National Handloom Day 2026: From Alia Bhatt to Samantha Ruth Prabhu; Actresses who celebrated India's textile heritage as brides

The Royals enter the Doctor Who universe: King Charles and Queen Camilla beam into Commonwealth Games in TARDIS

Unitree Robotics targets $9 billion valuation in landmark IPO backed by DeepSeek and Tencent

India names 27 sites in Arunachal Pradesh

Bharat Bhhagya Viddhaata OTT: When will Kangana Ranaut's film stream online?

How many soldiers operate one S-400 battery?

Shakib Al Hasan ready to return to Bangladesh—under one condition

‘Fake news’: MEA rejects report claiming India sought defence pact with Israel after Pakistan, Saudi Arabia, Turkey deal

Rockstar to unveil GTA 6 extended look ahead of November launch

Russia forms Ukrainian Volunteer Spetsnaz Brigade to fight Ukraine

Drug-resistant fungus that hides in hair and enters bloodstream reported in 23 US states

Technology transfer deal boosts India's defence manufacturing ambitions

Border row erupts in Europe after Ceuta crossings, Spain imposes border controls on Italy

Morale plummets on USS Abraham Lincoln: Are US sailors reaching a breaking point? | GRAVITAS

'Security can't be bought with Pakistan, Turkey deal': Iran tells Saudi Arabia

Baba Vanga's 2026 prophecy: 2 predictions 'already came true', 3 terrifying ones remain. Details inside

Colombia’s new president Abelardo de la Espriella vows to ‘defeat narco-terrorists’, signals hardline shift

New Friday OTT releases (August 7, 2026): Operation Safed Sagar, Vadhandhi, Main Vaapis Aaunga- 6 movies and TV shows on Netflix, Prime Video and more

Squadron Leader Bhawana Kanth scripts history as Indian Air Force gets its first woman ‘Top Gun’ pilot

RSS says Gen Z protests reflect genuine distress

Trump says Iranian school bombing photos could be AI-generated - 'I don’t think...'

IAF officer held for sharing sensitive information in 'honey trap' case, booked under Official Secrets Act

Stray Kids under scrutiny? Fans react to Grammy submission silence after BTS boycott

Why the Su-30MKI doesn't need external fuel tanks to fly vast distances

Jugal Hansraj reunites with Shekhar Kapur after 40 years for Masoom: The Next Generation

New speed limits, automatic challans: Big traffic change coming to Delhi-Meerut Expressway. All you need to know

India officially names 27 places in Arunachal to counter China's renaming claims

Trump calls White House ballroom ruling a 'national disgrace' as court says Congress approval needed

US sanctions Iran’s crypto network after Strait of Hormuz attacks, offers $15m bounty for intel on IRGC finance

Why the Su-30MKI is one of the heaviest fighters ever built

Uttarakhand young innovator builds India's own flying vehicle, conducts first test flight: WATCH

Chilling video shows students take cover as teen opens fire at Thai school

Reese Witherspoon's father hospitalised after poolside incident in Nashville: Report

Hong Kong slid into recession for the first time in a decade in the third quarter, weighed down by increasingly violent anti-government protests and the protracted <a href="https://www.wionews.com/world/beijing-ends-key-conclave-with-promise-to-protect-hong-kong-259098">US-China trade war</a>.

<a href="https://www.wionews.com/world/hong-kong-police-fire-tear-gas-in-kowloon-as-protesters-across-harbour-gatecrash-halloween-259091">Five months of protests</a> have battered the Chinese-ruled city's retail and tourism sector, and there is no sign of the demonstrations abating. Police tightened security on Thursday ahead of more potential clashes.

The city's economy shrank 3.2% in July-September from the preceding period, contracting for a second straight quarter and meeting the technical definition of a recession, according to preliminary government data on Thursday.

From a year earlier, gross domestic product (GDP) contracted 2.9%. The readings were the weakest for the Asian financial hub since the global financial crisis in 2008/2009.

The government also revised down second-quarter GDP data to show growth of 0.4% year-on-year, from a preliminary estimate of 0.6% and a later reading of 0.5%. Quarter-on-quarter was revised down to -0.5%, versus a preliminary forecast of -0.3% and a later reading of -0.4%.

Watch: Five months of Hong Kong protests take a toll on the economy

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/hong-kong-five-months-of-protests-take-a-toll-on-the-economy-258668/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

"Domestic demand worsened significantly," the government said in a statement.

"As the weakening economic conditions dampened consumer sentiment and large-scale demonstrations cause severe disruptions to the retail, catering and other consumer-related sectors, private consumption expenditure recorded its first year-on-year decline in more than 10 years."

The government said that with no sign of protests abating, private consumption and investment sentiment would continue to be affected.

Some Hong Kong businesses have asked employees to take unpaid leave as tourists steer clear of sometimes violent running battles between protesters and police in key shopping areas and malls.

Capital Economics said in a research note that while GDP would probably continue to contract in the fourth quarter, the pace of contraction should ease barring a further escalation in the demonstrations.

"Any recovery will be constrained by weak business investment, however, as the city’s political crisis has done lasting damage to its reputation as a stable and autonomous financial hub," it said in a note to clients.

The protests and escalating violence have plunged the former British colony into its biggest political crisis in decades and unnerved many in the business and financial communities.

Protesters are angry at what they see as Beijing’s increasing interference in the Chinese-ruled city. China denies meddling and has accused foreign governments, including the United States and Britain, of stirring up trouble.

The city's leader Carrie Lam warned on Tuesday that full-year growth could contract.

Almost all growth engines in the Asian financial hub stalled over the summer as shops shut to avoid clashes between riot police and protesters, while the Sino-US trade war intensified. Hong Kong is one of the world's most popular tourism destinations and a bustling container port.

Retail sales fell the most on record year-on-year in August, while tourist arrivals dropped the most since Severe Acute Respiratory Syndrome (SARS) struck Hong Kong in 2003.

Last week, the government announced relief measures of HK$2 billion (£197 million) to support the economy, particularly in its transport, tourism and retail industries, and more is expected. It has also urged landlords to cut rents for struggling businesses.

But there is no guarantee Beijing will come to Hong Kong's rescue as it has done during previous downturns, at times relaxing mainland visitor restrictions to boost tourism.

"There is no liquidity bail-out for Hong Kong, ever. This is it. It's not coming back," said Andy Xie, a Shanghai-based independent economist formerly at Morgan Stanley.

Hong Kong slid into recession for the first time in a decade in the third quarter, weighed down by increasingly violent anti-government protests and the protracted US-China trade war.

Hong Kong slid into recession for the first time in a decade in the third quarter, weighed down by increasingly violent anti-government protests and the protracted US-China trade war. Five months of protests have battered the Chinese-ruled city's retail and tourism sector, and there is no sign of the demonstrations abating. Police tightened security on Thursday ahead of more potential clashes. The city's economy shrank 3.2% in July-September from the preceding period, contracting for a second straight quarter and meeting the technical definition of a recession, according to preliminary government data on Thursday. From a year earlier, gross domestic product (GDP) contracted 2.9%. The readings were the weakest for the Asian financial hub since the global financial crisis in 2008/2009. The government also revised down second-quarter GDP data to show growth of 0.4% year-on-year, from a preliminary estimate of 0.6% and a later reading of 0.5%. Quarter-on-quarter was revised down to -0.5%, versus a preliminary forecast of -0.3% and a later reading of -0.4%. Watch: Five months of Hong Kong protests take a toll on the economy × "Domestic demand worsened significantly," the government said in a statement. "As the weakening economic conditions dampened consumer sentiment and large-scale demonstrations cause severe disruptions to the retail, catering and other consumer-related sectors, private consumption expenditure recorded its first year-on-year decline in more than 10 years." The government said that with no sign of protests abating, private consumption and investment sentiment would continue to be affected. Some Hong Kong businesses have asked employees to take unpaid leave as tourists steer clear of sometimes violent running battles between protesters and police in key shopping areas and malls. Capital Economics said in a research note that while GDP would probably continue to contract in the fourth quarter, the pace of contraction should ease barring a further escalation in the demonstrations. "Any recovery will be constrained by weak business investment, however, as the city’s political crisis has done lasting damage to its reputation as a stable and autonomous financial hub," it said in a note to clients. The protests and escalating violence have plunged the former British colony into its biggest political crisis in decades and unnerved many in the business and financial communities. Protesters are angry at what they see as Beijing’s increasing interference in the Chinese-ruled city. China denies meddling and has accused foreign governments, including the United States and Britain, of stirring up trouble. The city's leader Carrie Lam warned on Tuesday that full-year growth could contract. Almost all growth engines in the Asian financial hub stalled over the summer as shops shut to avoid clashes between riot police and protesters, while the Sino-US trade war intensified. Hong Kong is one of the world's most popular tourism destinations and a bustling container port. Retail sales fell the most on record year-on-year in August, while tourist arrivals dropped the most since Severe Acute Respiratory Syndrome (SARS) struck Hong Kong in 2003. Last week, the government announced relief measures of HK$2 billion (£197 million) to support the economy, particularly in its transport, tourism and retail industries, and more is expected. It has also urged landlords to cut rents for struggling businesses. But there is no guarantee Beijing will come to Hong Kong's rescue as it has done during previous downturns, at times relaxing mainland visitor restrictions to boost tourism. "There is no liquidity bail-out for Hong Kong, ever. This is it. It's not coming back," said Andy Xie, a Shanghai-based independent economist formerly at Morgan Stanley.

Hong Kong falls into first recession in 10 years as protests, trade war weigh

Google has agreed to buy Fitbit for $2.1 billion in a move giving the United States tech giant entry into the wearable technology space, the two companies announced Friday.

The move comes with <a href="https://www.wionews.com/business-economy/google-unveils-quantum-computer-breakthrough-critics-say-wait-a-qubit-257805">Google</a> seeking to expand beyond its core business of online search into hardware, and with Fitbit struggling against rivals including Apple.

"We have built a trusted brand that supports more than 28 million active users around the globe who rely on our products to live a healthier, more active life," Fitbit co-founder and chief executive James Park said in a statement by the two firms announcing the deal.

"Google is an ideal partner to advance our mission.&nbsp;Fitbit will be able to accelerate innovation in the wearables category, scale faster, and make health even more accessible to everyone. I could not be more excited for what lies ahead."

Rick Osterloh, Google senior vice president for devices and services, said the deal for the wearable tech pioneer is one "bringing together the best hardware, software and AI, to build wearables to help even more people around the world."

While Fitbit was among the first to popularize fitness bands, it has lost ground in recent years to rivals.

A survey by research firm IDC for the second quarter of 2019 found Fitbit in fourth place in a market led by China's Xiaomi leading the global market, followed by Apple, which makes the leading smartwatch, and Chinese-based Huawei.

Fitbit has introduced its own smartwatch in 2017 but it has failed to keep pace with the Apple Watch.

<a href="https://www.wionews.com/world/google-completes-first-drone-delivery-in-united-states-256963">Google</a>, which faces pressure from regulators around the world over its dominance of internet search, has been boosting its hardware offerings, including a line of Pixel smartphones and tablets, along with connected speakers.

Google has agreed to buy Fitbit for $2.1 billion in a move giving the United States tech giant entry into the wearable technology space, the two companies announced Friday.

Google has agreed to buy Fitbit for $2.1 billion in a move giving the United States tech giant entry into the wearable technology space, the two companies announced Friday. The move comes with Google seeking to expand beyond its core business of online search into hardware, and with Fitbit struggling against rivals including Apple. "We have built a trusted brand that supports more than 28 million active users around the globe who rely on our products to live a healthier, more active life," Fitbit co-founder and chief executive James Park said in a statement by the two firms announcing the deal. "Google is an ideal partner to advance our mission. Fitbit will be able to accelerate innovation in the wearables category, scale faster, and make health even more accessible to everyone. I could not be more excited for what lies ahead." Rick Osterloh, Google senior vice president for devices and services, said the deal for the wearable tech pioneer is one "bringing together the best hardware, software and AI, to build wearables to help even more people around the world." While Fitbit was among the first to popularize fitness bands, it has lost ground in recent years to rivals. A survey by research firm IDC for the second quarter of 2019 found Fitbit in fourth place in a market led by China's Xiaomi leading the global market, followed by Apple, which makes the leading smartwatch, and Chinese-based Huawei. Fitbit has introduced its own smartwatch in 2017 but it has failed to keep pace with the Apple Watch. Google, which faces pressure from regulators around the world over its dominance of internet search, has been boosting its hardware offerings, including a line of Pixel smartphones and tablets, along with connected speakers.

Google to buy wearable maker Fitbit for $2.1 billion

Domestic Stock market indices were volatile on Friday but traded in a narrow range throughout the trading session.

The Sensex ended 36 points higher at 40,165 while the Nifty 50 edged higher by 22.05 points to 11,899.50.

Most sectoral indices at the National Stock Exchange were in the green except for Nifty auto and IT. Nifty media jumped by 7.6 per cent while metal was up by 2.3 per cent.

On a weekly basis, Sensex gained 2.83 per cent while Nifty added 2.72 per cent.

Sectorally, barring auto and IT stocks, all the sectoral indices on the NSE ended in the green. Media stocks jumped the most with the Nifty Media jumping nearly 8 per cent to 1,923.15 levels.&nbsp;

(With inputs from ANI)

Domestic Stock market indices were volatile on Friday but traded in a narrow range throughout the trading session. The Sensex ended 36 points higher at 40,165 while the Nifty 50 edged higher by 22.

Domestic Stock market indices were volatile on Friday but traded in a narrow range throughout the trading session. The Sensex ended 36 points higher at 40,165 while the Nifty 50 edged higher by 22.05 points to 11,899.50. Most sectoral indices at the National Stock Exchange were in the green except for Nifty auto and IT. Nifty media jumped by 7.6 per cent while metal was up by 2.3 per cent. On a weekly basis, Sensex gained 2.83 per cent while Nifty added 2.72 per cent. Sectorally, barring auto and IT stocks, all the sectoral indices on the NSE ended in the green. Media stocks jumped the most with the Nifty Media jumping nearly 8 per cent to 1,923.15 levels. (With inputs from ANI)

Sensex holds above 40,000 mark, Nifty closes at 11,899.50

Apple TV+, the iPhone maker's entry into the crowded streaming TV market, debuts on Friday as the first "all-original" subscription video service, according to <a href="https://www.wionews.com/business-economy/apple-beats-profit-forecasts-amid-growth-in-services-wearables-258969">Apple Inc</a> Chief Executive Tim Cook.

All of the programming is original because, unlike Netflix Inc and the forthcoming Disney+ from Walt Disney Co, Apple does not have rights to a back catalogue of TV shows and movies.

That makes Apple's offering relatively slim compared to other online video services. It is also cheaper than competitors at $4.99 per month. And anyone who has purchased an iPhone, iPad, Apple TV device, iPod touch or Mac after Sept. 10 can get a free subscription for one year.

Cook, in an interview with Reuters on Wednesday, said he welcomes the wide range of competition in streaming video because he believes it will encourage more people to drop cable television and seek digital entertainment options.

"That really advantages not only Apple, but everyone in the streaming field," Cook said.

Launching in more than 100 countries and territories, Apple TV+ will debut with four TV series for adults, an episode of "Oprah's Book Club," a nature documentary, and three children's series. Additional programming will be added each month.

Here is what to expect on day one.

The Morning Show: One of Apple's most heavily promoted programs, the drama series stars Jennifer Aniston in her first TV role since "Friends," alongside Reese Witherspoon and Steve Carell. The series, set behind the scenes of a morning news show, explores power dynamics between men and women in the workplace, ethics in the news business and ageism.

Reaction from TV critics has been mixed, with a 59 percent positive rating as of Thursday on the Rotten Tomatoes website, which aggregates reviews.

The Hollywood Reporter's Daniel Fienberg said the show started with "a brutally dull pilot and a meandering second episode" before picking up steam in later episodes.

Judy Berman of Time magazine called the series "a sophisticated drama with A-list stars that capitalizes on hot topics and hot gossip."

The first three episodes of a planned 10-episode season debut on Friday. A new episode will be released each Friday thereafter.&nbsp;

For All Mankind: This 10-episode science-fiction drama series imagines a world where the Soviet Union wins the space race. That sets the stage for an alternate history with sweeping ripple effects on everything from women's rights and the environment to the Vietnam War.

Among reviews collected on the Rotten Tomatoes website, 73 percent were positive as of Thursday.

"The sprawling, yet precisely calibrated alt history is Tim Cook and Apple's first total touchdown," wrote Dominic Patten of Deadline Hollywood.

As with "The Morning Show," the first three episodes debut on Friday, and a new episode will be released each Friday thereafter.

Dickinson: Set in the 19th Century, the series is a half-hour dark comedy that reimagines poet Emily Dickinson, played by Hailee Steinfeld, as a rebellious teenager.

It had a 76 percent positive rating on Rotten Tomatoes as of Thursday. All 10 episodes launch on Friday.

See: Starring "Aquaman" and "Game of Thrones" actor Jason Momoa, the epic drama takes place 600 years in the future after a virus has decimated most of humankind. Those who have survived are blind and must adapt while fighting to protect themselves from a powerful queen. Alfre Woodard co-stars.

"See" scored the lowest among TV critics, earning a 43 percent positive rating on Rotten Tomatoes.

"Although the show creates a ruthless world - the action is brutal and visceral, and the story advances quickly - it's not inventive enough to overcome the stilted dialogue and stock characters," wrote Brian Lowry of CNN.com.

The first three of eight episodes debut on Friday, and a new one will be released every Friday thereafter.

Oprah's Book Club: In the first episode, Oprah Winfrey discusses the novel "The Water Dancer" with author Ta-Nehisi Coates. The book tells the story of a young man who was born into slavery and later joins the abolitionist movement and the underground railroad.

Apple TV+, the iPhone maker's entry into the crowded streaming TV market, debuts on Friday as the first "all-original" subscription video service, according to Apple Inc Chief Executive Tim Cook.

Apple TV+, the iPhone maker's entry into the crowded streaming TV market, debuts on Friday as the first "all-original" subscription video service, according to Apple Inc Chief Executive Tim Cook. All of the programming is original because, unlike Netflix Inc and the forthcoming Disney+ from Walt Disney Co, Apple does not have rights to a back catalogue of TV shows and movies. That makes Apple's offering relatively slim compared to other online video services. It is also cheaper than competitors at $4.99 per month. And anyone who has purchased an iPhone, iPad, Apple TV device, iPod touch or Mac after Sept. 10 can get a free subscription for one year. Cook, in an interview with Reuters on Wednesday, said he welcomes the wide range of competition in streaming video because he believes it will encourage more people to drop cable television and seek digital entertainment options. "That really advantages not only Apple, but everyone in the streaming field," Cook said. Launching in more than 100 countries and territories, Apple TV+ will debut with four TV series for adults, an episode of "Oprah's Book Club," a nature documentary, and three children's series. Additional programming will be added each month. Here is what to expect on day one. The Morning Show: One of Apple's most heavily promoted programs, the drama series stars Jennifer Aniston in her first TV role since "Friends," alongside Reese Witherspoon and Steve Carell. The series, set behind the scenes of a morning news show, explores power dynamics between men and women in the workplace, ethics in the news business and ageism. Reaction from TV critics has been mixed, with a 59 percent positive rating as of Thursday on the Rotten Tomatoes website, which aggregates reviews. The Hollywood Reporter's Daniel Fienberg said the show started with "a brutally dull pilot and a meandering second episode" before picking up steam in later episodes. Judy Berman of Time magazine called the series "a sophisticated drama with A-list stars that capitalizes on hot topics and hot gossip." The first three episodes of a planned 10-episode season debut on Friday. A new episode will be released each Friday thereafter. For All Mankind: This 10-episode science-fiction drama series imagines a world where the Soviet Union wins the space race. That sets the stage for an alternate history with sweeping ripple effects on everything from women's rights and the environment to the Vietnam War. Among reviews collected on the Rotten Tomatoes website, 73 percent were positive as of Thursday. "The sprawling, yet precisely calibrated alt history is Tim Cook and Apple's first total touchdown," wrote Dominic Patten of Deadline Hollywood. As with "The Morning Show," the first three episodes debut on Friday, and a new episode will be released each Friday thereafter. Dickinson: Set in the 19th Century, the series is a half-hour dark comedy that reimagines poet Emily Dickinson, played by Hailee Steinfeld, as a rebellious teenager. It had a 76 percent positive rating on Rotten Tomatoes as of Thursday. All 10 episodes launch on Friday. See: Starring "Aquaman" and "Game of Thrones" actor Jason Momoa, the epic drama takes place 600 years in the future after a virus has decimated most of humankind. Those who have survived are blind and must adapt while fighting to protect themselves from a powerful queen. Alfre Woodard co-stars. "See" scored the lowest among TV critics, earning a 43 percent positive rating on Rotten Tomatoes. "Although the show creates a ruthless world - the action is brutal and visceral, and the story advances quickly - it's not inventive enough to overcome the stilted dialogue and stock characters," wrote Brian Lowry of CNN.com. The first three of eight episodes debut on Friday, and a new one will be released every Friday thereafter. Oprah's Book Club: In the first episode, Oprah Winfrey discusses the novel "The Water Dancer" with author Ta-Nehisi Coates. The book tells the story of a young man who was born into slavery and later joins the abolitionist movement and the underground railroad.

AppleTV+ debuts streaming TV service with Oprah and Aniston

Novo&nbsp;Nordisk&nbsp;posted third-quarter operating profit a touch below expectations on Friday on weak insulin&nbsp;sales&nbsp;and impairments but nudged&nbsp;up&nbsp;its&nbsp;sales&nbsp;outlook&nbsp;on hopes for&nbsp;new&nbsp;type 2 diabetes and obesity&nbsp;drugs.

Novo&nbsp;now sees&nbsp;2019&nbsp;sales&nbsp;growth at 5-6 per cent&nbsp;versus 4-6 per cent&nbsp;previously, and held its forecast for operating profit growth at 4-6 per cent, both in local currency terms. It said operating profit rose 9 per cent&nbsp;in the last quarter, slightly below analysts' forecasts.

Shares in the healthcare group&nbsp;traded&nbsp;up&nbsp;1.6 per cent&nbsp;at 0923 GMT, outperforming a 0.3 per cent&nbsp;rise in the broader European STOXX 600 index and a 1.4 per cent&nbsp;increase in Copenhagen's main index.&nbsp;

The world's largest maker of diabetes&nbsp;drugs&nbsp;is betting on&nbsp;new&nbsp;treatments, including a first-of-its-kind tablet, to offset pricing pressure from competing insulins and US&nbsp;lawmakers, who have been critical of rising drug costs.

Sales&nbsp;of its&nbsp;new&nbsp;once-weekly injectable treatment, branded Ozempic, reached 6,872 million Danish crowns&nbsp;for the first nine months, attaining blockbuster status.

Ozempic's third-quarter&nbsp;sales&nbsp;came in 11&nbsp;stronger than expected, said Jefferies analysts.

The&nbsp;new&nbsp;drug is a competitor of Eli Lilly's Trulicity. Both&nbsp;drugs&nbsp;belong to the GLP-1 drug class, which imitate an intestinal hormone that stimulates the production of insulin.

These&nbsp;drugs&nbsp;are more expensive but make&nbsp;up&nbsp;a growing share of the diabetes market, as they have proved effective in reducing diabetes patients' blood glucose levels and weight.

"We believe we have the better product both in terms of glucose-lowering, weight (reduction) and the cardiovascular safety profile," said chief financial officer Karsten Munk Knudsen, referring to clinical trials.

"Our&nbsp;sales&nbsp;reps have what they need to go into the market and compete vis-a-vis with Trulicity," he said, adding that&nbsp;Novo&nbsp;is taking market share from Eli Lilly in the GLP-1 market.

Competition in the GLP-1 space is set to further increase as&nbsp;Novo&nbsp;recently won approval for its once-daily oral pill Rybelsus, which is aimed at patients with an aversion to needles used to deliver other diabetes treatments.

Third-quarter Trulicity&nbsp;sales&nbsp;fell short of Wall Street expectations with some analysts suggesting they were likely hurt by Lilly's efforts to defend its market share against the&nbsp;upcoming launch of Rybelsus.

Novo's third-quarter operating profit came in at 12.9 billion Danish crowns, slightly below the 13.1 billion forecast in a Refinitiv poll partly due to higher impairment charges.

Depreciation, amortisation and impairment losses this year are now seen 1 billion crowns higher than previously anticipated,&nbsp;Novo&nbsp;said.

Sales&nbsp;of&nbsp;Novo's GLP-1&nbsp;drugs&nbsp;grew 28 per cent, while total insulin&nbsp;sales&nbsp;fell 1 per cent.

Novo Nordisk posted third-quarter operating profit a touch below expectations on Friday on weak insulin sales and impairments but nudged up its sales outlook on hopes for new type 2 diabetes and obesity drugs.

Novo Nordisk posted third-quarter operating profit a touch below expectations on Friday on weak insulin sales and impairments but nudged up its sales outlook on hopes for new type 2 diabetes and obesity drugs. Novo now sees 2019 sales growth at 5-6 per cent versus 4-6 per cent previously, and held its forecast for operating profit growth at 4-6 per cent, both in local currency terms. It said operating profit rose 9 per cent in the last quarter, slightly below analysts' forecasts. Shares in the healthcare group traded up 1.6 per cent at 0923 GMT, outperforming a 0.3 per cent rise in the broader European STOXX 600 index and a 1.4 per cent increase in Copenhagen's main index. The world's largest maker of diabetes drugs is betting on new treatments, including a first-of-its-kind tablet, to offset pricing pressure from competing insulins and US lawmakers, who have been critical of rising drug costs. Sales of its new once-weekly injectable treatment, branded Ozempic, reached 6,872 million Danish crowns for the first nine months, attaining blockbuster status. Ozempic's third-quarter sales came in 11 stronger than expected, said Jefferies analysts. The new drug is a competitor of Eli Lilly's Trulicity. Both drugs belong to the GLP-1 drug class, which imitate an intestinal hormone that stimulates the production of insulin. These drugs are more expensive but make up a growing share of the diabetes market, as they have proved effective in reducing diabetes patients' blood glucose levels and weight. "We believe we have the better product both in terms of glucose-lowering, weight (reduction) and the cardiovascular safety profile," said chief financial officer Karsten Munk Knudsen, referring to clinical trials. "Our sales reps have what they need to go into the market and compete vis-a-vis with Trulicity," he said, adding that Novo is taking market share from Eli Lilly in the GLP-1 market. Competition in the GLP-1 space is set to further increase as Novo recently won approval for its once-daily oral pill Rybelsus, which is aimed at patients with an aversion to needles used to deliver other diabetes treatments. Third-quarter Trulicity sales fell short of Wall Street expectations with some analysts suggesting they were likely hurt by Lilly's efforts to defend its market share against the upcoming launch of Rybelsus. Novo's third-quarter operating profit came in at 12.9 billion Danish crowns, slightly below the 13.1 billion forecast in a Refinitiv poll partly due to higher impairment charges. Depreciation, amortisation and impairment losses this year are now seen 1 billion crowns higher than previously anticipated, Novo said. Sales of Novo's GLP-1 drugs grew 28 per cent, while total insulin sales fell 1 per cent.

Novo Nordisk nudges up 2019 sales outlook as new drugs excel

Mazda&nbsp;Motor Corp&nbsp;cut its annual&nbsp;profit&nbsp;forecast by nearly half on Friday as the Japanese automaker expects a&nbsp;strong&nbsp;yen&nbsp;and falling cars&nbsp;sales&nbsp;in the United States and&nbsp;China, its biggest markets, to drive earnings to a seven-year low.

Japan's fifth-largest automaker expects to post $555.4 million&nbsp;in operating&nbsp;profit&nbsp;for the year ending March, down from a prior outlook of 110 billion&nbsp;yen, and lower than a mean forecast of 69.5 billion&nbsp;yen&nbsp;from 20 analysts polled by Refinitiv.

It represents a cut of nearly&nbsp;30 per cent&nbsp;from 82.3 billion&nbsp;yen&nbsp;profit&nbsp;a year ago.

The downgrade comes after operating&nbsp;profit&nbsp;came in at 18.8 billion&nbsp;yen&nbsp;in the July-September quarter, above analysts' forecast of 14.4 billion&nbsp;yen, although&nbsp;profit&nbsp;fell for the fourth straight quarter.

Quarterly operating&nbsp;profit&nbsp;recovered from a 2.9 billion&nbsp;yen&nbsp;loss a year ago.

Demand for&nbsp;Mazda&nbsp;vehicles, including the&nbsp;Mazda3 sedan and the CX-5 SUV crossover, has slumped since the company posted record annual&nbsp;sales&nbsp;of about 1.6 million vehicles in fiscal 2018.

Mazda&nbsp;posted global&nbsp;sales&nbsp;of 378,000 units for the quarter, down 4 per cent&nbsp;from a year ago, partly due to sluggish&nbsp;sales&nbsp;in the United States and&nbsp;China.

Global automakers have been grappling with a&nbsp;sales&nbsp;slowdown, as a prolonged trade war between Washington and Beijing and slowing growth in&nbsp;China&nbsp;have cut demand for cars in the world's top two economies.

The slowdown comes as carmakers invest heavily in electric cars, autonomous driving technologies and ride-sharing services to survive a market shift away from car ownership.

Mazda Motor Corp cut its annual profit forecast by nearly half on Friday as the Japanese automaker expects a strong yen and falling cars sales in the United States and China, its biggest markets, to drive earnings to a seven-year low.

Mazda Motor Corp cut its annual profit forecast by nearly half on Friday as the Japanese automaker expects a strong yen and falling cars sales in the United States and China, its biggest markets, to drive earnings to a seven-year low. Japan's fifth-largest automaker expects to post $555.4 million in operating profit for the year ending March, down from a prior outlook of 110 billion yen, and lower than a mean forecast of 69.5 billion yen from 20 analysts polled by Refinitiv. It represents a cut of nearly 30 per cent from 82.3 billion yen profit a year ago. The downgrade comes after operating profit came in at 18.8 billion yen in the July-September quarter, above analysts' forecast of 14.4 billion yen, although profit fell for the fourth straight quarter. Quarterly operating profit recovered from a 2.9 billion yen loss a year ago. Demand for Mazda vehicles, including the Mazda3 sedan and the CX-5 SUV crossover, has slumped since the company posted record annual sales of about 1.6 million vehicles in fiscal 2018. Mazda posted global sales of 378,000 units for the quarter, down 4 per cent from a year ago, partly due to sluggish sales in the United States and China. Global automakers have been grappling with a sales slowdown, as a prolonged trade war between Washington and Beijing and slowing growth in China have cut demand for cars in the world's top two economies. The slowdown comes as carmakers invest heavily in electric cars, autonomous driving technologies and ride-sharing services to survive a market shift away from car ownership.

Mazda sees 30% FY profit drop on strong yen, weak sales in US, China

Japan's Sharp Corp, an Apple supplier, posted a profit that beat expectations and was its first rise in five quarters, driven by the strength in the laptop business it bought from Toshiba.

Sharp, which makes sensors, camera modules and screens for Apple's iPhones, posted an operating profit of 22.3 billion yen ($206.54 million) for the second quarter ended September, up from 22.2 billion yen a year prior.

That compared with a 19.65 billion yen average of 4 analyst estimates compiled by Refinitiv.

Sharp, a unit of Taiwan's Foxconn, maintained its profit forecast for the year ending March at 100 billion yen, versus a consensus estimate of 82.23 billion yen from 10 analysts.

Sharp took over Toshiba's loss-making laptop unit last year and turned it around, making it a major profit contributor, in a push to regain global presence.

The outlook for Sharp's electronic devices business is also improving as sales at its key customer Apple appear to be stabilising.

While iPhone sales fell 9 per cent&nbsp;in the three months ended September, it was smaller than the drop in recent quarters and better than analyst expectations.

Sharp, which Foxconn, formally known as Hon Hai Precision Industry Co, acquired control of in 2016, is aiming to expand globally by launching high-definition 8K television sets and return to the US&nbsp;TV market.

The Osaka-based firm cut back its overseas TV business and licensed China's Hisense to use its brand in the Americas in 2015 when massive losses at its core display panel unit put its survival at risk. But earlier this year, Sharp said it had effectively regained the license sold to Hisense.

Japan's Sharp Corp, an Apple supplier, posted a profit that beat expectations and was its first rise in five quarters, driven by the strength in the laptop business it bought from Toshiba.

Japan's Sharp Corp, an Apple supplier, posted a profit that beat expectations and was its first rise in five quarters, driven by the strength in the laptop business it bought from Toshiba. Sharp, which makes sensors, camera modules and screens for Apple's iPhones, posted an operating profit of 22.3 billion yen ($206.54 million) for the second quarter ended September, up from 22.2 billion yen a year prior. That compared with a 19.65 billion yen average of 4 analyst estimates compiled by Refinitiv. Sharp, a unit of Taiwan's Foxconn, maintained its profit forecast for the year ending March at 100 billion yen, versus a consensus estimate of 82.23 billion yen from 10 analysts. Sharp took over Toshiba's loss-making laptop unit last year and turned it around, making it a major profit contributor, in a push to regain global presence. The outlook for Sharp's electronic devices business is also improving as sales at its key customer Apple appear to be stabilising. While iPhone sales fell 9 per cent in the three months ended September, it was smaller than the drop in recent quarters and better than analyst expectations. Sharp, which Foxconn, formally known as Hon Hai Precision Industry Co, acquired control of in 2016, is aiming to expand globally by launching high-definition 8K television sets and return to the US TV market. The Osaka-based firm cut back its overseas TV business and licensed China's Hisense to use its brand in the Americas in 2015 when massive losses at its core display panel unit put its survival at risk. But earlier this year, Sharp said it had effectively regained the license sold to Hisense.

Japan's Sharp beats second-quarter profit expectations on laptop business

Nissan Motor Co&nbsp;on Friday appointed American Stephen Ma as its next chief financial officer and said Hitoshi Kawaguchi and other veteran executives were stepping down, a shake-up that one source said marked a "generational change" at the automaker.

The announcement comes just weeks after the Japanese company named the head of its China business, Makoto Uchida, as its next chief executive.

Following the dramatic ouster of former Chairman Carlos Ghosn almost exactly a year ago, Nissan has been battered by scandals, plunging profits, and tensions with top shareholder Renault SA.

The company said Ma, its global controller who is turning 49 this month, would become its next chief financial officer, making him one of the highest-ranking non-Japanese at the company.

He will replace Hiroshi Karube, whose departure was also announced.

"We are trying to achieve a generational change in Nissan management," said a source at the company, who spoke on condition of anonymity.

The departure of Kawaguchi, which was earlier reported by Reuters, is also significant. The executive, who had been in charge of external affairs, had been seen as backing acting chief executive Yasuhiro Yamauchi for the top job that later went to Uchida, Reuters has reported.

Nissan Motor Co on Friday appointed American Stephen Ma as its next chief financial officer and said Hitoshi Kawaguchi and other veteran executives were stepping down, a shake-up that one source said marked a "generational change" at the automaker.

Nissan Motor Co on Friday appointed American Stephen Ma as its next chief financial officer and said Hitoshi Kawaguchi and other veteran executives were stepping down, a shake-up that one source said marked a "generational change" at the automaker. The announcement comes just weeks after the Japanese company named the head of its China business, Makoto Uchida, as its next chief executive. Following the dramatic ouster of former Chairman Carlos Ghosn almost exactly a year ago, Nissan has been battered by scandals, plunging profits, and tensions with top shareholder Renault SA. The company said Ma, its global controller who is turning 49 this month, would become its next chief financial officer, making him one of the highest-ranking non-Japanese at the company. He will replace Hiroshi Karube, whose departure was also announced. "We are trying to achieve a generational change in Nissan management," said a source at the company, who spoke on condition of anonymity. The departure of Kawaguchi, which was earlier reported by Reuters, is also significant. The executive, who had been in charge of external affairs, had been seen as backing acting chief executive Yasuhiro Yamauchi for the top job that later went to Uchida, Reuters has reported.

Nissan names new finance chief, some managers to leave in latest shake-up

Maruti Suzuki India on Friday reported 4.5 per cent growth year-on-year in October sales led by compact and utility vehicle segments.

Driven by the festive season and heavy discounts, the company sold 1.53 lakh units during the month against 1.46 lakh units sold in the same month of last year.

The country`s largest car manufacturer said domestic sales in October grew by 4.5 per cent year-on-year to 1.44 lakh units from 1.38 lakh units and exports increased 5.7 per cent to 9,158 units from 8,666 units.

Passenger car sales were up by 4.4 per cent to 1.06 lakh units compared to 1.01 lakh units in October last year.

The compact car segment (new WagonR, Celerio, Ignis, Swift, Baleno and Dzire) clocked 15.9 per cent growth but mini segment (Alto, S-Presso and old WagonR) showed 13.1 per cent decline.

Utility vehicles sales (Gypsy, Ertiga, XL6, Vitara Brezza and S-Cross) grew by 11.3 per cent whereas vans (Omni and Eeco) sales fell by 26.8 per cent in October YoY.

For the April to October period, however, total sales were down by 20.3 per cent to 8.94 lakh units from 11.2 lakh in the year-ago period.

Domestic sales dipped by 21.4 per cent to 8.31 lakh units from 10.5 lakh units while export sales edged lower by 2.6 per cent to 63,069 units from 64,753 units year-on-year.

Maruti Suzuki India on Friday reported 4.5 per cent growth year-on-year in October sales led by compact and utility vehicle segments. Driven by the festive season and heavy discounts, the company sold 1.

Maruti Suzuki India on Friday reported 4.5 per cent growth year-on-year in October sales led by compact and utility vehicle segments. Driven by the festive season and heavy discounts, the company sold 1.53 lakh units during the month against 1.46 lakh units sold in the same month of last year. The country`s largest car manufacturer said domestic sales in October grew by 4.5 per cent year-on-year to 1.44 lakh units from 1.38 lakh units and exports increased 5.7 per cent to 9,158 units from 8,666 units. Passenger car sales were up by 4.4 per cent to 1.06 lakh units compared to 1.01 lakh units in October last year. The compact car segment (new WagonR, Celerio, Ignis, Swift, Baleno and Dzire) clocked 15.9 per cent growth but mini segment (Alto, S-Presso and old WagonR) showed 13.1 per cent decline. Utility vehicles sales (Gypsy, Ertiga, XL6, Vitara Brezza and S-Cross) grew by 11.3 per cent whereas vans (Omni and Eeco) sales fell by 26.8 per cent in October YoY. For the April to October period, however, total sales were down by 20.3 per cent to 8.94 lakh units from 11.2 lakh in the year-ago period. Domestic sales dipped by 21.4 per cent to 8.31 lakh units from 10.5 lakh units while export sales edged lower by 2.6 per cent to 63,069 units from 64,753 units year-on-year.

Maruti Suzuki October sales up by 4.5% to 1.53 lakh units amid festive season

The&nbsp;Bank&nbsp;of&nbsp;Japan&nbsp;held&nbsp;fire&nbsp;on Thursday but suggested it could&nbsp;cut&nbsp;rates in the&nbsp;future, reflecting its fears that global risks could weigh on the country's fragile recovery.

The announcement came just hours after the US <a href="https://www.wionews.com/world/trump-again-attacks-federal-reserve-says-central-bank-derelict-in-its-duties-258005">Federal Reserve</a>&nbsp;cut&nbsp;its benchmark interest&nbsp;rate&nbsp;for the third straight time as it gauges economic risks.

In its so-called "forward guidance"&nbsp;a signal the central&nbsp;bank&nbsp;gives to the market on its&nbsp;future&nbsp;policy decisions&nbsp;the BoJ said it expects rates "to remain at their present or lower levels."

Previously it had not made reference to the possibility of lower levels, saying instead it expected to keep "current ultra-low rates for an extended period of time, at least until the spring of 2020".

Thursday's announcement dropped the reference to that timeframe, hinting a change could come sooner.

The Japanese central&nbsp;bank&nbsp;warned that a pick-up in the global economy is likely to be delayed "mainly due to the intensified <a href="https://www.wionews.com/world/united-states-wants-china-trade-deal-in-same-time-frame-despite-apec-summit-cancellation-258895">US-China trade friction</a> as well as slowdowns" in emerging economies including China.

"Japan's economy is expected to grow temporarily at a somewhat slower pace than its potential" reflecting weak exports and the sales tax hike that came into effect on October 1, it said.

The&nbsp;Bank&nbsp;also revised down its inflation and growth forecasts for the world's third-largest economy.

The central&nbsp;bank&nbsp;said it expected prices to rise 0.7 per cent in the year to March 2020, down from a previous forecast of 1.0 per cent, and well short of its years-long target of two per cent.

It also revised down its forecast for the following year to 1.1 per cent from 1.3 per cent and downgraded its projection for the year to March 2022 from 1.6 per cent to 1.5 per cent.

The BoJ has consistently fallen short of hitting the two per cent target it considers key to turbocharging the stuttering economy, despite a barrage of stimulus and monetary easing packages.&nbsp;

Bank&nbsp;policymakers have argued that prolonged periods of low growth and inflation have created a "deflation mindset" that continues to weigh on the national economy.

In a statement, it said there had been "no further increase in the possibility that the momentum towards achieving the price stability would be lost".

But it warned at the same time that "it was necessary to continue to pay close attention to the possibility".

The central&nbsp;bank&nbsp;also slightly lowered its economic growth forecast, citing "the delay in the timing of a pick-up in the growth pace of overseas economies".

It&nbsp;now&nbsp;projects&nbsp;Japan's economy will grow 0.6 per cent in the year to March, 0.7 per cent for the following year and 1.0 per cent for the year to March 22.

&nbsp;

The Bank of Japan held fire on Thursday but suggested it could cut rates in the future, reflecting its fears that global risks could weigh on the country's fragile recovery.

The Bank of Japan held fire on Thursday but suggested it could cut rates in the future, reflecting its fears that global risks could weigh on the country's fragile recovery. The announcement came just hours after the US Federal Reserve cut its benchmark interest rate for the third straight time as it gauges economic risks. In its so-called "forward guidance" a signal the central bank gives to the market on its future policy decisions the BoJ said it expects rates "to remain at their present or lower levels." Previously it had not made reference to the possibility of lower levels, saying instead it expected to keep "current ultra-low rates for an extended period of time, at least until the spring of 2020". Thursday's announcement dropped the reference to that timeframe, hinting a change could come sooner. The Japanese central bank warned that a pick-up in the global economy is likely to be delayed "mainly due to the intensified US-China trade friction as well as slowdowns" in emerging economies including China. "Japan's economy is expected to grow temporarily at a somewhat slower pace than its potential" reflecting weak exports and the sales tax hike that came into effect on October 1, it said. The Bank also revised down its inflation and growth forecasts for the world's third-largest economy. The central bank said it expected prices to rise 0.7 per cent in the year to March 2020, down from a previous forecast of 1.0 per cent, and well short of its years-long target of two per cent. It also revised down its forecast for the following year to 1.1 per cent from 1.3 per cent and downgraded its projection for the year to March 2022 from 1.6 per cent to 1.5 per cent. The BoJ has consistently fallen short of hitting the two per cent target it considers key to turbocharging the stuttering economy, despite a barrage of stimulus and monetary easing packages. Bank policymakers have argued that prolonged periods of low growth and inflation have created a "deflation mindset" that continues to weigh on the national economy. In a statement, it said there had been "no further increase in the possibility that the momentum towards achieving the price stability would be lost". But it warned at the same time that "it was necessary to continue to pay close attention to the possibility". The central bank also slightly lowered its economic growth forecast, citing "the delay in the timing of a pick-up in the growth pace of overseas economies". It now projects Japan's economy will grow 0.6 per cent in the year to March, 0.7 per cent for the following year and 1.0 per cent for the year to March 22.

Bank of Japan suggests future rate cut, but holds fire for now

<a href="https://www.wionews.com/business-economy/samsung-electronics-ends-mobile-phone-production-in-china-253273">Samsung&nbsp;Electronics</a>, the world's largest smartphone and memory chip maker, saw&nbsp;net&nbsp;profits slump by more than half in the&nbsp;third quarter, it said Thursday, hit by an enduring downturn in the global chip market.

Net&nbsp;profits in the three months to September were $5.40 billion, it said in a statement,&nbsp;down&nbsp;52 per cent year-on-year.

"Earnings from the memory business slumped significantly year-on-year as memory chip prices continued its downward trend," the company said.

The firm is the flagship subsidiary of the giant&nbsp;Samsung&nbsp;Group, by far the largest of the family-controlled conglomerates known as "chaebols" that dominate business in the world's 11th-largest economy.

But in recent months it has been battered by falling chip prices as global supply increases.

Samsung&nbsp;also faces challenges from the <a href="https://www.wionews.com/world/united-states-wants-china-trade-deal-in-same-time-frame-despite-apec-summit-cancellation-258895">US-China trade war </a>and tough export restrictions imposed by Tokyo on key supplies as part of a dispute with Seoul over wartime forced labour.

The South Korean tech titan leads the global smartphone market with a 23 per cent share, trailed by Chinese competitors Huawei and Oppo, with Apple in fourth place, according to sales tracker IHS Markit.

The premium smartphone market has grown fiercely competitive and overall sales have cooled as a lack of major innovation has seen buyers waiting longer before upgrading to new models.

But&nbsp;Samsung&nbsp;said profits in its mobile division had been boosted by strong sales of the Galaxy Note 10 and its A series devices, along with bigger margins for mass-market models.&nbsp;

"The business also expanded its 5G product offerings and launched the Galaxy Fold, demonstrating&nbsp;Samsung's technology leadership," it added.

Samsung&nbsp;released its top-end S10 5G smartphone earlier this year after South Korea won the global race to commercially launch the world's first nationwide 5G network.

But in April it was embarrassingly forced to delay the release of the hotly anticipated Galaxy Fold after reviewers provided with early devices reported screen problems within days of use.

In another setback, earlier this month it also acknowledged a major flaw with its fingerprint system allowing non-users to open other people's top-end smartphones.

But Tom Kang, research director at Counterpoint Research, noted&nbsp;Samsung's flagship Note 10 device had sold far better than&nbsp;previous models,&nbsp;and that the firm would benefit from restrictions imposed by Washington on its key Chinese competitor.&nbsp;

"From September, Huawei's devices have been unable to have Google mobile services," he told AFP.&nbsp;

"This is&nbsp;also likely to continue giving&nbsp;Samsung's mobile phones a significant advantage.&nbsp;Samsung&nbsp;phones will appeal to high-end users."

Operating&nbsp;profit&nbsp;plunged 55.7 per cent to 7.8 trillion won in the&nbsp;third quarter, the firm said, while sales fell 5.3 per cent to 62 trillion won.&nbsp;

But analysts voiced optimism for the coming months, noting that falling inventory levels for semiconductors,&nbsp;which account for more than half of&nbsp;Samsung's&nbsp;profit,&nbsp;will help stabilise chip prices after double-digit drops this year.

Adding to the firm's difficulties, the retrial of its vice chairman Lee Jae-yong began last week over a sprawling corruption scandal that could see him return to prison.

He is not being held in custody during the trial, but it is expected to last for months and a guilty verdict could deprive the firm of its top decision-maker.

Samsung&nbsp;shares were up 1.79 per cent in morning trade.&nbsp;

&nbsp;

Samsung Electronics, the world's largest smartphone and memory chip maker, saw net profits slump by more than half in the third quarter, it said Thursday, hit by an enduring downturn in the global chip market.

Samsung Electronics, the world's largest smartphone and memory chip maker, saw net profits slump by more than half in the third quarter, it said Thursday, hit by an enduring downturn in the global chip market. Net profits in the three months to September were $5.40 billion, it said in a statement, down 52 per cent year-on-year. "Earnings from the memory business slumped significantly year-on-year as memory chip prices continued its downward trend," the company said. The firm is the flagship subsidiary of the giant Samsung Group, by far the largest of the family-controlled conglomerates known as "chaebols" that dominate business in the world's 11th-largest economy. But in recent months it has been battered by falling chip prices as global supply increases. Samsung also faces challenges from the US-China trade war and tough export restrictions imposed by Tokyo on key supplies as part of a dispute with Seoul over wartime forced labour. The South Korean tech titan leads the global smartphone market with a 23 per cent share, trailed by Chinese competitors Huawei and Oppo, with Apple in fourth place, according to sales tracker IHS Markit. The premium smartphone market has grown fiercely competitive and overall sales have cooled as a lack of major innovation has seen buyers waiting longer before upgrading to new models. But Samsung said profits in its mobile division had been boosted by strong sales of the Galaxy Note 10 and its A series devices, along with bigger margins for mass-market models. "The business also expanded its 5G product offerings and launched the Galaxy Fold, demonstrating Samsung's technology leadership," it added. Samsung released its top-end S10 5G smartphone earlier this year after South Korea won the global race to commercially launch the world's first nationwide 5G network. But in April it was embarrassingly forced to delay the release of the hotly anticipated Galaxy Fold after reviewers provided with early devices reported screen problems within days of use. In another setback, earlier this month it also acknowledged a major flaw with its fingerprint system allowing non-users to open other people's top-end smartphones. But Tom Kang, research director at Counterpoint Research, noted Samsung's flagship Note 10 device had sold far better than previous models, and that the firm would benefit from restrictions imposed by Washington on its key Chinese competitor. "From September, Huawei's devices have been unable to have Google mobile services," he told AFP. "This is also likely to continue giving Samsung's mobile phones a significant advantage. Samsung phones will appeal to high-end users." Operating profit plunged 55.7 per cent to 7.8 trillion won in the third quarter, the firm said, while sales fell 5.3 per cent to 62 trillion won. But analysts voiced optimism for the coming months, noting that falling inventory levels for semiconductors, which account for more than half of Samsung's profit, will help stabilise chip prices after double-digit drops this year. Adding to the firm's difficulties, the retrial of its vice chairman Lee Jae-yong began last week over a sprawling corruption scandal that could see him return to prison. He is not being held in custody during the trial, but it is expected to last for months and a guilty verdict could deprive the firm of its top decision-maker. Samsung shares were up 1.79 per cent in morning trade.

Samsung Electronics third-quarter net profit slumps 52%

<a href="https://www.wionews.com/india-news/apple-starts-selling-locally-assembled-iphone-xr-in-india-257374">Apple</a> on Wednesday reported stronger-than-expected profits for the past quarter, fueled by growth in digital services and wearables that helped offset slower iPhone sales.

Profit in the quarter ending in September dipped four per cent from a year ago to $13.7 billion while revenues edged up two per cent to $64 billion.

Apple, set to launch a new <a href="https://www.wionews.com/entertainment/jennifer-aniston-apple-explore-messy-world-of-tv-news-after-metoo-256491">streaming television service</a> this week, saw strong revenue gains in its services segment, which includes music, digital payments and software, and in its segment for wearables and accessories that includes its Home Pod, Apple Watch and ear buds.

Chief executive Tim Cook said Apple saw its best-ever revenue gains for the fiscal fourth quarter period.

"There were no blemishes in the quarter with Cook &amp; Co. delivering a masterpiece quarter despite its back against the wall with the company the poster child of the <a href="https://www.wionews.com/world/united-states-wants-china-trade-deal-in-same-time-frame-despite-apec-summit-cancellation-258895">US/China trade battle</a>," Wedbush analyst Dan Ives said in a note to investors.

Apple shares rose some two percent in after-hours trade following the release.

Cook hailed the results as "the conclusion of a remarkable fiscal 2019 for Apple," and said the company "established new all-time highs for multiple services categories."

Apple, which has ceased reporting unit sales of iPhones, said revenue from its smartphones fell nine percent in the quarter to $33.4 billion.

Services accounted for 20 per cent of revenues, according to chief financial officer Luca Maestri, with 18 per cent growth in the segment to $12.5 billion.

The wearables and accessories category produced revenue growth of 54 percent to $6.5 billion, led by gains in sales of Apple Watch and the wearable Air Pods.

Apple saw modest sales declines in its "greater China" region and in Europe and Japan, but this was offset by gains in North America and elsewhere in Asia.

"Importantly on the iPhone front, China came in well above our and Street expectations and is on the path to showing growth in the region," Ives said.

Apple has been seeking to shift its revenue mix amid a slumping smartphone market and growing competition in the segment.

The company, which recently launched a lineup of iPhone 11 handsets, said it would allow customers to purchase the devices interest-free with its Apple Card and pay over 24 months.

"It's early but the trends look very good" for the iPhone, Cook said, when asked about sales of the new devices. "We're bullish."

Apple said it ended the quarter with some $260 billion cash on hand.

The report comes two days ahead of the launch of Apple TV+, a new streaming service which could challenge Netflix and will compete against an array of others including Disney+ and HBO Max.

Ives said Apple "has a compelling list of new shows coming out as we believe it has committed $6 billion annually to the original shows and movies to beef up its streaming content ambitions."

Apple has an opportunity to win users with its aggressive pricing of $5 monthly and some 900 million iPhone users worldwide, and is offering a year of Apple TV+ for free with new device purchases.

"We're really proud of the content, we'd like as many people as possible to view it," Cook told analysts.

The streaming television war is set to enter a new phase as titans Apple and Disney take direct aim at market leader &nbsp;Netflix, vying for consumers abandoning their cable TV bundles for on-demand services.

Apple on Wednesday reported stronger-than-expected profits for the past quarter, fueled by growth in digital services and wearables that helped offset slower iPhone sales.

Apple on Wednesday reported stronger-than-expected profits for the past quarter, fueled by growth in digital services and wearables that helped offset slower iPhone sales. Profit in the quarter ending in September dipped four per cent from a year ago to $13.7 billion while revenues edged up two per cent to $64 billion. Apple, set to launch a new streaming television service this week, saw strong revenue gains in its services segment, which includes music, digital payments and software, and in its segment for wearables and accessories that includes its Home Pod, Apple Watch and ear buds. Chief executive Tim Cook said Apple saw its best-ever revenue gains for the fiscal fourth quarter period. "There were no blemishes in the quarter with Cook & Co. delivering a masterpiece quarter despite its back against the wall with the company the poster child of the US/China trade battle," Wedbush analyst Dan Ives said in a note to investors. Apple shares rose some two percent in after-hours trade following the release. Cook hailed the results as "the conclusion of a remarkable fiscal 2019 for Apple," and said the company "established new all-time highs for multiple services categories." Apple, which has ceased reporting unit sales of iPhones, said revenue from its smartphones fell nine percent in the quarter to $33.4 billion. Services accounted for 20 per cent of revenues, according to chief financial officer Luca Maestri, with 18 per cent growth in the segment to $12.5 billion. The wearables and accessories category produced revenue growth of 54 percent to $6.5 billion, led by gains in sales of Apple Watch and the wearable Air Pods. Apple saw modest sales declines in its "greater China" region and in Europe and Japan, but this was offset by gains in North America and elsewhere in Asia. "Importantly on the iPhone front, China came in well above our and Street expectations and is on the path to showing growth in the region," Ives said. Apple has been seeking to shift its revenue mix amid a slumping smartphone market and growing competition in the segment. The company, which recently launched a lineup of iPhone 11 handsets, said it would allow customers to purchase the devices interest-free with its Apple Card and pay over 24 months. "It's early but the trends look very good" for the iPhone, Cook said, when asked about sales of the new devices. "We're bullish." Apple said it ended the quarter with some $260 billion cash on hand. The report comes two days ahead of the launch of Apple TV+, a new streaming service which could challenge Netflix and will compete against an array of others including Disney+ and HBO Max. Ives said Apple "has a compelling list of new shows coming out as we believe it has committed $6 billion annually to the original shows and movies to beef up its streaming content ambitions." Apple has an opportunity to win users with its aggressive pricing of $5 monthly and some 900 million iPhone users worldwide, and is offering a year of Apple TV+ for free with new device purchases. "We're really proud of the content, we'd like as many people as possible to view it," Cook told analysts. The streaming television war is set to enter a new phase as titans Apple and Disney take direct aim at market leader Netflix, vying for consumers abandoning their cable TV bundles for on-demand services.

Apple beats profit forecasts amid growth in services, wearables

Union Minister for Commerce and Industry, Piyush Goyal on Wednesday assured industries and state governments that no Free Trade Agreements (FTAs) will be signed in a rush.

Speaking during the workshop on 'Make in India'&nbsp;with state industry ministers, Goyal made a clarification on the Regional Comprehensive Economic Partnership (RCEP), a proposed free trade agreement among 10 ASEAN countries and their six FTA partners China, Japan, India, South Korea, Australia and New Zealand.

"In terms of RCEP, I want to clarify that lots of wrong information are being spread all over the place. Let me ensure each one of you that India will no more sign any FTA in a rush, not in a weak leadership which have worked only on deadlines to execute FTAs. India will enter into a free trade agreement or comprehensive partnerships on our terms -- what is best for Indian people, what is in our national interest and what is good for the people of India and for the country as a whole," he said.

"We are careful once we are negotiating with agreements trade deals. Trade is a very complex subject. We have to factor in long terms implications and therefore any engagement which will do will result in a best for the people of India for our industry, MSME sector, for job creation and employment opportunities," Goyal added.

The minister also emphasised on the trade relations with other parts of the countries.

"We cannot remain in an isolated world. We have to engage with the rest of the world what is moving toward more and more global and India will have to finally balance, imperative to protect its domestic interest and also engage to the rest of the world. That is the fine balance the government is working on," he said.

"We will make sure we are the part of the world's international trading but will not compromise national interest, interests of industry and interests of people of India," Goyal remarked.

He underlined that necessary and adequate safeguards will be provided to Indian industries and ensure that they have sufficient potential to grow and new markets open for India in order to attract more investment.

"It's a two-way traffic. It has to be a win-win situation for both. No trade agreement, no international agreement can be done unless it's a two-way benefit and that's what we will ensure in our free trade agreements," Goyal said.

The minister also said that the sectors which are not suitable for India should be identified and cut out and there is a need to plan the country's domestic policy at both central and state levels.

"Industrial policy at the national level should have access to the state policies and the salient feature for states is that they will have the chance to be a part of the national policy. That way, the industrial policy will reach all part of the world along with the National Industrial Policy. I would urge each state to try and make a robust industrial policy. The Centre is always ready to help," Goyal further said.&nbsp;

 
&nbsp;

Union Minister for Commerce and Industry, Piyush Goyal on Wednesday assured industries and state governments that no Free Trade Agreements (FTAs) will be signed in a rush.

Union Minister for Commerce and Industry, Piyush Goyal on Wednesday assured industries and state governments that no Free Trade Agreements (FTAs) will be signed in a rush. Speaking during the workshop on 'Make in India' with state industry ministers, Goyal made a clarification on the Regional Comprehensive Economic Partnership (RCEP), a proposed free trade agreement among 10 ASEAN countries and their six FTA partners China, Japan, India, South Korea, Australia and New Zealand. "In terms of RCEP, I want to clarify that lots of wrong information are being spread all over the place. Let me ensure each one of you that India will no more sign any FTA in a rush, not in a weak leadership which have worked only on deadlines to execute FTAs. India will enter into a free trade agreement or comprehensive partnerships on our terms -- what is best for Indian people, what is in our national interest and what is good for the people of India and for the country as a whole," he said. "We are careful once we are negotiating with agreements trade deals. Trade is a very complex subject. We have to factor in long terms implications and therefore any engagement which will do will result in a best for the people of India for our industry, MSME sector, for job creation and employment opportunities," Goyal added. The minister also emphasised on the trade relations with other parts of the countries. "We cannot remain in an isolated world. We have to engage with the rest of the world what is moving toward more and more global and India will have to finally balance, imperative to protect its domestic interest and also engage to the rest of the world. That is the fine balance the government is working on," he said. "We will make sure we are the part of the world's international trading but will not compromise national interest, interests of industry and interests of people of India," Goyal remarked. He underlined that necessary and adequate safeguards will be provided to Indian industries and ensure that they have sufficient potential to grow and new markets open for India in order to attract more investment. "It's a two-way traffic. It has to be a win-win situation for both. No trade agreement, no international agreement can be done unless it's a two-way benefit and that's what we will ensure in our free trade agreements," Goyal said. The minister also said that the sectors which are not suitable for India should be identified and cut out and there is a need to plan the country's domestic policy at both central and state levels. "Industrial policy at the national level should have access to the state policies and the salient feature for states is that they will have the chance to be a part of the national policy. That way, the industrial policy will reach all part of the world along with the National Industrial Policy. I would urge each state to try and make a robust industrial policy. The Centre is always ready to help," Goyal further said.

No more FTAs will be signed in rush: Piyush Goyal

Equity benchmark indices continued their upward march during early hours on Thursday amid optimism in global markets.

At 10:15 am, the BSE S&amp;P Sensex was up by 215 points at 40,267 while the Nifty 50 edged higher by 65 points to 11,909.

All sectoral indices at the National Stock Exchange were in the positive terrain with Nifty PSU bank up by 2.4 per cent and realty by 1.9 per cent.

Among stocks, State Bank of India rose by 3.7 per cent while Infosys was up by 2.3 per cent and Wipro by 1.2 per cent.

The other prominent gainers were Grasim, HDFC Bank, Hero MotoCorp, Dr Reddy's, Titan and Nestle India.

But Tata Steel, Mahindra &amp; Mahindra, Bharti Infratel, Power Grid Corporation and Yes Bank showed marginal losses.

Meanwhile, Asian shares and US stock futures edged higher after the US Federal Reserve cut interest rates for the third time in a row by 25 basis points as expected to keep economic expansion on track.

However, the Fed hinted that there will be no further cuts unless deemed necessary.

Japan's Nikkei moved up by 0.36 per cent, Hong Kong's Hang Seng index by 1.06 per cent and South Korea's Kospi by 0.9 per cent.

But the Shanghai Composite index slipped by 0.09 per cent as data showed that factory activity in China shrank for the sixth straight month in October.

 
&nbsp;

Equity benchmark indices continued their upward march during early hours on Thursday amid optimism in global markets. At 10:15 am, the BSE S&P Sensex was up by 215 points at 40,267 while the Nifty 50 edged higher by 65 points to 11,909.

Equity benchmark indices continued their upward march during early hours on Thursday amid optimism in global markets. At 10:15 am, the BSE S&P Sensex was up by 215 points at 40,267 while the Nifty 50 edged higher by 65 points to 11,909. All sectoral indices at the National Stock Exchange were in the positive terrain with Nifty PSU bank up by 2.4 per cent and realty by 1.9 per cent. Among stocks, State Bank of India rose by 3.7 per cent while Infosys was up by 2.3 per cent and Wipro by 1.2 per cent. The other prominent gainers were Grasim, HDFC Bank, Hero MotoCorp, Dr Reddy's, Titan and Nestle India. But Tata Steel, Mahindra & Mahindra, Bharti Infratel, Power Grid Corporation and Yes Bank showed marginal losses. Meanwhile, Asian shares and US stock futures edged higher after the US Federal Reserve cut interest rates for the third time in a row by 25 basis points as expected to keep economic expansion on track. However, the Fed hinted that there will be no further cuts unless deemed necessary. Japan's Nikkei moved up by 0.36 per cent, Hong Kong's Hang Seng index by 1.06 per cent and South Korea's Kospi by 0.9 per cent. But the Shanghai Composite index slipped by 0.09 per cent as data showed that factory activity in China shrank for the sixth straight month in October.

Equities trade higher led by PSU bank and realty stocks

Indian Oil Corp Ltd,&nbsp;the country's top refiner, posted an 82.7 per cent slump in second-quarter profit on Thursday, missing estimates widely, due to higher inventory losses and lower refining margins.

Net profit was at 5.63 billion rupees&nbsp;in the quarter ended September&nbsp;30, compared with 32.47 billion rupees a year earlier, state-owned IOC said in a filing.

Quarterly results were impacted due to inventory losses in the three months ended September&nbsp;30 against inventory gains year ago, company chairman Sanjiv Singh said.

September quarter inventory losses stood at 18.07 billion rupees, against a gain of 28.95 billion rupees year ago.

International crude prices&nbsp;fell 8.7 per cent during the quarter ended September&nbsp;30, while the refiner bought the commodity at a much higher price.

Average gross refining margin - the difference between the cost of crude oil processed and the prices of refined products - shrank to $1.28 per barrel for the July-Sept period from $6.79 per barrel a year earlier.

Singh said GRMs were impacted due to lower product margins.

Indian retail prices for gasoline and gas oil are linked to their respective benchmarks in Singapore and the Arab Gulf.

Analysts on average had expected a profit of 39.71 billion rupees, according to Refinitiv data.

Revenue from operations fell 13.2 per cent&nbsp;to 1.32 trillion rupees.

IOC, along with its subsidiary Chennai Petroleum controls about a third of India's 5 million barrels per day refining capacity.

Fuel demand in the world's third-largest consumer fell to its lowest in more than two years in September, data from the Petroleum Planning and Analysis Cell (PPAC) showed.

Recently, Indian government relaxed rules for setting up fuel stations in the country after a gap of 17 years, opening the sector to non-energy companies, which has been dominated by state refiners - Indian Oil Corp, Bharat Petroleum Corp&nbsp;and Hindustan Petroleum Corp.

Singh said new rules will enhance competition in the market and benefit consumers.

Indian Oil Corp Ltd, the country's top refiner, posted an 82.7 per cent slump in second-quarter profit on Thursday, missing estimates widely, due to higher inventory losses and lower refining margins.

Indian Oil Corp Ltd, the country's top refiner, posted an 82.7 per cent slump in second-quarter profit on Thursday, missing estimates widely, due to higher inventory losses and lower refining margins. Net profit was at 5.63 billion rupees in the quarter ended September 30, compared with 32.47 billion rupees a year earlier, state-owned IOC said in a filing. Quarterly results were impacted due to inventory losses in the three months ended September 30 against inventory gains year ago, company chairman Sanjiv Singh said. September quarter inventory losses stood at 18.07 billion rupees, against a gain of 28.95 billion rupees year ago. International crude prices fell 8.7 per cent during the quarter ended September 30, while the refiner bought the commodity at a much higher price. Average gross refining margin - the difference between the cost of crude oil processed and the prices of refined products - shrank to $1.28 per barrel for the July-Sept period from $6.79 per barrel a year earlier. Singh said GRMs were impacted due to lower product margins. Indian retail prices for gasoline and gas oil are linked to their respective benchmarks in Singapore and the Arab Gulf. Analysts on average had expected a profit of 39.71 billion rupees, according to Refinitiv data. Revenue from operations fell 13.2 per cent to 1.32 trillion rupees. IOC, along with its subsidiary Chennai Petroleum controls about a third of India's 5 million barrels per day refining capacity. Fuel demand in the world's third-largest consumer fell to its lowest in more than two years in September, data from the Petroleum Planning and Analysis Cell (PPAC) showed. Recently, Indian government relaxed rules for setting up fuel stations in the country after a gap of 17 years, opening the sector to non-energy companies, which has been dominated by state refiners - Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp. Singh said new rules will enhance competition in the market and benefit consumers.

Indian Oil profit tanks 83% as refining margins shrink

&nbsp;Yes Bank Ltd said&nbsp;on Thursday it has received a binding offer of $1.2 billion from a global investor as the private-sector lender looks to raise capital through a fresh issue of shares, sending its stock 39 percent higher.

The bank said it was in advanced talks with other investors as well.

The lender's Chief Executive Officer Ravneet Gill had said in September that the bank was close to securing a deal to sell a minority stake to a <a href="https://www.wionews.com/business-economy/yes-bank-in-talks-with-microsoft-other-tech-firms-to-sell-up-to-15-stake-report-254145">global technology company</a>.

News channel CNBC TV18 said citing sources that Hong Kong-based SPGP Holdings was the investor and that the bank's board was likely to consider all proposals on Nov. 1, when it is due to report quarterly results.

Yes Bank did not immediately respond to Reuters' request for details on the offer.

In August, Yes Bank raised nearly $275 million via a qualified institutional placement, a capital-raising tool commonly used in India, to improve its capital adequacy ratio.

The Bank's shares have lost 68.8 percent&nbsp;of their value so far this year, weighed down by its exposure to Jet Airways, infrastructure conglomerate IL&amp;FS, a multi-fold rise in provisions for loan losses and as its asset quality deteriorated sharply.

Yes Bank Ltd said on Thursday it has received a binding offer of $1.2 billion from a global investor as the private-sector lender looks to raise capital through a fresh issue of shares, sending its stock 39 percent higher.

Yes Bank Ltd said on Thursday it has received a binding offer of $1.2 billion from a global investor as the private-sector lender looks to raise capital through a fresh issue of shares, sending its stock 39 percent higher. The bank said it was in advanced talks with other investors as well. The lender's Chief Executive Officer Ravneet Gill had said in September that the bank was close to securing a deal to sell a minority stake to a global technology company. News channel CNBC TV18 said citing sources that Hong Kong-based SPGP Holdings was the investor and that the bank's board was likely to consider all proposals on Nov. 1, when it is due to report quarterly results. Yes Bank did not immediately respond to Reuters' request for details on the offer. In August, Yes Bank raised nearly $275 million via a qualified institutional placement, a capital-raising tool commonly used in India, to improve its capital adequacy ratio. The Bank's shares have lost 68.8 percent of their value so far this year, weighed down by its exposure to Jet Airways, infrastructure conglomerate IL&FS, a multi-fold rise in provisions for loan losses and as its asset quality deteriorated sharply.

Yes Bank gets $1.2 billion offer from global investor

Panasonic Corp on Thursday reported a 12 percent drop in its second-quarter operating profit as the Japanese firm was hurt by the Sino-US&nbsp;trade war and higher development costs related to its automotive business in Europe.

Still, its September-quarter earnings of 83.9 billion yen beat analysts' average estimate of 62.74 billion yen, according to Refinitiv data, as the battery business with Tesla Inc narrowed its losses.

A year earlier, Panasonic, the exclusive battery cell supplier for new electric vehicles (EVs) made by Tesla Inc, had earned 95.2 billion yen.

The company maintained its profit forecast for the year through March at 300 billion yen, compared with an average estimate of 293.94 billion yen from 19 analysts.

Panasonic has turned its focus away from low-margin consumer electronics and bet on businesses that sell to automakers as well as to corporations such as factory-owners and firms that automate processes.

But the shift has failed to lift profits at a time when the US-China trade war has hit industrial purchases and output, and the global car market is contracting.

Tesla is also yet to show sustained profits. The Japanese company's chief executive, Kazuhiro Tsuga, has admitted he underestimated development costs for car components and risks associated with Tesla.

The electric carmaker surprised investors last week with a quarterly profit that sent its shares soaring.

Panasonic said on Thursday its automotive business, which includes car batteries, recorded an operating loss of 12.7 billion yen compared with a 7.1 billion yen loss in the year-ago quarter.

While Tsuga has promised to expand into "solutions services" for business customers by leveraging the company's expertise in various industries, he is yet to detail what that growth strategy would look like.

Tsuga is expected to hold a strategy briefing on November 22. He was scheduled to attend an earnings briefing on Thursday, but cancelled earlier this week.

Panasonic Corp on Thursday reported a 12 percent drop in its second-quarter operating profit as the Japanese firm was hurt by the Sino-US trade war and higher development costs related to its automotive business in Europe.

Panasonic Corp on Thursday reported a 12 percent drop in its second-quarter operating profit as the Japanese firm was hurt by the Sino-US trade war and higher development costs related to its automotive business in Europe. Still, its September-quarter earnings of 83.9 billion yen beat analysts' average estimate of 62.74 billion yen, according to Refinitiv data, as the battery business with Tesla Inc narrowed its losses. A year earlier, Panasonic, the exclusive battery cell supplier for new electric vehicles (EVs) made by Tesla Inc, had earned 95.2 billion yen. The company maintained its profit forecast for the year through March at 300 billion yen, compared with an average estimate of 293.94 billion yen from 19 analysts. Panasonic has turned its focus away from low-margin consumer electronics and bet on businesses that sell to automakers as well as to corporations such as factory-owners and firms that automate processes. But the shift has failed to lift profits at a time when the US-China trade war has hit industrial purchases and output, and the global car market is contracting. Tesla is also yet to show sustained profits. The Japanese company's chief executive, Kazuhiro Tsuga, has admitted he underestimated development costs for car components and risks associated with Tesla. The electric carmaker surprised investors last week with a quarterly profit that sent its shares soaring. Panasonic said on Thursday its automotive business, which includes car batteries, recorded an operating loss of 12.7 billion yen compared with a 7.1 billion yen loss in the year-ago quarter. While Tsuga has promised to expand into "solutions services" for business customers by leveraging the company's expertise in various industries, he is yet to detail what that growth strategy would look like. Tsuga is expected to hold a strategy briefing on November 22. He was scheduled to attend an earnings briefing on Thursday, but cancelled earlier this week.

Japan's Panasonic profit drops 12% on trade war, higher costs

China&nbsp;officially started the commercialisation of&nbsp;5G&nbsp;services on Thursday, with the country's three major telecom operators rolling out their&nbsp;5G&nbsp;data plans, according to information released at PT Expo&nbsp;China&nbsp;2019.

Consumers can pay to access the superfast speed of&nbsp;5G&nbsp;starting from Friday.

The three telecom operators,&nbsp;China&nbsp;Mobile,&nbsp;China&nbsp;Unicom and&nbsp;China&nbsp;Telecom, have already pushed&nbsp;5G&nbsp;preregistration with plentiful discounts and free&nbsp;5G&nbsp;data allowance and managed to attract interest from more than 10 million subscribers after they were granted commercial-use licenses for the superfast wireless technology in early June.

Asia's leading information and communications technology (ICT) event, PT Expo&nbsp;China&nbsp;2019, scheduled from Thursday to Sunday, is expected to highlight&nbsp;5G&nbsp;applications in various industries.

China officially started the commercialisation of 5G services on Thursday, with the country's three major telecom operators rolling out their 5G data plans, according to information released at PT Expo China 2019.

China officially started the commercialisation of 5G services on Thursday, with the country's three major telecom operators rolling out their 5G data plans, according to information released at PT Expo China 2019. Consumers can pay to access the superfast speed of 5G starting from Friday. The three telecom operators, China Mobile, China Unicom and China Telecom, have already pushed 5G preregistration with plentiful discounts and free 5G data allowance and managed to attract interest from more than 10 million subscribers after they were granted commercial-use licenses for the superfast wireless technology in early June. Asia's leading information and communications technology (ICT) event, PT Expo China 2019, scheduled from Thursday to Sunday, is expected to highlight 5G applications in various industries.

China's three major telecom operators kick off 5G commercialisation

Nintendo Co Ltd's&nbsp;second-quarter operating profit more than doubled, blowing past analyst estimates, on strong demand for its Switch console.

Nintendo sold 4.98 million units of its hybrid home-portable Switch device in the six months to September and 1.95 million handheld-only Switch Lite units that went on sale in September.

It would be "premature" to raise Nintendo's full-year hardware sales forecast for Switch from 18 million units, CEO Shuntaro Furukawa told reporters in Osaka.

The Switch Lite launch is part of the Kyoto-based firm's drive to expand the device's appeal beyond hardcore gamers, with the arrival of two Pokemon titles next month expected to drive demand for the low-cost version of the device.

Nintendo, which drew in millions of casual players with its Wii Fit game and balance board gadget 12 years ago, faces ever more competition from smartphone apps to video streaming.

This month, Nintendo launched Ring Fit Adventure, a title which, using the Switch's sensor-packed controllers and the bundled springy plastic Ring-Con, allows players to explore a fantasy world through actions like jogging and jumping.

Nintendo brought one of its marquee franchises, Mario Kart, to mobile in September, with the title downloaded over 120 million times in its first month, outstripping other mobile releases from the gaming company over a comparable period.

With revenue at $0.26 per player for the Mario Kart title, according to data from Sensor Tower, far behind Dragalia Lost's $16.50 per player, Nintendo is yet to demonstrate the saturated mobile market can become a substantial revenue driver.

Furukawa declined to say when the game's multiplayer option, which is currently greyed-out in-game and has been a focus for player complaints, would be activated.

Nintendo's operating profit for the July-September quarter was 66.8 billion yen ($615 million) versus 30.9 billion yen a year earlier. That was well above an average forecast of 50 billion yen from 10 analyst estimates compiled by Refinitiv.

The company's shares closed up 0.3 per cent&nbsp;on Thursday ahead of earnings. The stock has risen 32 per cent&nbsp;this year although that upwards trajectory has stalled in recent months.

Nintendo has struggled to replicate the runaway success of mobile title Pokemon Go, developed by San Francisco-based Niantic, which has, three years after it launched, generated more than $3 billion in revenues, according to Sensor Tower.

The commercialization of Pokemon, which spans games, toys, and TV, contrasts with Nintendo's often conservative use of characters like Mario.

However, the gaming company is taking inspiration from the string of Pokemon Center retail stores with the launch of a Nintendo-themed store in Tokyo's Shibuya district next month.

Nintendo Co Ltd's second-quarter operating profit more than doubled, blowing past analyst estimates, on strong demand for its Switch console. Nintendo sold 4.98 million units of its hybrid home-portable Switch device in the six months to September and 1.

Nintendo Co Ltd's second-quarter operating profit more than doubled, blowing past analyst estimates, on strong demand for its Switch console. Nintendo sold 4.98 million units of its hybrid home-portable Switch device in the six months to September and 1.95 million handheld-only Switch Lite units that went on sale in September. It would be "premature" to raise Nintendo's full-year hardware sales forecast for Switch from 18 million units, CEO Shuntaro Furukawa told reporters in Osaka. The Switch Lite launch is part of the Kyoto-based firm's drive to expand the device's appeal beyond hardcore gamers, with the arrival of two Pokemon titles next month expected to drive demand for the low-cost version of the device. Nintendo, which drew in millions of casual players with its Wii Fit game and balance board gadget 12 years ago, faces ever more competition from smartphone apps to video streaming. This month, Nintendo launched Ring Fit Adventure, a title which, using the Switch's sensor-packed controllers and the bundled springy plastic Ring-Con, allows players to explore a fantasy world through actions like jogging and jumping. Nintendo brought one of its marquee franchises, Mario Kart, to mobile in September, with the title downloaded over 120 million times in its first month, outstripping other mobile releases from the gaming company over a comparable period. With revenue at $0.26 per player for the Mario Kart title, according to data from Sensor Tower, far behind Dragalia Lost's $16.50 per player, Nintendo is yet to demonstrate the saturated mobile market can become a substantial revenue driver. Furukawa declined to say when the game's multiplayer option, which is currently greyed-out in-game and has been a focus for player complaints, would be activated. Nintendo's operating profit for the July-September quarter was 66.8 billion yen ($615 million) versus 30.9 billion yen a year earlier. That was well above an average forecast of 50 billion yen from 10 analyst estimates compiled by Refinitiv. The company's shares closed up 0.3 per cent on Thursday ahead of earnings. The stock has risen 32 per cent this year although that upwards trajectory has stalled in recent months. Nintendo has struggled to replicate the runaway success of mobile title Pokemon Go, developed by San Francisco-based Niantic, which has, three years after it launched, generated more than $3 billion in revenues, according to Sensor Tower. The commercialization of Pokemon, which spans games, toys, and TV, contrasts with Nintendo's often conservative use of characters like Mario. However, the gaming company is taking inspiration from the string of Pokemon Center retail stores with the launch of a Nintendo-themed store in Tokyo's Shibuya district next month.

Nintendo's second-quarter profit doubles as Switch Lite delivers boost

India's Reliance Industries-controlled <a href="https://www.wionews.com/business-economy/reliance-mobile-operator-jio-to-focus-on-subscriber-numbers-not-tariffs-report-237503">Jio Infocomm</a> wrote to the telecoms minister on Thursday, opposing government intervention for rival carriers Bharti Airtel&nbsp;and Vodafone Idea&nbsp;facing overdue of $13 billion.

The Cellular Operators Association of India (COAI) had earlier written to Telecommunications Minister Ravi Shankar Prasad, warning of an "unprecedented crisis" if the government refuses to relax its demand for outstanding dues.

Jio, the telecoms unit of billionaire Mukesh Ambani-controlled Reliance, said in its letter that fears of a crisis in the industry and job losses were overblown.

Rival carriers can monetise their assets, investments or issue fresh equity to pay the dues, it added.

India's Reliance Industries-controlled Jio Infocomm wrote to the telecoms minister on Thursday, opposing government intervention for rival carriers Bharti Airtel and Vodafone Idea facing overdue of $13 billion.

India's Reliance Industries-controlled Jio Infocomm wrote to the telecoms minister on Thursday, opposing government intervention for rival carriers Bharti Airtel and Vodafone Idea facing overdue of $13 billion. The Cellular Operators Association of India (COAI) had earlier written to Telecommunications Minister Ravi Shankar Prasad, warning of an "unprecedented crisis" if the government refuses to relax its demand for outstanding dues. Jio, the telecoms unit of billionaire Mukesh Ambani-controlled Reliance, said in its letter that fears of a crisis in the industry and job losses were overblown. Rival carriers can monetise their assets, investments or issue fresh equity to pay the dues, it added.

Reliance's Jio opposes telecom lobby's plea for government help to rivals

The government has formed a panel of bureaucrats to suggest ways to alleviate financial pressures on the telecoms sector, a ministry source said on Tuesday, days after a court order that will push mobile carriers to pay overdue government levies and interest.

Mobile operators in India have been demanding support for a sector squeezed by a price war since late 2016 and by the high cost of using airwaves, culminating last week in that Supreme Court decision upholding a demand by the Department of Telecommunications (DoT) for the nearly $13 billion it said was overdue.

A panel comprising senior civil servants will consider the industry's demands, such as the postponement of airwaves auction payments due for the 2020/21 and 2021/22, the source said.

The panel will also look at reducing airwave usage charges and the contribution levels for the government fund set up to ensure that telecoms services reach rural India in a non-discriminatory way, the source added.

Profits of Vodafone Idea and Bharti Airtel have been hit and some rivals have gone out of business since Reliance Industries' Jio Infocomm unleashed a fierce price war when it entered India's crowded telecoms market in 2016 with free calling and cut-price data.

Vodafone Idea previously said it would ask the federal government for relief on payments of at least $4 billion after the Supreme Court decision. Analysts had said the charges could force the company out of business.

Rival Bharti Airtel said it had approached the DoT to "seek clarity" on the amount it had to pay, adding that it has sought the government's support to deal with the "adverse outcome" of the court ruling.

It also postponed the release of quarterly earnings, which had been scheduled for Tuesday, to November&nbsp;14.

Shares in Vodafone Idea closed 8.3 per cent down while Bharti lost 3.5 per cent in a broader Mumbai market &lt;.NSEI&gt; that finished with a 1.4 per cent gain.

The government has formed a panel of bureaucrats to suggest ways to alleviate financial pressures on the telecoms sector, a ministry source said on Tuesday, days after a court order that will push mobile carriers to pay overdue government levies and interest.

The government has formed a panel of bureaucrats to suggest ways to alleviate financial pressures on the telecoms sector, a ministry source said on Tuesday, days after a court order that will push mobile carriers to pay overdue government levies and interest. Mobile operators in India have been demanding support for a sector squeezed by a price war since late 2016 and by the high cost of using airwaves, culminating last week in that Supreme Court decision upholding a demand by the Department of Telecommunications (DoT) for the nearly $13 billion it said was overdue. A panel comprising senior civil servants will consider the industry's demands, such as the postponement of airwaves auction payments due for the 2020/21 and 2021/22, the source said. The panel will also look at reducing airwave usage charges and the contribution levels for the government fund set up to ensure that telecoms services reach rural India in a non-discriminatory way, the source added. Profits of Vodafone Idea and Bharti Airtel have been hit and some rivals have gone out of business since Reliance Industries' Jio Infocomm unleashed a fierce price war when it entered India's crowded telecoms market in 2016 with free calling and cut-price data. Vodafone Idea previously said it would ask the federal government for relief on payments of at least $4 billion after the Supreme Court decision. Analysts had said the charges could force the company out of business. Rival Bharti Airtel said it had approached the DoT to "seek clarity" on the amount it had to pay, adding that it has sought the government's support to deal with the "adverse outcome" of the court ruling. It also postponed the release of quarterly earnings, which had been scheduled for Tuesday, to November 14. Shares in Vodafone Idea closed 8.3 per cent down while Bharti lost 3.5 per cent in a broader Mumbai market <.NSEI> that finished with a 1.4 per cent gain.

Government forms panel to address telecoms woes: Report

Equity indices were subdued during early hours on Wednesday in line with Asian markets ahead of the US Federal Reserve's interest rate decision due to be announced later today.

At 10:15 am, the BSE S&amp;P Sensex was up by 126 points at 39,956 while the Nifty 50 edged higher by 33 points to 11,820.

Sectoral indices at the National Stock Exchange were mixed with Nifty IT up by 1.1 per cent but auto, pharma and private banks in the red.

Shares of Vodafone Idea rose by 2.8 per cent, Bharti Airtel by 2.1 per cent and Bharti Infratel by 2.7 per cent after sources said that the Committee of Secretaries headed by Cabinet Secretary Rajiv Gauba has been asked to evaluate financial stress faced by telecom operators and suggest measures to alleviate the stress.

Oil marketing firms IndianOil Corporation and Bharat Petroleum Corporation edged higher by 2.6 per cent and 1.8 per cent respectively after Prime Minister Narendra Modi said a day earlier that India will invest 100 billion dollars in oil and gas infrastructure to meet energy needs of an economy that is being targeted to nearly double in five years.

The other prominent gainers were IT majors Infosys and Wipro, Grasim, Larsen &amp; Toubro and Vedanta.

However, those which lost marginally were Tata Motors, Cipla, Coal India, Eicher Motors and IndusInd Bank.

Meanwhile, Asian stock markets traded flat as the prospect of a rate cut by the US Fed was countered by worries that the US-China first-stage trade deal could be delayed.

Japan's Nikkei slipped marginally while South Korea's Kospi traded down by 0.7 per cent. The Shanghai Composite fell by 0.53 per cent and Hong Kong's Hang Seng index dipped by 0.44 per cent.

Equity indices were subdued during early hours on Wednesday in line with Asian markets ahead of the US Federal Reserve's interest rate decision due to be announced later today.

Equity indices were subdued during early hours on Wednesday in line with Asian markets ahead of the US Federal Reserve's interest rate decision due to be announced later today. At 10:15 am, the BSE S&P Sensex was up by 126 points at 39,956 while the Nifty 50 edged higher by 33 points to 11,820. Sectoral indices at the National Stock Exchange were mixed with Nifty IT up by 1.1 per cent but auto, pharma and private banks in the red. Shares of Vodafone Idea rose by 2.8 per cent, Bharti Airtel by 2.1 per cent and Bharti Infratel by 2.7 per cent after sources said that the Committee of Secretaries headed by Cabinet Secretary Rajiv Gauba has been asked to evaluate financial stress faced by telecom operators and suggest measures to alleviate the stress. Oil marketing firms IndianOil Corporation and Bharat Petroleum Corporation edged higher by 2.6 per cent and 1.8 per cent respectively after Prime Minister Narendra Modi said a day earlier that India will invest 100 billion dollars in oil and gas infrastructure to meet energy needs of an economy that is being targeted to nearly double in five years. The other prominent gainers were IT majors Infosys and Wipro, Grasim, Larsen & Toubro and Vedanta. However, those which lost marginally were Tata Motors, Cipla, Coal India, Eicher Motors and IndusInd Bank. Meanwhile, Asian stock markets traded flat as the prospect of a rate cut by the US Fed was countered by worries that the US-China first-stage trade deal could be delayed. Japan's Nikkei slipped marginally while South Korea's Kospi traded down by 0.7 per cent. The Shanghai Composite fell by 0.53 per cent and Hong Kong's Hang Seng index dipped by 0.44 per cent.

Equities flat in early trading, telecom stocks gain

A US&nbsp;appeals court on Wednesday dealt a major blow to Merck &amp; Co Inc as it upheld a ruling that threw out a $2.54 billion (£1.97 billion) jury verdict the drugmaker had won against Gilead Sciences Inc.

The US Court of Appeals for the Federal Circuit upheld a Delaware judge's determination that the Merck patent at issue in the case, which relates to hepatitis C treatment, was invalid.

Merck and Gilead representatives were not immediately reachable for comment.

In 2016, a jury returned a verdict that Gilead's hepatitis C drugs Sovaldi and Harvoni infringed the patent, which Merck acquired when it bought Idenix Pharmaceuticals. Jurors determined that Gilead should pay $2.54 billion in damages, which was the largest verdict ever in a US&nbsp;patent case.

But a judge in Delaware tossed the verdict in 2018, saying the Merck patent should not have been granted in the first place because it did not meet a requirement that it disclose how to make the treatment it covered without undue experimentation.

In Wednesday's split decision, the appeals court said it agreed with that determination.

A US appeals court on Wednesday dealt a major blow to Merck & Co Inc as it upheld a ruling that threw out a $2.54 billion (£1.97 billion) jury verdict the drugmaker had won against Gilead Sciences Inc.

A US appeals court on Wednesday dealt a major blow to Merck & Co Inc as it upheld a ruling that threw out a $2.54 billion (£1.97 billion) jury verdict the drugmaker had won against Gilead Sciences Inc. The US Court of Appeals for the Federal Circuit upheld a Delaware judge's determination that the Merck patent at issue in the case, which relates to hepatitis C treatment, was invalid. Merck and Gilead representatives were not immediately reachable for comment. In 2016, a jury returned a verdict that Gilead's hepatitis C drugs Sovaldi and Harvoni infringed the patent, which Merck acquired when it bought Idenix Pharmaceuticals. Jurors determined that Gilead should pay $2.54 billion in damages, which was the largest verdict ever in a US patent case. But a judge in Delaware tossed the verdict in 2018, saying the Merck patent should not have been granted in the first place because it did not meet a requirement that it disclose how to make the treatment it covered without undue experimentation. In Wednesday's split decision, the appeals court said it agreed with that determination.

Merck loses bid to revive $2.54 billion patent verdict against Gilead

GlaxoSmithKline on Wednesday raised its annual profit forecast for the second time this year as sales of its shingles vaccine beat expectations and older medicines, including HIV treatments, continued to sell well.

The British drugmaker's shares rose as much as 3 per cent&nbsp;to a more than a six-year high after the company said it now expected profit to be roughly flat at constant currency for the year, compared with a previous forecast of a fall of 3 per cent&nbsp;to 5 per cent.

CEO Emma Walmsley has embarked on a plan to rejuvenate GSK, which has included the spin-off or sale of a number of businesses since she took over in 2017. The company has formed a joint venture with Pfizer's&nbsp;consumer health division for over the counter products, which include Sensodyne toothpaste and Panadol painkillers.

GSK's leaner structure has also helped the company focus more on its pharmaceuticals business and build a newer pool of treatments, including its shingles vaccine, Shingrix.

Walmsley said she was delighted with the vaccine's performance, which had exceeded the drugmaker's expectations.

"Shingrix will be a material contributor to the company's growth for some time," she told reporters.

GSK has at times struggled to keep up with demand.

"Obviously it (Shingrix) has performed ahead of our initial expectations, which is why we have been working extremely hard on improving and accelerating our supply," Walmsley said.

Sales of the vaccine, launched in 2017, jumped 76 per cent&nbsp;to £535 million, zooming past analysts' estimate of £464 million, driven by sales in the United States where doctors are recommending immunisation more often for patients.

That performance helped sales at GSK's vaccines business to increase 15 per cent&nbsp;to £2.31 billion in the third quarter, above consensus.

Shingrix sales have already reached £1.24 billion in the first nine months of this year and it looks on course to exceed analysts' £1.52 billion sales forecast for 2019.

The company said its new profit forecast also reflected operating performance, increased investment in research and development as well as a lower expected effective tax rate of around 17 per cent&nbsp;for the year.

GSK's joint venture with Pfizer reported sales of £2.53 billion, boosted by US&nbsp;drugmaker Pfizer's older brands.

On Brexit, the British drugmaker said it had been preparing for a no-deal divorce between Britain and the European Union for some time now.

"Any difference between the preparation for the risk of a no-deal scenario and an ordered planned one in January is de minimis because that all happened over the last couple of years," Walmsley said.

Total group sales of £9.39 billion surpassed a company-compiled consensus. This is the drugmaker's sixth consecutive quarterly sales beat, according to Refinitiv Eikon data.

GSK shares were up 1.7 per cent&nbsp;at 1,769 pence at 1317 GMT.

GlaxoSmithKline on Wednesday raised its annual profit forecast for the second time this year as sales of its shingles vaccine beat expectations and older medicines, including HIV treatments, continued to sell well.

GlaxoSmithKline on Wednesday raised its annual profit forecast for the second time this year as sales of its shingles vaccine beat expectations and older medicines, including HIV treatments, continued to sell well. The British drugmaker's shares rose as much as 3 per cent to a more than a six-year high after the company said it now expected profit to be roughly flat at constant currency for the year, compared with a previous forecast of a fall of 3 per cent to 5 per cent. CEO Emma Walmsley has embarked on a plan to rejuvenate GSK, which has included the spin-off or sale of a number of businesses since she took over in 2017. The company has formed a joint venture with Pfizer's consumer health division for over the counter products, which include Sensodyne toothpaste and Panadol painkillers. GSK's leaner structure has also helped the company focus more on its pharmaceuticals business and build a newer pool of treatments, including its shingles vaccine, Shingrix. Walmsley said she was delighted with the vaccine's performance, which had exceeded the drugmaker's expectations. "Shingrix will be a material contributor to the company's growth for some time," she told reporters. GSK has at times struggled to keep up with demand. "Obviously it (Shingrix) has performed ahead of our initial expectations, which is why we have been working extremely hard on improving and accelerating our supply," Walmsley said. Sales of the vaccine, launched in 2017, jumped 76 per cent to £535 million, zooming past analysts' estimate of £464 million, driven by sales in the United States where doctors are recommending immunisation more often for patients. That performance helped sales at GSK's vaccines business to increase 15 per cent to £2.31 billion in the third quarter, above consensus. Shingrix sales have already reached £1.24 billion in the first nine months of this year and it looks on course to exceed analysts' £1.52 billion sales forecast for 2019. The company said its new profit forecast also reflected operating performance, increased investment in research and development as well as a lower expected effective tax rate of around 17 per cent for the year. GSK's joint venture with Pfizer reported sales of £2.53 billion, boosted by US drugmaker Pfizer's older brands. On Brexit, the British drugmaker said it had been preparing for a no-deal divorce between Britain and the European Union for some time now. "Any difference between the preparation for the risk of a no-deal scenario and an ordered planned one in January is de minimis because that all happened over the last couple of years," Walmsley said. Total group sales of £9.39 billion surpassed a company-compiled consensus. This is the drugmaker's sixth consecutive quarterly sales beat, according to Refinitiv Eikon data. GSK shares were up 1.7 per cent at 1,769 pence at 1317 GMT.

GSK raises profit forecast after shingles vaccine sales boost

Norwegian property tycoon Petter Stordalen and private equity firms Altor and TDR Capital have agreed to buy the Nordic business of collapsed British travel company Thomas Cook.

The profitable Thomas Cook Northern Europe, also known as the Ving Group, has been looking for a buyer since Thomas Cook's liquidation in September and this week said it had attracted several bids.

The buyers said in a joint statement they had agreed on a financial reconstruction package for the business that would provide about 6 billion Swedish crowns (£479 million) in liquid funds and guarantees.

Stordalen's Strawberry Group and Altor will each take a 40 per cent&nbsp;stake in the new group, and TDR Capital the remaining 20 per cent.

"Competition was rock hard to get in here, but we were the only group to work on a reconstruction that would secure one solution for all," billionaire investor Stordalen said in a presentation for media and Ving Group staff on Wednesday, drawing cheers from the employees.

Ving Group, which employs about 2,300 people, owns Nordic travel agencies Ving, Globetrotter, Spies, Tjareborg, carrier Thomas Cook Airlines Scandinavia and a number of hotel brands.

"It has been a very complex deal and has happened very fast," Ving Group CEO Magnus Wikner told media and staff.

"For us, it was incredibly important to find an owner that has the strategic competence and financial strength to become a good, long-term owner for us."

Thomas Cook, the world's oldest travel firm, went bankrupt when it couldn't service its debts and banks would not back a rescue plan in the face of changing customer habits and intense competition from low-cost airlines and online-only rivals.

The collapse stranded over 100,000 travellers worldwide and sparked a scramble for survival among many of its subsidiaries.

Ving Group, however, last year made an operating profit of 1.4 billion crowns. "Ving has always been a solid company," Stordalen said. "The truth is, Ving did everything right. Thomas Cook did everything wrong".

Norwegian property tycoon Petter Stordalen and private equity firms Altor and TDR Capital have agreed to buy the Nordic business of collapsed British travel company Thomas Cook.

Norwegian property tycoon Petter Stordalen and private equity firms Altor and TDR Capital have agreed to buy the Nordic business of collapsed British travel company Thomas Cook. The profitable Thomas Cook Northern Europe, also known as the Ving Group, has been looking for a buyer since Thomas Cook's liquidation in September and this week said it had attracted several bids. The buyers said in a joint statement they had agreed on a financial reconstruction package for the business that would provide about 6 billion Swedish crowns (£479 million) in liquid funds and guarantees. Stordalen's Strawberry Group and Altor will each take a 40 per cent stake in the new group, and TDR Capital the remaining 20 per cent. "Competition was rock hard to get in here, but we were the only group to work on a reconstruction that would secure one solution for all," billionaire investor Stordalen said in a presentation for media and Ving Group staff on Wednesday, drawing cheers from the employees. Ving Group, which employs about 2,300 people, owns Nordic travel agencies Ving, Globetrotter, Spies, Tjareborg, carrier Thomas Cook Airlines Scandinavia and a number of hotel brands. "It has been a very complex deal and has happened very fast," Ving Group CEO Magnus Wikner told media and staff. "For us, it was incredibly important to find an owner that has the strategic competence and financial strength to become a good, long-term owner for us." Thomas Cook, the world's oldest travel firm, went bankrupt when it couldn't service its debts and banks would not back a rescue plan in the face of changing customer habits and intense competition from low-cost airlines and online-only rivals. The collapse stranded over 100,000 travellers worldwide and sparked a scramble for survival among many of its subsidiaries. Ving Group, however, last year made an operating profit of 1.4 billion crowns. "Ving has always been a solid company," Stordalen said. "The truth is, Ving did everything right. Thomas Cook did everything wrong".

Trio of buyers rescues Thomas Cook's Nordic business

Boeing Co Chief Executive Dennis Muilenburg faces a second day of questions Wednesday from US&nbsp;lawmakers on its now grounded 737 MAX after sharp criticism at a Senate hearing Tuesday.

US&nbsp;Representative Peter DeFazio, who heads the House Transportation and Infrastructure Committee, which will hear from Muilenburg on Wednesday, said in a written statement that the committee's lengthy investigation into the MAX has turned up significant questions about Boeing's decision-making.

"Something went drastically wrong, a total of 346 people died, and we have a duty to fix it," DeFazio will say in his opening statement.

DeFazio said the panel is aware of "at least one case where a Boeing manager implored the then-vice president and general manager of the 737 programme&nbsp;to shut down the 737 MAX production line because of safety concerns." Boeing did not comment Tuesday on the allegation.

Muilenburg told reporters on Wednesday he believes the allegation was in response to concerns about a change in the increase of the production rate. He said Boeing was aware of those concerns and had acknowledged them.

Muilenburg said that he had met with some family members of the victims before Wednesday's hearing. "It was tough to hear," he said, adding the company was making "the fixes we need to make."

The Boeing CEO on Tuesday acknowledged errors in failing to give pilots more information on a key safety system known as MCAS before the crashes, as well as for taking months to disclose that it had made optional an alarm that alerts pilots to a mismatch of flight data on the 737 MAX.

"We've made mistakes and we got some things wrong. We're improving and we're learning," he said.

The hearing, the highest-profile congressional scrutiny of commercial aviation safety in years, heaps pressure on a newly rejigged Boeing senior management team fighting to repair trust with airline customers and passengers shaken by an eight-month safety ban on its 737 MAX following the crashes.

"You have told me half-truths over and over again," Senator Tammy Duckworth told Muilenburg, questioning why the manufacturer did not disclose more details about MCAS's lack of safeguards. On Wednesday, Muilenburg said he would work to ensure she got the information she was seeking.

Taking turns to grill Muilenburg during his first appearance at a hearing on Capitol Hill in the year since the first crash in Indonesia, senators also expressed dismay that 2016 instant messages discussing erratic behaviour of simulator software - a replica of the system aboard the jetliner - did not prompt an immediate reaction from the company.

For months, Boeing had largely failed to acknowledge blame, instead vowing to make a "safe plane safer." Tuesday's hearing represents Boeing's broadest acceptance of responsibility that it made mistakes, but Muilenburg stopped short of what some lawmakers and family members had sought.

Family members were seated just three rows behind Muilenburg during his testimony and were invited at one point to stand and show large photos of their loved ones.

Nadia Milleron, whose daughter was killed in the Ethiopian Airlines crash in March, said Muilenburg and the board should resign for failing to do more to prevent the crashes.

As Muilenburg departed the hearing, she implored him to look at the victims' families when he apologized. He turned to her and said: "I'm sorry."

Boeing Co Chief Executive Dennis Muilenburg faces a second day of questions Wednesday from US lawmakers on its now grounded 737 MAX after sharp criticism at a Senate hearing Tuesday.

Boeing Co Chief Executive Dennis Muilenburg faces a second day of questions Wednesday from US lawmakers on its now grounded 737 MAX after sharp criticism at a Senate hearing Tuesday. US Representative Peter DeFazio, who heads the House Transportation and Infrastructure Committee, which will hear from Muilenburg on Wednesday, said in a written statement that the committee's lengthy investigation into the MAX has turned up significant questions about Boeing's decision-making. "Something went drastically wrong, a total of 346 people died, and we have a duty to fix it," DeFazio will say in his opening statement. DeFazio said the panel is aware of "at least one case where a Boeing manager implored the then-vice president and general manager of the 737 programme to shut down the 737 MAX production line because of safety concerns." Boeing did not comment Tuesday on the allegation. Muilenburg told reporters on Wednesday he believes the allegation was in response to concerns about a change in the increase of the production rate. He said Boeing was aware of those concerns and had acknowledged them. Muilenburg said that he had met with some family members of the victims before Wednesday's hearing. "It was tough to hear," he said, adding the company was making "the fixes we need to make." The Boeing CEO on Tuesday acknowledged errors in failing to give pilots more information on a key safety system known as MCAS before the crashes, as well as for taking months to disclose that it had made optional an alarm that alerts pilots to a mismatch of flight data on the 737 MAX. "We've made mistakes and we got some things wrong. We're improving and we're learning," he said. The hearing, the highest-profile congressional scrutiny of commercial aviation safety in years, heaps pressure on a newly rejigged Boeing senior management team fighting to repair trust with airline customers and passengers shaken by an eight-month safety ban on its 737 MAX following the crashes. "You have told me half-truths over and over again," Senator Tammy Duckworth told Muilenburg, questioning why the manufacturer did not disclose more details about MCAS's lack of safeguards. On Wednesday, Muilenburg said he would work to ensure she got the information she was seeking. Taking turns to grill Muilenburg during his first appearance at a hearing on Capitol Hill in the year since the first crash in Indonesia, senators also expressed dismay that 2016 instant messages discussing erratic behaviour of simulator software - a replica of the system aboard the jetliner - did not prompt an immediate reaction from the company. For months, Boeing had largely failed to acknowledge blame, instead vowing to make a "safe plane safer." Tuesday's hearing represents Boeing's broadest acceptance of responsibility that it made mistakes, but Muilenburg stopped short of what some lawmakers and family members had sought. Family members were seated just three rows behind Muilenburg during his testimony and were invited at one point to stand and show large photos of their loved ones. Nadia Milleron, whose daughter was killed in the Ethiopian Airlines crash in March, said Muilenburg and the board should resign for failing to do more to prevent the crashes. As Muilenburg departed the hearing, she implored him to look at the victims' families when he apologized. He turned to her and said: "I'm sorry."

United States lawmakers will press Boeing CEO on day two of testimony