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

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

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

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

British luxury brand Burberry on Thursday said it has joined forces with China's Tencent for a new digital marketing and sales push to tap the nation's increasingly social media savvy shoppers in a critical luxury market.

Burberry said it will open a so-called "social retail" store in Shenzhen in China's technology hub powered by Tencent technology in the first half of next year that will blend retail and social media to create digital and physical spaces aimed at attracting customers.

Few other details were given.

But with its popular Wechat Pay online payment platform and Weibo's vast social media clout in one of the world's largest luxury goods market, Tencent offers Burberry a one-stop shop for marketing and selling its products online and in stores. Tencent's Wechat is China's dominant chat app.

"Social media is becoming such an important part of the luxury customer journey, particularly in the inspiration phase, and retail needs to keep pace with this," Burberry Chief Executive Marco Gobbetti said in a statement.

"China was the obvious place to start as it is one of the leading hubs for innovation and technology and Chinese consumers are some of the highest users of social media."

Shenzhen is the neighbouring city to Hong Kong on China's mainland where sales are suffering as months of protests have forced retailers to close stores.

The move also comes as more well-off Chinese consumers are buying at home, deterred from overseas shopping trips due to the weaker yuan.

Burberry, known for its traditional tartan pattern, posted double-digit declines in Hong Kong sales in its latest earnings released on Thursday although the popularity of collections by designer Riccardo Tisci boosted overall sales.

Chinese retail giants like Alibaba and JD.com have also upped the ante in their battle for relevance in the lucrative luxury goods market with the launch of luxury sites in mid-2017 that boast labels such as Hugo Boss.

British luxury brand Burberry on Thursday said it has joined forces with China's Tencent for a new digital marketing and sales push to tap the nation's increasingly social media savvy shoppers in a critical luxury market.

British luxury brand Burberry on Thursday said it has joined forces with China's Tencent for a new digital marketing and sales push to tap the nation's increasingly social media savvy shoppers in a critical luxury market. Burberry said it will open a so-called "social retail" store in Shenzhen in China's technology hub powered by Tencent technology in the first half of next year that will blend retail and social media to create digital and physical spaces aimed at attracting customers. Few other details were given. But with its popular Wechat Pay online payment platform and Weibo's vast social media clout in one of the world's largest luxury goods market, Tencent offers Burberry a one-stop shop for marketing and selling its products online and in stores. Tencent's Wechat is China's dominant chat app. "Social media is becoming such an important part of the luxury customer journey, particularly in the inspiration phase, and retail needs to keep pace with this," Burberry Chief Executive Marco Gobbetti said in a statement. "China was the obvious place to start as it is one of the leading hubs for innovation and technology and Chinese consumers are some of the highest users of social media." Shenzhen is the neighbouring city to Hong Kong on China's mainland where sales are suffering as months of protests have forced retailers to close stores. The move also comes as more well-off Chinese consumers are buying at home, deterred from overseas shopping trips due to the weaker yuan. Burberry, known for its traditional tartan pattern, posted double-digit declines in Hong Kong sales in its latest earnings released on Thursday although the popularity of collections by designer Riccardo Tisci boosted overall sales. Chinese retail giants like Alibaba and JD.com have also upped the ante in their battle for relevance in the lucrative luxury goods market with the launch of luxury sites in mid-2017 that boast labels such as Hugo Boss.

Burberry aims to woo more customers in China with Tencent tie-up

Global economic worries on Thursday caused Wall Street to retreat from record highs following sour economic data from major economies and signs of persistent deadlock in US-China trade talks.

China's Commerce Ministry reiterated its position that tariff concessions from Washington should be part of a phase one deal to resolve the trade conflict, suggesting a resolution to the US-China trade war was slipping out of reach yet again.

About 15 minutes into the trading day, the benchmark Dow Jones Industrial Average was down 0.1 per cent at 27,762.21, lifted by global retailer Walmart, which posted surging quarterly profits thanks to online sales and revenues from Indian retailer Flipkart.

Meanwhile, the S&amp;P 500 was flat at 3,093.35 and the Nasdaq was 0.3 per cent lower at 8,459.39.

Shares in Walmart were up more than 2.3 per cent, marking the best gains since August.

President Donald Trump hailed the Walmart results, saying the proved his trade wars were not damaging the US retail sector.

"No impact from Tariffs (which are contributing $Billions to our Treasury)," he wrote on Twitter.

However, Walmart executives said they are watching the tariff discussions and hoping for a prompt resolution to the dispute.

Networking and telecoms firm Cisco plunged seven per cent a day after cutting earnings guidance for its upcoming fiscal quarter.

"There is no dash for the exit in spite of reported stumbling blocks over China citing the rollback of some existing tariffs as a precondition for doing a deal and the US reportedly not being on board with that precondition," analyst Patrick O'Hare wrote at Briefing.com.

Economic data released Thursday showed further signs of strain in China's economy, with a sharp slowdown in consumer spending and factory production, while investment growth hit a record low as the trade war with the United States takes its toll.

Germany's economy narrowly avoided recession as it eked out 0.1 per cent quarter-on-quarter growth, beating forecasts of a 0.1 per cent contraction but confirming the trade-dependent nation's struggles.

Global economic worries on Thursday caused Wall Street to retreat from record highs following sour economic data from major economies and signs of persistent deadlock in US-China trade talks.

Global economic worries on Thursday caused Wall Street to retreat from record highs following sour economic data from major economies and signs of persistent deadlock in US-China trade talks. China's Commerce Ministry reiterated its position that tariff concessions from Washington should be part of a phase one deal to resolve the trade conflict, suggesting a resolution to the US-China trade war was slipping out of reach yet again. About 15 minutes into the trading day, the benchmark Dow Jones Industrial Average was down 0.1 per cent at 27,762.21, lifted by global retailer Walmart, which posted surging quarterly profits thanks to online sales and revenues from Indian retailer Flipkart. Meanwhile, the S&P 500 was flat at 3,093.35 and the Nasdaq was 0.3 per cent lower at 8,459.39. Shares in Walmart were up more than 2.3 per cent, marking the best gains since August. President Donald Trump hailed the Walmart results, saying the proved his trade wars were not damaging the US retail sector. "No impact from Tariffs (which are contributing $Billions to our Treasury)," he wrote on Twitter. However, Walmart executives said they are watching the tariff discussions and hoping for a prompt resolution to the dispute. Networking and telecoms firm Cisco plunged seven per cent a day after cutting earnings guidance for its upcoming fiscal quarter. "There is no dash for the exit in spite of reported stumbling blocks over China citing the rollback of some existing tariffs as a precondition for doing a deal and the US reportedly not being on board with that precondition," analyst Patrick O'Hare wrote at Briefing.com. Economic data released Thursday showed further signs of strain in China's economy, with a sharp slowdown in consumer spending and factory production, while investment growth hit a record low as the trade war with the United States takes its toll. Germany's economy narrowly avoided recession as it eked out 0.1 per cent quarter-on-quarter growth, beating forecasts of a 0.1 per cent contraction but confirming the trade-dependent nation's struggles.

Wall Street subdued as economic, trade doubts persist

Crisis-hit Japanese automaker Nissan Tuesday slashed its full-year forecast for both sales and profit as it struggles with weak demand in Japan, the US and Europe, as well as fallout from the arrest of former boss Carlos Ghosn.

Nissan downgraded its net profit forecast to 110 billion yen ($1 billion) for the fiscal year to March 2020, compared with an earlier estimate of 170 billion yen.

Full-year sales are now estimated at 10.6 trillion yen, down from a previous forecast of 11.3 trillion yen.

Nissan blamed the poor outlook on weak first-half earnings, a strong yen, an uncertain global outlook and the stagnation of the car industry in general.

Incoming chief financial officer Stephen Ma said, "Sales in China outpaced the market but sales in other key regions including the US, Europe and Japan underperformed in those markets. This resulted in the overall decrease of our market share."

Net profit for the six months to September plunged 73.5 per cent to 65.4 billion yen, the worst first-half result since the global financial crisis a decade ago.

"Nissan is in a very severe situation at a time when competition in the global auto market is further intensifying," said Satoru Takada, auto analyst at TIW, a Tokyo-based research and consulting firm.

It was Nissan's first earnings announcement since the appointment last month of Makoto Uchida as new chief executive, elevating the insider heading the firm's China unit as it overhauls its leadership after the Ghosn scandal.

Uchida's appointment, to take effect on December 1, came after months of turmoil for the automaker in the wake of the arrest of former chief Ghosn on allegations of financial misconduct.

Former CEO Hiroto Saikawa resigned in September after an investigation prompted by the Ghosn scandal revealed he was among Nissan executives who received excess pay by altering the terms of a share price bonus.

"Nissan's new management is setting sail in a storm," Takada told AFP.

"Uchida is expected to show new strategies for Nissan's survival," he said.

'Additional restructuring'

The automaker has cited a global slowdown in the auto sector, but it is also suffering from a lack of innovation on its production line and reputational damage from the Ghosn scandal.

Uchida inherits the harsh cost-cutting measures Saikawa proposed as a way out of the crisis -- including reducing dealer incentives and promotions but also cutting global production by 10 per cent to 2023 -- a measure that means the loss of 12,500 jobs.

"Additional restructuring is possible in the wake of the layoff plan," Takada said.

Asked about possible fresh job losses, Nissan official Ma said no new announcement would be made until the full new management team is in place on December 1.

The company is "very urgently working" to improve sales and profitability, Ma said.

Nissan separately said it would hold a shareholder meeting next February to put forward a plan to appoint new directors.&nbsp;

Adding to Nissan's woes is continued tension within the three-way alliance with Mitsubishi Motors and Renault.

Ghosn, who created the alliance, wanted greater integration with France's Renault and says his push for that prompted angry Nissan executives to plot against him.

The two firms have made a show of holding the marriage together in the wake of Ghosn's arrest, but tensions have bubbled to the surface.

Renault holds a 43 per cent stake in the Japanese automaker, which in turn controls 15 per cent of the French firm but has no voting rights.

"The negative impact of the furore around Ghosn is gradually becoming visible," Takada said. "The alliance is facing a crucial stage," he added.

Ghosn is out on bail in Tokyo, awaiting a trial that reports have suggested could start in April on charges of under-reporting millions of dollars in salary and using company funds for personal expenses.

He denies any wrongdoing.

Crisis-hit Japanese automaker Nissan Tuesday slashed its full-year forecast for both sales and profit as it struggles with weak demand in Japan, the US and Europe, as well as fallout from the arrest of former boss Carlos Ghosn.

Crisis-hit Japanese automaker Nissan Tuesday slashed its full-year forecast for both sales and profit as it struggles with weak demand in Japan, the US and Europe, as well as fallout from the arrest of former boss Carlos Ghosn. Nissan downgraded its net profit forecast to 110 billion yen ($1 billion) for the fiscal year to March 2020, compared with an earlier estimate of 170 billion yen. Full-year sales are now estimated at 10.6 trillion yen, down from a previous forecast of 11.3 trillion yen. Nissan blamed the poor outlook on weak first-half earnings, a strong yen, an uncertain global outlook and the stagnation of the car industry in general. Incoming chief financial officer Stephen Ma said, "Sales in China outpaced the market but sales in other key regions including the US, Europe and Japan underperformed in those markets. This resulted in the overall decrease of our market share." Net profit for the six months to September plunged 73.5 per cent to 65.4 billion yen, the worst first-half result since the global financial crisis a decade ago. "Nissan is in a very severe situation at a time when competition in the global auto market is further intensifying," said Satoru Takada, auto analyst at TIW, a Tokyo-based research and consulting firm. It was Nissan's first earnings announcement since the appointment last month of Makoto Uchida as new chief executive, elevating the insider heading the firm's China unit as it overhauls its leadership after the Ghosn scandal. Uchida's appointment, to take effect on December 1, came after months of turmoil for the automaker in the wake of the arrest of former chief Ghosn on allegations of financial misconduct. Former CEO Hiroto Saikawa resigned in September after an investigation prompted by the Ghosn scandal revealed he was among Nissan executives who received excess pay by altering the terms of a share price bonus. "Nissan's new management is setting sail in a storm," Takada told AFP. "Uchida is expected to show new strategies for Nissan's survival," he said. 'Additional restructuring' The automaker has cited a global slowdown in the auto sector, but it is also suffering from a lack of innovation on its production line and reputational damage from the Ghosn scandal. Uchida inherits the harsh cost-cutting measures Saikawa proposed as a way out of the crisis -- including reducing dealer incentives and promotions but also cutting global production by 10 per cent to 2023 -- a measure that means the loss of 12,500 jobs. "Additional restructuring is possible in the wake of the layoff plan," Takada said. Asked about possible fresh job losses, Nissan official Ma said no new announcement would be made until the full new management team is in place on December 1. The company is "very urgently working" to improve sales and profitability, Ma said. Nissan separately said it would hold a shareholder meeting next February to put forward a plan to appoint new directors. Adding to Nissan's woes is continued tension within the three-way alliance with Mitsubishi Motors and Renault. Ghosn, who created the alliance, wanted greater integration with France's Renault and says his push for that prompted angry Nissan executives to plot against him. The two firms have made a show of holding the marriage together in the wake of Ghosn's arrest, but tensions have bubbled to the surface. Renault holds a 43 per cent stake in the Japanese automaker, which in turn controls 15 per cent of the French firm but has no voting rights. "The negative impact of the furore around Ghosn is gradually becoming visible," Takada said. "The alliance is facing a crucial stage," he added. Ghosn is out on bail in Tokyo, awaiting a trial that reports have suggested could start in April on charges of under-reporting millions of dollars in salary and using company funds for personal expenses. He denies any wrongdoing.

Crisis-hit Nissan chops forecasts, net profit worst for a decade

China's&nbsp;factory output&nbsp;growth&nbsp;slowed significantly more than expected in&nbsp;October, as weakness in global and domestic demand and the drawn-out <a href="https://www.wionews.com/.../global-markets-asian-shares-a-sea-of-red-as-hk- chaos-hits-sentiment-261277">Sino-US&nbsp;trade&nbsp;war</a> weighed on broad segments of the world's second-largest economy.

Industrial production rose 4.7 per cent&nbsp;year-on-year in&nbsp;October, data from the <a href="https://www.wionews.com/.../chinas-q3-gdp-growth-slows-to-6-slowest-in-27 -years-256577">National Bureau of Statistics</a> released on Thursday showed, below the median forecast of 5.4 per cent&nbsp;growth&nbsp;in a Reuters poll and slower than September's 5.8 per cent.

Indicators showed other sectors also slowed significantly and missed forecasts with retail sales&nbsp;growth&nbsp;back near a 16-year trough and fixed asset investment&nbsp;growth&nbsp;the weakest on record.

The disappointing numbers show China off to a rough start in the final three months of 2019 and will bolster calls for Beijing to roll out fresh support after third-quarter&nbsp;growth&nbsp;slowed to its weakest in almost three decades, with factory production bruised by the&nbsp;trade&nbsp;war with Washington.

Asian stocks fell after the soft data, which reinforced concerns the&nbsp;trade&nbsp;war was hurting one of the world's major drivers of economic&nbsp;growth.

"These data support our view that&nbsp;growth&nbsp;headwinds remain&nbsp;strong and the economy has yet to hit bottom," said Nomura in a note, adding that GDP&nbsp;growth&nbsp;is expected to slow to 5.8 per cent&nbsp;in the fourth quarter from 6.0 per cent&nbsp;in the third quarter.

Broad activity in&nbsp;China's&nbsp;factory sector remained weak in&nbsp;October&nbsp;with producer prices falling at their fastest pace in more than three years and manufacturing activity mired in contraction for a six straight month, recent indicators showed.

Thursday's data showed the value of delivered industrial exports fell 3.8 per cent&nbsp;on-year in&nbsp;October, marking the third straight month of declines.

China's&nbsp;steel output fell to a seven-month low in&nbsp;October&nbsp;while the cement production contracted for the first time in over a year, compared with a year earlier.

The tariff war between China and the United States has hit global demand, disrupted supply chains and upended financial markets.

Other major trading powers have also felt the blow from the dispute with Japan's economy grinding to a near standstill in the third quarter, posting its weakest&nbsp;growth&nbsp;in a year.

While some signs of recent progress in&nbsp;trade&nbsp;negotiations between the superpowers have cheered financial market, officials from both sides have so far avoided any firm commitments to end their dispute.

That uncertainty has weighed persistently on manufacturers and their order books in recent months and raised doubts about the prospects of any breakthrough.

"Even if a minor deal is agreed upon in the coming months, this would merely allow the focus to shift to the more intractable issues that we think will eventually lead the&nbsp;trade&nbsp;talks to break down," Capital Economics China Economist Martin Lynge Rasmussen said.

Fixed asset investment, a key driver of economic&nbsp;growth, rose just 5.2 per cent&nbsp;from January-October, against expected&nbsp;growth&nbsp;of 5.4 per cent&nbsp;and the weakest pace since Reuters record began in 1996.

Infrastructure investment rose 4.2 per cent&nbsp;in the first 10 months, slowing from a 4.5 per cent&nbsp;gain in January-September.

In a bid to stop this trend,&nbsp;China's&nbsp;State Council on Wednesday pledged to lower the minimum capital ratio requirement for some infrastructure investment projects.

At the same time, local governments are facing increasing fiscal strains as tax cuts and the broader slowdown reduce revenues, hampering the big infrastructure projects Beijing needs to revive&nbsp;growth.

Meanwhile,&nbsp;China's&nbsp;property investment and sales&nbsp;growth&nbsp;both eased to three-months low in&nbsp;October, suggesting a critical pillar of the economy is softening.

Retail sales rose 7.2 per cent&nbsp;year-on-year in&nbsp;October, missing expected&nbsp;growth&nbsp;of 7.9 per cent&nbsp;and matching the more than 16-year low hit in April.

Consumers have been hit with higher food prices over the past few months, as pork and other meat prices soared. For&nbsp;October, they bought fewer garments, jewellery, automobiles from a year earlier.

To prop up&nbsp;growth,&nbsp;China's&nbsp;central bank this month cut the interest rate on its one-year medium-term lending facility loans, a key policy rate, for the first time since early 2016.

Analysts said the cut, while modest, maybe a sign the central bank is becoming more proactive and looking to ease worries that higher inflation will prevent it from delivering fresh stimulus.

"Economic performance still faces a fairly large number of risks and challenges and these cannot be underestimated. In the next stage, we will...continue to fully implement counter-cyclical adjustment policies," statistics bureau spokeswoman Liu Aihua told reporters in a briefing.

Earlier this week, Premier Li Keqiang flagged the need for the more effective use of economic support tools, such as "counter-cyclical adjustments" and local government special bonds.

In a front-page editorial on Thursday, the state-owned Securities Times said authorities should tolerate longer-term increases in&nbsp;China's&nbsp;debt-to-gross domestic product ratio to allow for changing economic conditions.

China's factory output growth slowed significantly more than expected in October, as weakness in global and domestic demand and the drawn-out Sino-US trade war weighed on broad segments of the world's second-largest economy.

China's factory output growth slowed significantly more than expected in October, as weakness in global and domestic demand and the drawn-out Sino-US trade war weighed on broad segments of the world's second-largest economy. Industrial production rose 4.7 per cent year-on-year in October, data from the National Bureau of Statistics released on Thursday showed, below the median forecast of 5.4 per cent growth in a Reuters poll and slower than September's 5.8 per cent. Indicators showed other sectors also slowed significantly and missed forecasts with retail sales growth back near a 16-year trough and fixed asset investment growth the weakest on record. The disappointing numbers show China off to a rough start in the final three months of 2019 and will bolster calls for Beijing to roll out fresh support after third-quarter growth slowed to its weakest in almost three decades, with factory production bruised by the trade war with Washington. Asian stocks fell after the soft data, which reinforced concerns the trade war was hurting one of the world's major drivers of economic growth. "These data support our view that growth headwinds remain strong and the economy has yet to hit bottom," said Nomura in a note, adding that GDP growth is expected to slow to 5.8 per cent in the fourth quarter from 6.0 per cent in the third quarter. Broad activity in China's factory sector remained weak in October with producer prices falling at their fastest pace in more than three years and manufacturing activity mired in contraction for a six straight month, recent indicators showed. Thursday's data showed the value of delivered industrial exports fell 3.8 per cent on-year in October, marking the third straight month of declines. China's steel output fell to a seven-month low in October while the cement production contracted for the first time in over a year, compared with a year earlier. The tariff war between China and the United States has hit global demand, disrupted supply chains and upended financial markets. Other major trading powers have also felt the blow from the dispute with Japan's economy grinding to a near standstill in the third quarter, posting its weakest growth in a year. While some signs of recent progress in trade negotiations between the superpowers have cheered financial market, officials from both sides have so far avoided any firm commitments to end their dispute. That uncertainty has weighed persistently on manufacturers and their order books in recent months and raised doubts about the prospects of any breakthrough. "Even if a minor deal is agreed upon in the coming months, this would merely allow the focus to shift to the more intractable issues that we think will eventually lead the trade talks to break down," Capital Economics China Economist Martin Lynge Rasmussen said. Fixed asset investment, a key driver of economic growth, rose just 5.2 per cent from January-October, against expected growth of 5.4 per cent and the weakest pace since Reuters record began in 1996. Infrastructure investment rose 4.2 per cent in the first 10 months, slowing from a 4.5 per cent gain in January-September. In a bid to stop this trend, China's State Council on Wednesday pledged to lower the minimum capital ratio requirement for some infrastructure investment projects. At the same time, local governments are facing increasing fiscal strains as tax cuts and the broader slowdown reduce revenues, hampering the big infrastructure projects Beijing needs to revive growth. Meanwhile, China's property investment and sales growth both eased to three-months low in October, suggesting a critical pillar of the economy is softening. Retail sales rose 7.2 per cent year-on-year in October, missing expected growth of 7.9 per cent and matching the more than 16-year low hit in April. Consumers have been hit with higher food prices over the past few months, as pork and other meat prices soared. For October, they bought fewer garments, jewellery, automobiles from a year earlier. To prop up growth, China's central bank this month cut the interest rate on its one-year medium-term lending facility loans, a key policy rate, for the first time since early 2016. Analysts said the cut, while modest, maybe a sign the central bank is becoming more proactive and looking to ease worries that higher inflation will prevent it from delivering fresh stimulus. "Economic performance still faces a fairly large number of risks and challenges and these cannot be underestimated. In the next stage, we will...continue to fully implement counter-cyclical adjustment policies," statistics bureau spokeswoman Liu Aihua told reporters in a briefing. Earlier this week, Premier Li Keqiang flagged the need for the more effective use of economic support tools, such as "counter-cyclical adjustments" and local government special bonds. In a front-page editorial on Thursday, the state-owned Securities Times said authorities should tolerate longer-term increases in China's debt-to-gross domestic product ratio to allow for changing economic conditions.

China's main growth engines falter in October on trade frictions

&nbsp;Oil&nbsp;rose on Thursday after industry data showed a surprise drop in&nbsp;US&nbsp;crude&nbsp;inventories, while&nbsp;comments&nbsp;from an&nbsp;<a href="https://www.wionews.com/.../new-oil-field-adds-222-billion-barrels-with- current-technology-iran-261333">OPEC</a>&nbsp;official about lower-than-expected&nbsp;US&nbsp;shale&nbsp;production&nbsp;growth&nbsp;in 2020 also provided some support.

Prices, however, were capped by mixed signs for&nbsp;oil&nbsp;demand in China, the world's biggest&nbsp;crude&nbsp;importer, as industrial output rose more slowly than expected in October, but&nbsp;oil&nbsp;refinery throughput hit the second-highest level ever.

Brent futures rose 47 cents, or 0.8 per cent, to $62.84 per barrel by 0808 GMT, while&nbsp;US&nbsp;West Texas Intermediate&nbsp;crude&nbsp;gained 47 cents, or 0.8 per cent, to reach $57.59.

The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Mohammad Barkindo said on Wednesday that there would likely be downward revisions of supply going into 2020, especially from United States&nbsp;shale, adding that some&nbsp;US&nbsp;shale&nbsp;oil&nbsp;firms see output growing by only 300,000-400,000 barrels per day (bpd).

While Barkindo's&nbsp;comments&nbsp;supported&nbsp;oil&nbsp;prices, there is not a clear way for&nbsp;OPEC&nbsp;to forecast&nbsp;oil&nbsp;production outside the group, Howie Lee, an economist at Singapore's OCBC bank said.

"I don't see much changes in supply so prices are still trading within the same range from the start of November," he said.

Barkindo's&nbsp;comments&nbsp;were also in contrast with forecasts by the&nbsp;<a href="https://www.wionews.com/.../oil-prices-gain-after-us-inventories-fall-249041">US&nbsp;Energy Information Administration</a> (EIA) on Wednesday that&nbsp;US&nbsp;oil&nbsp;production is on course to hit new records this year and next.

The American Petroleum Institute reported on Wednesday an unexpected drop in&nbsp;crude&nbsp;stockpiles by 541,000 barrels in the week to November&nbsp;8, against analysts' expectations of an increase of 1.6 million barrels. Gasoline and distillates inventories increased, the API data showed.

Official weekly EIA data is due at 11:00 a.m. EST (1600 GMT) on Thursday. Both reports were delayed a day for the&nbsp;US&nbsp;Veterans Day holiday on Monday.

OPEC&nbsp;and its allies, including Russia, meet on Dec. 5-6 to discuss&nbsp;output policy and production curbs of 1.2 million bpd that have been in place since January with the aim of supporting&nbsp;crude&nbsp;prices. The pact runs&nbsp;to March 2020.

Barkindo said on Wednesday it was too early to say if further output cuts&nbsp;would be needed.

"They have made it quite clear that they are not reducing production further," said OCBC's Lee. "What Saudi can do now is to urge compliance among members especially Iraq and Nigeria. If they can comply, then they can talk about cuts."

Oil rose on Thursday after industry data showed a surprise drop in US crude inventories, while comments from an OPEC official about lower-than-expected US shale production growth in 2020 also provided some support.

Oil rose on Thursday after industry data showed a surprise drop in US crude inventories, while comments from an OPEC official about lower-than-expected US shale production growth in 2020 also provided some support. Prices, however, were capped by mixed signs for oil demand in China, the world's biggest crude importer, as industrial output rose more slowly than expected in October, but oil refinery throughput hit the second-highest level ever. Brent futures rose 47 cents, or 0.8 per cent, to $62.84 per barrel by 0808 GMT, while US West Texas Intermediate crude gained 47 cents, or 0.8 per cent, to reach $57.59. The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Mohammad Barkindo said on Wednesday that there would likely be downward revisions of supply going into 2020, especially from United States shale, adding that some US shale oil firms see output growing by only 300,000-400,000 barrels per day (bpd). While Barkindo's comments supported oil prices, there is not a clear way for OPEC to forecast oil production outside the group, Howie Lee, an economist at Singapore's OCBC bank said. "I don't see much changes in supply so prices are still trading within the same range from the start of November," he said. Barkindo's comments were also in contrast with forecasts by the US Energy Information Administration (EIA) on Wednesday that US oil production is on course to hit new records this year and next. The American Petroleum Institute reported on Wednesday an unexpected drop in crude stockpiles by 541,000 barrels in the week to November 8, against analysts' expectations of an increase of 1.6 million barrels. Gasoline and distillates inventories increased, the API data showed. Official weekly EIA data is due at 11:00 a.m. EST (1600 GMT) on Thursday. Both reports were delayed a day for the US Veterans Day holiday on Monday. OPEC and its allies, including Russia, meet on Dec. 5-6 to discuss output policy and production curbs of 1.2 million bpd that have been in place since January with the aim of supporting crude prices. The pact runs to March 2020. Barkindo said on Wednesday it was too early to say if further output cuts would be needed. "They have made it quite clear that they are not reducing production further," said OCBC's Lee. "What Saudi can do now is to urge compliance among members especially Iraq and Nigeria. If they can comply, then they can talk about cuts."

Oil gains on US crude stocks fall, OPEC comments on slower US shale growth

Boeing&nbsp;Co&nbsp;has abandoned a key&nbsp;automation&nbsp;system&nbsp;used&nbsp;to make fuselage sections for its&nbsp;777&nbsp;jetliners amid reports of reliability issues, and will instead partially switch back to mechanics, the planemaker said on Thursday.

The company began to&nbsp;build&nbsp;777&nbsp;fuselages in 2015 in an upright orientation, with robots drilling holes and installing fasteners, an initiative known as fuselage automated upright&nbsp;build&nbsp;(FAUB).

The world's biggest planemaker said it had stopped using the&nbsp;system&nbsp;which, according to industry sources, caused&nbsp;problems with reliability and rework issues.

Boeing&nbsp;had faced delays last year when the FAUB machine was tried out on existing versions of the&nbsp;777.

Instead, the company will switch to "flex tracks" - an automated method to drill the holes along the circumference of the airplane that are then fastened manually.

The&nbsp;system&nbsp;was developed by&nbsp;Boeing&nbsp;Commercial Airplanes and has been tested in commercial and defence programs, company spokesman Paul Bergman said in an emailed statement.

Implementation of flex tracks for the&nbsp;777&nbsp;fuselages began in the second quarter and&nbsp;Boeing&nbsp;expects the transition to be completed by the year-end, Bergman said.

There are no planned changes in total staffing and the company continues to implement robotic&nbsp;systems on areas such as wing manufacturing for the&nbsp;777X.

The setback highlights continuing pressure on the company's management at a time it is trying to obtain approval to return its grounded 737 MAX jetliner to service before the end of this year.

The change in production strategy for the&nbsp;777&nbsp;was reported earlier by Bloomberg.

Boeing Co has abandoned a key automation system used to make fuselage sections for its 777 jetliners amid reports of reliability issues, and will instead partially switch back to mechanics, the planemaker said on Thursday.

Boeing Co has abandoned a key automation system used to make fuselage sections for its 777 jetliners amid reports of reliability issues, and will instead partially switch back to mechanics, the planemaker said on Thursday. The company began to build 777 fuselages in 2015 in an upright orientation, with robots drilling holes and installing fasteners, an initiative known as fuselage automated upright build (FAUB). The world's biggest planemaker said it had stopped using the system which, according to industry sources, caused problems with reliability and rework issues. Boeing had faced delays last year when the FAUB machine was tried out on existing versions of the 777. Instead, the company will switch to "flex tracks" - an automated method to drill the holes along the circumference of the airplane that are then fastened manually. The system was developed by Boeing Commercial Airplanes and has been tested in commercial and defence programs, company spokesman Paul Bergman said in an emailed statement. Implementation of flex tracks for the 777 fuselages began in the second quarter and Boeing expects the transition to be completed by the year-end, Bergman said. There are no planned changes in total staffing and the company continues to implement robotic systems on areas such as wing manufacturing for the 777X. The setback highlights continuing pressure on the company's management at a time it is trying to obtain approval to return its grounded 737 MAX jetliner to service before the end of this year. The change in production strategy for the 777 was reported earlier by Bloomberg.

Boeing drops automation system used to build 777 jets

The gains in banking and IT sector ensured that Indian markets closed on a high on Thursday.&nbsp;

The BSE Sensex rose 170.42 points or 0.42 per cent to close at 40,286.48, while NSE Nifty accumulated 31.65 points or 0.27 per cent to end at 11,872.10 points.&nbsp;

In the 30-share index, IndusInd Bank and ICICI Bank were the major gainers as their shares rose by 2.79 and 2.67 per cent respectively. The other gainers among the Sensex pack were Infosys, TCS, Yes Bank, Axis Bank and Bajaj Auto, among others. Vedanta Ltd was the biggest loser in the BSE Sensex with a drop of 2.90 in its share value during the day.&nbsp;

ICICI Bank was the biggest gainer in the Nifty 50 with a jump of 2.53 per cent in its share value. The other winners in NSE Nifty were Infosys, Bajaj Finance, HDFC Bank, Maruti, HDFC, ITC, Cipla, among others. Infratel, IndusInd Bank and Vedanta Ltd were the major losers in Nifty pack.

The investors' sentiments were affected after Moody's Investors Service on Thursday slashed India's economic growth forecast to 5.6 per cent for 2019, saying that government actions do not address the widespread weakness in consumption demand.

The markets also took cues from the Indian government which announced on Wednesday that retail <a href="https://www.wionews.com/business-economy/indias-october-retail-inflation-rises-to-462-per-cent-261864">inflation rate </a>rose by 4.62 per cent in October. The inflation rates were higher than the earlier forecasts and breached the Reserve Bank's target of 4 per cent. Earlier on November 11, data revealed 
that India's industrial output shrank 4.3 per cent in September.

Telecom stocks also followed a downward trend with Vodafone Idea slipping 19% and Bharti Airtel Ltd closing nearly one percent lower. Both the companies are likely to report quarterly results later in the day.

Elsewhere in Asia, mixed trends were witnessed.&nbsp;

On Wednesday, the 30-share-index closed at 40,116.06 points, while the Nifty 50 ended with 11,840.45 points.

(with inputs from agencies)

The gains in banking and IT sector ensured that Indian markets closed on a high on Thursday. The BSE Sensex rose 170.42 points or 0.42 per cent to close at 40,286.

The gains in banking and IT sector ensured that Indian markets closed on a high on Thursday. The BSE Sensex rose 170.42 points or 0.42 per cent to close at 40,286.48, while NSE Nifty accumulated 31.65 points or 0.27 per cent to end at 11,872.10 points. In the 30-share index, IndusInd Bank and ICICI Bank were the major gainers as their shares rose by 2.79 and 2.67 per cent respectively. The other gainers among the Sensex pack were Infosys, TCS, Yes Bank, Axis Bank and Bajaj Auto, among others. Vedanta Ltd was the biggest loser in the BSE Sensex with a drop of 2.90 in its share value during the day. ICICI Bank was the biggest gainer in the Nifty 50 with a jump of 2.53 per cent in its share value. The other winners in NSE Nifty were Infosys, Bajaj Finance, HDFC Bank, Maruti, HDFC, ITC, Cipla, among others. Infratel, IndusInd Bank and Vedanta Ltd were the major losers in Nifty pack. The investors' sentiments were affected after Moody's Investors Service on Thursday slashed India's economic growth forecast to 5.6 per cent for 2019, saying that government actions do not address the widespread weakness in consumption demand. The markets also took cues from the Indian government which announced on Wednesday that retail inflation rate rose by 4.62 per cent in October. The inflation rates were higher than the earlier forecasts and breached the Reserve Bank's target of 4 per cent. Earlier on November 11, data revealed that India's industrial output shrank 4.3 per cent in September. Telecom stocks also followed a downward trend with Vodafone Idea slipping 19% and Bharti Airtel Ltd closing nearly one percent lower. Both the companies are likely to report quarterly results later in the day. Elsewhere in Asia, mixed trends were witnessed. On Wednesday, the 30-share-index closed at 40,116.06 points, while the Nifty 50 ended with 11,840.45 points. (with inputs from agencies)

Indian markets close higher; Banking, IT lead gains

Asian&nbsp;stocks&nbsp;fell on Thursday after soft economic data in China and Japan showed the <a href="https://www.wionews.com/.../trade-truce-unlikely-in-2020-but-us-recession- fears-recede-economists-reuters-poll-261987">trade war</a> between Beijing and Washington hitting&nbsp;growth&nbsp;in some of the world's biggest economies.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3 per cent. Japan's Nikkei stock index fell further, dropping 0.8 per cent.

Australia's S&amp;P/ASX200 wiped earlier gains to close 0.5 per cent&nbsp;higher, while Shanghai blue chips trod water, supported by expectations the gloomy figures would add to the case for stimulus.

European stock futures point to a flat open after recent rises. US&nbsp;futures were down 0.1 per cent, following a record-high close on the S&amp;P 500 on Wednesday.

China's&nbsp;industrial production&nbsp;growth&nbsp;slowed sharply in October, with the 4.7 per cent&nbsp;year-on-year rise well below forecasts for 5.4 per cent. Investment&nbsp;growth&nbsp;hit a record low and retail sales also missed expectations.

"The weakness in investment and production would suggest that confidence is down," said Shane Oliver, chief economist at AMP Capital in Sydney.

"It puts more pressure on Chinese authorities to come to a deal with <a href="https://www.wionews.com/.../garbage-dropped-by-china-india-and-russia- into-the-sea-floats-into-los-angeles-trump-261937">Donald Trump</a><a href="https://www.wionews.com/.../trump-says-china-trade-deal-close-but-dashes- hopes-for-signing-details-261767"> on trade</a>, just as President Trump's desire to be re-elected puts pressure on him to come to a deal."

The weak figures also come as market confidence toward a resolution weakens, with a new Reuters poll showing most economists do not expect Washington and Beijing to strike a permanent truce over the coming year.

Trump offered no update on the progress of negotiations in a policy speech on Tuesday. The Wall Street Journal reported on Wednesday that talks had snagged on farm purchases.

Meanwhile, the&nbsp;global&nbsp;fallout from the dispute is widening.

Data due at 0700 GMT will reveal whether Germany has entered a technical recession, as forecast.

Japan's economic&nbsp;growth&nbsp;hit its slowest pace in a year in the third quarter as soft demand knocked exports.

"Looking around the region, you've had some near misses of recession - Korea's been one, Singapore's also been one and you've got Hong Kong in a recession at the moment," said Sean Darby,&nbsp;global&nbsp;equity strategist at Jefferies in Hong Kong.

"So it's not great. It's not a cycle that is not leaving any scars," he said.

Worries about spiralling violence as <a href="https://www.wionews.com/.../protesters-block-central-hong-kong-streets-as- chaos-grips-city-261782">anti-government protests</a> intensify in Hong Kong have also soured investor sentiment.

Protesters paralysed parts of Hong Kong for a fourth day on Thursday, forcing school closures and blocking highways and other transport links in a marked escalation of unrest in the financial hub.

Hong Kong's Hang Seng fell 0.8 per cent on&nbsp;Thursday to a fresh one-month low.

In currency&nbsp;markets, safe havens such as the Japanese yen and Swiss franc held on to gains.

The yen was quoted at 108.70 per dollar, close to a one-week high. The Swiss franc traded at 0.9900 versus the greenback, near the highest in more than a week.

The Australian dollar skidded to a one-month low on Thursday after a worryingly weak reading on employment re-ignited speculation about another cut in interest rates.

Brent crude futures rose 0.6 per cent&nbsp;to $62.76 a barrel while US&nbsp;West Texas Intermediate (WTI) crude gained 0.63 per cent&nbsp;to $57.48 per barrel.

The yield on benchmark 10-year Treasury notes rose to 1.8652 percent&nbsp;compared with its US&nbsp;close of 1.869 per cent&nbsp;on Wednesday.

Asian stocks fell on Thursday after soft economic data in China and Japan showed the trade war between Beijing and Washington hitting growth in some of the world's biggest economies.

Asian stocks fell on Thursday after soft economic data in China and Japan showed the trade war between Beijing and Washington hitting growth in some of the world's biggest economies. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3 per cent. Japan's Nikkei stock index fell further, dropping 0.8 per cent. Australia's S&P/ASX200 wiped earlier gains to close 0.5 per cent higher, while Shanghai blue chips trod water, supported by expectations the gloomy figures would add to the case for stimulus. European stock futures point to a flat open after recent rises. US futures were down 0.1 per cent, following a record-high close on the S&P 500 on Wednesday. China's industrial production growth slowed sharply in October, with the 4.7 per cent year-on-year rise well below forecasts for 5.4 per cent. Investment growth hit a record low and retail sales also missed expectations. "The weakness in investment and production would suggest that confidence is down," said Shane Oliver, chief economist at AMP Capital in Sydney. "It puts more pressure on Chinese authorities to come to a deal with Donald Trump on trade, just as President Trump's desire to be re-elected puts pressure on him to come to a deal." The weak figures also come as market confidence toward a resolution weakens, with a new Reuters poll showing most economists do not expect Washington and Beijing to strike a permanent truce over the coming year. Trump offered no update on the progress of negotiations in a policy speech on Tuesday. The Wall Street Journal reported on Wednesday that talks had snagged on farm purchases. Meanwhile, the global fallout from the dispute is widening. Data due at 0700 GMT will reveal whether Germany has entered a technical recession, as forecast. Japan's economic growth hit its slowest pace in a year in the third quarter as soft demand knocked exports. "Looking around the region, you've had some near misses of recession - Korea's been one, Singapore's also been one and you've got Hong Kong in a recession at the moment," said Sean Darby, global equity strategist at Jefferies in Hong Kong. "So it's not great. It's not a cycle that is not leaving any scars," he said. Worries about spiralling violence as anti-government protests intensify in Hong Kong have also soured investor sentiment. Protesters paralysed parts of Hong Kong for a fourth day on Thursday, forcing school closures and blocking highways and other transport links in a marked escalation of unrest in the financial hub. Hong Kong's Hang Seng fell 0.8 per cent on Thursday to a fresh one-month low. In currency markets, safe havens such as the Japanese yen and Swiss franc held on to gains. The yen was quoted at 108.70 per dollar, close to a one-week high. The Swiss franc traded at 0.9900 versus the greenback, near the highest in more than a week. The Australian dollar skidded to a one-month low on Thursday after a worryingly weak reading on employment re-ignited speculation about another cut in interest rates. Brent crude futures rose 0.6 per cent to $62.76 a barrel while US West Texas Intermediate (WTI) crude gained 0.63 per cent to $57.48 per barrel. The yield on benchmark 10-year Treasury notes rose to 1.8652 percent compared with its US close of 1.869 per cent on Wednesday.

Asian stocks retreat as China's growth slowdown deepens

Australian employment suffered its sharpest fall in three years last month, data showed on Thursday, underlining the need for urgent stimulus to revive economic activity and wages.

The local dollar fell a third of a cent to $0.6806&nbsp;as the market narrowed the odds on a rate cut from the Reserve Bank of Australia (RBA) in December, though it was still considered an outside chance.

The disappointing report will also pile political pressure on the conservative government of Prime Minister Scott Morrison to launch a fiscal rescue package for the economy.

Morrison has so far resisted all calls for action, in part by citing continued strength of the labour market.

That position will be harder to defend given net new jobs fell 19,000 in October, the largest drop since late 2016. The unemployment rate also nudged up to 5.3 per cent, reversing a promising dip in September.

Analysts polled by Reuters had forecast a gain of 15,000 jobs and an unemployment rate of 5.3 per cent.&nbsp;

"Slower employment growth also presents an additional challenge for the RBA's outlook for a recovery in consumer spending," said NAB economist Kaixin Owyong.

"Ideally the government would step in to deliver an additional fiscal stimulus, but if this fails to eventuate the RBA could adopt unconventional policy and cut the cash rate to 0.25 per cent."

The central bank has already cut rates three times to a historic low of 0.75 per cent, but so far the only impact has been a revival in-home price inflation.

Financial markets imply around a 24 per cent&nbsp;probability of a quarter-point easing at the RBA's next meeting on Dec. 3, rising to 62% for February.

Just last week the RBA threw in the towel on getting wages going, forecasting miserly annual growth of 2.3 per cent&nbsp;right out to 2021. Indeed, data out on Wednesday showed wage growth actually went backwards to 2.2 per cent&nbsp;in the September quarter.

Up until now, Australia's problem was not a dearth of hiring. Some 251,800 net new positions were created in the year to October, with the majority full time.

Annual jobs growth ran at a solid 2.0 per cent, comfortably above the latest US&nbsp;performance of 1.4 per cent.

The trouble, ironically, is that the labour market has proved too flexible in providing the workers needed to fill those jobs. All the growth in employment was met by an increased supply of labour, thus keeping the jobless rate up.

Participation in the workforce is up near-record peaks at 66.0 per cent&nbsp;and, adding in those who want to work more hours, the underutilisation rate was a high 13.8 per cent.

This phenomenon is partly a direct result of government policy. Extending childcare and disability payments have lifted the share of females in the workforce to all-time peaks.

The conservative government of Prime Minister Scott Morrison has also kept the doors wide open to skilled migration, with net arrivals running at almost 300,000 in the year to September, the highest in more than five years.

It has also imposed caps on pay rises for the public sector which has kept growth well under 3% for every year since 2013.

Australian employment suffered its sharpest fall in three years last month, data showed on Thursday, underlining the need for urgent stimulus to revive economic activity and wages.

Australian employment suffered its sharpest fall in three years last month, data showed on Thursday, underlining the need for urgent stimulus to revive economic activity and wages. The local dollar fell a third of a cent to $0.6806 as the market narrowed the odds on a rate cut from the Reserve Bank of Australia (RBA) in December, though it was still considered an outside chance. The disappointing report will also pile political pressure on the conservative government of Prime Minister Scott Morrison to launch a fiscal rescue package for the economy. Morrison has so far resisted all calls for action, in part by citing continued strength of the labour market. That position will be harder to defend given net new jobs fell 19,000 in October, the largest drop since late 2016. The unemployment rate also nudged up to 5.3 per cent, reversing a promising dip in September. Analysts polled by Reuters had forecast a gain of 15,000 jobs and an unemployment rate of 5.3 per cent. "Slower employment growth also presents an additional challenge for the RBA's outlook for a recovery in consumer spending," said NAB economist Kaixin Owyong. "Ideally the government would step in to deliver an additional fiscal stimulus, but if this fails to eventuate the RBA could adopt unconventional policy and cut the cash rate to 0.25 per cent." The central bank has already cut rates three times to a historic low of 0.75 per cent, but so far the only impact has been a revival in-home price inflation. Financial markets imply around a 24 per cent probability of a quarter-point easing at the RBA's next meeting on Dec. 3, rising to 62% for February. Just last week the RBA threw in the towel on getting wages going, forecasting miserly annual growth of 2.3 per cent right out to 2021. Indeed, data out on Wednesday showed wage growth actually went backwards to 2.2 per cent in the September quarter. Up until now, Australia's problem was not a dearth of hiring. Some 251,800 net new positions were created in the year to October, with the majority full time. Annual jobs growth ran at a solid 2.0 per cent, comfortably above the latest US performance of 1.4 per cent. The trouble, ironically, is that the labour market has proved too flexible in providing the workers needed to fill those jobs. All the growth in employment was met by an increased supply of labour, thus keeping the jobless rate up. Participation in the workforce is up near-record peaks at 66.0 per cent and, adding in those who want to work more hours, the underutilisation rate was a high 13.8 per cent. This phenomenon is partly a direct result of government policy. Extending childcare and disability payments have lifted the share of females in the workforce to all-time peaks. The conservative government of Prime Minister Scott Morrison has also kept the doors wide open to skilled migration, with net arrivals running at almost 300,000 in the year to September, the highest in more than five years. It has also imposed caps on pay rises for the public sector which has kept growth well under 3% for every year since 2013.

Australian jobs suffer biggest drop in three years

The German economy escaped a recession in the third quarter as consumers, state spending and construction drove a 0.1 per cent&nbsp;quarterly expansion, defying expectations of another contraction in Europe's largest economy, preliminary data showed on Thursday.

On an annual basis, gross domestic product expanded 0.5 per cent&nbsp;from July through September after a 0.3 per cent&nbsp;expansion in the previous three months, seasonally adjusted figures from the Federal Statistics Office showed.

"The German economy got away with a black eye: the technical recession could be avoided," Deka bank analyst Andreas Scheuerle said, but he added it was still too early to give the all-clear.

"Germany's economy is suffering from enormous global political uncertainty. Germany's flagship industry, the automobile sector, is not running smoothly anymore," he said.

Germany's manufacturers, whose exports have been a bedrock of the country's economic strength for decades, are struggling with weaker foreign demand, tariff disputes sparked by US&nbsp;President Donald Trump's 'America First' policies and business uncertainty linked to Britain's decision to leave the European Union.

The automobile sector, an important driver of overall growth, is also having trouble adjusting to stricter regulation following an emission cheating scandal and managing a broader shift away from combustion engines toward electric cars.

"We do not have a technical recession, but the growth numbers are still too weak," Economy Minister Peter Altmaier told ARD public television.

The Statistics Office said private households increased their spending from July through September while state spending and construction also supported overall growth.

Exports edged up on the quarter while imports remained broadly flat, the office said, suggesting that net trade could have been a positive impulse on the economy as well.

Alexander Krueger from Bankhaus Lampe said that he expected meagre growth rates in the coming quarters as the trade outlook remained clouded. "The economic slowdown in China, the global trade dispute and the Brexit chaos are all pointing to a weaker economic momentum," Krueger said.

The Statistics Office revised the quarterly GDP rate for the second quarter to a 0.2 per cent&nbsp;quarter-on-quarter contraction from a previously reported 0.1 per cent&nbsp;decline.

But it revised up the growth figures for the first quarter to a 0.5 per cent&nbsp;expansion from a 0.4 per cent&nbsp;increase reported earlier.

Analysts polled by Reuters for the third quarter had expected a 0.1 per cent&nbsp;contraction quarter-on-quarter and a 0.5 per cent&nbsp;expansion year-on-year in seasonally adjusted terms.

The German economy escaped a recession in the third quarter as consumers, state spending and construction drove a 0.1 per cent quarterly expansion, defying expectations of another contraction in Europe's largest economy, preliminary data showed on Thursday.

The German economy escaped a recession in the third quarter as consumers, state spending and construction drove a 0.1 per cent quarterly expansion, defying expectations of another contraction in Europe's largest economy, preliminary data showed on Thursday. On an annual basis, gross domestic product expanded 0.5 per cent from July through September after a 0.3 per cent expansion in the previous three months, seasonally adjusted figures from the Federal Statistics Office showed. "The German economy got away with a black eye: the technical recession could be avoided," Deka bank analyst Andreas Scheuerle said, but he added it was still too early to give the all-clear. "Germany's economy is suffering from enormous global political uncertainty. Germany's flagship industry, the automobile sector, is not running smoothly anymore," he said. Germany's manufacturers, whose exports have been a bedrock of the country's economic strength for decades, are struggling with weaker foreign demand, tariff disputes sparked by US President Donald Trump's 'America First' policies and business uncertainty linked to Britain's decision to leave the European Union. The automobile sector, an important driver of overall growth, is also having trouble adjusting to stricter regulation following an emission cheating scandal and managing a broader shift away from combustion engines toward electric cars. "We do not have a technical recession, but the growth numbers are still too weak," Economy Minister Peter Altmaier told ARD public television. The Statistics Office said private households increased their spending from July through September while state spending and construction also supported overall growth. Exports edged up on the quarter while imports remained broadly flat, the office said, suggesting that net trade could have been a positive impulse on the economy as well. Alexander Krueger from Bankhaus Lampe said that he expected meagre growth rates in the coming quarters as the trade outlook remained clouded. "The economic slowdown in China, the global trade dispute and the Brexit chaos are all pointing to a weaker economic momentum," Krueger said. The Statistics Office revised the quarterly GDP rate for the second quarter to a 0.2 per cent quarter-on-quarter contraction from a previously reported 0.1 per cent decline. But it revised up the growth figures for the first quarter to a 0.5 per cent expansion from a 0.4 per cent increase reported earlier. Analysts polled by Reuters for the third quarter had expected a 0.1 per cent contraction quarter-on-quarter and a 0.5 per cent expansion year-on-year in seasonally adjusted terms.

'Suffering' German economy dodges recession in third quarter

Uber&nbsp;launched a set of new safety features in Britain on Thursday as it battles to retain its <a href="https://www.wionews.com/world/uber-receives-just-a-two-month-london-licence-with-new-safety-conditions-251778">taxi operating licence</a> in the face of concerns about passenger safety.

The measures include a discrimination button enabling drivers and riders to report abuse, enhanced safety training for drivers and a direct connection to the emergency services.

In September,&nbsp;Uber&nbsp;received only a two-month operating licence in London, its most important European market, failing to secure a maximum five-year term in a battle with the regulator Transport for London (TfL) which has previously stripped the app of its right to take rides.

The two-month licence came with "new conditions to ensure passenger safety" and TfL said at the time it wanted more details from the company.

In 2017, TfL rejected the Silicon Valley company's licence renewal request due to failings it said it found in its approach to reporting serious criminal offences and driver background checks.&nbsp;Uber&nbsp;was then granted a probationary 15-month licence in 2018.

Drivers of London's traditional black taxis have lobbied hard against a licence renewal, citing safety issues, working standards and the undercutting of their business model.

Uber&nbsp;says its roughly 45,000 drivers in the city enjoy the flexibility of their work and that it has already taken several steps to improve safety for its passengers.

Uber launched a set of new safety features in Britain on Thursday as it battles to retain its taxi operating licence in the face of concerns about passenger safety.

Uber launched a set of new safety features in Britain on Thursday as it battles to retain its taxi operating licence in the face of concerns about passenger safety. The measures include a discrimination button enabling drivers and riders to report abuse, enhanced safety training for drivers and a direct connection to the emergency services. In September, Uber received only a two-month operating licence in London, its most important European market, failing to secure a maximum five-year term in a battle with the regulator Transport for London (TfL) which has previously stripped the app of its right to take rides. The two-month licence came with "new conditions to ensure passenger safety" and TfL said at the time it wanted more details from the company. In 2017, TfL rejected the Silicon Valley company's licence renewal request due to failings it said it found in its approach to reporting serious criminal offences and driver background checks. Uber was then granted a probationary 15-month licence in 2018. Drivers of London's traditional black taxis have lobbied hard against a licence renewal, citing safety issues, working standards and the undercutting of their business model. Uber says its roughly 45,000 drivers in the city enjoy the flexibility of their work and that it has already taken several steps to improve safety for its passengers.

Uber launches new safety features in UK as it fights for new licence

Walt Disney Co&nbsp;said demand for its much-anticipated streaming service, <a href="https://www.wionews.com/business-economy/disney-tops-earnings-estimates-ahead-of-streaming-launch-260718">Disney+</a>, was well above its expectations in a launch on Tuesday marred by complaints from users about glitches and connection problems.

Disney+ is relying on its extensive library of movies and TV shows as well as a new slate of content to take on market leader Netflix Inc&nbsp;and <a href="https://www.wionews.com/business-economy/appletv-debuts-streaming-tv-service-with-oprah-and-aniston-259285">Apple TV+</a>, Apple Inc's&nbsp;newly launched streaming service.

Disney shares were up about 2 per cent, while Netflix was down 1 per cent.

"The consumer demand for Disney+ has exceeded our highest expectations. ...we are aware of the current user issues and are working to swiftly resolve them," Disney said in a statement.

Some users who tried to access the service were greeted by an image of "Mickey Mouse" on a blue screen, with a message asking them to exit the app and try again. Many others had trouble finding the Disney+ app in Apple's App Store.

It was not immediately clear how many users were affected by the outage.

"Not too surprised but @disneyplus looks like it's already falling over. On FireTV Stick can't load main page (Unable to connect to Disney+) and couldn't play The Mandalorian (some account issue)," user @pmhesse&nbsp;tweeted.

"Hopefully it's worked out by tomorrow's treadmill time."

"The Mandalorian," the latest in the "Star Wars" movie and TV franchise, is an eight-episode live-action series which stars "Game of Thrones" actor Pedro Pascal as a helmeted bounty hunter.

"While it's easy to focus on the temporary problems, there's no doubt that this also shows an enormous demand for Disney's services," said Clement Thibault, an analyst at financial markets platform Investing.com.

"Big launches often have their hiccups when consumers are fighting to be the first to have a given service."

Users who accessed Disney+ were upbeat about content from the Marvel superhero universe, the "Star Wars" galaxy, "Toy Story" creator Pixar Animation and the National Geographic.

"Today is the perfect day to just stay home all day on my couch in my PJ's binging all of my favorite Disney movies on #DisneyPlus," tweeted @JulieDwoskin.

Walt Disney Co said demand for its much-anticipated streaming service, Disney+, was well above its expectations in a launch on Tuesday marred by complaints from users about glitches and connection problems.

Walt Disney Co said demand for its much-anticipated streaming service, Disney+, was well above its expectations in a launch on Tuesday marred by complaints from users about glitches and connection problems. Disney+ is relying on its extensive library of movies and TV shows as well as a new slate of content to take on market leader Netflix Inc and Apple TV+, Apple Inc's newly launched streaming service. Disney shares were up about 2 per cent, while Netflix was down 1 per cent. "The consumer demand for Disney+ has exceeded our highest expectations. ...we are aware of the current user issues and are working to swiftly resolve them," Disney said in a statement. Some users who tried to access the service were greeted by an image of "Mickey Mouse" on a blue screen, with a message asking them to exit the app and try again. Many others had trouble finding the Disney+ app in Apple's App Store. It was not immediately clear how many users were affected by the outage. "Not too surprised but @disneyplus looks like it's already falling over. On FireTV Stick can't load main page (Unable to connect to Disney+) and couldn't play The Mandalorian (some account issue)," user @pmhesse tweeted. "Hopefully it's worked out by tomorrow's treadmill time." "The Mandalorian," the latest in the "Star Wars" movie and TV franchise, is an eight-episode live-action series which stars "Game of Thrones" actor Pedro Pascal as a helmeted bounty hunter. "While it's easy to focus on the temporary problems, there's no doubt that this also shows an enormous demand for Disney's services," said Clement Thibault, an analyst at financial markets platform Investing.com. "Big launches often have their hiccups when consumers are fighting to be the first to have a given service." Users who accessed Disney+ were upbeat about content from the Marvel superhero universe, the "Star Wars" galaxy, "Toy Story" creator Pixar Animation and the National Geographic. "Today is the perfect day to just stay home all day on my couch in my PJ's binging all of my favorite Disney movies on #DisneyPlus," tweeted @JulieDwoskin.

Disney+ launch marred by glitches as demand overwhelms

Chinese e-commerce giant Alibaba Group launched the share sale for its Hong Kong listing on Wednesday, braving unrest in the global financial hub to try to raise up to $13.4 billion to fund its expansion plans.

The stock is due to start trading on November&nbsp;26 in Hong Kong, according to a term-sheet seen by Reuters.

The books for institutional investors looking to buy the shares opened during the New York trading session on Wednesday.

A 661-page draft prospectus for what looks set to be the world's biggest cross-border secondary listing shows Alibaba plans to use the money to invest in online delivery and local services platform Ele.me, as well as online travel group Fliggy.

It will also spend more on developing Youku, which Alibaba says is one of the leading online video platforms in China.

The plans come against the backdrop of slowing e-commerce industry in China, with Alibaba's annual Singles' Day shopping blitz recording its weakest sales growth since its 2009 debut.

The share sale, set to be Hong Kong's largest in more than nine years, is a boost for the city.

Hong Kong has sunk into its first recession in a decade as more than five months of street protests in which more than 2,300 people have been arrested as of last month, and worries about the US-China trade war took their toll.

The progress of the protests is being monitored by Alibaba and its advisers, and is seen as a risk to the deal going ahead, according to people with direct knowledge of the matter.

The institutional book-building for the listing will run for a week and the stock is expected to be priced on or around Nov. 20, two people with direct knowledge of the process said.

A maximum price for the retail component of the deal will be announced next week, one said.

The people could not be named because the information has not yet been made public.

The company also intends to increase its investment in cloud computing and machine learning, the prospectus shows.

The Hangzhou-based company said Alibaba Cloud was currently the world's third-largest Infrastructure as a Service business, by US revenue in 2018, according to a study by Gartner.

The prospectus shows Alibaba has 960 million 'digital economy users' in China, including customers of its Ant Financial partnership.

The company said its revenue was 410.8 billion yuan ($58.7 billion)for the year to June 30, 2019, and the total assets on its balance sheet were worth 1.01 trillion yuan.

Discount

Alibaba had been planning to sell the shares earlier this year, but in August postponed the deal as the anti-government protests rocking Hong Kong since June became increasingly violent.

However, a person familiar with the transaction said Alibaba was confident it could overcome the negative sentiment in Hong Kong financial markets caused by the demonstrations.

Analyst James Cordwell from Atlantic Equities echoes the sentiment and said that an increasing likelihood of a deal in the US-China trade war in the next few weeks helped the company undertake the listing now.

He said that while additional supply could weigh on the stock, over the longer run it could help the stock by broadening its investor base.

The deal had been initially expected to raise up to $15 billion, but 500 million primary shares will now be sold in the listing. Including a typical "greenshoe", or overallotment option, to sell some extra shares, the sale could raise up to $13.4 billion.

A sale of that size would dilute existing shareholders from the company's New York listing by 2.8%, and investors would be able trade shares between the two exchanges.

Alibaba's US-listed shares were down 2.7% at $181.94 in morning trade.

The Hong Kong shares are expected to be offered at a discount of up to 5% of the US equivalent.

At $13.4 billion, Alibaba’s share sale would rank as the world’s largest follow-on share sale targeting an entirely new stock exchange, according to data from Dealogic.

Alibaba holds the world record for an initial public offering (IPO) with its $25 billion New York flotation in 2014, but could shortly lose the crown to Saudi Arabia’s Aramco.

The oil producer is expected to raise between $20 billion and $40 billion in an IPO expected to price in the coming weeks.

Chinese e-commerce giant Alibaba Group launched the share sale for its Hong Kong listing on Wednesday, braving unrest in the global financial hub to try to raise up to $13.

Chinese e-commerce giant Alibaba Group launched the share sale for its Hong Kong listing on Wednesday, braving unrest in the global financial hub to try to raise up to $13.4 billion to fund its expansion plans. The stock is due to start trading on November 26 in Hong Kong, according to a term-sheet seen by Reuters. The books for institutional investors looking to buy the shares opened during the New York trading session on Wednesday. A 661-page draft prospectus for what looks set to be the world's biggest cross-border secondary listing shows Alibaba plans to use the money to invest in online delivery and local services platform Ele.me, as well as online travel group Fliggy. It will also spend more on developing Youku, which Alibaba says is one of the leading online video platforms in China. The plans come against the backdrop of slowing e-commerce industry in China, with Alibaba's annual Singles' Day shopping blitz recording its weakest sales growth since its 2009 debut. The share sale, set to be Hong Kong's largest in more than nine years, is a boost for the city. Hong Kong has sunk into its first recession in a decade as more than five months of street protests in which more than 2,300 people have been arrested as of last month, and worries about the US-China trade war took their toll. The progress of the protests is being monitored by Alibaba and its advisers, and is seen as a risk to the deal going ahead, according to people with direct knowledge of the matter. The institutional book-building for the listing will run for a week and the stock is expected to be priced on or around Nov. 20, two people with direct knowledge of the process said. A maximum price for the retail component of the deal will be announced next week, one said. The people could not be named because the information has not yet been made public. The company also intends to increase its investment in cloud computing and machine learning, the prospectus shows. The Hangzhou-based company said Alibaba Cloud was currently the world's third-largest Infrastructure as a Service business, by US revenue in 2018, according to a study by Gartner. The prospectus shows Alibaba has 960 million 'digital economy users' in China, including customers of its Ant Financial partnership. The company said its revenue was 410.8 billion yuan ($58.7 billion)for the year to June 30, 2019, and the total assets on its balance sheet were worth 1.01 trillion yuan. Discount Alibaba had been planning to sell the shares earlier this year, but in August postponed the deal as the anti-government protests rocking Hong Kong since June became increasingly violent. However, a person familiar with the transaction said Alibaba was confident it could overcome the negative sentiment in Hong Kong financial markets caused by the demonstrations. Analyst James Cordwell from Atlantic Equities echoes the sentiment and said that an increasing likelihood of a deal in the US-China trade war in the next few weeks helped the company undertake the listing now. He said that while additional supply could weigh on the stock, over the longer run it could help the stock by broadening its investor base. The deal had been initially expected to raise up to $15 billion, but 500 million primary shares will now be sold in the listing. Including a typical "greenshoe", or overallotment option, to sell some extra shares, the sale could raise up to $13.4 billion. A sale of that size would dilute existing shareholders from the company's New York listing by 2.8%, and investors would be able trade shares between the two exchanges. Alibaba's US-listed shares were down 2.7% at $181.94 in morning trade. The Hong Kong shares are expected to be offered at a discount of up to 5% of the US equivalent. At $13.4 billion, Alibaba’s share sale would rank as the world’s largest follow-on share sale targeting an entirely new stock exchange, according to data from Dealogic. Alibaba holds the world record for an initial public offering (IPO) with its $25 billion New York flotation in 2014, but could shortly lose the crown to Saudi Arabia’s Aramco. The oil producer is expected to raise between $20 billion and $40 billion in an IPO expected to price in the coming weeks.

Alibaba launches $13.4 billion Hong Kong listing to fund expansion

British annual inflation dropped faster than expected in October to a near three-year low at 1.5 per cent as lower energy prices offset rising prices for clothes, official data showed Wednesday.

The Consumer Prices Index 12-month rate, the lowest since November 2016, compared with 1.7 per cent in September, the Office for National Statistics (ONS) said in a statement published ahead of next month's UK general election.

Analysts' consensus forecast had been for a drop to 1.6 per cent.

"Admittedly, the drop mainly reflected a slump in energy inflation and so was not a reflection of a weakening in underlying inflationary pressures," noted Ruth Gregory, senior UK economist at Capital Economics research group.

"Overall, the figures do little to change our view that inflation will spend more time below (the Bank of England's target of) 2.0 per cent than above it in 2020 and that if Brexit is delayed further, interest rates will be cut, in May," she added.

The pound meanwhile showed little reaction to the latest inflation data.

"For the third day running we've had some news that could have caused some selling in the pound, but the currency has remained largely unperturbed with economic data still playing second fiddle to political developments in terms of moving the markets," said David Cheetham, chief market analyst at XTB trading group.

Official data Tuesday showed British unemployment hitting 3.8 per cent, a fresh 45-year low. &nbsp;&nbsp;

And on Monday, the ONS said that Britain's economy avoided recession in the third quarter, with growth of 0.3 per cent.&nbsp;

British annual inflation dropped faster than expected in October to a near three-year low at 1.5 per cent as lower energy prices offset rising prices for clothes, official data showed Wednesday.

British annual inflation dropped faster than expected in October to a near three-year low at 1.5 per cent as lower energy prices offset rising prices for clothes, official data showed Wednesday. The Consumer Prices Index 12-month rate, the lowest since November 2016, compared with 1.7 per cent in September, the Office for National Statistics (ONS) said in a statement published ahead of next month's UK general election. Analysts' consensus forecast had been for a drop to 1.6 per cent. "Admittedly, the drop mainly reflected a slump in energy inflation and so was not a reflection of a weakening in underlying inflationary pressures," noted Ruth Gregory, senior UK economist at Capital Economics research group. "Overall, the figures do little to change our view that inflation will spend more time below (the Bank of England's target of) 2.0 per cent than above it in 2020 and that if Brexit is delayed further, interest rates will be cut, in May," she added. The pound meanwhile showed little reaction to the latest inflation data. "For the third day running we've had some news that could have caused some selling in the pound, but the currency has remained largely unperturbed with economic data still playing second fiddle to political developments in terms of moving the markets," said David Cheetham, chief market analyst at XTB trading group. Official data Tuesday showed British unemployment hitting 3.8 per cent, a fresh 45-year low. And on Monday, the ONS said that Britain's economy avoided recession in the third quarter, with growth of 0.3 per cent.

UK inflation falls faster than expected in October

India's retail inflation rate rose to 4.62 per cent in October, driven by higher food prices, the government said on Wednesday.

Annual retail inflation in October was higher compared with 3.99 per cent in the previous month and analysts' forecasts.

Analysts polled by Reuters had forecast a retail inflation rate of 4.25 per cent&nbsp;for October.

"This was expected given the spikes in vegetables, meat &amp; fish and egg prices due to disruption in transportation caused by excessive and unpredictable rains. Inflation in pulses too is on the higher side due to demand-supply mismatch," said&nbsp;Rupa Rege NITSURE, chief economist, L&amp;T&nbsp;financial holdings, Mumbai

"However, core inflation has collapsed to 3.44 per cent in October versus 4.01 per cent&nbsp;in September due to broad based weakness in demand. While the RBI (Reserve Bank of India) will continue to provide comfort on the liquidity front, it makes sense to take a pause in the rate cutting cycle."

"The need of the hour is to boost investment confidence at the individual sector level through corrective measures and a fiscal boost. India needs to focus on growth and arrest the deflationary trends."

We think the current underlying growth-inflation mix continues to be favourable for counter-cyclical monetary stance,"&nbsp;Madhavi Arora, Edelweiss securities, Mumbai.

"The domestic demand state, as reflected in various activity indicators, has weakened further in recent months, while fragile external growth backdrop convolutes the domestic slowdown further. We think the monetary accommodation has further steam of 50-65bps cut more in the cycle, contingent on data outcomes."

"We will closely watch out for the evolution of inflation amid various domestic and global idiosyncrasies, and fiscal fragilities that could impact the MPC's (Monetary Policy Committee's) reaction function."

India's retail inflation rate rose to 4.62 per cent in October, driven by higher food prices, the government said on Wednesday. Annual retail inflation in October was higher compared with 3.

India's retail inflation rate rose to 4.62 per cent in October, driven by higher food prices, the government said on Wednesday. Annual retail inflation in October was higher compared with 3.99 per cent in the previous month and analysts' forecasts. Analysts polled by Reuters had forecast a retail inflation rate of 4.25 per cent for October. "This was expected given the spikes in vegetables, meat & fish and egg prices due to disruption in transportation caused by excessive and unpredictable rains. Inflation in pulses too is on the higher side due to demand-supply mismatch," said Rupa Rege NITSURE, chief economist, L&T financial holdings, Mumbai "However, core inflation has collapsed to 3.44 per cent in October versus 4.01 per cent in September due to broad based weakness in demand. While the RBI (Reserve Bank of India) will continue to provide comfort on the liquidity front, it makes sense to take a pause in the rate cutting cycle." "The need of the hour is to boost investment confidence at the individual sector level through corrective measures and a fiscal boost. India needs to focus on growth and arrest the deflationary trends." We think the current underlying growth-inflation mix continues to be favourable for counter-cyclical monetary stance," Madhavi Arora, Edelweiss securities, Mumbai. "The domestic demand state, as reflected in various activity indicators, has weakened further in recent months, while fragile external growth backdrop convolutes the domestic slowdown further. We think the monetary accommodation has further steam of 50-65bps cut more in the cycle, contingent on data outcomes." "We will closely watch out for the evolution of inflation amid various domestic and global idiosyncrasies, and fiscal fragilities that could impact the MPC's (Monetary Policy Committee's) reaction function."

India's October retail inflation rises to 4.62 per cent

Consumer goods giant Unilever&nbsp;on Wednesday named non-executive director Nils Andersen as its new chairman, replacing Marijn Dekkers who has decided to step down immediately.

Dekkers, chairman at the Dove soap and Knorr soup maker for more than three years, is standing down to focus on his responsibilities as founder and chairman of investment and advisory firm Novalis LifeSciences, the company said in a statement. He will remain on the board as non-executive director.

Andersen, who was appointed non-executive director of Unilever in 2015, is part of Unilever's audit committee and is also chairman of Dutch paint company Akzo Nobel NV&nbsp;and privately held Danish retailer Salling Group A/S. He is also a non-executive director at BP.&nbsp;

Andersen intends to step down from his roles at BP Plc and Salling Group A/S in March 2020, before the Unilever annual general meeting, the company said on Wednesday.

Consumer goods giant Unilever on Wednesday named non-executive director Nils Andersen as its new chairman, replacing Marijn Dekkers who has decided to step down immediately.

Consumer goods giant Unilever on Wednesday named non-executive director Nils Andersen as its new chairman, replacing Marijn Dekkers who has decided to step down immediately. Dekkers, chairman at the Dove soap and Knorr soup maker for more than three years, is standing down to focus on his responsibilities as founder and chairman of investment and advisory firm Novalis LifeSciences, the company said in a statement. He will remain on the board as non-executive director. Andersen, who was appointed non-executive director of Unilever in 2015, is part of Unilever's audit committee and is also chairman of Dutch paint company Akzo Nobel NV and privately held Danish retailer Salling Group A/S. He is also a non-executive director at BP. Andersen intends to step down from his roles at BP Plc and Salling Group A/S in March 2020, before the Unilever annual general meeting, the company said on Wednesday.

Unilever's Marijn Dekkers to step down as Chairman

Indian shares closed lower on Wednesday, hurt by a weaker rupee and a fall in factory output data, while investors awaited retail inflation data due later in the day.

India's industrial output fell at the fastest pace in over six years in September, adding to a series of weak indicators that suggests the country`s economic slowdown is deep-rooted and interest rate cuts alone may not be enough to revive growth.

The NSE Nifty 50 index closed down about 0.6 per cent at 11,840.45, while the benchmark BSE Sensex also finished 0.6% lower at 40,099.23.

The Nifty public sector bank index, Nifty bank index and the metal index were top losers, falling 3.1 per cent to 1.8 per cent.

Markets await consumer price index data, due later in the day.

The retail inflation probably exceeded the Reserve Bank of India's (RBI) medium-term target of 4 per cent in October for the first time in 15 months, mainly because of rising vegetable prices, a Reuters poll of economists showed.

Shares of India's Britannia Industries ended up 4.81 per cent as it posted a higher consolidated net profit for the September quarter on Monday and was the top gainer on Nifty.

Yes Bank shares closed down 6.6 per cent and was the top Nifty loser. 
&nbsp;

Indian shares closed lower on Wednesday, hurt by a weaker rupee and a fall in factory output data, while investors awaited retail inflation data due later in the day.

Indian shares closed lower on Wednesday, hurt by a weaker rupee and a fall in factory output data, while investors awaited retail inflation data due later in the day. India's industrial output fell at the fastest pace in over six years in September, adding to a series of weak indicators that suggests the country`s economic slowdown is deep-rooted and interest rate cuts alone may not be enough to revive growth. The NSE Nifty 50 index closed down about 0.6 per cent at 11,840.45, while the benchmark BSE Sensex also finished 0.6% lower at 40,099.23. The Nifty public sector bank index, Nifty bank index and the metal index were top losers, falling 3.1 per cent to 1.8 per cent. Markets await consumer price index data, due later in the day. The retail inflation probably exceeded the Reserve Bank of India's (RBI) medium-term target of 4 per cent in October for the first time in 15 months, mainly because of rising vegetable prices, a Reuters poll of economists showed. Shares of India's Britannia Industries ended up 4.81 per cent as it posted a higher consolidated net profit for the September quarter on Monday and was the top gainer on Nifty. Yes Bank shares closed down 6.6 per cent and was the top Nifty loser.

Sensex, Nifty end lower on weak rupee, factory data; focus on inflation data

One comes from a wealthy family, attended Milan's best schools and has spent all his career engineering mergers at Mediobanca, Italy's most influential investment bank.

The other was raised in an orphanage and was too poor to go to high school but at 84 is Italy's richest man, having built the world's biggest eyewear group from scratch.

Mediobanca's boss Alberto Nagel, 54, and Leonardo Del Vecchio, who in less than two months has become the bank's top investor, are squaring off in a battle for control that is rattling the world of Italian finance.

At stake is the future direction of Mediobanca, a venerable institution more than seven decades old. Billionaire tycoon Del Vecchio says Mediobanca should reduce its focus on consumer finance and instead&nbsp;beef up its traditional investment banking business through acquisitions.

Del Vecchio, chairman of Ray-Ban maker EssilorLuxottica, unexpectedly built a stake of 7 per cent&nbsp;in Mediobanca in mid-September - only informing Nagel of his move hours before issuing a statement.

Last week he raised his holding to just under 10 per cent, and four sources close to the matter said he was planning to go higher still - which would require approval from the European Central Bank. One of the sources said he was aiming for as much as 20 per cent.

Representatives for Del Vecchio were not immediately available to comment for this story.

The tycoon's bold move on Mediobanca has echoes of the corporate intrigue in the so-called "salotto buono", or fine drawing-room, the informal club that has pulled the strings incorporate Italy since 1945 and had Mediobanca at its centre.

So far, he has kept his cards close to his chest when it comes to motive.

But in brief, remarks that were widely viewed as a direct challenge to Nagel's strategy, he said last month Mediobanca should rely less on contributions from its consumer credit business and its most prized asset - insurer Generali.

He also said Mediobanca was too small, having missed out on a number of possible deals.

The relationship between the pair has deteriorated quickly from 2017 when Mediobanca advised Del Vecchio on the 48 billion euro Luxottica-Essilor merger.

A turning point appeared to come last year when Mediobanca, a leading shareholder in a Milanese cancer hospital, blocked a 500-million-euro investment that Del Vecchio wanted to make in the hospital using his own charity firm which would have seen a unit named after him.

Del Vecchio's ultimate goal behind the Mediobanca's stake-building and management's criticism is to have more control over the future of Generali, including through possible cross-border deals, according to three of the sources close to the matter.

Del Vecchio blames Nagel, as well as Generali's CEO Philippe Donnet, for what he sees as Generali's poor share price performance compared with rivals like Germany's Allianz&nbsp;or France's Axa, the people said.

While he would favour a tie-up with a foreign group, he wants to ensure Generali's Italian identity is preserved, they added.

Mediobanca is the biggest shareholder in Generali with a 13 per cent&nbsp;stake in Europe's third-largest insurer, which accounts for about 30 per cent&nbsp;of the bank's operating profit. Del Vecchio is also a Generali investor, with a 4.8 per cent&nbsp;stake.

Nagel has dismissed Del Vecchio's criticism and on Tuesday said he would build on his current strategy to drive growth from Mediobanca's wealth management and consumer credit businesses under a plan through to 2023.

Some bankers say Del Vecchio seems to be longing for a return to the "salotto buono" past when influential families acted as the power brokers of corporate Italy through interlinked minority stakes.

"Del Vecchio is looking at the old days with a sense of nostalgia," said a banker at a global investment bank who is close to Generali. "But what's the point of turning back the clock? Mediobanca has evolved into a more structured and transparent financial institution."

Executives at rival banks Mediolanum, which owns 3.3 per cent&nbsp;of Mediobanca, and Intesa Sanpaolo have been supportive of Nagel.

Nagel, who has been chief executive of Mediobanca since 2008 after starting his career there in 1991 at the age of 26, has steered the Milanese bank away from its historic role as a financial holding company.

He has unwound a web of cross-shareholdings that had become conduits for contagion during the financial crisis, selling some 5 billion euros of minority stakes in top companies since 2013.

Meanwhile, he expanded into wealth management through the launch of Che Banca! and a string of mid-sized acquisitions, and boosted the bank's consumer finance business.

Mediobanca also bought French boutique merchant bank Messier Maris &amp; Associes in April, a deal that paid off months later when it won a mandate to advise Peugeot owner PSA&nbsp;in the 50-billion-euro merger talks with Fiat Chrysler.

Yet Del Vecchio's criticism that Mediobanca lacks scale has some merit, some banking sources told Reuters, adding the bank faced increased competition on its investment banking turf from UniCredit and Intesa's Banca IMI as well as foreign rivals.

UniCredit Chief Executive Jean Pierre Mustier appeared to take a swipe at Nagel this weekend, having sold down his lender's 8.4% stake in the bank last week.

"Mediobanca was managed well during the crisis," he said in an interview with la Repubblica newspaper. "But today it's not easy to do investment banking in Europe, and like for the rest of the sector, new ideas will be needed."

One comes from a wealthy family, attended Milan's best schools and has spent all his career engineering mergers at Mediobanca, Italy's most influential investment bank.

One comes from a wealthy family, attended Milan's best schools and has spent all his career engineering mergers at Mediobanca, Italy's most influential investment bank. The other was raised in an orphanage and was too poor to go to high school but at 84 is Italy's richest man, having built the world's biggest eyewear group from scratch. Mediobanca's boss Alberto Nagel, 54, and Leonardo Del Vecchio, who in less than two months has become the bank's top investor, are squaring off in a battle for control that is rattling the world of Italian finance. At stake is the future direction of Mediobanca, a venerable institution more than seven decades old. Billionaire tycoon Del Vecchio says Mediobanca should reduce its focus on consumer finance and instead beef up its traditional investment banking business through acquisitions. Del Vecchio, chairman of Ray-Ban maker EssilorLuxottica, unexpectedly built a stake of 7 per cent in Mediobanca in mid-September - only informing Nagel of his move hours before issuing a statement. Last week he raised his holding to just under 10 per cent, and four sources close to the matter said he was planning to go higher still - which would require approval from the European Central Bank. One of the sources said he was aiming for as much as 20 per cent. Representatives for Del Vecchio were not immediately available to comment for this story. The tycoon's bold move on Mediobanca has echoes of the corporate intrigue in the so-called "salotto buono", or fine drawing-room, the informal club that has pulled the strings incorporate Italy since 1945 and had Mediobanca at its centre. So far, he has kept his cards close to his chest when it comes to motive. But in brief, remarks that were widely viewed as a direct challenge to Nagel's strategy, he said last month Mediobanca should rely less on contributions from its consumer credit business and its most prized asset - insurer Generali. He also said Mediobanca was too small, having missed out on a number of possible deals. The relationship between the pair has deteriorated quickly from 2017 when Mediobanca advised Del Vecchio on the 48 billion euro Luxottica-Essilor merger. A turning point appeared to come last year when Mediobanca, a leading shareholder in a Milanese cancer hospital, blocked a 500-million-euro investment that Del Vecchio wanted to make in the hospital using his own charity firm which would have seen a unit named after him. Del Vecchio's ultimate goal behind the Mediobanca's stake-building and management's criticism is to have more control over the future of Generali, including through possible cross-border deals, according to three of the sources close to the matter. Del Vecchio blames Nagel, as well as Generali's CEO Philippe Donnet, for what he sees as Generali's poor share price performance compared with rivals like Germany's Allianz or France's Axa, the people said. While he would favour a tie-up with a foreign group, he wants to ensure Generali's Italian identity is preserved, they added. Mediobanca is the biggest shareholder in Generali with a 13 per cent stake in Europe's third-largest insurer, which accounts for about 30 per cent of the bank's operating profit. Del Vecchio is also a Generali investor, with a 4.8 per cent stake. Nagel has dismissed Del Vecchio's criticism and on Tuesday said he would build on his current strategy to drive growth from Mediobanca's wealth management and consumer credit businesses under a plan through to 2023. Some bankers say Del Vecchio seems to be longing for a return to the "salotto buono" past when influential families acted as the power brokers of corporate Italy through interlinked minority stakes. "Del Vecchio is looking at the old days with a sense of nostalgia," said a banker at a global investment bank who is close to Generali. "But what's the point of turning back the clock? Mediobanca has evolved into a more structured and transparent financial institution." Executives at rival banks Mediolanum, which owns 3.3 per cent of Mediobanca, and Intesa Sanpaolo have been supportive of Nagel. Nagel, who has been chief executive of Mediobanca since 2008 after starting his career there in 1991 at the age of 26, has steered the Milanese bank away from its historic role as a financial holding company. He has unwound a web of cross-shareholdings that had become conduits for contagion during the financial crisis, selling some 5 billion euros of minority stakes in top companies since 2013. Meanwhile, he expanded into wealth management through the launch of Che Banca! and a string of mid-sized acquisitions, and boosted the bank's consumer finance business. Mediobanca also bought French boutique merchant bank Messier Maris & Associes in April, a deal that paid off months later when it won a mandate to advise Peugeot owner PSA in the 50-billion-euro merger talks with Fiat Chrysler. Yet Del Vecchio's criticism that Mediobanca lacks scale has some merit, some banking sources told Reuters, adding the bank faced increased competition on its investment banking turf from UniCredit and Intesa's Banca IMI as well as foreign rivals. UniCredit Chief Executive Jean Pierre Mustier appeared to take a swipe at Nagel this weekend, having sold down his lender's 8.4% stake in the bank last week. "Mediobanca was managed well during the crisis," he said in an interview with la Repubblica newspaper. "But today it's not easy to do investment banking in Europe, and like for the rest of the sector, new ideas will be needed."

Battle for Mediobanca: Italy's richest man takes on seasoned CEO

Indian markets led by banking and public sector undertakings (PSUs) opened with slight gains as investors awaited the retail inflation data and outcome of cabinet meeting due to be announced later today.

As per the latest trends, BSE Sensex rose 19.6 points or 0.05 per cent at 40,364.71, while NSE Nifty was up 4.95 points or 0.04 per cent at 11,918.4.&nbsp;

"Investors are expecting details about stake sale in some PSUs from today's cabinet meeting," said AK Prabhakar, head of research at IDBI Capital in Mumbai, reported Reuters.&nbsp;

India's industrial output fell at the fastest pace in more than six years in September, which added to the series of indicators that suggest an economic slowdown. Britannia Industries share' rose upto 3.6 per cent after the company posted a higher consolidated net profit for the quarter ending 
September on Monday and was the top gainer on Nifty today.

The shares of Yes Bank shares rose upto 3.15 per cent after a report claiming that Hero Corporate Services chairman was in talks to buy a stake in the lender. Along with Yes Bank, TCS, RIL, HCL Tech, Asian Paints, HUL and HDFC Bank, were other gainers in the Sensex pack, rising up to 2.05 per cent in morning trade.

The Asian markets and Wall Street witnessed a fall amid the deadlock in the US-China trade talks and concerns about escalating unrest in Hong Kong hurt demand for risky assets. The US President Donald Trump on Tuesday dubbed China as a cheater in trade despite seeking a truce that will settle the 18-month trade tussle between the United States and China. The markets in Shanghai, Hong Kong, Tokyo and Seoul were trading up to 1.76 per cent lower due to growing protests in Hong Kong.&nbsp;

On Monday, the <a href="https://www.wionews.com/business-economy/sensex-closes-in-the-green-at-40345-nifty-bank-gains-by-12-per-cent-261425">Sensex </a>gained 21.47 points or 0.05 per cent and closed at 40,345.08. Similarly, the Nifty rose 5.30 points, or 0.04 per cent, at 11,913.45. The markets were closed on Tuesday for Guru Nanak Jayanti.&nbsp;

The Indian rupee shed 19 paise (intra-day) against the US dollar to trade at 71.66 in early session on Wednesday.

(with inputs from agencies)

 
&nbsp;

Indian markets led by banking and public sector undertakings (PSUs) opened with slight gains as investors awaited the retail inflation data and outcome of cabinet meeting due to be announced later today.

Indian markets led by banking and public sector undertakings (PSUs) opened with slight gains as investors awaited the retail inflation data and outcome of cabinet meeting due to be announced later today. As per the latest trends, BSE Sensex rose 19.6 points or 0.05 per cent at 40,364.71, while NSE Nifty was up 4.95 points or 0.04 per cent at 11,918.4. "Investors are expecting details about stake sale in some PSUs from today's cabinet meeting," said AK Prabhakar, head of research at IDBI Capital in Mumbai, reported Reuters. India's industrial output fell at the fastest pace in more than six years in September, which added to the series of indicators that suggest an economic slowdown. Britannia Industries share' rose upto 3.6 per cent after the company posted a higher consolidated net profit for the quarter ending September on Monday and was the top gainer on Nifty today. The shares of Yes Bank shares rose upto 3.15 per cent after a report claiming that Hero Corporate Services chairman was in talks to buy a stake in the lender. Along with Yes Bank, TCS, RIL, HCL Tech, Asian Paints, HUL and HDFC Bank, were other gainers in the Sensex pack, rising up to 2.05 per cent in morning trade. The Asian markets and Wall Street witnessed a fall amid the deadlock in the US-China trade talks and concerns about escalating unrest in Hong Kong hurt demand for risky assets. The US President Donald Trump on Tuesday dubbed China as a cheater in trade despite seeking a truce that will settle the 18-month trade tussle between the United States and China. The markets in Shanghai, Hong Kong, Tokyo and Seoul were trading up to 1.76 per cent lower due to growing protests in Hong Kong. On Monday, the Sensex gained 21.47 points or 0.05 per cent and closed at 40,345.08. Similarly, the Nifty rose 5.30 points, or 0.04 per cent, at 11,913.45. The markets were closed on Tuesday for Guru Nanak Jayanti. The Indian rupee shed 19 paise (intra-day) against the US dollar to trade at 71.66 in early session on Wednesday. (with inputs from agencies)

Indian markets steady in early trade ahead of cabinet meeting, inflation figures

Chinese shoppers snapped up food supplements, facial masks and baby milk powder at the world's largest&nbsp;shopping&nbsp;festival, with brands such as&nbsp;L'Oreal&nbsp;and&nbsp;Nestle&nbsp;among the&nbsp;biggest winners, Alibaba data showed.

The Chinese e-commerce giant's annual&nbsp;Singles'&nbsp;Day&nbsp;shopping&nbsp;blitz on Monday&nbsp;brought in a record 268.4 billion yuan ($38.38 billion) in sales, more than six times the amount of online sales made in the United States on Black Friday&nbsp;last year.

It kicked off this year's 24-hour&nbsp;shopping&nbsp;bonanza with a live performance by US&nbsp;pop star Taylor Swift followed by the live-streamed marketing of over 1,000 brands.

Alibaba said on Tuesday&nbsp;that 299 brands surpassed 100 million yuan in gross merchandise value, including LVMH's Givenchy, home appliance manufacturers Dyson and Philips and sportswear maker Under Armour.

Fifteen brands made over 1 billion yuan in sales, it said. These included Huawei Technologies, Apple, Nike, Xiaomi Corp and Fast Retailing's Uniqlo.

Food supplements were the most popular import product, while sales of makeup, diapers and face wash were also strong.

Sales growth for the annual&nbsp;shopping&nbsp;festival this year eased to 26 per cent, the weakest since the event started in 2009, in a reflection of how e-commerce sales in China have been slowing.

Analysts, however, said the growth rate had slightly beaten their expectations, saying that more aggressive promotions, a focus on attracting more customers from rural cities, and even the overall slowing economy might have helped as people sought to buy goods at discounted prices.

Citic Securities had predicted a 20-25 per cent&nbsp;expansion, while Daiwa Capital Markets had an estimate of 23 per cent.

"What's happened is that you've had a lot of consumers this year being a little bit more careful about their purchasing because the economy's slowing down," said Ben Cavender, managing director of consultancy China Market Research Group.

"I think this year especially, people were kind of waiting for&nbsp;Singles'&nbsp;Day&nbsp;and kind of waiting to make some of those medium-sized purchases that they didn't want to pay full price for."

The event has been replicated at home and abroad, with&nbsp;Singles'&nbsp;Day&nbsp;promotions found at rivals such as China's JD.com and Pinduoduo as well as South Korea's 11thStreet and Singapore's Qoo10.

JD.com, which started its sales campaign on November&nbsp;1, said transaction volume exceeded 204.4 billion yuan over the eleven&nbsp;days.

Uniqlo owner Fast Retailing said the online event also boosted visits to its physical stores, of which it has 700 across China, adding that its Heattech thermal underwear and Ultra Light Down jackets were among its most popular items.

Chinese shoppers snapped up food supplements, facial masks and baby milk powder at the world's largest shopping festival, with brands such as L'Oreal and Nestle among the biggest winners, Alibaba data showed.

Chinese shoppers snapped up food supplements, facial masks and baby milk powder at the world's largest shopping festival, with brands such as L'Oreal and Nestle among the biggest winners, Alibaba data showed. The Chinese e-commerce giant's annual Singles' Day shopping blitz on Monday brought in a record 268.4 billion yuan ($38.38 billion) in sales, more than six times the amount of online sales made in the United States on Black Friday last year. It kicked off this year's 24-hour shopping bonanza with a live performance by US pop star Taylor Swift followed by the live-streamed marketing of over 1,000 brands. Alibaba said on Tuesday that 299 brands surpassed 100 million yuan in gross merchandise value, including LVMH's Givenchy, home appliance manufacturers Dyson and Philips and sportswear maker Under Armour. Fifteen brands made over 1 billion yuan in sales, it said. These included Huawei Technologies, Apple, Nike, Xiaomi Corp and Fast Retailing's Uniqlo. Food supplements were the most popular import product, while sales of makeup, diapers and face wash were also strong. Sales growth for the annual shopping festival this year eased to 26 per cent, the weakest since the event started in 2009, in a reflection of how e-commerce sales in China have been slowing. Analysts, however, said the growth rate had slightly beaten their expectations, saying that more aggressive promotions, a focus on attracting more customers from rural cities, and even the overall slowing economy might have helped as people sought to buy goods at discounted prices. Citic Securities had predicted a 20-25 per cent expansion, while Daiwa Capital Markets had an estimate of 23 per cent. "What's happened is that you've had a lot of consumers this year being a little bit more careful about their purchasing because the economy's slowing down," said Ben Cavender, managing director of consultancy China Market Research Group. "I think this year especially, people were kind of waiting for Singles' Day and kind of waiting to make some of those medium-sized purchases that they didn't want to pay full price for." The event has been replicated at home and abroad, with Singles' Day promotions found at rivals such as China's JD.com and Pinduoduo as well as South Korea's 11thStreet and Singapore's Qoo10. JD.com, which started its sales campaign on November 1, said transaction volume exceeded 204.4 billion yuan over the eleven days. Uniqlo owner Fast Retailing said the online event also boosted visits to its physical stores, of which it has 700 across China, adding that its Heattech thermal underwear and Ultra Light Down jackets were among its most popular items.

L'Oreal, Nestle turn out to be the biggest winners at Alibaba's Singles' Day shopping fest

The German government will not force hard coal power plants to close over the next seven years, a draft law expected to be approved by the cabinet next week showed on Tuesday.

A previous blueprint seen by Reuters stipulated that utilities would be forced to deactivate hard coal power plants by 2026 if not enough closures happen voluntarily.

The government plans to use a mixture of subsidies and tenders to encourage operators to close coal plants beginning next year.

The draft law could make the process more expensive if it requires the government to spend more on such incentives.

It calls for incentives to fall each year, a strategy designed to entice operators to close down coal plants early.

It is part of German plans to phase out coal by 2038 and will be put to a vote in the Bundestag lower house should the cabinet approve it next Monday.

It envisages that by 2022 an estimated 12 hard coal plants would be shut down, leaving about 30 feeding some 15 gigawatts (GW) into the grid.

Germany has more than 40 plants running either fully or partially on hard coal, according to the Federal Environment Agency.

The decision against forced closures looks set to allow utility Uniper&nbsp;to start commercial operations at its 1.5 billion euro Datteln 4 coal-fired power plant.

It had originally been recommended that the 1.1-gigawatt plant, which would add 100 million euros to Uniper's operating profit per year, never enter service.

Sascha Bibert, Uniper's finance chief, declined to comment on the draft law, saying he would wait for the official version.

The government has estimated the cost of shutting down hard coal plants at less than 1 billion euros.

Last month, measures it approved to drastically cut greenhouse gas emissions were criticised by activists and industry groups as too weak to achieve Germany's goal of becoming emissions-neutral by 2050.

The government also wants to reach a deal with utilities on a timetable to shut down brown coal plants and agree on a framework for compensation.

Starting in 2020, the government each year will decide how many gigawatts of brown coal-produced energy should be removed from the grid and ask utilities to submit compensation estimates.

The cost of shutting brown coal plants is estimated at more than 2 billion euros.

The German government will not force hard coal power plants to close over the next seven years, a draft law expected to be approved by the cabinet next week showed on Tuesday.

The German government will not force hard coal power plants to close over the next seven years, a draft law expected to be approved by the cabinet next week showed on Tuesday. A previous blueprint seen by Reuters stipulated that utilities would be forced to deactivate hard coal power plants by 2026 if not enough closures happen voluntarily. The government plans to use a mixture of subsidies and tenders to encourage operators to close coal plants beginning next year. The draft law could make the process more expensive if it requires the government to spend more on such incentives. It calls for incentives to fall each year, a strategy designed to entice operators to close down coal plants early. It is part of German plans to phase out coal by 2038 and will be put to a vote in the Bundestag lower house should the cabinet approve it next Monday. It envisages that by 2022 an estimated 12 hard coal plants would be shut down, leaving about 30 feeding some 15 gigawatts (GW) into the grid. Germany has more than 40 plants running either fully or partially on hard coal, according to the Federal Environment Agency. The decision against forced closures looks set to allow utility Uniper to start commercial operations at its 1.5 billion euro Datteln 4 coal-fired power plant. It had originally been recommended that the 1.1-gigawatt plant, which would add 100 million euros to Uniper's operating profit per year, never enter service. Sascha Bibert, Uniper's finance chief, declined to comment on the draft law, saying he would wait for the official version. The government has estimated the cost of shutting down hard coal plants at less than 1 billion euros. Last month, measures it approved to drastically cut greenhouse gas emissions were criticised by activists and industry groups as too weak to achieve Germany's goal of becoming emissions-neutral by 2050. The government also wants to reach a deal with utilities on a timetable to shut down brown coal plants and agree on a framework for compensation. Starting in 2020, the government each year will decide how many gigawatts of brown coal-produced energy should be removed from the grid and ask utilities to submit compensation estimates. The cost of shutting brown coal plants is estimated at more than 2 billion euros.

Germany will not force hard coal plant closures before 2026

&nbsp;Roula Khalaf will become the first woman to edit the&nbsp;Financial&nbsp;Times&nbsp;in its 131 year history after Lionel Barber, Britain's most senior&nbsp;financial&nbsp;journalist, said he would step down.

Barber said on Tuesday he would leave in January after 14 years as editor and 34 years at the Nikkei-owned newspaper, which had one million paying readers in 2019, with digital subscribers accounting for more than 75 per cent&nbsp;of total circulation.

Khalaf has served as deputy editor, foreign editor and Middle East editor during her more than two decades at the salmon-pink FT and in recent years has sought to increase diversity in the newsroom and attract more female readers.

"It's a great honour to be appointed editor of the FT, the greatest news organisation in the world. "I look forward to building on Lionel Barber's extraordinary achievements," said Khalaf, whose earlier writing for Forbes magazine had earned her a small role in Martin Scorsese's The Wolf of Wall Street.

Her article described the leading character Jordan Belfort as sounding like a twisted version of Robin Hood who takes from the rich and gives to himself and his merry band of brokers.

Khalaf, from Lebanon, will join Katharine Viner at the Guardian as one of the few women to edit major newspapers in Britain and one of few leading female editors in the world after Jill Abramson left the New York&nbsp;Times.

Before joining the FT in 1995, Khalaf worked at Forbes in New York and earned a master's at Columbia University and graduated from Syracuse University.

New Chapter

Tsuneo Kita, chairman of Japan's Nikkei which bought the FT from Pearson in 2015, said in a statement Khalaf was chosen for her sound judgment and integrity. "We look forward to working closely with her to deepen our global media alliance."

Nikkei's Kita described Barber as a strategic thinker and true internationalist, adding he was very sad to see him leave.

"However, both of us agree it is time to open a new chapter," he said.

During his time as editor Barber engineered a successful push into online subscription that protected the title as others battled an unprecedented collapse in advertising revenue, as well as managing the move to a new owner.

Roula Khalaf will become the first woman to edit the Financial Times in its 131 year history after Lionel Barber, Britain's most senior financial journalist, said he would step down.

Roula Khalaf will become the first woman to edit the Financial Times in its 131 year history after Lionel Barber, Britain's most senior financial journalist, said he would step down. Barber said on Tuesday he would leave in January after 14 years as editor and 34 years at the Nikkei-owned newspaper, which had one million paying readers in 2019, with digital subscribers accounting for more than 75 per cent of total circulation. Khalaf has served as deputy editor, foreign editor and Middle East editor during her more than two decades at the salmon-pink FT and in recent years has sought to increase diversity in the newsroom and attract more female readers. "It's a great honour to be appointed editor of the FT, the greatest news organisation in the world. "I look forward to building on Lionel Barber's extraordinary achievements," said Khalaf, whose earlier writing for Forbes magazine had earned her a small role in Martin Scorsese's The Wolf of Wall Street. Her article described the leading character Jordan Belfort as sounding like a twisted version of Robin Hood who takes from the rich and gives to himself and his merry band of brokers. Khalaf, from Lebanon, will join Katharine Viner at the Guardian as one of the few women to edit major newspapers in Britain and one of few leading female editors in the world after Jill Abramson left the New York Times. Before joining the FT in 1995, Khalaf worked at Forbes in New York and earned a master's at Columbia University and graduated from Syracuse University. New Chapter Tsuneo Kita, chairman of Japan's Nikkei which bought the FT from Pearson in 2015, said in a statement Khalaf was chosen for her sound judgment and integrity. "We look forward to working closely with her to deepen our global media alliance." Nikkei's Kita described Barber as a strategic thinker and true internationalist, adding he was very sad to see him leave. "However, both of us agree it is time to open a new chapter," he said. During his time as editor Barber engineered a successful push into online subscription that protected the title as others battled an unprecedented collapse in advertising revenue, as well as managing the move to a new owner.

Roula Khalaf becomes first female editor of Financial Times after Barber's resignation

Indian Oil Corp, the country's top refiner, is in talks with oil major Rosneft to explore the possibility of importing Russian oil, its chairman Sanjiv Singh said on Tuesday.

"We have taken very small quantities from Russia in the past which cant be considered significant so we are trying to explore if we can increase the Russian crude volume coming to India...We are in discussion with Rosneft and we are hopeful that something should work," Singh told reporters at an energy conference.

Oil minister Dharmendra Pradhan said late on Monday that India is open to importing oil from Russia.

India, the world's third-biggest oil importer and consumer, ships in about 60 per cent&nbsp;of its overall crude needs from the middle eastern countries. The nation is gradually tapping new sources to hedge itself against geopolitical risks.

Indian Oil Corp, the country's top refiner, is in talks with oil major Rosneft to explore the possibility of importing Russian oil, its chairman Sanjiv Singh said on Tuesday.

Indian Oil Corp, the country's top refiner, is in talks with oil major Rosneft to explore the possibility of importing Russian oil, its chairman Sanjiv Singh said on Tuesday. "We have taken very small quantities from Russia in the past which cant be considered significant so we are trying to explore if we can increase the Russian crude volume coming to India...We are in discussion with Rosneft and we are hopeful that something should work," Singh told reporters at an energy conference. Oil minister Dharmendra Pradhan said late on Monday that India is open to importing oil from Russia. India, the world's third-biggest oil importer and consumer, ships in about 60 per cent of its overall crude needs from the middle eastern countries. The nation is gradually tapping new sources to hedge itself against geopolitical risks.

Indian Oil in talks with Rosneft to import Russian oil

China should use counter-cyclical adjustment measures more effectively, Premier Li Keqiang said on Tuesday, amid increasing pressure on the world's second-largest economy.

China should also keep macro policies stable to ensure key economic targets for this year are achieved, said Li, in a statement about the meeting released on a government website.

China’s economic growth slowed to 6.0 per cent&nbsp;year-on-year in the third quarter, the weakest pace in at least 27-1/2 years, as demand at home and abroad faltered amid a bruising Sino-US&nbsp;trade war.

The country has set a target of 6-6.5 per cent&nbsp;growth for the whole of 2019.

The government will improve the use of local government special bonds and strengthen support for the real economy, the statement said.

China will also break hidden barriers to investment to improve the business environment, said the statement.

China should use counter-cyclical adjustment measures more effectively, Premier Li Keqiang said on Tuesday, amid increasing pressure on the world's second-largest economy.

China should use counter-cyclical adjustment measures more effectively, Premier Li Keqiang said on Tuesday, amid increasing pressure on the world's second-largest economy. China should also keep macro policies stable to ensure key economic targets for this year are achieved, said Li, in a statement about the meeting released on a government website. China’s economic growth slowed to 6.0 per cent year-on-year in the third quarter, the weakest pace in at least 27-1/2 years, as demand at home and abroad faltered amid a bruising Sino-US trade war. The country has set a target of 6-6.5 per cent growth for the whole of 2019. The government will improve the use of local government special bonds and strengthen support for the real economy, the statement said. China will also break hidden barriers to investment to improve the business environment, said the statement.

Should use counter-cyclical measures 'more effectively': Chinese premier

Chinese telecoms giant <a href="https://www.wionews.com/business-economy/huawei-pushes-5g-in-southeast-asia-brushing-off-tech-war-with-us-259636">Huawei Technologies</a> said on Tuesday it will hand out 2 billion yuan ($286 million) in cash rewards to staff working to help it weather a U.S. trade blacklisting.

The world's largest telecoms equipment provider has said it has been trying to find alternatives to US&nbsp;hardware after the United States all but banned it in May from doing&nbsp;business&nbsp;with American firms, disrupting its ability to source key parts.

The cash is a mark of recognition for work in the face of US&nbsp;pressure, Huawei's human resources department said in a notice to staff seen by Reuters. It will also double pay this month for almost all its 190,000 workers, a company spokesman said.

The cash rewards will likely go to research and development teams and those working to shift the company's supply chains away from the United States, the spokesman said.

Details of Huawei's plan were first reported by the South China Morning Post on Tuesday.

Many in the US&nbsp;government believe that <a href="https://www.wionews.com/business-economy/huawei-tightens-china-market-hold-with-42-share-at-expense-of-iphones-report-258794">Huawei's equipment</a>, particularly its 5G networks, pose a security risk, because of the company's allegedly close ties to the Chinese government. Huawei has denied the Chinese government plays any role in its operations.

Although granted reprieves from much of the US&nbsp;exclusion, Huawei had been working to find alternatives after it witnessed the crippling effect of US&nbsp;sanctions on its smaller Chinese rival ZTE Corp in early 2017.

The company is also the world's second-largest maker of smartphones and a surge in shipments of devices helped it to report a 27 per cent&nbsp;rise in third-quarter revenue last month.

Chinese telecoms giant Huawei Technologies said on Tuesday it will hand out 2 billion yuan ($286 million) in cash rewards to staff working to help it weather a U.

Chinese telecoms giant Huawei Technologies said on Tuesday it will hand out 2 billion yuan ($286 million) in cash rewards to staff working to help it weather a U.S. trade blacklisting. The world's largest telecoms equipment provider has said it has been trying to find alternatives to US hardware after the United States all but banned it in May from doing business with American firms, disrupting its ability to source key parts. The cash is a mark of recognition for work in the face of US pressure, Huawei's human resources department said in a notice to staff seen by Reuters. It will also double pay this month for almost all its 190,000 workers, a company spokesman said. The cash rewards will likely go to research and development teams and those working to shift the company's supply chains away from the United States, the spokesman said. Details of Huawei's plan were first reported by the South China Morning Post on Tuesday. Many in the US government believe that Huawei's equipment, particularly its 5G networks, pose a security risk, because of the company's allegedly close ties to the Chinese government. Huawei has denied the Chinese government plays any role in its operations. Although granted reprieves from much of the US exclusion, Huawei had been working to find alternatives after it witnessed the crippling effect of US sanctions on its smaller Chinese rival ZTE Corp in early 2017. The company is also the world's second-largest maker of smartphones and a surge in shipments of devices helped it to report a 27 per cent rise in third-quarter revenue last month.

Huawei to give staff $286 million bonus for helping it ride out US curbs