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<a href="https://www.wionews.com/world/indonesia-report-on-737-max-crash-faults-boeing-design-says-lion-air-made-mistakes-258127">Boeing's 737 MAX</a> took centre stage at the Dubai Airshow on Tuesday as airlines announced plans to order up to 50 of the jets worth $6 billion at list prices despite a global grounding in place since March.

Kazakhstan flag carrier Air Astana said it had signed a letter of intent to order 30 Boeing 737 MAX 8 jets for its Fly Arystana subsidiary.

Air Astana, which operates <a href="https://www.wionews.com/business-economy/ge-unit-orders-25-airbus-jets-including-12-rolls-powered-a330neo-260791">Airbus</a> and Embraer jets in its main network, said it was confident in Boeing's ability to resolve problems with the MAX.

Global regulators banned commercial flights of Boeing's fastest-selling jet in March after two fatal accidents.

Plans for the jet's return to commercial service have been pushed back to early 2020 as Boeing finalises software and training revisions that need regulatory approval.

"We are making flying affordable for the people of Kazakhstan," Air Astana Chief Planning Officer Alma Aliguzhinova told reporters, adding that budget carrier Fly Arystana would start taking the jets in late 2021.

The airline plans to hold 15 aircraft directly and may finance the rest through a lease transaction, she said, adding that Air Astana would not change the composition of its main fleet.

Separately, another airline signed a firm order for 10 Boeing 737 MAX 7 and 10 Boeing MAX 10 jets, a person familiar with the matter said. The airline's name was not disclosed.

<a href="https://www.wionews.com/world/boeing-ousts-airliner-chief-as-737-max-crisis-grows-257742">Boeing </a>has used the past two major industry events to try to secure market momentum for the grounded MAX, which is seen as key to the planemaker's financial health over the coming decade.

A letter of intent between Boeing and British Airways owner IAG for 200 jets, which grabbed the spotlight at the Paris Airshow in June, has yet to be finalised as the European holding company discusses the fleet change with subsidiaries that currently use Airbus for medium-haul operations.

In other business coinciding with the largest Middle East air show on Tuesday, Saudi budget airline Flynas agreed to buy long-range A321XLR jets.

The airline's chief executive had said on Monday that Flynas was in talks to exercise purchasing options for some or all of 40 Airbus A320neo narrowboday jets.

Airbus unveiled a provisional order in Dubai for 8 of its small A220 jets from Air Senegal. Britain's easyJet exercised options for 12 more Airbus A320neo aircraft.

Also coinciding with the show, leasing giant GECAS was expected to confirm an order for 25 Airbus planes, including 12 A330neo jets powered by engines from Rolls-Royce, a competitor to GECAS parent company General Electric.

However, there were no immediate signs that Dubai's Emirates was ready to finalise a provisional order for 40 Boeing 787 Dreamliners, part of a complex set of interlocking deals driving fleet changes at the world's largest international airline.

The fate of the order hinges on negotiations over the larger Boeing 777X, for which Emirates is the largest customer. Emirates has indicated it wants to restructure the order after delays and sources say it could use the pending 787 deal as leverage.

Boeing's 737 MAX took centre stage at the Dubai Airshow on Tuesday as airlines announced plans to order up to 50 of the jets worth $6 billion at list prices despite a global grounding in place since March.

Boeing's 737 MAX took centre stage at the Dubai Airshow on Tuesday as airlines announced plans to order up to 50 of the jets worth $6 billion at list prices despite a global grounding in place since March. Kazakhstan flag carrier Air Astana said it had signed a letter of intent to order 30 Boeing 737 MAX 8 jets for its Fly Arystana subsidiary. Air Astana, which operates Airbus and Embraer jets in its main network, said it was confident in Boeing's ability to resolve problems with the MAX. Global regulators banned commercial flights of Boeing's fastest-selling jet in March after two fatal accidents. Plans for the jet's return to commercial service have been pushed back to early 2020 as Boeing finalises software and training revisions that need regulatory approval. "We are making flying affordable for the people of Kazakhstan," Air Astana Chief Planning Officer Alma Aliguzhinova told reporters, adding that budget carrier Fly Arystana would start taking the jets in late 2021. The airline plans to hold 15 aircraft directly and may finance the rest through a lease transaction, she said, adding that Air Astana would not change the composition of its main fleet. Separately, another airline signed a firm order for 10 Boeing 737 MAX 7 and 10 Boeing MAX 10 jets, a person familiar with the matter said. The airline's name was not disclosed. Boeing has used the past two major industry events to try to secure market momentum for the grounded MAX, which is seen as key to the planemaker's financial health over the coming decade. A letter of intent between Boeing and British Airways owner IAG for 200 jets, which grabbed the spotlight at the Paris Airshow in June, has yet to be finalised as the European holding company discusses the fleet change with subsidiaries that currently use Airbus for medium-haul operations. In other business coinciding with the largest Middle East air show on Tuesday, Saudi budget airline Flynas agreed to buy long-range A321XLR jets. The airline's chief executive had said on Monday that Flynas was in talks to exercise purchasing options for some or all of 40 Airbus A320neo narrowboday jets. Airbus unveiled a provisional order in Dubai for 8 of its small A220 jets from Air Senegal. Britain's easyJet exercised options for 12 more Airbus A320neo aircraft. Also coinciding with the show, leasing giant GECAS was expected to confirm an order for 25 Airbus planes, including 12 A330neo jets powered by engines from Rolls-Royce, a competitor to GECAS parent company General Electric. However, there were no immediate signs that Dubai's Emirates was ready to finalise a provisional order for 40 Boeing 787 Dreamliners, part of a complex set of interlocking deals driving fleet changes at the world's largest international airline. The fate of the order hinges on negotiations over the larger Boeing 777X, for which Emirates is the largest customer. Emirates has indicated it wants to restructure the order after delays and sources say it could use the pending 787 deal as leverage.

Sales of grounded Boeing 737 MAX gather pace at Dubai Airshow

The state of California on Monday sued<a href="https://www.wionews.com/india-news/india-says-e-cigarette-ban-implies-use-of-devices-also-prohibited-262972"> e-cigarette </a>maker Juul Labs Inc, alleging the San Francisco company engaged in a "systematic" and "wildly successful" campaign to attract teenagers to its nicotine devices.

The lawsuit draws on internal correspondence and other evidence, asserting the company did little to prevent sales to underage customers. It also claims that Juul used a "flawed" age-verification process for online sales.

Filed in California state court in Alameda County, the lawsuit also cites passages from a recent Reuters investigation that documented how Juul disregarded evidence soon after its launch in 2015 that teenagers were attracted to the product.

The Reuters story documented how Juul rarely mentioned nicotine in early consumer marketing, while at the same time pitching retailers on Juul's unique addictive power.

Juul spokesman Austin Finan said the company had not yet reviewed the complaint. "We remain focused on resetting the vapour category in the US and earning the trust of society by working cooperatively with attorneys general, regulators, public health officials, and other stakeholders to combat underage use and convert adult smokers from combustible cigarettes," he said in a statement.

The lawsuit seeks monetary damages based on violations of state laws governing false advertising and unfair competition, among others.

Other lawsuits brought so far on behalf of teenage Juul users and other plaintiffs focus on the company's early youth-oriented advertising and social media campaigns. The state of North Carolina filed a lawsuit against Juul earlier this year.

Juul, the US&nbsp;&nbsp;market leader in <a href="https://www.wionews.com/world/china-calls-for-businesses-to-shut-down-e-cigarette-online-shops-259443">e-cigarette</a>s, has come under intense scrutiny from regulators, lawmakers and attorneys general over the surging popularity of its products among teenagers in recent years. More than 27 per cent&nbsp;of US&nbsp;high schoolers used an<a href="https://www.wionews.com/world/trump-to-meet-with-vaping-industry-as-he-mulls-tighter-regulation-261512"> e-cigarette</a> in the previous month, according to a federal youth tobacco survey released in September, up from 11.7 per cent two years ago.

A recent study found that nearly 60 per cent of high schoolers and 54 per cent&nbsp;of middle schoolers who use nicotine vaping products said Juul was their usual brand.

The company stopped selling many of its most popular flavours in the <a href="https://www.wionews.com/world/us-state-upholds-e-cigarette-ban-amid-vaping-deaths-253923">United States</a> in recent months, including mint and mango, as research showed those flavours were highly popular among teenagers.

The lawsuit brought by California alleges that customers who failed Juul's online age verification process could create multiple accounts to circumvent the system or ask Juul customer service employees to adjust the address or name to try again.

Sales records in California, according to the suit, show the company sent thousands of Juul devices and pods to fictitious names including "Beer Can" and "Patricia Juul," and to addresses such as&nbsp;"no signature needed, Palo Alto."

The lawsuit quotes correspondence earlier this year from a Juul senior developer, Frederic Boivin, agreeing with another employee that the company shouldn't be allowed to edit customer information because it risked "huge compliance violations."

Referring to a specific case, he added: "For all, we know this is an underage person," according to the suit.

Boivin went on to tell Eadon Jacobs, a director of digital product at Juul, that "you can edit everything," according to the suit. Jacobs responded with one word: "Shit," according to the complaint.

Boivin and Jacobs did not respond to requests for comment.

California Attorney General Xavier Becerra said on Monday that Juul "targeted underage Californians with its marketing and sales practices," and is engaging in business practices that are "endangering lives, especially of our children."

The state of California on Monday sued e-cigarette maker Juul Labs Inc, alleging the San Francisco company engaged in a "systematic" and "wildly successful" campaign to attract teenagers to its nicotine devices.

The state of California on Monday sued e-cigarette maker Juul Labs Inc, alleging the San Francisco company engaged in a "systematic" and "wildly successful" campaign to attract teenagers to its nicotine devices. The lawsuit draws on internal correspondence and other evidence, asserting the company did little to prevent sales to underage customers. It also claims that Juul used a "flawed" age-verification process for online sales. Filed in California state court in Alameda County, the lawsuit also cites passages from a recent Reuters investigation that documented how Juul disregarded evidence soon after its launch in 2015 that teenagers were attracted to the product. The Reuters story documented how Juul rarely mentioned nicotine in early consumer marketing, while at the same time pitching retailers on Juul's unique addictive power. Juul spokesman Austin Finan said the company had not yet reviewed the complaint. "We remain focused on resetting the vapour category in the US and earning the trust of society by working cooperatively with attorneys general, regulators, public health officials, and other stakeholders to combat underage use and convert adult smokers from combustible cigarettes," he said in a statement. The lawsuit seeks monetary damages based on violations of state laws governing false advertising and unfair competition, among others. Other lawsuits brought so far on behalf of teenage Juul users and other plaintiffs focus on the company's early youth-oriented advertising and social media campaigns. The state of North Carolina filed a lawsuit against Juul earlier this year. Juul, the US market leader in e-cigarettes, has come under intense scrutiny from regulators, lawmakers and attorneys general over the surging popularity of its products among teenagers in recent years. More than 27 per cent of US high schoolers used an e-cigarette in the previous month, according to a federal youth tobacco survey released in September, up from 11.7 per cent two years ago. A recent study found that nearly 60 per cent of high schoolers and 54 per cent of middle schoolers who use nicotine vaping products said Juul was their usual brand. The company stopped selling many of its most popular flavours in the United States in recent months, including mint and mango, as research showed those flavours were highly popular among teenagers. The lawsuit brought by California alleges that customers who failed Juul's online age verification process could create multiple accounts to circumvent the system or ask Juul customer service employees to adjust the address or name to try again. Sales records in California, according to the suit, show the company sent thousands of Juul devices and pods to fictitious names including "Beer Can" and "Patricia Juul," and to addresses such as "no signature needed, Palo Alto." The lawsuit quotes correspondence earlier this year from a Juul senior developer, Frederic Boivin, agreeing with another employee that the company shouldn't be allowed to edit customer information because it risked "huge compliance violations." Referring to a specific case, he added: "For all, we know this is an underage person," according to the suit. Boivin went on to tell Eadon Jacobs, a director of digital product at Juul, that "you can edit everything," according to the suit. Jacobs responded with one word: "Shit," according to the complaint. Boivin and Jacobs did not respond to requests for comment. California Attorney General Xavier Becerra said on Monday that Juul "targeted underage Californians with its marketing and sales practices," and is engaging in business practices that are "endangering lives, especially of our children."

California sues e-cigarette maker Juul for selling nicotine products to youth

The Trump administration is set to issue a&nbsp;90-day&nbsp;extension&nbsp;of a&nbsp;license&nbsp;on Monday&nbsp;allowing&nbsp;US&nbsp;companies to continue doing business with<a href="https://www.wionews.com/business-economy/huawei-to-give-staff-286-million-bonus-for-helping-it-ride-out-us-curbs-261626"> China's&nbsp;Huawei&nbsp;Technologies Co Ltd</a>, two&nbsp;sources&nbsp;familiar with the deliberations said.

Reuters reported Friday&nbsp;that an initial&nbsp;extension&nbsp;of around two weeks was&nbsp;expected&nbsp;and a longer&nbsp;extension&nbsp;was in the works but had not yet been finalized due to regulatory hurdles. Over the weekend, the Trump administration's plans changed and it now plans to renew the temporary&nbsp;extension&nbsp;for the same&nbsp;90-day&nbsp;period as it did in August, the&nbsp;sources&nbsp;said.

After adding&nbsp;Huawei&nbsp;to an economic blacklist in May citing national security concerns, the&nbsp;US&nbsp;Commerce Department has allowed it to purchase some American-made goods in a move aimed at minimising disruption for its customers, many of which operate networks in rural America.

The&nbsp;extension&nbsp;will be announced Monday when the earlier reprieve is set to expire, the&nbsp;sources&nbsp;said. The&nbsp;sources&nbsp;declined to be identified as the&nbsp;extension&nbsp;has not been publicly announced.

A spokesman for&nbsp;Huawei, the world's biggest maker of telecom network equipment, said Friday&nbsp;the company does not comment on rumours and speculation. The Commerce Department declined to comment.

Commerce Secretary Wilbur Ross told Fox Business Network on Friday&nbsp;that some rural carriers need the temporary&nbsp;licenses and are dependent on&nbsp;Huawei&nbsp;for 3G and 4G networks.

"There are enough problems with telephone service in the rural communities - we don’t want to knock them out. So, one of the main purposes of the temporary general&nbsp;licenses is to let those rural guys&nbsp;continue to operate," Ross said.

The development comes amid discussions between the United States and China aimed at coming to an initial agreement to resolve a trade war that has lasted for over a year.

In blacklisting&nbsp;Huawei, the&nbsp;US&nbsp;government said it had a "reasonable basis to conclude that&nbsp;Huawei&nbsp;is engaged in activities that are contrary to&nbsp;US&nbsp;national security or foreign policy interests."&nbsp;Huawei&nbsp;has repeatedly denied the accusations.

Last week, Attorney General William Barr said&nbsp;Huawei&nbsp;and ZTE Corp "cannot be trusted," as he backed a proposal to bar&nbsp;US&nbsp;rural wireless carriers from tapping an $8.5 billion government fund to purchase equipment or services from them.

In May, <a href="https://www.wionews.com/world/get-the-deal-done-trump-tweets-at-north-koreas-kim-tells-him-to-act-quickly-262780">President Donald Trump</a> also signed an executive order declaring a national emergency and barring&nbsp;US&nbsp;companies from using telecommunications equipment made by companies posing a national security risk. The Commerce Department was directed to draw up an enforcement plan by mid-October but has yet to publish one.

The Commerce Department is also considering whether to&nbsp;grant&nbsp;individual&nbsp;licenses for&nbsp;US&nbsp;firms to sell components to&nbsp;Huawei&nbsp;after receiving more than 200 requests. No action on those is&nbsp;expected&nbsp;on Monday.

The Trump administration is set to issue a 90-day extension of a license on Monday allowing US companies to continue doing business with China's Huawei Technologies Co Ltd, two sources familiar with the deliberations said.

The Trump administration is set to issue a 90-day extension of a license on Monday allowing US companies to continue doing business with China's Huawei Technologies Co Ltd, two sources familiar with the deliberations said. Reuters reported Friday that an initial extension of around two weeks was expected and a longer extension was in the works but had not yet been finalized due to regulatory hurdles. Over the weekend, the Trump administration's plans changed and it now plans to renew the temporary extension for the same 90-day period as it did in August, the sources said. After adding Huawei to an economic blacklist in May citing national security concerns, the US Commerce Department has allowed it to purchase some American-made goods in a move aimed at minimising disruption for its customers, many of which operate networks in rural America. The extension will be announced Monday when the earlier reprieve is set to expire, the sources said. The sources declined to be identified as the extension has not been publicly announced. A spokesman for Huawei, the world's biggest maker of telecom network equipment, said Friday the company does not comment on rumours and speculation. The Commerce Department declined to comment. Commerce Secretary Wilbur Ross told Fox Business Network on Friday that some rural carriers need the temporary licenses and are dependent on Huawei for 3G and 4G networks. "There are enough problems with telephone service in the rural communities - we don’t want to knock them out. So, one of the main purposes of the temporary general licenses is to let those rural guys continue to operate," Ross said. The development comes amid discussions between the United States and China aimed at coming to an initial agreement to resolve a trade war that has lasted for over a year. In blacklisting Huawei, the US government said it had a "reasonable basis to conclude that Huawei is engaged in activities that are contrary to US national security or foreign policy interests." Huawei has repeatedly denied the accusations. Last week, Attorney General William Barr said Huawei and ZTE Corp "cannot be trusted," as he backed a proposal to bar US rural wireless carriers from tapping an $8.5 billion government fund to purchase equipment or services from them. In May, President Donald Trump also signed an executive order declaring a national emergency and barring US companies from using telecommunications equipment made by companies posing a national security risk. The Commerce Department was directed to draw up an enforcement plan by mid-October but has yet to publish one. The Commerce Department is also considering whether to grant individual licenses for US firms to sell components to Huawei after receiving more than 200 requests. No action on those is expected on Monday.

Trump administration gives 90-day extension for US companies to continue business with Huawei

Microsoft&nbsp;said on Monday it was updating the&nbsp;privacy&nbsp;provisions of its commercial cloud contracts after&nbsp;European regulators found its deals with&nbsp;European Union institutions failed to protect&nbsp;data&nbsp;in line with&nbsp;EU&nbsp;law.

The EDPS, the&nbsp;EU's&nbsp;data&nbsp;watchdog, opened an investigation in April to assess whether&nbsp;Microsoft's contracts with the&nbsp;European Commission and other&nbsp;EU&nbsp;institutions met&nbsp;data&nbsp;protection rules. It raised concerns about compliance in October.

In a statement on its website addressing the issue,&nbsp;Microsoft&nbsp;said: "We will increase our&nbsp;data&nbsp;protection responsibilities for a subset of processing that&nbsp;Microsoft&nbsp;engages in when we provide enterprise services."

The company, the only major cloud provider to offer such&nbsp;terms&nbsp;in the&nbsp;European Economic Area and beyond, expects to offer the new provisions to public sector and enterprise customers in early 2020.

Microsoft said on Monday it was updating the privacy provisions of its commercial cloud contracts after European regulators found its deals with European Union institutions failed to protect data in line with EU law.

Microsoft said on Monday it was updating the privacy provisions of its commercial cloud contracts after European regulators found its deals with European Union institutions failed to protect data in line with EU law. The EDPS, the EU's data watchdog, opened an investigation in April to assess whether Microsoft's contracts with the European Commission and other EU institutions met data protection rules. It raised concerns about compliance in October. In a statement on its website addressing the issue, Microsoft said: "We will increase our data protection responsibilities for a subset of processing that Microsoft engages in when we provide enterprise services." The company, the only major cloud provider to offer such terms in the European Economic Area and beyond, expects to offer the new provisions to public sector and enterprise customers in early 2020.

Microsoft increases data protection responsibilities for European Union

Samsung's plan to&nbsp;outsource a fifth of its smartphone production to&nbsp;China&nbsp;next year may help it compete with low-cost&nbsp;rivals&nbsp;such as Huawei and Xiaomi but it's a strategy fraught with risks, people with familiar with the move said.

Samsung&nbsp;Electronics, which shut its last in-house Chinese smartphone factory in October, is quietly moving production of some Galaxy A models to contractors such as Wingtech, which are little known&nbsp;outside&nbsp;China.

<a href="https://www.wionews.com/business-economy/samsung-says-to-shut-down-united-states-cpu-research-division-260078">Samsung&nbsp;</a>has been coy about&nbsp;the volumes involved but sources said the South Korean tech giant plans to ship some 60 million&nbsp;phones&nbsp;made&nbsp;in&nbsp;China&nbsp;by so-called original design manufacturers (ODMs) next year&nbsp;out&nbsp;of a total of about&nbsp;300 million devices.

Wingtech and other ODMs make&nbsp;phones&nbsp;for multiple brands - including Huawei, Xiaomi and Oppo - giving them the economies of scale to keep costs down, and the nimble contractors can develop and produce new budget&nbsp;phones&nbsp;quickly.

Critics of&nbsp;Samsung's strategy say it risks losing control of quality and undermining its manufacturing expertise by&nbsp;outsourcing, and may even help&nbsp;rivals&nbsp;by giving contractors the extra volume they need to lowers costs further for all.

Samsung&nbsp;can ill afford another quality crisis. It scrapped its flagship Galaxy Note 7 in 2016 after reports the expensive&nbsp;phones&nbsp;were catching fire and delayed the launch of its folding phone this year after screen defects were identified.

But with margins razor-thin for budget smartphones, people familiar with&nbsp;Samsung's strategy say it has little choice but to follow&nbsp;rivals&nbsp;and use Chinese ODMs to shave costs.

"This is an inevitable strategy rather than a good strategy," a source with knowledge of&nbsp;Samsung's Chinese operations said.

Samsung&nbsp;said in a statement to Reuters that it has been making limited lines of smartphones&nbsp;outside its own plants to broaden its existing portfolio and "ensure efficient management in the market". It declined to say how many&nbsp;Samsung&nbsp;phones&nbsp;are&nbsp;made&nbsp;by ODMs and said future volumes had yet to be determined.

Wingtech did not respond to a request for comment.

Research firm Counterpoint says ODMs can procure all the components needed for $100-$250 smartphones&nbsp;for 10 per cent&nbsp;to 15&nbsp;per cent less than major brands with their own factories in&nbsp;China.

One supply chain source said Wingtech can get some parts for up to 30 per cent less than&nbsp;Samsung&nbsp;Electronics pays in Vietnam, where it has three factories churning&nbsp;out&nbsp;smartphones, TVs and home appliances.

Wingtech started making tablets and&nbsp;phones&nbsp;for&nbsp;Samsung&nbsp;in 2017, accounting for 3&nbsp;per cent&nbsp;of its smartphones. That's expected to hit 8 per cent, or 24 million units, this year, according to IHS Markit.

Samsung's&nbsp;outsourcing plans involve its lower and mid-range Galaxy A series, with Wingtech having a hand in both design and production, sources said. The A6S, one of the models to be&nbsp;outsourced, costs from 1,299 yuan ($185) in&nbsp;China.

The Wingtech&nbsp;phones&nbsp;will mainly go to Southeast Asia and South America, one source said.&nbsp;Samsung&nbsp;is gaining share in both at the expense of Huawei, which is suffering from U.S. sanctions that bar it from putting all Google's services on new&nbsp;phones.

While&nbsp;Samsung&nbsp;is anxious to remain global smartphone market leader, some analysts worry it might not be worth the risk is given that profits in the budget phone business are scarce for all.

"Low-end&nbsp;phones&nbsp;are a headache for&nbsp;Samsung," said CW Chung, head of research at Nomura in Korea.

Chung said they were now commodity products and it was "nonsense" to make them in-house. But he and other experts said if&nbsp;Samsung&nbsp;gave ODMs&nbsp;more&nbsp;volume, that could cut contractors' costs further and boost their experience and knowledge.

"If ODM firms become&nbsp;more&nbsp;competitive,&nbsp;rivals&nbsp;will be&nbsp;more&nbsp;competitive," Tom Kang, an analyst at Counterpoint said, adding that once a company loses its expertise in making low-end&nbsp;phones&nbsp;by&nbsp;outsourcing, it is difficult to regain the know-how.

Chung said&nbsp;Samsung's strategic shift signalled the declining manufacturing prowess of the company, once a low-cost Asian manufacturer and now the world's top producer of high-end electrical consumer goods.

US rival Apple&nbsp;outsources production to Taiwan's Foxconn Technology, which has factories in&nbsp;China, but Apple still designs its&nbsp;phones&nbsp;in California.

Samsung&nbsp;said in an emailed response to Reuters that it will be involved in the oversight of the design and development of smartphones&nbsp;produced by ODMs.

One person familiar with&nbsp;Samsung&nbsp;and Chinese ODMs said contractors save money by cutting some steps&nbsp;out&nbsp;of the manufacturing process, potentially raising quality issues. He declined to go into details.

With that in mind,&nbsp;Samsung&nbsp;has been pairing South Korean component suppliers with Chinese contractors to keep closer tabs on quality control, the person said.

"We understand the logic of increasing the production volume with Chinese contractors is a strategic business decision but that doesn't mean all of us are happy about&nbsp;it," an executive at a Korean component supplier said.

Samsung&nbsp;told Reuters it has applied the same quality checks and standards it does with all its devices, adding that it was committed to delivering high-quality products.

Historically,&nbsp;Samsung&nbsp;has designed and produced almost all its&nbsp;phones&nbsp;in-house in vast factories in Vietnam and,&nbsp;more&nbsp;recently, India while winding down production in South Korea and&nbsp;China&nbsp;where labour costs&nbsp;more.

But Roh Tae-moon, the youngest executive to become a president at&nbsp;Samsung&nbsp;Electronics, is championing the new ODM strategy in his role as number two at the mobile division, two people familiar with the matter said.

"It is crucial to cut costs to maintain competitiveness with Huawei and other Chinese handset makers," said a&nbsp;Samsung&nbsp;insider who declined to be named.

Other Korean firms have also embraced&nbsp;outsourcing. LG Electronics, whose smartphones&nbsp;have been losing money for several years, has said it plans to expand its ODM&nbsp;output from budget models to mid-priced&nbsp;phones.

"Smartphones&nbsp;have come down to a battle over costs.&nbsp;It's a game of survival now," said Kim Yong-serk, a former&nbsp;Samsung&nbsp;mobile executive who is a professor at South Korea's Sungkyunkwan University.

Samsung's plan to outsource a fifth of its smartphone production to China next year may help it compete with low-cost rivals such as Huawei and Xiaomi but it's a strategy fraught with risks, people with familiar with the move said.

Samsung's plan to outsource a fifth of its smartphone production to China next year may help it compete with low-cost rivals such as Huawei and Xiaomi but it's a strategy fraught with risks, people with familiar with the move said. Samsung Electronics, which shut its last in-house Chinese smartphone factory in October, is quietly moving production of some Galaxy A models to contractors such as Wingtech, which are little known outside China. Samsung has been coy about the volumes involved but sources said the South Korean tech giant plans to ship some 60 million phones made in China by so-called original design manufacturers (ODMs) next year out of a total of about 300 million devices. Wingtech and other ODMs make phones for multiple brands - including Huawei, Xiaomi and Oppo - giving them the economies of scale to keep costs down, and the nimble contractors can develop and produce new budget phones quickly. Critics of Samsung's strategy say it risks losing control of quality and undermining its manufacturing expertise by outsourcing, and may even help rivals by giving contractors the extra volume they need to lowers costs further for all. Samsung can ill afford another quality crisis. It scrapped its flagship Galaxy Note 7 in 2016 after reports the expensive phones were catching fire and delayed the launch of its folding phone this year after screen defects were identified. But with margins razor-thin for budget smartphones, people familiar with Samsung's strategy say it has little choice but to follow rivals and use Chinese ODMs to shave costs. "This is an inevitable strategy rather than a good strategy," a source with knowledge of Samsung's Chinese operations said. Samsung said in a statement to Reuters that it has been making limited lines of smartphones outside its own plants to broaden its existing portfolio and "ensure efficient management in the market". It declined to say how many Samsung phones are made by ODMs and said future volumes had yet to be determined. Wingtech did not respond to a request for comment. Research firm Counterpoint says ODMs can procure all the components needed for $100-$250 smartphones for 10 per cent to 15 per cent less than major brands with their own factories in China. One supply chain source said Wingtech can get some parts for up to 30 per cent less than Samsung Electronics pays in Vietnam, where it has three factories churning out smartphones, TVs and home appliances. Wingtech started making tablets and phones for Samsung in 2017, accounting for 3 per cent of its smartphones. That's expected to hit 8 per cent, or 24 million units, this year, according to IHS Markit. Samsung's outsourcing plans involve its lower and mid-range Galaxy A series, with Wingtech having a hand in both design and production, sources said. The A6S, one of the models to be outsourced, costs from 1,299 yuan ($185) in China. The Wingtech phones will mainly go to Southeast Asia and South America, one source said. Samsung is gaining share in both at the expense of Huawei, which is suffering from U.S. sanctions that bar it from putting all Google's services on new phones. While Samsung is anxious to remain global smartphone market leader, some analysts worry it might not be worth the risk is given that profits in the budget phone business are scarce for all. "Low-end phones are a headache for Samsung," said CW Chung, head of research at Nomura in Korea. Chung said they were now commodity products and it was "nonsense" to make them in-house. But he and other experts said if Samsung gave ODMs more volume, that could cut contractors' costs further and boost their experience and knowledge. "If ODM firms become more competitive, rivals will be more competitive," Tom Kang, an analyst at Counterpoint said, adding that once a company loses its expertise in making low-end phones by outsourcing, it is difficult to regain the know-how. Chung said Samsung's strategic shift signalled the declining manufacturing prowess of the company, once a low-cost Asian manufacturer and now the world's top producer of high-end electrical consumer goods. US rival Apple outsources production to Taiwan's Foxconn Technology, which has factories in China, but Apple still designs its phones in California. Samsung said in an emailed response to Reuters that it will be involved in the oversight of the design and development of smartphones produced by ODMs. One person familiar with Samsung and Chinese ODMs said contractors save money by cutting some steps out of the manufacturing process, potentially raising quality issues. He declined to go into details. With that in mind, Samsung has been pairing South Korean component suppliers with Chinese contractors to keep closer tabs on quality control, the person said. "We understand the logic of increasing the production volume with Chinese contractors is a strategic business decision but that doesn't mean all of us are happy about it," an executive at a Korean component supplier said. Samsung told Reuters it has applied the same quality checks and standards it does with all its devices, adding that it was committed to delivering high-quality products. Historically, Samsung has designed and produced almost all its phones in-house in vast factories in Vietnam and, more recently, India while winding down production in South Korea and China where labour costs more. But Roh Tae-moon, the youngest executive to become a president at Samsung Electronics, is championing the new ODM strategy in his role as number two at the mobile division, two people familiar with the matter said. "It is crucial to cut costs to maintain competitiveness with Huawei and other Chinese handset makers," said a Samsung insider who declined to be named. Other Korean firms have also embraced outsourcing. LG Electronics, whose smartphones have been losing money for several years, has said it plans to expand its ODM output from budget models to mid-priced phones. "Smartphones have come down to a battle over costs. It's a game of survival now," said Kim Yong-serk, a former Samsung mobile executive who is a professor at South Korea's Sungkyunkwan University.

Samsung to outsource production to China to fend off rivals

Indian shares edged higher on Monday, driven mostly by a surge in banking stocks after the top court last week provided relief to lenders in a case related to a steel company and on hopes of more support from the government towards ailing sectors.

The Supreme Court on Friday cleared the path for steelmaker <a href="https://www.wionews.com/business-economy/supreme-court-clears-path-for-arcelormittal-to-acquire-essar-steel-262263">ArcelorMittal SA to take over</a> bankrupt Essar Steel, and the judgment comes as a big reprieve for banks which are struggling with bad loans worth $140 billion.

"The Essar Steel verdict is very positive for the banking sector. Also, the banking sector results have been marginally better than expected," said Vinod Nair, head of research at Geojit Financial Services.

The government is coming up with positive measures to help the economy and ailing sectors like telecom, boosting investor confidence, he added.

The finance minister said on Friday the government was discussing the issue around telecom companies, but no final call had been taken yet.

This comes after India's two top mobile carriers warned last week that their ability to operate and make profits would depend on relief from the government.

The NSE Nifty 50 index was up 0.1 per cent&nbsp;at 11,903 as of 0410 GMT, while the S&amp;P BSE&nbsp;Sensex&nbsp;was 0.3 per cent&nbsp;higher at 40,495.

The Nifty public sector bank index was the top gainer, rising 1.4 per cent. State Bank of India led the rally with a rise of 1.8 per cent.

Indian shares edged higher on Monday, driven mostly by a surge in banking stocks after the top court last week provided relief to lenders in a case related to a steel company and on hopes of more support from the government towards ailing sectors.

Indian shares edged higher on Monday, driven mostly by a surge in banking stocks after the top court last week provided relief to lenders in a case related to a steel company and on hopes of more support from the government towards ailing sectors. The Supreme Court on Friday cleared the path for steelmaker ArcelorMittal SA to take over bankrupt Essar Steel, and the judgment comes as a big reprieve for banks which are struggling with bad loans worth $140 billion. "The Essar Steel verdict is very positive for the banking sector. Also, the banking sector results have been marginally better than expected," said Vinod Nair, head of research at Geojit Financial Services. The government is coming up with positive measures to help the economy and ailing sectors like telecom, boosting investor confidence, he added. The finance minister said on Friday the government was discussing the issue around telecom companies, but no final call had been taken yet. This comes after India's two top mobile carriers warned last week that their ability to operate and make profits would depend on relief from the government. The NSE Nifty 50 index was up 0.1 per cent at 11,903 as of 0410 GMT, while the S&P BSE Sensex was 0.3 per cent higher at 40,495. The Nifty public sector bank index was the top gainer, rising 1.4 per cent. State Bank of India led the rally with a rise of 1.8 per cent.

Nifty, Sensex tick up; Public sector banks lead gains

China's central bank unexpectedly trimmed a&nbsp;key&nbsp;interbank lending&nbsp;rate&nbsp;on Monday, the&nbsp;first&nbsp;easing in the&nbsp;liquidity&nbsp;tool in more than four years and a signal to markets that policymakers are ready to act to prop up slowing growth.

The People's Bank of&nbsp;China&nbsp;(PBOC) said on its website that it was lowering the seven-day reverse repurchase&nbsp;rate&nbsp;to 2.50 per cent from 2.55 per cent.

The move cheered&nbsp;China's bond market and comes just two weeks after the PBOC cut the borrowing cost on its medium-term lending facility (MLF) loans by the same margin.

Analysts say the unexpected cut on Monday shows the central bank is keen to ease investor worries that higher inflation will prevent it from delivering fresh stimulus measures.

Zhou Hao, an economist at Commerzbank in Singapore said the reverse repo&nbsp;rate&nbsp;cut indicates a policy change in coming months, including "some fine-tuning to prioritise the pro-growth policy for the&nbsp;time&nbsp;being."

Driven by soaring pork prices from the spread of African Swine Fever,&nbsp;China's consumer inflation rose past the government's target of around 3 per cent in&nbsp;October to its fastest pace in almost eight years, posing a dilemma for the PBOC.

"I expected an easing move from the PBOC, just didn't know when," said a Hong Kong-based portfolio manager. "The (high) Consumer Price Index (CPI) was only pigging CPI. Everything else is in big trouble."

He noted that the central bank continues to take a cautious approach to ease. In a report released Saturday, the PBOC said it would maintain a prudent monetary policy to prevent inflation from spreading.

Markets participants widely believe the two&nbsp;rate&nbsp;cuts&nbsp;in the open market operations suggest a similar adjustment in its newly established Loan Prime&nbsp;Rate.

The PBOC will announce its monthly LPR fixing on Wednesday. The&nbsp;rate&nbsp;on the one-year fixing now stands at 4.2&nbsp;per cent while&nbsp;the five-year is at 4.85 per cent.

The&nbsp;rate&nbsp;cut bolstered the bond market on Monday morning, with&nbsp;China's benchmark 10-year treasury futures for December delivery were up more than 0.4 per cent.

The PBOC has skipped reverse repo operations for 15 straight trading days before the resumption on Monday when it injected 180 billion yuan ($25.74 billion) into the interbank market.

China's central bank unexpectedly trimmed a key interbank lending rate on Monday, the first easing in the liquidity tool in more than four years and a signal to markets that policymakers are ready to act to prop up slowing growth.

China's central bank unexpectedly trimmed a key interbank lending rate on Monday, the first easing in the liquidity tool in more than four years and a signal to markets that policymakers are ready to act to prop up slowing growth. The People's Bank of China (PBOC) said on its website that it was lowering the seven-day reverse repurchase rate to 2.50 per cent from 2.55 per cent. The move cheered China's bond market and comes just two weeks after the PBOC cut the borrowing cost on its medium-term lending facility (MLF) loans by the same margin. Analysts say the unexpected cut on Monday shows the central bank is keen to ease investor worries that higher inflation will prevent it from delivering fresh stimulus measures. Zhou Hao, an economist at Commerzbank in Singapore said the reverse repo rate cut indicates a policy change in coming months, including "some fine-tuning to prioritise the pro-growth policy for the time being." Driven by soaring pork prices from the spread of African Swine Fever, China's consumer inflation rose past the government's target of around 3 per cent in October to its fastest pace in almost eight years, posing a dilemma for the PBOC. "I expected an easing move from the PBOC, just didn't know when," said a Hong Kong-based portfolio manager. "The (high) Consumer Price Index (CPI) was only pigging CPI. Everything else is in big trouble." He noted that the central bank continues to take a cautious approach to ease. In a report released Saturday, the PBOC said it would maintain a prudent monetary policy to prevent inflation from spreading. Markets participants widely believe the two rate cuts in the open market operations suggest a similar adjustment in its newly established Loan Prime Rate. The PBOC will announce its monthly LPR fixing on Wednesday. The rate on the one-year fixing now stands at 4.2 per cent while the five-year is at 4.85 per cent. The rate cut bolstered the bond market on Monday morning, with China's benchmark 10-year treasury futures for December delivery were up more than 0.4 per cent. The PBOC has skipped reverse repo operations for 15 straight trading days before the resumption on Monday when it injected 180 billion yuan ($25.74 billion) into the interbank market.

China slashes key liquidity rate for first time since 2015

Several Asian airlines have cut flights to Hong Kong over the coming weeks, according to industry scheduling publication Routes Online, as anti-government protests in the city grow increasingly violent and disrupt daily life.

Routes online said latest schedules showed cancellations from PT Garuda Indonesia (Persero) Tbk, India's SpiceJet Ltd, Malaysia's AirAsia Group Bhd, and the Philippines' PAL Holdings Inc and Cebu Air Inc.

The cuts come as Hong Kong police on Monday fired tear gas at protesters trying to escape a besieged university, while others armed with petrol bombs awaited an expected operation to oust them.

The unrest, raging for almost six months, and an escalating Sino-US&nbsp;trade war has pushed the Asian financial hub into recession for the first time in a decade.

On Monday, Routes Online showed Garuda has reduced weekly flights to Hong Kong to four from 21 through mid-December, SpiceJet has suspended its Mumbai-Hong Kong route through January&nbsp;15 and AirAsia has cut flights from Kuala Lumpur and Kota Kinabalu in December and January.

Garuda and SpiceJet did not respond to Reuters' requests for comment. AirAsia said passenger numbers have been lower over the past few months and that it is adjusting capacity accordingly.

A spokeswoman for PAL Holdings' Philippine Airlines said the carrier was using smaller planes than usual for Hong Kong as passengers were postponing travel due to safety concerns. It has also cut daily flights from Manila to four from five, she said.

A spokeswoman for Cebu Air's Cebu Pacific said the budget carrier has cut flights from Cebu and Clark through December and January respectively due to softened demand. She said the airline nevertheless launched its Puerto Princesa-Hong Kong route on Sunday as scheduled.

Airport Authority Hong Kong on Sunday reported an October decline of 13 per cent&nbsp;in passengers and 6.1 per cent&nbsp;in the number of inbound and outbound flights - the steepest falls since the unrest began. It said a growing proportion of travellers were using Hong Kong as a transit point rather than a destination.

Last week, Cathay Pacific Airways Ltd said its business outlook was "challenging and uncertain" and that it has cut capacity and delayed four plane deliveries due to falling demand.

Major mainland Chinese carriers also reported double-digit declines in demand on so-called regional routes in September and October as protests in Hong Kong and travel restrictions to Taiwan took their toll, monthly traffic reports showed.

Routes Online said several Chinese carriers, including Air China Ltd, China Eastern Airlines Corp Ltd and China Southern Airlines Co Ltd had filed for fresh capacity reductions to Hong Kong since late October.

China Eastern declined to comment when contacted by Reuters. Air China and China Southern did not respond to requests for comment.

Several Asian airlines have cut flights to Hong Kong over the coming weeks, according to industry scheduling publication Routes Online, as anti-government protests in the city grow increasingly violent and disrupt daily life.

Several Asian airlines have cut flights to Hong Kong over the coming weeks, according to industry scheduling publication Routes Online, as anti-government protests in the city grow increasingly violent and disrupt daily life. Routes online said latest schedules showed cancellations from PT Garuda Indonesia (Persero) Tbk, India's SpiceJet Ltd, Malaysia's AirAsia Group Bhd, and the Philippines' PAL Holdings Inc and Cebu Air Inc. The cuts come as Hong Kong police on Monday fired tear gas at protesters trying to escape a besieged university, while others armed with petrol bombs awaited an expected operation to oust them. The unrest, raging for almost six months, and an escalating Sino-US trade war has pushed the Asian financial hub into recession for the first time in a decade. On Monday, Routes Online showed Garuda has reduced weekly flights to Hong Kong to four from 21 through mid-December, SpiceJet has suspended its Mumbai-Hong Kong route through January 15 and AirAsia has cut flights from Kuala Lumpur and Kota Kinabalu in December and January. Garuda and SpiceJet did not respond to Reuters' requests for comment. AirAsia said passenger numbers have been lower over the past few months and that it is adjusting capacity accordingly. A spokeswoman for PAL Holdings' Philippine Airlines said the carrier was using smaller planes than usual for Hong Kong as passengers were postponing travel due to safety concerns. It has also cut daily flights from Manila to four from five, she said. A spokeswoman for Cebu Air's Cebu Pacific said the budget carrier has cut flights from Cebu and Clark through December and January respectively due to softened demand. She said the airline nevertheless launched its Puerto Princesa-Hong Kong route on Sunday as scheduled. Airport Authority Hong Kong on Sunday reported an October decline of 13 per cent in passengers and 6.1 per cent in the number of inbound and outbound flights - the steepest falls since the unrest began. It said a growing proportion of travellers were using Hong Kong as a transit point rather than a destination. Last week, Cathay Pacific Airways Ltd said its business outlook was "challenging and uncertain" and that it has cut capacity and delayed four plane deliveries due to falling demand. Major mainland Chinese carriers also reported double-digit declines in demand on so-called regional routes in September and October as protests in Hong Kong and travel restrictions to Taiwan took their toll, monthly traffic reports showed. Routes Online said several Chinese carriers, including Air China Ltd, China Eastern Airlines Corp Ltd and China Southern Airlines Co Ltd had filed for fresh capacity reductions to Hong Kong since late October. China Eastern declined to comment when contacted by Reuters. Air China and China Southern did not respond to requests for comment.

Asian airlines slash flights to Hong Kong as unrest escalates

Indian shares ended mostly flat on Monday, with gains in metal stocks and public sector banks offsetting losses in IT and auto stocks.

The NSE Nifty 50 index ended mostly unchanged at 11,888, while the S&amp;P BSE Sensex closed 0.1 per cent&nbsp;lower at 40,316.

"Some people who bought at lower levels are booking profits," said Alok Ranjan, head, portfolio management services with Way2Wealth Brokers.

"After gaining so much in the past month, the market is trying to consolidate around the present levels," he added.

The Nifty main index has risen over 12 per cent&nbsp;since mid-August, after hitting a 6-month trough.

The Nifty public sector bank index gained 1.43 per cent, while the Nifty metals index rose 1.63 per cent.

Shares of Bharti Airtel ended up 4.1 per cent&nbsp;and was the top gainer in Nifty 50, while Yes Bank shares fell 4.20 per cent&nbsp;to end as top loser.

Indian shares ended mostly flat on Monday, with gains in metal stocks and public sector banks offsetting losses in IT and auto stocks. The NSE Nifty 50 index ended mostly unchanged at 11,888, while the S&P BSE Sensex closed 0.

Indian shares ended mostly flat on Monday, with gains in metal stocks and public sector banks offsetting losses in IT and auto stocks. The NSE Nifty 50 index ended mostly unchanged at 11,888, while the S&P BSE Sensex closed 0.1 per cent lower at 40,316. "Some people who bought at lower levels are booking profits," said Alok Ranjan, head, portfolio management services with Way2Wealth Brokers. "After gaining so much in the past month, the market is trying to consolidate around the present levels," he added. The Nifty main index has risen over 12 per cent since mid-August, after hitting a 6-month trough. The Nifty public sector bank index gained 1.43 per cent, while the Nifty metals index rose 1.63 per cent. Shares of Bharti Airtel ended up 4.1 per cent and was the top gainer in Nifty 50, while Yes Bank shares fell 4.20 per cent to end as top loser.

Sensex, Nifty end mostly flat; metal, PSU banks gain

HP Inc. said Sunday it turned down a $33 billion hostile takeover bid from Xerox, saying it undervalued the computer and printer maker.&nbsp;

But the HP board said it still would like to discuss the possibility of reaching a deal with its rival, a venerable US tech company best known for its photocopy machines.

"We recognize the potential benefits of consolidation, and we are open to exploring whether there is value to be created for&nbsp;HP&nbsp;shareholders through a potential combination with Xerox," HP said in a statement.&nbsp;

But the company's board members have&nbsp;"fundamental questions that need to be addressed" first, it added.

It said, for instance, that Xerox's revenue dropped&nbsp;from $10.2 billion to $9.2 billion since June 2018.

And HP is three times more valuable than Xerox with&nbsp;a $27 billion market value.&nbsp;

Hewlett-Packard was one of the first Silicon Valle giants. In 2015, it spun off its enterprise products and services business and held onto the PC and printer businesses. It was renamed HP&nbsp;Inc.

Xerox, founded in 1906 as Haloid, was the pioneer in photocopy machines, so much so that in the United States, its name became a verb meaning to make a photocopy.

HP Inc. said Sunday it turned down a $33 billion hostile takeover bid from Xerox, saying it undervalued the computer and printer maker. But the HP board said it still would like to discuss the possibility of reaching a deal with its rival, a venerable US tech company best known for its photocopy machines.

HP Inc. said Sunday it turned down a $33 billion hostile takeover bid from Xerox, saying it undervalued the computer and printer maker. But the HP board said it still would like to discuss the possibility of reaching a deal with its rival, a venerable US tech company best known for its photocopy machines. "We recognize the potential benefits of consolidation, and we are open to exploring whether there is value to be created for HP shareholders through a potential combination with Xerox," HP said in a statement. But the company's board members have "fundamental questions that need to be addressed" first, it added. It said, for instance, that Xerox's revenue dropped from $10.2 billion to $9.2 billion since June 2018. And HP is three times more valuable than Xerox with a $27 billion market value. Hewlett-Packard was one of the first Silicon Valle giants. In 2015, it spun off its enterprise products and services business and held onto the PC and printer businesses. It was renamed HP Inc. Xerox, founded in 1906 as Haloid, was the pioneer in photocopy machines, so much so that in the United States, its name became a verb meaning to make a photocopy.

HP rejects takeover bid from Xerox

Japan's SoftBank Corp plans to merge internet unit Yahoo Japan with messaging app operator Line Corp to create a $30 billion tech giant, as it strives better compete to with local rival Rakuten and US tech powerhouses.

The deal, which would combine the providers of two of Japan's top QR code payment services, offers SoftBank access to 164 million Line users and their data in Japan and Southeast Asia as it expands into services outside its core wireless business.

It also offers Line a deep-pocket patron who can offer its tech expertise, including potentially via the giant Vision Fund.

The deal comes as SoftBank Group founder Masayoshi Son battles to restore his reputation after a disastrous investment in office-sharing firm WeWork.

Telecoms firm SoftBank Corp said in a statement that Yahoo Japan, which last month changed its name to Z Holdings Corp, would aim to complete its merger with Line, owned by South Korea's Naver Corp, in October 2020.

The companies plan to reach a definitive agreement by next month in a transaction that would see SoftBank Corp and Naver form a 50:50 venture that would control Z Holdings, which in turn would operate Yahoo Japan and Line.

SoftBank Corp and Naver, which owns 73 per cent of money-losing Line, plan to launch a tender offer for Line's remaining shares at 5,200 yen each - a 13.4 per cent&nbsp;premium to the shares' price before news of the merger broke. That values Line at about $12 billion.

Line's shares closed up 2.2 per cent&nbsp;at 5,150 yen after the announcement. Shares in Z Holdings rose 1.2 per cent, with Naver's shares up 2.9 per cent&nbsp;and SoftBank Corp's down 0.3 per cent.

Line has been looking for growth through expansion into areas such as QR code payments with Line Pay but has been squeezed because of its limited funds and heavy-spending peers including SoftBank, which has a rival service called PayPay.

The merger of Japan's most popular messaging app and one of the country's top online retailers is the latest consolidation in its tech industry and comes as Rakuten is expanding into SoftBank's core business with the launch of mobile services.

SoftBank this month completed its acquisition of online fashion retailer Zozo Inc, whose founder and ex-Chief Executive Yusaku Maezawa sold down his stake following a series of missteps.

The merger is driven by the two companies' "sense of crisis" over the rise of tech giants from the U.S. and China, Line CEO Takeshi Idezawa told a news conference, wearing a tie in Yahoo Japan's red corporate colour.

SoftBank Group's Son frequently laments Japan's tardiness in emerging fields like artificial intelligence, with Monday's presentation showing even after combining the company's research and development budget would be dwarfed by overseas rivals.

Yahoo Japan CEO Kentaro Kawabe, who was wearing a tie in Line's corporate green, declined to comment on which services would be combined or abolished post-merger.

Line launched to overcome downed networks in the aftermath of a 2011 earthquake and tsunami before building a strong following with its use of colourful emojis, eventually listing in 2016.

However, the messaging service struggled to make inroads in countries dominated by apps like Facebook's Whatapp and eventually retrenched in its core markets of Japan, Taiwan, Thailand and Indonesia.

Coming at a time of heightened political tension between Japan and South Korea, the merger might be the two countries' most significant economic cooperation of the last decade, Jaewoong Lee, a South Korean serial entrepreneur and founder of Naver rival Daum wrote on his Facebook page late on Sunday.

Z Holdings will continue to be a consolidated subsidiary of SoftBank Corp, which is a unit of investment conglomerate SoftBank Group Corp.

SoftBank retained Mizuho Securities, a unit of Mizuho Financial Group, as its financial advisor. Naver retained Deutsche Bank.

Japan's SoftBank Corp plans to merge internet unit Yahoo Japan with messaging app operator Line Corp to create a $30 billion tech giant, as it strives better compete to with local rival Rakuten and US tech powerhouses.

Japan's SoftBank Corp plans to merge internet unit Yahoo Japan with messaging app operator Line Corp to create a $30 billion tech giant, as it strives better compete to with local rival Rakuten and US tech powerhouses. The deal, which would combine the providers of two of Japan's top QR code payment services, offers SoftBank access to 164 million Line users and their data in Japan and Southeast Asia as it expands into services outside its core wireless business. It also offers Line a deep-pocket patron who can offer its tech expertise, including potentially via the giant Vision Fund. The deal comes as SoftBank Group founder Masayoshi Son battles to restore his reputation after a disastrous investment in office-sharing firm WeWork. Telecoms firm SoftBank Corp said in a statement that Yahoo Japan, which last month changed its name to Z Holdings Corp, would aim to complete its merger with Line, owned by South Korea's Naver Corp, in October 2020. The companies plan to reach a definitive agreement by next month in a transaction that would see SoftBank Corp and Naver form a 50:50 venture that would control Z Holdings, which in turn would operate Yahoo Japan and Line. SoftBank Corp and Naver, which owns 73 per cent of money-losing Line, plan to launch a tender offer for Line's remaining shares at 5,200 yen each - a 13.4 per cent premium to the shares' price before news of the merger broke. That values Line at about $12 billion. Line's shares closed up 2.2 per cent at 5,150 yen after the announcement. Shares in Z Holdings rose 1.2 per cent, with Naver's shares up 2.9 per cent and SoftBank Corp's down 0.3 per cent. Line has been looking for growth through expansion into areas such as QR code payments with Line Pay but has been squeezed because of its limited funds and heavy-spending peers including SoftBank, which has a rival service called PayPay. The merger of Japan's most popular messaging app and one of the country's top online retailers is the latest consolidation in its tech industry and comes as Rakuten is expanding into SoftBank's core business with the launch of mobile services. SoftBank this month completed its acquisition of online fashion retailer Zozo Inc, whose founder and ex-Chief Executive Yusaku Maezawa sold down his stake following a series of missteps. The merger is driven by the two companies' "sense of crisis" over the rise of tech giants from the U.S. and China, Line CEO Takeshi Idezawa told a news conference, wearing a tie in Yahoo Japan's red corporate colour. SoftBank Group's Son frequently laments Japan's tardiness in emerging fields like artificial intelligence, with Monday's presentation showing even after combining the company's research and development budget would be dwarfed by overseas rivals. Yahoo Japan CEO Kentaro Kawabe, who was wearing a tie in Line's corporate green, declined to comment on which services would be combined or abolished post-merger. Line launched to overcome downed networks in the aftermath of a 2011 earthquake and tsunami before building a strong following with its use of colourful emojis, eventually listing in 2016. However, the messaging service struggled to make inroads in countries dominated by apps like Facebook's Whatapp and eventually retrenched in its core markets of Japan, Taiwan, Thailand and Indonesia. Coming at a time of heightened political tension between Japan and South Korea, the merger might be the two countries' most significant economic cooperation of the last decade, Jaewoong Lee, a South Korean serial entrepreneur and founder of Naver rival Daum wrote on his Facebook page late on Sunday. Z Holdings will continue to be a consolidated subsidiary of SoftBank Corp, which is a unit of investment conglomerate SoftBank Group Corp. SoftBank retained Mizuho Securities, a unit of Mizuho Financial Group, as its financial advisor. Naver retained Deutsche Bank.

SoftBank to create $30 billion tech giant with Yahoo Japan, Line Corp merger

<a href="https://www.wionews.com/business-economy/tata-steel-reports-rs-3302-crore-q2-profit-260445">Tata&nbsp;Steel</a>&nbsp;plans&nbsp;to&nbsp;cut&nbsp;jobs&nbsp;across&nbsp;its&nbsp;European&nbsp;operations&nbsp;as it wrestles with excess supply and high costs, the company said on Monday.

Following a weekend interview in the Financial Times with the group's&nbsp;European&nbsp;chief executive, Henrik Adam,&nbsp;Tata&nbsp;confirmed it was planning to announce job&nbsp;cuts&nbsp;across&nbsp;the&nbsp;European&nbsp;business, which employs around 20,000 people.

No numbers have been made public. Indian-owned&nbsp;Tata&nbsp;Steel, which launched a transformation programme in June to strengthen its&nbsp;European&nbsp;business, has&nbsp;operations&nbsp;including&nbsp;steelmaking in the Netherlands and Wales and downstream&nbsp;operations&nbsp;across&nbsp;Europe.

There will be no plant closures but the aim is to shield the company against the "huge number of challenges" it faces, the company said.

"We are working hard on our&nbsp;plans&nbsp;to be operationally cash positive," Adam said, adding that the company was aiming for "a fundamental change". A company spokesman confirmed Adam's comments originally made to the Financial Times.

Steelmaking in Europe has come under strain from international competition and high energy costs, putting large numbers of well-paid&nbsp;jobs&nbsp;under threat.

European&nbsp;steelmakers blame China for the extent of a surplus in the market, but the world's biggest&nbsp;steelmaker says it has made its own deep&nbsp;cuts to capacity.

Britain last week announced that Chinese&nbsp;steelmaker Jingye has signed a provisional deal to buy British&nbsp;Steel, which went into compulsory liquidation in May.

The agreement is politically resonant ahead of British elections as job opportunities have become a major issue. If confirmed, the rescue could save thousands of&nbsp;jobs.

ArcelorMittal, the world's biggest&nbsp;steelmaker, has idled a series of plants&nbsp;across&nbsp;Europe.

In an emailed statement on Monday,&nbsp;Tata&nbsp;Steel&nbsp;said challenging market conditions had been made "worse by the use of Europe as a dumping ground for the world's excess capacity".

The company's&nbsp;European&nbsp;transformation programme launched in June aimed to develop "a simpler and leaner organisation, capable of sustainably financing high levels of investment,&nbsp;Tata&nbsp;said.

Changes will include streamlining supply chains and using technology to improve efficiency, as well as seeking to&nbsp;cut&nbsp;employment costs.

Tata's quest to boost profitability follows a&nbsp;European&nbsp;anti-trust decision to block a joint venture with Germany's ThyssenKrupp.

Tata Steel plans to cut jobs across its European operations as it wrestles with excess supply and high costs, the company said on Monday. Following a weekend interview in the Financial Times with the group's European chief executive, Henrik Adam, Tata confirmed it was planning to announce job cuts across the European business, which employs around 20,000 people.

Tata Steel plans to cut jobs across its European operations as it wrestles with excess supply and high costs, the company said on Monday. Following a weekend interview in the Financial Times with the group's European chief executive, Henrik Adam, Tata confirmed it was planning to announce job cuts across the European business, which employs around 20,000 people. No numbers have been made public. Indian-owned Tata Steel, which launched a transformation programme in June to strengthen its European business, has operations including steelmaking in the Netherlands and Wales and downstream operations across Europe. There will be no plant closures but the aim is to shield the company against the "huge number of challenges" it faces, the company said. "We are working hard on our plans to be operationally cash positive," Adam said, adding that the company was aiming for "a fundamental change". A company spokesman confirmed Adam's comments originally made to the Financial Times. Steelmaking in Europe has come under strain from international competition and high energy costs, putting large numbers of well-paid jobs under threat. European steelmakers blame China for the extent of a surplus in the market, but the world's biggest steelmaker says it has made its own deep cuts to capacity. Britain last week announced that Chinese steelmaker Jingye has signed a provisional deal to buy British Steel, which went into compulsory liquidation in May. The agreement is politically resonant ahead of British elections as job opportunities have become a major issue. If confirmed, the rescue could save thousands of jobs. ArcelorMittal, the world's biggest steelmaker, has idled a series of plants across Europe. In an emailed statement on Monday, Tata Steel said challenging market conditions had been made "worse by the use of Europe as a dumping ground for the world's excess capacity". The company's European transformation programme launched in June aimed to develop "a simpler and leaner organisation, capable of sustainably financing high levels of investment, Tata said. Changes will include streamlining supply chains and using technology to improve efficiency, as well as seeking to cut employment costs. Tata's quest to boost profitability follows a European anti-trust decision to block a joint venture with Germany's ThyssenKrupp.

Tata Steel plans to cut jobs across European operations

The Indian mobile industry will consolidate further if the government does not offer a material relief on adjusted gross revenue (AGR) liabilities, regulatory levies and potentially a floor on pricing, according to Kotak institutional equities.

Adjusted Gross Revenue (AGR) is the usage and licensing fee that telecom operators are charged by the Department of Telecommunications (DoT).&nbsp;

According to the DoT, the calculations should incorporate all revenues earned by a telecom company – including from non-telecom sources such as deposit interests and sale of assets. The companies, however, have been of the view that AGR should comprise the revenues generated from telecom services only and non-telecom revenues should be kept out of it.

&nbsp;A 'no material relief' scenario would be an industry-structure-altering one, it added.

Even as the massive AGR-case-related payout is a meaty gross negative for Bharti airtel, the potential gross positive from industry consolidation will likely result in a net positive outcome, it said adding that Bharti could be a net beneficiary.

Credit Suisse noted that Vodafone's idea faced "another operationally weak quarter" and that the government relief measures are "key to sustain". Meanwhile, the Indian telecom industry scenario of heavy losses continue day after details of.&nbsp;

Losses incurred by Reliance communications in the second quarter of 2019-2020 were made public, reliance communications on Saturday said Anil Dhirubhai Ambani resigned as the company's director. Along with him, four other senior officials of reliance communications have also stepped down from their posts. These are Chhaya Virani, Ryna Karani, Manjari Kacker and Suresh Rangachar.

In the second quarter of 2019-20, reliance communications' consolidated loss stood at Rs 30,142 crore. This data was released on Friday.

The Indian mobile industry will consolidate further if the government does not offer a material relief on adjusted gross revenue (AGR) liabilities, regulatory levies and potentially a floor on pricing, according to Kotak institutional equities.

The Indian mobile industry will consolidate further if the government does not offer a material relief on adjusted gross revenue (AGR) liabilities, regulatory levies and potentially a floor on pricing, according to Kotak institutional equities. Adjusted Gross Revenue (AGR) is the usage and licensing fee that telecom operators are charged by the Department of Telecommunications (DoT). According to the DoT, the calculations should incorporate all revenues earned by a telecom company – including from non-telecom sources such as deposit interests and sale of assets. The companies, however, have been of the view that AGR should comprise the revenues generated from telecom services only and non-telecom revenues should be kept out of it. A 'no material relief' scenario would be an industry-structure-altering one, it added. Even as the massive AGR-case-related payout is a meaty gross negative for Bharti airtel, the potential gross positive from industry consolidation will likely result in a net positive outcome, it said adding that Bharti could be a net beneficiary. Credit Suisse noted that Vodafone's idea faced "another operationally weak quarter" and that the government relief measures are "key to sustain". Meanwhile, the Indian telecom industry scenario of heavy losses continue day after details of. Losses incurred by Reliance communications in the second quarter of 2019-2020 were made public, reliance communications on Saturday said Anil Dhirubhai Ambani resigned as the company's director. Along with him, four other senior officials of reliance communications have also stepped down from their posts. These are Chhaya Virani, Ryna Karani, Manjari Kacker and Suresh Rangachar. In the second quarter of 2019-20, reliance communications' consolidated loss stood at Rs 30,142 crore. This data was released on Friday.

Indian Mobile industry to consolidate further if government doesn't offer material relief

Hopes for a trade deal between the <a href="https://www.wionews.com/world/china-us-had-constructive-phone-call-on-trade-report-262656">Unit</a>ed States and China and expectations that OPEC would extend production cuts supported oil prices on Monday, helping them hold on to last week's gains.

Brent crude futures, which rose 1.3 per cent&nbsp;last week, were little changed, trading at above $63 per barrel at 1100 GMT.

West Texas Intermediate (WTI) crude was also flat at $57.7 a barrel, having gained 0.8 per cent&nbsp;last week.

Oil rose on Friday as comments from a top US&nbsp;official raised optimism for a <a href="https://www.wionews.com/world/china-us-had-constructive-phone-call-on-trade-report-262656">US-China trade deal</a>, although worries about increasing crude supplies capped prices.

"In the short term, US-China trade talks and (the) OPEC meeting in early December are the two biggest events oil traders are watching for," Margaret Yang, an analyst at CMC Markets, said.

The 16-month trade war between the world's two biggest economies has slowed global growth, prompting analysts to lower forecasts for oil demand growth and raising concerns that a supply glut could develop in 2020.

China and the United States had "constructive talks" on trade in a high-level call on Saturday, state media Xinhua reported on Sunday, but it gave few other details.

In a signal that policymakers are ready to act to prop up slowing growth, China's central bank unexpectedly trimmed a closely-watched lending rate on Monday, the first such cut in more than four years.

The Organization of the Petroleum Exporting Countries (OPEC) said last week it expected demand for its oil to fall in 2020, supporting a view that there is a case for the group and other producers like Russia - collectively known as 'OPEC+' - to maintain limits on production that were introduced to cope with a supply glut.

OPEC and its allies are expected to discuss output policy at a meeting on December&nbsp;5-6 in Vienna. Their existing production deal runs until March.

US&nbsp;energy firms this week reduced the number of oil rigs operating for a fourth week in a row.

Hopes for a trade deal between the United States and China and expectations that OPEC would extend production cuts supported oil prices on Monday, helping them hold on to last week's gains.

Hopes for a trade deal between the United States and China and expectations that OPEC would extend production cuts supported oil prices on Monday, helping them hold on to last week's gains. Brent crude futures, which rose 1.3 per cent last week, were little changed, trading at above $63 per barrel at 1100 GMT. West Texas Intermediate (WTI) crude was also flat at $57.7 a barrel, having gained 0.8 per cent last week. Oil rose on Friday as comments from a top US official raised optimism for a US-China trade deal, although worries about increasing crude supplies capped prices. "In the short term, US-China trade talks and (the) OPEC meeting in early December are the two biggest events oil traders are watching for," Margaret Yang, an analyst at CMC Markets, said. The 16-month trade war between the world's two biggest economies has slowed global growth, prompting analysts to lower forecasts for oil demand growth and raising concerns that a supply glut could develop in 2020. China and the United States had "constructive talks" on trade in a high-level call on Saturday, state media Xinhua reported on Sunday, but it gave few other details. In a signal that policymakers are ready to act to prop up slowing growth, China's central bank unexpectedly trimmed a closely-watched lending rate on Monday, the first such cut in more than four years. The Organization of the Petroleum Exporting Countries (OPEC) said last week it expected demand for its oil to fall in 2020, supporting a view that there is a case for the group and other producers like Russia - collectively known as 'OPEC+' - to maintain limits on production that were introduced to cope with a supply glut. OPEC and its allies are expected to discuss output policy at a meeting on December 5-6 in Vienna. Their existing production deal runs until March. US energy firms this week reduced the number of oil rigs operating for a fourth week in a row.

Oil prices hold above $63 on trade talk optimism, OPEC

Japan's&nbsp;SoftBank&nbsp;Corp&nbsp;plans to merge internet unit&nbsp;<a href="https://www.wionews.com/entertainment/yahoo-japan-bids-for-control-of-fashion-e-tailer-zozo-for-37-billion-249306">Yahoo&nbsp;Japan</a>&nbsp;with messaging app operator&nbsp;Line&nbsp;Corp&nbsp;to&nbsp;create&nbsp;a $30&nbsp;billion&nbsp;tech&nbsp;giant, as it strives better compete to with local rival Rakuten and US&nbsp;tech&nbsp;powerhouses.

The deal, which would combine the providers of two of&nbsp;Japan's top QR code payment services, offers&nbsp;SoftBank&nbsp;access to 164 million&nbsp;Line&nbsp;users and their data in&nbsp;Japan&nbsp;and Southeast Asia as it expands into services outside its core wireless business.

It also offers&nbsp;Line&nbsp;a deep-pocket patron who can offer its&nbsp;tech&nbsp;expertise, including potentially via the&nbsp;giant&nbsp;Vision Fund.

The deal comes as&nbsp;<a href="https://www.wionews.com/business-economy/softbank-backed-oyo-to-raise-15-billion-led-by-founder-other-existing-investors-254242">SoftBank&nbsp;Group</a> founder Masayoshi Son battles to restore his reputation after a disastrous investment in office-sharing firm WeWork.

Telecoms firm&nbsp;SoftBank&nbsp;Corp&nbsp;said in a statement that&nbsp;Yahoo&nbsp;Japan, which last month changed its name to Z Holdings&nbsp;Corp, would aim to complete its&nbsp;merger&nbsp;with&nbsp;Line, owned by South Korea's Naver&nbsp;Corp, in October 2020.

The companies plan to reach a definitive agreement by next month in a transaction that would see&nbsp;SoftBank&nbsp;Corp&nbsp;and Naver form a 50:50 venture that would control Z Holdings, which in turn would operate&nbsp;Yahoo&nbsp;Japan&nbsp;and&nbsp;Line.

SoftBank&nbsp;Corp&nbsp;and Naver, which owns 73 per cent&nbsp;of money-losing&nbsp;Line, plan to launch a tender offer for&nbsp;Line's remaining shares at 5,200 yen each - a 13.4 per cent&nbsp;premium to the shares' price before news of the&nbsp;merger&nbsp;broke. That values&nbsp;Line&nbsp;at about $12&nbsp;billion.

Line's shares closed up 2.2 per cent&nbsp;at 5,150 yen after the announcement. Shares in Z Holdings rose 1.2 per cent, with Naver's shares up 2.9 per cent&nbsp;and&nbsp;SoftBank&nbsp;Corp's down 0.3 per cent.

Line&nbsp;has been looking for growth through expansion into areas such as QR code payments with&nbsp;Line&nbsp;Pay, but has been squeezed because of its limited funds and heavy-spending peers including&nbsp;SoftBank, which has a rival service called PayPay.

The&nbsp;merger&nbsp;of&nbsp;Japan's most popular messaging app and one of the country's top online&nbsp;retailers is the latest consolidation in its&nbsp;tech&nbsp;industry, and comes as Rakuten is expanding into&nbsp;SoftBank's core business with the launch of mobile services.

SoftBank&nbsp;this month completed its acquisition of online&nbsp;fashion retailer Zozo Inc, whose founder and ex-Chief Executive Yusaku Maezawa sold down his stake following a series of missteps.

The&nbsp;merger&nbsp;is driven by the two companies' "sense of crisis" over the rise of&nbsp;tech&nbsp;giants from the US&nbsp;and China,&nbsp;Line&nbsp;CEO Takeshi Idezawa told a news conference, wearing a tie in&nbsp;Yahoo&nbsp;Japan's red&nbsp;corporate colour.

SoftBank&nbsp;Group's Son frequently laments&nbsp;Japan's tardiness in emerging fields like artificial intelligence, with Monday's presentation showing even after combining the company's research and development budget would be dwarfed by overseas rivals.

Yahoo&nbsp;Japan&nbsp;CEO Kentaro Kawabe, who was wearing a tie in&nbsp;Line's&nbsp;corporate green, declined to comment on which services would be combined or abolished post-merger.

Line&nbsp;launched to overcome downed networks in the aftermath of a 2011 earthquake and tsunami before building a strong following with its use of colourful emojis, eventually listing in 2016.

However, the messaging service struggled to make inroads in countries dominated by apps like <a href="https://www.wionews.com/world/nso-snoop-row-how-pegasus-broke-into-whatsapp-260055">Facebook's Whatapp</a> and eventually retrenched in its core markets of&nbsp;Japan, Taiwan, Thailand and Indonesia.

Coming at a time of heightened political tension between&nbsp;Japan&nbsp;and South Korea, the&nbsp;merger&nbsp;might be the two countries' most significant economic cooperation of the last decade, Jaewoong Lee, a South Korean serial entrepreneur and founder of Naver rival Daum wrote on his Facebook page late on Sunday.

Z Holdings will continue to be a consolidated subsidiary of&nbsp;SoftBank&nbsp;Corp, which is a unit of investment conglomerate&nbsp;SoftBank&nbsp;Group&nbsp;Corp.

SoftBank&nbsp;retained Mizuho Securities, a unit of Mizuho Financial Group, as its financial advisor. Naver retained Deutsche Bank.

Japan's SoftBank Corp plans to merge internet unit Yahoo Japan with messaging app operator Line Corp to create a $30 billion tech giant, as it strives better compete to with local rival Rakuten and US tech powerhouses. The deal, which would combine the providers of two of Japan's top QR code payment services, offers SoftBank access to 164 million Line users and their data in Japan and Southeast Asia as it expands into services outside its core wireless business. It also offers Line a deep-pocket patron who can offer its tech expertise, including potentially via the giant Vision Fund. The deal comes as SoftBank Group founder Masayoshi Son battles to restore his reputation after a disastrous investment in office-sharing firm WeWork. Telecoms firm SoftBank Corp said in a statement that Yahoo Japan, which last month changed its name to Z Holdings Corp, would aim to complete its merger with Line, owned by South Korea's Naver Corp, in October 2020. The companies plan to reach a definitive agreement by next month in a transaction that would see SoftBank Corp and Naver form a 50:50 venture that would control Z Holdings, which in turn would operate Yahoo Japan and Line. SoftBank Corp and Naver, which owns 73 per cent of money-losing Line, plan to launch a tender offer for Line's remaining shares at 5,200 yen each - a 13.4 per cent premium to the shares' price before news of the merger broke. That values Line at about $12 billion. Line's shares closed up 2.2 per cent at 5,150 yen after the announcement. Shares in Z Holdings rose 1.2 per cent, with Naver's shares up 2.9 per cent and SoftBank Corp's down 0.3 per cent. Line has been looking for growth through expansion into areas such as QR code payments with Line Pay, but has been squeezed because of its limited funds and heavy-spending peers including SoftBank, which has a rival service called PayPay. The merger of Japan's most popular messaging app and one of the country's top online retailers is the latest consolidation in its tech industry, and comes as Rakuten is expanding into SoftBank's core business with the launch of mobile services. SoftBank this month completed its acquisition of online fashion retailer Zozo Inc, whose founder and ex-Chief Executive Yusaku Maezawa sold down his stake following a series of missteps. The merger is driven by the two companies' "sense of crisis" over the rise of tech giants from the US and China, Line CEO Takeshi Idezawa told a news conference, wearing a tie in Yahoo Japan's red corporate colour. SoftBank Group's Son frequently laments Japan's tardiness in emerging fields like artificial intelligence, with Monday's presentation showing even after combining the company's research and development budget would be dwarfed by overseas rivals. Yahoo Japan CEO Kentaro Kawabe, who was wearing a tie in Line's corporate green, declined to comment on which services would be combined or abolished post-merger. Line launched to overcome downed networks in the aftermath of a 2011 earthquake and tsunami before building a strong following with its use of colourful emojis, eventually listing in 2016. However, the messaging service struggled to make inroads in countries dominated by apps like Facebook's Whatapp and eventually retrenched in its core markets of Japan, Taiwan, Thailand and Indonesia. Coming at a time of heightened political tension between Japan and South Korea, the merger might be the two countries' most significant economic cooperation of the last decade, Jaewoong Lee, a South Korean serial entrepreneur and founder of Naver rival Daum wrote on his Facebook page late on Sunday. Z Holdings will continue to be a consolidated subsidiary of SoftBank Corp, which is a unit of investment conglomerate SoftBank Group Corp. SoftBank retained Mizuho Securities, a unit of Mizuho Financial Group, as its financial advisor. Naver retained Deutsche Bank.

The founder and CEO of <a href="https://www.wionews.com/.../exclusive-us-opens-national-security- investigation-into-tiktok-sources-259364">TikTok</a> owner <a href="https://www.wionews.com/.../founder-of-chinas-smartphone-maker-smartisan -barred-from-planes-trains-259693">ByteDance</a> will focus on adding users of the popular video app in countries outside of its strongest markets, according to an internal staff note seen by Reuters, as it faces political pressure in the United States.

The note from Zhang Yiming setting out company goals for November and December comes after lawmakers in the US&nbsp;recently voiced concerns about collection of user data and whether China censors content seen by US&nbsp;users.

"Continue to diversify TikTok's growth," said the note, which was written in both English and Mandarin Chinese. "Increase investment in weaker markets," Zhang added.

The video app is especially popular with US&nbsp;teenagers and young adults, drawing scrutiny at a time of rising tensions between Washington and Beijing.

Zhang did not mention the pressure in the US&nbsp;but urged the firm to enhance its capabilities in "handling global public affairs" and strengthening user data protection.

The Committee on Foreign Investment in the United States has started to review ByteDance’s $1 billion acquisition of the US&nbsp;app Musical.ly, which was subsequently merged into TikTok, Reuters reported this month.

ByteDance didn't immediately respond to a request for comment. The company has said the Chinese government does not have any jurisdiction over TikTok content.

Launched just two years ago, TikTok has been downloaded 1.5 billion times, making it the third most downloaded non-gaming app of the year, after of Facebook's WhatsApp and Messenger apps, according to research firm SensorTower.

TikTok has faced regulatory challenges in India and Indonesia, where it is also a big hit. India temporary banned downloads of the app in April this year and Indonesia did the same last year, largely due to concerns about salacious content.

<a href="https://www.wionews.com/.../if-madras-high-court-doesnt-decide-by-april-24 -ban-on-tiktok-will-be-lifted-supreme-court-212501">SensorTower</a> said that India is the main driver for TikTok's new downloads this year, and the app is also popular in Britain, France, Japan, Australia and Canada, according to App Annie.

In his brief note, Zhang also made mention of the company's other apps, such as the Chinese version of TikTok, Douyin, and Chinese news aggregator Jinri Toutiao. Both Douyin and Toutiao make money from advertising, competing with China's tech giants Tencent Holdings and Baidu Inc

He said the goal for Toutiao, one of ByteDance's major sources of revenue, was to enhance its "monetization efficiency" and urged staffers to "continue to put our foot to the floor" for Douyin to widen the app's advantage over its competitors.

The founder and CEO of TikTok owner ByteDance will focus on adding users of the popular video app in countries outside of its strongest markets, according to an internal staff note seen by Reuters, as it faces political pressure in the United States.

The founder and CEO of TikTok owner ByteDance will focus on adding users of the popular video app in countries outside of its strongest markets, according to an internal staff note seen by Reuters, as it faces political pressure in the United States. The note from Zhang Yiming setting out company goals for November and December comes after lawmakers in the US recently voiced concerns about collection of user data and whether China censors content seen by US users. "Continue to diversify TikTok's growth," said the note, which was written in both English and Mandarin Chinese. "Increase investment in weaker markets," Zhang added. The video app is especially popular with US teenagers and young adults, drawing scrutiny at a time of rising tensions between Washington and Beijing. Zhang did not mention the pressure in the US but urged the firm to enhance its capabilities in "handling global public affairs" and strengthening user data protection. The Committee on Foreign Investment in the United States has started to review ByteDance’s $1 billion acquisition of the US app Musical.ly, which was subsequently merged into TikTok, Reuters reported this month. ByteDance didn't immediately respond to a request for comment. The company has said the Chinese government does not have any jurisdiction over TikTok content. Launched just two years ago, TikTok has been downloaded 1.5 billion times, making it the third most downloaded non-gaming app of the year, after of Facebook's WhatsApp and Messenger apps, according to research firm SensorTower. TikTok has faced regulatory challenges in India and Indonesia, where it is also a big hit. India temporary banned downloads of the app in April this year and Indonesia did the same last year, largely due to concerns about salacious content. SensorTower said that India is the main driver for TikTok's new downloads this year, and the app is also popular in Britain, France, Japan, Australia and Canada, according to App Annie. In his brief note, Zhang also made mention of the company's other apps, such as the Chinese version of TikTok, Douyin, and Chinese news aggregator Jinri Toutiao. Both Douyin and Toutiao make money from advertising, competing with China's tech giants Tencent Holdings and Baidu Inc He said the goal for Toutiao, one of ByteDance's major sources of revenue, was to enhance its "monetization efficiency" and urged staffers to "continue to put our foot to the floor" for Douyin to widen the app's advantage over its competitors.

ByteDance CEO urges TikTok diversification as US pressure mounts: internal note

Bezeq Israel Telecom reported a slightly larger-than-expected fall in third-quarter profit on Monday and reiterated it was on track for a large 2019 loss after two major write-downs in its business units.

Israel's largest telecoms group, which is in the midst of a change in ownership, reported a profit of 191 million shekels ($55 million), down from 234 million a year earlier and slightly short of the 198 million forecast by analysts.

Bezeq attributed the decline mainly to higher financing expenses.

Revenue fell 2.3 per cent&nbsp;to 2.25 billion shekels, slightly above the 2.23 billion expected by analysts.

The company maintained its 2019 forecast of a net loss of 1.1 billion shekels.

Bezeq is the dominant telecoms group in Israel and owns mobile phone operator Pelephone, satellite TV firm YES and internet service provider Bezeq International.

"Bezeq is in the midst of a major restructuring with several parallel early retirement plans and cost-cutting measures," Barclays analyst Tavy Rosner said. "These are starting to pay off, as demonstrated by the 4 per cent&nbsp;decrease in salaries."

Last week the communications ministry approved the sale of a controlling share in Bezeq to the foreign private investor group Searchlight Capital Partners.

For the past few years Bezeq has been locked in a battle with the telecoms regulator over deployment of a fibre optics network, with Bezeq unwilling to meet demands it provide the service for 100 per cent&nbsp;of the country, saying that was not economically viable.

Rivals Cellcom and Partner Communications have started their own fibre networks.

This month the ministry said it was willing to ease up on its demands and would allow Bezeq to choose where to roll out its network.

"We hope that the new policy that will be formulated will enable us to launch fibre optic services for the private sector in Israel on an economic basis," CEO David Mizrahi said in a statement.

Rosner noted that although Bezeq was losing market share in fixed line, that will likely change once Bezeq and the regulator reach a final agreement.

Bezeq's shares were down 1.5 per cent&nbsp;in morning trade in Tel Aviv. They are down 23 per cent&nbsp;this year.

Bezeq Israel Telecom reported a slightly larger-than-expected fall in third-quarter profit on Monday and reiterated it was on track for a large 2019 loss after two major write-downs in its business units.

Bezeq Israel Telecom reported a slightly larger-than-expected fall in third-quarter profit on Monday and reiterated it was on track for a large 2019 loss after two major write-downs in its business units. Israel's largest telecoms group, which is in the midst of a change in ownership, reported a profit of 191 million shekels ($55 million), down from 234 million a year earlier and slightly short of the 198 million forecast by analysts. Bezeq attributed the decline mainly to higher financing expenses. Revenue fell 2.3 per cent to 2.25 billion shekels, slightly above the 2.23 billion expected by analysts. The company maintained its 2019 forecast of a net loss of 1.1 billion shekels. Bezeq is the dominant telecoms group in Israel and owns mobile phone operator Pelephone, satellite TV firm YES and internet service provider Bezeq International. "Bezeq is in the midst of a major restructuring with several parallel early retirement plans and cost-cutting measures," Barclays analyst Tavy Rosner said. "These are starting to pay off, as demonstrated by the 4 per cent decrease in salaries." Last week the communications ministry approved the sale of a controlling share in Bezeq to the foreign private investor group Searchlight Capital Partners. For the past few years Bezeq has been locked in a battle with the telecoms regulator over deployment of a fibre optics network, with Bezeq unwilling to meet demands it provide the service for 100 per cent of the country, saying that was not economically viable. Rivals Cellcom and Partner Communications have started their own fibre networks. This month the ministry said it was willing to ease up on its demands and would allow Bezeq to choose where to roll out its network. "We hope that the new policy that will be formulated will enable us to launch fibre optic services for the private sector in Israel on an economic basis," CEO David Mizrahi said in a statement. Rosner noted that although Bezeq was losing market share in fixed line, that will likely change once Bezeq and the regulator reach a final agreement. Bezeq's shares were down 1.5 per cent in morning trade in Tel Aviv. They are down 23 per cent this year.

Israel's Bezeq Tel third-quarter profit falls, headed for big 2019 loss

Russia's&nbsp;military&nbsp;export sales have not fallen despite US&nbsp;sanctions, the head of state conglomerate&nbsp;Rostec&nbsp;said on Monday.

Rostec, whose business includes weapons manufacturer Kalashnikov as well as&nbsp;Russian&nbsp;Helicopters and United Aircraft Corporation (UAC), is among&nbsp;Russian&nbsp;firms that have been affected by&nbsp;sanctions&nbsp;imposed on the country over the annexation of Crimea from Ukraine and other factors.

Rosoboronexport, the state agency for&nbsp;exports&nbsp;and imports recorded&nbsp;military&nbsp;sales of $13.7 billion in 2018, slightly higher than the previous year,&nbsp;Rostec&nbsp;head Sergey Chemezov told reporters at the Dubai Airshow.

Sales for 2019 are expected to be like that of 2018 as the company has already recorded over $11 billion currently, he said.

“It is growing, that means our production is of higher quality and reliable.”

Chemezov said Russia would also continue its&nbsp;military&nbsp;cooperation with Saudi Arabia and the United Arab Emirates with several projects underway despite some western countries shunning the two Gulf states because of their role in the Yemen war.

Some countries such as Germany, Norway and others have restricted sale of arms to countries engaged in the Yemen war.

Russia always cooperates only with legitimate governments and has always advocated a diplomatic settlement of the conflict in Yemen. “At the same time, Saudi Arabia is our partner," Chemezov said.

Several projects are underway in cooperation with Saudi Arabia, including plans for a Kalashnikov plant in the Kingdom, he said, declining to give more details as negotiations are not yet completed.

Chemezov said there had been interested from the Middle East for Russia’s single-aisle passenger jet, the MC-21, that would compete with similar jets from Airbus and Boeing.&nbsp;Discussions are ongoing but no contract has been signed with any Middle East buyer, he said, declining to name potential customers.

Currently, there are orders for more than 170 of the planes, mostly from airlines in Russia.

“Regular production” of around 72 aircraft per year is planned. The first deliveries will begin in 2021, he said.

Asked whether an advance payment of $800 million was made by India to Russia relating to the S-400 long-range surface-to-air missile systems, Chemezov said the advance payment was done.&nbsp; “I don’t want to clarify the numbers, negotiations are underway, 2025 is the completion date.”

Russia's military export sales have not fallen despite US sanctions, the head of state conglomerate Rostec said on Monday. Rostec, whose business includes weapons manufacturer Kalashnikov as well as Russian Helicopters and United Aircraft Corporation (UAC), is among Russian firms that have been affected by sanctions imposed on the country over the annexation of Crimea from Ukraine and other factors.

Russia's military export sales have not fallen despite US sanctions, the head of state conglomerate Rostec said on Monday. Rostec, whose business includes weapons manufacturer Kalashnikov as well as Russian Helicopters and United Aircraft Corporation (UAC), is among Russian firms that have been affected by sanctions imposed on the country over the annexation of Crimea from Ukraine and other factors. Rosoboronexport, the state agency for exports and imports recorded military sales of $13.7 billion in 2018, slightly higher than the previous year, Rostec head Sergey Chemezov told reporters at the Dubai Airshow. Sales for 2019 are expected to be like that of 2018 as the company has already recorded over $11 billion currently, he said. “It is growing, that means our production is of higher quality and reliable.” Chemezov said Russia would also continue its military cooperation with Saudi Arabia and the United Arab Emirates with several projects underway despite some western countries shunning the two Gulf states because of their role in the Yemen war. Some countries such as Germany, Norway and others have restricted sale of arms to countries engaged in the Yemen war. Russia always cooperates only with legitimate governments and has always advocated a diplomatic settlement of the conflict in Yemen. “At the same time, Saudi Arabia is our partner," Chemezov said. Several projects are underway in cooperation with Saudi Arabia, including plans for a Kalashnikov plant in the Kingdom, he said, declining to give more details as negotiations are not yet completed. Chemezov said there had been interested from the Middle East for Russia’s single-aisle passenger jet, the MC-21, that would compete with similar jets from Airbus and Boeing. Discussions are ongoing but no contract has been signed with any Middle East buyer, he said, declining to name potential customers. Currently, there are orders for more than 170 of the planes, mostly from airlines in Russia. “Regular production” of around 72 aircraft per year is planned. The first deliveries will begin in 2021, he said. Asked whether an advance payment of $800 million was made by India to Russia relating to the S-400 long-range surface-to-air missile systems, Chemezov said the advance payment was done. “I don’t want to clarify the numbers, negotiations are underway, 2025 is the completion date.”

Russian military exports unaffected by United States sanctions: Rostec CEO

As healthcare turns costlier in developed countries, India's medical value travel (MVT) market is expected to reach a volume of nine billion dollars (about Rs 65,000 crore) by next year, according to a new knowledge paper released by industry body FICCI. 
 
The global MVT market estimated at 54 billion dollars is expected to grow at a compound annual growth rate of 13 per cent until 2025. With its growing emphasis, several Asian countries have developed ecosystems necessary to become an MVT hub. 
 
"Among these economies, India is viewed as one of the preferred destinations and holds the fifth position among 41 major medical tourism destinations," said the paper titled 'India: Building Best Practices in Healthcare Services Globally' prepared in collaboration with consulting major Ernst &amp; Young. 
 
The key drivers of growth of MVT are affordability and accessibility of good healthcare services, availability of the latest medical technologies and accreditations, facilitation around hospitality services and minimal waiting time. 
 
The report says India is more affordable in terms of medical treatment and travel when compared to western countries. Medical travellers can save up to 50 per cent as the average daily cost of travel within India is 31 dollars (about Rs 2,232) compared to the United States having 223 dollars (about Rs 16,056). 
 
Besides, the quality of medical service is one of the hallmarks of India's position in global MVT. Currently, there are 38 hospitals accredited by the Joint Commission International (JCI) and 619 accredited by the National Accreditation Board for Hospitals and Healthcare Providers (NABH). 
 
Even being affordable, the mortality rate after 30 days of surgery is less in India (1.4 per cent) compared to the United States (1.9 per cent) which shows the quality of post-operative care provided by the Indian health service providers. 
 
However, there is a need to improve on post-operative care in terms of environment, hygiene and precautions required after a patient is being operated, said the report. 
 
Besides, India is performing low when it comes to regulations. As of today, there are no regulations applicable to the industry pertaining to facilitators, hospitals, insurance, legal or medical issues, and promotion activities carried out by stakeholders. 
 
"With a lack of regulations, MVT in India might not be able to thrive at a steady pace. Hence, the formulation of regulations is important to make this industry sustainable," said the report. 
 
Significantly, there are no government-to-government institutional arrangements between India and patient source countries. The institutional tie-ups are maintained by hospitals and facilitators without government interference. 
 
In addition, there is no grievances or redressal mechanism in place for international patients to raise any complaints. There is no policy arrangement in place to insure patients in case of unexpected complications in treatment. 
 
Gaurav Taneja, National Director and Leader for Government and Public Sector practice at EY India, said the government must form institutions for regulation and implementation of MVT. There is a need to build a robust platform for patients to interact with different stakeholders of the industry and define a code of conduct for MVT business. 
 
"With a branding and marketing campaign 'Heal in India,' I am sure the country will elevate its existing position to rank among the most preferred MVT destinations," he said in the report.

As healthcare turns costlier in developed countries, India's medical value travel (MVT) market is expected to reach a volume of nine billion dollars (about Rs 65,000 crore) by next year, according to a new knowledge paper released by industry body FICCI.

As healthcare turns costlier in developed countries, India's medical value travel (MVT) market is expected to reach a volume of nine billion dollars (about Rs 65,000 crore) by next year, according to a new knowledge paper released by industry body FICCI. The global MVT market estimated at 54 billion dollars is expected to grow at a compound annual growth rate of 13 per cent until 2025. With its growing emphasis, several Asian countries have developed ecosystems necessary to become an MVT hub. "Among these economies, India is viewed as one of the preferred destinations and holds the fifth position among 41 major medical tourism destinations," said the paper titled 'India: Building Best Practices in Healthcare Services Globally' prepared in collaboration with consulting major Ernst & Young. The key drivers of growth of MVT are affordability and accessibility of good healthcare services, availability of the latest medical technologies and accreditations, facilitation around hospitality services and minimal waiting time. The report says India is more affordable in terms of medical treatment and travel when compared to western countries. Medical travellers can save up to 50 per cent as the average daily cost of travel within India is 31 dollars (about Rs 2,232) compared to the United States having 223 dollars (about Rs 16,056). Besides, the quality of medical service is one of the hallmarks of India's position in global MVT. Currently, there are 38 hospitals accredited by the Joint Commission International (JCI) and 619 accredited by the National Accreditation Board for Hospitals and Healthcare Providers (NABH). Even being affordable, the mortality rate after 30 days of surgery is less in India (1.4 per cent) compared to the United States (1.9 per cent) which shows the quality of post-operative care provided by the Indian health service providers. However, there is a need to improve on post-operative care in terms of environment, hygiene and precautions required after a patient is being operated, said the report. Besides, India is performing low when it comes to regulations. As of today, there are no regulations applicable to the industry pertaining to facilitators, hospitals, insurance, legal or medical issues, and promotion activities carried out by stakeholders. "With a lack of regulations, MVT in India might not be able to thrive at a steady pace. Hence, the formulation of regulations is important to make this industry sustainable," said the report. Significantly, there are no government-to-government institutional arrangements between India and patient source countries. The institutional tie-ups are maintained by hospitals and facilitators without government interference. In addition, there is no grievances or redressal mechanism in place for international patients to raise any complaints. There is no policy arrangement in place to insure patients in case of unexpected complications in treatment. Gaurav Taneja, National Director and Leader for Government and Public Sector practice at EY India, said the government must form institutions for regulation and implementation of MVT. There is a need to build a robust platform for patients to interact with different stakeholders of the industry and define a code of conduct for MVT business. "With a branding and marketing campaign 'Heal in India,' I am sure the country will elevate its existing position to rank among the most preferred MVT destinations," he said in the report.

India's medical value travel to reach $9 billion: FICCI

Japan's Nissan Motor Co Ltd&nbsp;has said it is recalling 394,025 cars in the United States over a braking system defect, causing concerns that a brake fluid leak could potentially lead to a fire.

The leak into internal circuit boards will trigger a warning to drivers, which if ignored may lead to a fire in "rare instances," Nissan said in a filing dated November 8 with the National Highway Traffic Safety Administration (NHTSA) under recall number 18V-601.

"... if the warning is ignored and the vehicle continues to be operated in this condition, the brake fluid leak may potentially create an electrical short in the actuator circuit, which in rare instances, may lead to a fire," the Japanese automaker said.

The recall, which was reported on Friday by US&nbsp;media, includes Maxima sedans from 2016 through 2018, Infiniti QX60 luxury crossovers from 2017 to 2019, Murano SUVs from 2015 to 2018 and Pathfinder SUVs from 2017 to 2019, the filing showed.

The document does not mention whether the brake system defect actually caused any fires or injuries.

The company also reportedly said that it was working to fix the issue and that owners of the affected cars will be notified starting early next month.

"Once the remedy is available, owners will receive a final notification letter asking them to bring their vehicle to an authorized Nissan dealer or INFINITI retailer to have the remedy work completed at no cost for parts or labour," it told NPR in an emailed statement.

The development comes less than two months after NHTSA opened a preliminary investigation into 553,000 Nissan Rogue sport utility vehicles after reports of their automatic emergency braking systems engaging without warning or an obstruction.

Improper inspections of brakes, steering wheels, speed measurements and vehicle stability had also caused the company to issue a recall of several thousand vehicles in Japan late last year.

In September, the company recalled 1.3 million vehicles to fix a problem with its backup camera displays.

Japan's Nissan Motor Co Ltd has said it is recalling 394,025 cars in the United States over a braking system defect, causing concerns that a brake fluid leak could potentially lead to a fire.

Japan's Nissan Motor Co Ltd has said it is recalling 394,025 cars in the United States over a braking system defect, causing concerns that a brake fluid leak could potentially lead to a fire. The leak into internal circuit boards will trigger a warning to drivers, which if ignored may lead to a fire in "rare instances," Nissan said in a filing dated November 8 with the National Highway Traffic Safety Administration (NHTSA) under recall number 18V-601. "... if the warning is ignored and the vehicle continues to be operated in this condition, the brake fluid leak may potentially create an electrical short in the actuator circuit, which in rare instances, may lead to a fire," the Japanese automaker said. The recall, which was reported on Friday by US media, includes Maxima sedans from 2016 through 2018, Infiniti QX60 luxury crossovers from 2017 to 2019, Murano SUVs from 2015 to 2018 and Pathfinder SUVs from 2017 to 2019, the filing showed. The document does not mention whether the brake system defect actually caused any fires or injuries. The company also reportedly said that it was working to fix the issue and that owners of the affected cars will be notified starting early next month. "Once the remedy is available, owners will receive a final notification letter asking them to bring their vehicle to an authorized Nissan dealer or INFINITI retailer to have the remedy work completed at no cost for parts or labour," it told NPR in an emailed statement. The development comes less than two months after NHTSA opened a preliminary investigation into 553,000 Nissan Rogue sport utility vehicles after reports of their automatic emergency braking systems engaging without warning or an obstruction. Improper inspections of brakes, steering wheels, speed measurements and vehicle stability had also caused the company to issue a recall of several thousand vehicles in Japan late last year. In September, the company recalled 1.3 million vehicles to fix a problem with its backup camera displays.

Nissan recalls nearly 400,00 vehicles over braking system defect

<a href="https://www.wionews.com/business-economy/saudi-aramco-will-not-market-ipo-in-the-united-states-report-262694">Saudi Aramco</a> — the state-owned oil giant has sought a valuation of up to 1.7 trillion US Dollars — which would make it the world’s biggest <a href="https://www.wionews.com/business-economy/saudis-scramble-to-raise-cash-for-aramco-share-sale-260106">initial public offering</a>.

Just to put it in perspective the target valuation will make Aramco the world’s biggest public company, overtaking Apple inc.&nbsp;

However, the valuation is below the $2 trillion target sought by Crown Prince Mohammad Bin Salman since he first mooted an initial public offering in 2016.

Watch: WION travels to Saudi Aramco's Khurais &amp; Abqaiq facilities

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Aramco will sell just 1.5% of its shares on the local stock exchange.

The offer falling short of a record coming in just below the $25 billion raised by Alibaba group holding ltd in 2014.

Interestingly, Aramco is slated to rely heavily on local investors after receiving a tepid response from international money managers.

The shares will not be marketed in the US and Canada as originally planned, Japan is also off the list.

This in total contrast to what Aramco Chairman Yasir Al-Rumayyan had said while the IPO was announced earlier this month.

Saudi Arabia has been pulling out all the stops to ensure the IPO is a success to a sceptical audience.

It’s cut the tax rate for Aramco three times promised the world’s largest dividend and offered bonus shares for retail investors and not to mention, the catastrophic drone attack suffered by Aramco at the hands of Iran-aligned Houthi rebels.

The Aramco IPO is a pet project of Mohammad bin Salman’s much-hyped vision 2030 plan to change the social and economic fabric of the Kingdom.

The plan, which relies heavily on attracting foreign investors into Saudi Arabia suffered a big setback after the assassination of journalist Jamal Ahmad Khashoggi in Saudi Arabia’s Istanbul consulate.

Aramco has also faced the challenge of the strengthening global movement against climate change that’s targeted the world’s largest oil and gas companies.

No matter what the final valuation, the share sale will create a public company of unmatched profitability. Aramco earned a net income of $111 billion in 2018 on revenue of $315 billion.

Saudi Aramco — the state-owned oil giant has sought a valuation of up to 1.7 trillion US Dollars — which would make it the world’s biggest initial public offering.

Saudi Aramco — the state-owned oil giant has sought a valuation of up to 1.7 trillion US Dollars — which would make it the world’s biggest initial public offering. Just to put it in perspective the target valuation will make Aramco the world’s biggest public company, overtaking Apple inc. However, the valuation is below the $2 trillion target sought by Crown Prince Mohammad Bin Salman since he first mooted an initial public offering in 2016. Watch: WION travels to Saudi Aramco's Khurais & Abqaiq facilities × Aramco will sell just 1.5% of its shares on the local stock exchange. The offer falling short of a record coming in just below the $25 billion raised by Alibaba group holding ltd in 2014. Interestingly, Aramco is slated to rely heavily on local investors after receiving a tepid response from international money managers. The shares will not be marketed in the US and Canada as originally planned, Japan is also off the list. This in total contrast to what Aramco Chairman Yasir Al-Rumayyan had said while the IPO was announced earlier this month. Saudi Arabia has been pulling out all the stops to ensure the IPO is a success to a sceptical audience. It’s cut the tax rate for Aramco three times promised the world’s largest dividend and offered bonus shares for retail investors and not to mention, the catastrophic drone attack suffered by Aramco at the hands of Iran-aligned Houthi rebels. The Aramco IPO is a pet project of Mohammad bin Salman’s much-hyped vision 2030 plan to change the social and economic fabric of the Kingdom. The plan, which relies heavily on attracting foreign investors into Saudi Arabia suffered a big setback after the assassination of journalist Jamal Ahmad Khashoggi in Saudi Arabia’s Istanbul consulate. Aramco has also faced the challenge of the strengthening global movement against climate change that’s targeted the world’s largest oil and gas companies. No matter what the final valuation, the share sale will create a public company of unmatched profitability. Aramco earned a net income of $111 billion in 2018 on revenue of $315 billion.

World's biggest initial public offering: Saudi Aramco seeks $1.71 trillion in valuation

One year ago, the sudden arrest at a Tokyo airport of Nissan boss Carlos Ghosn, one of the world's best-known and respected tycoons, sent shockwaves through the business world.

After 130 days languishing in a Japanese detention centre, Ghosn is now out on bail and vigorously proclaiming his innocence, seeking to have his case declared null and void,&nbsp;even if legal experts and his own defence deem his chances unlikely.

The 65-year-old Brazil-born executive faces charges of deferring part of his salary until after his retirement and concealing this from shareholders, as well as syphoning off millions in Nissan cash for his own purposes.

Ghosn denies every charge and has accused prosecutors and even Japanese government officials of colluding in a "plot" with Nissan to find a way to destroy him, fearful he was seeking to merge the firm with France's Renault.

His defence team filed a motion on October 24 to throw out the case given what they allege is illegal activity by Nissan and the prosecution,&nbsp;including seizing his wife's phone and searching private homes.

But even his own defence lawyer Takashi Takano is doubtful of success, telling AFP: "There are no precedents and Japanese courts are very reluctant to accept this type of argument."

Yasuyuki Takai, a former head of the special prosecutors' bureau in Tokyo, agreed: "This motion has zero chance of succeeding."

"The real goal of the lawyers is to get an acquittal. This motion can only serve to calm down the accused and to say publicly that the prosecutors and Nissan did terrible things," Takai told AFP.

'Hostage justice'

Independent lawyer Nobuo Gohara said it was "debatable" as to whether Ghosn even had a legal obligation to declare the alleged deferred salary and "in any case, it should not have led to an arrest".

"The Ghosn case was an enormous global shock which has uncovered very big problems in the way the Japanese system functions," Gohara told AFP.

"This case should never have existed. You can only think that the end goal was to arrest Carlos Ghosn."

The world-famous executive, once revered in Japan for rescuing the struggling Nissan and who crisscrossed the globe in private jets as the head of worldwide business, now faces 15 years in prison if convicted.

Defence and prosecution teams have held regular pre-trial meetings but Ghosn's team has complained that they do not yet have access to prosecution documents "proving" the tycoon's guilt.

This has delayed progress towards a trial and also explains why the defence has not yet itself produced what it says is cast-iron proof of Ghosn's innocence.

Around 99 per cent of trials in Japan result in a conviction and the global media attention given to the Ghosn case has shone a spotlight on the Japanese justice system.

Suspects can be detained for several days without being formally charged and can be re-arrested many times, extending the period of detention,&nbsp;a system critics dub "hostage justice" designed to extract a confession.

Ghosn is now out on bail and has been able to enjoy some trips outside Tokyo with his daughter while preparing for a trial expected to take place in the spring of next year.

His lawyers describe him as in relatively good spirits and combative, even though he remains banned from any contact with his wife Carole,&nbsp;a measure Takano slams as "stupid" and "useless".

"There is no justification... It's just a punishment," said the lawyer, adding he hoped the judges would relent before the Christmas holidays.

One year ago, the sudden arrest at a Tokyo airport of Nissan boss Carlos Ghosn, one of the world's best-known and respected tycoons, sent shockwaves through the business world.

One year ago, the sudden arrest at a Tokyo airport of Nissan boss Carlos Ghosn, one of the world's best-known and respected tycoons, sent shockwaves through the business world. After 130 days languishing in a Japanese detention centre, Ghosn is now out on bail and vigorously proclaiming his innocence, seeking to have his case declared null and void, even if legal experts and his own defence deem his chances unlikely. The 65-year-old Brazil-born executive faces charges of deferring part of his salary until after his retirement and concealing this from shareholders, as well as syphoning off millions in Nissan cash for his own purposes. Ghosn denies every charge and has accused prosecutors and even Japanese government officials of colluding in a "plot" with Nissan to find a way to destroy him, fearful he was seeking to merge the firm with France's Renault. His defence team filed a motion on October 24 to throw out the case given what they allege is illegal activity by Nissan and the prosecution, including seizing his wife's phone and searching private homes. But even his own defence lawyer Takashi Takano is doubtful of success, telling AFP: "There are no precedents and Japanese courts are very reluctant to accept this type of argument." Yasuyuki Takai, a former head of the special prosecutors' bureau in Tokyo, agreed: "This motion has zero chance of succeeding." "The real goal of the lawyers is to get an acquittal. This motion can only serve to calm down the accused and to say publicly that the prosecutors and Nissan did terrible things," Takai told AFP. 'Hostage justice' Independent lawyer Nobuo Gohara said it was "debatable" as to whether Ghosn even had a legal obligation to declare the alleged deferred salary and "in any case, it should not have led to an arrest". "The Ghosn case was an enormous global shock which has uncovered very big problems in the way the Japanese system functions," Gohara told AFP. "This case should never have existed. You can only think that the end goal was to arrest Carlos Ghosn." The world-famous executive, once revered in Japan for rescuing the struggling Nissan and who crisscrossed the globe in private jets as the head of worldwide business, now faces 15 years in prison if convicted. Defence and prosecution teams have held regular pre-trial meetings but Ghosn's team has complained that they do not yet have access to prosecution documents "proving" the tycoon's guilt. This has delayed progress towards a trial and also explains why the defence has not yet itself produced what it says is cast-iron proof of Ghosn's innocence. Around 99 per cent of trials in Japan result in a conviction and the global media attention given to the Ghosn case has shone a spotlight on the Japanese justice system. Suspects can be detained for several days without being formally charged and can be re-arrested many times, extending the period of detention, a system critics dub "hostage justice" designed to extract a confession. Ghosn is now out on bail and has been able to enjoy some trips outside Tokyo with his daughter while preparing for a trial expected to take place in the spring of next year. His lawyers describe him as in relatively good spirits and combative, even though he remains banned from any contact with his wife Carole, a measure Takano slams as "stupid" and "useless". "There is no justification... It's just a punishment," said the lawyer, adding he hoped the judges would relent before the Christmas holidays.

One year after arrest, Ghosn seeks to throw out case against him

A year on from the shock fall of boss Carlos Ghosn, the Renault-Nissan automobile alliance is bent on a reboot to leave behind the upheaval and dust kicked up by the affair.

The giant task falls to new board chairman Jean-Dominique Senard in the context of the car industry as a whole racing to meet huge new challenges.

Ghosn revelled in taking the two partners to the forefront of the carmaking game.

A total of 10.76 million vehicles sold last year along with ally Mitsubishi Motor put the trio ahead of Toyota and Volkswagen.

But this year saw volumes slide back again below those of both rivals.

The demise of the authoritarian Ghosn following his arrest on financial misconduct charges lifted the lid on an empire riven with internal conflict as he straddled the chairmanship of three companies, concentrating all power in himself.

"The unity of command masked the incredible diversity of forces at work. When that exploded it liberated them," says one highly-placed official within the alliance.

In one corner, feeling they were the standout part of the partnership yet long seeing themselves as under-valued, were the Japanese behind Nissan director Hiroto Saikawa.

In the other, foursquare behind Renault's then chief executive Thierry Bollore, the French contingent nursed a sense of betrayal at a secret Nissan investigation which had delivered Ghosn into the hands of the Japanese judiciary.

Unlike Volkswagen or Toyota, the alliance is not an integrated group but a partnership based on cross-shareholdings without a joint structure. Renault holds 43 per cent of Nissan, which has a 15 per cent stake in Renault and a 34 per cent controlling stake in Mitsubishi.

Lost year

Since the Ghosn affair burst into the open last November, there has been no means of achieving constructive dialogue or decision making, meaning a year has been lost as a result.

Last month saw the quickfire departures of both Saikawa and Bollore which did allow one page to be turned.

"There were excesses on both sides and sparks flew. But there has been a clean-up at Nissan as well as Renault. The people now in place are all convinced of the need to reinforce the alliance," said one source close to Nissan.

Ongoing problems include profitability and cash generation amid the burning need for technological innovations including electric and autonomous cars in a shrinking market.

Renault and Nissan have reduced operational margin targets for this year to five and 1.4 per cent of sales respectively.

That compares with Volkswagen's 6.5 to 7.5 per cent despite it having to bounce back from an emissions scandal which cost it tens of billions in fines. Toyota tops that with more than eight per cent.

Invisible synergies

"For a longstanding partnership" of 20 years "it is a little surprising that the synergies which should have existed for a long time don't show up in the figures," commented Vittoria Ferraris, an analyst with S&amp;P Global Ratings, which recently lowered its rating for Renault and put Nissan's on negative watch.

But Senard recently insisted that "you will be surprised at the strength of the alliance in the months ahead".

He added that the last meeting of the partner boards "was one of the most positive since I arrived".

After failing to deliver a hoped-for merger with Fiat Chrysler,&nbsp;now set to seal the deal with French rival PSA, the alliance is looking for new initiatives.

Debate on governance reform remains on the table, with the Japanese wanting a tilt in their favour.

Given Renault's strength in Europe and Nissan's in the USA and China, the pair are geographically complementary and could pool expertise on the move to electric power.

But Ferraris warns that while "the tough market will provide strong motivation... the problem is the time that will take".

A year on from the shock fall of boss Carlos Ghosn, the Renault-Nissan automobile alliance is bent on a reboot to leave behind the upheaval and dust kicked up by the affair.

A year on from the shock fall of boss Carlos Ghosn, the Renault-Nissan automobile alliance is bent on a reboot to leave behind the upheaval and dust kicked up by the affair. The giant task falls to new board chairman Jean-Dominique Senard in the context of the car industry as a whole racing to meet huge new challenges. Ghosn revelled in taking the two partners to the forefront of the carmaking game. A total of 10.76 million vehicles sold last year along with ally Mitsubishi Motor put the trio ahead of Toyota and Volkswagen. But this year saw volumes slide back again below those of both rivals. The demise of the authoritarian Ghosn following his arrest on financial misconduct charges lifted the lid on an empire riven with internal conflict as he straddled the chairmanship of three companies, concentrating all power in himself. "The unity of command masked the incredible diversity of forces at work. When that exploded it liberated them," says one highly-placed official within the alliance. In one corner, feeling they were the standout part of the partnership yet long seeing themselves as under-valued, were the Japanese behind Nissan director Hiroto Saikawa. In the other, foursquare behind Renault's then chief executive Thierry Bollore, the French contingent nursed a sense of betrayal at a secret Nissan investigation which had delivered Ghosn into the hands of the Japanese judiciary. Unlike Volkswagen or Toyota, the alliance is not an integrated group but a partnership based on cross-shareholdings without a joint structure. Renault holds 43 per cent of Nissan, which has a 15 per cent stake in Renault and a 34 per cent controlling stake in Mitsubishi. Lost year Since the Ghosn affair burst into the open last November, there has been no means of achieving constructive dialogue or decision making, meaning a year has been lost as a result. Last month saw the quickfire departures of both Saikawa and Bollore which did allow one page to be turned. "There were excesses on both sides and sparks flew. But there has been a clean-up at Nissan as well as Renault. The people now in place are all convinced of the need to reinforce the alliance," said one source close to Nissan. Ongoing problems include profitability and cash generation amid the burning need for technological innovations including electric and autonomous cars in a shrinking market. Renault and Nissan have reduced operational margin targets for this year to five and 1.4 per cent of sales respectively. That compares with Volkswagen's 6.5 to 7.5 per cent despite it having to bounce back from an emissions scandal which cost it tens of billions in fines. Toyota tops that with more than eight per cent. Invisible synergies "For a longstanding partnership" of 20 years "it is a little surprising that the synergies which should have existed for a long time don't show up in the figures," commented Vittoria Ferraris, an analyst with S&P Global Ratings, which recently lowered its rating for Renault and put Nissan's on negative watch. But Senard recently insisted that "you will be surprised at the strength of the alliance in the months ahead". He added that the last meeting of the partner boards "was one of the most positive since I arrived". After failing to deliver a hoped-for merger with Fiat Chrysler, now set to seal the deal with French rival PSA, the alliance is looking for new initiatives. Debate on governance reform remains on the table, with the Japanese wanting a tilt in their favour. Given Renault's strength in Europe and Nissan's in the USA and China, the pair are geographically complementary and could pool expertise on the move to electric power. But Ferraris warns that while "the tough market will provide strong motivation... the problem is the time that will take".

Renault-Nissan alliance in flux a year after Ghosn shock

Saudi Aramco said Sunday it would sell 1.5 per cent of the company in a blockbuster IPO worth at least $24 billion which values it at up to $1.71 trillion.

"The base offer size will be 1.5 per cent of the company's outstanding shares," the state-owned energy giant said in a statement that set the price range at 30-32 Saudi riyals per share ($8-8.5).

The offering is scaled down from original plans which had aimed for a $2.0 trillion valuation, but it could still rival the world's biggest listing so far,&nbsp;the $25 billion float of Chinese retail giant Alibaba in 2014.

Saudi Aramco said Sunday it would sell 1.5 per cent of the company in a blockbuster IPO worth at least $24 billion which values it at up to $1.71 trillion. "The base offer size will be 1.

Saudi Aramco said Sunday it would sell 1.5 per cent of the company in a blockbuster IPO worth at least $24 billion which values it at up to $1.71 trillion. "The base offer size will be 1.5 per cent of the company's outstanding shares," the state-owned energy giant said in a statement that set the price range at 30-32 Saudi riyals per share ($8-8.5). The offering is scaled down from original plans which had aimed for a $2.0 trillion valuation, but it could still rival the world's biggest listing so far, the $25 billion float of Chinese retail giant Alibaba in 2014.

Aramco says to sell 1.5% in IPO worth at least $24 billion

Saudi Aramco does not plan to market its domestic initial public offering (IPO) in the United States, two sources familiar with the matter said.

Aramco had said in its IPO prospectus earlier this month that the offering of shares would rely on the 144A rule of the US&nbsp;Securities Act, which allows a non-US&nbsp;issuer to tap the US&nbsp;market.

The sources said Aramco will no longer rely on that rule, meaning it will not market the shares in the United States.

Aramco did not immediately respond to a comment request.

Saudi Aramco does not plan to market its domestic initial public offering (IPO) in the United States, two sources familiar with the matter said. Aramco had said in its IPO prospectus earlier this month that the offering of shares would rely on the 144A rule of the US Securities Act, which allows a non-US issuer to tap the US market.

Saudi Aramco does not plan to market its domestic initial public offering (IPO) in the United States, two sources familiar with the matter said. Aramco had said in its IPO prospectus earlier this month that the offering of shares would rely on the 144A rule of the US Securities Act, which allows a non-US issuer to tap the US market. The sources said Aramco will no longer rely on that rule, meaning it will not market the shares in the United States. Aramco did not immediately respond to a comment request.

Saudi Aramco will not market IPO in the United States: Report

Bankrupt telecom operator Reliance Communications has posted a consolidated loss of Rs 30,142 crore for the second fiscal quarter (July to September) due to provisioning of liabilities after the recent Supreme Court ruling on statutory dues. 
 
It is the second-largest loss posted in corporate India, barely two days after Vodafone Idea reported Q2 FY20 loss of Rs 50,922 crore,&nbsp;the largest India Inc had seen for similar reasons. 
 
R-Com, which is going through the insolvency process, had made a profit of Rs 1,141 crore in the second quarter of the previous financial year (Q2 FY19). 
 
During Q2 FY20, the company set aside Rs 28,314 crore on account of provisioning following the Supreme Court's order on the calculation of annual adjusted gross revenue (AGR) of telecom companies. 
 
This includes Rs 23,327 crore for the licence fee and Rs 4,987 crore for spectrum usage charges, R-Com said in regulatory filings at stock exchanges late on Friday after market closing hours. 
 
Last month, the apex court upheld the government's position on including revenue from non-telecommunication businesses in calculating the annual AGR, a share of which has to be paid as licence and spectrum fee to the exchequer. 
 
R-Com,&nbsp;once led by billionaire industrialist Anil Ambani,&nbsp;is now in the reigns of a debt resolution professional. Its revenue from operations dropped to Rs 302 crore in Q2 FY20 from Rs 977 crore in Q2 FY19. 
 
After the Supreme Court ruling, total liability on telecom operators is estimated to be about Rs 1.6 lakh crore. 
 
The Cellular Operators Association of India (COAI) says the apex court's judgment is the last straw in contributing to the financial distress of the sector which is already reeling under a daunting debt of Rs four lakh crore as operators are making negative returns on their investments.

Bankrupt telecom operator Reliance Communications has posted a consolidated loss of Rs 30,142 crore for the second fiscal quarter (July to September) due to provisioning of liabilities after the recent Supreme Court ruling on statutory dues.

Bankrupt telecom operator Reliance Communications has posted a consolidated loss of Rs 30,142 crore for the second fiscal quarter (July to September) due to provisioning of liabilities after the recent Supreme Court ruling on statutory dues. It is the second-largest loss posted in corporate India, barely two days after Vodafone Idea reported Q2 FY20 loss of Rs 50,922 crore, the largest India Inc had seen for similar reasons. R-Com, which is going through the insolvency process, had made a profit of Rs 1,141 crore in the second quarter of the previous financial year (Q2 FY19). During Q2 FY20, the company set aside Rs 28,314 crore on account of provisioning following the Supreme Court's order on the calculation of annual adjusted gross revenue (AGR) of telecom companies. This includes Rs 23,327 crore for the licence fee and Rs 4,987 crore for spectrum usage charges, R-Com said in regulatory filings at stock exchanges late on Friday after market closing hours. Last month, the apex court upheld the government's position on including revenue from non-telecommunication businesses in calculating the annual AGR, a share of which has to be paid as licence and spectrum fee to the exchequer. R-Com, once led by billionaire industrialist Anil Ambani, is now in the reigns of a debt resolution professional. Its revenue from operations dropped to Rs 302 crore in Q2 FY20 from Rs 977 crore in Q2 FY19. After the Supreme Court ruling, total liability on telecom operators is estimated to be about Rs 1.6 lakh crore. The Cellular Operators Association of India (COAI) says the apex court's judgment is the last straw in contributing to the financial distress of the sector which is already reeling under a daunting debt of Rs four lakh crore as operators are making negative returns on their investments.

Reliance Communications posts loss of Rs 30,142 crores