBA's outlook for a recovery in consumer spending," said NAB economist Kaixin Owyong.

"Ideally the government would step in to deliver an additional fiscal stimulus, but if this fails to eventuate the RBA could adopt unconventional policy and cut the cash rate to 0.25 per cent."

The central bank has already cut rates three times to a historic low of 0.75 per cent, but so far the only impact has been a revival in-home price inflation.

Financial markets imply around a 24 per cent&nbsp;probability of a quarter-point easing at the RBA's next meeting on Dec. 3, rising to 62% for February.

Just last week the RBA threw in the towel on getting wages going, forecasting miserly annual growth of 2.3 per cent&nbsp;right out to 2021. Indeed, data out on Wednesday showed wage growth actually went backwards to 2.2 per cent&nbsp;in the September quarter.

Up until now, Australia's problem was not a dearth of hiring. Some 251,800 net new positions were created in the year to October, with the majority full time.

Annual jobs growth ran at a solid 2.0 per cent, comfortably above the latest US&nbsp;performance of 1.4 per cent.

The trouble, ironically, is that the labour market has proved too flexible in providing the workers needed to fill those jobs. All the growth in employment was met by an increased supply of labour, thus keeping the jobless rate up.

Participation in the workforce is up near-record peaks at 66.0 per cent&nbsp;and, adding in those who want to work more hours, the underutilisation rate was a high 13.8 per cent.

This phenomenon is partly a direct result of government policy. Extending childcare and disability payments have lifted the share of females in the workforce to all-time peaks.

The conservative government of Prime Minister Scott Morrison has also kept the doors wide open to skilled migration, with net arrivals running at almost 300,000 in the year to September, the highest in more than five years.

It has also imposed caps on pay rises for the public sector which has kept growth well under 3% for every year since 2013.

Australian employment suffered its sharpest fall in three years last month, data showed on Thursday, underlining the need for urgent stimulus to revive economic activity and wages.

Australian employment suffered its sharpest fall in three years last month, data showed on Thursday, underlining the need for urgent stimulus to revive economic activity and wages. The local dollar fell a third of a cent to $0.6806 as the market narrowed the odds on a rate cut from the Reserve Bank of Australia (RBA) in December, though it was still considered an outside chance. The disappointing report will also pile political pressure on the conservative government of Prime Minister Scott Morrison to launch a fiscal rescue package for the economy. Morrison has so far resisted all calls for action, in part by citing continued strength of the labour market. That position will be harder to defend given net new jobs fell 19,000 in October, the largest drop since late 2016. The unemployment rate also nudged up to 5.3 per cent, reversing a promising dip in September. Analysts polled by Reuters had forecast a gain of 15,000 jobs and an unemployment rate of 5.3 per cent. "Slower employment growth also presents an additional challenge for the RBA's outlook for a recovery in consumer spending," said NAB economist Kaixin Owyong. "Ideally the government would step in to deliver an additional fiscal stimulus, but if this fails to eventuate the RBA could adopt unconventional policy and cut the cash rate to 0.25 per cent." The central bank has already cut rates three times to a historic low of 0.75 per cent, but so far the only impact has been a revival in-home price inflation. Financial markets imply around a 24 per cent probability of a quarter-point easing at the RBA's next meeting on Dec. 3, rising to 62% for February. Just last week the RBA threw in the towel on getting wages going, forecasting miserly annual growth of 2.3 per cent right out to 2021. Indeed, data out on Wednesday showed wage growth actually went backwards to 2.2 per cent in the September quarter. Up until now, Australia's problem was not a dearth of hiring. Some 251,800 net new positions were created in the year to October, with the majority full time. Annual jobs growth ran at a solid 2.0 per cent, comfortably above the latest US performance of 1.4 per cent. The trouble, ironically, is that the labour market has proved too flexible in providing the workers needed to fill those jobs. All the growth in employment was met by an increased supply of labour, thus keeping the jobless rate up. Participation in the workforce is up near-record peaks at 66.0 per cent and, adding in those who want to work more hours, the underutilisation rate was a high 13.8 per cent. This phenomenon is partly a direct result of government policy. Extending childcare and disability payments have lifted the share of females in the workforce to all-time peaks. The conservative government of Prime Minister Scott Morrison has also kept the doors wide open to skilled migration, with net arrivals running at almost 300,000 in the year to September, the highest in more than five years. It has also imposed caps on pay rises for the public sector which has kept growth well under 3% for every year since 2013.

Australian jobs suffer biggest drop in three years

The German economy escaped a recession in the third quarter as consumers, state spending and construction drove a 0.1 per cent&nbsp;quarterly expansion, defying expectations of another contraction in Europe's largest economy, preliminary data showed on Thursday.

On an annual basis, gross domestic product expanded 0.5 per cent&nbsp;from July through September after a 0.3 per cent&nbsp;expansion in the previous three months, seasonally adjusted figures from the Federal Statistics Office showed.

"The German economy got away with a black eye: the technical recession could be avoided," Deka bank analyst Andreas Scheuerle said, but he added it was still too early to give the all-clear.

"Germany's economy is suffering from enormous global political uncertainty. Germany's flagship industry, the automobile sector, is not running smoothly anymore," he said.

Germany's manufacturers, whose exports have been a bedrock of the country's economic strength for decades, are struggling with weaker foreign demand, tariff disputes sparked by US&nbsp;President Donald Trump's 'America First' policies and business uncertainty linked to Britain's decision to leave the European Union.

The automobile sector, an important driver of overall growth, is also having trouble adjusting to stricter regulation following an emission cheating scandal and managing a broader shift away from combustion engines toward electric cars.

"We do not have a technical recession, but the growth numbers are still too weak," Economy Minister Peter Altmaier told ARD public television.

The Statistics Office said private households increased their spending from July through September while state spending and construction also supported overall growth.

Exports edged up on the quarter while imports remained broadly flat, the office said, suggesting that net trade could have been a positive impulse on the economy as well.

Alexander Krueger from Bankhaus Lampe said that he expected meagre growth rates in the coming quarters as the trade outlook remained clouded. "The economic slowdown in China, the global trade dispute and the Brexit chaos are all pointing to a weaker economic momentum," Krueger said.

The Statistics Office revised the quarterly GDP rate for the second quarter to a 0.2 per cent&nbsp;quarter-on-quarter contraction from a previously reported 0.1 per cent&nbsp;decline.

But it revised up the growth figures for the first quarter to a 0.5 per cent&nbsp;expansion from a 0.4 per cent&nbsp;increase reported earlier.

Analysts polled by Reuters for the third quarter had expected a 0.1 per cent&nbsp;contraction quarter-on-quarter and a 0.5 per cent&nbsp;expansion year-on-year in seasonally adjusted terms.

The German economy escaped a recession in the third quarter as consumers, state spending and construction drove a 0.1 per cent quarterly expansion, defying expectations of another contraction in Europe's largest economy, preliminary data showed on Thursday.

The German economy escaped a recession in the third quarter as consumers, state spending and construction drove a 0.1 per cent quarterly expansion, defying expectations of another contraction in Europe's largest economy, preliminary data showed on Thursday. On an annual basis, gross domestic product expanded 0.5 per cent from July through September after a 0.3 per cent expansion in the previous three months, seasonally adjusted figures from the Federal Statistics Office showed. "The German economy got away with a black eye: the technical recession could be avoided," Deka bank analyst Andreas Scheuerle said, but he added it was still too early to give the all-clear. "Germany's economy is suffering from enormous global political uncertainty. Germany's flagship industry, the automobile sector, is not running smoothly anymore," he said. Germany's manufacturers, whose exports have been a bedrock of the country's economic strength for decades, are struggling with weaker foreign demand, tariff disputes sparked by US President Donald Trump's 'America First' policies and business uncertainty linked to Britain's decision to leave the European Union. The automobile sector, an important driver of overall growth, is also having trouble adjusting to stricter regulation following an emission cheating scandal and managing a broader shift away from combustion engines toward electric cars. "We do not have a technical recession, but the growth numbers are still too weak," Economy Minister Peter Altmaier told ARD public television. The Statistics Office said private households increased their spending from July through September while state spending and construction also supported overall growth. Exports edged up on the quarter while imports remained broadly flat, the office said, suggesting that net trade could have been a positive impulse on the economy as well. Alexander Krueger from Bankhaus Lampe said that he expected meagre growth rates in the coming quarters as the trade outlook remained clouded. "The economic slowdown in China, the global trade dispute and the Brexit chaos are all pointing to a weaker economic momentum," Krueger said. The Statistics Office revised the quarterly GDP rate for the second quarter to a 0.2 per cent quarter-on-quarter contraction from a previously reported 0.1 per cent decline. But it revised up the growth figures for the first quarter to a 0.5 per cent expansion from a 0.4 per cent increase reported earlier. Analysts polled by Reuters for the third quarter had expected a 0.1 per cent contraction quarter-on-quarter and a 0.5 per cent expansion year-on-year in seasonally adjusted terms.

'Suffering' German economy dodges recession in third quarter

Uber&nbsp;launched a set of new safety features in Britain on Thursday as it battles to retain its <a href="https://www.wionews.com/world/uber-receives-just-a-two-month-london-licence-with-new-safety-conditions-251778">taxi operating licence</a> in the face of concerns about passenger safety.

The measures include a discrimination button enabling drivers and riders to report abuse, enhanced safety training for drivers and a direct connection to the emergency services.

In September,&nbsp;Uber&nbsp;received only a two-month operating licence in London, its most important European market, failing to secure a maximum five-year term in a battle with the regulator Transport for London (TfL) which has previously stripped the app of its right to take rides.

The two-month licence came with "new conditions to ensure passenger safety" and TfL said at the time it wanted more details from the company.

In 2017, TfL rejected the Silicon Valley company's licence renewal request due to failings it said it found in its approach to reporting serious criminal offences and driver background checks.&nbsp;Uber&nbsp;was then granted a probationary 15-month licence in 2018.

Drivers of London's traditional black taxis have lobbied hard against a licence renewal, citing safety issues, working standards and the undercutting of their business model.

Uber&nbsp;says its roughly 45,000 drivers in the city enjoy the flexibility of their work and that it has already taken several steps to improve safety for its passengers.

Uber launched a set of new safety features in Britain on Thursday as it battles to retain its taxi operating licence in the face of concerns about passenger safety.

Uber launched a set of new safety features in Britain on Thursday as it battles to retain its taxi operating licence in the face of concerns about passenger safety. The measures include a discrimination button enabling drivers and riders to report abuse, enhanced safety training for drivers and a direct connection to the emergency services. In September, Uber received only a two-month operating licence in London, its most important European market, failing to secure a maximum five-year term in a battle with the regulator Transport for London (TfL) which has previously stripped the app of its right to take rides. The two-month licence came with "new conditions to ensure passenger safety" and TfL said at the time it wanted more details from the company. In 2017, TfL rejected the Silicon Valley company's licence renewal request due to failings it said it found in its approach to reporting serious criminal offences and driver background checks. Uber was then granted a probationary 15-month licence in 2018. Drivers of London's traditional black taxis have lobbied hard against a licence renewal, citing safety issues, working standards and the undercutting of their business model. Uber says its roughly 45,000 drivers in the city enjoy the flexibility of their work and that it has already taken several steps to improve safety for its passengers.

Uber launches new safety features in UK as it fights for new licence

Walt Disney Co&nbsp;said demand for its much-anticipated streaming service, <a href="https://www.wionews.com/business-economy/disney-tops-earnings-estimates-ahead-of-streaming-launch-260718">Disney+</a>, was well above its expectations in a launch on Tuesday marred by complaints from users about glitches and connection problems.

Disney+ is relying on its extensive library of movies and TV shows as well as a new slate of content to take on market leader Netflix Inc&nbsp;and <a href="https://www.wionews.com/business-economy/appletv-debuts-streaming-tv-service-with-oprah-and-aniston-259285">Apple TV+</a>, Apple Inc's&nbsp;newly launched streaming service.

Disney shares were up about 2 per cent, while Netflix was down 1 per cent.

"The consumer demand for Disney+ has exceeded our highest expectations. ...we are aware of the current user issues and are working to swiftly resolve them," Disney said in a statement.

Some users who tried to access the service were greeted by an image of "Mickey Mouse" on a blue screen, with a message asking them to exit the app and try again. Many others had trouble finding the Disney+ app in Apple's App Store.

It was not immediately clear how many users were affected by the outage.

"Not too surprised but @disneyplus looks like it's already falling over. On FireTV Stick can't load main page (Unable to connect to Disney+) and couldn't play The Mandalorian (some account issue)," user @pmhesse&nbsp;tweeted.

"Hopefully it's worked out by tomorrow's treadmill time."

"The Mandalorian," the latest in the "Star Wars" movie and TV franchise, is an eight-episode live-action series which stars "Game of Thrones" actor Pedro Pascal as a helmeted bounty hunter.

"While it's easy to focus on the temporary problems, there's no doubt that this also shows an enormous demand for Disney's services," said Clement Thibault, an analyst at financial markets platform Investing.com.

"Big launches often have their hiccups when consumers are fighting to be the first to have a given service."

Users who accessed Disney+ were upbeat about content from the Marvel superhero universe, the "Star Wars" galaxy, "Toy Story" creator Pixar Animation and the National Geographic.

"Today is the perfect day to just stay home all day on my couch in my PJ's binging all of my favorite Disney movies on #DisneyPlus," tweeted @JulieDwoskin.

Walt Disney Co said demand for its much-anticipated streaming service, Disney+, was well above its expectations in a launch on Tuesday marred by complaints from users about glitches and connection problems.

Walt Disney Co said demand for its much-anticipated streaming service, Disney+, was well above its expectations in a launch on Tuesday marred by complaints from users about glitches and connection problems. Disney+ is relying on its extensive library of movies and TV shows as well as a new slate of content to take on market leader Netflix Inc and Apple TV+, Apple Inc's newly launched streaming service. Disney shares were up about 2 per cent, while Netflix was down 1 per cent. "The consumer demand for Disney+ has exceeded our highest expectations. ...we are aware of the current user issues and are working to swiftly resolve them," Disney said in a statement. Some users who tried to access the service were greeted by an image of "Mickey Mouse" on a blue screen, with a message asking them to exit the app and try again. Many others had trouble finding the Disney+ app in Apple's App Store. It was not immediately clear how many users were affected by the outage. "Not too surprised but @disneyplus looks like it's already falling over. On FireTV Stick can't load main page (Unable to connect to Disney+) and couldn't play The Mandalorian (some account issue)," user @pmhesse tweeted. "Hopefully it's worked out by tomorrow's treadmill time." "The Mandalorian," the latest in the "Star Wars" movie and TV franchise, is an eight-episode live-action series which stars "Game of Thrones" actor Pedro Pascal as a helmeted bounty hunter. "While it's easy to focus on the temporary problems, there's no doubt that this also shows an enormous demand for Disney's services," said Clement Thibault, an analyst at financial markets platform Investing.com. "Big launches often have their hiccups when consumers are fighting to be the first to have a given service." Users who accessed Disney+ were upbeat about content from the Marvel superhero universe, the "Star Wars" galaxy, "Toy Story" creator Pixar Animation and the National Geographic. "Today is the perfect day to just stay home all day on my couch in my PJ's binging all of my favorite Disney movies on #DisneyPlus," tweeted @JulieDwoskin.

Disney+ launch marred by glitches as demand overwhelms

Chinese e-commerce giant Alibaba Group launched the share sale for its Hong Kong listing on Wednesday, braving unrest in the global financial hub to try to raise up to $13.4 billion to fund its expansion plans.

The stock is due to start trading on November&nbsp;26 in Hong Kong, according to a term-sheet seen by Reuters.

The books for institutional investors looking to buy the shares opened during the New York trading session on Wednesday.

A 661-page draft prospectus for what looks set to be the world's biggest cross-border secondary listing shows Alibaba plans to use the money to invest in online delivery and local services platform Ele.me, as well as online travel group Fliggy.

It will also spend more on developing Youku, which Alibaba says is one of the leading online video platforms in China.

The plans come against the backdrop of slowing e-commerce industry in China, with Alibaba's annual Singles' Day shopping blitz recording its weakest sales growth since its 2009 debut.

The share sale, set to be Hong Kong's largest in more than nine years, is a boost for the city.

Hong Kong has sunk into its first recession in a decade as more than five months of street protests in which more than 2,300 people have been arrested as of last month, and worries about the US-China trade war took their toll.

The progress of the protests is being monitored by Alibaba and its advisers, and is seen as a risk to the deal going ahead, according to people with direct knowledge of the matter.

The institutional book-building for the listing will run for a week and the stock is expected to be priced on or around Nov. 20, two people with direct knowledge of the process said.

A maximum price for the retail component of the deal will be announced next week, one said.

The people could not be named because the information has not yet been made public.

The company also intends to increase its investment in cloud computing and machine learning, the prospectus shows.

The Hangzhou-based company said Alibaba Cloud was currently the world's third-largest Infrastructure as a Service business, by US revenue in 2018, according to a study by Gartner.

The prospectus shows Alibaba has 960 million 'digital economy users' in China, including customers of its Ant Financial partnership.

The company said its revenue was 410.8 billion yuan ($58.7 billion)for the year to June 30, 2019, and the total assets on its balance sheet were worth 1.01 trillion yuan.

Discount

Alibaba had been planning to sell the shares earlier this year, but in August postponed the deal as the anti-government protests rocking Hong Kong since June became increasingly violent.

However, a person familiar with the transaction said Alibaba was confident it could overcome the negative sentiment in Hong Kong financial markets caused by the demonstrations.

Analyst James Cordwell from Atlantic Equities echoes the sentiment and said that an increasing likelihood of a deal in the US-China trade war in the next few weeks helped the company undertake the listing now.

He said that while additional supply could weigh on the stock, over the longer run it could help the stock by broadening its investor base.

The deal had been initially expected to raise up to $15 billion, but 500 million primary shares will now be sold in the listing. Including a typical "greenshoe", or overallotment option, to sell some extra shares, the sale could raise up to $13.4 billion.

A sale of that size would dilute existing shareholders from the company's New York listing by 2.8%, and investors would be able trade shares between the two exchanges.

Alibaba's US-listed shares were down 2.7% at $181.94 in morning trade.

The Hong Kong shares are expected to be offered at a discount of up to 5% of the US equivalent.

At $13.4 billion, Alibaba’s share sale would rank as the world’s largest follow-on share sale targeting an entirely new stock exchange, according to data from Dealogic.

Alibaba holds the world record for an initial public offering (IPO) with its $25 billion New York flotation in 2014, but could shortly lose the crown to Saudi Arabia’s Aramco.

The oil producer is expected to raise between $20 billion and $40 billion in an IPO expected to price in the coming weeks.

Chinese e-commerce giant Alibaba Group launched the share sale for its Hong Kong listing on Wednesday, braving unrest in the global financial hub to try to raise up to $13.

Chinese e-commerce giant Alibaba Group launched the share sale for its Hong Kong listing on Wednesday, braving unrest in the global financial hub to try to raise up to $13.4 billion to fund its expansion plans. The stock is due to start trading on November 26 in Hong Kong, according to a term-sheet seen by Reuters. The books for institutional investors looking to buy the shares opened during the New York trading session on Wednesday. A 661-page draft prospectus for what looks set to be the world's biggest cross-border secondary listing shows Alibaba plans to use the money to invest in online delivery and local services platform Ele.me, as well as online travel group Fliggy. It will also spend more on developing Youku, which Alibaba says is one of the leading online video platforms in China. The plans come against the backdrop of slowing e-commerce industry in China, with Alibaba's annual Singles' Day shopping blitz recording its weakest sales growth since its 2009 debut. The share sale, set to be Hong Kong's largest in more than nine years, is a boost for the city. Hong Kong has sunk into its first recession in a decade as more than five months of street protests in which more than 2,300 people have been arrested as of last month, and worries about the US-China trade war took their toll. The progress of the protests is being monitored by Alibaba and its advisers, and is seen as a risk to the deal going ahead, according to people with direct knowledge of the matter. The institutional book-building for the listing will run for a week and the stock is expected to be priced on or around Nov. 20, two people with direct knowledge of the process said. A maximum price for the retail component of the deal will be announced next week, one said. The people could not be named because the information has not yet been made public. The company also intends to increase its investment in cloud computing and machine learning, the prospectus shows. The Hangzhou-based company said Alibaba Cloud was currently the world's third-largest Infrastructure as a Service business, by US revenue in 2018, according to a study by Gartner. The prospectus shows Alibaba has 960 million 'digital economy users' in China, including customers of its Ant Financial partnership. The company said its revenue was 410.8 billion yuan ($58.7 billion)for the year to June 30, 2019, and the total assets on its balance sheet were worth 1.01 trillion yuan. Discount Alibaba had been planning to sell the shares earlier this year, but in August postponed the deal as the anti-government protests rocking Hong Kong since June became increasingly violent. However, a person familiar with the transaction said Alibaba was confident it could overcome the negative sentiment in Hong Kong financial markets caused by the demonstrations. Analyst James Cordwell from Atlantic Equities echoes the sentiment and said that an increasing likelihood of a deal in the US-China trade war in the next few weeks helped the company undertake the listing now. He said that while additional supply could weigh on the stock, over the longer run it could help the stock by broadening its investor base. The deal had been initially expected to raise up to $15 billion, but 500 million primary shares will now be sold in the listing. Including a typical "greenshoe", or overallotment option, to sell some extra shares, the sale could raise up to $13.4 billion. A sale of that size would dilute existing shareholders from the company's New York listing by 2.8%, and investors would be able trade shares between the two exchanges. Alibaba's US-listed shares were down 2.7% at $181.94 in morning trade. The Hong Kong shares are expected to be offered at a discount of up to 5% of the US equivalent. At $13.4 billion, Alibaba’s share sale would rank as the world’s largest follow-on share sale targeting an entirely new stock exchange, according to data from Dealogic. Alibaba holds the world record for an initial public offering (IPO) with its $25 billion New York flotation in 2014, but could shortly lose the crown to Saudi Arabia’s Aramco. The oil producer is expected to raise between $20 billion and $40 billion in an IPO expected to price in the coming weeks.

Alibaba launches $13.4 billion Hong Kong listing to fund expansion

British annual inflation dropped faster than expected in October to a near three-year low at 1.5 per cent as lower energy prices offset rising prices for clothes, official data showed Wednesday.

The Consumer Prices Index 12-month rate, the lowest since November 2016, compared with 1.7 per cent in September, the Office for National Statistics (ONS) said in a statement published ahead of next month's UK general election.

Analysts' consensus forecast had been for a drop to 1.6 per cent.

"Admittedly, the drop mainly reflected a slump in energy inflation and so was not a reflection of a weakening in underlying inflationary pressures," noted Ruth Gregory, senior UK economist at Capital Economics research group.

"Overall, the figures do little to change our view that inflation will spend more time below (the Bank of England's target of) 2.0 per cent than above it in 2020 and that if Brexit is delayed further, interest rates will be cut, in May," she added.

The pound meanwhile showed little reaction to the latest inflation data.

"For the third day running we've had some news that could have caused some selling in the pound, but the currency has remained largely unperturbed with economic data still playing second fiddle to political developments in terms of moving the markets," said David Cheetham, chief market analyst at XTB trading group.

Official data Tuesday showed British unemployment hitting 3.8 per cent, a fresh 45-year low. &nbsp;&nbsp;

And on Monday, the ONS said that Britain's economy avoided recession in the third quarter, with growth of 0.3 per cent.&nbsp;

British annual inflation dropped faster than expected in October to a near three-year low at 1.5 per cent as lower energy prices offset rising prices for clothes, official data showed Wednesday.

British annual inflation dropped faster than expected in October to a near three-year low at 1.5 per cent as lower energy prices offset rising prices for clothes, official data showed Wednesday. The Consumer Prices Index 12-month rate, the lowest since November 2016, compared with 1.7 per cent in September, the Office for National Statistics (ONS) said in a statement published ahead of next month's UK general election. Analysts' consensus forecast had been for a drop to 1.6 per cent. "Admittedly, the drop mainly reflected a slump in energy inflation and so was not a reflection of a weakening in underlying inflationary pressures," noted Ruth Gregory, senior UK economist at Capital Economics research group. "Overall, the figures do little to change our view that inflation will spend more time below (the Bank of England's target of) 2.0 per cent than above it in 2020 and that if Brexit is delayed further, interest rates will be cut, in May," she added. The pound meanwhile showed little reaction to the latest inflation data. "For the third day running we've had some news that could have caused some selling in the pound, but the currency has remained largely unperturbed with economic data still playing second fiddle to political developments in terms of moving the markets," said David Cheetham, chief market analyst at XTB trading group. Official data Tuesday showed British unemployment hitting 3.8 per cent, a fresh 45-year low. And on Monday, the ONS said that Britain's economy avoided recession in the third quarter, with growth of 0.3 per cent.

UK inflation falls faster than expected in October

India's retail inflation rate rose to 4.62 per cent in October, driven by higher food prices, the government said on Wednesday.

Annual retail inflation in October was higher compared with 3.99 per cent in the previous month and analysts' forecasts.

Analysts polled by Reuters had forecast a retail inflation rate of 4.25 per cent&nbsp;for October.

"This was expected given the spikes in vegetables, meat &amp; fish and egg prices due to disruption in transportation caused by excessive and unpredictable rains. Inflation in pulses too is on the higher side due to demand-supply mismatch," said&nbsp;Rupa Rege NITSURE, chief economist, L&amp;T&nbsp;financial holdings, Mumbai

"However, core inflation has collapsed to 3.44 per cent in October versus 4.01 per cent&nbsp;in September due to broad based weakness in demand. While the RBI (Reserve Bank of India) will continue to provide comfort on the liquidity front, it makes sense to take a pause in the rate cutting cycle."

"The need of the hour is to boost investment confidence at the individual sector level through corrective measures and a fiscal boost. India needs to focus on growth and arrest the deflationary trends."

We think the current underlying growth-inflation mix continues to be favourable for counter-cyclical monetary stance,"&nbsp;Madhavi Arora, Edelweiss securities, Mumbai.

"The domestic demand state, as reflected in various activity indicators, has weakened further in recent months, while fragile external growth backdrop convolutes the domestic slowdown further. We think the monetary accommodation has further steam of 50-65bps cut more in the cycle, contingent on data outcomes."

"We will closely watch out for the evolution of inflation amid various domestic and global idiosyncrasies, and fiscal fragilities that could impact the MPC's (Monetary Policy Committee's) reaction function."

India's retail inflation rate rose to 4.62 per cent in October, driven by higher food prices, the government said on Wednesday. Annual retail inflation in October was higher compared with 3.

India's retail inflation rate rose to 4.62 per cent in October, driven by higher food prices, the government said on Wednesday. Annual retail inflation in October was higher compared with 3.99 per cent in the previous month and analysts' forecasts. Analysts polled by Reuters had forecast a retail inflation rate of 4.25 per cent for October. "This was expected given the spikes in vegetables, meat & fish and egg prices due to disruption in transportation caused by excessive and unpredictable rains. Inflation in pulses too is on the higher side due to demand-supply mismatch," said Rupa Rege NITSURE, chief economist, L&T financial holdings, Mumbai "However, core inflation has collapsed to 3.44 per cent in October versus 4.01 per cent in September due to broad based weakness in demand. While the RBI (Reserve Bank of India) will continue to provide comfort on the liquidity front, it makes sense to take a pause in the rate cutting cycle." "The need of the hour is to boost investment confidence at the individual sector level through corrective measures and a fiscal boost. India needs to focus on growth and arrest the deflationary trends." We think the current underlying growth-inflation mix continues to be favourable for counter-cyclical monetary stance," Madhavi Arora, Edelweiss securities, Mumbai. "The domestic demand state, as reflected in various activity indicators, has weakened further in recent months, while fragile external growth backdrop convolutes the domestic slowdown further. We think the monetary accommodation has further steam of 50-65bps cut more in the cycle, contingent on data outcomes." "We will closely watch out for the evolution of inflation amid various domestic and global idiosyncrasies, and fiscal fragilities that could impact the MPC's (Monetary Policy Committee's) reaction function."

India's October retail inflation rises to 4.62 per cent

Consumer goods giant Unilever&nbsp;on Wednesday named non-executive director Nils Andersen as its new chairman, replacing Marijn Dekkers who has decided to step down immediately.

Dekkers, chairman at the Dove soap and Knorr soup maker for more than three years, is standing down to focus on his responsibilities as founder and chairman of investment and advisory firm Novalis LifeSciences, the company said in a statement. He will remain on the board as non-executive director.

Andersen, who was appointed non-executive director of Unilever in 2015, is part of Unilever's audit committee and is also chairman of Dutch paint company Akzo Nobel NV&nbsp;and privately held Danish retailer Salling Group A/S. He is also a non-executive director at BP.&nbsp;

Andersen intends to step down from his roles at BP Plc and Salling Group A/S in March 2020, before the Unilever annual general meeting, the company said on Wednesday.

Consumer goods giant Unilever on Wednesday named non-executive director Nils Andersen as its new chairman, replacing Marijn Dekkers who has decided to step down immediately.

Consumer goods giant Unilever on Wednesday named non-executive director Nils Andersen as its new chairman, replacing Marijn Dekkers who has decided to step down immediately. Dekkers, chairman at the Dove soap and Knorr soup maker for more than three years, is standing down to focus on his responsibilities as founder and chairman of investment and advisory firm Novalis LifeSciences, the company said in a statement. He will remain on the board as non-executive director. Andersen, who was appointed non-executive director of Unilever in 2015, is part of Unilever's audit committee and is also chairman of Dutch paint company Akzo Nobel NV and privately held Danish retailer Salling Group A/S. He is also a non-executive director at BP. Andersen intends to step down from his roles at BP Plc and Salling Group A/S in March 2020, before the Unilever annual general meeting, the company said on Wednesday.

Unilever's Marijn Dekkers to step down as Chairman