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Equity indices on Thursday soared in opening trade with BSE Sensex surging 200 points, touching a record high at 40,670.46. Nifty, on the other hand, crossed the 12,000 mark, rising over 50 points.&nbsp;

The cheer in the domestic stock market comes after Finance Minister Nirmala Sitharaman on Wednesday announced that the Union Cabinet had approved a Rs 25,000-crore <a href="https://www.wionews.com/india-news/government-to-clear-rs-25000-crore-fund-to-revive-stalled-housing-projects-nirmala-sitharaman-260384">fund for stalled middle and low-income housing projects</a>.

The government plans to give a boost to the housing market to revive over 1600 stalled housing projects covering 4.58 lakh units.

"A special window will be made, that will be an alternative investment fund (AIF). The government will first fund Rs 10,000 crore. There will be participation from SBI and LIC to place funds. The total funding from the government and SBI and LIC put together is expected to have a starting value at around Rs 25,000 crore," said Finance Minister. 
Addressing a press conference after the cabinet meeting, Finance Minister Nirmala Sitharaman said the fund will provide relief to developers with unfinished projects and ensure delivery of homes to buyers. 
The minister said over 1,600 housing projects are stalled and about 4.58 lakh housing units are stuck in it. She said the fund will be set up as a Category-11 AIF (Alternate Investment Fund) debt fund registered with SEBI and would be professionally run.

"For these incomplete projects, we will put money into an escrow account. Those incomplete projects registered with RERA will get funded for the last finishing projects after assessing their net worth if it is positive. The money will be given in stages. So, people will not have to worry about projects getting completed or not," she said. 
&nbsp;

Equity indices on Thursday soared in opening trade with BSE Sensex surging 200 points, touching a record high at 40,670.46. Nifty, on the other hand, crossed the 12,000 mark, rising over 50 points.

Equity indices on Thursday soared in opening trade with BSE Sensex surging 200 points, touching a record high at 40,670.46. Nifty, on the other hand, crossed the 12,000 mark, rising over 50 points. The cheer in the domestic stock market comes after Finance Minister Nirmala Sitharaman on Wednesday announced that the Union Cabinet had approved a Rs 25,000-crore fund for stalled middle and low-income housing projects. The government plans to give a boost to the housing market to revive over 1600 stalled housing projects covering 4.58 lakh units. "A special window will be made, that will be an alternative investment fund (AIF). The government will first fund Rs 10,000 crore. There will be participation from SBI and LIC to place funds. The total funding from the government and SBI and LIC put together is expected to have a starting value at around Rs 25,000 crore," said Finance Minister. Addressing a press conference after the cabinet meeting, Finance Minister Nirmala Sitharaman said the fund will provide relief to developers with unfinished projects and ensure delivery of homes to buyers. The minister said over 1,600 housing projects are stalled and about 4.58 lakh housing units are stuck in it. She said the fund will be set up as a Category-11 AIF (Alternate Investment Fund) debt fund registered with SEBI and would be professionally run. "For these incomplete projects, we will put money into an escrow account. Those incomplete projects registered with RERA will get funded for the last finishing projects after assessing their net worth if it is positive. The money will be given in stages. So, people will not have to worry about projects getting completed or not," she said.

Markets open in green; Sensex soars 200 points, touches record high 

Emirates, one of the world's biggest international airlines, said on Thursday profit nearly quadrupled in the first half of the year, bouncing back from a decade low half-year profit a year ago.

The dubai-based Emirates, which is owned by the state, benefited from a decline in global fuel prices although it said it was hit by unfavourable currency movements.

The airline, which said last month its profits would be considerably better, made 862 million dirhams&nbsp;in the six months to September 30, compared to the 226 million dirhams it made a year ago.

Revenue fell 3 per cent&nbsp;to 47.3 billion dirhams with operating costs cut by 8 per cent, helped by the decline in fuel costs.

Emirates carried 29.6 million passengers, a 2 per cent&nbsp;decline after the airline reduced the number of seats it offered by 5% in part due to a 45-day closure of a runway at its Dubai hub.

The amount of cargo it carried declined by 8 per cent&nbsp;to 1.2 million tonnes.

"The global outlook is difficult to predict, but we expect the airline and travel industry to continue facing headwinds over the next six months with stiff competition adding downward pressure on margins," said Chairman Sheikh Ahmed bin Saeed al-Maktoum.

Emirates Group, which includes the airline and airport services unit dnta, made 1.2 billion dirhams, up 8 per cent. Revenue shrank 2 per cent&nbsp;to 53.3 billion.

Sheikh Ahmed said the fuel bill was 2 billion dirhams cheaper than a year ago but said unfavourable currency fluctuations cost it 1.2 billion in profit.

Dnata, which operates at airports around the world, suffered a 64% fall in profit to 311 million dirhams. It booked an 84 million dirhams impairment on amounts it was owed following the collapse of Thomas Cook in September.

Thomas Cook's bankruptcy has had a broad impact, affecting hotel owners across Europe, holiday booking sites in Asia and airline support services around the world.

Emirates, one of the world's biggest international airlines, said on Thursday profit nearly quadrupled in the first half of the year, bouncing back from a decade low half-year profit a year ago.

Emirates, one of the world's biggest international airlines, said on Thursday profit nearly quadrupled in the first half of the year, bouncing back from a decade low half-year profit a year ago. The dubai-based Emirates, which is owned by the state, benefited from a decline in global fuel prices although it said it was hit by unfavourable currency movements. The airline, which said last month its profits would be considerably better, made 862 million dirhams in the six months to September 30, compared to the 226 million dirhams it made a year ago. Revenue fell 3 per cent to 47.3 billion dirhams with operating costs cut by 8 per cent, helped by the decline in fuel costs. Emirates carried 29.6 million passengers, a 2 per cent decline after the airline reduced the number of seats it offered by 5% in part due to a 45-day closure of a runway at its Dubai hub. The amount of cargo it carried declined by 8 per cent to 1.2 million tonnes. "The global outlook is difficult to predict, but we expect the airline and travel industry to continue facing headwinds over the next six months with stiff competition adding downward pressure on margins," said Chairman Sheikh Ahmed bin Saeed al-Maktoum. Emirates Group, which includes the airline and airport services unit dnta, made 1.2 billion dirhams, up 8 per cent. Revenue shrank 2 per cent to 53.3 billion. Sheikh Ahmed said the fuel bill was 2 billion dirhams cheaper than a year ago but said unfavourable currency fluctuations cost it 1.2 billion in profit. Dnata, which operates at airports around the world, suffered a 64% fall in profit to 311 million dirhams. It booked an 84 million dirhams impairment on amounts it was owed following the collapse of Thomas Cook in September. Thomas Cook's bankruptcy has had a broad impact, affecting hotel owners across Europe, holiday booking sites in Asia and airline support services around the world.

Emirates airlines first half profit surges on cheaper fuel, cost cuts

Indian markets continued dominant run on Thursday with Sensex closing at a record level of 40,653.74 and NSE Nifty ending a tad over the 12000-mark.

Earlier on Wednesday, markets made a strong comeback after finance minister Nirmala Sitharaman announced the approval of Rs 25,000 crore package to revive stalled housing projects.

During the day, BSE Sensex gained 183.9 points or 0.45 per cent to close at 40,653.74 while NSE Nifty rose 46 points or 0.38 per cent to end with 12,012 points.&nbsp;

Sun Pharma was the biggest gainer in the Sensex with a rise of 3.5 per cent in the share value after reporting a quarterly profit&nbsp;of Rs 1064 crore. IndusInd Bank, Asian Paints, Reliance, ITC, HDFC, HDFC Bank, and Infosys were the other winners in the 30-share index.

The impact of Centre's package to the real estate sector was felt on NSE Nifty as the share value of Sobha Ltd and Prestige Estates Projects, Phoenix Mills and Indiabulls Real Estate Limited rose.

Sensex's latest high meant that it ended green in nine out of the last ten sessions due to factors such as better than expected quarterly figures, corporate tax cuts and measures taken by the government to boost Indian economy.

(With inputs from agencies)

Indian markets continued dominant run on Thursday with Sensex closing at a record level of 40,653.74 and NSE Nifty ending a tad over the 12000-mark. Earlier on Wednesday, markets made a strong comeback after finance minister Nirmala Sitharaman announced the approval of Rs 25,000 crore package to revive stalled housing projects.

Indian markets continued dominant run on Thursday with Sensex closing at a record level of 40,653.74 and NSE Nifty ending a tad over the 12000-mark. Earlier on Wednesday, markets made a strong comeback after finance minister Nirmala Sitharaman announced the approval of Rs 25,000 crore package to revive stalled housing projects. During the day, BSE Sensex gained 183.9 points or 0.45 per cent to close at 40,653.74 while NSE Nifty rose 46 points or 0.38 per cent to end with 12,012 points. Sun Pharma was the biggest gainer in the Sensex with a rise of 3.5 per cent in the share value after reporting a quarterly profit of Rs 1064 crore. IndusInd Bank, Asian Paints, Reliance, ITC, HDFC, HDFC Bank, and Infosys were the other winners in the 30-share index. The impact of Centre's package to the real estate sector was felt on NSE Nifty as the share value of Sobha Ltd and Prestige Estates Projects, Phoenix Mills and Indiabulls Real Estate Limited rose. Sensex's latest high meant that it ended green in nine out of the last ten sessions due to factors such as better than expected quarterly figures, corporate tax cuts and measures taken by the government to boost Indian economy. (With inputs from agencies)

Indian markets continue strong run as Sensex closes at record high

World food prices rose for the first time in five months in October, boosted by jumps in quotations for sugar and cereals, the United Nations food agency said on Thursday.

The Food and Agriculture Organization (FAO) food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 172.7 points in October, up 1.7 per cent&nbsp;on the previous month and 6.0 per cent&nbsp;year-on-year.

FAO also predicted that cereal production would be 2.704 billion tonnes in 2019, slightly lower than its last forecast.

The FAO sugar price index jumped 5.8 per cent&nbsp;from September levels, largely because of expectations of lower supplies in the year ahead following forecasts of large reductions in sugar output in India and Thailand.

The cereal price index rose 4.2 per cent, with wheat and maize export prices climbing on the back of reduced crop prospects in several major producing countries and "robust trade activity". By contrast, rice prices fell, hit by subdued demand and expectations of an abundant basmati harvest.

The vegetable oil price index increased 0.5 per cent&nbsp;to reach its highest level in more than a year, while the meat price index rose 0.9 per cent, driven by higher import demand, especially from China.

By contrast, the dairy price index dropped 0.7per cent&nbsp;in October, as lower quotations for cheese offset increases in those for skimmed and whole milk powders, FAO said.

FAO lowered its forecast for global cereal production in 2019 by some 2 million tonnes, pegging world cereal output at 2.704 billion tonnes, but still up 1.8 per cent&nbsp;from 2018 levels.

The U.N. agency said worldwide coarse grain production in 2019 was seen at 1.425 billion tonnes, down 1.3 million on the previous forecast.

Wheat output was seen at 765 million tonnes, down nearly 1 million tonnes on the last outlook, but still on course to set a new record and up 4.5 per cent&nbsp;on 2018 levels.

The forecast for global rice production was put at 513.4 million tonnes, little changed on the previous forecast and slightly below 2018 levels.

World food prices rose for the first time in five months in October, boosted by jumps in quotations for sugar and cereals, the United Nations food agency said on Thursday.

World food prices rose for the first time in five months in October, boosted by jumps in quotations for sugar and cereals, the United Nations food agency said on Thursday. The Food and Agriculture Organization (FAO) food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 172.7 points in October, up 1.7 per cent on the previous month and 6.0 per cent year-on-year. FAO also predicted that cereal production would be 2.704 billion tonnes in 2019, slightly lower than its last forecast. The FAO sugar price index jumped 5.8 per cent from September levels, largely because of expectations of lower supplies in the year ahead following forecasts of large reductions in sugar output in India and Thailand. The cereal price index rose 4.2 per cent, with wheat and maize export prices climbing on the back of reduced crop prospects in several major producing countries and "robust trade activity". By contrast, rice prices fell, hit by subdued demand and expectations of an abundant basmati harvest. The vegetable oil price index increased 0.5 per cent to reach its highest level in more than a year, while the meat price index rose 0.9 per cent, driven by higher import demand, especially from China. By contrast, the dairy price index dropped 0.7per cent in October, as lower quotations for cheese offset increases in those for skimmed and whole milk powders, FAO said. FAO lowered its forecast for global cereal production in 2019 by some 2 million tonnes, pegging world cereal output at 2.704 billion tonnes, but still up 1.8 per cent from 2018 levels. The U.N. agency said worldwide coarse grain production in 2019 was seen at 1.425 billion tonnes, down 1.3 million on the previous forecast. Wheat output was seen at 765 million tonnes, down nearly 1 million tonnes on the last outlook, but still on course to set a new record and up 4.5 per cent on 2018 levels. The forecast for global rice production was put at 513.4 million tonnes, little changed on the previous forecast and slightly below 2018 levels.

World food prices rise for first time in five months: United Nations Food Agency

Asian shares napped near multi-month peaks on Thursday while bonds eked out a bounce as reports of delays in sealing a preliminary Sino-US&nbsp;trade deal left investors frustrated at the lack of concrete progress.

In early European trades, the pan-region Euro Stoxx 50 futures&nbsp;were up slightly while those for German DAX were flat. London's FTSE futures&nbsp;rose 0.2 per cent.

MSCI's broadest index of Asia-Pacific shares outside Japan&nbsp;dipped a slight 0.2 per cent, just off a six-month highs hit earlier in the week.

Japan's Nikkei dithered either side of flat in very quiet trade, having touched a 13-month top on Wednesday. South Korean stocks eased 0.15 per cent&nbsp;after hitting their highest since May, while Shanghai blue chips lost 0.08 per cent.

E-Mini futures for the S&amp;P 500 eased 0.1 per cent.

Reuters reported on Wednesday a meeting between US&nbsp;President Donald Trump and Chinese President Xi Jinping to sign an interim trade deal could be <a href="https://www.wionews.com/world/us-china-trade-deal-signing-could-be-delayed-to-december-london-a-possible-venue-report-260422">delayed until December</a> as discussions continue over terms and venue.

Among various suggestions was to sign a deal after a scheduled NATO meeting in early December.

"One could take the view that by not committing to meet the original deadline it gives more time for a somewhat more comprehensive agreement to be thrashed out," said Ray Attrill, head of FX strategy at National Australia Bank.

"But markets have understandably jumped the other way, exhibiting a slight loss of confidence that anything more substantial than an agreement not to further lift tariffs, in return for some increase in US agricultural purchases, can be agreed by way of an initial deal."

Wall Street was underwhelmed by the news and the Dow ended Wednesday all but flat, while the S&amp;P 500&nbsp;gained 0.07 per cent&nbsp;and the Nasdaq&nbsp;dropped 0.29 per cent.

HP Inc&nbsp;rose over 6 per cent&nbsp;after Reuters reported US&nbsp;printer maker Xerox Holdings Corp&nbsp;has made a roughly $33 billion cash-and-stock offer for the computer group.

The pause in the risk rally helped bonds recoup a little of their recent losses. Yields on benchmark US&nbsp;10-year notes&nbsp;fell back to 1.81 per cent&nbsp;from a two-month top of 1.87 per cent.

That, in turn, restrained the dollar, which eased to 108.74 yen&nbsp;from a weekly high of 109.24. The dollar was steady on a basket of currencies at 97.965.

The euro was struggling to sustain any bounce at $1.1061, perilously close to chart support at $1.1060.

Spot gold was little changed at $1,490.38 per ounce&nbsp;and well within recent tight trading ranges.

Oil prices nursed losses after taking a hit from a surprisingly large build in US&nbsp;crude inventories.

US&nbsp;crude&nbsp;was 6 cents lower at $56.29 a barrel, while Brent crude&nbsp;slipped 7 cents to $61.67.

Asian shares napped near multi-month peaks on Thursday while bonds eked out a bounce as reports of delays in sealing a preliminary Sino-US trade deal left investors frustrated at the lack of concrete progress.

Asian shares napped near multi-month peaks on Thursday while bonds eked out a bounce as reports of delays in sealing a preliminary Sino-US trade deal left investors frustrated at the lack of concrete progress. In early European trades, the pan-region Euro Stoxx 50 futures were up slightly while those for German DAX were flat. London's FTSE futures rose 0.2 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan dipped a slight 0.2 per cent, just off a six-month highs hit earlier in the week. Japan's Nikkei dithered either side of flat in very quiet trade, having touched a 13-month top on Wednesday. South Korean stocks eased 0.15 per cent after hitting their highest since May, while Shanghai blue chips lost 0.08 per cent. E-Mini futures for the S&P 500 eased 0.1 per cent. Reuters reported on Wednesday a meeting between US President Donald Trump and Chinese President Xi Jinping to sign an interim trade deal could be delayed until December as discussions continue over terms and venue. Among various suggestions was to sign a deal after a scheduled NATO meeting in early December. "One could take the view that by not committing to meet the original deadline it gives more time for a somewhat more comprehensive agreement to be thrashed out," said Ray Attrill, head of FX strategy at National Australia Bank. "But markets have understandably jumped the other way, exhibiting a slight loss of confidence that anything more substantial than an agreement not to further lift tariffs, in return for some increase in US agricultural purchases, can be agreed by way of an initial deal." Wall Street was underwhelmed by the news and the Dow ended Wednesday all but flat, while the S&P 500 gained 0.07 per cent and the Nasdaq dropped 0.29 per cent. HP Inc rose over 6 per cent after Reuters reported US printer maker Xerox Holdings Corp has made a roughly $33 billion cash-and-stock offer for the computer group. The pause in the risk rally helped bonds recoup a little of their recent losses. Yields on benchmark US 10-year notes fell back to 1.81 per cent from a two-month top of 1.87 per cent. That, in turn, restrained the dollar, which eased to 108.74 yen from a weekly high of 109.24. The dollar was steady on a basket of currencies at 97.965. The euro was struggling to sustain any bounce at $1.1061, perilously close to chart support at $1.1060. Spot gold was little changed at $1,490.38 per ounce and well within recent tight trading ranges. Oil prices nursed losses after taking a hit from a surprisingly large build in US crude inventories. US crude was 6 cents lower at $56.29 a barrel, while Brent crude slipped 7 cents to $61.67.

Asia stocks frustrated as trade doubts resurface

China has officially started researching sixth-generation telecoms technology, state media reported on Thursday, a move it described as aiming to promote the latest wireless innovation.

Chinese government ministries and research institutes met this week in a "kick-off" meeting to establish a national 6G technology research and development group, according to a report by the Science and Technology Daily, which is published by China's Ministry of Science and Technology.

Technologies related to ultra-fast mobile services have become a key conflict point between the United States and China in recent months.

Countries around the world have been racing to roll out <a href="https://www.wionews.com/business-economy/huawei-pushes-5g-in-southeast-asia-brushing-off-tech-war-with-us-259636">5G next-generation</a> wireless networks, which can provide data speeds at least 20 times faster than 4G and promises to support new technologies such as self-driving cars and augmented reality.

In April, Reuters published a story quoting South Korean officials declaring victory over the United States and China as the site of the world's first commercial launch of a 5G telecoms network.

They made their assertion on the basis that the new network connected to an actual 5G phone. US&nbsp;carriers disputed South Korea's claims to be first.

The race has also embroiled China's Huawei Technologies, the world's largest telecoms equipment vendor, which is heavily involved in building many of these networks.

The US&nbsp;government, fearing that Huawei's equipment could be used by China for spying, has placed Huawei on a blacklist in May that banned the company from buying American-made parts. The US&nbsp;government led a campaign to convince its allies to bar it from their 5G networks. Huawei has repeatedly denied the claims.

Meanwhile, US&nbsp;<a href="https://www.wionews.com/world/ahead-of-impeachment-hearings-trump-may-expand-communications-team-to-bolster-defense-260440">President Donald Trump</a> in February tweeted that he wanted 6G technology in the United States as soon as possible, urging US&nbsp;firms to step up their efforts or get left behind.

Beijing's move to kickstart research into 6G comes days after the country's top three telecos rolled out 5G mobile phone services nationwide.

China had originally said it would launch the ultra-fast mobile internet service early next year but accelerated its plans as tensions with the United States heated up.

China has officially started researching sixth-generation telecoms technology, state media reported on Thursday, a move it described as aiming to promote the latest wireless innovation.

China has officially started researching sixth-generation telecoms technology, state media reported on Thursday, a move it described as aiming to promote the latest wireless innovation. Chinese government ministries and research institutes met this week in a "kick-off" meeting to establish a national 6G technology research and development group, according to a report by the Science and Technology Daily, which is published by China's Ministry of Science and Technology. Technologies related to ultra-fast mobile services have become a key conflict point between the United States and China in recent months. Countries around the world have been racing to roll out 5G next-generation wireless networks, which can provide data speeds at least 20 times faster than 4G and promises to support new technologies such as self-driving cars and augmented reality. In April, Reuters published a story quoting South Korean officials declaring victory over the United States and China as the site of the world's first commercial launch of a 5G telecoms network. They made their assertion on the basis that the new network connected to an actual 5G phone. US carriers disputed South Korea's claims to be first. The race has also embroiled China's Huawei Technologies, the world's largest telecoms equipment vendor, which is heavily involved in building many of these networks. The US government, fearing that Huawei's equipment could be used by China for spying, has placed Huawei on a blacklist in May that banned the company from buying American-made parts. The US government led a campaign to convince its allies to bar it from their 5G networks. Huawei has repeatedly denied the claims. Meanwhile, US President Donald Trump in February tweeted that he wanted 6G technology in the United States as soon as possible, urging US firms to step up their efforts or get left behind. Beijing's move to kickstart research into 6G comes days after the country's top three telecos rolled out 5G mobile phone services nationwide. China had originally said it would launch the ultra-fast mobile internet service early next year but accelerated its plans as tensions with the United States heated up.

China kicks off work on 6G research: State media

Equity indices pulled back during early hours on Wednesday in line with Asian peers as investors awaited fresh developments on the outcome of US-China trade talks.

At 10:15 am, the BSE S&amp;P Sensex was down by 186 points at 40,062 while the Nifty 50 edged lower by 58 points to 11,859.

Sectoral indices at the National Stock Exchange were mixed with Nifty realty gaining 2.4 points and pharma by 1.4 points. Nifty auto lost by 0.5 per cent and private bank by 0.4 per cent.

Among stocks, Titan tumbled by 7.8 per cent to Rs 1,182.85 per share. Bharti Infratel, Bharti Airtel, HCL Technologies and Axis Bank too were in the red.

Among the gainers were pharma majors like Cipla, Dr Reddy's and Sun Pharma besides Yes Bank, Mahindra &amp; Mahindra, Tech Mahindra, Coal India and Bharat Petroleum Corporation.

Meanwhile, Asian shares were little changed as investors awaited new developments toward scaling back a protracted trade war between the United States and China.

MSCI's broadest index of Asia Pacific shares outside Japan was unchanged while Japan's Nikkei stock index rose by 0.35 per cent. Hong Kong's Hang Seng was down by 0.08 per cent and South Korea's Kospi by 0.02 per cent. 
 
&nbsp;

Equity indices pulled back during early hours on Wednesday in line with Asian peers as investors awaited fresh developments on the outcome of US-China trade talks.

Equity indices pulled back during early hours on Wednesday in line with Asian peers as investors awaited fresh developments on the outcome of US-China trade talks. At 10:15 am, the BSE S&P Sensex was down by 186 points at 40,062 while the Nifty 50 edged lower by 58 points to 11,859. Sectoral indices at the National Stock Exchange were mixed with Nifty realty gaining 2.4 points and pharma by 1.4 points. Nifty auto lost by 0.5 per cent and private bank by 0.4 per cent. Among stocks, Titan tumbled by 7.8 per cent to Rs 1,182.85 per share. Bharti Infratel, Bharti Airtel, HCL Technologies and Axis Bank too were in the red. Among the gainers were pharma majors like Cipla, Dr Reddy's and Sun Pharma besides Yes Bank, Mahindra & Mahindra, Tech Mahindra, Coal India and Bharat Petroleum Corporation. Meanwhile, Asian shares were little changed as investors awaited new developments toward scaling back a protracted trade war between the United States and China. MSCI's broadest index of Asia Pacific shares outside Japan was unchanged while Japan's Nikkei stock index rose by 0.35 per cent. Hong Kong's Hang Seng was down by 0.08 per cent and South Korea's Kospi by 0.02 per cent.

Sensex, Nifty fall in early trade, Asian shares little changed

Saudi Aramco has approached Malaysian state energy company Petronas&nbsp;to participate in Aramco's initial public offering (IPO), Petronas said on Wednesday, as the Middle Eastern oil giant seeks cornerstone investors for the listing.

The Saudi government plans to sell 2 per cent&nbsp;of state-run <a href="http://13.235.153.162/business-economy/saudis-scramble-to-raise-cash-for-aramco-share-sale-260106">Aramco</a>, the world's most profitable company, in a domestic listing on December&nbsp;11, three sources familiar with the matter told Reuters.

The approach comes as Petronas, officially known as Petroliam Nasional Bhd, nears the start of commercial operations at a $27 billion refinery and the petrochemical project built jointly with Aramco in southern Malaysia.

"We have been recently approached by representatives of Saudi Aramco to consider Petronas' participation in its initial public offering exercise," Petronas, the Malaysian government's cash cow, told Reuters.

"However, we will not be providing any further comments on this matter at this time."

Aramco's much-vaunted IPO was delayed as deal advisers said they needed more time to lock in cornerstone or anchor, investors such as sovereign wealth funds. In 2016, state-owned Postal Savings Bank of China&nbsp;sold 77 percent&nbsp;of its $7.4 billion&nbsp;IPO to such backers.

Reuters reported in September that Aramco had approached Abu Dhabi Investment Authority, Singapore's GIC and other sovereign wealth funds to invest in the domestic leg of its listing.

Abu Dhabi's state investor Mubadala Investment Co has also been approached by Aramco's advisers.

Asked about its interest in the Aramco IPO, Malaysian sovereign wealth fund Khazanah Nasional Bhd told Reuters it "does not have any investments in the oil and gas sector".

Saudi Aramco has approached Malaysian state energy company Petronas to participate in Aramco's initial public offering (IPO), Petronas said on Wednesday, as the Middle Eastern oil giant seeks cornerstone investors for the listing.

Saudi Aramco has approached Malaysian state energy company Petronas to participate in Aramco's initial public offering (IPO), Petronas said on Wednesday, as the Middle Eastern oil giant seeks cornerstone investors for the listing. The Saudi government plans to sell 2 per cent of state-run Aramco, the world's most profitable company, in a domestic listing on December 11, three sources familiar with the matter told Reuters. The approach comes as Petronas, officially known as Petroliam Nasional Bhd, nears the start of commercial operations at a $27 billion refinery and the petrochemical project built jointly with Aramco in southern Malaysia. "We have been recently approached by representatives of Saudi Aramco to consider Petronas' participation in its initial public offering exercise," Petronas, the Malaysian government's cash cow, told Reuters. "However, we will not be providing any further comments on this matter at this time." Aramco's much-vaunted IPO was delayed as deal advisers said they needed more time to lock in cornerstone or anchor, investors such as sovereign wealth funds. In 2016, state-owned Postal Savings Bank of China sold 77 percent of its $7.4 billion IPO to such backers. Reuters reported in September that Aramco had approached Abu Dhabi Investment Authority, Singapore's GIC and other sovereign wealth funds to invest in the domestic leg of its listing. Abu Dhabi's state investor Mubadala Investment Co has also been approached by Aramco's advisers. Asked about its interest in the Aramco IPO, Malaysian sovereign wealth fund Khazanah Nasional Bhd told Reuters it "does not have any investments in the oil and gas sector".

Aramco approaches Malaysia's Petronas to participate in IPO

Domestic Stock markets on Wednesday experienced a fresh high with the strong inflow of foreign funds and positivity in select stocks.

The BSE S&amp;P Sensex closed 222 points or 0.55 per cent higher at 40,470 while the Nifty 50 moved up by 44 points to 11,961.

ICICI Bank was the biggest gainer with a rise of 2.64 per cent. Infosys, IndusInd Bank, HDFC Bank, HDFC, Tata Motors and Axis Bank were the other major earners in the day. Bajaj Auto, M&amp;M, TCS, ITC and Maruti among others suffered a loss on Wednesday's trade. Cipla Ltd was the top gainer on NSE Nifty.

Individually, Titan Company witnessed a sharp fall of 10 per cent in its share value after the company reported a slight fall in quarterly earnings and cut its revenue guidance to 11%-13% on-year growth for the second half of 2020 from 20%.&nbsp;

Hinting at a big boost to the realty sector, Finance Minister Nirmala Sitharaman on Tuesday said that the government and the Reserve Bank of India (RBI) are in the process of resolving the issues faced by the real estate sector.

Meanwhile, Asian shares were little changed as investors awaited new developments toward scaling back a protracted trade war between the United States and China. Japan's Nikkei stock index rose by 0.22 per cent, Hong Kong's Hang Seng by 0.02 per cent and South Korea`s Kospi by 0.07 per cent.

(With inputs from agencies)

Domestic Stock markets on Wednesday experienced a fresh high with the strong inflow of foreign funds and positivity in select stocks. The BSE S&P Sensex closed 222 points or 0.

Domestic Stock markets on Wednesday experienced a fresh high with the strong inflow of foreign funds and positivity in select stocks. The BSE S&P Sensex closed 222 points or 0.55 per cent higher at 40,470 while the Nifty 50 moved up by 44 points to 11,961. ICICI Bank was the biggest gainer with a rise of 2.64 per cent. Infosys, IndusInd Bank, HDFC Bank, HDFC, Tata Motors and Axis Bank were the other major earners in the day. Bajaj Auto, M&M, TCS, ITC and Maruti among others suffered a loss on Wednesday's trade. Cipla Ltd was the top gainer on NSE Nifty. Individually, Titan Company witnessed a sharp fall of 10 per cent in its share value after the company reported a slight fall in quarterly earnings and cut its revenue guidance to 11%-13% on-year growth for the second half of 2020 from 20%. Hinting at a big boost to the realty sector, Finance Minister Nirmala Sitharaman on Tuesday said that the government and the Reserve Bank of India (RBI) are in the process of resolving the issues faced by the real estate sector. Meanwhile, Asian shares were little changed as investors awaited new developments toward scaling back a protracted trade war between the United States and China. Japan's Nikkei stock index rose by 0.22 per cent, Hong Kong's Hang Seng by 0.02 per cent and South Korea`s Kospi by 0.07 per cent. (With inputs from agencies)

Stock markets roar as Sensex ends at record high of 40,670

BSE Sensex on Wednesday noon hit a fresh high breaching the 40,500, surging around 270 points.&nbsp;

Earlier in the day, equity indices opened in red in line with Asian peers as investors awaited fresh developments on the outcome of US-China trade talks.

At 10:15 am, the BSE S&amp;P Sensex was down by 186 points at 40,062 while the Nifty 50 edged lower by 58 points to 11,859.

On Monday, Indian shares jumped extending gains to a seventh straight session, boosted by the government's plan to offer more capital to finance the country's infrastructure needs and reports of further tax reforms, news agency Reuters reported.&nbsp;

BSE Sensex on Wednesday noon hit a fresh high breaching the 40,500, surging around 270 points. Earlier in the day, equity indices opened in red in line with Asian peers as investors awaited fresh developments on the outcome of US-China trade talks.

BSE Sensex on Wednesday noon hit a fresh high breaching the 40,500, surging around 270 points. Earlier in the day, equity indices opened in red in line with Asian peers as investors awaited fresh developments on the outcome of US-China trade talks. At 10:15 am, the BSE S&P Sensex was down by 186 points at 40,062 while the Nifty 50 edged lower by 58 points to 11,859. On Monday, Indian shares jumped extending gains to a seventh straight session, boosted by the government's plan to offer more capital to finance the country's infrastructure needs and reports of further tax reforms, news agency Reuters reported.

Sensex surges 270 points, breaches 40,500 mark

Boeing Co forecast Indian airlines will order up to 2,380 planes from global planemakers over the next 20 years, 80 more than it predicted last year.

Darren Hulst, a senior marketing executive at Boeing, also confirmed to reporters on Wednesday that it was working with regulators on returning the 737 MAX to service and that the company expected the model to return to commission in the fourth quarter in the United States.

India's passenger traffic had risen at around 20 per cent in recent years, making it one of the world's fastest-growing aviation markets, but growth has stumbled this year following the collapse of Jet Airways Ltd in April and softer economic conditions.

At present, Airbus SE has the dominant market share in the country, where the largest airline, Interglobe Aviation Ltd's IndiGo, operates an all-A320 family fleet and last month ordered another 300 of the planes.

Boeing Co forecast Indian airlines will order up to 2,380 planes from global planemakers over the next 20 years, 80 more than it predicted last year. Darren Hulst, a senior marketing executive at Boeing, also confirmed to reporters on Wednesday that it was working with regulators on returning the 737 MAX to service and that the company expected the model to return to commission in the fourth quarter in the United States.

Boeing Co forecast Indian airlines will order up to 2,380 planes from global planemakers over the next 20 years, 80 more than it predicted last year. Darren Hulst, a senior marketing executive at Boeing, also confirmed to reporters on Wednesday that it was working with regulators on returning the 737 MAX to service and that the company expected the model to return to commission in the fourth quarter in the United States. India's passenger traffic had risen at around 20 per cent in recent years, making it one of the world's fastest-growing aviation markets, but growth has stumbled this year following the collapse of Jet Airways Ltd in April and softer economic conditions. At present, Airbus SE has the dominant market share in the country, where the largest airline, Interglobe Aviation Ltd's IndiGo, operates an all-A320 family fleet and last month ordered another 300 of the planes.

India will order 2,380 jets from planemakers over 20 years: Boeing

China on Wednesday sought to assure India over the Regional Comprehensive Economic Partnership (RCEP), saying the trade deal could provide many opportunities for India's exports.

China joined 14 countries this week in agreeing terms for RCEP, which could become the world's biggest free trade deal if officially signed next year as planned.

But <a href="https://www.wionews.com/india-news/india-not-to-join-rcep-goes-against-countrys-core-interests-259904">India pulled out </a>at the last minute amid worries that the deal would unleash cheaper imports from countries like China that render its own industries uncompetitive and hurt its farmers, businesses, workers and consumers.

Vice commerce minister Wang Shouwen, speaking at a news briefing in Beijing, said he understood those concerns, but the deal could benefit Indian exporters and help create more local jobs.

"We understand that some industries in India will have some concerns, but RCEP will also bring huge export opportunities to the Indian industry," he said, adding that the deal includes a protection mechanism that can be used to put the tariffs back on if India does find the deal damaging to its domestic industries.

Wang applauded the trade pact as providing a "very significant boost" to investor confidence in the global economy against the rise of unilateralism and protectionism that has depressed trade growth across the world.

He said the deal would also greatly benefit Chinese firms, workers and consumers, as it would remove tariffs and non-tariff barriers, and bring down costs.

China on Wednesday sought to assure India over the Regional Comprehensive Economic Partnership (RCEP), saying the trade deal could provide many opportunities for India's exports.

China on Wednesday sought to assure India over the Regional Comprehensive Economic Partnership (RCEP), saying the trade deal could provide many opportunities for India's exports. China joined 14 countries this week in agreeing terms for RCEP, which could become the world's biggest free trade deal if officially signed next year as planned. But India pulled out at the last minute amid worries that the deal would unleash cheaper imports from countries like China that render its own industries uncompetitive and hurt its farmers, businesses, workers and consumers. Vice commerce minister Wang Shouwen, speaking at a news briefing in Beijing, said he understood those concerns, but the deal could benefit Indian exporters and help create more local jobs. "We understand that some industries in India will have some concerns, but RCEP will also bring huge export opportunities to the Indian industry," he said, adding that the deal includes a protection mechanism that can be used to put the tariffs back on if India does find the deal damaging to its domestic industries. Wang applauded the trade pact as providing a "very significant boost" to investor confidence in the global economy against the rise of unilateralism and protectionism that has depressed trade growth across the world. He said the deal would also greatly benefit Chinese firms, workers and consumers, as it would remove tariffs and non-tariff barriers, and bring down costs.

We understand concerns but RCEP deal could benefit India's exporters: China

India's largest airline IndiGo and Qatar Airways will make a strategic business announcement on November&nbsp;7, the two companies said in a statement on Tuesday, sending shares of the budget carrier higher by as much as 4 per cent.

Qatar has in the past shown interest in investing in IndiGo but the Indian airline has resisted.

"We are very interested in IndiGo ... We are talking to IndiGo of doing codeshare, joint flights but not yet an equity stake in the airline," Qatar Airways CEO Akbar Al Baker told Reuters in an interview in August.

Baker said they had talked to IndiGo but the airline was "not yet ready to take a foreign investor". When it is ready, Qatar will be interested, he had said at the time.

It was not immediately clear if the announcement is about a codeshare agreement, stake sale or any other kind of partnership.

Any deal, however, would come at a time when IndiGo's two co-founders, Rakesh Gangwal and Rahul Bhatia, have been embroiled in a dispute about corporate governance of the airline, sparking concerns among investors it could have an impact on the airline's valuation and strategy.

IndiGo, which has about 40 per cent&nbsp;share of the domestic Indian market, is planning an aggressive push into more international destinations. The airline's CEO Ronojoy Dutta and Qatar Airways CEO Al Baker will "talk about the vision and future for both the airlines", they said in the statement.

Last week, IndiGo placed a historic order for 300 Airbus A320neo-family planes, including the newest jet, a long-range version of the single-aisle A320neo family called the A321XLR.

IndiGo flies to 60 international destinations including Turkey, China, Vietnam, Myanmar and Saudi Arabia which it has added earlier this year.

India's largest airline IndiGo and Qatar Airways will make a strategic business announcement on November 7, the two companies said in a statement on Tuesday, sending shares of the budget carrier higher by as much as 4 per cent.

India's largest airline IndiGo and Qatar Airways will make a strategic business announcement on November 7, the two companies said in a statement on Tuesday, sending shares of the budget carrier higher by as much as 4 per cent. Qatar has in the past shown interest in investing in IndiGo but the Indian airline has resisted. "We are very interested in IndiGo ... We are talking to IndiGo of doing codeshare, joint flights but not yet an equity stake in the airline," Qatar Airways CEO Akbar Al Baker told Reuters in an interview in August. Baker said they had talked to IndiGo but the airline was "not yet ready to take a foreign investor". When it is ready, Qatar will be interested, he had said at the time. It was not immediately clear if the announcement is about a codeshare agreement, stake sale or any other kind of partnership. Any deal, however, would come at a time when IndiGo's two co-founders, Rakesh Gangwal and Rahul Bhatia, have been embroiled in a dispute about corporate governance of the airline, sparking concerns among investors it could have an impact on the airline's valuation and strategy. IndiGo, which has about 40 per cent share of the domestic Indian market, is planning an aggressive push into more international destinations. The airline's CEO Ronojoy Dutta and Qatar Airways CEO Al Baker will "talk about the vision and future for both the airlines", they said in the statement. Last week, IndiGo placed a historic order for 300 Airbus A320neo-family planes, including the newest jet, a long-range version of the single-aisle A320neo family called the A321XLR. IndiGo flies to 60 international destinations including Turkey, China, Vietnam, Myanmar and Saudi Arabia which it has added earlier this year.

IndiGo, Qatar Airways to announce strategic deal

US&nbsp;government funding in artificial intelligence has fallen short and the country needs to invest in research, train an AI-ready workforce and apply the technology to national security missions, a government-commissioned panel led by Google's former CEO said in an interim report on Monday.

The National Security Commission on Artificial Intelligence (NSCAI), created by Congress last year, raised concerns about the progress China has made in this area. It also said the US&nbsp;government still faces enormous work before it can transition AI from "a promising technological novelty into a mature technology integrated into core national security missions."

The commission thinks an allied effort on AI in the realm of national security is important, Robert Work, vice chairman of the NSCAI and a former deputy secretary of defense, told reporters. The NSCAI has spoken with Japan, Canada, the United Kingdom, Australia and the European Union, Work said.

China is investing more than the United States in AI, said the report, which referred to the Asian nation more than 50 times.

"China takes advantage of the openness of US&nbsp;society in numerous ways - some legal, some not - to transfer AI know-how," the report said, at a time of heightened tensions between the countries.

A spokeswoman for China's embassy in Washington did not immediately return a request for comment.

"China is ahead in two areas. One is in the face recognition surveillance area. And another one is in financial technology. This does not mean that they’re ahead (in) AI overall," Eric Schmidt, the panel's chairman and one of several US&nbsp;tech industry executives on the commission, told reporters.

A poll the commission conducted of researchers found that China is a "fast follower" but that "the best and the most original papers are still occurring in the West," Schmidt said. There is still a way forward for the United States to win the high-stakes technological race, he said.

Schmidt is a technical advisor to Google's parent Alphabet Inc. He was previously the company's executive chairman and before that was Google's chief executive officer. Others on the commission include Andrew Jassy, CEO of Amazon Web Services, and Safra Catz, CEO of Oracle Corp.

China's research ties

Part of the commission's report addressed whether the United States should restrict American cooperation with Chinese AI researchers, including through visa and export controls. The challenge US&nbsp;officials face is that American industry and academic leaders have said that any such restrictions would harm the US&nbsp;economy, the report said.

The commissioners did not specify solutions, saying instead that "the choice need not be a binary one between cooperating and disentangling."

It said, however, the United States should be open to cooperating with China on promoting the responsible use of AI, including for example jointly banning use of AI to authorize the launch of nuclear weapons.

The commission also expressed concern that China, by allegedly using AI to violate human rights, will set a bad example for authoritarian regimes. It noted that beside China, "at least 74 other countries are also engaging in AI-powered surveillance," including half of "advanced liberal democracies."

Calling attention to activism by tech workers who have protested industry partnerships with the US&nbsp;military, the report said, "ethics and strategic necessity are compatible with one another." There is widespread support for making the technology unbiased and safe, the report said, but "the Commission is concerned that debate will paralyze AI development."

Last month, the Pentagon awarded a controversial contract to Microsoft Corp, protested by some of the company's workers, that will help the military better access data and cloud computing services from battlefields and other remote locations.

The final report from the commission will be ready in about a year, the commission said. 
&nbsp;

US government funding in artificial intelligence has fallen short and the country needs to invest in research, train an AI-ready workforce and apply the technology to national security missions, a government-commissioned panel led by Google's former CEO said in an interim report on Monday.

US government funding in artificial intelligence has fallen short and the country needs to invest in research, train an AI-ready workforce and apply the technology to national security missions, a government-commissioned panel led by Google's former CEO said in an interim report on Monday. The National Security Commission on Artificial Intelligence (NSCAI), created by Congress last year, raised concerns about the progress China has made in this area. It also said the US government still faces enormous work before it can transition AI from "a promising technological novelty into a mature technology integrated into core national security missions." The commission thinks an allied effort on AI in the realm of national security is important, Robert Work, vice chairman of the NSCAI and a former deputy secretary of defense, told reporters. The NSCAI has spoken with Japan, Canada, the United Kingdom, Australia and the European Union, Work said. China is investing more than the United States in AI, said the report, which referred to the Asian nation more than 50 times. "China takes advantage of the openness of US society in numerous ways - some legal, some not - to transfer AI know-how," the report said, at a time of heightened tensions between the countries. A spokeswoman for China's embassy in Washington did not immediately return a request for comment. "China is ahead in two areas. One is in the face recognition surveillance area. And another one is in financial technology. This does not mean that they’re ahead (in) AI overall," Eric Schmidt, the panel's chairman and one of several US tech industry executives on the commission, told reporters. A poll the commission conducted of researchers found that China is a "fast follower" but that "the best and the most original papers are still occurring in the West," Schmidt said. There is still a way forward for the United States to win the high-stakes technological race, he said. Schmidt is a technical advisor to Google's parent Alphabet Inc. He was previously the company's executive chairman and before that was Google's chief executive officer. Others on the commission include Andrew Jassy, CEO of Amazon Web Services, and Safra Catz, CEO of Oracle Corp. China's research ties Part of the commission's report addressed whether the United States should restrict American cooperation with Chinese AI researchers, including through visa and export controls. The challenge US officials face is that American industry and academic leaders have said that any such restrictions would harm the US economy, the report said. The commissioners did not specify solutions, saying instead that "the choice need not be a binary one between cooperating and disentangling." It said, however, the United States should be open to cooperating with China on promoting the responsible use of AI, including for example jointly banning use of AI to authorize the launch of nuclear weapons. The commission also expressed concern that China, by allegedly using AI to violate human rights, will set a bad example for authoritarian regimes. It noted that beside China, "at least 74 other countries are also engaging in AI-powered surveillance," including half of "advanced liberal democracies." Calling attention to activism by tech workers who have protested industry partnerships with the US military, the report said, "ethics and strategic necessity are compatible with one another." There is widespread support for making the technology unbiased and safe, the report said, but "the Commission is concerned that debate will paralyze AI development." Last month, the Pentagon awarded a controversial contract to Microsoft Corp, protested by some of the company's workers, that will help the military better access data and cloud computing services from battlefields and other remote locations. The final report from the commission will be ready in about a year, the commission said.

US urged to invest more in Artificial Intelligence; ex-Google CEO warns of China's progress

Hong Kong's economic woes showed no sign of easing Wednesday after a key measure of business confidence fell to its lowest level in more than a decade as the city reels from the global trade war and violent democracy protests.

The Purchasing Managers Index -- which measures the health of the private sector -- dropped to 39.3 in October, its worst reading since 2008 during the global financial crisis, heaping fresh misery on the unrest-plagued city.

The international finance has been plunged into a recession by the fallout from the China-US trade war and five months of seething pro-democracy protests that Beijing has taken a hardline approach against.

IHS Markit, which surveys around 400 private companies to build the PMI dataset, said business activity was now falling at its fastest rate on record. The latest reading is well below the 50 level that separates growth from contraction and is also sharply down from the 41.5 seen in September.

"The ongoing political unrest and impact of trade tensions saw business activity fall at the sharpest pace since the survey started over 21 years ago," Bernard Aw, principal economist at IHS Markit, wrote.

"Anecdotal evidence revealed that the retail and tourism sectors remained particularly affected."

Aw added the city was experiencing a record decline in demand from mainland China.

Hong Kong's economy was already facing strong headwinds at the start of 2019 as it was hit by the trade war, battering a city that is hugely reliant on the world's two largest economies.

In the first quarter, the city was growing at a lackluster 0.6 per cent.

But the protests that erupted in June only made matters worse.

Figures released by the government last week showed gross domestic product shrank 3.2 per cent in the third quarter compared with the previous three months, when it saw a 0.4 per cent drop.

That means the city is experiencing a technical recession, with two back-to-back periods of contraction.

It is the first time the city has witnessed a recession since early 2009 at the height of the financial crisis.

Last month Financial Secretary Paul Chan warned it was "very likely" the city would end the year in a full-blown recession.

Overseas visitors have fallen by as much as 40 per cent, especially from mainland China, which accounts for 80 per cent of the city's tourists.

Retail figures have tumbled around a fifth for August and September.

This summer's protests were initially sparked by a now-abandoned plan to allow extraditions to the mainland with millions hitting the streets.

As Beijing and local leaders dug in the protests snowballed into a wider movement calling for greater democracy and police accountability with violence by both protesters and police increasing with each passing month.

Hong Kong's economic woes showed no sign of easing Wednesday after a key measure of business confidence fell to its lowest level in more than a decade as the city reels from the global trade war and violent democracy protests.

Hong Kong's economic woes showed no sign of easing Wednesday after a key measure of business confidence fell to its lowest level in more than a decade as the city reels from the global trade war and violent democracy protests. The Purchasing Managers Index -- which measures the health of the private sector -- dropped to 39.3 in October, its worst reading since 2008 during the global financial crisis, heaping fresh misery on the unrest-plagued city. The international finance has been plunged into a recession by the fallout from the China-US trade war and five months of seething pro-democracy protests that Beijing has taken a hardline approach against. IHS Markit, which surveys around 400 private companies to build the PMI dataset, said business activity was now falling at its fastest rate on record. The latest reading is well below the 50 level that separates growth from contraction and is also sharply down from the 41.5 seen in September. "The ongoing political unrest and impact of trade tensions saw business activity fall at the sharpest pace since the survey started over 21 years ago," Bernard Aw, principal economist at IHS Markit, wrote. "Anecdotal evidence revealed that the retail and tourism sectors remained particularly affected." Aw added the city was experiencing a record decline in demand from mainland China. Hong Kong's economy was already facing strong headwinds at the start of 2019 as it was hit by the trade war, battering a city that is hugely reliant on the world's two largest economies. In the first quarter, the city was growing at a lackluster 0.6 per cent. But the protests that erupted in June only made matters worse. Figures released by the government last week showed gross domestic product shrank 3.2 per cent in the third quarter compared with the previous three months, when it saw a 0.4 per cent drop. That means the city is experiencing a technical recession, with two back-to-back periods of contraction. It is the first time the city has witnessed a recession since early 2009 at the height of the financial crisis. Last month Financial Secretary Paul Chan warned it was "very likely" the city would end the year in a full-blown recession. Overseas visitors have fallen by as much as 40 per cent, especially from mainland China, which accounts for 80 per cent of the city's tourists. Retail figures have tumbled around a fifth for August and September. This summer's protests were initially sparked by a now-abandoned plan to allow extraditions to the mainland with millions hitting the streets. As Beijing and local leaders dug in the protests snowballed into a wider movement calling for greater democracy and police accountability with violence by both protesters and police increasing with each passing month.

Hong Kong's economic woes deepen with plunging business outlook

India's&nbsp;gold&nbsp;demand&nbsp;is expected to fall to its&nbsp;lowest level in&nbsp;three&nbsp;years in 2019, the&nbsp;World&nbsp;Gold&nbsp;Council&nbsp;(WGC) said on Tuesday, as domestic&nbsp;prices&nbsp;climb to a&nbsp;record&nbsp;against a backdrop of falling earnings in rural areas, a key source of custom for the precious metal.

Gold&nbsp;demand&nbsp;in 2019 could drop 8 per cent&nbsp;from a&nbsp;year&nbsp;ago to around 700 tonnes, the&nbsp;lowest since 2016, said Somasundaram PR, the managing director of WGC's&nbsp;Indian operations. In a report, the WGC said&nbsp;India's&nbsp;gold&nbsp;consumption in the quarter ended September slumped nearly a third from a&nbsp;year&nbsp;ago to 123.9 tonnes.

The fall in consumption in the&nbsp;world's second-biggest market of the metal could brake global&nbsp;prices, up 17 per cent&nbsp;so far in 2019, but a drop in imports could also help ease the country's trade deficit, supporting the rupee.

"Along with higher&nbsp;prices,&nbsp;gold&nbsp;demand&nbsp;is getting affected by weak rural sentiment," said WGC official Somasundaram. "Excess monsoon rains have damaged crops," the official noted.

Two-thirds of&nbsp;India's&nbsp;gold&nbsp;demand&nbsp;comes from rural areas, where jewellery is a traditional store of wealth.

India&nbsp;received its highest monsoon rainfall in 25&nbsp;years during the June-September season, with rains continuing even in October, damaging summer-sown crops such as cotton, soybeans and pulses ready for harvesting.

In September, local&nbsp;gold&nbsp;futures&nbsp;hit&nbsp;an all-time high of 39,885 rupees&nbsp;per 10 grams. They have risen about 22 per cent&nbsp;so far in 2019, tracking a rally in global&nbsp;prices&nbsp;as well as reflecting a depreciation in the rupee.

A spike in domestic&nbsp;gold&nbsp;prices&nbsp;and a hike in the import duty slashed&nbsp;demand&nbsp;during the July-September, the WGC said. In the first week of July,&nbsp;India&nbsp;raised the import duty on&nbsp;gold&nbsp;to 12.5 per cent&nbsp;from 10 per cent.

In the key quarter ending December&nbsp;31,&nbsp;demand&nbsp;is likely to be&nbsp;lower than last&nbsp;year's 236.5 tonnes, Somasundaram said, but the drop is unlikely to be as steep as in the July-September quarter.

Demand&nbsp;usually rises in the October-December quarter due to the wedding season and festivals such as Diwali, when buying bullion is considered auspicious.

Many&nbsp;Indians are using the rally in&nbsp;prices&nbsp;to liquidate their&nbsp;gold&nbsp;ornaments, the WGC official said, forecasting scrap&nbsp;gold&nbsp;supplies in&nbsp;India&nbsp;could jump 38 per cent&nbsp;in 2019 to around 120 tonnes.

India's gold demand is expected to fall to its lowest level in three years in 2019, the World Gold Council (WGC) said on Tuesday, as domestic prices climb to a record against a backdrop of falling earnings in rural areas, a key source of custom for the precious metal.

India's gold demand is expected to fall to its lowest level in three years in 2019, the World Gold Council (WGC) said on Tuesday, as domestic prices climb to a record against a backdrop of falling earnings in rural areas, a key source of custom for the precious metal. Gold demand in 2019 could drop 8 per cent from a year ago to around 700 tonnes, the lowest since 2016, said Somasundaram PR, the managing director of WGC's Indian operations. In a report, the WGC said India's gold consumption in the quarter ended September slumped nearly a third from a year ago to 123.9 tonnes. The fall in consumption in the world's second-biggest market of the metal could brake global prices, up 17 per cent so far in 2019, but a drop in imports could also help ease the country's trade deficit, supporting the rupee. "Along with higher prices, gold demand is getting affected by weak rural sentiment," said WGC official Somasundaram. "Excess monsoon rains have damaged crops," the official noted. Two-thirds of India's gold demand comes from rural areas, where jewellery is a traditional store of wealth. India received its highest monsoon rainfall in 25 years during the June-September season, with rains continuing even in October, damaging summer-sown crops such as cotton, soybeans and pulses ready for harvesting. In September, local gold futures hit an all-time high of 39,885 rupees per 10 grams. They have risen about 22 per cent so far in 2019, tracking a rally in global prices as well as reflecting a depreciation in the rupee. A spike in domestic gold prices and a hike in the import duty slashed demand during the July-September, the WGC said. In the first week of July, India raised the import duty on gold to 12.5 per cent from 10 per cent. In the key quarter ending December 31, demand is likely to be lower than last year's 236.5 tonnes, Somasundaram said, but the drop is unlikely to be as steep as in the July-September quarter. Demand usually rises in the October-December quarter due to the wedding season and festivals such as Diwali, when buying bullion is considered auspicious. Many Indians are using the rally in prices to liquidate their gold ornaments, the WGC official said, forecasting scrap gold supplies in India could jump 38 per cent in 2019 to around 120 tonnes.

India gold demand to hit three-year low as prices surge to record: World Gold Council

One day after McDonald's announced the dismissal of its chief executive over a relationship with an employee, the company confirmed Monday its top human resources executive also departed the fast-food giant.

David Fairhurst, who joined McDonald's in 2005 and was named chief people officer at the restaurant chain in 2015, left the company, a McDonald's spokeswoman said, declining to comment further.

The company announced Sunday that chief executive <a href="https://www.wionews.com/videos/mcdonalds-ceo-steve-easterbrook-asked-to-step-down-259887">Steve Easterbrook had left</a> the company following a "consensual relationship" with an employee that violated company policy.

"Easterbrook... has separated from the company following the board's determination that he violated company policy and demonstrated poor judgment involving a recent consensual relationship with an employee," the company said in a statement.

Easterbrook's separation agreement includes six months' severance pay, plus stock options that are currently vested or would become vested within three years. Options that are not exercisable within that period will be forfeited, according to a US securities filing.

Easterbrook agreed to release any claims against the company and to not work for two years for a lengthy list of competitors that includes Burger King, Chick-fil-A, Starbucks and Pizza Hut.

In 2018, Easterbrook's base pay was $1.3 million and his total compensation including bonus and stock options was $15.9 million.

A note from Morningstar praised Easterbrook's successor, Chris Kempczinski, who joined McDonald's in October 2015 after working in a senior strategic role at Kraft Foods and previously at PepsiCo.

Kempczinski, who became head of McDonald's USA in 2017, helped promote digital technology and home delivery, Morningstar said.

McDonald's shares tumbled 2.9 per cent to $188.25 in afternoon trading.

One day after McDonald's announced the dismissal of its chief executive over a relationship with an employee, the company confirmed Monday its top human resources executive also departed the fast-food giant.

One day after McDonald's announced the dismissal of its chief executive over a relationship with an employee, the company confirmed Monday its top human resources executive also departed the fast-food giant. David Fairhurst, who joined McDonald's in 2005 and was named chief people officer at the restaurant chain in 2015, left the company, a McDonald's spokeswoman said, declining to comment further. The company announced Sunday that chief executive Steve Easterbrook had left the company following a "consensual relationship" with an employee that violated company policy. "Easterbrook... has separated from the company following the board's determination that he violated company policy and demonstrated poor judgment involving a recent consensual relationship with an employee," the company said in a statement. Easterbrook's separation agreement includes six months' severance pay, plus stock options that are currently vested or would become vested within three years. Options that are not exercisable within that period will be forfeited, according to a US securities filing. Easterbrook agreed to release any claims against the company and to not work for two years for a lengthy list of competitors that includes Burger King, Chick-fil-A, Starbucks and Pizza Hut. In 2018, Easterbrook's base pay was $1.3 million and his total compensation including bonus and stock options was $15.9 million. A note from Morningstar praised Easterbrook's successor, Chris Kempczinski, who joined McDonald's in October 2015 after working in a senior strategic role at Kraft Foods and previously at PepsiCo. Kempczinski, who became head of McDonald's USA in 2017, helped promote digital technology and home delivery, Morningstar said. McDonald's shares tumbled 2.9 per cent to $188.25 in afternoon trading.

McDonald's HR chief exits after CEO shakeup

China is pushing US President Donald Trump to remove more tariffs imposed in September as part of a "phase one" US-China trade deal, people familiar with the negotiations said on Monday.

The deal, which may be signed later this month by Trump and Chinese President Xi Jinping at a yet-to-be-determined location, is widely expected to include a US pledge to scrap tariffs scheduled for Dec. 15 on about $156 billion worth of Chinese imports, including cell phones, laptop computers and toys.

A US official said the fate of the December 15 tariffs is being considered as part of negotiations and a potential signing trip this month.

Another source briefed on the talks said Chinese negotiators want Washington to drop 15% tariffs on about $125 billion worth of Chinese goods that went into effect on September 1. They are also seeking relief from earlier 25% tariffs on about $250 billion of imports from machinery and semiconductors to furniture.

A person familiar with Beijing's negotiating position said that China is continuing to press Washington to "remove all tariffs as soon as possible."

China's request to remove the September 1 duties was earlier reported by Politico, citing sources. The Financial Times newspaper also reported the White House was considering whether to roll back the Sept. 1 tariffs, which cover some clothing items, flat-screen televisions, smart speakers and Bluetooth headphones.

Ralph Winnie, director of the China program at the Eurasia Center, said wrapping up the interim trade pact would provide a boost to both the US and Chinese economies, while handing Trump an important win among farmers - a core constituency.

"It’s in both countries’ interest to have this trade deal," Winnie said. "If he seals the deal, it will be looked on very favourably by the American people. It’s a win-win for both countries."

Speaking on Tuesday at an import fair aimed at burnishing China's free-trade credentials, President Xi Jinping called on countries to stand against protectionism and reiterated pledges to continue to open China's economy and strengthen protection of intellectual property rights.

Foreign governments and business groups have become sceptical of Chinese reform promises and have longed warned that China would invite retaliation if it didn't match the openness of its trading partners.

Copyrights, not subsidies

Since Trump took office in 2017, his administration has been pressing China to curb massive subsidies to state-owned firms and end the forced transfer of American technology to Chinese firms as a price of doing business in China.

Analysts say the phase one deal will fail to adequately address these issues, focusing largely on Chinese purchases of US farm goods and intellectual property protection related to copyright and trademark issues. It will not address industrial subsidies at all.

China was requesting some changes to the text, but parts of the agreement are “very close to finished,” including the text on financial services, said a US source briefed on the negotiations. The text on agriculture was “dozens of pages long and nearly completed,” the source said.

“It is important to both sides to get this agreement across the finish line,” said the source, adding that the two presidents were very likely to meet before the end of the month.

Charles Boustany, a former congressman from Louisiana and counsellor at the National Bureau of Asian Research, said any initial agreement would likely be short-term in nature and unstable.

"Even though there's some talk about a phase one agreement, we don't think it’s going to be substantive in terms of addressing any of the structural problems," he said. "It would largely be a status quo situation where China continues to do what it’s doing."

Some business groups complain that a central component of the "phase one" deal - increased access to China's financial services market - will fall short of its promises, because of inconsistencies in China's new foreign investment law.

In comments submitted to the Chinese government by the US Chamber of Commerce, the American Chamber of Commerce in China and the US Information Technology Office, the groups pointed out that Beijing's draft regulations "do not address clear differences between the treatment of China's state-owned enterprises and the private sector," according to a person familiar with the comments.

Trump had said on Friday that negotiations on the initial phase agreement were going well and he hoped to sign the deal with Xi at a US location when work on the deal was completed.

China is pushing US President Donald Trump to remove more tariffs imposed in September as part of a "phase one" US-China trade deal, people familiar with the negotiations said on Monday.

China is pushing US President Donald Trump to remove more tariffs imposed in September as part of a "phase one" US-China trade deal, people familiar with the negotiations said on Monday. The deal, which may be signed later this month by Trump and Chinese President Xi Jinping at a yet-to-be-determined location, is widely expected to include a US pledge to scrap tariffs scheduled for Dec. 15 on about $156 billion worth of Chinese imports, including cell phones, laptop computers and toys. A US official said the fate of the December 15 tariffs is being considered as part of negotiations and a potential signing trip this month. Another source briefed on the talks said Chinese negotiators want Washington to drop 15% tariffs on about $125 billion worth of Chinese goods that went into effect on September 1. They are also seeking relief from earlier 25% tariffs on about $250 billion of imports from machinery and semiconductors to furniture. A person familiar with Beijing's negotiating position said that China is continuing to press Washington to "remove all tariffs as soon as possible." China's request to remove the September 1 duties was earlier reported by Politico, citing sources. The Financial Times newspaper also reported the White House was considering whether to roll back the Sept. 1 tariffs, which cover some clothing items, flat-screen televisions, smart speakers and Bluetooth headphones. Ralph Winnie, director of the China program at the Eurasia Center, said wrapping up the interim trade pact would provide a boost to both the US and Chinese economies, while handing Trump an important win among farmers - a core constituency. "It’s in both countries’ interest to have this trade deal," Winnie said. "If he seals the deal, it will be looked on very favourably by the American people. It’s a win-win for both countries." Speaking on Tuesday at an import fair aimed at burnishing China's free-trade credentials, President Xi Jinping called on countries to stand against protectionism and reiterated pledges to continue to open China's economy and strengthen protection of intellectual property rights. Foreign governments and business groups have become sceptical of Chinese reform promises and have longed warned that China would invite retaliation if it didn't match the openness of its trading partners. Copyrights, not subsidies Since Trump took office in 2017, his administration has been pressing China to curb massive subsidies to state-owned firms and end the forced transfer of American technology to Chinese firms as a price of doing business in China. Analysts say the phase one deal will fail to adequately address these issues, focusing largely on Chinese purchases of US farm goods and intellectual property protection related to copyright and trademark issues. It will not address industrial subsidies at all. China was requesting some changes to the text, but parts of the agreement are “very close to finished,” including the text on financial services, said a US source briefed on the negotiations. The text on agriculture was “dozens of pages long and nearly completed,” the source said. “It is important to both sides to get this agreement across the finish line,” said the source, adding that the two presidents were very likely to meet before the end of the month. Charles Boustany, a former congressman from Louisiana and counsellor at the National Bureau of Asian Research, said any initial agreement would likely be short-term in nature and unstable. "Even though there's some talk about a phase one agreement, we don't think it’s going to be substantive in terms of addressing any of the structural problems," he said. "It would largely be a status quo situation where China continues to do what it’s doing." Some business groups complain that a central component of the "phase one" deal - increased access to China's financial services market - will fall short of its promises, because of inconsistencies in China's new foreign investment law. In comments submitted to the Chinese government by the US Chamber of Commerce, the American Chamber of Commerce in China and the US Information Technology Office, the groups pointed out that Beijing's draft regulations "do not address clear differences between the treatment of China's state-owned enterprises and the private sector," according to a person familiar with the comments. Trump had said on Friday that negotiations on the initial phase agreement were going well and he hoped to sign the deal with Xi at a US location when work on the deal was completed.

China presses Trump for more tariff roll-backs in 'phase one' trade deal

Indian shares extended gains on Tuesday on increasing hopes of a trade truce between the United States and China, while optimism around solid, consumer-driven economic growth in the US aided sentiment.

The NSE Nifty 50 Index inched up 0.13% at 11,956.05, as at 0350 GMT, while the S&amp;P BSE Sensex index rose 0.19% to 40,385.03.

MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.1% after hitting a four-month high in the previous session.

In the United States, all three major stock indexes posted record closing highs on Monday, after US officials indicated that a trade deal with China could be signed this month.

In domestic markets, private sector lender Yes Bank Ltd was the top gainer on the NSE index, rising as much as 8.84% to its highest since Oct. 31.

This pushed the Nifty Private bank index 0.3% higher.

The Nifty PSU Bank index, which tracks the country's state-run lenders, advanced 0.5%. It was on track for an eighth straight session of gains, with shares of Allahabad Bank gaining as much as 1.81%.

The Nifty auto index rose as much as 0.62%, with shares of Tata Motors Ltd rising over 1.5%.

Mahindra and Mahindra's shares were flat after the company said it will recall a limited batch of XUV300 vehicles to fix a faulty suspension component.

Meanwhile, Prime Minister Narendra Modi said on Monday that India will not join a China-led regional trade pact as it failed to address Delhi's concerns over market access.

Among losers, shares of Bharat Electronics Ltd fell as much as 4.94%, its lowest in nearly two weeks, after the firm reported a drop in quarterly profit on Monday.

Indian Overseas Bank slid over 14% after the bank posted a wider quarterly loss.

The Nifty IT index inched lower, with shares of software services firm Tata Consultancy Services Ltd shedding over half a per cent.

The FMCG index, which tracks fast-moving consumer goods, was down 0.56%. Shares of Dabur India Ltd fell 0.67%. The company will report quarterly numbers later in the day.

Tech Mahindra Ltd and PNB Housing Finance Ltd rose 0.65% and 2.57%, respectively. Both companies will report quarterly results later in the day.

Indian shares extended gains on Tuesday on increasing hopes of a trade truce between the United States and China, while optimism around solid, consumer-driven economic growth in the US aided sentiment.

Indian shares extended gains on Tuesday on increasing hopes of a trade truce between the United States and China, while optimism around solid, consumer-driven economic growth in the US aided sentiment. The NSE Nifty 50 Index inched up 0.13% at 11,956.05, as at 0350 GMT, while the S&P BSE Sensex index rose 0.19% to 40,385.03. MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.1% after hitting a four-month high in the previous session. In the United States, all three major stock indexes posted record closing highs on Monday, after US officials indicated that a trade deal with China could be signed this month. In domestic markets, private sector lender Yes Bank Ltd was the top gainer on the NSE index, rising as much as 8.84% to its highest since Oct. 31. This pushed the Nifty Private bank index 0.3% higher. The Nifty PSU Bank index, which tracks the country's state-run lenders, advanced 0.5%. It was on track for an eighth straight session of gains, with shares of Allahabad Bank gaining as much as 1.81%. The Nifty auto index rose as much as 0.62%, with shares of Tata Motors Ltd rising over 1.5%. Mahindra and Mahindra's shares were flat after the company said it will recall a limited batch of XUV300 vehicles to fix a faulty suspension component. Meanwhile, Prime Minister Narendra Modi said on Monday that India will not join a China-led regional trade pact as it failed to address Delhi's concerns over market access. Among losers, shares of Bharat Electronics Ltd fell as much as 4.94%, its lowest in nearly two weeks, after the firm reported a drop in quarterly profit on Monday. Indian Overseas Bank slid over 14% after the bank posted a wider quarterly loss. The Nifty IT index inched lower, with shares of software services firm Tata Consultancy Services Ltd shedding over half a per cent. The FMCG index, which tracks fast-moving consumer goods, was down 0.56%. Shares of Dabur India Ltd fell 0.67%. The company will report quarterly numbers later in the day. Tech Mahindra Ltd and PNB Housing Finance Ltd rose 0.65% and 2.57%, respectively. Both companies will report quarterly results later in the day.

Sensex, Nifty inch up on trade deal optimism

The San Francisco startup that invented the groundbreaking Juul e-cigarette had a central goal during its development: captivating users with the first hit. The company had concluded that consumers had largely rejected earlier e-cigarettes, former employees told Reuters because the devices either failed to deliver enough nicotine or delivered it with a harsh taste.

Juul disregarded early evidence that it was hooking teens: Report

China's offshore yuan surged past 7 per dollar to four-month highs on Tuesday, benefiting from signs Beijing and Washington are approaching a trade deal and also from the Chinese central bank's decision to trim lending rates by only 5 basis points.

Optimism over trade also boosted other trade-reliant currencies, such as the Australian and New Zealand dollars, which rose as much as half a per cent.

China is pushing US&nbsp;President Donald Trump to remove more tariffs imposed in September as part of a "<a href="https://www.wionews.com/world/united-states-china-close-to-finalising-part-of-a-phase-one-trade-deal-report-258209">phase one</a>" US-China trade deal, which is expected to be signed later this month, people familiar with the negotiations said.

The yuan jumped 0.6 per cent to the highest since August&nbsp;5 at 6.9930. The onshore yuan also posted its strongest close since August&nbsp;2.&nbsp;

The currency held its gains even after China's central bank cut its one-year medium-term lending facility (MLF) rate for the first time since early 2016, though it opted for a 5 bps cut that Commerzbank called "tiny".

"It might be fair to say the PBoC only fine-tuned its monetary policy stance ... Typically, a rate cut will bring depreciation pressure to the currency," Commerzbank told clients, adding the trade optimism was the main factor driving the yuan above the 7 mark.

China and the US&nbsp;have imposed tariffs on each other's goods in a trade war that has dragged on for 16 months and raised the spectre of a global recession. Resolving the row would boost riskier assets, ease concern about the economic outlook and reduce the need for aggressive monetary easing.

The US&nbsp;dollar was flat against a basket of currencies&nbsp;in early London trading but advanced around a quarter per cent against the safe-haven yen and Swiss franc.

Kit Juckes, head of FX strategy at Société Générale, said the agreement would probably mark a truce rather than peace but added that "the chance of getting a first-stage deal seems to be quite good."

The optimism spilt over into other currencies, with the Australian dollar not far off three-month highs. It wasn't much moved after the central bank left monetary policy unchanged, as expected. The kiwi dollar rose 0.3 per cent.

The Norwegian and Swedish crowns also rose versus both the dollar and euro.

The euro was flat against the dollar. It rose 0.26 percent&nbsp;versus the yen.

Jukes said the euro would be one of the last currencies to benefit from improved risk sentiment, noting that Monday's data showing Polish manufacturing activity in its sharpest downturn in 10 years had taken the wind out of the euro's sails.

Central European states such as Poland are a key market and investment destination for eurozone companies.

China's offshore yuan surged past 7 per dollar to four-month highs on Tuesday, benefiting from signs Beijing and Washington are approaching a trade deal and also from the Chinese central bank's decision to trim lending rates by only 5 basis points.

China's offshore yuan surged past 7 per dollar to four-month highs on Tuesday, benefiting from signs Beijing and Washington are approaching a trade deal and also from the Chinese central bank's decision to trim lending rates by only 5 basis points. Optimism over trade also boosted other trade-reliant currencies, such as the Australian and New Zealand dollars, which rose as much as half a per cent. China is pushing US President Donald Trump to remove more tariffs imposed in September as part of a "phase one" US-China trade deal, which is expected to be signed later this month, people familiar with the negotiations said. The yuan jumped 0.6 per cent to the highest since August 5 at 6.9930. The onshore yuan also posted its strongest close since August 2. The currency held its gains even after China's central bank cut its one-year medium-term lending facility (MLF) rate for the first time since early 2016, though it opted for a 5 bps cut that Commerzbank called "tiny". "It might be fair to say the PBoC only fine-tuned its monetary policy stance ... Typically, a rate cut will bring depreciation pressure to the currency," Commerzbank told clients, adding the trade optimism was the main factor driving the yuan above the 7 mark. China and the US have imposed tariffs on each other's goods in a trade war that has dragged on for 16 months and raised the spectre of a global recession. Resolving the row would boost riskier assets, ease concern about the economic outlook and reduce the need for aggressive monetary easing. The US dollar was flat against a basket of currencies in early London trading but advanced around a quarter per cent against the safe-haven yen and Swiss franc. Kit Juckes, head of FX strategy at Société Générale, said the agreement would probably mark a truce rather than peace but added that "the chance of getting a first-stage deal seems to be quite good." The optimism spilt over into other currencies, with the Australian dollar not far off three-month highs. It wasn't much moved after the central bank left monetary policy unchanged, as expected. The kiwi dollar rose 0.3 per cent. The Norwegian and Swedish crowns also rose versus both the dollar and euro. The euro was flat against the dollar. It rose 0.26 percent versus the yen. Jukes said the euro would be one of the last currencies to benefit from improved risk sentiment, noting that Monday's data showing Polish manufacturing activity in its sharpest downturn in 10 years had taken the wind out of the euro's sails. Central European states such as Poland are a key market and investment destination for eurozone companies.

Chinese yuan surges to three-month high on trade optimism, 'tiny' rate cut

Columbia Global Centers, Mumbai announces the launch of the Urban Works Innovation Challenge 2019-2020 for transforming India`s cities into safe and sustainable places through technical innovation.

The challenge, which is part of a three-year program inaugurated in 2018 and supported by the RMZ Foundation, gives young innovators a globally competitive opportunity to receive mentorship from faculty and alumni of Columbia University`s prestigious Fu Foundation School of Engineering and Applied Science as well as from distinguished entrepreneurs and academics in India.

Winning teams can also avail of unrestricted capital from a total annual fund of Rs 1.2 crores, and peer networks and infrastructural support from a tech-first collaborative workspace at The CoWrks Foundry for a six month period.

"There is a huge opportunity in this country to harness the imagination, invigoration, and forward-looking vision of the youth in India to think about how Indian cities can be at the foundation of a global economy that advances human development," said Patricia J Culligan, Professor of Civil Engineering at Columbia University.

Almost 600 million Indians will live in cities by 2030. Rapid urbanization poses serious environmental and societal challenges, including degrading air quality, rising plastic waste, hindered mobility, mental health problems, and reduced safety for women.

In this evolving landscape, there is growing recognition that the country`s urban workforce requires workplaces and city-wide ecosystems to become more productive, innovative, and inclusive.

"Solutions that make use of contemporary technology can play a critical role in addressing these needs, thereby making our cities and work environments sustainable and safe for all," said Dr Ravina Aggarwal, Director of Columbia`s Mumbai Center.

The 2019-2020 challenge will support tech-based solutions to transform 21st-century cities into sustainable and safe work environments that span diverse industries and socio-economic geographies.

Broad areas for solution development include green technologies, decentralised energy-efficient solutions, sustainable resource use, waste management, accessibility, health and wellbeing, and gender security.

The innovation challenge is open to applications till November 15, 2019, from start-ups, professionals, entrepreneurs, researchers, and practitioners intent on designing the future of Indian cities and improving urban work environments.

Teams with successful design prototypes will have the opportunity to pitch their design to leading corporations and investors.

"Our engagement with Columbia Global Centers, Mumbai and Columbia Engineering was formed with the vision of seeking out and empowering the most incredible minds doing deeply intentional and well-researched work into solving these problems at a global scale," said Nruthya Madappa, Managing Partner of The CoWrks Foundry.

&nbsp;

Columbia Global Centers, Mumbai announces the launch of the Urban Works Innovation Challenge 2019-2020 for transforming India`s cities into safe and sustainable places through technical innovation.

Columbia Global Centers, Mumbai announces the launch of the Urban Works Innovation Challenge 2019-2020 for transforming India`s cities into safe and sustainable places through technical innovation. The challenge, which is part of a three-year program inaugurated in 2018 and supported by the RMZ Foundation, gives young innovators a globally competitive opportunity to receive mentorship from faculty and alumni of Columbia University`s prestigious Fu Foundation School of Engineering and Applied Science as well as from distinguished entrepreneurs and academics in India. Winning teams can also avail of unrestricted capital from a total annual fund of Rs 1.2 crores, and peer networks and infrastructural support from a tech-first collaborative workspace at The CoWrks Foundry for a six month period. "There is a huge opportunity in this country to harness the imagination, invigoration, and forward-looking vision of the youth in India to think about how Indian cities can be at the foundation of a global economy that advances human development," said Patricia J Culligan, Professor of Civil Engineering at Columbia University. Almost 600 million Indians will live in cities by 2030. Rapid urbanization poses serious environmental and societal challenges, including degrading air quality, rising plastic waste, hindered mobility, mental health problems, and reduced safety for women. In this evolving landscape, there is growing recognition that the country`s urban workforce requires workplaces and city-wide ecosystems to become more productive, innovative, and inclusive. "Solutions that make use of contemporary technology can play a critical role in addressing these needs, thereby making our cities and work environments sustainable and safe for all," said Dr Ravina Aggarwal, Director of Columbia`s Mumbai Center. The 2019-2020 challenge will support tech-based solutions to transform 21st-century cities into sustainable and safe work environments that span diverse industries and socio-economic geographies. Broad areas for solution development include green technologies, decentralised energy-efficient solutions, sustainable resource use, waste management, accessibility, health and wellbeing, and gender security. The innovation challenge is open to applications till November 15, 2019, from start-ups, professionals, entrepreneurs, researchers, and practitioners intent on designing the future of Indian cities and improving urban work environments. Teams with successful design prototypes will have the opportunity to pitch their design to leading corporations and investors. "Our engagement with Columbia Global Centers, Mumbai and Columbia Engineering was formed with the vision of seeking out and empowering the most incredible minds doing deeply intentional and well-researched work into solving these problems at a global scale," said Nruthya Madappa, Managing Partner of The CoWrks Foundry.

Columbia University's Urban works innovation challenge for start-ups in India

Samsung Electronics Co Ltd&nbsp;said on Tuesday it will shut down a CPU research division at one of its United States&nbsp;facilities, a move that analysts said dimmed prospects for the tech giant's Exynos-branded mobile chips.

Exynos mobile processor chips are considered a hallmark of the South Korean firm's attempts to reduce its reliance on memory chips and increase sales of logic chips that are used to power mobile devices and autonomous vehicles.

But the proprietary chips, which are found in Samsung's flagship Galaxy series smartphones and compete against Qualcomm Inc's&nbsp;marquee mobile processors, have struggled to find external customers.

The decision to shut down the division, which will make some 300 jobs redundant, point to challenges Samsung faces in promoting Exynos chips, analysts said.

"(Exynos) chips are not really used anywhere else and continue to lose ground in the mobile processor market, raising concerns about the company's competitiveness," said Park Sung-soon, an analyst at Cape Investment &amp; Securities.

The move has led to speculation that Samsung will use core designs from ARM or semi-custom designs. Park added that Samsung is not likely to give up the Exynos business entirely.

Samsung said it will continue to develop and produce Exynos chips regardless of the termination of CPU (central processing unit) core projects, and some of 300 affected employees could be relocated to different projects.

"Based upon a thorough assessment of our System LSI business and the need to stay competitive in the global market, Samsung has decided to transition part of our U.S.-based R&amp;D teams," it said in a statement, referring to its logic chip business.

Affected employees will mostly come from its Austin R&amp;D Center, which had been researching CPU core since 2010, while a small number of employees at its CPU project team at Advanced Computing Lab in San Jose will be let go or relocated to other divisions, a company spokeswoman said.

"Core research brought less value than expected to Samsung's entire logic chip business," said source with direct knowledge of the matter who was not authorised to speak to media on the matter and declined to be identified.

The termination of its CPU core projects comes after Samsung, the world's largest memory chipmaker, said in April that it plans to invest $116 billion in logic chips through 2030.

Samsung Electronics Co Ltd said on Tuesday it will shut down a CPU research division at one of its United States facilities, a move that analysts said dimmed prospects for the tech giant's Exynos-branded mobile chips.

Samsung Electronics Co Ltd said on Tuesday it will shut down a CPU research division at one of its United States facilities, a move that analysts said dimmed prospects for the tech giant's Exynos-branded mobile chips. Exynos mobile processor chips are considered a hallmark of the South Korean firm's attempts to reduce its reliance on memory chips and increase sales of logic chips that are used to power mobile devices and autonomous vehicles. But the proprietary chips, which are found in Samsung's flagship Galaxy series smartphones and compete against Qualcomm Inc's marquee mobile processors, have struggled to find external customers. The decision to shut down the division, which will make some 300 jobs redundant, point to challenges Samsung faces in promoting Exynos chips, analysts said. "(Exynos) chips are not really used anywhere else and continue to lose ground in the mobile processor market, raising concerns about the company's competitiveness," said Park Sung-soon, an analyst at Cape Investment & Securities. The move has led to speculation that Samsung will use core designs from ARM or semi-custom designs. Park added that Samsung is not likely to give up the Exynos business entirely. Samsung said it will continue to develop and produce Exynos chips regardless of the termination of CPU (central processing unit) core projects, and some of 300 affected employees could be relocated to different projects. "Based upon a thorough assessment of our System LSI business and the need to stay competitive in the global market, Samsung has decided to transition part of our U.S.-based R&D teams," it said in a statement, referring to its logic chip business. Affected employees will mostly come from its Austin R&D Center, which had been researching CPU core since 2010, while a small number of employees at its CPU project team at Advanced Computing Lab in San Jose will be let go or relocated to other divisions, a company spokeswoman said. "Core research brought less value than expected to Samsung's entire logic chip business," said source with direct knowledge of the matter who was not authorised to speak to media on the matter and declined to be identified. The termination of its CPU core projects comes after Samsung, the world's largest memory chipmaker, said in April that it plans to invest $116 billion in logic chips through 2030.

Samsung to shut down United States CPU research division

From tapping lenders to selling personal assets, Saudis are scrambling to raise cash to invest in <a href="https://www.wionews.com/business-economy/saudi-regulator-approves-aramco-share-offering-259594">Aramco</a> stocks after the oil giant announced its blockbuster market debut even as it offered few listing details.

After years of delay and false starts, the state-owned company said on Sunday it plans to sell an unspecified number of shares on the Riyadh stock exchange, but no date was set and the firm's valuation remains shrouded in mystery.

But retail investors in Saudi Arabia still appear to be salivating at the prospect of owning a piece of the world's most profitable company, seen as the kingdom's crown jewel, amid calls to make the initial public offering (IPO) a success.

"Some (Saudis) have started to sell other stocks in preparation to buy Aramco (shares)," said Ibrahim Ahmed, a Saudi energy industry analyst who is also considering investing his savings.

"People look at it as a sound investment. (But) I'm aware that it is a long-term investment that is good to have in a portfolio and not some kind of lottery ticket."

The IPO, billed by the company as a "historic milestone", forms the lynchpin of Crown Prince Mohammed bin Salman's ambitious plan to transform the petro-state by generating much-needed cash to fund mega projects and non-oil industries.

The government has reportedly pressed wealthy Saudi business families and institutions to invest in the IPO, and many nationalists have labelled it a patriotic duty.

Fahad Hashemi, portfolio manager at the Riyadh-based Middle East Financial Investment Co, told AFP his firm had a "strong intention" to participate despite the lack of listing information.

Saudi Arabia has sought to ease lending restrictions for ordinary citizens to buy a stake in the company, a strategy deemed risky by observers.&nbsp;

Eid al-Shamri, chief executive of investment bank Ithraa Capital, said some Saudis were considering selling their homes or borrowing money to purchase shares.

"This is definitely a serious event that will be recorded in the history of Saudi Arabia," Shamri told Bloomberg News.

"A lot of people are talking about it. But what is the extent of people's participation? We are tightening our belts."

'Unique investment'

<a href="https://www.wionews.com/business-economy/saudi-aramco-to-keep-46-million-barrels-of-oil-in-indian-storage-report-258774">Aramco</a> said its final offer price and the number of shares to be sold "will be determined at the end of the book-building period".

In a 21-page document released by the company, the company called the IPO&nbsp; a "unique investment proposition".

Aramco chief executive Amin Nasser said the company was committed to offer shareholders "long-term value creation".

To promote participation by all sections of Saudi society, divorced women or widows with minors will be eligible to receive bonus shares, local media reported.

But amid scant information about the listing, it is difficult to determine the payoff.

It is unclear whether Aramco will get the $2 trillion valuations Prince Mohammed had hoped for, with investment research firm Bernstein estimating that a "fair value range" for the company is between $1.2 and $1.5 trillion.

There are also reports the firm is struggling to get institutional investors on board amid a bearish outlook for the energy sector and questions over the company's transparency and governance.

Norway's sovereign wealth fund, the largest in the world, has said it does not plan to invest in Aramco, a Norwegian official told AFP.

Investors are also concerned about geopolitical risks weighing on the stock.

The news of the listing comes just weeks after crippling attacks on the heart of Aramco's facilities briefly halved its output amid a spike in tensions with Iran.

But the company, a cash cow that catapulted the kingdom to become the Arab world's biggest economy, holds enormous appeal for local retail investors.

"I do think there is significant local demand among retail investors, though large family businesses might be more sceptical," said Steffen Hertog, an associate professor at the London School of Economics.

"Aramco will be a blue-chip company producing fairly reliable dividends."

Its 2018 net profit of $111.1 billion is higher than the combined profits of Apple, Google and Exxon Mobil.

"We are excited and fascinated by the IPO," said analyst Ahmed.&nbsp;

"We always looked at the company as a semi-national company. To see it float on the stock exchange is a new era for us."

From tapping lenders to selling personal assets, Saudis are scrambling to raise cash to invest in Aramco stocks after the oil giant announced its blockbuster market debut even as it offered few listing details.

From tapping lenders to selling personal assets, Saudis are scrambling to raise cash to invest in Aramco stocks after the oil giant announced its blockbuster market debut even as it offered few listing details. After years of delay and false starts, the state-owned company said on Sunday it plans to sell an unspecified number of shares on the Riyadh stock exchange, but no date was set and the firm's valuation remains shrouded in mystery. But retail investors in Saudi Arabia still appear to be salivating at the prospect of owning a piece of the world's most profitable company, seen as the kingdom's crown jewel, amid calls to make the initial public offering (IPO) a success. "Some (Saudis) have started to sell other stocks in preparation to buy Aramco (shares)," said Ibrahim Ahmed, a Saudi energy industry analyst who is also considering investing his savings. "People look at it as a sound investment. (But) I'm aware that it is a long-term investment that is good to have in a portfolio and not some kind of lottery ticket." The IPO, billed by the company as a "historic milestone", forms the lynchpin of Crown Prince Mohammed bin Salman's ambitious plan to transform the petro-state by generating much-needed cash to fund mega projects and non-oil industries. The government has reportedly pressed wealthy Saudi business families and institutions to invest in the IPO, and many nationalists have labelled it a patriotic duty. Fahad Hashemi, portfolio manager at the Riyadh-based Middle East Financial Investment Co, told AFP his firm had a "strong intention" to participate despite the lack of listing information. Saudi Arabia has sought to ease lending restrictions for ordinary citizens to buy a stake in the company, a strategy deemed risky by observers. Eid al-Shamri, chief executive of investment bank Ithraa Capital, said some Saudis were considering selling their homes or borrowing money to purchase shares. "This is definitely a serious event that will be recorded in the history of Saudi Arabia," Shamri told Bloomberg News. "A lot of people are talking about it. But what is the extent of people's participation? We are tightening our belts." 'Unique investment' Aramco said its final offer price and the number of shares to be sold "will be determined at the end of the book-building period". In a 21-page document released by the company, the company called the IPO a "unique investment proposition". Aramco chief executive Amin Nasser said the company was committed to offer shareholders "long-term value creation". To promote participation by all sections of Saudi society, divorced women or widows with minors will be eligible to receive bonus shares, local media reported. But amid scant information about the listing, it is difficult to determine the payoff. It is unclear whether Aramco will get the $2 trillion valuations Prince Mohammed had hoped for, with investment research firm Bernstein estimating that a "fair value range" for the company is between $1.2 and $1.5 trillion. There are also reports the firm is struggling to get institutional investors on board amid a bearish outlook for the energy sector and questions over the company's transparency and governance. Norway's sovereign wealth fund, the largest in the world, has said it does not plan to invest in Aramco, a Norwegian official told AFP. Investors are also concerned about geopolitical risks weighing on the stock. The news of the listing comes just weeks after crippling attacks on the heart of Aramco's facilities briefly halved its output amid a spike in tensions with Iran. But the company, a cash cow that catapulted the kingdom to become the Arab world's biggest economy, holds enormous appeal for local retail investors. "I do think there is significant local demand among retail investors, though large family businesses might be more sceptical," said Steffen Hertog, an associate professor at the London School of Economics. "Aramco will be a blue-chip company producing fairly reliable dividends." Its 2018 net profit of $111.1 billion is higher than the combined profits of Apple, Google and Exxon Mobil. "We are excited and fascinated by the IPO," said analyst Ahmed. "We always looked at the company as a semi-national company. To see it float on the stock exchange is a new era for us."

Saudis scramble to raise cash for Aramco share sale

A slowdown in economic growth in the eurozone since last year may be sharper than expected, but that does not necessarily mean a recession is looming, Klaus Regling, head of the euro zone's bailout fund, said on Tuesday.

"We are in a phase of slowdown but not of recession," Regling told a conference in Nicosia.

The euro zone's gross domestic product expanded by 0.2 per cent&nbsp;in the second quarter, after a 0.4 per cent&nbsp;expansion in the first three months of the year, Eurostat data in September showed.

It confirms a gloomy outlook for the 19-nation currency bloc which is facing twin threats and uncertainty from Brexit and global trade wars.

Regling, who heads the European Stability Mechanism, an organisation which offers aid to faltering euro area economies, said the eurozone had strong economic fundamentals and that growth was close to potential.

"We have to remember that not every cyclical slowdown leads to a recession, and not every recession implies another crisis," Regling said.

"It is important to look at the underlying dynamics. This slowdown in growth relates mainly to external factors, while domestic demand remains resilient."

He said the single currency area was better equipped now to deal with any future crises than it was a decade ago, but that more could be done to strengthen its financial architecture.

Common deposit insurance, a fiscal capacity for macroeconomic stabilisation,&nbsp;what he described as a key element missing in the architecture of the eurozone,&nbsp;and the need to create a European 'safe asset' should be discussed, Regling said.

A slowdown in economic growth in the eurozone since last year may be sharper than expected, but that does not necessarily mean a recession is looming, Klaus Regling, head of the euro zone's bailout fund, said on Tuesday.

A slowdown in economic growth in the eurozone since last year may be sharper than expected, but that does not necessarily mean a recession is looming, Klaus Regling, head of the euro zone's bailout fund, said on Tuesday. "We are in a phase of slowdown but not of recession," Regling told a conference in Nicosia. The euro zone's gross domestic product expanded by 0.2 per cent in the second quarter, after a 0.4 per cent expansion in the first three months of the year, Eurostat data in September showed. It confirms a gloomy outlook for the 19-nation currency bloc which is facing twin threats and uncertainty from Brexit and global trade wars. Regling, who heads the European Stability Mechanism, an organisation which offers aid to faltering euro area economies, said the eurozone had strong economic fundamentals and that growth was close to potential. "We have to remember that not every cyclical slowdown leads to a recession, and not every recession implies another crisis," Regling said. "It is important to look at the underlying dynamics. This slowdown in growth relates mainly to external factors, while domestic demand remains resilient." He said the single currency area was better equipped now to deal with any future crises than it was a decade ago, but that more could be done to strengthen its financial architecture. Common deposit insurance, a fiscal capacity for macroeconomic stabilisation, what he described as a key element missing in the architecture of the eurozone, and the need to create a European 'safe asset' should be discussed, Regling said.

Eurozone slowdown doesn't mean recession: ESM's Regling

A year after Hong Kong launched a pioneering scheme allowing fund managers to invest in cryptocurrency assets, barely any players have been approved, highlighting the difficulties the industry faces in its bid to become mainstream.

Market watchdogs globally are debating how and whether they should regulate the cryptocurrency industry and have mostly focussed on protecting investors from the scams based on digital assets.

The licences introduced by Hong Kong's Securities and Futures Commission (SFC) late last year were among the first of their kind globally and grant fund managers of so-called virtual assets and related intermediaries permission to sell products to investors.

However, a year later, industry players say very few fund managers have been approved to invest in crypto-currencies.

Reuters could only identify one: Hong Kong-based Diginex, which operates a cryptocurrency "fund of funds". Lawyers and consultants are unable to identify any other applications that have been approved, though dozens of smaller funds looked into applying hoping that approval would help attract investors.

The SFC does not publicly announce information about licence approvals and declined Reuters' request for comment.

"We believe it is vital to be regulated to build trust with our clients but also in the industry," said Richard Byworth, CEO of Diginex, which won approval in June.

Larger investors, who might otherwise have been able to clear the licensing hurdles, have tended to stay away.

"We have seen lot more interest from smaller funds or crypto-dedicated funds," said Henri Arslanian, Hong Kong-based global crypto leader at PwC.

Gaven Cheong, a partner at law firm Simmons &amp; Simmons, who advised on their application, said the regulator essentially expected licensees to set up as a full-blown traditional fund manager.

"Last year there was a lot of excitement but since then we haven't seen much activity," he said. "Not many new managers in this area have the background, experience or support to mount such an undertaking, and this has meant that many applications never even get started."

Several market participants said the rigours of the Hong Kong regime had, in fact, forced some funds to domicile in offshore jurisdictions to skirt SFC requirements for funds based in the city that sell to local investors directly.

Advisers say the industry's relative infancy is also a factor, with crypto funds still developing systems for custody, audit, cybersecurity and other operational necessities.

"My take is it is more an operational and infrastructure issue than the regulator being obstructive," said Rocky Mui, a partner at Clifford Chance in Hong Kong.

Last year's "crypto winter" also chilled applications. One bitcoin, worth nearly $20,000 in December 2017, fell to below $4,000 by December 2018. It traded around $9,400 on Tuesday.

"The volatility and poor returns in 2018 scared large institutions away from allocating to crypto funds, causing those who survived to shelve their licensing plans," said Jehan Chu, a partner at Kenetic Capital, which takes equity stakes in blockchain companies.

"As institutional investors step into the market, crypto funds will dust off their licensing applications and take a fully regulated approach," he said.

A year after Hong Kong launched a pioneering scheme allowing fund managers to invest in cryptocurrency assets, barely any players have been approved, highlighting the difficulties the industry faces in its bid to become mainstream.

A year after Hong Kong launched a pioneering scheme allowing fund managers to invest in cryptocurrency assets, barely any players have been approved, highlighting the difficulties the industry faces in its bid to become mainstream. Market watchdogs globally are debating how and whether they should regulate the cryptocurrency industry and have mostly focussed on protecting investors from the scams based on digital assets. The licences introduced by Hong Kong's Securities and Futures Commission (SFC) late last year were among the first of their kind globally and grant fund managers of so-called virtual assets and related intermediaries permission to sell products to investors. However, a year later, industry players say very few fund managers have been approved to invest in crypto-currencies. Reuters could only identify one: Hong Kong-based Diginex, which operates a cryptocurrency "fund of funds". Lawyers and consultants are unable to identify any other applications that have been approved, though dozens of smaller funds looked into applying hoping that approval would help attract investors. The SFC does not publicly announce information about licence approvals and declined Reuters' request for comment. "We believe it is vital to be regulated to build trust with our clients but also in the industry," said Richard Byworth, CEO of Diginex, which won approval in June. Larger investors, who might otherwise have been able to clear the licensing hurdles, have tended to stay away. "We have seen lot more interest from smaller funds or crypto-dedicated funds," said Henri Arslanian, Hong Kong-based global crypto leader at PwC. Gaven Cheong, a partner at law firm Simmons & Simmons, who advised on their application, said the regulator essentially expected licensees to set up as a full-blown traditional fund manager. "Last year there was a lot of excitement but since then we haven't seen much activity," he said. "Not many new managers in this area have the background, experience or support to mount such an undertaking, and this has meant that many applications never even get started." Several market participants said the rigours of the Hong Kong regime had, in fact, forced some funds to domicile in offshore jurisdictions to skirt SFC requirements for funds based in the city that sell to local investors directly. Advisers say the industry's relative infancy is also a factor, with crypto funds still developing systems for custody, audit, cybersecurity and other operational necessities. "My take is it is more an operational and infrastructure issue than the regulator being obstructive," said Rocky Mui, a partner at Clifford Chance in Hong Kong. Last year's "crypto winter" also chilled applications. One bitcoin, worth nearly $20,000 in December 2017, fell to below $4,000 by December 2018. It traded around $9,400 on Tuesday. "The volatility and poor returns in 2018 scared large institutions away from allocating to crypto funds, causing those who survived to shelve their licensing plans," said Jehan Chu, a partner at Kenetic Capital, which takes equity stakes in blockchain companies. "As institutional investors step into the market, crypto funds will dust off their licensing applications and take a fully regulated approach," he said.

Hong Kong's new crypto funds struggle to clear licensing hurdles