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

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

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

India names 27 sites in Arunachal Pradesh

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

How many soldiers operate one S-400 battery?

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

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

Rockstar to unveil GTA 6 extended look ahead of November launch

Russia forms Ukrainian Volunteer Spetsnaz Brigade to fight Ukraine

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

Technology transfer deal boosts India's defence manufacturing ambitions

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

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

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

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

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

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

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

RSS says Gen Z protests reflect genuine distress

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

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

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

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

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

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

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

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

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

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

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

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

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

China now has more privately-held start-ups valued by investors at over $1 billion than the US, a report said Monday.

There were 206 Chinese firms out of a global total of 494 ultra-valuable start-ups, known as "unicorns", in June 2019, according to the research&nbsp;firm Hurun Report.

This makes China the country with the largest number of unicorns in the world, with the US coming in second with 203 such companies.

"China and the USA dominate with over 80 per cent of the world's known unicorns, despite representing only half of the world's GDP and a quarter of the world's population," Hurun Report chairman Rupert Hoogewerf said.

"The rest of the world needs to wake up to creating an environment that allows unicorns to flourish in."

According to Hurun, China is home to the world's three most valuable unicorns, Alibaba affiliate Ant Financial,&nbsp;app maker ByteDance and ride-hailing giant Didi Chuxing, which have a combined value of $280 billion.

Major US names like Airbnb and coworking space operator WeWork also made the list, which included&nbsp;lesser-known startups like California-based automated pizza delivery company Zume and Indian fantasy sports platform Dream11.

Hurun, which released its inaugural Global Unicorn List Monday, told AFP this was the first time China's number of unicorns was confirmed by researchers to have surpassed the US.

A report released in June by another research firm, Visual Capitalist, found only 94 unicorns from China compared to 156 from the US, based on data from May 2019.

The companies identified by Hurun were founded only seven years ago on average,&nbsp;and more than half come from five industries "disrupting the world economy," Hoogewerf said.

E-commerce and fintech accounted for the most unicorns globally, followed by cloud computing, artificial intelligence and logistics, according to Hurun.

Additionally, a number of companies on the list were formerly units of larger companies that had been split off.

"Chinese companies are far and away the most successful at spinning off unicorns, with 18 of the world's 20 'spun-off' unicorns," Hoogewerf said.

"Alibaba, for example, started Alipay, before spinning its fintech business into Ant Financial in 2014."

China now has more privately-held start-ups valued by investors at over $1 billion than the US, a report said Monday. There were 206 Chinese firms out of a global total of 494 ultra-valuable start-ups, known as "unicorns", in June 2019, according to the research firm Hurun Report.

China now has more privately-held start-ups valued by investors at over $1 billion than the US, a report said Monday. There were 206 Chinese firms out of a global total of 494 ultra-valuable start-ups, known as "unicorns", in June 2019, according to the research firm Hurun Report. This makes China the country with the largest number of unicorns in the world, with the US coming in second with 203 such companies. "China and the USA dominate with over 80 per cent of the world's known unicorns, despite representing only half of the world's GDP and a quarter of the world's population," Hurun Report chairman Rupert Hoogewerf said. "The rest of the world needs to wake up to creating an environment that allows unicorns to flourish in." According to Hurun, China is home to the world's three most valuable unicorns, Alibaba affiliate Ant Financial, app maker ByteDance and ride-hailing giant Didi Chuxing, which have a combined value of $280 billion. Major US names like Airbnb and coworking space operator WeWork also made the list, which included lesser-known startups like California-based automated pizza delivery company Zume and Indian fantasy sports platform Dream11. Hurun, which released its inaugural Global Unicorn List Monday, told AFP this was the first time China's number of unicorns was confirmed by researchers to have surpassed the US. A report released in June by another research firm, Visual Capitalist, found only 94 unicorns from China compared to 156 from the US, based on data from May 2019. The companies identified by Hurun were founded only seven years ago on average, and more than half come from five industries "disrupting the world economy," Hoogewerf said. E-commerce and fintech accounted for the most unicorns globally, followed by cloud computing, artificial intelligence and logistics, according to Hurun. Additionally, a number of companies on the list were formerly units of larger companies that had been split off. "Chinese companies are far and away the most successful at spinning off unicorns, with 18 of the world's 20 'spun-off' unicorns," Hoogewerf said. "Alibaba, for example, started Alipay, before spinning its fintech business into Ant Financial in 2014."

China's 'unicorn' startups exceed United States number for first time

Gold prices were little changed on Monday as investors waited for more clarity on US-China trade negotiations, and Brexit after British parliamentarians delayed a crucial vote on the divorce deal.

Spot gold was flat at $1,490.03 per ounce as of 0519 GMT. US&nbsp;gold futures dipped slightly to $1,493.50.

Asian shares edged higher, limiting bullion's gains, with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.2 per cent.

"The markets are quite long, and people are worried about the trade war. Investors are waiting for pullbacks in gold to step in again," AxiTrader market strategist Stephen Innes said.

"What has been supportive for gold are recessionary fears, and provided that remains in the headlines, it is a significant reason to stay long gold. Right now, there is no major catalyst to drive it any direction."

The long-standing Sino-US&nbsp;trade war has taken a toll on economies around the world with Japan's exports down for a 10th straight month, South Korean exports plunging 19.5 per cent&nbsp;in October, and Thai exports missing expectations.

In China, new home prices grew at a steady pace in September, a relief for policymakers who remain wary of high debt and bubble risk, and are refraining from stimulating the sector as the economy cools.

Providing little comfort to market sentiment, British Lawmakers on Saturday voted to withhold a decision on Prime Minister Boris Johnson's deal, a move that forced him to seek from the EU the third postponement of Britain's departure from the bloc.

The vote for an extension dealt a blow to optimism that a deal agreed last week would ensure Brexit happens with little economic disruption.

Spot gold looks neutral in a range of $1,479-$1,502 per ounce, and an escape could suggest a direction, Reuters technical analyst Wang Tao said.

Among other precious metals, silver rose 0.2 per cent&nbsp;to $17.57 per ounce, and platinum rose 0.4 per cent&nbsp;to $892.64.

Meanwhile, palladium gained 0.9 per cent&nbsp;to $1,770.07 an ounce, slightly lower than a high of $1,783.21 it struck on Thursday.

"Sell rates for palladium reached the highest level since January. This suggests the recent rally has been driven by fundamentals, rather than speculative interest," ANZ Bank said in a note.

"And with the market likely to remain tight for the foreseeable future, we believe there is plenty more upside for (palladium) prices."

Gold prices were little changed on Monday as investors waited for more clarity on US-China trade negotiations, and Brexit after British parliamentarians delayed a crucial vote on the divorce deal.

Gold prices were little changed on Monday as investors waited for more clarity on US-China trade negotiations, and Brexit after British parliamentarians delayed a crucial vote on the divorce deal. Spot gold was flat at $1,490.03 per ounce as of 0519 GMT. US gold futures dipped slightly to $1,493.50. Asian shares edged higher, limiting bullion's gains, with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.2 per cent. "The markets are quite long, and people are worried about the trade war. Investors are waiting for pullbacks in gold to step in again," AxiTrader market strategist Stephen Innes said. "What has been supportive for gold are recessionary fears, and provided that remains in the headlines, it is a significant reason to stay long gold. Right now, there is no major catalyst to drive it any direction." The long-standing Sino-US trade war has taken a toll on economies around the world with Japan's exports down for a 10th straight month, South Korean exports plunging 19.5 per cent in October, and Thai exports missing expectations. In China, new home prices grew at a steady pace in September, a relief for policymakers who remain wary of high debt and bubble risk, and are refraining from stimulating the sector as the economy cools. Providing little comfort to market sentiment, British Lawmakers on Saturday voted to withhold a decision on Prime Minister Boris Johnson's deal, a move that forced him to seek from the EU the third postponement of Britain's departure from the bloc. The vote for an extension dealt a blow to optimism that a deal agreed last week would ensure Brexit happens with little economic disruption. Spot gold looks neutral in a range of $1,479-$1,502 per ounce, and an escape could suggest a direction, Reuters technical analyst Wang Tao said. Among other precious metals, silver rose 0.2 per cent to $17.57 per ounce, and platinum rose 0.4 per cent to $892.64. Meanwhile, palladium gained 0.9 per cent to $1,770.07 an ounce, slightly lower than a high of $1,783.21 it struck on Thursday. "Sell rates for palladium reached the highest level since January. This suggests the recent rally has been driven by fundamentals, rather than speculative interest," ANZ Bank said in a note. "And with the market likely to remain tight for the foreseeable future, we believe there is plenty more upside for (palladium) prices."

Gold flat as markets eye trade talk cues, Brexit deal

The Chief Executive Officers of top bluechip companies are able to make more money every year, even with global economies facing slowdowns.

Microsoft's CEO Satya Nadella recently got an increment of 66 per cent.

For his services to the company, Nadella was paid a compensation of $42.9 million for the financial year 2018-19. In the previous year, Nadella earned $25.8 million.

When he took charge from erstwhile CEO Steve Ballmer, he was offered a salary of $84 million.

He took over Microsoft at a time when the company's fortune&nbsp;looked a bit uncertain and its hegemony in the computer operating software was being challenged. Nadella's job was to turn the company around.

Even then, Satya Nadella is not the highest-paid CEO in the world. That position is held by Tesla and Space X's CEO Elon Musk.

Reports say that Musk pocketed a salary of $2.3 billion in 2018, almost entirely in stocks. This is equal to the salary of the next 65 top CEOs combined.

A distant second on the list is Discovery's David M Zaslav, who made $129 million.

Interestingly, the world's richest man is a CEO. But he's not the highest-paid CEO. &nbsp;Amazon's Jeff Bezos is the wealthiest man on the planet, but his salary is a paltry sum of $81,840.

Bezos hasn't received an increment in 20 years, with his actual wealth coming in from the stocks he owns in Amazon.

In 2018, Apple's Tim Cook took home compensation of $15.7 million.

Google's CEO Sundar Pichai's salary in 2018 was $1.9 million including his stock award.

What about the regular employees?

The average increment of a white-collar employee in the United States was 3 per cent in 2018. The US economy grew by about 2.8 per cent.

In India, across industries, the average salary hike was 9.8 per cent.

The skewed nature of salary increments is not a new phenomenon.

In the last four decades, CEO salaries have risen by an average of 940 per cent.

But for a typical employee, this rise has been barely 12 per cent.

The Chief Executive Officers of top bluechip companies are able to make more money every year, even with global economies facing slowdowns. Microsoft's CEO Satya Nadella recently got an increment of 66 per cent.

The Chief Executive Officers of top bluechip companies are able to make more money every year, even with global economies facing slowdowns. Microsoft's CEO Satya Nadella recently got an increment of 66 per cent. For his services to the company, Nadella was paid a compensation of $42.9 million for the financial year 2018-19. In the previous year, Nadella earned $25.8 million. When he took charge from erstwhile CEO Steve Ballmer, he was offered a salary of $84 million. He took over Microsoft at a time when the company's fortune looked a bit uncertain and its hegemony in the computer operating software was being challenged. Nadella's job was to turn the company around. Even then, Satya Nadella is not the highest-paid CEO in the world. That position is held by Tesla and Space X's CEO Elon Musk. Reports say that Musk pocketed a salary of $2.3 billion in 2018, almost entirely in stocks. This is equal to the salary of the next 65 top CEOs combined. A distant second on the list is Discovery's David M Zaslav, who made $129 million. Interestingly, the world's richest man is a CEO. But he's not the highest-paid CEO. Amazon's Jeff Bezos is the wealthiest man on the planet, but his salary is a paltry sum of $81,840. Bezos hasn't received an increment in 20 years, with his actual wealth coming in from the stocks he owns in Amazon. In 2018, Apple's Tim Cook took home compensation of $15.7 million. Google's CEO Sundar Pichai's salary in 2018 was $1.9 million including his stock award. What about the regular employees? The average increment of a white-collar employee in the United States was 3 per cent in 2018. The US economy grew by about 2.8 per cent. In India, across industries, the average salary hike was 9.8 per cent. The skewed nature of salary increments is not a new phenomenon. In the last four decades, CEO salaries have risen by an average of 940 per cent. But for a typical employee, this rise has been barely 12 per cent.

As global economies go down, CEO paycheques go up

Thomson Reuters Corp is engaged in succession planning for Chief Executive Jim Smith as "a matter of good governance," the business information company said on Sunday.

The company statement came after the Financial Times reported Thomson Reuters had begun a search for a new chief executive.

David Thomson, the company's chairman, said the board "is fully supportive of Jim Smith and his management team. We are aligned on strategy and direction."

Smith said in a memo to employees he was actively involved in the succession planning process.

"To be clear, I'm not planning to go anywhere soon," Smith said. "Please know that when the time comes to hand over the reins, you will hear it from me."

The Financial Times cited four unnamed sources as saying Thomson Reuters, which owns the Reuters news agency, had hired search firm Spencer Stuart to put together a list of internal and external candidates. The search was at an early stage, the newspaper said.

In a statement, Thomson Reuters said: "The Board of Directors considers succession planning and benchmarking for all key executives a matter of good governance. Hence, the Board and management continuously assess internal candidates and work with search firms to scan the external market."

Spencer Stuart declined to comment and a spokesman for Thomson Reuters declined to comment specifically on whether it had engaged Spencer Stuart.

Smith oversaw the sale of a majority stake in the news and information provider's financial-data business to a Blackstone Group Inc-led consortium last year. Earlier this year, Blackstone agreed to sell the financial-data business, now called Refinitiv, to London Stock Exchange Group for $27 billion.

Thomson Reuters Corp is engaged in succession planning for Chief Executive Jim Smith as "a matter of good governance," the business information company said on Sunday.

Thomson Reuters Corp is engaged in succession planning for Chief Executive Jim Smith as "a matter of good governance," the business information company said on Sunday. The company statement came after the Financial Times reported Thomson Reuters had begun a search for a new chief executive. David Thomson, the company's chairman, said the board "is fully supportive of Jim Smith and his management team. We are aligned on strategy and direction." Smith said in a memo to employees he was actively involved in the succession planning process. "To be clear, I'm not planning to go anywhere soon," Smith said. "Please know that when the time comes to hand over the reins, you will hear it from me." The Financial Times cited four unnamed sources as saying Thomson Reuters, which owns the Reuters news agency, had hired search firm Spencer Stuart to put together a list of internal and external candidates. The search was at an early stage, the newspaper said. In a statement, Thomson Reuters said: "The Board of Directors considers succession planning and benchmarking for all key executives a matter of good governance. Hence, the Board and management continuously assess internal candidates and work with search firms to scan the external market." Spencer Stuart declined to comment and a spokesman for Thomson Reuters declined to comment specifically on whether it had engaged Spencer Stuart. Smith oversaw the sale of a majority stake in the news and information provider's financial-data business to a Blackstone Group Inc-led consortium last year. Earlier this year, Blackstone agreed to sell the financial-data business, now called Refinitiv, to London Stock Exchange Group for $27 billion.

Thomson Reuters says engaged in CEO succession planning

Business software group SAP&nbsp;said on Monday that it had reached a three-year deal with Microsoft&nbsp;to help its large enterprise customers move their business processes into the cloud.

The partnership, called "Embrace", will help clients to run operations hosted at remote servers supported by SAP's flagship S/4HANA database, new Co-Chief Executive Officer Jennifer Morgan said as SAP released its final third-quarter results in line with preliminary figures released on October&nbsp;11.

"We bundled SAP's cloud platform services to support customers around the extension, integration and orchestration of SAP systems," Morgan told reporters, adding the product would be sold through Microsoft's distribution channels.

Disclosure of the partnership comes after long-time CEO Bill McDermott stepped down to make way for Morgan, the first woman to become CEO of a company in Germany's blue-chip DAX index - alongside fellow Co-CEO Christian Klein.

The deal - which helped SAP double new cloud bookings in the third quarter, addresses a complaint from many customers that it is too hard to shift from SAP's traditional on-premise model to remotely hosted services.

The partnership deepens SAP's already close relationship with Microsoft and its Azure cloud division, although the Walldorf-based company also works with Google&nbsp;and Amazon Web Services&nbsp;in the cloud.

De-emphasising its own-brand cloud offering is turning out to be one factor supporting a pickup in SAP's cloud gross margins. These picked up by 5.4 percentage points to 69% in the third quarter, compared with a 2023 target of 75 per cent.

In the third quarter, SAP reported a 10 per cent&nbsp;increase in revenue and a 15 per cent&nbsp;rise in operating profit, after adjusting one-off items and currencies, helping it to achieve an expansion of 1.7 per cent&nbsp;in its operating margins.

The company reiterated its forecast for the year and through to 2023. SAP is due to update investors on strategy at a capital markets' day in New York on Nov. 12.

Business software group SAP said on Monday that it had reached a three-year deal with Microsoft to help its large enterprise customers move their business processes into the cloud.

Business software group SAP said on Monday that it had reached a three-year deal with Microsoft to help its large enterprise customers move their business processes into the cloud. The partnership, called "Embrace", will help clients to run operations hosted at remote servers supported by SAP's flagship S/4HANA database, new Co-Chief Executive Officer Jennifer Morgan said as SAP released its final third-quarter results in line with preliminary figures released on October 11. "We bundled SAP's cloud platform services to support customers around the extension, integration and orchestration of SAP systems," Morgan told reporters, adding the product would be sold through Microsoft's distribution channels. Disclosure of the partnership comes after long-time CEO Bill McDermott stepped down to make way for Morgan, the first woman to become CEO of a company in Germany's blue-chip DAX index - alongside fellow Co-CEO Christian Klein. The deal - which helped SAP double new cloud bookings in the third quarter, addresses a complaint from many customers that it is too hard to shift from SAP's traditional on-premise model to remotely hosted services. The partnership deepens SAP's already close relationship with Microsoft and its Azure cloud division, although the Walldorf-based company also works with Google and Amazon Web Services in the cloud. De-emphasising its own-brand cloud offering is turning out to be one factor supporting a pickup in SAP's cloud gross margins. These picked up by 5.4 percentage points to 69% in the third quarter, compared with a 2023 target of 75 per cent. In the third quarter, SAP reported a 10 per cent increase in revenue and a 15 per cent rise in operating profit, after adjusting one-off items and currencies, helping it to achieve an expansion of 1.7 per cent in its operating margins. The company reiterated its forecast for the year and through to 2023. SAP is due to update investors on strategy at a capital markets' day in New York on Nov. 12.

SAP in three-year cloud partnership with Microsoft

On September 12, Boeing started putting out 30-second videos in which employees tout its planes' safety, hoping to reassure travelers about the 737 MAX that's been grounded worldwide since <a href="https://www.wionews.com/world/boeing-to-give-100-million-to-families-affected-by-two-737-max-crashes-232883">two crashes</a> that killed 346 people.

"Safety is at the core of our business. We have put hundreds of engineers to work to ensure that this airplane is 100 per cent ready," says Jennifer Henderson, Chief test pilot for the 737, in one of the clips.

"When the 737 MAX returns to service I will absolutely put my family on this airplane," she stressed.

But on a Facebook page for Boeing enthusiasts where the clip was posted, the response is negative.

"Well, I think she could not say it would be unsafe," one member quipped, as Boeing faces the Herculean task of trying to regain the confidence of civil aviation authorities and the public, seven months after the crash of an Ethiopian Airlines MAX that killed 157 people.

That came after the downing of a Lion Air MAX in Indonesia in October 2018, killing 189, with the plane's MCAS anti-stall system being blamed in both accidents.

It's not known when the MAX will return to service. Boeing, which still has not submitted a modified version of the MCAS system to regulators, hopes it will be before the end of the year.

"The 737 Max is, for now, an 'airplane non grata' -- a plane passengers do not want to fly," said Henry Harteveldt, president of Atmosphere Research Group in San Francisco.

"Travelers aren't merely scared of the 737 MAX, they're terrified of it."

Just 19 per cent of business travelers and 14 per cent of leisure travelers would willingly take the 737 MAX within six months of returning to the sky, according to an Atmosphere survey.

Nearly half of the 2,000 respondents said they would pay more to avoid the MAX.

Faced with this distrust, airlines are adapting.

"We will be transparent -- and communicate in advance -- with our customers who are booked to fly on a MAX aircraft, will rebook those who do not want to fly on a MAX at no charge, and for some time will not swap aircraft to a MAX if a change of aircraft is required," said a spokesperson at United Airlines, which owns 14 MAX aircraft.

American Airlines, which has 24 MAX planes, has said its company brass and employees will be the first to fly on the aircraft once it's cleared to return to the sky.

The MAX's setbacks have cast a shadow over a century of history at Boeing, a highlight of which was the success of its 747 jumbo jet, nicknamed the "Queen of the skies."

According to Harteveldt, half of the business passengers and 55 per cent of leisure passengers consider Boeing to be "irresponsible," "arrogant" and "unsafe."

Boeing's management has addressed the trust issue.

"We know that trust has been damaged over the last few months and we own that and we are working hard to re-earn that trust going forward," CEO Dennis Muilenburg said in August.

The trust may have been tested again on Friday when it emerged that some potentially significant documents at Boeing were held back from investigators for months.

Boeing says it has conducted 1,447 flight test hours as of October 13 with the modified MCAS, and Muilenburg personally took part in two tests.

From late September to mid-October, the company also invited airline pilots to simulator training and information sessions in Miami, London, Istanbul, Shanghai and Singapore.

"Boeing has no choice but to get it right this time, however uncomfortable that maybe for now," said Tracy Stewart, an editor at&nbsp;airfarewatchdog.com.

If Boeing can take comfort in anything, it may be that most travelers do not look up which jet they will fly when booking tickets.

Most commercial passengers are "worried about getting an aisle seat, and hoping the overhead bin will still have space for a carry-on," said John Dekker of online travel agency Surf City Travel.

Some experts said one of the best ways for Boeing to regain credibility is to release a video explaining the changes to the 737 MAX to make it safer.

They must "make sure they have informed the consumer that it won't happen again... PERIOD!" said Dekker.

On September 12, Boeing started putting out 30-second videos in which employees tout its planes' safety, hoping to reassure travelers about the 737 MAX that's been grounded worldwide since two crashes that killed 346 people.

On September 12, Boeing started putting out 30-second videos in which employees tout its planes' safety, hoping to reassure travelers about the 737 MAX that's been grounded worldwide since two crashes that killed 346 people. "Safety is at the core of our business. We have put hundreds of engineers to work to ensure that this airplane is 100 per cent ready," says Jennifer Henderson, Chief test pilot for the 737, in one of the clips. "When the 737 MAX returns to service I will absolutely put my family on this airplane," she stressed. But on a Facebook page for Boeing enthusiasts where the clip was posted, the response is negative. "Well, I think she could not say it would be unsafe," one member quipped, as Boeing faces the Herculean task of trying to regain the confidence of civil aviation authorities and the public, seven months after the crash of an Ethiopian Airlines MAX that killed 157 people. That came after the downing of a Lion Air MAX in Indonesia in October 2018, killing 189, with the plane's MCAS anti-stall system being blamed in both accidents. It's not known when the MAX will return to service. Boeing, which still has not submitted a modified version of the MCAS system to regulators, hopes it will be before the end of the year. "The 737 Max is, for now, an 'airplane non grata' -- a plane passengers do not want to fly," said Henry Harteveldt, president of Atmosphere Research Group in San Francisco. "Travelers aren't merely scared of the 737 MAX, they're terrified of it." Just 19 per cent of business travelers and 14 per cent of leisure travelers would willingly take the 737 MAX within six months of returning to the sky, according to an Atmosphere survey. Nearly half of the 2,000 respondents said they would pay more to avoid the MAX. Faced with this distrust, airlines are adapting. "We will be transparent -- and communicate in advance -- with our customers who are booked to fly on a MAX aircraft, will rebook those who do not want to fly on a MAX at no charge, and for some time will not swap aircraft to a MAX if a change of aircraft is required," said a spokesperson at United Airlines, which owns 14 MAX aircraft. American Airlines, which has 24 MAX planes, has said its company brass and employees will be the first to fly on the aircraft once it's cleared to return to the sky. The MAX's setbacks have cast a shadow over a century of history at Boeing, a highlight of which was the success of its 747 jumbo jet, nicknamed the "Queen of the skies." According to Harteveldt, half of the business passengers and 55 per cent of leisure passengers consider Boeing to be "irresponsible," "arrogant" and "unsafe." Boeing's management has addressed the trust issue. "We know that trust has been damaged over the last few months and we own that and we are working hard to re-earn that trust going forward," CEO Dennis Muilenburg said in August. The trust may have been tested again on Friday when it emerged that some potentially significant documents at Boeing were held back from investigators for months. Boeing says it has conducted 1,447 flight test hours as of October 13 with the modified MCAS, and Muilenburg personally took part in two tests. From late September to mid-October, the company also invited airline pilots to simulator training and information sessions in Miami, London, Istanbul, Shanghai and Singapore. "Boeing has no choice but to get it right this time, however uncomfortable that maybe for now," said Tracy Stewart, an editor at airfarewatchdog.com. If Boeing can take comfort in anything, it may be that most travelers do not look up which jet they will fly when booking tickets. Most commercial passengers are "worried about getting an aisle seat, and hoping the overhead bin will still have space for a carry-on," said John Dekker of online travel agency Surf City Travel. Some experts said one of the best ways for Boeing to regain credibility is to release a video explaining the changes to the 737 MAX to make it safer. They must "make sure they have informed the consumer that it won't happen again... PERIOD!" said Dekker.

Boeing wants it to fly, but travelers fear the 737 MAX

In her intervention during International Monetary and Financial Committee (IMFC) Plenary Session, Union Finance Minister Nirmala Sitharaman said that the global economic risks and imbalances reinforce the need to strengthen global co-operation at the multilateral level, besides governmental initiatives.

At the National level, a calibrated and balanced approach to deploying a mix of fiscal, monetary and structural measures by countries can help achieve their growth potential, the Finance Minister added.

She further stated that the International Monetary Fund (IMF) should provide solutions that are specific to important growth geographies to help alleviate the current conundrum.

The Union Minister also stressed that IMF should evolve a policy framework that would assess the vulnerability of economies to capital flows and that developing stronger surveillance mechanism with sharper diagnostic tools can mitigate or even prevent the adverse effects on fragile economies.

On the 15th Round of the IMF`s General Review of the Quotas (15th GRQ) likely to conclude without a quota increase, Sitharaman was of the view that work on the 16th Round should begin in right earnest and should have a tight timeframe.

Sitharaman also participated in the 100th Meeting of the Development Committee Plenary and stated, "As we draw closer to SDG 2030, India is pursuing both scale and speed of development, through large National missions in a fiscally responsible, sustainable and inclusive manner.

These programs range widely from solar energy to direct benefit transfer, from skilling to sanitation.

But there is a common approach: to improve incomes, reduce deprivation and enhance living standards.

"She also stated that in pursuing investment-led growth, one should not neglect sustainability, efficiency and transparency in debt and tax policies.

"Moreover, investments must generate domestic revenues that can be channelized into effective public spending in health, education and skilling so that youth can benefit from the economic growth," Sitharaman added.

The Union Minister also encouraged IMF to guide concerted international action to combat illegal financial flows and welcomed collaboration to push investment to augment multilateral development bank (MDB) financing into developing countries.

Nirmala Sitharaman is currently on an official tour to Washington DC to attend the Annual Meetings of the International Monetary Fund and the World Bank and other associated meetings.

She is accompanied by RBI Governor Shaktikanta Das, Secretary Economic Affairs Atanu Chakraborty, and other officials.&nbsp; 
&nbsp;

In her intervention during International Monetary and Financial Committee (IMFC) Plenary Session, Union Finance Minister Nirmala Sitharaman said that the global economic risks and imbalances reinforce the need to strengthen global co-operation at the multilateral level, besides governmental initiatives.

In her intervention during International Monetary and Financial Committee (IMFC) Plenary Session, Union Finance Minister Nirmala Sitharaman said that the global economic risks and imbalances reinforce the need to strengthen global co-operation at the multilateral level, besides governmental initiatives. At the National level, a calibrated and balanced approach to deploying a mix of fiscal, monetary and structural measures by countries can help achieve their growth potential, the Finance Minister added. She further stated that the International Monetary Fund (IMF) should provide solutions that are specific to important growth geographies to help alleviate the current conundrum. The Union Minister also stressed that IMF should evolve a policy framework that would assess the vulnerability of economies to capital flows and that developing stronger surveillance mechanism with sharper diagnostic tools can mitigate or even prevent the adverse effects on fragile economies. On the 15th Round of the IMF`s General Review of the Quotas (15th GRQ) likely to conclude without a quota increase, Sitharaman was of the view that work on the 16th Round should begin in right earnest and should have a tight timeframe. Sitharaman also participated in the 100th Meeting of the Development Committee Plenary and stated, "As we draw closer to SDG 2030, India is pursuing both scale and speed of development, through large National missions in a fiscally responsible, sustainable and inclusive manner. These programs range widely from solar energy to direct benefit transfer, from skilling to sanitation. But there is a common approach: to improve incomes, reduce deprivation and enhance living standards. "She also stated that in pursuing investment-led growth, one should not neglect sustainability, efficiency and transparency in debt and tax policies. "Moreover, investments must generate domestic revenues that can be channelized into effective public spending in health, education and skilling so that youth can benefit from the economic growth," Sitharaman added. The Union Minister also encouraged IMF to guide concerted international action to combat illegal financial flows and welcomed collaboration to push investment to augment multilateral development bank (MDB) financing into developing countries. Nirmala Sitharaman is currently on an official tour to Washington DC to attend the Annual Meetings of the International Monetary Fund and the World Bank and other associated meetings. She is accompanied by RBI Governor Shaktikanta Das, Secretary Economic Affairs Atanu Chakraborty, and other officials.

Global economic risks reinforce need to strengthen global cooperation: Sitharaman

Negative interest rates: Bankers at the International Monetary Fund meeting weigh-in

Oracle&nbsp;Corp's&nbsp;62-year-old co-chief Mark Hurd died on Friday morning, the company said, an unexpected development that raises pressure on co-CEO Safra Catz to lead the business software maker's ongoing transition to cloud computing.

Last month, Hurd went on medical leave for unspecified health reasons, while Catz and founder Larry Ellison took over his responsibilities during the absence.

The company has not given details about the cause of death.

"Oracle&nbsp;has lost a brilliant and beloved leader who personally touched the lives of so many of us during his decade at&nbsp;Oracle," Ellison wrote in an email to company employees.

Hurd and Catz were named co-CEOs in 2014 after Ellison decided to step aside to focus on his role as chief technology officer.

Under their tenure,&nbsp;Oracle&nbsp;has been aggressively pushing into cloud computing to make up for a late entry into the fast-growing business dominated by Microsoft Corp and Amazon.com Inc&nbsp;

Last month, the company missed revenue estimates.

Wedbush Securities analyst Steve Koenig said he does not see any changes in how the company will be run after Hurd's demise.

"Safra and Larry have been long-time collaborators and partners in leading&nbsp;Oracle, and the company has a deep bench of sales talent."

Hurd joined&nbsp;Oracle&nbsp;as co-president in September 2010, a month after he was ousted in a controversial fashion from Hewlett-Packard Co, where he had been chief executive since 2005.

Hurd resigned from HP in August 2010 after allegations of sexually harassing an employee. An internal probe later cleared him of those charges, though it found him guilty of filing inaccurate expense reports.

Long-time friend Ellison stood up for Hurd in an email to the New York Times, calling Hurd's removal the "worst personnel decision since the idiots on the Apple board fired Steve Jobs many years ago".

When Hurd and Catz were named co-CEOs in 2014, analysts were sceptical about the dual CEO structure. However, cloud software giants like Salesforce.com Inc.&nbsp;have followed suit.

Catz, trained in finance and law, was a Wall Street banker from 1986 until she joined&nbsp;Oracle&nbsp;in 1999 and has been a central figure in&nbsp;Oracle's many acquisitions.

Sales-oriented Hurd spent 25 years at computer and ATM pioneer NCR Corp before joining HP.

Oracle Corp's 62-year-old co-chief Mark Hurd died on Friday morning, the company said, an unexpected development that raises pressure on co-CEO Safra Catz to lead the business software maker's ongoing transition to cloud computing.

Oracle Corp's 62-year-old co-chief Mark Hurd died on Friday morning, the company said, an unexpected development that raises pressure on co-CEO Safra Catz to lead the business software maker's ongoing transition to cloud computing. Last month, Hurd went on medical leave for unspecified health reasons, while Catz and founder Larry Ellison took over his responsibilities during the absence. The company has not given details about the cause of death. "Oracle has lost a brilliant and beloved leader who personally touched the lives of so many of us during his decade at Oracle," Ellison wrote in an email to company employees. Hurd and Catz were named co-CEOs in 2014 after Ellison decided to step aside to focus on his role as chief technology officer. Under their tenure, Oracle has been aggressively pushing into cloud computing to make up for a late entry into the fast-growing business dominated by Microsoft Corp and Amazon.com Inc Last month, the company missed revenue estimates. Wedbush Securities analyst Steve Koenig said he does not see any changes in how the company will be run after Hurd's demise. "Safra and Larry have been long-time collaborators and partners in leading Oracle, and the company has a deep bench of sales talent." Hurd joined Oracle as co-president in September 2010, a month after he was ousted in a controversial fashion from Hewlett-Packard Co, where he had been chief executive since 2005. Hurd resigned from HP in August 2010 after allegations of sexually harassing an employee. An internal probe later cleared him of those charges, though it found him guilty of filing inaccurate expense reports. Long-time friend Ellison stood up for Hurd in an email to the New York Times, calling Hurd's removal the "worst personnel decision since the idiots on the Apple board fired Steve Jobs many years ago". When Hurd and Catz were named co-CEOs in 2014, analysts were sceptical about the dual CEO structure. However, cloud software giants like Salesforce.com Inc. have followed suit. Catz, trained in finance and law, was a Wall Street banker from 1986 until she joined Oracle in 1999 and has been a central figure in Oracle's many acquisitions. Sales-oriented Hurd spent 25 years at computer and ATM pioneer NCR Corp before joining HP.

Oracle co-CEO Mark Hurd dies at 62

Blacklisted Chinese telecoms equipment giant Huawei is in early-stage talks with some United States&nbsp;telecoms companies about licensing its 5G network technology to them, a Huawei executive told Reuters on Friday.

Vincent Pang, senior vice president and board director at the company said some firms had expressed interest in both a long-term deal or a one-off transfer, declining to name or quantify the companies.

"There are some companies talking to us, but it would take a long journey to really finalise everything," Pang explained on a visit to Washington this week. "They have shown interest," he added, saying conversations are only a couple of weeks old and not at a detailed level yet.

The US government, fearing Huawei equipment could be used to spy on customers, has led a campaign to convince allies to bar it from their 5G networks. Huawei has repeatedly denied the claim.

Currently, there are no US&nbsp;5G providers and European rivals Ericsson&nbsp;and Nokia&nbsp;are generally more expensive.

In May, Huawei, the world's largest telecoms equipment provider, was placed on a US blacklist over national security concerns, banning it from buying American-made parts without a special license.

Washington also has brought criminal charges against the company, alleging bank fraud, violations of US&nbsp;sanctions against Iran, and theft of trade secrets, which Huawei denies.

Rules that were due out from the Commerce Department earlier this month are expected to effectively ban the company from the US&nbsp;telecoms supply chain.

The idea of a one-off fee in exchange for access to Huawei's 5G patents, licenses, code and know-how was first floated by CEO and founder Ren Zhengfei in interviews with the New York Times and the Economist last month. But it was not previously clear whether there was any interest from US&nbsp;companies.

In an interview with Reuters last month, a State Department official expressed scepticism of Ren's offer.

"It's just not realistic that carriers would take on this equipment and then manage all of the software and hardware themselves," the person said. "If there are software bugs that are built into the initial software, there would be no way to necessarily tell that those are there and they could be activated at any point, even if the software code is turned over to the mobile operators," the official added.

For his part, Pang declined to predict whether any deal might be signed. However, he warned that the research and development investment required by continuously improving the platform after a single-transfer from Huawei would be very costly for the companies.

Huawei has spent billions to develop its 5G technology since 2009.

Blacklisted Chinese telecoms equipment giant Huawei is in early-stage talks with some United States telecoms companies about licensing its 5G network technology to them, a Huawei executive told Reuters on Friday.

Blacklisted Chinese telecoms equipment giant Huawei is in early-stage talks with some United States telecoms companies about licensing its 5G network technology to them, a Huawei executive told Reuters on Friday. Vincent Pang, senior vice president and board director at the company said some firms had expressed interest in both a long-term deal or a one-off transfer, declining to name or quantify the companies. "There are some companies talking to us, but it would take a long journey to really finalise everything," Pang explained on a visit to Washington this week. "They have shown interest," he added, saying conversations are only a couple of weeks old and not at a detailed level yet. The US government, fearing Huawei equipment could be used to spy on customers, has led a campaign to convince allies to bar it from their 5G networks. Huawei has repeatedly denied the claim. Currently, there are no US 5G providers and European rivals Ericsson and Nokia are generally more expensive. In May, Huawei, the world's largest telecoms equipment provider, was placed on a US blacklist over national security concerns, banning it from buying American-made parts without a special license. Washington also has brought criminal charges against the company, alleging bank fraud, violations of US sanctions against Iran, and theft of trade secrets, which Huawei denies. Rules that were due out from the Commerce Department earlier this month are expected to effectively ban the company from the US telecoms supply chain. The idea of a one-off fee in exchange for access to Huawei's 5G patents, licenses, code and know-how was first floated by CEO and founder Ren Zhengfei in interviews with the New York Times and the Economist last month. But it was not previously clear whether there was any interest from US companies. In an interview with Reuters last month, a State Department official expressed scepticism of Ren's offer. "It's just not realistic that carriers would take on this equipment and then manage all of the software and hardware themselves," the person said. "If there are software bugs that are built into the initial software, there would be no way to necessarily tell that those are there and they could be activated at any point, even if the software code is turned over to the mobile operators," the official added. For his part, Pang declined to predict whether any deal might be signed. However, he warned that the research and development investment required by continuously improving the platform after a single-transfer from Huawei would be very costly for the companies. Huawei has spent billions to develop its 5G technology since 2009.

Huawei in early talks with United States firms to licence 5G platform

The International Monetary Fund said on Friday its 189 member countries agreed to maintain the IMF's $1 trillion in total lending resources while delaying changes to its shareholding structure to as late as December 2023.

The move ends a deadlock with the United States, which had opposed shareholding changes that would give a bigger voice to China and other large, fast-growing emerging markets in a review process that was due for completion this year.

IMF Managing Director Kristalina Georgieva announced the decision at the Fund's and World Bank's annual meetings, saying that the initiative will provide confidence that the IMF can adequately support member countries as they deal with slowing global growth.

US Treasury Secretary Steven Mnuchin, who holds an effective veto over major Fund decisions, endorsed the move, which calls for a doubling of the IMF's crisis lending fund to about $500 billion, restoring it to levels during the 2008-09 financial crisis. It would be accompanied by a reduction in bilateral lending arrangement to keep overall IMF resources unchanged.

But it would require the United States to double its commitment by contributing about $38 billion to the fund, known as the New Arrangements to Borrow (NAB), a move that would need approval from the US Congress.

"We continue to support efforts to maintain the IMF's current resources so that the IMF is sufficiently equipped to respond to potential crises over the medium term," Mnuchin said in a statement to the IMF's steering committee.

In April, Mnuchin said he was firmly opposed to increasing the IMF's overall funding and altering shareholding quotas.

"In our view, the IMF currently has ample resources to achieve its mission," he said at the time.

The New Arrangements to Borrow, first launched in 1998 and increased 10-fold during the financial crisis a decade later, were due to expire in 2022.

Bilateral lending arrangements, totalling about $440 billion, were due to expire at the end of 2019. These will be extended for a year to buy governments time to approve the changes.

But the deal puts off for four years a reckoning over how the growing influence in the global economy of China, Brazil and India will be reflected in the governance of the IMF.

The IMF's bylaws drafted at the end of World War Two require the Fund to be headquartered in the world's largest economy - which may require a shift in coming decades based on forecasts that China's GDP will eventually exceed that of the United States.

The deal preserves the US veto power at the IMF and ends a deadlock over quotas while avoiding a bigger share for China for the time being, said Mark Sobel, a former US Treasury official and US executive director at the IMF.

"This is second-best compared to a quota increase, but it merits support," added Sobel, who is now with the Official Monetary and Financial Institutions Forum think-tank.

It also may be an easier sell to Congress, which balked for years at the last quota increase agreed in 2010 that boosted China's and other emerging markets' voting power and shrunk that of European countries. Those changes were not implemented until 2016 after Congress approved it in a spending bill.

The International Monetary Fund said on Friday its 189 member countries agreed to maintain the IMF's $1 trillion in total lending resources while delaying changes to its shareholding structure to as late as December 2023.

The International Monetary Fund said on Friday its 189 member countries agreed to maintain the IMF's $1 trillion in total lending resources while delaying changes to its shareholding structure to as late as December 2023. The move ends a deadlock with the United States, which had opposed shareholding changes that would give a bigger voice to China and other large, fast-growing emerging markets in a review process that was due for completion this year. IMF Managing Director Kristalina Georgieva announced the decision at the Fund's and World Bank's annual meetings, saying that the initiative will provide confidence that the IMF can adequately support member countries as they deal with slowing global growth. US Treasury Secretary Steven Mnuchin, who holds an effective veto over major Fund decisions, endorsed the move, which calls for a doubling of the IMF's crisis lending fund to about $500 billion, restoring it to levels during the 2008-09 financial crisis. It would be accompanied by a reduction in bilateral lending arrangement to keep overall IMF resources unchanged. But it would require the United States to double its commitment by contributing about $38 billion to the fund, known as the New Arrangements to Borrow (NAB), a move that would need approval from the US Congress. "We continue to support efforts to maintain the IMF's current resources so that the IMF is sufficiently equipped to respond to potential crises over the medium term," Mnuchin said in a statement to the IMF's steering committee. In April, Mnuchin said he was firmly opposed to increasing the IMF's overall funding and altering shareholding quotas. "In our view, the IMF currently has ample resources to achieve its mission," he said at the time. The New Arrangements to Borrow, first launched in 1998 and increased 10-fold during the financial crisis a decade later, were due to expire in 2022. Bilateral lending arrangements, totalling about $440 billion, were due to expire at the end of 2019. These will be extended for a year to buy governments time to approve the changes. But the deal puts off for four years a reckoning over how the growing influence in the global economy of China, Brazil and India will be reflected in the governance of the IMF. The IMF's bylaws drafted at the end of World War Two require the Fund to be headquartered in the world's largest economy - which may require a shift in coming decades based on forecasts that China's GDP will eventually exceed that of the United States. The deal preserves the US veto power at the IMF and ends a deadlock over quotas while avoiding a bigger share for China for the time being, said Mark Sobel, a former US Treasury official and US executive director at the IMF. "This is second-best compared to a quota increase, but it merits support," added Sobel, who is now with the Official Monetary and Financial Institutions Forum think-tank. It also may be an easier sell to Congress, which balked for years at the last quota increase agreed in 2010 that boosted China's and other emerging markets' voting power and shrunk that of European countries. Those changes were not implemented until 2016 after Congress approved it in a spending bill.

IMF sidesteps clash with US over funding, delays shareholding changes to 2023

United States&nbsp;Treasury Secretary Steven Mnuchin on Friday said he welcomes a proposal to double the size of the International Monetary Fund's $250 billion&nbsp;crisis lending fund as part of a deal to maintain overall IMF resources.

Mnuchin, in a statement to the IMF's steering committee, said he backed the funding increase to ensure the global lender remained adequately resourced to respond to potential crises over the medium term.

He also called for various reforms to streamline the fund's costs, modernise salaries and benefits, and adopt a more independent, centralised risk management system.

United States Treasury Secretary Steven Mnuchin on Friday said he welcomes a proposal to double the size of the International Monetary Fund's $250 billion crisis lending fund as part of a deal to maintain overall IMF resources.

United States Treasury Secretary Steven Mnuchin on Friday said he welcomes a proposal to double the size of the International Monetary Fund's $250 billion crisis lending fund as part of a deal to maintain overall IMF resources. Mnuchin, in a statement to the IMF's steering committee, said he backed the funding increase to ensure the global lender remained adequately resourced to respond to potential crises over the medium term. He also called for various reforms to streamline the fund's costs, modernise salaries and benefits, and adopt a more independent, centralised risk management system.

Steven Mnuchin backs proposal to double International Monetary Fund's crisis fund

Increased trade integration, geopolitical uncertainties, and high accumulated debt levels necessitate strong global coordination, Finance Minister Nirmala Sitharaman has said.

"We need not wait for the slowdown to become a crisis," she said adding that trade wars and protectionism have generated uncertainties that will ultimately impact the flow of capital, goods, and services.

Addressing the annual meetings at the plenary session of the International Monetary Fund (IMF) and the World Bank Group held here on Friday (local time), Sitharaman called for concerted action to mitigate the disruption on account of synchronous slowdown and invoked the spirit of multilateralism for global growth.

She also attended the working lunch session of the Development Committee, the ministerial-level committee of the IMF and the World Bank, in which members discussed the global economic outlook.

The 40th meetings of the International Monetary and Financial Committee (IMFC) are being held at this year's annual meetings. During the day, three sessions of the IMFC took place.

The IMFC introductory session was focused on global developments and prospects and the discussions centred on the World Economic Outlook released on October 15.

The early warning exercise discussed upcoming risks to a global economy and stability. A special session on IMF resources and governance was also held early in the day in the context of the 15th round of the quota discussions concluding this year.

Secretary at the Department of Economic Affairs Atanu Chakraborty led the Indian delegation. Sitharaman also led the Indian delegation at G20 finance ministers and central bank governors meeting in which the deliberations centred on international taxation and stablecoins.

The ministers and governors also took updates from G20 deputies on quality infrastructure investment, debt sustainability, financing for universal healthcare and building effective country platforms, and from the Africa Advisory Group on the Compact with Africa (CwA) initiative.

On the discussions at the session regarding the work underway on developing a consensus solution on tax challenges arising from digitalisation, Sitharaman said a unified approach to the nexus and profit allocation challenges is a promising one that merits serious attention.

A solution that is simple to implement, simple to administer and simple to comply with is needed. On the sidelines, she held several bilateral meetings, including with First Deputy Prime Minister and Finance Minister of Russia Anton Siluanov, Finance Minister of the Kyrgyz Republic Baktygul Jeenbaeva, Finance Minister of Switzerland Ulei Maurer, Australian Treasurer Josh Frydenberg and Finance Minister of Maldives Ibrahim Ameer.

Chakraborty also held one-on-one meeting with Director General of the French Treasury Renaud Basso and Chief Financial Officer of the World Bank Anshula Kant.

He also addressed investors in a session organised by JP Morgan.&nbsp; 
&nbsp;

Increased trade integration, geopolitical uncertainties, and high accumulated debt levels necessitate strong global coordination, Finance Minister Nirmala Sitharaman has said.

Increased trade integration, geopolitical uncertainties, and high accumulated debt levels necessitate strong global coordination, Finance Minister Nirmala Sitharaman has said. "We need not wait for the slowdown to become a crisis," she said adding that trade wars and protectionism have generated uncertainties that will ultimately impact the flow of capital, goods, and services. Addressing the annual meetings at the plenary session of the International Monetary Fund (IMF) and the World Bank Group held here on Friday (local time), Sitharaman called for concerted action to mitigate the disruption on account of synchronous slowdown and invoked the spirit of multilateralism for global growth. She also attended the working lunch session of the Development Committee, the ministerial-level committee of the IMF and the World Bank, in which members discussed the global economic outlook. The 40th meetings of the International Monetary and Financial Committee (IMFC) are being held at this year's annual meetings. During the day, three sessions of the IMFC took place. The IMFC introductory session was focused on global developments and prospects and the discussions centred on the World Economic Outlook released on October 15. The early warning exercise discussed upcoming risks to a global economy and stability. A special session on IMF resources and governance was also held early in the day in the context of the 15th round of the quota discussions concluding this year. Secretary at the Department of Economic Affairs Atanu Chakraborty led the Indian delegation. Sitharaman also led the Indian delegation at G20 finance ministers and central bank governors meeting in which the deliberations centred on international taxation and stablecoins. The ministers and governors also took updates from G20 deputies on quality infrastructure investment, debt sustainability, financing for universal healthcare and building effective country platforms, and from the Africa Advisory Group on the Compact with Africa (CwA) initiative. On the discussions at the session regarding the work underway on developing a consensus solution on tax challenges arising from digitalisation, Sitharaman said a unified approach to the nexus and profit allocation challenges is a promising one that merits serious attention. A solution that is simple to implement, simple to administer and simple to comply with is needed. On the sidelines, she held several bilateral meetings, including with First Deputy Prime Minister and Finance Minister of Russia Anton Siluanov, Finance Minister of the Kyrgyz Republic Baktygul Jeenbaeva, Finance Minister of Switzerland Ulei Maurer, Australian Treasurer Josh Frydenberg and Finance Minister of Maldives Ibrahim Ameer. Chakraborty also held one-on-one meeting with Director General of the French Treasury Renaud Basso and Chief Financial Officer of the World Bank Anshula Kant. He also addressed investors in a session organised by JP Morgan.

Trade wars to impact flow of capital, goods and services: Sitharaman

Hong&nbsp;Kong's&nbsp;Cathay&nbsp;Pacific&nbsp;Airways Ltd&nbsp;on Friday lowered its&nbsp;expectations&nbsp;for&nbsp;full-year&nbsp;profit&nbsp;due to "incredibly challenging" conditions in its home market racked by <a href="https://www.wionews.com/world/hong-kong-braces-for-weekend-of-fresh-anti-government-protests-256600">anti-government&nbsp;protests</a>&nbsp;that it expected to persist for the rest of 2019.

The airline reported a 7.1 per cent&nbsp;drop in passenger numbers for the month of September as travellers avoided&nbsp;Hong&nbsp;Kong&nbsp;due to widespread and sometimes violent&nbsp;protests, and said its second-half financial results were likely to be below the first half.

Cathay, which is trying to complete a three-year&nbsp;financial turnaround plan, has become the biggest corporate casualty of the&nbsp;Hong&nbsp;Kong&nbsp;protests&nbsp;after China demanded it suspend staff involved in, or supporting, the demonstrations that have plunged the former British colony into a political crisis.

The airline in August reported a HK$1.347 billion first-half&nbsp;profit. At that time,&nbsp;Cathay&nbsp;said second-half&nbsp;profit&nbsp;was likely to be higher than the first-half, as is typically the case for the airline, based on seasonality.

The consensus estimate before Friday's update was for the airline to report a&nbsp;full-year&nbsp;profit&nbsp;of HK$3.2 billion, according to 11 analysts polled by Refinitiv, although some last month predicted a poor second half.

Cathay&nbsp;shares were trading 1.4 per cent&nbsp;lower at 0510 GMT.

"We continue to see a significant shortfall in inbound bookings for the remainder of 2019 as compared to the same snapshot last&nbsp;year,"&nbsp;Cathay&nbsp;Chief Customer and Commercial Officer Ronald Lam said in a statement on Friday.

Cathay&nbsp;last month said it would cut capacity for the upcoming winter season.

BOCOM International analyst Luya You on Friday said further cuts might be needed in 2020 and even 2021 given there was no way of determining a timeline for when the political turmoil in&nbsp;Hong&nbsp;Kong&nbsp;would be resolved.

Inbound traffic to&nbsp;Hong&nbsp;Kong&nbsp;was down 38 per cent&nbsp;in September, unchanged from August, with demand from the mainland Chinese market hit especially hard, the airline said.

The 7.1 per cent&nbsp;fall in passenger numbers in September was better than the 11.3 per cent&nbsp;drop in August, but&nbsp;Cathay&nbsp;said an increasing reliance on transit passengers had affected its yields - a measure of the average fare paid per kilometre per passenger.

BOCOM's You said even if passenger numbers outside China appeared to stabilise in the coming months, that was likely to come at the cost of significantly lower fares.

Cathay&nbsp;also said cargo volumes fell 4.4 per cent&nbsp;in September, but that there were signs of improvement as it headed into air freight's traditional high-demand season.

Hong Kong's Cathay Pacific Airways Ltd on Friday lowered its expectations for full-year profit due to "incredibly challenging" conditions in its home market racked by anti-government protests that it expected to persist for the rest of 2019.

Hong Kong's Cathay Pacific Airways Ltd on Friday lowered its expectations for full-year profit due to "incredibly challenging" conditions in its home market racked by anti-government protests that it expected to persist for the rest of 2019. The airline reported a 7.1 per cent drop in passenger numbers for the month of September as travellers avoided Hong Kong due to widespread and sometimes violent protests, and said its second-half financial results were likely to be below the first half. Cathay, which is trying to complete a three-year financial turnaround plan, has become the biggest corporate casualty of the Hong Kong protests after China demanded it suspend staff involved in, or supporting, the demonstrations that have plunged the former British colony into a political crisis. The airline in August reported a HK$1.347 billion first-half profit. At that time, Cathay said second-half profit was likely to be higher than the first-half, as is typically the case for the airline, based on seasonality. The consensus estimate before Friday's update was for the airline to report a full-year profit of HK$3.2 billion, according to 11 analysts polled by Refinitiv, although some last month predicted a poor second half. Cathay shares were trading 1.4 per cent lower at 0510 GMT. "We continue to see a significant shortfall in inbound bookings for the remainder of 2019 as compared to the same snapshot last year," Cathay Chief Customer and Commercial Officer Ronald Lam said in a statement on Friday. Cathay last month said it would cut capacity for the upcoming winter season. BOCOM International analyst Luya You on Friday said further cuts might be needed in 2020 and even 2021 given there was no way of determining a timeline for when the political turmoil in Hong Kong would be resolved. Inbound traffic to Hong Kong was down 38 per cent in September, unchanged from August, with demand from the mainland Chinese market hit especially hard, the airline said. The 7.1 per cent fall in passenger numbers in September was better than the 11.3 per cent drop in August, but Cathay said an increasing reliance on transit passengers had affected its yields - a measure of the average fare paid per kilometre per passenger. BOCOM's You said even if passenger numbers outside China appeared to stabilise in the coming months, that was likely to come at the cost of significantly lower fares. Cathay also said cargo volumes fell 4.4 per cent in September, but that there were signs of improvement as it headed into air freight's traditional high-demand season.

Cathay Pacific lowers full-year profit expectations as Hong Kong protests bite

European&nbsp;Union&nbsp;leaders&nbsp;will&nbsp;discuss&nbsp;a new&nbsp;budget&nbsp;plan on Friday that could allow the bloc to spend up to 1.1&nbsp;trillion&nbsp;euros&nbsp;in the 2021-2027 period, but deep divisions among governments could block a deal for months.

Under a proposal prepared by Finland, which holds the EU's rotating presidency, the next long-term&nbsp;budget&nbsp;should have a financial capacity between 1.03 per cent&nbsp;and 1.08 per cent&nbsp;of the bloc's gross national income (GNI), a measure of output.

That would allow the EU to spend between 1 and 1.1&nbsp;trillion&nbsp;euros for seven years with its first&nbsp;budget&nbsp;after the <a href="https://www.wionews.com/world/boris-johnson-agrees-brexit-deal-but-must-now-win-over-parliament-256575">exit from the club of Britain</a>, one of the top contributors to EU coffers.

The document, seen by Reuters, is less ambitious than proposals put forward by the&nbsp;European&nbsp;Commission, the EU executive, which is seeking a&nbsp;budget&nbsp;worth 1.1 per cent&nbsp;of GNI. The EU parliament called for an even higher&nbsp;budget&nbsp;at 1.3 per cent&nbsp;of GNI.

But the Finnish proposal moves beyond a 1 per cent&nbsp;cap set by Germany, the bloc's largest economy.

Finland's midway solution has displeased most of the 27 EU states, EU officials said, anticipating long negotiations before a compromise can be reached.

Talks on&nbsp;budgets are traditionally among the most divisive in a bloc that in recent years has become increasingly prone to quarrels, as its states are deeply split over economic policies, financial reforms and how to handle migrants.

The Finnish proposal, which cuts spending on farmers and poorer regions, has managed to unite the divided EU&nbsp;leaders&nbsp;in its criticism.

"The text has caused nearly unanimous dissatisfaction," a diplomat involved in the talks said.

While the bloc has embarked on a range of new expensive policies, such as protecting its borders and increasing social security, states are reluctant to pay more.

Germany and other Nordic supporters of a smaller&nbsp;budget&nbsp;argue that because of&nbsp;Brexit, they would pay more into EU coffers even with a 1 per cent&nbsp;cap because they would need to compensate for the loss of Britain's transfers.

Eastern and southern states, who benefit from EU funds on poorer regions and agriculture, are keen to see a bigger&nbsp;budget, and are not happy with Finland's proposed cuts on these sectors.

Under the proposal, subsidies to poor regions would drop to less than 30 per cent&nbsp;of the&nbsp;budget&nbsp;from 34 per cent&nbsp;now, while aid to farmers would fall to slightly more than 30 per cent&nbsp;from over 35 per cent&nbsp;of the total.

To complicate matters, the new&nbsp;budget&nbsp;should also include rules that would suspend funding to member states with rule-of-law shortcomings, such as limits to media freedom or the independence of judges.

This is irking states like Poland and Hungary which Brussels has long accused of breaches in the rule of law after judiciary and media reforms adopted by their far-right governments.

Friday's meeting is seen as a starting point and is not supposed to find a compromise, but divisions are so deep that many officials fear a deal may not be reached by a self-imposed December deadline. A later deal would delay the launch of spending programmes.

The Finns remained confident, however, and insist their suggested spending range would eventually be backed by EU states. "The fact that almost everybody is against our text shows we have put forward a fair proposal," one diplomat said.

European Union leaders will discuss a new budget plan on Friday that could allow the bloc to spend up to 1.1 trillion euros in the 2021-2027 period, but deep divisions among governments could block a deal for months.

European Union leaders will discuss a new budget plan on Friday that could allow the bloc to spend up to 1.1 trillion euros in the 2021-2027 period, but deep divisions among governments could block a deal for months. Under a proposal prepared by Finland, which holds the EU's rotating presidency, the next long-term budget should have a financial capacity between 1.03 per cent and 1.08 per cent of the bloc's gross national income (GNI), a measure of output. That would allow the EU to spend between 1 and 1.1 trillion euros for seven years with its first budget after the exit from the club of Britain, one of the top contributors to EU coffers. The document, seen by Reuters, is less ambitious than proposals put forward by the European Commission, the EU executive, which is seeking a budget worth 1.1 per cent of GNI. The EU parliament called for an even higher budget at 1.3 per cent of GNI. But the Finnish proposal moves beyond a 1 per cent cap set by Germany, the bloc's largest economy. Finland's midway solution has displeased most of the 27 EU states, EU officials said, anticipating long negotiations before a compromise can be reached. Talks on budgets are traditionally among the most divisive in a bloc that in recent years has become increasingly prone to quarrels, as its states are deeply split over economic policies, financial reforms and how to handle migrants. The Finnish proposal, which cuts spending on farmers and poorer regions, has managed to unite the divided EU leaders in its criticism. "The text has caused nearly unanimous dissatisfaction," a diplomat involved in the talks said. While the bloc has embarked on a range of new expensive policies, such as protecting its borders and increasing social security, states are reluctant to pay more. Germany and other Nordic supporters of a smaller budget argue that because of Brexit, they would pay more into EU coffers even with a 1 per cent cap because they would need to compensate for the loss of Britain's transfers. Eastern and southern states, who benefit from EU funds on poorer regions and agriculture, are keen to see a bigger budget, and are not happy with Finland's proposed cuts on these sectors. Under the proposal, subsidies to poor regions would drop to less than 30 per cent of the budget from 34 per cent now, while aid to farmers would fall to slightly more than 30 per cent from over 35 per cent of the total. To complicate matters, the new budget should also include rules that would suspend funding to member states with rule-of-law shortcomings, such as limits to media freedom or the independence of judges. This is irking states like Poland and Hungary which Brussels has long accused of breaches in the rule of law after judiciary and media reforms adopted by their far-right governments. Friday's meeting is seen as a starting point and is not supposed to find a compromise, but divisions are so deep that many officials fear a deal may not be reached by a self-imposed December deadline. A later deal would delay the launch of spending programmes. The Finns remained confident, however, and insist their suggested spending range would eventually be backed by EU states. "The fact that almost everybody is against our text shows we have put forward a fair proposal," one diplomat said.

European Union leaders discuss $1.2 trillion post-Brexit budget

India remains the fastest growing economy in the world and the central government is making every effort to spur growth, Union Finance Minister Nirmala Sitharaman said on Thursday, days after the International Monetary Fund (IMF) slashed the country's growth projection to 6.1 percent.

Speaking to reporters here on the sidelines of the annual meeting of the IMF and the World Bank, Sitharaman said she "cannot underestimate" the potential that India is showing despite the current global scenario.

"The IMF reduces the growth for all global economies. It reduces the growth for India too. But even otherwise, India is still growing as the fastest growing economy," Sitharaman said.

"The point cannot be missed that India is still growing the fastest in the given global scenario. I wish it can be more. I wish it can grow faster, and I will make every effort to make it grow faster. But the fact remains that it is still growing faster," she said.

"Obviously the narrative is that it is not growing as much as it used to grow earlier, it is not (growing at) eight (percent), it is not (growing at) seven (percent), yes all this are very important, but I don't want to underestimate the potential that India is showing even in this adverse circumstance," the minister added.

The IMF on Tuesday slashed India's economic growth projection for 2019 to 6.1 per cent but said that it might pick up to 7 per cent in 2020.

In July this year, the multilateral agency had put India's growth rate at 7 per cent for the current fiscal owing to "weaker-than-expected outlook" of domestic demand. In April, it had said that India will grow at 7.3 per cent in 2019.&nbsp; 
&nbsp;

India remains the fastest growing economy in the world and the central government is making every effort to spur growth, Union Finance Minister Nirmala Sitharaman said on Thursday, days after the International Monetary Fund (IMF) slashed the country's growth projection to 6.

India remains the fastest growing economy in the world and the central government is making every effort to spur growth, Union Finance Minister Nirmala Sitharaman said on Thursday, days after the International Monetary Fund (IMF) slashed the country's growth projection to 6.1 percent. Speaking to reporters here on the sidelines of the annual meeting of the IMF and the World Bank, Sitharaman said she "cannot underestimate" the potential that India is showing despite the current global scenario. "The IMF reduces the growth for all global economies. It reduces the growth for India too. But even otherwise, India is still growing as the fastest growing economy," Sitharaman said. "The point cannot be missed that India is still growing the fastest in the given global scenario. I wish it can be more. I wish it can grow faster, and I will make every effort to make it grow faster. But the fact remains that it is still growing faster," she said. "Obviously the narrative is that it is not growing as much as it used to grow earlier, it is not (growing at) eight (percent), it is not (growing at) seven (percent), yes all this are very important, but I don't want to underestimate the potential that India is showing even in this adverse circumstance," the minister added. The IMF on Tuesday slashed India's economic growth projection for 2019 to 6.1 per cent but said that it might pick up to 7 per cent in 2020. In July this year, the multilateral agency had put India's growth rate at 7 per cent for the current fiscal owing to "weaker-than-expected outlook" of domestic demand. In April, it had said that India will grow at 7.3 per cent in 2019.

India remains fastest-growing economy in present global scenario, despite IMF projections: Sitharaman

Trade differences between India and the United States are narrowing, Union Finance Minister Nirmala Sitharaman said on Thursday, and expressed hope that the two countries will enter into a deal soon.

Speaking to reporters on the sidelines of the annual meetings of the International Monetary Fund and the World Bank, Sitharaman said that the Commerce Ministry is working on the trade deal with Washington and hopes to conclude the negotiations soon.

"I know the intensity with which the negotiations are going on. The few issues on which there could be some differences are being sorted out. I hope that there will be an agreement sooner. Obviously narrowing (of difference) is happening," Sitharaman told reporters here.

Tensions on the trade front between the two countries had emerged in June after US President Donald Trump revoked preferential trade privileges, in response to which India imposed tariffs on 28 US products, including almonds and apples.

India had been the biggest beneficiary of the Generalised System of Preferences (GSP), a programme designed to help developing countries sell to US consumers.

The Finance Minister is in Washington to attend the annual meetings of the International Monetary Fund and the World Bank. (ANI)

Trade differences between India and the United States are narrowing, Union Finance Minister Nirmala Sitharaman said on Thursday, and expressed hope that the two countries will enter into a deal soon.

Trade differences between India and the United States are narrowing, Union Finance Minister Nirmala Sitharaman said on Thursday, and expressed hope that the two countries will enter into a deal soon. Speaking to reporters on the sidelines of the annual meetings of the International Monetary Fund and the World Bank, Sitharaman said that the Commerce Ministry is working on the trade deal with Washington and hopes to conclude the negotiations soon. "I know the intensity with which the negotiations are going on. The few issues on which there could be some differences are being sorted out. I hope that there will be an agreement sooner. Obviously narrowing (of difference) is happening," Sitharaman told reporters here. Tensions on the trade front between the two countries had emerged in June after US President Donald Trump revoked preferential trade privileges, in response to which India imposed tariffs on 28 US products, including almonds and apples. India had been the biggest beneficiary of the Generalised System of Preferences (GSP), a programme designed to help developing countries sell to US consumers. The Finance Minister is in Washington to attend the annual meetings of the International Monetary Fund and the World Bank. (ANI)

Hoping to have trade deal with US soon: Nirmala Sitharaman

Equities treaded cautiously during early hours on Friday amid mixed global cues despite Britain and the European Union striking a long-awaited Brexit deal.

At 10:15 am, the BSE S&amp;P Sensex was up by 86 points at 39,138 while the Nifty 50 edged higher by 30 points to 11,616.

All sectoral indices at the National Stock Exchange were in the positive zone with Nifty PSU bank showing an uptick of 1.4 per cent.

Among stocks, Bharat Heavy Electricals Ltd (BHEL) surged 22.78 per cent in early trade after reports of government likely to cut its stake in the company.

An inter-ministerial group is expected to meet soon to discuss the stake sale.

Yes Bank was up by 6.8 per cent while NTPC, UltraTech Cement, Larsen &amp; Toubro and Bajaj Finance gained between 1.3 and 1.7 per cent.

Among the losers were Zee Entertainment, Bharti Airtel, Mahindra &amp; Mahindra, Infosys and Bajaj Auto.

Meanwhile, Asian stocks tumbled after China posted its weakest growth in nearly three decades.

MSCI's broadest index of Asia Pacific shares outside Japan was down by 0.17 per cent, echoing Wall Street's small gains.

But Japan's Nikkei added gains of 0.18 per cent. While a new draft Brexit deal was agreed upon between Britain and the EU, China's economic growth slowed more than expected to 6 per cent year-on-year in the third quarter of 2019, marking the weakest pace in nearly three decades.

 
&nbsp;

Equities treaded cautiously during early hours on Friday amid mixed global cues despite Britain and the European Union striking a long-awaited Brexit deal. At 10:15 am, the BSE S&P Sensex was up by 86 points at 39,138 while the Nifty 50 edged higher by 30 points to 11,616.

Equities treaded cautiously during early hours on Friday amid mixed global cues despite Britain and the European Union striking a long-awaited Brexit deal. At 10:15 am, the BSE S&P Sensex was up by 86 points at 39,138 while the Nifty 50 edged higher by 30 points to 11,616. All sectoral indices at the National Stock Exchange were in the positive zone with Nifty PSU bank showing an uptick of 1.4 per cent. Among stocks, Bharat Heavy Electricals Ltd (BHEL) surged 22.78 per cent in early trade after reports of government likely to cut its stake in the company. An inter-ministerial group is expected to meet soon to discuss the stake sale. Yes Bank was up by 6.8 per cent while NTPC, UltraTech Cement, Larsen & Toubro and Bajaj Finance gained between 1.3 and 1.7 per cent. Among the losers were Zee Entertainment, Bharti Airtel, Mahindra & Mahindra, Infosys and Bajaj Auto. Meanwhile, Asian stocks tumbled after China posted its weakest growth in nearly three decades. MSCI's broadest index of Asia Pacific shares outside Japan was down by 0.17 per cent, echoing Wall Street's small gains. But Japan's Nikkei added gains of 0.18 per cent. While a new draft Brexit deal was agreed upon between Britain and the EU, China's economic growth slowed more than expected to 6 per cent year-on-year in the third quarter of 2019, marking the weakest pace in nearly three decades.

Equities indices in the green amid mixed global cues

Oil&nbsp;prices&nbsp;were stable on Friday ahead of&nbsp;data&nbsp;that analysts say could show&nbsp;China, the world's largest&nbsp;oil&nbsp;importer, just recorded its <a href="https://www.wionews.com/world/chinas-q3-gdp-growth-slows-to-6-slowest-in-27-years-256577">weakest quarter of economic&nbsp;growth</a>&nbsp;in nearly three decades, dragged down by a <a href="https://www.wionews.com/world/china-says-hopes-to-reach-phased-trade-pact-with-us-as-early-as-possible-256449">trade dispute</a> with the United States.

Global benchmark Brent crude&nbsp;oil&nbsp;futures fell by 9 cents, 0.2 per cent, to $59.82 a barrel by 0039 GMT.

US&nbsp;West Texas Intermediate (WTI) crude&nbsp;futures were up by 4 cents, or 0.07 per cent, to $53.97 per barrel.

Analysts polled by Reuters expected&nbsp;China's gross domestic product (GDP) to grow 6.1 per cent&nbsp;in the July-September quarter from a year earlier, the slowest pace since the first quarter of 1992, the earliest quarterly&nbsp;data&nbsp;on record.

The Chinese government is due to release its third-quarter&nbsp;GDP&nbsp;data&nbsp;at 0200 GMT, along with other indicators for September.

With&nbsp;all&nbsp;eyes&nbsp;on the upcoming numbers, analysts expect weaker economic readings to add to pressure on Beijing to step up stimulus measures.

"The release of fixed asset investment and industrial activity (data) in&nbsp;China&nbsp;will set the tone in commodity markets," ANZ Bank predicted in a note.

Adding to downward pressure, US&nbsp;crude&nbsp;oil&nbsp;stockpiles surged last week as refinery output dropped to a two-year low, while gasoline and distillate fuel inventories decreased, the Energy Information Administration said on Thursday.

US&nbsp;crude inventories increased by 9.3 million barrels in the week ended October 11, compared with analysts' expectations for an increase of 2.9 million barrels.

Elsewhere, the joint technical committee monitoring a global deal to cut output between the Organization of the Petroleum Exporting Countries (OPEC) and partners, including Russia, found compliance with cuts for September stood at 236 per cent, according to four OPEC sources.

OPEC and its&nbsp;allies have agreed to limit their&nbsp;oil&nbsp;production by 1.2 million barrels per day&nbsp;until March 2020.

&nbsp;

Oil prices were stable on Friday ahead of data that analysts say could show China, the world's largest oil importer, just recorded its weakest quarter of economic growth in nearly three decades, dragged down by a trade dispute with the United States.

Oil prices were stable on Friday ahead of data that analysts say could show China, the world's largest oil importer, just recorded its weakest quarter of economic growth in nearly three decades, dragged down by a trade dispute with the United States. Global benchmark Brent crude oil futures fell by 9 cents, 0.2 per cent, to $59.82 a barrel by 0039 GMT. US West Texas Intermediate (WTI) crude futures were up by 4 cents, or 0.07 per cent, to $53.97 per barrel. Analysts polled by Reuters expected China's gross domestic product (GDP) to grow 6.1 per cent in the July-September quarter from a year earlier, the slowest pace since the first quarter of 1992, the earliest quarterly data on record. The Chinese government is due to release its third-quarter GDP data at 0200 GMT, along with other indicators for September. With all eyes on the upcoming numbers, analysts expect weaker economic readings to add to pressure on Beijing to step up stimulus measures. "The release of fixed asset investment and industrial activity (data) in China will set the tone in commodity markets," ANZ Bank predicted in a note. Adding to downward pressure, US crude oil stockpiles surged last week as refinery output dropped to a two-year low, while gasoline and distillate fuel inventories decreased, the Energy Information Administration said on Thursday. US crude inventories increased by 9.3 million barrels in the week ended October 11, compared with analysts' expectations for an increase of 2.9 million barrels. Elsewhere, the joint technical committee monitoring a global deal to cut output between the Organization of the Petroleum Exporting Countries (OPEC) and partners, including Russia, found compliance with cuts for September stood at 236 per cent, according to four OPEC sources. OPEC and its allies have agreed to limit their oil production by 1.2 million barrels per day until March 2020.

Oil prices steady, all eyes on data seen showing China GDP growth slowdown

Union Minister Piyush Goyal said that strict action will be taken against multi-brand retailers found violating FDI norms set for the e-commerce companies by the central government.

"The Central government has formed clear guidelines for e-commerce. It has made clear that if anyone makes e-commerce a means for multi-brand retail, stringent action will be taken against them," he said during a presser on Thursday.

He continued, "According to the spirit of the law, in multiband retail, FDI is not permitted above 49 per cent. Bharatiya Janata Party (BJP) stands with the small retailers of the country and will not let anyone's livelihood come under stress. We have made it clear that if anybody tries to use the route of multi-brand retail, then strict action will be taken."

Highlighting one of the guidelines, Goyal said, "E-commerce companies have no right to discount products or sell them on predatory prices and damage the retail market. They also don't have permission to make products and sell it themselves," he said.

Goyal informed that some complaints have been brought to his attention regarding violations by e-commerce companies.

"Commerce Ministry has sent a questionnaire seeking details from the concerned parties in the matter. Another supplementary questionnaire is also being sent. Required action will be taken after the details are received," he added.

The Union Minister said that if the law has been violated, either in the letter or in spirit, strict actions will be taken.&nbsp; 
&nbsp;

Union Minister Piyush Goyal said that strict action will be taken against multi-brand retailers found violating FDI norms set for the e-commerce companies by the central government.

Union Minister Piyush Goyal said that strict action will be taken against multi-brand retailers found violating FDI norms set for the e-commerce companies by the central government. "The Central government has formed clear guidelines for e-commerce. It has made clear that if anyone makes e-commerce a means for multi-brand retail, stringent action will be taken against them," he said during a presser on Thursday. He continued, "According to the spirit of the law, in multiband retail, FDI is not permitted above 49 per cent. Bharatiya Janata Party (BJP) stands with the small retailers of the country and will not let anyone's livelihood come under stress. We have made it clear that if anybody tries to use the route of multi-brand retail, then strict action will be taken." Highlighting one of the guidelines, Goyal said, "E-commerce companies have no right to discount products or sell them on predatory prices and damage the retail market. They also don't have permission to make products and sell it themselves," he said. Goyal informed that some complaints have been brought to his attention regarding violations by e-commerce companies. "Commerce Ministry has sent a questionnaire seeking details from the concerned parties in the matter. Another supplementary questionnaire is also being sent. Required action will be taken after the details are received," he added. The Union Minister said that if the law has been violated, either in the letter or in spirit, strict actions will be taken.

Flouting of FDI norms by multi brand retailers will invite strict action: Piyush Goyal

The United States imposed tariffs on a record $7.5-billion worth of European Union goods on Friday, despite threats of retaliation, with Airbus, French wine and Scottish whiskies among the high-profile targets.

The tariffs, which took effect just after midnight in Washington (0401 GMT), came after talks between European officials and US trade representatives failed to win a last-minute reprieve.

The WTO-endorsed onslaught from US President Donald Trump also comes as Washington is mired in a trade war with China and could risk destabilising the global economy further.

In the line of fire are civilian aircraft from Britain, France, Germany and Spain -- the countries that formed Airbus -- which will now cost 10 per cent more when imported to the US.

But the tariffs also target consumer products such as French wine, which Trump had vowed to attack in recent months. Wine from France, Spain and Germany will now face 25 per cent tariffs.

Speaking in Washington hours before the tariffs were due to come into effect, France's Economy Minister Bruno Le Maire warned the move would have serious repercussions.

"Europe is ready to retaliate, in the framework of course of the WTO," he told reporters shortly after meeting with US Treasury Secretary Steven Mnuchin on the sidelines of the International Monetary Fund annual meetings.

"These decisions would have very negative consequences both from an economic and a political point of view."

Le Maire was due to meet US Trade Representative Robert Lighthizer later on Friday.

He also warned the US against starting another front in its trade conflicts and again called for a negotiated solution.

At a time when the global economy is slowing, "I think that our responsibility is to do our best to avoid that kind of conflict," Le Maire said.&nbsp;

The Europeans have long advocated negotiation over conflict and they themselves will be able to impose tariffs next year to punish the United States for subsidising Boeing.

But EU officials had already offered in July to call a truce on subsidies for planemakers, in which both sides would admit fault and agree to curtail state aid -- to no avail. The two sides have been involved in a row over the subsidies for 15 years.

The tariffs kick in just days after the United States was given the formal go-ahead by the World Trade Organization.

As recently as Wednesday, Trump singled out the Europeans for being unfair with the US on trade, but said his door was open to negotiate a settlement.

'Very hard'

The Europeans fear above all that Trump will impose heavy duties on imports of European cars around mid-November.&nbsp;

This would be a serious blow for the German automotive sector in particular, even if giants such as Volkswagen or BMW also manufacture in the United States.&nbsp;

"Our products are very hard to bring in (to Europe)" when Europeans easily import their cars into the United States, Trump said.

The Airbus-Boeing row is just one of several issues stoking transatlantic tensions that quickly descended into acrimony when Trump took office in 2017.

Trump embraced a protectionist agenda, slapping import duties on steel and aluminium from the EU and other allies, while also threatening tariffs on cars.

Trade groups in Europe such as winemakers, German tool manufacturers and whisky producers in Scotland have kept a clamour of protest, demanding Washington reverse tack.

The US leader and European Commission President Jean-Claude Juncker agreed in July 2018 to a ceasefire in the conflict to hold trade talks that have so far led nowhere.

The epic legal battle between Airbus and Boeing at the World Trade Organization began in 2004 when Washington accused Britain, France, Germany and Spain of providing illegal subsidies and grants to support the production of a range of Airbus products.

A year later, the EU alleged that Boeing had received $19.1 billion worth of prohibited subsidies from 1989 to 2006 from various branches of the US government.

The two cases were then tangled up in a legal quagmire, with each side being given partial vindication after a long series of appeals and counter appeals.

The United States imposed tariffs on a record $7.5-billion worth of European Union goods on Friday, despite threats of retaliation, with Airbus, French wine and Scottish whiskies among the high-profile targets.

The United States imposed tariffs on a record $7.5-billion worth of European Union goods on Friday, despite threats of retaliation, with Airbus, French wine and Scottish whiskies among the high-profile targets. The tariffs, which took effect just after midnight in Washington (0401 GMT), came after talks between European officials and US trade representatives failed to win a last-minute reprieve. The WTO-endorsed onslaught from US President Donald Trump also comes as Washington is mired in a trade war with China and could risk destabilising the global economy further. In the line of fire are civilian aircraft from Britain, France, Germany and Spain -- the countries that formed Airbus -- which will now cost 10 per cent more when imported to the US. But the tariffs also target consumer products such as French wine, which Trump had vowed to attack in recent months. Wine from France, Spain and Germany will now face 25 per cent tariffs. Speaking in Washington hours before the tariffs were due to come into effect, France's Economy Minister Bruno Le Maire warned the move would have serious repercussions. "Europe is ready to retaliate, in the framework of course of the WTO," he told reporters shortly after meeting with US Treasury Secretary Steven Mnuchin on the sidelines of the International Monetary Fund annual meetings. "These decisions would have very negative consequences both from an economic and a political point of view." Le Maire was due to meet US Trade Representative Robert Lighthizer later on Friday. He also warned the US against starting another front in its trade conflicts and again called for a negotiated solution. At a time when the global economy is slowing, "I think that our responsibility is to do our best to avoid that kind of conflict," Le Maire said. The Europeans have long advocated negotiation over conflict and they themselves will be able to impose tariffs next year to punish the United States for subsidising Boeing. But EU officials had already offered in July to call a truce on subsidies for planemakers, in which both sides would admit fault and agree to curtail state aid -- to no avail. The two sides have been involved in a row over the subsidies for 15 years. The tariffs kick in just days after the United States was given the formal go-ahead by the World Trade Organization. As recently as Wednesday, Trump singled out the Europeans for being unfair with the US on trade, but said his door was open to negotiate a settlement. 'Very hard' The Europeans fear above all that Trump will impose heavy duties on imports of European cars around mid-November. This would be a serious blow for the German automotive sector in particular, even if giants such as Volkswagen or BMW also manufacture in the United States. "Our products are very hard to bring in (to Europe)" when Europeans easily import their cars into the United States, Trump said. The Airbus-Boeing row is just one of several issues stoking transatlantic tensions that quickly descended into acrimony when Trump took office in 2017. Trump embraced a protectionist agenda, slapping import duties on steel and aluminium from the EU and other allies, while also threatening tariffs on cars. Trade groups in Europe such as winemakers, German tool manufacturers and whisky producers in Scotland have kept a clamour of protest, demanding Washington reverse tack. The US leader and European Commission President Jean-Claude Juncker agreed in July 2018 to a ceasefire in the conflict to hold trade talks that have so far led nowhere. The epic legal battle between Airbus and Boeing at the World Trade Organization began in 2004 when Washington accused Britain, France, Germany and Spain of providing illegal subsidies and grants to support the production of a range of Airbus products. A year later, the EU alleged that Boeing had received $19.1 billion worth of prohibited subsidies from 1989 to 2006 from various branches of the US government. The two cases were then tangled up in a legal quagmire, with each side being given partial vindication after a long series of appeals and counter appeals.

US imposes record $7.5 billion tariffs on EU goods, targeting Airbus, wine and whisky

Reliance Industries Limited (RIL) on Friday reported a net profit of Rs 11,262 crore for the quarter ending September 2019, an increase of 18.3 per cent on a year-to-year basis.

The quarterly PBDIT (profit before depreciation, interest, and taxes) of the company increased by 15.5 per cent to Rs 25,820 crore.

The profit before tax increased by 14.1 per cent to Rs 15,055 crore, and the cash profit rose by 18 per cent to Rs 18,305 crore, said the firm in an official statement on Friday.

For the quarter ended September 30, RIL achieved revenue of Rs 163,854 crore, an increase of 4.8 per cent as compared to Rs 156,291 crore in the corresponding period of the previous year.

"Increase in revenue is primarily on account of robust growth in retail and digital services businesses which grew by 27 per cent and 43 per cent, respectively. This was partially offset by a decrease in refining and petrochemicals segment revenue with 17.7 per cent fall in Brent crude price," added the statement.

Exports (including deemed exports) from RIL`s India operations were lower by 12.1 per cent at Rs 53,161 crore as against Rs 60,460 crore in the corresponding period of the previous year primarily due to lower price realisation for refining and petrochemical products and emphasis in domestic placement.

Commenting on the results, Mukesh Ambani, Chairman and Managing Director, RIL, said: "The company has reported record net profit for the quarter. These excellent results reflect the benefits of our integrated oil to chemicals (O2C) value chain and the rapid scale-up of our consumer businesses."

"During this quarter, our O2C businesses gained from favourable fuel margins environment, feedstock sourcing flexibility and higher petrochemicals volumes. Our O2C business, with new partnerships, is best placed to pursue growth and substantial value creation," he added.

"Continuing growth trends in our retail business is heartening. Guided by our obsession to provide the best value for our customers, Reliance Retail delivered robust performance with record quarterly revenues and EBITDA (earnings before interest, tax, depreciation, and amortisation).&nbsp;

Our digital services business is recognized for having the nation`s widest 4G wireless network," Ambani said.

The company put the basic earnings per share (EPS) for the September quarter at Rs 18.6 crore as against Rs 16.1 crore in the corresponding period of the previous year.

"Cash and cash equivalents as on 30th September 2019 were at Rs 134,746 crore compared to Rs 133,027 crore as on 31st March 2019," said RIL.&nbsp;

Reliance Industries Limited (RIL) on Friday reported a net profit of Rs 11,262 crore for the quarter ending September 2019, an increase of 18.3 per cent on a year-to-year basis.

Reliance Industries Limited (RIL) on Friday reported a net profit of Rs 11,262 crore for the quarter ending September 2019, an increase of 18.3 per cent on a year-to-year basis. The quarterly PBDIT (profit before depreciation, interest, and taxes) of the company increased by 15.5 per cent to Rs 25,820 crore. The profit before tax increased by 14.1 per cent to Rs 15,055 crore, and the cash profit rose by 18 per cent to Rs 18,305 crore, said the firm in an official statement on Friday. For the quarter ended September 30, RIL achieved revenue of Rs 163,854 crore, an increase of 4.8 per cent as compared to Rs 156,291 crore in the corresponding period of the previous year. "Increase in revenue is primarily on account of robust growth in retail and digital services businesses which grew by 27 per cent and 43 per cent, respectively. This was partially offset by a decrease in refining and petrochemicals segment revenue with 17.7 per cent fall in Brent crude price," added the statement. Exports (including deemed exports) from RIL`s India operations were lower by 12.1 per cent at Rs 53,161 crore as against Rs 60,460 crore in the corresponding period of the previous year primarily due to lower price realisation for refining and petrochemical products and emphasis in domestic placement. Commenting on the results, Mukesh Ambani, Chairman and Managing Director, RIL, said: "The company has reported record net profit for the quarter. These excellent results reflect the benefits of our integrated oil to chemicals (O2C) value chain and the rapid scale-up of our consumer businesses." "During this quarter, our O2C businesses gained from favourable fuel margins environment, feedstock sourcing flexibility and higher petrochemicals volumes. Our O2C business, with new partnerships, is best placed to pursue growth and substantial value creation," he added. "Continuing growth trends in our retail business is heartening. Guided by our obsession to provide the best value for our customers, Reliance Retail delivered robust performance with record quarterly revenues and EBITDA (earnings before interest, tax, depreciation, and amortisation). Our digital services business is recognized for having the nation`s widest 4G wireless network," Ambani said. The company put the basic earnings per share (EPS) for the September quarter at Rs 18.6 crore as against Rs 16.1 crore in the corresponding period of the previous year. "Cash and cash equivalents as on 30th September 2019 were at Rs 134,746 crore compared to Rs 133,027 crore as on 31st March 2019," said RIL.

Reliance Industries records Rs 11,262 crore net profit in Q2 of FY20, up by 18 per cent

India plans to take more steps to boost consumer demand including injecting liquidity through banks and simplifying personal taxes, a top government economic adviser said on Friday, in a bid to raise economic growth from six-year lows.

Krishnamurthy Subramanian, Chief Economic Adviser at the Finance Ministry, said the government had slashed corporate taxes to attract investment and was looking for ways to boost consumer demand to support that investment.

"In the short-run, we are taking steps to increase consumption so that anticipating that consumption, investment also goes up," he told Reuters in an interview.

One of the measures on the table is aimed at easing personal taxation and making the whole tax administration simpler. The government is also considering the report of a task force to bring India's six-decades-old tax legislation more into line with those of other countries.

Subramanian said the government planned to make public the recommendations of the task force.

"The direct tax code task force has submitted its report," he said, adding that the steps that have already been taken to streamline the tax administration are likely to help in improving the tax buoyancy.

Last month Finance Minister Nirmala Sitharaman <a href="https://www.wionews.com/opinions/corporate-tax-cut-may-act-as-a-steroid-for-the-economy-254318">cut corporate tax </a>rates from over 30 per cent&nbsp;to 25 per cent, and to 15 per cent&nbsp;for new manufacturing companies, putting it on a par or even ahead of some of its Asian peers.

That landmark move has raised hopes that the government might consider similar cuts to personal taxes to put more money into the hands of consumers and especially the middle class who form the core of Prime Minister Narendra Modi's ruling group.

A source in the finance ministry said the task force's recommendations - which include cuts in the income tax rate by up to 10 per cent&nbsp;- could be announced even before the presentation in February of the annual budget for fiscal 2020/21, which starts in April.

"Timing of the implementation is a political call," said the source, adding that officials have already held discussions on the issue.

Growth in April-June slipped to 5 per cent, its slowest pace since 2013. The International Monetary Fund has cut its growth forecast to 6.1 per cent&nbsp;for this fiscal year from an initial 7 per cent, citing a slowdown in domestic and global demand.

New Delhi has also been trying to boost domestic growth through an infrastructure package and a new loan program organised with the banking sector that has doled out loans worth over 800 billion rupees.

Subramanian said the government has asked the banks to buy out assets from the crisis-hit non-banking finance companies to improve liquidity in the market.

"The government will do all that it takes to take back the growth on the high trajectory."

Referring to banking reforms, he said, the government was focussed on the merger of some state banks, aiming to cut down the number of state banks to 12 from 27 in 2017, and has asked them to take corporate default cases to bankruptcy courts only above a threshold limit.

India plans to take more steps to boost consumer demand including injecting liquidity through banks and simplifying personal taxes, a top government economic adviser said on Friday, in a bid to raise economic growth from six-year lows.

India plans to take more steps to boost consumer demand including injecting liquidity through banks and simplifying personal taxes, a top government economic adviser said on Friday, in a bid to raise economic growth from six-year lows. Krishnamurthy Subramanian, Chief Economic Adviser at the Finance Ministry, said the government had slashed corporate taxes to attract investment and was looking for ways to boost consumer demand to support that investment. "In the short-run, we are taking steps to increase consumption so that anticipating that consumption, investment also goes up," he told Reuters in an interview. One of the measures on the table is aimed at easing personal taxation and making the whole tax administration simpler. The government is also considering the report of a task force to bring India's six-decades-old tax legislation more into line with those of other countries. Subramanian said the government planned to make public the recommendations of the task force. "The direct tax code task force has submitted its report," he said, adding that the steps that have already been taken to streamline the tax administration are likely to help in improving the tax buoyancy. Last month Finance Minister Nirmala Sitharaman cut corporate tax rates from over 30 per cent to 25 per cent, and to 15 per cent for new manufacturing companies, putting it on a par or even ahead of some of its Asian peers. That landmark move has raised hopes that the government might consider similar cuts to personal taxes to put more money into the hands of consumers and especially the middle class who form the core of Prime Minister Narendra Modi's ruling group. A source in the finance ministry said the task force's recommendations - which include cuts in the income tax rate by up to 10 per cent - could be announced even before the presentation in February of the annual budget for fiscal 2020/21, which starts in April. "Timing of the implementation is a political call," said the source, adding that officials have already held discussions on the issue. Growth in April-June slipped to 5 per cent, its slowest pace since 2013. The International Monetary Fund has cut its growth forecast to 6.1 per cent for this fiscal year from an initial 7 per cent, citing a slowdown in domestic and global demand. New Delhi has also been trying to boost domestic growth through an infrastructure package and a new loan program organised with the banking sector that has doled out loans worth over 800 billion rupees. Subramanian said the government has asked the banks to buy out assets from the crisis-hit non-banking finance companies to improve liquidity in the market. "The government will do all that it takes to take back the growth on the high trajectory." Referring to banking reforms, he said, the government was focussed on the merger of some state banks, aiming to cut down the number of state banks to 12 from 27 in 2017, and has asked them to take corporate default cases to bankruptcy courts only above a threshold limit.

India to take more steps to boost consumer demand, growth: Chief Economic Adviser

Equity benchmark indices extended morning gains on Friday and ended with gains of 0.6 per cent as global peers slumped after <a href="https://www.wionews.com/world/chinas-q3-gdp-growth-slows-to-6-slowest-in-27-years-256577">China`s GDP growth slipped</a> to a 27-year low of 6 per cent in the third quarter of 2019.

The BSE S&amp;P Sensex closed 246 points higher at 39,298 while the Nifty 50 was up 76 points at 11,662. All sectoral indices at the National Stock Exchange (NSE) were in the positive zone except for Nifty media, which dropped by one per cent.

Nifty realty gained by 1.9 per cent, metal by 1.8 per cent and pharma by nearly 1 per cent.Among stocks, Indiabulls Housing Finance closed with a gain of 17.42 per cent at Rs 231.50 on BSE after the company offered pre-mature redemption of all non-convertible debentures (NCDs) maturing in November and December.

Private lender Yes Bank was up by 8.2 per cent, Coal India by 3.3 per cent, Adani Ports by 3.2 per cent and Maruti by 3.1 per cent.

The other prominent gainers were Grasim, Nestle India, Power Grid Corporation, Larsen &amp; Toubro, Bharat Petroleum Corporation and Titan.However, those which lost were Zee Entertainment, Tata Motors, Cipla, Eicher Motors and Hindalco.

Meanwhile, Asian stocks tumbled after China`s economic growth slowed more than expected to 6 per cent year-on-year in the third quarter of 2019, marking the weakest pace in nearly three decades.

Shanghai Composite fell by 1.3 per cent which Hong Kong`s Hang Seng slid by 0.48 per cent and South Korea`s Kospi by 0.8 per cent. Japan`s Nikkei was up marginally by 0.18 per cent.

Equity benchmark indices extended morning gains on Friday and ended with gains of 0.6 per cent as global peers slumped after China`s GDP growth slipped to a 27-year low of 6 per cent in the third quarter of 2019.

Equity benchmark indices extended morning gains on Friday and ended with gains of 0.6 per cent as global peers slumped after China`s GDP growth slipped to a 27-year low of 6 per cent in the third quarter of 2019. The BSE S&P Sensex closed 246 points higher at 39,298 while the Nifty 50 was up 76 points at 11,662. All sectoral indices at the National Stock Exchange (NSE) were in the positive zone except for Nifty media, which dropped by one per cent. Nifty realty gained by 1.9 per cent, metal by 1.8 per cent and pharma by nearly 1 per cent.Among stocks, Indiabulls Housing Finance closed with a gain of 17.42 per cent at Rs 231.50 on BSE after the company offered pre-mature redemption of all non-convertible debentures (NCDs) maturing in November and December. Private lender Yes Bank was up by 8.2 per cent, Coal India by 3.3 per cent, Adani Ports by 3.2 per cent and Maruti by 3.1 per cent. The other prominent gainers were Grasim, Nestle India, Power Grid Corporation, Larsen & Toubro, Bharat Petroleum Corporation and Titan.However, those which lost were Zee Entertainment, Tata Motors, Cipla, Eicher Motors and Hindalco. Meanwhile, Asian stocks tumbled after China`s economic growth slowed more than expected to 6 per cent year-on-year in the third quarter of 2019, marking the weakest pace in nearly three decades. Shanghai Composite fell by 1.3 per cent which Hong Kong`s Hang Seng slid by 0.48 per cent and South Korea`s Kospi by 0.8 per cent. Japan`s Nikkei was up marginally by 0.18 per cent.

Sensex ends 246 points higher, Yes Bank climbs by 8%

Oil&nbsp;prices&nbsp;eased on Thursday after industry data showed a&nbsp;larger-than-expected&nbsp;build-up in&nbsp;stocks in the United States, although losses were limited by <a href="https://www.wionews.com/world/additional-tariffs-on-china-may-be-imposed-in-case-of-a-no-deal-us-treasury-secretary-256016">comments by&nbsp;US&nbsp;Treasury</a> Secretary Steven Mnuchin on a&nbsp;<a href="https://www.wionews.com/world/united-states-china-trade-mini-deal-being-papered-trump-256340">US-China trade deal.</a>

Global benchmark Brent crude&nbsp;oil&nbsp;futures was down by 47 cents, or 0.8 per cent, at $58.95 a barrel by 0330 GMT.

US&nbsp;crude&nbsp;oil&nbsp;futures were down 48 cents, or 0.9 per cent, at $52.88 after earlier dropping more than 1 per cent&nbsp;to a session low of $52.76 earlier.

US&nbsp;crude inventories soared by 10.5 million barrels to 432.5 million barrels in the week to October&nbsp;11, according to the American Petroleum Institute's weekly report, published ahead of official government&nbsp;stocks data due on Thursday.&nbsp;

Analysts had estimated&nbsp;US&nbsp;crude inventories rose around 2.8 million barrels last week.

"An enormous&nbsp;US&nbsp;inventory&nbsp;build&nbsp;hits at precisely the wrong moment when the markets are overly focused on demand devastation due to the latest run of weaker global economic data," Stephen Innes, Asia Pacific market strategist at AxiTrader, said in a note on Thursday.&nbsp;

If confirmed by the government data, the&nbsp;build-up would be the biggest&nbsp;US&nbsp;inventory swell since February, 2017, Innes said.

It comes amid concerns about the global economy - and therefore&nbsp;oil&nbsp;demand - as data from the United States showed retail sales fell for the first time in seven months in September. That followed earlier data showing a moderation in job growth and services sector activity.

Still, hopes of a potential&nbsp;US-China trade deal helped offset&nbsp;oil&nbsp;prices&nbsp;losses after Mnuchin said&nbsp;US&nbsp;and Chinese trade negotiators are working on nailing down a Phase 1 trade deal text for their presidents to sign next month.

"Overall, we are seeing a more constructive picture both in terms of the demand side of the equation with the partial agreement from the&nbsp;US&nbsp;(and) also from a technical point of view. (Prices) are at close to the bottom end of trading range rather than the top," said Michael McCarthy, chief market strategist at brokerage CMC Markets in Sydney.

But short-term pressure on&nbsp;oil&nbsp;prices&nbsp;will likely remain until&nbsp;US&nbsp;government data on&nbsp;oil&nbsp;inventory is out later on Thursday, he added.

Oil prices eased on Thursday after industry data showed a larger-than-expected build-up in stocks in the United States, although losses were limited by comments by US Treasury Secretary Steven Mnuchin on a US-China trade deal.

Oil prices eased on Thursday after industry data showed a larger-than-expected build-up in stocks in the United States, although losses were limited by comments by US Treasury Secretary Steven Mnuchin on a US-China trade deal. Global benchmark Brent crude oil futures was down by 47 cents, or 0.8 per cent, at $58.95 a barrel by 0330 GMT. US crude oil futures were down 48 cents, or 0.9 per cent, at $52.88 after earlier dropping more than 1 per cent to a session low of $52.76 earlier. US crude inventories soared by 10.5 million barrels to 432.5 million barrels in the week to October 11, according to the American Petroleum Institute's weekly report, published ahead of official government stocks data due on Thursday. Analysts had estimated US crude inventories rose around 2.8 million barrels last week. "An enormous US inventory build hits at precisely the wrong moment when the markets are overly focused on demand devastation due to the latest run of weaker global economic data," Stephen Innes, Asia Pacific market strategist at AxiTrader, said in a note on Thursday. If confirmed by the government data, the build-up would be the biggest US inventory swell since February, 2017, Innes said. It comes amid concerns about the global economy - and therefore oil demand - as data from the United States showed retail sales fell for the first time in seven months in September. That followed earlier data showing a moderation in job growth and services sector activity. Still, hopes of a potential US-China trade deal helped offset oil prices losses after Mnuchin said US and Chinese trade negotiators are working on nailing down a Phase 1 trade deal text for their presidents to sign next month. "Overall, we are seeing a more constructive picture both in terms of the demand side of the equation with the partial agreement from the US (and) also from a technical point of view. (Prices) are at close to the bottom end of trading range rather than the top," said Michael McCarthy, chief market strategist at brokerage CMC Markets in Sydney. But short-term pressure on oil prices will likely remain until US government data on oil inventory is out later on Thursday, he added.

Oil prices fall on signs of large United States stock build

Gold prices held steady on Thursday as weak United States retail sales data fanned concerns that the country's economy may be feeling the pinch of the long-drawn trade war with China, while palladium held close to a record high hit the previous day.

Spot gold&nbsp;inched 0.1 per cent&nbsp;higher to $1,490.37 per ounce as of 0044 GMT&nbsp;US gold futures&nbsp;rose 0.1 per cent&nbsp;to $1,495.60.

Asian shares were subdued as the soft US&nbsp;sales data pointed to signs that the US&nbsp;economy was beginning to show signs of weakness, and a global recession was looming.

US&nbsp;retail sales fell for the first time in seven months in September, suggesting that manufacturing-led weakness could be spreading to the broader economy, keeping the door open for the Federal Reserve to cut interest rates again later this month.

Investors awaited further news on the <a href="https://www.wionews.com/world/united-states-china-trade-mini-deal-being-papered-trump-256340">US-China trade front</a>. US&nbsp;Treasury Secretary Steven Mnuchin said on Wednesday that trade negotiators are working on nailing down a phase 1 trade deal text for their presidents to sign next month.

Elsewhere, a European Union leaders' two-day summit in Brussels starting on Thursday will be dominated by last-gasp efforts to <a href="https://www.wionews.com/world/brexit-deal-at-hand-in-brussels-boris-johnson-struggles-to-win-support-at-home-256400">seal a deal on Britain's exit</a> from the bloc despite a raft of other pressing issues, from the crisis in the Middle East to the EU budget.

Investors have welcomed optimistic comments from key officials during last few days. British culture minister Nicky Morgan said late on Wednesday there is a good chance of a deal.

Indicative of sentiment, SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.16 per cent&nbsp;to 918.19 tonnes on Wednesday from 919.66 tonnes on Tuesday.

Palladium rose 0.2 per cent&nbsp;to $1,770.54 an ounce on Thursday after notching a fresh high of $1,779.23 on Wednesday.

Gold prices held steady on Thursday as weak United States retail sales data fanned concerns that the country's economy may be feeling the pinch of the long-drawn trade war with China, while palladium held close to a record high hit the previous day.

Gold prices held steady on Thursday as weak United States retail sales data fanned concerns that the country's economy may be feeling the pinch of the long-drawn trade war with China, while palladium held close to a record high hit the previous day. Spot gold inched 0.1 per cent higher to $1,490.37 per ounce as of 0044 GMT US gold futures rose 0.1 per cent to $1,495.60. Asian shares were subdued as the soft US sales data pointed to signs that the US economy was beginning to show signs of weakness, and a global recession was looming. US retail sales fell for the first time in seven months in September, suggesting that manufacturing-led weakness could be spreading to the broader economy, keeping the door open for the Federal Reserve to cut interest rates again later this month. Investors awaited further news on the US-China trade front. US Treasury Secretary Steven Mnuchin said on Wednesday that trade negotiators are working on nailing down a phase 1 trade deal text for their presidents to sign next month. Elsewhere, a European Union leaders' two-day summit in Brussels starting on Thursday will be dominated by last-gasp efforts to seal a deal on Britain's exit from the bloc despite a raft of other pressing issues, from the crisis in the Middle East to the EU budget. Investors have welcomed optimistic comments from key officials during last few days. British culture minister Nicky Morgan said late on Wednesday there is a good chance of a deal. Indicative of sentiment, SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.16 per cent to 918.19 tonnes on Wednesday from 919.66 tonnes on Tuesday. Palladium rose 0.2 per cent to $1,770.54 an ounce on Thursday after notching a fresh high of $1,779.23 on Wednesday.

Gold steady as disappointing US retail sales weigh on risk appetite