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Wall Street's main stock indexes closed at record levels on Friday, fueled by fresh optimism over a potential calming of US-China trade tensions and by big gains in shares of healthcare companies.

The benchmark S&amp;P 500 tallied its sixth straight week of gains, its longest such weekly streak in about two years, while the Dow breached 28,000 for the first time.

White House economic adviser Larry Kudlow said late on Thursday that the United States and China are getting close to a trade agreement, citing what he called very constructive talks with Beijing.

“Today is definitely about optimism surrounding the trade tensions,” said Jason Pride, chief investment officer of private wealth at Glenmede in Philadelphia.

The stock market has climbed recently to record highs, driven by Federal Reserve interest rate cuts, third-quarter earnings topping low expectations and signs that economic growth may be bottoming, while uncertainty over US-China trade relations remains a wild card.

"It’s definitely been a big source of volatility over a fairly long period of time for the markets and stocks in general," Pride said. "To see some sort of resolution of it would probably be a lift to investors and to equity holders because it takes away a big piece of uncertainty in many investors’, and even corporate executives’, minds.”

The Dow Jones Industrial Average&nbsp;rose 222.93 points, or 0.8 per cent, to 28,004.89, the S&amp;P 500&nbsp;gained 23.83 points, or 0.77 per cent, to 3,120.46 and the Nasdaq Composite&nbsp;added 61.81 points, or 0.73 per cent, to 8,540.83.

Ten of 11 S&amp;P 500 sectors ended positive. Healthcare&nbsp;led the way, gaining 2.2 per cent&nbsp;for its biggest one-day percentage rise since January, with UnitedHealth Group&nbsp;shares surging 5.3 per cent&nbsp;and Pfizer&nbsp;rising 2.0 per cent.

The gains came as President Donald Trump made an announcement on healthcare price transparency. Regulatory and election risks have contributed to the healthcare sector's underperformance in 2019, said Walter Todd, chief investment officer at Greenwood Capital in South Carolina, noting that perhaps Friday's gains were "a catch-up trade."

Shares of Applied Materials soared 9.0 per cent&nbsp;after the chip gear maker forecast first-quarter revenue and profit above Wall Street estimates.

The Philadelphia SE Semiconductor index&nbsp;gained 0.9 per cent&nbsp;and hit a record high. Enthusiasm for the group was tempered by a 2.7 per cent decline in Nvidia shares following the chipmaker's report.

Data on Friday showed US&nbsp;retail sales rebounded in October, but consumers cut back on purchases of big-ticket household items and clothing, which could temper expectations for a strong holiday shopping season.

Advancing issues outnumbered declining ones on the NYSE by a 1.84-to-1 ratio; on Nasdaq, a 1.50-to-1 ratio favoured advancers.

The S&amp;P 500 posted 52 new 52-week highs and one new low; the Nasdaq Composite recorded 121 new highs and 108 new lows.

About 6.5 billion shares changed hands in US&nbsp;exchanges, below the 6.9 billion-share daily average over the last 20 sessions.

Wall Street's main stock indexes closed at record levels on Friday, fueled by fresh optimism over a potential calming of US-China trade tensions and by big gains in shares of healthcare companies.

Wall Street's main stock indexes closed at record levels on Friday, fueled by fresh optimism over a potential calming of US-China trade tensions and by big gains in shares of healthcare companies. The benchmark S&P 500 tallied its sixth straight week of gains, its longest such weekly streak in about two years, while the Dow breached 28,000 for the first time. White House economic adviser Larry Kudlow said late on Thursday that the United States and China are getting close to a trade agreement, citing what he called very constructive talks with Beijing. “Today is definitely about optimism surrounding the trade tensions,” said Jason Pride, chief investment officer of private wealth at Glenmede in Philadelphia. The stock market has climbed recently to record highs, driven by Federal Reserve interest rate cuts, third-quarter earnings topping low expectations and signs that economic growth may be bottoming, while uncertainty over US-China trade relations remains a wild card. "It’s definitely been a big source of volatility over a fairly long period of time for the markets and stocks in general," Pride said. "To see some sort of resolution of it would probably be a lift to investors and to equity holders because it takes away a big piece of uncertainty in many investors’, and even corporate executives’, minds.” The Dow Jones Industrial Average rose 222.93 points, or 0.8 per cent, to 28,004.89, the S&P 500 gained 23.83 points, or 0.77 per cent, to 3,120.46 and the Nasdaq Composite added 61.81 points, or 0.73 per cent, to 8,540.83. Ten of 11 S&P 500 sectors ended positive. Healthcare led the way, gaining 2.2 per cent for its biggest one-day percentage rise since January, with UnitedHealth Group shares surging 5.3 per cent and Pfizer rising 2.0 per cent. The gains came as President Donald Trump made an announcement on healthcare price transparency. Regulatory and election risks have contributed to the healthcare sector's underperformance in 2019, said Walter Todd, chief investment officer at Greenwood Capital in South Carolina, noting that perhaps Friday's gains were "a catch-up trade." Shares of Applied Materials soared 9.0 per cent after the chip gear maker forecast first-quarter revenue and profit above Wall Street estimates. The Philadelphia SE Semiconductor index gained 0.9 per cent and hit a record high. Enthusiasm for the group was tempered by a 2.7 per cent decline in Nvidia shares following the chipmaker's report. Data on Friday showed US retail sales rebounded in October, but consumers cut back on purchases of big-ticket household items and clothing, which could temper expectations for a strong holiday shopping season. Advancing issues outnumbered declining ones on the NYSE by a 1.84-to-1 ratio; on Nasdaq, a 1.50-to-1 ratio favoured advancers. The S&P 500 posted 52 new 52-week highs and one new low; the Nasdaq Composite recorded 121 new highs and 108 new lows. About 6.5 billion shares changed hands in US exchanges, below the 6.9 billion-share daily average over the last 20 sessions.

Trade deal hopes, surging health stocks power Wall Street to highs

Microsoft Corp has hired former US&nbsp;Attorney General Eric Holder to investigate whether the use of facial recognition technology developed by an Israeli startup it funded complies with its ethics principles, the company said on Friday.

AnyVision, based outside Tel Aviv, has come under scrutiny following reports by Haaretz's TheMarker business newspaper and NBC News that its technology is used to surveil Palestinians who live in the occupied West Bank.

AnyVision, which denied to NBC such use of its services, did not respond to a request for comment.

The probe reflects growing unease about facial recognition surveillance in the United States and elsewhere that civil liberties groups say could lead to unfair arrests and limit freedom of expression.

Microsoft announced facial recognition ethics principles last year, saying the company would "advocate for safeguards for people's democratic freedoms in law enforcement surveillance scenarios and will not deploy facial recognition technology in scenarios that we believe will put these freedoms at risk."

Microsoft said in a statement that Holder would lead a team from law firm Covington &amp; Burling to conduct the probe. Holder, the top US&nbsp;legal official under former President Barack Obama, was hired by Uber Technologies Inc&nbsp;in 2017 to review claims of sexual harassment.

He did not immediately return a request for comment.

M12, the venture fund of Redmond, Washington-based Microsoft, participated in a $74 million series A investment round that AnyVision announced in June.

NBC had reported that AnyVision's technology was used within the West Bank and at Israeli border crossings. The company told NBC its software was not used for West Bank surveillance and was deployed at border crossings in a manner similar to US&nbsp;Customs' use of biometric identification at airports.

Israel faces criticism and a boycott for its occupation and policies toward Palestinians in the West Bank and Gaza.

AnyVision in an August blog post also said that it would announce an ethics advisory board and that it had a responsibility to prevent its technology's abuse. At the same time, it touted how facial recognition speeds up border crossings while helping law enforcement spot criminals.

Microsoft itself markets a facial recognition tool and backed a US&nbsp;Senate bill, announced on Thursday, that would require a court order before federal law enforcement could use the technology for targeted, ongoing surveillance.

Neema Singh Guliani, senior legislative counsel for the American Civil Liberties Union, said the bill "falls woefully short of protecting people's privacy rights."

Microsoft Corp has hired former US Attorney General Eric Holder to investigate whether the use of facial recognition technology developed by an Israeli startup it funded complies with its ethics principles, the company said on Friday.

Microsoft Corp has hired former US Attorney General Eric Holder to investigate whether the use of facial recognition technology developed by an Israeli startup it funded complies with its ethics principles, the company said on Friday. AnyVision, based outside Tel Aviv, has come under scrutiny following reports by Haaretz's TheMarker business newspaper and NBC News that its technology is used to surveil Palestinians who live in the occupied West Bank. AnyVision, which denied to NBC such use of its services, did not respond to a request for comment. The probe reflects growing unease about facial recognition surveillance in the United States and elsewhere that civil liberties groups say could lead to unfair arrests and limit freedom of expression. Microsoft announced facial recognition ethics principles last year, saying the company would "advocate for safeguards for people's democratic freedoms in law enforcement surveillance scenarios and will not deploy facial recognition technology in scenarios that we believe will put these freedoms at risk." Microsoft said in a statement that Holder would lead a team from law firm Covington & Burling to conduct the probe. Holder, the top US legal official under former President Barack Obama, was hired by Uber Technologies Inc in 2017 to review claims of sexual harassment. He did not immediately return a request for comment. M12, the venture fund of Redmond, Washington-based Microsoft, participated in a $74 million series A investment round that AnyVision announced in June. NBC had reported that AnyVision's technology was used within the West Bank and at Israeli border crossings. The company told NBC its software was not used for West Bank surveillance and was deployed at border crossings in a manner similar to US Customs' use of biometric identification at airports. Israel faces criticism and a boycott for its occupation and policies toward Palestinians in the West Bank and Gaza. AnyVision in an August blog post also said that it would announce an ethics advisory board and that it had a responsibility to prevent its technology's abuse. At the same time, it touted how facial recognition speeds up border crossings while helping law enforcement spot criminals. Microsoft itself markets a facial recognition tool and backed a US Senate bill, announced on Thursday, that would require a court order before federal law enforcement could use the technology for targeted, ongoing surveillance. Neema Singh Guliani, senior legislative counsel for the American Civil Liberties Union, said the bill "falls woefully short of protecting people's privacy rights."

Microsoft to probe work of Israeli facial recognition startup it funded

The Trump administration is set to issue a two-week extension of a license allowing US&nbsp;companies to continue doing business with China's Huawei Technologies Co Ltd, two sources familiar with the deliberations said.

The extension of around two weeks is far shorter than the prior 90-day extension and a longer extension is in the works but has not yet been finalized due to regulatory hurdles, said one source who was briefed on the matter.

After adding Huawei to an economic blacklist in May citing national security concerns, the US&nbsp;Commerce Department has allowed it to purchase some American-made goods in a move aimed at minimizing disruption for its customers, many of which operate networks in rural America.

The extension will be announced on Monday, when the earlier reprieve is set to expire, the sources said, declining 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 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&nbsp;government said it had a "reasonable basis to conclude that Huawei is engaged in activities that are contrary to US&nbsp;national security or foreign policy interests". Huawei has repeatedly denied the accusations.

Attorney General William Barr said on Thursday Huawei and ZTE Corp&nbsp;"cannot be trusted," as he backed a proposal to bar US&nbsp;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&nbsp;companies from using telecommunications equipment made by companies posing a national security risk. The Commerce Department was due 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&nbsp;firms to sell components to Huawei after receiving more than 200 requests.

The Trump administration is set to issue a two-week extension of a license 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 two-week extension of a license allowing US companies to continue doing business with China's Huawei Technologies Co Ltd, two sources familiar with the deliberations said. The extension of around two weeks is far shorter than the prior 90-day extension and a longer extension is in the works but has not yet been finalized due to regulatory hurdles, said one source who was briefed on the matter. 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 minimizing disruption for its customers, many of which operate networks in rural America. The extension will be announced on Monday, when the earlier reprieve is set to expire, the sources said, declining 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 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. Attorney General William Barr said on Thursday 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 due 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.

US to extend license for its companies to continue business with Huawei: Report

Unfavourable trends in tax revenue collections suggest that a fiscal slippage in the current financial year 2019-20 (FY20) appears likely, according to investment information firm ICRA. 
 
The fiscal deficit rose by 9.6 per cent to Rs 6.5 lakh crore in the April to September period (H1 FY20) from Rs 5.9 lakh crore in H1 FY19. This was equivalent to 92.6 per cent of the revised budget estimate for FY20, largely similar to the situation in H1 FY19 (92.2 per cent of the FY19 provisional accounts). 
 
Gross tax revenues rose by a muted 1.5 per cent in H1 FY20, considerably undershooting the 18.3 per cent growth included in FY20 revised budget estimate, with a modest rise in direct taxes and a contraction in indirect tax collections. 
 
The net tax revenues have grown by a somewhat faster 4.2 per cent in H1 FY20 since the taxes devolved to the states contracted by 3.4 per cent to Rs 3.1 lakh crore in H1 FY20 from Rs 3.2 lakh crore in H1 FY19. 
 
The transfer of a higher-than-budgeted Rs 1.76 lakh crore from the Reserve Bank of India (RBI) has boosted the growth of non-tax revenues to 91.8 per cent in H1 FY20. This has cushioned the impact of the muted performance of the government's tax revenues on its overall revenue receipts. 
 
The pace of government's expenditure growth has improved sharply, following the presentation of the Union Budget in July. The growth in revenue spending rose to 23.3 per cent in Q2 FY20 from 6.1 per cent in Q1 FY20. 
 
Moreover, capital expenditure and net lending expanded by a sharp 69.7 per cent in Q2 FY20 in contrast to the year-on-year contraction of 28.6 per cent in Q1 FY20. 
 
"Looking ahead, we estimate that the gross tax revenues of the government will need to expand by a sharp 31.3 per cent in H2 FY20 to meet the FY20 revised budget estimate," said ICRA's Principal Economist Aditi Nayar. 
 
"With both direct and indirect tax revenues reporting a subdued performance in the recent months, a mixed outlook for economic growth in H2 FY20 and the anticipated impact of the cut in corporate tax rates, ICRA expects the government's gross tax revenues to trail the FY20 revised budget estimate of Rs 24.6 lakh crore by a considerable Rs 2.5 lakh crore to 3 lakh crore," she said. 
 
A portion of this will be shared by the states through lower tax devolution to them, added Nayar. 
 
Moreover, taxes devolved to the states in FY19 were higher than required, as per ICRA's analysis. "Adjusting for this excess transfer of Central tax devolution in FY19, which we peg at around Rs 0.6 lakh crore to 0.7 lakh crore, we estimate the net Central tax shortfall at Rs 0.7 lakh crore to 1.3 lakh crore in FY20." 
 
A portion of this shortfall will be offset by transfers from the RBI which are higher than budgeted by Rs 0.6 lakh crore. 
 
"Therefore, we estimate the revenue receipts of the government to be Rs 0.1 lakh crore to 0.7 lakh crore lower than the FY20 revised budget estimate which can translate into a fiscal slippage of up to 40 basis points in FY20," said ICRA. 
 
The extent to which disinvestment revenues can be shored up in H2 FY20 will be crucial in determining the final extent of fiscal slippage in the current year. Expenditure cuts may have to be undertaken to prevent the fiscal deficit from rising too sharply in FY20, which can emerge as a risk to the pace of economic growth in H2 FY20.

Unfavourable trends in tax revenue collections suggest that a fiscal slippage in the current financial year 2019-20 (FY20) appears likely, according to investment information firm ICRA.

Unfavourable trends in tax revenue collections suggest that a fiscal slippage in the current financial year 2019-20 (FY20) appears likely, according to investment information firm ICRA. The fiscal deficit rose by 9.6 per cent to Rs 6.5 lakh crore in the April to September period (H1 FY20) from Rs 5.9 lakh crore in H1 FY19. This was equivalent to 92.6 per cent of the revised budget estimate for FY20, largely similar to the situation in H1 FY19 (92.2 per cent of the FY19 provisional accounts). Gross tax revenues rose by a muted 1.5 per cent in H1 FY20, considerably undershooting the 18.3 per cent growth included in FY20 revised budget estimate, with a modest rise in direct taxes and a contraction in indirect tax collections. The net tax revenues have grown by a somewhat faster 4.2 per cent in H1 FY20 since the taxes devolved to the states contracted by 3.4 per cent to Rs 3.1 lakh crore in H1 FY20 from Rs 3.2 lakh crore in H1 FY19. The transfer of a higher-than-budgeted Rs 1.76 lakh crore from the Reserve Bank of India (RBI) has boosted the growth of non-tax revenues to 91.8 per cent in H1 FY20. This has cushioned the impact of the muted performance of the government's tax revenues on its overall revenue receipts. The pace of government's expenditure growth has improved sharply, following the presentation of the Union Budget in July. The growth in revenue spending rose to 23.3 per cent in Q2 FY20 from 6.1 per cent in Q1 FY20. Moreover, capital expenditure and net lending expanded by a sharp 69.7 per cent in Q2 FY20 in contrast to the year-on-year contraction of 28.6 per cent in Q1 FY20. "Looking ahead, we estimate that the gross tax revenues of the government will need to expand by a sharp 31.3 per cent in H2 FY20 to meet the FY20 revised budget estimate," said ICRA's Principal Economist Aditi Nayar. "With both direct and indirect tax revenues reporting a subdued performance in the recent months, a mixed outlook for economic growth in H2 FY20 and the anticipated impact of the cut in corporate tax rates, ICRA expects the government's gross tax revenues to trail the FY20 revised budget estimate of Rs 24.6 lakh crore by a considerable Rs 2.5 lakh crore to 3 lakh crore," she said. A portion of this will be shared by the states through lower tax devolution to them, added Nayar. Moreover, taxes devolved to the states in FY19 were higher than required, as per ICRA's analysis. "Adjusting for this excess transfer of Central tax devolution in FY19, which we peg at around Rs 0.6 lakh crore to 0.7 lakh crore, we estimate the net Central tax shortfall at Rs 0.7 lakh crore to 1.3 lakh crore in FY20." A portion of this shortfall will be offset by transfers from the RBI which are higher than budgeted by Rs 0.6 lakh crore. "Therefore, we estimate the revenue receipts of the government to be Rs 0.1 lakh crore to 0.7 lakh crore lower than the FY20 revised budget estimate which can translate into a fiscal slippage of up to 40 basis points in FY20," said ICRA. The extent to which disinvestment revenues can be shored up in H2 FY20 will be crucial in determining the final extent of fiscal slippage in the current year. Expenditure cuts may have to be undertaken to prevent the fiscal deficit from rising too sharply in FY20, which can emerge as a risk to the pace of economic growth in H2 FY20.

India: Fiscal slippage likely in 2020 as tax revenue growth stumbles

Alibaba Group Chairman Daniel Zhang said Hong Kong's "future is bright" as the e-commerce giant kicked off the retail campaign for its secondary listing in the city gripped by increasingly violent protests and recession.

In a first for the Asian financial hub, Alibaba said the listing would be fully automated and paperless to reflect its environmental standards, confirming an earlier Reuters story.

Investment bankers familiar with the listing, however, said the move avoided a potential publicity nightmare of investors queuing at banks to place stock orders while protests raged around them.

Four thousand people have been arrested in Hong Kong since June and the territory’s economy has sunk into recession for the first time in a decade as the anti-government demonstrations disrupt&nbsp;business&nbsp;and deter tourists.

Zhang made no mention of the unrest in the chairman’s letter included in the company's supplementary prospectus.

"Over the last few years, there have been many encouraging reforms in Hong Kong’s capital market. During this time of ongoing change, we continue to believe that the future of Hong Kong remains bright," he wrote.

Hangzhou-based Alibaba is hoping to raise up to $13.4 billion in its Hong Kong listing and the shares are due to start trading on November 26. The retail price of the shares will be capped at HK$188 each.

The share sale is set to be Hong Kong's largest in more than nine years and comes as Beijing seeks support from the semi-autonomous territory's tycoons and entrepreneurs to maintain a sense of&nbsp;business-as-usual in the face of more than five months of unrest.

Alibaba had originally considered a Hong Kong IPO in 2013 but ultimately chose New York after failing to gain approval from Hong Kong regulators for its unusual governance structure.

The institutional price will be finalised on November 20 following a bookbuild which is underway for global investors.

In the retail component 12.5 million shares will be offered, which is 2.5 per cent of&nbsp;the total deal, however, that could be increased to up to 50 million, or 10 per cent of the total transaction.

Alibaba also has the option to exercise a so-called over-allotment option to add an extra 75 million shares to the deal.

Alibaba Group Chairman Daniel Zhang said Hong Kong's "future is bright" as the e-commerce giant kicked off the retail campaign for its secondary listing in the city gripped by increasingly violent protests and recession.

Alibaba Group Chairman Daniel Zhang said Hong Kong's "future is bright" as the e-commerce giant kicked off the retail campaign for its secondary listing in the city gripped by increasingly violent protests and recession. In a first for the Asian financial hub, Alibaba said the listing would be fully automated and paperless to reflect its environmental standards, confirming an earlier Reuters story. Investment bankers familiar with the listing, however, said the move avoided a potential publicity nightmare of investors queuing at banks to place stock orders while protests raged around them. Four thousand people have been arrested in Hong Kong since June and the territory’s economy has sunk into recession for the first time in a decade as the anti-government demonstrations disrupt business and deter tourists. Zhang made no mention of the unrest in the chairman’s letter included in the company's supplementary prospectus. "Over the last few years, there have been many encouraging reforms in Hong Kong’s capital market. During this time of ongoing change, we continue to believe that the future of Hong Kong remains bright," he wrote. Hangzhou-based Alibaba is hoping to raise up to $13.4 billion in its Hong Kong listing and the shares are due to start trading on November 26. The retail price of the shares will be capped at HK$188 each. The share sale is set to be Hong Kong's largest in more than nine years and comes as Beijing seeks support from the semi-autonomous territory's tycoons and entrepreneurs to maintain a sense of business-as-usual in the face of more than five months of unrest. Alibaba had originally considered a Hong Kong IPO in 2013 but ultimately chose New York after failing to gain approval from Hong Kong regulators for its unusual governance structure. The institutional price will be finalised on November 20 following a bookbuild which is underway for global investors. In the retail component 12.5 million shares will be offered, which is 2.5 per cent of the total deal, however, that could be increased to up to 50 million, or 10 per cent of the total transaction. Alibaba also has the option to exercise a so-called over-allotment option to add an extra 75 million shares to the deal.

Hong Kong's future is bright: Alibaba chairman

<a href="https://www.wionews.com/world/australia-probes-paypal-over-payments-for-child-abuse-content-251636">PayPal</a> Holdings Inc said on Thursday it had stopped payment support to PornHub's models after it found the adult entertainment website made certain payments without the permission of the payment processor.

"Following a review, we have discovered that PornHub has made certain&nbsp;business&nbsp;payments through PayPal without seeking our permission.&nbsp;We have taken action to stop these transactions from occurring," PayPal said in an email statement.

PornHub, owned by Luxembourg-headquartered company MindGeek, said it was "devastated by PayPal's decision to stop payouts to over a hundred thousand performers who rely on them for their livelihoods".

MindGeek did not respond to a Reuters request for comment.

PayPal Holdings Inc said on Thursday it had stopped payment support to PornHub's models after it found the adult entertainment website made certain payments without the permission of the payment processor.

PayPal Holdings Inc said on Thursday it had stopped payment support to PornHub's models after it found the adult entertainment website made certain payments without the permission of the payment processor. "Following a review, we have discovered that PornHub has made certain business payments through PayPal without seeking our permission. We have taken action to stop these transactions from occurring," PayPal said in an email statement. PornHub, owned by Luxembourg-headquartered company MindGeek, said it was "devastated by PayPal's decision to stop payouts to over a hundred thousand performers who rely on them for their livelihoods". MindGeek did not respond to a Reuters request for comment.

PayPal halts payment support to PornHub models

Huawei&nbsp;Technologies Co and&nbsp;ZTE&nbsp;Corp&nbsp; "cannot be trusted,"&nbsp;US Attorney&nbsp;General&nbsp;William Barr said, labelling the Chinese firms a&nbsp;security&nbsp;threat&nbsp;as he backed a proposal to bar&nbsp;U.S. rural wireless carriers from tapping an $8.5 billion (£6.64 billion) government fund to purchase equipment or services from them.

The Federal Communications Commission will vote on November&nbsp;&nbsp;22 and is proposing requiring the carriers to remove and replace equipment from the companies. Barr said in a letter to the FCC released on Thursday that "their own track record, as well as the practices of the Chinese government, demonstrate that&nbsp;Huawei&nbsp;and&nbsp;ZTE&nbsp;cannot be trusted."

He added that "we should not signal that&nbsp;Huawei&nbsp;and&nbsp;ZTE&nbsp;are anything other than a&nbsp;threat&nbsp;to our collective&nbsp;security, for that is exactly what they, through their actions, have shown themselves to be."

Huawei&nbsp;and&nbsp;ZTE&nbsp;did not immediately comment.

Barr noted that federal prosecutors charged&nbsp;Huawei&nbsp;with violations of the&nbsp;US embargo on Iran, bank fraud, obstruction of justice and trade secret theft.&nbsp;ZTE&nbsp;pleaded guilty in 2017 to illegally send approximately $32 million in&nbsp;US goods to Iran.

FCC Chairman Ajit Pai said the commission "cannot ignore the risk that the Chinese government will seek to exploit network vulnerabilities in order to engage in espionage, insert malware and viruses, and otherwise compromise our critical communications networks."

The move is the latest&nbsp;US action aimed at barring&nbsp;US&nbsp;companies from purchasing&nbsp;Huawei&nbsp;and&nbsp;ZTE&nbsp;equipment.&nbsp;Huawei&nbsp;said last week that "in 30 years of business,&nbsp;Huawei&nbsp;has never had a major&nbsp;security-related incident in the 170 countries where we operate."

The&nbsp;US&nbsp;government added&nbsp;Huawei&nbsp;to its economic blacklist in May, saying the Chinese company was involved in activities contrary to&nbsp;US national&nbsp;security.

The United States has pressed nations not to grant&nbsp;Huawei&nbsp;access to 5G networks and alleged&nbsp;Huawei’s equipment could be used by Beijing for spying, which the Chinese company has repeatedly denied. Several European countries in recent months have not agreed to bar&nbsp;Huawei, despite&nbsp;US pressure.

In May,&nbsp;US President Donald Trump signed a long-awaited executive order declaring a national emergency and barring&nbsp;US&nbsp;&nbsp;companies from using telecommunications equipment made by companies posing a national&nbsp;security&nbsp;risk. The order directed the Commerce Department, working with other government agencies, to draw up an enforcement plan by mid-October. The Commerce Department has yet to publish a plan.

Huawei Technologies Co and ZTE Corp "cannot be trusted," US Attorney General William Barr said, labelling the Chinese firms a security threat as he backed a proposal to bar U.

Huawei Technologies Co and ZTE Corp "cannot be trusted," US Attorney General William Barr said, labelling the Chinese firms a security threat as he backed a proposal to bar U.S. rural wireless carriers from tapping an $8.5 billion (£6.64 billion) government fund to purchase equipment or services from them. The Federal Communications Commission will vote on November 22 and is proposing requiring the carriers to remove and replace equipment from the companies. Barr said in a letter to the FCC released on Thursday that "their own track record, as well as the practices of the Chinese government, demonstrate that Huawei and ZTE cannot be trusted." He added that "we should not signal that Huawei and ZTE are anything other than a threat to our collective security, for that is exactly what they, through their actions, have shown themselves to be." Huawei and ZTE did not immediately comment. Barr noted that federal prosecutors charged Huawei with violations of the US embargo on Iran, bank fraud, obstruction of justice and trade secret theft. ZTE pleaded guilty in 2017 to illegally send approximately $32 million in US goods to Iran. FCC Chairman Ajit Pai said the commission "cannot ignore the risk that the Chinese government will seek to exploit network vulnerabilities in order to engage in espionage, insert malware and viruses, and otherwise compromise our critical communications networks." The move is the latest US action aimed at barring US companies from purchasing Huawei and ZTE equipment. Huawei said last week that "in 30 years of business, Huawei has never had a major security-related incident in the 170 countries where we operate." The US government added Huawei to its economic blacklist in May, saying the Chinese company was involved in activities contrary to US national security. The United States has pressed nations not to grant Huawei access to 5G networks and alleged Huawei’s equipment could be used by Beijing for spying, which the Chinese company has repeatedly denied. Several European countries in recent months have not agreed to bar Huawei, despite US pressure. In May, US President Donald Trump signed a long-awaited executive order declaring a national emergency and barring US companies from using telecommunications equipment made by companies posing a national security risk. The order directed the Commerce Department, working with other government agencies, to draw up an enforcement plan by mid-October. The Commerce Department has yet to publish a plan.

Huawei, ZTE 'cannot be trusted' and pose security threat - US attorney general

The&nbsp;Supreme&nbsp;Court&nbsp;cleared the&nbsp;path&nbsp;on Friday for&nbsp;steelmaker&nbsp;ArcelorMittal&nbsp;SA&nbsp; to take over bankrupt&nbsp;Essar&nbsp;Steel, following a legal tussle that has dragged through multiple&nbsp;courts for over two years.

The apex&nbsp;court&nbsp;said operational creditors cannot be treated on par with financial creditors of a bankrupt company, in a ruling that provides relief to lenders and sets a precedent that could speed-up the resolution of other insolvency cases.

Banks had moved the&nbsp;Supreme&nbsp;Court&nbsp;earlier this year after an appellate&nbsp;court&nbsp;judge put the claims of&nbsp;Essar's operational creditors on par with those of its lenders.

Essar&nbsp;Steel, with debts from banks worth nearly 500 billion rupees ($7.01 billion), was among the so-called dirty dozen - twelve large&nbsp;steel&nbsp;and other infrastructure companies which defaulted and were referred to India's bankruptcy&nbsp;court&nbsp;in 2017.

The Supreme Court cleared the path on Friday for steelmaker ArcelorMittal SA to take over bankrupt Essar Steel, following a legal tussle that has dragged through multiple courts for over two years.

The Supreme Court cleared the path on Friday for steelmaker ArcelorMittal SA to take over bankrupt Essar Steel, following a legal tussle that has dragged through multiple courts for over two years. The apex court said operational creditors cannot be treated on par with financial creditors of a bankrupt company, in a ruling that provides relief to lenders and sets a precedent that could speed-up the resolution of other insolvency cases. Banks had moved the Supreme Court earlier this year after an appellate court judge put the claims of Essar's operational creditors on par with those of its lenders. Essar Steel, with debts from banks worth nearly 500 billion rupees ($7.01 billion), was among the so-called dirty dozen - twelve large steel and other infrastructure companies which defaulted and were referred to India's bankruptcy court in 2017.

Supreme Court clears path for ArcelorMittal to acquire Essar Steel

German car giant Volkswagen said Friday it would plough 60 billion euros ($66 billion) by 2024 into its switch to electric, hybrid and connected vehicles, as automakers around the world rev up electrification plans.

The sum is an increase of 16 billion euros over previously-announced investments.

In a plan approved by its supervisory board, VW also said it would introduce up to 75 all-electric models and around 60 hybrid vehicles over the next decade, compared with a total of 70 across both types that were already planned.

VW is "focusing our investments on the future of mobility," chairman Dieter Poetsch said in a statement.

Chief executive Herbert Diess added: "In light of the worsening economic situation, we are also working on increasing our productivity, our efficiency and our cost base so as to secure meeting our targets."

The company said it was planning to sell 26 million all-electric vehicles by 2029 as well as around six million hybrid vehicles by that time, hoping they will help hit new European carbon dioxide (CO2) emissions targets.

On top of that should come around six million hybrids.

Volkswagen last month said it was confident of hitting financial targets despite a lower unit sales outlook, warning "vehicle markets will contract faster than previously anticipated in many regions".

A global growth slowdown triggered by trade wars and Brexit uncertainty has hit the car industry particularly hard, as have the mammoth costs associated with switching to electric car production.

Volkswagen has also been caught up in a series of legal cases ever since admitting four years ago that it illegally fitted 11 million diesel vehicles worldwide with software to make them appear less polluting.

German car giant Volkswagen said Friday it would plough 60 billion euros ($66 billion) by 2024 into its switch to electric, hybrid and connected vehicles, as automakers around the world rev up electrification plans.

German car giant Volkswagen said Friday it would plough 60 billion euros ($66 billion) by 2024 into its switch to electric, hybrid and connected vehicles, as automakers around the world rev up electrification plans. The sum is an increase of 16 billion euros over previously-announced investments. In a plan approved by its supervisory board, VW also said it would introduce up to 75 all-electric models and around 60 hybrid vehicles over the next decade, compared with a total of 70 across both types that were already planned. VW is "focusing our investments on the future of mobility," chairman Dieter Poetsch said in a statement. Chief executive Herbert Diess added: "In light of the worsening economic situation, we are also working on increasing our productivity, our efficiency and our cost base so as to secure meeting our targets." The company said it was planning to sell 26 million all-electric vehicles by 2029 as well as around six million hybrid vehicles by that time, hoping they will help hit new European carbon dioxide (CO2) emissions targets. On top of that should come around six million hybrids. Volkswagen last month said it was confident of hitting financial targets despite a lower unit sales outlook, warning "vehicle markets will contract faster than previously anticipated in many regions". A global growth slowdown triggered by trade wars and Brexit uncertainty has hit the car industry particularly hard, as have the mammoth costs associated with switching to electric car production. Volkswagen has also been caught up in a series of legal cases ever since admitting four years ago that it illegally fitted 11 million diesel vehicles worldwide with software to make them appear less polluting.

Volkswagen says to invest 60 billion euros by 2024 in future car models

A US delegation will be in India next week to give final touches to the India-US trade deal, reported news agency ANi quoting sources. The report quoting a source said that the trade talks have been very constructive and covered a wide range of issues that were pending on the table.

A US delegation will be in India next week to give final touches to the India-US trade deal, reported news agency ANi quoting sources. The report quoting a source said that the trade talks have been very constructive and covered a wide range of issues that were pending on the table. It's learnt that the list of important items that have been on the table have been resolved and a package is being worked upon, ANI has learnt. Commerce and Industry minister Piyush Goel was in Washington on a three-day trip from November 12 to hold talks with his American counterpart Robert Lighthizer and seek a breakthrough on some key knotty trade issues. On November 14, Goyal held a high-level industry interaction with business and industry representatives in New York. From D.C., the minister went to New York. The minister and his US counterpart Ambassador Robert Lighthizer also had a telephonic conversation as a follow up of the meeting. Goyal's visit helped develop a good rapport between the minister and his counterpart resulting in mutual understanding on equitable access for both sides, sources added. Tensions on trade front emerged between the two countries in June after US President Donald Trump revoked preferential trade privileges, in response to which India imposed tariffs on 28 US products, including almonds and apples. India was the biggest beneficiary of the Generalised System of Preferences (GSP), a programme designed to help developing countries sell to US consumers. On its part, India had also imposed retaliatory tariffs on 25 American goods, after the Donald Trump administration rescinded GSP. (With inputs from ANI)

US officials to visit India next week to give final touches to trade deal

Indian shares rose in early trade on Friday, tracking gains in broader Asia as risk appetite was whetted by a comment from a senior US&nbsp;official that the United States and China are getting close to an interim trade pact.

White House economic adviser <a href="https://www.wionews.com/world/united-states-and-china-getting-close-to-trade-deal-white-house-economic-adviser-262183">Larry Kudlow </a>said the world's two largest economies were in close touch via telephone, and an agreement could be reached soon.

That helped to lift MSCI's broadest index of Asia-Pacific shares outside Japan up 0.67%, Japan's Nikkei 0.76% and Australian shares by 0.8%.

The NSE Nifty 50 index was up 0.5% at 11,922.70, as of 0413 GMT, while S&amp;P BSE Sensex was 0.6% higher at 40,522.

"There is some optimism coming in on a deal being brokered between the US and China," said Saurabh Jain, assistant vice-president research, SMC Global Securities.

Jain, however, cautioned the gains could be short-lived as domestic lenders may soon come under pressure due to their exposure to telecom services provider Vodafone Idea, which posted huge losses on Thursday.

<a href="https://www.wionews.com/business-economy/vodafone-idea-makes-7-billion-loss-after-provisions-for-government-dues-262176">Vodafone Idea </a>on Thursday reported the biggest quarterly loss in India's corporate history after making provisions for outstanding government dues.

Rival Bharti Airtel reported a consolidated net loss of 230.45 billion rupees ($3.23 billion) in the three months to September.

The Nifty public sector undertaking and metal stocks led gains, rising 3% and 0.5%, respectively.

Miner Vedanta Ltd posted a surge in September quarter net profit, sending share up 1%.

Indian shares rose in early trade on Friday, tracking gains in broader Asia as risk appetite was whetted by a comment from a senior US official that the United States and China are getting close to an interim trade pact.

Indian shares rose in early trade on Friday, tracking gains in broader Asia as risk appetite was whetted by a comment from a senior US official that the United States and China are getting close to an interim trade pact. White House economic adviser Larry Kudlow said the world's two largest economies were in close touch via telephone, and an agreement could be reached soon. That helped to lift MSCI's broadest index of Asia-Pacific shares outside Japan up 0.67%, Japan's Nikkei 0.76% and Australian shares by 0.8%. The NSE Nifty 50 index was up 0.5% at 11,922.70, as of 0413 GMT, while S&P BSE Sensex was 0.6% higher at 40,522. "There is some optimism coming in on a deal being brokered between the US and China," said Saurabh Jain, assistant vice-president research, SMC Global Securities. Jain, however, cautioned the gains could be short-lived as domestic lenders may soon come under pressure due to their exposure to telecom services provider Vodafone Idea, which posted huge losses on Thursday. Vodafone Idea on Thursday reported the biggest quarterly loss in India's corporate history after making provisions for outstanding government dues. Rival Bharti Airtel reported a consolidated net loss of 230.45 billion rupees ($3.23 billion) in the three months to September. The Nifty public sector undertaking and metal stocks led gains, rising 3% and 0.5%, respectively. Miner Vedanta Ltd posted a surge in September quarter net profit, sending share up 1%.

Sensex, Nifty rise in early trade amid hopes of US-China trade deal

<a href="https://www.wionews.com/business-economy/google-pay-to-offer-checking-accounts-through-citi-stanford-federal-261964">Google</a> has announced the commencement of Rich Communication Services (RCS) on the Android operating software to replace the traditional Short Messaging Service (SMS) by introducing more chat features. 
 
In a statement on Thursday, Google said, "To make your conversations more seamless, we`ve worked on upgrading traditional SMS text messaging with more useful chat features, powered by RCS (Rich Communication Services)". 
 
RCS will improve the messaging experience on Android tremendously. Alongside traditional chatting features that include seamless texting over Wi-Fi or mobile data, sending and receiving high-resolution photos and videos, seeing if people have received your messages, one will have access to a better chatting ecosystem that will be group-chat centric.

"Plus, you`ll get better group chats, with the ability to name groups, add and remove people to and from groups, and see if people haven`t seen the latest messages," informed Google.

The chat feature was tested in the United Kingdom, France, and Mexico earlier this year.&nbsp;

The rolling out process has already kicked in the United States, with wider coverage planned for later.

"If you already have Messages, you`ll also be prompted to enable chat features in the coming weeks. If you don`t have Messages, you can download it on the Play Store. We expect this service to be broadly available in the US by the end of the year," said the company. 
 
The RCS as being pitched as the ''SMS killer'', for it will enable the transfer of in-call multimedia and set the foundation for a more immersive and simple messaging interface. Just like Apple's iMessage, RCS is a communication protocol between the phone and the carrier.

To enable the feature once it begins rolling out, the user will need to click on a notification that says ''do more with messages'' following which they will be able to ''enable chat features''.

Additionally, Google reaffirmed its commitment to working with stakeholders including carriers and device makers to allow a more seamless chatting experience across Android devices.

Google has announced the commencement of Rich Communication Services (RCS) on the Android operating software to replace the traditional Short Messaging Service (SMS) by introducing more chat features.

Google has announced the commencement of Rich Communication Services (RCS) on the Android operating software to replace the traditional Short Messaging Service (SMS) by introducing more chat features. In a statement on Thursday, Google said, "To make your conversations more seamless, we`ve worked on upgrading traditional SMS text messaging with more useful chat features, powered by RCS (Rich Communication Services)". RCS will improve the messaging experience on Android tremendously. Alongside traditional chatting features that include seamless texting over Wi-Fi or mobile data, sending and receiving high-resolution photos and videos, seeing if people have received your messages, one will have access to a better chatting ecosystem that will be group-chat centric. "Plus, you`ll get better group chats, with the ability to name groups, add and remove people to and from groups, and see if people haven`t seen the latest messages," informed Google. The chat feature was tested in the United Kingdom, France, and Mexico earlier this year. The rolling out process has already kicked in the United States, with wider coverage planned for later. "If you already have Messages, you`ll also be prompted to enable chat features in the coming weeks. If you don`t have Messages, you can download it on the Play Store. We expect this service to be broadly available in the US by the end of the year," said the company. The RCS as being pitched as the ''SMS killer'', for it will enable the transfer of in-call multimedia and set the foundation for a more immersive and simple messaging interface. Just like Apple's iMessage, RCS is a communication protocol between the phone and the carrier. To enable the feature once it begins rolling out, the user will need to click on a notification that says ''do more with messages'' following which they will be able to ''enable chat features''. Additionally, Google reaffirmed its commitment to working with stakeholders including carriers and device makers to allow a more seamless chatting experience across Android devices.

Google begins rolling out Rich Communication Services to 'do more with messages'

India's overall exports -- merchandise and services combined -- in April-October of 2019-20 financial year are estimated to be $310.23 billion, exhibiting a positive growth of 1.51 per cent over the last corresponding period, said the Ministry of Commerce and Industry in a statement on Friday.

"The overall imports in April-October 2019-20 are estimated to be $359.68 billion, exhibiting a negative growth of 4.61 per cent over the same period last year," added the ministry, saying that services data pertain to April-September 2019-20 as September 2019 is the latest data available as per the RBI's press release dated November 15, 2019.

Merchandise exports including re-exports in October were $26.38 billion as compared to $26.67billion in October last year, exhibiting a negative growth of 1.11 per cent. In rupee terms, exports were of Rs 1,87,382.29 crore in October this year as compared to Rs 1,96,406.43 crore in October 2018, registering a negative growth of 4.59 per cent, said the ministry.

According to the Ministry of Commerce and Industry, cumulative value of exports for the period April-October 2019-20 was $185.95 billion (Rs 13,04,149.06 crore) as against $190.15 billion (Rs 13,17,881.40 crore) during the period April-October 2018-19, registering a negative growth of 2.21 per cent in dollar terms (negative growth of 1.04 per cent in rupee terms).

Non-petroleum and non-gems and jewellery exports in October 2019 were $19.04 billion as compared to $18.93 billion in October 2018, exhibiting a positive growth of 0.59 per cent. Non-petroleum and non-gems and jewellery exports in April-October 2019-20 were $137.45 billion as compared to $137.93 billion for the corresponding period in 2018-19, a decrease of 0.35 per cent.

The ministry said that imports in October 2019 were $37.39billion (Rs 2,65,628.46 crore), which was 16.31per cent lower in dollar terms and 19.26 per cent lower in rupee terms over imports of $44.68 billion (Rs 3,28,973.56 crore) in October 2018.

The cumulative value of imports for the period April-October 2019-20 was $280.67 billion (Rs 19,67,625.73 crore) as against $306.31 billion (Rs 21,23,857.76 crore) during the period April-October 2018-19, registering a negative growth of 8.37per cent in dollar terms (negative growth of 7.36 per cent in rupee terms).

The oil imports in October 2019 were $9.63 billion (Rs 68,400.14 crore, which was 31.74 per cent lower in dollar terms (34.15per cent lower in rupee terms) as compared to $14.11billion (Rs 1,03,864.85 crore) in October last year.

Oil imports in April-October 2019-20 were $73.93 billion (Rs 5,18,270.66 crore), which was 12.16 per cent lower in dollar terms (11.31 per cent lower in rupee terms) as compared to $84.17 billion (Rs 5,84,362.56 crore), over the same period last year.

In this connection, it is mentioned that the global Brent price ($/bbl) has decreased by 26.22 per cent in October 2019 vis-a-vis October 2018 as per data available from the World Bank, said the ministry.

Non-oil imports in October this year were estimated at $27.76 billion (Rs 1,97,228.32 crore), which was 9.19 per cent lower in dollar terms (12.39 per cent lower in rupee terms as compared to $30.57 billion (Rs 2,25,108.71 crore) in October 2018.

Non-oil imports in April-October 2019-20 were $206.74 billion (Rs 14,49,355.07 crore), which was 6.93 per cent lower in dollar terms (5.86 per cent lower in rupee terms), as compared to $222.14 billion (Rs 15,39,495.20 crore) in April-October2018-19.

Non-oil and non-gold imports were $25.92 billion in October this year, recording a negative growth of 10.04 per cent, as compared to non-oil and non-gold imports of $28.82 billion in October last year.

Non-oil and non-gold imports were $189.10 billion in April-October 2019-20, recording a negative growth of 6.73 per cent, as compared to non-oil and non-gold imports $202.74 billion in April-October 2018-19.

As per the latest press release by the RBI issued on Friday, exports in September this year were $17.54 billion (Rs 1,25,090.78 crore) registering a positive growth of 7.05 per cent in dollar terms vis-a-vis September last year.

The estimated value of services export for October this year has been pegged at $17.22 billion.

According to the ministry, the trade deficit for October this year in merchandise segment was estimated at $11.01 billion as against the deficit of $18 billion in October last year.

As per the RBI`s press release dated November 15, the trade balance in services, that is, net services export, for September this year is estimated at $6.44 billion.

The ministry said that taking merchandise and services together, the overall trade deficit for April-October 2019-20 is estimated at $49.45 billion as compared to $71.45 billion in April-October 2018-19. The ministry said services data pertains to April-September 2019-20 as September 2019 is the latest data available as per the RBI's press release dated issued on November 15.

India's overall exports -- merchandise and services combined -- in April-October of 2019-20 financial year are estimated to be $310.23 billion, exhibiting a positive growth of 1.

India's overall exports -- merchandise and services combined -- in April-October of 2019-20 financial year are estimated to be $310.23 billion, exhibiting a positive growth of 1.51 per cent over the last corresponding period, said the Ministry of Commerce and Industry in a statement on Friday. "The overall imports in April-October 2019-20 are estimated to be $359.68 billion, exhibiting a negative growth of 4.61 per cent over the same period last year," added the ministry, saying that services data pertain to April-September 2019-20 as September 2019 is the latest data available as per the RBI's press release dated November 15, 2019. Merchandise exports including re-exports in October were $26.38 billion as compared to $26.67billion in October last year, exhibiting a negative growth of 1.11 per cent. In rupee terms, exports were of Rs 1,87,382.29 crore in October this year as compared to Rs 1,96,406.43 crore in October 2018, registering a negative growth of 4.59 per cent, said the ministry. According to the Ministry of Commerce and Industry, cumulative value of exports for the period April-October 2019-20 was $185.95 billion (Rs 13,04,149.06 crore) as against $190.15 billion (Rs 13,17,881.40 crore) during the period April-October 2018-19, registering a negative growth of 2.21 per cent in dollar terms (negative growth of 1.04 per cent in rupee terms). Non-petroleum and non-gems and jewellery exports in October 2019 were $19.04 billion as compared to $18.93 billion in October 2018, exhibiting a positive growth of 0.59 per cent. Non-petroleum and non-gems and jewellery exports in April-October 2019-20 were $137.45 billion as compared to $137.93 billion for the corresponding period in 2018-19, a decrease of 0.35 per cent. The ministry said that imports in October 2019 were $37.39billion (Rs 2,65,628.46 crore), which was 16.31per cent lower in dollar terms and 19.26 per cent lower in rupee terms over imports of $44.68 billion (Rs 3,28,973.56 crore) in October 2018. The cumulative value of imports for the period April-October 2019-20 was $280.67 billion (Rs 19,67,625.73 crore) as against $306.31 billion (Rs 21,23,857.76 crore) during the period April-October 2018-19, registering a negative growth of 8.37per cent in dollar terms (negative growth of 7.36 per cent in rupee terms). The oil imports in October 2019 were $9.63 billion (Rs 68,400.14 crore, which was 31.74 per cent lower in dollar terms (34.15per cent lower in rupee terms) as compared to $14.11billion (Rs 1,03,864.85 crore) in October last year. Oil imports in April-October 2019-20 were $73.93 billion (Rs 5,18,270.66 crore), which was 12.16 per cent lower in dollar terms (11.31 per cent lower in rupee terms) as compared to $84.17 billion (Rs 5,84,362.56 crore), over the same period last year. In this connection, it is mentioned that the global Brent price ($/bbl) has decreased by 26.22 per cent in October 2019 vis-a-vis October 2018 as per data available from the World Bank, said the ministry. Non-oil imports in October this year were estimated at $27.76 billion (Rs 1,97,228.32 crore), which was 9.19 per cent lower in dollar terms (12.39 per cent lower in rupee terms as compared to $30.57 billion (Rs 2,25,108.71 crore) in October 2018. Non-oil imports in April-October 2019-20 were $206.74 billion (Rs 14,49,355.07 crore), which was 6.93 per cent lower in dollar terms (5.86 per cent lower in rupee terms), as compared to $222.14 billion (Rs 15,39,495.20 crore) in April-October2018-19. Non-oil and non-gold imports were $25.92 billion in October this year, recording a negative growth of 10.04 per cent, as compared to non-oil and non-gold imports of $28.82 billion in October last year. Non-oil and non-gold imports were $189.10 billion in April-October 2019-20, recording a negative growth of 6.73 per cent, as compared to non-oil and non-gold imports $202.74 billion in April-October 2018-19. As per the latest press release by the RBI issued on Friday, exports in September this year were $17.54 billion (Rs 1,25,090.78 crore) registering a positive growth of 7.05 per cent in dollar terms vis-a-vis September last year. The estimated value of services export for October this year has been pegged at $17.22 billion. According to the ministry, the trade deficit for October this year in merchandise segment was estimated at $11.01 billion as against the deficit of $18 billion in October last year. As per the RBI`s press release dated November 15, the trade balance in services, that is, net services export, for September this year is estimated at $6.44 billion. The ministry said that taking merchandise and services together, the overall trade deficit for April-October 2019-20 is estimated at $49.45 billion as compared to $71.45 billion in April-October 2018-19. The ministry said services data pertains to April-September 2019-20 as September 2019 is the latest data available as per the RBI's press release dated issued on November 15.

India's overall export shows 1.51% growth during April-October

Asian markets rose Friday as trade hopes were given a boost by Donald Trump's economic aide saying "enormous progress" had been made in talks with China, easing recent concerns that they were stumbling.

Hong Kong enjoyed a much-needed leg-up after a bruising week but sentiment remained fragile after the city endured another night of violent protest, with the transport network partially shut down and many businesses closed for the fifth day.

The broad regional gains came after top White House adviser Larry Kudlow that the long-awaited mini trade deal with China was on track as part of a wider pact.

"The deal is not complete but we've made enormous progress," he told reporters, adding that the talks were "coming down to the short strokes".

His comments&nbsp;follow a week of unease about the much-vaunted talks after Trump dismissed Chinese claims of a plan to roll back tariffs as the negotiations progress, while reports said Beijing was uneasy about some aspects of the developing deal.

And on Thursday, China's commerce ministry had said the US lifting of tariffs was a "condition" to reaching the preliminary deal,&nbsp;suggesting it was not imminent.

Xi's Hong Kong warning

"Maybe, just maybe, we are finally nearing&nbsp;a long-awaited indication from President Trump that the protracted period of market adversity is mercifully nearing its end," said AxiTrader chief&nbsp;Asia market strategist Stephen Innes.

But he added that "the big question should be about what comes next. How long will phase two take?"

He also pointed to "some recriminations, with the US claiming that China is delaying the deal, which would seem to play into the view that President Trump is under pressure, having effectively announced a deal a couple of weeks ago".

Tokyo went into the break 0.7 per cent higher, Sydney jumped 0.8 per cent, Seoul climbed one per cent and Singapore was up 0.1 per cent. Taipei, Wellington and Jakarta also posted healthy gains. Shanghai was up 0.4 per cent, boosted by the central bank's decision to pump $29 billion into the financial system.

Hong Kong added 0.4 per cent in early trade, having shed almost five per cent over the previous four days as the city was wracked by violent protests, with police saying the rule of law was on "the brink of total collapse".

The increasingly violent standoff has also fanned concerns about possible intervention by Beijing, with Xi Jinping warning Thursday that Hong Kong's cherished "one country, two systems" principle was being threatened by the protests, which are in their sixth month.

Oil prices were also given a lift by the trade optimism, which offset data showing another pick-up in US stockpiles

Asian markets rose Friday as trade hopes were given a boost by Donald Trump's economic aide saying "enormous progress" had been made in talks with China, easing recent concerns that they were stumbling.

Asian markets rose Friday as trade hopes were given a boost by Donald Trump's economic aide saying "enormous progress" had been made in talks with China, easing recent concerns that they were stumbling. Hong Kong enjoyed a much-needed leg-up after a bruising week but sentiment remained fragile after the city endured another night of violent protest, with the transport network partially shut down and many businesses closed for the fifth day. The broad regional gains came after top White House adviser Larry Kudlow that the long-awaited mini trade deal with China was on track as part of a wider pact. "The deal is not complete but we've made enormous progress," he told reporters, adding that the talks were "coming down to the short strokes". His comments follow a week of unease about the much-vaunted talks after Trump dismissed Chinese claims of a plan to roll back tariffs as the negotiations progress, while reports said Beijing was uneasy about some aspects of the developing deal. And on Thursday, China's commerce ministry had said the US lifting of tariffs was a "condition" to reaching the preliminary deal, suggesting it was not imminent. Xi's Hong Kong warning "Maybe, just maybe, we are finally nearing a long-awaited indication from President Trump that the protracted period of market adversity is mercifully nearing its end," said AxiTrader chief Asia market strategist Stephen Innes. But he added that "the big question should be about what comes next. How long will phase two take?" He also pointed to "some recriminations, with the US claiming that China is delaying the deal, which would seem to play into the view that President Trump is under pressure, having effectively announced a deal a couple of weeks ago". Tokyo went into the break 0.7 per cent higher, Sydney jumped 0.8 per cent, Seoul climbed one per cent and Singapore was up 0.1 per cent. Taipei, Wellington and Jakarta also posted healthy gains. Shanghai was up 0.4 per cent, boosted by the central bank's decision to pump $29 billion into the financial system. Hong Kong added 0.4 per cent in early trade, having shed almost five per cent over the previous four days as the city was wracked by violent protests, with police saying the rule of law was on "the brink of total collapse". The increasingly violent standoff has also fanned concerns about possible intervention by Beijing, with Xi Jinping warning Thursday that Hong Kong's cherished "one country, two systems" principle was being threatened by the protests, which are in their sixth month. Oil prices were also given a lift by the trade optimism, which offset data showing another pick-up in US stockpiles

Asian markets boosted by fresh China-US trade optimism

<a href="https://www.wionews.com/business-economy/amazon-pumps-in-more-than-600-million-into-india-units-258756">Amazon</a> on Thursday challenged the awarding of a $10 billion Pentagon cloud computing contract to Microsoft, alleging "unmistakable bias" in the process.

The 10-year contract for the Joint Enterprise Defense Infrastructure program, better known as JEDI, ultimately will see all military branches sharing information in a system boosted by artificial intelligence.

"It's critical for our country that the government and its elected leaders administer procurements objectively and in a manner that is free from political influence," a spokesperson for Amazon Web Services said.

"Numerous aspects of the JEDI evaluation process contained clear deficiencies, errors, and unmistakable bias."

Amazon said it filed a notice in US court last week signalling its intent to protest the handling of the bidding process, which the DoD maintained was fair.

US President Donald Trump has repeatedly lashed out at Amazon and company founder Jeff Bezos, who also owns The Washington Post. The newspaper is among US media outlets most critical in its coverage of Trump and his administration.

The president told reporters during a news conference in July that he had asked aides to investigate the JEDI contract, citing complaints from companies that compete with Amazon.

"I'm getting tremendous complaints about the contract with the Pentagon and with Amazon. ... They're saying it wasn't competitively bid," Trump said.

"Some of the greatest companies in the world are complaining about it, having to do with Amazon and the Department of Defense, and I will be asking them to look at it very closely to see what's going on."

From leader to loser

Amazon was considered the lead contender to provide technology for JEDI, with its Amazon Web Services (AWS) dominating the cloud computing arena and the company already providing classified servers for other government outfits including the CIA.

But the Pentagon delayed awarding the hefty contract, saying the process would be reviewed by newly appointed Defense Secretary Mark Esper, who was selected by Trump.

A new book on the tenure of Esper's predecessor James Mattis, written by his speechwriter Guy Snodgrass, contends that Trump told Mattis to "screw&nbsp;Amazon" out of the JEDI contract.

Microsoft was Amazon's only rival in the final bidding for the winner-take-all contract, despite employees urging it to drop out. The Pentagon announced it was awarded the contract to Microsoft in late October.

Microsoft did not immediately respond to an email seeking comment late Thursday.

"AWS is uniquely experienced and qualified to provide the critical technology the US military needs, and remains committed to supporting the DoD's modernization efforts," the Amazon spokesperson said.

'Paradigm changer'

<a href="https://www.wionews.com/business-economy/microsoft-beats-amazon-for-pentagons-10-billion-cloud-computing-contract-258282">Microsoft chief Satya Nadella and Amazon's Bezos are "laser-focused"</a> on what has the potential to be a $100 billion market for government projects, according to Wedbush analyst Daniel Ives.

Amazon's protest of the JEDI procurement process is not likely to change the decision, the analyst said.

"We ultimately believe this is a paradigm changer for Microsoft who will remain the lone winner," Ives said, calling Amazon's loss a "black eye" for the company and Bezos.

Microsoft should be able to beef up its cloud services with money from the major military contract, increasing the odds of beating AWS more often in a market expected to see $1 trillion in cloud spending in the coming decade, according to the analyst.

Microsoft reported that profits rose 21 per cent in the recently ended quarter on the back of its thriving cloud computing business which has become a core focus for the US technology giant.

The tactic is a major switch from the way the Redmond-based company built its empire selling packaged software to computer users.

Amazon, one of the world's most valuable companies, has expanded from its origins in e-commerce to cloud services, streaming media, artificial intelligence and other ventures.

AWS accounted for nearly $9 billion in revenue in the recently-ended quarter, with growth in the cloud computing unit up 35 per cent from a year ago.

Amazon on Thursday challenged the awarding of a $10 billion Pentagon cloud computing contract to Microsoft, alleging "unmistakable bias" in the process. The 10-year contract for the Joint Enterprise Defense Infrastructure program, better known as JEDI, ultimately will see all military branches sharing information in a system boosted by artificial intelligence.

Amazon on Thursday challenged the awarding of a $10 billion Pentagon cloud computing contract to Microsoft, alleging "unmistakable bias" in the process. The 10-year contract for the Joint Enterprise Defense Infrastructure program, better known as JEDI, ultimately will see all military branches sharing information in a system boosted by artificial intelligence. "It's critical for our country that the government and its elected leaders administer procurements objectively and in a manner that is free from political influence," a spokesperson for Amazon Web Services said. "Numerous aspects of the JEDI evaluation process contained clear deficiencies, errors, and unmistakable bias." Amazon said it filed a notice in US court last week signalling its intent to protest the handling of the bidding process, which the DoD maintained was fair. US President Donald Trump has repeatedly lashed out at Amazon and company founder Jeff Bezos, who also owns The Washington Post. The newspaper is among US media outlets most critical in its coverage of Trump and his administration. The president told reporters during a news conference in July that he had asked aides to investigate the JEDI contract, citing complaints from companies that compete with Amazon. "I'm getting tremendous complaints about the contract with the Pentagon and with Amazon. ... They're saying it wasn't competitively bid," Trump said. "Some of the greatest companies in the world are complaining about it, having to do with Amazon and the Department of Defense, and I will be asking them to look at it very closely to see what's going on." From leader to loser Amazon was considered the lead contender to provide technology for JEDI, with its Amazon Web Services (AWS) dominating the cloud computing arena and the company already providing classified servers for other government outfits including the CIA. But the Pentagon delayed awarding the hefty contract, saying the process would be reviewed by newly appointed Defense Secretary Mark Esper, who was selected by Trump. A new book on the tenure of Esper's predecessor James Mattis, written by his speechwriter Guy Snodgrass, contends that Trump told Mattis to "screw Amazon" out of the JEDI contract. Microsoft was Amazon's only rival in the final bidding for the winner-take-all contract, despite employees urging it to drop out. The Pentagon announced it was awarded the contract to Microsoft in late October. Microsoft did not immediately respond to an email seeking comment late Thursday. "AWS is uniquely experienced and qualified to provide the critical technology the US military needs, and remains committed to supporting the DoD's modernization efforts," the Amazon spokesperson said. 'Paradigm changer' Microsoft chief Satya Nadella and Amazon's Bezos are "laser-focused" on what has the potential to be a $100 billion market for government projects, according to Wedbush analyst Daniel Ives. Amazon's protest of the JEDI procurement process is not likely to change the decision, the analyst said. "We ultimately believe this is a paradigm changer for Microsoft who will remain the lone winner," Ives said, calling Amazon's loss a "black eye" for the company and Bezos. Microsoft should be able to beef up its cloud services with money from the major military contract, increasing the odds of beating AWS more often in a market expected to see $1 trillion in cloud spending in the coming decade, according to the analyst. Microsoft reported that profits rose 21 per cent in the recently ended quarter on the back of its thriving cloud computing business which has become a core focus for the US technology giant. The tactic is a major switch from the way the Redmond-based company built its empire selling packaged software to computer users. Amazon, one of the world's most valuable companies, has expanded from its origins in e-commerce to cloud services, streaming media, artificial intelligence and other ventures. AWS accounted for nearly $9 billion in revenue in the recently-ended quarter, with growth in the cloud computing unit up 35 per cent from a year ago.

Amazon says 'bias' in Pentagon awarding $10 billion contract to Microsoft

Indian shares settled slightly higher on Friday, paring most of the gains made during the day as investors booked profits going into the weekend, with the broader Nifty 50 index posting its first weekly loss in three weeks

The NSE Nifty 50 index closed up 0.2 per cent&nbsp;at 11,895.45 after rising as much as 0.86 per cent, while the S&amp;P BSE&nbsp;Sensex&nbsp;finished 0.1 higher at 40,286.48.

The Nifty 50 index was still down 0.1 per cent&nbsp;for the week, while the&nbsp;Sensex&nbsp;closed 0.08 per cent&nbsp;higher for the week.

"With the present market conditions nobody wants to hold the positions overnight," said Siddharth Sedani, head of equity advisory at Anand Rathi Financial Services.

"We have news on<a href="https://www.wionews.com/world/united-states-and-china-getting-close-to-trade-deal-white-house-economic-adviser-262183"> US&nbsp;and China close to a trade deal</a>, but we never know what changes we will see overnight. There are uncertainties and that's creating a lot of volatility," he added.

White House economic adviser Larry Kudlow said on Thursday the world's two largest economies were in close touch via telephone, and an agreement could be reached soon.

The Nifty public sector undertaking index was the top gainer, rising 3.28 per cent.

Shares of Bharti Infratel closed 8.9 per cent&nbsp;higher and was the top gainer in the Nifty 50, while Indian Oil Corp was the top loser, closing down 3.8 per cent.

Indian shares settled slightly higher on Friday, paring most of the gains made during the day as investors booked profits going into the weekend, with the broader Nifty 50 index posting its first weekly loss in three weeks The NSE Nifty 50 index closed up 0.

Indian shares settled slightly higher on Friday, paring most of the gains made during the day as investors booked profits going into the weekend, with the broader Nifty 50 index posting its first weekly loss in three weeks The NSE Nifty 50 index closed up 0.2 per cent at 11,895.45 after rising as much as 0.86 per cent, while the S&P BSE Sensex finished 0.1 higher at 40,286.48. The Nifty 50 index was still down 0.1 per cent for the week, while the Sensex closed 0.08 per cent higher for the week. "With the present market conditions nobody wants to hold the positions overnight," said Siddharth Sedani, head of equity advisory at Anand Rathi Financial Services. "We have news on US and China close to a trade deal, but we never know what changes we will see overnight. There are uncertainties and that's creating a lot of volatility," he added. White House economic adviser Larry Kudlow said on Thursday the world's two largest economies were in close touch via telephone, and an agreement could be reached soon. The Nifty public sector undertaking index was the top gainer, rising 3.28 per cent. Shares of Bharti Infratel closed 8.9 per cent higher and was the top gainer in the Nifty 50, while Indian Oil Corp was the top loser, closing down 3.8 per cent.

Sensex, Nifty trim gains, close marginally higher

The Organization of the Petroleum Exporting Countries and its allies face stiffening competition in 2020, the International Energy Agency said on Friday, adding urgency to the oil producer group's policy meeting next month.

"The OPEC+ countries face a major challenge in 2020 as demand for their crude is expected to fall sharply," the Paris-based agency said in a monthly report.

The IEA estimated non-OPEC supply growth would surge to 2.3 million barrels per day (bpd) next year compared to 1.8 million bpd in 2019, citing production from the United States, Brazil, Norway and Guyana.

"The hefty supply cushion that is likely to build up during the first half of next year will offer cold comfort to OPEC+ ministers gathering in Vienna at the start of next month," it added.

While US&nbsp;supply rose by 145,000 bpd in October, the IEA said, a slowdown in activity that started earlier this year looks set to continue as companies prioritise capital discipline.

Demand for crude oil from OPEC in 2020 will be 28.9 million bpd, the IEA forecast, 1 million bpd below the exporter club's current production.

The recovery by OPEC's de facto leader Saudi Arabia from attacks on the country's oil infrastructure contributed 1.4 million bpd to the global oil supply increase in October of 1.5 million bpd.

"With plans underway for the Aramco IPO and the persistent need for revenues to fund the government budget, Riyadh has every incentive to keep oil prices supported," the IEA said.

Saudi state oil company Aramco, the world’s most profitable firm, starts a share sale on Nov. 17 in an initial public offering (IPO) that may raise between $20 billion and $40 billion.

It was the IEA's last monthly report before December. 5-6 talks among OPEC states and partners led by Russia on whether to maintain supply curbs aimed at buoying prices and balancing the market.

The agency kept its assessments for growth in global oil demand in 2019 and 2020 at 1 million bpd and 1.2 million bpd respectively but said its outlook might slightly underestimate the impact of tariffs from the US-China&nbsp;trade war.

The IEA said that if some or all tariffs were lifted in coming months, "world economic growth and oil demand growth would both rise significantly", though the rebound may not be immediate.

Sluggish refinery activity in the first three quarters has caused crude oil demand to fall in 2019 for the first time since 2009, the IEA said, but refining is set to rebound sharply in the fourth quarter and in 2020.

The Organization of the Petroleum Exporting Countries and its allies face stiffening competition in 2020, the International Energy Agency said on Friday, adding urgency to the oil producer group's policy meeting next month.

The Organization of the Petroleum Exporting Countries and its allies face stiffening competition in 2020, the International Energy Agency said on Friday, adding urgency to the oil producer group's policy meeting next month. "The OPEC+ countries face a major challenge in 2020 as demand for their crude is expected to fall sharply," the Paris-based agency said in a monthly report. The IEA estimated non-OPEC supply growth would surge to 2.3 million barrels per day (bpd) next year compared to 1.8 million bpd in 2019, citing production from the United States, Brazil, Norway and Guyana. "The hefty supply cushion that is likely to build up during the first half of next year will offer cold comfort to OPEC+ ministers gathering in Vienna at the start of next month," it added. While US supply rose by 145,000 bpd in October, the IEA said, a slowdown in activity that started earlier this year looks set to continue as companies prioritise capital discipline. Demand for crude oil from OPEC in 2020 will be 28.9 million bpd, the IEA forecast, 1 million bpd below the exporter club's current production. The recovery by OPEC's de facto leader Saudi Arabia from attacks on the country's oil infrastructure contributed 1.4 million bpd to the global oil supply increase in October of 1.5 million bpd. "With plans underway for the Aramco IPO and the persistent need for revenues to fund the government budget, Riyadh has every incentive to keep oil prices supported," the IEA said. Saudi state oil company Aramco, the world’s most profitable firm, starts a share sale on Nov. 17 in an initial public offering (IPO) that may raise between $20 billion and $40 billion. It was the IEA's last monthly report before December. 5-6 talks among OPEC states and partners led by Russia on whether to maintain supply curbs aimed at buoying prices and balancing the market. The agency kept its assessments for growth in global oil demand in 2019 and 2020 at 1 million bpd and 1.2 million bpd respectively but said its outlook might slightly underestimate the impact of tariffs from the US-China trade war. The IEA said that if some or all tariffs were lifted in coming months, "world economic growth and oil demand growth would both rise significantly", though the rebound may not be immediate. Sluggish refinery activity in the first three quarters has caused crude oil demand to fall in 2019 for the first time since 2009, the IEA said, but refining is set to rebound sharply in the fourth quarter and in 2020.

Organization of the Petroleum Exporting Countries faces 'major challenge' from competitors' surging output: International Energy Agency

&nbsp;Hopes of a trade deal between Washington and Beijing turned world stock markets and other risk assets higher on Friday, though an escalating wave of<a href="https://www.wionews.com/.../urban-unrest-propels-global-wave-of-protests- 262305"> global protests from Hong Kong</a><a href="https://www.wionews.com/.../urban-unrest-propels-global-wave-of-protests- 262305"> to Chile</a> left some deep scars.

Europe's main bourses followed Asia and <a href="https://www.wionews.com/.../wall-street-subdued-as-economic-trade-doubts- persist-262154">Wall Street</a> higher after White House economic advisor Larry Kudlow said on Thursday that the US&nbsp;and China were getting close to an agreement and were talking every day.

"We're getting close," he told an event at the Council on Foreign Relations in Washington. "The mood music is pretty good, and that has not always been so in these things."

It kept alive hopes that MSCI's 49-country world index and Europe's STOXX 600 could both avoid their first weekly falls since the start of October, but others had little chance.

Emerging market stocks&nbsp;were down 1.7 per cent&nbsp;for the week, while the violent escalation of pro-democracy protests in Hong Kong left the Hang Seng down 4.7 per cent&nbsp;&lt;.HSI&gt;, its worst weekly performance in four months.

Chinese blue-chip shares ended the day down 0.75 per cent&nbsp;and 2.4 per cent, their biggest fall since August, while fierce anti-government protests in Chile gave its currency its worst week since 2011 with a 7 per cent&nbsp;plunge.

Shane Oliver, chief economist at AMP Capital in Sydney, likened regional markets' bullish reaction to positive trade news to being in a relationship with an alcoholic, driven by entrenched hopes for recovery.

"Markets want to believe that there will be some sort of resolution to this issue, some sort of lasting truce at least, even though the experience of the last 18 months doesn't give a lot of cause for comfort," he said.

However, Oliver said weaker Chinese and US&nbsp;economies as well as the <a href="https://www.wionews.com/.../fierce-proceedings-expected-as-impeachment- testimony-against-donald-trump-set-to-telecast-today-261802">US&nbsp;presidential election </a>next year put pressure on both sides to come to an agreement.

In currencies, the safe-haven yen&nbsp;weakened, with the dollar rising 0.17 per cent&nbsp;to buy 108.57 yen. The euro&nbsp;was barely changed at $1.1023 and the dollar index, which tracks the greenback against a basket of six major rivals was off just 0.02 per cent&nbsp;at 98.143.

Higher US&nbsp;Treasury yields also illustrated the risk-on tone in the Asian session, with the 10-year yield&nbsp;rising to 1.848 per cent&nbsp;from a US close of 1.815 per cent&nbsp;on Thursday.

The policy-sensitive two-year yield rose to 1.6101 per cent&nbsp;from 1.593 per cent on Thursday after US&nbsp;Federal Reserve Chair Jerome Powell said the risk of the U.S. economy facing a dramatic bust is remote.

A Reuters poll of more than 100 economists showed that while concerns have eased over a US&nbsp;recession, few see an economic rebound, and most believe a trade truce is unlikely in the coming year.

&nbsp;

&nbsp;

Government borrowing costs in Germany and France also inched up on Friday, but were set for sizeable weekly declines, in contrast to southern European countries that have come under heavy selling pressure again this week.

Germany's 10-year Bund yield was at -0.33 per cent off more than one-week lows hit on Thursday. But it is down 8 bps on the week, set for the biggest weekly fall since mid-August. Dutch 10-year bond yields are down 7 bps this week, and French yields are 5 bps lower.

Data on Thursday had showed Germany's economy grew just 0.1 per cent&nbsp;in the third quarter, with consumer spending helping the country to avoid a mild contraction and a technical recession of two quarters of economic shrinkage.

"In general, there has been risk aversion in recent days and a shift to core bond markets from the periphery," said Daniel Lenz, a rates strategist at DZ Bank.

Global sentiment has been buffeted in recent weeks by conflicting assessments of progress in talks between the United States and China aimed at ending their 16-month-long trade war.

<a href="https://www.wionews.com/.../asian-markets-boosted-by-fresh-china-us-trade- optimism-262213">China's commerce ministry</a> said the two countries are holding "in-depth" discussions on a first phase trade agreement, and that cancelling tariffs is an important condition to reaching a deal.

China has also ended a nearly five-year ban on imports of US&nbsp;poultry meat, which the US&nbsp;Trade Representative said would lead to more than $1 billion in annual shipments to China.

Those developments followed comments from officials from both countries last week that they had a deal to roll back tariffs, only to have US&nbsp;President Donald Trump deny that any such deal had been agreed to.

The new record for the S&amp;P, which gained just 0.08 per cent&nbsp;to 3,096.63, came despite a grim outlook from network gear maker Cisco Systems &lt;CSCO.O&gt; that underlined the impact of trade uncertainty.

In commodity markets, US&nbsp;crude prices rebounded after sliding Thursday on rising US&nbsp;crude inventories. US&nbsp;West Texas Intermediate crude was 0.44 per cent&nbsp;higher at $57.02 a barrel.

Global benchmark Brent crude added 0.37 per cent&nbsp;to $62.51 per barrel.

Gold retreated from gains that had been prompted by trade uncertainty. Spot gold&nbsp;was last trading at $1,463.90 per ounce, down 0.48 per cent.

($1 = 6.9941 Chinese yuan)

Hopes of a trade deal between Washington and Beijing turned world stock markets and other risk assets higher on Friday, though an escalating wave of global protests from Hong Kong to Chile left some deep scars.

Hopes of a trade deal between Washington and Beijing turned world stock markets and other risk assets higher on Friday, though an escalating wave of global protests from Hong Kong to Chile left some deep scars. Europe's main bourses followed Asia and Wall Street higher after White House economic advisor Larry Kudlow said on Thursday that the US and China were getting close to an agreement and were talking every day. "We're getting close," he told an event at the Council on Foreign Relations in Washington. "The mood music is pretty good, and that has not always been so in these things." It kept alive hopes that MSCI's 49-country world index and Europe's STOXX 600 could both avoid their first weekly falls since the start of October, but others had little chance. Emerging market stocks were down 1.7 per cent for the week, while the violent escalation of pro-democracy protests in Hong Kong left the Hang Seng down 4.7 per cent <.HSI>, its worst weekly performance in four months. Chinese blue-chip shares ended the day down 0.75 per cent and 2.4 per cent, their biggest fall since August, while fierce anti-government protests in Chile gave its currency its worst week since 2011 with a 7 per cent plunge. Shane Oliver, chief economist at AMP Capital in Sydney, likened regional markets' bullish reaction to positive trade news to being in a relationship with an alcoholic, driven by entrenched hopes for recovery. "Markets want to believe that there will be some sort of resolution to this issue, some sort of lasting truce at least, even though the experience of the last 18 months doesn't give a lot of cause for comfort," he said. However, Oliver said weaker Chinese and US economies as well as the US presidential election next year put pressure on both sides to come to an agreement. In currencies, the safe-haven yen weakened, with the dollar rising 0.17 per cent to buy 108.57 yen. The euro was barely changed at $1.1023 and the dollar index, which tracks the greenback against a basket of six major rivals was off just 0.02 per cent at 98.143. Higher US Treasury yields also illustrated the risk-on tone in the Asian session, with the 10-year yield rising to 1.848 per cent from a US close of 1.815 per cent on Thursday. The policy-sensitive two-year yield rose to 1.6101 per cent from 1.593 per cent on Thursday after US Federal Reserve Chair Jerome Powell said the risk of the U.S. economy facing a dramatic bust is remote. A Reuters poll of more than 100 economists showed that while concerns have eased over a US recession, few see an economic rebound, and most believe a trade truce is unlikely in the coming year. Government borrowing costs in Germany and France also inched up on Friday, but were set for sizeable weekly declines, in contrast to southern European countries that have come under heavy selling pressure again this week. Germany's 10-year Bund yield was at -0.33 per cent off more than one-week lows hit on Thursday. But it is down 8 bps on the week, set for the biggest weekly fall since mid-August. Dutch 10-year bond yields are down 7 bps this week, and French yields are 5 bps lower. Data on Thursday had showed Germany's economy grew just 0.1 per cent in the third quarter, with consumer spending helping the country to avoid a mild contraction and a technical recession of two quarters of economic shrinkage. "In general, there has been risk aversion in recent days and a shift to core bond markets from the periphery," said Daniel Lenz, a rates strategist at DZ Bank. Global sentiment has been buffeted in recent weeks by conflicting assessments of progress in talks between the United States and China aimed at ending their 16-month-long trade war. China's commerce ministry said the two countries are holding "in-depth" discussions on a first phase trade agreement, and that cancelling tariffs is an important condition to reaching a deal. China has also ended a nearly five-year ban on imports of US poultry meat, which the US Trade Representative said would lead to more than $1 billion in annual shipments to China. Those developments followed comments from officials from both countries last week that they had a deal to roll back tariffs, only to have US President Donald Trump deny that any such deal had been agreed to. The new record for the S&P, which gained just 0.08 per cent to 3,096.63, came despite a grim outlook from network gear maker Cisco Systems <CSCO.O> that underlined the impact of trade uncertainty. In commodity markets, US crude prices rebounded after sliding Thursday on rising US crude inventories. US West Texas Intermediate crude was 0.44 per cent higher at $57.02 a barrel. Global benchmark Brent crude added 0.37 per cent to $62.51 per barrel. Gold retreated from gains that had been prompted by trade uncertainty. Spot gold was last trading at $1,463.90 per ounce, down 0.48 per cent. ($1 = 6.9941 Chinese yuan)

Global Markets: US-China trade hopes revive stocks, protests leave scars

<a href="https://www.wionews.com/world/thousands-in-hong-kong-defy-chinas-xi-with-pro-democracy-rallies-262298">Hong&nbsp;Kong</a>&nbsp;confirmed on Friday its economy plunged into its first recession in a decade in the third quarter, weighed down by increasingly violent anti-government protests and the escalating US-China trade war.

The economy shrank by a seasonally adjusted 3.2 per cent&nbsp;in July-September from the previous quarter, in line with a preliminary reading, revised government data showed. Gross domestic product (GDP) contracted for the second consecutive quarter, meeting the technical definition of a recession.

From a year earlier, the economy contracted 2.9 per cent, the same as the preliminary drop. The readings were the weakest since the global financial crisis in 2008/2009.

Months of confrontation between police and protesters have plunged the financial and trading hub into its worst crisis since it reverted from British to <a href="https://www.wionews.com/world/china-condemns-attack-on-hong-kong-official-in-london-asks-local-police-to-continue-investigation-262218">Chinese rule</a> in 1997.

Tourists are cancelling bookings, retailers are reeling from a sharp drop in sales and the stock market is faltering, adding to pressure the city is feeling from China's economic slowdown and the prolonged Sino-US&nbsp;trade dispute.

Hong Kong confirmed on Friday its economy plunged into its first recession in a decade in the third quarter, weighed down by increasingly violent anti-government protests and the escalating US-China trade war.

Hong Kong confirmed on Friday its economy plunged into its first recession in a decade in the third quarter, weighed down by increasingly violent anti-government protests and the escalating US-China trade war. The economy shrank by a seasonally adjusted 3.2 per cent in July-September from the previous quarter, in line with a preliminary reading, revised government data showed. Gross domestic product (GDP) contracted for the second consecutive quarter, meeting the technical definition of a recession. From a year earlier, the economy contracted 2.9 per cent, the same as the preliminary drop. The readings were the weakest since the global financial crisis in 2008/2009. Months of confrontation between police and protesters have plunged the financial and trading hub into its worst crisis since it reverted from British to Chinese rule in 1997. Tourists are cancelling bookings, retailers are reeling from a sharp drop in sales and the stock market is faltering, adding to pressure the city is feeling from China's economic slowdown and the prolonged Sino-US trade dispute.

Hong Kong third-quarter GDP shrinks 3.2%, confirms depth of recession

Indian telecom stocks rose on Friday amid hopes that the government would step in to help the ailing sector, a day after two top mobile carriers warned their ability to operate and make profits would depend on relief from the country.

The S&amp;P BSE Telecom index jumped as much as 8.2%, led by a more than 10% surge in <a href="https://www.wionews.com/business-economy/vodafone-idea-makes-7-billion-loss-after-provisions-for-government-dues-262176">Vodafone Idea </a>Ltd and over 7% gain in Bharti Airtel Ltd.

The Supreme Court last month upheld a demand by the telecoms ministry that wireless carriers pay 920 billion rupees ($12.89 billion) in overdue levies and interest within months.

As two of the country's top three carriers, Vodafone Idea and Bharti Airtel will have to pay a bulk of that money.

"Vodafone closing will be a big negative for international investors at a time when the government is trying to attract more foreign investment," said Asutosh Mishra, head of research of institutional equities at Ashika Stock Broking.

"The government will have to provide some relief, and stocks are gaining on these expectations."

CNBC-TV18, citing sources, said the Department of Telecommunications (DoT) was going to begin consultation on "floor prices" for phone calls and data usage, as well as to make suggestions on the quantum of minimum charges to be set.

Ambit Capital analyst Vivekanand Subbaraman said the government had swung into action and it could not afford to let the companies go bust, adding the majority of Vodafone Idea's about 1.02 trillion rupees ($14.30 billion) debt was owed to the government.

Embattled Vodafone Idea, made up of the local unit of Vodafone Group Plc and billionaire Kumar Mangalam Birla's Idea Cellular, said on Thursday its "ability to continue as a going concern is dependent on obtaining the relief from the government... and positive outcome of the proposed legal remedy."

Airtel Chief Executive Officer Gopal Vittal said the company would continue to engage with the government to explore its options.

Telecom providers in India pay the DoT nearly 3%-5% of their adjusted gross revenue (AGR) in usage charges for spectrum or airwaves and 8% of AGR as licence fees.

The DoT and mobile carriers have been at odds over the definition of AGR. These companies argue that AGR should comprise just revenue accrued from core services, while the DoT says AGR should include all revenue.

Indian telecom stocks rose on Friday amid hopes that the government would step in to help the ailing sector, a day after two top mobile carriers warned their ability to operate and make profits would depend on relief from the country.

Indian telecom stocks rose on Friday amid hopes that the government would step in to help the ailing sector, a day after two top mobile carriers warned their ability to operate and make profits would depend on relief from the country. The S&P BSE Telecom index jumped as much as 8.2%, led by a more than 10% surge in Vodafone Idea Ltd and over 7% gain in Bharti Airtel Ltd. The Supreme Court last month upheld a demand by the telecoms ministry that wireless carriers pay 920 billion rupees ($12.89 billion) in overdue levies and interest within months. As two of the country's top three carriers, Vodafone Idea and Bharti Airtel will have to pay a bulk of that money. "Vodafone closing will be a big negative for international investors at a time when the government is trying to attract more foreign investment," said Asutosh Mishra, head of research of institutional equities at Ashika Stock Broking. "The government will have to provide some relief, and stocks are gaining on these expectations." CNBC-TV18, citing sources, said the Department of Telecommunications (DoT) was going to begin consultation on "floor prices" for phone calls and data usage, as well as to make suggestions on the quantum of minimum charges to be set. Ambit Capital analyst Vivekanand Subbaraman said the government had swung into action and it could not afford to let the companies go bust, adding the majority of Vodafone Idea's about 1.02 trillion rupees ($14.30 billion) debt was owed to the government. Embattled Vodafone Idea, made up of the local unit of Vodafone Group Plc and billionaire Kumar Mangalam Birla's Idea Cellular, said on Thursday its "ability to continue as a going concern is dependent on obtaining the relief from the government... and positive outcome of the proposed legal remedy." Airtel Chief Executive Officer Gopal Vittal said the company would continue to engage with the government to explore its options. Telecom providers in India pay the DoT nearly 3%-5% of their adjusted gross revenue (AGR) in usage charges for spectrum or airwaves and 8% of AGR as licence fees. The DoT and mobile carriers have been at odds over the definition of AGR. These companies argue that AGR should comprise just revenue accrued from core services, while the DoT says AGR should include all revenue.

Airtel, Vodafone Idea shares jump on hopes of govt help

Alphabet Inc's&nbsp;Google said on Wednesday it will offer personal checking accounts next year through its Google Pay app, initially in partnership with Citigroup Inc&nbsp;and a small credit union at Stanford University.

The project, codenamed Cache, comes as rivals <a href="https://www.wionews.com/world/libras-association-is-independent-facebook-wont-be-part-of-it-even-outside-the-us-till-regulators-approve-zuckerberg-to-us-house-panel-257767">Facebook Inc&nbsp;</a>and Apple Inc&nbsp;are expanding their own efforts in consumer finance, a broad area that ranges from digital payment apps to bank accounts, brokerage accounts and loans, and which offer Silicon Valley new sources of revenue and new opportunities to strengthen ties with users.

US&nbsp;regulators and lawmakers have expressed concern about how those companies' massive influence and poor records on data privacy will play out as they try to gain ground in finance. The scrutiny most recently prompted Facebook's partners to pull back from plans to support the launch of a digital currency.

Google said it has held initial talks with regulators, though it declined to specify which ones, about compliance issues related to the new checking accounts.

Asked about Google's plans, US&nbsp;Senator Mark Warner, a Democrat on the Senate panel that oversees banking, expressed reservations.

"There ought to be very strict scrutiny," Warner told CNBC about tech giants such as Facebook or Google entering new fields before rules governing them were in place.

Google spokesman Craig Ewer said the company's lead partners were Citi and Stanford Federal Credit Union and that more details would be known within months.

"We’re exploring how we can partner with banks and credit unions in the U.S. to offer smart checking accounts through Google Pay, helping their customers benefit from useful insights and budgeting tools, while keeping their money in an FDIC or NCUA-insured account," Ewer said in a statement, referring by acronym to two US&nbsp;agencies that insure deposits.

Stanford Federal and Citi confirmed their roles.

"This agreement has the potential to expand the reach and breadth of our customer base," Citi spokeswoman Liz Fogarty said. "Privacy and transparency are, and will continue to be, critical priorities."

Joan Opp, president and chief executive of Stanford Federal, described the deal as "critical to remaining relevant and meeting consumer expectations."

Traditional banks have long partnered with companies outside the industry to lure deposits or expand their loan books.

The most recent prominent example is Goldman Sachs Group Inc&nbsp;teaming up with <a href="https://www.wionews.com/business-economy/apple-co-founder-says-apple-card-algorithm-gave-wife-lower-credit-limit-261266">Apple Inc&nbsp;on a credit card</a> this year, but other regulated banks, including JPMorgan Chase &amp; Co, Citigroup Inc.&nbsp;American Express Corp&nbsp;and Green Dot Bank, have teamed with companies, including Amazon.com Inc, Walmart Inc, Delta Air Lines Inc&nbsp;and Home Depot Inc&nbsp;to offer co-branded products.

The Wall Street Journal reported earlier on Google's plan and quoted Caesar Sengupta, general manager and vice president of payments at Google, as describing an approach of partnering deeply with banks.

"It may be the slightly longer path, but it's more sustainable," Sengupta said.

Leaning on the regulatory and financial know-how of banks could allow Google to proceed without engaging much with bank regulators.

For instance, deposits are stored in an account managed by a regulated bank and protected by the Federal Deposit Insurance Corp (FDIC) and National Credit Union Administration (NCUA), and if the lender does not share consumers’ financial data with Google, there may not be a regulatory problem or license requirements.

Google's biggest success in financial services has been in India, where it has over 67 million monthly users for Google Pay, which is used to digitally pay for groceries, Uber rides and other transactions.

Though still behind Indian rivals, the Google Pay app's popularity in India has overshadowed its usage in the United States and other countries, where it can be used for cashless payments in stores and money transfers.

Sengupta had overseen the Indian service, formerly known as Tez, as head of Google's emerging markets product team. Chief Executive Sundar Pichai last year sought to build on the Indian app, developed by a team of about 150 employees in Asia, and merged it into Google's broader payments organization.

The move has given Sengupta oversight of several thousand workers worldwide, including those who maintain tools to help Google charge its advertisers and app store users.

Former Google Pay employees said the company faces a massive challenge gaining users for payment tools in locations such as the United States that have robust financial products already. High interest rates on deposits or major loyalty perks could become important incentives for Google to draw consumers, the former employees said.

On Tuesday, Facebook launched a unified payment service through which users across its platforms can make payments without exiting the app, named Facebook Pay.

The effort is separate from Facebook's plan to launch its Libra cryptocurrency, which has met with skepticism from US, European and Australian regulators concerned about the risk of money laundering and the security of transactions and user data.

Alphabet Inc's Google said on Wednesday it will offer personal checking accounts next year through its Google Pay app, initially in partnership with Citigroup Inc and a small credit union at Stanford University.

Alphabet Inc's Google said on Wednesday it will offer personal checking accounts next year through its Google Pay app, initially in partnership with Citigroup Inc and a small credit union at Stanford University. The project, codenamed Cache, comes as rivals Facebook Inc and Apple Inc are expanding their own efforts in consumer finance, a broad area that ranges from digital payment apps to bank accounts, brokerage accounts and loans, and which offer Silicon Valley new sources of revenue and new opportunities to strengthen ties with users. US regulators and lawmakers have expressed concern about how those companies' massive influence and poor records on data privacy will play out as they try to gain ground in finance. The scrutiny most recently prompted Facebook's partners to pull back from plans to support the launch of a digital currency. Google said it has held initial talks with regulators, though it declined to specify which ones, about compliance issues related to the new checking accounts. Asked about Google's plans, US Senator Mark Warner, a Democrat on the Senate panel that oversees banking, expressed reservations. "There ought to be very strict scrutiny," Warner told CNBC about tech giants such as Facebook or Google entering new fields before rules governing them were in place. Google spokesman Craig Ewer said the company's lead partners were Citi and Stanford Federal Credit Union and that more details would be known within months. "We’re exploring how we can partner with banks and credit unions in the U.S. to offer smart checking accounts through Google Pay, helping their customers benefit from useful insights and budgeting tools, while keeping their money in an FDIC or NCUA-insured account," Ewer said in a statement, referring by acronym to two US agencies that insure deposits. Stanford Federal and Citi confirmed their roles. "This agreement has the potential to expand the reach and breadth of our customer base," Citi spokeswoman Liz Fogarty said. "Privacy and transparency are, and will continue to be, critical priorities." Joan Opp, president and chief executive of Stanford Federal, described the deal as "critical to remaining relevant and meeting consumer expectations." Traditional banks have long partnered with companies outside the industry to lure deposits or expand their loan books. The most recent prominent example is Goldman Sachs Group Inc teaming up with Apple Inc on a credit card this year, but other regulated banks, including JPMorgan Chase & Co, Citigroup Inc. American Express Corp and Green Dot Bank, have teamed with companies, including Amazon.com Inc, Walmart Inc, Delta Air Lines Inc and Home Depot Inc to offer co-branded products. The Wall Street Journal reported earlier on Google's plan and quoted Caesar Sengupta, general manager and vice president of payments at Google, as describing an approach of partnering deeply with banks. "It may be the slightly longer path, but it's more sustainable," Sengupta said. Leaning on the regulatory and financial know-how of banks could allow Google to proceed without engaging much with bank regulators. For instance, deposits are stored in an account managed by a regulated bank and protected by the Federal Deposit Insurance Corp (FDIC) and National Credit Union Administration (NCUA), and if the lender does not share consumers’ financial data with Google, there may not be a regulatory problem or license requirements. Google's biggest success in financial services has been in India, where it has over 67 million monthly users for Google Pay, which is used to digitally pay for groceries, Uber rides and other transactions. Though still behind Indian rivals, the Google Pay app's popularity in India has overshadowed its usage in the United States and other countries, where it can be used for cashless payments in stores and money transfers. Sengupta had overseen the Indian service, formerly known as Tez, as head of Google's emerging markets product team. Chief Executive Sundar Pichai last year sought to build on the Indian app, developed by a team of about 150 employees in Asia, and merged it into Google's broader payments organization. The move has given Sengupta oversight of several thousand workers worldwide, including those who maintain tools to help Google charge its advertisers and app store users. Former Google Pay employees said the company faces a massive challenge gaining users for payment tools in locations such as the United States that have robust financial products already. High interest rates on deposits or major loyalty perks could become important incentives for Google to draw consumers, the former employees said. On Tuesday, Facebook launched a unified payment service through which users across its platforms can make payments without exiting the app, named Facebook Pay. The effort is separate from Facebook's plan to launch its Libra cryptocurrency, which has met with skepticism from US, European and Australian regulators concerned about the risk of money laundering and the security of transactions and user data.

Google Pay to offer checking accounts through Citi, Stanford Federal

The US&nbsp;government recorded a $134 billion budget deficit in October, the first month of the new fiscal year, the Treasury Department said on Wednesday.

That compared to a budget deficit of $100 billion in the same month last year, according to the Treasury's monthly budget statement.

Analysts polled by Reuters had forecast a $133 billion deficit for the month.

Unadjusted receipts last month totalled $246 billion, down 3 per cent&nbsp;from October 2018, while unadjusted outlays were $380 billion, a rise of 8 per cent&nbsp;from the same month a year earlier.

The US&nbsp;government's fiscal year ends in September each year. Fiscal year 2019 saw a widening in the deficit to $984 billion, the largest budget deficit in seven years, a result of the Trump administration's decision to cut taxes and increase government spending.

Those figures reflected the second full budget year under US&nbsp;President Donald Trump, a Republican, and a time when the country had an expanding tax base with moderate economic growth and an unemployment rate near a 50-year low.

When adjusted for calendar effects, the deficit for October remained at $134 billion compared with an adjusted deficit of $113 billion in October 2018.

The US government recorded a $134 billion budget deficit in October, the first month of the new fiscal year, the Treasury Department said on Wednesday. That compared to a budget deficit of $100 billion in the same month last year, according to the Treasury's monthly budget statement.

The US government recorded a $134 billion budget deficit in October, the first month of the new fiscal year, the Treasury Department said on Wednesday. That compared to a budget deficit of $100 billion in the same month last year, according to the Treasury's monthly budget statement. Analysts polled by Reuters had forecast a $133 billion deficit for the month. Unadjusted receipts last month totalled $246 billion, down 3 per cent from October 2018, while unadjusted outlays were $380 billion, a rise of 8 per cent from the same month a year earlier. The US government's fiscal year ends in September each year. Fiscal year 2019 saw a widening in the deficit to $984 billion, the largest budget deficit in seven years, a result of the Trump administration's decision to cut taxes and increase government spending. Those figures reflected the second full budget year under US President Donald Trump, a Republican, and a time when the country had an expanding tax base with moderate economic growth and an unemployment rate near a 50-year low. When adjusted for calendar effects, the deficit for October remained at $134 billion compared with an adjusted deficit of $113 billion in October 2018.

US government posts $134 billion deficit in October

The US&nbsp;President Donald Trump's threat to jack up US&nbsp;tariffs on Chinese goods if the world's two largest economies fail to reach a trade deal could raise the price of cellphones, laptops, and toys less than two weeks before Christmas.

Trump on Tuesday said a trade deal with <a href="https://www.wionews.com/world/trump-says-china-trade-deal-close-but-dashes-hopes-for-signing-details-261767">China was "close," </a>but offered no details and warned that he would raise tariffs "substantially" on Chinese goods without a deal.

Stocks fell on Wednesday in Asia and Europe and initially in the United States as investors digested his comments.

Trump's threat was a reference to previously announced 15 per cent&nbsp;tariffs on about $156 billion worth of Chinese-made consumer goods scheduled to take effect on December&nbsp;15, according multiple trade experts and a source close to the White House. Known as the "4B" list of goods, those tariffs would hit video game consoles, computer monitors, Christmas decorations and other items often given as gifts.

White House advisers said last week the December&nbsp;15 tariffs would likely be averted if a<a href="https://www.wionews.com/world/china-us-agree-tariff-rollback-if-phase-one-trade-deal-is-completed-260641"> "phase one" trade deal </a>was reached. Trump's threat, and the markets' reaction, illustrate how volatile the trade talks between the United States and China remains, and how important they are to the global economy.

The Trump administration hoped to avert the December&nbsp;15 tariffs, if possible, said William Reinsch, a former senior US&nbsp;Commerce official and trade expert at the Center for Strategic and International Studies.

More so than previous tariffs, these would hit consumers particularly hard at a sensitive time, he said. "Trump does not want to do that right before Christmas. The optics would be terrible," he said.

While most goods that Americans will buy before Christmas had been shipped long before, the imposition of the tariffs could trigger some "opportunistic price increases" on the part of retailers, he added.

Reinsch and other experts said they still expected Washington and Beijing to reach a "phase one" agreement before that point, but the timing was looking less certain.

"We're in sort of a dangerous moment because both sides feel they have the upper hand, but I don't think the talks have collapsed," Reinsch said.

Trump could theoretically increase tariffs already imposed on $250 billion of Chinese goods, according to congressional aides, former US&nbsp;officials, and trade experts. There is no indication the White House is considering that at this time.

Trump had agreed in October to skip raising those tariffs to 30 per cent&nbsp;from the 25 per cent&nbsp;rate in place now. That would affect goods ranging from industrial components and semiconductors to furniture and building supplies.

A 15 per cent&nbsp;tariff on about $125 billion of goods that went into effect on September&nbsp;1, including flat-panel television sets, flash memory devices, smart speakers, Bluetooth headphones, bed linens, multifunction printers and many types of footwear, could also be increased, trade experts said.

People familiar with the discussions say that China has asked for these September&nbsp;1 tariffs to be removed completely.

Scott McCandless, principal at PwC, said he was still fairly optimistic about the two sides reaching a "phase one" deal, given the positive impact it would have on key constituencies such as farmers ahead of the 2020 presidential election.

More tariffs on consumer goods aren't likely, he said. "Consumers have been a bright spot in the economy, so they will want to avoid any impact on that," he said.

The US President Donald Trump's threat to jack up US tariffs on Chinese goods if the world's two largest economies fail to reach a trade deal could raise the price of cellphones, laptops, and toys less than two weeks before Christmas.

The US President Donald Trump's threat to jack up US tariffs on Chinese goods if the world's two largest economies fail to reach a trade deal could raise the price of cellphones, laptops, and toys less than two weeks before Christmas. Trump on Tuesday said a trade deal with China was "close," but offered no details and warned that he would raise tariffs "substantially" on Chinese goods without a deal. Stocks fell on Wednesday in Asia and Europe and initially in the United States as investors digested his comments. Trump's threat was a reference to previously announced 15 per cent tariffs on about $156 billion worth of Chinese-made consumer goods scheduled to take effect on December 15, according multiple trade experts and a source close to the White House. Known as the "4B" list of goods, those tariffs would hit video game consoles, computer monitors, Christmas decorations and other items often given as gifts. White House advisers said last week the December 15 tariffs would likely be averted if a "phase one" trade deal was reached. Trump's threat, and the markets' reaction, illustrate how volatile the trade talks between the United States and China remains, and how important they are to the global economy. The Trump administration hoped to avert the December 15 tariffs, if possible, said William Reinsch, a former senior US Commerce official and trade expert at the Center for Strategic and International Studies. More so than previous tariffs, these would hit consumers particularly hard at a sensitive time, he said. "Trump does not want to do that right before Christmas. The optics would be terrible," he said. While most goods that Americans will buy before Christmas had been shipped long before, the imposition of the tariffs could trigger some "opportunistic price increases" on the part of retailers, he added. Reinsch and other experts said they still expected Washington and Beijing to reach a "phase one" agreement before that point, but the timing was looking less certain. "We're in sort of a dangerous moment because both sides feel they have the upper hand, but I don't think the talks have collapsed," Reinsch said. Trump could theoretically increase tariffs already imposed on $250 billion of Chinese goods, according to congressional aides, former US officials, and trade experts. There is no indication the White House is considering that at this time. Trump had agreed in October to skip raising those tariffs to 30 per cent from the 25 per cent rate in place now. That would affect goods ranging from industrial components and semiconductors to furniture and building supplies. A 15 per cent tariff on about $125 billion of goods that went into effect on September 1, including flat-panel television sets, flash memory devices, smart speakers, Bluetooth headphones, bed linens, multifunction printers and many types of footwear, could also be increased, trade experts said. People familiar with the discussions say that China has asked for these September 1 tariffs to be removed completely. Scott McCandless, principal at PwC, said he was still fairly optimistic about the two sides reaching a "phase one" deal, given the positive impact it would have on key constituencies such as farmers ahead of the 2020 presidential election. More tariffs on consumer goods aren't likely, he said. "Consumers have been a bright spot in the economy, so they will want to avoid any impact on that," he said.

Trump threat of more China tariffs could hit consumer goods before Christmas

MetLife Inc&nbsp;was sued for gender discrimination on Wednesday by a female former senior vice president who said she was underpaid, called a "bitch" and told she had to "choose between being pretty and being smart" while working at the insurance company.

Mona Moazzaz, who served as a chief administrative officer in MetLife's global technology and operations department, said in a lawsuit filed in federal court in Manhattan that she was retaliated against and ultimately fired in May after authoring a document calling attention a lack of diversity at the company and other issues.

"We believe the allegations are without merit and plan to defend this matter vigorously," MetLife spokesman Randy Clerihue said in an email.

"It is completely unacceptable for companies to pay women hundreds of thousands of dollars less than men who do the same or less work," said Michael Willemin of the law firm Wigdor, who represents Moazzaz, in a statement.

Moazzaz, who joined MetLife in 2012, said in her lawsuit that she was paid hundreds of thousands of dollars less than multiple men with similar or lesser responsibilities and unfairly passed over for promotion.

She said that a human resources executive referred to her as a "bitch" and repeatedly called her "the little one" rather than using her name.

Moazzaz said a male "leadership coach" the company assigned to her told her she needed to "choose between being pretty and being smart because men can't put you in both boxes" if she wanted to be promoted.

In 2018, Moazzaz said, she authored a "candidate strategy" for a MetLife executive, Martin Lippert, who was seeking to become its next CEO. Among other things, the document said MetLife had fallen short in hiring minorities and promoting women.

Lippert lost out to current MetLife CEO Michel Khalaf. Moazzaz said she was fired eight days after Khalaf took over.

Khalaf and other MetLife executives are also named as defendants in the lawsuit, which is brought under federal and New York law and seeks unspecified monetary damages.

MetLife Inc was sued for gender discrimination on Wednesday by a female former senior vice president who said she was underpaid, called a "bitch" and told she had to "choose between being pretty and being smart" while working at the insurance company.

MetLife Inc was sued for gender discrimination on Wednesday by a female former senior vice president who said she was underpaid, called a "bitch" and told she had to "choose between being pretty and being smart" while working at the insurance company. Mona Moazzaz, who served as a chief administrative officer in MetLife's global technology and operations department, said in a lawsuit filed in federal court in Manhattan that she was retaliated against and ultimately fired in May after authoring a document calling attention a lack of diversity at the company and other issues. "We believe the allegations are without merit and plan to defend this matter vigorously," MetLife spokesman Randy Clerihue said in an email. "It is completely unacceptable for companies to pay women hundreds of thousands of dollars less than men who do the same or less work," said Michael Willemin of the law firm Wigdor, who represents Moazzaz, in a statement. Moazzaz, who joined MetLife in 2012, said in her lawsuit that she was paid hundreds of thousands of dollars less than multiple men with similar or lesser responsibilities and unfairly passed over for promotion. She said that a human resources executive referred to her as a "bitch" and repeatedly called her "the little one" rather than using her name. Moazzaz said a male "leadership coach" the company assigned to her told her she needed to "choose between being pretty and being smart because men can't put you in both boxes" if she wanted to be promoted. In 2018, Moazzaz said, she authored a "candidate strategy" for a MetLife executive, Martin Lippert, who was seeking to become its next CEO. Among other things, the document said MetLife had fallen short in hiring minorities and promoting women. Lippert lost out to current MetLife CEO Michel Khalaf. Moazzaz said she was fired eight days after Khalaf took over. Khalaf and other MetLife executives are also named as defendants in the lawsuit, which is brought under federal and New York law and seeks unspecified monetary damages.

MetLife sued for gender discrimination by ex-chief administrative officer

Indian mobile carrier Vodafone Idea on Thursday reported the biggest quarterly loss in India's corporate history after making provisions for outstanding government dues.

Vodafone Idea, made up of the local unit of Vodafone Group Plc and billionaire Kumar Mangalam Birla's Idea Cellular, reported a consolidated net loss of 509 billion rupees ($7.13 billion) in the second quarter to September.

The company took a charge of 256.78 billion rupees for the quarter after India's Supreme Court last month upheld a demand by the telecoms department that wireless carriers pay 920 billion rupees in overdue levies and interest.

Vodafone Idea and rival Bharti Airtel, two of India's three main mobile carriers, will have to pay a bulk of this state demand.

Bharti Airtel on Thursday reported a consolidated net loss of 230.45 billion rupees ($3.23 billion) in three months to September.

Bharti said it made a provision of 284.50 billion rupees, more than 92% of the overall charge for exceptional items, after the Supreme Court ruling.

Telecom providers in India pay the Department of Telecommunications (DoT) nearly 3-5% of their adjusted gross revenue (AGR) in usage charges for spectrum or airwaves and 8% of AGR as licence fees.

The DoT and the mobile carriers have been at odds over the definition of AGR. The companies argue that AGR should comprise just revenue accrued from core services, while the DoT says AGR should include all revenue.

The Supreme Court last month upheld the DoT's view on AGR.

Vodafone Idea said it was in active discussions with the government seeking financial relief and also in the process of filing a review petition with the Supreme Court.

"It is to be noted that our ability to continue as a going concern is dependent on obtaining the reliefs from the government... and positive outcome of the proposed legal remedy," Vodafone Idea said in a statement.

The company's gross debt at end-Sept. stood at 1.17 trillion rupees. Analysts have previously warned that Vodafone Idea will be the worst hit after the Supreme Court ruling given its already stretched balance sheet.

"Vodafone results are a reflection of the company’s inability to compete effectively in a three-player market," said Deepa Dasani of HDFC Securities.

"Apart from its impact on its equity value, this result will surely result in wider financial repercussions because it will hit the lenders and debt investors in the company, including mutual funds."

Analysts on average expected Vodafone Idea to report a consolidated net loss of 44.22 billion rupees for the quarter, according to Refinitiv data, although those figures did not include the charge.

The wireless carrier had posted a net loss of 49.74 billion rupees a year ago.

Vodafone Idea's consolidated revenue from operations for the quarter rose 41.4% year-on-year to 108.44 billion rupees.

On Thursday, Vodafone Idea said it plans to sell its 11.15% stake in mobile mast operator Indus Towers once its merger with Bharti Infratel receives regulatory clearances.

Bharti Airtel's MD and CEO, India &amp; South Asia, Gopal Vittal said: "We continue to engage with the government and are evaluating various options available to us."

"We are hopeful that the government will take a considerate view in this matter given the fragile state of the industry," Gobal said.

Analysts on average expected Bharti Airtel to report a loss of 11.16 billion rupees for the three months to the end of September, according to Refinitiv data.

Bharti, which runs operations in South Asia and Africa, said its Indian revenue rose 3% year-on-year to 153.61 billion rupees.

Earlier on Thursday, Singapore-based Singtel posted a second-quarter loss of S$668 million ($491.29 million) hurt by a one-time charge recorded by Bharti.

Singtel is the biggest shareholder in Bharti Airtel, with an effective stake of about 35%.

Indian mobile carrier Vodafone Idea on Thursday reported the biggest quarterly loss in India's corporate history after making provisions for outstanding government dues.

Indian mobile carrier Vodafone Idea on Thursday reported the biggest quarterly loss in India's corporate history after making provisions for outstanding government dues. Vodafone Idea, made up of the local unit of Vodafone Group Plc and billionaire Kumar Mangalam Birla's Idea Cellular, reported a consolidated net loss of 509 billion rupees ($7.13 billion) in the second quarter to September. The company took a charge of 256.78 billion rupees for the quarter after India's Supreme Court last month upheld a demand by the telecoms department that wireless carriers pay 920 billion rupees in overdue levies and interest. Vodafone Idea and rival Bharti Airtel, two of India's three main mobile carriers, will have to pay a bulk of this state demand. Bharti Airtel on Thursday reported a consolidated net loss of 230.45 billion rupees ($3.23 billion) in three months to September. Bharti said it made a provision of 284.50 billion rupees, more than 92% of the overall charge for exceptional items, after the Supreme Court ruling. Telecom providers in India pay the Department of Telecommunications (DoT) nearly 3-5% of their adjusted gross revenue (AGR) in usage charges for spectrum or airwaves and 8% of AGR as licence fees. The DoT and the mobile carriers have been at odds over the definition of AGR. The companies argue that AGR should comprise just revenue accrued from core services, while the DoT says AGR should include all revenue. The Supreme Court last month upheld the DoT's view on AGR. Vodafone Idea said it was in active discussions with the government seeking financial relief and also in the process of filing a review petition with the Supreme Court. "It is to be noted that our ability to continue as a going concern is dependent on obtaining the reliefs from the government... and positive outcome of the proposed legal remedy," Vodafone Idea said in a statement. The company's gross debt at end-Sept. stood at 1.17 trillion rupees. Analysts have previously warned that Vodafone Idea will be the worst hit after the Supreme Court ruling given its already stretched balance sheet. "Vodafone results are a reflection of the company’s inability to compete effectively in a three-player market," said Deepa Dasani of HDFC Securities. "Apart from its impact on its equity value, this result will surely result in wider financial repercussions because it will hit the lenders and debt investors in the company, including mutual funds." Analysts on average expected Vodafone Idea to report a consolidated net loss of 44.22 billion rupees for the quarter, according to Refinitiv data, although those figures did not include the charge. The wireless carrier had posted a net loss of 49.74 billion rupees a year ago. Vodafone Idea's consolidated revenue from operations for the quarter rose 41.4% year-on-year to 108.44 billion rupees. On Thursday, Vodafone Idea said it plans to sell its 11.15% stake in mobile mast operator Indus Towers once its merger with Bharti Infratel receives regulatory clearances. Bharti Airtel's MD and CEO, India & South Asia, Gopal Vittal said: "We continue to engage with the government and are evaluating various options available to us." "We are hopeful that the government will take a considerate view in this matter given the fragile state of the industry," Gobal said. Analysts on average expected Bharti Airtel to report a loss of 11.16 billion rupees for the three months to the end of September, according to Refinitiv data. Bharti, which runs operations in South Asia and Africa, said its Indian revenue rose 3% year-on-year to 153.61 billion rupees. Earlier on Thursday, Singapore-based Singtel posted a second-quarter loss of S$668 million ($491.29 million) hurt by a one-time charge recorded by Bharti. Singtel is the biggest shareholder in Bharti Airtel, with an effective stake of about 35%.

Vodafone Idea makes $7 billion loss after provisions for government dues

Indian shares edged lower on Thursday, after retail inflation breached the Reserve Bank of India's (RBI) medium-term target of 4% for the first time in 15 months, while lenders fretted about possible insolvency of Vodafone Idea.

Annual retail inflation rose to 4.62% last month on higher food prices, but most economists expect the central bank to look past the inflation print and cut rates for a sixth straight time next month.

Higher inflation and reports of liquidation of Vodafone Idea were pulling down the markets, said Sumit Pokharna, vice president, Kotak Securities.

"If Vodafone Idea goes for a toss, then the pain will come to the banks. Again, the next leg of non-performing assets will start. Even private banks have exposure to Vodafone Idea," he said.

Aditya Birla Group will not infuse fresh equity into its venture with Vodafone and let it opt for insolvency if the government does not provide substantial relief, the Economic Times reported, quoting senior executives.

Vodafone Idea shares slumped as much as 23% to a record low in early trade.

Earlier this week, Vodafone said its future in India could be in doubt unless the government stopped hitting operators with higher taxes and charges, after a court judgment over licence fees resulted in a 1.9 billion euro group loss in its first half.

The NSE Nifty 50 index was down 0.3% at 11,806.65 as of 0413 GMT, while the S&amp;P BSE Sensex was 0.15% lower at 40,051.12.

The Nifty bank index, the public sector undertaking index and the private bank index&nbsp;were the top losers, down by 0.6% to 2.3%. All indexes except the Nifty information technology were in the red.

Bharti Infratel fell 8.7% and was the top loser in the Nifty 50, while Bharti Airtel fell 3.5% ahead of quarterly results due later in the day.

Indian shares edged lower on Thursday, after retail inflation breached the Reserve Bank of India's (RBI) medium-term target of 4% for the first time in 15 months, while lenders fretted about possible insolvency of Vodafone Idea.

Indian shares edged lower on Thursday, after retail inflation breached the Reserve Bank of India's (RBI) medium-term target of 4% for the first time in 15 months, while lenders fretted about possible insolvency of Vodafone Idea. Annual retail inflation rose to 4.62% last month on higher food prices, but most economists expect the central bank to look past the inflation print and cut rates for a sixth straight time next month. Higher inflation and reports of liquidation of Vodafone Idea were pulling down the markets, said Sumit Pokharna, vice president, Kotak Securities. "If Vodafone Idea goes for a toss, then the pain will come to the banks. Again, the next leg of non-performing assets will start. Even private banks have exposure to Vodafone Idea," he said. Aditya Birla Group will not infuse fresh equity into its venture with Vodafone and let it opt for insolvency if the government does not provide substantial relief, the Economic Times reported, quoting senior executives. Vodafone Idea shares slumped as much as 23% to a record low in early trade. Earlier this week, Vodafone said its future in India could be in doubt unless the government stopped hitting operators with higher taxes and charges, after a court judgment over licence fees resulted in a 1.9 billion euro group loss in its first half. The NSE Nifty 50 index was down 0.3% at 11,806.65 as of 0413 GMT, while the S&P BSE Sensex was 0.15% lower at 40,051.12. The Nifty bank index, the public sector undertaking index and the private bank index were the top losers, down by 0.6% to 2.3%. All indexes except the Nifty information technology were in the red. Bharti Infratel fell 8.7% and was the top loser in the Nifty 50, while Bharti Airtel fell 3.5% ahead of quarterly results due later in the day.

Indian markets witness fall on inflation data in early trade; telecom worries hurt banks