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Domestic stock market indices Sensex and Nifty gained during the early trade, taking cues from the poll trend which suggest BJP may return to power in Maharashtra and Haryana.

At 10 am, the benchmark S&amp;P BSE Sensex was trading around 39,133.01 levels. HCL Tech, up 4 per cent, was the top gainer on the 30-share index.

On NSE, the broader Nifty50 was hovering around11,620.15-mark. 
 
Global cues

Asian shares pulled ahead on Thursday even as uncertainties around Brexit timeline kept overall sentiment in check. EU member states on Wednesday delayed a decision on whether to grant Britain a three-month Brexit extension.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent, while Japan's Nikkei inched up 0.5 per cent.

Trends on SGX Nifty suggest a positive start to the domestic indices.

On Wall Street overnight, the Dow and the Nasdaq added 0.2 per cent each while the S&amp;P 500 gained 0.3 per cent.

(With inputs from Reuters)

Domestic stock market indices Sensex and Nifty gained during the early trade, taking cues from the poll trend which suggest BJP may return to power in Maharashtra and Haryana.

Domestic stock market indices Sensex and Nifty gained during the early trade, taking cues from the poll trend which suggest BJP may return to power in Maharashtra and Haryana. At 10 am, the benchmark S&P BSE Sensex was trading around 39,133.01 levels. HCL Tech, up 4 per cent, was the top gainer on the 30-share index. On NSE, the broader Nifty50 was hovering around11,620.15-mark. Global cues Asian shares pulled ahead on Thursday even as uncertainties around Brexit timeline kept overall sentiment in check. EU member states on Wednesday delayed a decision on whether to grant Britain a three-month Brexit extension. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent, while Japan's Nikkei inched up 0.5 per cent. Trends on SGX Nifty suggest a positive start to the domestic indices. On Wall Street overnight, the Dow and the Nasdaq added 0.2 per cent each while the S&P 500 gained 0.3 per cent. (With inputs from Reuters)

Sensex up 100 points, Nifty below 11,650

<a href="https://www.wionews.com/business-economy/us-states-plan-google-antitrust-meeting-next-month-in-colorado-report-257621">Alphabet Inc's Google</a> said on Wednesday it had achieved a breakthrough in computing research by using a quantum computer to solve in minutes a complex problem that would take today's most powerful supercomputer thousands of years to crack.

Google researchers expect that quantum computers within a few years will fuel advancements in fields such as artificial intelligence, materials science, and chemistry. The company is racing rivals including IBM Corp and Microsoft Corp to be the first to commercialize the technology and sell it through its cloud computing business.

"We're hoping that when people start using this and looking at performance stability and cloud interface, they'll get really excited about what we have to offer at Google," John Martinis, the company's chief scientist for quantum hardware, told reporters.

The breakthrough was described in a paper published in the science journal Nature. It followed weeks of controversy since a draft leaked over whether Google's claim of "quantum supremacy" was valid.

IBM said a supercomputer employing a different set-up could solve the same challenge in under three days, while chipmaker Intel said, "quantum practicality" remained years away.

Google defended its position but did not dispute rivals' contentions. It has manufactured a handful of chips with 54 'qubits', vastly more powerful than the standard 64-bit chip in many consumer devices. However, for the technology to be useful to customers, it would need to make chips with thousands of qubits.

Martinis said Google sees "a pathway" to a computer with 1,000 qubits and expressed confidence that it had a reliable process to make its new chip, dubbed Sycamore.

The US&nbsp;and Chinese governments have led in the burgeoning quantum technology field, pledging billions of dollars in funding to corporate and state researchers to fast-track quantum development and mitigate possible issues, including the tech's expected ability to break digital encryption.

Google has been among the beneficiaries of American support. "The United States has taken a great leap forward in quantum computing," said US&nbsp;chief technology officer Michael Kratsios on Wednesday.

Long-held dream

For decades, computer scientists have sought to harness quantum physics, laws governing the behaviour of particles that are smaller than atoms and can simultaneously exist in different states.

Quantum bits, or qubits, can be set to one and zero at the same time, unlike today's computer bits that are either ones or zeros. This superposition property multiplies exponentially as qubits become entangled with each other, meaning the more qubits connected, the vastly more powerful a quantum computer becomes.

But there is a catch: Quantum researchers need to cool qubits to about absolute zero (-273 degrees Celsius or -460 degrees Fahrenheit) to limit vibration - or "noise" - that causes errors in calculations. It is in this challenging task that Google, which has designed much of its own electronics and used liquid helium for cooling, has made significant progress.

<a href="https://www.wionews.com/world/no-plans-to-relaunch-in-china-without-right-conditions-ceo-sundar-pichai-228341">CEO Sundar Pichai</a> compared the achievement to building the first rocket to leave Earth's atmosphere and touch the edge of space, an advance that brought interplanetary travel into the realm of the possible.

"For those of us working in science and technology, it's the 'hello world' moment we've been waiting for - the most meaningful milestone to date in the quest to make quantum computing a reality," Pichai wrote in a blog https://blog.google/perspectives/sundar-pichai/what-our-quantum-computing-milestone-means.

Sycamore, measuring about 10 mm (0.39 inch) across, is made using aluminium and indium parts sandwiched between two silicon wafers. In their experiment this year, the researchers were able to get 53 of Sycamore's qubits to interact in a quantum state.

They then had the quantum computer detect patterns in a series of seemingly random numbers, and it succeeded in 3 minutes and 20 seconds. They estimated that the same problem would take 10,000 years for a Summit supercomputer - the most powerful in the world today - to solve.

Hold on a qubit

While the peer-reviewed research has drawn plaudits, with MIT's William D. Oliver comparing it to the Wright brothers' first flights, sceptics say Google is over-selling its achievement.

IBM said a supercomputer with additional disk storage can solve the random number problem in at most 2-1/2 days and with greater accuracy. It also said Google risked misleading the public by implying the new-style computers would replace existing ones.

"Quantum computers will never reign 'supreme' over classical computers, but will rather work in concert with them, since each has their unique strengths," Dario Gil, director of research at IBM, wrote in a blog.

Torsten Siebert, manager of the quantum computing research program at Germany's Fraunhofer Society, agreed that "progress was likely to be achieved through such hybrid combinations."

Researchers also have expressed concern about quantum computers being used, for example, to unseal secure data and passwords or enable new forms of surveillance.

But before quantum computers can break codes, security experts have plenty of time to adapt, Martinis said.

"We're pretty confident we'll all stay safe and secure in the future," he said.

Alphabet Inc's Google said on Wednesday it had achieved a breakthrough in computing research by using a quantum computer to solve in minutes a complex problem that would take today's most powerful supercomputer thousands of years to crack.

Alphabet Inc's Google said on Wednesday it had achieved a breakthrough in computing research by using a quantum computer to solve in minutes a complex problem that would take today's most powerful supercomputer thousands of years to crack. Google researchers expect that quantum computers within a few years will fuel advancements in fields such as artificial intelligence, materials science, and chemistry. The company is racing rivals including IBM Corp and Microsoft Corp to be the first to commercialize the technology and sell it through its cloud computing business. "We're hoping that when people start using this and looking at performance stability and cloud interface, they'll get really excited about what we have to offer at Google," John Martinis, the company's chief scientist for quantum hardware, told reporters. The breakthrough was described in a paper published in the science journal Nature. It followed weeks of controversy since a draft leaked over whether Google's claim of "quantum supremacy" was valid. IBM said a supercomputer employing a different set-up could solve the same challenge in under three days, while chipmaker Intel said, "quantum practicality" remained years away. Google defended its position but did not dispute rivals' contentions. It has manufactured a handful of chips with 54 'qubits', vastly more powerful than the standard 64-bit chip in many consumer devices. However, for the technology to be useful to customers, it would need to make chips with thousands of qubits. Martinis said Google sees "a pathway" to a computer with 1,000 qubits and expressed confidence that it had a reliable process to make its new chip, dubbed Sycamore. The US and Chinese governments have led in the burgeoning quantum technology field, pledging billions of dollars in funding to corporate and state researchers to fast-track quantum development and mitigate possible issues, including the tech's expected ability to break digital encryption. Google has been among the beneficiaries of American support. "The United States has taken a great leap forward in quantum computing," said US chief technology officer Michael Kratsios on Wednesday. Long-held dream For decades, computer scientists have sought to harness quantum physics, laws governing the behaviour of particles that are smaller than atoms and can simultaneously exist in different states. Quantum bits, or qubits, can be set to one and zero at the same time, unlike today's computer bits that are either ones or zeros. This superposition property multiplies exponentially as qubits become entangled with each other, meaning the more qubits connected, the vastly more powerful a quantum computer becomes. But there is a catch: Quantum researchers need to cool qubits to about absolute zero (-273 degrees Celsius or -460 degrees Fahrenheit) to limit vibration - or "noise" - that causes errors in calculations. It is in this challenging task that Google, which has designed much of its own electronics and used liquid helium for cooling, has made significant progress. CEO Sundar Pichai compared the achievement to building the first rocket to leave Earth's atmosphere and touch the edge of space, an advance that brought interplanetary travel into the realm of the possible. "For those of us working in science and technology, it's the 'hello world' moment we've been waiting for - the most meaningful milestone to date in the quest to make quantum computing a reality," Pichai wrote in a blog https://blog.google/perspectives/sundar-pichai/what-our-quantum-computing-milestone-means. Sycamore, measuring about 10 mm (0.39 inch) across, is made using aluminium and indium parts sandwiched between two silicon wafers. In their experiment this year, the researchers were able to get 53 of Sycamore's qubits to interact in a quantum state. They then had the quantum computer detect patterns in a series of seemingly random numbers, and it succeeded in 3 minutes and 20 seconds. They estimated that the same problem would take 10,000 years for a Summit supercomputer - the most powerful in the world today - to solve. Hold on a qubit While the peer-reviewed research has drawn plaudits, with MIT's William D. Oliver comparing it to the Wright brothers' first flights, sceptics say Google is over-selling its achievement. IBM said a supercomputer with additional disk storage can solve the random number problem in at most 2-1/2 days and with greater accuracy. It also said Google risked misleading the public by implying the new-style computers would replace existing ones. "Quantum computers will never reign 'supreme' over classical computers, but will rather work in concert with them, since each has their unique strengths," Dario Gil, director of research at IBM, wrote in a blog. Torsten Siebert, manager of the quantum computing research program at Germany's Fraunhofer Society, agreed that "progress was likely to be achieved through such hybrid combinations." Researchers also have expressed concern about quantum computers being used, for example, to unseal secure data and passwords or enable new forms of surveillance. But before quantum computers can break codes, security experts have plenty of time to adapt, Martinis said. "We're pretty confident we'll all stay safe and secure in the future," he said.

Google unveils quantum computer breakthrough; critics say wait a qubit

China and India made the top 10 list of governments that have done the most in the past year to improve the ease of doing business in their countries, the <a href="https://www.wionews.com/business-economy/world-bank-slashes-indias-growth-forecast-to-6-for-this-fiscal-year-255626">World Bank</a> said Wednesday.

Despite bitter trade war, in which the United States is demanding reforms from Beijing to protect intellectual property and open its economy further to American businesses, China made the top 10 list for the second year in a row.

With those improvements, China leapfrogged France to take the 31st spot in the "ease of doing business" ranking, moving up 15 places, &nbsp;according to the World Bank report.

And despite US complaints, the report credited China with improving protections for minority investors, strengthening procedures for enforcing contracts and making trade easier with changes to customs administration and port infrastructure.

"Removing barriers facing entrepreneurs generates better jobs, more tax revenues and higher incomes, all of which are necessary to reduce poverty and raise living standards," World Bank Group President David Malpass said in a statement.

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India landed on the most-improved list for the third year in a row, making it easier to start a business by abolishing filing fees, lowering the time and cost of seeking construction permits and making trade easier with port improvements and an improved electronic platform for submitting documents.

The country jumped 14 places to number 63 in the global rankings.

The other eight economies where business climates improved the most were Saudi Arabia, Jordan, Togo, Bahrain, Tajikistan, Pakistan, Kuwait, China, India, and Nigeria, the study found.

New Zealand continues to top the global rankings, with Singapore, Hong Kong right behind, with Korea in fifth place, and the United States sixth.

The World Bank studies reforms in 10 areas of business activity in 190 economies, including issues like construction permits, getting electricity and paying taxes.

China and India made the top 10 list of governments that have done the most in the past year to improve the ease of doing business in their countries, the World Bank said Wednesday.

China and India made the top 10 list of governments that have done the most in the past year to improve the ease of doing business in their countries, the World Bank said Wednesday. Despite bitter trade war, in which the United States is demanding reforms from Beijing to protect intellectual property and open its economy further to American businesses, China made the top 10 list for the second year in a row. With those improvements, China leapfrogged France to take the 31st spot in the "ease of doing business" ranking, moving up 15 places, according to the World Bank report. And despite US complaints, the report credited China with improving protections for minority investors, strengthening procedures for enforcing contracts and making trade easier with changes to customs administration and port infrastructure. "Removing barriers facing entrepreneurs generates better jobs, more tax revenues and higher incomes, all of which are necessary to reduce poverty and raise living standards," World Bank Group President David Malpass said in a statement. × India landed on the most-improved list for the third year in a row, making it easier to start a business by abolishing filing fees, lowering the time and cost of seeking construction permits and making trade easier with port improvements and an improved electronic platform for submitting documents. The country jumped 14 places to number 63 in the global rankings. The other eight economies where business climates improved the most were Saudi Arabia, Jordan, Togo, Bahrain, Tajikistan, Pakistan, Kuwait, China, India, and Nigeria, the study found. New Zealand continues to top the global rankings, with Singapore, Hong Kong right behind, with Korea in fifth place, and the United States sixth. The World Bank studies reforms in 10 areas of business activity in 190 economies, including issues like construction permits, getting electricity and paying taxes.

World Bank rates China, India as 'most improved' for doing business

Office-sharing startup WeWork is planning to cut as many as 4,000 jobs as a part of a turnaround plan put in place by top shareholder Japan's SoftBank Group&nbsp;after it took control of the company this week, Financial Times reported on Wednesday.

The job cut will amount to just under a third of WeWork's global workforce, and about 1,000 of the cuts will hit employees such as janitorial staff, the report said, citing people with direct knowledge of the plans.

SoftBank agreed to spend more than $10 billion&nbsp;to take over WeWork on Tuesday, giving a near $1.7 billion payoff to the startup's co-founder Adam Neumann to relinquish control.

WeWork was not immediately available for comment.

Office-sharing startup WeWork is planning to cut as many as 4,000 jobs as a part of a turnaround plan put in place by top shareholder Japan's SoftBank Group after it took control of the company this week, Financial Times reported on Wednesday.

Office-sharing startup WeWork is planning to cut as many as 4,000 jobs as a part of a turnaround plan put in place by top shareholder Japan's SoftBank Group after it took control of the company this week, Financial Times reported on Wednesday. The job cut will amount to just under a third of WeWork's global workforce, and about 1,000 of the cuts will hit employees such as janitorial staff, the report said, citing people with direct knowledge of the plans. SoftBank agreed to spend more than $10 billion to take over WeWork on Tuesday, giving a near $1.7 billion payoff to the startup's co-founder Adam Neumann to relinquish control. WeWork was not immediately available for comment.

WeWork plans to lay off 4,000 staff: Report

India's biggest airline IndiGo reported its biggest-ever quarterly loss on higher maintenance costs and cut capacity expansion targets, at a time when the industry is grappling with slowing passenger growth in a sluggish economy.

IndiGo parent InterGlobe Aviation Ltd's net loss grew to 10.66 billion rupees ($150 million) in the three months to September&nbsp;30 from 6.52 billion rupees a year earlier, the only other instance that the airline reported a quarterly loss.

Maintenance costs spiked as IndiGo was forced to reassess the expense of leasing and maintaining older Airbus&nbsp;A320ceo planes to fill a gap caused by the grounding of newer A320neo aircraft due to engine issues, Chief Financial Officer Aditya Pande said on a call with analysts on Thursday.

The company also cut its expectations for capacity expansion for 2019-20 to 25 per cent&nbsp;from 30 per cent, blaming a 3-4 month delay in aircraft deliveries by Airbus. It projected capacity growth of 25 per cent&nbsp;for 2020-21.

The results come against the backdrop of an escalating tussle between IndiGo co-founders and top two shareholders Rakesh Gangwal and Rahul Bhatia over corporate governance issues and future strategy.

Gangwal had alleged that Bhatia's affiliate IGE Group had unusual control over IndiGo. Earlier this month, Bhatia alleged Gangwal had breached shareholder agreements and filed cases in courts in London and the United States, according to media reports.

Some analysts said the feud will not hurt IndiGo's performance, while others believe a prolonged dispute could impact high-level decision making at the Gurugram-based airline.

'Softening economic environment'

IndiGo's quarterly loss also comes as Asia's third-largest economy grows at its slowest pace in years and domestic passenger growth cools.

Although IndiGo flew more customers compared with a year earlier, domestic passenger traffic in India rose only 1.2 per cent&nbsp;year-over-year in September, the slowest increase since March and the second-worst pace in at least five years.

"The revenues in the festive season have been somewhat subdued," Chief Executive Ronojoy Dutta said on the conference call, referring to October, a typically strong period for consumer spending.

"Are we in a softening economic environment? It looks like it."

Dutta also estimated a "flattish" year-over-year change in 2019-20 unit revenue, a measure that compares revenue to flight capacity and is used to gauge efficiency.

Still, IndiGo's quarterly revenue from operations surged 31 per cent&nbsp;to 81.05 billion rupees.

IndiGo and smaller rival SpiceJet Ltd have benefited this year from the collapse of cash-strapped Jet Airways, once India's largest private carrier, as both raced to fill Jet's vacated slots.

IndiGo's overall expenses rose 27.6 per cent to 95.77 billion rupees, while costs related to aircraft repair and maintenance surged 88 per cent&nbsp;to 15.3 billion rupees.

The higher costs are expected to continue for the next couple of quarters and taper off in 2022, CFO Pande said.

India's biggest airline IndiGo reported its biggest-ever quarterly loss on higher maintenance costs and cut capacity expansion targets, at a time when the industry is grappling with slowing passenger growth in a sluggish economy.

India's biggest airline IndiGo reported its biggest-ever quarterly loss on higher maintenance costs and cut capacity expansion targets, at a time when the industry is grappling with slowing passenger growth in a sluggish economy. IndiGo parent InterGlobe Aviation Ltd's net loss grew to 10.66 billion rupees ($150 million) in the three months to September 30 from 6.52 billion rupees a year earlier, the only other instance that the airline reported a quarterly loss. Maintenance costs spiked as IndiGo was forced to reassess the expense of leasing and maintaining older Airbus A320ceo planes to fill a gap caused by the grounding of newer A320neo aircraft due to engine issues, Chief Financial Officer Aditya Pande said on a call with analysts on Thursday. The company also cut its expectations for capacity expansion for 2019-20 to 25 per cent from 30 per cent, blaming a 3-4 month delay in aircraft deliveries by Airbus. It projected capacity growth of 25 per cent for 2020-21. The results come against the backdrop of an escalating tussle between IndiGo co-founders and top two shareholders Rakesh Gangwal and Rahul Bhatia over corporate governance issues and future strategy. Gangwal had alleged that Bhatia's affiliate IGE Group had unusual control over IndiGo. Earlier this month, Bhatia alleged Gangwal had breached shareholder agreements and filed cases in courts in London and the United States, according to media reports. Some analysts said the feud will not hurt IndiGo's performance, while others believe a prolonged dispute could impact high-level decision making at the Gurugram-based airline. 'Softening economic environment' IndiGo's quarterly loss also comes as Asia's third-largest economy grows at its slowest pace in years and domestic passenger growth cools. Although IndiGo flew more customers compared with a year earlier, domestic passenger traffic in India rose only 1.2 per cent year-over-year in September, the slowest increase since March and the second-worst pace in at least five years. "The revenues in the festive season have been somewhat subdued," Chief Executive Ronojoy Dutta said on the conference call, referring to October, a typically strong period for consumer spending. "Are we in a softening economic environment? It looks like it." Dutta also estimated a "flattish" year-over-year change in 2019-20 unit revenue, a measure that compares revenue to flight capacity and is used to gauge efficiency. Still, IndiGo's quarterly revenue from operations surged 31 per cent to 81.05 billion rupees. IndiGo and smaller rival SpiceJet Ltd have benefited this year from the collapse of cash-strapped Jet Airways, once India's largest private carrier, as both raced to fill Jet's vacated slots. IndiGo's overall expenses rose 27.6 per cent to 95.77 billion rupees, while costs related to aircraft repair and maintenance surged 88 per cent to 15.3 billion rupees. The higher costs are expected to continue for the next couple of quarters and taper off in 2022, CFO Pande said.

IndiGo reports biggest quarterly loss, cuts expansion targets

Wall Street was mixed early Thursday amid optimism over United States-China trade talks and as Tesla surged on positive earnings, while Twitter plunged on disappointing results.

Analysts cited reports outlining Chinese commitments to buy US agricultural products as a positive sign about a preliminary trade agreement announced earlier this month that is still being hashed out.

The European Central Bank, as expected, held interest rates unchanged, while US data showed a drop in durable goods sales in September amid the General Motors strike and the production halt at Boeing over the grounded 737 MAX.&nbsp;

About 30 minutes into trading, the Dow Jones Industrial Average stood at 26,774.20, down 0.2 per cent.

The broad-based S&amp;P 500 climbed less than 0.1 per cent to 3,005.58, while the tech-rich Nasdaq Composite Index gained 0.4 per cent to 8,153.22.

Among the many companies reporting earnings, Tesla Motors stood out, jumping 16.5 per cent after on a surprise profit of $143 million confounding analysts who had been forecasting a loss.

Tesla said it is producing vehicles "on a trial basis" at its so-called Gigafactory in Shanghai, which will help boost global production and sales.

But Twitter plunged 18.3 per cent after it reported a sharp drop in quarterly profits as glitches in its ad-targeting ability hit revenues.

Among other companies reporting, Microsoft rose 1.1 per cent, 3M sank 4.7 per cent and Ford plunged 6.0 per cent.

Wall Street was mixed early Thursday amid optimism over United States-China trade talks and as Tesla surged on positive earnings, while Twitter plunged on disappointing results.

Wall Street was mixed early Thursday amid optimism over United States-China trade talks and as Tesla surged on positive earnings, while Twitter plunged on disappointing results. Analysts cited reports outlining Chinese commitments to buy US agricultural products as a positive sign about a preliminary trade agreement announced earlier this month that is still being hashed out. The European Central Bank, as expected, held interest rates unchanged, while US data showed a drop in durable goods sales in September amid the General Motors strike and the production halt at Boeing over the grounded 737 MAX. About 30 minutes into trading, the Dow Jones Industrial Average stood at 26,774.20, down 0.2 per cent. The broad-based S&P 500 climbed less than 0.1 per cent to 3,005.58, while the tech-rich Nasdaq Composite Index gained 0.4 per cent to 8,153.22. Among the many companies reporting earnings, Tesla Motors stood out, jumping 16.5 per cent after on a surprise profit of $143 million confounding analysts who had been forecasting a loss. Tesla said it is producing vehicles "on a trial basis" at its so-called Gigafactory in Shanghai, which will help boost global production and sales. But Twitter plunged 18.3 per cent after it reported a sharp drop in quarterly profits as glitches in its ad-targeting ability hit revenues. Among other companies reporting, Microsoft rose 1.1 per cent, 3M sank 4.7 per cent and Ford plunged 6.0 per cent.

Tesla surges, Twitter slumps amid United States earnings deluge

Twitter shares plunged Thursday after reporting glitches that impacted its ad-targeting ability, pulling down revenue growth in the past quarter.

Profit for the third quarter was $37 million, a sharp drop from last year when the online messaging platform was helped by a large tax benefit.

Revenue rose nine per cent from a year earlier to $824 million, well below analyst forecasts, impacted by what the company called "revenue product issues."

Shares in Twitter slid as much as 20 per cent in pre-market trade on the disappointing results.

Twitter said revenue was hit by "bugs" which made it harder to deliver targeted advertising, as well as some seasonal factors.

"Unfortunately we had some missteps and bugs," chief executive Jack Dorsey told a conference call.

"These are issues we identified quickly and are working quickly to fix."&nbsp;

Twitter's investor relations team said the issue affected the ability to deliver ads, which make up the bulk of revenue.

"In Q3, we discovered and took steps to remediate, bugs that primarily affected our legacy Mobile Application Promotion product, impacting our ability to target ads and share data with measurement and ad partners," Twitter's investor relations team tweeted.

"We also discovered that certain personalisation and data settings were not operating as expected. We believe that, in aggregate, these issues reduced year-over-year revenue growth by 3 or more points in Q3."

Chief financial officer Ned Segal said Twitter is working on a fix but that the glitch is expected to have a negative impact in the fourth quarter.

The bugs mainly affected Twitter operations outside the United States, where ad revenue was up just five per cent compared with 11 per cent for the US.

Overall, advertising revenue totalled&nbsp;$702 million, up eight per cent from last year.

Challenges ahead

The results highlight challenges for Twitter, which has struggled to keep pace with rival social platforms as it seeks to remove fake accounts, abusive content and manipulation efforts.

"The miss (on revenue) wasn't just because of tough comparisons, which were expected to dampen their revenue growth, but issues with their ad product. That could impact their performance in the all-important Q4," analyst Jasmine Enberg of eMarketer said.

Twitter boosted the number of "monetisable" daily active users, the new measurement used by the platform, by six million from the past quarter to 145 million.

Twitter has stopped using a count of "monthly active users," which was 330 million earlier this year, in favour of the new measure of daily users on the mobile app or website who see ads in their feeds.

Dorsey said the growth in users represents a "steady refinement of Twitter" as it works to improve the platform and weed out inappropriate content.

"This is an incredibly strong foundation to build upon," he said.

Dorsey said Twitter has improved its automated systems to remove unwanted content, and now takes down more than 50 per cent "proactively" and "without a bystander or first-person report."

Twitter shares plunged Thursday after reporting glitches that impacted its ad-targeting ability, pulling down revenue growth in the past quarter. Profit for the third quarter was $37 million, a sharp drop from last year when the online messaging platform was helped by a large tax benefit.

Twitter shares plunged Thursday after reporting glitches that impacted its ad-targeting ability, pulling down revenue growth in the past quarter. Profit for the third quarter was $37 million, a sharp drop from last year when the online messaging platform was helped by a large tax benefit. Revenue rose nine per cent from a year earlier to $824 million, well below analyst forecasts, impacted by what the company called "revenue product issues." Shares in Twitter slid as much as 20 per cent in pre-market trade on the disappointing results. Twitter said revenue was hit by "bugs" which made it harder to deliver targeted advertising, as well as some seasonal factors. "Unfortunately we had some missteps and bugs," chief executive Jack Dorsey told a conference call. "These are issues we identified quickly and are working quickly to fix." Twitter's investor relations team said the issue affected the ability to deliver ads, which make up the bulk of revenue. "In Q3, we discovered and took steps to remediate, bugs that primarily affected our legacy Mobile Application Promotion product, impacting our ability to target ads and share data with measurement and ad partners," Twitter's investor relations team tweeted. "We also discovered that certain personalisation and data settings were not operating as expected. We believe that, in aggregate, these issues reduced year-over-year revenue growth by 3 or more points in Q3." Chief financial officer Ned Segal said Twitter is working on a fix but that the glitch is expected to have a negative impact in the fourth quarter. The bugs mainly affected Twitter operations outside the United States, where ad revenue was up just five per cent compared with 11 per cent for the US. Overall, advertising revenue totalled $702 million, up eight per cent from last year. Challenges ahead The results highlight challenges for Twitter, which has struggled to keep pace with rival social platforms as it seeks to remove fake accounts, abusive content and manipulation efforts. "The miss (on revenue) wasn't just because of tough comparisons, which were expected to dampen their revenue growth, but issues with their ad product. That could impact their performance in the all-important Q4," analyst Jasmine Enberg of eMarketer said. Twitter boosted the number of "monetisable" daily active users, the new measurement used by the platform, by six million from the past quarter to 145 million. Twitter has stopped using a count of "monthly active users," which was 330 million earlier this year, in favour of the new measure of daily users on the mobile app or website who see ads in their feeds. Dorsey said the growth in users represents a "steady refinement of Twitter" as it works to improve the platform and weed out inappropriate content. "This is an incredibly strong foundation to build upon," he said. Dorsey said Twitter has improved its automated systems to remove unwanted content, and now takes down more than 50 per cent "proactively" and "without a bystander or first-person report."

Twitter tumbles as 'bugs' hit revenue growth

Tesla Inc&nbsp;on Wednesday surprised investors with a quarterly profit that sent its shares soaring, as Chief Executive Elon Musk promised a 2020 rollout of a cheaper SUV and more self-driving technology to stay ahead of larger rivals rushing into the premium electric vehicle market he created.

Shares rose nearly 21 per cent&nbsp;to $307.12 after hours on the unexpected news, crossing $300 for the first time since March 1 after record deliveries and cost cuts ensured a profitable third quarter.

Tesla on Wednesday posted a cash balance increase to $5.3 billion and reported a profit of $1.86 per share, shattering analyst expectations for a loss of 42 cents per share.

The third-quarter results are an important milestone for Tesla and redemption for Musk who had to step down as chairman after a series of scandals and investor doubts about Tesla's ability to withstand competition from larger, better capitalized global rivals.

Tesla's gross margins, an important profit indicator for investors, surpassed expectations and Tesla said it was "highly confident" in exceeding the low end of its yearly global vehicle delivery goal.

But Tesla has yet to prove that it can be consistently profitable while managing the start of production for Model 3 sedans at its new factory in Shanghai and for Model Y sport utilities next year.

"Given the breakneck speed of expansion, Tesla will face significant demands on its cash pile," said Nicholas Hyett, an analyst at Hargreaves Lansdown.

The company on Wednesday said production in Shanghai and for Model&nbsp;Y is ahead of schedule, with the latter expected to launch by the summer of 2020.

Tesla also has to contain costs as it develops a gigafactory in Europe, a Semi truck, an electric pickup truck, a new generation of the Tesla Roadster and automated driving features.

The carmaker said it had cut costs 16 per cent&nbsp;on a yearly basis, citing improvements in operating efficiency and a reduction in manufacturing and material costs. Musk said on a conference call that operating costs were the lowest since Model 3 production started.

Margin expectations are higher for Model Y than Model 3, while productions costs are roughly the same as Model 3, said Zach Kirkhorn, Tesla chief financial officer.

Model 3 vehicles made in the Shanghai factory will have roughly the same margins as those made in Fremont, California, he said.

Tesla also expects to generally be cash-flow positive as it has grown to the point of being self-funding.&nbsp;

That will allow the company to invest in divisions focusing on sustainable energy, including launching the third version of its solar roof tile this week.

"For about a year and a half we stripped Tesla energy of resources," Musk said. "Now that Model 3 production is in a good place and headed to a great place we have restored resources to Tesla storage and solar. That's going to be really crazy growth."

Musk also said Tesla is open to supplying batteries and other components to other automakers.

With Wednesday's after-hours surge, Tesla's stock has reduced its loss year-to-date to 8 per cent&nbsp;and added about $9 billion to its market capitalization.

But Tesla rallies have been short-lived before.

A year ago, Tesla gave a quarterly report that similarly smashed investors' expectations, igniting a rally that sent its shares 31 per cent&nbsp;higher over the next two months, only to see the stock decline through much of 2019 over worries about corporate governance, profitability and demand for the Model 3.&nbsp;

Investors in the past have shown impatience with the company's serial failures to meet financial and production targets. Earlier this month, Tesla shares slumped after the company reported delivering 97,000 vehicles for the third quarter, only 2 per cent&nbsp;ahead of the previous quarter.

But Tesla on Wednesday exceeded promises by billionaire Musk, who in July said Tesla would break even in the third quarter and turn a profit by the end of 2019.

The company has said it plans to deliver 360,000 to 400,000 vehicles for all of 2019, and on Wednesday said it was "highly confident in exceeding 360,000 deliveries this year."

Analysts have questioned how rapidly Tesla's vehicle sales will grow as government subsidies for electric vehicle purchases dwindle in the United States, China and other markets.

Kirkhorn on Wednesday said Tesla saw growing order rates in all markets, with current quarter orders exceeding those of the past three months.

Tesla has said it aims to produce at least 1,000 Model 3 cars a week at the new Chinese factory by the end of this year, but it is unclear when it will meet year-end production targets due to uncertainties around orders, labour and suppliers.

Revenue fell nearly 8 per cent&nbsp;to $6.30 billion in the quarter ended September&nbsp;30. Analysts had expected revenue of $6.33 billion, according to IBES data from Refinitiv.

Tesla on Wednesday said it would gradually release nearly $500 million of accumulated revenue tied to its "full self-driving capabilities", which customers can buy for $6,000 even though fully automated driving is not available.

Kirkhorn on Wednesday said deferred revenue would also be released as Tesla expands its "Smart Summon" feature, which allows customers to operate a Tesla from 200 feet&nbsp;away using a smartphone app.

Federal safety regulators are looking into the feature after videos began appearing online showing driverless Teslas hitting obstacles or nearly hitting other vehicles.

Musk on Wednesday said software updates over the coming weeks would improve Summon.

Tesla Inc on Wednesday surprised investors with a quarterly profit that sent its shares soaring, as Chief Executive Elon Musk promised a 2020 rollout of a cheaper SUV and more self-driving technology to stay ahead of larger rivals rushing into the premium electric vehicle market he created.

Tesla Inc on Wednesday surprised investors with a quarterly profit that sent its shares soaring, as Chief Executive Elon Musk promised a 2020 rollout of a cheaper SUV and more self-driving technology to stay ahead of larger rivals rushing into the premium electric vehicle market he created. Shares rose nearly 21 per cent to $307.12 after hours on the unexpected news, crossing $300 for the first time since March 1 after record deliveries and cost cuts ensured a profitable third quarter. Tesla on Wednesday posted a cash balance increase to $5.3 billion and reported a profit of $1.86 per share, shattering analyst expectations for a loss of 42 cents per share. The third-quarter results are an important milestone for Tesla and redemption for Musk who had to step down as chairman after a series of scandals and investor doubts about Tesla's ability to withstand competition from larger, better capitalized global rivals. Tesla's gross margins, an important profit indicator for investors, surpassed expectations and Tesla said it was "highly confident" in exceeding the low end of its yearly global vehicle delivery goal. But Tesla has yet to prove that it can be consistently profitable while managing the start of production for Model 3 sedans at its new factory in Shanghai and for Model Y sport utilities next year. "Given the breakneck speed of expansion, Tesla will face significant demands on its cash pile," said Nicholas Hyett, an analyst at Hargreaves Lansdown. The company on Wednesday said production in Shanghai and for Model Y is ahead of schedule, with the latter expected to launch by the summer of 2020. Tesla also has to contain costs as it develops a gigafactory in Europe, a Semi truck, an electric pickup truck, a new generation of the Tesla Roadster and automated driving features. The carmaker said it had cut costs 16 per cent on a yearly basis, citing improvements in operating efficiency and a reduction in manufacturing and material costs. Musk said on a conference call that operating costs were the lowest since Model 3 production started. Margin expectations are higher for Model Y than Model 3, while productions costs are roughly the same as Model 3, said Zach Kirkhorn, Tesla chief financial officer. Model 3 vehicles made in the Shanghai factory will have roughly the same margins as those made in Fremont, California, he said. Tesla also expects to generally be cash-flow positive as it has grown to the point of being self-funding. That will allow the company to invest in divisions focusing on sustainable energy, including launching the third version of its solar roof tile this week. "For about a year and a half we stripped Tesla energy of resources," Musk said. "Now that Model 3 production is in a good place and headed to a great place we have restored resources to Tesla storage and solar. That's going to be really crazy growth." Musk also said Tesla is open to supplying batteries and other components to other automakers. With Wednesday's after-hours surge, Tesla's stock has reduced its loss year-to-date to 8 per cent and added about $9 billion to its market capitalization. But Tesla rallies have been short-lived before. A year ago, Tesla gave a quarterly report that similarly smashed investors' expectations, igniting a rally that sent its shares 31 per cent higher over the next two months, only to see the stock decline through much of 2019 over worries about corporate governance, profitability and demand for the Model 3. Investors in the past have shown impatience with the company's serial failures to meet financial and production targets. Earlier this month, Tesla shares slumped after the company reported delivering 97,000 vehicles for the third quarter, only 2 per cent ahead of the previous quarter. But Tesla on Wednesday exceeded promises by billionaire Musk, who in July said Tesla would break even in the third quarter and turn a profit by the end of 2019. The company has said it plans to deliver 360,000 to 400,000 vehicles for all of 2019, and on Wednesday said it was "highly confident in exceeding 360,000 deliveries this year." Analysts have questioned how rapidly Tesla's vehicle sales will grow as government subsidies for electric vehicle purchases dwindle in the United States, China and other markets. Kirkhorn on Wednesday said Tesla saw growing order rates in all markets, with current quarter orders exceeding those of the past three months. Tesla has said it aims to produce at least 1,000 Model 3 cars a week at the new Chinese factory by the end of this year, but it is unclear when it will meet year-end production targets due to uncertainties around orders, labour and suppliers. Revenue fell nearly 8 per cent to $6.30 billion in the quarter ended September 30. Analysts had expected revenue of $6.33 billion, according to IBES data from Refinitiv. Tesla on Wednesday said it would gradually release nearly $500 million of accumulated revenue tied to its "full self-driving capabilities", which customers can buy for $6,000 even though fully automated driving is not available. Kirkhorn on Wednesday said deferred revenue would also be released as Tesla expands its "Smart Summon" feature, which allows customers to operate a Tesla from 200 feet away using a smartphone app. Federal safety regulators are looking into the feature after videos began appearing online showing driverless Teslas hitting obstacles or nearly hitting other vehicles. Musk on Wednesday said software updates over the coming weeks would improve Summon.

Tesla shares soar 21% as surprise profit answers sceptics

Equity benchmark indices remained flat on the bourses during early hours of Wednesday amid weak global cues as investors awaited a slew of corporate earnings of the second fiscal quarter.

At 10:15 am, the BSE S&amp;P Sensex was up by 110 points at 39,073 while the Nifty 50 edged higher by 48 points to 11,637. All sectoral indices at the National Stock Exchange were in the red with thin margins except for Nifty IT and pharma.

Among stocks, private lenders Yes Bank, IndusInd Bank and Kotak Mahindra Bank were down between 1.3 and 1.7 per cent. Adani Ports lost by 4.8 per cent, Tata Motors by 2.4 per cent and JSW Steel by 1.1 per cent.

Infosys which had shed 16.65 per cent on Tuesday after a whistleblower complaint against unethical practices by certain senior management members of the firm, was trading at Rs 644.35 per share, up by 0.16 per cent.

However, those which showed gains were Bajaj Finserv, Bajaj Finance, HCL Technologies, Titan and Britannia.

Meanwhile, Asian markets fell after British lawmakers rejected the government's schedule to fast-track legislation for a Brexit deal despite voting for the bill. That effectively meant that Britain will not be able to finalise its exit by the October 31 deadline.

Japan's Nikkei stood almost flat after having fallen as much as 0.4 per cent while MSCI's broadest index of Asia Pacific shares outside Japan fell by 0.5 per cent.

Hong Kong's Hang Seng slipped by 0.94 per cent, Shanghai Composite by 0.31 per cent and South Korea's Kospi by 0.42 per cent.

Equity benchmark indices remained flat on the bourses during early hours of Wednesday amid weak global cues as investors awaited a slew of corporate earnings of the second fiscal quarter.

Equity benchmark indices remained flat on the bourses during early hours of Wednesday amid weak global cues as investors awaited a slew of corporate earnings of the second fiscal quarter. At 10:15 am, the BSE S&P Sensex was up by 110 points at 39,073 while the Nifty 50 edged higher by 48 points to 11,637. All sectoral indices at the National Stock Exchange were in the red with thin margins except for Nifty IT and pharma. Among stocks, private lenders Yes Bank, IndusInd Bank and Kotak Mahindra Bank were down between 1.3 and 1.7 per cent. Adani Ports lost by 4.8 per cent, Tata Motors by 2.4 per cent and JSW Steel by 1.1 per cent. Infosys which had shed 16.65 per cent on Tuesday after a whistleblower complaint against unethical practices by certain senior management members of the firm, was trading at Rs 644.35 per share, up by 0.16 per cent. However, those which showed gains were Bajaj Finserv, Bajaj Finance, HCL Technologies, Titan and Britannia. Meanwhile, Asian markets fell after British lawmakers rejected the government's schedule to fast-track legislation for a Brexit deal despite voting for the bill. That effectively meant that Britain will not be able to finalise its exit by the October 31 deadline. Japan's Nikkei stood almost flat after having fallen as much as 0.4 per cent while MSCI's broadest index of Asia Pacific shares outside Japan fell by 0.5 per cent. Hong Kong's Hang Seng slipped by 0.94 per cent, Shanghai Composite by 0.31 per cent and South Korea's Kospi by 0.42 per cent.

Equity gauges flat on global cues, private banks suffer losses

Nike Inc's long-time chief executive officer, Mark Parker, will step down next year and be replaced by board member and former eBay CEO John Donahoe, who will be tasked with strengthening the sportswear maker's online strategy.

Donahoe, who has been on Nike's board since 2014, will join the sneaker maker from cloud computing firm ServiceNow Inc, where he was CEO for more than four years. Prior to that, he led online retailer eBay for the seven years through 2015.

Nike's Parker had said last year he would remain CEO and chairman of the footwear maker beyond 2020, with his remarks coming in the midst of a series of executive departures and probes on workplace complaints.

The move comes days after the world's biggest footwear maker shut down its Nike Oregon Project training group, following the recent four-year ban of the centre's founder and coach Alberto Salazar by the US&nbsp;Anti-Doping Agency (USADA).

Nike did not give any reason for Parker's exit from the top job. In an interview to CNBC, Parker said the change was unrelated to the Oregon Project or any other issues.

Parker joined Nike as one of its first footwear designers in 1979 and held several roles during his tenure at the company before taking charge as its top boss in 2006.

Credited with creating the popular Nike Air sneakers as well as other pioneering products, Parker, in the past few years, oversaw Nike's shift to selling directly to customers online and its success in international markets, particularly China.

He will become Nike's executive chairman and continue to lead the board after Donahoe takes over as CEO.

"We like that (Donahoe) comes from technology and that he comes from the digital space and we like that he is a strategist and a leader ... things that have made Nike positive have been because of those sort of strengths," Jane Hali &amp; Associates analyst Jessica Ramirez said.

Nike's digital revenue surged 35% in the last fiscal year, with the company expecting online sales to account for about a third of its business by 2023.

Edward Jones analyst Brian Yarbrough said Donahoe's e-commerce experience could help with Nike's online push, while Parker could focus more on product development, one of his key strengths.

Hits and misses

During Parker's tenure, Nike's stock surged more than nine-folds. They were marginally higher in extended trading on Tuesday.

Over the past year, however, Parker faced a number of speedbumps as he chased his target of $50 billion in annual sales. He apologised to staff last year after a series of workplace complaints at the company.

Nike also came under fire for featuring an ad with former NFL player Colin Kaepernick, who sparked a national controversy by kneeling during the national anthem.

"Nike has had their fair share of scandals and issues ... and they didn't really go out and look externally. It definitely seems like it could be part of" the Oregon scandal, Yarbrough said, referring to Parker's departure.

Separately, ServiceNow said it appointed Bill McDermott as its CEO. McDermott helmed software maker SAP from 2014 until recently. ServiceNow shares fell about 16% on the news.

McDermott stood down earlier this month after a decade building up SAP as the world's leading enterprise software company, handing the task of completing its transition to cloud computing to new co-CEOs Jennifer Morgan and Christian Klein.

Earlier in the day, Nike rival Under Armour Inc said its founder and CEO Kevin Plank would step down, giving his responsibilities to Patrik Frisk, a company insider, hoping a change in leadership will help battle brutal competition from Nike and Adidas in the United States.

Nike Inc's long-time chief executive officer, Mark Parker, will step down next year and be replaced by board member and former eBay CEO John Donahoe, who will be tasked with strengthening the sportswear maker's online strategy.

Nike Inc's long-time chief executive officer, Mark Parker, will step down next year and be replaced by board member and former eBay CEO John Donahoe, who will be tasked with strengthening the sportswear maker's online strategy. Donahoe, who has been on Nike's board since 2014, will join the sneaker maker from cloud computing firm ServiceNow Inc, where he was CEO for more than four years. Prior to that, he led online retailer eBay for the seven years through 2015. Nike's Parker had said last year he would remain CEO and chairman of the footwear maker beyond 2020, with his remarks coming in the midst of a series of executive departures and probes on workplace complaints. The move comes days after the world's biggest footwear maker shut down its Nike Oregon Project training group, following the recent four-year ban of the centre's founder and coach Alberto Salazar by the US Anti-Doping Agency (USADA). Nike did not give any reason for Parker's exit from the top job. In an interview to CNBC, Parker said the change was unrelated to the Oregon Project or any other issues. Parker joined Nike as one of its first footwear designers in 1979 and held several roles during his tenure at the company before taking charge as its top boss in 2006. Credited with creating the popular Nike Air sneakers as well as other pioneering products, Parker, in the past few years, oversaw Nike's shift to selling directly to customers online and its success in international markets, particularly China. He will become Nike's executive chairman and continue to lead the board after Donahoe takes over as CEO. "We like that (Donahoe) comes from technology and that he comes from the digital space and we like that he is a strategist and a leader ... things that have made Nike positive have been because of those sort of strengths," Jane Hali & Associates analyst Jessica Ramirez said. Nike's digital revenue surged 35% in the last fiscal year, with the company expecting online sales to account for about a third of its business by 2023. Edward Jones analyst Brian Yarbrough said Donahoe's e-commerce experience could help with Nike's online push, while Parker could focus more on product development, one of his key strengths. Hits and misses During Parker's tenure, Nike's stock surged more than nine-folds. They were marginally higher in extended trading on Tuesday. Over the past year, however, Parker faced a number of speedbumps as he chased his target of $50 billion in annual sales. He apologised to staff last year after a series of workplace complaints at the company. Nike also came under fire for featuring an ad with former NFL player Colin Kaepernick, who sparked a national controversy by kneeling during the national anthem. "Nike has had their fair share of scandals and issues ... and they didn't really go out and look externally. It definitely seems like it could be part of" the Oregon scandal, Yarbrough said, referring to Parker's departure. Separately, ServiceNow said it appointed Bill McDermott as its CEO. McDermott helmed software maker SAP from 2014 until recently. ServiceNow shares fell about 16% on the news. McDermott stood down earlier this month after a decade building up SAP as the world's leading enterprise software company, handing the task of completing its transition to cloud computing to new co-CEOs Jennifer Morgan and Christian Klein. Earlier in the day, Nike rival Under Armour Inc said its founder and CEO Kevin Plank would step down, giving his responsibilities to Patrik Frisk, a company insider, hoping a change in leadership will help battle brutal competition from Nike and Adidas in the United States.

Nike's Parker hands over CEO role to former eBay chief

The pound extended losses Wednesday after Boris Johnson's failure to push through his Brexit deal fuelled fresh uncertainty, while Asian markets also ticked lower as investors took a step back after recent gains.

With everything quiet on the China-US trade talks, attention was on Westminster where Britain's prime minister finally got MPs to agree to his EU divorce pact, but minutes later lost a vote on a truncated debate that would have passed it in just three days.

The news means Johnson is unlikely to fulfil his pledge of leaving the European Union the October 31 deadline and raises the possibility of his calling a general election before the end of the year.

EU chiefs are now expected to recommend another extension to the withdrawal date, which analysts said the PM would blame on opposition lawmakers in the event of a national poll.

The prospect of another delay hit sterling, which fell as low as $1.2843 on Wednesday. The unit had earlier this week broken $1.30 for the first time in five months on hopes of averting a painful no-deal divorce. It was also lower against the euro.

"Getting a revised withdrawal agreement to this point and winning with a convincing margin... is an extraordinary achievement," said Stephen Innes, senior market analyst at AxiTrader.

"But with parliament rejecting PM Johnson's truncated timetable in favour of more time to debate the bill, it now means members will give the statute the fine-tooth comb treatment, opening it to more criticism suggesting it could be knocked down later."

- 'Endless' permutations - 
However, one observer pointed out that remarks from Johnson that he would drag Britain out of the EU with the deal come what may be significant.

"This could be an important, indeed key, shift in the government's position as it may indicate a willingness to extend and then seek to get the bill through Parliament," said Neil Wilson at Markets.com.

"My initial thoughts are that the government will let the EU offer the extension to get the bill through, and (Johnson) can square the circle later with amendments etcetera."

But he added that "the permutations remain nearly endless... Uncertainty prevails, but parliament has backed a deal and that feels like a key moment".

The news weighed on US markets, with all three main indexes ending down, and the losses seeped through to Asia.

Tokyo went into the break slightly lower as investors returned from a one-day holiday, while Shanghai slipped 0.1 per cent and Sydney shed 0.2 per cent.

Hong Kong was down 0.5 per cent, with traders keeping tabs on reactions to a Financial Times report saying China was drawing up a plan to remove the city's beleaguered chief executive after nearly five months of pro-democracy unrest.

Singapore fell 0.6 per cent and Seoul was off 0.3 per cent, while Taipei, Manila and Jakarta were also well into the red.

Wellington tumbled two per cent, with major construction firm Fletcher Building hit by a massive fire at a&nbsp;$450 million convention centre it is building in the middle of Auckland.

Oil prices dipped after data indicated US stockpiles increased again last week, reinforcing worries about demand as the world economy slows.&nbsp;

The pound extended losses Wednesday after Boris Johnson's failure to push through his Brexit deal fuelled fresh uncertainty, while Asian markets also ticked lower as investors took a step back after recent gains.

The pound extended losses Wednesday after Boris Johnson's failure to push through his Brexit deal fuelled fresh uncertainty, while Asian markets also ticked lower as investors took a step back after recent gains. With everything quiet on the China-US trade talks, attention was on Westminster where Britain's prime minister finally got MPs to agree to his EU divorce pact, but minutes later lost a vote on a truncated debate that would have passed it in just three days. The news means Johnson is unlikely to fulfil his pledge of leaving the European Union the October 31 deadline and raises the possibility of his calling a general election before the end of the year. EU chiefs are now expected to recommend another extension to the withdrawal date, which analysts said the PM would blame on opposition lawmakers in the event of a national poll. The prospect of another delay hit sterling, which fell as low as $1.2843 on Wednesday. The unit had earlier this week broken $1.30 for the first time in five months on hopes of averting a painful no-deal divorce. It was also lower against the euro. "Getting a revised withdrawal agreement to this point and winning with a convincing margin... is an extraordinary achievement," said Stephen Innes, senior market analyst at AxiTrader. "But with parliament rejecting PM Johnson's truncated timetable in favour of more time to debate the bill, it now means members will give the statute the fine-tooth comb treatment, opening it to more criticism suggesting it could be knocked down later." - 'Endless' permutations - However, one observer pointed out that remarks from Johnson that he would drag Britain out of the EU with the deal come what may be significant. "This could be an important, indeed key, shift in the government's position as it may indicate a willingness to extend and then seek to get the bill through Parliament," said Neil Wilson at Markets.com. "My initial thoughts are that the government will let the EU offer the extension to get the bill through, and (Johnson) can square the circle later with amendments etcetera." But he added that "the permutations remain nearly endless... Uncertainty prevails, but parliament has backed a deal and that feels like a key moment". The news weighed on US markets, with all three main indexes ending down, and the losses seeped through to Asia. Tokyo went into the break slightly lower as investors returned from a one-day holiday, while Shanghai slipped 0.1 per cent and Sydney shed 0.2 per cent. Hong Kong was down 0.5 per cent, with traders keeping tabs on reactions to a Financial Times report saying China was drawing up a plan to remove the city's beleaguered chief executive after nearly five months of pro-democracy unrest. Singapore fell 0.6 per cent and Seoul was off 0.3 per cent, while Taipei, Manila and Jakarta were also well into the red. Wellington tumbled two per cent, with major construction firm Fletcher Building hit by a massive fire at a $450 million convention centre it is building in the middle of Auckland. Oil prices dipped after data indicated US stockpiles increased again last week, reinforcing worries about demand as the world economy slows.

Pound, Asian markets slip as Johnson Brexit bid fails again

McDonald's Corp missed Wall Street estimates for profit for the first time in two years on Tuesday as more investment to spruce up US&nbsp;restaurants and speed up service weighed on the world's biggest fast food chain, sending its shares down 4 per cent.

Rival fast-food chains in the United States have challenged its dominance with value meals and new menu items, including plant-based burgers and meat substitutes launched by rivals including Restaurant Brands International Inc's Burger King and Yum Brands Inc's KFC. McDonald's is seen late in reintroducing chicken sandwiches and rival Wendys Co has started serving breakfast.

In the face of declining customer traffic, McDonald's has been remodeling its 14,000 US&nbsp;restaurants to include digital ordering kiosks, mobile ordering as well as pay-and-pickup services, while partnering with app-based delivery services GrubHub Inc, Uber Eats and DoorDash.

Those investments led to a 2 per cent rise in operating costs to about $3 billion, leading McDonald's to post a smaller-than-expected profit of $2.11 per share versus an average estimate of $2.21, according to IBES data from Refinitiv.

"The world is different than it was in 1955," Chief Executive Officer Steve Easterbrook said during a call with investors.

"We're keenly aware we have to be ahead of these changes, investing, executing and growing with a deep sense of urgency and purpose," he said.

US&nbsp;traffic was negative - an industry-wide trend expected to continue through the end of the year, especially due to weakening economic conditions, according to TDn2K research.

Sales at US&nbsp;restaurants open for at least 13 months rose 4.8 per cent in the third quarter ended Sept. 30, below the 5.17% growth expected by analysts, according to Refinitiv data.

"Our gut tells us that McDonald's was outcompeted in the third quarter by Wendy's and Burger King," Cowen analyst Andrew Charles said in a note.

Despite the US&nbsp;miss, Bernstein analyst Sara Senatore said sales "continue to be among the best in the industry" and that benefits from store renovations should build in future quarters.

Globally, the company reported better-than-expected comparable sales growth of 5.9 per cent on strong performance in markets such as the UK and France.

Interest in plant-based burgers has jumped in North America, and consumers have been waiting to see if McDonald's will expand its test of a Beyond Meat Inc burger in Ontario, Canada, to the United States and other markets.

Easterbook gave no clues other than saying they were interested in such products and wanted to get the flavour and marketing right.

"What we're interested in is really how best to position this, get a sense of the flexitarian customer," he said, referring to people who eat mostly, but not entirely, vegetarian diets.

Net income fell 2 per cent to $1.61 billion in the quarter from $1.64 billion a year earlier.

Total revenue, including both US&nbsp;and overseas operations, rose to $5.43 billion, slightly below analysts' expectations of $5.49 billion.

The company also expects selling, general and administrative expenses for 2019 to rise between 1 per cent to 2 per cent excluding the impact of currency fluctuations.

McDonald's expects delivery to drive $4 billion, or roughly 4 per cent, of global sales.

The service is now available from about 23,000 McDonald's restaurants in over 80 countries. On average, guests spend twice as much on delivery orders as they do on in-store checks, Easterbrook said.

"Delivery remains a big frontier for our business, and we still have a long way to go," he said.

McDonald's Corp missed Wall Street estimates for profit for the first time in two years on Tuesday as more investment to spruce up US restaurants and speed up service weighed on the world's biggest fast food chain, sending its shares down 4 per cent.

McDonald's Corp missed Wall Street estimates for profit for the first time in two years on Tuesday as more investment to spruce up US restaurants and speed up service weighed on the world's biggest fast food chain, sending its shares down 4 per cent. Rival fast-food chains in the United States have challenged its dominance with value meals and new menu items, including plant-based burgers and meat substitutes launched by rivals including Restaurant Brands International Inc's Burger King and Yum Brands Inc's KFC. McDonald's is seen late in reintroducing chicken sandwiches and rival Wendys Co has started serving breakfast. In the face of declining customer traffic, McDonald's has been remodeling its 14,000 US restaurants to include digital ordering kiosks, mobile ordering as well as pay-and-pickup services, while partnering with app-based delivery services GrubHub Inc, Uber Eats and DoorDash. Those investments led to a 2 per cent rise in operating costs to about $3 billion, leading McDonald's to post a smaller-than-expected profit of $2.11 per share versus an average estimate of $2.21, according to IBES data from Refinitiv. "The world is different than it was in 1955," Chief Executive Officer Steve Easterbrook said during a call with investors. "We're keenly aware we have to be ahead of these changes, investing, executing and growing with a deep sense of urgency and purpose," he said. US traffic was negative - an industry-wide trend expected to continue through the end of the year, especially due to weakening economic conditions, according to TDn2K research. Sales at US restaurants open for at least 13 months rose 4.8 per cent in the third quarter ended Sept. 30, below the 5.17% growth expected by analysts, according to Refinitiv data. "Our gut tells us that McDonald's was outcompeted in the third quarter by Wendy's and Burger King," Cowen analyst Andrew Charles said in a note. Despite the US miss, Bernstein analyst Sara Senatore said sales "continue to be among the best in the industry" and that benefits from store renovations should build in future quarters. Globally, the company reported better-than-expected comparable sales growth of 5.9 per cent on strong performance in markets such as the UK and France. Interest in plant-based burgers has jumped in North America, and consumers have been waiting to see if McDonald's will expand its test of a Beyond Meat Inc burger in Ontario, Canada, to the United States and other markets. Easterbook gave no clues other than saying they were interested in such products and wanted to get the flavour and marketing right. "What we're interested in is really how best to position this, get a sense of the flexitarian customer," he said, referring to people who eat mostly, but not entirely, vegetarian diets. Net income fell 2 per cent to $1.61 billion in the quarter from $1.64 billion a year earlier. Total revenue, including both US and overseas operations, rose to $5.43 billion, slightly below analysts' expectations of $5.49 billion. The company also expects selling, general and administrative expenses for 2019 to rise between 1 per cent to 2 per cent excluding the impact of currency fluctuations. McDonald's expects delivery to drive $4 billion, or roughly 4 per cent, of global sales. The service is now available from about 23,000 McDonald's restaurants in over 80 countries. On average, guests spend twice as much on delivery orders as they do on in-store checks, Easterbrook said. "Delivery remains a big frontier for our business, and we still have a long way to go," he said.

McDonald's misses profit target as competition delivers breakfast, plant burgers

US&nbsp;state attorneys general probing Alphabet's Google plan to meet next month in Colorado to discuss a probe into whether the search giant's business practices break antitrust law, according to three sources knowledgeable about the meeting.

The meeting, which is being planned for Nov. 11, would be similar to a gathering this week in New York where state and federal enforcers from the Justice Department and Federal Trade Commission discussed their probe of Facebook, according to one of the sources.

A second source said that this meeting would touch on organizational issues and was likely to be one in a long series of gatherings to discuss the probe.

The investigation of Google appears to be well underway since Texas sent the search and advertising giant a subpoena asking for information about its ad business. As of earlier this month, Google began sending data to the attorneys general.

The investigation, which involves all state attorneys general except Alabama and California, seeks to dig into the opaque business of online digital advertising, where Google is a dominant player. Attorneys general for the District of Columbia, Guam and Puerto Rico are also part of the investigation.

Google, which had no comment for this story, offers free searches, email and other services but much of its revenue is from advertising.

Google has previously said that it was cooperating with federal regulators and with the state probe.

Google faces two other major inquiries - a US&nbsp;Justice Department investigation and a probe by the House of Representatives Judiciary Committee - both of which have broad reviews of the big internet companies underway.

US state attorneys general probing Alphabet's Google plan to meet next month in Colorado to discuss a probe into whether the search giant's business practices break antitrust law, according to three sources knowledgeable about the meeting.

US state attorneys general probing Alphabet's Google plan to meet next month in Colorado to discuss a probe into whether the search giant's business practices break antitrust law, according to three sources knowledgeable about the meeting. The meeting, which is being planned for Nov. 11, would be similar to a gathering this week in New York where state and federal enforcers from the Justice Department and Federal Trade Commission discussed their probe of Facebook, according to one of the sources. A second source said that this meeting would touch on organizational issues and was likely to be one in a long series of gatherings to discuss the probe. The investigation of Google appears to be well underway since Texas sent the search and advertising giant a subpoena asking for information about its ad business. As of earlier this month, Google began sending data to the attorneys general. The investigation, which involves all state attorneys general except Alabama and California, seeks to dig into the opaque business of online digital advertising, where Google is a dominant player. Attorneys general for the District of Columbia, Guam and Puerto Rico are also part of the investigation. Google, which had no comment for this story, offers free searches, email and other services but much of its revenue is from advertising. Google has previously said that it was cooperating with federal regulators and with the state probe. Google faces two other major inquiries - a US Justice Department investigation and a probe by the House of Representatives Judiciary Committee - both of which have broad reviews of the big internet companies underway.

US states plan Google antitrust meeting next month in Colorado: Report

Nissan Motor Co Ltd&nbsp;is likely to axe its&nbsp;Datsun&nbsp;brand, drop some unprofitable products and close a number of assembly lines worldwide as it seeks to boost profits by getting smaller, two company sources with direct knowledge of the matter said.

Known internally as the "performance recovery plan", the proposed steps mark a sharp break with Nissan's strategy under ousted leader Carlos Ghosn, who pursued ambitious vehicle sales targets in the United States and other major markets.

The plan is the Yokohama-based automaker's latest attempt to pull itself out of crisis after Ghosn was arrested for financial misconduct - charges he denies. The scandal has further strained an already dysfunctional alliance with Renault SA&nbsp;and thrown Nissan into disarray as it finds itself on course to book its lowest operating profit in 11 years.

The sources said Nissan will likely kill loss-making variants for the Titan full-size pickup. Unprofitable variants include the single-cab and diesel versions.

A planned shuttering of under-utilised production lines will most probably hit plants in emerging markets building&nbsp;Datsun&nbsp;and other small cars hardest, they added.

"We need to chart a recovery but the rot goes deep," one of the sources said of the many problems facing Nissan.

The second source said all markets with factories except China were being looked at for possible reductions in production capacity. That source also said, however, that there were no plans to close an entire plant or withdraw completely from any country.

In the United States, one of Nissan's biggest markets, the plan calls for fresh efforts to weed out the practice of buying market share by selling vehicles to the rental car and other fleet operators at heavy discounts - a practice which destroyed profitability and undermined Nissan's brand image.

"We're trying to clean up what had happened in the past," one of the sources said, adding that under Ghosn, Nissan sought to meet sales objectives at any cost, including "practically giving away cars" to fleet customers.

A team led by Jun Seki, a senior vice president and incoming vice chief operating officer, is expected to unveil the wide-ranging plan this month though some aspects are still being finalised, said the sources, who were not authorised to speak to media and declined to be identified.

Nissan declined to comment.

Seki is part of a new management team that will see Makoto Uchida, Nissan's head of China operations, take the helm, an appointment that is expected to take effect by Jan. 1.

The new steps follow plans unveiled in July to cut headcount by 12,500 globally by early 2023 and which also flagged cuts to production capacity. At the time, then-CEO Hiroto Saikawa said 14 facilities would be affected.

Overall, the plan's aim is to free up resources to focus more on the United States and China, the sources said.

To that end, it will roll back an aggressive expansionist strategy Ghosn set in motion under a five-year plan called Power 88 which aimed to raise profit margins and global market share to 8 per cent by fiscal 2016,&nbsp;goals which were never achieved.

The&nbsp;Datsun&nbsp;brand - revived for emerging markets under Ghosn after being phased out in the 1980s,&nbsp;&nbsp;will likely bear the brunt of the restructuring. The models are manufactured in Indonesia, India and Russia.

The sources said problems emerged after Nissan began deploying the no-frills cars in 2014 in small markets such as Indonesia, India, Russia and South Africa where it also sells vehicles under its mainstay Nissan brand.

In Indonesia, for example, after a relatively good start,&nbsp;Datsun&nbsp;cars soon began eating into Nissan sales.

"We ended up pushing two mainstream brands in a market where you have a one or two per cent market share. You cannot do that," one of the sources said, adding that there had been similar outcomes in India, South Africa and Russia.

In its bigger markets, a steady supply of new or significantly redesigned models,&nbsp;starting with the redesigned Altima which was launched in the United States late last year,&nbsp;is expected to help Nissan reset the way it prices its vehicles.

"Still, it takes about a year to get any sort of tangible results," one of the sources said, adding that until then the Japanese automaker would continue to see sales by volume fall in the US&nbsp;market.

Nissan Motor Co Ltd is likely to axe its Datsun brand, drop some unprofitable products and close a number of assembly lines worldwide as it seeks to boost profits by getting smaller, two company sources with direct knowledge of the matter said.

Nissan Motor Co Ltd is likely to axe its Datsun brand, drop some unprofitable products and close a number of assembly lines worldwide as it seeks to boost profits by getting smaller, two company sources with direct knowledge of the matter said. Known internally as the "performance recovery plan", the proposed steps mark a sharp break with Nissan's strategy under ousted leader Carlos Ghosn, who pursued ambitious vehicle sales targets in the United States and other major markets. The plan is the Yokohama-based automaker's latest attempt to pull itself out of crisis after Ghosn was arrested for financial misconduct - charges he denies. The scandal has further strained an already dysfunctional alliance with Renault SA and thrown Nissan into disarray as it finds itself on course to book its lowest operating profit in 11 years. The sources said Nissan will likely kill loss-making variants for the Titan full-size pickup. Unprofitable variants include the single-cab and diesel versions. A planned shuttering of under-utilised production lines will most probably hit plants in emerging markets building Datsun and other small cars hardest, they added. "We need to chart a recovery but the rot goes deep," one of the sources said of the many problems facing Nissan. The second source said all markets with factories except China were being looked at for possible reductions in production capacity. That source also said, however, that there were no plans to close an entire plant or withdraw completely from any country. In the United States, one of Nissan's biggest markets, the plan calls for fresh efforts to weed out the practice of buying market share by selling vehicles to the rental car and other fleet operators at heavy discounts - a practice which destroyed profitability and undermined Nissan's brand image. "We're trying to clean up what had happened in the past," one of the sources said, adding that under Ghosn, Nissan sought to meet sales objectives at any cost, including "practically giving away cars" to fleet customers. A team led by Jun Seki, a senior vice president and incoming vice chief operating officer, is expected to unveil the wide-ranging plan this month though some aspects are still being finalised, said the sources, who were not authorised to speak to media and declined to be identified. Nissan declined to comment. Seki is part of a new management team that will see Makoto Uchida, Nissan's head of China operations, take the helm, an appointment that is expected to take effect by Jan. 1. The new steps follow plans unveiled in July to cut headcount by 12,500 globally by early 2023 and which also flagged cuts to production capacity. At the time, then-CEO Hiroto Saikawa said 14 facilities would be affected. Overall, the plan's aim is to free up resources to focus more on the United States and China, the sources said. To that end, it will roll back an aggressive expansionist strategy Ghosn set in motion under a five-year plan called Power 88 which aimed to raise profit margins and global market share to 8 per cent by fiscal 2016, goals which were never achieved. The Datsun brand - revived for emerging markets under Ghosn after being phased out in the 1980s, will likely bear the brunt of the restructuring. The models are manufactured in Indonesia, India and Russia. The sources said problems emerged after Nissan began deploying the no-frills cars in 2014 in small markets such as Indonesia, India, Russia and South Africa where it also sells vehicles under its mainstay Nissan brand. In Indonesia, for example, after a relatively good start, Datsun cars soon began eating into Nissan sales. "We ended up pushing two mainstream brands in a market where you have a one or two per cent market share. You cannot do that," one of the sources said, adding that there had been similar outcomes in India, South Africa and Russia. In its bigger markets, a steady supply of new or significantly redesigned models, starting with the redesigned Altima which was launched in the United States late last year, is expected to help Nissan reset the way it prices its vehicles. "Still, it takes about a year to get any sort of tangible results," one of the sources said, adding that until then the Japanese automaker would continue to see sales by volume fall in the US market.

Nissan Motor likely to axe Datsun brand: Sources

Boeing Co cut production of its flagship Dreamliner and delayed the arrival of a successor to its 777 mini-jumbo, piling new pressures on a rejigged senior management team as the continued safety grounding of its 737 MAX sliced third-quarter profits.

Boeing Co&nbsp;reported a 53 per cent&nbsp;drop in quarterly profit on Wednesday and had a negative free cash flow of $2.89 billion in the quarter, compared with a positive free cash flow of $4.10 billion a year earlier.

Core operating earnings fell to $895 million or $1.45 per share, from $1.89 billion or $3.58 per share, a year earlier.

Boeing shares were slightly higher in premarket trading at $340.10.

The profit slump and trio of industrial setbacks capped a tumultuous week for the world's largest planemaker, already in the eighth month of a deepening crisis over the grounding of its best-selling single-aisle following <a href="https://www.wionews.com/world/ethiopian-airlines-crash-pilot-reported-difficulties-had-asked-to-return-202389">deadly crashes.</a>

On Tuesday, the company ousted the top executive of its crucial airplanes division, Kevin McAllister, in an unexpected management shakeup related to the MAX crisis that senior industry sources say puts Chief Executive Dennis Muilenburg squarely in the firing line in the event of further revelations or if the company fails to recover from the MAX crisis.

Muilenburg's title of board chairman was stripped earlier this month.

Despite fresh setbacks, Boeing said it was sticking to its expectation that the MAX would return to service in the fourth quarter, though the timeline was at the mercy of regulators conducting certification reviews.

Boeing said there was "no significant change" to estimated potential concessions and other considerations to airline customers related to the 737 MAX grounding, part of the $8 billion price tag Boeing estimated for the MAX earlier this year.

"Our top priority remains the safe return to service of the 737 MAX, and we're making steady progress," Muilenburg said in a statement accompanying the results. Boeing has begun taking steps to increase safety oversight in its industrial operations and at the board level, he added.

Boeing plans to cut 787 production, delayed a planned rise in 737 production and the entry into service of the 777X twin-aisle,&nbsp;a trio of industrial setbacks broadening pressure on the company's new commercial leadership.

Boeing named veteran executive Stan Deal, who had been running its two-year-old Global Services Division, to the top job at commercial airplanes. Deal's challenge to get the MAX back into service globally while simultaneously handling new aircraft deliveries and boosting 737 production is seen as one of the most formidable logistical challenges in the industry's history.

Boeing said it was delaying plans to step up production on its 737 line in the Seattle-area through 2019, and would not hit a record-level 57 aircraft monthly until late 2020, months later than previously planned.

Citing global trade tensions, it was also reducing the 787 production rate to 12 airplanes per month for approximately two years beginning in late 2020.

Its forthcoming 777X twin-aisle, facing engine issues at General Electric, was progressing through pre-flight testing and remains on track for first flight in early 2020, but the company was now targeting early 2021 for the first delivery of the 777X.

Boeing Co cut production of its flagship Dreamliner and delayed the arrival of a successor to its 777 mini-jumbo, piling new pressures on a rejigged senior management team as the continued safety grounding of its 737 MAX sliced third-quarter profits.

Boeing Co cut production of its flagship Dreamliner and delayed the arrival of a successor to its 777 mini-jumbo, piling new pressures on a rejigged senior management team as the continued safety grounding of its 737 MAX sliced third-quarter profits. Boeing Co reported a 53 per cent drop in quarterly profit on Wednesday and had a negative free cash flow of $2.89 billion in the quarter, compared with a positive free cash flow of $4.10 billion a year earlier. Core operating earnings fell to $895 million or $1.45 per share, from $1.89 billion or $3.58 per share, a year earlier. Boeing shares were slightly higher in premarket trading at $340.10. The profit slump and trio of industrial setbacks capped a tumultuous week for the world's largest planemaker, already in the eighth month of a deepening crisis over the grounding of its best-selling single-aisle following deadly crashes. On Tuesday, the company ousted the top executive of its crucial airplanes division, Kevin McAllister, in an unexpected management shakeup related to the MAX crisis that senior industry sources say puts Chief Executive Dennis Muilenburg squarely in the firing line in the event of further revelations or if the company fails to recover from the MAX crisis. Muilenburg's title of board chairman was stripped earlier this month. Despite fresh setbacks, Boeing said it was sticking to its expectation that the MAX would return to service in the fourth quarter, though the timeline was at the mercy of regulators conducting certification reviews. Boeing said there was "no significant change" to estimated potential concessions and other considerations to airline customers related to the 737 MAX grounding, part of the $8 billion price tag Boeing estimated for the MAX earlier this year. "Our top priority remains the safe return to service of the 737 MAX, and we're making steady progress," Muilenburg said in a statement accompanying the results. Boeing has begun taking steps to increase safety oversight in its industrial operations and at the board level, he added. Boeing plans to cut 787 production, delayed a planned rise in 737 production and the entry into service of the 777X twin-aisle, a trio of industrial setbacks broadening pressure on the company's new commercial leadership. Boeing named veteran executive Stan Deal, who had been running its two-year-old Global Services Division, to the top job at commercial airplanes. Deal's challenge to get the MAX back into service globally while simultaneously handling new aircraft deliveries and boosting 737 production is seen as one of the most formidable logistical challenges in the industry's history. Boeing said it was delaying plans to step up production on its 737 line in the Seattle-area through 2019, and would not hit a record-level 57 aircraft monthly until late 2020, months later than previously planned. Citing global trade tensions, it was also reducing the 787 production rate to 12 airplanes per month for approximately two years beginning in late 2020. Its forthcoming 777X twin-aisle, facing engine issues at General Electric, was progressing through pre-flight testing and remains on track for first flight in early 2020, but the company was now targeting early 2021 for the first delivery of the 777X.

Boeing profit slumps 53% as MAX grounding takes heavy toll

The union cabinet on Wednesday took five major decisions including ownership rights to 40 lakh people living in unauthorised colonies in Delhi, reform in petroleum sector, cadre review of ITBP officers, merger of MTNL with BSNL and increase in MSP of rabi crops.

Briefing reporters after meeting of union cabinet, Information and Broadcasting Minister Prakash Javadekar said that increase in minimum support price (MSP) of cereals, pulses and oilseeds of rabi crops will give a big boost to farmers.

"The MSP for wheat and barley has been increased by Rs 85, gram by Rs 255, masur (lentil) by Rs 325 and mustard by Rs 225. This has been done to double the income of farmers and give them justice," Javadekar said.

He said the allowance under PM-Kisan Yojna has reached eight crore farmers.

He said a decision has been taken to conduct cadre review of ITBP and it will lead to creation of 60 new posts of A category.

"The last cadre review was done in 2001 when there were 32,000 personnel in the ITBP. Now there are 88,000," he said.

Union Housing and Urban Affairs Minister Hardeep Singh Puri and Communications and Electronics and Information Technology Minister Ravi Shankar Prasad were also present at the press conference.&nbsp;

Javadekar said that decisions on "a big reform" had been taken in the petroleum sector in the meeting.

"New companies can now open retail petrol outlets in the country. This will increase investment and give the consumers more options and also increase competitiveness in the market," Javadekar said.The minister said the cabinet has approved merger of Mahanagar Telephone Nigam Limited (MTNL) with Bharat Sanchar Nigam Limited (BSNL).&nbsp; 
&nbsp;

The union cabinet on Wednesday took five major decisions including ownership rights to 40 lakh people living in unauthorised colonies in Delhi, reform in petroleum sector, cadre review of ITBP officers, merger of MTNL with BSNL and increase in MSP of rabi crops.

The union cabinet on Wednesday took five major decisions including ownership rights to 40 lakh people living in unauthorised colonies in Delhi, reform in petroleum sector, cadre review of ITBP officers, merger of MTNL with BSNL and increase in MSP of rabi crops. Briefing reporters after meeting of union cabinet, Information and Broadcasting Minister Prakash Javadekar said that increase in minimum support price (MSP) of cereals, pulses and oilseeds of rabi crops will give a big boost to farmers. "The MSP for wheat and barley has been increased by Rs 85, gram by Rs 255, masur (lentil) by Rs 325 and mustard by Rs 225. This has been done to double the income of farmers and give them justice," Javadekar said. He said the allowance under PM-Kisan Yojna has reached eight crore farmers. He said a decision has been taken to conduct cadre review of ITBP and it will lead to creation of 60 new posts of A category. "The last cadre review was done in 2001 when there were 32,000 personnel in the ITBP. Now there are 88,000," he said. Union Housing and Urban Affairs Minister Hardeep Singh Puri and Communications and Electronics and Information Technology Minister Ravi Shankar Prasad were also present at the press conference. Javadekar said that decisions on "a big reform" had been taken in the petroleum sector in the meeting. "New companies can now open retail petrol outlets in the country. This will increase investment and give the consumers more options and also increase competitiveness in the market," Javadekar said.The minister said the cabinet has approved merger of Mahanagar Telephone Nigam Limited (MTNL) with Bharat Sanchar Nigam Limited (BSNL).

Increase in MSP, merger of MTNL with BSNL among major decisions of cabinet

Indian shares closed a tick higher on Wednesday, led by gains in auto and IT stocks, as investors paused to study trends from corporate results before placing fresh bets.

The broader Nifty ended 0.14 per cent&nbsp;higher at 11,604.10, while the benchmark BSE Sensex finished up 0.24 per cent&nbsp;at 39,058.83.

Shares of Infosys Ltd reversed losses to settle over 1 per cent&nbsp;higher. The IT services major is investigating whistleblower claims accusing its top two executives of "unethical practices".

HCL Technologies Ltd was the top percentage gainer on the Nifty. The IT firm is due to post quarterly results later in the day.

Eicher Motors Ltd and Maruti Suzuki India Ltd were among the top three gainers on NSE, adding 2.71 per cent&nbsp;and 2.54 per cent, respectively.

Maruti Suzuki India will report its quarterly results on Thursday.

Meanwhile, Adani Ports and Special Economic Zone Ltd fell the most on the bluechip index, tumbling over 6 per cent. 
&nbsp;

Indian shares closed a tick higher on Wednesday, led by gains in auto and IT stocks, as investors paused to study trends from corporate results before placing fresh bets.

Indian shares closed a tick higher on Wednesday, led by gains in auto and IT stocks, as investors paused to study trends from corporate results before placing fresh bets. The broader Nifty ended 0.14 per cent higher at 11,604.10, while the benchmark BSE Sensex finished up 0.24 per cent at 39,058.83. Shares of Infosys Ltd reversed losses to settle over 1 per cent higher. The IT services major is investigating whistleblower claims accusing its top two executives of "unethical practices". HCL Technologies Ltd was the top percentage gainer on the Nifty. The IT firm is due to post quarterly results later in the day. Eicher Motors Ltd and Maruti Suzuki India Ltd were among the top three gainers on NSE, adding 2.71 per cent and 2.54 per cent, respectively. Maruti Suzuki India will report its quarterly results on Thursday. Meanwhile, Adani Ports and Special Economic Zone Ltd fell the most on the bluechip index, tumbling over 6 per cent.

Sensex, Nifty eke out gains; Infosys recovers to end higher

Software major Infosys said on Tuesday it has engaged law firm Shardul Amarchand Mangaldas and Company to conduct an independent investigation on two complaints by some employees about unethical measures to boost profits.

An anonymous group calling itself 'ethical employees' alleged in a letter to the board of Infosys and the US Securities and Exchange Commission (SEC) that company's Chief Executive Officer (CEO) Salil Parekh and Chief Financial Officer (CFO) Nilanjan Roy took disturbing unethical measures to boost profits and short-term revenue.

The complainants said they have emails and voice recordings to substantiate the claims.

"These complaints are being dealt with in an objective manner," said Chairman of Infosys Ltd Nandan Nilekani. "The undated whistleblower complaint largely deals with allegations relating to the CEO's international travel to the United States and Mumbai," he said in a statement.

Nilekani said the company's statutory auditors Deloitte India has also been completely updated on this matter post the board meeting of October 11.

"Although we have not been provided any of the emails or voice recordings, we will ensure that the generalised allegations are investigated to the fullest extent. Additionally, to ensure independence in these investigations the CEO and CFO have been recused from this matter."

Because the investigation is ongoing, said Nilekani, there will be no further comment so that investigation may be conducted in a thorough and objective manner.&nbsp;

"At the appropriate time, we will provide a summary of the investigations results. The board is committed to uphold the highest standard of corporate governance and protect the interests of all stakeholders."

In one of the letters, the whistleblower said that Parekh and Roy were pressuring the finance team to show more profits in their treasury management by taking risks and making changes to policies.

"He (Parekh) directs them to make wrong assumptions to show margins. Several billion-dollar deals of the last few quarters have nil margin. Please ask auditors to check deal proposals, margins, undisclosed upfront commitments made and revenue recognition," the letter said.

"In large contracts like Verizon, Intel, joint ventures in Japan, ABN AMRO acquisition, revenue recognition matters are forced, which are not as per accounting standards," the letter stated.

At 11 am on Tuesday, Infosys was trading 14.01 per cent lower at Rs 660.30 per share.&nbsp;

Software major Infosys said on Tuesday it has engaged law firm Shardul Amarchand Mangaldas and Company to conduct an independent investigation on two complaints by some employees about unethical measures to boost profits.

Software major Infosys said on Tuesday it has engaged law firm Shardul Amarchand Mangaldas and Company to conduct an independent investigation on two complaints by some employees about unethical measures to boost profits. An anonymous group calling itself 'ethical employees' alleged in a letter to the board of Infosys and the US Securities and Exchange Commission (SEC) that company's Chief Executive Officer (CEO) Salil Parekh and Chief Financial Officer (CFO) Nilanjan Roy took disturbing unethical measures to boost profits and short-term revenue. The complainants said they have emails and voice recordings to substantiate the claims. "These complaints are being dealt with in an objective manner," said Chairman of Infosys Ltd Nandan Nilekani. "The undated whistleblower complaint largely deals with allegations relating to the CEO's international travel to the United States and Mumbai," he said in a statement. Nilekani said the company's statutory auditors Deloitte India has also been completely updated on this matter post the board meeting of October 11. "Although we have not been provided any of the emails or voice recordings, we will ensure that the generalised allegations are investigated to the fullest extent. Additionally, to ensure independence in these investigations the CEO and CFO have been recused from this matter." Because the investigation is ongoing, said Nilekani, there will be no further comment so that investigation may be conducted in a thorough and objective manner. "At the appropriate time, we will provide a summary of the investigations results. The board is committed to uphold the highest standard of corporate governance and protect the interests of all stakeholders." In one of the letters, the whistleblower said that Parekh and Roy were pressuring the finance team to show more profits in their treasury management by taking risks and making changes to policies. "He (Parekh) directs them to make wrong assumptions to show margins. Several billion-dollar deals of the last few quarters have nil margin. Please ask auditors to check deal proposals, margins, undisclosed upfront commitments made and revenue recognition," the letter said. "In large contracts like Verizon, Intel, joint ventures in Japan, ABN AMRO acquisition, revenue recognition matters are forced, which are not as per accounting standards," the letter stated. At 11 am on Tuesday, Infosys was trading 14.01 per cent lower at Rs 660.30 per share.

Infosys in damage control mode after complaints of unethical practices, stock down by 14 per cent

China will closely monitor the US&nbsp;"entity list", which has led to sanctions on a few Chinese tech firms, and take measures to safeguard its rights and interests, the Ministry of Industry and Information Technology (MIIT) said.

Firms on the US&nbsp;"entity list" are barred from buying US&nbsp;parts and components without US&nbsp;government approval.

Huang Libin, a spokesman for the MIIT, said on Tuesday that China will not close its doors and blindly rely on Chinese-made technology, and it will further open up the telecommunications, internet and auto sectors to foreign investment.

"We will look at the trade friction between China and the United States with an open mind and a big heart," he told reporters during a briefing.

"We will not blindly emphasize 'self-reliance', and not decouple from the development of international industries."

China will closely monitor the US "entity list", which has led to sanctions on a few Chinese tech firms, and take measures to safeguard its rights and interests, the Ministry of Industry and Information Technology (MIIT) said.

China will closely monitor the US "entity list", which has led to sanctions on a few Chinese tech firms, and take measures to safeguard its rights and interests, the Ministry of Industry and Information Technology (MIIT) said. Firms on the US "entity list" are barred from buying US parts and components without US government approval. Huang Libin, a spokesman for the MIIT, said on Tuesday that China will not close its doors and blindly rely on Chinese-made technology, and it will further open up the telecommunications, internet and auto sectors to foreign investment. "We will look at the trade friction between China and the United States with an open mind and a big heart," he told reporters during a briefing. "We will not blindly emphasize 'self-reliance', and not decouple from the development of international industries."

China will monitor US entities list, further open to foreign investment

&nbsp;Logitech International SA&nbsp;reported a 4.5 per cent increase in operating income for its latest quarter, the Swiss computer keyboard and gaming accessories maker said on Tuesday.

GAAP operating income increased to $68.1 million in the three months to the end of September from 65.1 million a year earlier, the company said in a statement.

Non-GAAP operating income rose to $89 million from $85 million a year earlier.

Net profit at the world's biggest maker of computer mice was $72.9 million, missing analyst estimates for $82.9 million, according to Refinitiv data.

Sales rose 4 per cent&nbsp;to $720 million, boosted by the performance of fast keyboards, mice and headsets that Logitech makes for players of online games like Fortnite and League of Legends.

Anticipating further growth in the online gaming market, Logitech recently doubled down on its involvement in online sports games, buying live streaming company Streamlabs in a deal worth up to $118 million.

The company confirmed its full-year outlook of expecting mid to high single-digit sales growth in constant currencies and $375 million to $385 million in non-GAAP operating income.

"This quarter, we delivered record sales in video collaboration, which grew nearly 60 per cent, as well as strong growth in our PC peripherals categories," Chief Executive Bracken Darrell said in the statement.

Logitech International SA reported a 4.5 per cent increase in operating income for its latest quarter, the Swiss computer keyboard and gaming accessories maker said on Tuesday.

Logitech International SA reported a 4.5 per cent increase in operating income for its latest quarter, the Swiss computer keyboard and gaming accessories maker said on Tuesday. GAAP operating income increased to $68.1 million in the three months to the end of September from 65.1 million a year earlier, the company said in a statement. Non-GAAP operating income rose to $89 million from $85 million a year earlier. Net profit at the world's biggest maker of computer mice was $72.9 million, missing analyst estimates for $82.9 million, according to Refinitiv data. Sales rose 4 per cent to $720 million, boosted by the performance of fast keyboards, mice and headsets that Logitech makes for players of online games like Fortnite and League of Legends. Anticipating further growth in the online gaming market, Logitech recently doubled down on its involvement in online sports games, buying live streaming company Streamlabs in a deal worth up to $118 million. The company confirmed its full-year outlook of expecting mid to high single-digit sales growth in constant currencies and $375 million to $385 million in non-GAAP operating income. "This quarter, we delivered record sales in video collaboration, which grew nearly 60 per cent, as well as strong growth in our PC peripherals categories," Chief Executive Bracken Darrell said in the statement.

Logitech posts 4.5% rise in quarterly operating income, retains outlook

India's Axis Bank Ltd reported a surprise loss for the second quarter on Tuesday, hurt by a one-off tax expense of 21.38 billion rupees.

Net loss came in at 1.12 billion rupees&nbsp;for the three months to September&nbsp;30, compared with a profit of 7.90 billion rupees last year, the Mumbai-based private-sector lender said in a filing to the exchanges.

Nineteen analysts, on average, had expected a profit of 11.51 billion rupees, according to Refinitiv data.

Adjusted for the tax charge, Axis Bank would have reported a profit of 20.26 billion rupees for the quarter, up 157 per cent&nbsp;from a year ago, the bank said.

Gross bad loans as a percentage of total loans, a measure of asset quality, eased to 5.03 per cent&nbsp;by the end of September, compared with 5.25 per cent&nbsp;in the previous quarter, and 5.96 per cent&nbsp;during the same period last year.

India's Axis Bank Ltd reported a surprise loss for the second quarter on Tuesday, hurt by a one-off tax expense of 21.38 billion rupees. Net loss came in at 1.12 billion rupees for the three months to September 30, compared with a profit of 7.

India's Axis Bank Ltd reported a surprise loss for the second quarter on Tuesday, hurt by a one-off tax expense of 21.38 billion rupees. Net loss came in at 1.12 billion rupees for the three months to September 30, compared with a profit of 7.90 billion rupees last year, the Mumbai-based private-sector lender said in a filing to the exchanges. Nineteen analysts, on average, had expected a profit of 11.51 billion rupees, according to Refinitiv data. Adjusted for the tax charge, Axis Bank would have reported a profit of 20.26 billion rupees for the quarter, up 157 per cent from a year ago, the bank said. Gross bad loans as a percentage of total loans, a measure of asset quality, eased to 5.03 per cent by the end of September, compared with 5.25 per cent in the previous quarter, and 5.96 per cent during the same period last year.

Axis Bank posts surprise quarterly loss on tax charge

Reckitt Benckiser's new chief executive promised on Tuesday to step up spending on its brands and improve performance after the British household goods maker cut its full-year sales forecast for a second time.

Shares of the Durex condom and Lysol disinfectant maker fell as much as 5.5 per cent to £55.10, the lowest since May last year.

"We are not pleased with where we are and we must consistently deliver," Laxman Narasimhan, who took over from long-time CEO Rakesh Kapoor in September, said on his first call with the investment community.

He said his top priorities were to improve operational performance and build a resilient business model after a series of one-off setbacks kept a lid on growth in recent years.

Narasimhan particularly lamented the performance of the firm's Health business, its largest, where a failed product launch, the nearly $17 billion acquisition of Mead Johnson, and a temporary baby milk factory shut down in the Netherlands, have all caused significant disruption, some lasting to this day.

To fix these issues, he promised to invest more in Reckitt's brands, hire more talent and improve relationships with retailers, distributors and trade partners to head off problems such as inventory destocking, which hit third-quarter results.

Narasimhan said the company would pause any activities that might take attention away from improving operational performance, but added its ongoing RB 2.0 plan, which seeks to split the group into two business units, would not be affected.

The new CEO said he would provide a more detailed long-term strategy at the company's annual results in February.

'Sackcloth and&nbsp;ashes'

Reckitt said it now expected like for like sales growth between flat and up 2 per cent this year, down from its previous target of 2-3 per cent. That was the second cut this year from an initial target of 3-4 per cent growth.

Reported sales rose 5.3 per cent in the third quarter to £3.29 billion, missing analysts' forecast of £3.32 billion, according to a company-supplied consensus.

Reckitt blamed a drop in retail orders for flu products such as Mucinex in the United States and a weak demand for its Enfamil baby products in China on the back of intense competition and declining birth rates.

"What has happened this year and it is abundantly clear is we were not close enough to (the thinking) of those retailers to get a good reading of what was going to happen," outgoing finance chief Adrian Hennah told analysts on a call.

Reckitt said on Monday Hennah would be replaced by Ahold-Delhaize executive Jeff Carr.

Overall, Reckitt's like for like sales growth came in at 1.6 per cent in&nbsp;the third quarter, missing analysts' forecast of 3.2 per cent.

The company also said it would now see a modest decline in adjusted operating margins for the year as it reinvests in its brands. The company had earlier expected margins to be around the same level as last year.

"New CEO Laxman Narasimhan's debut commentary reflects a big helping of sackcloth and ashes tempered by a dose of optimism," Jefferies analyst Martin Deboo said.

"The lowered outlook will create some room for maneuver, at inevitable cost to the share price."

Reckitt's shares were down 2.3&nbsp;percent at&nbsp;5,732 pence at 1040 GMT.

Reckitt Benckiser's new chief executive promised on Tuesday to step up spending on its brands and improve performance after the British household goods maker cut its full-year sales forecast for a second time.

Reckitt Benckiser's new chief executive promised on Tuesday to step up spending on its brands and improve performance after the British household goods maker cut its full-year sales forecast for a second time. Shares of the Durex condom and Lysol disinfectant maker fell as much as 5.5 per cent to £55.10, the lowest since May last year. "We are not pleased with where we are and we must consistently deliver," Laxman Narasimhan, who took over from long-time CEO Rakesh Kapoor in September, said on his first call with the investment community. He said his top priorities were to improve operational performance and build a resilient business model after a series of one-off setbacks kept a lid on growth in recent years. Narasimhan particularly lamented the performance of the firm's Health business, its largest, where a failed product launch, the nearly $17 billion acquisition of Mead Johnson, and a temporary baby milk factory shut down in the Netherlands, have all caused significant disruption, some lasting to this day. To fix these issues, he promised to invest more in Reckitt's brands, hire more talent and improve relationships with retailers, distributors and trade partners to head off problems such as inventory destocking, which hit third-quarter results. Narasimhan said the company would pause any activities that might take attention away from improving operational performance, but added its ongoing RB 2.0 plan, which seeks to split the group into two business units, would not be affected. The new CEO said he would provide a more detailed long-term strategy at the company's annual results in February. 'Sackcloth and ashes' Reckitt said it now expected like for like sales growth between flat and up 2 per cent this year, down from its previous target of 2-3 per cent. That was the second cut this year from an initial target of 3-4 per cent growth. Reported sales rose 5.3 per cent in the third quarter to £3.29 billion, missing analysts' forecast of £3.32 billion, according to a company-supplied consensus. Reckitt blamed a drop in retail orders for flu products such as Mucinex in the United States and a weak demand for its Enfamil baby products in China on the back of intense competition and declining birth rates. "What has happened this year and it is abundantly clear is we were not close enough to (the thinking) of those retailers to get a good reading of what was going to happen," outgoing finance chief Adrian Hennah told analysts on a call. Reckitt said on Monday Hennah would be replaced by Ahold-Delhaize executive Jeff Carr. Overall, Reckitt's like for like sales growth came in at 1.6 per cent in the third quarter, missing analysts' forecast of 3.2 per cent. The company also said it would now see a modest decline in adjusted operating margins for the year as it reinvests in its brands. The company had earlier expected margins to be around the same level as last year. "New CEO Laxman Narasimhan's debut commentary reflects a big helping of sackcloth and ashes tempered by a dose of optimism," Jefferies analyst Martin Deboo said. "The lowered outlook will create some room for maneuver, at inevitable cost to the share price." Reckitt's shares were down 2.3 percent at 5,732 pence at 1040 GMT.

New CEO vows improvements as Reckitt cuts sales forecast again

Asian markets mostly rose Tuesday on growing optimism that China and the US will sign a partial trade deal next month, while the pound held firm around five-month highs as dealers bet Britain will leave the EU with a Brexit agreement.

Donald Trump reinforced hopes Monday that he and Xi Jinping will be able to put pen to paper on a mini pact, saying China had already begun promised purchases of farm goods and that the first part of a wider commitment was almost complete.

"We'll be able to, we think, sign a completed document with China on phase one," Trump said at the White House, adding they would then move on to the next phases.

Trade Representative Robert Lighthizer said efforts were being made for it to be ready when the leaders meet at the APEC summit next month in Chile.

And Trump's economics adviser Larry Kudlow indicated tariffs planned to go into effect in December could be cancelled if the talks go well. 
Increasing signs of progress in the 18-month trade war provided some much-needed relief to global markets, with all three main indexes on Wall Street ending higher and Asia taking up the lead.

Hong Kong, Shanghai and Sydney each rose 0.2 per cent, Singapore put on 0.8 per cent and Seoul rallied 0.9 per cent. Wellington, Taipei, Manila and Jakarta were also higher. Tokyo was closed for a holiday.

"Unlike previous trade talks where expectations centred on the view that something is better than nothing, this time around there appears to be a tangible and workable roadmap in place," said AxiTrader senior market analyst Stephen Innes.

'On the same page'

He said this was "supported by official confirmation that the US and China were both on the same page about the intent to work towards phase one of a 'deal' by mid-November".

The "fact that phase two is even being discussed at this time... suggests that both the US and China may have finally found a bridge that isn't too far".

Traders are also keeping watch on events in London, where Boris Johnson will try on Tuesday to push his Brexit deal with the EU through parliament before next Thursday's deadline.

Sterling rallied Monday to $1.3013 -- its highest since May -- but ticked back after House of Commons Speaker John Bercow refused the prime minister's request to put his bill to MPs.

On Monday it edged back up against the dollar and euro. 
And while many lawmakers say they need more time to read through the details, there is a growing expectation that the government can muster enough support to eventually push the bill through later Tuesday.

Still, with the vote likely to be tight, traders are moving cautiously.

"While markets haven't seen fit to reverse last week's optimism that saw sterling smartly higher, they aren't yet prepared to take the pound up to the next level that successful passage of the Brexit agreement would presumably entail," said Ray Attrill at National Australia Bank.

Key figures around

Hong Kong - Hang Seng: UP 0.2 per cent at 26,779.16 
Shanghai - Composite: UP 0.2 percent at 2,944.26 
Tokyo - Nikkei 225: Closed for a holiday 
Pound/dollar: UP at $1.2982 from $1.2960 at 2100 GMT 
Euro/pound: DOWN at 85.91 pence from 86.03 pence 
Euro/dollar: DOWN at $1.1157 from $1.1145&nbsp; 
Dollar/yen: UP at 108.69 yen from 108.60 yen 
West Texas Intermediate: UP 16 cents at $53.47 per barrel 
Brent North Sea crude: UP 12 cents at $59.08 per barrel 
New York - Dow: UP at 0.2 percent at 26,827.64 (close) 
London - FTSE 100: UP 0.2 percent at 7,163.64 (close)

Asian markets mostly rose Tuesday on growing optimism that China and the US will sign a partial trade deal next month, while the pound held firm around five-month highs as dealers bet Britain will leave the EU with a Brexit agreement.

Asian markets mostly rose Tuesday on growing optimism that China and the US will sign a partial trade deal next month, while the pound held firm around five-month highs as dealers bet Britain will leave the EU with a Brexit agreement. Donald Trump reinforced hopes Monday that he and Xi Jinping will be able to put pen to paper on a mini pact, saying China had already begun promised purchases of farm goods and that the first part of a wider commitment was almost complete. "We'll be able to, we think, sign a completed document with China on phase one," Trump said at the White House, adding they would then move on to the next phases. Trade Representative Robert Lighthizer said efforts were being made for it to be ready when the leaders meet at the APEC summit next month in Chile. And Trump's economics adviser Larry Kudlow indicated tariffs planned to go into effect in December could be cancelled if the talks go well. Increasing signs of progress in the 18-month trade war provided some much-needed relief to global markets, with all three main indexes on Wall Street ending higher and Asia taking up the lead. Hong Kong, Shanghai and Sydney each rose 0.2 per cent, Singapore put on 0.8 per cent and Seoul rallied 0.9 per cent. Wellington, Taipei, Manila and Jakarta were also higher. Tokyo was closed for a holiday. "Unlike previous trade talks where expectations centred on the view that something is better than nothing, this time around there appears to be a tangible and workable roadmap in place," said AxiTrader senior market analyst Stephen Innes. 'On the same page' He said this was "supported by official confirmation that the US and China were both on the same page about the intent to work towards phase one of a 'deal' by mid-November". The "fact that phase two is even being discussed at this time... suggests that both the US and China may have finally found a bridge that isn't too far". Traders are also keeping watch on events in London, where Boris Johnson will try on Tuesday to push his Brexit deal with the EU through parliament before next Thursday's deadline. Sterling rallied Monday to $1.3013 -- its highest since May -- but ticked back after House of Commons Speaker John Bercow refused the prime minister's request to put his bill to MPs. On Monday it edged back up against the dollar and euro. And while many lawmakers say they need more time to read through the details, there is a growing expectation that the government can muster enough support to eventually push the bill through later Tuesday. Still, with the vote likely to be tight, traders are moving cautiously. "While markets haven't seen fit to reverse last week's optimism that saw sterling smartly higher, they aren't yet prepared to take the pound up to the next level that successful passage of the Brexit agreement would presumably entail," said Ray Attrill at National Australia Bank. Key figures around Hong Kong - Hang Seng: UP 0.2 per cent at 26,779.16 Shanghai - Composite: UP 0.2 percent at 2,944.26 Tokyo - Nikkei 225: Closed for a holiday Pound/dollar: UP at $1.2982 from $1.2960 at 2100 GMT Euro/pound: DOWN at 85.91 pence from 86.03 pence Euro/dollar: DOWN at $1.1157 from $1.1145 Dollar/yen: UP at 108.69 yen from 108.60 yen West Texas Intermediate: UP 16 cents at $53.47 per barrel Brent North Sea crude: UP 12 cents at $59.08 per barrel New York - Dow: UP at 0.2 percent at 26,827.64 (close) London - FTSE 100: UP 0.2 percent at 7,163.64 (close)

Asian markets lifted by China-US trade hopes, pound stands ground

The British pound fell Tuesday awaiting key Brexit votes on Prime Minister Boris Johnson's<a href="https://www.wionews.com/world/british-prime-minister-boris-johnson-prepares-fresh-brexit-push-257303"> withdrawal agreement bill</a>.

Europe and Asian stock markets rose on growing expectations that China and the United States will sign a partial trade deal next month, dealers said.

Sterling fell further from Monday's five-month peaks, struck after parliament forced Johnson to request <a href="https://www.wionews.com/world/british-pm-boris-johnson-sends-unsigned-letter-seeking-brexit-delay-256989">another extension</a> to Britain's scheduled exit from the European Union.

The pound switched hands at $1.2936 Tuesday, down from $1.2960 late in New York on Monday.

Sterling had earlier Monday spiked $1.3013, the highest level since May.&nbsp;

Johnson published his hotly-awaited withdrawal agreement bill (WAB) late on Monday, with just over a week to go until Brexit on October 31.

"The Brexit saga rumbles on today as MPs debate and vote on the WAB in what is likely to be the first of a few excruciating and long sessions in parliament," said Oanda analyst Craig Erlam.

Johnson faces two crucial Brexit votes that could decide if he still has a reasonable shot at securing his EU divorce by next week's deadline.

Firstly, the Conservative leader hopes parliament gives initial support to a Brexit bill that translates the revised withdrawal agreement he struck with Brussels last week into UK law.

Secondly, he also hopes the lower House of Commons will vote in favour of a speedy timescale to pass the entire legislation in just three days.

The rapid timetable, a big ask for a 110-page text designed to unwind 46 years of intricate EU-UK ties,&nbsp;has sparked outcry from opposition lawmakers.

"The main events of the day will likely come this evening, after the stock market here in London has closed, with parliament set for two key votes on Brexit," said XTB analyst David Cheetham.

Even if the withdrawal bill "passes there’s a fair chance that a vote on the timetable shortly afterwards will fail.

"Several MPs have already voiced their displeasure at the lack of time to scrutinise the bill," he added.

At the same time, Johnson has been forced by parliament to request a three-month extension that <a href="https://www.wionews.com/videos/eu-considers-brexit-extension-boris-johnson-battles-to-save-deal-257370">European leaders will consider</a> once they get a clearer picture of this week's parliamentary votes.

Elsewhere Tuesday, global stock markets gained on modest gains on easing trade war concerns.

US President Donald Trump reinforced hopes Monday that he and Xi Jinping will be able to put pen to paper on a<a href="https://www.wionews.com/world/trump-says-phase-1-china-trade-pact-on-track-for-november-257404"> mini pact</a>, saying China had already started promised purchases of farm goods, and that the first part of a wider commitment was almost complete.

"We'll be able to, we think, sign a completed document with China on phase one," Trump said at the White House, adding they would then move on to the next phases.

Trade Representative Robert Lighthizer said efforts were being made for it to be ready when the leaders meet at the APEC summit next month in Chile.

Trump's economics adviser Larry Kudlow indicated tariffs planned to go into effect in December could be cancelled if the talks go well.

The British pound fell Tuesday awaiting key Brexit votes on Prime Minister Boris Johnson's withdrawal agreement bill. Europe and Asian stock markets rose on growing expectations that China and the United States will sign a partial trade deal next month, dealers said.

The British pound fell Tuesday awaiting key Brexit votes on Prime Minister Boris Johnson's withdrawal agreement bill. Europe and Asian stock markets rose on growing expectations that China and the United States will sign a partial trade deal next month, dealers said. Sterling fell further from Monday's five-month peaks, struck after parliament forced Johnson to request another extension to Britain's scheduled exit from the European Union. The pound switched hands at $1.2936 Tuesday, down from $1.2960 late in New York on Monday. Sterling had earlier Monday spiked $1.3013, the highest level since May. Johnson published his hotly-awaited withdrawal agreement bill (WAB) late on Monday, with just over a week to go until Brexit on October 31. "The Brexit saga rumbles on today as MPs debate and vote on the WAB in what is likely to be the first of a few excruciating and long sessions in parliament," said Oanda analyst Craig Erlam. Johnson faces two crucial Brexit votes that could decide if he still has a reasonable shot at securing his EU divorce by next week's deadline. Firstly, the Conservative leader hopes parliament gives initial support to a Brexit bill that translates the revised withdrawal agreement he struck with Brussels last week into UK law. Secondly, he also hopes the lower House of Commons will vote in favour of a speedy timescale to pass the entire legislation in just three days. The rapid timetable, a big ask for a 110-page text designed to unwind 46 years of intricate EU-UK ties, has sparked outcry from opposition lawmakers. "The main events of the day will likely come this evening, after the stock market here in London has closed, with parliament set for two key votes on Brexit," said XTB analyst David Cheetham. Even if the withdrawal bill "passes there’s a fair chance that a vote on the timetable shortly afterwards will fail. "Several MPs have already voiced their displeasure at the lack of time to scrutinise the bill," he added. At the same time, Johnson has been forced by parliament to request a three-month extension that European leaders will consider once they get a clearer picture of this week's parliamentary votes. Elsewhere Tuesday, global stock markets gained on modest gains on easing trade war concerns. US President Donald Trump reinforced hopes Monday that he and Xi Jinping will be able to put pen to paper on a mini pact, saying China had already started promised purchases of farm goods, and that the first part of a wider commitment was almost complete. "We'll be able to, we think, sign a completed document with China on phase one," Trump said at the White House, adding they would then move on to the next phases. Trade Representative Robert Lighthizer said efforts were being made for it to be ready when the leaders meet at the APEC summit next month in Chile. Trump's economics adviser Larry Kudlow indicated tariffs planned to go into effect in December could be cancelled if the talks go well.

British pound falls ahead of Brexit vote

Indian shares closed down on Tuesday, dragged by a sharp fall in Infosys stock, while weak earnings from a raft of companies further dented investor sentiment.

Infosys dived nearly 17 per cent and was the biggest drag on the NSE index, as the country's No. 2 software services firm said it was investigating whistleblower claims accusing its top two executives of "unethical practices" to boost short-term profit.

The broader Nifty ended 0.63 per cent lower at 11,588.35, while the benchmark BSE Sensex closed down 0.85 per cent at 38,963.84.

Only 2 out of 10 stocks on the Nifty IT index ended higher. The index closed 4.68 per cent lower.

Shares of air conditioning parts manufacturer, Subros Ltd, slid as much as 7 per cent to its lowest in nearly five weeks after the company posted a drop in quarterly net profit.

Shares of ICICI Bank Ltd and Dr. Reddy's Laboratories Ltd were among the top gainers on the NSE index, closing up 3.05 per cent and 3.15 per cent, respectively.

Indian shares closed down on Tuesday, dragged by a sharp fall in Infosys stock, while weak earnings from a raft of companies further dented investor sentiment. Infosys dived nearly 17 per cent and was the biggest drag on the NSE index, as the country's No.

Indian shares closed down on Tuesday, dragged by a sharp fall in Infosys stock, while weak earnings from a raft of companies further dented investor sentiment. Infosys dived nearly 17 per cent and was the biggest drag on the NSE index, as the country's No. 2 software services firm said it was investigating whistleblower claims accusing its top two executives of "unethical practices" to boost short-term profit. The broader Nifty ended 0.63 per cent lower at 11,588.35, while the benchmark BSE Sensex closed down 0.85 per cent at 38,963.84. Only 2 out of 10 stocks on the Nifty IT index ended higher. The index closed 4.68 per cent lower. Shares of air conditioning parts manufacturer, Subros Ltd, slid as much as 7 per cent to its lowest in nearly five weeks after the company posted a drop in quarterly net profit. Shares of ICICI Bank Ltd and Dr. Reddy's Laboratories Ltd were among the top gainers on the NSE index, closing up 3.05 per cent and 3.15 per cent, respectively.

Sensex, Nifty end lower as Infosys crashes

Companies' demand for bank loans held up in the eurozone in the third quarter, the European Central Bank found in a survey published Tuesday, in a mildly positive sign amid fears of a slowdown.

"Net demand for loans to enterprises remained broadly unchanged in the third quarter," the ECB said in its quarterly survey of 144 banks across the single currency area.

But the steady interest in loans disappointed financial firms' hopes earlier this year that the third quarter would bring growth in demand.

"Demand slightly increased for loans to small- and medium-sized enterprises, but decreased for loans to large firms," the ECB added.

Many of the central bank's measures to stimulate the economy in recent years have aimed at increasing bank lending, a more significant factor for growth in Europe than other advanced economies like the US.

But the Frankfurt institution and organisations like the International Monetary Fund were forced to slash eurozone growth forecasts in recent weeks, as external factors such as trade wars and Brexit weigh on the bloc.

ECB economists now expect an expansion of 1.1 per cent this year and 1.2 per cent in 2020.

It was unclear Tuesday whether British MPs would vote through a last-minute divorce deal with the European Union.

And a truce in the US' damaging trade conflict with China remains elusive, while Washington last week slapped new tariffs on $7.5 billion of EU imports.

The ECB in September responded to slowing growth and mounting risks with a fresh and controversial big-bang package of measures.

It relaunched mass bond-buying and further lowered a key interest rate into negative territory.

Even before then, banks reported in the third-quarter survey that "the ECB's negative deposit facility rate continued to contribute to an increase in lending volumes and a decrease in lending rates" for companies and households.

Looking elsewhere in the results, lenders said they eased slightly the criteria they use to evaluate potential home mortgage and business borrowers in July-September.

But they tightened up the terms and conditions in their loan contracts for both companies and home buyers over the same period.

Companies' demand for bank loans held up in the eurozone in the third quarter, the European Central Bank found in a survey published Tuesday, in a mildly positive sign amid fears of a slowdown.

Companies' demand for bank loans held up in the eurozone in the third quarter, the European Central Bank found in a survey published Tuesday, in a mildly positive sign amid fears of a slowdown. "Net demand for loans to enterprises remained broadly unchanged in the third quarter," the ECB said in its quarterly survey of 144 banks across the single currency area. But the steady interest in loans disappointed financial firms' hopes earlier this year that the third quarter would bring growth in demand. "Demand slightly increased for loans to small- and medium-sized enterprises, but decreased for loans to large firms," the ECB added. Many of the central bank's measures to stimulate the economy in recent years have aimed at increasing bank lending, a more significant factor for growth in Europe than other advanced economies like the US. But the Frankfurt institution and organisations like the International Monetary Fund were forced to slash eurozone growth forecasts in recent weeks, as external factors such as trade wars and Brexit weigh on the bloc. ECB economists now expect an expansion of 1.1 per cent this year and 1.2 per cent in 2020. It was unclear Tuesday whether British MPs would vote through a last-minute divorce deal with the European Union. And a truce in the US' damaging trade conflict with China remains elusive, while Washington last week slapped new tariffs on $7.5 billion of EU imports. The ECB in September responded to slowing growth and mounting risks with a fresh and controversial big-bang package of measures. It relaunched mass bond-buying and further lowered a key interest rate into negative territory. Even before then, banks reported in the third-quarter survey that "the ECB's negative deposit facility rate continued to contribute to an increase in lending volumes and a decrease in lending rates" for companies and households. Looking elsewhere in the results, lenders said they eased slightly the criteria they use to evaluate potential home mortgage and business borrowers in July-September. But they tightened up the terms and conditions in their loan contracts for both companies and home buyers over the same period.

Eurozone firms keep borrowing as growth fears mount