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<a href="https://www.wionews.com/business-economy/indian-markets-end-big-as-bse-sensex-hits-lifetime-high-264376">Sensex opened over 200 points up</a> today, breaching the 41,000 mark for the first time in its history.&nbsp;

BSE Sensex currently stands at a lifetime high of 41,102.29 points after surging&nbsp;216 points or 0.53 per cent over the previous close. NSE Nifty gained 51 points or 0.42 per cent to go up&nbsp;12,126 points.&nbsp;

Top gainers included Hindalco (1.54 per cent gain), Tata Steel (1.66 per cent), Yes Bank (2.12 per cent), ICICI Bank (1.46 per cent), Sun Pharma (1.24 per cent).

The top losers were&nbsp;Bharti Infratel (which dropped by 4.42 per cent), Zee Entertainment (2.41 per cent), Bharti Airtel&nbsp;(1.79 per cent), Nestle (1.23 per cent), and Grasim (0.82 per cent).&nbsp;

On Saturday, US national security adviser Robert O'Brien had said an initial trade deal with China was still possible by the end of 2019 as a result&nbsp;Indian shares rose yesterday, led by metals and real estate stocks, while gains in broader Asia on hopes of progress in the US-China trade talks also boosted sentiment.&nbsp;

On Monday, Bharti Airtel was the biggest gainer in the Sensex pack with a rise of 7.20 per cent in its share value after telecom companies moved to Supreme Court regarding payment of Rs 92,000 crore dues to Department of Telecom.&nbsp;

Tata Steel, IndusInd Bank, Axis Bank, HDFC, Maruti and Tata Motors were the major gainers in the Sensex pack on Monday. In the Nifty, Bharti Airtel, Bharti Infratel, Tata Steel and Hindalco were the top earners. Only two stocks in the 30-share index ended in&nbsp;red.&nbsp;

Earlier, the <a href="https://www.wionews.com/business-economy/indian-markets-end-big-as-bse-sensex-hits-lifetime-high-264376">30-share-index</a>&nbsp;had touched a record high of 40,931.71 points in intraday trade.&nbsp;

(With inputs from agencies)

Sensex opened over 200 points up today, breaching the 41,000 mark for the first time in its history. BSE Sensex currently stands at a lifetime high of 41,102.29 points after surging 216 points or 0.

Sensex opened over 200 points up today, breaching the 41,000 mark for the first time in its history. BSE Sensex currently stands at a lifetime high of 41,102.29 points after surging 216 points or 0.53 per cent over the previous close. NSE Nifty gained 51 points or 0.42 per cent to go up 12,126 points. Top gainers included Hindalco (1.54 per cent gain), Tata Steel (1.66 per cent), Yes Bank (2.12 per cent), ICICI Bank (1.46 per cent), Sun Pharma (1.24 per cent). The top losers were Bharti Infratel (which dropped by 4.42 per cent), Zee Entertainment (2.41 per cent), Bharti Airtel (1.79 per cent), Nestle (1.23 per cent), and Grasim (0.82 per cent). On Saturday, US national security adviser Robert O'Brien had said an initial trade deal with China was still possible by the end of 2019 as a result Indian shares rose yesterday, led by metals and real estate stocks, while gains in broader Asia on hopes of progress in the US-China trade talks also boosted sentiment. On Monday, Bharti Airtel was the biggest gainer in the Sensex pack with a rise of 7.20 per cent in its share value after telecom companies moved to Supreme Court regarding payment of Rs 92,000 crore dues to Department of Telecom. Tata Steel, IndusInd Bank, Axis Bank, HDFC, Maruti and Tata Motors were the major gainers in the Sensex pack on Monday. In the Nifty, Bharti Airtel, Bharti Infratel, Tata Steel and Hindalco were the top earners. Only two stocks in the 30-share index ended in red. Earlier, the 30-share-index had touched a record high of 40,931.71 points in intraday trade. (With inputs from agencies)

Sensex hits all-time high, breaches 41K mark

The annual airline awards are out, judging the best in the sector across the globe, &nbsp;airline-ratings.com has come out with the top 20 best-in-class airlines.

For the sixth time in seven years, Air New Zealand has emerged as the best carrier in the world.

The assessment was done by an experienced and awarded team of professionals from the aviation sector.

Comparing the best in class service provided by the top names in the industry, the survey named the top 20 airlines.

To be in the top 20, airlines must achieve a seven-star safety rating, they must also demonstrate leadership in innovation for passenger comfort.

Releasing the findings, &nbsp;airline-ratings.com editor-in-chief Geoffrey Thomas said that going by these standards, Air New Zealand is the leader followed by Singapore Airlines.

Last year, Singapore Airlines ended Air New Zealand's five-year dominance.

Following closely behind is Japan's All Nippon Airways, Australia's Qantas and Hong Kong's Cathay Pacific in the top five slots.

The airlines got rated on 12 counts including fleet age, passenger review, investment rating, staff relations, product offering and profitability

Air New Zealand has had an obsession with the top spot. It is one of the few airlines in the world to have the lowest risk of default. Over the years, the airline has enjoyed a healthy expansion in its domestic and international circuit.

Singapore Airlines at no.2 spot has been at the forefront of passenger safety and comfort. In the past two years, they introduced new fleets of Airbus a350 and Boeing 787 known to be the best with cutting-edge technology

Japanese Nippon Airways enters the big league at no 3 standing out for its cabin innovation. Qantas comes in with its best lounge and domestic service and an all-time high customer approval rating.

Delta Airlines was America's favourite choice while Lufthansa was the best airline operator in the European continent.

Cathay Pacific at no. 5 was the best airline in the Asia-Pacific segment.

Emirates figures at no. 6 in overall rating while being the best airline in the Middle-East and Africa sector. In the coming year, the airline will introduce premium economy to its fleet.

The countdown also includes Britain's Virgin Atlantic, Taiwan's Eva Air, Qatar Airways and Virgin Australia, making a maiden entry at no. 10.

The survey also names the best low-cost carriers and leaders in regional sectors. Jet-blue in Americas, Wizz of Europe, Air Arabia in the Middle East and Africa and Air Asia in the Asia Pacific were the top budget carriers.

This is the first time, the rating has extended its survey to name the top 20 instead of top 10 airlines.

The annual airline awards are out, judging the best in the sector across the globe, airline-ratings.com has come out with the top 20 best-in-class airlines. For the sixth time in seven years, Air New Zealand has emerged as the best carrier in the world.

The annual airline awards are out, judging the best in the sector across the globe, airline-ratings.com has come out with the top 20 best-in-class airlines. For the sixth time in seven years, Air New Zealand has emerged as the best carrier in the world. The assessment was done by an experienced and awarded team of professionals from the aviation sector. Comparing the best in class service provided by the top names in the industry, the survey named the top 20 airlines. To be in the top 20, airlines must achieve a seven-star safety rating, they must also demonstrate leadership in innovation for passenger comfort. Releasing the findings, airline-ratings.com editor-in-chief Geoffrey Thomas said that going by these standards, Air New Zealand is the leader followed by Singapore Airlines. Last year, Singapore Airlines ended Air New Zealand's five-year dominance. Following closely behind is Japan's All Nippon Airways, Australia's Qantas and Hong Kong's Cathay Pacific in the top five slots. The airlines got rated on 12 counts including fleet age, passenger review, investment rating, staff relations, product offering and profitability Air New Zealand has had an obsession with the top spot. It is one of the few airlines in the world to have the lowest risk of default. Over the years, the airline has enjoyed a healthy expansion in its domestic and international circuit. Singapore Airlines at no.2 spot has been at the forefront of passenger safety and comfort. In the past two years, they introduced new fleets of Airbus a350 and Boeing 787 known to be the best with cutting-edge technology Japanese Nippon Airways enters the big league at no 3 standing out for its cabin innovation. Qantas comes in with its best lounge and domestic service and an all-time high customer approval rating. Delta Airlines was America's favourite choice while Lufthansa was the best airline operator in the European continent. Cathay Pacific at no. 5 was the best airline in the Asia-Pacific segment. Emirates figures at no. 6 in overall rating while being the best airline in the Middle-East and Africa sector. In the coming year, the airline will introduce premium economy to its fleet. The countdown also includes Britain's Virgin Atlantic, Taiwan's Eva Air, Qatar Airways and Virgin Australia, making a maiden entry at no. 10. The survey also names the best low-cost carriers and leaders in regional sectors. Jet-blue in Americas, Wizz of Europe, Air Arabia in the Middle East and Africa and Air Asia in the Asia Pacific were the top budget carriers. This is the first time, the rating has extended its survey to name the top 20 instead of top 10 airlines.

Air New Zealand named top carrier globally in annual airline awards

The Seoul city government said on Tuesday that it has approved the long-delayed construction of&nbsp;<a href="https://www.wionews.com/business-economy/hyundai-motor-group-to-invest-35-billion-in-future-automotive-tech-256032">Hyundai&nbsp;Motor Group's</a> new headquarters in the affluent district of&nbsp;Gangnam, which is set to be&nbsp;South&nbsp;Korea's&nbsp;tallest&nbsp;skyscraper&nbsp;when completed in 2026.

The 569-meter&nbsp;building will break ground in the first half of 2020, Seoul city said in a statement.

The approval came more than four years after&nbsp;Hyundai&nbsp;Motor Group,&nbsp;South&nbsp;Korea's&nbsp;second-largest conglomerate, offered to purchase the site with $10 billion in 2014, more than triple it's market price, outbidding <a href="https://www.wionews.com/business-economy/samsung-electronics-third-quarter-net-profit-slumps-52-258964">Samsung Electronics Co Ltd</a> and sparking a stock sell-off.

The construction, originally scheduled to commence in 2016, was delayed partly due to security concerns raised by&nbsp;South&nbsp;Korea's&nbsp;air force, which said the&nbsp;building would interfere with radar and military operations, a Seoul city official said.

Hyundai&nbsp;signed an agreement with the defense ministry to resolve operational restrictions until the construction of the&nbsp;building has reached around 260 meters high, the official said, adding that the construction can be suspended should&nbsp;Hyundai&nbsp;fail to do so.

The&nbsp;building, consisting of 105 floors, will house not only offices but a car theme park, a hotel, a concert hall and a convention center, according to its 2014 plan. It will be home to 18,000 employees from 30 affiliates of the conglomerate, it said at the time.

Hyundai&nbsp;Motor said in March that it was in talks with potential investors to share additional investment costs worth about 3.7 trillion won needed to develop its new headquarters, following a call by US&nbsp;hedge fund Elliott Management Corp to drop the controversial project.

Hyundai&nbsp;Motor is trying to rebound from its sixth consecutive annual profit declines while accelerating its investments in future technologies.

Hyundai&nbsp;said it "will continue to work closely with the Seoul Metropolitan Government to proceed with the project in compliance with the administrative procedures.”

The Seoul city government said on Tuesday that it has approved the long-delayed construction of Hyundai Motor Group's new headquarters in the affluent district of Gangnam, which is set to be South Korea's tallest skyscraper when completed in 2026.

The Seoul city government said on Tuesday that it has approved the long-delayed construction of Hyundai Motor Group's new headquarters in the affluent district of Gangnam, which is set to be South Korea's tallest skyscraper when completed in 2026. The 569-meter building will break ground in the first half of 2020, Seoul city said in a statement. The approval came more than four years after Hyundai Motor Group, South Korea's second-largest conglomerate, offered to purchase the site with $10 billion in 2014, more than triple it's market price, outbidding Samsung Electronics Co Ltd and sparking a stock sell-off. The construction, originally scheduled to commence in 2016, was delayed partly due to security concerns raised by South Korea's air force, which said the building would interfere with radar and military operations, a Seoul city official said. Hyundai signed an agreement with the defense ministry to resolve operational restrictions until the construction of the building has reached around 260 meters high, the official said, adding that the construction can be suspended should Hyundai fail to do so. The building, consisting of 105 floors, will house not only offices but a car theme park, a hotel, a concert hall and a convention center, according to its 2014 plan. It will be home to 18,000 employees from 30 affiliates of the conglomerate, it said at the time. Hyundai Motor said in March that it was in talks with potential investors to share additional investment costs worth about 3.7 trillion won needed to develop its new headquarters, following a call by US hedge fund Elliott Management Corp to drop the controversial project. Hyundai Motor is trying to rebound from its sixth consecutive annual profit declines while accelerating its investments in future technologies. Hyundai said it "will continue to work closely with the Seoul Metropolitan Government to proceed with the project in compliance with the administrative procedures.”

Hyundai gets nod to build South Korea's tallest skyscraper for Gangnam HQ

<a href="https://www.wionews.com/business-economy/world-stocks-hold-near-one-week-low-195">World&nbsp;stocks</a>&nbsp;edged&nbsp;off&nbsp;their highest in almost two years on Tuesday, but kept record levels insight, following fresh signs that the United States and&nbsp;China&nbsp;were working to end a trade war dragging on the&nbsp;global&nbsp;economy.

China's Vice Premier Liu He,&nbsp;US&nbsp;Trade Representative Robert Lighthizer and&nbsp;US&nbsp;Treasury Secretary Steven Mnuchin held a phone call on issues&nbsp;related to a phase one trade agreement on Tuesday,&nbsp;China&nbsp;said.

This, alongside a strong Hong Kong debut for Chinese e-commerce giant <a href="https://www.wionews.com/business-economy/alibaba-launches-134-billion-hong-kong-listing-to-fund-expansion-261906">Alibaba</a>, is the&nbsp;world's largest share sale this year, boosted&nbsp;markets&nbsp;in Asia.

MSCI's 49-country main&nbsp;world&nbsp;share index, touched its highest level in almost two years, before drifting lower as the European session wore on. Still, it remained less than 1 per cent&nbsp;off&nbsp;record&nbsp;highs&nbsp;hit in early 2018.

European&nbsp;stocks, with the exception of London's FTSE, were broadly lower and&nbsp;US&nbsp;equity futures also inched down as a note of caution returned after a strong rally fuelled by trade talk hopes.

The pan-European STOXX 600 remained within striking distance of four-year&nbsp;highs.

"The outlook is positive as&nbsp;world&nbsp;trade angst is the biggest negative out there, especially when you throw in loose policy, the pick-up yields for equities versus bonds and the like," said Chris Bailey, European strategist at Raymond James in London.

"However, the residual issues&nbsp;are clear: The first is a reversal in&nbsp;world&nbsp;trade optimism, the second is that valuations become perceived as overstretched - this can easily happen given lackluster corporate earnings growth."

In Asia, Alibaba shares opened almost 7 per cent&nbsp;higher in Hong Kong than their issue price and at a small premium to pricing in New York. The listing has been seen as a vote of confidence in Hong Kong after months of anti-government protests that have rocked the financial hub.

A flurry of major acquisition activity has also supported sentiment in equity&nbsp;markets, with Global markets: World stocks edge off highs to await US-China progress agreeing to buy&nbsp;US&nbsp;jeweller Tiffany for $16.2 billion and Charles Schwab Corp set to purchase&nbsp;US&nbsp;discount brokerage TD Ameritrade Holding Corp in an all-stock deal valued at $26 billion.

Still, it was the outcome of&nbsp;US-China&nbsp;trade talks that remained the key driver for&nbsp;world&nbsp;markets.

The&nbsp;US&nbsp;dollar gave up earlier gains as some of the optimism over an agreement faded, slipping from a two-week high of 109.205 yen hit during Asian trade.

The euro was also a touch firmer at $1.10150.

China's yuan - the currency most sensitive to the trade war - had risen to a one-week high of 7.0181 against the dollar, but was last trading at 7.0388.

"China&nbsp;and the&nbsp;US&nbsp;agreed on a framework to resolve their phase one issue, which is just a way of saying that they did admin work," said Sebastien Galy, senior macro strategist at Nordea Asset Management.

The United States has imposed tariffs on Chinese goods in a 16-month dispute over trade practices that the US&nbsp;government says are unfair.&nbsp;China&nbsp;has responded with its own tariffs on&nbsp;US&nbsp;goods.

The next important date to watch is December&nbsp;15, when Washington is scheduled to impose even more tariffs on Chinese goods.

Safe-haven bond yields nudged back down, also reflecting the more cautious tone among investors.

The 10-year&nbsp;US&nbsp;Treasury yield was last down 2 basis points on the day at around 1.75 per cent.

Elsewhere, Bitcoin, the&nbsp;world's biggest cryptocurrency, dipped to $7,065, holding above six-month lows hit on Monday after the People's Bank of&nbsp;China&nbsp;launched a fresh crackdown on cryptocurrencies.

US&nbsp;crude was flat at $58 a barrel. Brent crude was little changed at $63.71 per barrel.

World stocks edged off their highest in almost two years on Tuesday, but kept record levels insight, following fresh signs that the United States and China were working to end a trade war dragging on the global economy.

World stocks edged off their highest in almost two years on Tuesday, but kept record levels insight, following fresh signs that the United States and China were working to end a trade war dragging on the global economy. China's Vice Premier Liu He, US Trade Representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin held a phone call on issues related to a phase one trade agreement on Tuesday, China said. This, alongside a strong Hong Kong debut for Chinese e-commerce giant Alibaba, is the world's largest share sale this year, boosted markets in Asia. MSCI's 49-country main world share index, touched its highest level in almost two years, before drifting lower as the European session wore on. Still, it remained less than 1 per cent off record highs hit in early 2018. European stocks, with the exception of London's FTSE, were broadly lower and US equity futures also inched down as a note of caution returned after a strong rally fuelled by trade talk hopes. The pan-European STOXX 600 remained within striking distance of four-year highs. "The outlook is positive as world trade angst is the biggest negative out there, especially when you throw in loose policy, the pick-up yields for equities versus bonds and the like," said Chris Bailey, European strategist at Raymond James in London. "However, the residual issues are clear: The first is a reversal in world trade optimism, the second is that valuations become perceived as overstretched - this can easily happen given lackluster corporate earnings growth." In Asia, Alibaba shares opened almost 7 per cent higher in Hong Kong than their issue price and at a small premium to pricing in New York. The listing has been seen as a vote of confidence in Hong Kong after months of anti-government protests that have rocked the financial hub. A flurry of major acquisition activity has also supported sentiment in equity markets, with Global markets: World stocks edge off highs to await US-China progress agreeing to buy US jeweller Tiffany for $16.2 billion and Charles Schwab Corp set to purchase US discount brokerage TD Ameritrade Holding Corp in an all-stock deal valued at $26 billion. Still, it was the outcome of US-China trade talks that remained the key driver for world markets. The US dollar gave up earlier gains as some of the optimism over an agreement faded, slipping from a two-week high of 109.205 yen hit during Asian trade. The euro was also a touch firmer at $1.10150. China's yuan - the currency most sensitive to the trade war - had risen to a one-week high of 7.0181 against the dollar, but was last trading at 7.0388. "China and the US agreed on a framework to resolve their phase one issue, which is just a way of saying that they did admin work," said Sebastien Galy, senior macro strategist at Nordea Asset Management. The United States has imposed tariffs on Chinese goods in a 16-month dispute over trade practices that the US government says are unfair. China has responded with its own tariffs on US goods. The next important date to watch is December 15, when Washington is scheduled to impose even more tariffs on Chinese goods. Safe-haven bond yields nudged back down, also reflecting the more cautious tone among investors. The 10-year US Treasury yield was last down 2 basis points on the day at around 1.75 per cent. Elsewhere, Bitcoin, the world's biggest cryptocurrency, dipped to $7,065, holding above six-month lows hit on Monday after the People's Bank of China launched a fresh crackdown on cryptocurrencies. US crude was flat at $58 a barrel. Brent crude was little changed at $63.71 per barrel.

Global markets: World stocks edge off highs to await US-China progress

After opening with <a href="https://www.wionews.com/business-economy/sensex-hits-all-time-high-breaches-41k-mark-264523">record gains</a>, Indian ended lower due to losses in the IT sector even though global markets reacted positively on the hope of US-China trade deal. &nbsp;

The BSE Sensex lost 67.93 points or 0.17 per cent lower to end at 40,821, while NSE Nifty fell 36.05 points or 0.30 per cent to close at 12,006.35.

Earlier on the day, Sensex opened with a rise of 200 points to breach 41,000 mark for the first time in its history. NSE 50 also touched a lifetime high of 12,132.45 in the early trade.

ICICI Bank was the biggest gainer in both Sensex and Nifty 50. Shares of IndusInd Bank, Tata Steel, HDFC, Hero Moto Co, HDFC, Asian Paints and &nbsp;HUL also ended in green in the Sensex pack. Reliance Industries, Kotak Bank and SBI were the top losers.

GAIL, IndusInd Bank, Dr Reddy, among others were the winners, while, Infratel, Airtel and Grasim were the major losers in Nifty 50. Bharti Aritel's shares dropped 4.3 per cent after the credit rating agency ICRA, downgraded its rating from "AA" to "AA-".&nbsp;

IT shares fell after the rupee firmed to 71.5387 against the US dollar. The Nifty IT index closed 1.18% lower, with India's second-most valuable company TCS losing 1.67%.

Earlier on Monday, BSE Sensex closed with a lifetime high of 40,889.23, while, NSE Nifty rose 164.10 points or 1.38 per cent to settle at 12,078.50 points.&nbsp;

(with inputs from agencies)

After opening with record gains, Indian ended lower due to losses in the IT sector even though global markets reacted positively on the hope of US-China trade deal.

After opening with record gains, Indian ended lower due to losses in the IT sector even though global markets reacted positively on the hope of US-China trade deal. The BSE Sensex lost 67.93 points or 0.17 per cent lower to end at 40,821, while NSE Nifty fell 36.05 points or 0.30 per cent to close at 12,006.35. Earlier on the day, Sensex opened with a rise of 200 points to breach 41,000 mark for the first time in its history. NSE 50 also touched a lifetime high of 12,132.45 in the early trade. ICICI Bank was the biggest gainer in both Sensex and Nifty 50. Shares of IndusInd Bank, Tata Steel, HDFC, Hero Moto Co, HDFC, Asian Paints and HUL also ended in green in the Sensex pack. Reliance Industries, Kotak Bank and SBI were the top losers. GAIL, IndusInd Bank, Dr Reddy, among others were the winners, while, Infratel, Airtel and Grasim were the major losers in Nifty 50. Bharti Aritel's shares dropped 4.3 per cent after the credit rating agency ICRA, downgraded its rating from "AA" to "AA-". IT shares fell after the rupee firmed to 71.5387 against the US dollar. The Nifty IT index closed 1.18% lower, with India's second-most valuable company TCS losing 1.67%. Earlier on Monday, BSE Sensex closed with a lifetime high of 40,889.23, while, NSE Nifty rose 164.10 points or 1.38 per cent to settle at 12,078.50 points. (with inputs from agencies)

Indian markets end lower after Sensex, Nifty touch record high

<a href="https://www.wionews.com/.../bitcoin-plummets-to-a-six-month-low-on-china- crackdown-263935">China's central bank</a> issued draft guidelines on Tuesday on the evaluation of the country's systemically important banks.

The guidelines will help regulators to identify lenders that are crucial to China's financial system, and thus reduce and fend off major financial risks, the People's Bank of China (PBOC) said on its official website.

A list of systemically important banks will be jointly reviewed and announced by the PBOC and the China Banking and Insurance Regulatory Commission (CBIRC) once a year, according to the statement.

Yet the draft didn't elaborate on the detailed list of banks nor specific requirements they need to meet with.

China's central bank issued draft guidelines on Tuesday on the evaluation of the country's systemically important banks. The guidelines will help regulators to identify lenders that are crucial to China's financial system, and thus reduce and fend off major financial risks, the People's Bank of China (PBOC) said on its official website.

China's central bank issued draft guidelines on Tuesday on the evaluation of the country's systemically important banks. The guidelines will help regulators to identify lenders that are crucial to China's financial system, and thus reduce and fend off major financial risks, the People's Bank of China (PBOC) said on its official website. A list of systemically important banks will be jointly reviewed and announced by the PBOC and the China Banking and Insurance Regulatory Commission (CBIRC) once a year, according to the statement. Yet the draft didn't elaborate on the detailed list of banks nor specific requirements they need to meet with.

China Central Bank issues draft guidelines on evaluation of systemically important banks

<a href="https://www.wionews.com/business-economy/alibaba-eyes-129-billion-hong-kong-ipo-after-setting-price-reports-263274">Alibaba Group's&nbsp; </a>Hong Kong shares closed its first trading session up 6.6 per cent&nbsp;from the issue price after this year's largest stock sale.

Shares worth HK$13.99 billion&nbsp;were traded, according to Refinitiv data, making it the third-biggest debut on record for the Hong Kong market.

Alibaba is already the fifth most-traded company in New York this year, averaging $2.6 billion a day, Refinitiv data showed.

The Chinese e-commerce giant has raised at least $11.3 billion from its secondary listing, which has been seen as a vote of confidence in Hong Kong's financial future amid six months of increasingly violent anti-government protests.

The figure could climb to as much as $12.9 billion if Alibaba chooses to exercise an over-allotment option within 30 days of the start of trade.&nbsp;

Alibaba shares closed at HK$187.60 which was 6.6 per cent higher than the issue price of HK$176 per share.

On Monday its US&nbsp;American Depository Shares (ADS) closed at $190.45. With eight Hong Kong shares per ADS, that implied a price of HK$186.30 per share.

Alibaba's debut ranks third in the city for a first-day turnover behind insurer AIA Group&nbsp;in 2010 which recorded $HK49.38 billion in turnover, China Literature was second with $HK14.17 billion when it debuted in November 2017, Refinitiv data showed.

The average daily turnover on the Hong Kong Exchange this year has been $11.6 billion, according to the exchange's third-quarter earnings report, implying that Alibaba on Tuesday accounted for more than one-tenth of total market turnover.

The funds raised from the Hong Kong listing will help Alibaba, Asia's biggest company by market value and the world's seventh-largest, invest more in a range of online services.

But analysts also note that the establishment of a base of investors in Hong Kong and China could function as a backup for the company should its shares be hit in New York amid the US-China trade dispute.

The Hong Kong and New York stocks are fungible, which means investors can buy and sell the same shares on either exchange and that pricing on the exchanges are unlikely to diverge too far from each other.

The premium to New York reflects the willingness of investors in the city and Asia to take on the stock of a company they know well, market participants said. Expectations are also high that it will get a lift in valuation when it becomes eligible for trading in the Stock Connect that links Shanghai and Shenzhen with Hong Kong next June.

"There will be some upside for the company's price in Hong Kong but I don't think we will see the shares double or triple in a year," said Geo Securities Chief Executive Francis Lun.

At Tuesday's listing ceremony, CEO Daniel Zhang noted the Hong Kong debut had been a long time coming.

Alibaba had hoped to initially list in Hong Kong but eventually chose New York for its record-breaking $25 billion initial public offerings in 2014 after its unusual governance structure failed to win acceptance from Hong Kong regulators.

The loss of the listing triggered years of argument and consultations that resulted in rule changes last year.

"Thank you Hong Kong and thank you HKEX. Your reform and innovation of the capital markets in the past few years have made it possible for us to realise what we missed five years ago," Zhang said at the listing ceremony.

The Hong Kong listing has surpassed other large stock sales this year, ranking ahead of Uber Technologies&nbsp; $8.1 billion IPO and $5.7 billion IPO for Anheuser-Busch InBev’s&nbsp;&nbsp;Asian brewing business in Hong Kong.

In its prospectus, Alibaba said it would use the funds raised to increase its investment in online delivery and local services platform Ele me and in online travel group Fliggy.

Alibaba also plans to spend more on developing Youku, one of the leading online video platforms in China.

Small retail investors were enthusiastic buyers of the deal, subscribing for 40 times the shares they were originally allotted and eventually taking 10 per cent&nbsp;of the deal.

Alibaba Group's Hong Kong shares closed its first trading session up 6.6 per cent from the issue price after this year's largest stock sale. Shares worth HK$13.99 billion were traded, according to Refinitiv data, making it the third-biggest debut on record for the Hong Kong market.

Alibaba Group's Hong Kong shares closed its first trading session up 6.6 per cent from the issue price after this year's largest stock sale. Shares worth HK$13.99 billion were traded, according to Refinitiv data, making it the third-biggest debut on record for the Hong Kong market. Alibaba is already the fifth most-traded company in New York this year, averaging $2.6 billion a day, Refinitiv data showed. The Chinese e-commerce giant has raised at least $11.3 billion from its secondary listing, which has been seen as a vote of confidence in Hong Kong's financial future amid six months of increasingly violent anti-government protests. The figure could climb to as much as $12.9 billion if Alibaba chooses to exercise an over-allotment option within 30 days of the start of trade. Alibaba shares closed at HK$187.60 which was 6.6 per cent higher than the issue price of HK$176 per share. On Monday its US American Depository Shares (ADS) closed at $190.45. With eight Hong Kong shares per ADS, that implied a price of HK$186.30 per share. Alibaba's debut ranks third in the city for a first-day turnover behind insurer AIA Group in 2010 which recorded $HK49.38 billion in turnover, China Literature was second with $HK14.17 billion when it debuted in November 2017, Refinitiv data showed. The average daily turnover on the Hong Kong Exchange this year has been $11.6 billion, according to the exchange's third-quarter earnings report, implying that Alibaba on Tuesday accounted for more than one-tenth of total market turnover. The funds raised from the Hong Kong listing will help Alibaba, Asia's biggest company by market value and the world's seventh-largest, invest more in a range of online services. But analysts also note that the establishment of a base of investors in Hong Kong and China could function as a backup for the company should its shares be hit in New York amid the US-China trade dispute. The Hong Kong and New York stocks are fungible, which means investors can buy and sell the same shares on either exchange and that pricing on the exchanges are unlikely to diverge too far from each other. The premium to New York reflects the willingness of investors in the city and Asia to take on the stock of a company they know well, market participants said. Expectations are also high that it will get a lift in valuation when it becomes eligible for trading in the Stock Connect that links Shanghai and Shenzhen with Hong Kong next June. "There will be some upside for the company's price in Hong Kong but I don't think we will see the shares double or triple in a year," said Geo Securities Chief Executive Francis Lun. At Tuesday's listing ceremony, CEO Daniel Zhang noted the Hong Kong debut had been a long time coming. Alibaba had hoped to initially list in Hong Kong but eventually chose New York for its record-breaking $25 billion initial public offerings in 2014 after its unusual governance structure failed to win acceptance from Hong Kong regulators. The loss of the listing triggered years of argument and consultations that resulted in rule changes last year. "Thank you Hong Kong and thank you HKEX. Your reform and innovation of the capital markets in the past few years have made it possible for us to realise what we missed five years ago," Zhang said at the listing ceremony. The Hong Kong listing has surpassed other large stock sales this year, ranking ahead of Uber Technologies $8.1 billion IPO and $5.7 billion IPO for Anheuser-Busch InBev’s Asian brewing business in Hong Kong. In its prospectus, Alibaba said it would use the funds raised to increase its investment in online delivery and local services platform Ele me and in online travel group Fliggy. Alibaba also plans to spend more on developing Youku, one of the leading online video platforms in China. Small retail investors were enthusiastic buyers of the deal, subscribing for 40 times the shares they were originally allotted and eventually taking 10 per cent of the deal.

Alibaba's Hong Kong shares rise 6.6% on debut in heavy volume

<a href="https://www.wionews.com/world/erdogan-says-he-told-trump-turkey-will-not-give-up-russian-s-400s-263168">Russia hopes to seal a deal to supply Turkey</a> with more S-400 missile systems in the first half of next year, the head of Russian state arms exporter Rosoboronexport, Alexander Mikheev, said in an interview with RIA news agency published on Tuesday.

Turkey's purchase of the S-400 missiles has already drawn the ire of the United States, which has suspended Ankara from the F-35 stealth fighter jet programme, which it was a buyer and producer of, to punish it.

Washington has also warned of possible US&nbsp;sanctions, saying the missiles are not compatible with NATO defences, but has not yet imposed them.

And a senior US&nbsp;State Department official said last week that Turkey needed to get rid of the S-400s it had already bought to mend fences.

But Mikheev said in an interview with RIA that Moscow and Ankara were actively discussing Ankara taking up an option that was part of the original contract for it to take delivery of more S-400 systems with talks focused on financial questions.

"We hope that in the first half of 2020 we will sign the contract documents," RIA cited Mikheev as saying. "But I want to stress that military-technical cooperation with Turkey is not limited to the supply of the S-400s. We have big plans ahead."

Mikheev said the option, if signed, would cover a new regiment of S-400s and that some of the system's components would be produced in Turkey.

He said it was premature to talk about which components would be made in Turkey however and in what quantities.

Ankara began receiving the first batch of S-400s in July but they are not yet operational, though Turkish media reported on Monday that Turkish F-16 warplanes would fly over the country's capital to test the system.

Mikheev was cited as saying that efforts by the United States to stop other countries buying Russian military hardware had not been as effective as Washington hoped.

"You can see how confident India, China, Turkey and other countries are on the international stage," he said.

"Many are openly outraged by US&nbsp;sanctions policy, which is trying to prevent them from developing their own armed forces and technical military cooperation with Russia," he said.

Russia hopes to seal a deal to supply Turkey with more S-400 missile systems in the first half of next year, the head of Russian state arms exporter Rosoboronexport, Alexander Mikheev, said in an interview with RIA news agency published on Tuesday.

Russia hopes to seal a deal to supply Turkey with more S-400 missile systems in the first half of next year, the head of Russian state arms exporter Rosoboronexport, Alexander Mikheev, said in an interview with RIA news agency published on Tuesday. Turkey's purchase of the S-400 missiles has already drawn the ire of the United States, which has suspended Ankara from the F-35 stealth fighter jet programme, which it was a buyer and producer of, to punish it. Washington has also warned of possible US sanctions, saying the missiles are not compatible with NATO defences, but has not yet imposed them. And a senior US State Department official said last week that Turkey needed to get rid of the S-400s it had already bought to mend fences. But Mikheev said in an interview with RIA that Moscow and Ankara were actively discussing Ankara taking up an option that was part of the original contract for it to take delivery of more S-400 systems with talks focused on financial questions. "We hope that in the first half of 2020 we will sign the contract documents," RIA cited Mikheev as saying. "But I want to stress that military-technical cooperation with Turkey is not limited to the supply of the S-400s. We have big plans ahead." Mikheev said the option, if signed, would cover a new regiment of S-400s and that some of the system's components would be produced in Turkey. He said it was premature to talk about which components would be made in Turkey however and in what quantities. Ankara began receiving the first batch of S-400s in July but they are not yet operational, though Turkish media reported on Monday that Turkish F-16 warplanes would fly over the country's capital to test the system. Mikheev was cited as saying that efforts by the United States to stop other countries buying Russian military hardware had not been as effective as Washington hoped. "You can see how confident India, China, Turkey and other countries are on the international stage," he said. "Many are openly outraged by US sanctions policy, which is trying to prevent them from developing their own armed forces and technical military cooperation with Russia," he said.

Russia, Turkey may sign new contract on S-400 systems in 2020

&nbsp;Deutsche Post&nbsp;DHL&nbsp;Group's&nbsp;StreetScooter&nbsp;electric&nbsp;vehicle unit will enter the&nbsp;US&nbsp;market next year as&nbsp;delivery&nbsp;firms and municipalities work to cut greenhouse gas&nbsp;emissions.

DHL&nbsp;will&nbsp;debut&nbsp;StreetScooter's&nbsp;zero-emission&nbsp;Work L&nbsp;delivery&nbsp;van in two urban&nbsp;US markets, one on each coast, starting in Spring 2020, the companies said. They did not specify which markets would be the first.

Full deployment could come in 2022 and 2023, said Ulrich Stuhec, StreetScooter's chief technology officer, who joined the company from Ford Motor Co in October.

Los Angeles, London, Berlin, Tokyo and 30 other&nbsp;cities&nbsp;around the globe have been working to establish&nbsp;zero-emission&nbsp;zones by 2030. Those&nbsp;cities&nbsp;hope to curb accumulating greenhouse gases that contribute to extreme weather, higher temperatures, and rising sea levels, which have steep economic, environmental and human costs.

The transportation industry - which includes fossil-fuel-burning ships, trains, trucks, and planes - accounted for 14 per cent&nbsp;of global greenhouse gas&nbsp;emissions in 2010, according to the United Nations' Intergovernmental Panel on Climate Change.

Over the last three years,&nbsp;DHL&nbsp;has kicked off "CO2-free last-mile&nbsp;delivery" efforts with German&nbsp;cities&nbsp;like Berlin, Hamburg, and Munich.

Roughly 10,000 of the 12,000 StreetScooter&nbsp;electric&nbsp;vehicles on the road make&nbsp;DHL&nbsp;deliveries. They operate in Amsterdam, Vienna, and&nbsp;cities&nbsp;around Germany - saving roughly 36,000 metric tons of CO2 per truck each year, StreetScooter said.

"We have the most experience on the road while others are still working on their first prototypes," StreetScooter's Stuhec said in a recent interview.&nbsp;

Up-and-coming&nbsp;delivery&nbsp;competitor Amazon.com Inc in September gave the&nbsp;electric&nbsp;vehicle industry a jolt with its plan to order 100,000&nbsp;electric&nbsp;delivery&nbsp;vans&nbsp;from Rivian Automotive LLC, a company it funds. The first&nbsp;vans&nbsp;should hit streets in 2021. Meanwhile,<a href="https://www.wionews.com/world/amazon-files-lawsuit-contesting-pentagons-10-billion-cloud-contract-to-microsoft-263976"> Amazon </a>said it's&nbsp;delivery&nbsp;partners are using around 200&nbsp;electric&nbsp;vehicles.

United Parcel Service Inc has 1,000&nbsp;electric&nbsp;and hybrid&nbsp;electric&nbsp;vehicles in its fleet, and<a href="https://www.wionews.com/business-economy/fedex-to-end-amazon-contract-for-fedex-express-plane-service-225431"> FedEx Corp</a>&nbsp;last year announced plans to deploy 1,000&nbsp;electric&nbsp;vehicles in California.

DHL&nbsp;fully acquired StreetScooter in 2014. The unprofitable subsidiary is seeking new investors and customers to further ramp production. Current partners include the United Kingdom's Milk &amp; More, which ordered 200 trucks, and Japanese&nbsp;delivery&nbsp;firm <a href="https://www.wionews.com/world/missing-japanese-boy-found-alive-unharmed-190">Yamato</a>, which has started to deploy 500 planned vehicles.

In September, StreetScooter cracked the world's biggest&nbsp;electric&nbsp;vehicle market - signing a memorandum of understanding with Chinese carmaker Chery Automobile Co&nbsp;to begin&nbsp;electric&nbsp;van production in 2021.

Deutsche Post DHL Group's StreetScooter electric vehicle unit will enter the US market next year as delivery firms and municipalities work to cut greenhouse gas emissions.

Deutsche Post DHL Group's StreetScooter electric vehicle unit will enter the US market next year as delivery firms and municipalities work to cut greenhouse gas emissions. DHL will debut StreetScooter's zero-emission Work L delivery van in two urban US markets, one on each coast, starting in Spring 2020, the companies said. They did not specify which markets would be the first. Full deployment could come in 2022 and 2023, said Ulrich Stuhec, StreetScooter's chief technology officer, who joined the company from Ford Motor Co in October. Los Angeles, London, Berlin, Tokyo and 30 other cities around the globe have been working to establish zero-emission zones by 2030. Those cities hope to curb accumulating greenhouse gases that contribute to extreme weather, higher temperatures, and rising sea levels, which have steep economic, environmental and human costs. The transportation industry - which includes fossil-fuel-burning ships, trains, trucks, and planes - accounted for 14 per cent of global greenhouse gas emissions in 2010, according to the United Nations' Intergovernmental Panel on Climate Change. Over the last three years, DHL has kicked off "CO2-free last-mile delivery" efforts with German cities like Berlin, Hamburg, and Munich. Roughly 10,000 of the 12,000 StreetScooter electric vehicles on the road make DHL deliveries. They operate in Amsterdam, Vienna, and cities around Germany - saving roughly 36,000 metric tons of CO2 per truck each year, StreetScooter said. "We have the most experience on the road while others are still working on their first prototypes," StreetScooter's Stuhec said in a recent interview. Up-and-coming delivery competitor Amazon.com Inc in September gave the electric vehicle industry a jolt with its plan to order 100,000 electric delivery vans from Rivian Automotive LLC, a company it funds. The first vans should hit streets in 2021. Meanwhile, Amazon said it's delivery partners are using around 200 electric vehicles. United Parcel Service Inc has 1,000 electric and hybrid electric vehicles in its fleet, and FedEx Corp last year announced plans to deploy 1,000 electric vehicles in California. DHL fully acquired StreetScooter in 2014. The unprofitable subsidiary is seeking new investors and customers to further ramp production. Current partners include the United Kingdom's Milk & More, which ordered 200 trucks, and Japanese delivery firm Yamato, which has started to deploy 500 planned vehicles. In September, StreetScooter cracked the world's biggest electric vehicle market - signing a memorandum of understanding with Chinese carmaker Chery Automobile Co to begin electric van production in 2021.

DHL to debut zero-emission electric delivery vans in US cities

<a href="https://www.wionews.com/business-economy/mcdonalds-hr-chief-exits-after-ceo-shakeup-260024">McDonald's&nbsp;Corp</a> agreed to&nbsp;pay&nbsp;$26&nbsp;million&nbsp;to&nbsp;settle&nbsp;a nearly seven-year-old&nbsp;lawsuit&nbsp;accusing the fast-food chain of underpaying US&nbsp;staff at its corporate-owned restaurants in&nbsp;California.

The preliminary&nbsp;settlement resolves claims that the company used a timekeeping system that cheated workers out of overtime, barred workers from taking rest breaks during their shifts, and forced workers to clean and iron their uniforms out of pocket.

It resolves claims by about 38,000 cashiers and cooks in&nbsp;California, and is the largest&nbsp;wage&nbsp;settlement against Chicago-based&nbsp;McDonald's&nbsp;in the United States, representatives for the plaintiffs said.

The accord requires&nbsp;McDonald's&nbsp;to&nbsp;pay&nbsp;required overtime, track&nbsp;pay&nbsp;electronically, provide rest breaks during rather than at the start or end of shifts, and provide replacement work uniforms when old uniforms become damaged or worn out.

McDonald's&nbsp;denied wrongdoing as part of the&nbsp;settlement. The accord requires court approval.

In a statement,&nbsp;McDonald's&nbsp;said it still believes its employment practices complied with&nbsp;California&nbsp;labor law. It also said it is improving training at company-owned restaurants "to promote continued compliance with all&nbsp;wage&nbsp;and hour laws."

McDonald's&nbsp;has long been a target of labor organizers who claim it underpays workers and provides unsafe working conditions at company-owned and franchised restaurants.

On November&nbsp;12, the<a href="https://www.wionews.com/world/microsoft-to-probe-work-of-israeli-facial-recognition-startup-it-funded-262511"> American Civil Liberties Union</a> and workers in Michigan sued&nbsp;McDonald's&nbsp;for allegedly allowing sexual harassment to flourish at its restaurants.

Then on November&nbsp;21, a group of Chicago-area workers sued&nbsp;McDonald's&nbsp;and several franchisees over a recent restaurant redesign that they said left them vulnerable to physical attacks by angry customers.

Lawyers for the&nbsp;California&nbsp;workers may seek fees of up to one-third of the&nbsp;settlement amount, according to court papers.

McDonald's&nbsp;has roughly 14,000 US&nbsp;restaurants, of which approximately 95 per cent&nbsp;are franchised. It has more than 38,000 restaurants worldwide.

McDonald's Corp agreed to pay $26 million to settle a nearly seven-year-old lawsuit accusing the fast-food chain of underpaying US staff at its corporate-owned restaurants in California.

McDonald's Corp agreed to pay $26 million to settle a nearly seven-year-old lawsuit accusing the fast-food chain of underpaying US staff at its corporate-owned restaurants in California. The preliminary settlement resolves claims that the company used a timekeeping system that cheated workers out of overtime, barred workers from taking rest breaks during their shifts, and forced workers to clean and iron their uniforms out of pocket. It resolves claims by about 38,000 cashiers and cooks in California, and is the largest wage settlement against Chicago-based McDonald's in the United States, representatives for the plaintiffs said. The accord requires McDonald's to pay required overtime, track pay electronically, provide rest breaks during rather than at the start or end of shifts, and provide replacement work uniforms when old uniforms become damaged or worn out. McDonald's denied wrongdoing as part of the settlement. The accord requires court approval. In a statement, McDonald's said it still believes its employment practices complied with California labor law. It also said it is improving training at company-owned restaurants "to promote continued compliance with all wage and hour laws." McDonald's has long been a target of labor organizers who claim it underpays workers and provides unsafe working conditions at company-owned and franchised restaurants. On November 12, the American Civil Liberties Union and workers in Michigan sued McDonald's for allegedly allowing sexual harassment to flourish at its restaurants. Then on November 21, a group of Chicago-area workers sued McDonald's and several franchisees over a recent restaurant redesign that they said left them vulnerable to physical attacks by angry customers. Lawyers for the California workers may seek fees of up to one-third of the settlement amount, according to court papers. McDonald's has roughly 14,000 US restaurants, of which approximately 95 per cent are franchised. It has more than 38,000 restaurants worldwide.

McDonald's to pay $26 million to settle California wage lawsuit

<a href="https://www.wionews.com/business-economy/paytm-raises-1-billion-in-fresh-funding-264351">SoftBank</a>-backed Oyo Hotels and Homes' losses ballooned six-fold in the year to March, while its revenue more than quadrupled, a valuation report filed by the India-based hotel chain with local regulators showed on Monday.

The losses highlight a period of rapid expansion by Oyo into markets such as China, the United States, and the United Kingdom, which has made the six-year-old startup one of the world's biggest hotel chains by room count.

Oyo reported a net loss of 23.85 billion rupees ($332 million) in the year to March 2019, compared with a loss of 3.6 billion rupees a year earlier, according to the report filed with India's ministry of corporate affairs. Revenue from operations surged to 64.57 billion rupees ($900 million) from about 14.13 billion rupees a year earlier.

Oyo said in a statement the report contained only "certain provisional financials" for the year ending March 2019. "These are not the final audited financials and the same will be issued later by the company along with the annual report that we issue every year."

The report, prepared by a valuer in Gurugram, just south of New Delhi, said the financials for the year to March 2019 were unaudited and all figures were provided by Oyo's management.

The growing losses at <a href="https://www.wionews.com/business-economy/softbank-backed-oyo-to-raise-15-billion-led-by-founder-other-existing-investors-254242">Oyo</a> come as its major investor SoftBank struggles to raise funding for a second investment fund in the wake of the failed listing of office-rental company WeWork and amid questions about the path to profitability of other marquee investments like <a href="https://www.wionews.com/business-economy/uber-safety-culture-lacking-in-autonomous-car-incident-regulator-263292">Uber</a>.

SoftBank, which has invested nearly $1 billion in Oyo through its Vision Fund, this month reported its first quarterly loss in 14 years, dragged down by an $8.9 billion hit at the Vision Fund.

Oyo's operating expenses grew nearly five-fold year-over-year to 61.32 billion rupees, while total expenses hit 90.28 billion rupees, the report showed.

Gurugram-headquartered Oyo, valued at $10 billion, allows guests to book hotels through its mobile app and charges partnering hotels a fee on room revenue. It also franchises its brand and offers standardized amenities at hotels on its network.

SoftBank-backed Oyo Hotels and Homes' losses ballooned six-fold in the year to March, while its revenue more than quadrupled, a valuation report filed by the India-based hotel chain with local regulators showed on Monday.

SoftBank-backed Oyo Hotels and Homes' losses ballooned six-fold in the year to March, while its revenue more than quadrupled, a valuation report filed by the India-based hotel chain with local regulators showed on Monday. The losses highlight a period of rapid expansion by Oyo into markets such as China, the United States, and the United Kingdom, which has made the six-year-old startup one of the world's biggest hotel chains by room count. Oyo reported a net loss of 23.85 billion rupees ($332 million) in the year to March 2019, compared with a loss of 3.6 billion rupees a year earlier, according to the report filed with India's ministry of corporate affairs. Revenue from operations surged to 64.57 billion rupees ($900 million) from about 14.13 billion rupees a year earlier. Oyo said in a statement the report contained only "certain provisional financials" for the year ending March 2019. "These are not the final audited financials and the same will be issued later by the company along with the annual report that we issue every year." The report, prepared by a valuer in Gurugram, just south of New Delhi, said the financials for the year to March 2019 were unaudited and all figures were provided by Oyo's management. The growing losses at Oyo come as its major investor SoftBank struggles to raise funding for a second investment fund in the wake of the failed listing of office-rental company WeWork and amid questions about the path to profitability of other marquee investments like Uber. SoftBank, which has invested nearly $1 billion in Oyo through its Vision Fund, this month reported its first quarterly loss in 14 years, dragged down by an $8.9 billion hit at the Vision Fund. Oyo's operating expenses grew nearly five-fold year-over-year to 61.32 billion rupees, while total expenses hit 90.28 billion rupees, the report showed. Gurugram-headquartered Oyo, valued at $10 billion, allows guests to book hotels through its mobile app and charges partnering hotels a fee on room revenue. It also franchises its brand and offers standardized amenities at hotels on its network.

SoftBank's Oyo reveals over $330 million annual loss; Revenue surges: Valuation report

Indian markets ended with massive gains on Friday due to positive cues from US-China trade agreement. &nbsp;

<a href="https://www.wionews.com/business-economy/sensex-nifty-track-broader-asia-higher-metal-stocks-gain-264364">BSE Sensex</a> ended with a lifetime high of 40,889.23&nbsp;points after grabbing 529.82 points or 1.31 per cent over the previous close. NSE Nifty gained 164.10 points or 1.38 per cent to settle at 12,078.50 points.&nbsp;

Earlier, the 30-share-index touched a record high of 40,931.71 points intraday.&nbsp;

On Saturday, US national security adviser Robert O'Brien said an initial trade deal with China was still possible by the end of 2019.&nbsp;

Bharti Airtel was the biggest gainer in the Sensex pack with a rise of 7.20 per cent in its share value after telecom companies moved to Supreme Court regarding payment of Rs 92,000 crore dues to Department of Telecom.&nbsp;

Tata Steel, IndusInd Bank, Axis Bank, HDFC, Maruti and Tata Motors were the major gainers in the Sensex pack. In the Nifty pack, Bharti Airtel,&nbsp;Bharti Infratel, Tata Steel and Hindalco were the top earners. Only two stocks in the 30-share index ended on red.&nbsp;

The Nifty Metal index rose 3.48 per cent at the day's highest level, which is its biggest percentage jump in more than five weeks.

On Friday, BSE Sensex closed 40,359.4o, while Nifty ended at 11,914.40.

Indian markets ended with massive gains on Friday due to positive cues from US-China trade agreement. BSE Sensex ended with a lifetime high of 40,889.23 points after grabbing 529.

Indian markets ended with massive gains on Friday due to positive cues from US-China trade agreement. BSE Sensex ended with a lifetime high of 40,889.23 points after grabbing 529.82 points or 1.31 per cent over the previous close. NSE Nifty gained 164.10 points or 1.38 per cent to settle at 12,078.50 points. Earlier, the 30-share-index touched a record high of 40,931.71 points intraday. On Saturday, US national security adviser Robert O'Brien said an initial trade deal with China was still possible by the end of 2019. Bharti Airtel was the biggest gainer in the Sensex pack with a rise of 7.20 per cent in its share value after telecom companies moved to Supreme Court regarding payment of Rs 92,000 crore dues to Department of Telecom. Tata Steel, IndusInd Bank, Axis Bank, HDFC, Maruti and Tata Motors were the major gainers in the Sensex pack. In the Nifty pack, Bharti Airtel, Bharti Infratel, Tata Steel and Hindalco were the top earners. Only two stocks in the 30-share index ended on red. The Nifty Metal index rose 3.48 per cent at the day's highest level, which is its biggest percentage jump in more than five weeks. On Friday, BSE Sensex closed 40,359.4o, while Nifty ended at 11,914.40.

Indian markets end big as BSE Sensex hits lifetime high

<a href="https://www.wionews.com/world/hong-kong-democrats-romp-to-local-election-landslide-after-months-of-protests-264272">China </a>plans to make power purchasers take fair returns into account when buying electricity from renewable power generators, according to a draft rule issued by the National Energy Administration on Monday aimed at improving their revenues.

The draft rule will apply to non-hydropower resources, including wind, solar, biomass, geothermal and ocean power, the energy body said in a statement.

Despite the rapid expansion and a drastic fall in the cost of producing power, renewable firms are still struggling to produce power as cheaply as coal-fired plants.

China said last week it will cut its renewable power subsidy by 30 per cent&nbsp;to 5.67 billion yuan ($800 million) in 2020 and plans to stop funding large solar power stations and onshore wind farms in the coming two years, partly due to a payment backlog.

China, the world's largest energy consumer, has been boosting the consumption of clean energy by forcing grid firms to prioritize renewable power resources and to maximize purchases from local renewable power providers.

In the future, local energy administrations would also need to take into account "fair returns" for renewable power producers, the National Energy Administration said in the draft rule. It did not give further details.

The administration said it also plans to look at tightening supervision of grid firms, electricity trading firms and renewable power generators, in a bid to ensure electricity is bought from renewable sources.

In the first 10 months of this year, China generated 38.62 billion kilowatt-hours (kWh) electricity from solar and wind resources, accounting for 6.6 per cent&nbsp;of total power generation, official data showed.

China plans to make power purchasers take fair returns into account when buying electricity from renewable power generators, according to a draft rule issued by the National Energy Administration on Monday aimed at improving their revenues.

China plans to make power purchasers take fair returns into account when buying electricity from renewable power generators, according to a draft rule issued by the National Energy Administration on Monday aimed at improving their revenues. The draft rule will apply to non-hydropower resources, including wind, solar, biomass, geothermal and ocean power, the energy body said in a statement. Despite the rapid expansion and a drastic fall in the cost of producing power, renewable firms are still struggling to produce power as cheaply as coal-fired plants. China said last week it will cut its renewable power subsidy by 30 per cent to 5.67 billion yuan ($800 million) in 2020 and plans to stop funding large solar power stations and onshore wind farms in the coming two years, partly due to a payment backlog. China, the world's largest energy consumer, has been boosting the consumption of clean energy by forcing grid firms to prioritize renewable power resources and to maximize purchases from local renewable power providers. In the future, local energy administrations would also need to take into account "fair returns" for renewable power producers, the National Energy Administration said in the draft rule. It did not give further details. The administration said it also plans to look at tightening supervision of grid firms, electricity trading firms and renewable power generators, in a bid to ensure electricity is bought from renewable sources. In the first 10 months of this year, China generated 38.62 billion kilowatt-hours (kWh) electricity from solar and wind resources, accounting for 6.6 per cent of total power generation, official data showed.

China aims to boost revenue for renewable power firms

<a href="https://www.wionews.com/entertainment/luxury-brands-group-lvmh-targets-tourist-shoppers-with-revamp-of-historic-paris-store-263262">LVMH</a> has agreed a $16.2 billion deal to buy US&nbsp;jeweller Tiffany, Louis Vuitton's parent firm confirmed on Monday, in the luxury good maker's biggest purchase to date.

The deal will boost LVMH's smallest business, the jeweller and watch division, home to Bulgari and Tag Heuer.

Fashion and accessories brands including <a href="https://www.wionews.com/entertainment/luxury-brand-christian-dior-apologises-for-china-map-excluding-taiwan-256487">Christian Dior</a> generate the bulk of the earnings at the conglomerate, which is run by France's richest man, Bernard Arnault.

"The <a href="https://www.wionews.com/entertainment/french-luxury-giant-lvmh-in-talks-to-take-over-us-jewellers-tiffany-258600/amp">acquisition of Tiffany</a> will strengthen LVMH's position in jewellery and further increase its presence in the United States," LVMH and Tiffany said in a joint statement.

Tiffany CEO Alessandro Bogliolo said the transaction would "provide further support, resources and momentum."

The companies said they expected to close the deal in mid-2020.

The swoop on Tiffany, which involved revised offers from LVMH after its original $120 per share bid in October, comes amid an attempted turnaround for the jewellery chain.

Founded in New York in 1837 and known for its signature robin's egg blue packaging, the brand is one of the best-known names in the sector, but has struggled to win over younger shoppers in recent years.

It now also has to contend with shifting spending patterns as Chinese shoppers retreat from the United States and spend more at home.

LVMH has agreed a $16.2 billion deal to buy US jeweller Tiffany, Louis Vuitton's parent firm confirmed on Monday, in the luxury good maker's biggest purchase to date.

LVMH has agreed a $16.2 billion deal to buy US jeweller Tiffany, Louis Vuitton's parent firm confirmed on Monday, in the luxury good maker's biggest purchase to date. The deal will boost LVMH's smallest business, the jeweller and watch division, home to Bulgari and Tag Heuer. Fashion and accessories brands including Christian Dior generate the bulk of the earnings at the conglomerate, which is run by France's richest man, Bernard Arnault. "The acquisition of Tiffany will strengthen LVMH's position in jewellery and further increase its presence in the United States," LVMH and Tiffany said in a joint statement. Tiffany CEO Alessandro Bogliolo said the transaction would "provide further support, resources and momentum." The companies said they expected to close the deal in mid-2020. The swoop on Tiffany, which involved revised offers from LVMH after its original $120 per share bid in October, comes amid an attempted turnaround for the jewellery chain. Founded in New York in 1837 and known for its signature robin's egg blue packaging, the brand is one of the best-known names in the sector, but has struggled to win over younger shoppers in recent years. It now also has to contend with shifting spending patterns as Chinese shoppers retreat from the United States and spend more at home.

LVMH agrees $16.2 billion deal for jeweller Tiffany

Indian shares rose on Monday, led by metals and real estate stocks, while gains in broader Asia on hopes of progress in the <a href="https://www.wionews.com/world/no-phase-two-us-china-deal-on-the-horizon-officials-say-264312">US-China trade talks</a> also boosted sentiment.

The NSE Nifty 50 index rose 0.3 per cent&nbsp;at 11,946.90, while the S&amp;P BSE&nbsp;Sensex&nbsp;was up 0.27 per cent&nbsp;at 40,472.53.

MSCI's broadest index of Asia-Pacific shares outside Japan bounced 0.8 per cent&nbsp;after US&nbsp;national security adviser Robert O'Brien on Saturday said an initial trade agreement with China was still possible by the end of the year.

O'Brien, however, warned Washington would not turn a blind eye to what happens in Hong Kong, which added to worries that a Chinese crackdown on anti-government protests in Hong Kong could further complicate the talks.

In the domestic markets, the Nifty Metals index rose about 1.6 per cent, while the Nifty Realty index advanced 1.8 per cent&nbsp;in early trading.

Steelmakers JSW Steel and Tata Steel were the top gainers on the Nifty, rising about 2.5 per cent&nbsp;each, after prices of metals rose on positive signals from Washington on China.

Zee Entertainment lost 2.69 per cent&nbsp;and was the top loser on the Nifty.

Indian shares rose on Monday, led by metals and real estate stocks, while gains in broader Asia on hopes of progress in the US-China trade talks also boosted sentiment.

Indian shares rose on Monday, led by metals and real estate stocks, while gains in broader Asia on hopes of progress in the US-China trade talks also boosted sentiment. The NSE Nifty 50 index rose 0.3 per cent at 11,946.90, while the S&P BSE Sensex was up 0.27 per cent at 40,472.53. MSCI's broadest index of Asia-Pacific shares outside Japan bounced 0.8 per cent after US national security adviser Robert O'Brien on Saturday said an initial trade agreement with China was still possible by the end of the year. O'Brien, however, warned Washington would not turn a blind eye to what happens in Hong Kong, which added to worries that a Chinese crackdown on anti-government protests in Hong Kong could further complicate the talks. In the domestic markets, the Nifty Metals index rose about 1.6 per cent, while the Nifty Realty index advanced 1.8 per cent in early trading. Steelmakers JSW Steel and Tata Steel were the top gainers on the Nifty, rising about 2.5 per cent each, after prices of metals rose on positive signals from Washington on China. Zee Entertainment lost 2.69 per cent and was the top loser on the Nifty.

Sensex, Nifty track broader Asia higher; metal stocks gain

Indian digital payments company <a href="https://www.wionews.com/business-%26-economy/paytm-to-roll-new-retail-model-for-instant-deliveries-155414">Paytm</a> said on Monday it has raised fresh funds from a group of investors including existing backers SoftBank's Vision Fund and China's Ant Financial Services in a deal valuing the firm at $16 billion.

Paytm did not officially disclose details of the funding, but a source said the Indian company raised $1 billion in the latest round.

SoftBank's fresh investment in Paytm comes as the Japanese investment firm's founder Masayoshi Son battles to restore his reputation after an ill-fated investment in office-sharing firm WeWork.

New investment deals by <a href="https://www.wionews.com/business-economy/softbank-to-create-30-billion-tech-giant-with-yahoo-japan-line-corp-merger-262950">SoftBank</a> are also under growing scrutiny after the group reported its first quarterly loss in 14 years, dragged down by an $8.9 billion hit at Vision Fund.

Paytm said on Monday it will expand into insurance, lending, stockbroking and investments and invest 100 billion rupees ($1.4 billion) over the next three years to bring in more users to its services.

"This new investment by our current and new investors is a reaffirmation of our commitment to serve Indians with new-age financial services," Paytm founder and chief executive Vijay Shekhar Sharma said in the statement.

Other investors include Discovery Capital and funds advised by T. Rowe Price Associates.

($1 = 71.7700 Indian rupees)

Indian digital payments company Paytm said on Monday it has raised fresh funds from a group of investors including existing backers SoftBank's Vision Fund and China's Ant Financial Services in a deal valuing the firm at $16 billion.

Indian digital payments company Paytm said on Monday it has raised fresh funds from a group of investors including existing backers SoftBank's Vision Fund and China's Ant Financial Services in a deal valuing the firm at $16 billion. Paytm did not officially disclose details of the funding, but a source said the Indian company raised $1 billion in the latest round. SoftBank's fresh investment in Paytm comes as the Japanese investment firm's founder Masayoshi Son battles to restore his reputation after an ill-fated investment in office-sharing firm WeWork. New investment deals by SoftBank are also under growing scrutiny after the group reported its first quarterly loss in 14 years, dragged down by an $8.9 billion hit at Vision Fund. Paytm said on Monday it will expand into insurance, lending, stockbroking and investments and invest 100 billion rupees ($1.4 billion) over the next three years to bring in more users to its services. "This new investment by our current and new investors is a reaffirmation of our commitment to serve Indians with new-age financial services," Paytm founder and chief executive Vijay Shekhar Sharma said in the statement. Other investors include Discovery Capital and funds advised by T. Rowe Price Associates. ($1 = 71.7700 Indian rupees)

Paytm raises $1 billion in fresh funding

<a href="https://www.wionews.com/business-economy/tesla-suffer-mishap-during-launch-of-electric-cybertruck-263848">Tesla Inc</a> Chief Executive Officer Elon Musk<a> </a>indicated in a tweet on Sunday that the electric carmaker received 200,000 orders for its electric pickup truck within three days of its launch.

<a href="https://www.wionews.com/business-economy/tesla-cybertruck-orders-near-150000-just-days-after-chaotic-lau">Musk</a>, who has been regularly tweeting about the Cybertruck's features since its launch late Thursday, has also been updating his followers with the number of orders the company has received.

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200k
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1198788116372344832?ref_src=twsrc%5Etfw">November 25, 2019</a></blockquote>
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In an earlier tweet, Musk said the company had received 146,000 orders for <a href="https://www.wionews.com/videos/built-for-bullets-smashed-by-a-ball-look-at-tesla-cybertrucks-epic-fail-moment-263864">Cybertruck</a> and tweeted again on Sunday saying "200K" - an apparent reference to the number of orders.

Watch Video:

<div class="videoWrapper trancodeVideo"><iframe src="http://13.235.153.162/videos/built-for-bullets-smashed-by-a-ball-look-at-tesla-cybertrucks-epic-fail-moment-263864/embed" width="560" height="350" style="width:100%;max-width:560px;" class="includeVideo" frameborder="0" autoplay=1 allowfullscreen></iframe></div>

The company's website shows that an immediate payment of $100 is required to reserve an order for the Cybertruck, which has a starting price of $39,900.

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Cybertruck is our last product unveil for a while, but there will be some (mostly) unexpected technology announcements next year
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1198723473708699648?ref_src=twsrc%5Etfw">November 24, 2019</a></blockquote>
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The launch of its futuristic pickup on Thursday suffered a setback when the electric vehicle's "armored glass" windows shattered in a much-anticipated unveiling. The overall look of the electric vehicle had worried Wall Street on Friday, driving the automaker's shares to close 6.1 per cent&nbsp;lower.

During the launch, Musk had taken aim at the design, power, and durability of mainstream trucks, only to be shaken when he boasts about his new vehicle's windows backfired.

Separately, Musk said the Cybertruck is Tesla's last product unveil for a while.

Tesla plans to start manufacturing the Cybertruck around late-2021.

Tesla Inc Chief Executive Officer Elon Musk indicated in a tweet on Sunday that the electric carmaker received 200,000 orders for its electric pickup truck within three days of its launch.

Tesla Inc Chief Executive Officer Elon Musk indicated in a tweet on Sunday that the electric carmaker received 200,000 orders for its electric pickup truck within three days of its launch. Musk, who has been regularly tweeting about the Cybertruck's features since its launch late Thursday, has also been updating his followers with the number of orders the company has received. 200k — Elon Musk (@elonmusk) November 25, 2019 × In an earlier tweet, Musk said the company had received 146,000 orders for Cybertruck and tweeted again on Sunday saying "200K" - an apparent reference to the number of orders. Watch Video: The company's website shows that an immediate payment of $100 is required to reserve an order for the Cybertruck, which has a starting price of $39,900. Cybertruck is our last product unveil for a while, but there will be some (mostly) unexpected technology announcements next year — Elon Musk (@elonmusk) November 24, 2019 × The launch of its futuristic pickup on Thursday suffered a setback when the electric vehicle's "armored glass" windows shattered in a much-anticipated unveiling. The overall look of the electric vehicle had worried Wall Street on Friday, driving the automaker's shares to close 6.1 per cent lower. During the launch, Musk had taken aim at the design, power, and durability of mainstream trucks, only to be shaken when he boasts about his new vehicle's windows backfired. Separately, Musk said the Cybertruck is Tesla's last product unveil for a while. Tesla plans to start manufacturing the Cybertruck around late-2021.

Musk indicates Tesla has 200,000 orders for Cybertruck

India's monetary and fiscal policies have become accommodative as election-related uncertainties fade, raising the prospect of economic growth recovering to just under 6.5 per cent by next financial year (2020-21), the Organisation for Economic Cooperation and Development (OECD) has said.

India's economy grew by 6.8 per cent in 2018-19.

The OECD marginally cut its growth forecast for 2019 to 5.8 per cent but said it will pick up to 6.2 per cent in 2020 and further to 6.4 per cent in 2021.

The OECD Economic Outlook's second edition for 2019 says New Delhi's income support scheme for farmers and good monsoon are supporting private consumption.

The cut in corporate income tax will support corporate investment.

Inflation and the current account deficit will remain moderate given the relatively large spare capacity in the economy and low oil prices. However, job creation remains a challenge.

At the same time, the stress in non-banking financial companies coupled with changes in insurance regulations has affected car sales, while volatility in fuel prices is weighing on consumer confidence.

Construction has been hurt as non-banking financial companies contribute a large share to its financing, weighing on job creation, income and consumption. Industrial production and related imports have weakened. Exports have suffered from the slowdown in foreign demand.

However, they have benefitted from improvements in the Goods and Services Tax (GST) administration, enabling exporters to get faster tax refunds while efforts to improve trade infrastructure, logistics and processes are starting to pay off.

Overall, India has succeeded in seizing some of the market shares lost by other countries and exports have proved relatively resilient.

Headline consumer price inflation has remained close to the 4 per cent target and core inflation is adjusting down.

Spare capacity, a good monsoon, the steady rupee, relatively low oil prices and modest increases in minimum support prices for summer crops are all contributing to keep price pressures low.

The OECD says raising more revenue from property and personal income taxes and improving the financial situation of public banks and enterprises will be key to finance better public education and health services. To boost job creation and reduce informality, efforts to modernise labour regulations should continue.

The Reserve Bank of India has cut policy rates by 135 basis points since early 2019 and maintains an accommodative stance. Looking ahead, private investment will bounce back as capacity utilisation rises and the cost of borrowing for the corporate sector declines.

The ongoing resolution of distressed assets of non-financial corporates under the Insolvency and Bankruptcy Code is expected to unlock resources for new investment projects.

Recent reforms to improve the ease of doing business -- including measures to liberalise foreign direct investments, lower corporate income tax rates and efforts to improve judicial services and contract enforcement -- will also help.

Rural consumption will pick up, thanks to the good monsoon, the full implementation of the new income support scheme for farmers and measures to reduce liquidity stress in non-banking financial companies.

The increased ability to pass and implement reforms -- as illustrated with the recent liberalisation of FDI and disinvestment plans -- represents a positive risk to the outlook, said the OECD.

 
&nbsp;

India's monetary and fiscal policies have become accommodative as election-related uncertainties fade, raising the prospect of economic growth recovering to just under 6.

India's monetary and fiscal policies have become accommodative as election-related uncertainties fade, raising the prospect of economic growth recovering to just under 6.5 per cent by next financial year (2020-21), the Organisation for Economic Cooperation and Development (OECD) has said. India's economy grew by 6.8 per cent in 2018-19. The OECD marginally cut its growth forecast for 2019 to 5.8 per cent but said it will pick up to 6.2 per cent in 2020 and further to 6.4 per cent in 2021. The OECD Economic Outlook's second edition for 2019 says New Delhi's income support scheme for farmers and good monsoon are supporting private consumption. The cut in corporate income tax will support corporate investment. Inflation and the current account deficit will remain moderate given the relatively large spare capacity in the economy and low oil prices. However, job creation remains a challenge. At the same time, the stress in non-banking financial companies coupled with changes in insurance regulations has affected car sales, while volatility in fuel prices is weighing on consumer confidence. Construction has been hurt as non-banking financial companies contribute a large share to its financing, weighing on job creation, income and consumption. Industrial production and related imports have weakened. Exports have suffered from the slowdown in foreign demand. However, they have benefitted from improvements in the Goods and Services Tax (GST) administration, enabling exporters to get faster tax refunds while efforts to improve trade infrastructure, logistics and processes are starting to pay off. Overall, India has succeeded in seizing some of the market shares lost by other countries and exports have proved relatively resilient. Headline consumer price inflation has remained close to the 4 per cent target and core inflation is adjusting down. Spare capacity, a good monsoon, the steady rupee, relatively low oil prices and modest increases in minimum support prices for summer crops are all contributing to keep price pressures low. The OECD says raising more revenue from property and personal income taxes and improving the financial situation of public banks and enterprises will be key to finance better public education and health services. To boost job creation and reduce informality, efforts to modernise labour regulations should continue. The Reserve Bank of India has cut policy rates by 135 basis points since early 2019 and maintains an accommodative stance. Looking ahead, private investment will bounce back as capacity utilisation rises and the cost of borrowing for the corporate sector declines. The ongoing resolution of distressed assets of non-financial corporates under the Insolvency and Bankruptcy Code is expected to unlock resources for new investment projects. Recent reforms to improve the ease of doing business -- including measures to liberalise foreign direct investments, lower corporate income tax rates and efforts to improve judicial services and contract enforcement -- will also help. Rural consumption will pick up, thanks to the good monsoon, the full implementation of the new income support scheme for farmers and measures to reduce liquidity stress in non-banking financial companies. The increased ability to pass and implement reforms -- as illustrated with the recent liberalisation of FDI and disinvestment plans -- represents a positive risk to the outlook, said the OECD.

OECD hails India reforms, pegs 6.2% growth in 2020

Several factions of Argentina's bondholders are jostling for influence ahead of restructuring talks with incoming president Alberto Fernandez as Latin America's third-largest economy tries to avert a default, more than a dozen sources familiar with the process said.

Argentina is once again buckling under the weight of its sovereign debts, which total around $100 billion, and Fernandez needs to urgently agree a deal with creditors to ease the burden and give his government space to try to revive the economy.

Several investors told Reuters they are growing increasingly annoyed by a lack of clarity on the plans of the new government, which is set to take over on December&nbsp;10. Fernandez has not yet named his economic team or said how he will deal with the debts, which have become painfully costly after the collapse of the peso.

"The general frustration is how slow the incoming administration has been to name people and get the ball rolling," a source at a large fixed-income investor that holds Argentine debt said, adding that with more clarity things could change "fairly quickly".

Fernandez this week told the International Monetary Fund's (IMF) head Kristalina Georgieva he has a "sustainable" plan to meet creditor obligations as well as maintain growth, without giving details.

A media representative for Fernandez did not immediately respond to a request for comment on Friday.

A creditor committee of at least 20 members was formed last month as bondholders look for ways to avoid losses, which could reach tens of billions of dollars, on their holdings.

A second group is now being assembled, led by US-based emerging markets-focused investment manager Gramercy, three sources said, amid differences over the way forward.

A third group of mostly hedge funds holding bonds restructured after a prior Argentine default was also being brought together, sources said.

Gramercy has previous experience in Argentina, where its distressed debt chief investment officer Robert Koenigsberger was involved in debt talks in 2009.

Several bondholders said a range of proposals for bundling creditors were circulating, although some said they would rather stick to a larger single group controlling a bigger debt slice.

The process of organising creditors is still in the early stages and it is not clear how much of Argentina's debt each grouping represents at this stage.

Gramercy's proposal, which also involves emerging markets investment manager Macrosynergy Partners, has put together a number of possible scenarios, three sources familiar with the plans said.

One of these includes an extension of maturities to ease the pressure on Argentina's struggling finances, but no write-down.

"The group's preferred scenario is to get a five-year extension, but there is no haircut," one of the sources said.

The IMF says that until the new government sets an economic path it cannot decide if private creditor haircuts are needed to keep its $57 billion bailout programme in place.

"In the absence of the whole macroeconomic strategy it is very hard to judge how their operation would lead to a sustainable debt position," Alejandro Werner, head of the Western Hemisphere Department at the IMF, said on Wednesday at an event in New York.

"Once you have the policy proposals you can judge what kind of debt operation is consistent with those policies," he added.

The last major default by Argentina in 2001 tipped the country of 44 million people into years of recession and economic crisis from which it only emerged in 2015.

Argentine bonds, almost 80 per cent&nbsp;of which are denominated in foreign currency, were given a small lift by Fernandez's comments this week, but they are still trading at less than half their face value.

And the peso is the world's worst-performing currency this year, despite being propped up by capital controls put in place in September, weeks after Fernandez's shock victory in a primary election sparked financial market panic.

Several factions of Argentina's bondholders are jostling for influence ahead of restructuring talks with incoming president Alberto Fernandez as Latin America's third-largest economy tries to avert a default, more than a dozen sources familiar with the process said.

Several factions of Argentina's bondholders are jostling for influence ahead of restructuring talks with incoming president Alberto Fernandez as Latin America's third-largest economy tries to avert a default, more than a dozen sources familiar with the process said. Argentina is once again buckling under the weight of its sovereign debts, which total around $100 billion, and Fernandez needs to urgently agree a deal with creditors to ease the burden and give his government space to try to revive the economy. Several investors told Reuters they are growing increasingly annoyed by a lack of clarity on the plans of the new government, which is set to take over on December 10. Fernandez has not yet named his economic team or said how he will deal with the debts, which have become painfully costly after the collapse of the peso. "The general frustration is how slow the incoming administration has been to name people and get the ball rolling," a source at a large fixed-income investor that holds Argentine debt said, adding that with more clarity things could change "fairly quickly". Fernandez this week told the International Monetary Fund's (IMF) head Kristalina Georgieva he has a "sustainable" plan to meet creditor obligations as well as maintain growth, without giving details. A media representative for Fernandez did not immediately respond to a request for comment on Friday. A creditor committee of at least 20 members was formed last month as bondholders look for ways to avoid losses, which could reach tens of billions of dollars, on their holdings. A second group is now being assembled, led by US-based emerging markets-focused investment manager Gramercy, three sources said, amid differences over the way forward. A third group of mostly hedge funds holding bonds restructured after a prior Argentine default was also being brought together, sources said. Gramercy has previous experience in Argentina, where its distressed debt chief investment officer Robert Koenigsberger was involved in debt talks in 2009. Several bondholders said a range of proposals for bundling creditors were circulating, although some said they would rather stick to a larger single group controlling a bigger debt slice. The process of organising creditors is still in the early stages and it is not clear how much of Argentina's debt each grouping represents at this stage. Gramercy's proposal, which also involves emerging markets investment manager Macrosynergy Partners, has put together a number of possible scenarios, three sources familiar with the plans said. One of these includes an extension of maturities to ease the pressure on Argentina's struggling finances, but no write-down. "The group's preferred scenario is to get a five-year extension, but there is no haircut," one of the sources said. The IMF says that until the new government sets an economic path it cannot decide if private creditor haircuts are needed to keep its $57 billion bailout programme in place. "In the absence of the whole macroeconomic strategy it is very hard to judge how their operation would lead to a sustainable debt position," Alejandro Werner, head of the Western Hemisphere Department at the IMF, said on Wednesday at an event in New York. "Once you have the policy proposals you can judge what kind of debt operation is consistent with those policies," he added. The last major default by Argentina in 2001 tipped the country of 44 million people into years of recession and economic crisis from which it only emerged in 2015. Argentine bonds, almost 80 per cent of which are denominated in foreign currency, were given a small lift by Fernandez's comments this week, but they are still trading at less than half their face value. And the peso is the world's worst-performing currency this year, despite being propped up by capital controls put in place in September, weeks after Fernandez's shock victory in a primary election sparked financial market panic.

Argentina creditors jockey for lead ahead of $100 billion debt talks

<a href="https://www.wionews.com/.../egypt-mediated-truce-with-israel-in-force-in- gaza-islamic-jihad-261943">Egypt</a> said on Saturday it had signed several multimillion-dollar energy investment accords including a $430-million deal for Texas-based Noble Energy to pump natural gas through the East Mediterranean Gas Company's pipeline.

Under another agreement with Noble, which will also be financed by the US&nbsp;International Development Finance Corporation, the energy company will manufacture petroleum products in partnership with Egyptian company Dolphinus Holdings.

The cabinet detailed the plans at the end of an Africa investment forum held on the site of the country's planned new administrative capital in the desert east of Cairo.

Amsterdam-based Lekela also announced the start of construction work on its West Bakr wind power plant, which will have a capacity of 250 megawatts and require a total investment of $350 million.

Lekela CEO Chris Antonopoulos said Siemens Gamesa will build the West Bakr plant in the Gulf of Suez, creating an expected 550 jobs, according to the cabinet statement.

Egypt signed an agreement with the European Bank for Reconstruction and Development (EBRD) worth $201 million to improve the Egyptian Electricity Transmission Company's electric grid, and the lender will also finance a new asphalt production unit for the Suez Oil Processing Company worth $50 million.

The EBRD signed further deals with Sarwa Capital Holding and state-owned Banque Misr to issue 500 million Egyptian pounds ($31.13 million) in securitization bonds for the government's New Urban Communities Authority (NUCA).

NUCA, 51 per cent&nbsp;owned by the military's engineering authority and 49 per cent&nbsp;by the housing ministry, is developing Egypt's as-yet-unnamed new capital.

Egypt said on Saturday it had signed several multimillion-dollar energy investment accords including a $430-million deal for Texas-based Noble Energy to pump natural gas through the East Mediterranean Gas Company's pipeline.

Egypt said on Saturday it had signed several multimillion-dollar energy investment accords including a $430-million deal for Texas-based Noble Energy to pump natural gas through the East Mediterranean Gas Company's pipeline. Under another agreement with Noble, which will also be financed by the US International Development Finance Corporation, the energy company will manufacture petroleum products in partnership with Egyptian company Dolphinus Holdings. The cabinet detailed the plans at the end of an Africa investment forum held on the site of the country's planned new administrative capital in the desert east of Cairo. Amsterdam-based Lekela also announced the start of construction work on its West Bakr wind power plant, which will have a capacity of 250 megawatts and require a total investment of $350 million. Lekela CEO Chris Antonopoulos said Siemens Gamesa will build the West Bakr plant in the Gulf of Suez, creating an expected 550 jobs, according to the cabinet statement. Egypt signed an agreement with the European Bank for Reconstruction and Development (EBRD) worth $201 million to improve the Egyptian Electricity Transmission Company's electric grid, and the lender will also finance a new asphalt production unit for the Suez Oil Processing Company worth $50 million. The EBRD signed further deals with Sarwa Capital Holding and state-owned Banque Misr to issue 500 million Egyptian pounds ($31.13 million) in securitization bonds for the government's New Urban Communities Authority (NUCA). NUCA, 51 per cent owned by the military's engineering authority and 49 per cent by the housing ministry, is developing Egypt's as-yet-unnamed new capital.

Egypt signs $430-million gas deal with Texas' Noble Energy

Tesla's new electric pickup truck has secured almost 150,000 orders, the company's chief executive Elon Musk boasted on Twitter, just two days after its big reveal went embarrassingly wrong.

Tesla's new electric pickup truck has secured almost 150,000 orders, the company's chief executive Elon Musk boasted on Twitter, just two days after its big reveal went embarrassingly wrong. The billionaire Tesla co-founder floundered on stage in California on Thursday when the vehicle's armored glass windows cracked in a demonstration intended to prove their indestructible design. Shares in the company plunged 6.1 percent following the truck's bumpy launch and several lackluster reviews. But on Saturday Musk tweeted that Tesla had already received 146,000 orders from prospective owners. "146k Cybertruck orders so far, with 42% choosing dual, 41% tri & 17% single motor," he wrote. The demand comes despite the product receiving "no advertising & no paid endorsement". The industrial-looking Cybertruck is covered in the same steel alloy Musk plans to use for his SpaceX Starship rocket and will be able to go from 0 to 100 kilometers (62 miles) per hour in about three seconds, the Tesla chief executive claimed in his presentation. He said the entry-level model will have a starting price of $39,900 and a 400-kilometer (250-mile) range, while a deluxe option will be able to travel twice the distance and will sell for $69,900. No date has been given for its release, but analysts said it would not be ready before the end of 2021 at the earliest. Its space-age design is unlikely to challenge top-selling models by Ford and other conventional car companies, analysts warn.

Tesla cybertruck orders near 150,000 just days after chaotic launch

Wall Street advanced on Friday as both Washington and Beijing made positive comments on the potential for a trade deal between the world's two biggest economies and upbeat domestic economic data helped to ease investor worries.

US&nbsp;President <a href="https://www.wionews.com/world/frustrated-trump-lashes-out-at-impeachment-probe-263974">Donald Trump</a> told Fox News a trade deal was "potentially very close" following <a href="https://www.wionews.com/world/want-to-work-out-preliminary-trade-deal-with-united-states-not-afraid-of-retaliating-chinese-president-jinping-263827">remarks by President Xi Jinping</a> that Beijing wanted to work out an initial agreement.

The S&amp;P 500 and the Dow showed their biggest daily gains in a lacklustre week marked by uncertainty, with a report suggesting the delay of a trade truce to 2020 and US&nbsp;lawmakers passing two bills <a href="https://www.wionews.com/world/hong-kong-would-be-obliterated-in-14-minutes-if-not-for-me-donald-trump-263961">supporting protesters in Hong Kong</a>, which could complicate US-China talks.

Strategists said it helped that Trump was vague on Friday about whether he would sign or veto the bills.

Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia, attributed Friday's gains to strong US&nbsp;manufacturing data as well as the improving mood on trade. He said investors were cautious about the apparent trade progress, however.

“President Trump saying it's close is news we’ve heard before. How close is close? Close but not quite or close but I could change my mind?" he said. "That’s what’s keeping the market on its heels at the moment, keeping the move a little bit more timid.”

Manufacturing output accelerated in November to its fastest pace in seven months and services activity picked up more than expected.

The Dow Jones Industrial Average&nbsp;rose 109.33 points, or 0.39 per cent, to 27,875.62, the S&amp;P 500&nbsp;gained 6.75 points, or 0.22 per cent, to 3,110.29 and the Nasdaq Composite&nbsp;added 13.67 points, or 0.16 per cent, to 8,519.89.

Still, the S&amp;P snapped its six-week winning streak, while the tech-heavy Nasdaq registered its first weekly drop in eight weeks and the Dow showed a weekly loss after four weeks of gains. A largely better-than-expected third-quarter corporate earnings season contributed to recent rallies.

Seven of the 11 major S&amp;P 500 sectors closed higher, led by a 0.76 per cent&nbsp;gain in financials&nbsp;and a 0.65 per cent&nbsp;rise in consumer discretionary.

Nordstrom Inc&nbsp;rose 10.6 per cent&nbsp;after the retailer raised its 2019 forecast and reported third-quarter profit above expectations. Gap Inc&nbsp;shares rose 4.4 per cent&nbsp;as the retailer beat lowered quarterly profit estimates days after it cut its annual forecast and replaced its longtime chief executive officer.

Shares of Tesla Inc&nbsp;fell 6 per cent&nbsp;as Wall Street questioned the look of its newly unveiled electric pickup truck, whose "armored glass" windows<a href="https://www.wionews.com/business-economy/tesla-suffer-mishap-during-launch-of-electric-cybertruck-263848"> shattered in a demonstration</a>.

Intuit Inc&nbsp;dropped 4.2 per cent&nbsp;after the income-tax filing software maker forecast second-quarter profit below estimates.

Advancing issues outnumbered declining ones on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.40-to-1 ratio favoured advancers.

The S&amp;P 500 posted 17 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 60 new highs and 84 new lows.

On US&nbsp;exchanges, 5.96 billion shares changed hands compared with the 7.03 billion average for the last 20 sessions.

Wall Street advanced on Friday as both Washington and Beijing made positive comments on the potential for a trade deal between the world's two biggest economies and upbeat domestic economic data helped to ease investor worries.

Wall Street advanced on Friday as both Washington and Beijing made positive comments on the potential for a trade deal between the world's two biggest economies and upbeat domestic economic data helped to ease investor worries. US President Donald Trump told Fox News a trade deal was "potentially very close" following remarks by President Xi Jinping that Beijing wanted to work out an initial agreement. The S&P 500 and the Dow showed their biggest daily gains in a lacklustre week marked by uncertainty, with a report suggesting the delay of a trade truce to 2020 and US lawmakers passing two bills supporting protesters in Hong Kong, which could complicate US-China talks. Strategists said it helped that Trump was vague on Friday about whether he would sign or veto the bills. Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia, attributed Friday's gains to strong US manufacturing data as well as the improving mood on trade. He said investors were cautious about the apparent trade progress, however. “President Trump saying it's close is news we’ve heard before. How close is close? Close but not quite or close but I could change my mind?" he said. "That’s what’s keeping the market on its heels at the moment, keeping the move a little bit more timid.” Manufacturing output accelerated in November to its fastest pace in seven months and services activity picked up more than expected. The Dow Jones Industrial Average rose 109.33 points, or 0.39 per cent, to 27,875.62, the S&P 500 gained 6.75 points, or 0.22 per cent, to 3,110.29 and the Nasdaq Composite added 13.67 points, or 0.16 per cent, to 8,519.89. Still, the S&P snapped its six-week winning streak, while the tech-heavy Nasdaq registered its first weekly drop in eight weeks and the Dow showed a weekly loss after four weeks of gains. A largely better-than-expected third-quarter corporate earnings season contributed to recent rallies. Seven of the 11 major S&P 500 sectors closed higher, led by a 0.76 per cent gain in financials and a 0.65 per cent rise in consumer discretionary. Nordstrom Inc rose 10.6 per cent after the retailer raised its 2019 forecast and reported third-quarter profit above expectations. Gap Inc shares rose 4.4 per cent as the retailer beat lowered quarterly profit estimates days after it cut its annual forecast and replaced its longtime chief executive officer. Shares of Tesla Inc fell 6 per cent as Wall Street questioned the look of its newly unveiled electric pickup truck, whose "armored glass" windows shattered in a demonstration. Intuit Inc dropped 4.2 per cent after the income-tax filing software maker forecast second-quarter profit below estimates. Advancing issues outnumbered declining ones on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.40-to-1 ratio favoured advancers. The S&P 500 posted 17 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 60 new highs and 84 new lows. On US exchanges, 5.96 billion shares changed hands compared with the 7.03 billion average for the last 20 sessions.

Wall Street rises with US-China trade mood, upbeat economic data

India's urban unemployment rate between January and March this year was 9.3 per cent, the lowest in at least four quarters, according to an unpublished government report reviewed by Reuters.

The numbers, recorded in the statistics ministry's quarterly jobs report, could provide some relief to <a href="https://www.wionews.com/india-news/prime-minister-narendra-modi-to-address-conclave-of-accountants-in-delhi-today-263523">Prime Minister Narendra Modi</a> who has faced criticism for not being able to create enough jobs amid slowing economic growth.

The urban unemployment rate of the January-March quarter compared with 9.9 per cent&nbsp;in the preceding quarter. Quarterly data prior to the April-June 2018 survey period is not available and the January-March quarter's rate is the lowest since then.

The report, which is likely to be published soon, did not assess rural unemployment.

The estimates were arrived as using the so-called "current weekly status" method which gives an average picture of unemployment in a short period of seven days preceding the survey period, the document said. A person is considered as unemployed in a week if he did not work even for 1 hour during that week.

Joblessness among the youth,&nbsp;those aged between 15-29 years and who account for roughly over a third of India's 1.3 billion people - was also marginally lower at 22.5 per cent&nbsp;in the quarter ending March 2019, from 23.7 per cent&nbsp;in the preceding quarter.

India's urban unemployment rate between January and March this year was 9.3 per cent, the lowest in at least four quarters, according to an unpublished government report reviewed by Reuters.

India's urban unemployment rate between January and March this year was 9.3 per cent, the lowest in at least four quarters, according to an unpublished government report reviewed by Reuters. The numbers, recorded in the statistics ministry's quarterly jobs report, could provide some relief to Prime Minister Narendra Modi who has faced criticism for not being able to create enough jobs amid slowing economic growth. The urban unemployment rate of the January-March quarter compared with 9.9 per cent in the preceding quarter. Quarterly data prior to the April-June 2018 survey period is not available and the January-March quarter's rate is the lowest since then. The report, which is likely to be published soon, did not assess rural unemployment. The estimates were arrived as using the so-called "current weekly status" method which gives an average picture of unemployment in a short period of seven days preceding the survey period, the document said. A person is considered as unemployed in a week if he did not work even for 1 hour during that week. Joblessness among the youth, those aged between 15-29 years and who account for roughly over a third of India's 1.3 billion people - was also marginally lower at 22.5 per cent in the quarter ending March 2019, from 23.7 per cent in the preceding quarter.

India's urban unemployment rate slows in March 2019 quarter: Government data

The founder and CEO of one of Nigeria's largest airlines, Air Peace, has been indicted by the US Department of Justice on charges of bank fraud and money laundering for the alleged illegal movement of more than $20 million, the department said.

Allen Onyema was accused of transferring the money from Nigeria through US&nbsp;bank accounts in a scheme involving false documents based on the purchase of airplanes, the justice department said in a statement dated Nov. 22.

The airline's chief of administration and finance, Ejiroghene Eghagha, has also been charged with bank fraud and identity theft in connection with the alleged scheme, the statement said.

Both Onyema and Eghagha denied any wrongdoing in statements issued by their lawyers, adding that they would defend themselves against the allegations.

"Onyema allegedly leveraged his status as a prominent business leader and airline executive while using falsified documents to commit fraud," US Attorney Byung J. Pak was quoted as saying by the Department of Justice.

Legal firm A.O. Alegeh &amp; Co. said "the allegations are unfounded and strange," in statements on behalf of each of the accused. It added they both looked forward to "an opportunity to rebut these allegations in court".

Air Peace, founded by Onyema in 2010, flies to destinations across Nigeria as well as international routes to other West African countries including Ghana, Sierra Leone and Senegal.

Onyema, 56, of Lagos, and Eghagha, 37, also of Lagos, were indicted on Nov. 19 on one count of conspiracy to commit bank fraud, three counts of bank fraud, one count of conspiracy to commit credit application fraud, and three counts of credit application fraud, the department.

Onyema was also charged with 27 counts of money laundering, and Eghagha was charged with one count of aggravated identity theft.

The founder and CEO of one of Nigeria's largest airlines, Air Peace, has been indicted by the US Department of Justice on charges of bank fraud and money laundering for the alleged illegal movement of more than $20 million, the department said.

The founder and CEO of one of Nigeria's largest airlines, Air Peace, has been indicted by the US Department of Justice on charges of bank fraud and money laundering for the alleged illegal movement of more than $20 million, the department said. Allen Onyema was accused of transferring the money from Nigeria through US bank accounts in a scheme involving false documents based on the purchase of airplanes, the justice department said in a statement dated Nov. 22. The airline's chief of administration and finance, Ejiroghene Eghagha, has also been charged with bank fraud and identity theft in connection with the alleged scheme, the statement said. Both Onyema and Eghagha denied any wrongdoing in statements issued by their lawyers, adding that they would defend themselves against the allegations. "Onyema allegedly leveraged his status as a prominent business leader and airline executive while using falsified documents to commit fraud," US Attorney Byung J. Pak was quoted as saying by the Department of Justice. Legal firm A.O. Alegeh & Co. said "the allegations are unfounded and strange," in statements on behalf of each of the accused. It added they both looked forward to "an opportunity to rebut these allegations in court". Air Peace, founded by Onyema in 2010, flies to destinations across Nigeria as well as international routes to other West African countries including Ghana, Sierra Leone and Senegal. Onyema, 56, of Lagos, and Eghagha, 37, also of Lagos, were indicted on Nov. 19 on one count of conspiracy to commit bank fraud, three counts of bank fraud, one count of conspiracy to commit credit application fraud, and three counts of credit application fraud, the department. Onyema was also charged with 27 counts of money laundering, and Eghagha was charged with one count of aggravated identity theft.

US indicts Nigerian airline CEO on bank fraud and money laundering charges

ArcelorMittal has agreed to immediately restart talks with the Italian government over the future of steelmaker Ilva, Prime Minister <a href="https://www.wionews.com/business-economy/arcelormittal-wants-to-cut-5000-jobs-italy-pm-260457">Giuseppe Conte </a>said after a four-hour-long meeting with the company's leaders.

Rome and ArcelorMittal are on the brink of a harsh legal battle as the latter tries to walk away from a 2018 deal to buy the troubled Ilva plant in the southern city of Taranto.

The Indian steelmaker has blamed the Italian government's move to scrap previous guarantees of legal immunity for a massive clean-up operation at Ilva's heavily polluted site.

Conte said the Mittals were available to start immediate talks to decide on a new shared future for Ilva.

"The aim...is to get to a new industrial plan, with new production solutions and new ecological technologies allowing the highest effort in cleaning up the environment," Conte said late on Friday after a meeting in Rome with Chairman and Chief Executive Lakshmi Mittal and his son Aditya Mittal, the group's Chief Financial Officer and CEO of ArcelorMittal Europe.

Arcelor Mittal said on Saturday the meeting was "constructive".

"Talks will continue with the aim of reaching an agreement as soon as possible for sustainable steel production in Taranto," it said in a statement.

To facilitate the talks, the government will ask for the postponement of a court hearing scheduled for November 27 over an urgent appeal filed by Rome to try to stop ArcelorMittlal's planned decision to shut down Ilva.

"We're ready to allow this postponement under the condition that ArcelorMittal agrees to keep plant working and production flowing during talks," Conte said.

Ilva, Europe's biggest steel plant, employs around 8,200 workers, with thousands of more jobs depending indirectly on the site.

According to trade unions, ArcelorMittal was ready to hand over the plant to state-appointed administrators on Dec. 4 and had begun winding down operations ahead of turning off blast furnaces and production lines.

However, earlier this week ArcelorMittal said it would halt the planned shutdown pending the court ruling.

Conte said legal immunity was not discussed at the meeting but opened up the possibility that the state could play a direct role in Ilva, given its importance for the wider Italian economy.

Rome is also ready to adopt measures to support Ilva's workers, Conte said, adding that the highest levels of employment must be preserved.

ArcelorMittal has agreed to immediately restart talks with the Italian government over the future of steelmaker Ilva, Prime Minister Giuseppe Conte said after a four-hour-long meeting with the company's leaders.

ArcelorMittal has agreed to immediately restart talks with the Italian government over the future of steelmaker Ilva, Prime Minister Giuseppe Conte said after a four-hour-long meeting with the company's leaders. Rome and ArcelorMittal are on the brink of a harsh legal battle as the latter tries to walk away from a 2018 deal to buy the troubled Ilva plant in the southern city of Taranto. The Indian steelmaker has blamed the Italian government's move to scrap previous guarantees of legal immunity for a massive clean-up operation at Ilva's heavily polluted site. Conte said the Mittals were available to start immediate talks to decide on a new shared future for Ilva. "The aim...is to get to a new industrial plan, with new production solutions and new ecological technologies allowing the highest effort in cleaning up the environment," Conte said late on Friday after a meeting in Rome with Chairman and Chief Executive Lakshmi Mittal and his son Aditya Mittal, the group's Chief Financial Officer and CEO of ArcelorMittal Europe. Arcelor Mittal said on Saturday the meeting was "constructive". "Talks will continue with the aim of reaching an agreement as soon as possible for sustainable steel production in Taranto," it said in a statement. To facilitate the talks, the government will ask for the postponement of a court hearing scheduled for November 27 over an urgent appeal filed by Rome to try to stop ArcelorMittlal's planned decision to shut down Ilva. "We're ready to allow this postponement under the condition that ArcelorMittal agrees to keep plant working and production flowing during talks," Conte said. Ilva, Europe's biggest steel plant, employs around 8,200 workers, with thousands of more jobs depending indirectly on the site. According to trade unions, ArcelorMittal was ready to hand over the plant to state-appointed administrators on Dec. 4 and had begun winding down operations ahead of turning off blast furnaces and production lines. However, earlier this week ArcelorMittal said it would halt the planned shutdown pending the court ruling. Conte said legal immunity was not discussed at the meeting but opened up the possibility that the state could play a direct role in Ilva, given its importance for the wider Italian economy. Rome is also ready to adopt measures to support Ilva's workers, Conte said, adding that the highest levels of employment must be preserved.

Italy's government restarts talks with ArcelorMittal over ailing Ilva steel plant

<a href="https://www.wionews.com/south-asia/fatf-european-union-offers-technical-assistance-to-pakistan-262766">European Union</a> (EU) countries on Friday endorsed a tough line for selecting 5G suppliers, including vetting the domestic legal framework to which they are subjected, potentially dealing a blow to telecoms equipment market leader <a href="https://www.wionews.com/business-economy/microsoft-granted-licence-to-export-mass-market-software-to-huawei-263823">Huawei Technologies</a>.

Ambassadors meeting in Brussels agreed to the approach, a spokeswoman for Finland, which currently holds the rotating EU presidency, said in a tweet.

EU countries should consider non-technical factors such as the legal and policy framework to which suppliers may be subject in third countries, a draft document seen by Reuters ahead of the meeting said. The document did not mention any specific countries or companies.

EU governments should also diversify their suppliers and not depend on one, the document said. EU ministers will give the green light to the approach at a meeting next month.

The United States has urged the EU to ban Huawei equipment, saying that its gear could be used by <a href="https://www.wionews.com/world/china-wants-to-take-over-australian-politics-ex-spy-chief-263762">China</a> for spying. Concerns have focused on a Chinese law on domestic companies' cooperation with the government on security matters, with critics saying that these could compel them to be a vehicle for Chinese spying.

The Shenzen-based company, which competes with Finland's Nokia&nbsp;and Sweden's Ericsson&nbsp;has denied the US&nbsp;charges and dismissed the concerns as groundless.

Last month, the EU warned of the risk of increased cyber attacks by state-backed entities but did not name any company or country. The bloc sees 5G networks as key to boosting economic growth.

The EU is now looking into a so-called toolbox of measures by the end of the year to address cyber security risks at national and bloc-wide level. The European Agency for Cybersecurity is also finalising a map of specific threats related to 5G networks.

European Union (EU) countries on Friday endorsed a tough line for selecting 5G suppliers, including vetting the domestic legal framework to which they are subjected, potentially dealing a blow to telecoms equipment market leader Huawei Technologies.

European Union (EU) countries on Friday endorsed a tough line for selecting 5G suppliers, including vetting the domestic legal framework to which they are subjected, potentially dealing a blow to telecoms equipment market leader Huawei Technologies. Ambassadors meeting in Brussels agreed to the approach, a spokeswoman for Finland, which currently holds the rotating EU presidency, said in a tweet. EU countries should consider non-technical factors such as the legal and policy framework to which suppliers may be subject in third countries, a draft document seen by Reuters ahead of the meeting said. The document did not mention any specific countries or companies. EU governments should also diversify their suppliers and not depend on one, the document said. EU ministers will give the green light to the approach at a meeting next month. The United States has urged the EU to ban Huawei equipment, saying that its gear could be used by China for spying. Concerns have focused on a Chinese law on domestic companies' cooperation with the government on security matters, with critics saying that these could compel them to be a vehicle for Chinese spying. The Shenzen-based company, which competes with Finland's Nokia and Sweden's Ericsson has denied the US charges and dismissed the concerns as groundless. Last month, the EU warned of the risk of increased cyber attacks by state-backed entities but did not name any company or country. The bloc sees 5G networks as key to boosting economic growth. The EU is now looking into a so-called toolbox of measures by the end of the year to address cyber security risks at national and bloc-wide level. The European Agency for Cybersecurity is also finalising a map of specific threats related to 5G networks.

EU countries back tough line on 5G suppliers in potential blow to Huawei