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India's telecoms sector and leading players Bharti Airtel and Vodafone Idea will face an "unprecedented crisis" if the government refuses to relax its demand for $13 billion in outstanding dues, a lobby group says.

Bharti and Vodafone Idea have been spooked by the Indian Supreme Court's decision last week to uphold a government demand that will force the companies to pay the bulk of 920 billion rupees ($13 billion) in overdue levies and interest.

The Cellular Operators Association of India (COAI) lobby group has joined the fray, seeking the intervention of India's telecoms minister in a letter dated October 29, arguing that such payments will lead to a crisis at the companies and cause distress for the sector as a whole.

"Investments could be curtailed, services could deteriorate, jobs could be lost and investor confidence will most definitely be shattered," COAI Director General Rajan S. Mathews said in the letter seen by Reuters.

"The impact of this crisis could exacerbate the stress in the industry and potentially be catastrophic for the nation."

The government's telecoms department did not respond to a request for comment.

A person with direct knowledge of the matter said Bharti and Vodafone both backed COAI's views in the letter. But Reliance Industries-owned rival Jio, a COAI member, said the lobby group's letter does not represent industry views.

Reliance "completely disagrees with the intent, tone, contents and connotations of the COAI letter", it said in a letter to COAI, which it released to the media.

Jio began operations in late 2016 and is least affected by the Supreme Court ruling because it has only $2 million in charges to clear.

The COAI leter also said that the $13 billion demand could also place in jeopardy the 600 billion rupees ($8.5 billion) of annual payments Bharti and Vodafone Idea make to the government and threaten their ability to service existing debt.

"Such an adverse outcome will trigger a chain of events which will result in disruption to the entire business chain," the letter said, with the COAI seeking a two-year moratorium on payments for airwave spectrum from 2020 to 2022.

India's crowded telecoms sector once had more than a dozen mobile operators but consolidation has resulted in only three private players - Bharti, Vodafone and Jio - and two other debt-ridden state companies.

A government source said on Monday that a panel of bureaucrats had been formed to suggest ways to alleviate financial pressures on the sector.

India's telecoms sector and leading players Bharti Airtel and Vodafone Idea will face an "unprecedented crisis" if the government refuses to relax its demand for $13 billion in outstanding dues, a lobby group says.

India's telecoms sector and leading players Bharti Airtel and Vodafone Idea will face an "unprecedented crisis" if the government refuses to relax its demand for $13 billion in outstanding dues, a lobby group says. Bharti and Vodafone Idea have been spooked by the Indian Supreme Court's decision last week to uphold a government demand that will force the companies to pay the bulk of 920 billion rupees ($13 billion) in overdue levies and interest. The Cellular Operators Association of India (COAI) lobby group has joined the fray, seeking the intervention of India's telecoms minister in a letter dated October 29, arguing that such payments will lead to a crisis at the companies and cause distress for the sector as a whole. "Investments could be curtailed, services could deteriorate, jobs could be lost and investor confidence will most definitely be shattered," COAI Director General Rajan S. Mathews said in the letter seen by Reuters. "The impact of this crisis could exacerbate the stress in the industry and potentially be catastrophic for the nation." The government's telecoms department did not respond to a request for comment. A person with direct knowledge of the matter said Bharti and Vodafone both backed COAI's views in the letter. But Reliance Industries-owned rival Jio, a COAI member, said the lobby group's letter does not represent industry views. Reliance "completely disagrees with the intent, tone, contents and connotations of the COAI letter", it said in a letter to COAI, which it released to the media. Jio began operations in late 2016 and is least affected by the Supreme Court ruling because it has only $2 million in charges to clear. The COAI leter also said that the $13 billion demand could also place in jeopardy the 600 billion rupees ($8.5 billion) of annual payments Bharti and Vodafone Idea make to the government and threaten their ability to service existing debt. "Such an adverse outcome will trigger a chain of events which will result in disruption to the entire business chain," the letter said, with the COAI seeking a two-year moratorium on payments for airwave spectrum from 2020 to 2022. India's crowded telecoms sector once had more than a dozen mobile operators but consolidation has resulted in only three private players - Bharti, Vodafone and Jio - and two other debt-ridden state companies. A government source said on Monday that a panel of bureaucrats had been formed to suggest ways to alleviate financial pressures on the sector.

Indian lobby group warns of telecoms catastrophe, Reliance disagrees

Domestic stock market indices extended gains for the fourth straight day on Wednesday with Sensex ending the trading session above the important level of 40,000.

Sensex added 220 points or 0.55 per cent to end at 40,052 and Nifty50 index ended at 11,844, up 57 points or 0.49 per cent. Out of 50 components, 28 ended in the green and 22 in the red.&nbsp;

During the early trade at around 10.35 am, Sensex was trading at 40,020.22 points, up by 188 points while Nifty was up 55.85 points at 11,842.60.

Sectoral indices at the National Stock Exchange were mixed with Nifty PSU bank up by 3.7 per cent, IT by 1.4 per cent and FMCG by one per cent.

Among stocks, energy major GAIL was a prominent winner with gains of 6.3 per cent at Rs 133.80.

IndianOil too showed gains of 1.9 per cent 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 country's largest lender State Bank of India edged higher by 3.4 per cent to Rs 290.40 per share. Besides, Tata Consultancy Services, ITC, Nestle India, Bharti Airtel and Eicher Motors showed modest profits.

However, Bharti Infratel closed 5.2 per cent lower after witnessing gains during the morning session. Yes Bank, Cipla, Maruti and Britannia too closed in the red.

Meanwhile, Asian stock markets traded in the negative zone 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 by 0.57 per cent while South Korea's Kospi traded down by 0.59 per cent. The Shanghai Composite fell by 0.50 per cent and Hong Kong's Hang Seng index dipped by 0.44 per cent.

(With inputs from ANI)

Domestic stock market indices extended gains for the fourth straight day on Wednesday with Sensex ending the trading session above the important level of 40,000.

Domestic stock market indices extended gains for the fourth straight day on Wednesday with Sensex ending the trading session above the important level of 40,000. Sensex added 220 points or 0.55 per cent to end at 40,052 and Nifty50 index ended at 11,844, up 57 points or 0.49 per cent. Out of 50 components, 28 ended in the green and 22 in the red. During the early trade at around 10.35 am, Sensex was trading at 40,020.22 points, up by 188 points while Nifty was up 55.85 points at 11,842.60. Sectoral indices at the National Stock Exchange were mixed with Nifty PSU bank up by 3.7 per cent, IT by 1.4 per cent and FMCG by one per cent. Among stocks, energy major GAIL was a prominent winner with gains of 6.3 per cent at Rs 133.80. IndianOil too showed gains of 1.9 per cent 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 country's largest lender State Bank of India edged higher by 3.4 per cent to Rs 290.40 per share. Besides, Tata Consultancy Services, ITC, Nestle India, Bharti Airtel and Eicher Motors showed modest profits. However, Bharti Infratel closed 5.2 per cent lower after witnessing gains during the morning session. Yes Bank, Cipla, Maruti and Britannia too closed in the red. Meanwhile, Asian stock markets traded in the negative zone 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 by 0.57 per cent while South Korea's Kospi traded down by 0.59 per cent. The Shanghai Composite fell by 0.50 per cent and Hong Kong's Hang Seng index dipped by 0.44 per cent. (With inputs from ANI)

Sensex gains 220 points, hits 40,000 for first time since July

<a href="https://www.wionews.com/business-economy/huawei-in-early-talks-with-united-states-firms-to-licence-5g-platform-256876">Huawei Technologies</a>&nbsp;captured a record 42 per cent&nbsp;of China's smartphone market in the third quarter as local consumers rallied behind it after United States&nbsp;sanctions, leaving Apple to languish towards the bottom of the pile, market data showed.

Apple's market share in China slipped to 5 per cent&nbsp;from 7 per cent&nbsp;in the year-ago quarter, according to a report that market research firm Canalys released on Wednesday, hours before the Cupertino, California-based company was to report quarterly results.

The July-September quarter marked the iPhone's weakest sales in China in five years, said Nicole Peng, vice president of mobility at Canalys, with shipments likely down more than a quarter.

Concerns about slowing iPhone sales in China have dogged Apple for many quarters even as the global smartphone market has slowed and a resurgent Huawei has hit record sales in the country.

<a href="https://www.wionews.com/business-economy/nine-month-revenue-up-despite-us-pressure-huawei-256217">Huawei</a>, the world's Number 2 maker of smartphones, was all but banned by the United States in May from doing business with American companies, significantly disrupting its ability to source key parts.

The company was then granted a reprieve until November but the blacklisting pushed up patriotic purchases of its smartphones in China, helping it more than offset a shipments slump in the global market.

With the expected rollout of the super-fast 5G network in China in the coming months, Huawei's advantage is expected to grow further.

"Huawei is in a strong position to consolidate its dominance further amid 5G network rollout, given its tight operator relationships in 5G network deployment, and control over key components such as local network-compatible 5G chipsets," Peng said.

"This puts significant pressure on Oppo, Vivo and Xiaomi, which find it very hard to make any breakthrough."

Oppo, Vivo, Xiaomi and Apple together accounted for 50 per cent&nbsp;of the market in the third quarter, down from 64 per cent&nbsp;a year earlier.

Huawei said last week it had sold more than 200 million phones globally in 2019, 64 days earlier than in 2018. The company's profits have remained resilient and revenue jumped 27 per cent&nbsp;in the third quarter.

The Chinese smartphone market contracted by 3 per cent in the third quarter, and Huawei smartphones made up 41.5 million of the 97.8 million shipped in the period, Canalys said.

Apple and Xiaomi did not have an immediate comment on the Canalys data. Huawei and Oppo declined to comment, while Vivo said it does not comment on third-party reports. 
 
iPhone 11 hopes

Apple launched its latest iPhone 11 range in China in September to tepid responses on social media, but shoppers have warmed to the model's additional cameras and cheaper pricing.

"Apple is more prepared than previous years to face strong headwinds in China," said Canalys analyst Louis Liu, noting the iPhone 11's camera improvements and lower launch price "were critical market stimuli".

The company's quarterly results likely received a boost from the launch and accounted for 40 per cent&nbsp;of its shipments, with customers willing to wait two to three weeks to receive shipments of the newer models, Peng said.

"But it faces a looming challenge, as Chinese vendors and operators are set to drive heavy marketing and promotions around 5G in the next two quarters," Liu added. "This could steal its thunder."

The US tech giant is expected to report flat revenue and a dip in earnings in the September quarter, based on Refinitiv data.

Huawei Technologies captured a record 42 per cent of China's smartphone market in the third quarter as local consumers rallied behind it after United States sanctions, leaving Apple to languish towards the bottom of the pile, market data showed.

Huawei Technologies captured a record 42 per cent of China's smartphone market in the third quarter as local consumers rallied behind it after United States sanctions, leaving Apple to languish towards the bottom of the pile, market data showed. Apple's market share in China slipped to 5 per cent from 7 per cent in the year-ago quarter, according to a report that market research firm Canalys released on Wednesday, hours before the Cupertino, California-based company was to report quarterly results. The July-September quarter marked the iPhone's weakest sales in China in five years, said Nicole Peng, vice president of mobility at Canalys, with shipments likely down more than a quarter. Concerns about slowing iPhone sales in China have dogged Apple for many quarters even as the global smartphone market has slowed and a resurgent Huawei has hit record sales in the country. Huawei, the world's Number 2 maker of smartphones, was all but banned by the United States in May from doing business with American companies, significantly disrupting its ability to source key parts. The company was then granted a reprieve until November but the blacklisting pushed up patriotic purchases of its smartphones in China, helping it more than offset a shipments slump in the global market. With the expected rollout of the super-fast 5G network in China in the coming months, Huawei's advantage is expected to grow further. "Huawei is in a strong position to consolidate its dominance further amid 5G network rollout, given its tight operator relationships in 5G network deployment, and control over key components such as local network-compatible 5G chipsets," Peng said. "This puts significant pressure on Oppo, Vivo and Xiaomi, which find it very hard to make any breakthrough." Oppo, Vivo, Xiaomi and Apple together accounted for 50 per cent of the market in the third quarter, down from 64 per cent a year earlier. Huawei said last week it had sold more than 200 million phones globally in 2019, 64 days earlier than in 2018. The company's profits have remained resilient and revenue jumped 27 per cent in the third quarter. The Chinese smartphone market contracted by 3 per cent in the third quarter, and Huawei smartphones made up 41.5 million of the 97.8 million shipped in the period, Canalys said. Apple and Xiaomi did not have an immediate comment on the Canalys data. Huawei and Oppo declined to comment, while Vivo said it does not comment on third-party reports. iPhone 11 hopes Apple launched its latest iPhone 11 range in China in September to tepid responses on social media, but shoppers have warmed to the model's additional cameras and cheaper pricing. "Apple is more prepared than previous years to face strong headwinds in China," said Canalys analyst Louis Liu, noting the iPhone 11's camera improvements and lower launch price "were critical market stimuli". The company's quarterly results likely received a boost from the launch and accounted for 40 per cent of its shipments, with customers willing to wait two to three weeks to receive shipments of the newer models, Peng said. "But it faces a looming challenge, as Chinese vendors and operators are set to drive heavy marketing and promotions around 5G in the next two quarters," Liu added. "This could steal its thunder." The US tech giant is expected to report flat revenue and a dip in earnings in the September quarter, based on Refinitiv data.

Huawei tightens China market hold with 42% share at expense of iPhones: Report

Singapore Airlines&nbsp;and Malaysia Airlines finalised a wide-ranging agreement to codeshare on more routes between the southeast Asian neighbours and elsewhere, the companies said on Wednesday.

The cooperation between the carriers, which split out from Malaysia-Singapore Airlines in 1972, comes amid financial trouble at Malaysia Airlines.

The deal provides for Singapore Airlines and its unit, SilkAir, to codeshare on 16 domestic locations with Malaysia Airlines, while allowing the former to codeshare on flights to Europe, South Africa, among other destinations.

"Subject to regulatory approvals, the codeshare flights will be progressively made available for sale through the airlines’ respective booking channels in key markets," the carriers said in a joint statement.

Malaysia Airlines this month announced a codeshare arrangement with British Airways for 14 destinations.

Last week Malaysia said it had shortlisted four potential investors for a strategic partnership with the national carrier.

The Malaysian national carrier said it is strengthening its operations and internal management via cost-cutting and service improvements, as well as strengthening code-sharing pacts and joint ventures with other airlines to stay competitive.

Sovereign wealth fund Khazanah Nasional&nbsp;took a hit last year, with almost half of its impairment of $1.75 billion&nbsp;stemming from sustaining the national carrier.

Ties between the neighbours after Singapore's 1965 split from Malaysia have occasionally been strained.

The most recent dispute centred on maritime borders and air space between the city-state and Malaysia's southernmost state of Johor. The countries agreed in January to take steps to reduce tension.

Singapore Airlines and Malaysia Airlines finalised a wide-ranging agreement to codeshare on more routes between the southeast Asian neighbours and elsewhere, the companies said on Wednesday.

Singapore Airlines and Malaysia Airlines finalised a wide-ranging agreement to codeshare on more routes between the southeast Asian neighbours and elsewhere, the companies said on Wednesday. The cooperation between the carriers, which split out from Malaysia-Singapore Airlines in 1972, comes amid financial trouble at Malaysia Airlines. The deal provides for Singapore Airlines and its unit, SilkAir, to codeshare on 16 domestic locations with Malaysia Airlines, while allowing the former to codeshare on flights to Europe, South Africa, among other destinations. "Subject to regulatory approvals, the codeshare flights will be progressively made available for sale through the airlines’ respective booking channels in key markets," the carriers said in a joint statement. Malaysia Airlines this month announced a codeshare arrangement with British Airways for 14 destinations. Last week Malaysia said it had shortlisted four potential investors for a strategic partnership with the national carrier. The Malaysian national carrier said it is strengthening its operations and internal management via cost-cutting and service improvements, as well as strengthening code-sharing pacts and joint ventures with other airlines to stay competitive. Sovereign wealth fund Khazanah Nasional took a hit last year, with almost half of its impairment of $1.75 billion stemming from sustaining the national carrier. Ties between the neighbours after Singapore's 1965 split from Malaysia have occasionally been strained. The most recent dispute centred on maritime borders and air space between the city-state and Malaysia's southernmost state of Johor. The countries agreed in January to take steps to reduce tension.

Singapore Airlines, Malaysia Airlines sign code-share pact

Apple Inc is mobilizing suppliers to launch its first 5G iPhone range, the Nikkei Asian Review said on Wednesday.

"It will be the first time Apple introduces 5G iPhones ... There will be three of them and the company has set an aggressive sales target," Nikkei&nbsp;quoted a source as saying.

The three new iPhones will carry a 5G modem chip designed by Qualcomm Inc, Nikkei added, citing four people familiar with the plan.

Apple and Qualcomm did not immediately respond to Reuters' requests for comment.

Apple Inc is mobilizing suppliers to launch its first 5G iPhone range, the Nikkei Asian Review said on Wednesday. "It will be the first time Apple introduces 5G iPhones .

Apple Inc is mobilizing suppliers to launch its first 5G iPhone range, the Nikkei Asian Review said on Wednesday. "It will be the first time Apple introduces 5G iPhones ... There will be three of them and the company has set an aggressive sales target," Nikkei quoted a source as saying. The three new iPhones will carry a 5G modem chip designed by Qualcomm Inc, Nikkei added, citing four people familiar with the plan. Apple and Qualcomm did not immediately respond to Reuters' requests for comment.

Apple mobilises suppliers to unveil first 5G iPhones: Report

Italian-American Fiat Chrysler&nbsp;and Frances's Peugeot owner PSA&nbsp;are in talks over a potential tie-up aimed at creating one of the world's leading automakers.

After ditching a proposed merger with French rival Renault in June, Fiat Chrysler (FCA) confirmed on Wednesday its bid to pursue an alternative alliance at a time when carmakers face huge investments for electrification, emission reduction and autonomous driving technologies.

Yet if a combination of Peugeot and FCA succeeds in overcoming political, financial and governance hurdles, the new enterprise would still face substantial challenges.

Global automakers face the prospect of a slowdown in global demand coinciding with the most dramatic technology changes in a century.

The two companies said they are in talks to combine in a deal that could create a $50 billion player, a source familiar with the matter said.

PSA's supervisory board was due to meet on Wednesday to discuss the potential deal, another source close to the matter said. FCA said in a statement it had nothing more to add for the time being.

US-traded shares in Fiat Chrysler&nbsp;rose sharply on Tuesday and ended up more than 7.5 per cent.

Italian-American Fiat Chrysler and Frances's Peugeot owner PSA are in talks over a potential tie-up aimed at creating one of the world's leading automakers. After ditching a proposed merger with French rival Renault in June, Fiat Chrysler (FCA) confirmed on Wednesday its bid to pursue an alternative alliance at a time when carmakers face huge investments for electrification, emission reduction and autonomous driving technologies.

Italian-American Fiat Chrysler and Frances's Peugeot owner PSA are in talks over a potential tie-up aimed at creating one of the world's leading automakers. After ditching a proposed merger with French rival Renault in June, Fiat Chrysler (FCA) confirmed on Wednesday its bid to pursue an alternative alliance at a time when carmakers face huge investments for electrification, emission reduction and autonomous driving technologies. Yet if a combination of Peugeot and FCA succeeds in overcoming political, financial and governance hurdles, the new enterprise would still face substantial challenges. Global automakers face the prospect of a slowdown in global demand coinciding with the most dramatic technology changes in a century. The two companies said they are in talks to combine in a deal that could create a $50 billion player, a source familiar with the matter said. PSA's supervisory board was due to meet on Wednesday to discuss the potential deal, another source close to the matter said. FCA said in a statement it had nothing more to add for the time being. US-traded shares in Fiat Chrysler rose sharply on Tuesday and ended up more than 7.5 per cent.

Fiat Chrysler and PSA confirm talks over potential tie-up

Global growth is slowing and has modestly impacted the United States, US&nbsp;Treasury Secretary Steven Mnuchin said on Wednesday, adding the US&nbsp;economy remained strong with good capital inflows.

"There is no question that the global economy is slowing down and that has had some modest drag on the US&nbsp;economy," he said at an investment conference in the Saudi capital Riyadh.

Mnuchin also said Europe needed to do more on the fiscal and regulatory side to maintain growth.

Global growth is slowing and has modestly impacted the United States, US Treasury Secretary Steven Mnuchin said on Wednesday, adding the US economy remained strong with good capital inflows.

Global growth is slowing and has modestly impacted the United States, US Treasury Secretary Steven Mnuchin said on Wednesday, adding the US economy remained strong with good capital inflows. "There is no question that the global economy is slowing down and that has had some modest drag on the US economy," he said at an investment conference in the Saudi capital Riyadh. Mnuchin also said Europe needed to do more on the fiscal and regulatory side to maintain growth.

Global growth slowing, modest drag on United States: Steven Mnuchin

India will lease a quarter of its strategic petroleum reserve in Padur to Saudi Aramco to store about 4.6 million barrels of oil, a government official said on Wednesday, as New Delhi seeks global investment in its expanding energy infrastructure.

Global oil producers are eager to gain a foothold in India, where fuel demand is expected to keep rising as the country's economy grows.

Indian Strategic Petroleum Reserves Ltd, a government company charged with building oil storage, signed a memorandum of understanding with the Saudi state firm for its participation in the 2.5-million-tonne facility in Karnataka state.

"Aramco has signed an MoU for only one compartment," said HPS Ahuja, chief executive of the Indian company.

The Padur storage facility has four equal-sized compartments.

So far, Abu Dhabi National Oil Co is the only foreign company storing oil in India's strategic reserves, at Mangalore, also in Karnataka. Last year it signed a preliminary agreement to use half of the Padur reserve.

Ahuja said Aramco would have to keep some of the 4.6 million barrels for India's strategic needs, but could sell the rest to Indian refiners.

India, which relies on imports for about 80% of its oil needs, has underground emergency storage in three locations to protect against any supply disruption. The reserves can hold 36.87 million barrels.

India will lease a quarter of its strategic petroleum reserve in Padur to Saudi Aramco to store about 4.6 million barrels of oil, a government official said on Wednesday, as New Delhi seeks global investment in its expanding energy infrastructure.

India will lease a quarter of its strategic petroleum reserve in Padur to Saudi Aramco to store about 4.6 million barrels of oil, a government official said on Wednesday, as New Delhi seeks global investment in its expanding energy infrastructure. Global oil producers are eager to gain a foothold in India, where fuel demand is expected to keep rising as the country's economy grows. Indian Strategic Petroleum Reserves Ltd, a government company charged with building oil storage, signed a memorandum of understanding with the Saudi state firm for its participation in the 2.5-million-tonne facility in Karnataka state. "Aramco has signed an MoU for only one compartment," said HPS Ahuja, chief executive of the Indian company. The Padur storage facility has four equal-sized compartments. So far, Abu Dhabi National Oil Co is the only foreign company storing oil in India's strategic reserves, at Mangalore, also in Karnataka. Last year it signed a preliminary agreement to use half of the Padur reserve. Ahuja said Aramco would have to keep some of the 4.6 million barrels for India's strategic needs, but could sell the rest to Indian refiners. India, which relies on imports for about 80% of its oil needs, has underground emergency storage in three locations to protect against any supply disruption. The reserves can hold 36.87 million barrels.

Saudi Aramco to keep 4.6 million barrels of oil in Indian storage: Report

Volkswagen&nbsp;lowered its full-year sales outlook on Wednesday, warning of slowing demand even as nine-month adjusted operating profit jumped 11.2 per cent&nbsp;on increased demand for SUVs as well as Skoda and Porsche cars.

The German carmaker said a slowdown in global demand would result in 2019 vehicle deliveries being in line with last year's figures, adjusting its previous forecast for a slight rise.

"Despite the gain in market share, the Volkswagen Group anticipates that vehicle markets will contract faster than previously anticipated in many regions of the world," it said.

Increased demand for higher-margin VW Tiguan and Touareg models helped to offset an overall drop in sales of the VW brand in the nine months ending September, with Porsche and Skoda deliveries up 8 per cent&nbsp;and 15.3 per cent&nbsp;respectively.

Revenue for its passenger cars division is still expected to rise 5 per cent&nbsp;this year and the company reiterated that it expects an operating profit margin for the passenger cars division and the group to be in the range of 6.5 per cent&nbsp;to 7.5 per cent&nbsp;for the full year.

The updated guidance follows Ford's cut this week to its operating profit forecast, blaming a slowdown in demand in China and other headwinds.

Volkswagen said special items from legal risks, caused by the 2015 diesel emissions cheating scandal, had fallen to 1.3 billion euros ($1.45 billion) from 2.4 billion euros in the same period last year.

Third-quarter adjusted operating profit jumped 37 per cent&nbsp;to 4.82 billion euros, with analysts at Evercore ISI estimating Porsche's profit margin at 16.8 per cent, well ahead of Audi with 7.5 per cent&nbsp;and the VW brand at 4.1 per cent.

"The divisions beat expectations which will help the perception of the quality of earnings," Evercore's Arndt Ellinghorst said in a note.

Volkswagen lowered its full-year sales outlook on Wednesday, warning of slowing demand even as nine-month adjusted operating profit jumped 11.2 per cent on increased demand for SUVs as well as Skoda and Porsche cars.

Volkswagen lowered its full-year sales outlook on Wednesday, warning of slowing demand even as nine-month adjusted operating profit jumped 11.2 per cent on increased demand for SUVs as well as Skoda and Porsche cars. The German carmaker said a slowdown in global demand would result in 2019 vehicle deliveries being in line with last year's figures, adjusting its previous forecast for a slight rise. "Despite the gain in market share, the Volkswagen Group anticipates that vehicle markets will contract faster than previously anticipated in many regions of the world," it said. Increased demand for higher-margin VW Tiguan and Touareg models helped to offset an overall drop in sales of the VW brand in the nine months ending September, with Porsche and Skoda deliveries up 8 per cent and 15.3 per cent respectively. Revenue for its passenger cars division is still expected to rise 5 per cent this year and the company reiterated that it expects an operating profit margin for the passenger cars division and the group to be in the range of 6.5 per cent to 7.5 per cent for the full year. The updated guidance follows Ford's cut this week to its operating profit forecast, blaming a slowdown in demand in China and other headwinds. Volkswagen said special items from legal risks, caused by the 2015 diesel emissions cheating scandal, had fallen to 1.3 billion euros ($1.45 billion) from 2.4 billion euros in the same period last year. Third-quarter adjusted operating profit jumped 37 per cent to 4.82 billion euros, with analysts at Evercore ISI estimating Porsche's profit margin at 16.8 per cent, well ahead of Audi with 7.5 per cent and the VW brand at 4.1 per cent. "The divisions beat expectations which will help the perception of the quality of earnings," Evercore's Arndt Ellinghorst said in a note.

Volkswagen lowers 2019 sales outlook as demand cools

With everything available just a click away on our smartphones and with an ever-increasing dependence on <a href="https://www.wionews.com/world/facebook-suspends-tens-of-thousands-of-apps-in-privacy-review-251009">mobile phone applications</a>, what if these apps may be giving you wrong analysis of your health?&nbsp;

Thanks to technology, there is now an application available for almost every health condition - from PTSD to anxiety to even hormonal imbalance but how accurate are these health apps and should you be trusting the data that throw at you completely?

Faulty screening methods and thin science are leading many customers in a trap of misinformation about their health conditions. Users end up seeking medical treatment from doctors based on the apps' contorted analysis.

Watch Video:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/health-apps-may-not-provide-accurate-data-heres-the-report-258749/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Sample this, in September alone, more than 636,000 women completed health assessments on a couple of leading period-tracking apps that introduced health tools to evaluate a woman’s risk for a hormonal imbalance known as polycystic ovary syndrome. The app then recommended 240,000 of those women to ask their doctors about the hormonal disorder and get tested. All this while, users were unaware that the apps did not conduct high-level clinical studies to determine the accuracy and were gradually pushing them towards over-diagnosis.

There is an increasing problem with digital health tracking because the apps that merely make suggestions for diagnosis are able to escape the US Food and Drug Administration (US FDA) extensive scrutiny.

For years, health-tracking applications have helped people collect and chart data on their heart rates, moods, sleep patterns, fitness and menstrual cycles but now, some of these apps are going further by using that data to predict an individual’s risk for ailments like heart conditions. In other words, these apps are moving from simply quantifying consumers’ health data to medicalising it.

 
&nbsp;

With everything available just a click away on our smartphones and with an ever-increasing dependence on mobile phone applications, what if these apps may be giving you wrong analysis of your health?

With everything available just a click away on our smartphones and with an ever-increasing dependence on mobile phone applications, what if these apps may be giving you wrong analysis of your health? Thanks to technology, there is now an application available for almost every health condition - from PTSD to anxiety to even hormonal imbalance but how accurate are these health apps and should you be trusting the data that throw at you completely? Faulty screening methods and thin science are leading many customers in a trap of misinformation about their health conditions. Users end up seeking medical treatment from doctors based on the apps' contorted analysis. Watch Video: Sample this, in September alone, more than 636,000 women completed health assessments on a couple of leading period-tracking apps that introduced health tools to evaluate a woman’s risk for a hormonal imbalance known as polycystic ovary syndrome. The app then recommended 240,000 of those women to ask their doctors about the hormonal disorder and get tested. All this while, users were unaware that the apps did not conduct high-level clinical studies to determine the accuracy and were gradually pushing them towards over-diagnosis. There is an increasing problem with digital health tracking because the apps that merely make suggestions for diagnosis are able to escape the US Food and Drug Administration (US FDA) extensive scrutiny. For years, health-tracking applications have helped people collect and chart data on their heart rates, moods, sleep patterns, fitness and menstrual cycles but now, some of these apps are going further by using that data to predict an individual’s risk for ailments like heart conditions. In other words, these apps are moving from simply quantifying consumers’ health data to medicalising it.

Health-tracking apps: How accurate is the data? 

Amazon.com Inc has invested around 45 billion rupees ($634.20 million) into its Indian subsidiaries as the Seattle-based e-commerce giant ramps up operations in one of its fastest-growing markets.

Documents filed with the Registrar of Companies showed that Amazon had pumped the money into its retail, food and payments units. The company did not immediately clarify where or how the money would be used.

India is among the last frontiers for Amazon and a crucial market for growth. Founder Jeff Bezos has committed to spending more than $5 billion for the Indian market, where Amazon is locked in a battle with Walmart Inc-owned Flipkart.

While both companies have rapidly expanded into various categories such as food retail and payments, Amazon also offers its Prime video streaming and music services in India.

In August, the company said it will pick up a minority stake in India's Future Retail Ltd, which owns several supermarket brands, including budget department and grocery store chain Big Bazaar.

 
&nbsp;

Amazon.com Inc has invested around 45 billion rupees ($634.20 million) into its Indian subsidiaries as the Seattle-based e-commerce giant ramps up operations in one of its fastest-growing markets.

Amazon.com Inc has invested around 45 billion rupees ($634.20 million) into its Indian subsidiaries as the Seattle-based e-commerce giant ramps up operations in one of its fastest-growing markets. Documents filed with the Registrar of Companies showed that Amazon had pumped the money into its retail, food and payments units. The company did not immediately clarify where or how the money would be used. India is among the last frontiers for Amazon and a crucial market for growth. Founder Jeff Bezos has committed to spending more than $5 billion for the Indian market, where Amazon is locked in a battle with Walmart Inc-owned Flipkart. While both companies have rapidly expanded into various categories such as food retail and payments, Amazon also offers its Prime video streaming and music services in India. In August, the company said it will pick up a minority stake in India's Future Retail Ltd, which owns several supermarket brands, including budget department and grocery store chain Big Bazaar.

Amazon pumps in more than $600 million into India units

Louis Vuitton owner LVMH&nbsp;has approached Tiffany &amp; Co with a $14.5 billion acquisition offer, people familiar with the matter said, at a time when the US&nbsp;luxury jeweler grapples with the impact of tariffs on its exports to China.

LVMH, which has for years been looking for ways to expand in the US&nbsp;market, submitted a preliminary, non-binding offer to Tiffany earlier this month, one of the sources said.

LVMH's offer valued Tiffany at about $120 per share, another of the sources added. Tiffany shares ended trading on Friday at $98.55.

Tiffany has hired advisers to review LVMH's offer but has not yet responded to it, and there is no certainty that it will negotiate a deal, according to the sources.

The sources asked not to be identified because the matter is confidential. LVMH and Tiffany declined to comment. Bloomberg News reported earlier on Saturday that LVMH was holding talks with Tiffany.

LVMH, which is behind brands such as Fendi, Christian Dior and Givenchy, as well as Veuve Cliquot champagne, has stood out for several years as one of the top performers in the upscale retail sector, where not all labels are benefiting to the same degree from booming Chinese appetite for branded goods.

Tiffany, on the other hand, has not been as resilient. Beyond the tariffs that have been triggered by the <a href="https://www.wionews.com/world/united-states-china-close-to-finalising-part-of-a-phase-one-trade-deal-report-258209">trade war</a> between the United States and China, a lower Chinese domestic sales tax has also contributed to double-digit decreases in its sales to Chinese tourists in the United States and in other destinations.

High-end brands have also long relied on<a href="https://www.wionews.com/world/protests-erupt-in-hong-kong-police-fire-tear-gas-to-clear-rally-258401"> Hong Kong </a>as a major shopping hub drawing visitors from mainland China in particular, and four months of pro-democracy demonstrations are starting to take their toll.

However, earlier this month LVMH, which has a market capitalization of 194 billion euros, beat sales forecasts for the third quarter despite the unrest in Hong Kong. In August, Tiffany reported quarterly earnings that also beat analysts' expectations, thanks to a drop in marketing costs.

Tiffany has been refreshing its offerings with more affordable items such as pendants and earrings, to appeal to millennials who have been gravitating to lower-priced competitors such as Denmark's Pandora&nbsp;and Signet Jewelers.

Paris-headquartered LVMH is controlled by the Arnault family and is led by Bernard Arnault, France's richest man. Based in New York and best known for its diamond engagement rings, Tiffany operates more than 300 retail stores globally.

Louis Vuitton owner LVMH has approached Tiffany & Co with a $14.5 billion acquisition offer, people familiar with the matter said, at a time when the US luxury jeweler grapples with the impact of tariffs on its exports to China.

Louis Vuitton owner LVMH has approached Tiffany & Co with a $14.5 billion acquisition offer, people familiar with the matter said, at a time when the US luxury jeweler grapples with the impact of tariffs on its exports to China. LVMH, which has for years been looking for ways to expand in the US market, submitted a preliminary, non-binding offer to Tiffany earlier this month, one of the sources said. LVMH's offer valued Tiffany at about $120 per share, another of the sources added. Tiffany shares ended trading on Friday at $98.55. Tiffany has hired advisers to review LVMH's offer but has not yet responded to it, and there is no certainty that it will negotiate a deal, according to the sources. The sources asked not to be identified because the matter is confidential. LVMH and Tiffany declined to comment. Bloomberg News reported earlier on Saturday that LVMH was holding talks with Tiffany. LVMH, which is behind brands such as Fendi, Christian Dior and Givenchy, as well as Veuve Cliquot champagne, has stood out for several years as one of the top performers in the upscale retail sector, where not all labels are benefiting to the same degree from booming Chinese appetite for branded goods. Tiffany, on the other hand, has not been as resilient. Beyond the tariffs that have been triggered by the trade war between the United States and China, a lower Chinese domestic sales tax has also contributed to double-digit decreases in its sales to Chinese tourists in the United States and in other destinations. High-end brands have also long relied on Hong Kong as a major shopping hub drawing visitors from mainland China in particular, and four months of pro-democracy demonstrations are starting to take their toll. However, earlier this month LVMH, which has a market capitalization of 194 billion euros, beat sales forecasts for the third quarter despite the unrest in Hong Kong. In August, Tiffany reported quarterly earnings that also beat analysts' expectations, thanks to a drop in marketing costs. Tiffany has been refreshing its offerings with more affordable items such as pendants and earrings, to appeal to millennials who have been gravitating to lower-priced competitors such as Denmark's Pandora and Signet Jewelers. Paris-headquartered LVMH is controlled by the Arnault family and is led by Bernard Arnault, France's richest man. Based in New York and best known for its diamond engagement rings, Tiffany operates more than 300 retail stores globally.

French luxury group LVMH offers to buy US jeweler Tiffany & Co: Sources

French luxury giant LVMH said on Monday it was in preliminary talks to take over US jewellers Tiffany but there was "no certainty" that they would be successful.

A source close to the talks told AFP at the weekend that LVMH had made a bid for Tiffany at the start of October, but that the iconic US company had yet to respond.

Tiffany, in a separate statement Monday, confirmed "an unsolicited, non-binding proposal" from the French conglomerate, saying it was for $120 per share, which values the company at around $14.5 billion.

Tiffany's stock market value stood at $11.9 billion at the close of Wall Street trading on Friday.

The US company said there were no actual discussions going on but it was "carefully reviewing" the proposal.

LVMH said earlier Monday that "following recent market rumours, the LVMH group confirms having started preliminary discussions about a possible operation with Tiffany".

The purchase of Tiffany by LVMH would be one of the largest acquisitions by the French group, which is a world leader in luxury, present in fashion to wine, perfumes and cosmetics.

LVMH's share price was mildly higher following the announcement, rising 0.3 per cent to 384.90 euros in early afternoon Paris stock trading.

'A girl's best friend'

Tiffany's stock was set to surge by more than 30 per cent, according to pre-market quotes, under an hour ahead of Wall Street's session opening.

This seemed to indicate that traders not only expected the bid to go ahead but that LVMH would sweeten its offer.&nbsp;

LVMH's Bulgari brand -- bought for $5.2 billion in 2011 -- competes with Cartier and Van Cleef &amp; Arpels, both owned by Swiss group Richemont.

"They say diamonds are a girl’s best friend and Europe's richest man, and owner of Louis Vuitton Bernard Arnault, obviously feels that adding US jeweller Tiffany to his list of brands will prompt a similar uplift to LVMH's global revenues," said Michael Hewson, chief market analyst at CMC Markets UK.

"His attempt to put a $14.5 billion ring on Tiffany, having already added Bulgari a couple of years ago, is likely to take the fight in this sector to its closest rival Richemont, who own Cartier, and would help LVMH in gaining better access to US markets," he said.

Hewson added, however, that Tiffany shareholders were "unlikely to accept this initial bid" and could hold out for more.

Tiffany's profits and sales have been hit hard from the fallout in the US-China trade war and unrest in Hong Kong, he noted.

By Friday's close, Tiffany's share price was down nearly eight per cent from its year-earlier level.&nbsp;

The luxury industry is jittery, not just over the trade war but also because of a broad anti-corruption campaign launched by Chinese president Xi Jinping which has put the brakes on extravagant gifts offered by businessmen and bureaucrats.

The discussions between the two companies come after LVMH owner Arnault inaugurated a Louis Vuitton factory in south Texas alongside US President Donald Trump and his daughter Ivanka.

Tiffany's flagship New York store is next to Trump Tower on 5th Avenue.

French luxury giant LVMH said on Monday it was in preliminary talks to take over US jewellers Tiffany but there was "no certainty" that they would be successful.

French luxury giant LVMH said on Monday it was in preliminary talks to take over US jewellers Tiffany but there was "no certainty" that they would be successful. A source close to the talks told AFP at the weekend that LVMH had made a bid for Tiffany at the start of October, but that the iconic US company had yet to respond. Tiffany, in a separate statement Monday, confirmed "an unsolicited, non-binding proposal" from the French conglomerate, saying it was for $120 per share, which values the company at around $14.5 billion. Tiffany's stock market value stood at $11.9 billion at the close of Wall Street trading on Friday. The US company said there were no actual discussions going on but it was "carefully reviewing" the proposal. LVMH said earlier Monday that "following recent market rumours, the LVMH group confirms having started preliminary discussions about a possible operation with Tiffany". The purchase of Tiffany by LVMH would be one of the largest acquisitions by the French group, which is a world leader in luxury, present in fashion to wine, perfumes and cosmetics. LVMH's share price was mildly higher following the announcement, rising 0.3 per cent to 384.90 euros in early afternoon Paris stock trading. 'A girl's best friend' Tiffany's stock was set to surge by more than 30 per cent, according to pre-market quotes, under an hour ahead of Wall Street's session opening. This seemed to indicate that traders not only expected the bid to go ahead but that LVMH would sweeten its offer. LVMH's Bulgari brand -- bought for $5.2 billion in 2011 -- competes with Cartier and Van Cleef & Arpels, both owned by Swiss group Richemont. "They say diamonds are a girl’s best friend and Europe's richest man, and owner of Louis Vuitton Bernard Arnault, obviously feels that adding US jeweller Tiffany to his list of brands will prompt a similar uplift to LVMH's global revenues," said Michael Hewson, chief market analyst at CMC Markets UK. "His attempt to put a $14.5 billion ring on Tiffany, having already added Bulgari a couple of years ago, is likely to take the fight in this sector to its closest rival Richemont, who own Cartier, and would help LVMH in gaining better access to US markets," he said. Hewson added, however, that Tiffany shareholders were "unlikely to accept this initial bid" and could hold out for more. Tiffany's profits and sales have been hit hard from the fallout in the US-China trade war and unrest in Hong Kong, he noted. By Friday's close, Tiffany's share price was down nearly eight per cent from its year-earlier level. The luxury industry is jittery, not just over the trade war but also because of a broad anti-corruption campaign launched by Chinese president Xi Jinping which has put the brakes on extravagant gifts offered by businessmen and bureaucrats. The discussions between the two companies come after LVMH owner Arnault inaugurated a Louis Vuitton factory in south Texas alongside US President Donald Trump and his daughter Ivanka. Tiffany's flagship New York store is next to Trump Tower on 5th Avenue.

LVMH explores takeover of jewellers Tiffany

Oil prices slipped on Tuesday as investors awaited US&nbsp;crude inventory data for a pointer on oil demand trends, while concerns about slower economic growth overshadowed signs of a thawing in the trade war between Washington and Beijing.

Brent&nbsp;futures were down 6 cents at $61.51 a barrel by 0311 GMT, having fallen 0.7 per cent&nbsp;on Monday.

US&nbsp;West Texas Intermediate (WTI)&nbsp;crude was down 12 cents at $55.69, after falling 1.5 per cent&nbsp;in the previous session.

Prices rose sharply last week amid a decline in US&nbsp;inventories and signs of an easing in the <a href="https://www.wionews.com/world/united-states-china-close-to-finalising-part-of-a-phase-one-trade-deal-report-258209">US-China trade war</a>, but worries on Monday about weaker economic growth offset hopes of a rise in oil demand even if trade talks progress.

"The inventory read last week is still reverberating through trading, although we did see that finally start to give way last night, but we can see there is very little appetite to go on with it today," said Michael McCarthy, chief market strategist at CMC Markets in Sydney.

US&nbsp;crude inventories were forecast to have increased by around 700,000 barrels last week, according to a Reuters poll of analysts, having unexpectedly fallen the previous week, the first decline in six weeks.

US&nbsp;crude oil stockpiles at Cushing, Oklahoma, the delivery point for WTI, have risen by about 1.5 million barrels in the week through Oct. 25, traders said earlier, citing data from market intelligence firm Genscape.

The American Petroleum Institute releases industry data later on Tuesday, while the US&nbsp;government's Energy Information Administration releases inventory data on Wednesday.&nbsp;

The United States Trade Representative is studying whether to extend tariff suspensions on $34 billion of Chinese goods set to expire on December&nbsp;28 this year, the agency said on Monday.

US&nbsp;President <a href="https://www.wionews.com/videos/donald-trump-isis-chief-baghdadi-died-like-a-dog-258480">Donald Trump </a>said earlier on Monday he expected to sign a significant part of the trade deal with China ahead of schedule but did not elaborate on the timing.

Leaders of the world's two biggest economies are working to agree on the text for a "Phase 1" trade agreement announced by Trump on October&nbsp;11. Trump has said he hopes to sign the deal with China's President Xi Jinping next month at a summit in Chile.

The trade war has hit economic growth around the world and kept oil prices range-bound for months.

Oil prices slipped on Tuesday as investors awaited US crude inventory data for a pointer on oil demand trends, while concerns about slower economic growth overshadowed signs of a thawing in the trade war between Washington and Beijing.

Oil prices slipped on Tuesday as investors awaited US crude inventory data for a pointer on oil demand trends, while concerns about slower economic growth overshadowed signs of a thawing in the trade war between Washington and Beijing. Brent futures were down 6 cents at $61.51 a barrel by 0311 GMT, having fallen 0.7 per cent on Monday. US West Texas Intermediate (WTI) crude was down 12 cents at $55.69, after falling 1.5 per cent in the previous session. Prices rose sharply last week amid a decline in US inventories and signs of an easing in the US-China trade war, but worries on Monday about weaker economic growth offset hopes of a rise in oil demand even if trade talks progress. "The inventory read last week is still reverberating through trading, although we did see that finally start to give way last night, but we can see there is very little appetite to go on with it today," said Michael McCarthy, chief market strategist at CMC Markets in Sydney. US crude inventories were forecast to have increased by around 700,000 barrels last week, according to a Reuters poll of analysts, having unexpectedly fallen the previous week, the first decline in six weeks. US crude oil stockpiles at Cushing, Oklahoma, the delivery point for WTI, have risen by about 1.5 million barrels in the week through Oct. 25, traders said earlier, citing data from market intelligence firm Genscape. The American Petroleum Institute releases industry data later on Tuesday, while the US government's Energy Information Administration releases inventory data on Wednesday. The United States Trade Representative is studying whether to extend tariff suspensions on $34 billion of Chinese goods set to expire on December 28 this year, the agency said on Monday. US President Donald Trump said earlier on Monday he expected to sign a significant part of the trade deal with China ahead of schedule but did not elaborate on the timing. Leaders of the world's two biggest economies are working to agree on the text for a "Phase 1" trade agreement announced by Trump on October 11. Trump has said he hopes to sign the deal with China's President Xi Jinping next month at a summit in Chile. The trade war has hit economic growth around the world and kept oil prices range-bound for months.

Oil prices edge lower ahead of US stockpile numbers

The government is constituting a high-level panel under the Cabinet Secretary to suggest measures for mitigating financial stress in the telecom sector, sources said on Tuesday.

The Committee of Secretaries (CoS) will look into the demand of telecom service providers for deferment of spectrum auction payment due from them for coming financial years 2020-21 and 2021-22.

It will also examine the issues of universal services obligation fund charge and reduction of spectrum usage charges, the sources said.

The panel will comprise secretaries from ministries of finance, telecommunication and law among others. It is expected to meet shortly and submit recommendations in a time-bound manner.

The move comes less than a week after the Supreme Court sided with the government's definition of adjusted gross revenue (AGR) that all revenue from telecom companies will be used for calculating the AGR. The court rejected the argument of telecom operators that the AGR only included license and spectrum fees.

The Cellular Operators Association of India (COAI) has said the apex court's decision will negatively impact incumbent operators by over Rs 92,000 crore.

"The Supreme Court's judgment is the last straw in contributing to financial distress," said Rajan S Mathews, Director General of the Cellular Operators Association of India (COAI).

The sector is already reeling under a daunting debt of Rs four lakh crore and is in dire financial straits as operators are making negative returns on their investments, said Mathews.

Bharti Airtel's Chairman Sunil Mittal reportedly met Telecom Minister Ravi Shankar Prasad and Secretary Anshu Prakash on Monday to press for some relief.

Loss-making Vodafone Idea and Bharti Airtel both may need to pay up dues of Rs 70,000 crore after the Supreme Court's order at a time when they need to invest in network rollout, technology upgrades and expansion plans ahead of the 5G rollout.

The government is constituting a high-level panel under the Cabinet Secretary to suggest measures for mitigating financial stress in the telecom sector, sources said on Tuesday.

The government is constituting a high-level panel under the Cabinet Secretary to suggest measures for mitigating financial stress in the telecom sector, sources said on Tuesday. The Committee of Secretaries (CoS) will look into the demand of telecom service providers for deferment of spectrum auction payment due from them for coming financial years 2020-21 and 2021-22. It will also examine the issues of universal services obligation fund charge and reduction of spectrum usage charges, the sources said. The panel will comprise secretaries from ministries of finance, telecommunication and law among others. It is expected to meet shortly and submit recommendations in a time-bound manner. The move comes less than a week after the Supreme Court sided with the government's definition of adjusted gross revenue (AGR) that all revenue from telecom companies will be used for calculating the AGR. The court rejected the argument of telecom operators that the AGR only included license and spectrum fees. The Cellular Operators Association of India (COAI) has said the apex court's decision will negatively impact incumbent operators by over Rs 92,000 crore. "The Supreme Court's judgment is the last straw in contributing to financial distress," said Rajan S Mathews, Director General of the Cellular Operators Association of India (COAI). The sector is already reeling under a daunting debt of Rs four lakh crore and is in dire financial straits as operators are making negative returns on their investments, said Mathews. Bharti Airtel's Chairman Sunil Mittal reportedly met Telecom Minister Ravi Shankar Prasad and Secretary Anshu Prakash on Monday to press for some relief. Loss-making Vodafone Idea and Bharti Airtel both may need to pay up dues of Rs 70,000 crore after the Supreme Court's order at a time when they need to invest in network rollout, technology upgrades and expansion plans ahead of the 5G rollout.

Government forms panel of secretaries on measures to ease financial stress in telecom

India’s benchmark equity indices ended with sharp gains today shrugging off a weak start in early morning trade.&nbsp;

The Sensex closed 582 points or 1.48 per cent, higher at 39,831.84, NSE Nifty50 settled 160 points, or 1.37 per cent, up at 11,786.85.

Globally, optimism over US-China trade deal and the European Union extending Brexit deadline to January 31 2020, also boosted sentiment.

All sectoral indices at the National Stock Exchange were in the green except for Nifty FMCG.&nbsp;

During the one-hour muhurat trading on Sunday evening, it had made a dramatic gain of 17.8 per cent at Rs 149.55 per share despite recently reporting a standalone net loss of Rs 1,282 crore during the second quarter ended September 30.

India’s benchmark equity indices ended with sharp gains today shrugging off a weak start in early morning trade. The Sensex closed 582 points or 1.48 per cent, higher at 39,831.

India’s benchmark equity indices ended with sharp gains today shrugging off a weak start in early morning trade. The Sensex closed 582 points or 1.48 per cent, higher at 39,831.84, NSE Nifty50 settled 160 points, or 1.37 per cent, up at 11,786.85. Globally, optimism over US-China trade deal and the European Union extending Brexit deadline to January 31 2020, also boosted sentiment. All sectoral indices at the National Stock Exchange were in the green except for Nifty FMCG. During the one-hour muhurat trading on Sunday evening, it had made a dramatic gain of 17.8 per cent at Rs 149.55 per share despite recently reporting a standalone net loss of Rs 1,282 crore during the second quarter ended September 30.

Sensex closes 582 points higher, Nifty settles at 11,787

The domestic stock market indices on Tuesday witnessed strong gains during the afternoon trade following positive global sentiment on hopes of a rate cut by the US Federal Reserve.

The domestic stock market indices on Tuesday witnessed strong gains during the afternoon trade following positive global sentiment on hopes of a rate cut by the US Federal Reserve. At 2 pm, the BSE S&P Sensex was up by 650 points or 1.66 per cent at 39,900.90 while the Nifty 50 edged higher by 176.05 points to 11,804.80. All sectoral indices at the National Stock Exchange were in the green except for Nifty FMCG. Nifty metal was up by 3.7 per cent, auto up by 3.2 per cent, PSU bank by 1.4 per cent and pharma by 1.3 per cent. Among stocks, Tata Motors jumped by 13.41 per cent to Rs 167.50 per share. During the one-hour muhurat trading on Sunday evening, it had made a dramatic gain of 17.8 per cent at Rs 149.55 per share despite recently reporting a standalone net loss of Rs 1,282 crore during the second quarter ended September 30. Metal scrips too showed gains with Tata Steel edging higher by 6.5 per cent, JSW Steel by 5.2 per cent, Vedanta by 4.8 per cent and Hindalco by 2 per cent. But telecom stocks continued their downward slide after the Supreme Court last week rejected the operators` definition of adjusted gross revenue (AGR). The judgement will negatively impact incumbent cash-strapped operators by over Rs 92,000 crore. Vodafone Idea plunged by 7.8 per cent, Bharti Infratel by 6.2 per cent and Bharti Airtel by 3.5 per cent. Meanwhile, Asian shares rose to a three-month peak after Wall Street hit all-time highs a day earlier amid hopes of progress in US-China trade talks. (With inputs from ANI)

Sensex zooms over 650 points in afternoon trade, Nifty hits 11,800-mark

Unemployment and sluggish economic growth are fuelling social tension and popular protests in <a href="https://www.wionews.com/business-economy/world-suffering-synchronised-slowdown-says-new-imf-chef-effect-more-pronounced-in-india-254687">several Arab countries</a>, the International Monetary Fund said Monday.

The unrest is, in turn, contributing to slower growth in the Middle East and North Africa (MENA) region, alongside global trade tensions, oil price volatility and a <a href="https://www.wionews.com/world/eu-agrees-brexit-extension-but-sets-no-date-as-uk-squabbles-over-election-258193">disorderly Brexit process</a>, the IMF said in a report on the regional economic outlook.

Earlier this month it lowered the 2019 forecast for the region -&nbsp;taking in the Arab nations and Iran -&nbsp;to a meagre 0.1 per cent from 1.1 per cent last year.

The IMF slashed its outlook for the region's three largest economies -&nbsp;Saudi Arabia, Iran and the United Arab Emirates.

The risks around the forecast of earlier this month "are skewed to the downside and are highly dependent on global factors," the IMF said in its report on Monday.

"The level of growth that countries in the region are having is below what is needed to address unemployment," said Jihad Azour, the IMF's director for the Middle East and Central Asia.

"We are in a region where the rate of unemployment at the youth level exceeds 25-30 per cent and this requires growth to be higher by 1-2 per cent" in order to make a dent in joblessness, Azour told AFP in an interview.

The IMF report said that high unemployment was worsening social tensions in Arab countries.&nbsp;

"Unemployment averages 11 per cent throughout the region versus seven per cent across other emerging market and developing economies," it said.&nbsp;

"Women and young people are particularly likely to be out of work, with more than 18 per cent of women... without jobs in 2018."

Violent protests have broken out in several Arab countries since early 2010 and turned into bloody civil wars in Syria, Yemen and Libya.

A new wave of demonstrations erupted over the last year in Algeria, Sudan, Iraq and Lebanon, typically demanding economic reforms and action against corruption.

In Lebanon, where protesters have brought the country to a standstill with demands for a full overhaul of the political system, the economy grew at a very slow pace over the past few years, Azour noted.

"The government has to act firmly and swiftly in order to address those imbalances, bring confidence back by addressing the fiscal situation, and lower expenditure," he said.

The IMF also said that public debt levels were very high in many Arab countries -- exceeding 85 per cent of gross domestic product (GDP) on average, with rates of more than 150 per cent in Lebanon and Sudan.

"Having built over many years, the cost of public debt burdens has become sizeable, preventing investments critical to the region's long-term economic future," it said.

The IMF said that Iran, which is subject to crippling US sanctions, has entered a steep economic recession and faces a battle against spiralling inflationary pressures.

The Islamic republic's economy is projected to contract by 9.5 percent this year after posting negative growth of 4.8 percent in 2018.

Iranian authorities must align "the exchange rate close to the market rate and also reform the financial sector... and try to address some of the implications of the high level of inflation," Azour said.

As a result of the sanctions, Tehran is believed to be exporting only around 500,000 barrels per day of crude, down from over two million bpd before the sanctions.

The IMF said that oil-rich Gulf Cooperation Council (GCC) states, led by Saudi Arabia, are expected to grow by just 0.7 percent this year from 2.0 percent in 2018 due to lower oil prices and output.

"GCC economies need to diversify and grow out of oil and this requires them to accelerate the reforms that have been started in the last four to five years," Azour said.

Unemployment and sluggish economic growth are fuelling social tension and popular protests in several Arab countries, the International Monetary Fund said Monday.

Unemployment and sluggish economic growth are fuelling social tension and popular protests in several Arab countries, the International Monetary Fund said Monday. The unrest is, in turn, contributing to slower growth in the Middle East and North Africa (MENA) region, alongside global trade tensions, oil price volatility and a disorderly Brexit process, the IMF said in a report on the regional economic outlook. Earlier this month it lowered the 2019 forecast for the region - taking in the Arab nations and Iran - to a meagre 0.1 per cent from 1.1 per cent last year. The IMF slashed its outlook for the region's three largest economies - Saudi Arabia, Iran and the United Arab Emirates. The risks around the forecast of earlier this month "are skewed to the downside and are highly dependent on global factors," the IMF said in its report on Monday. "The level of growth that countries in the region are having is below what is needed to address unemployment," said Jihad Azour, the IMF's director for the Middle East and Central Asia. "We are in a region where the rate of unemployment at the youth level exceeds 25-30 per cent and this requires growth to be higher by 1-2 per cent" in order to make a dent in joblessness, Azour told AFP in an interview. The IMF report said that high unemployment was worsening social tensions in Arab countries. "Unemployment averages 11 per cent throughout the region versus seven per cent across other emerging market and developing economies," it said. "Women and young people are particularly likely to be out of work, with more than 18 per cent of women... without jobs in 2018." Violent protests have broken out in several Arab countries since early 2010 and turned into bloody civil wars in Syria, Yemen and Libya. A new wave of demonstrations erupted over the last year in Algeria, Sudan, Iraq and Lebanon, typically demanding economic reforms and action against corruption. In Lebanon, where protesters have brought the country to a standstill with demands for a full overhaul of the political system, the economy grew at a very slow pace over the past few years, Azour noted. "The government has to act firmly and swiftly in order to address those imbalances, bring confidence back by addressing the fiscal situation, and lower expenditure," he said. The IMF also said that public debt levels were very high in many Arab countries -- exceeding 85 per cent of gross domestic product (GDP) on average, with rates of more than 150 per cent in Lebanon and Sudan. "Having built over many years, the cost of public debt burdens has become sizeable, preventing investments critical to the region's long-term economic future," it said. The IMF said that Iran, which is subject to crippling US sanctions, has entered a steep economic recession and faces a battle against spiralling inflationary pressures. The Islamic republic's economy is projected to contract by 9.5 percent this year after posting negative growth of 4.8 percent in 2018. Iranian authorities must align "the exchange rate close to the market rate and also reform the financial sector... and try to address some of the implications of the high level of inflation," Azour said. As a result of the sanctions, Tehran is believed to be exporting only around 500,000 barrels per day of crude, down from over two million bpd before the sanctions. The IMF said that oil-rich Gulf Cooperation Council (GCC) states, led by Saudi Arabia, are expected to grow by just 0.7 percent this year from 2.0 percent in 2018 due to lower oil prices and output. "GCC economies need to diversify and grow out of oil and this requires them to accelerate the reforms that have been started in the last four to five years," Azour said.

Unemployment, sluggish growth fuelling protests in Arab countries: IMF

Hong Kong has fallen into recession, hit by more than five months of <a href="https://www.wionews.com/videos/protests-in-hong-kong-continue-rally-against-police-brutality-258386">anti-government protests</a> that show no signs of relenting, and is unlikely to achieve annual economic growth this year, the city's Financial Secretary said.

"The blow to our economy is comprehensive," Paul Chan said in a blog post on Sunday, adding that a preliminary estimate for third-quarter GDP on Thursday would show two successive quarters of contraction - the technical definition of a recession.

He also said it would be "extremely difficult" to achieve the government's pre-protest forecast of 0-1 per cent&nbsp;annual economic growth.

Protests in the former British colony have reached their<a href="https://www.wionews.com/world/protests-erupt-in-hong-kong-police-fire-tear-gas-to-clear-rally-258401"> 21st week</a>. On Sunday, black-clad and masked demonstrators set fire to shops and hurled petrol bombs at police who responded with tear gas, water cannon and rubber bullets.

Protesters have routinely torched store fronts and businesses including banks, particularly those owned by mainland Chinese companies and vandalised the city's metro system<a href="https://www.wionews.com/world/hong-kong-shopping-malls-metro-close-early-as-more-protests-planned-254952"> MTR Corp </a>as they view it as acting at the government's behest to curtail protests.

The MTR has shut services early for the past few weeks and said it will close around two hours earlier than normal on Monday by 11 p.m. to repair damaged facilities.

Tourists numbers have plummeted, a decline Chan called an "emergency" with the drop in visitor numbers worsening in October, down nearly 50 percent.

Retail operators, from prime shopping malls to mom and pop businesses, have been forced to shutter for multiple days over the past few months.

While authorities have announced measures to support local small and medium seized enterprises, Chan said the measures could only "slightly reduce the pressure".

"Let citizens return to normal life, let industry and commerce to operate normally, and create more space for rational dialogue," he wrote.

Protesters are angry about what they view as increasing interference by Beijing in Hong Kong, which returned to Chinese rule in 1997 under a "one country, two systems" formula intended to guarantee freedoms not seen on the mainland.

China denies meddling. It has accused foreign governments, including the United States and Britain, of stirring up trouble.

&nbsp;

&nbsp;

Hong Kong has fallen into recession, hit by more than five months of anti-government protests that show no signs of relenting, and is unlikely to achieve annual economic growth this year, the city's Financial Secretary said.

Hong Kong has fallen into recession, hit by more than five months of anti-government protests that show no signs of relenting, and is unlikely to achieve annual economic growth this year, the city's Financial Secretary said. "The blow to our economy is comprehensive," Paul Chan said in a blog post on Sunday, adding that a preliminary estimate for third-quarter GDP on Thursday would show two successive quarters of contraction - the technical definition of a recession. He also said it would be "extremely difficult" to achieve the government's pre-protest forecast of 0-1 per cent annual economic growth. Protests in the former British colony have reached their 21st week. On Sunday, black-clad and masked demonstrators set fire to shops and hurled petrol bombs at police who responded with tear gas, water cannon and rubber bullets. Protesters have routinely torched store fronts and businesses including banks, particularly those owned by mainland Chinese companies and vandalised the city's metro system MTR Corp as they view it as acting at the government's behest to curtail protests. The MTR has shut services early for the past few weeks and said it will close around two hours earlier than normal on Monday by 11 p.m. to repair damaged facilities. Tourists numbers have plummeted, a decline Chan called an "emergency" with the drop in visitor numbers worsening in October, down nearly 50 percent. Retail operators, from prime shopping malls to mom and pop businesses, have been forced to shutter for multiple days over the past few months. While authorities have announced measures to support local small and medium seized enterprises, Chan said the measures could only "slightly reduce the pressure". "Let citizens return to normal life, let industry and commerce to operate normally, and create more space for rational dialogue," he wrote. Protesters are angry about what they view as increasing interference by Beijing in Hong Kong, which returned to Chinese rule in 1997 under a "one country, two systems" formula intended to guarantee freedoms not seen on the mainland. China denies meddling. It has accused foreign governments, including the United States and Britain, of stirring up trouble.

Hong Kong enters recession as protests show no sign of relenting

Automobile retail sales are likely to pick up with an improvement in consumer sentiment during the ongoing festive season due to recent liquidity easing measures announced by the government and on back of favourable monsoons, according to India Ratings and Research (Ind-Ra).

Consequently, inventory build-up at the dealer level in anticipation of increased demand during this period is likely to lead to increased wholesale billing by original equipment manufacturers (OEMs) during October, it said.

"However, with existing high dealer inventory levels, production cuts by OEMs are likely to continue in the near-term," said Ind-Ra in the credit news digest on India's auto sector.

The report highlights trends in sub-segments of the auto sector including passenger vehicles (PVs), commercial vehicles (CVs) and two-wheelers (2Ws) with a focus on sales volumes growth, market share movement, change in commodity prices and recent rating actions.

Domestic automobile industry's sales continued their downward trend in September with a 22 per cent year-on-year decline on weak consumer sentiments owing to the slowing economy. Inventory at dealer level remained high, leading to most OEMs continuing to implement production cuts.

Over April to September, overall auto industry undertook a production cut of 13 per cent year-on-year with 16 per cent, 27 per cent and 13 per cent production cuts in PV, CV and 2W segments respectively.

In the PV segment, market leader Maruti Suzuki India took a production cut of about 21 per cent. The average inventory for PVs increased marginally in September to 30 to 35 days from 25 to 30 days in August.

The average inventory for CVs decreased marginally in September to 50 to 55 days from 55 to 60 days in August. But the average inventory for 2W remained high at 60 to 65 days.

PV sales volume declined 24 per cent on account of a 33 per cent drop in the sales volume of cars. Cars sales volume continue to decline on weak consumer sentiments amid a slowdown in urban and rural household consumption, a rise in the cost of ownership and the growing preference of shared mobility over buying a car.

CV sales volume declined 39 per cent in September owing to decreased industry demand on account of tight liquidity conditions amid slowed economic activity. 2W sales fell 22 per cent on weak rural and semi-urban demand.

In the PV segment, Maruti's market share dropped by around 3 per cent to 49 per cent in September on lower sales volumes, while Hyundai Motor India gained 2 per cent market share. Tata Motors Ltd's CV market share dropped by around 5 per cent to 41 per cent while Mahindra &amp; Mahindra Ltd gained 8 per cent market share.

2W market leader Hero MotoCorp Ltd's market share increased by around 1 per cent to 36% in September, said Ind-Ra in the news digest.

Automobile retail sales are likely to pick up with an improvement in consumer sentiment during the ongoing festive season due to recent liquidity easing measures announced by the government and on back of favourable monsoons, according to India Ratings and Research (Ind-Ra).

Automobile retail sales are likely to pick up with an improvement in consumer sentiment during the ongoing festive season due to recent liquidity easing measures announced by the government and on back of favourable monsoons, according to India Ratings and Research (Ind-Ra). Consequently, inventory build-up at the dealer level in anticipation of increased demand during this period is likely to lead to increased wholesale billing by original equipment manufacturers (OEMs) during October, it said. "However, with existing high dealer inventory levels, production cuts by OEMs are likely to continue in the near-term," said Ind-Ra in the credit news digest on India's auto sector. The report highlights trends in sub-segments of the auto sector including passenger vehicles (PVs), commercial vehicles (CVs) and two-wheelers (2Ws) with a focus on sales volumes growth, market share movement, change in commodity prices and recent rating actions. Domestic automobile industry's sales continued their downward trend in September with a 22 per cent year-on-year decline on weak consumer sentiments owing to the slowing economy. Inventory at dealer level remained high, leading to most OEMs continuing to implement production cuts. Over April to September, overall auto industry undertook a production cut of 13 per cent year-on-year with 16 per cent, 27 per cent and 13 per cent production cuts in PV, CV and 2W segments respectively. In the PV segment, market leader Maruti Suzuki India took a production cut of about 21 per cent. The average inventory for PVs increased marginally in September to 30 to 35 days from 25 to 30 days in August. The average inventory for CVs decreased marginally in September to 50 to 55 days from 55 to 60 days in August. But the average inventory for 2W remained high at 60 to 65 days. PV sales volume declined 24 per cent on account of a 33 per cent drop in the sales volume of cars. Cars sales volume continue to decline on weak consumer sentiments amid a slowdown in urban and rural household consumption, a rise in the cost of ownership and the growing preference of shared mobility over buying a car. CV sales volume declined 39 per cent in September owing to decreased industry demand on account of tight liquidity conditions amid slowed economic activity. 2W sales fell 22 per cent on weak rural and semi-urban demand. In the PV segment, Maruti's market share dropped by around 3 per cent to 49 per cent in September on lower sales volumes, while Hyundai Motor India gained 2 per cent market share. Tata Motors Ltd's CV market share dropped by around 5 per cent to 41 per cent while Mahindra & Mahindra Ltd gained 8 per cent market share. 2W market leader Hero MotoCorp Ltd's market share increased by around 1 per cent to 36% in September, said Ind-Ra in the news digest.

Automobile retail sales likely to improve in festive season: Report

Asian shares rose to a three-month high on Monday, as risk assets got a fillip from hopes of a <a href="https://www.wionews.com/world/united-states-china-close-to-finalising-part-of-a-phase-one-trade-deal-report-258209">trade deal </a>and strong US&nbsp;corporate earnings, while major currencies marked time as focus shifted to a Federal Reserve rate decision.

European shares are expected to edge up, with pan-European Euro Stoxx 50 futures&nbsp;and German DAX futures&nbsp;traded up slightly ahead of European trade.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.5 per cent&nbsp;for its third straight day of gains to the highest since late July.

Leading the gains were Chinese and Hong Kong shares. The CSI300&nbsp;of blue-chip mainland shares were up 0.6 per cent&nbsp;and Hong Kong's Hang Seng index&nbsp;jumped 1.0 per cent.

Japan's Nikkei&nbsp;was also upbeat, rising 0.3 per cent&nbsp;to a one-year high.

The gains came after a positive session in US&nbsp;and European markets on Friday.

US&nbsp;and Chinese officials are "close to finalising" some parts of a trade agreement after high-level telephone discussions on Friday, the US&nbsp;Trade Representative's office and China's Commerce Ministry said, with talks to continue.

US&nbsp;President Donald Trump has said he hopes to sign the deal with China's President Xi Jinping next month at a summit in Chile.

The protracted trade war between the world's largest economies has hurt manufacturing activity, exports and business confidence globally while denting profits of many major industrial firms.

"Up until now, uncertainties from the US-China trade have held companies from spending and hiring. But if they will come to a deal, that will mark a major turning point in economic sentiment," said Tatsushi Maeno, senior strategist at Okasan Asset Management in Tokyo.

Optimism that Beijing and Washington were finally close to resolving their dispute led the S&amp;P500&nbsp;to surpass its July 26 closing record of 3,025.86, though it ended a tad below that level on Friday. The S&amp;P 500's total return index&nbsp;posted an all-time high.

E-mini futures for the S&amp;P 500 started firm on Monday, up 0.15 per cent.

Strong results from companies including Intel&nbsp;also boosted sentiment in equities markets. More than 81 per cent&nbsp;of US&nbsp;companies have beaten Wall Street expectations so far this earnings season despite concerns about the trade war.

Investors next await earnings from the likes of Alphabet Inc, Apple, Facebook and Exxon.

Activity later in the week will be dominated by the US&nbsp;Federal Reserve, which markets expect is all but certain to lower interest rates at its Wednesday meeting.

The Bank of Japan meets on Thursday. On Friday, indicators for Chinese and US&nbsp;manufacturing will be released.

"The outcome of the FOMC policy meeting will most likely draw the largest market reaction," said Richard Grace, Sydney-based chief currency strategist at Commonwealth Bank.

"We also think the risk is the FOMC will articulate a pause," for future rate decisions, Grace added.

"That means the 27.6 per cent&nbsp;pricing for an additional 25 bps cut in December will quickly evaporate, sending US&nbsp;yields and the USD higher."

In currencies, the dollar index&nbsp;was flat at 97.817 against a basket of six major currencies. The Japanese yen was little changed at 108.73 to the dollar.

Sterling&nbsp;was last trading at $1.2822, a tad below Friday's close.

The European Union agreed to London's request for a<a href="https://www.wionews.com/videos/european-union-agrees-in-principle-to-extend-brexit-258217"> Brexit deadline extension</a> but set no new departure date. That gave Britain's divided parliament time to decide on Prime Minister Boris Johnson's call for a snap election.

Earlier, sources told Reuters the 27 European Union countries that will remain after Brexit hope to agree on Monday to delay Britain's divorce until Jan. 31 with an earlier departure possible.

The euro trod water too at $1.1083.

"It feels like the calm before a potential storm, where the event risk heats up with political twists and turns, key economic data and central bank meetings," said Chris Weston, Sydney-based strategist at Pepperstone.

Oil prices eased after strong gains last week.

US&nbsp;crude&nbsp;slipped 14 cents to $56.52 a barrel, while Brent&nbsp;edged down 12 cents to $61.90.

Spot gold&nbsp;quoted at $1,506.3 an ounce.

Asian shares rose to a three-month high on Monday, as risk assets got a fillip from hopes of a trade deal and strong US corporate earnings, while major currencies marked time as focus shifted to a Federal Reserve rate decision.

Asian shares rose to a three-month high on Monday, as risk assets got a fillip from hopes of a trade deal and strong US corporate earnings, while major currencies marked time as focus shifted to a Federal Reserve rate decision. European shares are expected to edge up, with pan-European Euro Stoxx 50 futures and German DAX futures traded up slightly ahead of European trade. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.5 per cent for its third straight day of gains to the highest since late July. Leading the gains were Chinese and Hong Kong shares. The CSI300 of blue-chip mainland shares were up 0.6 per cent and Hong Kong's Hang Seng index jumped 1.0 per cent. Japan's Nikkei was also upbeat, rising 0.3 per cent to a one-year high. The gains came after a positive session in US and European markets on Friday. US and Chinese officials are "close to finalising" some parts of a trade agreement after high-level telephone discussions on Friday, the US Trade Representative's office and China's Commerce Ministry said, with talks to continue. US President Donald Trump has said he hopes to sign the deal with China's President Xi Jinping next month at a summit in Chile. The protracted trade war between the world's largest economies has hurt manufacturing activity, exports and business confidence globally while denting profits of many major industrial firms. "Up until now, uncertainties from the US-China trade have held companies from spending and hiring. But if they will come to a deal, that will mark a major turning point in economic sentiment," said Tatsushi Maeno, senior strategist at Okasan Asset Management in Tokyo. Optimism that Beijing and Washington were finally close to resolving their dispute led the S&P500 to surpass its July 26 closing record of 3,025.86, though it ended a tad below that level on Friday. The S&P 500's total return index posted an all-time high. E-mini futures for the S&P 500 started firm on Monday, up 0.15 per cent. Strong results from companies including Intel also boosted sentiment in equities markets. More than 81 per cent of US companies have beaten Wall Street expectations so far this earnings season despite concerns about the trade war. Investors next await earnings from the likes of Alphabet Inc, Apple, Facebook and Exxon. Activity later in the week will be dominated by the US Federal Reserve, which markets expect is all but certain to lower interest rates at its Wednesday meeting. The Bank of Japan meets on Thursday. On Friday, indicators for Chinese and US manufacturing will be released. "The outcome of the FOMC policy meeting will most likely draw the largest market reaction," said Richard Grace, Sydney-based chief currency strategist at Commonwealth Bank. "We also think the risk is the FOMC will articulate a pause," for future rate decisions, Grace added. "That means the 27.6 per cent pricing for an additional 25 bps cut in December will quickly evaporate, sending US yields and the USD higher." In currencies, the dollar index was flat at 97.817 against a basket of six major currencies. The Japanese yen was little changed at 108.73 to the dollar. Sterling was last trading at $1.2822, a tad below Friday's close. The European Union agreed to London's request for a Brexit deadline extension but set no new departure date. That gave Britain's divided parliament time to decide on Prime Minister Boris Johnson's call for a snap election. Earlier, sources told Reuters the 27 European Union countries that will remain after Brexit hope to agree on Monday to delay Britain's divorce until Jan. 31 with an earlier departure possible. The euro trod water too at $1.1083. "It feels like the calm before a potential storm, where the event risk heats up with political twists and turns, key economic data and central bank meetings," said Chris Weston, Sydney-based strategist at Pepperstone. Oil prices eased after strong gains last week. US crude slipped 14 cents to $56.52 a barrel, while Brent edged down 12 cents to $61.90. Spot gold quoted at $1,506.3 an ounce.

Asian shares climb to three-month high, currencies mark time

Reliance Industries Ltd (RIL) board of directors has approved the formation of wholly-owned digital services subsidiary with a capital infusion of Rs 1.08 lakh crore.

The new company will become the conglomerate`s umbrella platform for all digital businesses including Jio.

The Rs 1.08 lakh crore investment will be in the form of a rights issue of optionally convertible preference shares (OCPS).

The wholly-owned subsidiary will also acquire RIL`s equity investment of Rs 65,000 crore in Jio so far, making it virtually net debt-free by March 31, 2020, with the exception of spectrum-related liabilities.

"This new company will be a truly transformational and disruptive digital services platform," said RIL Chairman and Managing Director Mukesh Ambani.

"It will bring together India`s number one connectivity platform, leading digital app ecosystem and the world`s best tech capabilities globally to create a truly digital society for each Indian."

Jio has been heralding the digital services revolution in India and will continue to do so in the years to come, said Ambani in a statement released late on Friday hinting at making way for the entry of a strategic investor.

"Given the reach and scale of our digital ecosystem, we have received strong interest from potential strategic partners. We will induct the right partners in our platform company, creating and unlocking meaningful value for RIL shareholders," he said.

Ambani said the group continues to focus on cutting-edge, technology-enabled digital platforms that enable and accelerate digital society with frictionless and seamless universal access and adoption with a focus on healthcare, education, agriculture, commerce, government-to-citizen services, gaming, manufacturing and many others.

These platforms are also backed by investment in emerging and next-generation technologies like blockchain, artificial intelligence and machine learning, virtual, augmented and mixed reality, computer vision, high performance and edge computing, natural language processing and voice-enabled services.

RIL is India`s largest private sector company with a consolidated turnover of Rs 6.23 lakh crore, cash profit of Rs 64,478 crore and a net profit of Rs 39,588 crore for the year ended March 31.

Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.

Jio is a 4G-based telecom operator having than 35.5 crore subscribers. It is future-ready and can be easily upgraded to support even more data as technologies advance on to 5G, 6G and beyond.&nbsp;

Reliance Industries Ltd (RIL) board of directors has approved the formation of wholly-owned digital services subsidiary with a capital infusion of Rs 1.08 lakh crore.

Reliance Industries Ltd (RIL) board of directors has approved the formation of wholly-owned digital services subsidiary with a capital infusion of Rs 1.08 lakh crore. The new company will become the conglomerate`s umbrella platform for all digital businesses including Jio. The Rs 1.08 lakh crore investment will be in the form of a rights issue of optionally convertible preference shares (OCPS). The wholly-owned subsidiary will also acquire RIL`s equity investment of Rs 65,000 crore in Jio so far, making it virtually net debt-free by March 31, 2020, with the exception of spectrum-related liabilities. "This new company will be a truly transformational and disruptive digital services platform," said RIL Chairman and Managing Director Mukesh Ambani. "It will bring together India`s number one connectivity platform, leading digital app ecosystem and the world`s best tech capabilities globally to create a truly digital society for each Indian." Jio has been heralding the digital services revolution in India and will continue to do so in the years to come, said Ambani in a statement released late on Friday hinting at making way for the entry of a strategic investor. "Given the reach and scale of our digital ecosystem, we have received strong interest from potential strategic partners. We will induct the right partners in our platform company, creating and unlocking meaningful value for RIL shareholders," he said. Ambani said the group continues to focus on cutting-edge, technology-enabled digital platforms that enable and accelerate digital society with frictionless and seamless universal access and adoption with a focus on healthcare, education, agriculture, commerce, government-to-citizen services, gaming, manufacturing and many others. These platforms are also backed by investment in emerging and next-generation technologies like blockchain, artificial intelligence and machine learning, virtual, augmented and mixed reality, computer vision, high performance and edge computing, natural language processing and voice-enabled services. RIL is India`s largest private sector company with a consolidated turnover of Rs 6.23 lakh crore, cash profit of Rs 64,478 crore and a net profit of Rs 39,588 crore for the year ended March 31. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services. Jio is a 4G-based telecom operator having than 35.5 crore subscribers. It is future-ready and can be easily upgraded to support even more data as technologies advance on to 5G, 6G and beyond.

Reliance to invest Rs 1.08 lakh crore in new digital services subsidiary

<a href="https://www.wionews.com/world/facebooks-zuckerberg-grilled-in-us-congress-on-digital-currency-privacy-elections-257824">Facebook</a>&nbsp;on Friday began rolling out its dedicated "news tab" with professionally produced content, the latest move by the social network to promote journalism and shed its reputation as a platform for misinformation.

The tab, being tested with some US users, will be separate from a user's normal feed and include articles from partner news organisations,&nbsp;making a clear distinction between journalism and stories shared by users from a wide range of sources.

"This is going to be&nbsp;the first time ever there will be a dedicated space on the (Facebook) app that is focused on high-quality journalism," Chief Executive Mark Zuckerberg told an audience in New York in a joint appearance with CEO Robert Thomson of News Corp, one of the partners in the project.

The mix of stories in&nbsp;Facebook&nbsp;News will be determined by algorithmic "personalisation" based on a user's preferences and data, with journalists choosing some of the stories.

The company said users would have "more control over the stories they see, and the ability to explore a wider range of their news interests, directly within the&nbsp;Facebook&nbsp;app."

Facebook&nbsp;is expected to pay some of the news organizations, reportedly millions of dollars in some cases,&nbsp;but has yet to disclose full details.

Zuckerberg said&nbsp;Facebook&nbsp;would not seek to limit coverage of the company or himself.

Going global?

Zuckerberg said he sees the effort as important even if it is used by only a small percentage of&nbsp;<a href="https://www.wionews.com/world/libras-association-is-independent-facebook-wont-be-part-of-it-even-outside-the-us-till-regulators-approve-zuckerberg-to-us-house-panel-257767">Facebook</a>&nbsp;users. And he said the company is in discussions to bring the feature to other countries.

"We want to do something like this across the world as well," he said.

The social network has partnered with some 200 news organisations including The Wall Street Journal, USA Today, The Washington Post, CBS News, BuzzFeed, Fox News, the Boston Globe, Bloomberg and Vanity Fair.

Zuckerberg defended the inclusion of partners some criticise as politically partisan such as the right-wing outlet Breitbart, saying the news tab "needs to have a diversity of views."

Facebook&nbsp;said it would begin an initial test rollout which would "showcase local original reporting" from publications in major cities including New York, Los Angeles, Chicago, Dallas, Philadelphia, Houston, Washington, Miami, Atlanta and Boston.

Topic sections will include business, entertainment, health, science and technology, and sports.

Rebooting the relationship

The move represents&nbsp;Facebook's effort to reboot its relationship with news organisations, many of which have been critical of the platform for failing to curb the spread of misinformation and for taking much of the online ad revenue.

The plan notably brings together&nbsp;Facebook&nbsp;and Rupert Murdoch's News Corp.

Thomson, the News Corp CEO who last year denounced what he called a "dysfunctional" online landscape that made it hard for publishers to thrive, welcomed the&nbsp;Facebook&nbsp;initiative in the joint appearance with Zuckerberg.

"It is a powerful precedent that will echo around editorial departments," said Thomson, whose company includes the Wall Street Journal.

"It begins to change the terms of trade for quality journalism."

Paying for 'good stuff'

Northeastern University professor Dan Kennedy said the tab could help&nbsp;<a href="https://www.wionews.com/world/facebook-announces-steps-to-clamp-down-on-misinformation-ahead-of-2020-election-257494">Facebook</a> users distinguish between misinformation and professional news.

"Less savvy news consumers might not be able to tell the difference between exaggerated or fake viral news and real journalism from respected news organisations," Kennedy said.

"So this should help a lot."

But Kennedy said it could be problematic that&nbsp;Facebook&nbsp;may only be paying the richest media organisations, increasing woes for small, local outlets.

Ken Paulson, a former USA Today editor who now heads the Free Speech Center at Middle Tennessee State University, agreed that the initiative will promote better content.

"My long-term hope for the news business is that more consumers will recognise the difference between quality and chaos and be willing to pay for the good stuff," Paulson said.

University of Oregon journalism professor Damian Radcliffe noted that&nbsp;<a href="https://www.wionews.com/world/zuckerberg-defends-facebooks-approach-to-free-speech-draws-line-on-china-257158">Facebook</a>&nbsp;users currently "bump into" news in their feed, as opposed to actively seeking it out.

He said the project raises "important questions here about how transparent the story selection process will be, and what&nbsp;Facebook&nbsp;is effectively saying about news which sits outside of the tab. Does that means it's deemed less trustworthy?"

Facebook on Friday began rolling out its dedicated "news tab" with professionally produced content, the latest move by the social network to promote journalism and shed its reputation as a platform for misinformation.

Facebook on Friday began rolling out its dedicated "news tab" with professionally produced content, the latest move by the social network to promote journalism and shed its reputation as a platform for misinformation. The tab, being tested with some US users, will be separate from a user's normal feed and include articles from partner news organisations, making a clear distinction between journalism and stories shared by users from a wide range of sources. "This is going to be the first time ever there will be a dedicated space on the (Facebook) app that is focused on high-quality journalism," Chief Executive Mark Zuckerberg told an audience in New York in a joint appearance with CEO Robert Thomson of News Corp, one of the partners in the project. The mix of stories in Facebook News will be determined by algorithmic "personalisation" based on a user's preferences and data, with journalists choosing some of the stories. The company said users would have "more control over the stories they see, and the ability to explore a wider range of their news interests, directly within the Facebook app." Facebook is expected to pay some of the news organizations, reportedly millions of dollars in some cases, but has yet to disclose full details. Zuckerberg said Facebook would not seek to limit coverage of the company or himself. Going global? Zuckerberg said he sees the effort as important even if it is used by only a small percentage of Facebook users. And he said the company is in discussions to bring the feature to other countries. "We want to do something like this across the world as well," he said. The social network has partnered with some 200 news organisations including The Wall Street Journal, USA Today, The Washington Post, CBS News, BuzzFeed, Fox News, the Boston Globe, Bloomberg and Vanity Fair. Zuckerberg defended the inclusion of partners some criticise as politically partisan such as the right-wing outlet Breitbart, saying the news tab "needs to have a diversity of views." Facebook said it would begin an initial test rollout which would "showcase local original reporting" from publications in major cities including New York, Los Angeles, Chicago, Dallas, Philadelphia, Houston, Washington, Miami, Atlanta and Boston. Topic sections will include business, entertainment, health, science and technology, and sports. Rebooting the relationship The move represents Facebook's effort to reboot its relationship with news organisations, many of which have been critical of the platform for failing to curb the spread of misinformation and for taking much of the online ad revenue. The plan notably brings together Facebook and Rupert Murdoch's News Corp. Thomson, the News Corp CEO who last year denounced what he called a "dysfunctional" online landscape that made it hard for publishers to thrive, welcomed the Facebook initiative in the joint appearance with Zuckerberg. "It is a powerful precedent that will echo around editorial departments," said Thomson, whose company includes the Wall Street Journal. "It begins to change the terms of trade for quality journalism." Paying for 'good stuff' Northeastern University professor Dan Kennedy said the tab could help Facebook users distinguish between misinformation and professional news. "Less savvy news consumers might not be able to tell the difference between exaggerated or fake viral news and real journalism from respected news organisations," Kennedy said. "So this should help a lot." But Kennedy said it could be problematic that Facebook may only be paying the richest media organisations, increasing woes for small, local outlets. Ken Paulson, a former USA Today editor who now heads the Free Speech Center at Middle Tennessee State University, agreed that the initiative will promote better content. "My long-term hope for the news business is that more consumers will recognise the difference between quality and chaos and be willing to pay for the good stuff," Paulson said. University of Oregon journalism professor Damian Radcliffe noted that Facebook users currently "bump into" news in their feed, as opposed to actively seeking it out. He said the project raises "important questions here about how transparent the story selection process will be, and what Facebook is effectively saying about news which sits outside of the tab. Does that means it's deemed less trustworthy?"

Facebook's 'news tab' seeks to reboot its role within media

Microsoft Corporation&nbsp;has won the Pentagon's $10 billion cloud computing contract, the Defense Department said on Friday, beating out favourite Amazon.com Inc.

The contracting process had long been mired in conflict of interest allegations, even drawing the attention of President Donald Trump, who has publicly taken swipes at Amazon and its founder Jeff Bezos. Trump in August said his administration was reviewing Amazon's bid after complaints from other companies.

The Joint Enterprise Defense Infrastructure Cloud (JEDI) contract is part of a broader digital modernization of the Pentagon meant to make it more technologically agile. Specifically, a goal of JEDI is to give the military better access to data and the cloud from battlefields and other remote locations.

Oracle Corp&nbsp;had expressed concerns about the award process for the contract, including the role of a former Amazon employee who worked on the project at the Defense Department but recused himself, then later left the Defense Department and returned to Amazon Web Services.

In a statement, an Amazon Web Services (AWS) spokesman said the company was "surprised about this conclusion."

The company said that a "detailed assessment purely on the comparative offerings" would "clearly lead to a different conclusion," according to the statement.

AWS is considering options for protesting the award, a person familiar with the matter told Reuters.

Although the Pentagon boasts the world's most potent fighting force, its information technology remains woefully inadequate, according to many officials.

Officials have complained of having outdated computer systems and being unable to access files or share information as quickly as they might be able to in the private sector.

"If I am a warfighter, I want as much data as you could possibly give me," Lieutenant General Jack Shanahan, the director of the Joint Artificial Intelligence Center, told reporters in August describing the importance of the contract.

Some companies were concerned that a single award would give the winner an unfair advantage in follow-on work. The Pentagon has said it planned to award future cloud deals to multiple contractors.

This week, US&nbsp;Defense Secretary Mark Esper removed himself from reviewing the deal due to his adult son's employment with one of the original contract applicants, IBM Corp. IBM had previously bid for the contract but had already been eliminated from the competition.

Microsoft said it was working on a comment. IBM and Oracle did not immediately return requests for comment.

In a book slated for publication October&nbsp;29, retired Navy commander Guy Snodgrass, who served as a speechwriter to former Defense Secretary Jim Mattis, said Trump called Mattis and directed him to "screw Amazon" by preventing it from bidding on the JEDI contract, according to an excerpt of the book seen by Reuters ahead of its release.

"We’re not going to do that," Mattis later told other Pentagon officials, according to the excerpt. "This will be done by the book, both legally and ethically."

Snodgrass declined to comment pending the release of his book.

In a statement announcing Microsoft as the winner, the Pentagon underscored its view that the competition was conducted fairly and legally.

"All (offers) were treated fairly and evaluated consistent with the solicitation's stated evaluation criteria. Prior to the award, the department conferred with the DOD Inspector General, which informed the decision to proceed," it said.

Microsoft shares were up 3 per cent&nbsp;to $144.98 in after-hours trading after the news. Amazon shares were down 0.92 per cent&nbsp;to $1,745.12.

The Pentagon said it had awarded more than $11 billion across 10 separate cloud contracts over the past two years.

"As we continue to execute the DOD Cloud Strategy, additional contracts are planned for both cloud services and complimentary migration and integration solutions necessary to achieve effective cloud adoption," the Pentagon said.

Microsoft Corporation has won the Pentagon's $10 billion cloud computing contract, the Defense Department said on Friday, beating out favourite Amazon.com Inc. The contracting process had long been mired in conflict of interest allegations, even drawing the attention of President Donald Trump, who has publicly taken swipes at Amazon and its founder Jeff Bezos.

Microsoft Corporation has won the Pentagon's $10 billion cloud computing contract, the Defense Department said on Friday, beating out favourite Amazon.com Inc. The contracting process had long been mired in conflict of interest allegations, even drawing the attention of President Donald Trump, who has publicly taken swipes at Amazon and its founder Jeff Bezos. Trump in August said his administration was reviewing Amazon's bid after complaints from other companies. The Joint Enterprise Defense Infrastructure Cloud (JEDI) contract is part of a broader digital modernization of the Pentagon meant to make it more technologically agile. Specifically, a goal of JEDI is to give the military better access to data and the cloud from battlefields and other remote locations. Oracle Corp had expressed concerns about the award process for the contract, including the role of a former Amazon employee who worked on the project at the Defense Department but recused himself, then later left the Defense Department and returned to Amazon Web Services. In a statement, an Amazon Web Services (AWS) spokesman said the company was "surprised about this conclusion." The company said that a "detailed assessment purely on the comparative offerings" would "clearly lead to a different conclusion," according to the statement. AWS is considering options for protesting the award, a person familiar with the matter told Reuters. Although the Pentagon boasts the world's most potent fighting force, its information technology remains woefully inadequate, according to many officials. Officials have complained of having outdated computer systems and being unable to access files or share information as quickly as they might be able to in the private sector. "If I am a warfighter, I want as much data as you could possibly give me," Lieutenant General Jack Shanahan, the director of the Joint Artificial Intelligence Center, told reporters in August describing the importance of the contract. Some companies were concerned that a single award would give the winner an unfair advantage in follow-on work. The Pentagon has said it planned to award future cloud deals to multiple contractors. This week, US Defense Secretary Mark Esper removed himself from reviewing the deal due to his adult son's employment with one of the original contract applicants, IBM Corp. IBM had previously bid for the contract but had already been eliminated from the competition. Microsoft said it was working on a comment. IBM and Oracle did not immediately return requests for comment. In a book slated for publication October 29, retired Navy commander Guy Snodgrass, who served as a speechwriter to former Defense Secretary Jim Mattis, said Trump called Mattis and directed him to "screw Amazon" by preventing it from bidding on the JEDI contract, according to an excerpt of the book seen by Reuters ahead of its release. "We’re not going to do that," Mattis later told other Pentagon officials, according to the excerpt. "This will be done by the book, both legally and ethically." Snodgrass declined to comment pending the release of his book. In a statement announcing Microsoft as the winner, the Pentagon underscored its view that the competition was conducted fairly and legally. "All (offers) were treated fairly and evaluated consistent with the solicitation's stated evaluation criteria. Prior to the award, the department conferred with the DOD Inspector General, which informed the decision to proceed," it said. Microsoft shares were up 3 per cent to $144.98 in after-hours trading after the news. Amazon shares were down 0.92 per cent to $1,745.12. The Pentagon said it had awarded more than $11 billion across 10 separate cloud contracts over the past two years. "As we continue to execute the DOD Cloud Strategy, additional contracts are planned for both cloud services and complimentary migration and integration solutions necessary to achieve effective cloud adoption," the Pentagon said.

Microsoft beats Amazon for Pentagon's $10 billion cloud computing contract

President Donald Trump took a swipe at Apple chief Tim Cook with a Tweet lamenting the removal of the iPhone home button. "To Tim: The Button on the IPhone was FAR better than the Swipe!

President Donald Trump took a swipe at Apple chief Tim Cook with a Tweet lamenting the removal of the iPhone home button. "To Tim: The Button on the IPhone was FAR better than the Swipe!" he tweeted Friday. Trump switched from an Android mobile to an iPhone in March 2017, the same year Apple dropped the physical home button from its top models. This earlier shift seemed to be the target of presidential ire, rather Apple's latest iPhone 11 release in September. It is not the first time Trump has cast a critical eye over the tech giant's design choices. "I cannot believe that Apple didn't come out with a larger screen IPhone. Samsung is stealing their business. STEVE JOBS IS SPINNING IN GRAVE," he tweeted in September 2013. It also comes after a gaffe in March when he referred to Cook as "Tim Apple". Trump later claimed the naming was deliberate and a "time saving" measure.

Trump takes swipe at Apple for ditching iPhone home button

Microsoft Corp. has won the Pentagon's $10 billion cloud computing contract, the Defense Department said on Friday, beating out favorite Amazon.com Inc. The contracting process had long been mired in conflict of interest allegations, even drawing the attention of President Donald Trump, who has publicly taken swipes at Amazon and its founder Jeff Bezos.

Microsoft Corp. has won the Pentagon's $10 billion cloud computing contract, the Defense Department said on Friday, beating out favorite Amazon.com Inc. The contracting process had long been mired in conflict of interest allegations, even drawing the attention of President Donald Trump, who has publicly taken swipes at Amazon and its founder Jeff Bezos. Trump in August said his administration was reviewing Amazon's bid after complaints from other companies. The Joint Enterprise Defense Infrastructure Cloud (JEDI) contract is part of a broader digital modernization of the Pentagon meant to make it more technologically agile. Specifically, a goal of JEDI is to give the military better access to data and the cloud from battlefields and other remote locations. Oracle Corp had expressed concerns about the award process for the contract, including the role of a former Amazon employee who worked on the project at the Defence Department but recused himself, then later left the Defense Department and returned to Amazon Web Services. In a statement, an Amazon Web Services (AWS) spokesman said the company was "surprised about this conclusion." The company said that a "detailed assessment purely on the comparative offerings" would "clearly lead to a different conclusion," according to the statement. AWS is considering options for protesting the award, a person familiar with the matter told. Although the Pentagon boasts the world's most potent fighting force, its information technology remains woefully inadequate, according to many officials. Officials have complained of having outdated computer systems and being unable to access files or share information as quickly as they might be able to in the private sector. "If I am a warfighter, I want as much data as you could possibly give me," Lieutenant General Jack Shanahan, the director of the Joint Artificial Intelligence Center, told reporters in August describing the importance of the contract. Some companies were concerned that a single award would give the winner an unfair advantage in follow-on work. The Pentagon has said it planned to award future cloud deals to multiple contractors. This week, U.S. Defense Secretary Mark Esper removed himself from reviewing the deal due to his adult son's employment with one of the original contract applicants, IBM Corp <IBM.N>. IBM had previously bid for the contract but had already been eliminated from the competition. Microsoft said it was working on a comment. IBM and Oracle did not immediately return requests for comment. In a book slated for publication Oct. 29, retired Navy commander Guy Snodgrass, who served as a speech writer to former Defense Secretary Jim Mattis, said Trump called Mattis and directed him to "screw Amazon" by preventing it from bidding on the JEDI contract, according to an excerpt of the book seen by Reuters ahead of its release. "We’re not going to do that," Mattis later told other Pentagon officials, according to the excerpt. "This will be done by the book, both legally and ethically." Snodgrass declined to comment pending the release of his book. In a statement announcing Microsoft as the winner, the Pentagon underscored its view that the competition was conducted fairly and legally. "All (offers) were treated fairly and evaluated consistently with the solicitation's stated evaluation criteria. Prior to the award, the department conferred with the DOD Inspector General, which informed the decision to proceed," it said. Microsoft shares were up 3% to $144.98 in after-hours trading after the news. Amazon shares were down 0.92% to $1,745.12. The Pentagon said it had awarded more than $11 billion across 10 separate cloud contracts over the past two years. "As we continue to execute the DOD Cloud Strategy, additional contracts are planned for both cloud services and complementary migration and integration solutions necessary to achieve effective cloud adoption," the Pentagon said.