Finance Minister Nirmala Sitharaman on Tuesday urged farmers to produce oilseeds in place of other crops as India particularly imports edible oil and palm oil.

"We are telling farmers which crops will give them a better price in the area. We are also telling them what all crops can be irrigated or cannot be irrigated on the rain-fed land," she said while addressing the sixth World Congress on Rural &amp; Agriculture Finance in New Delhi.

"The support price may be given for other things but please do produce oilseeds because they have a great demand in India. Edible oil consumption is also a matter of great concern, as we still import quite a lot quantity particularly palm oil," she said.

The Union Minister also requested National Bank for Agriculture and Rural Development (NABARD) Chairman Dr Harsh Kumar Bhanwala to visit Jammu and Kashmir to ensure that the farmers get the correct price of their produce in the next season.

"You are aware that recently we used NAFED to procure apples from Jammu and Kashmir so that there is no single farmer left with his unsold apples. I am ensuring that I will take the Chairman of NABARD to Jammu and Kashmir so that the agri producers can get the right price for their next crop of saffron, peaches and walnuts," she added.

The Union Minister also stated that the Central government is making efforts to push sustainable and renewable energy sources in rural areas in order to provide farmers with an additional source of income.

"I want anna datta to be urja datta also. We are working in a direction where we can install solar panels, turbines etc so that farmers can generate power on those pieces of land where they are unable to grow the produce," she said.

Sitharaman also announced that 10,000 farmers produce organisations will be formed so that the agriculturalists can get the correct price for their produce and also "credit and other assistance from the government can be extended to them."

After Sitharaman's address, the NABARD Chairman also spoke to ANI about the upliftment of farmers and said that his organisation will ensure that cooperative banks and rural regional banks give short term loans and credit to the farmers for growing oilseeds.

"We will ensure that cooperative banks and rural regional banks have enough credit to lend short terms loans to farmers for growing oil seeds. We will fix the scale of finance for producing oilseed crops. Also, we will provide an alternate approach to farmers so that they can get good income by producing oilseeds. We can encourage farmers in rain-fed areas to grow the same," he said.

"With the help of agricultural universities, we will focus on agriculture extension in Jammu and Kashmir. With the help of digital platforms, we will deliver the produce to bulk buyers, so that farmers of Jammu and Kashmir get better prices of their produce," the NABARD Chairman added.&nbsp; 
&nbsp;

Finance Minister Nirmala Sitharaman on Tuesday urged farmers to produce oilseeds in place of other crops as India particularly imports edible oil and palm oil. "We are telling farmers which crops will give them a better price in the area.

Finance Minister Nirmala Sitharaman on Tuesday urged farmers to produce oilseeds in place of other crops as India particularly imports edible oil and palm oil. "We are telling farmers which crops will give them a better price in the area. We are also telling them what all crops can be irrigated or cannot be irrigated on the rain-fed land," she said while addressing the sixth World Congress on Rural & Agriculture Finance in New Delhi. "The support price may be given for other things but please do produce oilseeds because they have a great demand in India. Edible oil consumption is also a matter of great concern, as we still import quite a lot quantity particularly palm oil," she said. The Union Minister also requested National Bank for Agriculture and Rural Development (NABARD) Chairman Dr Harsh Kumar Bhanwala to visit Jammu and Kashmir to ensure that the farmers get the correct price of their produce in the next season. "You are aware that recently we used NAFED to procure apples from Jammu and Kashmir so that there is no single farmer left with his unsold apples. I am ensuring that I will take the Chairman of NABARD to Jammu and Kashmir so that the agri producers can get the right price for their next crop of saffron, peaches and walnuts," she added. The Union Minister also stated that the Central government is making efforts to push sustainable and renewable energy sources in rural areas in order to provide farmers with an additional source of income. "I want anna datta to be urja datta also. We are working in a direction where we can install solar panels, turbines etc so that farmers can generate power on those pieces of land where they are unable to grow the produce," she said. Sitharaman also announced that 10,000 farmers produce organisations will be formed so that the agriculturalists can get the correct price for their produce and also "credit and other assistance from the government can be extended to them." After Sitharaman's address, the NABARD Chairman also spoke to ANI about the upliftment of farmers and said that his organisation will ensure that cooperative banks and rural regional banks give short term loans and credit to the farmers for growing oilseeds. "We will ensure that cooperative banks and rural regional banks have enough credit to lend short terms loans to farmers for growing oil seeds. We will fix the scale of finance for producing oilseed crops. Also, we will provide an alternate approach to farmers so that they can get good income by producing oilseeds. We can encourage farmers in rain-fed areas to grow the same," he said. "With the help of agricultural universities, we will focus on agriculture extension in Jammu and Kashmir. With the help of digital platforms, we will deliver the produce to bulk buyers, so that farmers of Jammu and Kashmir get better prices of their produce," the NABARD Chairman added.

Finance Minister Nirmala Sitharaman urges farmers to produce oilseeds

Indian shares were volatile on Monday, leading to a holiday-shortened week after Moody's Investors Service cut its rating outlook for the country last week and as the absence of fresh triggers kept markets range-bound.

Asian shares reversed gains on Monday, the yen ticked higher and gold jumped as fresh <a href="https://www.wionews.com/videos/hong-kong-protests-turn-violent-police-shoot-protester-amid-clashes-261252">violence broke out in Hong Kong</a>, while uncertainty still remained over whether the United States and China could end their damaging trade war.

Moody's on late Thursday lowered India's ratings outlook to "negative" from "stable" on Thursday, citing increasing risks that growth in Asia's third-largest economy will remain lower than in the past.

The broader NSE Nifty inched 0.1 per cent lower at 11,898, as of 0420 GMT, while the benchmark BSE&nbsp;Sensex&nbsp;fell 0.13 per cent&nbsp;to 40,286.34. The rupee was 0.11 per cent&nbsp;firmer at 71.365 against the dollar.

The Nifty PSU Bank index, which tracks state-run lenders, was the top gainer among NSE sectoral indexes, rising nearly 0.8%. The index was led by a 3.4 per cent&nbsp;gain in Bank of Baroda, which reported a rise in September quarter profit on Friday.

Meanwhile, the Nifty realty index rose for a third straight session, gaining 0.7 per cent.

Late on Wednesday, the government approved 100 billion rupees ($1.41 billion) for a fund to help clear stalled housing projects.

Britannia Industries rose 1.2 per cent&nbsp;ahead of their quarterly results later in the day.

Indian markets will be closed on Tuesday for a public holiday.

Indian shares were volatile on Monday, leading to a holiday-shortened week after Moody's Investors Service cut its rating outlook for the country last week and as the absence of fresh triggers kept markets range-bound.

Indian shares were volatile on Monday, leading to a holiday-shortened week after Moody's Investors Service cut its rating outlook for the country last week and as the absence of fresh triggers kept markets range-bound. Asian shares reversed gains on Monday, the yen ticked higher and gold jumped as fresh violence broke out in Hong Kong, while uncertainty still remained over whether the United States and China could end their damaging trade war. Moody's on late Thursday lowered India's ratings outlook to "negative" from "stable" on Thursday, citing increasing risks that growth in Asia's third-largest economy will remain lower than in the past. The broader NSE Nifty inched 0.1 per cent lower at 11,898, as of 0420 GMT, while the benchmark BSE Sensex fell 0.13 per cent to 40,286.34. The rupee was 0.11 per cent firmer at 71.365 against the dollar. The Nifty PSU Bank index, which tracks state-run lenders, was the top gainer among NSE sectoral indexes, rising nearly 0.8%. The index was led by a 3.4 per cent gain in Bank of Baroda, which reported a rise in September quarter profit on Friday. Meanwhile, the Nifty realty index rose for a third straight session, gaining 0.7 per cent. Late on Wednesday, the government approved 100 billion rupees ($1.41 billion) for a fund to help clear stalled housing projects. Britannia Industries rose 1.2 per cent ahead of their quarterly results later in the day. Indian markets will be closed on Tuesday for a public holiday.

Nifty, Sensex volatile; Nifty PSU gains

Chinese e-commerce giant <a href="https://www.wionews.com/business-economy/chinas-alibaba-invests-33-billion-to-raise-stake-in-logistics-unit-cainiao-260785">Alibaba Group Holdin</a>g Inc on Monday said sales for its annual Singles' Day shopping blitz hit 158.31 billion yuan (£17.69 billion) in its first nine hours, up 25% from 126.72 billion yuan at the same point last year.

Akin to Black Friday and Cyber Monday in the United States, Singles' Day has been promoted as a shopping fest by Alibaba Chairman and Chief Executive Daniel Zhang since 2009, growing rapidly to become the world's biggest online sales event.

Also known as "Double Eleven", the festival's name originates from the calendar date November&nbsp;11, with the four ones of 11/11 signifying being single.

Alibaba netted sales worth $30 billion on its platforms on Singles' Day last year, dwarfing the $7.9 billion US&nbsp;online sales for Cyber Monday. Yet the 27 per cent&nbsp;sales growth was the lowest in the event's 10-year history, spurring a search for fresh ideas.

Citic Securities, in a November&nbsp;9 research note, forecast Singles Day sales to grow 20-25 per cent&nbsp;this year, held back partly by slowing overall e-commerce growth in China.

The Chinese retail juggernaut, with a market value of $486 billion, kicked off this year's 24-hour shopping fest with performances by American pop star Taylor Swift and local celebrities such as Jackson Yee.

Sales hit $1 billion in the first minute and eight seconds and reached 84 billion yuan in the first hour, up 22 per cent&nbsp;from last year's early haul of 69 billion yuan.

Singles' Day was among the top trending topics on China's Twitter-like Weibo microblogging platform on Monday morning, with users discussing what they spent their money on.

Alibaba has said it expects over 500 million users to participate in the shopping festival this year, about 100 million more than last year.

This is the first time Alibaba's Singles' Day does not have flamboyant co-founder Jack Ma at its helm, after he resigned in September as chairman to "start a new life".

It also comes at a crucial time for the company, which is looking to raise up to $15 billion via a share sale in Hong Kong this month.

Alibaba continues to dominate the online shopping industry, but not without competition.

In addition to longtime rival JD.com Inc, it also faces competition from Pinduoduo Inc,&nbsp;which surged in popularity in 2017 by targeting consumers in China's lower-tier cities.

Chinese e-commerce giant Alibaba Group Holding Inc on Monday said sales for its annual Singles' Day shopping blitz hit 158.31 billion yuan (£17.69 billion) in its first nine hours, up 25% from 126.

Chinese e-commerce giant Alibaba Group Holding Inc on Monday said sales for its annual Singles' Day shopping blitz hit 158.31 billion yuan (£17.69 billion) in its first nine hours, up 25% from 126.72 billion yuan at the same point last year. Akin to Black Friday and Cyber Monday in the United States, Singles' Day has been promoted as a shopping fest by Alibaba Chairman and Chief Executive Daniel Zhang since 2009, growing rapidly to become the world's biggest online sales event. Also known as "Double Eleven", the festival's name originates from the calendar date November 11, with the four ones of 11/11 signifying being single. Alibaba netted sales worth $30 billion on its platforms on Singles' Day last year, dwarfing the $7.9 billion US online sales for Cyber Monday. Yet the 27 per cent sales growth was the lowest in the event's 10-year history, spurring a search for fresh ideas. Citic Securities, in a November 9 research note, forecast Singles Day sales to grow 20-25 per cent this year, held back partly by slowing overall e-commerce growth in China. The Chinese retail juggernaut, with a market value of $486 billion, kicked off this year's 24-hour shopping fest with performances by American pop star Taylor Swift and local celebrities such as Jackson Yee. Sales hit $1 billion in the first minute and eight seconds and reached 84 billion yuan in the first hour, up 22 per cent from last year's early haul of 69 billion yuan. Singles' Day was among the top trending topics on China's Twitter-like Weibo microblogging platform on Monday morning, with users discussing what they spent their money on. Alibaba has said it expects over 500 million users to participate in the shopping festival this year, about 100 million more than last year. This is the first time Alibaba's Singles' Day does not have flamboyant co-founder Jack Ma at its helm, after he resigned in September as chairman to "start a new life". It also comes at a crucial time for the company, which is looking to raise up to $15 billion via a share sale in Hong Kong this month. Alibaba continues to dominate the online shopping industry, but not without competition. In addition to longtime rival JD.com Inc, it also faces competition from Pinduoduo Inc, which surged in popularity in 2017 by targeting consumers in China's lower-tier cities.

Alibaba Singles' Day sales hit $1 billion in one minute & eight seconds

Wall Street's main indexes were set to retreat at the open on Monday as comments by President Donald Trump dampened expectations around a <a href="https://www.wionews.com/.../trump-xi-meeting-in-iowa-would-be-poignant- reminder-of-better-us-china-ties-260213">US-China trade deal</a>, while escalating violence in Hong Kong added to investor worries.

Hopes of a "phase one" deal to end the damaging 16-month trade war and largely upbeat corporate earnings have sparked a rally that helped the three major stock indexes close at record highs on Friday.

But Trump said on Saturday that the United States would only make a deal if it was the "right deal" for America, adding that the talks had moved more slowly than he would have liked.

Trade-sensitive stocks Caterpillar Inc, Advanced Micro Devices Inc, Micron Technology Inc and Intel Corp shed about 1 per cent&nbsp;each in premarket trading. US-listed Chinese stocks also fell.

Continuing violence in<a href="https://www.wionews.com/.../hong-kong-police-defends-shooting-protesters- wions-correspondent-shares-the-real-time-experience-261433"> Hong Kong </a>also hit sentiment after police shot and wounded a protester in the 24th straight week of pro-democracy unrest in the Chinese-ruled territory.

"You have China involved in two major variables now, which seems to be causing some nervousness," said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville.

"During times like these, the markets are going to be volatile and erratic, especially after coming off all-time highs."

The third-quarter earnings season is drawing to a close on a positive note, with nearly three-quarters of the 446 S&amp;P 500 companies that have reported results so far topping profit estimates, according to Refinitiv data. The numbers, however, reflect significantly lowered analysts' forecasts.

Attention will now shift to economic data, as well as comments from Federal Reserve Chair Jerome Powell later this week.

At 8:53 a.m. ET, Dow e-minis were down 107 points, or 0.39 per cent. S&amp;P 500 e-minis were down 12 points, or 0.39 per cent&nbsp;and Nasdaq 100 e-minis were down 31.75 points, or 0.38 per cent.

Walgreens Boots Alliance Inc jumped 5.6 per cent&nbsp;after Bloomberg reported KKR &amp; Co had formally approached the drugstore giant for what could be the biggest-ever leveraged buyout.

Among other stocks, Qualcomm Inc fell 2.4 per cent&nbsp;after Morgan Stanley downgraded the chipmaker to "equal-weight" from "overweight".

Shares of Cisco Systems Inc dropped 1.4 per cent&nbsp;as Piper Jaffray cut its rating on the network gear maker to "neutral" from "overweight".

Wall Street's main indexes were set to retreat at the open on Monday as comments by President Donald Trump dampened expectations around a US-China trade deal, while escalating violence in Hong Kong added to investor worries.

Wall Street's main indexes were set to retreat at the open on Monday as comments by President Donald Trump dampened expectations around a US-China trade deal, while escalating violence in Hong Kong added to investor worries. Hopes of a "phase one" deal to end the damaging 16-month trade war and largely upbeat corporate earnings have sparked a rally that helped the three major stock indexes close at record highs on Friday. But Trump said on Saturday that the United States would only make a deal if it was the "right deal" for America, adding that the talks had moved more slowly than he would have liked. Trade-sensitive stocks Caterpillar Inc, Advanced Micro Devices Inc, Micron Technology Inc and Intel Corp shed about 1 per cent each in premarket trading. US-listed Chinese stocks also fell. Continuing violence in Hong Kong also hit sentiment after police shot and wounded a protester in the 24th straight week of pro-democracy unrest in the Chinese-ruled territory. "You have China involved in two major variables now, which seems to be causing some nervousness," said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville. "During times like these, the markets are going to be volatile and erratic, especially after coming off all-time highs." The third-quarter earnings season is drawing to a close on a positive note, with nearly three-quarters of the 446 S&P 500 companies that have reported results so far topping profit estimates, according to Refinitiv data. The numbers, however, reflect significantly lowered analysts' forecasts. Attention will now shift to economic data, as well as comments from Federal Reserve Chair Jerome Powell later this week. At 8:53 a.m. ET, Dow e-minis were down 107 points, or 0.39 per cent. S&P 500 e-minis were down 12 points, or 0.39 per cent and Nasdaq 100 e-minis were down 31.75 points, or 0.38 per cent. Walgreens Boots Alliance Inc jumped 5.6 per cent after Bloomberg reported KKR & Co had formally approached the drugstore giant for what could be the biggest-ever leveraged buyout. Among other stocks, Qualcomm Inc fell 2.4 per cent after Morgan Stanley downgraded the chipmaker to "equal-weight" from "overweight". Shares of Cisco Systems Inc dropped 1.4 per cent as Piper Jaffray cut its rating on the network gear maker to "neutral" from "overweight".

Wall Street set for weak opening amidst US-China trade war and Hong Kong crisis

Domestic stock markets closed with minor gains on Monday as investors traded cautiously ahead of the release of September industrial production and manufacturing output data.

The BSE S&amp;P Sensex closed 21 points up at 40,345 while the Nifty 50 moved higher by 5 points to 11,913.&nbsp;

Sectoral indices at the National Stock Exchange were mixed with Nifty auto, FMCG, IT, metal and pharma in the red while private bank gained by 1.38 per cent and realty by 0.7 per cent. Among stocks, private lenders showed handsome gains with Yes Bank moving up by 5.7 per cent, ICICI Bank by 1.6 per cent, IndusInd Bank by 1.5 per cent and Kotak Mahindra Bank by 1.1 per cent.&nbsp;

The other prominent gainers were Zee Entertainment, Bharat Petroleum Corporation, GAIL, Tata Motors and Bharti Infratel. But Nestle India declined by 2.3 per cent along with Reliance Industries, Grasim and Asian Paints. So did auto majors like Hero MotoCorp and Eicher Motors besides metal majors Hindalco and Vedanta.&nbsp;

Meanwhile, shares across the globe fell as escalating violence in Hong Kong pushed Asian stocks to their worst day since August. With continuing pro-democracy unrest, Hong Kong police shot and wounded a protester. The MSCI world equity index which tracks shares in 47 countries slipped by 0.2 per cent with Hong Kong's Hang Seng index falling by 2.7 per cent and leading losses across Asia.&nbsp;

Investors were also focused on the US-China trade talks after President Donald Trump said on Saturday that talks with China have moved more slowly than he would have liked. He said reports that the United States is willing to lift tariffs are incorrect, adding that Beijing wanted a deal more than he did.&nbsp;

(With inputs from ANI)

Domestic stock markets closed with minor gains on Monday as investors traded cautiously ahead of the release of September industrial production and manufacturing output data.

Domestic stock markets closed with minor gains on Monday as investors traded cautiously ahead of the release of September industrial production and manufacturing output data. The BSE S&P Sensex closed 21 points up at 40,345 while the Nifty 50 moved higher by 5 points to 11,913. Sectoral indices at the National Stock Exchange were mixed with Nifty auto, FMCG, IT, metal and pharma in the red while private bank gained by 1.38 per cent and realty by 0.7 per cent. Among stocks, private lenders showed handsome gains with Yes Bank moving up by 5.7 per cent, ICICI Bank by 1.6 per cent, IndusInd Bank by 1.5 per cent and Kotak Mahindra Bank by 1.1 per cent. The other prominent gainers were Zee Entertainment, Bharat Petroleum Corporation, GAIL, Tata Motors and Bharti Infratel. But Nestle India declined by 2.3 per cent along with Reliance Industries, Grasim and Asian Paints. So did auto majors like Hero MotoCorp and Eicher Motors besides metal majors Hindalco and Vedanta. Meanwhile, shares across the globe fell as escalating violence in Hong Kong pushed Asian stocks to their worst day since August. With continuing pro-democracy unrest, Hong Kong police shot and wounded a protester. The MSCI world equity index which tracks shares in 47 countries slipped by 0.2 per cent with Hong Kong's Hang Seng index falling by 2.7 per cent and leading losses across Asia. Investors were also focused on the US-China trade talks after President Donald Trump said on Saturday that talks with China have moved more slowly than he would have liked. He said reports that the United States is willing to lift tariffs are incorrect, adding that Beijing wanted a deal more than he did. (With inputs from ANI)

Sensex closes in the green at 40,345, Nifty bank gains by 1.2 per cent

Sportswear maker Adidas announced Monday it was closing two niche but flagship factories in Germany and the United States that use robots and 4D printing to make sneakers, shifting the manufacturing to cheaper Asian factories instead.

The production of high-tech running shoes at its so-called speed factories in Germany's Ansbach and in the US city of Atlanta "will be discontinued by April 2020 at the latest", Adidas said in a statement.

Just three years ago, the Bavaria-based group had hailed its speed factory concept, which uses highly automated processes to make shoes more quickly, more customised and closer to sales outlets, as proof that manufacturing jobs could return to high-wage countries.

But from the end of this year, the speed factor shoes will join Adidas' other models and be produced by existing suppliers in Asia, the group said.

Citing "advancements" made at the suppliers, the move would make the production of the shoes "more flexible and economic while simultaneously expanding the range of products available", Adidas executive board member Martin Shankland said.

Both the speed factories churn out just a million of the roughly 400 million athletic shoes made by the group each year.

The future of the Ansbach plant's 160 workers is unclear at the moment.&nbsp;

The factory is operated by the German technology firm Oechsler, which has collaborated with Adidas on the project.

Oechsler CEO Claudius Kozlik said in the same statement that he regretted Adidas' pullout.

But he stressed that the two companies would continue to work together on soles for football shoes and 4D-printed soles.

Like 3D printing, 4D printing produces three-dimensional objects at the touch of a button but then goes further by creating materials that change properties when they come into contact with triggers such as water or heat.&nbsp;

Sportswear maker Adidas announced Monday it was closing two niche but flagship factories in Germany and the United States that use robots and 4D printing to make sneakers, shifting the manufacturing to cheaper Asian factories instead.

Sportswear maker Adidas announced Monday it was closing two niche but flagship factories in Germany and the United States that use robots and 4D printing to make sneakers, shifting the manufacturing to cheaper Asian factories instead. The production of high-tech running shoes at its so-called speed factories in Germany's Ansbach and in the US city of Atlanta "will be discontinued by April 2020 at the latest", Adidas said in a statement. Just three years ago, the Bavaria-based group had hailed its speed factory concept, which uses highly automated processes to make shoes more quickly, more customised and closer to sales outlets, as proof that manufacturing jobs could return to high-wage countries. But from the end of this year, the speed factor shoes will join Adidas' other models and be produced by existing suppliers in Asia, the group said. Citing "advancements" made at the suppliers, the move would make the production of the shoes "more flexible and economic while simultaneously expanding the range of products available", Adidas executive board member Martin Shankland said. Both the speed factories churn out just a million of the roughly 400 million athletic shoes made by the group each year. The future of the Ansbach plant's 160 workers is unclear at the moment. The factory is operated by the German technology firm Oechsler, which has collaborated with Adidas on the project. Oechsler CEO Claudius Kozlik said in the same statement that he regretted Adidas' pullout. But he stressed that the two companies would continue to work together on soles for football shoes and 4D-printed soles. Like 3D printing, 4D printing produces three-dimensional objects at the touch of a button but then goes further by creating materials that change properties when they come into contact with triggers such as water or heat.

Adidas shifts German, United States smart factories to Asia

Swvl, an Egyptian startup with an app to book bus tickets, plans to launch operations in the Philippines, Indonesia and Bangladesh by the end of next year, a senior official said.

The startup, which operates buses along fixed routes and allows customers to reserve and pay for them using its app, began operations in Egypt in 2017. Swvl has since launched in Pakistan and recently moved its headquarters to Dubai.

"By the end of next year, we want to be in more cities, a city is a market for us. We are planning to open in Manila, Jakarta and Dhaka," Shahzeb Memon, Swvl Pakistan's general manager told Reuters on Monday in a phone interview from Karachi.

The company, which has raised $80 million in funding so far, launched its services in August in the Pakistani cities of Karachi, Lahore and the twin cities of Islamabad and Rawalpindi. It plans to invest $25 million in the country to create 10,000 jobs and hopes to attract half a million customers by 2021, Memon said.

The company, however, has already run into regulatory hurdles.

Last week, a provincial government in Pakistan issued notices to the startup and another similar service saying they were operating without route permits and no-objection certificates from the government.

Swvl Pakistan responded with a statement saying the company always carried out its business in a lawful manner and was committed to complying with the region's laws.

Swvl says its service targets existing ride-hailing users and aims to create transportation options for a large and growing middle class in Asian cities.

Swvl's services are 30 per cent-40 per cent&nbsp;cheaper than using a car, Memon said.

Swvl, an Egyptian startup with an app to book bus tickets, plans to launch operations in the Philippines, Indonesia and Bangladesh by the end of next year, a senior official said.

Swvl, an Egyptian startup with an app to book bus tickets, plans to launch operations in the Philippines, Indonesia and Bangladesh by the end of next year, a senior official said. The startup, which operates buses along fixed routes and allows customers to reserve and pay for them using its app, began operations in Egypt in 2017. Swvl has since launched in Pakistan and recently moved its headquarters to Dubai. "By the end of next year, we want to be in more cities, a city is a market for us. We are planning to open in Manila, Jakarta and Dhaka," Shahzeb Memon, Swvl Pakistan's general manager told Reuters on Monday in a phone interview from Karachi. The company, which has raised $80 million in funding so far, launched its services in August in the Pakistani cities of Karachi, Lahore and the twin cities of Islamabad and Rawalpindi. It plans to invest $25 million in the country to create 10,000 jobs and hopes to attract half a million customers by 2021, Memon said. The company, however, has already run into regulatory hurdles. Last week, a provincial government in Pakistan issued notices to the startup and another similar service saying they were operating without route permits and no-objection certificates from the government. Swvl Pakistan responded with a statement saying the company always carried out its business in a lawful manner and was committed to complying with the region's laws. Swvl says its service targets existing ride-hailing users and aims to create transportation options for a large and growing middle class in Asian cities. Swvl's services are 30 per cent-40 per cent cheaper than using a car, Memon said.

Egyptian transport start-up Swvl targets Philippines, Bangladesh after launching in Pakistan

Britain's economy grew at the slowest annual rate in nearly a decade in the three months to the end of September, as a global slowdown and Brexit worries hit business investment and manufacturing.

Year-on-year gross domestic product growth slowed to 1.0 per cent&nbsp;from 1.3 per cent&nbsp;in the second quarter, Britain's Office for National Statistics said, its lowest since the first three months of 2010 and just below economists' forecasts in a Reuters poll of 1.1 per cent.

The slowdown reflected a smaller-than-expected rebound in quarterly GDP growth after a contraction in the second quarter when businesses faced an overhang of stocks of raw materials after Brexit was delayed from the end of March.

"Looking at the picture over the last year, growth slowed to its lowest rate in almost a decade," an ONS spokesperson said.

During the third quarter, when Boris Johnson became prime minister, there were increasing concerns among businesses that Britain could have been heading for a no-deal Brexit on October&nbsp;31.

In the event, parliament forced Johnson to seek a delay and he has now called an early election for December&nbsp;12 in an attempt to win a large enough majority for his preferred Brexit deal before a new deadline of January&nbsp;31.

Gross domestic product expanded at a quarterly rate of 0.3 per cent&nbsp;in the third quarter of 2019, below the 0.4 per cent&nbsp;reading expected by the Bank of England, as well as by private-sector economists.

Britain's economy has lost momentum since the 2016 Brexit referendum, before which it typically grew more than 2 per cent&nbsp;a year.

Last week the BoE nudged up its growth forecast for 2019 to 1.4 per cent&nbsp;from 1.3 per cent&nbsp;- largely because of its expectation of a bigger pick-up in the third quarter than it forecast before.

This would be the same growth rate as 2018 and the weakest since the financial crisis, while for 2020 the BoE expects a further slowdown to 1.3 per cent.

On top of Brexit, businesses across Europe have been suffering spill-over from the US-China trade war. Eurozone annual GDP growth slowed to 1.1 per cent&nbsp;in the third quarter from 1.2 per cent&nbsp;in the quarter before.

Monday's data showed business investment held steady in the third quarter versus economists' expectations for a 0.5 per cent&nbsp;fall.

Household spending, which has been much more than resilient business investment, due to falling unemployment and rising wages, rose by 0.4 per cent&nbsp;on the quarter while government spending increased by 0.3 per cent.

Britain's economy grew at the slowest annual rate in nearly a decade in the three months to the end of September, as a global slowdown and Brexit worries hit business investment and manufacturing.

Britain's economy grew at the slowest annual rate in nearly a decade in the three months to the end of September, as a global slowdown and Brexit worries hit business investment and manufacturing. Year-on-year gross domestic product growth slowed to 1.0 per cent from 1.3 per cent in the second quarter, Britain's Office for National Statistics said, its lowest since the first three months of 2010 and just below economists' forecasts in a Reuters poll of 1.1 per cent. The slowdown reflected a smaller-than-expected rebound in quarterly GDP growth after a contraction in the second quarter when businesses faced an overhang of stocks of raw materials after Brexit was delayed from the end of March. "Looking at the picture over the last year, growth slowed to its lowest rate in almost a decade," an ONS spokesperson said. During the third quarter, when Boris Johnson became prime minister, there were increasing concerns among businesses that Britain could have been heading for a no-deal Brexit on October 31. In the event, parliament forced Johnson to seek a delay and he has now called an early election for December 12 in an attempt to win a large enough majority for his preferred Brexit deal before a new deadline of January 31. Gross domestic product expanded at a quarterly rate of 0.3 per cent in the third quarter of 2019, below the 0.4 per cent reading expected by the Bank of England, as well as by private-sector economists. Britain's economy has lost momentum since the 2016 Brexit referendum, before which it typically grew more than 2 per cent a year. Last week the BoE nudged up its growth forecast for 2019 to 1.4 per cent from 1.3 per cent - largely because of its expectation of a bigger pick-up in the third quarter than it forecast before. This would be the same growth rate as 2018 and the weakest since the financial crisis, while for 2020 the BoE expects a further slowdown to 1.3 per cent. On top of Brexit, businesses across Europe have been suffering spill-over from the US-China trade war. Eurozone annual GDP growth slowed to 1.1 per cent in the third quarter from 1.2 per cent in the quarter before. Monday's data showed business investment held steady in the third quarter versus economists' expectations for a 0.5 per cent fall. Household spending, which has been much more than resilient business investment, due to falling unemployment and rising wages, rose by 0.4 per cent on the quarter while government spending increased by 0.3 per cent.

United Kingdom economy grows at slowest annual rate since 2010 in Q3

Swiss bank UBS was fined HK$400 million ($51.09 million) by Hong Kong's securities regulator for overcharging up to 5,000 clients for nearly a decade, the watchdog said on Monday.

The Hong Kong Securities and Futures Commission (SFC) said in a statement that an investigation found UBS had overcharged clients on 'post-trade spread increases' and charges in excess of standard disclosures and rates between 2008 and 2017.

THE SFC said the investigation exposed 'serious systemic internal control failures' at the bank. UBS had failed to disclose conflicts of interests and had overcharged some clients in 'opaque' trades, it said.

The overcharging affected 5000 Hong Kong managed client accounts in about 28,700 transactions, it said.

UBS has also agreed to repay the clients HK$200 million, the SFC said.

UBS said the issues were 'self-reported' to the SFC and the results found were against the bank's standard practice.

"The relevant conduct predominantly relates to limit orders of certain debt securities and structured note transactions, which account for a very small percentage of the bank's order processing system," the bank said in a statement.

Swiss bank UBS was fined HK$400 million ($51.09 million) by Hong Kong's securities regulator for overcharging up to 5,000 clients for nearly a decade, the watchdog said on Monday.

Swiss bank UBS was fined HK$400 million ($51.09 million) by Hong Kong's securities regulator for overcharging up to 5,000 clients for nearly a decade, the watchdog said on Monday. The Hong Kong Securities and Futures Commission (SFC) said in a statement that an investigation found UBS had overcharged clients on 'post-trade spread increases' and charges in excess of standard disclosures and rates between 2008 and 2017. THE SFC said the investigation exposed 'serious systemic internal control failures' at the bank. UBS had failed to disclose conflicts of interests and had overcharged some clients in 'opaque' trades, it said. The overcharging affected 5000 Hong Kong managed client accounts in about 28,700 transactions, it said. UBS has also agreed to repay the clients HK$200 million, the SFC said. UBS said the issues were 'self-reported' to the SFC and the results found were against the bank's standard practice. "The relevant conduct predominantly relates to limit orders of certain debt securities and structured note transactions, which account for a very small percentage of the bank's order processing system," the bank said in a statement.

UBS fined $51 million by Hong Kong regulator for overcharging clients

China's Jingye Group said on Monday it is in talks to buy British Steel in a deal estimated to be worth about 70 million pounds ($90 million) that could help protect thousands of British jobs and ease uncertainty over the troubled steelmaker.

A deal is not yet finalised, the company told Reuters following a BBC report of an imminent 70 million pound ($90 million) agreement.

A spokeswoman for Hebei-based Jingye Group said she was unclear about the value of the deal and unsure whether further details would be announced this week.

Gareth Stace, director general of industry lobby group UK Steel, also told Reuters the deal was not finalised.

"I would be surprised if it did not get finalised, but it's not a done deal," he said.

British Steel was put into compulsory liquidation on May 22 after Greybull Capital, which bought the firm for one pound from Tata Steel three years ago, failed to secure funding to continue its operations.

Turkey's military pension fund OYAK said in August it had reached a provisional agreement to take over British Steel but that deal has not been finalised.

China's Jingye Group said on Monday it is in talks to buy British Steel in a deal estimated to be worth about 70 million pounds ($90 million) that could help protect thousands of British jobs and ease uncertainty over the troubled steelmaker.

China's Jingye Group said on Monday it is in talks to buy British Steel in a deal estimated to be worth about 70 million pounds ($90 million) that could help protect thousands of British jobs and ease uncertainty over the troubled steelmaker. A deal is not yet finalised, the company told Reuters following a BBC report of an imminent 70 million pound ($90 million) agreement. A spokeswoman for Hebei-based Jingye Group said she was unclear about the value of the deal and unsure whether further details would be announced this week. Gareth Stace, director general of industry lobby group UK Steel, also told Reuters the deal was not finalised. "I would be surprised if it did not get finalised, but it's not a done deal," he said. British Steel was put into compulsory liquidation on May 22 after Greybull Capital, which bought the firm for one pound from Tata Steel three years ago, failed to secure funding to continue its operations. Turkey's military pension fund OYAK said in August it had reached a provisional agreement to take over British Steel but that deal has not been finalised.

China's Jingye Group in talks to buy British Steel

Prosus held firm on its $6.3 billion offer to buy Just Eat on Monday as it argued the merits of its bid versus one from Takeaway.com for the British online takeaway delivery firm.

The one change in the offer published on Monday by the Dutch arm of South African internet giant Naspers was an acceptance threshold lowered to 75 per cent&nbsp;from 90 per cent.

"We actually believe that financial markets are underestimating the cost of implementing the transformation Just Eat requires to protect its market position and to capitalise on its long-term opportunity," Prosus CEO Bob Van Dijk said.

Prosus has weighed in with an unsolicited cash offer of $6.3 billion, or 710 pence per share, for Just Eat.

That's higher than the 4.7 billion pound all-share deal that Just Eat's board has agreed with Takeaway.com whose shares have fallen since it made its initial bid in July.

Combined with the impact of a stronger British pound versus the euro, the value of the Takeaway.com shares offer has fallen to 609 pence.

Just Eat shares closed at 738 pence on Friday, signalling investors believe a higher offer from one of the suitors is likely.

Just Eat on Monday said the unchanged Prosus offer "significantly undervalued" it, both as a standalone company and in combination with Takeaway, and it continued to recommend shareholders to reject it.

Last week Takeaway, which initially proposed an agreed deal with Just Eat, changed its proposal to a formal bid with a 75% threshold.

Takeaway's offer could also go forward with simple majority approval from Just Eat shareholders if British regulators agree.

Prosus and Takeaway.com each talked up the merits of their respective bids on Monday.

Prosus CEO van Dijk told journalists on a conference call that Takeaway's modest investment in delivery capacity might be a viable strategy for now in the Netherlands and Germany, but it would not work in London and many other markets.

Takeaway CEO Jitse Groen said his bid offered superior future growth opportunities to both groups of shareholders.

He argued that the delivery side of the online food ordering businesses may never become profitable, while Takeaway's focus on becoming the dominant order platform has led to better growth in operating results.

Prosus held firm on its $6.3 billion offer to buy Just Eat on Monday as it argued the merits of its bid versus one from Takeaway.com for the British online takeaway delivery firm.

Prosus held firm on its $6.3 billion offer to buy Just Eat on Monday as it argued the merits of its bid versus one from Takeaway.com for the British online takeaway delivery firm. The one change in the offer published on Monday by the Dutch arm of South African internet giant Naspers was an acceptance threshold lowered to 75 per cent from 90 per cent. "We actually believe that financial markets are underestimating the cost of implementing the transformation Just Eat requires to protect its market position and to capitalise on its long-term opportunity," Prosus CEO Bob Van Dijk said. Prosus has weighed in with an unsolicited cash offer of $6.3 billion, or 710 pence per share, for Just Eat. That's higher than the 4.7 billion pound all-share deal that Just Eat's board has agreed with Takeaway.com whose shares have fallen since it made its initial bid in July. Combined with the impact of a stronger British pound versus the euro, the value of the Takeaway.com shares offer has fallen to 609 pence. Just Eat shares closed at 738 pence on Friday, signalling investors believe a higher offer from one of the suitors is likely. Just Eat on Monday said the unchanged Prosus offer "significantly undervalued" it, both as a standalone company and in combination with Takeaway, and it continued to recommend shareholders to reject it. Last week Takeaway, which initially proposed an agreed deal with Just Eat, changed its proposal to a formal bid with a 75% threshold. Takeaway's offer could also go forward with simple majority approval from Just Eat shareholders if British regulators agree. Prosus and Takeaway.com each talked up the merits of their respective bids on Monday. Prosus CEO van Dijk told journalists on a conference call that Takeaway's modest investment in delivery capacity might be a viable strategy for now in the Netherlands and Germany, but it would not work in London and many other markets. Takeaway CEO Jitse Groen said his bid offered superior future growth opportunities to both groups of shareholders. He argued that the delivery side of the online food ordering businesses may never become profitable, while Takeaway's focus on becoming the dominant order platform has led to better growth in operating results.

Prosus sticks with $6.3 billion Just Eat bid but lowers threshold

Asian shares sank on Monday, the safe-haven yen rose and gold jumped as fresh violence broke out in <a href="https://www.wionews.com/videos/hong-kong-protests-turn-violent-police-shoot-protester-amid-clashes-261252">Hong Kong</a>, while uncertainty still remained over whether the United States and China could end their damaging trade war.

Hong Kong's Hang Seng index led the losses in Asia, down more than 2 per cent, after police fired live rounds at protestors on the eastern side of Hong Kong island. Cable TV and other Hong Kong media reported at least one protester being wounded. Video footage showed a protester lying in a pool of blood.

Chinese shares too faltered with the blue-chip CSI300 index down 1.3 per cent. South Korea's KOSPI lost 0.4 per cent.

Japan's Nikkei gave up early gains to drift away from a recent 13-month high after data showed the country's core machinery orders fell for a third straight month.

Australian shares bucked the downbeat trend, rising 0.55 per cent&nbsp;to a two-week high.

That left MSCI's broadest index of Asia-Pacific shares outside Japan down 0.5 per cent.

"The<a href="https://www.wionews.com/world/china-us-agree-tariff-rollback-if-phase-one-trade-deal-is-completed-260641"> China-US&nbsp;trade war</a> and the Hong Kong protest are combining to cast a negative pall on Asian markets today," said James McGlew, analyst at stockbroking firm Argonaut.

"Hong Kong protests have been dragging on for a while and the view from the financial world is that it's really starting to bite now. The further this drags on it's certainly going to be very negative."

In Asian hours on Monday, E-minis for the S&amp;P500 were 0.25 per cent&nbsp;lower indicating a weak open later in the day.

US&nbsp;bond markets are closed on Monday, but currency and equity markets are open.

Gold, which rises during times of uncertainty, rebounded from a three-month low touched on Friday to be last up 0.3 per cent&nbsp;at $1,462.11 an ounce.

In currencies, the Japanese yen gained on the dollar to 109.01 while the Australian dollar, a liquid gauge for risk, was off slightly at $0.6853.

The dollar index was a touch softer at 98.33 while the euro ticked up to $1.1022.

Market attention was also on the US-China trade talks.

<a href="https://www.wionews.com/world/trump-faces-perilous-test-as-impeachment-hearings-open-261230">US&nbsp;President Donald Trump </a>told reporters on Saturday that talks with China had moved more slowly than he would have liked, but added that Beijing wanted a deal more than he did.

That was a more upbeat tone than just a few days earlier when he had stressed that the White House would not agree to a full rollback of existing tariffs, remarks that hit stock prices and the dollar.

"Despite his bluster that 'China wants a trade deal more than I do', markets sense that Trump is likely quite keen to call a truce on what is becoming a serious U.S. economic risk heading into the 2020 election year," said David Bassanese, Sydney-based economist at Betashares.

By the close of Wall Street on Friday, optimism had returned to the market as investors bet that Washington needs a deal and it is in the interest of China, too. All three major US&nbsp;indexes eked out record closing highs.

The Dow inched up while the S&amp;P 500 climbed 0.3 per cent&nbsp;and the Nasdaq Composite added 0.5 per cent. The record closing high by the S&amp;P 500 was the fourth in six sessions.

"It will be the US-China trade talks that will continue to dictate the daily swings in sentiment this week," said Jeffrey Halley, senior analyst at OANDA.

Halley noted the negotiations were "starting to drag on in a disturbingly Brexit-like manner," referring to Britain's divorce deal with the European Union which is still up in the air almost three years after the country voted to leave the bloc.

US&nbsp;officials said a lot of work remained to be done when Trump announced the outlines of an interim deal last month, and Beijing has since pushed back on US&nbsp;demands for big agricultural purchases, among other issues.

Analysts said the outlook for equities was highly dependent on US&nbsp;economic data as a US-China trade agreement would help bolster manufacturing and industrial sectors.

"The Hong Kong protests have seen a knee-jerk rotation out of risk positioning," OANDA's Halley said. "The effects are more likely to be passing than permanent...as long as the trade talks stay on target."

Data on October US&nbsp;industrial production and retail sales, along with the National Federation of Independent Business's monthly small business survey, are scheduled for release this week.

In commodities, benchmark Brent crude fell 57 cents to $61.94 a barrel while West Texas Intermediate (WTI) crude slipped 48 cents to $56.76 a barrel.

Asian shares sank on Monday, the safe-haven yen rose and gold jumped as fresh violence broke out in Hong Kong, while uncertainty still remained over whether the United States and China could end their damaging trade war.

Asian shares sank on Monday, the safe-haven yen rose and gold jumped as fresh violence broke out in Hong Kong, while uncertainty still remained over whether the United States and China could end their damaging trade war. Hong Kong's Hang Seng index led the losses in Asia, down more than 2 per cent, after police fired live rounds at protestors on the eastern side of Hong Kong island. Cable TV and other Hong Kong media reported at least one protester being wounded. Video footage showed a protester lying in a pool of blood. Chinese shares too faltered with the blue-chip CSI300 index down 1.3 per cent. South Korea's KOSPI lost 0.4 per cent. Japan's Nikkei gave up early gains to drift away from a recent 13-month high after data showed the country's core machinery orders fell for a third straight month. Australian shares bucked the downbeat trend, rising 0.55 per cent to a two-week high. That left MSCI's broadest index of Asia-Pacific shares outside Japan down 0.5 per cent. "The China-US trade war and the Hong Kong protest are combining to cast a negative pall on Asian markets today," said James McGlew, analyst at stockbroking firm Argonaut. "Hong Kong protests have been dragging on for a while and the view from the financial world is that it's really starting to bite now. The further this drags on it's certainly going to be very negative." In Asian hours on Monday, E-minis for the S&P500 were 0.25 per cent lower indicating a weak open later in the day. US bond markets are closed on Monday, but currency and equity markets are open. Gold, which rises during times of uncertainty, rebounded from a three-month low touched on Friday to be last up 0.3 per cent at $1,462.11 an ounce. In currencies, the Japanese yen gained on the dollar to 109.01 while the Australian dollar, a liquid gauge for risk, was off slightly at $0.6853. The dollar index was a touch softer at 98.33 while the euro ticked up to $1.1022. Market attention was also on the US-China trade talks. US President Donald Trump told reporters on Saturday that talks with China had moved more slowly than he would have liked, but added that Beijing wanted a deal more than he did. That was a more upbeat tone than just a few days earlier when he had stressed that the White House would not agree to a full rollback of existing tariffs, remarks that hit stock prices and the dollar. "Despite his bluster that 'China wants a trade deal more than I do', markets sense that Trump is likely quite keen to call a truce on what is becoming a serious U.S. economic risk heading into the 2020 election year," said David Bassanese, Sydney-based economist at Betashares. By the close of Wall Street on Friday, optimism had returned to the market as investors bet that Washington needs a deal and it is in the interest of China, too. All three major US indexes eked out record closing highs. The Dow inched up while the S&P 500 climbed 0.3 per cent and the Nasdaq Composite added 0.5 per cent. The record closing high by the S&P 500 was the fourth in six sessions. "It will be the US-China trade talks that will continue to dictate the daily swings in sentiment this week," said Jeffrey Halley, senior analyst at OANDA. Halley noted the negotiations were "starting to drag on in a disturbingly Brexit-like manner," referring to Britain's divorce deal with the European Union which is still up in the air almost three years after the country voted to leave the bloc. US officials said a lot of work remained to be done when Trump announced the outlines of an interim deal last month, and Beijing has since pushed back on US demands for big agricultural purchases, among other issues. Analysts said the outlook for equities was highly dependent on US economic data as a US-China trade agreement would help bolster manufacturing and industrial sectors. "The Hong Kong protests have seen a knee-jerk rotation out of risk positioning," OANDA's Halley said. "The effects are more likely to be passing than permanent...as long as the trade talks stay on target." Data on October US industrial production and retail sales, along with the National Federation of Independent Business's monthly small business survey, are scheduled for release this week. In commodities, benchmark Brent crude fell 57 cents to $61.94 a barrel while West Texas Intermediate (WTI) crude slipped 48 cents to $56.76 a barrel.

Global Markets: Asian shares a sea of red as Hong Kong chaos hits sentiment

Bernard J&nbsp;Tyson, chairman and chief executive officer of not-for-profit health insurer Kaiser Permanente, died unexpectedly in his sleep on Sunday, aged 60, the company said in a statement.

Tyson, who held the top job since 2013, was Oakland, California-based Kaiser Permanente's first black chief executive and a strong proponent for affordable and accessible healthcare.

The company did not give a cause of death. A company spokesperson did not immediately respond to a request for comment.

A day earlier on Saturday, the San Francisco native took to Twitter to post about "high-tech and high-touch" healthcare.

Tyson was described by colleagues in a company statement as "an outstanding leader, visionary and champion for high-quality, affordable health care for all Americans."

In response to Tyson's death, the National Union of Healthcare Workers postponed a five-day strike by 4,000 mental health professional that had been set to begin on Monday at more than 100 Kaiser clinics across California.

"Our members dedicate their lives to helping people through tragedy and trauma, and they understood that a strike would not be appropriate during this period of mourning and reflection," union president Sal Rosselli said in a statement.

The union, locked in a contract dispute its leaders say centres on demands for improved retirement and health benefits for Kaiser's mental health clinicians, has yet to reschedule the strike, he said.

Kaiser's annual operating revenue as of June was nearly $80 billion, up from about $53 billion in 2013 when Tyson took over as CEO, according to the company's website.

The company, which serves more than 12 million people across the United States and was founded in 1945, named Gregory Adams, executive vice president, as interim chairman and CEO.

Bernard J Tyson, chairman and chief executive officer of not-for-profit health insurer Kaiser Permanente, died unexpectedly in his sleep on Sunday, aged 60, the company said in a statement.

Bernard J Tyson, chairman and chief executive officer of not-for-profit health insurer Kaiser Permanente, died unexpectedly in his sleep on Sunday, aged 60, the company said in a statement. Tyson, who held the top job since 2013, was Oakland, California-based Kaiser Permanente's first black chief executive and a strong proponent for affordable and accessible healthcare. The company did not give a cause of death. A company spokesperson did not immediately respond to a request for comment. A day earlier on Saturday, the San Francisco native took to Twitter to post about "high-tech and high-touch" healthcare. Tyson was described by colleagues in a company statement as "an outstanding leader, visionary and champion for high-quality, affordable health care for all Americans." In response to Tyson's death, the National Union of Healthcare Workers postponed a five-day strike by 4,000 mental health professional that had been set to begin on Monday at more than 100 Kaiser clinics across California. "Our members dedicate their lives to helping people through tragedy and trauma, and they understood that a strike would not be appropriate during this period of mourning and reflection," union president Sal Rosselli said in a statement. The union, locked in a contract dispute its leaders say centres on demands for improved retirement and health benefits for Kaiser's mental health clinicians, has yet to reschedule the strike, he said. Kaiser's annual operating revenue as of June was nearly $80 billion, up from about $53 billion in 2013 when Tyson took over as CEO, according to the company's website. The company, which serves more than 12 million people across the United States and was founded in 1945, named Gregory Adams, executive vice president, as interim chairman and CEO.

Kaiser Permanente CEO Bernard Tyson dies unexpectedly at 60

<a href="https://www.wionews.com/business-economy/apple-beats-profit-forecasts-amid-growth-in-services-wearables-258969">&nbsp;Apple Inc</a> co-founder Steve Wozniak joined in the online debate over accusations of gender discrimination by the algorithm behind the iPhone maker's credit card, fuelling scrutiny of the newly launched Apple Card.

The criticism started on Thursday, after entrepreneur David Heinemeier Hansson railed against the Apple Card in a series of Twitter posts, saying it gave him 20 times the credit limit his wife received.

The much-anticipated titanium credit card, part of a broader effort by Apple to derive greater revenue from services after years of heavy reliance on iPhone sales, was launched in August, in partnership with Goldman Sachs Group Inc.

In an email, Goldman said Apple Card applicants were evaluated independently, according to income and creditworthiness, taking into account factors such as personal credit scores and personal debt.

It was possible for two family members to receive significantly different credit decisions, the bank said, but added, "We have not, and will not, make decisions based on factors like gender."

Hansson, who is the creator of web-application framework Ruby on Rails, did not disclose any specific income-related information for himself or his wife but tweeted that they filed joint tax returns and that his wife had a better credit score.

On Saturday, Wozniak chimed in with a similar experience, saying he got 10 times more credit on the card, compared with his wife.

"We have no separate bank or credit card accounts or any separate assets," Wozniak said on Twitter, in reply to Hansson's original tweet.

"Hard to get to a human for a correction though. It's big tech in 2019."

New York's Department of Financial Services said it was beginning an inquiry into Goldman Sachs' credit card practices.

"New York law prohibits discrimination against protected classes of individuals," Linda Lacewell, the superintendent of the New York State Department of Financial Services, wrote in a blog post.&nbsp;

That barred an algorithm, like any other method of determining creditworthiness, from disparate treatment based on individual characteristics such as age, creed, race, color, sex, sexual orientation, national origin, among others, she added.

"We know the question of discrimination in algorithmic decisioning also extends to other areas of financial services."

Apple did not immediately respond to a Reuters request for comment on Sunday.

Apple Inc co-founder Steve Wozniak joined in the online debate over accusations of gender discrimination by the algorithm behind the iPhone maker's credit card, fuelling scrutiny of the newly launched Apple Card.

Apple Inc co-founder Steve Wozniak joined in the online debate over accusations of gender discrimination by the algorithm behind the iPhone maker's credit card, fuelling scrutiny of the newly launched Apple Card. The criticism started on Thursday, after entrepreneur David Heinemeier Hansson railed against the Apple Card in a series of Twitter posts, saying it gave him 20 times the credit limit his wife received. The much-anticipated titanium credit card, part of a broader effort by Apple to derive greater revenue from services after years of heavy reliance on iPhone sales, was launched in August, in partnership with Goldman Sachs Group Inc. In an email, Goldman said Apple Card applicants were evaluated independently, according to income and creditworthiness, taking into account factors such as personal credit scores and personal debt. It was possible for two family members to receive significantly different credit decisions, the bank said, but added, "We have not, and will not, make decisions based on factors like gender." Hansson, who is the creator of web-application framework Ruby on Rails, did not disclose any specific income-related information for himself or his wife but tweeted that they filed joint tax returns and that his wife had a better credit score. On Saturday, Wozniak chimed in with a similar experience, saying he got 10 times more credit on the card, compared with his wife. "We have no separate bank or credit card accounts or any separate assets," Wozniak said on Twitter, in reply to Hansson's original tweet. "Hard to get to a human for a correction though. It's big tech in 2019." New York's Department of Financial Services said it was beginning an inquiry into Goldman Sachs' credit card practices. "New York law prohibits discrimination against protected classes of individuals," Linda Lacewell, the superintendent of the New York State Department of Financial Services, wrote in a blog post. That barred an algorithm, like any other method of determining creditworthiness, from disparate treatment based on individual characteristics such as age, creed, race, color, sex, sexual orientation, national origin, among others, she added. "We know the question of discrimination in algorithmic decisioning also extends to other areas of financial services." Apple did not immediately respond to a Reuters request for comment on Sunday.

Apple co-founder says Apple Card algorithm gave wife lower credit limit

Saudi Aramco announced in a prospectus Saturday that its much-anticipated initial public offering will begin on November 17, with a final share price to be determined on December 5, a day after subscriptions close.

After years of delay and false starts, the state-owned company last week said it will sell an unspecified number of shares on the Riyadh stock exchange in what is expected to be the biggest IPO in history.

Retail investors in Saudi Arabia appear to be salivating at the prospect of owning a piece of the world's most profitable company, seen as the kingdom's crown jewel.

In its newly released 658-page prospectus, Aramco said it will sell a part of its shares to institutional investors, including foreign companies, as well as to individual Saudis and other Gulf nationals.

The company said it has decided to sell up to 0.5 per cent of its shares to individual investors while it will decide on the percentage for larger investors later.

"The targeted percentage of Offer Shares allocable to individual investors will be up to 0.5 per cent of the shares," the prospectus said.

The company said it will determine the percentage to be sold to institutional investors after consultations with its financial advisors and global coordinators consisting of major international banks.

Even though the size of the IPO has not yet been disclosed, it is expected to be the biggest ever, raising over $30 billion.

The prospectus said the offering period will start on Sunday, November 17, ending on November 28 for individual investors and on December 4 for institutional investors.

The company will set a price range for the shares on November 17 but the final price will only be determined on December 5, the day after all subscriptions close.

"Trading of the shares is expected to commence after all relevant legal requirements and procedures have been completed," the company said without setting a specific date.

Aramco is the world's most profitable company and last year posted $111.1 billion in net profit.

In the first nine months of this year, Aramco's net profit dropped 18 per cent to $68.2 billion.

At the end of last year, Saudi reserves in the fields the company operates consisted of 336.2 billion barrels of oil equivalent, including 261.5 billion barrels of crude oil and condensate, 36.1 billion barrels of NGLs and 233.8 trillion standard cubic feet of natural gas, Aramco said.

The IPO represents the cornerstone of powerful crown prince Mohammed bin Salman's "Vision 2030," aimed at leading the world's biggest crude exporter away from oil.

Saudi Aramco announced in a prospectus Saturday that its much-anticipated initial public offering will begin on November 17, with a final share price to be determined on December 5, a day after subscriptions close.

Saudi Aramco announced in a prospectus Saturday that its much-anticipated initial public offering will begin on November 17, with a final share price to be determined on December 5, a day after subscriptions close. After years of delay and false starts, the state-owned company last week said it will sell an unspecified number of shares on the Riyadh stock exchange in what is expected to be the biggest IPO in history. Retail investors in Saudi Arabia appear to be salivating at the prospect of owning a piece of the world's most profitable company, seen as the kingdom's crown jewel. In its newly released 658-page prospectus, Aramco said it will sell a part of its shares to institutional investors, including foreign companies, as well as to individual Saudis and other Gulf nationals. The company said it has decided to sell up to 0.5 per cent of its shares to individual investors while it will decide on the percentage for larger investors later. "The targeted percentage of Offer Shares allocable to individual investors will be up to 0.5 per cent of the shares," the prospectus said. The company said it will determine the percentage to be sold to institutional investors after consultations with its financial advisors and global coordinators consisting of major international banks. Even though the size of the IPO has not yet been disclosed, it is expected to be the biggest ever, raising over $30 billion. The prospectus said the offering period will start on Sunday, November 17, ending on November 28 for individual investors and on December 4 for institutional investors. The company will set a price range for the shares on November 17 but the final price will only be determined on December 5, the day after all subscriptions close. "Trading of the shares is expected to commence after all relevant legal requirements and procedures have been completed," the company said without setting a specific date. Aramco is the world's most profitable company and last year posted $111.1 billion in net profit. In the first nine months of this year, Aramco's net profit dropped 18 per cent to $68.2 billion. At the end of last year, Saudi reserves in the fields the company operates consisted of 336.2 billion barrels of oil equivalent, including 261.5 billion barrels of crude oil and condensate, 36.1 billion barrels of NGLs and 233.8 trillion standard cubic feet of natural gas, Aramco said. The IPO represents the cornerstone of powerful crown prince Mohammed bin Salman's "Vision 2030," aimed at leading the world's biggest crude exporter away from oil.

Saudi Aramco stock offering to launch November 17

As the weeks ticked down to Brazil's biggest-ever oil auction, state-run Petrobras held increasingly frantic talks to find potential partners, with the heaviest blow coming when major Exxon Mobil Corp&nbsp;pulled out days before, according to six people familiar with the matter.

While many firms were far from ready to take on enormous signing fees and investments, Exxon came closest but ultimately failed to reach acceptable terms for the blockbuster bidding round, according to four of the sources, who requested anonymity to discuss confidential negotiations.

With that, the state firm formally known as Petroleo Brasileiro SA&nbsp;was left to anchor embarrassingly empty bidding round on Wednesday with token support from Chinese firms.

The big Brazilian round was the latest offshore auction this year to undershoot expectations, hurt by competition from shale oil and other unconventional sources as well as lower demand forecasts.

Most of the talks to form consortia between Petrobras and other oil firms were and brief and informal, according to the sources. But negotiations with Exxon were relatively advanced, offering the major a large stake in the coveted Buzios oil block until talks fell apart in the last few weeks, sources said.

The ill-fated talks show how even global firms that were seriously interested in the landmark "transfer-of-rights" (TOR) auction on Wednesday could not accept the terms of a required partnership with Petrobras – long seen as a bottleneck to the development of Brazil's most promising deepwater resources.

The proposed Exxon-Petrobras consortium, which would have included the two Chinese state firms that ultimately bought 10 per cent&nbsp;of Buzios block' rights, CNODC and CNOOC, would have given a seal of private-sector approval to the landmark auction.

Instead the lack of major partners revealed how the powerful role of Petrobras in the so-called "pre-salt polygon," along with complicated development terms and expensive signing fees discourage interest, even among majors with large purchasing power, in one of the world's biggest proven oil reserves.

Exxon and Petrobras did not respond to requests for comment.

CNOOC and CNPC did not immediately respond to e-mails sent outside&nbsp;business&nbsp;hours.

Differences emerge

Much remains unclear as to why the talks did not bear fruit.

One source said the Petrobras and Exxon disagreed over the way billions of dollars would be paid to the Brazilian firm in compensation for prior investments. Others cited differences over how much to invest in platforms to ramp up production.

Exxon was interested in taking over operations at the field, a non-starter for Petrobras, according to one of the sources.

All sources agreed that the complicated nature of the TOR auction played a major role in keeping the talks from reaching the finish line. This has been confirmed by Brazilian authorities to explain why the country failed to catch money from foreign oil companies.

"It's an awful system," Economy Minister Paulo Guedes said on Thursday. "You have to go through many layers of negotiations just to get to the oil."

Due to an agreement signed between Petrobras and the Brazilian government in 2010, the state firm already has rights to develop up to 5 billion barrels of oil in the TOR area. The Wednesday auction concerned oil in the TOR area in excess of what Petrobras had already been promised.

As a result, any winning member of a consortium would have needed to bang out a complex deal reconciling itself with the existing claims of Petrobras in the region. Brazil's government would then have needed to approve the deal.

Weak competition

In the end, the state-run company was nearly alone in submitting minimum bids for two of the four areas in the TOR bidding round, which officials hoped would cement Brazil's ascendance as Latin America's undisputed oil powerhouse.

Petrobras won Itapu, the smallest block up for grabs, with a solo offer. Sepia and Atapu, the second and third largest blocks respectively, received no bids.

Had the government sold off all areas, it would have reaped some 106.5 billion reais ($25.8 billion) in signing bonuses. Instead, Brazil got just under 70 billion reais.

The following day, Petrobras was also almost completely alone when bidding for the largest of five oil blocks offered at the country's sixth pre-salt bidding round, the Aram area. China's CNODC again accompanied the state-run company by committing to a 20 per cent&nbsp;stake.

The results of both rounds were widely seen as a disappointment, as no private firms placed bids for fields that are known to hold billions of barrels of untapped crude.

Economy Minister Guedes told Reuters on Friday that the week's auctions were a "condemnation" of the production-sharing system Brazil uses in the pre-salt polygon, adding that the country needs to shift toward a concession model.

Following the results, Brazilian Mines and Energy Minister Bento Albuquerque said the government had learned a lesson and would adjust the rules of any future auction. That could involve lowering the minimum signing bonuses required from bidders, among other parameters, he said.

"We're evaluating the whole process, and we're certain that we're going to correct it," Albuquerque told Reuters.

As the weeks ticked down to Brazil's biggest-ever oil auction, state-run Petrobras held increasingly frantic talks to find potential partners, with the heaviest blow coming when major Exxon Mobil Corp pulled out days before, according to six people familiar with the matter.

As the weeks ticked down to Brazil's biggest-ever oil auction, state-run Petrobras held increasingly frantic talks to find potential partners, with the heaviest blow coming when major Exxon Mobil Corp pulled out days before, according to six people familiar with the matter. While many firms were far from ready to take on enormous signing fees and investments, Exxon came closest but ultimately failed to reach acceptable terms for the blockbuster bidding round, according to four of the sources, who requested anonymity to discuss confidential negotiations. With that, the state firm formally known as Petroleo Brasileiro SA was left to anchor embarrassingly empty bidding round on Wednesday with token support from Chinese firms. The big Brazilian round was the latest offshore auction this year to undershoot expectations, hurt by competition from shale oil and other unconventional sources as well as lower demand forecasts. Most of the talks to form consortia between Petrobras and other oil firms were and brief and informal, according to the sources. But negotiations with Exxon were relatively advanced, offering the major a large stake in the coveted Buzios oil block until talks fell apart in the last few weeks, sources said. The ill-fated talks show how even global firms that were seriously interested in the landmark "transfer-of-rights" (TOR) auction on Wednesday could not accept the terms of a required partnership with Petrobras – long seen as a bottleneck to the development of Brazil's most promising deepwater resources. The proposed Exxon-Petrobras consortium, which would have included the two Chinese state firms that ultimately bought 10 per cent of Buzios block' rights, CNODC and CNOOC, would have given a seal of private-sector approval to the landmark auction. Instead the lack of major partners revealed how the powerful role of Petrobras in the so-called "pre-salt polygon," along with complicated development terms and expensive signing fees discourage interest, even among majors with large purchasing power, in one of the world's biggest proven oil reserves. Exxon and Petrobras did not respond to requests for comment. CNOOC and CNPC did not immediately respond to e-mails sent outside business hours. Differences emerge Much remains unclear as to why the talks did not bear fruit. One source said the Petrobras and Exxon disagreed over the way billions of dollars would be paid to the Brazilian firm in compensation for prior investments. Others cited differences over how much to invest in platforms to ramp up production. Exxon was interested in taking over operations at the field, a non-starter for Petrobras, according to one of the sources. All sources agreed that the complicated nature of the TOR auction played a major role in keeping the talks from reaching the finish line. This has been confirmed by Brazilian authorities to explain why the country failed to catch money from foreign oil companies. "It's an awful system," Economy Minister Paulo Guedes said on Thursday. "You have to go through many layers of negotiations just to get to the oil." Due to an agreement signed between Petrobras and the Brazilian government in 2010, the state firm already has rights to develop up to 5 billion barrels of oil in the TOR area. The Wednesday auction concerned oil in the TOR area in excess of what Petrobras had already been promised. As a result, any winning member of a consortium would have needed to bang out a complex deal reconciling itself with the existing claims of Petrobras in the region. Brazil's government would then have needed to approve the deal. Weak competition In the end, the state-run company was nearly alone in submitting minimum bids for two of the four areas in the TOR bidding round, which officials hoped would cement Brazil's ascendance as Latin America's undisputed oil powerhouse. Petrobras won Itapu, the smallest block up for grabs, with a solo offer. Sepia and Atapu, the second and third largest blocks respectively, received no bids. Had the government sold off all areas, it would have reaped some 106.5 billion reais ($25.8 billion) in signing bonuses. Instead, Brazil got just under 70 billion reais. The following day, Petrobras was also almost completely alone when bidding for the largest of five oil blocks offered at the country's sixth pre-salt bidding round, the Aram area. China's CNODC again accompanied the state-run company by committing to a 20 per cent stake. The results of both rounds were widely seen as a disappointment, as no private firms placed bids for fields that are known to hold billions of barrels of untapped crude. Economy Minister Guedes told Reuters on Friday that the week's auctions were a "condemnation" of the production-sharing system Brazil uses in the pre-salt polygon, adding that the country needs to shift toward a concession model. Following the results, Brazilian Mines and Energy Minister Bento Albuquerque said the government had learned a lesson and would adjust the rules of any future auction. That could involve lowering the minimum signing bonuses required from bidders, among other parameters, he said. "We're evaluating the whole process, and we're certain that we're going to correct it," Albuquerque told Reuters.

Failed Exxon talks left Petrobras stranded for auctions: Report

French insurer AXA&nbsp;said it expected to book net proceeds of $3.1 billion from the sale of a 29 per cent&nbsp;stake in AXA Equitable Holdings (EQH)&nbsp;as it exits its US&nbsp;life insurance business.

AXA, the second-largest European insurer after Germany's Allianz, has been gradually divesting from EQH to raise funds to pay for its $15 billion acquisition of Bermuda-based rival XL last year.

AXA said in a statement on Friday it had sold 144 million EQH shares at $21.80 per share to Goldman Sachs, the sole underwriter in a secondary public share offering expected to close on November&nbsp;13.

EQH has agreed to repurchase 24 million shares at the same price.

AXA said that proceeds from the deal would boost the group's Solvency II capital requirements ratio by six points and that no significant net income impact was expected.

After the deal, the French group will retain only a 9.6 per cent&nbsp;stake it needs to redeem an AXA bond maturing in May 2021 that has to be exchangeable in EQH shares.

French insurer AXA said it expected to book net proceeds of $3.1 billion from the sale of a 29 per cent stake in AXA Equitable Holdings (EQH) as it exits its US life insurance business.

French insurer AXA said it expected to book net proceeds of $3.1 billion from the sale of a 29 per cent stake in AXA Equitable Holdings (EQH) as it exits its US life insurance business. AXA, the second-largest European insurer after Germany's Allianz, has been gradually divesting from EQH to raise funds to pay for its $15 billion acquisition of Bermuda-based rival XL last year. AXA said in a statement on Friday it had sold 144 million EQH shares at $21.80 per share to Goldman Sachs, the sole underwriter in a secondary public share offering expected to close on November 13. EQH has agreed to repurchase 24 million shares at the same price. AXA said that proceeds from the deal would boost the group's Solvency II capital requirements ratio by six points and that no significant net income impact was expected. After the deal, the French group will retain only a 9.6 per cent stake it needs to redeem an AXA bond maturing in May 2021 that has to be exchangeable in EQH shares.

AXA expects to book $3.1 billion gain from EQH exit

Tesla Inc Chief Executive Officer Elon Musk and noted short-seller David Einhorn mocked each other in open letters published on Twitter on Friday, trading barbs clothed in polite language.

Einhorn on Oct. 30 had told his investors at Greenlight Capital that his fund had lost money on Tesla. Greenlight bet against the electric carmaker, and shares rose in the second quarter.

Still, he told investors that Tesla "appears to continue to spin positive PR ahead of the safety and fair treatment of its customers."

Musk, who has a history of being playful on Twitter, began an exchange by posting an open letter&nbsp;on Twitter addressing Einhorn as "Dear Mr&nbsp;Unicorn (fabulous name btw)". Einhorn means unicorn in German.

Musk further added that Einhorn made numerous "false allegations" against Tesla and offered "sympathies" for a drop in assets under management.

"It is understandable that you wish to save face with your investors, given the losses you suffered from Tesla's successful third quarter, especially since you've had several down years in performance and a sharp drop in assets under management from $15 billion to $5 billion," Musk wrote.

Einhorn responded with an open letter&nbsp;on Twitter, asking the billionaire entrepreneur to be specific about false statements so that Greenlight could correct them.

"By continually changing the narrative and narrowly averting crisis after crisis, you certainly have kept it interesting," Einhorn said.

Einhorn said his hedge fund and Tesla had "some similarities and some differences".

"We both struggled last year. However, a key difference is that Greenlight's&nbsp;business&nbsp;has generated real profits for our investors since we began in 1996," Einhorn said.

Greenlight Capital first rose to prominence for making a prescient call on Lehman Brothers' accounting troubles before the firm's collapse.

Last year, it compared Tesla to Lehman and earlier this year said the company appeared to be "on the brink" of failure.

Investors in the past have shown impatience with Tesla's failures to meet financial and production targets. The carmaker, however, put some concerns to rest after delivering a surprise profit in its third quarter.

Musk invited Einhorn to meet him and tour Tesla's facilities to learn about the company's progress.

"Finally, please allow us to send you a small gift of short shorts to help you through this difficult time," Musk said, signing off as "Treelon Musk."

Einhorn welcomed the offer to learn more about Tesla.

"I think facility visits would be fun (can we start in Buffalo?). I might learn the difference between your alien dreadnought factory and cars made by hand in a tent."

Tesla Inc Chief Executive Officer Elon Musk and noted short-seller David Einhorn mocked each other in open letters published on Twitter on Friday, trading barbs clothed in polite language.

Tesla Inc Chief Executive Officer Elon Musk and noted short-seller David Einhorn mocked each other in open letters published on Twitter on Friday, trading barbs clothed in polite language. Einhorn on Oct. 30 had told his investors at Greenlight Capital that his fund had lost money on Tesla. Greenlight bet against the electric carmaker, and shares rose in the second quarter. Still, he told investors that Tesla "appears to continue to spin positive PR ahead of the safety and fair treatment of its customers." Musk, who has a history of being playful on Twitter, began an exchange by posting an open letter on Twitter addressing Einhorn as "Dear Mr Unicorn (fabulous name btw)". Einhorn means unicorn in German. Musk further added that Einhorn made numerous "false allegations" against Tesla and offered "sympathies" for a drop in assets under management. "It is understandable that you wish to save face with your investors, given the losses you suffered from Tesla's successful third quarter, especially since you've had several down years in performance and a sharp drop in assets under management from $15 billion to $5 billion," Musk wrote. Einhorn responded with an open letter on Twitter, asking the billionaire entrepreneur to be specific about false statements so that Greenlight could correct them. "By continually changing the narrative and narrowly averting crisis after crisis, you certainly have kept it interesting," Einhorn said. Einhorn said his hedge fund and Tesla had "some similarities and some differences". "We both struggled last year. However, a key difference is that Greenlight's business has generated real profits for our investors since we began in 1996," Einhorn said. Greenlight Capital first rose to prominence for making a prescient call on Lehman Brothers' accounting troubles before the firm's collapse. Last year, it compared Tesla to Lehman and earlier this year said the company appeared to be "on the brink" of failure. Investors in the past have shown impatience with Tesla's failures to meet financial and production targets. The carmaker, however, put some concerns to rest after delivering a surprise profit in its third quarter. Musk invited Einhorn to meet him and tour Tesla's facilities to learn about the company's progress. "Finally, please allow us to send you a small gift of short shorts to help you through this difficult time," Musk said, signing off as "Treelon Musk." Einhorn welcomed the offer to learn more about Tesla. "I think facility visits would be fun (can we start in Buffalo?). I might learn the difference between your alien dreadnought factory and cars made by hand in a tent."

Tesla's Musk, Greenlight's Einhorn taunt each other on Twitter

WeWork owner The We Company disclosed data on Friday that showed expansion of its office-sharing&nbsp;business&nbsp;was almost doubling in size from a large pipeline of leases even as the money-losing company plans to slash costs and reduce its headcount.

WeWork divulged a presentation it gave prospective creditors in October about two weeks before SoftBank agreed to a $9.5 billion&nbsp;bailout to keep the company afloat before cash on hand was expected to run out sometime in November.

The data showed that as of the third quarter WeWork planned to add 450,000 desks through leased locations that have not yet opened, which would represent almost a doubling in size from the 520,000 desks already up and running.

The October&nbsp;11 presentation said that "despite the noise," an allusion to the intense media focus after We withdrew its plans to go public in September, "we have continued to perform."

The 49-page presentation highlighted changes underfoot to emphasize a renewed focus on WeWork as its core&nbsp;business. The presentation also showed the company distancing itself from the much-criticised leadership of co-founder Adam Neumann, who relinquished control under the deal with SoftBank.

Going forward WeWork plans a "disciplined focus on profitable market-share expansion" instead of growing the&nbsp;business&nbsp;"prior to funding commitments," which the presentation said occurred from 2017 to September 2019 under Neumann.

A 90-day game plan included reducing headcount in administrative operations, WeWork's venture capital arm and in growth-related functions, a likely reference to the teams dedicated to designing and constructing new office sites.

No numbers were provided for layoffs. Marcelo Claure, the SoftBank executive who was named the chairman of WeWork last month, has said layoffs are expected but has not said how many.

The presentation said WeWork plans to divest seven non-core&nbsp;businesses, Conductor, the Wing, Managed by Q, Meetup, SpaceIQ, Teem and Wave Garden. The units organize meetings, provide facilities and workplace management, and marketing.

The presentation also said plans divulged to investors in October to close RISE, the company's wellness centres, are now under reevaluation.

Just over half of WeWork's Naked Hub locations in China were what the company calls mature, or sites that have been open for more than 24 months, yet China's occupancy rate was only 76 per cent.

WeWork shelved its plans to go public on September&nbsp;30 after investors grew wary of its losses,&nbsp;business&nbsp;model and corporate governance. Neumann had resigned the previous week.

WeWork owner The We Company disclosed data on Friday that showed expansion of its office-sharing business was almost doubling in size from a large pipeline of leases even as the money-losing company plans to slash costs and reduce its headcount.

WeWork owner The We Company disclosed data on Friday that showed expansion of its office-sharing business was almost doubling in size from a large pipeline of leases even as the money-losing company plans to slash costs and reduce its headcount. WeWork divulged a presentation it gave prospective creditors in October about two weeks before SoftBank agreed to a $9.5 billion bailout to keep the company afloat before cash on hand was expected to run out sometime in November. The data showed that as of the third quarter WeWork planned to add 450,000 desks through leased locations that have not yet opened, which would represent almost a doubling in size from the 520,000 desks already up and running. The October 11 presentation said that "despite the noise," an allusion to the intense media focus after We withdrew its plans to go public in September, "we have continued to perform." The 49-page presentation highlighted changes underfoot to emphasize a renewed focus on WeWork as its core business. The presentation also showed the company distancing itself from the much-criticised leadership of co-founder Adam Neumann, who relinquished control under the deal with SoftBank. Going forward WeWork plans a "disciplined focus on profitable market-share expansion" instead of growing the business "prior to funding commitments," which the presentation said occurred from 2017 to September 2019 under Neumann. A 90-day game plan included reducing headcount in administrative operations, WeWork's venture capital arm and in growth-related functions, a likely reference to the teams dedicated to designing and constructing new office sites. No numbers were provided for layoffs. Marcelo Claure, the SoftBank executive who was named the chairman of WeWork last month, has said layoffs are expected but has not said how many. The presentation said WeWork plans to divest seven non-core businesses, Conductor, the Wing, Managed by Q, Meetup, SpaceIQ, Teem and Wave Garden. The units organize meetings, provide facilities and workplace management, and marketing. The presentation also said plans divulged to investors in October to close RISE, the company's wellness centres, are now under reevaluation. Just over half of WeWork's Naked Hub locations in China were what the company calls mature, or sites that have been open for more than 24 months, yet China's occupancy rate was only 76 per cent. WeWork shelved its plans to go public on September 30 after investors grew wary of its losses, business model and corporate governance. Neumann had resigned the previous week.

WeWork data shows growth still doubling

Swiss flavour and fragrance maker Givaudan&nbsp;said it was buying US&nbsp;Ungerer &amp; Company for an undisclosed sum as part of its long-term growth strategy.

Givaudan said Ungerer, which employs 650 people, would have added roughly $250 million in extra sales on the basis of last year's results. Givaudan posted sales of 5.53 billion Swiss francs&nbsp;in 2018.

The Geneva-based company did not disclose the terms of the deal, which it said it would fund through issuing new debt. The transaction is expected to close during the first quarter of 2020.

Ungerer, based in New Jersey, was founded more than 125 years ago and has a presence in more than 60 countries. It has eight factories and six R&amp;D centres, Givaudan said.

The deal is Givaudan's sixth acquisition this year as it targets the average sales growth of 4-5 per cent.

"The acquisition of Ungerer fits very well with our long-term strategy for our core business in flavours and fragrances," Givaudan CEO Gilles Andrier said in a statement.

"They have an excellent reputation in the market, thanks to the quality of their speciality ingredients as well as their strong position in the fast-growing local and regional customer segment."

Swiss flavour and fragrance maker Givaudan said it was buying US Ungerer & Company for an undisclosed sum as part of its long-term growth strategy. Givaudan said Ungerer, which employs 650 people, would have added roughly $250 million in extra sales on the basis of last year's results.

Swiss flavour and fragrance maker Givaudan said it was buying US Ungerer & Company for an undisclosed sum as part of its long-term growth strategy. Givaudan said Ungerer, which employs 650 people, would have added roughly $250 million in extra sales on the basis of last year's results. Givaudan posted sales of 5.53 billion Swiss francs in 2018. The Geneva-based company did not disclose the terms of the deal, which it said it would fund through issuing new debt. The transaction is expected to close during the first quarter of 2020. Ungerer, based in New Jersey, was founded more than 125 years ago and has a presence in more than 60 countries. It has eight factories and six R&D centres, Givaudan said. The deal is Givaudan's sixth acquisition this year as it targets the average sales growth of 4-5 per cent. "The acquisition of Ungerer fits very well with our long-term strategy for our core business in flavours and fragrances," Givaudan CEO Gilles Andrier said in a statement. "They have an excellent reputation in the market, thanks to the quality of their speciality ingredients as well as their strong position in the fast-growing local and regional customer segment."

Givaudan buys United States flavour and fragrance maker Ungerer

Walt Disney Co. on Thursday reported better-than-expected quarterly results, fueled by the release of blockbuster films "Aladdin" and "The Lion King" as it prepared for its new streaming television service.

<a href="https://www.wionews.com/entertainment/disney-thaws-frozen-for-blockbuster-sequel-100m-plus-opening-expected-260487">Disney </a>profit in the recently ended quarter was $1.05 billion, down from $2.3 billion a year ago, on revenue that grew 34 per cent to $19.1 billion.

The slump in profits came as Disney absorbed key film and television operations of 21st Century Fox and geared up for its launch of the streaming service Disney+ that aims to compete globally against Netflix and others.

"We've spent the last few years completely transforming The Walt Disney Company to focus the resources and immense creativity across the entire company on delivering an extraordinary direct-to-consumer experience," said Disney chief executive Robert Iger.

"We're excited for the launch of Disney+ on November 12."

Iger said the company reached a deal for the service to be on Amazon's Fire TV platform, the latest distribution agreement for Disney+.

Disney shares were up more than five percent in after-market trading following release of the earnings figures.

Revenues in the past quarter were boosted by a 52 percent rise in Disney's studio operations with box office hits "The Lion King," "Toy Story 4" and "Aladdin" fueling gains.

The entertainment giant expects revenue in the current quarter to be boosted by the forthcoming release of a sequel to "Frozen" and the final installment of the "Star Wars" film saga.

It will thereafter take a "hiatus" from <a href="https://www.wionews.com/entertainment/disney-unveils-star-wars-merchandise-at-britains-pinewood-studios-252305">"Star Wars" </a>box office films but has an array of spin-off shows planned exclusively for its streaming service.

Disney has become the biggest Hollywood player with the acquisition of studio and TV assets from Rupert Murdoch's 21st Century Fox.

However, integrating Fox into Disney has cost more than expected and the newly added studios have brought in less money than hoped.

Disney saw smaller revenue gains in its cable and broadcasting operations as well as its theme park division.

Iger would not disclose details of pre-sales of Disney+ subscriptions, but said the price -- $6.99 monthly -- has met with "great enthusiasm" by consumers.

The Disney+ online streaming service will debut in the United States, Canada and the Netherlands before gradually expanding internationally in Europe then rolling out worldwide.

Its films and TV shows will be available, along with the library it acquired from 21st Century Fox. That includes the "Star Wars" and Marvel superhero franchises and ABC television content.

Disney+ will also combine offerings from powerhouse brands including Pixar, with content from Hulu and sports network ESPN.

Apple last week launched a <a href="https://www.wionews.com/business-economy/appletv-debuts-streaming-tv-service-with-oprah-and-aniston-259285">streaming television service</a> that features a budding library of original shows starring big-name celebrities, aimed at winning over its gadget lovers at home and on the go.

The Apple TV+ on-demand streaming service launched in more than 100 countries at $4.99 per month.

Original Apple TV+ shows have so far been met with lukewarm early reviews, but the low subscription price and an offer of year-long memberships free with purchase of the company's devices was expected to encourage viewers to tune in.

Netflix, meanwhile, has budgeted $15 billion this year for original shows, on top of the billions it has devoted to exclusive productions in recent years.

Amazon, which has deep pockets thanks to its e-commerce and cloud services, has also poured cash into original shows for its Prime Video service.

This sets up a potential spending war among the major streaming players, according to analysts.

Even more competition looms on the horizon, with AT&amp;T's Warner Media to launch its "HBO Max" in early 2020 after reclaiming the rights from Netflix to stream its popular television comedy "Friends."

NBCUniversal's Peacock service is also launching next year.

Walt Disney Co. on Thursday reported better-than-expected quarterly results, fueled by the release of blockbuster films "Aladdin" and "The Lion King" as it prepared for its new streaming television service.

Walt Disney Co. on Thursday reported better-than-expected quarterly results, fueled by the release of blockbuster films "Aladdin" and "The Lion King" as it prepared for its new streaming television service. Disney profit in the recently ended quarter was $1.05 billion, down from $2.3 billion a year ago, on revenue that grew 34 per cent to $19.1 billion. The slump in profits came as Disney absorbed key film and television operations of 21st Century Fox and geared up for its launch of the streaming service Disney+ that aims to compete globally against Netflix and others. "We've spent the last few years completely transforming The Walt Disney Company to focus the resources and immense creativity across the entire company on delivering an extraordinary direct-to-consumer experience," said Disney chief executive Robert Iger. "We're excited for the launch of Disney+ on November 12." Iger said the company reached a deal for the service to be on Amazon's Fire TV platform, the latest distribution agreement for Disney+. Disney shares were up more than five percent in after-market trading following release of the earnings figures. Revenues in the past quarter were boosted by a 52 percent rise in Disney's studio operations with box office hits "The Lion King," "Toy Story 4" and "Aladdin" fueling gains. The entertainment giant expects revenue in the current quarter to be boosted by the forthcoming release of a sequel to "Frozen" and the final installment of the "Star Wars" film saga. It will thereafter take a "hiatus" from "Star Wars" box office films but has an array of spin-off shows planned exclusively for its streaming service. Disney has become the biggest Hollywood player with the acquisition of studio and TV assets from Rupert Murdoch's 21st Century Fox. However, integrating Fox into Disney has cost more than expected and the newly added studios have brought in less money than hoped. Disney saw smaller revenue gains in its cable and broadcasting operations as well as its theme park division. Iger would not disclose details of pre-sales of Disney+ subscriptions, but said the price -- $6.99 monthly -- has met with "great enthusiasm" by consumers. The Disney+ online streaming service will debut in the United States, Canada and the Netherlands before gradually expanding internationally in Europe then rolling out worldwide. Its films and TV shows will be available, along with the library it acquired from 21st Century Fox. That includes the "Star Wars" and Marvel superhero franchises and ABC television content. Disney+ will also combine offerings from powerhouse brands including Pixar, with content from Hulu and sports network ESPN. Apple last week launched a streaming television service that features a budding library of original shows starring big-name celebrities, aimed at winning over its gadget lovers at home and on the go. The Apple TV+ on-demand streaming service launched in more than 100 countries at $4.99 per month. Original Apple TV+ shows have so far been met with lukewarm early reviews, but the low subscription price and an offer of year-long memberships free with purchase of the company's devices was expected to encourage viewers to tune in. Netflix, meanwhile, has budgeted $15 billion this year for original shows, on top of the billions it has devoted to exclusive productions in recent years. Amazon, which has deep pockets thanks to its e-commerce and cloud services, has also poured cash into original shows for its Prime Video service. This sets up a potential spending war among the major streaming players, according to analysts. Even more competition looms on the horizon, with AT&T's Warner Media to launch its "HBO Max" in early 2020 after reclaiming the rights from Netflix to stream its popular television comedy "Friends." NBCUniversal's Peacock service is also launching next year.

Disney tops earnings estimates ahead of streaming launch

China's exports suffered their third month of decline in October, and while the drop was less than expected there were warnings Friday of more pain to come as the <a href="https://www.wionews.com/world/china-us-agree-tariff-rollback-if-phase-one-trade-deal-is-completed-260641">US trade war </a>rumbles on.

While tensions between the world's top two economies are beginning to ease, Beijing is struggling to get the engines of growth firing on all cylinders as demand for its goods around the world tails off.

In the latest sign of weakness, official data showed overseas shipments fell 0.9 per cent on-year last month, though that is much slower than the 3.2 per cent drop seen in September and much better than forecasts.

Economists surveyed by Bloomberg had tipped a 3.9 per cent plunge.

Imports sank for the sixth straight month in October, dropping 6.4 per cent, though that was also an improvement on the previous month and beat estimates.

China's trade surplus with the United States, a key point of anger in the White House, increased to $26.42 billion.

The economic powerhouses have been embroiled in a bruising trade war for more than a year, with punitive tariffs slapped on two-way trade worth hundreds of billions of dollars.

But markets have been buoyed in recent weeks by expectations the row, which has dragged on the global economy, could be easing as China and the US finalise a mini trade deal that is part of a wider agreement.

Hopes for an end to the stand-off were boosted Thursday when China said the two sides have agreed a plan to remove tariffs imposed on goods in stages if the phase one preliminary pact on which they are working is completed.

Ken Cheung Kin Tai, a senior strategist at Mizuho Bank said that the "less worrying trade figures should help suppress fears of weakening fourth-quarter China growth amid the trade war".

China's economic growth slowed to six percent in the third quarter, the weakest rate in 27 years.

However, analysts warned the subdued outlook worldwide will continue to weigh on trade.

"Slowing global growth and the uncertainty surrounding the US-China trade tensions will continue to dampen trade prospects in China and demand for imports," said Tommy Wu of Oxford Economics.

He added that further policy easing and support from the government could be expected to stabilise growth.

"The contraction in both exports and imports eased more than expected last month," said Martin Rasmussen, China economist at Capital Economics.

"But even if the 'phase one' US-China trade deal crosses the finish line, it is unlikely to alleviate the main headwinds facing exporters and outbound shipments look set to remain weak in the coming months."

China's exports suffered their third month of decline in October, and while the drop was less than expected there were warnings Friday of more pain to come as the US trade war rumbles on.

China's exports suffered their third month of decline in October, and while the drop was less than expected there were warnings Friday of more pain to come as the US trade war rumbles on. While tensions between the world's top two economies are beginning to ease, Beijing is struggling to get the engines of growth firing on all cylinders as demand for its goods around the world tails off. In the latest sign of weakness, official data showed overseas shipments fell 0.9 per cent on-year last month, though that is much slower than the 3.2 per cent drop seen in September and much better than forecasts. Economists surveyed by Bloomberg had tipped a 3.9 per cent plunge. Imports sank for the sixth straight month in October, dropping 6.4 per cent, though that was also an improvement on the previous month and beat estimates. China's trade surplus with the United States, a key point of anger in the White House, increased to $26.42 billion. The economic powerhouses have been embroiled in a bruising trade war for more than a year, with punitive tariffs slapped on two-way trade worth hundreds of billions of dollars. But markets have been buoyed in recent weeks by expectations the row, which has dragged on the global economy, could be easing as China and the US finalise a mini trade deal that is part of a wider agreement. Hopes for an end to the stand-off were boosted Thursday when China said the two sides have agreed a plan to remove tariffs imposed on goods in stages if the phase one preliminary pact on which they are working is completed. Ken Cheung Kin Tai, a senior strategist at Mizuho Bank said that the "less worrying trade figures should help suppress fears of weakening fourth-quarter China growth amid the trade war". China's economic growth slowed to six percent in the third quarter, the weakest rate in 27 years. However, analysts warned the subdued outlook worldwide will continue to weigh on trade. "Slowing global growth and the uncertainty surrounding the US-China trade tensions will continue to dampen trade prospects in China and demand for imports," said Tommy Wu of Oxford Economics. He added that further policy easing and support from the government could be expected to stabilise growth. "The contraction in both exports and imports eased more than expected last month," said Martin Rasmussen, China economist at Capital Economics. "But even if the 'phase one' US-China trade deal crosses the finish line, it is unlikely to alleviate the main headwinds facing exporters and outbound shipments look set to remain weak in the coming months."

China export drop beats forecasts in October but more pain tipped

The world's richest people became a little less well off last year, according to a report by UBS&nbsp;and PwC, as geopolitical turmoil and volatile equity markets reduced the wealth of billionaires for the first time in a decade.

Billionaires' wealth fell by $388 billion globally to $8.539 trillion, the UBS/PwC Billionaires Report found, with a particularly sharp decline in Greater China - the second-biggest home for billionaires after the United States - and the Asia-Pacific region more broadly.

Private banks including the world's largest wealth manager UBS have felt the effects of US-China trade tensions and global political uncertainties, as clients, last year shied away from trading and taking on debt in favour of hoarding more cash.

"Billionaire wealth dipped in 2018 for the first time since 2008 because of geopolitics," UBS's head of ultra-high net worth clients, Josef Stadler, said in the report published on Friday.

The net worth of China's richest dropped 12.8% in dollar terms on the back of tumbling stock markets and a weaker local currency and as growth in the world's second-largest economy slowed to its lowest level in nearly three decades in 2018, the report found, knocking dozens off the billionaires' list.

Despite the drop, China continues to produce a new billionaire every 2-2.5 days, Stadler said.

Worldwide, the number of billionaires fell everywhere except in the Americas, where tech entrepreneurs continued to buoy the ranks of the United States' wealthiest.

"This report shows the resilience of the US economy," where there were 749 billionaires at the end of 2018, said John Matthews, head of private wealth management and ultra-high net worth business for UBS in the United States.

While a stock market recovery from a steep drop in late 2018 has helped wealth managers increase their assets, the world's richest families remain concerned about global affairs from trade tensions and Brexit to populism and climate change and are continuing to keep more of their money in cash.

"It is likely that billionaire wealth will go up again this year," said Simon Smiles, UBS's chief investment officer for ultra-wealthy clients, adding it would likely be a more muted increase than the wider financial market rally might suggest.

The world's richest people became a little less well off last year, according to a report by UBS and PwC, as geopolitical turmoil and volatile equity markets reduced the wealth of billionaires for the first time in a decade.

The world's richest people became a little less well off last year, according to a report by UBS and PwC, as geopolitical turmoil and volatile equity markets reduced the wealth of billionaires for the first time in a decade. Billionaires' wealth fell by $388 billion globally to $8.539 trillion, the UBS/PwC Billionaires Report found, with a particularly sharp decline in Greater China - the second-biggest home for billionaires after the United States - and the Asia-Pacific region more broadly. Private banks including the world's largest wealth manager UBS have felt the effects of US-China trade tensions and global political uncertainties, as clients, last year shied away from trading and taking on debt in favour of hoarding more cash. "Billionaire wealth dipped in 2018 for the first time since 2008 because of geopolitics," UBS's head of ultra-high net worth clients, Josef Stadler, said in the report published on Friday. The net worth of China's richest dropped 12.8% in dollar terms on the back of tumbling stock markets and a weaker local currency and as growth in the world's second-largest economy slowed to its lowest level in nearly three decades in 2018, the report found, knocking dozens off the billionaires' list. Despite the drop, China continues to produce a new billionaire every 2-2.5 days, Stadler said. Worldwide, the number of billionaires fell everywhere except in the Americas, where tech entrepreneurs continued to buoy the ranks of the United States' wealthiest. "This report shows the resilience of the US economy," where there were 749 billionaires at the end of 2018, said John Matthews, head of private wealth management and ultra-high net worth business for UBS in the United States. While a stock market recovery from a steep drop in late 2018 has helped wealth managers increase their assets, the world's richest families remain concerned about global affairs from trade tensions and Brexit to populism and climate change and are continuing to keep more of their money in cash. "It is likely that billionaire wealth will go up again this year," said Simon Smiles, UBS's chief investment officer for ultra-wealthy clients, adding it would likely be a more muted increase than the wider financial market rally might suggest.

Billionaires' wealth falls for the first time in a decade

Suzuki Motor Corp said it was no longer gung-ho about India's auto market, the world's fourth-largest, where it has seen relentless growth in the past seven years.

Suzuki Motor Corp said it was no longer gung-ho about India's auto market, the world's fourth-largest, where it has seen relentless growth in the past seven years. And the parent of the country's biggest car maker is not alone. The Japanese automaker issued the warning after it reported a slump in quarterly profit this week on tumbling sales at its Indian unit, Maruti Suzuki, which accounts for half the number of cars sold in India. "We no longer think that growth in India will be an uninterrupted move upwards," Suzuki President Toshihiro Suzuki cautioned. Maruti's sales, which were growing till January, has slipped every month over February-September 2019. India's auto sector has gone into a tailspin this year as tight liquidity at shadow banks, high taxes and a weak rural economy have sapped consumers' buying power. Global players like Ford, Volkswagen and Fiat are already re-evaluating their strategy as they struggle to make inroads in a market dominated by small cars. "Car makers are getting very cautious regarding their future investments in India. Most of them are either deferring or just scrapping their India new model plans," said Puneet Gupta, an autos sector expert at IHS Markit. Auto executives and analysts point out that some car makers are focussing on their strengths in terms of products instead of chasing volumes with small cars. Some others are taking drastic steps to reduce their exposure. Ford has agreed to sell a majority stake in its India arm to Mahindra & Mahindra, ending its independent operations in the country after two decades and highlighting the challenges automakers face in growing profitably in Asia's third-largest economy. Dialing back A cocktail of higher taxes under a new goods and services tax regime, flip-flop over electric-vehicle policy, and a boom of ride-sharing firms such as Uber and Ola have all plagued global automakers in India. Not having the right cars and smaller sales network have also hurt, some executives say. "When you have policy instability it becomes very hard to convince headquarters to invest more in the country," an executive at a western automaker said. India is largely a small-car market and that is not a strength for most global automakers, who sell more SUVs and luxury cars elsewhere such as in China and the United States - the world's top two car markets, the executive added. Western automakers had to design products specifically for India which is an expensive exercise, said V.G. Ramakrishnan, managing partner at consultancy Avanteum Advisors. "Many chose a mass-market strategy instead of a niche one," and are dialing back to focus on specific segments, he said. Volkswagen has put its sister company Skoda in charge of India strategy and will focus on SUVs. Fiat too has put SUV-maker Jeep in charge of driving sales in the country. Demand for SUVs in India is growing faster than some small car segments, prompting even the likes of Maruti that dominates the small-car space to look at launching SUVs and crossovers. Honda is re-evaluating its India plans and may convert one of its two plants into a research centre, local media reported. Toyota and Suzuki have formed an alliance to share supply chain costs and develop new vehicle technologies together. "Automakers want to exploit their existing resources, minimize their costs and maximize their returns," Gupta said.

Suzuki rethinks promise of India's auto market, and it is not alone

Indian retail inflation probably exceeded the Reserve Bank of India's ( RBI) medium-term target of 4 per cent&nbsp;in October for the first time in 15 months, mainly because of rising vegetable prices, a Reuters poll of economists showed.

Prices of most vegetables climbed during the month as monsoon downpours delayed harvests and disrupted supplies. That was despite a government ban on onion exports, a key component in the Indian diet.

Overall food prices - the biggest chunk of the consumer price basket - also rose in October.

The November 4-7 Reuters poll of 39 economists forecast annual consumer price inflation rose to 4.25 per cent&nbsp;in October, its highest since June 2018 and above 3.99 per cent in September.

Nearly 85 per cent of respondents forecast retail inflation, due on November&nbsp;12, to breach the RBI's medium-term target.

"Vegetable prices, particularly that of onions and tomatoes, will contribute significantly to the rise in inflation," said Teresa John, an economist at Nirmal Bang, a retail brokerage.

"We expect the RBI to maintain its easing bias on the back of sluggish growth and weak core inflation pressures despite rising headline inflation led by food prices."

The RBI has cut its key interest rate by a cumulative 135 basis points this year to 5.15 per cent. The central bank is expected to cut the repo rate in December for the sixth meeting in a row, according to a separate Reuters poll. That view primarily stems from a slowing economy.

Despite easy monetary and fiscal policy, recent business surveys indicate the economy, which slowed to a six-year low of 5 per cent growth during the second quarter, is still struggling and is not expected to recover anytime soon.

If those forecasts are realised, it will be the first time since October 2016 the RBI has cut rates even though inflation is above the central bank's medium-term target.

"I think their (RBI) objective now and their policy equation is focused on reviving growth, and they have been very forthcoming in communicating that," said Sakshi Gupta, senior India economist at HDFC Bank.

"So, I think they still have space to cut rates further right now - given whatever the dynamics of inflation are."

The wholesale price index probably remained flat last month, the lowest in nearly three and a half years. The WPI was the preferred gauge for the RBI before the consumer price index was introduced on early 2012.&nbsp;&nbsp; &nbsp;

Indian 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.

Indian 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. Prices of most vegetables climbed during the month as monsoon downpours delayed harvests and disrupted supplies. That was despite a government ban on onion exports, a key component in the Indian diet. Overall food prices - the biggest chunk of the consumer price basket - also rose in October. The November 4-7 Reuters poll of 39 economists forecast annual consumer price inflation rose to 4.25 per cent in October, its highest since June 2018 and above 3.99 per cent in September. Nearly 85 per cent of respondents forecast retail inflation, due on November 12, to breach the RBI's medium-term target. "Vegetable prices, particularly that of onions and tomatoes, will contribute significantly to the rise in inflation," said Teresa John, an economist at Nirmal Bang, a retail brokerage. "We expect the RBI to maintain its easing bias on the back of sluggish growth and weak core inflation pressures despite rising headline inflation led by food prices." The RBI has cut its key interest rate by a cumulative 135 basis points this year to 5.15 per cent. The central bank is expected to cut the repo rate in December for the sixth meeting in a row, according to a separate Reuters poll. That view primarily stems from a slowing economy. Despite easy monetary and fiscal policy, recent business surveys indicate the economy, which slowed to a six-year low of 5 per cent growth during the second quarter, is still struggling and is not expected to recover anytime soon. If those forecasts are realised, it will be the first time since October 2016 the RBI has cut rates even though inflation is above the central bank's medium-term target. "I think their (RBI) objective now and their policy equation is focused on reviving growth, and they have been very forthcoming in communicating that," said Sakshi Gupta, senior India economist at HDFC Bank. "So, I think they still have space to cut rates further right now - given whatever the dynamics of inflation are." The wholesale price index probably remained flat last month, the lowest in nearly three and a half years. The WPI was the preferred gauge for the RBI before the consumer price index was introduced on early 2012.

India's inflation probably breached RBI target last month: Poll

Indian shares inched lower on Friday after Moody's Investors Service lowered its ratings outlook to "negative" from "stable", saying it was increasingly likely that economic growth will remain lower than in the past.

Moody's said the change in outlook partly reflected government and policy ineffectiveness in addressing economic weakness, which led to an increase in debt burden from already high levels.

However, losses in equities were capped as realty stocks extended their sharp gains from the previous session.

"Market reaction will depend on institutional view on the development, will FIIs cut India exposure remains to be seen," said Deepak Jasani, head of retail research at HDFC Securities.

"If they agree with Moody's assessment and don't have an alternative, there may not be a rush to exit."

The broader NSE Nifty was down 0.23 per cent at 11,986.50, as of 0355 GMT, while the benchmark BSE Sensex fell 0.18 per cent to 40,585.72. The rupee weakened as much as 0.49 per cent to 71.31 against the dollar.

The Nifty PSU Bank index, which tracks state-run lenders, was the top loser among NSE sectoral indexes, slipping nearly 1 per cent.

Oil marketing companies Hindustan Petroleum Corp Ltd and Bharat Petroleum Corp Ltd declined over 1.4 per cent each.

Automakers Ashok Leyland and Mahindra and Mahindra Ltd fell as much as 1.24 per cent and 0.55 per cent, respectively, ahead of their quarterly results later in the day. This pushed the NSE auto index lower by more than 0.5 per cent.

Meanwhile, the Nifty realty index rose more than 2 per cent after Thursday's 0.9 per cent gain, with DLF Ltd adding nearly 5 per cent.

Late on Wednesday, the government approved 100 billion rupees ($1.41 billion) for a fund to help clear stalled housing projects.

GlaxoSmithKline Consumer Healthcare Ltd rose as much as 1.16 per cent after the drugmaker reported a strong set of quarterly numbers.

Indian shares inched lower on Friday after Moody's Investors Service lowered its ratings outlook to "negative" from "stable", saying it was increasingly likely that economic growth will remain lower than in the past.

Indian shares inched lower on Friday after Moody's Investors Service lowered its ratings outlook to "negative" from "stable", saying it was increasingly likely that economic growth will remain lower than in the past. Moody's said the change in outlook partly reflected government and policy ineffectiveness in addressing economic weakness, which led to an increase in debt burden from already high levels. However, losses in equities were capped as realty stocks extended their sharp gains from the previous session. "Market reaction will depend on institutional view on the development, will FIIs cut India exposure remains to be seen," said Deepak Jasani, head of retail research at HDFC Securities. "If they agree with Moody's assessment and don't have an alternative, there may not be a rush to exit." The broader NSE Nifty was down 0.23 per cent at 11,986.50, as of 0355 GMT, while the benchmark BSE Sensex fell 0.18 per cent to 40,585.72. The rupee weakened as much as 0.49 per cent to 71.31 against the dollar. The Nifty PSU Bank index, which tracks state-run lenders, was the top loser among NSE sectoral indexes, slipping nearly 1 per cent. Oil marketing companies Hindustan Petroleum Corp Ltd and Bharat Petroleum Corp Ltd declined over 1.4 per cent each. Automakers Ashok Leyland and Mahindra and Mahindra Ltd fell as much as 1.24 per cent and 0.55 per cent, respectively, ahead of their quarterly results later in the day. This pushed the NSE auto index lower by more than 0.5 per cent. Meanwhile, the Nifty realty index rose more than 2 per cent after Thursday's 0.9 per cent gain, with DLF Ltd adding nearly 5 per cent. Late on Wednesday, the government approved 100 billion rupees ($1.41 billion) for a fund to help clear stalled housing projects. GlaxoSmithKline Consumer Healthcare Ltd rose as much as 1.16 per cent after the drugmaker reported a strong set of quarterly numbers.

Nifty, Sensex slip after Moody's cuts outlook to 'negative'