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<a href="https://www.wionews.com/business-economy/microsoft-increases-data-protection-responsibilities-for-european-union-262842">Microsoft&nbsp;Corp</a>&nbsp;said on Thursday it had been&nbsp;granted&nbsp;a&nbsp;licence&nbsp;from the US&nbsp;government to&nbsp;export&nbsp;software&nbsp;to&nbsp;<a href="https://www.wionews.com/business-economy/some-huawei-suppliers-get-us-approval-to-restart-sales-to-blacklisted-firm-263525">Huawei&nbsp;Technologies Co </a>Ltd.

"On November 20, the US&nbsp;Department of Commerce&nbsp;granted&nbsp;Microsoft's request for a license to&nbsp;export&nbsp;mass-market&nbsp;software&nbsp;to&nbsp;Huawei. We appreciate the Department's action in response to our request," a&nbsp;Microsoft&nbsp;spokesman told Reuters via email.

The administration of US&nbsp;President <a href="https://www.wionews.com/world/trumps-behaviour-worse-than-nixon-head-of-impeachment-probe-263752">Donald Trump</a> said this week it would allow some suppliers to restart sales to the Chinese telecoms giant, which was placed on a trade blacklist over national security concerns six months ago.

The Commerce Department confirmed it had begun issuing licenses for some companies to sell goods to&nbsp;Huawei, expanding the company's supplier base and providing long-awaited clarity to the industry that once sold it billions of dollars worth of goods.

On Wednesday, a US&nbsp;official said it had received roughly 300&nbsp;licence&nbsp;requests, about half of which had been processed. Roughly half of those – or one-quarter of the total – had been approved and the rest denied.

It was not immediately clear which products had been approved for sale to&nbsp;Huawei, which is the world's top telecommunications equipment maker and second-largest smartphone maker. A person familiar with the process said Wednesday that some licenses for sales of cellphone components and non-electronic components were approved.

Microsoft&nbsp;declined to comment beyond its statement on which products had been approved, and the Commerce Department declined to comment.

Dan Ives, an analyst with Wedbush Securities, said the&nbsp;licence&nbsp;was most likely for the company's Windows operating system.

"This will be a major relief for&nbsp;Huawei&nbsp;after an arduous period with large technology players like&nbsp;Microsoft, Google and others restricted on the platform," Ives said.

Huawei&nbsp;has been anxiously awaiting a&nbsp;licence&nbsp;for Alphabet Inc's&nbsp;Google to supply its mobile services to new models. Without access to Google services such as its Play Store for apps,&nbsp;Huawei&nbsp;phones will become harder to sell to consumers outside of China. Google declined to comment on Thursday.

The granting of licenses comes as the Trump administration is working to sign a phase one trade deal with China to end a tit-for-tat trade war that has roiled markets and hit global growth.

But the move immediately met with opposition. A bipartisan group of 15 senators urged the Commerce Department to suspend the issuing of licenses, saying it could threaten US&nbsp;security.

In a letter on Thursday to Trump, the senators said the administration should halt issuing licenses until it provides Congress "a report outlining specific criteria for determining whether or not the approval of any license poses a national security threat."

Microsoft Corp said on Thursday it had been granted a licence from the US government to export software to Huawei Technologies Co Ltd. "On November 20, the US Department of Commerce granted Microsoft's request for a license to export mass-market software to Huawei.

Microsoft Corp said on Thursday it had been granted a licence from the US government to export software to Huawei Technologies Co Ltd. "On November 20, the US Department of Commerce granted Microsoft's request for a license to export mass-market software to Huawei. We appreciate the Department's action in response to our request," a Microsoft spokesman told Reuters via email. The administration of US President Donald Trump said this week it would allow some suppliers to restart sales to the Chinese telecoms giant, which was placed on a trade blacklist over national security concerns six months ago. The Commerce Department confirmed it had begun issuing licenses for some companies to sell goods to Huawei, expanding the company's supplier base and providing long-awaited clarity to the industry that once sold it billions of dollars worth of goods. On Wednesday, a US official said it had received roughly 300 licence requests, about half of which had been processed. Roughly half of those – or one-quarter of the total – had been approved and the rest denied. It was not immediately clear which products had been approved for sale to Huawei, which is the world's top telecommunications equipment maker and second-largest smartphone maker. A person familiar with the process said Wednesday that some licenses for sales of cellphone components and non-electronic components were approved. Microsoft declined to comment beyond its statement on which products had been approved, and the Commerce Department declined to comment. Dan Ives, an analyst with Wedbush Securities, said the licence was most likely for the company's Windows operating system. "This will be a major relief for Huawei after an arduous period with large technology players like Microsoft, Google and others restricted on the platform," Ives said. Huawei has been anxiously awaiting a licence for Alphabet Inc's Google to supply its mobile services to new models. Without access to Google services such as its Play Store for apps, Huawei phones will become harder to sell to consumers outside of China. Google declined to comment on Thursday. The granting of licenses comes as the Trump administration is working to sign a phase one trade deal with China to end a tit-for-tat trade war that has roiled markets and hit global growth. But the move immediately met with opposition. A bipartisan group of 15 senators urged the Commerce Department to suspend the issuing of licenses, saying it could threaten US security. In a letter on Thursday to Trump, the senators said the administration should halt issuing licenses until it provides Congress "a report outlining specific criteria for determining whether or not the approval of any license poses a national security threat."

Microsoft granted licence to export 'mass-market' software to Huawei

<a href="https://www.wionews.com/business-economy/teslas-musk-greenlights-einhorn-taunt-each-other-on-twitter-261007">Tesla&nbsp;Inc</a> on Thursday unveiled its&nbsp;first&nbsp;pickup&nbsp;truck, delivering on a promise by Chief Executive <a href="https://www.wionews.com/world/elon-musk-unveils-chip-allowing-brain-computer-communication-237060">Elon Musk</a> to build an&nbsp;electric&nbsp;version of America's favourite vehicle and one that threatens the heart of Detroit automakers' profits.

At a launch event in Los Angeles,&nbsp;Tesla&nbsp;Chief Executive Elon Musk said the&nbsp;truck, which looked liked a futuristic armoured vehicle, will have a starting price of $39,900 and a maximum range of 500 plus miles.

"We need sustainable energy now. If we don't have a&nbsp;pickup&nbsp;truck&nbsp;we can't solve it. The top three&nbsp;selling vehicles in America are&nbsp;pickup&nbsp;trucks. To solve sustainable energy, we have to have a&nbsp;pickup&nbsp;truck," he said.

Production is expected to begin in late 2021.

Musk earlier tweeted the design was partly influenced by the Lotus Esprit sportscar that doubled as a submarine in the 1970s 007 films "The Spy Who Loved Me".

The&nbsp;truck&nbsp;marks the&nbsp;first&nbsp;foray by&nbsp;Tesla, whose Model 3 sedan is the world's top-selling battery-electric&nbsp;car, into&nbsp;pickup&nbsp;trucks, a market dominated by Ford Motor Co's F-150, along with models by General Motors Co, and Fiat Chrysler Automobiles NV.

The&nbsp;pickup&nbsp;shifts&nbsp;Tesla&nbsp;more toward&nbsp;trucks and SUVs. The automaker has so far sold mostly Model S and Model 3 sedans, but also offers the Model X SUV and starting next year the Model Y compact SUV.

A focus on the high-performance end of the market is only natural given the success of Ford's 450-horsepower F-150 Raptor&nbsp;truck, which launched in 2009 and whose sales have since risen annually, according to Ford spokesman Mike Levine.

While Ford does not disclose Raptor sales, Levine said annual demand is well above 19,000 vehicles and the number&nbsp;2 US&nbsp;automaker has never&nbsp;had to offer incentives on the model, which costs in the high $60,000 range. Ford also offers the more expensive F-150 Limited, its most powerful and luxurious&nbsp;pickup.

Ford and GM are also gearing up to challenge&nbsp;Tesla&nbsp;more directly with new offerings like the Ford Mustang Mach E&nbsp;electric&nbsp;SUV as well as&nbsp;electric&nbsp;pickups.

Electric&nbsp;pickups and SUVs could help <a href="https://www.wionews.com/entertainment/box-office-ford-v-ferrari-races-to-first-place-charlies-angels-collapses-262840">Ford </a>and GM generate the significant EV sales they will need to meet tougher emission standards and EV mandates in California and other states.

The Trump administration is moving to roll back those standards, but&nbsp;electric&nbsp;trucks are a hedge if California prevails.

Demand for full-size&nbsp;electric&nbsp;pickup&nbsp;trucks in the near term may not be huge, however.

Industry tracking firm IHS Markit estimates the&nbsp;electric&nbsp;truck&nbsp;segment - both full- and mid-sized models - will account for about 75,000 sales in 2026, compared with an expected 3 million light&nbsp;trucks overall. The&nbsp;Tesla&nbsp;truck&nbsp;is not part of that estimate.

Tesla Inc on Thursday unveiled its first pickup truck, delivering on a promise by Chief Executive Elon Musk to build an electric version of America's favourite vehicle and one that threatens the heart of Detroit automakers' profits.

Tesla Inc on Thursday unveiled its first pickup truck, delivering on a promise by Chief Executive Elon Musk to build an electric version of America's favourite vehicle and one that threatens the heart of Detroit automakers' profits. At a launch event in Los Angeles, Tesla Chief Executive Elon Musk said the truck, which looked liked a futuristic armoured vehicle, will have a starting price of $39,900 and a maximum range of 500 plus miles. "We need sustainable energy now. If we don't have a pickup truck we can't solve it. The top three selling vehicles in America are pickup trucks. To solve sustainable energy, we have to have a pickup truck," he said. Production is expected to begin in late 2021. Musk earlier tweeted the design was partly influenced by the Lotus Esprit sportscar that doubled as a submarine in the 1970s 007 films "The Spy Who Loved Me". The truck marks the first foray by Tesla, whose Model 3 sedan is the world's top-selling battery-electric car, into pickup trucks, a market dominated by Ford Motor Co's F-150, along with models by General Motors Co, and Fiat Chrysler Automobiles NV. The pickup shifts Tesla more toward trucks and SUVs. The automaker has so far sold mostly Model S and Model 3 sedans, but also offers the Model X SUV and starting next year the Model Y compact SUV. A focus on the high-performance end of the market is only natural given the success of Ford's 450-horsepower F-150 Raptor truck, which launched in 2009 and whose sales have since risen annually, according to Ford spokesman Mike Levine. While Ford does not disclose Raptor sales, Levine said annual demand is well above 19,000 vehicles and the number 2 US automaker has never had to offer incentives on the model, which costs in the high $60,000 range. Ford also offers the more expensive F-150 Limited, its most powerful and luxurious pickup. Ford and GM are also gearing up to challenge Tesla more directly with new offerings like the Ford Mustang Mach E electric SUV as well as electric pickups. Electric pickups and SUVs could help Ford and GM generate the significant EV sales they will need to meet tougher emission standards and EV mandates in California and other states. The Trump administration is moving to roll back those standards, but electric trucks are a hedge if California prevails. Demand for full-size electric pickup trucks in the near term may not be huge, however. Industry tracking firm IHS Markit estimates the electric truck segment - both full- and mid-sized models - will account for about 75,000 sales in 2026, compared with an expected 3 million light trucks overall. The Tesla truck is not part of that estimate.

Tesla unveils first-ever electric pickup truck

Bharti Airtel, Vodafone Idea and Tata Teleservices on Friday filed a petition in the Supreme Court seeking a review of its October 24 ruling ordering telecom companies to pay around Rs 92,000 crore to the Centre on Adjusted Gross Revenue (AGR).

The Supreme Court had rejected their appeal against the Centre`s definition of Adjusted Gross Revenue (AGR), ordering to pay around Rs 92,000 crore to the Department of Telecommunications (DoT).

The apex court, while passing the order, termed the issues raised by telecom companies with respect to AGR as "frivolous".

The court also made it clear that not only the original charges, but principal interest and penalties on delayed payments would also have to be paid by telecom companies.

As per the order, Vodafone Idea has to pay Rs 28,000 crore (license fees of Rs 6,900 crore and the balance is interest and penalty) over the next three months to the government.

The telecom sector, which is reeling under stress due to the AGR norms and predatory pricing, got relief from the government when it announced a moratorium of two years for spectrum payments.

Vodafone Idea and Bharti Airtel will raise prices of their services starting next month.&nbsp;

 
&nbsp;

Bharti Airtel, Vodafone Idea and Tata Teleservices on Friday filed a petition in the Supreme Court seeking a review of its October 24 ruling ordering telecom companies to pay around Rs 92,000 crore to the Centre on Adjusted Gross Revenue (AGR).

Bharti Airtel, Vodafone Idea and Tata Teleservices on Friday filed a petition in the Supreme Court seeking a review of its October 24 ruling ordering telecom companies to pay around Rs 92,000 crore to the Centre on Adjusted Gross Revenue (AGR). The Supreme Court had rejected their appeal against the Centre`s definition of Adjusted Gross Revenue (AGR), ordering to pay around Rs 92,000 crore to the Department of Telecommunications (DoT). The apex court, while passing the order, termed the issues raised by telecom companies with respect to AGR as "frivolous". The court also made it clear that not only the original charges, but principal interest and penalties on delayed payments would also have to be paid by telecom companies. As per the order, Vodafone Idea has to pay Rs 28,000 crore (license fees of Rs 6,900 crore and the balance is interest and penalty) over the next three months to the government. The telecom sector, which is reeling under stress due to the AGR norms and predatory pricing, got relief from the government when it announced a moratorium of two years for spectrum payments. Vodafone Idea and Bharti Airtel will raise prices of their services starting next month.

Bharti Airtel, Vodafone Idea, Tata Teleservices file review plea in SC in AGR case

Equity benchmark indices were in the negative terrain during early hours on Friday amid persistent global concerns over the US-China trade deal.

At 10:15 am, the BSE S&amp;P Sensex was down by 112 points at 40,463 while the Nifty 50 slipped by 32 points to 11,936. Sectoral indices at the National Stock Exchange were mixed with Nifty IT dropping by 2.1 per cent.

Software major Infosys tumbled by 2.78 per cent to Rs 693.40 per share while Wipro and Tech Mahindra were down by 1.9 per cent each, HCL Technologies by 1.8 per cent and Tata Consultancy Services by 1.7 per cent.

The other losers were Bharti Infratel, Bharti Airtel, Cipla, UPL and Titan.

However, NTPC gained by 2.6 per cent at Rs 118.35 per share after Morgan Stanley upgraded the power utility major to 'overweight' from 'equal weight' earlier with a target price of Rs 152.

Index heavyweight Reliance Industries also added gains of 1.7 per cent while the other gainers included Power Grid Corporation, Zee Entertainment, Sun Pharma, ITC, Vedanta and Tata Steel.

Meanwhile, Asian equities posted mild gains amid persistent worries over the status of trade negotiations between China and the United States.

MSCI's broadest index of Asia Pacific shares outside Japan climbed by 0.12 per cent on worries that the US legislation on Hong Kong threatens to undermine trade talks between the world's two largest economies.

Chinese blue-chip shares were down by 0.82 per cent but Japan's Nikkei was up by 0.43 per cent.

Equity benchmark indices were in the negative terrain during early hours on Friday amid persistent global concerns over the US-China trade deal. At 10:15 am, the BSE S&P Sensex was down by 112 points at 40,463 while the Nifty 50 slipped by 32 points to 11,936.

Equity benchmark indices were in the negative terrain during early hours on Friday amid persistent global concerns over the US-China trade deal. At 10:15 am, the BSE S&P Sensex was down by 112 points at 40,463 while the Nifty 50 slipped by 32 points to 11,936. Sectoral indices at the National Stock Exchange were mixed with Nifty IT dropping by 2.1 per cent. Software major Infosys tumbled by 2.78 per cent to Rs 693.40 per share while Wipro and Tech Mahindra were down by 1.9 per cent each, HCL Technologies by 1.8 per cent and Tata Consultancy Services by 1.7 per cent. The other losers were Bharti Infratel, Bharti Airtel, Cipla, UPL and Titan. However, NTPC gained by 2.6 per cent at Rs 118.35 per share after Morgan Stanley upgraded the power utility major to 'overweight' from 'equal weight' earlier with a target price of Rs 152. Index heavyweight Reliance Industries also added gains of 1.7 per cent while the other gainers included Power Grid Corporation, Zee Entertainment, Sun Pharma, ITC, Vedanta and Tata Steel. Meanwhile, Asian equities posted mild gains amid persistent worries over the status of trade negotiations between China and the United States. MSCI's broadest index of Asia Pacific shares outside Japan climbed by 0.12 per cent on worries that the US legislation on Hong Kong threatens to undermine trade talks between the world's two largest economies. Chinese blue-chip shares were down by 0.82 per cent but Japan's Nikkei was up by 0.43 per cent.

Equities downbeat on trade worries, Nifty IT down by over 2%

The OECD trimmed its outlook for the global economy on Thursday, saying the world was headed for its weakest economic growth since the 2007-2008 financial crisis.

Urging governments to invest in digital and climate transformation, the Organisation for Economic Co-operation and Development said activity had been hobbled by weaker trade and investment in the past two years, as US President Donald Trump and Chinese leaders continue to be locked in a trade conflict.

The OECD now expects economic activity around the world to expand by 2.9 per cent next year, a decline of 0.1 percentage points from a previous forecast issued in September.

Growth was likely to remain slow, it said, with expansion in 2020-2021 seen at around 3.0 per cent, down from a 3.5 per cent rate projected only a year ago.

This was shaping up to be "the weakest rate since the global financial crisis", according to OECD chief economist Laurence Boone.

Growth this year was also likely to come in at 2.9 per cent, the OECD said in its November 2019 Economic Outlook.

Boone noted that "for the past two years, global growth outcomes and prospects have steadily deteriorated, amidst persistent policy uncertainty and weak trade and investment flows."

She said that central banks had taken decisive and timely monetary decisions that partly offset the negative effects of trade tensions.

But governments had not done the same, instead of failing to invest enough in long-term projects to improve infrastructure, advance digitalisation of their economies or in the fight against climate change.

Boone warned that the OECD was concerned the outlook would deteriorate further due to "unaddressed structural changes more than any cyclical shock".

She highlighted climate change and digitalisation as two examples, along with the fact that "trade and geopolitics are moving away from the multilateral order of the 1990s."

A breakdown of the forecasts showed that the US economy, the world's biggest, is tipped "to slow to 2.0 per cent by 2021, while growth in Japan and the euro area is expected to be around 0.7 and 1.2 per cent respectively," the report said.

In China, the world's second-biggest economy, growth was forecast to "continue to edge down, to around 5.5 per cent by 2021", it added.

Other emerging-market economies are expected to recover "only modestly," Boone said.

The OECD trimmed its outlook for the global economy on Thursday, saying the world was headed for its weakest economic growth since the 2007-2008 financial crisis.

The OECD trimmed its outlook for the global economy on Thursday, saying the world was headed for its weakest economic growth since the 2007-2008 financial crisis. Urging governments to invest in digital and climate transformation, the Organisation for Economic Co-operation and Development said activity had been hobbled by weaker trade and investment in the past two years, as US President Donald Trump and Chinese leaders continue to be locked in a trade conflict. The OECD now expects economic activity around the world to expand by 2.9 per cent next year, a decline of 0.1 percentage points from a previous forecast issued in September. Growth was likely to remain slow, it said, with expansion in 2020-2021 seen at around 3.0 per cent, down from a 3.5 per cent rate projected only a year ago. This was shaping up to be "the weakest rate since the global financial crisis", according to OECD chief economist Laurence Boone. Growth this year was also likely to come in at 2.9 per cent, the OECD said in its November 2019 Economic Outlook. Boone noted that "for the past two years, global growth outcomes and prospects have steadily deteriorated, amidst persistent policy uncertainty and weak trade and investment flows." She said that central banks had taken decisive and timely monetary decisions that partly offset the negative effects of trade tensions. But governments had not done the same, instead of failing to invest enough in long-term projects to improve infrastructure, advance digitalisation of their economies or in the fight against climate change. Boone warned that the OECD was concerned the outlook would deteriorate further due to "unaddressed structural changes more than any cyclical shock". She highlighted climate change and digitalisation as two examples, along with the fact that "trade and geopolitics are moving away from the multilateral order of the 1990s." A breakdown of the forecasts showed that the US economy, the world's biggest, is tipped "to slow to 2.0 per cent by 2021, while growth in Japan and the euro area is expected to be around 0.7 and 1.2 per cent respectively," the report said. In China, the world's second-biggest economy, growth was forecast to "continue to edge down, to around 5.5 per cent by 2021", it added. Other emerging-market economies are expected to recover "only modestly," Boone said.

OECD warns global growth 'weakest since financial crisis'

Embattled office-sharing firm&nbsp;<a href="https://www.wionews.com/business-economy/wework-data-shows-growth-still-doubling-261004">WeWork</a>&nbsp;will&nbsp;lay&nbsp;off&nbsp;2,400&nbsp;employees&nbsp;worldwide, about a fifth of its workforce, as it struggles to reorganize amid mounting losses, the company announced Thursday.

The painful job cuts underscore the rapid decline of what had been one of America's most celebrated startups which put a mammoth footprint in the commercial real estate of major cities around the globe but recently had to cancel its debut on Wall Street.

The layoffs which began "weeks ago" were necessary "to create a more efficient organization," a&nbsp;WeWork&nbsp;spokesperson said in a statement.

The dismissed&nbsp;workers&nbsp;"will receive severance, continued benefits, and other forms of assistance to aid in their career transition."

The company told shareholders earlier this month it lost almost $1.3 billion in the third quarter, more than twice the losses recorded in the same period a year earlier.

As investors and analysts questioned the company's value,&nbsp;WeWork&nbsp;in September scrapped plans for an initial public offering, forced out chief executive Adam Neumann and took a bailout from Japan's SoftBank Group, a major investor.

Unconventional executive

Alex Cohen, a vice president at the real estate firm Compass in New York, told AFP that&nbsp;WeWork's payroll became bloated as it tried to keep services, space design, engineering and construction management,&nbsp;in house rather than outsourcing them.

"WeWork's 'growth at all costs' ethos meant they didn't have time or appropriate management to put in place the processes and organizational structures to enable their staff to efficiently service the business's relentless appetite for new locations," he said in an email.

Neumann stepped down from&nbsp;WeWork's board of directors with a $1.7 billion exit package while the company's value was slashed to $8 billion,&nbsp;a far cry from its $47 billion valuation at the start of this year and just a fraction of the sum envisioned as part of the failed IPO.

A source told AFP that Neumann will get $1 billion for his SoftBank shares, $500 million for reimbursements of personal debts and $185 million in consulting fees.

The unconventional entrepreneur had faced simmering questions over his management style, loose approach to corporate governance and allegations of self-dealing,&nbsp;not to mention a Wall Street Journal expose which laid out Neumann's drug and alcohol use and his aspiration to become the world's first trillionaire.

A former employee, Maria Bardhi, filed a labor a grievance in New York accusing Neumann of pregnancy discrimination, saying he referred to her maternity leave as "vacation" and "retirement."&nbsp;

The company also allegedly paid Bardhi's temporary replacement twice her salary and fired her six months after her return.

The&nbsp;<a href="https://www.wionews.com/business-economy/wework-plans-to-lay-off-4000-staff-report-258004">WeWork</a>&nbsp;debacle contributed to woes at SoftBank, which earlier this month announced its largest quarterly loss ever at $6.4 billion.

Masayoshi Son, SoftBank's chief executive, expressed remorse and acknowledged having misjudged both ride-hailing giant Uber and&nbsp;WeWork.

"My investment decisions were in many ways poor. I regret them deeply," he said.

Embattled office-sharing firm WeWork will lay off 2,400 employees worldwide, about a fifth of its workforce, as it struggles to reorganize amid mounting losses, the company announced Thursday.

Embattled office-sharing firm WeWork will lay off 2,400 employees worldwide, about a fifth of its workforce, as it struggles to reorganize amid mounting losses, the company announced Thursday. The painful job cuts underscore the rapid decline of what had been one of America's most celebrated startups which put a mammoth footprint in the commercial real estate of major cities around the globe but recently had to cancel its debut on Wall Street. The layoffs which began "weeks ago" were necessary "to create a more efficient organization," a WeWork spokesperson said in a statement. The dismissed workers "will receive severance, continued benefits, and other forms of assistance to aid in their career transition." The company told shareholders earlier this month it lost almost $1.3 billion in the third quarter, more than twice the losses recorded in the same period a year earlier. As investors and analysts questioned the company's value, WeWork in September scrapped plans for an initial public offering, forced out chief executive Adam Neumann and took a bailout from Japan's SoftBank Group, a major investor. Unconventional executive Alex Cohen, a vice president at the real estate firm Compass in New York, told AFP that WeWork's payroll became bloated as it tried to keep services, space design, engineering and construction management, in house rather than outsourcing them. "WeWork's 'growth at all costs' ethos meant they didn't have time or appropriate management to put in place the processes and organizational structures to enable their staff to efficiently service the business's relentless appetite for new locations," he said in an email. Neumann stepped down from WeWork's board of directors with a $1.7 billion exit package while the company's value was slashed to $8 billion, a far cry from its $47 billion valuation at the start of this year and just a fraction of the sum envisioned as part of the failed IPO. A source told AFP that Neumann will get $1 billion for his SoftBank shares, $500 million for reimbursements of personal debts and $185 million in consulting fees. The unconventional entrepreneur had faced simmering questions over his management style, loose approach to corporate governance and allegations of self-dealing, not to mention a Wall Street Journal expose which laid out Neumann's drug and alcohol use and his aspiration to become the world's first trillionaire. A former employee, Maria Bardhi, filed a labor a grievance in New York accusing Neumann of pregnancy discrimination, saying he referred to her maternity leave as "vacation" and "retirement." The company also allegedly paid Bardhi's temporary replacement twice her salary and fired her six months after her return. The WeWork debacle contributed to woes at SoftBank, which earlier this month announced its largest quarterly loss ever at $6.4 billion. Masayoshi Son, SoftBank's chief executive, expressed remorse and acknowledged having misjudged both ride-hailing giant Uber and WeWork. "My investment decisions were in many ways poor. I regret them deeply," he said.

WeWork to lay off 2,400 workers worldwide

Japan's <a href="https://www.wionews.com/entertainment/box-office-ford-v-ferrari-races-to-first-place-charlies-angels-collapses-262840">Sony</a> Corp is in talks to acquire a stake in Indian billionaire Mukesh Ambani's TV business, Network18 Media &amp; Investments Ltd, Bloomberg reported on Thursday.

Ambani's Reliance Industries Ltd, through various subsidiaries, owns a controlling stake in Network18, which has a market capitalization of about 30 billion rupees($417.66 million).

Network18 shares rose 18 per cent, while shares of TV18 Broadcast Ltd, the broadcast arm of the Network 18 group, were up 4 per cent.

Sony is doing due diligence and considering several potential deal options, Bloomberg reported, citing people familiar with the matter.

A Reliance Industries spokesman declined to comment, saying that the company "evaluates various opportunities on an ongoing basis." Sony did not immediately respond to Reuters request for comment.

A potential stake deal with Sony would come at a time when India's lucrative but crowded TV market is expected to grow more than 50 per cent in the next three years, according to Statista.

Cable television started going mainstream in India through the 1990s, riding on the country's massive middle-class population.

Network18's channel portfolio includes <a href="https://www.wionews.com/entertainment/lilly-singh-creates-tv-history-as-the-first-asian-queer-woman-to-host-a-late-night-show-250355">VH1</a>,<a href="https://www.wionews.com/entertainment/beyond-baby-shark-creator-of-viral-hit-eyes-china-with-dinosaurs-262289"> Nickelodeon</a>,<a href="https://www.wionews.com/entertainment/late-prodigy-singer-keith-flints-belongings-sell-for-nearly-450000-260929"> MTV</a>, <a href="https://www.wionews.com/business-economy/airtel-vodafone-idea-shares-jump-after-on-hopes-of-govt-help-262309">CNBC TV18</a>, and a range of other local language channels, along with news portals like Firstpost and Moneycontrol.

The media company also has a broad suite of news channels including CNN-News18, CNBC TV18, and other regional language news channels that together held over a 10 per cent&nbsp;per cent&nbsp;share in TV news viewership in India in fiscal 2018-19, according to its annual report.

Japan's Sony Corp is in talks to acquire a stake in Indian billionaire Mukesh Ambani's TV business, Network18 Media & Investments Ltd, Bloomberg reported on Thursday.

Japan's Sony Corp is in talks to acquire a stake in Indian billionaire Mukesh Ambani's TV business, Network18 Media & Investments Ltd, Bloomberg reported on Thursday. Ambani's Reliance Industries Ltd, through various subsidiaries, owns a controlling stake in Network18, which has a market capitalization of about 30 billion rupees($417.66 million). Network18 shares rose 18 per cent, while shares of TV18 Broadcast Ltd, the broadcast arm of the Network 18 group, were up 4 per cent. Sony is doing due diligence and considering several potential deal options, Bloomberg reported, citing people familiar with the matter. A Reliance Industries spokesman declined to comment, saying that the company "evaluates various opportunities on an ongoing basis." Sony did not immediately respond to Reuters request for comment. A potential stake deal with Sony would come at a time when India's lucrative but crowded TV market is expected to grow more than 50 per cent in the next three years, according to Statista. Cable television started going mainstream in India through the 1990s, riding on the country's massive middle-class population. Network18's channel portfolio includes VH1, Nickelodeon, MTV, CNBC TV18, and a range of other local language channels, along with news portals like Firstpost and Moneycontrol. The media company also has a broad suite of news channels including CNN-News18, CNBC TV18, and other regional language news channels that together held over a 10 per cent per cent share in TV news viewership in India in fiscal 2018-19, according to its annual report.

Japan's Sony in talks to buy stake in India's Network18 Media

Bitcoin slumped to a six-month low on Friday after China's central bank launched a fresh crackdown on cryptocurrencies, warning of the risks entailed in issuing or trading them.

Bitcoin, the world's biggest cryptocurrency, fell 9% to $6,929, its lowest since May, and was last down 7% at $7,107.

The People's Bank of China's Shanghai headquarters said it would tackle growing cases of illegality involving virtual currencies. It also cautioned investors not to confuse crypto with blockchain technology, the digital ledger that underpins many cryptocurrencies such as bitcoin.

The move came a day after regulators in Shenzhen launched a similar campaign, and came as the PBOC prepares to launch its own digital currency.

Chinese President Xi Jinping said last month that the world's second-biggest economy should accelerate the development of blockchain technology.

Bitcoin, known for its wild price swings, soared over 40% in two days after Xi's remarks, with investors betting that Beijing's backing of blockchain and plans for a digital renminbi would accelerate the mainstream embrace of cryptocurrencies.

But since late October bitcoin has slumped by nearly a third.

Jamie Farquhar, portfolio manager at London-based crypto firm NKB Group, said the PBOC statement crystallised a growing sense among crypto investors that China's embrace of blockchain would be unlikely to include cryptocurrencies like bitcoin.

"It's the realisation that the positivity over Xi's blockchain announcement was exaggerated," he said. "It may not include bitcoin at this point."

 
&nbsp;

Bitcoin slumped to a six-month low on Friday after China's central bank launched a fresh crackdown on cryptocurrencies, warning of the risks entailed in issuing or trading them.

Bitcoin slumped to a six-month low on Friday after China's central bank launched a fresh crackdown on cryptocurrencies, warning of the risks entailed in issuing or trading them. Bitcoin, the world's biggest cryptocurrency, fell 9% to $6,929, its lowest since May, and was last down 7% at $7,107. The People's Bank of China's Shanghai headquarters said it would tackle growing cases of illegality involving virtual currencies. It also cautioned investors not to confuse crypto with blockchain technology, the digital ledger that underpins many cryptocurrencies such as bitcoin. The move came a day after regulators in Shenzhen launched a similar campaign, and came as the PBOC prepares to launch its own digital currency. Chinese President Xi Jinping said last month that the world's second-biggest economy should accelerate the development of blockchain technology. Bitcoin, known for its wild price swings, soared over 40% in two days after Xi's remarks, with investors betting that Beijing's backing of blockchain and plans for a digital renminbi would accelerate the mainstream embrace of cryptocurrencies. But since late October bitcoin has slumped by nearly a third. Jamie Farquhar, portfolio manager at London-based crypto firm NKB Group, said the PBOC statement crystallised a growing sense among crypto investors that China's embrace of blockchain would be unlikely to include cryptocurrencies like bitcoin. "It's the realisation that the positivity over Xi's blockchain announcement was exaggerated," he said. "It may not include bitcoin at this point."

Bitcoin plummets to a six-month low on China crackdown

Indian shares ended lower on Friday, dragged by losses in information technology stocks, as global investors were cautious about mixed signals surrounding the US-China trade deal.

The Nifty ended 0.45 per cent&nbsp;lower at 11,914.40, while the Sensex was down 0.53 per cent at 40,395.41. For the week, the Nifty and Sensex edged up 0.16 per cent and 0.01 per cent, respectively.

China said it was willing to work with the United States to resolve core trade concerns, but the US&nbsp;bills backing protesters in Hong Kong, which President Donald Trump is expected to sign, seemed to undermine planned trade talks between the world's two largest economies.

In the domestic market, the Nifty IT index ended 1.95&nbsp;per cent&nbsp;lower, led by losses among heavyweights such as Infosys and Tata Consultancy Services, down 2.85 per cent and 2.41 per cent respectively.

Tata Steel was the top gainer and rose 3.87 per cent.

Indian shares ended lower on Friday, dragged by losses in information technology stocks, as global investors were cautious about mixed signals surrounding the US-China trade deal.

Indian shares ended lower on Friday, dragged by losses in information technology stocks, as global investors were cautious about mixed signals surrounding the US-China trade deal. The Nifty ended 0.45 per cent lower at 11,914.40, while the Sensex was down 0.53 per cent at 40,395.41. For the week, the Nifty and Sensex edged up 0.16 per cent and 0.01 per cent, respectively. China said it was willing to work with the United States to resolve core trade concerns, but the US bills backing protesters in Hong Kong, which President Donald Trump is expected to sign, seemed to undermine planned trade talks between the world's two largest economies. In the domestic market, the Nifty IT index ended 1.95 per cent lower, led by losses among heavyweights such as Infosys and Tata Consultancy Services, down 2.85 per cent and 2.41 per cent respectively. Tata Steel was the top gainer and rose 3.87 per cent.

Nifty, Sensex end lower; IT stocks slump

Oil prices pulled back from their highest levels in nearly two months on Friday amid lingering doubts on whether the United States and China will be able to reach a partial <a href="https://www.wionews.com/world/want-to-work-out-preliminary-trade-deal-with-united-states-not-afraid-of-retaliating-chinese-president-jinping-263827">trade deal </a>that would lift some pressure on the global economy.

That was more than enough to offset news of a likely extension of production cuts by major producers that drove prices higher in the previous session.

Brent crude futures dropped 34 cents, or 0.53%, to $63.63 a barrel by 0745 GMT, while West Texas Intermediate (WTI) crude futures fell 31 cents, also down 0.53%, to $58.27 per barrel.

China has invited top US&nbsp;trade negotiators for a new round of face-to-face talks in Beijing amid continued efforts to strike at least a limited deal, the Wall Street Journal reported on Thursday citing unidentified sources.

"The key factor for the demand outlook for oil is the (US-China) trade negotiation currently going on," said Michael McCarthy, chief market strategist at CMC Markets and Stockbroking in Sydney.

"With oil near the top of recent trading ranges it's no surprise to see a bit of selling pressure during the session today."

Prices had touched their highest since late September on Thursday after Reuters reported that the Organization of the Petroleum Exporting Countries (OPEC) and Russia are likely to extend existing production cuts by another three months to mid-2020 when they meet on Dec. 5.

Oil was also buoyed by comments from China's commerce ministry on Thursday that it will strive to reach an initial agreement with the United States to end the pair's long-running trade war, allaying fears that talks might be unravelling. However, the completion of a phase one deal could slide into next year.

News that last week saw the biggest drawdown in three months for US&nbsp;crude stock stockpiles at Cushing, Oklahoma also underpinned prices earlier this week. Cushing is the delivery point for WTI futures.

Elsewhere, traders are also keeping a keen eye on the impact on oil production at OPEC countries Iran and Iraq amid ongoing protests.

Several major economies - the United States, France and Germany - will release manufacturing data later today which could impact the market, McCarthy said.

Oil prices pulled back from their highest levels in nearly two months on Friday amid lingering doubts on whether the United States and China will be able to reach a partial trade deal that would lift some pressure on the global economy.

Oil prices pulled back from their highest levels in nearly two months on Friday amid lingering doubts on whether the United States and China will be able to reach a partial trade deal that would lift some pressure on the global economy. That was more than enough to offset news of a likely extension of production cuts by major producers that drove prices higher in the previous session. Brent crude futures dropped 34 cents, or 0.53%, to $63.63 a barrel by 0745 GMT, while West Texas Intermediate (WTI) crude futures fell 31 cents, also down 0.53%, to $58.27 per barrel. China has invited top US trade negotiators for a new round of face-to-face talks in Beijing amid continued efforts to strike at least a limited deal, the Wall Street Journal reported on Thursday citing unidentified sources. "The key factor for the demand outlook for oil is the (US-China) trade negotiation currently going on," said Michael McCarthy, chief market strategist at CMC Markets and Stockbroking in Sydney. "With oil near the top of recent trading ranges it's no surprise to see a bit of selling pressure during the session today." Prices had touched their highest since late September on Thursday after Reuters reported that the Organization of the Petroleum Exporting Countries (OPEC) and Russia are likely to extend existing production cuts by another three months to mid-2020 when they meet on Dec. 5. Oil was also buoyed by comments from China's commerce ministry on Thursday that it will strive to reach an initial agreement with the United States to end the pair's long-running trade war, allaying fears that talks might be unravelling. However, the completion of a phase one deal could slide into next year. News that last week saw the biggest drawdown in three months for US crude stock stockpiles at Cushing, Oklahoma also underpinned prices earlier this week. Cushing is the delivery point for WTI futures. Elsewhere, traders are also keeping a keen eye on the impact on oil production at OPEC countries Iran and Iraq amid ongoing protests. Several major economies - the United States, France and Germany - will release manufacturing data later today which could impact the market, McCarthy said.

Oil topples from two-month high on concern over US-China trade deal

The big reveal of <a href="https://www.wionews.com/business-economy/tesla-unveils-first-ever-electric-pickup-truck-263785">Tesla's electric pick-up</a> went&nbsp;wrong when the supposedly impact-proof windows smash, leaving a flustered Elon Musk to flounder through the rest of his presentation in front of a badly damaged vehicle.

The Tesla co-founder unveiled the all-electric battery-powered Tesla Cybertruck in California on Thursday, daring staff to hit the vehicle with sledgehammers and showing a video of it withstanding bullets shot from a 9mm gun.

But the demonstration of the vehicle's indestructible windows didn't appear to go entirely to plan after one assistant threw a steel ball bearing at the truck, only to see the armoured glass smash.

An expletive could be heard at the Tesla Design Center and as his assistant laughed nervously, Musk said: "Well, maybe that was a little too hard."

Watch: Look at Tesla Cybertruck's epic fail moment

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/built-for-bullets-smashed-by-a-ball-look-at-tesla-cybertrucks-epic-fail-moment-263864/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

A second attempt fared little better, however, and another window was left badly damaged.

"It didn't go through," said a clearly uncomfortable Musk, who was forced to push on through the remainder of the chaotic launch with the two smashed windows in full view.&nbsp;

The industrial-looking Cybertruck,&nbsp;covered in the same steel alloy Musk plans to use for his SpaceX rocket,&nbsp;will have a starting price of $39,900 and can go from 0 to 100 kilometres per hour in about three seconds, the Tesla chief executive claimed.

No date has been given for its release but analysts said it would not be ready before the end of 2021 at the earliest.

Tesla dominates the global electric car market and has an especially firm grip on the United States.

The big reveal of Tesla's electric pick-up went wrong when the supposedly impact-proof windows smash, leaving a flustered Elon Musk to flounder through the rest of his presentation in front of a badly damaged vehicle.

The big reveal of Tesla's electric pick-up went wrong when the supposedly impact-proof windows smash, leaving a flustered Elon Musk to flounder through the rest of his presentation in front of a badly damaged vehicle. The Tesla co-founder unveiled the all-electric battery-powered Tesla Cybertruck in California on Thursday, daring staff to hit the vehicle with sledgehammers and showing a video of it withstanding bullets shot from a 9mm gun. But the demonstration of the vehicle's indestructible windows didn't appear to go entirely to plan after one assistant threw a steel ball bearing at the truck, only to see the armoured glass smash. An expletive could be heard at the Tesla Design Center and as his assistant laughed nervously, Musk said: "Well, maybe that was a little too hard." Watch: Look at Tesla Cybertruck's epic fail moment A second attempt fared little better, however, and another window was left badly damaged. "It didn't go through," said a clearly uncomfortable Musk, who was forced to push on through the remainder of the chaotic launch with the two smashed windows in full view. The industrial-looking Cybertruck, covered in the same steel alloy Musk plans to use for his SpaceX rocket, will have a starting price of $39,900 and can go from 0 to 100 kilometres per hour in about three seconds, the Tesla chief executive claimed. No date has been given for its release but analysts said it would not be ready before the end of 2021 at the earliest. Tesla dominates the global electric car market and has an especially firm grip on the United States.

Tesla suffers mishap during launch of electric cybertruck

Trump-Cook bonhomie on display as both visit Apple facility

Global&nbsp;shares&nbsp;slid on Thursday as a fresh&nbsp;row&nbsp;between Washington and Beijing&nbsp;over&nbsp;US&nbsp;bills on&nbsp;Hong&nbsp;Kong&nbsp;could complicate their&nbsp;trade&nbsp;negotiation and delay a "phase one"&nbsp;deal&nbsp;that investors had initially hoped to be inked by now.

MSCI's broadest index of <a href="https://www.wionews.com/business-economy/flare-up-of-sino-us-tensions-over-hong-kong-knocks-world-shares-off-22-month-high-263395">Asia-Pacific&nbsp;shares</a>&nbsp;outside Japan fell 1.2 per cent, with&nbsp;Hong&nbsp;Kong's Hang Seng shedding 2&nbsp;per cent&nbsp;while Japan's Nikkei dropped 1.6 per cent. Chinese mainland&nbsp;shares&nbsp;dropped 0.6 per cent.

US&nbsp;futures&nbsp;dropped 0.5&nbsp;per cent&nbsp;in Asian&nbsp;trade, a day after MSCI's broadest gauge of world stocks fell 0.4 per cent, the biggest fall since early October. On Wall Street, all three major indexes fell, with the losing 0.38 per cent.

The&nbsp;US&nbsp;House of Representatives on Wednesday passed two bills intended to support protesters in&nbsp;Hong&nbsp;Kong&nbsp;and send a warning to&nbsp;China&nbsp;about human rights.

The legislation, which has angered Beijing, has been sent to the White House for <a href="https://www.wionews.com/world/twitter-accuses-uk-of-misleading-public-in-election-row-263418">President Donald Trump</a>'s approval. A person familiar with the matter said Trump was expected to sign it.

"China&nbsp;will surely take this as interference into its domestic affairs and is likely to think it will no longer need to make concessions on&nbsp;trade," said Norihiro Fujito, chief investment strategist at <a href="https://www.wionews.com/business-economy/asian-shares-near-two-month-lows-ahead-of-looming-us-tariff-hike-217382">Mitsubishi UFJ Morgan Stanley Securities</a>.

The move came as&nbsp;trade&nbsp;experts and people close to the White House said completion of a "phase one"&nbsp;US-China&nbsp;trade&nbsp;deal&nbsp;could slide into next year, as Beijing presses for more extensive tariff rollbacks, and the Trump administration counters with heightened demands of its own.

Trump said on Oct. 11 that the&nbsp;deal&nbsp;could take as long as five weeks, and investors had initially expected an agreement by mid-November.

Asked Wednesday about the status of the&nbsp;China&nbsp;deal, Trump told reporters in Texas: "I don't think they're stepping up to the level that I want."

Trade&nbsp;jitters sent the 10-year&nbsp;US&nbsp;Treasuries to yield down to 1.707 per cent, near its lowest levels in three weeks and down more than 25 basis points from a Nov. 7 peak of 1.973 per cent, a three-month high.

Similarly in the currency market, the yuan hit three-week lows, trading as low as 7.0450 to the dollar in onshore&nbsp;trade.

The dollar slipped 0.3 per cent&nbsp;against the yen to 108.31, compared to this week's high of 109.07 touched on Monday, while safe-haven gold edged up 0.26 per cent to $1,474.9 per ounce.

The euro was little changed at $1.1075&nbsp;

Tomoo Kinoshita, chief economist at Invesco Asset Management in Tokyo, said the market is unlikely to completely give up hopes on the&nbsp;trade&nbsp;deal.

"There have always been some uncertainties in&nbsp;trade&nbsp;talks but that won't erase positive effects from signs of bottoming out in the global manufacturing sector," he said.

The minutes from the Federal Reserve's previous policy meeting published on Wednesday offered little guidance on what would cause policymakers to change their minds on the&nbsp;outlook&nbsp;after an increasingly divided Fed decided to hit pause in its easing cycle.

Oil prices also dipped, paring some of their 2 per cent&nbsp;gains made on Wednesday after a better-than-expected&nbsp;US&nbsp;crude inventories report and as Russia said it would continue its cooperation with OPEC to keep the market balanced.

Global benchmark Brent futures dropped 0.4 per cent&nbsp;to $62.16.&nbsp;US&nbsp;West Texas Intermediate (WTI) crude futures were down 0.39 per cent&nbsp;at $56.79 per barrel in early Thursday&nbsp;trade.

Global shares slid on Thursday as a fresh row between Washington and Beijing over US bills on Hong Kong could complicate their trade negotiation and delay a "phase one" deal that investors had initially hoped to be inked by now.

Global shares slid on Thursday as a fresh row between Washington and Beijing over US bills on Hong Kong could complicate their trade negotiation and delay a "phase one" deal that investors had initially hoped to be inked by now. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.2 per cent, with Hong Kong's Hang Seng shedding 2 per cent while Japan's Nikkei dropped 1.6 per cent. Chinese mainland shares dropped 0.6 per cent. US futures dropped 0.5 per cent in Asian trade, a day after MSCI's broadest gauge of world stocks fell 0.4 per cent, the biggest fall since early October. On Wall Street, all three major indexes fell, with the losing 0.38 per cent. The US House of Representatives on Wednesday passed two bills intended to support protesters in Hong Kong and send a warning to China about human rights. The legislation, which has angered Beijing, has been sent to the White House for President Donald Trump's approval. A person familiar with the matter said Trump was expected to sign it. "China will surely take this as interference into its domestic affairs and is likely to think it will no longer need to make concessions on trade," said Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley Securities. The move came as trade experts and people close to the White House said completion of a "phase one" US-China trade deal could slide into next year, as Beijing presses for more extensive tariff rollbacks, and the Trump administration counters with heightened demands of its own. Trump said on Oct. 11 that the deal could take as long as five weeks, and investors had initially expected an agreement by mid-November. Asked Wednesday about the status of the China deal, Trump told reporters in Texas: "I don't think they're stepping up to the level that I want." Trade jitters sent the 10-year US Treasuries to yield down to 1.707 per cent, near its lowest levels in three weeks and down more than 25 basis points from a Nov. 7 peak of 1.973 per cent, a three-month high. Similarly in the currency market, the yuan hit three-week lows, trading as low as 7.0450 to the dollar in onshore trade. The dollar slipped 0.3 per cent against the yen to 108.31, compared to this week's high of 109.07 touched on Monday, while safe-haven gold edged up 0.26 per cent to $1,474.9 per ounce. The euro was little changed at $1.1075 Tomoo Kinoshita, chief economist at Invesco Asset Management in Tokyo, said the market is unlikely to completely give up hopes on the trade deal. "There have always been some uncertainties in trade talks but that won't erase positive effects from signs of bottoming out in the global manufacturing sector," he said. The minutes from the Federal Reserve's previous policy meeting published on Wednesday offered little guidance on what would cause policymakers to change their minds on the outlook after an increasingly divided Fed decided to hit pause in its easing cycle. Oil prices also dipped, paring some of their 2 per cent gains made on Wednesday after a better-than-expected US crude inventories report and as Russia said it would continue its cooperation with OPEC to keep the market balanced. Global benchmark Brent futures dropped 0.4 per cent to $62.16. US West Texas Intermediate (WTI) crude futures were down 0.39 per cent at $56.79 per barrel in early Thursday trade.

Shares stumble as China-US row over Hong Kong clouds trade deal outlook

The Trump administration on Wednesday gave&nbsp;<a href="https://www.wionews.com/world/united-states-china-trade-deal-may-not-be-signed-this-year-263497">Huawei</a>&nbsp;its second reprieve this week, allowing&nbsp;some&nbsp;suppliers&nbsp;to&nbsp;restart&nbsp;sales&nbsp;to the Chinese telecoms giant after it was placed on a trade blacklist over national security concerns six months ago.

The Commerce Department said it has begun issuing licenses for&nbsp;some&nbsp;companies to sell goods to&nbsp;Huawei, expanding the company's supplier base and providing long-awaited clarity to the industry that once sold it billions of dollars worth of goods.

It was not immediately clear which products had been approved for sale to the world's top telecommunications equipment maker. But&nbsp;Huawei&nbsp;Technologies Co Ltd, also the second-largest smartphone maker, has been anxiously awaiting a license for Alphabet Inc's Google to supply its mobile services to new models. <a href="https://www.wionews.com/business-economy/google-to-make-stricter-regulatory-policy-for-political-ads-to-curb-abuse-263489">Google</a> declined to comment.

A&nbsp;US&nbsp;official said of roughly 300 license requests, about half have been processed. Roughly half of those – or one-quarter of the total – have been approved and the rest have been denied.

A different person familiar with the process added that&nbsp;some&nbsp;licenses for&nbsp;sales&nbsp;of cell phone components and non-electronic components were approved.

"The Department is issuing these narrow licenses to authorize limited and specific activities which do not pose a significant risk to the national security or foreign policy interests of the United States," the Commerce Department said in a statement, without providing further detail.

The move came after the Commerce Department renewed the so-called temporary general license for the company for a third time on Monday, extending permission for&nbsp;Huawei&nbsp;to engage in limited transactions to assist&nbsp;US&nbsp;rural network operators.

The goodwill gestures come as the Trump administration is working to sign a phase one trade deal with China to end a tit-for-tat trade war that has roiled markets and hit global growth.

Many China hawks have voiced fears that the administration could relax sanctions on&nbsp;Huawei&nbsp;to appease Beijing and score a win on trade.

Republican Senator Marco Rubio said in a statement the company "poses a clear and growing threat to the economic and national security" of the United States and its allies.

"I strongly believe it's against America's national security interest to grant licenses for&nbsp;US&nbsp;exports that sustain or strengthen&nbsp;Huawei," he said, adding that the Commerce Department should inform lawmakers of what licenses were given.

But the Semiconductor Industry Association, a trade group, welcomed the Commerce Department's announcement, saying&nbsp;sales&nbsp;of the non-sensitive items help ensure the competitiveness of&nbsp;US&nbsp;chipmakers, "which is essential to national security."

"We hope license&nbsp;approvals continue to proceed in an appropriate and timely manner," the group added.

The United States has pending cases against&nbsp;Huawei&nbsp;for allegedly stealing American intellectual property and violating Iran sanctions. The administration has also lobbied&nbsp;US&nbsp;allies to keep&nbsp;Huawei&nbsp;out of next-generation 5G telecommunications infrastructure.&nbsp;Huawei&nbsp;denied the allegations.

The Trump administration put&nbsp;Huawei&nbsp;on a trade blacklist, citing national security concerns in May after trade talks broke down. Companies on the list are not allowed to receive shipments of&nbsp;US&nbsp;goods without a special license from the Commerce Department.

But in June,&nbsp;<a href="https://www.wionews.com/world/united-states-china-trade-deal-may-not-be-signed-this-year-263497">US&nbsp;President Donald Trump</a> said&nbsp;some&nbsp;sales&nbsp;would be allowed to the company, and&nbsp;US&nbsp;officials urged&nbsp;firms to apply for licenses, noting that they would be granted in cases where the items were readily available and did not compromise national security.

But until Wednesday, there had been no responses on the license requests.

Despite the good news, plenty of headwinds remain for&nbsp;Huawei, which is still awaiting rules from the Commerce Department that are expected to bar them from the&nbsp;US&nbsp;telecoms network.

"The White House isn't ready to pull the plug on&nbsp;Huawei&nbsp;because that would do almost as much harm to&nbsp;US&nbsp;companies," said James Lewis, a technology expert with the Washington-based Center for Strategic and International Studies. "But they're keeping it in reserve," he added.

The Trump administration on Wednesday gave Huawei its second reprieve this week, allowing some suppliers to restart sales to the Chinese telecoms giant after it was placed on a trade blacklist over national security concerns six months ago.

The Trump administration on Wednesday gave Huawei its second reprieve this week, allowing some suppliers to restart sales to the Chinese telecoms giant after it was placed on a trade blacklist over national security concerns six months ago. The Commerce Department said it has begun issuing licenses for some companies to sell goods to Huawei, expanding the company's supplier base and providing long-awaited clarity to the industry that once sold it billions of dollars worth of goods. It was not immediately clear which products had been approved for sale to the world's top telecommunications equipment maker. But Huawei Technologies Co Ltd, also the second-largest smartphone maker, has been anxiously awaiting a license for Alphabet Inc's Google to supply its mobile services to new models. Google declined to comment. A US official said of roughly 300 license requests, about half have been processed. Roughly half of those – or one-quarter of the total – have been approved and the rest have been denied. A different person familiar with the process added that some licenses for sales of cell phone components and non-electronic components were approved. "The Department is issuing these narrow licenses to authorize limited and specific activities which do not pose a significant risk to the national security or foreign policy interests of the United States," the Commerce Department said in a statement, without providing further detail. The move came after the Commerce Department renewed the so-called temporary general license for the company for a third time on Monday, extending permission for Huawei to engage in limited transactions to assist US rural network operators. The goodwill gestures come as the Trump administration is working to sign a phase one trade deal with China to end a tit-for-tat trade war that has roiled markets and hit global growth. Many China hawks have voiced fears that the administration could relax sanctions on Huawei to appease Beijing and score a win on trade. Republican Senator Marco Rubio said in a statement the company "poses a clear and growing threat to the economic and national security" of the United States and its allies. "I strongly believe it's against America's national security interest to grant licenses for US exports that sustain or strengthen Huawei," he said, adding that the Commerce Department should inform lawmakers of what licenses were given. But the Semiconductor Industry Association, a trade group, welcomed the Commerce Department's announcement, saying sales of the non-sensitive items help ensure the competitiveness of US chipmakers, "which is essential to national security." "We hope license approvals continue to proceed in an appropriate and timely manner," the group added. The United States has pending cases against Huawei for allegedly stealing American intellectual property and violating Iran sanctions. The administration has also lobbied US allies to keep Huawei out of next-generation 5G telecommunications infrastructure. Huawei denied the allegations. The Trump administration put Huawei on a trade blacklist, citing national security concerns in May after trade talks broke down. Companies on the list are not allowed to receive shipments of US goods without a special license from the Commerce Department. But in June, US President Donald Trump said some sales would be allowed to the company, and US officials urged firms to apply for licenses, noting that they would be granted in cases where the items were readily available and did not compromise national security. But until Wednesday, there had been no responses on the license requests. Despite the good news, plenty of headwinds remain for Huawei, which is still awaiting rules from the Commerce Department that are expected to bar them from the US telecoms network. "The White House isn't ready to pull the plug on Huawei because that would do almost as much harm to US companies," said James Lewis, a technology expert with the Washington-based Center for Strategic and International Studies. "But they're keeping it in reserve," he added.

Some Huawei suppliers get US approval to restart sales to blacklisted firm

India&nbsp;has agreed to&nbsp;sell&nbsp;stakes in five&nbsp;state-run companies, including oil refiner&nbsp;<a href="https://www.wionews.com/business-economy/sensex-closes-in-the-green-at-40345-nifty-bank-gains-by-12-per-cent-261425">Bharat&nbsp;Petroleum&nbsp;Corp </a>(BPCL), finance minister <a href="https://www.wionews.com/india-news/indias-state-run-banks-report-frauds-of-more-than-13-billion-in-six-months-finance-minister-263160">Nirmala Sitharaman </a>said on Wednesday, a move that could help bridge a widening fiscal gap.

Prime Minister <a href="https://www.wionews.com/india-news/aap-protests-in-parliament-demands-inclusion-of-bill-on-unauthorised-colonies-in-winter-session-263360">Narendra Modi</a>'s government has also approved the sale of holdings in logistics firm Container Corp of&nbsp;India&nbsp;Ltd and Shipping Corp of&nbsp;India, Sitharaman told reporters after a cabinet meeting.

India&nbsp;has set a target of raising 1.05 trillion rupees ($14.6 billion) through the sale of&nbsp;state&nbsp;stakes in companies by March 2020. It has reached 173.64 billion rupees since April by&nbsp;selling minority&nbsp;stakes in government companies.

Watch: Indian government to&nbsp;divest stake in BPCL&nbsp;

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The government owns 63.75 per cent&nbsp;of Shipping Corp and a&nbsp;stake&nbsp;of 53.29 per cent&nbsp;in&nbsp;India's second-biggest&nbsp;state&nbsp;refiner BPCL, which industry sources estimate could fetch $8 billion to $10 billion.

Sitharaman said management control of BPCL's subsidiary, Numaligarh Refinery Ltd (NRL), in the eastern&nbsp;Indian&nbsp;state&nbsp;of Assam, will be given to another oil company for consolidation.

India, which has already announced a plan to&nbsp;sell&nbsp;national carrier Air&nbsp;India, faces tax shortfalls of around 2 trillion rupees in the current fiscal year, making the&nbsp;stake&nbsp;sales critical to relieving the deficit.

Modi's government has set a fiscal deficit target of 3.3 per cent&nbsp;of gross domestic product (GDP) for the current year, but economists and government sources say this is likely to slip to around 3.8 per cent.

New Delhi also plans to&nbsp;offload&nbsp;stakes in Tehri Hydro Development Corporation&nbsp;India&nbsp;Ltd (THDCIL) and North Eastern Electric Power Corp Ltd (NEEPCO), which the government plans to hand over to&nbsp;state-run power producer NTPC.

India&nbsp;plans to invite international energy firms to participate in the privatisation of&nbsp;state-owned oil companies, oil minister Dharmendra Pradhan said last week.

Separately, the cabinet approved the import of 1.2 million tonnes of onions to curb local price rises, as well as a two-year moratorium for telecom companies to pay their spectrum dues.

India has agreed to sell stakes in five state-run companies, including oil refiner Bharat Petroleum Corp (BPCL), finance minister Nirmala Sitharaman said on Wednesday, a move that could help bridge a widening fiscal gap.

India has agreed to sell stakes in five state-run companies, including oil refiner Bharat Petroleum Corp (BPCL), finance minister Nirmala Sitharaman said on Wednesday, a move that could help bridge a widening fiscal gap. Prime Minister Narendra Modi's government has also approved the sale of holdings in logistics firm Container Corp of India Ltd and Shipping Corp of India, Sitharaman told reporters after a cabinet meeting. India has set a target of raising 1.05 trillion rupees ($14.6 billion) through the sale of state stakes in companies by March 2020. It has reached 173.64 billion rupees since April by selling minority stakes in government companies. Watch: Indian government to divest stake in BPCL The government owns 63.75 per cent of Shipping Corp and a stake of 53.29 per cent in India's second-biggest state refiner BPCL, which industry sources estimate could fetch $8 billion to $10 billion. Sitharaman said management control of BPCL's subsidiary, Numaligarh Refinery Ltd (NRL), in the eastern Indian state of Assam, will be given to another oil company for consolidation. India, which has already announced a plan to sell national carrier Air India, faces tax shortfalls of around 2 trillion rupees in the current fiscal year, making the stake sales critical to relieving the deficit. Modi's government has set a fiscal deficit target of 3.3 per cent of gross domestic product (GDP) for the current year, but economists and government sources say this is likely to slip to around 3.8 per cent. New Delhi also plans to offload stakes in Tehri Hydro Development Corporation India Ltd (THDCIL) and North Eastern Electric Power Corp Ltd (NEEPCO), which the government plans to hand over to state-run power producer NTPC. India plans to invite international energy firms to participate in the privatisation of state-owned oil companies, oil minister Dharmendra Pradhan said last week. Separately, the cabinet approved the import of 1.2 million tonnes of onions to curb local price rises, as well as a two-year moratorium for telecom companies to pay their spectrum dues.

India to offload Bharat Petroleum in state stake sell-off

<a href="https://www.wionews.com/world/us-president-donald-trump-praises-apple-chief-tim-cook-for-great-job-in-austin-after-tirade-against-technology-firms-263491">Apple Inc</a> and Intel Corp on Wednesday filed an antitrust lawsuit against Fortress Investment Group, alleging the <a href="https://www.wionews.com/business-economy/softbank-to-create-30-billion-tech-giant-with-yahoo-japan-line-corp-merger-262950">SoftBank</a> Group Corp unit stockpiled patents to hold up tech firms with lawsuits demanding as much as $5.1 billion.

The suit follows an earlier case that Intel filed against Fortress in October. Intel withdrew that suit and on Wednesday filed a new version in the US&nbsp;District Court for the Northern District of California with Apple joining as a plaintiff.

Intel and Apple allege that Fortress and firms it either owned or whose patent portfolios it effectively controlled - and which do no make any technology products - stockpiled patents for the primary purpose of suing technology companies and did so in a manner that violated US&nbsp;antitrust laws.

"Apple has suffered economic harm in the form of litigation costs and diversion of resources away from innovation to respond to these entities' serial nuisance suits," Apple wrote in the complaint.

Fortress and Japanese parent SoftBank did not immediately respond to a request for comment. When <a href="https://www.wionews.com/world/wall-street-set-for-weak-open-amidst-us-china-trade-war-and-hong-kong-crisis-261444">Intel</a> filed the similar lawsuit in October, a Fortress spokesman told Reuters the company was "confident in our business practices and our legal position and view this lawsuit as meritless".

In the filing on Wednesday, Apple said firms connected to Fortress had filed at least 25 lawsuits against the iPhone maker demanding $2.6 billion to $5.1 billion in damages. One of the suits, Apple wrote in its filing, alleged that Apple violated a step-counting patent in its devices with health-tracking apps.

Two Fortress-connected firms, Uniloc USA and Uniloc Luxembourg, "have disclosed that they believe they are entitled to damages of between $1.41 and $2.75 per Apple product, for total damages in the range of $375 to $732 million," Apple wrote in its complaint.

"The apparent precision of the per-unit damages request is a facade; Uniloc USA and Uniloc Luxembourg simply adopted the amounts that Apple sought from Samsung in litigation for Apple's patents," Apple wrote, referring to South Korea's Samsung Electronics Co Ltd.

Intel said it could not comment beyond the court filing. Apple did not immediately respond to a request for comment.

Apple Inc and Intel Corp on Wednesday filed an antitrust lawsuit against Fortress Investment Group, alleging the SoftBank Group Corp unit stockpiled patents to hold up tech firms with lawsuits demanding as much as $5.

Apple Inc and Intel Corp on Wednesday filed an antitrust lawsuit against Fortress Investment Group, alleging the SoftBank Group Corp unit stockpiled patents to hold up tech firms with lawsuits demanding as much as $5.1 billion. The suit follows an earlier case that Intel filed against Fortress in October. Intel withdrew that suit and on Wednesday filed a new version in the US District Court for the Northern District of California with Apple joining as a plaintiff. Intel and Apple allege that Fortress and firms it either owned or whose patent portfolios it effectively controlled - and which do no make any technology products - stockpiled patents for the primary purpose of suing technology companies and did so in a manner that violated US antitrust laws. "Apple has suffered economic harm in the form of litigation costs and diversion of resources away from innovation to respond to these entities' serial nuisance suits," Apple wrote in the complaint. Fortress and Japanese parent SoftBank did not immediately respond to a request for comment. When Intel filed the similar lawsuit in October, a Fortress spokesman told Reuters the company was "confident in our business practices and our legal position and view this lawsuit as meritless". In the filing on Wednesday, Apple said firms connected to Fortress had filed at least 25 lawsuits against the iPhone maker demanding $2.6 billion to $5.1 billion in damages. One of the suits, Apple wrote in its filing, alleged that Apple violated a step-counting patent in its devices with health-tracking apps. Two Fortress-connected firms, Uniloc USA and Uniloc Luxembourg, "have disclosed that they believe they are entitled to damages of between $1.41 and $2.75 per Apple product, for total damages in the range of $375 to $732 million," Apple wrote in its complaint. "The apparent precision of the per-unit damages request is a facade; Uniloc USA and Uniloc Luxembourg simply adopted the amounts that Apple sought from Samsung in litigation for Apple's patents," Apple wrote, referring to South Korea's Samsung Electronics Co Ltd. Intel said it could not comment beyond the court filing. Apple did not immediately respond to a request for comment.

Apple, Intel file antitrust case against SoftBank- Owned firm over patent practices

Google on Wednesday updated how it handles political ads as <a href="https://www.wionews.com/business-economy/now-have-a-news-host-in-your-devices-google-assistant-263271">online platforms</a> remain under pressure to avoid being used to spread misleading information intended to influence voters.

The internet company said its rules already ban any advertiser, including those with political messages, from lying in ads. But it is making its policy more clear and adding examples of how that prohibits content such as doctored or manipulated images or video.

"It's against our policies for any advertiser to make a false claim,&nbsp;whether it's a claim about the price of a chair or a claim that you can vote by text message, that election day is postponed, or that a candidate has died," Google ads product management vice president Scott Spencer said in an online post.

Examples of banned ad material included ads or links to information making demonstrably false claims that could undermine voter trust or participation in elections.

"Of course, we recognize that robust political dialogue is an important part of democracy, and no one can sensibly adjudicate every political claim, counterclaim, and insinuation," Spencer said.

"So we expect that the number of political ads on which we take action will be very limited - but we will continue to do so for clear violations."

Google's main formats for political advertising are ads posted along with search query results, those shown at video viewing service YouTube, and display ads that appear on websites.

Google will also limit the targeting of political ads to general categories such as age, gender, or postal code level location.

"Political advertisers can, of course, continue to do contextual targeting, such as serving ads to people reading or watching a story about, say, the economy," Spencer said/.

"This will align our approach to election ads with long-established practices in media such as TV, radio, and print, and result in election ads being more widely seen and available for public discussion."

Google will begin enforcing the changes in Britain within a week and throughout the EU by the end of the year, then in the rest of the world starting January 6, according to Spencer.

Watch: Google claims quantum supremacy

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/google-claims-quantum-supremacy-257905/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Speech vs Truth

Snap this week confirmed that it checks political ads at Snapchat to make sure they are not deceptive or misleading and thus enforce its ban on such material.

The strategy seems to be a middle ground between Facebook's controversial tolerance of proven lies in political ads and Twitter's decision to ban them altogether.

Snap policies prohibit political ads that are deceptive or misleading, with an in-house team reviewing such paid messages to make sure they don't break the rules.

Twitter last week said its ban on political ads will exempt "cause-based" messages on topics related to social or environmental issues.

The San Francisco-based messaging platform plans to bar all paid political messages starting Friday, while addressing concerns expressed by activists for social causes.

"Ads that educate, raise awareness, and/or call for people to take action in connection with civic engagement, economic growth, environmental stewardship, or social equity causes are allowed," Twitter said in its new policy.

"However, they may not reference prohibited political advertisers or political content."

Twitter said the move was aimed at countering the spread of misinformation by politicians.

The political ban has drawn mixed reactions: some argue it puts pressure on Facebook to follow suit or take other steps to curb the spread of misinformation from politicians; others say a ban will be difficult to enforce.

<a href="https://www.wionews.com/business-economy/google-begins-rolling-out-rich-communication-services-to-do-more-with-messages-262225">Social media platforms</a> have been challenged by President Donald Trump's campaign and its use of ads that contain claims which critics say have been debunked by independent fact-checkers.

Facebook CEO Mark Zuckerberg has said political advertising is not a major source of revenue but adds that he believes it is important to allow everyone a "voice," and that banning political ads would favour incumbents.

Google on Wednesday updated how it handles political ads as online platforms remain under pressure to avoid being used to spread misleading information intended to influence voters.

Google on Wednesday updated how it handles political ads as online platforms remain under pressure to avoid being used to spread misleading information intended to influence voters. The internet company said its rules already ban any advertiser, including those with political messages, from lying in ads. But it is making its policy more clear and adding examples of how that prohibits content such as doctored or manipulated images or video. "It's against our policies for any advertiser to make a false claim, whether it's a claim about the price of a chair or a claim that you can vote by text message, that election day is postponed, or that a candidate has died," Google ads product management vice president Scott Spencer said in an online post. Examples of banned ad material included ads or links to information making demonstrably false claims that could undermine voter trust or participation in elections. "Of course, we recognize that robust political dialogue is an important part of democracy, and no one can sensibly adjudicate every political claim, counterclaim, and insinuation," Spencer said. "So we expect that the number of political ads on which we take action will be very limited - but we will continue to do so for clear violations." Google's main formats for political advertising are ads posted along with search query results, those shown at video viewing service YouTube, and display ads that appear on websites. Google will also limit the targeting of political ads to general categories such as age, gender, or postal code level location. "Political advertisers can, of course, continue to do contextual targeting, such as serving ads to people reading or watching a story about, say, the economy," Spencer said/. "This will align our approach to election ads with long-established practices in media such as TV, radio, and print, and result in election ads being more widely seen and available for public discussion." Google will begin enforcing the changes in Britain within a week and throughout the EU by the end of the year, then in the rest of the world starting January 6, according to Spencer. Watch: Google claims quantum supremacy Speech vs Truth Snap this week confirmed that it checks political ads at Snapchat to make sure they are not deceptive or misleading and thus enforce its ban on such material. The strategy seems to be a middle ground between Facebook's controversial tolerance of proven lies in political ads and Twitter's decision to ban them altogether. Snap policies prohibit political ads that are deceptive or misleading, with an in-house team reviewing such paid messages to make sure they don't break the rules. Twitter last week said its ban on political ads will exempt "cause-based" messages on topics related to social or environmental issues. The San Francisco-based messaging platform plans to bar all paid political messages starting Friday, while addressing concerns expressed by activists for social causes. "Ads that educate, raise awareness, and/or call for people to take action in connection with civic engagement, economic growth, environmental stewardship, or social equity causes are allowed," Twitter said in its new policy. "However, they may not reference prohibited political advertisers or political content." Twitter said the move was aimed at countering the spread of misinformation by politicians. The political ban has drawn mixed reactions: some argue it puts pressure on Facebook to follow suit or take other steps to curb the spread of misinformation from politicians; others say a ban will be difficult to enforce. Social media platforms have been challenged by President Donald Trump's campaign and its use of ads that contain claims which critics say have been debunked by independent fact-checkers. Facebook CEO Mark Zuckerberg has said political advertising is not a major source of revenue but adds that he believes it is important to allow everyone a "voice," and that banning political ads would favour incumbents.

Google to make stricter regulatory policy for political ads to curb abuse

<a href="https://www.wionews.com/business-economy/fiat-chrysler-says-peugeot-talks-progressing-despite-general-motors-lawsuit-263632">Fiat Chrysler</a> Automobiles NV said on Thursday it will recall nearly 700,000 sport utility vehicles worldwide because a faulty electrical connection could prevent engine starts or contribute to a stall.

The recall, covering 2011 through 2013 model year Dodge Durango and <a href="https://www.wionews.com/business-economy/jeep-compass-is-all-set-to-explore-suv-market-in-india-18433">Jeep Grand Cherokee</a> SUVs, will address silicon deposits on the contact points of fuel pump relays that may interrupt electrical current, Fiat Chrysler said in a statement. It said it is unaware of any injuries or accidents related to the faulty vehicles.

The Italian-American automaker had previously recalled most of the same SUVs in 2014 and 2015 for issues with their fuel pump relays.

The company, which last month announced it planned to merge with Peugeot owner PSA, said it would notify owners at a later date when they will be able to schedule repairs at dealerships.

The recall includes around 528,500 vehicles in the United States, 34,700 in Canada, 18,100 in Mexico and 116,500 outside North America, it said.

Fiat Chrysler Automobiles NV said on Thursday it will recall nearly 700,000 sport utility vehicles worldwide because a faulty electrical connection could prevent engine starts or contribute to a stall.

Fiat Chrysler Automobiles NV said on Thursday it will recall nearly 700,000 sport utility vehicles worldwide because a faulty electrical connection could prevent engine starts or contribute to a stall. The recall, covering 2011 through 2013 model year Dodge Durango and Jeep Grand Cherokee SUVs, will address silicon deposits on the contact points of fuel pump relays that may interrupt electrical current, Fiat Chrysler said in a statement. It said it is unaware of any injuries or accidents related to the faulty vehicles. The Italian-American automaker had previously recalled most of the same SUVs in 2014 and 2015 for issues with their fuel pump relays. The company, which last month announced it planned to merge with Peugeot owner PSA, said it would notify owners at a later date when they will be able to schedule repairs at dealerships. The recall includes around 528,500 vehicles in the United States, 34,700 in Canada, 18,100 in Mexico and 116,500 outside North America, it said.

Fiat Chrysler to recall nearly 700,000 SUVs for electrical fault risk

Rating agency Moody's on Thursday slashed its outlook for German banks from "stable" to "negative", warning their profitability and creditworthiness would "decline" in the coming months.

"Banks' weak profitability will decline further as net interest income falls" amid low or negative interest rates set by the European Central Bank, Moody's vice-president Bernhard Held said in a statement.

While banks must for now set aside little cash to cover the risk of borrowers falling behind on payments, such charges are "unsustainably low", he judged.

Especially smaller banks that rely on customers' deposits for their funding are seeing profits sapped by low rates, which have prompted many bosses to blast the ECB for the policy.

Moody's noted that German banks "have had very limited success in improving their high cost-to-income ratios", spending around 80 euro cents for each euro of revenue in 2018.

Meanwhile, risk-averse depositors prefer to heap up cash in savings accounts rather than opt for riskier investments like stocks -- building deposits up to 40 percent of the sector's assets.

As banks cannot always find ways -- such as lending -- to put that cash to work in the real economy, they deposit large amounts with the ECB, which presently inflicts a negative interest rate of -0.5 per cent.

Banks have even been attempting to fend off new clients from opening accounts, passing on the negative rates to savers.

One Bavarian cooperative bank recently became the first to charge a negative rate from the first euro deposited in a savings account.

Rating agency Moody's on Thursday slashed its outlook for German banks from "stable" to "negative", warning their profitability and creditworthiness would "decline" in the coming months.

Rating agency Moody's on Thursday slashed its outlook for German banks from "stable" to "negative", warning their profitability and creditworthiness would "decline" in the coming months. "Banks' weak profitability will decline further as net interest income falls" amid low or negative interest rates set by the European Central Bank, Moody's vice-president Bernhard Held said in a statement. While banks must for now set aside little cash to cover the risk of borrowers falling behind on payments, such charges are "unsustainably low", he judged. Especially smaller banks that rely on customers' deposits for their funding are seeing profits sapped by low rates, which have prompted many bosses to blast the ECB for the policy. Moody's noted that German banks "have had very limited success in improving their high cost-to-income ratios", spending around 80 euro cents for each euro of revenue in 2018. Meanwhile, risk-averse depositors prefer to heap up cash in savings accounts rather than opt for riskier investments like stocks -- building deposits up to 40 percent of the sector's assets. As banks cannot always find ways -- such as lending -- to put that cash to work in the real economy, they deposit large amounts with the ECB, which presently inflicts a negative interest rate of -0.5 per cent. Banks have even been attempting to fend off new clients from opening accounts, passing on the negative rates to savers. One Bavarian cooperative bank recently became the first to charge a negative rate from the first euro deposited in a savings account.

Moody's sees 'negative' outlook for German banks

Indian shares ended lower on Thursday, dragged down by public sector stocks, as investors booked profits after the Nifty 50 index hit a multi-month high in the previous session.

The NSE Nifty 50 index ended 0.3 per cent lower at 11,968.40, while the S&amp;P BSE Sensex was down 0.2 per cent at 40,578.34.

In the previous session, the Nifty 50 index had hit its highest since June 6 and analysts said the market was consolidating as it tries to surpass previous highs.

The Nifty public sector bank index, energy index and metal index were top losers, falling 1.5 per cent to 2.2 per cent.

Zee Entertainment Enterprises ended up 12.4 per cent and was the top gainer on the Nifty index, while Bharat Petroleum Corp ended down 5.60 per cent and was the top loser.

The government agreed to sell stakes in five state-run companies, including oil refiner Bharat Petroleum Corp (BPCL), the finance minister said on Wednesday, a move that could help bridge a widening fiscal gap.

Meanwhile, Japan's Sony Corp is in talks to buy a stake in India's Network18 Media &amp; Investments Ltd, Bloomberg reported on Thursday, sending shares in billionaire Mukesh Ambani's TV business as much as 18 per cent higher.

Indian shares ended lower on Thursday, dragged down by public sector stocks, as investors booked profits after the Nifty 50 index hit a multi-month high in the previous session.

Indian shares ended lower on Thursday, dragged down by public sector stocks, as investors booked profits after the Nifty 50 index hit a multi-month high in the previous session. The NSE Nifty 50 index ended 0.3 per cent lower at 11,968.40, while the S&P BSE Sensex was down 0.2 per cent at 40,578.34. In the previous session, the Nifty 50 index had hit its highest since June 6 and analysts said the market was consolidating as it tries to surpass previous highs. The Nifty public sector bank index, energy index and metal index were top losers, falling 1.5 per cent to 2.2 per cent. Zee Entertainment Enterprises ended up 12.4 per cent and was the top gainer on the Nifty index, while Bharat Petroleum Corp ended down 5.60 per cent and was the top loser. The government agreed to sell stakes in five state-run companies, including oil refiner Bharat Petroleum Corp (BPCL), the finance minister said on Wednesday, a move that could help bridge a widening fiscal gap. Meanwhile, Japan's Sony Corp is in talks to buy a stake in India's Network18 Media & Investments Ltd, Bloomberg reported on Thursday, sending shares in billionaire Mukesh Ambani's TV business as much as 18 per cent higher.

Sensex, Nifty end lower; BPCL top loser

<a href="https://www.wionews.com/business-economy/renault-nissan-alliance-in-flux-a-year-after-ghosn-shock-262664">Fiat Chrysler</a> (FCA) said on Thursday talks with Peugeot owner PSA Group to create a $50 billion carmaking group were going well, despite FCA being sued for "substantial damages" by General Motors late on Wednesday.

<a href="wionews.com/world/united-states-adds-128000-jobs-in-october-jobless-rate-rises-to-36-amid-general-motors-strike-259312">General Motors </a>(GM) filed the lawsuit in the United States, alleging FCA had bribed United Auto Workers (UAW) union officials over many years to corrupt the bargaining process and gain advantages, costing GM billions of dollars.

"Talks are progressing smoothly," an FCA spokesman said on Thursday about discussions with PSA to create the world's fourth-biggest automaker.

Shares in FCA were down 3.4 per cent at 0840 GMT, while PSA shares were 1.4 per cent lower.

Asked whether the lawsuit might lead to a review of the two companies' valuations in the proposed merger deal, a source close to FCA replied: "No."

In a letter to employees, FCA Chief Executive Mike Manley said: "We are astonished by this filing, both it's content and its timing. We can only assume it was intended to disrupt our proposed merger with PSA."

FCA will vigorously defend itself against this "meritless" lawsuit, the letter, which was seen by Reuters, said.

"We will not be slowed down by this act," Manley said, adding: "Let’s keep the performance up as it has clearly got some of our competitors worried."

PSA declined to comment on the GM lawsuit and its potential impact on the merger talks.

Fiat Chrysler (FCA) said on Thursday talks with Peugeot owner PSA Group to create a $50 billion carmaking group were going well, despite FCA being sued for "substantial damages" by General Motors late on Wednesday.

Fiat Chrysler (FCA) said on Thursday talks with Peugeot owner PSA Group to create a $50 billion carmaking group were going well, despite FCA being sued for "substantial damages" by General Motors late on Wednesday. General Motors (GM) filed the lawsuit in the United States, alleging FCA had bribed United Auto Workers (UAW) union officials over many years to corrupt the bargaining process and gain advantages, costing GM billions of dollars. "Talks are progressing smoothly," an FCA spokesman said on Thursday about discussions with PSA to create the world's fourth-biggest automaker. Shares in FCA were down 3.4 per cent at 0840 GMT, while PSA shares were 1.4 per cent lower. Asked whether the lawsuit might lead to a review of the two companies' valuations in the proposed merger deal, a source close to FCA replied: "No." In a letter to employees, FCA Chief Executive Mike Manley said: "We are astonished by this filing, both it's content and its timing. We can only assume it was intended to disrupt our proposed merger with PSA." FCA will vigorously defend itself against this "meritless" lawsuit, the letter, which was seen by Reuters, said. "We will not be slowed down by this act," Manley said, adding: "Let’s keep the performance up as it has clearly got some of our competitors worried." PSA declined to comment on the GM lawsuit and its potential impact on the merger talks.

Fiat Chrysler says Peugeot talks progressing despite General Motors lawsuit

The data-collection business model fueling <a href="https://www.wionews.com/science-tech/facebook-to-welcome-its-first-ever-facebook-tv-18323">Facebook</a> and <a href="https://www.wionews.com/business-economy/google-pay-to-offer-checking-accounts-through-citi-stanford-federal-261964">Google</a> represents a threat to human rights around the world, Amnesty International said in a report Wednesday.

The organization argued that offering people free online services and then using information about them to target money-making ads imperils a gamut of rights including freedom of opinion and expression.

"Despite the real value of the services they provide, <a href="https://www.wionews.com/world/google-translates-sad-to-happy-angering-hong-kong-protesters-against-china-extradition-law-228536">Google</a> and Facebook's platforms come at a systemic cost," Amnesty said in its report, "Surveillance Giants."

"The companies' surveillance-based business model forces people to make a Faustian bargain, whereby they are only able to enjoy their human rights online by submitting to a system predicated on human rights abuse."

With ubiquitous surveillance, the two online giants are able to collect massive amounts of data which may be used against their customers, according to the London-based human rights group.

The business model is "inherently incompatible with the right to privacy," Amnesty contended.

The report maintained that the two Silicon Valley firms have established "near-total dominance over the primary channels through which people connect and engage with the online world," giving them unprecedented power over people's lives.

"Google and Facebook dominate our modern lives -- amassing unparalleled power over the digital world by harvesting and monetizing the personal data of billions of people," said Kumi Naidoo, Amnesty International's secretary-general.

"Their insidious control of our digital lives undermines the very essence of privacy and is one of the defining human rights challenges of our era."

The report called for governments to implement policies that ensure access to online services while protecting user privacy.

"Governments have an obligation to protect people from human rights abuses by corporations," Amnesty maintained.

"But for the past two decades, technology companies have been largely left to self-regulate."

Facebook pushed back against what it contended were inaccuracies in the report, saying it strongly disagreed with its business model being characterized as surveillance-based.

"Our business model is what allows us to offer an important service where people can exercise foundational human rights -- to have a voice (freedom of expression) and be able to connect (freedom of association and assembly)," said a letter from Facebook privacy and public policy director Steve Satterfield in an annex to the Amnesty report.

"Facebook's business model is not, as your summary suggests, driven by the collection of data about people."

Facebook spotlighted its measures implemented which limit data information used for ad targeting; controls provided to users regarding their data; and steps taken to restrict abuses by apps on the social network.

"As you correctly note, we do not sell data; we sell ads," Facebook said.

Facebook chief and co-founder <a href="https://www.wionews.com/business-economy/snapchat-checks-for-misleading-political-advertisements-to-enforce-ban-263042">Mark Zuckerberg</a> has called for governments to implement uniform rules regarding data-handling instead of leaving private companies to make crucial social decisions such as the limits of free speech.

Google did not offer a specific written response.

But the Amnesty report noted that Google announced this month it would limit data that it shares with advertisers through its ad auction platform, following the launch of an inquiry by the Irish data protection authority and had launched a new feature allowing users to delete location data.

The data-collection business model fueling Facebook and Google represents a threat to human rights around the world, Amnesty International said in a report Wednesday.

The data-collection business model fueling Facebook and Google represents a threat to human rights around the world, Amnesty International said in a report Wednesday. The organization argued that offering people free online services and then using information about them to target money-making ads imperils a gamut of rights including freedom of opinion and expression. "Despite the real value of the services they provide, Google and Facebook's platforms come at a systemic cost," Amnesty said in its report, "Surveillance Giants." "The companies' surveillance-based business model forces people to make a Faustian bargain, whereby they are only able to enjoy their human rights online by submitting to a system predicated on human rights abuse." With ubiquitous surveillance, the two online giants are able to collect massive amounts of data which may be used against their customers, according to the London-based human rights group. The business model is "inherently incompatible with the right to privacy," Amnesty contended. The report maintained that the two Silicon Valley firms have established "near-total dominance over the primary channels through which people connect and engage with the online world," giving them unprecedented power over people's lives. "Google and Facebook dominate our modern lives -- amassing unparalleled power over the digital world by harvesting and monetizing the personal data of billions of people," said Kumi Naidoo, Amnesty International's secretary-general. "Their insidious control of our digital lives undermines the very essence of privacy and is one of the defining human rights challenges of our era." The report called for governments to implement policies that ensure access to online services while protecting user privacy. "Governments have an obligation to protect people from human rights abuses by corporations," Amnesty maintained. "But for the past two decades, technology companies have been largely left to self-regulate." Facebook pushed back against what it contended were inaccuracies in the report, saying it strongly disagreed with its business model being characterized as surveillance-based. "Our business model is what allows us to offer an important service where people can exercise foundational human rights -- to have a voice (freedom of expression) and be able to connect (freedom of association and assembly)," said a letter from Facebook privacy and public policy director Steve Satterfield in an annex to the Amnesty report. "Facebook's business model is not, as your summary suggests, driven by the collection of data about people." Facebook spotlighted its measures implemented which limit data information used for ad targeting; controls provided to users regarding their data; and steps taken to restrict abuses by apps on the social network. "As you correctly note, we do not sell data; we sell ads," Facebook said. Facebook chief and co-founder Mark Zuckerberg has called for governments to implement uniform rules regarding data-handling instead of leaving private companies to make crucial social decisions such as the limits of free speech. Google did not offer a specific written response. But the Amnesty report noted that Google announced this month it would limit data that it shares with advertisers through its ad auction platform, following the launch of an inquiry by the Irish data protection authority and had launched a new feature allowing users to delete location data.

Google, Facebook business models threat to rights: Amnesty report

Indian shares&nbsp;inched&nbsp;lower&nbsp;on Thursday as investors booked profits after the government said it had approved stake sales in some state-run companies, while&nbsp;Zee&nbsp;Entertainment Enterprises surged on the promoter group's plan to pare holdings.

The government agreed to sell stakes in five state-run companies, including oil refiner <a href="https://www.wionews.com/business-economy/india-to-offload-bharat-petroleum-in-state-stake-sell-off-263518">Bharat Petroleum Corp</a> (BPCL), its finance minister said on Wednesday, a move that could help bridge a widening fiscal gap.

"A lot of good news is already factored into prices. It's actually bought on the rumour and sell on the news," said Sunil Sharma, chief investment officer at Sanctum Wealth Management in Mumbai.

"Markets are basically fighting to reach new highs. What we actually need to see now is a little bit of improvement in economic news."

The <a href="https://www.wionews.com/business-economy/nifty-sensex-edge-higher-bank-telecom-stocks-gain-263079">NSE&nbsp;Nifty&nbsp;50&nbsp;</a>index fell 0.2 per cent&nbsp;to 11,978, while the S&amp;P BSE&nbsp;Sensex&nbsp;was down 0.1 per cent&nbsp;at 40,630.16.

On Wednesday, the government also allowed telecom operators to defer payments due for airwaves bought via auction until the end of March 2022, giving some respite after a court ruled they must pay overdue levies and interest of nearly $13 billion.

Bharti Airtel and Vodafone Idea have warned that their operations may be under threat unless the government stops hitting operators with higher taxes and charges.

Meanwhile, the central bank said on Wednesday it would begin bankruptcy proceedings against Dewan Housing Finance Corp (DHFL).

DHFL owes its lenders nearly 1 trillion rupees ($14 billion), including several mutual funds, banks, pension funds, insurance firms and retail investors.

Zee&nbsp;Entertainment Enterprises surged 7.50 per cent&nbsp;and was the&nbsp;top&nbsp;gainer&nbsp;in the&nbsp;Nifty&nbsp;50 after promoter <a href="https://www.wionews.com/india-news/prime-minister-narendra-modi-to-address-conclave-of-accountants-in-delhi-today-263523">Essel Group</a> said on Wednesday it was planning to sell about 16.5 per cent&nbsp;stake in the company.

Indian shares inched lower on Thursday as investors booked profits after the government said it had approved stake sales in some state-run companies, while Zee Entertainment Enterprises surged on the promoter group's plan to pare holdings.

Indian shares inched lower on Thursday as investors booked profits after the government said it had approved stake sales in some state-run companies, while Zee Entertainment Enterprises surged on the promoter group's plan to pare holdings. The government agreed to sell stakes in five state-run companies, including oil refiner Bharat Petroleum Corp (BPCL), its finance minister said on Wednesday, a move that could help bridge a widening fiscal gap. "A lot of good news is already factored into prices. It's actually bought on the rumour and sell on the news," said Sunil Sharma, chief investment officer at Sanctum Wealth Management in Mumbai. "Markets are basically fighting to reach new highs. What we actually need to see now is a little bit of improvement in economic news." The NSE Nifty 50 index fell 0.2 per cent to 11,978, while the S&P BSE Sensex was down 0.1 per cent at 40,630.16. On Wednesday, the government also allowed telecom operators to defer payments due for airwaves bought via auction until the end of March 2022, giving some respite after a court ruled they must pay overdue levies and interest of nearly $13 billion. Bharti Airtel and Vodafone Idea have warned that their operations may be under threat unless the government stops hitting operators with higher taxes and charges. Meanwhile, the central bank said on Wednesday it would begin bankruptcy proceedings against Dewan Housing Finance Corp (DHFL). DHFL owes its lenders nearly 1 trillion rupees ($14 billion), including several mutual funds, banks, pension funds, insurance firms and retail investors. Zee Entertainment Enterprises surged 7.50 per cent and was the top gainer in the Nifty 50 after promoter Essel Group said on Wednesday it was planning to sell about 16.5 per cent stake in the company.

Nifty, Sensex inch lower; Zee top gainer in Nifty 50

Chinese&nbsp;airlines&nbsp;are adding seats on short- and mid-range&nbsp;<a href="https://www.wionews.com/business-economy/asian-airlines-slash-flights-to-hong-kong-as-unrest-escalates-262832">Asian flights</a> in a strategic shift away from prestigious but loss-making North American routes to a market that promises better returns and growth.

Over the past decade, the number of seats on US&nbsp;routes operated by China's top three state-owned carriers rose fourfold, but such breakneck expansion came at a price. The nation's international aviation industry has been in the red for at least three years, with&nbsp;losses&nbsp;reaching 21.9 billion yuan ($3.13 billion) in 2018, according to recent China Air Transport Association data.

In response,&nbsp;Chinese&nbsp;airlines&nbsp;are increasingly seeking growth closer to home. Out of 105 international routes that&nbsp;Chinese&nbsp;carriers plan to add to over 800 existing ones for the new winter-spring season, most focus on East&nbsp;Asia&nbsp;and Southeast&nbsp;Asia&nbsp;with some European routes also thrown into the mix.

"Chinese&nbsp;carriers are now taking a more commercial approach to international services," said John Grant, senior analyst at aviation data firm OAG. "If you could fly an aircraft for four hours and stay profitable compared to a 12-hour sector and not make any money, then you could do that thrice on a daily basis, thus making a better business sense."

For example, China Eastern has recently received approvals to open new routes from tier-two cities of Qingdao and Chengdu to South Korea's Cheongju-si and to Osaka in Japan. It will also fly Shanghai to Aomori Prefecture in Japan and from Xining to Japan's Nagoya.

Loong Air too received approval last month to open a new route linking Chengdu with Jakarta. Air China has been operating a Beijing-Phnom Penh route since the start of this year and China Southern has been flying from Guangzhou to Cebu in the Philippines since January.

The&nbsp;airlines&nbsp;have not responded to requests for comment.

And as demand on North American routes weakens, four&nbsp;Chinese&nbsp;airlines&nbsp;have dropped six US-bound flights so far this year, according to aviation data provider Variflight. For example, Air China suspended Beijing-Hawaii flights in August while Xiamen&nbsp;Airlines&nbsp;suspended its Xiamen-Shenzhen-Seattle route.

After a decade of double-digit growth,&nbsp;Chinese&nbsp;visitor numbers to the United States have fallen last year and the US&nbsp;National Travel and Tourism office forecasts another 5 per cent&nbsp;decline this year as a combination of a stronger dollar, China's cooling economy and trade tensions between Beijing and Washington take their toll.

US&nbsp;Travel Association Chief Executive Roger Dow told Reuters the US&nbsp;share of the global&nbsp;long-haul&nbsp;market has shrunk to 11.7 per cent&nbsp;last year from 13.7 per cent in 2015.

In all, while the number of seats on flights to North America operated by China's top three&nbsp;airlines, rose 2.9 per cent&nbsp;in the past three years, the capacity on Southeast&nbsp;Asian and European routes jumped 30.6 per cent&nbsp;and 34.6 per cent&nbsp;respectively.&nbsp;

"The demand on North American routes is not as strong as before, so&nbsp;airlines&nbsp;are shifting their capacity on these routes to places like Japan, South Korea and Southeast&nbsp;Asia, to protect their fares," Luya You, transportation analyst at BOCOM International said.

She added Air China and China Southern management expected Japan and Korea to contribute most capacity growth next year with slower growth in North America.

Long-haul&nbsp;flights tend to be more lucrative for&nbsp;airlines&nbsp;because there is less competition from low-cost carriers than on short routes, which means higher fares can more than make up for the higher cost of fuel, bigger planes and bigger crews.

However, as&nbsp;Chinese&nbsp;airlines, backed by state and local government subsidies, chased market share they have driven their&nbsp;long-haul&nbsp;rates so low that they stand to make more money on international routes closer to home, experts say.

OAG's Grant says they can do that without much additional investment because latest generation wide-body aircraft can also work well on shorter routes.

At the end of 2018, China's top three carriers had orders for 60&nbsp;long-haul&nbsp;planes, mostly Boeing 787s and 777s and Airbus A350s, all of which can be easily reassigned.

"Undoubtedly, Southeast&nbsp;Asia&nbsp;is where they are going to reallocate their order over the next couple of years," Grant said.

Chinese airlines are adding seats on short- and mid-range Asian flights in a strategic shift away from prestigious but loss-making North American routes to a market that promises better returns and growth.

Chinese airlines are adding seats on short- and mid-range Asian flights in a strategic shift away from prestigious but loss-making North American routes to a market that promises better returns and growth. Over the past decade, the number of seats on US routes operated by China's top three state-owned carriers rose fourfold, but such breakneck expansion came at a price. The nation's international aviation industry has been in the red for at least three years, with losses reaching 21.9 billion yuan ($3.13 billion) in 2018, according to recent China Air Transport Association data. In response, Chinese airlines are increasingly seeking growth closer to home. Out of 105 international routes that Chinese carriers plan to add to over 800 existing ones for the new winter-spring season, most focus on East Asia and Southeast Asia with some European routes also thrown into the mix. "Chinese carriers are now taking a more commercial approach to international services," said John Grant, senior analyst at aviation data firm OAG. "If you could fly an aircraft for four hours and stay profitable compared to a 12-hour sector and not make any money, then you could do that thrice on a daily basis, thus making a better business sense." For example, China Eastern has recently received approvals to open new routes from tier-two cities of Qingdao and Chengdu to South Korea's Cheongju-si and to Osaka in Japan. It will also fly Shanghai to Aomori Prefecture in Japan and from Xining to Japan's Nagoya. Loong Air too received approval last month to open a new route linking Chengdu with Jakarta. Air China has been operating a Beijing-Phnom Penh route since the start of this year and China Southern has been flying from Guangzhou to Cebu in the Philippines since January. The airlines have not responded to requests for comment. And as demand on North American routes weakens, four Chinese airlines have dropped six US-bound flights so far this year, according to aviation data provider Variflight. For example, Air China suspended Beijing-Hawaii flights in August while Xiamen Airlines suspended its Xiamen-Shenzhen-Seattle route. After a decade of double-digit growth, Chinese visitor numbers to the United States have fallen last year and the US National Travel and Tourism office forecasts another 5 per cent decline this year as a combination of a stronger dollar, China's cooling economy and trade tensions between Beijing and Washington take their toll. US Travel Association Chief Executive Roger Dow told Reuters the US share of the global long-haul market has shrunk to 11.7 per cent last year from 13.7 per cent in 2015. In all, while the number of seats on flights to North America operated by China's top three airlines, rose 2.9 per cent in the past three years, the capacity on Southeast Asian and European routes jumped 30.6 per cent and 34.6 per cent respectively. "The demand on North American routes is not as strong as before, so airlines are shifting their capacity on these routes to places like Japan, South Korea and Southeast Asia, to protect their fares," Luya You, transportation analyst at BOCOM International said. She added Air China and China Southern management expected Japan and Korea to contribute most capacity growth next year with slower growth in North America. Long-haul flights tend to be more lucrative for airlines because there is less competition from low-cost carriers than on short routes, which means higher fares can more than make up for the higher cost of fuel, bigger planes and bigger crews. However, as Chinese airlines, backed by state and local government subsidies, chased market share they have driven their long-haul rates so low that they stand to make more money on international routes closer to home, experts say. OAG's Grant says they can do that without much additional investment because latest generation wide-body aircraft can also work well on shorter routes. At the end of 2018, China's top three carriers had orders for 60 long-haul planes, mostly Boeing 787s and 777s and Airbus A350s, all of which can be easily reassigned. "Undoubtedly, Southeast Asia is where they are going to reallocate their order over the next couple of years," Grant said.

Chinese airlines turn to Asia as long-haul losses pile up

<a href="https://www.wionews.com/world/north-china-mine-explosion-kills-15-injures-9-263032">China</a>&nbsp;raised its&nbsp;coal-fired&nbsp;power&nbsp;capacity&nbsp;by 42.9 gigawatts (GW), or about 4.5 per cent, in the 18 months to June, connecting new projects to the grid at a time when&nbsp;capacity&nbsp;in the rest of the world shrank, according to a&nbsp;study&nbsp;published on Wednesday.

China&nbsp;also has another 121.3 GW of&nbsp;coal-fired&nbsp;power&nbsp;plants under construction, US-based&nbsp;research network&nbsp;Global&nbsp;Energy Monitor said in its report, nearly enough to&nbsp;power&nbsp;the whole of France.

The increase followed a 2014-2016 "permitting surge" by local governments aiming to boost growth while formerly suspended projects have also been restarted,&nbsp;Global&nbsp;Energy Monitor said. In the rest of the world,&nbsp;coal-fired&nbsp;power&nbsp;capacity&nbsp;fell 8.1 GW over the same period.

To cut pollution and <a href="https://www.wionews.com/world/climate-change-and-its-impact-to-cost-world-79-trillion-by-2050-study-263263">greenhouse </a><a href="https://www.wionews.com/world/big-companies-commit-to-slash-emissions-ahead-of-un-climate-summit-251143">gas emissions</a>,&nbsp;China&nbsp;has promised an "energy revolution" aimed at dramatically reducing its reliance on&nbsp;coal. It cut&nbsp;coal's share of the country's total energy from 68 per cent&nbsp;in 2012 to 59 per cent last year, and researchers predict it will fall to 55.3 per cent&nbsp;by 2020.

Absolute&nbsp;coal&nbsp;consumption, however, has continued to increase in line with a rise in overall Chinese energy demand.

And environmental groups have accused Beijing of relaxing its efforts on&nbsp;coal, pointing to remarks in October by <a href="https://www.wionews.com/world/china-launches-new-crackdown-on-chemical-safety-261981">Premier Li Keqiang</a>, who urged&nbsp;China&nbsp;to make greater use of its&nbsp;coal&nbsp;"endowment" by building clean&nbsp;power&nbsp;plants.

China&nbsp;approved new 40&nbsp;coal&nbsp;mines in the first three quarters of 2019, and it has continued to make use of "green" financing to support&nbsp;coal-related projects.

China's total&nbsp;coal-fired&nbsp;power&nbsp;capacity&nbsp;stands at more than 1,000 GW.&nbsp;Global&nbsp;Energy Monitor said it needed to close more than 40 per cent of that to meet greenhouse gas reductions required to keep&nbsp;global&nbsp;temperature rises well below 2 degrees Celsius.

It urged the government to strengthen policies discouraging&nbsp;coal&nbsp;plants, support low-carbon&nbsp;power&nbsp;and move toward clean energy, while an investor body warned of the risk of building new&nbsp;coal-fired&nbsp;plants.

"Over 40 per cent of&nbsp;China's existing&nbsp;coal&nbsp;fleet is already estimated to be loss-making," said Stephanie Pfeifer, chief executive of the Institutional Investors Group on Climate Change.

Though costs are now as low as fossil fuels, some Chinese policymakers worry renewables like wind and solar are unreliable, and there are concerns that decarbonisation will hurt the country's&nbsp;coal&nbsp;regions.

Some also believe that future energy shortages could hurt&nbsp;China's attempts to address its slowing economy, said Yang Fuqiang, senior advisor with the Natural Resources Defense Council, a US&nbsp;environment group.

"Right now there is a big argument about whether&nbsp;China&nbsp;needs more&nbsp;coal-fired&nbsp;power&nbsp;or not," he told Reuters. "They think the fourteenth five-year plan (2021-2025) will stimulate economic development and they are a little afraid there won't be enough electricity to support the economy."

China raised its coal-fired power capacity by 42.9 gigawatts (GW), or about 4.5 per cent, in the 18 months to June, connecting new projects to the grid at a time when capacity in the rest of the world shrank, according to a study published on Wednesday.

China raised its coal-fired power capacity by 42.9 gigawatts (GW), or about 4.5 per cent, in the 18 months to June, connecting new projects to the grid at a time when capacity in the rest of the world shrank, according to a study published on Wednesday. China also has another 121.3 GW of coal-fired power plants under construction, US-based research network Global Energy Monitor said in its report, nearly enough to power the whole of France. The increase followed a 2014-2016 "permitting surge" by local governments aiming to boost growth while formerly suspended projects have also been restarted, Global Energy Monitor said. In the rest of the world, coal-fired power capacity fell 8.1 GW over the same period. To cut pollution and greenhouse gas emissions, China has promised an "energy revolution" aimed at dramatically reducing its reliance on coal. It cut coal's share of the country's total energy from 68 per cent in 2012 to 59 per cent last year, and researchers predict it will fall to 55.3 per cent by 2020. Absolute coal consumption, however, has continued to increase in line with a rise in overall Chinese energy demand. And environmental groups have accused Beijing of relaxing its efforts on coal, pointing to remarks in October by Premier Li Keqiang, who urged China to make greater use of its coal "endowment" by building clean power plants. China approved new 40 coal mines in the first three quarters of 2019, and it has continued to make use of "green" financing to support coal-related projects. China's total coal-fired power capacity stands at more than 1,000 GW. Global Energy Monitor said it needed to close more than 40 per cent of that to meet greenhouse gas reductions required to keep global temperature rises well below 2 degrees Celsius. It urged the government to strengthen policies discouraging coal plants, support low-carbon power and move toward clean energy, while an investor body warned of the risk of building new coal-fired plants. "Over 40 per cent of China's existing coal fleet is already estimated to be loss-making," said Stephanie Pfeifer, chief executive of the Institutional Investors Group on Climate Change. Though costs are now as low as fossil fuels, some Chinese policymakers worry renewables like wind and solar are unreliable, and there are concerns that decarbonisation will hurt the country's coal regions. Some also believe that future energy shortages could hurt China's attempts to address its slowing economy, said Yang Fuqiang, senior advisor with the Natural Resources Defense Council, a US environment group. "Right now there is a big argument about whether China needs more coal-fired power or not," he told Reuters. "They think the fourteenth five-year plan (2021-2025) will stimulate economic development and they are a little afraid there won't be enough electricity to support the economy."

China coal-fired power capacity still rising, bucking global trend

A top US regulatory official on Tuesday said an investigation into a 2018 fatal crash involving a self-driving<a href="https://www.wionews.com/business-economy/uber-launches-new-safety-features-in-uk-as-it-fights-for-new-licence-261988"> Uber</a> car revealed "an ineffective safety culture" at the rideshare company.

<a href="https://www.wionews.com/world/united-states-nhtsa-reviewing-claims-2000-tesla-vehicles-should-have-been-recalled-253935">National Transportation Safety Board </a>chairman Robert Sumwalt made the remark while discussing a collision early last year in Arizona that killed a woman.

"The inappropriate actions of both the automated driving system, as implemented, and the vehicle's human operator, were symptoms of a deeper problem: an ineffective safety culture," Sumwalt said in his opening statement at the hearing.

The NTSB in March of last year sent a team to Tempe, Arizona, to investigate the fatal collision of an <a href="https://www.wionews.com/business-economy/judge-dismisses-uber-lawsuit-opposing-new-york-city-vehicle-license-caps-259652">Uber vehicle</a> and a pedestrian.

The Uber vehicle was part of the company's self-driving fleet of vehicles.

"Although the vehicle's sensors first noted the pedestrian 5.6 seconds before impact, the system waffled between classifying her as a vehicle, a bicycle, or 'other,'" Sumwalt said.

Uber had disabled a factory-installed collision warning system and automatic emergency braking system while the Volvo sport utility vehicle was being used to test Uber autonomous driving capabilities, according to the NTSB.

The pedestrian was dressed in dark clothing and was pushing a bicycle that had no side reflectors when she crossed an unlighted section of roadway at night.

Uber temporarily suspended its autonomous ridesharing program, eventually putting its self-driving cars back on the road in Pittsburgh in "manual mode," with a driver at the wheel at all times.

A top US regulatory official on Tuesday said an investigation into a 2018 fatal crash involving a self-driving Uber car revealed "an ineffective safety culture" at the rideshare company.

A top US regulatory official on Tuesday said an investigation into a 2018 fatal crash involving a self-driving Uber car revealed "an ineffective safety culture" at the rideshare company. National Transportation Safety Board chairman Robert Sumwalt made the remark while discussing a collision early last year in Arizona that killed a woman. "The inappropriate actions of both the automated driving system, as implemented, and the vehicle's human operator, were symptoms of a deeper problem: an ineffective safety culture," Sumwalt said in his opening statement at the hearing. The NTSB in March of last year sent a team to Tempe, Arizona, to investigate the fatal collision of an Uber vehicle and a pedestrian. The Uber vehicle was part of the company's self-driving fleet of vehicles. "Although the vehicle's sensors first noted the pedestrian 5.6 seconds before impact, the system waffled between classifying her as a vehicle, a bicycle, or 'other,'" Sumwalt said. Uber had disabled a factory-installed collision warning system and automatic emergency braking system while the Volvo sport utility vehicle was being used to test Uber autonomous driving capabilities, according to the NTSB. The pedestrian was dressed in dark clothing and was pushing a bicycle that had no side reflectors when she crossed an unlighted section of roadway at night. Uber temporarily suspended its autonomous ridesharing program, eventually putting its self-driving cars back on the road in Pittsburgh in "manual mode," with a driver at the wheel at all times.

Uber safety culture lacking in autonomous car incident