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French insurer AXA&nbsp;said it expected to book net proceeds of $3.1 billion from the sale of a 29 per cent&nbsp;stake in AXA Equitable Holdings (EQH)&nbsp;as it exits its US&nbsp;life insurance business.

AXA, the second-largest European insurer after Germany's Allianz, has been gradually divesting from EQH to raise funds to pay for its $15 billion acquisition of Bermuda-based rival XL last year.

AXA said in a statement on Friday it had sold 144 million EQH shares at $21.80 per share to Goldman Sachs, the sole underwriter in a secondary public share offering expected to close on November&nbsp;13.

EQH has agreed to repurchase 24 million shares at the same price.

AXA said that proceeds from the deal would boost the group's Solvency II capital requirements ratio by six points and that no significant net income impact was expected.

After the deal, the French group will retain only a 9.6 per cent&nbsp;stake it needs to redeem an AXA bond maturing in May 2021 that has to be exchangeable in EQH shares.

French insurer AXA said it expected to book net proceeds of $3.1 billion from the sale of a 29 per cent stake in AXA Equitable Holdings (EQH) as it exits its US life insurance business.

French insurer AXA said it expected to book net proceeds of $3.1 billion from the sale of a 29 per cent stake in AXA Equitable Holdings (EQH) as it exits its US life insurance business. AXA, the second-largest European insurer after Germany's Allianz, has been gradually divesting from EQH to raise funds to pay for its $15 billion acquisition of Bermuda-based rival XL last year. AXA said in a statement on Friday it had sold 144 million EQH shares at $21.80 per share to Goldman Sachs, the sole underwriter in a secondary public share offering expected to close on November 13. EQH has agreed to repurchase 24 million shares at the same price. AXA said that proceeds from the deal would boost the group's Solvency II capital requirements ratio by six points and that no significant net income impact was expected. After the deal, the French group will retain only a 9.6 per cent stake it needs to redeem an AXA bond maturing in May 2021 that has to be exchangeable in EQH shares.

AXA expects to book $3.1 billion gain from EQH exit

Tesla Inc Chief Executive Officer Elon Musk and noted short-seller David Einhorn mocked each other in open letters published on Twitter on Friday, trading barbs clothed in polite language.

Einhorn on Oct. 30 had told his investors at Greenlight Capital that his fund had lost money on Tesla. Greenlight bet against the electric carmaker, and shares rose in the second quarter.

Still, he told investors that Tesla "appears to continue to spin positive PR ahead of the safety and fair treatment of its customers."

Musk, who has a history of being playful on Twitter, began an exchange by posting an open letter&nbsp;on Twitter addressing Einhorn as "Dear Mr&nbsp;Unicorn (fabulous name btw)". Einhorn means unicorn in German.

Musk further added that Einhorn made numerous "false allegations" against Tesla and offered "sympathies" for a drop in assets under management.

"It is understandable that you wish to save face with your investors, given the losses you suffered from Tesla's successful third quarter, especially since you've had several down years in performance and a sharp drop in assets under management from $15 billion to $5 billion," Musk wrote.

Einhorn responded with an open letter&nbsp;on Twitter, asking the billionaire entrepreneur to be specific about false statements so that Greenlight could correct them.

"By continually changing the narrative and narrowly averting crisis after crisis, you certainly have kept it interesting," Einhorn said.

Einhorn said his hedge fund and Tesla had "some similarities and some differences".

"We both struggled last year. However, a key difference is that Greenlight's&nbsp;business&nbsp;has generated real profits for our investors since we began in 1996," Einhorn said.

Greenlight Capital first rose to prominence for making a prescient call on Lehman Brothers' accounting troubles before the firm's collapse.

Last year, it compared Tesla to Lehman and earlier this year said the company appeared to be "on the brink" of failure.

Investors in the past have shown impatience with Tesla's failures to meet financial and production targets. The carmaker, however, put some concerns to rest after delivering a surprise profit in its third quarter.

Musk invited Einhorn to meet him and tour Tesla's facilities to learn about the company's progress.

"Finally, please allow us to send you a small gift of short shorts to help you through this difficult time," Musk said, signing off as "Treelon Musk."

Einhorn welcomed the offer to learn more about Tesla.

"I think facility visits would be fun (can we start in Buffalo?). I might learn the difference between your alien dreadnought factory and cars made by hand in a tent."

Tesla Inc Chief Executive Officer Elon Musk and noted short-seller David Einhorn mocked each other in open letters published on Twitter on Friday, trading barbs clothed in polite language.

Tesla Inc Chief Executive Officer Elon Musk and noted short-seller David Einhorn mocked each other in open letters published on Twitter on Friday, trading barbs clothed in polite language. Einhorn on Oct. 30 had told his investors at Greenlight Capital that his fund had lost money on Tesla. Greenlight bet against the electric carmaker, and shares rose in the second quarter. Still, he told investors that Tesla "appears to continue to spin positive PR ahead of the safety and fair treatment of its customers." Musk, who has a history of being playful on Twitter, began an exchange by posting an open letter on Twitter addressing Einhorn as "Dear Mr Unicorn (fabulous name btw)". Einhorn means unicorn in German. Musk further added that Einhorn made numerous "false allegations" against Tesla and offered "sympathies" for a drop in assets under management. "It is understandable that you wish to save face with your investors, given the losses you suffered from Tesla's successful third quarter, especially since you've had several down years in performance and a sharp drop in assets under management from $15 billion to $5 billion," Musk wrote. Einhorn responded with an open letter on Twitter, asking the billionaire entrepreneur to be specific about false statements so that Greenlight could correct them. "By continually changing the narrative and narrowly averting crisis after crisis, you certainly have kept it interesting," Einhorn said. Einhorn said his hedge fund and Tesla had "some similarities and some differences". "We both struggled last year. However, a key difference is that Greenlight's business has generated real profits for our investors since we began in 1996," Einhorn said. Greenlight Capital first rose to prominence for making a prescient call on Lehman Brothers' accounting troubles before the firm's collapse. Last year, it compared Tesla to Lehman and earlier this year said the company appeared to be "on the brink" of failure. Investors in the past have shown impatience with Tesla's failures to meet financial and production targets. The carmaker, however, put some concerns to rest after delivering a surprise profit in its third quarter. Musk invited Einhorn to meet him and tour Tesla's facilities to learn about the company's progress. "Finally, please allow us to send you a small gift of short shorts to help you through this difficult time," Musk said, signing off as "Treelon Musk." Einhorn welcomed the offer to learn more about Tesla. "I think facility visits would be fun (can we start in Buffalo?). I might learn the difference between your alien dreadnought factory and cars made by hand in a tent."

Tesla's Musk, Greenlight's Einhorn taunt each other on Twitter

WeWork owner The We Company disclosed data on Friday that showed expansion of its office-sharing&nbsp;business&nbsp;was almost doubling in size from a large pipeline of leases even as the money-losing company plans to slash costs and reduce its headcount.

WeWork divulged a presentation it gave prospective creditors in October about two weeks before SoftBank agreed to a $9.5 billion&nbsp;bailout to keep the company afloat before cash on hand was expected to run out sometime in November.

The data showed that as of the third quarter WeWork planned to add 450,000 desks through leased locations that have not yet opened, which would represent almost a doubling in size from the 520,000 desks already up and running.

The October&nbsp;11 presentation said that "despite the noise," an allusion to the intense media focus after We withdrew its plans to go public in September, "we have continued to perform."

The 49-page presentation highlighted changes underfoot to emphasize a renewed focus on WeWork as its core&nbsp;business. The presentation also showed the company distancing itself from the much-criticised leadership of co-founder Adam Neumann, who relinquished control under the deal with SoftBank.

Going forward WeWork plans a "disciplined focus on profitable market-share expansion" instead of growing the&nbsp;business&nbsp;"prior to funding commitments," which the presentation said occurred from 2017 to September 2019 under Neumann.

A 90-day game plan included reducing headcount in administrative operations, WeWork's venture capital arm and in growth-related functions, a likely reference to the teams dedicated to designing and constructing new office sites.

No numbers were provided for layoffs. Marcelo Claure, the SoftBank executive who was named the chairman of WeWork last month, has said layoffs are expected but has not said how many.

The presentation said WeWork plans to divest seven non-core&nbsp;businesses, Conductor, the Wing, Managed by Q, Meetup, SpaceIQ, Teem and Wave Garden. The units organize meetings, provide facilities and workplace management, and marketing.

The presentation also said plans divulged to investors in October to close RISE, the company's wellness centres, are now under reevaluation.

Just over half of WeWork's Naked Hub locations in China were what the company calls mature, or sites that have been open for more than 24 months, yet China's occupancy rate was only 76 per cent.

WeWork shelved its plans to go public on September&nbsp;30 after investors grew wary of its losses,&nbsp;business&nbsp;model and corporate governance. Neumann had resigned the previous week.

WeWork owner The We Company disclosed data on Friday that showed expansion of its office-sharing business was almost doubling in size from a large pipeline of leases even as the money-losing company plans to slash costs and reduce its headcount.

WeWork owner The We Company disclosed data on Friday that showed expansion of its office-sharing business was almost doubling in size from a large pipeline of leases even as the money-losing company plans to slash costs and reduce its headcount. WeWork divulged a presentation it gave prospective creditors in October about two weeks before SoftBank agreed to a $9.5 billion bailout to keep the company afloat before cash on hand was expected to run out sometime in November. The data showed that as of the third quarter WeWork planned to add 450,000 desks through leased locations that have not yet opened, which would represent almost a doubling in size from the 520,000 desks already up and running. The October 11 presentation said that "despite the noise," an allusion to the intense media focus after We withdrew its plans to go public in September, "we have continued to perform." The 49-page presentation highlighted changes underfoot to emphasize a renewed focus on WeWork as its core business. The presentation also showed the company distancing itself from the much-criticised leadership of co-founder Adam Neumann, who relinquished control under the deal with SoftBank. Going forward WeWork plans a "disciplined focus on profitable market-share expansion" instead of growing the business "prior to funding commitments," which the presentation said occurred from 2017 to September 2019 under Neumann. A 90-day game plan included reducing headcount in administrative operations, WeWork's venture capital arm and in growth-related functions, a likely reference to the teams dedicated to designing and constructing new office sites. No numbers were provided for layoffs. Marcelo Claure, the SoftBank executive who was named the chairman of WeWork last month, has said layoffs are expected but has not said how many. The presentation said WeWork plans to divest seven non-core businesses, Conductor, the Wing, Managed by Q, Meetup, SpaceIQ, Teem and Wave Garden. The units organize meetings, provide facilities and workplace management, and marketing. The presentation also said plans divulged to investors in October to close RISE, the company's wellness centres, are now under reevaluation. Just over half of WeWork's Naked Hub locations in China were what the company calls mature, or sites that have been open for more than 24 months, yet China's occupancy rate was only 76 per cent. WeWork shelved its plans to go public on September 30 after investors grew wary of its losses, business model and corporate governance. Neumann had resigned the previous week.

WeWork data shows growth still doubling

Swiss flavour and fragrance maker Givaudan&nbsp;said it was buying US&nbsp;Ungerer &amp; Company for an undisclosed sum as part of its long-term growth strategy.

Givaudan said Ungerer, which employs 650 people, would have added roughly $250 million in extra sales on the basis of last year's results. Givaudan posted sales of 5.53 billion Swiss francs&nbsp;in 2018.

The Geneva-based company did not disclose the terms of the deal, which it said it would fund through issuing new debt. The transaction is expected to close during the first quarter of 2020.

Ungerer, based in New Jersey, was founded more than 125 years ago and has a presence in more than 60 countries. It has eight factories and six R&amp;D centres, Givaudan said.

The deal is Givaudan's sixth acquisition this year as it targets the average sales growth of 4-5 per cent.

"The acquisition of Ungerer fits very well with our long-term strategy for our core business in flavours and fragrances," Givaudan CEO Gilles Andrier said in a statement.

"They have an excellent reputation in the market, thanks to the quality of their speciality ingredients as well as their strong position in the fast-growing local and regional customer segment."

Swiss flavour and fragrance maker Givaudan said it was buying US Ungerer & Company for an undisclosed sum as part of its long-term growth strategy. Givaudan said Ungerer, which employs 650 people, would have added roughly $250 million in extra sales on the basis of last year's results.

Swiss flavour and fragrance maker Givaudan said it was buying US Ungerer & Company for an undisclosed sum as part of its long-term growth strategy. Givaudan said Ungerer, which employs 650 people, would have added roughly $250 million in extra sales on the basis of last year's results. Givaudan posted sales of 5.53 billion Swiss francs in 2018. The Geneva-based company did not disclose the terms of the deal, which it said it would fund through issuing new debt. The transaction is expected to close during the first quarter of 2020. Ungerer, based in New Jersey, was founded more than 125 years ago and has a presence in more than 60 countries. It has eight factories and six R&D centres, Givaudan said. The deal is Givaudan's sixth acquisition this year as it targets the average sales growth of 4-5 per cent. "The acquisition of Ungerer fits very well with our long-term strategy for our core business in flavours and fragrances," Givaudan CEO Gilles Andrier said in a statement. "They have an excellent reputation in the market, thanks to the quality of their speciality ingredients as well as their strong position in the fast-growing local and regional customer segment."

Givaudan buys United States flavour and fragrance maker Ungerer

Walt Disney Co. on Thursday reported better-than-expected quarterly results, fueled by the release of blockbuster films "Aladdin" and "The Lion King" as it prepared for its new streaming television service.

<a href="https://www.wionews.com/entertainment/disney-thaws-frozen-for-blockbuster-sequel-100m-plus-opening-expected-260487">Disney </a>profit in the recently ended quarter was $1.05 billion, down from $2.3 billion a year ago, on revenue that grew 34 per cent to $19.1 billion.

The slump in profits came as Disney absorbed key film and television operations of 21st Century Fox and geared up for its launch of the streaming service Disney+ that aims to compete globally against Netflix and others.

"We've spent the last few years completely transforming The Walt Disney Company to focus the resources and immense creativity across the entire company on delivering an extraordinary direct-to-consumer experience," said Disney chief executive Robert Iger.

"We're excited for the launch of Disney+ on November 12."

Iger said the company reached a deal for the service to be on Amazon's Fire TV platform, the latest distribution agreement for Disney+.

Disney shares were up more than five percent in after-market trading following release of the earnings figures.

Revenues in the past quarter were boosted by a 52 percent rise in Disney's studio operations with box office hits "The Lion King," "Toy Story 4" and "Aladdin" fueling gains.

The entertainment giant expects revenue in the current quarter to be boosted by the forthcoming release of a sequel to "Frozen" and the final installment of the "Star Wars" film saga.

It will thereafter take a "hiatus" from <a href="https://www.wionews.com/entertainment/disney-unveils-star-wars-merchandise-at-britains-pinewood-studios-252305">"Star Wars" </a>box office films but has an array of spin-off shows planned exclusively for its streaming service.

Disney has become the biggest Hollywood player with the acquisition of studio and TV assets from Rupert Murdoch's 21st Century Fox.

However, integrating Fox into Disney has cost more than expected and the newly added studios have brought in less money than hoped.

Disney saw smaller revenue gains in its cable and broadcasting operations as well as its theme park division.

Iger would not disclose details of pre-sales of Disney+ subscriptions, but said the price -- $6.99 monthly -- has met with "great enthusiasm" by consumers.

The Disney+ online streaming service will debut in the United States, Canada and the Netherlands before gradually expanding internationally in Europe then rolling out worldwide.

Its films and TV shows will be available, along with the library it acquired from 21st Century Fox. That includes the "Star Wars" and Marvel superhero franchises and ABC television content.

Disney+ will also combine offerings from powerhouse brands including Pixar, with content from Hulu and sports network ESPN.

Apple last week launched a <a href="https://www.wionews.com/business-economy/appletv-debuts-streaming-tv-service-with-oprah-and-aniston-259285">streaming television service</a> that features a budding library of original shows starring big-name celebrities, aimed at winning over its gadget lovers at home and on the go.

The Apple TV+ on-demand streaming service launched in more than 100 countries at $4.99 per month.

Original Apple TV+ shows have so far been met with lukewarm early reviews, but the low subscription price and an offer of year-long memberships free with purchase of the company's devices was expected to encourage viewers to tune in.

Netflix, meanwhile, has budgeted $15 billion this year for original shows, on top of the billions it has devoted to exclusive productions in recent years.

Amazon, which has deep pockets thanks to its e-commerce and cloud services, has also poured cash into original shows for its Prime Video service.

This sets up a potential spending war among the major streaming players, according to analysts.

Even more competition looms on the horizon, with AT&amp;T's Warner Media to launch its "HBO Max" in early 2020 after reclaiming the rights from Netflix to stream its popular television comedy "Friends."

NBCUniversal's Peacock service is also launching next year.

Walt Disney Co. on Thursday reported better-than-expected quarterly results, fueled by the release of blockbuster films "Aladdin" and "The Lion King" as it prepared for its new streaming television service.

Walt Disney Co. on Thursday reported better-than-expected quarterly results, fueled by the release of blockbuster films "Aladdin" and "The Lion King" as it prepared for its new streaming television service. Disney profit in the recently ended quarter was $1.05 billion, down from $2.3 billion a year ago, on revenue that grew 34 per cent to $19.1 billion. The slump in profits came as Disney absorbed key film and television operations of 21st Century Fox and geared up for its launch of the streaming service Disney+ that aims to compete globally against Netflix and others. "We've spent the last few years completely transforming The Walt Disney Company to focus the resources and immense creativity across the entire company on delivering an extraordinary direct-to-consumer experience," said Disney chief executive Robert Iger. "We're excited for the launch of Disney+ on November 12." Iger said the company reached a deal for the service to be on Amazon's Fire TV platform, the latest distribution agreement for Disney+. Disney shares were up more than five percent in after-market trading following release of the earnings figures. Revenues in the past quarter were boosted by a 52 percent rise in Disney's studio operations with box office hits "The Lion King," "Toy Story 4" and "Aladdin" fueling gains. The entertainment giant expects revenue in the current quarter to be boosted by the forthcoming release of a sequel to "Frozen" and the final installment of the "Star Wars" film saga. It will thereafter take a "hiatus" from "Star Wars" box office films but has an array of spin-off shows planned exclusively for its streaming service. Disney has become the biggest Hollywood player with the acquisition of studio and TV assets from Rupert Murdoch's 21st Century Fox. However, integrating Fox into Disney has cost more than expected and the newly added studios have brought in less money than hoped. Disney saw smaller revenue gains in its cable and broadcasting operations as well as its theme park division. Iger would not disclose details of pre-sales of Disney+ subscriptions, but said the price -- $6.99 monthly -- has met with "great enthusiasm" by consumers. The Disney+ online streaming service will debut in the United States, Canada and the Netherlands before gradually expanding internationally in Europe then rolling out worldwide. Its films and TV shows will be available, along with the library it acquired from 21st Century Fox. That includes the "Star Wars" and Marvel superhero franchises and ABC television content. Disney+ will also combine offerings from powerhouse brands including Pixar, with content from Hulu and sports network ESPN. Apple last week launched a streaming television service that features a budding library of original shows starring big-name celebrities, aimed at winning over its gadget lovers at home and on the go. The Apple TV+ on-demand streaming service launched in more than 100 countries at $4.99 per month. Original Apple TV+ shows have so far been met with lukewarm early reviews, but the low subscription price and an offer of year-long memberships free with purchase of the company's devices was expected to encourage viewers to tune in. Netflix, meanwhile, has budgeted $15 billion this year for original shows, on top of the billions it has devoted to exclusive productions in recent years. Amazon, which has deep pockets thanks to its e-commerce and cloud services, has also poured cash into original shows for its Prime Video service. This sets up a potential spending war among the major streaming players, according to analysts. Even more competition looms on the horizon, with AT&T's Warner Media to launch its "HBO Max" in early 2020 after reclaiming the rights from Netflix to stream its popular television comedy "Friends." NBCUniversal's Peacock service is also launching next year.

Disney tops earnings estimates ahead of streaming launch

China's exports suffered their third month of decline in October, and while the drop was less than expected there were warnings Friday of more pain to come as the <a href="https://www.wionews.com/world/china-us-agree-tariff-rollback-if-phase-one-trade-deal-is-completed-260641">US trade war </a>rumbles on.

While tensions between the world's top two economies are beginning to ease, Beijing is struggling to get the engines of growth firing on all cylinders as demand for its goods around the world tails off.

In the latest sign of weakness, official data showed overseas shipments fell 0.9 per cent on-year last month, though that is much slower than the 3.2 per cent drop seen in September and much better than forecasts.

Economists surveyed by Bloomberg had tipped a 3.9 per cent plunge.

Imports sank for the sixth straight month in October, dropping 6.4 per cent, though that was also an improvement on the previous month and beat estimates.

China's trade surplus with the United States, a key point of anger in the White House, increased to $26.42 billion.

The economic powerhouses have been embroiled in a bruising trade war for more than a year, with punitive tariffs slapped on two-way trade worth hundreds of billions of dollars.

But markets have been buoyed in recent weeks by expectations the row, which has dragged on the global economy, could be easing as China and the US finalise a mini trade deal that is part of a wider agreement.

Hopes for an end to the stand-off were boosted Thursday when China said the two sides have agreed a plan to remove tariffs imposed on goods in stages if the phase one preliminary pact on which they are working is completed.

Ken Cheung Kin Tai, a senior strategist at Mizuho Bank said that the "less worrying trade figures should help suppress fears of weakening fourth-quarter China growth amid the trade war".

China's economic growth slowed to six percent in the third quarter, the weakest rate in 27 years.

However, analysts warned the subdued outlook worldwide will continue to weigh on trade.

"Slowing global growth and the uncertainty surrounding the US-China trade tensions will continue to dampen trade prospects in China and demand for imports," said Tommy Wu of Oxford Economics.

He added that further policy easing and support from the government could be expected to stabilise growth.

"The contraction in both exports and imports eased more than expected last month," said Martin Rasmussen, China economist at Capital Economics.

"But even if the 'phase one' US-China trade deal crosses the finish line, it is unlikely to alleviate the main headwinds facing exporters and outbound shipments look set to remain weak in the coming months."

China's exports suffered their third month of decline in October, and while the drop was less than expected there were warnings Friday of more pain to come as the US trade war rumbles on.

China's exports suffered their third month of decline in October, and while the drop was less than expected there were warnings Friday of more pain to come as the US trade war rumbles on. While tensions between the world's top two economies are beginning to ease, Beijing is struggling to get the engines of growth firing on all cylinders as demand for its goods around the world tails off. In the latest sign of weakness, official data showed overseas shipments fell 0.9 per cent on-year last month, though that is much slower than the 3.2 per cent drop seen in September and much better than forecasts. Economists surveyed by Bloomberg had tipped a 3.9 per cent plunge. Imports sank for the sixth straight month in October, dropping 6.4 per cent, though that was also an improvement on the previous month and beat estimates. China's trade surplus with the United States, a key point of anger in the White House, increased to $26.42 billion. The economic powerhouses have been embroiled in a bruising trade war for more than a year, with punitive tariffs slapped on two-way trade worth hundreds of billions of dollars. But markets have been buoyed in recent weeks by expectations the row, which has dragged on the global economy, could be easing as China and the US finalise a mini trade deal that is part of a wider agreement. Hopes for an end to the stand-off were boosted Thursday when China said the two sides have agreed a plan to remove tariffs imposed on goods in stages if the phase one preliminary pact on which they are working is completed. Ken Cheung Kin Tai, a senior strategist at Mizuho Bank said that the "less worrying trade figures should help suppress fears of weakening fourth-quarter China growth amid the trade war". China's economic growth slowed to six percent in the third quarter, the weakest rate in 27 years. However, analysts warned the subdued outlook worldwide will continue to weigh on trade. "Slowing global growth and the uncertainty surrounding the US-China trade tensions will continue to dampen trade prospects in China and demand for imports," said Tommy Wu of Oxford Economics. He added that further policy easing and support from the government could be expected to stabilise growth. "The contraction in both exports and imports eased more than expected last month," said Martin Rasmussen, China economist at Capital Economics. "But even if the 'phase one' US-China trade deal crosses the finish line, it is unlikely to alleviate the main headwinds facing exporters and outbound shipments look set to remain weak in the coming months."

China export drop beats forecasts in October but more pain tipped

The world's richest people became a little less well off last year, according to a report by UBS&nbsp;and PwC, as geopolitical turmoil and volatile equity markets reduced the wealth of billionaires for the first time in a decade.

Billionaires' wealth fell by $388 billion globally to $8.539 trillion, the UBS/PwC Billionaires Report found, with a particularly sharp decline in Greater China - the second-biggest home for billionaires after the United States - and the Asia-Pacific region more broadly.

Private banks including the world's largest wealth manager UBS have felt the effects of US-China trade tensions and global political uncertainties, as clients, last year shied away from trading and taking on debt in favour of hoarding more cash.

"Billionaire wealth dipped in 2018 for the first time since 2008 because of geopolitics," UBS's head of ultra-high net worth clients, Josef Stadler, said in the report published on Friday.

The net worth of China's richest dropped 12.8% in dollar terms on the back of tumbling stock markets and a weaker local currency and as growth in the world's second-largest economy slowed to its lowest level in nearly three decades in 2018, the report found, knocking dozens off the billionaires' list.

Despite the drop, China continues to produce a new billionaire every 2-2.5 days, Stadler said.

Worldwide, the number of billionaires fell everywhere except in the Americas, where tech entrepreneurs continued to buoy the ranks of the United States' wealthiest.

"This report shows the resilience of the US economy," where there were 749 billionaires at the end of 2018, said John Matthews, head of private wealth management and ultra-high net worth business for UBS in the United States.

While a stock market recovery from a steep drop in late 2018 has helped wealth managers increase their assets, the world's richest families remain concerned about global affairs from trade tensions and Brexit to populism and climate change and are continuing to keep more of their money in cash.

"It is likely that billionaire wealth will go up again this year," said Simon Smiles, UBS's chief investment officer for ultra-wealthy clients, adding it would likely be a more muted increase than the wider financial market rally might suggest.

The world's richest people became a little less well off last year, according to a report by UBS and PwC, as geopolitical turmoil and volatile equity markets reduced the wealth of billionaires for the first time in a decade.

The world's richest people became a little less well off last year, according to a report by UBS and PwC, as geopolitical turmoil and volatile equity markets reduced the wealth of billionaires for the first time in a decade. Billionaires' wealth fell by $388 billion globally to $8.539 trillion, the UBS/PwC Billionaires Report found, with a particularly sharp decline in Greater China - the second-biggest home for billionaires after the United States - and the Asia-Pacific region more broadly. Private banks including the world's largest wealth manager UBS have felt the effects of US-China trade tensions and global political uncertainties, as clients, last year shied away from trading and taking on debt in favour of hoarding more cash. "Billionaire wealth dipped in 2018 for the first time since 2008 because of geopolitics," UBS's head of ultra-high net worth clients, Josef Stadler, said in the report published on Friday. The net worth of China's richest dropped 12.8% in dollar terms on the back of tumbling stock markets and a weaker local currency and as growth in the world's second-largest economy slowed to its lowest level in nearly three decades in 2018, the report found, knocking dozens off the billionaires' list. Despite the drop, China continues to produce a new billionaire every 2-2.5 days, Stadler said. Worldwide, the number of billionaires fell everywhere except in the Americas, where tech entrepreneurs continued to buoy the ranks of the United States' wealthiest. "This report shows the resilience of the US economy," where there were 749 billionaires at the end of 2018, said John Matthews, head of private wealth management and ultra-high net worth business for UBS in the United States. While a stock market recovery from a steep drop in late 2018 has helped wealth managers increase their assets, the world's richest families remain concerned about global affairs from trade tensions and Brexit to populism and climate change and are continuing to keep more of their money in cash. "It is likely that billionaire wealth will go up again this year," said Simon Smiles, UBS's chief investment officer for ultra-wealthy clients, adding it would likely be a more muted increase than the wider financial market rally might suggest.

Billionaires' wealth falls for the first time in a decade

Suzuki Motor Corp said it was no longer gung-ho about India's auto market, the world's fourth-largest, where it has seen relentless growth in the past seven years.

Suzuki Motor Corp said it was no longer gung-ho about India's auto market, the world's fourth-largest, where it has seen relentless growth in the past seven years. And the parent of the country's biggest car maker is not alone. The Japanese automaker issued the warning after it reported a slump in quarterly profit this week on tumbling sales at its Indian unit, Maruti Suzuki, which accounts for half the number of cars sold in India. "We no longer think that growth in India will be an uninterrupted move upwards," Suzuki President Toshihiro Suzuki cautioned. Maruti's sales, which were growing till January, has slipped every month over February-September 2019. India's auto sector has gone into a tailspin this year as tight liquidity at shadow banks, high taxes and a weak rural economy have sapped consumers' buying power. Global players like Ford, Volkswagen and Fiat are already re-evaluating their strategy as they struggle to make inroads in a market dominated by small cars. "Car makers are getting very cautious regarding their future investments in India. Most of them are either deferring or just scrapping their India new model plans," said Puneet Gupta, an autos sector expert at IHS Markit. Auto executives and analysts point out that some car makers are focussing on their strengths in terms of products instead of chasing volumes with small cars. Some others are taking drastic steps to reduce their exposure. Ford has agreed to sell a majority stake in its India arm to Mahindra & Mahindra, ending its independent operations in the country after two decades and highlighting the challenges automakers face in growing profitably in Asia's third-largest economy. Dialing back A cocktail of higher taxes under a new goods and services tax regime, flip-flop over electric-vehicle policy, and a boom of ride-sharing firms such as Uber and Ola have all plagued global automakers in India. Not having the right cars and smaller sales network have also hurt, some executives say. "When you have policy instability it becomes very hard to convince headquarters to invest more in the country," an executive at a western automaker said. India is largely a small-car market and that is not a strength for most global automakers, who sell more SUVs and luxury cars elsewhere such as in China and the United States - the world's top two car markets, the executive added. Western automakers had to design products specifically for India which is an expensive exercise, said V.G. Ramakrishnan, managing partner at consultancy Avanteum Advisors. "Many chose a mass-market strategy instead of a niche one," and are dialing back to focus on specific segments, he said. Volkswagen has put its sister company Skoda in charge of India strategy and will focus on SUVs. Fiat too has put SUV-maker Jeep in charge of driving sales in the country. Demand for SUVs in India is growing faster than some small car segments, prompting even the likes of Maruti that dominates the small-car space to look at launching SUVs and crossovers. Honda is re-evaluating its India plans and may convert one of its two plants into a research centre, local media reported. Toyota and Suzuki have formed an alliance to share supply chain costs and develop new vehicle technologies together. "Automakers want to exploit their existing resources, minimize their costs and maximize their returns," Gupta said.

Suzuki rethinks promise of India's auto market, and it is not alone

Indian retail inflation probably exceeded the Reserve Bank of India's ( RBI) medium-term target of 4 per cent&nbsp;in October for the first time in 15 months, mainly because of rising vegetable prices, a Reuters poll of economists showed.

Prices of most vegetables climbed during the month as monsoon downpours delayed harvests and disrupted supplies. That was despite a government ban on onion exports, a key component in the Indian diet.

Overall food prices - the biggest chunk of the consumer price basket - also rose in October.

The November 4-7 Reuters poll of 39 economists forecast annual consumer price inflation rose to 4.25 per cent&nbsp;in October, its highest since June 2018 and above 3.99 per cent in September.

Nearly 85 per cent of respondents forecast retail inflation, due on November&nbsp;12, to breach the RBI's medium-term target.

"Vegetable prices, particularly that of onions and tomatoes, will contribute significantly to the rise in inflation," said Teresa John, an economist at Nirmal Bang, a retail brokerage.

"We expect the RBI to maintain its easing bias on the back of sluggish growth and weak core inflation pressures despite rising headline inflation led by food prices."

The RBI has cut its key interest rate by a cumulative 135 basis points this year to 5.15 per cent. The central bank is expected to cut the repo rate in December for the sixth meeting in a row, according to a separate Reuters poll. That view primarily stems from a slowing economy.

Despite easy monetary and fiscal policy, recent business surveys indicate the economy, which slowed to a six-year low of 5 per cent growth during the second quarter, is still struggling and is not expected to recover anytime soon.

If those forecasts are realised, it will be the first time since October 2016 the RBI has cut rates even though inflation is above the central bank's medium-term target.

"I think their (RBI) objective now and their policy equation is focused on reviving growth, and they have been very forthcoming in communicating that," said Sakshi Gupta, senior India economist at HDFC Bank.

"So, I think they still have space to cut rates further right now - given whatever the dynamics of inflation are."

The wholesale price index probably remained flat last month, the lowest in nearly three and a half years. The WPI was the preferred gauge for the RBI before the consumer price index was introduced on early 2012.&nbsp;&nbsp; &nbsp;

Indian 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.

Indian 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. Prices of most vegetables climbed during the month as monsoon downpours delayed harvests and disrupted supplies. That was despite a government ban on onion exports, a key component in the Indian diet. Overall food prices - the biggest chunk of the consumer price basket - also rose in October. The November 4-7 Reuters poll of 39 economists forecast annual consumer price inflation rose to 4.25 per cent in October, its highest since June 2018 and above 3.99 per cent in September. Nearly 85 per cent of respondents forecast retail inflation, due on November 12, to breach the RBI's medium-term target. "Vegetable prices, particularly that of onions and tomatoes, will contribute significantly to the rise in inflation," said Teresa John, an economist at Nirmal Bang, a retail brokerage. "We expect the RBI to maintain its easing bias on the back of sluggish growth and weak core inflation pressures despite rising headline inflation led by food prices." The RBI has cut its key interest rate by a cumulative 135 basis points this year to 5.15 per cent. The central bank is expected to cut the repo rate in December for the sixth meeting in a row, according to a separate Reuters poll. That view primarily stems from a slowing economy. Despite easy monetary and fiscal policy, recent business surveys indicate the economy, which slowed to a six-year low of 5 per cent growth during the second quarter, is still struggling and is not expected to recover anytime soon. If those forecasts are realised, it will be the first time since October 2016 the RBI has cut rates even though inflation is above the central bank's medium-term target. "I think their (RBI) objective now and their policy equation is focused on reviving growth, and they have been very forthcoming in communicating that," said Sakshi Gupta, senior India economist at HDFC Bank. "So, I think they still have space to cut rates further right now - given whatever the dynamics of inflation are." The wholesale price index probably remained flat last month, the lowest in nearly three and a half years. The WPI was the preferred gauge for the RBI before the consumer price index was introduced on early 2012.

India's inflation probably breached RBI target last month: Poll

Indian shares inched lower on Friday after Moody's Investors Service lowered its ratings outlook to "negative" from "stable", saying it was increasingly likely that economic growth will remain lower than in the past.

Moody's said the change in outlook partly reflected government and policy ineffectiveness in addressing economic weakness, which led to an increase in debt burden from already high levels.

However, losses in equities were capped as realty stocks extended their sharp gains from the previous session.

"Market reaction will depend on institutional view on the development, will FIIs cut India exposure remains to be seen," said Deepak Jasani, head of retail research at HDFC Securities.

"If they agree with Moody's assessment and don't have an alternative, there may not be a rush to exit."

The broader NSE Nifty was down 0.23 per cent at 11,986.50, as of 0355 GMT, while the benchmark BSE Sensex fell 0.18 per cent to 40,585.72. The rupee weakened as much as 0.49 per cent to 71.31 against the dollar.

The Nifty PSU Bank index, which tracks state-run lenders, was the top loser among NSE sectoral indexes, slipping nearly 1 per cent.

Oil marketing companies Hindustan Petroleum Corp Ltd and Bharat Petroleum Corp Ltd declined over 1.4 per cent each.

Automakers Ashok Leyland and Mahindra and Mahindra Ltd fell as much as 1.24 per cent and 0.55 per cent, respectively, ahead of their quarterly results later in the day. This pushed the NSE auto index lower by more than 0.5 per cent.

Meanwhile, the Nifty realty index rose more than 2 per cent after Thursday's 0.9 per cent gain, with DLF Ltd adding nearly 5 per cent.

Late on Wednesday, the government approved 100 billion rupees ($1.41 billion) for a fund to help clear stalled housing projects.

GlaxoSmithKline Consumer Healthcare Ltd rose as much as 1.16 per cent after the drugmaker reported a strong set of quarterly numbers.

Indian shares inched lower on Friday after Moody's Investors Service lowered its ratings outlook to "negative" from "stable", saying it was increasingly likely that economic growth will remain lower than in the past.

Indian shares inched lower on Friday after Moody's Investors Service lowered its ratings outlook to "negative" from "stable", saying it was increasingly likely that economic growth will remain lower than in the past. Moody's said the change in outlook partly reflected government and policy ineffectiveness in addressing economic weakness, which led to an increase in debt burden from already high levels. However, losses in equities were capped as realty stocks extended their sharp gains from the previous session. "Market reaction will depend on institutional view on the development, will FIIs cut India exposure remains to be seen," said Deepak Jasani, head of retail research at HDFC Securities. "If they agree with Moody's assessment and don't have an alternative, there may not be a rush to exit." The broader NSE Nifty was down 0.23 per cent at 11,986.50, as of 0355 GMT, while the benchmark BSE Sensex fell 0.18 per cent to 40,585.72. The rupee weakened as much as 0.49 per cent to 71.31 against the dollar. The Nifty PSU Bank index, which tracks state-run lenders, was the top loser among NSE sectoral indexes, slipping nearly 1 per cent. Oil marketing companies Hindustan Petroleum Corp Ltd and Bharat Petroleum Corp Ltd declined over 1.4 per cent each. Automakers Ashok Leyland and Mahindra and Mahindra Ltd fell as much as 1.24 per cent and 0.55 per cent, respectively, ahead of their quarterly results later in the day. This pushed the NSE auto index lower by more than 0.5 per cent. Meanwhile, the Nifty realty index rose more than 2 per cent after Thursday's 0.9 per cent gain, with DLF Ltd adding nearly 5 per cent. Late on Wednesday, the government approved 100 billion rupees ($1.41 billion) for a fund to help clear stalled housing projects. GlaxoSmithKline Consumer Healthcare Ltd rose as much as 1.16 per cent after the drugmaker reported a strong set of quarterly numbers.

Nifty, Sensex slip after Moody's cuts outlook to 'negative'

Moody's Investors Service on Thursday cut India's ratings outlook to "negative" from "stable", citing increasing risks that growth in Asia's third-largest economy will remain lower than in the past.

Moody's Investors Service on Thursday cut India's ratings outlook to "negative" from "stable", citing increasing risks that growth in Asia's third-largest economy will remain lower than in the past. The outlook partly reflects government and policy ineffectiveness in addressing economic weakness, which led to an increase in debt burden from already high levels, the ratings agency said. The Nifty 50 index fell 0.4% in early trade on Friday, while the rupee weakened to 71.31 against the dollar, versus Thursday's close of 70.965. Moody's retained its foreign and local currency ratings at 'Baa2'. India's economy grew only 5.0% year-on-year between April and June, its weakest pace since 2013, as consumer demand and government spending slowed amid global trade frictions. This prompted a slew of rate cuts by the central bank, while the government rolled out several measures, including a sharp cut in corporate taxes, in a bid to boost growth. "While government measures to support the economy should help to reduce the depth and duration of India's growth slowdown, prolonged financial stress among rural households, weak job creation, and, more recently, a credit crunch among non-bank financial institutions have increased the probability of a more entrenched slowdown," Moody's said. The ratings agency does not expect the credit crunch among non-bank financial institutions to be resolved quickly, it added. After the corporate tax cuts and lower nominal GDP growth, Moody's now expects a government deficit of 3.7% of GDP in the fiscal year ending in March 2020, compared with a government target of 3.3% of GDP.

Moody's cuts India's outlook to 'negative' on economic growth worries

Gap Inc&nbsp;said on Thursday Chief Executive Officer Art Peck will leave the company, a surprise exit in the middle of a restructuring that comes as the apparel retailer slashed its full-year earnings forecast, sending its shares down 7%.

Since taking the helm in 2015, Peck has tried to re-energize sales at the Gap brand, once a trendsetter with its casual logo-emblazoned hoodies and Khaki cargos, but it has recently struggled to keep pace with fast-fashion rivals such as Zara and H&amp;M.

On Thursday, the company estimated a 4% drop in third-quarter same-store sales, with declines across all its key brands including Old Navy.

The drop comes as the Gap brand also has heavily discounted in a competitive retail environment.

"Gap's whole portfolio is having a brand erosion crisis that we expect to only deepen with the current leadership vacuum," said Camilla Yanushevsky, research analyst at CFRA.

Earlier this year, Gap said it will separate its better-performing Old Navy brand and shutter about 230 stores of its namesake apparel business, a process likely to be completed by 2020.

Peck, who was to head the new Gap Inc, is credited with developing the company's "omni-channel" strategy that uses its retail stores and its digital platform to fulfill orders.

"Peck deserves a lot of credit for decisive corrective action and starting to rationalize the retail store base and deserves credit for streamlining the supply chain in a challenging international environment," said Burt Flickinger, managing director of Strategic Resource Group.

"Where he missed was their marketing and merchandising and pricing and promotional program."

Robert Fisher, a member of the founding family behind Gap and its non-executive board chairman, will become the chief executive officer on an interim basis, effective immediately, the company said.

But the company's dismal forecasts indicated that Peck's efforts are yet to yield results.

Gap also now expects full-year adjusted earnings per share of $1.70 to $1.75, down from its previous forecast of $2.05 to $2.15.

The quarter was "challenging", Chief Financial Officer Teri List-Stoll said, adding macro impact and slower traffic deepened the hit from product and operating challenges across key brands.

"(The) results also reiterate our skepticism that the spin-off of touted stronghold Old Navy can unlock value," analyst Yanushevsky said.

Shares of the company were down 7.4% at $16.71 in extended trading. The stock has lost nearly a third of its value this year.

Gap Inc said on Thursday Chief Executive Officer Art Peck will leave the company, a surprise exit in the middle of a restructuring that comes as the apparel retailer slashed its full-year earnings forecast, sending its shares down 7%.

Gap Inc said on Thursday Chief Executive Officer Art Peck will leave the company, a surprise exit in the middle of a restructuring that comes as the apparel retailer slashed its full-year earnings forecast, sending its shares down 7%. Since taking the helm in 2015, Peck has tried to re-energize sales at the Gap brand, once a trendsetter with its casual logo-emblazoned hoodies and Khaki cargos, but it has recently struggled to keep pace with fast-fashion rivals such as Zara and H&M. On Thursday, the company estimated a 4% drop in third-quarter same-store sales, with declines across all its key brands including Old Navy. The drop comes as the Gap brand also has heavily discounted in a competitive retail environment. "Gap's whole portfolio is having a brand erosion crisis that we expect to only deepen with the current leadership vacuum," said Camilla Yanushevsky, research analyst at CFRA. Earlier this year, Gap said it will separate its better-performing Old Navy brand and shutter about 230 stores of its namesake apparel business, a process likely to be completed by 2020. Peck, who was to head the new Gap Inc, is credited with developing the company's "omni-channel" strategy that uses its retail stores and its digital platform to fulfill orders. "Peck deserves a lot of credit for decisive corrective action and starting to rationalize the retail store base and deserves credit for streamlining the supply chain in a challenging international environment," said Burt Flickinger, managing director of Strategic Resource Group. "Where he missed was their marketing and merchandising and pricing and promotional program." Robert Fisher, a member of the founding family behind Gap and its non-executive board chairman, will become the chief executive officer on an interim basis, effective immediately, the company said. But the company's dismal forecasts indicated that Peck's efforts are yet to yield results. Gap also now expects full-year adjusted earnings per share of $1.70 to $1.75, down from its previous forecast of $2.05 to $2.15. The quarter was "challenging", Chief Financial Officer Teri List-Stoll said, adding macro impact and slower traffic deepened the hit from product and operating challenges across key brands. "(The) results also reiterate our skepticism that the spin-off of touted stronghold Old Navy can unlock value," analyst Yanushevsky said. Shares of the company were down 7.4% at $16.71 in extended trading. The stock has lost nearly a third of its value this year.

Gap CEO exiting as forecast cut casts doubt on turnaround

Domestic stock market indices Sensex and Nifty closed in the negative zone as the investors remained cautious on economy concerns on Friday after markets digested Moody's downgrade of India's sovereign outlook from 'stable' to 'negative' citing increasing risks to the country's economic growth.

The outlook partly reflects government and policy ineffectiveness in addressing economic weakness, which led to an increase in debt burden from already high levels, the ratings agency said.

Moody's also took rating actions on 11 Indian financial institutions, eight corporates and seven sovereign-linked infrastructure companies.

The BSE S&amp;P Sensex closed 330 points or 0.8 per cent lower at 40,324 while the Nifty 50 moved down by 104 points to 11,908.&nbsp;

Most sectoral indices at the National Stock Exchange (NSE) were in the negative terrain except for Nifty realty which gained by 1.6 per cent and private bank by 0.7 per cent.

Nifty pharma dipped by 2.2 per cent, PSU bank by 1.9 per cent and FMCG by 1.8 per cent as investors kept their bets low amid mixed Q2 corporate earnings.

Among stocks, Bharti Infratel was a prominent loser with a drop of 4.9 per cent. Sun Pharma dipped by 4.3 per cent, GAIL by 3.9 per cent, UPL by 3.7 per cent and Vedanta by 3.2 per cent.

Among the gainers were private lenders like Yes Bank which moved up by 4.8 per cent, IndusInd Bank, ICICI Bank and Kotak Mahindra Bank.

Meanwhile, Asian stocks retreated after an initial rally as uncertainty about the fate of trade negotiations between the United States and China kept investors on their toes.

While Japan`s Nikkei moved up by 0.26 per cent, Hong Kong`s Hang Seng fell by 0.7 per cent, South Korean Kospi by 0.3 per cent and Shanghai Composite by 0.49 per cent.

(With inputs from ANI)

Domestic stock market indices Sensex and Nifty closed in the negative zone as the investors remained cautious on economy concerns on Friday after markets digested Moody's downgrade of India's sovereign outlook from 'stable' to 'negative' citing increasing risks to the country's economic growth.

Domestic stock market indices Sensex and Nifty closed in the negative zone as the investors remained cautious on economy concerns on Friday after markets digested Moody's downgrade of India's sovereign outlook from 'stable' to 'negative' citing increasing risks to the country's economic growth. The outlook partly reflects government and policy ineffectiveness in addressing economic weakness, which led to an increase in debt burden from already high levels, the ratings agency said. Moody's also took rating actions on 11 Indian financial institutions, eight corporates and seven sovereign-linked infrastructure companies. The BSE S&P Sensex closed 330 points or 0.8 per cent lower at 40,324 while the Nifty 50 moved down by 104 points to 11,908. Most sectoral indices at the National Stock Exchange (NSE) were in the negative terrain except for Nifty realty which gained by 1.6 per cent and private bank by 0.7 per cent. Nifty pharma dipped by 2.2 per cent, PSU bank by 1.9 per cent and FMCG by 1.8 per cent as investors kept their bets low amid mixed Q2 corporate earnings. Among stocks, Bharti Infratel was a prominent loser with a drop of 4.9 per cent. Sun Pharma dipped by 4.3 per cent, GAIL by 3.9 per cent, UPL by 3.7 per cent and Vedanta by 3.2 per cent. Among the gainers were private lenders like Yes Bank which moved up by 4.8 per cent, IndusInd Bank, ICICI Bank and Kotak Mahindra Bank. Meanwhile, Asian stocks retreated after an initial rally as uncertainty about the fate of trade negotiations between the United States and China kept investors on their toes. While Japan`s Nikkei moved up by 0.26 per cent, Hong Kong`s Hang Seng fell by 0.7 per cent, South Korean Kospi by 0.3 per cent and Shanghai Composite by 0.49 per cent. (With inputs from ANI)

Sensex slips 330 points on Moody's outlook cut, Nifty ends at 11,908

Moody's Investors Service on Friday took rating action on 11 Indian financial institutions (FIs), eight non-financial corporates and eight sovereign-linked Indian infrastructure companies, a day after it changed the outlook on India's Baa2 sovereign rating to negative from stable.

Moody's revised its outlook of six FIs to negative from stable. They are Exim India, HDFC Bank, Hero FinCorp, Housing and Urban Development Corporation, Indian Railway Finance Corporation and State Bank of India. The rating outlooks for Bank of India, Canara Bank, Syndicate Bank and Union Bank of India are maintained at stable.

Separately, Moody's downgraded the long-term counterparty risk assessment and long-term local currency counterparty risk rating of HDFC Bank's Bahrain branch and ICICI Bank's Bahrain Branch to Ba2(cr) from Ba1(cr) and Ba2 from Ba1 to align these ratings with Bahrain's local currency ceilings.

Also for ICICI Bank Bahrain Branch, Moody's downgraded the long-term foreign currency senior unsecured medium-term note programme rating and subordinate medium-term note programme rating to (P)Ba3 from (P)Ba2 to align these ratings with Bahrain's foreign currency bond ceiling.

Besides, Moody's changed the outlook to negative on ratings of eight non-financial corporates. They include Bharat Petroleum Corporation Ltd, Hindustan Petroleum Corporation Ltd, Indian Oil Corporation Ltd, Oil and Natural Gas Corporation Ltd, Oil India Ltd, Petronet LNG Ltd, Infosys Ltd and Tata Consultancy Services Ltd.

Similar action was taken against eight sovereign-linked infrastructure companies. They include NTPC Ltd, NHPC Ltd, National Highways Authority of India, Gail India Ltd, Power Grid Corporation of India Ltd, Adani Green Energy Restricted Group (RG-2) comprising of Wardha Solar (Maharashtra) Pvt Ltd, Adani Renewable Energy Ltd and Adani Transmission Restricted Group.

Moody's Investors Service on Friday took rating action on 11 Indian financial institutions (FIs), eight non-financial corporates and eight sovereign-linked Indian infrastructure companies, a day after it changed the outlook on India's Baa2 sovereign rating to negative from stable.

Moody's Investors Service on Friday took rating action on 11 Indian financial institutions (FIs), eight non-financial corporates and eight sovereign-linked Indian infrastructure companies, a day after it changed the outlook on India's Baa2 sovereign rating to negative from stable. Moody's revised its outlook of six FIs to negative from stable. They are Exim India, HDFC Bank, Hero FinCorp, Housing and Urban Development Corporation, Indian Railway Finance Corporation and State Bank of India. The rating outlooks for Bank of India, Canara Bank, Syndicate Bank and Union Bank of India are maintained at stable. Separately, Moody's downgraded the long-term counterparty risk assessment and long-term local currency counterparty risk rating of HDFC Bank's Bahrain branch and ICICI Bank's Bahrain Branch to Ba2(cr) from Ba1(cr) and Ba2 from Ba1 to align these ratings with Bahrain's local currency ceilings. Also for ICICI Bank Bahrain Branch, Moody's downgraded the long-term foreign currency senior unsecured medium-term note programme rating and subordinate medium-term note programme rating to (P)Ba3 from (P)Ba2 to align these ratings with Bahrain's foreign currency bond ceiling. Besides, Moody's changed the outlook to negative on ratings of eight non-financial corporates. They include Bharat Petroleum Corporation Ltd, Hindustan Petroleum Corporation Ltd, Indian Oil Corporation Ltd, Oil and Natural Gas Corporation Ltd, Oil India Ltd, Petronet LNG Ltd, Infosys Ltd and Tata Consultancy Services Ltd. Similar action was taken against eight sovereign-linked infrastructure companies. They include NTPC Ltd, NHPC Ltd, National Highways Authority of India, Gail India Ltd, Power Grid Corporation of India Ltd, Adani Green Energy Restricted Group (RG-2) comprising of Wardha Solar (Maharashtra) Pvt Ltd, Adani Renewable Energy Ltd and Adani Transmission Restricted Group.

Moody's takes rating action on 12 Indian FIs, 8 corporates, 8 sovereign-linked infra firms

Telecom Italia (TIM) said it planned to spin off its&nbsp;data&nbsp;centre&nbsp;operations and look for an investor ahead of a potential market listing, after unveiling a&nbsp;partnership&nbsp;with&nbsp;Google&nbsp;to develop the cloud&nbsp;business.

The move is part of a plan by Chief Executive Luigi Gubitosi aimed at reviving the former monopoly,&nbsp;an&nbsp;underperforming&nbsp;business&nbsp;saddled with 24 billion euros of debt.

In presentation slides on its website,&nbsp;TIM&nbsp;said it would place the&nbsp;data&nbsp;centres&nbsp;under&nbsp;a newly-created legal entity.

TIM&nbsp;will then look for an infrastructure investor that could enter the capital of the new&nbsp;data&nbsp;centre&nbsp;company to finance its expansion while keeping control of it. It could also consider listing the new entity down the road.

On Thursday,&nbsp;TIM&nbsp;a strategic&nbsp;partnership&nbsp;with&nbsp;Google&nbsp;on the cloud service market.

Telecom Italia (TIM) said it planned to spin off its data centre operations and look for an investor ahead of a potential market listing, after unveiling a partnership with Google to develop the cloud business.

Telecom Italia (TIM) said it planned to spin off its data centre operations and look for an investor ahead of a potential market listing, after unveiling a partnership with Google to develop the cloud business. The move is part of a plan by Chief Executive Luigi Gubitosi aimed at reviving the former monopoly, an underperforming business saddled with 24 billion euros of debt. In presentation slides on its website, TIM said it would place the data centres under a newly-created legal entity. TIM will then look for an infrastructure investor that could enter the capital of the new data centre company to finance its expansion while keeping control of it. It could also consider listing the new entity down the road. On Thursday, TIM a strategic partnership with Google on the cloud service market.

Italy's TIM to expand data centre business under partnership with Google

As divisions grow at the European Central Bank over continued interest rate cuts, at least one indicator appears to side with policymakers who are arguing for tighter monetary policy: household savings rates.

Interest rate doves,&nbsp;policymakers who favour looser monetary policy to keep the economy moving, argue that ever-lower interest rates disincentivise households from saving so that they spend and invest more.

But policymakers and investors alike are beginning to question whether that effect has limits once interest rates go below zero per cent, which may instead create even more anxiety about economic health. Negative rates meanwhile raise costs for European banks, hurting their ability to lend.

As the following graphic shows, household savings rates in the European Union have fallen in tandem with the German 10-year bond yield ever since the ECB cut rates at the height of the sovereign debt crisis. But in the past two years, that trend appears to have broken down, with savings rates moving substantially higher even as long-term borrowing rates plumbed ever-deeper below zero.

In September, the ECB cut its already negative key deposit rate further into sub-zero territory,&nbsp;a move that has laid bare growing divisions and pushback from some policymakers.

Austrian central bank governor Robert Holzmann said on Thursday the ECB should raise interest rates as soon as possible, as negative rates send the wrong signal to savers.

"It's really sending the signal that we've reached the stage where cutting rates further cannot be the solution anymore," said Didier Saint-Georges, managing director at French asset manager Carmignac.

As divisions grow at the European Central Bank over continued interest rate cuts, at least one indicator appears to side with policymakers who are arguing for tighter monetary policy: household savings rates.

As divisions grow at the European Central Bank over continued interest rate cuts, at least one indicator appears to side with policymakers who are arguing for tighter monetary policy: household savings rates. Interest rate doves, policymakers who favour looser monetary policy to keep the economy moving, argue that ever-lower interest rates disincentivise households from saving so that they spend and invest more. But policymakers and investors alike are beginning to question whether that effect has limits once interest rates go below zero per cent, which may instead create even more anxiety about economic health. Negative rates meanwhile raise costs for European banks, hurting their ability to lend. As the following graphic shows, household savings rates in the European Union have fallen in tandem with the German 10-year bond yield ever since the ECB cut rates at the height of the sovereign debt crisis. But in the past two years, that trend appears to have broken down, with savings rates moving substantially higher even as long-term borrowing rates plumbed ever-deeper below zero. In September, the ECB cut its already negative key deposit rate further into sub-zero territory, a move that has laid bare growing divisions and pushback from some policymakers. Austrian central bank governor Robert Holzmann said on Thursday the ECB should raise interest rates as soon as possible, as negative rates send the wrong signal to savers. "It's really sending the signal that we've reached the stage where cutting rates further cannot be the solution anymore," said Didier Saint-Georges, managing director at French asset manager Carmignac.

Rising European savings could undermine case for negative rates

Leasing giant GECAS, the aircraft leasing subsidiary of General Electric, has ordered 25 Airbus&nbsp;aircraft including a rare purchase of jets powered by GE's rival engine maker Rolls-Royce, two people familiar with the matter said.

The order includes 12 Airbus A330neo jets, for which Rolls-Royce&nbsp;is the sole engine supplier, and 13 A321XLR long-distance narrow-body jets. It was included in a new Airbus order tally but the name of the buyer was not immediately disclosed.

Airbus and GE both declined to comment.

If confirmed, the decision by the world's second-largest aircraft leasing company to invest in the A330neo would be a key endorsement for the A330neo programme which has been clawing its way back from a period of weak sales and some cancellations.

GECAS has traditionally prioritised aircraft powered by engines made by its parent company General Electric.

Decisions to invest in rival technology highlight competition to diversify portfolios in the leasing industry, even though GE is perceived as more closely aligned in the wide-body market with Airbus rival Boeing.

The A330neo is a 250-300 seat upgrade of Airbus's most-sold wide-body aircraft, the A330, which is offered alongside the slightly larger Airbus A350 family. Both aircraft are exclusively powered by engines from Rolls-Royce.

In 2015, GECAS invested in the first A350 by buying the aircraft immediately after its delivery to Qatar Airways and then renting it back to the airline in a sale-and-leaseback deal.

But it remains rare for the GE subsidiary to buy Rolls-Royce-powered aircraft directly from the manufacturer.

Rolls and GE compete fiercely for engine sales and the A330neo aeroplane has, in turn, faced intense competition from the newer Boeing 787, which offers both GE and Rolls-Royce engines.

GECAS is widely seen as a candidate for potential sale as GE overhauls its balance sheet through disposals. It has said it aims to invest in aircraft to keep down the average age of its portfolio to 5.5 years from 6.8 years by 2024.

In a statement with its monthly order update on Thursday, Airbus said an "unidentified customer ordered 13 A321XLRs in a transaction that also included 12 A330-900 highly efficient wide-bodies".

It is common for aircraft deals to be posted on an anonymous basis before the buyer goes public, often using the publicity surrounding air shows.

Planemakers are gearing up for the Dubai Airshow from Nov. 17 which could feature confirmation of demand from leasing companies including GECAS, industry sources said.

Leasing giant GECAS, the aircraft leasing subsidiary of General Electric, has ordered 25 Airbus aircraft including a rare purchase of jets powered by GE's rival engine maker Rolls-Royce, two people familiar with the matter said.

Leasing giant GECAS, the aircraft leasing subsidiary of General Electric, has ordered 25 Airbus aircraft including a rare purchase of jets powered by GE's rival engine maker Rolls-Royce, two people familiar with the matter said. The order includes 12 Airbus A330neo jets, for which Rolls-Royce is the sole engine supplier, and 13 A321XLR long-distance narrow-body jets. It was included in a new Airbus order tally but the name of the buyer was not immediately disclosed. Airbus and GE both declined to comment. If confirmed, the decision by the world's second-largest aircraft leasing company to invest in the A330neo would be a key endorsement for the A330neo programme which has been clawing its way back from a period of weak sales and some cancellations. GECAS has traditionally prioritised aircraft powered by engines made by its parent company General Electric. Decisions to invest in rival technology highlight competition to diversify portfolios in the leasing industry, even though GE is perceived as more closely aligned in the wide-body market with Airbus rival Boeing. The A330neo is a 250-300 seat upgrade of Airbus's most-sold wide-body aircraft, the A330, which is offered alongside the slightly larger Airbus A350 family. Both aircraft are exclusively powered by engines from Rolls-Royce. In 2015, GECAS invested in the first A350 by buying the aircraft immediately after its delivery to Qatar Airways and then renting it back to the airline in a sale-and-leaseback deal. But it remains rare for the GE subsidiary to buy Rolls-Royce-powered aircraft directly from the manufacturer. Rolls and GE compete fiercely for engine sales and the A330neo aeroplane has, in turn, faced intense competition from the newer Boeing 787, which offers both GE and Rolls-Royce engines. GECAS is widely seen as a candidate for potential sale as GE overhauls its balance sheet through disposals. It has said it aims to invest in aircraft to keep down the average age of its portfolio to 5.5 years from 6.8 years by 2024. In a statement with its monthly order update on Thursday, Airbus said an "unidentified customer ordered 13 A321XLRs in a transaction that also included 12 A330-900 highly efficient wide-bodies". It is common for aircraft deals to be posted on an anonymous basis before the buyer goes public, often using the publicity surrounding air shows. Planemakers are gearing up for the Dubai Airshow from Nov. 17 which could feature confirmation of demand from leasing companies including GECAS, industry sources said.

GE unit orders 25 Airbus jets including 12 Rolls-powered A330neo

The value of the cost savings announced in the planned merger between Peugeot owner PSA&nbsp;and Fiat Chrysler&nbsp;is nominal and management will target improvements over time, PSA's chief executive told French BFM&nbsp;Business&nbsp;radio on Friday.

CEO Carlos Tavares also said he does not see the need to scrap any brands within the new PSA-Fiat Chrysler entity.

The two carmaker groups are targeting annual cost savings of 3.7 billion euros ($4.09 billion) as part of a planned merger unveiled at the end of October, which will create the world's fourth-largest automaker with 8.7 million in annual vehicle sales.

Tavares also said the two groups are willing to make all necessary concessions to get a green light from the European Union.

"Given all the necessary regulatory approvals that need to be granted, such a deal cannot be closed in less than a year," Tavares said, adding however that he expects to seal a "binding deal" in the coming weeks.

A source familiar with the matter told Reuters on Saturday that Fiat Chrysler and PSA aim to sign a final merger agreement as early as the beginning of next month.

The value of the cost savings announced in the planned merger between Peugeot owner PSA and Fiat Chrysler is nominal and management will target improvements over time, PSA's chief executive told French BFM Business radio on Friday.

The value of the cost savings announced in the planned merger between Peugeot owner PSA and Fiat Chrysler is nominal and management will target improvements over time, PSA's chief executive told French BFM Business radio on Friday. CEO Carlos Tavares also said he does not see the need to scrap any brands within the new PSA-Fiat Chrysler entity. The two carmaker groups are targeting annual cost savings of 3.7 billion euros ($4.09 billion) as part of a planned merger unveiled at the end of October, which will create the world's fourth-largest automaker with 8.7 million in annual vehicle sales. Tavares also said the two groups are willing to make all necessary concessions to get a green light from the European Union. "Given all the necessary regulatory approvals that need to be granted, such a deal cannot be closed in less than a year," Tavares said, adding however that he expects to seal a "binding deal" in the coming weeks. A source familiar with the matter told Reuters on Saturday that Fiat Chrysler and PSA aim to sign a final merger agreement as early as the beginning of next month.

New PSA-Fiat Chrysler management to try to improve cost savings

China's e-commerce giant, Alibaba Group Holding, said on Friday it would invest an additional 23.3 billion yuan ($3.33 billion or £2.6 billion) to raise its equity stake in its logistics affiliate Cainiao Smart Logistics Network to 63 per cent&nbsp;from 51 per cent.

Alibaba co-founded Cainiao in 2013, with partners including department store owner Intime Group, conglomerate Fosun Group and a handful of logistics companies. The network underpins delivery for Alibaba's e-commerce marketplaces.

Alibaba took control of Cainiao two years ago, bumping up its stake to 51 per cent&nbsp;from 47 per cent&nbsp;at the time, and said it would spend more than 100 billion yuan over five years to build out a global logistics network.

Alibaba said the latest investment would go towards subscribing for newly issued Cainiao shares and an equity interest from an existing shareholder.

It did not provide a breakdown of the acquisition cost for each deal, but its total spending suggests the logistics unit could be worth around $28 billion.

It said other existing Cainiao shareholders also participated in the fundraising.

"Logistics is a key pillar of the Alibaba&nbsp;business&nbsp;operating System. It allows us to offer the best service to customers and to effectively advance our new retail strategy," Alibaba's CEO and chairman, Daniel Zhang, said in an e-mailed statement.

China's e-commerce giant, Alibaba Group Holding, said on Friday it would invest an additional 23.3 billion yuan ($3.33 billion or £2.6 billion) to raise its equity stake in its logistics affiliate Cainiao Smart Logistics Network to 63 per cent from 51 per cent.

China's e-commerce giant, Alibaba Group Holding, said on Friday it would invest an additional 23.3 billion yuan ($3.33 billion or £2.6 billion) to raise its equity stake in its logistics affiliate Cainiao Smart Logistics Network to 63 per cent from 51 per cent. Alibaba co-founded Cainiao in 2013, with partners including department store owner Intime Group, conglomerate Fosun Group and a handful of logistics companies. The network underpins delivery for Alibaba's e-commerce marketplaces. Alibaba took control of Cainiao two years ago, bumping up its stake to 51 per cent from 47 per cent at the time, and said it would spend more than 100 billion yuan over five years to build out a global logistics network. Alibaba said the latest investment would go towards subscribing for newly issued Cainiao shares and an equity interest from an existing shareholder. It did not provide a breakdown of the acquisition cost for each deal, but its total spending suggests the logistics unit could be worth around $28 billion. It said other existing Cainiao shareholders also participated in the fundraising. "Logistics is a key pillar of the Alibaba business operating System. It allows us to offer the best service to customers and to effectively advance our new retail strategy," Alibaba's CEO and chairman, Daniel Zhang, said in an e-mailed statement.

China's Alibaba invests $3.3 billion to raise stake in logistics unit Cainiao

German insurer Allianz&nbsp;on Friday posted a better-than-expected 0.6 per cent&nbsp;rise in third-quarter net profit, helped by investment result and a lower tax rate, and said 2019 operating profit would be in the upper half of its targeted range.

Net profit attributable to shareholders of 1.95 billion euros ($2.16 billion) compares with a forecast of 1.84 billion euro by analysts in a Refinitiv poll and is up from 1.94 billion euros a year earlier.

"We are ready to reach the upper half of our operating profit outlook despite a significant increase in external challenges," Chief Executive Officer Oliver Baete said.

For 2019, Allianz had been aiming for operating profit of 11.5 billion euros, plus or minus 500 million euros. It now expects an operating profit of between 11.5 billion euros and 12 billion euros.

Allianz's combined ratio in its property and casualty division, a key measure of profitability, was 94.3% in the third quarter, up 1.2 percentage points from a year earlier. Readings below 100 indicate profitability.

German insurer Allianz on Friday posted a better-than-expected 0.6 per cent rise in third-quarter net profit, helped by investment result and a lower tax rate, and said 2019 operating profit would be in the upper half of its targeted range.

German insurer Allianz on Friday posted a better-than-expected 0.6 per cent rise in third-quarter net profit, helped by investment result and a lower tax rate, and said 2019 operating profit would be in the upper half of its targeted range. Net profit attributable to shareholders of 1.95 billion euros ($2.16 billion) compares with a forecast of 1.84 billion euro by analysts in a Refinitiv poll and is up from 1.94 billion euros a year earlier. "We are ready to reach the upper half of our operating profit outlook despite a significant increase in external challenges," Chief Executive Officer Oliver Baete said. For 2019, Allianz had been aiming for operating profit of 11.5 billion euros, plus or minus 500 million euros. It now expects an operating profit of between 11.5 billion euros and 12 billion euros. Allianz's combined ratio in its property and casualty division, a key measure of profitability, was 94.3% in the third quarter, up 1.2 percentage points from a year earlier. Readings below 100 indicate profitability.

Allianz sees 2019 profit in upper half of target range after solid third quarter

Honda Motor Co slashed its annual profit and global sales outlook to a four-year low, citing a firmer yen and bleak&nbsp;business&nbsp;in both India and its main market of North America, even as it unveiled plans to buy back $915 million shares.

The dour outlook comes at a time when Honda is struggling to shore up its automobile operations, with its profitability down more than half in the past two years due to a series of quality-related issues constraining its financial firepower to invest in new vehicle technologies.

Japan's third-largest automaker now expects an operating income of 690 billion yen for the year to March, lowest since the year ended March 2016, from 770 billion yen previously.

It sees the yen averaging 107 versus the dollar over the period, from a previous assumption of 110 yen. A stronger currency eats into profits because exports become more expensive and the value of overseas earnings decreases.

Honda said it had also been hit by an almost 20 per cent&nbsp;slide in motorcycle sales over the six months to September in India. The world's No 4 auto market has gone into a tailspin this year amid tight liquidity, high taxes and a weak rural economy.

"The Indian market is contracting at a very rapid rate," said Honda Executive Vice President Seiji Kuraishi.

"I must say, we are struggling there."

While Honda's vehicle sales were overall flat in its main market of North America in the first half, it expects a "moderate" decline over the course of the fiscal year.

The company cut its outlook for global group auto sales to 4,975,000 vehicles, versus a previous forecast of 5,110,000, for the current financial year.

For a graphic on Honda's operating profit, vehicle sales.

Honda joins compatriots Suzuki Motor Corp, Subaru Corp, Mazda Motor Corp and Mitsubishi Motors Corp in slashing profit projections in recent days.

Toyota bucked the trend and retained its forecast on Thursday. Flush with cash after a stellar second quarter, it also announced a $1.8 billion share buyback.

Honda has said it will buy back up to 33 million shares worth up to 100 billion yen over the rest of the fiscal year.

Nissan Motor is due to report results on Tuesday.

Honda shares closed 1.9 per cent&nbsp;higher ahead of the results announcement. They plumbed a near 7-year low in August and are up 6.3 per cent&nbsp;so far this year.

Honda Motor Co slashed its annual profit and global sales outlook to a four-year low, citing a firmer yen and bleak business in both India and its main market of North America, even as it unveiled plans to buy back $915 million shares.

Honda Motor Co slashed its annual profit and global sales outlook to a four-year low, citing a firmer yen and bleak business in both India and its main market of North America, even as it unveiled plans to buy back $915 million shares. The dour outlook comes at a time when Honda is struggling to shore up its automobile operations, with its profitability down more than half in the past two years due to a series of quality-related issues constraining its financial firepower to invest in new vehicle technologies. Japan's third-largest automaker now expects an operating income of 690 billion yen for the year to March, lowest since the year ended March 2016, from 770 billion yen previously. It sees the yen averaging 107 versus the dollar over the period, from a previous assumption of 110 yen. A stronger currency eats into profits because exports become more expensive and the value of overseas earnings decreases. Honda said it had also been hit by an almost 20 per cent slide in motorcycle sales over the six months to September in India. The world's No 4 auto market has gone into a tailspin this year amid tight liquidity, high taxes and a weak rural economy. "The Indian market is contracting at a very rapid rate," said Honda Executive Vice President Seiji Kuraishi. "I must say, we are struggling there." While Honda's vehicle sales were overall flat in its main market of North America in the first half, it expects a "moderate" decline over the course of the fiscal year. The company cut its outlook for global group auto sales to 4,975,000 vehicles, versus a previous forecast of 5,110,000, for the current financial year. For a graphic on Honda's operating profit, vehicle sales. Honda joins compatriots Suzuki Motor Corp, Subaru Corp, Mazda Motor Corp and Mitsubishi Motors Corp in slashing profit projections in recent days. Toyota bucked the trend and retained its forecast on Thursday. Flush with cash after a stellar second quarter, it also announced a $1.8 billion share buyback. Honda has said it will buy back up to 33 million shares worth up to 100 billion yen over the rest of the fiscal year. Nissan Motor is due to report results on Tuesday. Honda shares closed 1.9 per cent higher ahead of the results announcement. They plumbed a near 7-year low in August and are up 6.3 per cent so far this year.

Honda cuts profit, sales outlook to four-year low; unveils $915 million buyback

German exports posted their biggest rise in almost two years in September, data showed on Friday, providing some relief amid widespread concerns that Europe's largest economy will dip into recession in the third quarter.

The Federal Statistics Office said seasonally adjusted exports increased by 1.5 per cent&nbsp;this month. That was their biggest increase since November 2017 and compared with economist expectations for a rise of 0.4 per cent.

"While there is no doubt that industry is in recession, the entire German economy could have avoided another contraction - and hence a technical recession - at the very last minute," said ING economist Carsten Brzeski.

The economy shrank by 0.1 per cent&nbsp;in the second quarter, and recent data have suggested manufacturing fared badly in the third, which could put Germany in a technical recession - usually defined as two straight quarters of contraction.

"Today's trade data suggest that there has been hardly any negative drag from net trade on the third-quarter gross domestic product," he said, adding private consumption looked like it had increased slightly and construction was flat or positive.

Germany's export-reliant manufacturers have been suffering from a slowing world economy and&nbsp;business&nbsp;uncertainty linked to a trade war between the United States and China, and Britain's planned, if delayed, exit from the European Union.

Data published this week has painted a mixed picture of the industrial sector, with output falling more than forecast in September while orders rose more than expected. A survey showed Germany's manufacturers remained stuck in recession in October as new orders fell.

Speaking about Friday's data, Landesbank Baden-Wuerttemberg economist Jens-Oliver Niklasch said: "This looks like a revival in foreign trade but looking at the whole year, September is more of an outlier".

He said foreign trade had been rather weak throughout 2019 and added that the risks in overseas trade had declined but not disappeared. A 0.4 decline in exports to non-euro zone European Union countries between January and September compared with the same period last year could be due to Brexit, he said.

The DIHK Chambers of Commerce expects exports to grow by 0.3 per cent&nbsp;this year as a whole before declining by 0.5 per cent&nbsp;next year, which would be their first fall since the global financial crisis.

A panel of economists advising the government on Wednesday said Germany's long-term upswing had come to an end and said that the export-oriented German economy was particularly at risk from a possible escalation of the trade conflicts. But they did not expect a "broad and deep recession".

Friday's data showed imports climbed by 1.3 per cent&nbsp;in September. The trade surplus widened to 19.2 billion euros from an upwardly revised 18.7 billion euros in the prior month.

Economists polled by Reuters had expected imports to be unchanged and saw the trade surplus at 18.1 billion euros.

German exports posted their biggest rise in almost two years in September, data showed on Friday, providing some relief amid widespread concerns that Europe's largest economy will dip into recession in the third quarter.

German exports posted their biggest rise in almost two years in September, data showed on Friday, providing some relief amid widespread concerns that Europe's largest economy will dip into recession in the third quarter. The Federal Statistics Office said seasonally adjusted exports increased by 1.5 per cent this month. That was their biggest increase since November 2017 and compared with economist expectations for a rise of 0.4 per cent. "While there is no doubt that industry is in recession, the entire German economy could have avoided another contraction - and hence a technical recession - at the very last minute," said ING economist Carsten Brzeski. The economy shrank by 0.1 per cent in the second quarter, and recent data have suggested manufacturing fared badly in the third, which could put Germany in a technical recession - usually defined as two straight quarters of contraction. "Today's trade data suggest that there has been hardly any negative drag from net trade on the third-quarter gross domestic product," he said, adding private consumption looked like it had increased slightly and construction was flat or positive. Germany's export-reliant manufacturers have been suffering from a slowing world economy and business uncertainty linked to a trade war between the United States and China, and Britain's planned, if delayed, exit from the European Union. Data published this week has painted a mixed picture of the industrial sector, with output falling more than forecast in September while orders rose more than expected. A survey showed Germany's manufacturers remained stuck in recession in October as new orders fell. Speaking about Friday's data, Landesbank Baden-Wuerttemberg economist Jens-Oliver Niklasch said: "This looks like a revival in foreign trade but looking at the whole year, September is more of an outlier". He said foreign trade had been rather weak throughout 2019 and added that the risks in overseas trade had declined but not disappeared. A 0.4 decline in exports to non-euro zone European Union countries between January and September compared with the same period last year could be due to Brexit, he said. The DIHK Chambers of Commerce expects exports to grow by 0.3 per cent this year as a whole before declining by 0.5 per cent next year, which would be their first fall since the global financial crisis. A panel of economists advising the government on Wednesday said Germany's long-term upswing had come to an end and said that the export-oriented German economy was particularly at risk from a possible escalation of the trade conflicts. But they did not expect a "broad and deep recession". Friday's data showed imports climbed by 1.3 per cent in September. The trade surplus widened to 19.2 billion euros from an upwardly revised 18.7 billion euros in the prior month. Economists polled by Reuters had expected imports to be unchanged and saw the trade surplus at 18.1 billion euros.

Biggest rise in German exports in nearly two years gives some relief from recession fears

Steel giant ArcelorMittal pulled out of an agreement to buy struggling Italian firm Ilva because of production concerns, Italy's prime minister has said, warning the company wants to cut 5,000 jobs at one of its plants.&nbsp;

The world's biggest steelmaker on Monday retreated from its plan to buy the steel producer, blaming a decision by Rome to not grant it immunity from prosecution over the heavily polluting Taranto plant.

The announcement caused shockwaves in Italy where the deal was expected to safeguard thousands of jobs. &nbsp;

But the country's prime minister Giuseppe Conte on Wednesday said the decision was instead over production targets.&nbsp;

"The real reason for their withdrawal is that their investments are not profitable and they are demanding now that 5,000 jobs are cut. It's unacceptable," he said, after meeting with ArcelorMittal's management.&nbsp;

If the steel giant goes ahead with its plan to pull out of the plant, the government "will not stay inert", he added.

The prime minister hopes that following the discussion, ArcelorMittal will return to the negotiating table "with acceptable and tenable proposals".

ArcelorMittal began leasing the plant -- with an obligation to buy it -- last November and had plans to invest 2.4 billion euros ($2.7 billion) to revive it, including 1.2 billion euros to curb pollution by 2024.

The steel giant was given a period of legal immunity to bring the site up to environmental standards.

But after much prevarication, the Italian parliament revoked that decision and the company lost its immunity on November 3.

The Taranto plant in the south of Italy is mired in controversy because experts believe that some 7,500 people have died in the surrounding area as a result of diseases linked to toxic emissions.

The plant -- Europe's largest integrated steelmaking site -- has a workforce of more than 8,000 in the poverty-hit southern Italian city, where unemployment is high.&nbsp;

Conte said he would meet with unions on Thursday and asked the whole country to form a "common front" to support the site.&nbsp;

Steel giant ArcelorMittal pulled out of an agreement to buy struggling Italian firm Ilva because of production concerns, Italy's prime minister has said, warning the company wants to cut 5,000 jobs at one of its plants.

Steel giant ArcelorMittal pulled out of an agreement to buy struggling Italian firm Ilva because of production concerns, Italy's prime minister has said, warning the company wants to cut 5,000 jobs at one of its plants. The world's biggest steelmaker on Monday retreated from its plan to buy the steel producer, blaming a decision by Rome to not grant it immunity from prosecution over the heavily polluting Taranto plant. The announcement caused shockwaves in Italy where the deal was expected to safeguard thousands of jobs. But the country's prime minister Giuseppe Conte on Wednesday said the decision was instead over production targets. "The real reason for their withdrawal is that their investments are not profitable and they are demanding now that 5,000 jobs are cut. It's unacceptable," he said, after meeting with ArcelorMittal's management. If the steel giant goes ahead with its plan to pull out of the plant, the government "will not stay inert", he added. The prime minister hopes that following the discussion, ArcelorMittal will return to the negotiating table "with acceptable and tenable proposals". ArcelorMittal began leasing the plant -- with an obligation to buy it -- last November and had plans to invest 2.4 billion euros ($2.7 billion) to revive it, including 1.2 billion euros to curb pollution by 2024. The steel giant was given a period of legal immunity to bring the site up to environmental standards. But after much prevarication, the Italian parliament revoked that decision and the company lost its immunity on November 3. The Taranto plant in the south of Italy is mired in controversy because experts believe that some 7,500 people have died in the surrounding area as a result of diseases linked to toxic emissions. The plant -- Europe's largest integrated steelmaking site -- has a workforce of more than 8,000 in the poverty-hit southern Italian city, where unemployment is high. Conte said he would meet with unions on Thursday and asked the whole country to form a "common front" to support the site.

ArcelorMittal wants to cut 5,000 jobs: Italy PM

Tata Steel on Wednesday reported a consolidated profit after tax (PAT) at Rs 3,302 crore for the quarter and half year ended September 30.

Gross debt during the quarter has been pegged at Rs 1,11,549 crore, while net debt stood at Rs 1,06,952 crore.

In a statement, Tata Steel said that during the quarter, the company had a favourable tax impact of Rs 4,233 crore, of which Rs 2,425 crore was on adoption of the new corporate tax rate by Tata Steel Standalone and some subsidiaries in India and Rs 1,808 crore was on account of recognition/reversal of deferred tax assets and liabilities in offshore subsidiaries.

"The liquidity position of the group remains robust at Rs 11,858 crore comprising Rs 4,596 crore cash and cash equivalents, and Rs 7,262 crore undrawn bank lines," said the company, adding that gross debt during the quarter was Rs 1,11,549 crore, and net debt stood at Rs 1,06,952 crore.

The company said the consolidated steel production stood at 6.95 million tonne, while deliveries grew by 3 per cent quarter-on-quarter (QoQ) to 6.53 million tonne.

"Consolidated revenues were Rs 34,579 crore while India revenues stood at Rs 20,204 crore. Consolidated adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) was Rs 4,018 crore and India`s adjusted EBITDA was Rs 3,817 crore.

Regarding the company`s European operations, the statement said: "In 2QFY20, Tata Steel Europe liquid steel production was impacted by weak market conditions, planned summer shutdowns and unplanned outages. Revenue from operations decreased to Rs 14,035 crore in 2QFY20 due to weaker steel prices, partially offset by marginally better sales volumes."T V Narendran, CEO and Managing Director, Tata Steel, said:

"The business environment in India and other geographies continued to be challenging and weighed heavily on steel prices. Tata Steel worked closely with customers across business segments to drive sales and maintain volumes."

"We are focused on driving productivity improvements across our various operations as well as the supply chain to reduce costs and minimise the impact on margins. We hope the end of monsoon season and the onset of festive demand leads to a pick-up in overall consumption and the steel demand," he said.

Koushik Chatterjee, Executive Director and CFO, said: "Amidst a very challenging economic environment which saw steel prices drop by over $100 per tonne, Tata Steel reported consolidated revenue of Rs 34,579 crore and consolidated adjusted EBITDA of Rs 4,018 crore.

Our India operations reported an adjusted EBITDA of Rs 3,817 crore, which is an EBIDTA margin of 18.9 per cent.""While our gross debt has increased during the quarter due to an increase in working capital, we have renewed our focus on cash flow maximisation through operational improvements, working capital reduction and rationalization of capex which will help us deleverage," added Chatterjee.&nbsp;

Tata Steel on Wednesday reported a consolidated profit after tax (PAT) at Rs 3,302 crore for the quarter and half year ended September 30. Gross debt during the quarter has been pegged at Rs 1,11,549 crore, while net debt stood at Rs 1,06,952 crore.

Tata Steel on Wednesday reported a consolidated profit after tax (PAT) at Rs 3,302 crore for the quarter and half year ended September 30. Gross debt during the quarter has been pegged at Rs 1,11,549 crore, while net debt stood at Rs 1,06,952 crore. In a statement, Tata Steel said that during the quarter, the company had a favourable tax impact of Rs 4,233 crore, of which Rs 2,425 crore was on adoption of the new corporate tax rate by Tata Steel Standalone and some subsidiaries in India and Rs 1,808 crore was on account of recognition/reversal of deferred tax assets and liabilities in offshore subsidiaries. "The liquidity position of the group remains robust at Rs 11,858 crore comprising Rs 4,596 crore cash and cash equivalents, and Rs 7,262 crore undrawn bank lines," said the company, adding that gross debt during the quarter was Rs 1,11,549 crore, and net debt stood at Rs 1,06,952 crore. The company said the consolidated steel production stood at 6.95 million tonne, while deliveries grew by 3 per cent quarter-on-quarter (QoQ) to 6.53 million tonne. "Consolidated revenues were Rs 34,579 crore while India revenues stood at Rs 20,204 crore. Consolidated adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) was Rs 4,018 crore and India`s adjusted EBITDA was Rs 3,817 crore. Regarding the company`s European operations, the statement said: "In 2QFY20, Tata Steel Europe liquid steel production was impacted by weak market conditions, planned summer shutdowns and unplanned outages. Revenue from operations decreased to Rs 14,035 crore in 2QFY20 due to weaker steel prices, partially offset by marginally better sales volumes."T V Narendran, CEO and Managing Director, Tata Steel, said: "The business environment in India and other geographies continued to be challenging and weighed heavily on steel prices. Tata Steel worked closely with customers across business segments to drive sales and maintain volumes." "We are focused on driving productivity improvements across our various operations as well as the supply chain to reduce costs and minimise the impact on margins. We hope the end of monsoon season and the onset of festive demand leads to a pick-up in overall consumption and the steel demand," he said. Koushik Chatterjee, Executive Director and CFO, said: "Amidst a very challenging economic environment which saw steel prices drop by over $100 per tonne, Tata Steel reported consolidated revenue of Rs 34,579 crore and consolidated adjusted EBITDA of Rs 4,018 crore. Our India operations reported an adjusted EBITDA of Rs 3,817 crore, which is an EBIDTA margin of 18.9 per cent.""While our gross debt has increased during the quarter due to an increase in working capital, we have renewed our focus on cash flow maximisation through operational improvements, working capital reduction and rationalization of capex which will help us deleverage," added Chatterjee.

Tata Steel reports Rs 3,302 crore Q2 profit

Europe's share markets hit a more than 4-year peak and bond yields shuffled higher on Thursday, as Beijing signalled a 'phase 1' <a href="http://13.235.153.162/world/china-says-it-has-agreed-with-united-states-to-cancel-tariffs-in-phases-260538">trade deal</a> with the United States was close to being sealed.

Asia had been quiet overnight but things sparked just before Europe opened when China's commerce ministry said the world's two economic giants were working on a deal that would roll back trade tariffs in different stages.

Cue optimism. The pan-European STOXX 600 index&nbsp;rose 0.4 percent&nbsp;to its highest since July 2015 led by the export-heavy DAX&nbsp;percent&nbsp;in Frankfurt despite worse-than-expected German industrial output data.

European government bond yields -- which move inverse to the price -- rose too. Benchmark Bund yields were heading towards their highest in more than three months while the dollar took background from the safe-haven yen in the currency markets.

"Everything is moving together for now on this trade deal news," said Saxo Bank's head of FX strategy John Hardy. "The question is, how much was already baked into the cake and can we really see more specifics?" he added.

Among the top gainers across European sub-sectors were automakers&nbsp;and miners,&nbsp;while defensive plays such as telecoms and utilities fell, which all pointed to higher risk appetite.

E-Mini futures for the S&amp;P 500, which has already set a new record high this week, were also a solid 0.5&nbsp;percent&nbsp;better off.

Asia, in contrast, had barely budged. MSCI's broadest index of Asia-Pacific shares outside Japan&nbsp;dipped a slight 0.2 percent, just off a six-month high hit earlier in the week.

Japan's Nikkei dithered either side of flat in very quiet trade, having touched a 13-month top on Wednesday. South Korean stocks&nbsp;stalled after hitting their highest since May, while Shanghai blue chips&nbsp;eked out a 0.2&nbsp;percent&nbsp;rise.

Reuters reported on Wednesday that a meeting between US&nbsp;President Donald Trump and Chinese President Xi Jinping to sign the interim trade deal could be delayed until December as discussions continue over terms and venue.

Among various suggestions was to sign a deal after a scheduled NATO meeting in London in early December.

"One could take the view that by not committing to meet the original deadline it gives more time for a somewhat more comprehensive agreement to be thrashed out," said Ray Attrill, head of FX strategy at National Australia Bank.

The overnight pause in the risk rally helped US&nbsp;bonds recoup a little of their recent losses. Yields on benchmark US&nbsp;10-year notes fell back to 1.84&nbsp;percent&nbsp;from a two-month top of 1.87 percent&nbsp;.

That kept the dollar in check, it was at 109.00 yen&nbsp;from a weekly high of 109.24 and was a smidgen lower on a basket of currencies at 97.965.

The euro was trying to sustain a bounce at $1.1079 previously close to chart support at $1.1060.

Spot gold was little changed at $1,490.38 per ounce and well within recent tight trading ranges.

Oil prices clawed higher after taking a hit from a surprisingly large build in US&nbsp;crude inventories.

US&nbsp;crude&nbsp;was 57 cents higher at $56.92 a barrel, while Brent crude made 5&nbsp;cents to $62.23.

Europe's share markets hit a more than 4-year peak and bond yields shuffled higher on Thursday, as Beijing signalled a 'phase 1' trade deal with the United States was close to being sealed.

Europe's share markets hit a more than 4-year peak and bond yields shuffled higher on Thursday, as Beijing signalled a 'phase 1' trade deal with the United States was close to being sealed. Asia had been quiet overnight but things sparked just before Europe opened when China's commerce ministry said the world's two economic giants were working on a deal that would roll back trade tariffs in different stages. Cue optimism. The pan-European STOXX 600 index rose 0.4 percent to its highest since July 2015 led by the export-heavy DAX percent in Frankfurt despite worse-than-expected German industrial output data. European government bond yields -- which move inverse to the price -- rose too. Benchmark Bund yields were heading towards their highest in more than three months while the dollar took background from the safe-haven yen in the currency markets. "Everything is moving together for now on this trade deal news," said Saxo Bank's head of FX strategy John Hardy. "The question is, how much was already baked into the cake and can we really see more specifics?" he added. Among the top gainers across European sub-sectors were automakers and miners, while defensive plays such as telecoms and utilities fell, which all pointed to higher risk appetite. E-Mini futures for the S&P 500, which has already set a new record high this week, were also a solid 0.5 percent better off. Asia, in contrast, had barely budged. MSCI's broadest index of Asia-Pacific shares outside Japan dipped a slight 0.2 percent, just off a six-month high hit earlier in the week. Japan's Nikkei dithered either side of flat in very quiet trade, having touched a 13-month top on Wednesday. South Korean stocks stalled after hitting their highest since May, while Shanghai blue chips eked out a 0.2 percent rise. Reuters reported on Wednesday that a meeting between US President Donald Trump and Chinese President Xi Jinping to sign the interim trade deal could be delayed until December as discussions continue over terms and venue. Among various suggestions was to sign a deal after a scheduled NATO meeting in London in early December. "One could take the view that by not committing to meet the original deadline it gives more time for a somewhat more comprehensive agreement to be thrashed out," said Ray Attrill, head of FX strategy at National Australia Bank. The overnight pause in the risk rally helped US bonds recoup a little of their recent losses. Yields on benchmark US 10-year notes fell back to 1.84 percent from a two-month top of 1.87 percent . That kept the dollar in check, it was at 109.00 yen from a weekly high of 109.24 and was a smidgen lower on a basket of currencies at 97.965. The euro was trying to sustain a bounce at $1.1079 previously close to chart support at $1.1060. Spot gold was little changed at $1,490.38 per ounce and well within recent tight trading ranges. Oil prices clawed higher after taking a hit from a surprisingly large build in US crude inventories. US crude was 57 cents higher at $56.92 a barrel, while Brent crude made 5 cents to $62.23.

US-China trade deal hopes restart stocks rally

Lufthansa on Thursday said it was slashing 700 to 800 jobs at its Austrian Airlines subsidiary, more than a tenth of the workforce there, to cut costs in the face of "brutal competition" from rival carriers.

Lufthansa CEO Carsten Spohr said the cull would help Austrian Airlines, which could end the year in the red, achieve "savings of 90 million euros&nbsp;per year" from the end of 2021.

The small carrier was locked "in the mother of all battles" in Vienna with low-cost rivals Ryanair and Wizz Air, Spohr told reporters in a conference call after announcing a rise in the group's third-quarter revenues.

News of the jobs cull sent shares in Lufthansa soaring by 8.8 percent to 17.6 euros by 1140 GMT, putting it at the top of the blue-chip DAX index in Frankfurt.

"We have to reposition ourselves to be able to survive in the brutal competition with budget carriers," Austrian Airlines boss Alexis von Hoensbroech said in a separate statement.

The planned job cuts amount to a loss of 700 to 800 full-time jobs by the end of 2021, out of a total workforce of 7,000 people, the statement added.&nbsp;

Most of the <a href="http://13.235.153.162/world/lufthansa-cabin-crew-union-stages-all-day-strike-at-smaller-airlines-257094">job losses</a> will come from not replacing departing workers.

The Lufthansa group -- which also includes Eurowings, Brussels and Swiss airlines -- earlier on Thursday said it was on track to meet its full-year outlook despite a "challenging market environment".

The carrier booked a net profit of 1.15 billion euros&nbsp; between July and September, up four percent year-on-year.

But the jump was mainly thanks to accounting effects, with the group's operating profit adjusted for some one-off items, actually falling eight percent to 1.3 billion euros.

Lufthansa said it had faced higher than expected fuel costs that were only partially offset by cost-cutting efforts.

And like rival airlines it was grappling with "a general slowdown in the global economy", it said in a statement.

Revenues for the period were up two percent to 10.2 billion euros.

Lufthansa's chief financial officer Ulrik Svensson said it was "vital" that the group took action "to further reduce our costs".

Aside from the job losses at Austrian Airlines, the group is hoping that a renewed focus on the Vienna hub and aircraft replacements will further trim costs at the struggling subsidiary.

Looking ahead, Lufthansa said it was on track to meet its 2019 goals.

It continues to expect adjusted earnings before tax and interest of 2.0-2.4 billon euros while revenues are predicted "to rise by a single-digit percentage amount".

But it lowered its earnings outlook for Lufthansa Cargo, blaming "current weak market demand".

The group's total fuel costs for the year are expected to reach 6.8 billion euros, 650 million euros more than in 2018.

Thursday's announcements came as Lufthansa faced a major strike by German cabin crew on Thursday, the first of a two-day walkout that has led to 1,300 flight cancellations.

Lufthansa on Thursday said it was slashing 700 to 800 jobs at its Austrian Airlines subsidiary, more than a tenth of the workforce there, to cut costs in the face of "brutal competition" from rival carriers.

Lufthansa on Thursday said it was slashing 700 to 800 jobs at its Austrian Airlines subsidiary, more than a tenth of the workforce there, to cut costs in the face of "brutal competition" from rival carriers. Lufthansa CEO Carsten Spohr said the cull would help Austrian Airlines, which could end the year in the red, achieve "savings of 90 million euros per year" from the end of 2021. The small carrier was locked "in the mother of all battles" in Vienna with low-cost rivals Ryanair and Wizz Air, Spohr told reporters in a conference call after announcing a rise in the group's third-quarter revenues. News of the jobs cull sent shares in Lufthansa soaring by 8.8 percent to 17.6 euros by 1140 GMT, putting it at the top of the blue-chip DAX index in Frankfurt. "We have to reposition ourselves to be able to survive in the brutal competition with budget carriers," Austrian Airlines boss Alexis von Hoensbroech said in a separate statement. The planned job cuts amount to a loss of 700 to 800 full-time jobs by the end of 2021, out of a total workforce of 7,000 people, the statement added. Most of the job losses will come from not replacing departing workers. The Lufthansa group -- which also includes Eurowings, Brussels and Swiss airlines -- earlier on Thursday said it was on track to meet its full-year outlook despite a "challenging market environment". The carrier booked a net profit of 1.15 billion euros between July and September, up four percent year-on-year. But the jump was mainly thanks to accounting effects, with the group's operating profit adjusted for some one-off items, actually falling eight percent to 1.3 billion euros. Lufthansa said it had faced higher than expected fuel costs that were only partially offset by cost-cutting efforts. And like rival airlines it was grappling with "a general slowdown in the global economy", it said in a statement. Revenues for the period were up two percent to 10.2 billion euros. Lufthansa's chief financial officer Ulrik Svensson said it was "vital" that the group took action "to further reduce our costs". Aside from the job losses at Austrian Airlines, the group is hoping that a renewed focus on the Vienna hub and aircraft replacements will further trim costs at the struggling subsidiary. Looking ahead, Lufthansa said it was on track to meet its 2019 goals. It continues to expect adjusted earnings before tax and interest of 2.0-2.4 billon euros while revenues are predicted "to rise by a single-digit percentage amount". But it lowered its earnings outlook for Lufthansa Cargo, blaming "current weak market demand". The group's total fuel costs for the year are expected to reach 6.8 billion euros, 650 million euros more than in 2018. Thursday's announcements came as Lufthansa faced a major strike by German cabin crew on Thursday, the first of a two-day walkout that has led to 1,300 flight cancellations.

Austrian Airlines to slash jobs over 'brutal competition'