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Indian shares closed lower on Wednesday, hurt by a weaker rupee and a fall in factory output data, while investors awaited retail inflation data due later in the day.

India's industrial output fell at the fastest pace in over six years in September, adding to a series of weak indicators that suggests the country`s economic slowdown is deep-rooted and interest rate cuts alone may not be enough to revive growth.

The NSE Nifty 50 index closed down about 0.6 per cent at 11,840.45, while the benchmark BSE Sensex also finished 0.6% lower at 40,099.23.

The Nifty public sector bank index, Nifty bank index and the metal index were top losers, falling 3.1 per cent to 1.8 per cent.

Markets await consumer price index data, due later in the day.

The retail inflation probably exceeded the Reserve Bank of India's (RBI) medium-term target of 4 per cent in October for the first time in 15 months, mainly because of rising vegetable prices, a Reuters poll of economists showed.

Shares of India's Britannia Industries ended up 4.81 per cent as it posted a higher consolidated net profit for the September quarter on Monday and was the top gainer on Nifty.

Yes Bank shares closed down 6.6 per cent and was the top Nifty loser. 
&nbsp;

Indian shares closed lower on Wednesday, hurt by a weaker rupee and a fall in factory output data, while investors awaited retail inflation data due later in the day.

Indian shares closed lower on Wednesday, hurt by a weaker rupee and a fall in factory output data, while investors awaited retail inflation data due later in the day. India's industrial output fell at the fastest pace in over six years in September, adding to a series of weak indicators that suggests the country`s economic slowdown is deep-rooted and interest rate cuts alone may not be enough to revive growth. The NSE Nifty 50 index closed down about 0.6 per cent at 11,840.45, while the benchmark BSE Sensex also finished 0.6% lower at 40,099.23. The Nifty public sector bank index, Nifty bank index and the metal index were top losers, falling 3.1 per cent to 1.8 per cent. Markets await consumer price index data, due later in the day. The retail inflation probably exceeded the Reserve Bank of India's (RBI) medium-term target of 4 per cent in October for the first time in 15 months, mainly because of rising vegetable prices, a Reuters poll of economists showed. Shares of India's Britannia Industries ended up 4.81 per cent as it posted a higher consolidated net profit for the September quarter on Monday and was the top gainer on Nifty. Yes Bank shares closed down 6.6 per cent and was the top Nifty loser.

Sensex, Nifty end lower on weak rupee, factory data; focus on inflation data

One comes from a wealthy family, attended Milan's best schools and has spent all his career engineering mergers at Mediobanca, Italy's most influential investment bank.

The other was raised in an orphanage and was too poor to go to high school but at 84 is Italy's richest man, having built the world's biggest eyewear group from scratch.

Mediobanca's boss Alberto Nagel, 54, and Leonardo Del Vecchio, who in less than two months has become the bank's top investor, are squaring off in a battle for control that is rattling the world of Italian finance.

At stake is the future direction of Mediobanca, a venerable institution more than seven decades old. Billionaire tycoon Del Vecchio says Mediobanca should reduce its focus on consumer finance and instead&nbsp;beef up its traditional investment banking business through acquisitions.

Del Vecchio, chairman of Ray-Ban maker EssilorLuxottica, unexpectedly built a stake of 7 per cent&nbsp;in Mediobanca in mid-September - only informing Nagel of his move hours before issuing a statement.

Last week he raised his holding to just under 10 per cent, and four sources close to the matter said he was planning to go higher still - which would require approval from the European Central Bank. One of the sources said he was aiming for as much as 20 per cent.

Representatives for Del Vecchio were not immediately available to comment for this story.

The tycoon's bold move on Mediobanca has echoes of the corporate intrigue in the so-called "salotto buono", or fine drawing-room, the informal club that has pulled the strings incorporate Italy since 1945 and had Mediobanca at its centre.

So far, he has kept his cards close to his chest when it comes to motive.

But in brief, remarks that were widely viewed as a direct challenge to Nagel's strategy, he said last month Mediobanca should rely less on contributions from its consumer credit business and its most prized asset - insurer Generali.

He also said Mediobanca was too small, having missed out on a number of possible deals.

The relationship between the pair has deteriorated quickly from 2017 when Mediobanca advised Del Vecchio on the 48 billion euro Luxottica-Essilor merger.

A turning point appeared to come last year when Mediobanca, a leading shareholder in a Milanese cancer hospital, blocked a 500-million-euro investment that Del Vecchio wanted to make in the hospital using his own charity firm which would have seen a unit named after him.

Del Vecchio's ultimate goal behind the Mediobanca's stake-building and management's criticism is to have more control over the future of Generali, including through possible cross-border deals, according to three of the sources close to the matter.

Del Vecchio blames Nagel, as well as Generali's CEO Philippe Donnet, for what he sees as Generali's poor share price performance compared with rivals like Germany's Allianz&nbsp;or France's Axa, the people said.

While he would favour a tie-up with a foreign group, he wants to ensure Generali's Italian identity is preserved, they added.

Mediobanca is the biggest shareholder in Generali with a 13 per cent&nbsp;stake in Europe's third-largest insurer, which accounts for about 30 per cent&nbsp;of the bank's operating profit. Del Vecchio is also a Generali investor, with a 4.8 per cent&nbsp;stake.

Nagel has dismissed Del Vecchio's criticism and on Tuesday said he would build on his current strategy to drive growth from Mediobanca's wealth management and consumer credit businesses under a plan through to 2023.

Some bankers say Del Vecchio seems to be longing for a return to the "salotto buono" past when influential families acted as the power brokers of corporate Italy through interlinked minority stakes.

"Del Vecchio is looking at the old days with a sense of nostalgia," said a banker at a global investment bank who is close to Generali. "But what's the point of turning back the clock? Mediobanca has evolved into a more structured and transparent financial institution."

Executives at rival banks Mediolanum, which owns 3.3 per cent&nbsp;of Mediobanca, and Intesa Sanpaolo have been supportive of Nagel.

Nagel, who has been chief executive of Mediobanca since 2008 after starting his career there in 1991 at the age of 26, has steered the Milanese bank away from its historic role as a financial holding company.

He has unwound a web of cross-shareholdings that had become conduits for contagion during the financial crisis, selling some 5 billion euros of minority stakes in top companies since 2013.

Meanwhile, he expanded into wealth management through the launch of Che Banca! and a string of mid-sized acquisitions, and boosted the bank's consumer finance business.

Mediobanca also bought French boutique merchant bank Messier Maris &amp; Associes in April, a deal that paid off months later when it won a mandate to advise Peugeot owner PSA&nbsp;in the 50-billion-euro merger talks with Fiat Chrysler.

Yet Del Vecchio's criticism that Mediobanca lacks scale has some merit, some banking sources told Reuters, adding the bank faced increased competition on its investment banking turf from UniCredit and Intesa's Banca IMI as well as foreign rivals.

UniCredit Chief Executive Jean Pierre Mustier appeared to take a swipe at Nagel this weekend, having sold down his lender's 8.4% stake in the bank last week.

"Mediobanca was managed well during the crisis," he said in an interview with la Repubblica newspaper. "But today it's not easy to do investment banking in Europe, and like for the rest of the sector, new ideas will be needed."

One comes from a wealthy family, attended Milan's best schools and has spent all his career engineering mergers at Mediobanca, Italy's most influential investment bank.

One comes from a wealthy family, attended Milan's best schools and has spent all his career engineering mergers at Mediobanca, Italy's most influential investment bank. The other was raised in an orphanage and was too poor to go to high school but at 84 is Italy's richest man, having built the world's biggest eyewear group from scratch. Mediobanca's boss Alberto Nagel, 54, and Leonardo Del Vecchio, who in less than two months has become the bank's top investor, are squaring off in a battle for control that is rattling the world of Italian finance. At stake is the future direction of Mediobanca, a venerable institution more than seven decades old. Billionaire tycoon Del Vecchio says Mediobanca should reduce its focus on consumer finance and instead beef up its traditional investment banking business through acquisitions. Del Vecchio, chairman of Ray-Ban maker EssilorLuxottica, unexpectedly built a stake of 7 per cent in Mediobanca in mid-September - only informing Nagel of his move hours before issuing a statement. Last week he raised his holding to just under 10 per cent, and four sources close to the matter said he was planning to go higher still - which would require approval from the European Central Bank. One of the sources said he was aiming for as much as 20 per cent. Representatives for Del Vecchio were not immediately available to comment for this story. The tycoon's bold move on Mediobanca has echoes of the corporate intrigue in the so-called "salotto buono", or fine drawing-room, the informal club that has pulled the strings incorporate Italy since 1945 and had Mediobanca at its centre. So far, he has kept his cards close to his chest when it comes to motive. But in brief, remarks that were widely viewed as a direct challenge to Nagel's strategy, he said last month Mediobanca should rely less on contributions from its consumer credit business and its most prized asset - insurer Generali. He also said Mediobanca was too small, having missed out on a number of possible deals. The relationship between the pair has deteriorated quickly from 2017 when Mediobanca advised Del Vecchio on the 48 billion euro Luxottica-Essilor merger. A turning point appeared to come last year when Mediobanca, a leading shareholder in a Milanese cancer hospital, blocked a 500-million-euro investment that Del Vecchio wanted to make in the hospital using his own charity firm which would have seen a unit named after him. Del Vecchio's ultimate goal behind the Mediobanca's stake-building and management's criticism is to have more control over the future of Generali, including through possible cross-border deals, according to three of the sources close to the matter. Del Vecchio blames Nagel, as well as Generali's CEO Philippe Donnet, for what he sees as Generali's poor share price performance compared with rivals like Germany's Allianz or France's Axa, the people said. While he would favour a tie-up with a foreign group, he wants to ensure Generali's Italian identity is preserved, they added. Mediobanca is the biggest shareholder in Generali with a 13 per cent stake in Europe's third-largest insurer, which accounts for about 30 per cent of the bank's operating profit. Del Vecchio is also a Generali investor, with a 4.8 per cent stake. Nagel has dismissed Del Vecchio's criticism and on Tuesday said he would build on his current strategy to drive growth from Mediobanca's wealth management and consumer credit businesses under a plan through to 2023. Some bankers say Del Vecchio seems to be longing for a return to the "salotto buono" past when influential families acted as the power brokers of corporate Italy through interlinked minority stakes. "Del Vecchio is looking at the old days with a sense of nostalgia," said a banker at a global investment bank who is close to Generali. "But what's the point of turning back the clock? Mediobanca has evolved into a more structured and transparent financial institution." Executives at rival banks Mediolanum, which owns 3.3 per cent of Mediobanca, and Intesa Sanpaolo have been supportive of Nagel. Nagel, who has been chief executive of Mediobanca since 2008 after starting his career there in 1991 at the age of 26, has steered the Milanese bank away from its historic role as a financial holding company. He has unwound a web of cross-shareholdings that had become conduits for contagion during the financial crisis, selling some 5 billion euros of minority stakes in top companies since 2013. Meanwhile, he expanded into wealth management through the launch of Che Banca! and a string of mid-sized acquisitions, and boosted the bank's consumer finance business. Mediobanca also bought French boutique merchant bank Messier Maris & Associes in April, a deal that paid off months later when it won a mandate to advise Peugeot owner PSA in the 50-billion-euro merger talks with Fiat Chrysler. Yet Del Vecchio's criticism that Mediobanca lacks scale has some merit, some banking sources told Reuters, adding the bank faced increased competition on its investment banking turf from UniCredit and Intesa's Banca IMI as well as foreign rivals. UniCredit Chief Executive Jean Pierre Mustier appeared to take a swipe at Nagel this weekend, having sold down his lender's 8.4% stake in the bank last week. "Mediobanca was managed well during the crisis," he said in an interview with la Repubblica newspaper. "But today it's not easy to do investment banking in Europe, and like for the rest of the sector, new ideas will be needed."

Battle for Mediobanca: Italy's richest man takes on seasoned CEO

Indian markets led by banking and public sector undertakings (PSUs) opened with slight gains as investors awaited the retail inflation data and outcome of cabinet meeting due to be announced later today.

As per the latest trends, BSE Sensex rose 19.6 points or 0.05 per cent at 40,364.71, while NSE Nifty was up 4.95 points or 0.04 per cent at 11,918.4.&nbsp;

"Investors are expecting details about stake sale in some PSUs from today's cabinet meeting," said AK Prabhakar, head of research at IDBI Capital in Mumbai, reported Reuters.&nbsp;

India's industrial output fell at the fastest pace in more than six years in September, which added to the series of indicators that suggest an economic slowdown. Britannia Industries share' rose upto 3.6 per cent after the company posted a higher consolidated net profit for the quarter ending 
September on Monday and was the top gainer on Nifty today.

The shares of Yes Bank shares rose upto 3.15 per cent after a report claiming that Hero Corporate Services chairman was in talks to buy a stake in the lender. Along with Yes Bank, TCS, RIL, HCL Tech, Asian Paints, HUL and HDFC Bank, were other gainers in the Sensex pack, rising up to 2.05 per cent in morning trade.

The Asian markets and Wall Street witnessed a fall amid the deadlock in the US-China trade talks and concerns about escalating unrest in Hong Kong hurt demand for risky assets. The US President Donald Trump on Tuesday dubbed China as a cheater in trade despite seeking a truce that will settle the 18-month trade tussle between the United States and China. The markets in Shanghai, Hong Kong, Tokyo and Seoul were trading up to 1.76 per cent lower due to growing protests in Hong Kong.&nbsp;

On Monday, the <a href="https://www.wionews.com/business-economy/sensex-closes-in-the-green-at-40345-nifty-bank-gains-by-12-per-cent-261425">Sensex </a>gained 21.47 points or 0.05 per cent and closed at 40,345.08. Similarly, the Nifty rose 5.30 points, or 0.04 per cent, at 11,913.45. The markets were closed on Tuesday for Guru Nanak Jayanti.&nbsp;

The Indian rupee shed 19 paise (intra-day) against the US dollar to trade at 71.66 in early session on Wednesday.

(with inputs from agencies)

 
&nbsp;

Indian markets led by banking and public sector undertakings (PSUs) opened with slight gains as investors awaited the retail inflation data and outcome of cabinet meeting due to be announced later today.

Indian markets led by banking and public sector undertakings (PSUs) opened with slight gains as investors awaited the retail inflation data and outcome of cabinet meeting due to be announced later today. As per the latest trends, BSE Sensex rose 19.6 points or 0.05 per cent at 40,364.71, while NSE Nifty was up 4.95 points or 0.04 per cent at 11,918.4. "Investors are expecting details about stake sale in some PSUs from today's cabinet meeting," said AK Prabhakar, head of research at IDBI Capital in Mumbai, reported Reuters. India's industrial output fell at the fastest pace in more than six years in September, which added to the series of indicators that suggest an economic slowdown. Britannia Industries share' rose upto 3.6 per cent after the company posted a higher consolidated net profit for the quarter ending September on Monday and was the top gainer on Nifty today. The shares of Yes Bank shares rose upto 3.15 per cent after a report claiming that Hero Corporate Services chairman was in talks to buy a stake in the lender. Along with Yes Bank, TCS, RIL, HCL Tech, Asian Paints, HUL and HDFC Bank, were other gainers in the Sensex pack, rising up to 2.05 per cent in morning trade. The Asian markets and Wall Street witnessed a fall amid the deadlock in the US-China trade talks and concerns about escalating unrest in Hong Kong hurt demand for risky assets. The US President Donald Trump on Tuesday dubbed China as a cheater in trade despite seeking a truce that will settle the 18-month trade tussle between the United States and China. The markets in Shanghai, Hong Kong, Tokyo and Seoul were trading up to 1.76 per cent lower due to growing protests in Hong Kong. On Monday, the Sensex gained 21.47 points or 0.05 per cent and closed at 40,345.08. Similarly, the Nifty rose 5.30 points, or 0.04 per cent, at 11,913.45. The markets were closed on Tuesday for Guru Nanak Jayanti. The Indian rupee shed 19 paise (intra-day) against the US dollar to trade at 71.66 in early session on Wednesday. (with inputs from agencies)

Indian markets steady in early trade ahead of cabinet meeting, inflation figures

Chinese shoppers snapped up food supplements, facial masks and baby milk powder at the world's largest&nbsp;shopping&nbsp;festival, with brands such as&nbsp;L'Oreal&nbsp;and&nbsp;Nestle&nbsp;among the&nbsp;biggest winners, Alibaba data showed.

The Chinese e-commerce giant's annual&nbsp;Singles'&nbsp;Day&nbsp;shopping&nbsp;blitz on Monday&nbsp;brought in a record 268.4 billion yuan ($38.38 billion) in sales, more than six times the amount of online sales made in the United States on Black Friday&nbsp;last year.

It kicked off this year's 24-hour&nbsp;shopping&nbsp;bonanza with a live performance by US&nbsp;pop star Taylor Swift followed by the live-streamed marketing of over 1,000 brands.

Alibaba said on Tuesday&nbsp;that 299 brands surpassed 100 million yuan in gross merchandise value, including LVMH's Givenchy, home appliance manufacturers Dyson and Philips and sportswear maker Under Armour.

Fifteen brands made over 1 billion yuan in sales, it said. These included Huawei Technologies, Apple, Nike, Xiaomi Corp and Fast Retailing's Uniqlo.

Food supplements were the most popular import product, while sales of makeup, diapers and face wash were also strong.

Sales growth for the annual&nbsp;shopping&nbsp;festival this year eased to 26 per cent, the weakest since the event started in 2009, in a reflection of how e-commerce sales in China have been slowing.

Analysts, however, said the growth rate had slightly beaten their expectations, saying that more aggressive promotions, a focus on attracting more customers from rural cities, and even the overall slowing economy might have helped as people sought to buy goods at discounted prices.

Citic Securities had predicted a 20-25 per cent&nbsp;expansion, while Daiwa Capital Markets had an estimate of 23 per cent.

"What's happened is that you've had a lot of consumers this year being a little bit more careful about their purchasing because the economy's slowing down," said Ben Cavender, managing director of consultancy China Market Research Group.

"I think this year especially, people were kind of waiting for&nbsp;Singles'&nbsp;Day&nbsp;and kind of waiting to make some of those medium-sized purchases that they didn't want to pay full price for."

The event has been replicated at home and abroad, with&nbsp;Singles'&nbsp;Day&nbsp;promotions found at rivals such as China's JD.com and Pinduoduo as well as South Korea's 11thStreet and Singapore's Qoo10.

JD.com, which started its sales campaign on November&nbsp;1, said transaction volume exceeded 204.4 billion yuan over the eleven&nbsp;days.

Uniqlo owner Fast Retailing said the online event also boosted visits to its physical stores, of which it has 700 across China, adding that its Heattech thermal underwear and Ultra Light Down jackets were among its most popular items.

Chinese shoppers snapped up food supplements, facial masks and baby milk powder at the world's largest shopping festival, with brands such as L'Oreal and Nestle among the biggest winners, Alibaba data showed.

Chinese shoppers snapped up food supplements, facial masks and baby milk powder at the world's largest shopping festival, with brands such as L'Oreal and Nestle among the biggest winners, Alibaba data showed. The Chinese e-commerce giant's annual Singles' Day shopping blitz on Monday brought in a record 268.4 billion yuan ($38.38 billion) in sales, more than six times the amount of online sales made in the United States on Black Friday last year. It kicked off this year's 24-hour shopping bonanza with a live performance by US pop star Taylor Swift followed by the live-streamed marketing of over 1,000 brands. Alibaba said on Tuesday that 299 brands surpassed 100 million yuan in gross merchandise value, including LVMH's Givenchy, home appliance manufacturers Dyson and Philips and sportswear maker Under Armour. Fifteen brands made over 1 billion yuan in sales, it said. These included Huawei Technologies, Apple, Nike, Xiaomi Corp and Fast Retailing's Uniqlo. Food supplements were the most popular import product, while sales of makeup, diapers and face wash were also strong. Sales growth for the annual shopping festival this year eased to 26 per cent, the weakest since the event started in 2009, in a reflection of how e-commerce sales in China have been slowing. Analysts, however, said the growth rate had slightly beaten their expectations, saying that more aggressive promotions, a focus on attracting more customers from rural cities, and even the overall slowing economy might have helped as people sought to buy goods at discounted prices. Citic Securities had predicted a 20-25 per cent expansion, while Daiwa Capital Markets had an estimate of 23 per cent. "What's happened is that you've had a lot of consumers this year being a little bit more careful about their purchasing because the economy's slowing down," said Ben Cavender, managing director of consultancy China Market Research Group. "I think this year especially, people were kind of waiting for Singles' Day and kind of waiting to make some of those medium-sized purchases that they didn't want to pay full price for." The event has been replicated at home and abroad, with Singles' Day promotions found at rivals such as China's JD.com and Pinduoduo as well as South Korea's 11thStreet and Singapore's Qoo10. JD.com, which started its sales campaign on November 1, said transaction volume exceeded 204.4 billion yuan over the eleven days. Uniqlo owner Fast Retailing said the online event also boosted visits to its physical stores, of which it has 700 across China, adding that its Heattech thermal underwear and Ultra Light Down jackets were among its most popular items.

L'Oreal, Nestle turn out to be the biggest winners at Alibaba's Singles' Day shopping fest

The German government will not force hard coal power plants to close over the next seven years, a draft law expected to be approved by the cabinet next week showed on Tuesday.

A previous blueprint seen by Reuters stipulated that utilities would be forced to deactivate hard coal power plants by 2026 if not enough closures happen voluntarily.

The government plans to use a mixture of subsidies and tenders to encourage operators to close coal plants beginning next year.

The draft law could make the process more expensive if it requires the government to spend more on such incentives.

It calls for incentives to fall each year, a strategy designed to entice operators to close down coal plants early.

It is part of German plans to phase out coal by 2038 and will be put to a vote in the Bundestag lower house should the cabinet approve it next Monday.

It envisages that by 2022 an estimated 12 hard coal plants would be shut down, leaving about 30 feeding some 15 gigawatts (GW) into the grid.

Germany has more than 40 plants running either fully or partially on hard coal, according to the Federal Environment Agency.

The decision against forced closures looks set to allow utility Uniper&nbsp;to start commercial operations at its 1.5 billion euro Datteln 4 coal-fired power plant.

It had originally been recommended that the 1.1-gigawatt plant, which would add 100 million euros to Uniper's operating profit per year, never enter service.

Sascha Bibert, Uniper's finance chief, declined to comment on the draft law, saying he would wait for the official version.

The government has estimated the cost of shutting down hard coal plants at less than 1 billion euros.

Last month, measures it approved to drastically cut greenhouse gas emissions were criticised by activists and industry groups as too weak to achieve Germany's goal of becoming emissions-neutral by 2050.

The government also wants to reach a deal with utilities on a timetable to shut down brown coal plants and agree on a framework for compensation.

Starting in 2020, the government each year will decide how many gigawatts of brown coal-produced energy should be removed from the grid and ask utilities to submit compensation estimates.

The cost of shutting brown coal plants is estimated at more than 2 billion euros.

The German government will not force hard coal power plants to close over the next seven years, a draft law expected to be approved by the cabinet next week showed on Tuesday.

The German government will not force hard coal power plants to close over the next seven years, a draft law expected to be approved by the cabinet next week showed on Tuesday. A previous blueprint seen by Reuters stipulated that utilities would be forced to deactivate hard coal power plants by 2026 if not enough closures happen voluntarily. The government plans to use a mixture of subsidies and tenders to encourage operators to close coal plants beginning next year. The draft law could make the process more expensive if it requires the government to spend more on such incentives. It calls for incentives to fall each year, a strategy designed to entice operators to close down coal plants early. It is part of German plans to phase out coal by 2038 and will be put to a vote in the Bundestag lower house should the cabinet approve it next Monday. It envisages that by 2022 an estimated 12 hard coal plants would be shut down, leaving about 30 feeding some 15 gigawatts (GW) into the grid. Germany has more than 40 plants running either fully or partially on hard coal, according to the Federal Environment Agency. The decision against forced closures looks set to allow utility Uniper to start commercial operations at its 1.5 billion euro Datteln 4 coal-fired power plant. It had originally been recommended that the 1.1-gigawatt plant, which would add 100 million euros to Uniper's operating profit per year, never enter service. Sascha Bibert, Uniper's finance chief, declined to comment on the draft law, saying he would wait for the official version. The government has estimated the cost of shutting down hard coal plants at less than 1 billion euros. Last month, measures it approved to drastically cut greenhouse gas emissions were criticised by activists and industry groups as too weak to achieve Germany's goal of becoming emissions-neutral by 2050. The government also wants to reach a deal with utilities on a timetable to shut down brown coal plants and agree on a framework for compensation. Starting in 2020, the government each year will decide how many gigawatts of brown coal-produced energy should be removed from the grid and ask utilities to submit compensation estimates. The cost of shutting brown coal plants is estimated at more than 2 billion euros.

Germany will not force hard coal plant closures before 2026

&nbsp;Roula Khalaf will become the first woman to edit the&nbsp;Financial&nbsp;Times&nbsp;in its 131 year history after Lionel Barber, Britain's most senior&nbsp;financial&nbsp;journalist, said he would step down.

Barber said on Tuesday he would leave in January after 14 years as editor and 34 years at the Nikkei-owned newspaper, which had one million paying readers in 2019, with digital subscribers accounting for more than 75 per cent&nbsp;of total circulation.

Khalaf has served as deputy editor, foreign editor and Middle East editor during her more than two decades at the salmon-pink FT and in recent years has sought to increase diversity in the newsroom and attract more female readers.

"It's a great honour to be appointed editor of the FT, the greatest news organisation in the world. "I look forward to building on Lionel Barber's extraordinary achievements," said Khalaf, whose earlier writing for Forbes magazine had earned her a small role in Martin Scorsese's The Wolf of Wall Street.

Her article described the leading character Jordan Belfort as sounding like a twisted version of Robin Hood who takes from the rich and gives to himself and his merry band of brokers.

Khalaf, from Lebanon, will join Katharine Viner at the Guardian as one of the few women to edit major newspapers in Britain and one of few leading female editors in the world after Jill Abramson left the New York&nbsp;Times.

Before joining the FT in 1995, Khalaf worked at Forbes in New York and earned a master's at Columbia University and graduated from Syracuse University.

New Chapter

Tsuneo Kita, chairman of Japan's Nikkei which bought the FT from Pearson in 2015, said in a statement Khalaf was chosen for her sound judgment and integrity. "We look forward to working closely with her to deepen our global media alliance."

Nikkei's Kita described Barber as a strategic thinker and true internationalist, adding he was very sad to see him leave.

"However, both of us agree it is time to open a new chapter," he said.

During his time as editor Barber engineered a successful push into online subscription that protected the title as others battled an unprecedented collapse in advertising revenue, as well as managing the move to a new owner.

Roula Khalaf will become the first woman to edit the Financial Times in its 131 year history after Lionel Barber, Britain's most senior financial journalist, said he would step down.

Roula Khalaf will become the first woman to edit the Financial Times in its 131 year history after Lionel Barber, Britain's most senior financial journalist, said he would step down. Barber said on Tuesday he would leave in January after 14 years as editor and 34 years at the Nikkei-owned newspaper, which had one million paying readers in 2019, with digital subscribers accounting for more than 75 per cent of total circulation. Khalaf has served as deputy editor, foreign editor and Middle East editor during her more than two decades at the salmon-pink FT and in recent years has sought to increase diversity in the newsroom and attract more female readers. "It's a great honour to be appointed editor of the FT, the greatest news organisation in the world. "I look forward to building on Lionel Barber's extraordinary achievements," said Khalaf, whose earlier writing for Forbes magazine had earned her a small role in Martin Scorsese's The Wolf of Wall Street. Her article described the leading character Jordan Belfort as sounding like a twisted version of Robin Hood who takes from the rich and gives to himself and his merry band of brokers. Khalaf, from Lebanon, will join Katharine Viner at the Guardian as one of the few women to edit major newspapers in Britain and one of few leading female editors in the world after Jill Abramson left the New York Times. Before joining the FT in 1995, Khalaf worked at Forbes in New York and earned a master's at Columbia University and graduated from Syracuse University. New Chapter Tsuneo Kita, chairman of Japan's Nikkei which bought the FT from Pearson in 2015, said in a statement Khalaf was chosen for her sound judgment and integrity. "We look forward to working closely with her to deepen our global media alliance." Nikkei's Kita described Barber as a strategic thinker and true internationalist, adding he was very sad to see him leave. "However, both of us agree it is time to open a new chapter," he said. During his time as editor Barber engineered a successful push into online subscription that protected the title as others battled an unprecedented collapse in advertising revenue, as well as managing the move to a new owner.

Roula Khalaf becomes first female editor of Financial Times after Barber's resignation

Indian Oil Corp, the country's top refiner, is in talks with oil major Rosneft to explore the possibility of importing Russian oil, its chairman Sanjiv Singh said on Tuesday.

"We have taken very small quantities from Russia in the past which cant be considered significant so we are trying to explore if we can increase the Russian crude volume coming to India...We are in discussion with Rosneft and we are hopeful that something should work," Singh told reporters at an energy conference.

Oil minister Dharmendra Pradhan said late on Monday that India is open to importing oil from Russia.

India, the world's third-biggest oil importer and consumer, ships in about 60 per cent&nbsp;of its overall crude needs from the middle eastern countries. The nation is gradually tapping new sources to hedge itself against geopolitical risks.

Indian Oil Corp, the country's top refiner, is in talks with oil major Rosneft to explore the possibility of importing Russian oil, its chairman Sanjiv Singh said on Tuesday.

Indian Oil Corp, the country's top refiner, is in talks with oil major Rosneft to explore the possibility of importing Russian oil, its chairman Sanjiv Singh said on Tuesday. "We have taken very small quantities from Russia in the past which cant be considered significant so we are trying to explore if we can increase the Russian crude volume coming to India...We are in discussion with Rosneft and we are hopeful that something should work," Singh told reporters at an energy conference. Oil minister Dharmendra Pradhan said late on Monday that India is open to importing oil from Russia. India, the world's third-biggest oil importer and consumer, ships in about 60 per cent of its overall crude needs from the middle eastern countries. The nation is gradually tapping new sources to hedge itself against geopolitical risks.

Indian Oil in talks with Rosneft to import Russian oil

China should use counter-cyclical adjustment measures more effectively, Premier Li Keqiang said on Tuesday, amid increasing pressure on the world's second-largest economy.

China should also keep macro policies stable to ensure key economic targets for this year are achieved, said Li, in a statement about the meeting released on a government website.

China’s economic growth slowed to 6.0 per cent&nbsp;year-on-year in the third quarter, the weakest pace in at least 27-1/2 years, as demand at home and abroad faltered amid a bruising Sino-US&nbsp;trade war.

The country has set a target of 6-6.5 per cent&nbsp;growth for the whole of 2019.

The government will improve the use of local government special bonds and strengthen support for the real economy, the statement said.

China will also break hidden barriers to investment to improve the business environment, said the statement.

China should use counter-cyclical adjustment measures more effectively, Premier Li Keqiang said on Tuesday, amid increasing pressure on the world's second-largest economy.

China should use counter-cyclical adjustment measures more effectively, Premier Li Keqiang said on Tuesday, amid increasing pressure on the world's second-largest economy. China should also keep macro policies stable to ensure key economic targets for this year are achieved, said Li, in a statement about the meeting released on a government website. China’s economic growth slowed to 6.0 per cent year-on-year in the third quarter, the weakest pace in at least 27-1/2 years, as demand at home and abroad faltered amid a bruising Sino-US trade war. The country has set a target of 6-6.5 per cent growth for the whole of 2019. The government will improve the use of local government special bonds and strengthen support for the real economy, the statement said. China will also break hidden barriers to investment to improve the business environment, said the statement.

Should use counter-cyclical measures 'more effectively': Chinese premier

Chinese telecoms giant <a href="https://www.wionews.com/business-economy/huawei-pushes-5g-in-southeast-asia-brushing-off-tech-war-with-us-259636">Huawei Technologies</a> said on Tuesday it will hand out 2 billion yuan ($286 million) in cash rewards to staff working to help it weather a U.S. trade blacklisting.

The world's largest telecoms equipment provider has said it has been trying to find alternatives to US&nbsp;hardware after the United States all but banned it in May from doing&nbsp;business&nbsp;with American firms, disrupting its ability to source key parts.

The cash is a mark of recognition for work in the face of US&nbsp;pressure, Huawei's human resources department said in a notice to staff seen by Reuters. It will also double pay this month for almost all its 190,000 workers, a company spokesman said.

The cash rewards will likely go to research and development teams and those working to shift the company's supply chains away from the United States, the spokesman said.

Details of Huawei's plan were first reported by the South China Morning Post on Tuesday.

Many in the US&nbsp;government believe that <a href="https://www.wionews.com/business-economy/huawei-tightens-china-market-hold-with-42-share-at-expense-of-iphones-report-258794">Huawei's equipment</a>, particularly its 5G networks, pose a security risk, because of the company's allegedly close ties to the Chinese government. Huawei has denied the Chinese government plays any role in its operations.

Although granted reprieves from much of the US&nbsp;exclusion, Huawei had been working to find alternatives after it witnessed the crippling effect of US&nbsp;sanctions on its smaller Chinese rival ZTE Corp in early 2017.

The company is also the world's second-largest maker of smartphones and a surge in shipments of devices helped it to report a 27 per cent&nbsp;rise in third-quarter revenue last month.

Chinese telecoms giant Huawei Technologies said on Tuesday it will hand out 2 billion yuan ($286 million) in cash rewards to staff working to help it weather a U.

Chinese telecoms giant Huawei Technologies said on Tuesday it will hand out 2 billion yuan ($286 million) in cash rewards to staff working to help it weather a U.S. trade blacklisting. The world's largest telecoms equipment provider has said it has been trying to find alternatives to US hardware after the United States all but banned it in May from doing business with American firms, disrupting its ability to source key parts. The cash is a mark of recognition for work in the face of US pressure, Huawei's human resources department said in a notice to staff seen by Reuters. It will also double pay this month for almost all its 190,000 workers, a company spokesman said. The cash rewards will likely go to research and development teams and those working to shift the company's supply chains away from the United States, the spokesman said. Details of Huawei's plan were first reported by the South China Morning Post on Tuesday. Many in the US government believe that Huawei's equipment, particularly its 5G networks, pose a security risk, because of the company's allegedly close ties to the Chinese government. Huawei has denied the Chinese government plays any role in its operations. Although granted reprieves from much of the US exclusion, Huawei had been working to find alternatives after it witnessed the crippling effect of US sanctions on its smaller Chinese rival ZTE Corp in early 2017. The company is also the world's second-largest maker of smartphones and a surge in shipments of devices helped it to report a 27 per cent rise in third-quarter revenue last month.

Huawei to give staff $286 million bonus for helping it ride out US curbs

Vodafone said its future in India could be in doubt unless the government stopped hitting operators with higher taxes and charges, after a court judgment over license fees resulted in a 1.9 billion euro group loss in its first half.

Chief Executive Nick Read said India, where Vodafone formed a joint venture with Idea Cellular in 2018, had been "a very challenging situation for a long time", but it remained a sizable market where Vodafone had a 30 per cent&nbsp;share.

"Financially there's been a heavy burden through unsupportive regulation, excessive taxes and on top of that we got the negative supreme court decision," he said on Tuesday.

Vodafone had asked the government for a relief package comprising a two-year moratorium on spectrum payments, lower license fee and taxes and waiving of interest and penalties on the Supreme Court case, which centred on regulatory fees.

Asked if it made sense for Vodafone to remain in India without any relief package, he said: "It's fair to say it's a very critical situation."

Read said Vodafone was not committing any more equity to India and the country effectively contributed zero value to the company's share price.

Vodafone's shares were up 0.6 per cent&nbsp;at 161 pence at 0931 GMT as investors focused on an upgrade to its earnings forecast rather than India.

Vodafone, the world's second-largest mobile operator, reported improving organic revenue growth as it saw signs of improvement in Spain and Italy and as it integrates its German cable acquisition.

It reported organic service revenue growth of 0.3 per cent&nbsp;in the first half, as it returned to growth in the second quarter, while organic core earnings rose 1.4 per cent.

It increased its forecast for adjusted core earnings to 14.8-15.0 billion euros from its previous forecast of 13.8-14.2 billion euros, but said India and lower cash flows following the sale of assets in New Zealand meant free cash flow would be "around" 5.4 billion euros, rather than "at least" 5.4 billion euros, as it previously forecast.

Read said he was pleased with progress in executing his strategy.

"This is reflected in our return to top-line growth in the second quarter, which we expect to build upon in the second half of the year in both Europe and Africa," he said on Tuesday.

Read cut Vodafone's dividend for the first time in May after tough market conditions and a need to invest in its networks and airwaves caused him to backtrack on his pledge not to reduce the payout.

Vodafone said its future in India could be in doubt unless the government stopped hitting operators with higher taxes and charges, after a court judgment over license fees resulted in a 1.

Vodafone said its future in India could be in doubt unless the government stopped hitting operators with higher taxes and charges, after a court judgment over license fees resulted in a 1.9 billion euro group loss in its first half. Chief Executive Nick Read said India, where Vodafone formed a joint venture with Idea Cellular in 2018, had been "a very challenging situation for a long time", but it remained a sizable market where Vodafone had a 30 per cent share. "Financially there's been a heavy burden through unsupportive regulation, excessive taxes and on top of that we got the negative supreme court decision," he said on Tuesday. Vodafone had asked the government for a relief package comprising a two-year moratorium on spectrum payments, lower license fee and taxes and waiving of interest and penalties on the Supreme Court case, which centred on regulatory fees. Asked if it made sense for Vodafone to remain in India without any relief package, he said: "It's fair to say it's a very critical situation." Read said Vodafone was not committing any more equity to India and the country effectively contributed zero value to the company's share price. Vodafone's shares were up 0.6 per cent at 161 pence at 0931 GMT as investors focused on an upgrade to its earnings forecast rather than India. Vodafone, the world's second-largest mobile operator, reported improving organic revenue growth as it saw signs of improvement in Spain and Italy and as it integrates its German cable acquisition. It reported organic service revenue growth of 0.3 per cent in the first half, as it returned to growth in the second quarter, while organic core earnings rose 1.4 per cent. It increased its forecast for adjusted core earnings to 14.8-15.0 billion euros from its previous forecast of 13.8-14.2 billion euros, but said India and lower cash flows following the sale of assets in New Zealand meant free cash flow would be "around" 5.4 billion euros, rather than "at least" 5.4 billion euros, as it previously forecast. Read said he was pleased with progress in executing his strategy. "This is reflected in our return to top-line growth in the second quarter, which we expect to build upon in the second half of the year in both Europe and Africa," he said on Tuesday. Read cut Vodafone's dividend for the first time in May after tough market conditions and a need to invest in its networks and airwaves caused him to backtrack on his pledge not to reduce the payout.

Vodafone's future in India in doubt after latest setback

Finance Minister Nirmala Sitharaman on Tuesday urged farmers to produce oilseeds in place of other crops as India particularly imports edible oil and palm oil.

"We are telling farmers which crops will give them a better price in the area. We are also telling them what all crops can be irrigated or cannot be irrigated on the rain-fed land," she said while addressing the sixth World Congress on Rural &amp; Agriculture Finance in New Delhi.

"The support price may be given for other things but please do produce oilseeds because they have a great demand in India. Edible oil consumption is also a matter of great concern, as we still import quite a lot quantity particularly palm oil," she said.

The Union Minister also requested National Bank for Agriculture and Rural Development (NABARD) Chairman Dr Harsh Kumar Bhanwala to visit Jammu and Kashmir to ensure that the farmers get the correct price of their produce in the next season.

"You are aware that recently we used NAFED to procure apples from Jammu and Kashmir so that there is no single farmer left with his unsold apples. I am ensuring that I will take the Chairman of NABARD to Jammu and Kashmir so that the agri producers can get the right price for their next crop of saffron, peaches and walnuts," she added.

The Union Minister also stated that the Central government is making efforts to push sustainable and renewable energy sources in rural areas in order to provide farmers with an additional source of income.

"I want anna datta to be urja datta also. We are working in a direction where we can install solar panels, turbines etc so that farmers can generate power on those pieces of land where they are unable to grow the produce," she said.

Sitharaman also announced that 10,000 farmers produce organisations will be formed so that the agriculturalists can get the correct price for their produce and also "credit and other assistance from the government can be extended to them."

After Sitharaman's address, the NABARD Chairman also spoke to ANI about the upliftment of farmers and said that his organisation will ensure that cooperative banks and rural regional banks give short term loans and credit to the farmers for growing oilseeds.

"We will ensure that cooperative banks and rural regional banks have enough credit to lend short terms loans to farmers for growing oil seeds. We will fix the scale of finance for producing oilseed crops. Also, we will provide an alternate approach to farmers so that they can get good income by producing oilseeds. We can encourage farmers in rain-fed areas to grow the same," he said.

"With the help of agricultural universities, we will focus on agriculture extension in Jammu and Kashmir. With the help of digital platforms, we will deliver the produce to bulk buyers, so that farmers of Jammu and Kashmir get better prices of their produce," the NABARD Chairman added.&nbsp; 
&nbsp;

Finance Minister Nirmala Sitharaman on Tuesday urged farmers to produce oilseeds in place of other crops as India particularly imports edible oil and palm oil. "We are telling farmers which crops will give them a better price in the area.

Finance Minister Nirmala Sitharaman on Tuesday urged farmers to produce oilseeds in place of other crops as India particularly imports edible oil and palm oil. "We are telling farmers which crops will give them a better price in the area. We are also telling them what all crops can be irrigated or cannot be irrigated on the rain-fed land," she said while addressing the sixth World Congress on Rural & Agriculture Finance in New Delhi. "The support price may be given for other things but please do produce oilseeds because they have a great demand in India. Edible oil consumption is also a matter of great concern, as we still import quite a lot quantity particularly palm oil," she said. The Union Minister also requested National Bank for Agriculture and Rural Development (NABARD) Chairman Dr Harsh Kumar Bhanwala to visit Jammu and Kashmir to ensure that the farmers get the correct price of their produce in the next season. "You are aware that recently we used NAFED to procure apples from Jammu and Kashmir so that there is no single farmer left with his unsold apples. I am ensuring that I will take the Chairman of NABARD to Jammu and Kashmir so that the agri producers can get the right price for their next crop of saffron, peaches and walnuts," she added. The Union Minister also stated that the Central government is making efforts to push sustainable and renewable energy sources in rural areas in order to provide farmers with an additional source of income. "I want anna datta to be urja datta also. We are working in a direction where we can install solar panels, turbines etc so that farmers can generate power on those pieces of land where they are unable to grow the produce," she said. Sitharaman also announced that 10,000 farmers produce organisations will be formed so that the agriculturalists can get the correct price for their produce and also "credit and other assistance from the government can be extended to them." After Sitharaman's address, the NABARD Chairman also spoke to ANI about the upliftment of farmers and said that his organisation will ensure that cooperative banks and rural regional banks give short term loans and credit to the farmers for growing oilseeds. "We will ensure that cooperative banks and rural regional banks have enough credit to lend short terms loans to farmers for growing oil seeds. We will fix the scale of finance for producing oilseed crops. Also, we will provide an alternate approach to farmers so that they can get good income by producing oilseeds. We can encourage farmers in rain-fed areas to grow the same," he said. "With the help of agricultural universities, we will focus on agriculture extension in Jammu and Kashmir. With the help of digital platforms, we will deliver the produce to bulk buyers, so that farmers of Jammu and Kashmir get better prices of their produce," the NABARD Chairman added.

Finance Minister Nirmala Sitharaman urges farmers to produce oilseeds

Indian shares were volatile on Monday, leading to a holiday-shortened week after Moody's Investors Service cut its rating outlook for the country last week and as the absence of fresh triggers kept markets range-bound.

Asian shares reversed gains on Monday, the yen ticked higher and gold jumped as fresh <a href="https://www.wionews.com/videos/hong-kong-protests-turn-violent-police-shoot-protester-amid-clashes-261252">violence broke out in Hong Kong</a>, while uncertainty still remained over whether the United States and China could end their damaging trade war.

Moody's on late Thursday lowered India's ratings outlook to "negative" from "stable" on Thursday, citing increasing risks that growth in Asia's third-largest economy will remain lower than in the past.

The broader NSE Nifty inched 0.1 per cent lower at 11,898, as of 0420 GMT, while the benchmark BSE&nbsp;Sensex&nbsp;fell 0.13 per cent&nbsp;to 40,286.34. The rupee was 0.11 per cent&nbsp;firmer at 71.365 against the dollar.

The Nifty PSU Bank index, which tracks state-run lenders, was the top gainer among NSE sectoral indexes, rising nearly 0.8%. The index was led by a 3.4 per cent&nbsp;gain in Bank of Baroda, which reported a rise in September quarter profit on Friday.

Meanwhile, the Nifty realty index rose for a third straight session, gaining 0.7 per cent.

Late on Wednesday, the government approved 100 billion rupees ($1.41 billion) for a fund to help clear stalled housing projects.

Britannia Industries rose 1.2 per cent&nbsp;ahead of their quarterly results later in the day.

Indian markets will be closed on Tuesday for a public holiday.

Indian shares were volatile on Monday, leading to a holiday-shortened week after Moody's Investors Service cut its rating outlook for the country last week and as the absence of fresh triggers kept markets range-bound.

Indian shares were volatile on Monday, leading to a holiday-shortened week after Moody's Investors Service cut its rating outlook for the country last week and as the absence of fresh triggers kept markets range-bound. Asian shares reversed gains on Monday, the yen ticked higher and gold jumped as fresh violence broke out in Hong Kong, while uncertainty still remained over whether the United States and China could end their damaging trade war. Moody's on late Thursday lowered India's ratings outlook to "negative" from "stable" on Thursday, citing increasing risks that growth in Asia's third-largest economy will remain lower than in the past. The broader NSE Nifty inched 0.1 per cent lower at 11,898, as of 0420 GMT, while the benchmark BSE Sensex fell 0.13 per cent to 40,286.34. The rupee was 0.11 per cent firmer at 71.365 against the dollar. The Nifty PSU Bank index, which tracks state-run lenders, was the top gainer among NSE sectoral indexes, rising nearly 0.8%. The index was led by a 3.4 per cent gain in Bank of Baroda, which reported a rise in September quarter profit on Friday. Meanwhile, the Nifty realty index rose for a third straight session, gaining 0.7 per cent. Late on Wednesday, the government approved 100 billion rupees ($1.41 billion) for a fund to help clear stalled housing projects. Britannia Industries rose 1.2 per cent ahead of their quarterly results later in the day. Indian markets will be closed on Tuesday for a public holiday.

Nifty, Sensex volatile; Nifty PSU gains

Chinese e-commerce giant <a href="https://www.wionews.com/business-economy/chinas-alibaba-invests-33-billion-to-raise-stake-in-logistics-unit-cainiao-260785">Alibaba Group Holdin</a>g Inc on Monday said sales for its annual Singles' Day shopping blitz hit 158.31 billion yuan (£17.69 billion) in its first nine hours, up 25% from 126.72 billion yuan at the same point last year.

Akin to Black Friday and Cyber Monday in the United States, Singles' Day has been promoted as a shopping fest by Alibaba Chairman and Chief Executive Daniel Zhang since 2009, growing rapidly to become the world's biggest online sales event.

Also known as "Double Eleven", the festival's name originates from the calendar date November&nbsp;11, with the four ones of 11/11 signifying being single.

Alibaba netted sales worth $30 billion on its platforms on Singles' Day last year, dwarfing the $7.9 billion US&nbsp;online sales for Cyber Monday. Yet the 27 per cent&nbsp;sales growth was the lowest in the event's 10-year history, spurring a search for fresh ideas.

Citic Securities, in a November&nbsp;9 research note, forecast Singles Day sales to grow 20-25 per cent&nbsp;this year, held back partly by slowing overall e-commerce growth in China.

The Chinese retail juggernaut, with a market value of $486 billion, kicked off this year's 24-hour shopping fest with performances by American pop star Taylor Swift and local celebrities such as Jackson Yee.

Sales hit $1 billion in the first minute and eight seconds and reached 84 billion yuan in the first hour, up 22 per cent&nbsp;from last year's early haul of 69 billion yuan.

Singles' Day was among the top trending topics on China's Twitter-like Weibo microblogging platform on Monday morning, with users discussing what they spent their money on.

Alibaba has said it expects over 500 million users to participate in the shopping festival this year, about 100 million more than last year.

This is the first time Alibaba's Singles' Day does not have flamboyant co-founder Jack Ma at its helm, after he resigned in September as chairman to "start a new life".

It also comes at a crucial time for the company, which is looking to raise up to $15 billion via a share sale in Hong Kong this month.

Alibaba continues to dominate the online shopping industry, but not without competition.

In addition to longtime rival JD.com Inc, it also faces competition from Pinduoduo Inc,&nbsp;which surged in popularity in 2017 by targeting consumers in China's lower-tier cities.

Chinese e-commerce giant Alibaba Group Holding Inc on Monday said sales for its annual Singles' Day shopping blitz hit 158.31 billion yuan (£17.69 billion) in its first nine hours, up 25% from 126.

Chinese e-commerce giant Alibaba Group Holding Inc on Monday said sales for its annual Singles' Day shopping blitz hit 158.31 billion yuan (£17.69 billion) in its first nine hours, up 25% from 126.72 billion yuan at the same point last year. Akin to Black Friday and Cyber Monday in the United States, Singles' Day has been promoted as a shopping fest by Alibaba Chairman and Chief Executive Daniel Zhang since 2009, growing rapidly to become the world's biggest online sales event. Also known as "Double Eleven", the festival's name originates from the calendar date November 11, with the four ones of 11/11 signifying being single. Alibaba netted sales worth $30 billion on its platforms on Singles' Day last year, dwarfing the $7.9 billion US online sales for Cyber Monday. Yet the 27 per cent sales growth was the lowest in the event's 10-year history, spurring a search for fresh ideas. Citic Securities, in a November 9 research note, forecast Singles Day sales to grow 20-25 per cent this year, held back partly by slowing overall e-commerce growth in China. The Chinese retail juggernaut, with a market value of $486 billion, kicked off this year's 24-hour shopping fest with performances by American pop star Taylor Swift and local celebrities such as Jackson Yee. Sales hit $1 billion in the first minute and eight seconds and reached 84 billion yuan in the first hour, up 22 per cent from last year's early haul of 69 billion yuan. Singles' Day was among the top trending topics on China's Twitter-like Weibo microblogging platform on Monday morning, with users discussing what they spent their money on. Alibaba has said it expects over 500 million users to participate in the shopping festival this year, about 100 million more than last year. This is the first time Alibaba's Singles' Day does not have flamboyant co-founder Jack Ma at its helm, after he resigned in September as chairman to "start a new life". It also comes at a crucial time for the company, which is looking to raise up to $15 billion via a share sale in Hong Kong this month. Alibaba continues to dominate the online shopping industry, but not without competition. In addition to longtime rival JD.com Inc, it also faces competition from Pinduoduo Inc, which surged in popularity in 2017 by targeting consumers in China's lower-tier cities.

Alibaba Singles' Day sales hit $1 billion in one minute & eight seconds

Wall Street's main indexes were set to retreat at the open on Monday as comments by President Donald Trump dampened expectations around a <a href="https://www.wionews.com/.../trump-xi-meeting-in-iowa-would-be-poignant- reminder-of-better-us-china-ties-260213">US-China trade deal</a>, while escalating violence in Hong Kong added to investor worries.

Hopes of a "phase one" deal to end the damaging 16-month trade war and largely upbeat corporate earnings have sparked a rally that helped the three major stock indexes close at record highs on Friday.

But Trump said on Saturday that the United States would only make a deal if it was the "right deal" for America, adding that the talks had moved more slowly than he would have liked.

Trade-sensitive stocks Caterpillar Inc, Advanced Micro Devices Inc, Micron Technology Inc and Intel Corp shed about 1 per cent&nbsp;each in premarket trading. US-listed Chinese stocks also fell.

Continuing violence in<a href="https://www.wionews.com/.../hong-kong-police-defends-shooting-protesters- wions-correspondent-shares-the-real-time-experience-261433"> Hong Kong </a>also hit sentiment after police shot and wounded a protester in the 24th straight week of pro-democracy unrest in the Chinese-ruled territory.

"You have China involved in two major variables now, which seems to be causing some nervousness," said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville.

"During times like these, the markets are going to be volatile and erratic, especially after coming off all-time highs."

The third-quarter earnings season is drawing to a close on a positive note, with nearly three-quarters of the 446 S&amp;P 500 companies that have reported results so far topping profit estimates, according to Refinitiv data. The numbers, however, reflect significantly lowered analysts' forecasts.

Attention will now shift to economic data, as well as comments from Federal Reserve Chair Jerome Powell later this week.

At 8:53 a.m. ET, Dow e-minis were down 107 points, or 0.39 per cent. S&amp;P 500 e-minis were down 12 points, or 0.39 per cent&nbsp;and Nasdaq 100 e-minis were down 31.75 points, or 0.38 per cent.

Walgreens Boots Alliance Inc jumped 5.6 per cent&nbsp;after Bloomberg reported KKR &amp; Co had formally approached the drugstore giant for what could be the biggest-ever leveraged buyout.

Among other stocks, Qualcomm Inc fell 2.4 per cent&nbsp;after Morgan Stanley downgraded the chipmaker to "equal-weight" from "overweight".

Shares of Cisco Systems Inc dropped 1.4 per cent&nbsp;as Piper Jaffray cut its rating on the network gear maker to "neutral" from "overweight".

Wall Street's main indexes were set to retreat at the open on Monday as comments by President Donald Trump dampened expectations around a US-China trade deal, while escalating violence in Hong Kong added to investor worries.

Wall Street's main indexes were set to retreat at the open on Monday as comments by President Donald Trump dampened expectations around a US-China trade deal, while escalating violence in Hong Kong added to investor worries. Hopes of a "phase one" deal to end the damaging 16-month trade war and largely upbeat corporate earnings have sparked a rally that helped the three major stock indexes close at record highs on Friday. But Trump said on Saturday that the United States would only make a deal if it was the "right deal" for America, adding that the talks had moved more slowly than he would have liked. Trade-sensitive stocks Caterpillar Inc, Advanced Micro Devices Inc, Micron Technology Inc and Intel Corp shed about 1 per cent each in premarket trading. US-listed Chinese stocks also fell. Continuing violence in Hong Kong also hit sentiment after police shot and wounded a protester in the 24th straight week of pro-democracy unrest in the Chinese-ruled territory. "You have China involved in two major variables now, which seems to be causing some nervousness," said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville. "During times like these, the markets are going to be volatile and erratic, especially after coming off all-time highs." The third-quarter earnings season is drawing to a close on a positive note, with nearly three-quarters of the 446 S&P 500 companies that have reported results so far topping profit estimates, according to Refinitiv data. The numbers, however, reflect significantly lowered analysts' forecasts. Attention will now shift to economic data, as well as comments from Federal Reserve Chair Jerome Powell later this week. At 8:53 a.m. ET, Dow e-minis were down 107 points, or 0.39 per cent. S&P 500 e-minis were down 12 points, or 0.39 per cent and Nasdaq 100 e-minis were down 31.75 points, or 0.38 per cent. Walgreens Boots Alliance Inc jumped 5.6 per cent after Bloomberg reported KKR & Co had formally approached the drugstore giant for what could be the biggest-ever leveraged buyout. Among other stocks, Qualcomm Inc fell 2.4 per cent after Morgan Stanley downgraded the chipmaker to "equal-weight" from "overweight". Shares of Cisco Systems Inc dropped 1.4 per cent as Piper Jaffray cut its rating on the network gear maker to "neutral" from "overweight".

Wall Street set for weak opening amidst US-China trade war and Hong Kong crisis

Domestic stock markets closed with minor gains on Monday as investors traded cautiously ahead of the release of September industrial production and manufacturing output data.

The BSE S&amp;P Sensex closed 21 points up at 40,345 while the Nifty 50 moved higher by 5 points to 11,913.&nbsp;

Sectoral indices at the National Stock Exchange were mixed with Nifty auto, FMCG, IT, metal and pharma in the red while private bank gained by 1.38 per cent and realty by 0.7 per cent. Among stocks, private lenders showed handsome gains with Yes Bank moving up by 5.7 per cent, ICICI Bank by 1.6 per cent, IndusInd Bank by 1.5 per cent and Kotak Mahindra Bank by 1.1 per cent.&nbsp;

The other prominent gainers were Zee Entertainment, Bharat Petroleum Corporation, GAIL, Tata Motors and Bharti Infratel. But Nestle India declined by 2.3 per cent along with Reliance Industries, Grasim and Asian Paints. So did auto majors like Hero MotoCorp and Eicher Motors besides metal majors Hindalco and Vedanta.&nbsp;

Meanwhile, shares across the globe fell as escalating violence in Hong Kong pushed Asian stocks to their worst day since August. With continuing pro-democracy unrest, Hong Kong police shot and wounded a protester. The MSCI world equity index which tracks shares in 47 countries slipped by 0.2 per cent with Hong Kong's Hang Seng index falling by 2.7 per cent and leading losses across Asia.&nbsp;

Investors were also focused on the US-China trade talks after President Donald Trump said on Saturday that talks with China have moved more slowly than he would have liked. He said reports that the United States is willing to lift tariffs are incorrect, adding that Beijing wanted a deal more than he did.&nbsp;

(With inputs from ANI)

Domestic stock markets closed with minor gains on Monday as investors traded cautiously ahead of the release of September industrial production and manufacturing output data.

Domestic stock markets closed with minor gains on Monday as investors traded cautiously ahead of the release of September industrial production and manufacturing output data. The BSE S&P Sensex closed 21 points up at 40,345 while the Nifty 50 moved higher by 5 points to 11,913. Sectoral indices at the National Stock Exchange were mixed with Nifty auto, FMCG, IT, metal and pharma in the red while private bank gained by 1.38 per cent and realty by 0.7 per cent. Among stocks, private lenders showed handsome gains with Yes Bank moving up by 5.7 per cent, ICICI Bank by 1.6 per cent, IndusInd Bank by 1.5 per cent and Kotak Mahindra Bank by 1.1 per cent. The other prominent gainers were Zee Entertainment, Bharat Petroleum Corporation, GAIL, Tata Motors and Bharti Infratel. But Nestle India declined by 2.3 per cent along with Reliance Industries, Grasim and Asian Paints. So did auto majors like Hero MotoCorp and Eicher Motors besides metal majors Hindalco and Vedanta. Meanwhile, shares across the globe fell as escalating violence in Hong Kong pushed Asian stocks to their worst day since August. With continuing pro-democracy unrest, Hong Kong police shot and wounded a protester. The MSCI world equity index which tracks shares in 47 countries slipped by 0.2 per cent with Hong Kong's Hang Seng index falling by 2.7 per cent and leading losses across Asia. Investors were also focused on the US-China trade talks after President Donald Trump said on Saturday that talks with China have moved more slowly than he would have liked. He said reports that the United States is willing to lift tariffs are incorrect, adding that Beijing wanted a deal more than he did. (With inputs from ANI)

Sensex closes in the green at 40,345, Nifty bank gains by 1.2 per cent

Sportswear maker Adidas announced Monday it was closing two niche but flagship factories in Germany and the United States that use robots and 4D printing to make sneakers, shifting the manufacturing to cheaper Asian factories instead.

The production of high-tech running shoes at its so-called speed factories in Germany's Ansbach and in the US city of Atlanta "will be discontinued by April 2020 at the latest", Adidas said in a statement.

Just three years ago, the Bavaria-based group had hailed its speed factory concept, which uses highly automated processes to make shoes more quickly, more customised and closer to sales outlets, as proof that manufacturing jobs could return to high-wage countries.

But from the end of this year, the speed factor shoes will join Adidas' other models and be produced by existing suppliers in Asia, the group said.

Citing "advancements" made at the suppliers, the move would make the production of the shoes "more flexible and economic while simultaneously expanding the range of products available", Adidas executive board member Martin Shankland said.

Both the speed factories churn out just a million of the roughly 400 million athletic shoes made by the group each year.

The future of the Ansbach plant's 160 workers is unclear at the moment.&nbsp;

The factory is operated by the German technology firm Oechsler, which has collaborated with Adidas on the project.

Oechsler CEO Claudius Kozlik said in the same statement that he regretted Adidas' pullout.

But he stressed that the two companies would continue to work together on soles for football shoes and 4D-printed soles.

Like 3D printing, 4D printing produces three-dimensional objects at the touch of a button but then goes further by creating materials that change properties when they come into contact with triggers such as water or heat.&nbsp;

Sportswear maker Adidas announced Monday it was closing two niche but flagship factories in Germany and the United States that use robots and 4D printing to make sneakers, shifting the manufacturing to cheaper Asian factories instead.

Sportswear maker Adidas announced Monday it was closing two niche but flagship factories in Germany and the United States that use robots and 4D printing to make sneakers, shifting the manufacturing to cheaper Asian factories instead. The production of high-tech running shoes at its so-called speed factories in Germany's Ansbach and in the US city of Atlanta "will be discontinued by April 2020 at the latest", Adidas said in a statement. Just three years ago, the Bavaria-based group had hailed its speed factory concept, which uses highly automated processes to make shoes more quickly, more customised and closer to sales outlets, as proof that manufacturing jobs could return to high-wage countries. But from the end of this year, the speed factor shoes will join Adidas' other models and be produced by existing suppliers in Asia, the group said. Citing "advancements" made at the suppliers, the move would make the production of the shoes "more flexible and economic while simultaneously expanding the range of products available", Adidas executive board member Martin Shankland said. Both the speed factories churn out just a million of the roughly 400 million athletic shoes made by the group each year. The future of the Ansbach plant's 160 workers is unclear at the moment. The factory is operated by the German technology firm Oechsler, which has collaborated with Adidas on the project. Oechsler CEO Claudius Kozlik said in the same statement that he regretted Adidas' pullout. But he stressed that the two companies would continue to work together on soles for football shoes and 4D-printed soles. Like 3D printing, 4D printing produces three-dimensional objects at the touch of a button but then goes further by creating materials that change properties when they come into contact with triggers such as water or heat.

Adidas shifts German, United States smart factories to Asia

Swvl, an Egyptian startup with an app to book bus tickets, plans to launch operations in the Philippines, Indonesia and Bangladesh by the end of next year, a senior official said.

The startup, which operates buses along fixed routes and allows customers to reserve and pay for them using its app, began operations in Egypt in 2017. Swvl has since launched in Pakistan and recently moved its headquarters to Dubai.

"By the end of next year, we want to be in more cities, a city is a market for us. We are planning to open in Manila, Jakarta and Dhaka," Shahzeb Memon, Swvl Pakistan's general manager told Reuters on Monday in a phone interview from Karachi.

The company, which has raised $80 million in funding so far, launched its services in August in the Pakistani cities of Karachi, Lahore and the twin cities of Islamabad and Rawalpindi. It plans to invest $25 million in the country to create 10,000 jobs and hopes to attract half a million customers by 2021, Memon said.

The company, however, has already run into regulatory hurdles.

Last week, a provincial government in Pakistan issued notices to the startup and another similar service saying they were operating without route permits and no-objection certificates from the government.

Swvl Pakistan responded with a statement saying the company always carried out its business in a lawful manner and was committed to complying with the region's laws.

Swvl says its service targets existing ride-hailing users and aims to create transportation options for a large and growing middle class in Asian cities.

Swvl's services are 30 per cent-40 per cent&nbsp;cheaper than using a car, Memon said.

Swvl, an Egyptian startup with an app to book bus tickets, plans to launch operations in the Philippines, Indonesia and Bangladesh by the end of next year, a senior official said.

Swvl, an Egyptian startup with an app to book bus tickets, plans to launch operations in the Philippines, Indonesia and Bangladesh by the end of next year, a senior official said. The startup, which operates buses along fixed routes and allows customers to reserve and pay for them using its app, began operations in Egypt in 2017. Swvl has since launched in Pakistan and recently moved its headquarters to Dubai. "By the end of next year, we want to be in more cities, a city is a market for us. We are planning to open in Manila, Jakarta and Dhaka," Shahzeb Memon, Swvl Pakistan's general manager told Reuters on Monday in a phone interview from Karachi. The company, which has raised $80 million in funding so far, launched its services in August in the Pakistani cities of Karachi, Lahore and the twin cities of Islamabad and Rawalpindi. It plans to invest $25 million in the country to create 10,000 jobs and hopes to attract half a million customers by 2021, Memon said. The company, however, has already run into regulatory hurdles. Last week, a provincial government in Pakistan issued notices to the startup and another similar service saying they were operating without route permits and no-objection certificates from the government. Swvl Pakistan responded with a statement saying the company always carried out its business in a lawful manner and was committed to complying with the region's laws. Swvl says its service targets existing ride-hailing users and aims to create transportation options for a large and growing middle class in Asian cities. Swvl's services are 30 per cent-40 per cent cheaper than using a car, Memon said.

Egyptian transport start-up Swvl targets Philippines, Bangladesh after launching in Pakistan

Britain's economy grew at the slowest annual rate in nearly a decade in the three months to the end of September, as a global slowdown and Brexit worries hit business investment and manufacturing.

Year-on-year gross domestic product growth slowed to 1.0 per cent&nbsp;from 1.3 per cent&nbsp;in the second quarter, Britain's Office for National Statistics said, its lowest since the first three months of 2010 and just below economists' forecasts in a Reuters poll of 1.1 per cent.

The slowdown reflected a smaller-than-expected rebound in quarterly GDP growth after a contraction in the second quarter when businesses faced an overhang of stocks of raw materials after Brexit was delayed from the end of March.

"Looking at the picture over the last year, growth slowed to its lowest rate in almost a decade," an ONS spokesperson said.

During the third quarter, when Boris Johnson became prime minister, there were increasing concerns among businesses that Britain could have been heading for a no-deal Brexit on October&nbsp;31.

In the event, parliament forced Johnson to seek a delay and he has now called an early election for December&nbsp;12 in an attempt to win a large enough majority for his preferred Brexit deal before a new deadline of January&nbsp;31.

Gross domestic product expanded at a quarterly rate of 0.3 per cent&nbsp;in the third quarter of 2019, below the 0.4 per cent&nbsp;reading expected by the Bank of England, as well as by private-sector economists.

Britain's economy has lost momentum since the 2016 Brexit referendum, before which it typically grew more than 2 per cent&nbsp;a year.

Last week the BoE nudged up its growth forecast for 2019 to 1.4 per cent&nbsp;from 1.3 per cent&nbsp;- largely because of its expectation of a bigger pick-up in the third quarter than it forecast before.

This would be the same growth rate as 2018 and the weakest since the financial crisis, while for 2020 the BoE expects a further slowdown to 1.3 per cent.

On top of Brexit, businesses across Europe have been suffering spill-over from the US-China trade war. Eurozone annual GDP growth slowed to 1.1 per cent&nbsp;in the third quarter from 1.2 per cent&nbsp;in the quarter before.

Monday's data showed business investment held steady in the third quarter versus economists' expectations for a 0.5 per cent&nbsp;fall.

Household spending, which has been much more than resilient business investment, due to falling unemployment and rising wages, rose by 0.4 per cent&nbsp;on the quarter while government spending increased by 0.3 per cent.

Britain's economy grew at the slowest annual rate in nearly a decade in the three months to the end of September, as a global slowdown and Brexit worries hit business investment and manufacturing.

Britain's economy grew at the slowest annual rate in nearly a decade in the three months to the end of September, as a global slowdown and Brexit worries hit business investment and manufacturing. Year-on-year gross domestic product growth slowed to 1.0 per cent from 1.3 per cent in the second quarter, Britain's Office for National Statistics said, its lowest since the first three months of 2010 and just below economists' forecasts in a Reuters poll of 1.1 per cent. The slowdown reflected a smaller-than-expected rebound in quarterly GDP growth after a contraction in the second quarter when businesses faced an overhang of stocks of raw materials after Brexit was delayed from the end of March. "Looking at the picture over the last year, growth slowed to its lowest rate in almost a decade," an ONS spokesperson said. During the third quarter, when Boris Johnson became prime minister, there were increasing concerns among businesses that Britain could have been heading for a no-deal Brexit on October 31. In the event, parliament forced Johnson to seek a delay and he has now called an early election for December 12 in an attempt to win a large enough majority for his preferred Brexit deal before a new deadline of January 31. Gross domestic product expanded at a quarterly rate of 0.3 per cent in the third quarter of 2019, below the 0.4 per cent reading expected by the Bank of England, as well as by private-sector economists. Britain's economy has lost momentum since the 2016 Brexit referendum, before which it typically grew more than 2 per cent a year. Last week the BoE nudged up its growth forecast for 2019 to 1.4 per cent from 1.3 per cent - largely because of its expectation of a bigger pick-up in the third quarter than it forecast before. This would be the same growth rate as 2018 and the weakest since the financial crisis, while for 2020 the BoE expects a further slowdown to 1.3 per cent. On top of Brexit, businesses across Europe have been suffering spill-over from the US-China trade war. Eurozone annual GDP growth slowed to 1.1 per cent in the third quarter from 1.2 per cent in the quarter before. Monday's data showed business investment held steady in the third quarter versus economists' expectations for a 0.5 per cent fall. Household spending, which has been much more than resilient business investment, due to falling unemployment and rising wages, rose by 0.4 per cent on the quarter while government spending increased by 0.3 per cent.

United Kingdom economy grows at slowest annual rate since 2010 in Q3

Swiss bank UBS was fined HK$400 million ($51.09 million) by Hong Kong's securities regulator for overcharging up to 5,000 clients for nearly a decade, the watchdog said on Monday.

The Hong Kong Securities and Futures Commission (SFC) said in a statement that an investigation found UBS had overcharged clients on 'post-trade spread increases' and charges in excess of standard disclosures and rates between 2008 and 2017.

THE SFC said the investigation exposed 'serious systemic internal control failures' at the bank. UBS had failed to disclose conflicts of interests and had overcharged some clients in 'opaque' trades, it said.

The overcharging affected 5000 Hong Kong managed client accounts in about 28,700 transactions, it said.

UBS has also agreed to repay the clients HK$200 million, the SFC said.

UBS said the issues were 'self-reported' to the SFC and the results found were against the bank's standard practice.

"The relevant conduct predominantly relates to limit orders of certain debt securities and structured note transactions, which account for a very small percentage of the bank's order processing system," the bank said in a statement.

Swiss bank UBS was fined HK$400 million ($51.09 million) by Hong Kong's securities regulator for overcharging up to 5,000 clients for nearly a decade, the watchdog said on Monday.

Swiss bank UBS was fined HK$400 million ($51.09 million) by Hong Kong's securities regulator for overcharging up to 5,000 clients for nearly a decade, the watchdog said on Monday. The Hong Kong Securities and Futures Commission (SFC) said in a statement that an investigation found UBS had overcharged clients on 'post-trade spread increases' and charges in excess of standard disclosures and rates between 2008 and 2017. THE SFC said the investigation exposed 'serious systemic internal control failures' at the bank. UBS had failed to disclose conflicts of interests and had overcharged some clients in 'opaque' trades, it said. The overcharging affected 5000 Hong Kong managed client accounts in about 28,700 transactions, it said. UBS has also agreed to repay the clients HK$200 million, the SFC said. UBS said the issues were 'self-reported' to the SFC and the results found were against the bank's standard practice. "The relevant conduct predominantly relates to limit orders of certain debt securities and structured note transactions, which account for a very small percentage of the bank's order processing system," the bank said in a statement.

UBS fined $51 million by Hong Kong regulator for overcharging clients

China's Jingye Group said on Monday it is in talks to buy British Steel in a deal estimated to be worth about 70 million pounds ($90 million) that could help protect thousands of British jobs and ease uncertainty over the troubled steelmaker.

A deal is not yet finalised, the company told Reuters following a BBC report of an imminent 70 million pound ($90 million) agreement.

A spokeswoman for Hebei-based Jingye Group said she was unclear about the value of the deal and unsure whether further details would be announced this week.

Gareth Stace, director general of industry lobby group UK Steel, also told Reuters the deal was not finalised.

"I would be surprised if it did not get finalised, but it's not a done deal," he said.

British Steel was put into compulsory liquidation on May 22 after Greybull Capital, which bought the firm for one pound from Tata Steel three years ago, failed to secure funding to continue its operations.

Turkey's military pension fund OYAK said in August it had reached a provisional agreement to take over British Steel but that deal has not been finalised.

China's Jingye Group said on Monday it is in talks to buy British Steel in a deal estimated to be worth about 70 million pounds ($90 million) that could help protect thousands of British jobs and ease uncertainty over the troubled steelmaker.

China's Jingye Group said on Monday it is in talks to buy British Steel in a deal estimated to be worth about 70 million pounds ($90 million) that could help protect thousands of British jobs and ease uncertainty over the troubled steelmaker. A deal is not yet finalised, the company told Reuters following a BBC report of an imminent 70 million pound ($90 million) agreement. A spokeswoman for Hebei-based Jingye Group said she was unclear about the value of the deal and unsure whether further details would be announced this week. Gareth Stace, director general of industry lobby group UK Steel, also told Reuters the deal was not finalised. "I would be surprised if it did not get finalised, but it's not a done deal," he said. British Steel was put into compulsory liquidation on May 22 after Greybull Capital, which bought the firm for one pound from Tata Steel three years ago, failed to secure funding to continue its operations. Turkey's military pension fund OYAK said in August it had reached a provisional agreement to take over British Steel but that deal has not been finalised.

China's Jingye Group in talks to buy British Steel

Prosus held firm on its $6.3 billion offer to buy Just Eat on Monday as it argued the merits of its bid versus one from Takeaway.com for the British online takeaway delivery firm.

The one change in the offer published on Monday by the Dutch arm of South African internet giant Naspers was an acceptance threshold lowered to 75 per cent&nbsp;from 90 per cent.

"We actually believe that financial markets are underestimating the cost of implementing the transformation Just Eat requires to protect its market position and to capitalise on its long-term opportunity," Prosus CEO Bob Van Dijk said.

Prosus has weighed in with an unsolicited cash offer of $6.3 billion, or 710 pence per share, for Just Eat.

That's higher than the 4.7 billion pound all-share deal that Just Eat's board has agreed with Takeaway.com whose shares have fallen since it made its initial bid in July.

Combined with the impact of a stronger British pound versus the euro, the value of the Takeaway.com shares offer has fallen to 609 pence.

Just Eat shares closed at 738 pence on Friday, signalling investors believe a higher offer from one of the suitors is likely.

Just Eat on Monday said the unchanged Prosus offer "significantly undervalued" it, both as a standalone company and in combination with Takeaway, and it continued to recommend shareholders to reject it.

Last week Takeaway, which initially proposed an agreed deal with Just Eat, changed its proposal to a formal bid with a 75% threshold.

Takeaway's offer could also go forward with simple majority approval from Just Eat shareholders if British regulators agree.

Prosus and Takeaway.com each talked up the merits of their respective bids on Monday.

Prosus CEO van Dijk told journalists on a conference call that Takeaway's modest investment in delivery capacity might be a viable strategy for now in the Netherlands and Germany, but it would not work in London and many other markets.

Takeaway CEO Jitse Groen said his bid offered superior future growth opportunities to both groups of shareholders.

He argued that the delivery side of the online food ordering businesses may never become profitable, while Takeaway's focus on becoming the dominant order platform has led to better growth in operating results.

Prosus held firm on its $6.3 billion offer to buy Just Eat on Monday as it argued the merits of its bid versus one from Takeaway.com for the British online takeaway delivery firm.

Prosus held firm on its $6.3 billion offer to buy Just Eat on Monday as it argued the merits of its bid versus one from Takeaway.com for the British online takeaway delivery firm. The one change in the offer published on Monday by the Dutch arm of South African internet giant Naspers was an acceptance threshold lowered to 75 per cent from 90 per cent. "We actually believe that financial markets are underestimating the cost of implementing the transformation Just Eat requires to protect its market position and to capitalise on its long-term opportunity," Prosus CEO Bob Van Dijk said. Prosus has weighed in with an unsolicited cash offer of $6.3 billion, or 710 pence per share, for Just Eat. That's higher than the 4.7 billion pound all-share deal that Just Eat's board has agreed with Takeaway.com whose shares have fallen since it made its initial bid in July. Combined with the impact of a stronger British pound versus the euro, the value of the Takeaway.com shares offer has fallen to 609 pence. Just Eat shares closed at 738 pence on Friday, signalling investors believe a higher offer from one of the suitors is likely. Just Eat on Monday said the unchanged Prosus offer "significantly undervalued" it, both as a standalone company and in combination with Takeaway, and it continued to recommend shareholders to reject it. Last week Takeaway, which initially proposed an agreed deal with Just Eat, changed its proposal to a formal bid with a 75% threshold. Takeaway's offer could also go forward with simple majority approval from Just Eat shareholders if British regulators agree. Prosus and Takeaway.com each talked up the merits of their respective bids on Monday. Prosus CEO van Dijk told journalists on a conference call that Takeaway's modest investment in delivery capacity might be a viable strategy for now in the Netherlands and Germany, but it would not work in London and many other markets. Takeaway CEO Jitse Groen said his bid offered superior future growth opportunities to both groups of shareholders. He argued that the delivery side of the online food ordering businesses may never become profitable, while Takeaway's focus on becoming the dominant order platform has led to better growth in operating results.

Prosus sticks with $6.3 billion Just Eat bid but lowers threshold

Asian shares sank on Monday, the safe-haven yen rose and gold jumped as fresh violence broke out in <a href="https://www.wionews.com/videos/hong-kong-protests-turn-violent-police-shoot-protester-amid-clashes-261252">Hong Kong</a>, while uncertainty still remained over whether the United States and China could end their damaging trade war.

Hong Kong's Hang Seng index led the losses in Asia, down more than 2 per cent, after police fired live rounds at protestors on the eastern side of Hong Kong island. Cable TV and other Hong Kong media reported at least one protester being wounded. Video footage showed a protester lying in a pool of blood.

Chinese shares too faltered with the blue-chip CSI300 index down 1.3 per cent. South Korea's KOSPI lost 0.4 per cent.

Japan's Nikkei gave up early gains to drift away from a recent 13-month high after data showed the country's core machinery orders fell for a third straight month.

Australian shares bucked the downbeat trend, rising 0.55 per cent&nbsp;to a two-week high.

That left MSCI's broadest index of Asia-Pacific shares outside Japan down 0.5 per cent.

"The<a href="https://www.wionews.com/world/china-us-agree-tariff-rollback-if-phase-one-trade-deal-is-completed-260641"> China-US&nbsp;trade war</a> and the Hong Kong protest are combining to cast a negative pall on Asian markets today," said James McGlew, analyst at stockbroking firm Argonaut.

"Hong Kong protests have been dragging on for a while and the view from the financial world is that it's really starting to bite now. The further this drags on it's certainly going to be very negative."

In Asian hours on Monday, E-minis for the S&amp;P500 were 0.25 per cent&nbsp;lower indicating a weak open later in the day.

US&nbsp;bond markets are closed on Monday, but currency and equity markets are open.

Gold, which rises during times of uncertainty, rebounded from a three-month low touched on Friday to be last up 0.3 per cent&nbsp;at $1,462.11 an ounce.

In currencies, the Japanese yen gained on the dollar to 109.01 while the Australian dollar, a liquid gauge for risk, was off slightly at $0.6853.

The dollar index was a touch softer at 98.33 while the euro ticked up to $1.1022.

Market attention was also on the US-China trade talks.

<a href="https://www.wionews.com/world/trump-faces-perilous-test-as-impeachment-hearings-open-261230">US&nbsp;President Donald Trump </a>told reporters on Saturday that talks with China had moved more slowly than he would have liked, but added that Beijing wanted a deal more than he did.

That was a more upbeat tone than just a few days earlier when he had stressed that the White House would not agree to a full rollback of existing tariffs, remarks that hit stock prices and the dollar.

"Despite his bluster that 'China wants a trade deal more than I do', markets sense that Trump is likely quite keen to call a truce on what is becoming a serious U.S. economic risk heading into the 2020 election year," said David Bassanese, Sydney-based economist at Betashares.

By the close of Wall Street on Friday, optimism had returned to the market as investors bet that Washington needs a deal and it is in the interest of China, too. All three major US&nbsp;indexes eked out record closing highs.

The Dow inched up while the S&amp;P 500 climbed 0.3 per cent&nbsp;and the Nasdaq Composite added 0.5 per cent. The record closing high by the S&amp;P 500 was the fourth in six sessions.

"It will be the US-China trade talks that will continue to dictate the daily swings in sentiment this week," said Jeffrey Halley, senior analyst at OANDA.

Halley noted the negotiations were "starting to drag on in a disturbingly Brexit-like manner," referring to Britain's divorce deal with the European Union which is still up in the air almost three years after the country voted to leave the bloc.

US&nbsp;officials said a lot of work remained to be done when Trump announced the outlines of an interim deal last month, and Beijing has since pushed back on US&nbsp;demands for big agricultural purchases, among other issues.

Analysts said the outlook for equities was highly dependent on US&nbsp;economic data as a US-China trade agreement would help bolster manufacturing and industrial sectors.

"The Hong Kong protests have seen a knee-jerk rotation out of risk positioning," OANDA's Halley said. "The effects are more likely to be passing than permanent...as long as the trade talks stay on target."

Data on October US&nbsp;industrial production and retail sales, along with the National Federation of Independent Business's monthly small business survey, are scheduled for release this week.

In commodities, benchmark Brent crude fell 57 cents to $61.94 a barrel while West Texas Intermediate (WTI) crude slipped 48 cents to $56.76 a barrel.

Asian shares sank on Monday, the safe-haven yen rose and gold jumped as fresh violence broke out in Hong Kong, while uncertainty still remained over whether the United States and China could end their damaging trade war.

Asian shares sank on Monday, the safe-haven yen rose and gold jumped as fresh violence broke out in Hong Kong, while uncertainty still remained over whether the United States and China could end their damaging trade war. Hong Kong's Hang Seng index led the losses in Asia, down more than 2 per cent, after police fired live rounds at protestors on the eastern side of Hong Kong island. Cable TV and other Hong Kong media reported at least one protester being wounded. Video footage showed a protester lying in a pool of blood. Chinese shares too faltered with the blue-chip CSI300 index down 1.3 per cent. South Korea's KOSPI lost 0.4 per cent. Japan's Nikkei gave up early gains to drift away from a recent 13-month high after data showed the country's core machinery orders fell for a third straight month. Australian shares bucked the downbeat trend, rising 0.55 per cent to a two-week high. That left MSCI's broadest index of Asia-Pacific shares outside Japan down 0.5 per cent. "The China-US trade war and the Hong Kong protest are combining to cast a negative pall on Asian markets today," said James McGlew, analyst at stockbroking firm Argonaut. "Hong Kong protests have been dragging on for a while and the view from the financial world is that it's really starting to bite now. The further this drags on it's certainly going to be very negative." In Asian hours on Monday, E-minis for the S&P500 were 0.25 per cent lower indicating a weak open later in the day. US bond markets are closed on Monday, but currency and equity markets are open. Gold, which rises during times of uncertainty, rebounded from a three-month low touched on Friday to be last up 0.3 per cent at $1,462.11 an ounce. In currencies, the Japanese yen gained on the dollar to 109.01 while the Australian dollar, a liquid gauge for risk, was off slightly at $0.6853. The dollar index was a touch softer at 98.33 while the euro ticked up to $1.1022. Market attention was also on the US-China trade talks. US President Donald Trump told reporters on Saturday that talks with China had moved more slowly than he would have liked, but added that Beijing wanted a deal more than he did. That was a more upbeat tone than just a few days earlier when he had stressed that the White House would not agree to a full rollback of existing tariffs, remarks that hit stock prices and the dollar. "Despite his bluster that 'China wants a trade deal more than I do', markets sense that Trump is likely quite keen to call a truce on what is becoming a serious U.S. economic risk heading into the 2020 election year," said David Bassanese, Sydney-based economist at Betashares. By the close of Wall Street on Friday, optimism had returned to the market as investors bet that Washington needs a deal and it is in the interest of China, too. All three major US indexes eked out record closing highs. The Dow inched up while the S&P 500 climbed 0.3 per cent and the Nasdaq Composite added 0.5 per cent. The record closing high by the S&P 500 was the fourth in six sessions. "It will be the US-China trade talks that will continue to dictate the daily swings in sentiment this week," said Jeffrey Halley, senior analyst at OANDA. Halley noted the negotiations were "starting to drag on in a disturbingly Brexit-like manner," referring to Britain's divorce deal with the European Union which is still up in the air almost three years after the country voted to leave the bloc. US officials said a lot of work remained to be done when Trump announced the outlines of an interim deal last month, and Beijing has since pushed back on US demands for big agricultural purchases, among other issues. Analysts said the outlook for equities was highly dependent on US economic data as a US-China trade agreement would help bolster manufacturing and industrial sectors. "The Hong Kong protests have seen a knee-jerk rotation out of risk positioning," OANDA's Halley said. "The effects are more likely to be passing than permanent...as long as the trade talks stay on target." Data on October US industrial production and retail sales, along with the National Federation of Independent Business's monthly small business survey, are scheduled for release this week. In commodities, benchmark Brent crude fell 57 cents to $61.94 a barrel while West Texas Intermediate (WTI) crude slipped 48 cents to $56.76 a barrel.

Global Markets: Asian shares a sea of red as Hong Kong chaos hits sentiment

Bernard J&nbsp;Tyson, chairman and chief executive officer of not-for-profit health insurer Kaiser Permanente, died unexpectedly in his sleep on Sunday, aged 60, the company said in a statement.

Tyson, who held the top job since 2013, was Oakland, California-based Kaiser Permanente's first black chief executive and a strong proponent for affordable and accessible healthcare.

The company did not give a cause of death. A company spokesperson did not immediately respond to a request for comment.

A day earlier on Saturday, the San Francisco native took to Twitter to post about "high-tech and high-touch" healthcare.

Tyson was described by colleagues in a company statement as "an outstanding leader, visionary and champion for high-quality, affordable health care for all Americans."

In response to Tyson's death, the National Union of Healthcare Workers postponed a five-day strike by 4,000 mental health professional that had been set to begin on Monday at more than 100 Kaiser clinics across California.

"Our members dedicate their lives to helping people through tragedy and trauma, and they understood that a strike would not be appropriate during this period of mourning and reflection," union president Sal Rosselli said in a statement.

The union, locked in a contract dispute its leaders say centres on demands for improved retirement and health benefits for Kaiser's mental health clinicians, has yet to reschedule the strike, he said.

Kaiser's annual operating revenue as of June was nearly $80 billion, up from about $53 billion in 2013 when Tyson took over as CEO, according to the company's website.

The company, which serves more than 12 million people across the United States and was founded in 1945, named Gregory Adams, executive vice president, as interim chairman and CEO.

Bernard J Tyson, chairman and chief executive officer of not-for-profit health insurer Kaiser Permanente, died unexpectedly in his sleep on Sunday, aged 60, the company said in a statement.

Bernard J Tyson, chairman and chief executive officer of not-for-profit health insurer Kaiser Permanente, died unexpectedly in his sleep on Sunday, aged 60, the company said in a statement. Tyson, who held the top job since 2013, was Oakland, California-based Kaiser Permanente's first black chief executive and a strong proponent for affordable and accessible healthcare. The company did not give a cause of death. A company spokesperson did not immediately respond to a request for comment. A day earlier on Saturday, the San Francisco native took to Twitter to post about "high-tech and high-touch" healthcare. Tyson was described by colleagues in a company statement as "an outstanding leader, visionary and champion for high-quality, affordable health care for all Americans." In response to Tyson's death, the National Union of Healthcare Workers postponed a five-day strike by 4,000 mental health professional that had been set to begin on Monday at more than 100 Kaiser clinics across California. "Our members dedicate their lives to helping people through tragedy and trauma, and they understood that a strike would not be appropriate during this period of mourning and reflection," union president Sal Rosselli said in a statement. The union, locked in a contract dispute its leaders say centres on demands for improved retirement and health benefits for Kaiser's mental health clinicians, has yet to reschedule the strike, he said. Kaiser's annual operating revenue as of June was nearly $80 billion, up from about $53 billion in 2013 when Tyson took over as CEO, according to the company's website. The company, which serves more than 12 million people across the United States and was founded in 1945, named Gregory Adams, executive vice president, as interim chairman and CEO.

Kaiser Permanente CEO Bernard Tyson dies unexpectedly at 60

<a href="https://www.wionews.com/business-economy/apple-beats-profit-forecasts-amid-growth-in-services-wearables-258969">&nbsp;Apple Inc</a> co-founder Steve Wozniak joined in the online debate over accusations of gender discrimination by the algorithm behind the iPhone maker's credit card, fuelling scrutiny of the newly launched Apple Card.

The criticism started on Thursday, after entrepreneur David Heinemeier Hansson railed against the Apple Card in a series of Twitter posts, saying it gave him 20 times the credit limit his wife received.

The much-anticipated titanium credit card, part of a broader effort by Apple to derive greater revenue from services after years of heavy reliance on iPhone sales, was launched in August, in partnership with Goldman Sachs Group Inc.

In an email, Goldman said Apple Card applicants were evaluated independently, according to income and creditworthiness, taking into account factors such as personal credit scores and personal debt.

It was possible for two family members to receive significantly different credit decisions, the bank said, but added, "We have not, and will not, make decisions based on factors like gender."

Hansson, who is the creator of web-application framework Ruby on Rails, did not disclose any specific income-related information for himself or his wife but tweeted that they filed joint tax returns and that his wife had a better credit score.

On Saturday, Wozniak chimed in with a similar experience, saying he got 10 times more credit on the card, compared with his wife.

"We have no separate bank or credit card accounts or any separate assets," Wozniak said on Twitter, in reply to Hansson's original tweet.

"Hard to get to a human for a correction though. It's big tech in 2019."

New York's Department of Financial Services said it was beginning an inquiry into Goldman Sachs' credit card practices.

"New York law prohibits discrimination against protected classes of individuals," Linda Lacewell, the superintendent of the New York State Department of Financial Services, wrote in a blog post.&nbsp;

That barred an algorithm, like any other method of determining creditworthiness, from disparate treatment based on individual characteristics such as age, creed, race, color, sex, sexual orientation, national origin, among others, she added.

"We know the question of discrimination in algorithmic decisioning also extends to other areas of financial services."

Apple did not immediately respond to a Reuters request for comment on Sunday.

Apple Inc co-founder Steve Wozniak joined in the online debate over accusations of gender discrimination by the algorithm behind the iPhone maker's credit card, fuelling scrutiny of the newly launched Apple Card.

Apple Inc co-founder Steve Wozniak joined in the online debate over accusations of gender discrimination by the algorithm behind the iPhone maker's credit card, fuelling scrutiny of the newly launched Apple Card. The criticism started on Thursday, after entrepreneur David Heinemeier Hansson railed against the Apple Card in a series of Twitter posts, saying it gave him 20 times the credit limit his wife received. The much-anticipated titanium credit card, part of a broader effort by Apple to derive greater revenue from services after years of heavy reliance on iPhone sales, was launched in August, in partnership with Goldman Sachs Group Inc. In an email, Goldman said Apple Card applicants were evaluated independently, according to income and creditworthiness, taking into account factors such as personal credit scores and personal debt. It was possible for two family members to receive significantly different credit decisions, the bank said, but added, "We have not, and will not, make decisions based on factors like gender." Hansson, who is the creator of web-application framework Ruby on Rails, did not disclose any specific income-related information for himself or his wife but tweeted that they filed joint tax returns and that his wife had a better credit score. On Saturday, Wozniak chimed in with a similar experience, saying he got 10 times more credit on the card, compared with his wife. "We have no separate bank or credit card accounts or any separate assets," Wozniak said on Twitter, in reply to Hansson's original tweet. "Hard to get to a human for a correction though. It's big tech in 2019." New York's Department of Financial Services said it was beginning an inquiry into Goldman Sachs' credit card practices. "New York law prohibits discrimination against protected classes of individuals," Linda Lacewell, the superintendent of the New York State Department of Financial Services, wrote in a blog post. That barred an algorithm, like any other method of determining creditworthiness, from disparate treatment based on individual characteristics such as age, creed, race, color, sex, sexual orientation, national origin, among others, she added. "We know the question of discrimination in algorithmic decisioning also extends to other areas of financial services." Apple did not immediately respond to a Reuters request for comment on Sunday.

Apple co-founder says Apple Card algorithm gave wife lower credit limit

Saudi Aramco announced in a prospectus Saturday that its much-anticipated initial public offering will begin on November 17, with a final share price to be determined on December 5, a day after subscriptions close.

After years of delay and false starts, the state-owned company last week said it will sell an unspecified number of shares on the Riyadh stock exchange in what is expected to be the biggest IPO in history.

Retail investors in Saudi Arabia appear to be salivating at the prospect of owning a piece of the world's most profitable company, seen as the kingdom's crown jewel.

In its newly released 658-page prospectus, Aramco said it will sell a part of its shares to institutional investors, including foreign companies, as well as to individual Saudis and other Gulf nationals.

The company said it has decided to sell up to 0.5 per cent of its shares to individual investors while it will decide on the percentage for larger investors later.

"The targeted percentage of Offer Shares allocable to individual investors will be up to 0.5 per cent of the shares," the prospectus said.

The company said it will determine the percentage to be sold to institutional investors after consultations with its financial advisors and global coordinators consisting of major international banks.

Even though the size of the IPO has not yet been disclosed, it is expected to be the biggest ever, raising over $30 billion.

The prospectus said the offering period will start on Sunday, November 17, ending on November 28 for individual investors and on December 4 for institutional investors.

The company will set a price range for the shares on November 17 but the final price will only be determined on December 5, the day after all subscriptions close.

"Trading of the shares is expected to commence after all relevant legal requirements and procedures have been completed," the company said without setting a specific date.

Aramco is the world's most profitable company and last year posted $111.1 billion in net profit.

In the first nine months of this year, Aramco's net profit dropped 18 per cent to $68.2 billion.

At the end of last year, Saudi reserves in the fields the company operates consisted of 336.2 billion barrels of oil equivalent, including 261.5 billion barrels of crude oil and condensate, 36.1 billion barrels of NGLs and 233.8 trillion standard cubic feet of natural gas, Aramco said.

The IPO represents the cornerstone of powerful crown prince Mohammed bin Salman's "Vision 2030," aimed at leading the world's biggest crude exporter away from oil.

Saudi Aramco announced in a prospectus Saturday that its much-anticipated initial public offering will begin on November 17, with a final share price to be determined on December 5, a day after subscriptions close.

Saudi Aramco announced in a prospectus Saturday that its much-anticipated initial public offering will begin on November 17, with a final share price to be determined on December 5, a day after subscriptions close. After years of delay and false starts, the state-owned company last week said it will sell an unspecified number of shares on the Riyadh stock exchange in what is expected to be the biggest IPO in history. Retail investors in Saudi Arabia appear to be salivating at the prospect of owning a piece of the world's most profitable company, seen as the kingdom's crown jewel. In its newly released 658-page prospectus, Aramco said it will sell a part of its shares to institutional investors, including foreign companies, as well as to individual Saudis and other Gulf nationals. The company said it has decided to sell up to 0.5 per cent of its shares to individual investors while it will decide on the percentage for larger investors later. "The targeted percentage of Offer Shares allocable to individual investors will be up to 0.5 per cent of the shares," the prospectus said. The company said it will determine the percentage to be sold to institutional investors after consultations with its financial advisors and global coordinators consisting of major international banks. Even though the size of the IPO has not yet been disclosed, it is expected to be the biggest ever, raising over $30 billion. The prospectus said the offering period will start on Sunday, November 17, ending on November 28 for individual investors and on December 4 for institutional investors. The company will set a price range for the shares on November 17 but the final price will only be determined on December 5, the day after all subscriptions close. "Trading of the shares is expected to commence after all relevant legal requirements and procedures have been completed," the company said without setting a specific date. Aramco is the world's most profitable company and last year posted $111.1 billion in net profit. In the first nine months of this year, Aramco's net profit dropped 18 per cent to $68.2 billion. At the end of last year, Saudi reserves in the fields the company operates consisted of 336.2 billion barrels of oil equivalent, including 261.5 billion barrels of crude oil and condensate, 36.1 billion barrels of NGLs and 233.8 trillion standard cubic feet of natural gas, Aramco said. The IPO represents the cornerstone of powerful crown prince Mohammed bin Salman's "Vision 2030," aimed at leading the world's biggest crude exporter away from oil.

Saudi Aramco stock offering to launch November 17

As the weeks ticked down to Brazil's biggest-ever oil auction, state-run Petrobras held increasingly frantic talks to find potential partners, with the heaviest blow coming when major Exxon Mobil Corp&nbsp;pulled out days before, according to six people familiar with the matter.

While many firms were far from ready to take on enormous signing fees and investments, Exxon came closest but ultimately failed to reach acceptable terms for the blockbuster bidding round, according to four of the sources, who requested anonymity to discuss confidential negotiations.

With that, the state firm formally known as Petroleo Brasileiro SA&nbsp;was left to anchor embarrassingly empty bidding round on Wednesday with token support from Chinese firms.

The big Brazilian round was the latest offshore auction this year to undershoot expectations, hurt by competition from shale oil and other unconventional sources as well as lower demand forecasts.

Most of the talks to form consortia between Petrobras and other oil firms were and brief and informal, according to the sources. But negotiations with Exxon were relatively advanced, offering the major a large stake in the coveted Buzios oil block until talks fell apart in the last few weeks, sources said.

The ill-fated talks show how even global firms that were seriously interested in the landmark "transfer-of-rights" (TOR) auction on Wednesday could not accept the terms of a required partnership with Petrobras – long seen as a bottleneck to the development of Brazil's most promising deepwater resources.

The proposed Exxon-Petrobras consortium, which would have included the two Chinese state firms that ultimately bought 10 per cent&nbsp;of Buzios block' rights, CNODC and CNOOC, would have given a seal of private-sector approval to the landmark auction.

Instead the lack of major partners revealed how the powerful role of Petrobras in the so-called "pre-salt polygon," along with complicated development terms and expensive signing fees discourage interest, even among majors with large purchasing power, in one of the world's biggest proven oil reserves.

Exxon and Petrobras did not respond to requests for comment.

CNOOC and CNPC did not immediately respond to e-mails sent outside&nbsp;business&nbsp;hours.

Differences emerge

Much remains unclear as to why the talks did not bear fruit.

One source said the Petrobras and Exxon disagreed over the way billions of dollars would be paid to the Brazilian firm in compensation for prior investments. Others cited differences over how much to invest in platforms to ramp up production.

Exxon was interested in taking over operations at the field, a non-starter for Petrobras, according to one of the sources.

All sources agreed that the complicated nature of the TOR auction played a major role in keeping the talks from reaching the finish line. This has been confirmed by Brazilian authorities to explain why the country failed to catch money from foreign oil companies.

"It's an awful system," Economy Minister Paulo Guedes said on Thursday. "You have to go through many layers of negotiations just to get to the oil."

Due to an agreement signed between Petrobras and the Brazilian government in 2010, the state firm already has rights to develop up to 5 billion barrels of oil in the TOR area. The Wednesday auction concerned oil in the TOR area in excess of what Petrobras had already been promised.

As a result, any winning member of a consortium would have needed to bang out a complex deal reconciling itself with the existing claims of Petrobras in the region. Brazil's government would then have needed to approve the deal.

Weak competition

In the end, the state-run company was nearly alone in submitting minimum bids for two of the four areas in the TOR bidding round, which officials hoped would cement Brazil's ascendance as Latin America's undisputed oil powerhouse.

Petrobras won Itapu, the smallest block up for grabs, with a solo offer. Sepia and Atapu, the second and third largest blocks respectively, received no bids.

Had the government sold off all areas, it would have reaped some 106.5 billion reais ($25.8 billion) in signing bonuses. Instead, Brazil got just under 70 billion reais.

The following day, Petrobras was also almost completely alone when bidding for the largest of five oil blocks offered at the country's sixth pre-salt bidding round, the Aram area. China's CNODC again accompanied the state-run company by committing to a 20 per cent&nbsp;stake.

The results of both rounds were widely seen as a disappointment, as no private firms placed bids for fields that are known to hold billions of barrels of untapped crude.

Economy Minister Guedes told Reuters on Friday that the week's auctions were a "condemnation" of the production-sharing system Brazil uses in the pre-salt polygon, adding that the country needs to shift toward a concession model.

Following the results, Brazilian Mines and Energy Minister Bento Albuquerque said the government had learned a lesson and would adjust the rules of any future auction. That could involve lowering the minimum signing bonuses required from bidders, among other parameters, he said.

"We're evaluating the whole process, and we're certain that we're going to correct it," Albuquerque told Reuters.

As the weeks ticked down to Brazil's biggest-ever oil auction, state-run Petrobras held increasingly frantic talks to find potential partners, with the heaviest blow coming when major Exxon Mobil Corp pulled out days before, according to six people familiar with the matter.

As the weeks ticked down to Brazil's biggest-ever oil auction, state-run Petrobras held increasingly frantic talks to find potential partners, with the heaviest blow coming when major Exxon Mobil Corp pulled out days before, according to six people familiar with the matter. While many firms were far from ready to take on enormous signing fees and investments, Exxon came closest but ultimately failed to reach acceptable terms for the blockbuster bidding round, according to four of the sources, who requested anonymity to discuss confidential negotiations. With that, the state firm formally known as Petroleo Brasileiro SA was left to anchor embarrassingly empty bidding round on Wednesday with token support from Chinese firms. The big Brazilian round was the latest offshore auction this year to undershoot expectations, hurt by competition from shale oil and other unconventional sources as well as lower demand forecasts. Most of the talks to form consortia between Petrobras and other oil firms were and brief and informal, according to the sources. But negotiations with Exxon were relatively advanced, offering the major a large stake in the coveted Buzios oil block until talks fell apart in the last few weeks, sources said. The ill-fated talks show how even global firms that were seriously interested in the landmark "transfer-of-rights" (TOR) auction on Wednesday could not accept the terms of a required partnership with Petrobras – long seen as a bottleneck to the development of Brazil's most promising deepwater resources. The proposed Exxon-Petrobras consortium, which would have included the two Chinese state firms that ultimately bought 10 per cent of Buzios block' rights, CNODC and CNOOC, would have given a seal of private-sector approval to the landmark auction. Instead the lack of major partners revealed how the powerful role of Petrobras in the so-called "pre-salt polygon," along with complicated development terms and expensive signing fees discourage interest, even among majors with large purchasing power, in one of the world's biggest proven oil reserves. Exxon and Petrobras did not respond to requests for comment. CNOOC and CNPC did not immediately respond to e-mails sent outside business hours. Differences emerge Much remains unclear as to why the talks did not bear fruit. One source said the Petrobras and Exxon disagreed over the way billions of dollars would be paid to the Brazilian firm in compensation for prior investments. Others cited differences over how much to invest in platforms to ramp up production. Exxon was interested in taking over operations at the field, a non-starter for Petrobras, according to one of the sources. All sources agreed that the complicated nature of the TOR auction played a major role in keeping the talks from reaching the finish line. This has been confirmed by Brazilian authorities to explain why the country failed to catch money from foreign oil companies. "It's an awful system," Economy Minister Paulo Guedes said on Thursday. "You have to go through many layers of negotiations just to get to the oil." Due to an agreement signed between Petrobras and the Brazilian government in 2010, the state firm already has rights to develop up to 5 billion barrels of oil in the TOR area. The Wednesday auction concerned oil in the TOR area in excess of what Petrobras had already been promised. As a result, any winning member of a consortium would have needed to bang out a complex deal reconciling itself with the existing claims of Petrobras in the region. Brazil's government would then have needed to approve the deal. Weak competition In the end, the state-run company was nearly alone in submitting minimum bids for two of the four areas in the TOR bidding round, which officials hoped would cement Brazil's ascendance as Latin America's undisputed oil powerhouse. Petrobras won Itapu, the smallest block up for grabs, with a solo offer. Sepia and Atapu, the second and third largest blocks respectively, received no bids. Had the government sold off all areas, it would have reaped some 106.5 billion reais ($25.8 billion) in signing bonuses. Instead, Brazil got just under 70 billion reais. The following day, Petrobras was also almost completely alone when bidding for the largest of five oil blocks offered at the country's sixth pre-salt bidding round, the Aram area. China's CNODC again accompanied the state-run company by committing to a 20 per cent stake. The results of both rounds were widely seen as a disappointment, as no private firms placed bids for fields that are known to hold billions of barrels of untapped crude. Economy Minister Guedes told Reuters on Friday that the week's auctions were a "condemnation" of the production-sharing system Brazil uses in the pre-salt polygon, adding that the country needs to shift toward a concession model. Following the results, Brazilian Mines and Energy Minister Bento Albuquerque said the government had learned a lesson and would adjust the rules of any future auction. That could involve lowering the minimum signing bonuses required from bidders, among other parameters, he said. "We're evaluating the whole process, and we're certain that we're going to correct it," Albuquerque told Reuters.

Failed Exxon talks left Petrobras stranded for auctions: Report