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Infosys Ltd said on Monday it had not yet received any evidence to support the allegations in a whistleblower letter from last month, sending its shares up as much as 6.

Infosys Ltd said on Monday it had not yet received any evidence to support the allegations in a whistleblower letter from last month, sending its shares up as much as 6.5% in early trading. A letter, claimed to have been written by some employees of the company in October, said Chief Executive Officer Salil Parekh asked them and others to bypass approvals for large deals, fearing a negative impact on shares from reduced profit. Infosys shares have lost 10% of their value since the letter surfaced. The US Securities and Exchange Commission (SEC)launched a probe into the claims, and its Indian counterpart, the Securities and Exchange Board of India, asked the company to submit information on the complaints. "With respect to the anonymous complaints, there is no prima facie evidence that the company has received until date to corroborate any of the allegations made," Infosys said in a letter dated Nov. 2 to the National Stock Exchange (NSE). The exchange had asked the company to explain why it had not disclosed the letter. The Bengaluru-based company said since the allegations were not deemed "material", the company was not obligated to disclose them. "If the information in the letter is taken on face value without any investigation, then you can do a grave injustice to the accused, who don't have a chance to defend themselves," said Ramanujam Sridhar, CEO of Brand-Comm, a communications consultancy based in Bengaluru. "It would then be trial by media." Infosys Chairman Nandan Nilekani said last month that Parekh and Chief Financial Officer Nilanjan Roy, who was also accused of misconduct in the letter, were recused from the board's investigation. The complaints are still under investigation and the company is not in a position to determine "concreteness, credibility and materiality of complaints," Infosys said in the letter. Former CEO Vishal Sikka left the company two years ago after a whistleblower complaint. Parekh took over in January last year and laid out a roadmap to revive the company's fortunes, as the sector stared at a slowdown in spending from key clients.

Infosys says no immediate evidence to support whistleblower complaints

Saudi Arabia's market regulator approved on Sunday Saudi Aramco's application to list on the domestic stock market as the kingdom seeks to diversify and create the world's most valuable listed company.&nbsp;

The statement did not give a time frame or say how much Aramco would sell, but sources have told Reuters the oil company could sell 1%-2% of its shares on the local bourse, raising as much $20 billion-$40 billion.

Confirmation of the share sale in Saudi Arabian Oil Co, or Aramco, as the oil giant is usually known, comes about seven weeks after crippling attacks on its oil facilities, underlining Saudi Arabia's determination to push on with the listing regardless. &nbsp; &nbsp;

The IPO of the world's most profitable company is designed to turbocharge Crown Prince Mohammed bin Salman's economic reform agenda by raising billions to diversify the kingdom, whose dependency on oil was highlighted by the production impact of the Sept. 14 attacks. &nbsp;&nbsp;

The Capital Market Authority said its board "has issued its resolution approving the Saudi Arabian Oil Company (Saudi Aramco) ... application for the registration and offering of part of its shares."

CMA said the approval would remain valid for six months.

The listing announcement had been expected on Oct. 20 but was delayed after advisers said they needed more time to lock in cornerstone investors, three sources told Reuters.

To help get the deal done, Saudi Arabia is relying on easy credit for retail investors and hefty contributions from rich locals.

Prince Mohammed gave the green light on Friday for the IPO to go ahead, Reuters reported, citing sources.

Although Crown Prince Mohammed put a $2 trillion valuation on the company in early 2016, bankers and company insiders say Aramco's value is closer to $1.5 trillion.

A growing movement to fight climate change and embrace new "green" technologies have put some fund managers, particularly in Europe and the United States, off the oil and gas sector.

At a valuation of $1.5 trillion, Aramco would still be worth at least 50% more than the world's most valuable companies, Microsoft and Apple, which each have a market capitalisation of about $1 trillion.

But a 1% sale would 'only' raise around $15 billion for Saudi coffers, less than the $25 billion generated by Chinese e-commerce giant Alibaba in its record-breaking IPO in 2014.

It would rank Aramco as the 11th biggest IPO of all time, Refinitiv data show. (For a graphic on the top 10 largest global IPOs.

A sale of 2% of Aramco shares at a $1.5 trillion valuation would make it the biggest IPO of all time, beating Alibaba's.

The prospect of the world's largest oil company selling a piece of itself has had Wall Street on tenterhooks since Crown Prince Mohammed flagged it three years ago.

Initial hopes for a blockbuster international listing of about 5% were dashed when the share sale was halted last year amid debate over where to list Aramco overseas.

Aramco said the IPO timetable was delayed because it began a process to acquire a 70% stake in petrochemicals maker Saudi Basic Industries Corp.

IPO preparations were revived over the summer after Aramco attracted huge interest in its first international bond sale, seen as a pre-IPO relationship-building exercise with investors.

The bond sale forced the secretive company to reveal its finances for the first time, including net income of $111 billion, over a third bigger than the combined net income of the five supermajors Exxon Mobil, Royal Dutch/Shell, BP, Chevron and Total.

Oil majors have been raising payouts to shareholders to counter rising pressure from climate activism.

Aramco has said it will pay a base dividend of $75 billion, which at a valuation of $1.5 trillion would mean a dividend yield of 5%, below those offered by competitors such as Exxon Mobil Corp and Royal Dutch Shell.

Shell's dividend yield is over 6% and Exxon's over 5%, according to Refinitiv data.

Adverse impact

The September attacks on Aramco's largest oil plant, which shut off about 5% of global supply, raised questions about the vulnerability of Aramco's oil fields, plants and exports amid deepening regional tensions.

In its April bond prospectus, Aramco noted that any disruption to its processing facilities could harm its business.

The potential threat to the company's valuation presents a challenge for Yasser al-Rumayyan, head of the kingdom's sovereign wealth fund, who became Aramco chairman in September.

Al-Rumayyan replaced former energy minister Khalid al-Falih in a move to separate Aramco from the ministry ahead of an IPO.

Aramco hired nine banks as joint global coordinators to lead the IPO, including JPMorgan, Morgan Stanley and Saudi Arabia's National Commercial Bank. It added a number of banks as book-runners.

Saudi Arabia's market regulator approved on Sunday Saudi Aramco's application to list on the domestic stock market as the kingdom seeks to diversify and create the world's most valuable listed company.

Saudi Arabia's market regulator approved on Sunday Saudi Aramco's application to list on the domestic stock market as the kingdom seeks to diversify and create the world's most valuable listed company. The statement did not give a time frame or say how much Aramco would sell, but sources have told Reuters the oil company could sell 1%-2% of its shares on the local bourse, raising as much $20 billion-$40 billion. Confirmation of the share sale in Saudi Arabian Oil Co, or Aramco, as the oil giant is usually known, comes about seven weeks after crippling attacks on its oil facilities, underlining Saudi Arabia's determination to push on with the listing regardless. The IPO of the world's most profitable company is designed to turbocharge Crown Prince Mohammed bin Salman's economic reform agenda by raising billions to diversify the kingdom, whose dependency on oil was highlighted by the production impact of the Sept. 14 attacks. The Capital Market Authority said its board "has issued its resolution approving the Saudi Arabian Oil Company (Saudi Aramco) ... application for the registration and offering of part of its shares." CMA said the approval would remain valid for six months. The listing announcement had been expected on Oct. 20 but was delayed after advisers said they needed more time to lock in cornerstone investors, three sources told Reuters. To help get the deal done, Saudi Arabia is relying on easy credit for retail investors and hefty contributions from rich locals. Prince Mohammed gave the green light on Friday for the IPO to go ahead, Reuters reported, citing sources. Although Crown Prince Mohammed put a $2 trillion valuation on the company in early 2016, bankers and company insiders say Aramco's value is closer to $1.5 trillion. A growing movement to fight climate change and embrace new "green" technologies have put some fund managers, particularly in Europe and the United States, off the oil and gas sector. At a valuation of $1.5 trillion, Aramco would still be worth at least 50% more than the world's most valuable companies, Microsoft and Apple, which each have a market capitalisation of about $1 trillion. But a 1% sale would 'only' raise around $15 billion for Saudi coffers, less than the $25 billion generated by Chinese e-commerce giant Alibaba in its record-breaking IPO in 2014. It would rank Aramco as the 11th biggest IPO of all time, Refinitiv data show. (For a graphic on the top 10 largest global IPOs. A sale of 2% of Aramco shares at a $1.5 trillion valuation would make it the biggest IPO of all time, beating Alibaba's. The prospect of the world's largest oil company selling a piece of itself has had Wall Street on tenterhooks since Crown Prince Mohammed flagged it three years ago. Initial hopes for a blockbuster international listing of about 5% were dashed when the share sale was halted last year amid debate over where to list Aramco overseas. Aramco said the IPO timetable was delayed because it began a process to acquire a 70% stake in petrochemicals maker Saudi Basic Industries Corp. IPO preparations were revived over the summer after Aramco attracted huge interest in its first international bond sale, seen as a pre-IPO relationship-building exercise with investors. The bond sale forced the secretive company to reveal its finances for the first time, including net income of $111 billion, over a third bigger than the combined net income of the five supermajors Exxon Mobil, Royal Dutch/Shell, BP, Chevron and Total. Oil majors have been raising payouts to shareholders to counter rising pressure from climate activism. Aramco has said it will pay a base dividend of $75 billion, which at a valuation of $1.5 trillion would mean a dividend yield of 5%, below those offered by competitors such as Exxon Mobil Corp and Royal Dutch Shell. Shell's dividend yield is over 6% and Exxon's over 5%, according to Refinitiv data. Adverse impact The September attacks on Aramco's largest oil plant, which shut off about 5% of global supply, raised questions about the vulnerability of Aramco's oil fields, plants and exports amid deepening regional tensions. In its April bond prospectus, Aramco noted that any disruption to its processing facilities could harm its business. The potential threat to the company's valuation presents a challenge for Yasser al-Rumayyan, head of the kingdom's sovereign wealth fund, who became Aramco chairman in September. Al-Rumayyan replaced former energy minister Khalid al-Falih in a move to separate Aramco from the ministry ahead of an IPO. Aramco hired nine banks as joint global coordinators to lead the IPO, including JPMorgan, Morgan Stanley and Saudi Arabia's National Commercial Bank. It added a number of banks as book-runners.

Saudi regulator approves Aramco share offering

A concentrated burst of interest rate cutting and other measures to loosen global financial conditions by the world's central bankers looks to have largely run its course, and policymakers now appear content to wait and see if their handiwork staves off a deeper slowdown in the months ahead.

Led by the US&nbsp;Federal Reserve's nearly yearlong pivot away from a tightening bias, rate-setters from Australia to Brazil and the eurozone to the Philippines have lowered borrowing costs in recent months to blunt the headwinds from global trade tensions headlined by the standoff between Washington and Beijing.

It is an easing wave that appears to have crested for now.

For their parts, the Big Three in the central bankersphere - the Fed, European Central Bank and Bank of Japan - are in no rush to drive rates any lower, especially in Europe and Japan where they are already in negative territory.

The Fed last week cut rates for the third time since July, but officials emerged from the meeting with a near-explicit declaration to expect no more for the moment.

In Europe, meanwhile, a changing of the guard at a deeply divided ECB likely means that its September rate cut will not be followed in the near future, with their focus instead being on jawboning the trading bloc's political leaders to step up their own efforts at a stimulus.

In Japan, a BOJ weary of expending its limited ammunition has so far avoided cutting rates at all in the latest global wave. It would prefer to hold fire for as long as possible, relying instead of pledges of more accommodation in the future should it be needed.

And in the developing world, the pace of easing has slackened notably from a crescendo reached in August, although October marked the ninth straight month of net rate cuts by emerging market central banks.

How long a pause?

To be sure, the factors allowing policymakers to take a breather may prove fleeting - on the trade front in particular.

In mid-October, the International Monetary Fund pinned the blame on the US-China trade war when it slashed its global growth forecast to the slowest pace since the 2008-2009 financial crisis.

The dispute, initiated by US&nbsp;President Donald Trump, is in a state of detente as the two sides work to complete "Phase One" of a wider deal. But the erratic American president has abruptly changed stance before and may again.

Still, the messaging in the past two weeks from central bankers in Frankfurt and Tokyo was consistent with the Fed's new stance: Let's see how what we've done plays out.

"We see the current stance of monetary policy as likely to remain appropriate as long as incoming information about the economy remains broadly consistent with our outlook," Fed Chair Jerome Powell said in his press conference last week after the US central bank cut its benchmark rate by a quarter-point to a range of 1.50-1.75 per cent.

A solid upside surprise on job growth in October only cemented that view. "We've done the adjustment," Fed Vice Chair Richard Clarida said in an interview on Bloomberg TV after Friday's payrolls report.

The ECB has restarted a 2.6 trillion euro bond-buying program after cutting its interest rate on deposits in September. Back then investors were betting on two further rate cuts by March of next year, but have since pared their expectations as deep divisions emerged among ECB policymakers on the path ahead.

New ECB President Christine Lagarde, who took office on Friday, will have to heal a rift between representatives of cash-rich countries such as Germany, the Netherlands and France, who opposed the decision to resume bond purchases, and the struggling periphery.

The former managing director of the IMF has struck a balanced tone, saying an accommodative monetary policy was needed but also had side effects that needed monitoring.

The issue is that the economic benefits of pushing the deposit rate, currently at -0.5 per cent, further below zero are dubious. Mario Draghi, who just turned over the reins to Lagarde, acknowledged in his farewell speech that the negative rate was "not delivering the same degree of stimulus as in the past" because the return on investment in the economy had fallen.

The BOJ decided to hold fire on Thursday and instead buy time with a tweak to its forward guidance. It now pledges to keep rates ultra-low or even cut them for as long as necessary to gauge whether overseas risks have heightened enough to erode the economy's path toward achieving its 2 per cent&nbsp;inflation target.

While Governor Haruhiko Kuroda has stressed the BOJ still has room to deepen negative rates or take any other steps to spur growth, many analysts see last week's decision as underscoring the central bank's desperation in trying to save its dwindling ammunition for when the economy takes a turn for the worse.

Communication will remain a key challenge for the BOJ even under the new guidance, which removed a specific timeframe on how long interest rates will stay low.

"It's wise the BOJ ditched a calendar-based commitment. But it's hard to tell whether the BOJ committed to keeping rates long for a longer period than it previously did ... and how much lower it could bring down rates," said Nobuyasu Atago, a former BOJ official who is now chief economist at Okasan Securities.

A concentrated burst of interest rate cutting and other measures to loosen global financial conditions by the world's central bankers looks to have largely run its course, and policymakers now appear content to wait and see if their handiwork staves off a deeper slowdown in the months ahead.

A concentrated burst of interest rate cutting and other measures to loosen global financial conditions by the world's central bankers looks to have largely run its course, and policymakers now appear content to wait and see if their handiwork staves off a deeper slowdown in the months ahead. Led by the US Federal Reserve's nearly yearlong pivot away from a tightening bias, rate-setters from Australia to Brazil and the eurozone to the Philippines have lowered borrowing costs in recent months to blunt the headwinds from global trade tensions headlined by the standoff between Washington and Beijing. It is an easing wave that appears to have crested for now. For their parts, the Big Three in the central bankersphere - the Fed, European Central Bank and Bank of Japan - are in no rush to drive rates any lower, especially in Europe and Japan where they are already in negative territory. The Fed last week cut rates for the third time since July, but officials emerged from the meeting with a near-explicit declaration to expect no more for the moment. In Europe, meanwhile, a changing of the guard at a deeply divided ECB likely means that its September rate cut will not be followed in the near future, with their focus instead being on jawboning the trading bloc's political leaders to step up their own efforts at a stimulus. In Japan, a BOJ weary of expending its limited ammunition has so far avoided cutting rates at all in the latest global wave. It would prefer to hold fire for as long as possible, relying instead of pledges of more accommodation in the future should it be needed. And in the developing world, the pace of easing has slackened notably from a crescendo reached in August, although October marked the ninth straight month of net rate cuts by emerging market central banks. How long a pause? To be sure, the factors allowing policymakers to take a breather may prove fleeting - on the trade front in particular. In mid-October, the International Monetary Fund pinned the blame on the US-China trade war when it slashed its global growth forecast to the slowest pace since the 2008-2009 financial crisis. The dispute, initiated by US President Donald Trump, is in a state of detente as the two sides work to complete "Phase One" of a wider deal. But the erratic American president has abruptly changed stance before and may again. Still, the messaging in the past two weeks from central bankers in Frankfurt and Tokyo was consistent with the Fed's new stance: Let's see how what we've done plays out. "We see the current stance of monetary policy as likely to remain appropriate as long as incoming information about the economy remains broadly consistent with our outlook," Fed Chair Jerome Powell said in his press conference last week after the US central bank cut its benchmark rate by a quarter-point to a range of 1.50-1.75 per cent. A solid upside surprise on job growth in October only cemented that view. "We've done the adjustment," Fed Vice Chair Richard Clarida said in an interview on Bloomberg TV after Friday's payrolls report. The ECB has restarted a 2.6 trillion euro bond-buying program after cutting its interest rate on deposits in September. Back then investors were betting on two further rate cuts by March of next year, but have since pared their expectations as deep divisions emerged among ECB policymakers on the path ahead. New ECB President Christine Lagarde, who took office on Friday, will have to heal a rift between representatives of cash-rich countries such as Germany, the Netherlands and France, who opposed the decision to resume bond purchases, and the struggling periphery. The former managing director of the IMF has struck a balanced tone, saying an accommodative monetary policy was needed but also had side effects that needed monitoring. The issue is that the economic benefits of pushing the deposit rate, currently at -0.5 per cent, further below zero are dubious. Mario Draghi, who just turned over the reins to Lagarde, acknowledged in his farewell speech that the negative rate was "not delivering the same degree of stimulus as in the past" because the return on investment in the economy had fallen. The BOJ decided to hold fire on Thursday and instead buy time with a tweak to its forward guidance. It now pledges to keep rates ultra-low or even cut them for as long as necessary to gauge whether overseas risks have heightened enough to erode the economy's path toward achieving its 2 per cent inflation target. While Governor Haruhiko Kuroda has stressed the BOJ still has room to deepen negative rates or take any other steps to spur growth, many analysts see last week's decision as underscoring the central bank's desperation in trying to save its dwindling ammunition for when the economy takes a turn for the worse. Communication will remain a key challenge for the BOJ even under the new guidance, which removed a specific timeframe on how long interest rates will stay low. "It's wise the BOJ ditched a calendar-based commitment. But it's hard to tell whether the BOJ committed to keeping rates long for a longer period than it previously did ... and how much lower it could bring down rates," said Nobuyasu Atago, a former BOJ official who is now chief economist at Okasan Securities.

Big central banks go into 'wait-and-see' mode

The founder of China's smartphone maker Smartisan Technology has been barred from taking flights and high-speed railway trains due to the company's failure to comply with court rulings from a contractual dispute, a local court document showed.

Smartisan is a niche player in China's smartphone sector and is best known for its flamboyant founder Luo Yonghao, who made headlines in recent years with bold statements including a claim that he was planning to acquire Apple.

Luo is also barred from spending at higher quality hotels, night clubs and golf clubs, buying properties and high-premium insurance and sending his children to expensive private schools, according to an order issued by the court of Danyang in eastern China.

The order was issued after the court found the company failed to comply with previous court rulings from a contractual dispute with a local electronics firm, the document said.

Smartisan's smartphone sales in China lag behind players like Huawei, Xiaomi&nbsp;and Oppo. Chinese social media firm ByteDance earlier this year said it was developing a phone with Smartisan after acquiring a set of patents from it.

Smartisan launched a new phone on Thursday. In a video posted on its official Weibo account, Smartisan Chief Operating Officer Wu Dezhou said that most of the Smartisan team had moved to ByteDance following the deal to work on smartphones and education hardware, but that Luo had left the team due to personal reasons.

The founder of China's smartphone maker Smartisan Technology has been barred from taking flights and high-speed railway trains due to the company's failure to comply with court rulings from a contractual dispute, a local court document showed.

The founder of China's smartphone maker Smartisan Technology has been barred from taking flights and high-speed railway trains due to the company's failure to comply with court rulings from a contractual dispute, a local court document showed. Smartisan is a niche player in China's smartphone sector and is best known for its flamboyant founder Luo Yonghao, who made headlines in recent years with bold statements including a claim that he was planning to acquire Apple. Luo is also barred from spending at higher quality hotels, night clubs and golf clubs, buying properties and high-premium insurance and sending his children to expensive private schools, according to an order issued by the court of Danyang in eastern China. The order was issued after the court found the company failed to comply with previous court rulings from a contractual dispute with a local electronics firm, the document said. Smartisan's smartphone sales in China lag behind players like Huawei, Xiaomi and Oppo. Chinese social media firm ByteDance earlier this year said it was developing a phone with Smartisan after acquiring a set of patents from it. Smartisan launched a new phone on Thursday. In a video posted on its official Weibo account, Smartisan Chief Operating Officer Wu Dezhou said that most of the Smartisan team had moved to ByteDance following the deal to work on smartphones and education hardware, but that Luo had left the team due to personal reasons.

Founder of China's smartphone maker Smartisan barred from planes, trains

Apple Inc&nbsp;asked the Trump administration to waive tariffs on Chinese-made Apple Watches, iPhone components, and other consumer products, according to company filings with the US Trade Representative's Office.

The company on Thursday sought tariff exclusions from 11 products, including HomePod speakers, iMac computers, parts for use in repairing iPhones, iPhone smart battery cases, AirPods and others. The public has until November&nbsp;14 to submit comments on the requests.

Apple told the U.S. Trade Representative's Office the products were consumer electronic devices and "not strategically important or related to 'Made in China 2025' or other Chinese industrial programs."

The exclusions seek relief from 15 per cent&nbsp;tariffs that took effect on September&nbsp;1.

FitBit Inc&nbsp;asked the administration to waive tariffs on its fitness trackers. The company told the administration "the vast majority of global production capacity for wrist-wearable communications devices is in China."

The company added that "while Fitbit is aware of facilities currently producing such devices in Taiwan and South Korea, these facilities are fully owned by, or otherwise contracted to, Fitbit competitors that use them for their own branded production, rendering them unavailable to Fitbit." Alphabet Inc&nbsp;announced Friday it has reached a deal to acquire Fitbit.

Apple submitted the requests on the first day the Trump administration began accepting them. An Apple spokesman did not immediately comment.

Apple's wearables and accessories&nbsp;business,&nbsp;which includes the Apple Watch, AirPods and HomePod - brought in $24.5 billion&nbsp;in its fiscal 2019 ended in September, or about 9.4 per cent&nbsp;of Apple's revenue. Sales in the segment were up 41% versus the prior year, and the devices have become an important driver of Apple's&nbsp;business&nbsp;as iPhone sales declined for the past four straight quarters.

Apple chief executive Tim Cook said Wednesday on the company's earnings call the company is paying "some tariffs today, as you know, some that went into effect pre-September and some others that went into effect in September. So we are paying some."

Christie's Inc has asked the administration waive tariffs on Chinese sculptures, statues, paintings, antique furniture and silverware, and other collectible items.

Sea Eagle Boats Inc submitted requests to waive tariffs on inflatable stand up paddleboards.

Apple Inc asked the Trump administration to waive tariffs on Chinese-made Apple Watches, iPhone components, and other consumer products, according to company filings with the US Trade Representative's Office.

Apple Inc asked the Trump administration to waive tariffs on Chinese-made Apple Watches, iPhone components, and other consumer products, according to company filings with the US Trade Representative's Office. The company on Thursday sought tariff exclusions from 11 products, including HomePod speakers, iMac computers, parts for use in repairing iPhones, iPhone smart battery cases, AirPods and others. The public has until November 14 to submit comments on the requests. Apple told the U.S. Trade Representative's Office the products were consumer electronic devices and "not strategically important or related to 'Made in China 2025' or other Chinese industrial programs." The exclusions seek relief from 15 per cent tariffs that took effect on September 1. FitBit Inc asked the administration to waive tariffs on its fitness trackers. The company told the administration "the vast majority of global production capacity for wrist-wearable communications devices is in China." The company added that "while Fitbit is aware of facilities currently producing such devices in Taiwan and South Korea, these facilities are fully owned by, or otherwise contracted to, Fitbit competitors that use them for their own branded production, rendering them unavailable to Fitbit." Alphabet Inc announced Friday it has reached a deal to acquire Fitbit. Apple submitted the requests on the first day the Trump administration began accepting them. An Apple spokesman did not immediately comment. Apple's wearables and accessories business, which includes the Apple Watch, AirPods and HomePod - brought in $24.5 billion in its fiscal 2019 ended in September, or about 9.4 per cent of Apple's revenue. Sales in the segment were up 41% versus the prior year, and the devices have become an important driver of Apple's business as iPhone sales declined for the past four straight quarters. Apple chief executive Tim Cook said Wednesday on the company's earnings call the company is paying "some tariffs today, as you know, some that went into effect pre-September and some others that went into effect in September. So we are paying some." Christie's Inc has asked the administration waive tariffs on Chinese sculptures, statues, paintings, antique furniture and silverware, and other collectible items. Sea Eagle Boats Inc submitted requests to waive tariffs on inflatable stand up paddleboards.

Apple asks United States to waive tariffs on Chinese-made watches, iPhone parts, AirPods

Waymo Chief Executive John Krafcik said the self-driving vehicle company is now offering limited "rider-only" trips in Phoenix, Arizona, as it looks beyond the robo-taxis&nbsp;business&nbsp;to generate future revenue.

Waymo, a unit of Alphabet Inc, has begun offering fully automated rides, without attendants in the vehicle, to a few hundred early users of its robo-taxi service in Phoenix, Krafcik confirmed on Sunday at a dinner with journalists ahead of a conference in Detroit.

He did not say when or how quickly Waymo would expand "rider-only" services. Riders signed up for the fully automated service have signed non-disclosure agreements, he said.

Waymo continues to look for new ways to sell its technology, beyond robo-taxi services, Krafcik said.

The company is testing its so-called automated driver on Peterbilt trucks and plans to expand trucking and commercial delivery applications of its technology as part of a project known internally as "Husky," Krafcik said. Waymo has said it is testing its system on trucks in Michigan, Arizona, and Georgia.

"We think trucking is a really interesting application of the Waymo driver," Krafcik said.

Waymo would consider selling its driver technology to a carmaker that wants to offer automated driving as a feature either branded as Waymo or using the vehicle maker's brand. "Both would be interesting," Krafcik said.

One idea Waymo could consider is supplying its automated driver to a new vehicle, then having the vehicle move later in its life to a ride-sharing fleet, he said.

Waymo has announced agreements to develop self-driving vehicles and services with Renault SA&nbsp;and its Japanese partner Nissan Motor Co, and has deals to use minivans made by Fiat Chrysler Automobiles NV&nbsp;and Jaguar iPace sport utility vehicles in its robo-taxi fleets.

Waymo's careful rollout of self-driving vehicle services comes as many automakers and rival self-driving vehicle companies are scaling back or consolidating their efforts. The high costs and technical challenges of developing a safe, reliable automated driving system coupled with uncertainty about regulation have put a chill on the automated driving industry's previous exuberance.

Backed by Google's capital and computing power, Waymo has continued to grow. The company operates a facility in Detroit to retrofit Chrysler minvans and Jaguar iPace SUVs.

One problem the automated vehicle industry faces is confusion about the terms used to describe the technology, Krafcik said. Tesla Inc&nbsp;markets a system called "Autopilot" that is supposed to require a driver to remain ready to take control of the car. Federal safety regulators are investigating recent fatal crashes involving vehicles on Autopilot.

Other carmakers offer systems that partially automate a vehicle during highway driving or in stop-and-go traffic, and describe them in a variety of terms.

“If you need a driver's license, it’s not self-driving,” Krafcik said.

Waymo Chief Executive John Krafcik said the self-driving vehicle company is now offering limited "rider-only" trips in Phoenix, Arizona, as it looks beyond the robo-taxis business to generate future revenue.

Waymo Chief Executive John Krafcik said the self-driving vehicle company is now offering limited "rider-only" trips in Phoenix, Arizona, as it looks beyond the robo-taxis business to generate future revenue. Waymo, a unit of Alphabet Inc, has begun offering fully automated rides, without attendants in the vehicle, to a few hundred early users of its robo-taxi service in Phoenix, Krafcik confirmed on Sunday at a dinner with journalists ahead of a conference in Detroit. He did not say when or how quickly Waymo would expand "rider-only" services. Riders signed up for the fully automated service have signed non-disclosure agreements, he said. Waymo continues to look for new ways to sell its technology, beyond robo-taxi services, Krafcik said. The company is testing its so-called automated driver on Peterbilt trucks and plans to expand trucking and commercial delivery applications of its technology as part of a project known internally as "Husky," Krafcik said. Waymo has said it is testing its system on trucks in Michigan, Arizona, and Georgia. "We think trucking is a really interesting application of the Waymo driver," Krafcik said. Waymo would consider selling its driver technology to a carmaker that wants to offer automated driving as a feature either branded as Waymo or using the vehicle maker's brand. "Both would be interesting," Krafcik said. One idea Waymo could consider is supplying its automated driver to a new vehicle, then having the vehicle move later in its life to a ride-sharing fleet, he said. Waymo has announced agreements to develop self-driving vehicles and services with Renault SA and its Japanese partner Nissan Motor Co, and has deals to use minivans made by Fiat Chrysler Automobiles NV and Jaguar iPace sport utility vehicles in its robo-taxi fleets. Waymo's careful rollout of self-driving vehicle services comes as many automakers and rival self-driving vehicle companies are scaling back or consolidating their efforts. The high costs and technical challenges of developing a safe, reliable automated driving system coupled with uncertainty about regulation have put a chill on the automated driving industry's previous exuberance. Backed by Google's capital and computing power, Waymo has continued to grow. The company operates a facility in Detroit to retrofit Chrysler minvans and Jaguar iPace SUVs. One problem the automated vehicle industry faces is confusion about the terms used to describe the technology, Krafcik said. Tesla Inc markets a system called "Autopilot" that is supposed to require a driver to remain ready to take control of the car. Federal safety regulators are investigating recent fatal crashes involving vehicles on Autopilot. Other carmakers offer systems that partially automate a vehicle during highway driving or in stop-and-go traffic, and describe them in a variety of terms. “If you need a driver's license, it’s not self-driving,” Krafcik said.

Waymo tests 'rider only' service and looks beyond robo-taxis

A Manhattan judge has dismissed Uber Technologies Inc's lawsuit challenging a New York City law limiting the number of licenses for ride-hailing services, the first such cap by a major American city.

In a decision made public on Friday, New York State Supreme Court Justice Lyle Frank rejected Uber's argument that the city wrongly gave its Taxi and Limousine Commission power to enforce the cap.

Frank was also unconvinced that the cap, part of Local Law 147, would impede state efforts to reduce traffic congestion through "congestion pricing" on vehicles entering high-traffic areas of Manhattan.

"It would appear that LL 147, rather than being in conflict with the congestion pricing law, in fact, appears to complement it," Frank wrote. His decision is dated Oct. 31.

“We’re disappointed that the TLC's cap that punishes drivers who are forced to rent vehicles will remain in effect," Uber said in a statement.

Nicholas Paolucci, a spokesman for the city's law department, said in an email: "Hardworking for-hire vehicle drivers and everyone else impacted by our congested roads should be pleased with this court ruling."

The August 2018 law was meant to give New York City greater oversight of ride-hailing companies such as Uber and Lyft Inc.

It included a one-year freeze on new licenses to for-hire vehicles, which was later extended through August 2020, and also set minimum pay standards for drivers.

The case is separate from Uber's Sept. 20 challenge to a New York City "cruising cap" rule limiting how much time its drivers could spend without passengers in Manhattan south of 96th Street.

Based in San Francisco, Uber has drawn criticism from many cities that its vehicles increase congestion, and commandeer&nbsp;business&nbsp;from taxis.

The value of medallions, which are permits needed to operate yellow taxis in New York City and are distinct from ride-hailing licenses, has plunged as Uber and Lyft gained popularity.

"This cap has been life-saving &amp; is the basis for any group of drivers - Uber or yellow cab - to come out of poverty &amp; instability," Bhairavi Desai, executive director of the New York Taxi Workers Alliance, said on Twitter.

The case is ZEHN-NY LLC et al v City of New York et al, New York State Supreme Court, New York County, No. 151730/2019.

A Manhattan judge has dismissed Uber Technologies Inc's lawsuit challenging a New York City law limiting the number of licenses for ride-hailing services, the first such cap by a major American city.

A Manhattan judge has dismissed Uber Technologies Inc's lawsuit challenging a New York City law limiting the number of licenses for ride-hailing services, the first such cap by a major American city. In a decision made public on Friday, New York State Supreme Court Justice Lyle Frank rejected Uber's argument that the city wrongly gave its Taxi and Limousine Commission power to enforce the cap. Frank was also unconvinced that the cap, part of Local Law 147, would impede state efforts to reduce traffic congestion through "congestion pricing" on vehicles entering high-traffic areas of Manhattan. "It would appear that LL 147, rather than being in conflict with the congestion pricing law, in fact, appears to complement it," Frank wrote. His decision is dated Oct. 31. “We’re disappointed that the TLC's cap that punishes drivers who are forced to rent vehicles will remain in effect," Uber said in a statement. Nicholas Paolucci, a spokesman for the city's law department, said in an email: "Hardworking for-hire vehicle drivers and everyone else impacted by our congested roads should be pleased with this court ruling." The August 2018 law was meant to give New York City greater oversight of ride-hailing companies such as Uber and Lyft Inc. It included a one-year freeze on new licenses to for-hire vehicles, which was later extended through August 2020, and also set minimum pay standards for drivers. The case is separate from Uber's Sept. 20 challenge to a New York City "cruising cap" rule limiting how much time its drivers could spend without passengers in Manhattan south of 96th Street. Based in San Francisco, Uber has drawn criticism from many cities that its vehicles increase congestion, and commandeer business from taxis. The value of medallions, which are permits needed to operate yellow taxis in New York City and are distinct from ride-hailing licenses, has plunged as Uber and Lyft gained popularity. "This cap has been life-saving & is the basis for any group of drivers - Uber or yellow cab - to come out of poverty & instability," Bhairavi Desai, executive director of the New York Taxi Workers Alliance, said on Twitter. The case is ZEHN-NY LLC et al v City of New York et al, New York State Supreme Court, New York County, No. 151730/2019.

Judge dismisses Uber lawsuit opposing New York City vehicle license caps

Saudi Arabia's state oil company kick-started its initial public offering (IPO) on Sunday, announcing its intention to list on the domestic bourse as the kingdom seeks to diversify and create the world's most valuable listed company.

Saudi Arabia's state oil company kick-started its initial public offering (IPO) on Sunday, announcing its intention to list on the domestic bourse as the kingdom seeks to diversify and create the world's most valuable listed company. Aramco did not give a time frame or say how much of the company it would sell, but sources have told Reuters the oil company could offer 1%-2% of its shares on the local bourse, raising as much $20 billion-$40 billion. Aramco said the IPO would be split into two tranches: one each for institutional and individual investors. The percentage of shares to be sold and the purchase price would be determined after the book-building period, it added in a statement. Confirmation of the share sale in Saudi Arabian Oil Co, or Aramco, as the oil giant is usually known, comes about seven weeks after crippling attacks on its oil facilities, underlining Saudi Arabia's determination to push on with the listing regardless. The IPO of the world's most profitable company is designed to turbocharge Crown Prince Mohammed bin Salman's economic reform agenda by raising billions to diversify the kingdom, whose dependency on oil was highlighted by the production impact of the Sept. 14 attacks. Aramco said in Sunday's statement that it posted a net income of $68 billion during the nine-month period ending on September 30. Revenues and other income related to sales for the same period amounted to $244 billion, it added. Aramco plans to release the IPO prospectus on Nov. 10, Saudi-owned news channel Al-Arabiya said on Sunday, citing sources. Aramco said the Saudi market regulator, which approved its application to list on Sunday, had issued an exemption for non-resident institutional foreign investors to subscribe. Saudi nationals would be eligible to receive bonus shares. The listing announcement had been expected on Oct. 20 but was delayed after advisers said they needed more time to lock in cornerstone investors, three sources told Reuters. To help get the deal done, Saudi Arabia is relying on easy credit for retail investors and hefty contributions from rich locals. Valuation challenge Although Prince Mohammed put a $2 trillion valuation on the company in early 2016, bankers and company insiders say Aramco's value is closer to $1.5 trillion. A growing movement to fight climate change and embrace new "green" technologies have put some fund managers, particularly in Europe and the United States, off the oil and gas sector. At a valuation of $1.5 trillion, Aramco would still be worth at least 50% more than the world's most valuable companies, Microsoft and Apple, which each have a market capitalisation of about $1 trillion. But a 1% sale would 'only' raise around $15 billion for Saudi coffers, less than the $25 billion generated by Chinese e-commerce giant Alibaba in its record-breaking IPO in 2014. It would rank Aramco as the 11th biggest IPO of all time, Refinitiv data show. A sale of 2% of Aramco shares at a $1.5 trillion valuation would make it the biggest IPO of all time, beating Alibaba's. The prospect of the world's largest oil company selling a piece of itself has had Wall Street on tenterhooks since Prince Mohammed flagged it three years ago. Initial hopes for a blockbuster international listing of about 5% were dashed when the share sale was halted last year amid debate over where to list Aramco overseas. Aramco said the IPO timetable was delayed because it began a process to acquire a 70% stake in petrochemicals maker Saudi Basic Industries Corp. IPO preparations were revived over the summer after Aramco attracted huge interest in its first international bond sale, seen as a pre-IPO relationship-building exercise with investors. The bond sale forced the secretive company to reveal its finances for the first time, including net income of $111 billion, over a third bigger than the combined net income of the five super majors Exxon Mobil, Royal Dutch/Shell, BP, Chevron and Total. Oil majors have been raising payouts to shareholders to counter rising pressure from climate activism. Aramco said on Sunday it intended to declare aggregate ordinary cash dividends of at least $75 billion in 2020. At a valuation of $1.5 trillion, this would mean a dividend yield of 5%, below those offered by competitors such as Exxon Mobil Corp and Royal Dutch Shell. Shell's dividend yield is over 6% and Exxon's over 5%, according to Refinitiv data. The September attacks on Aramco's largest oil plant, which shut off about 5% of global supply, raised questions about the vulnerability of Aramco's oil fields, plants and exports amid deepening regional tensions. Aramco hired nine banks as joint global coordinators to lead the IPO, including JPMorgan, Morgan Stanley and Saudi Arabia's National Commercial Bank. It added a number of banks as bookrunners.

Saudi Arabia kick-starts IPO of world's largest oil company

Chinese phone giant Huawei said Sunday it was ready to roll out 5G infrastructure across Southeast Asia, dismissing US warnings its tech could be used to hoover up data for Beijing.

The firm has emerged as a key protagonist in the wider US-China trade war that has seen tit-for-tat tariffs imposed on hundreds of billions of dollars worth of goods.

President Donald Trump's administration has warned Huawei's equipment could allow China to spy on other countries and has effectively blocked American companies from selling US technology to the firm.

But the company has repeatedly denied the accusations, saying it is the victim of tech envy.

Thailand and the Philippines have shrugged off the cybersecurity warnings in a rush to exploit the ultra-fast 5G network promised by China's biggest smartphone maker, while Vietnam has edged away from Huawei.

"China and the US now is in the trade war and also there is some kind of technology war (which) Huawei is very focused on at the moment," said Huawei vice-president Edward Zhou at the Association of Southeast Asian (ASEAN) summit on Sunday.

"We are here to support the ASEAN (in) the development for the 5G."

Encompassing hundreds of millions of people, the 10-member bloc wants the next-level technology to help businesses, infrastructure and transport compete globally.

Host country Thailand has welcomed Huawei with open arms, allowing it to set up a testbed at a major university near the Thai capital.

A Huawei spokesperson previously told AFP it had invested $5 billion in the trials and has been invited to conduct similar tests in other Southeast Asian markets.

Elsewhere the Philippines' Globe Telecom said this summer it was launching Southeast Asia's first 5G broadband service using Huawei technology.&nbsp;

Both Thailand and the Philippines are historic US allies and some see the tangle over 5G as a challenge of influence between the two powers.

But not all countries have been eager to sign up.

Vietnam has quietly sided with the US on the issue, shunning the Chinese firm in favour of alternative providers for 5G technology, including Ericsson and Nokia.&nbsp;

The country's military-owned telecoms giant Viettel hopes to be the first to roll out 5G in Hanoi and Ho Chi Minh City, and has said it plans to do so without Huawei, citing security concerns. &nbsp;

Zhou reiterated past statements by the company brushing aside the US claims.

"There is not any cybersecurity issues for us. There is no evidence for the US to say that," he said.

Chinese phone giant Huawei said Sunday it was ready to roll out 5G infrastructure across Southeast Asia, dismissing US warnings its tech could be used to hoover up data for Beijing.

Chinese phone giant Huawei said Sunday it was ready to roll out 5G infrastructure across Southeast Asia, dismissing US warnings its tech could be used to hoover up data for Beijing. The firm has emerged as a key protagonist in the wider US-China trade war that has seen tit-for-tat tariffs imposed on hundreds of billions of dollars worth of goods. President Donald Trump's administration has warned Huawei's equipment could allow China to spy on other countries and has effectively blocked American companies from selling US technology to the firm. But the company has repeatedly denied the accusations, saying it is the victim of tech envy. Thailand and the Philippines have shrugged off the cybersecurity warnings in a rush to exploit the ultra-fast 5G network promised by China's biggest smartphone maker, while Vietnam has edged away from Huawei. "China and the US now is in the trade war and also there is some kind of technology war (which) Huawei is very focused on at the moment," said Huawei vice-president Edward Zhou at the Association of Southeast Asian (ASEAN) summit on Sunday. "We are here to support the ASEAN (in) the development for the 5G." Encompassing hundreds of millions of people, the 10-member bloc wants the next-level technology to help businesses, infrastructure and transport compete globally. Host country Thailand has welcomed Huawei with open arms, allowing it to set up a testbed at a major university near the Thai capital. A Huawei spokesperson previously told AFP it had invested $5 billion in the trials and has been invited to conduct similar tests in other Southeast Asian markets. Elsewhere the Philippines' Globe Telecom said this summer it was launching Southeast Asia's first 5G broadband service using Huawei technology. Both Thailand and the Philippines are historic US allies and some see the tangle over 5G as a challenge of influence between the two powers. But not all countries have been eager to sign up. Vietnam has quietly sided with the US on the issue, shunning the Chinese firm in favour of alternative providers for 5G technology, including Ericsson and Nokia. The country's military-owned telecoms giant Viettel hopes to be the first to roll out 5G in Hanoi and Ho Chi Minh City, and has said it plans to do so without Huawei, citing security concerns. Zhou reiterated past statements by the company brushing aside the US claims. "There is not any cybersecurity issues for us. There is no evidence for the US to say that," he said.

Huawei pushes 5G in Southeast Asia, brushing off 'tech war' with US

A World Trade Organisation arbitrator on Friday authorised China to slap tariffs on US imports worth up to $3.58 billion annually in a years-long dispute over US anti-dumping practices, a trade official said.

China had asked the WTO for permission to hit the US with more than $7 billion in tariffs in the case.

But the WTO ruling said it had determined that the illegal US anti-dumping practices had caused "nullification or impairment of benefits accruing to China" to the tune of $3,579.128 million, and that Beijing could impose tariffs on goods not exceeding that amount per year.

The decision marks the first time the WTO has authorised China to impose tariffs in a trade dispute.

Washington voiced disappointment with the decision, with a US trade official stressing the continued commitment "to using antidumping duties to address injurious dumping" and arguing that the ruling "has no foundation in economic analysis".

"Moreover, we do not believe the Arbitrator’s Decision will have any impact on continuing trade discussions between the United States and China," the official said, adding that the US government would discuss with stakeholders "on how to move forward".

Beijing still needs to formally request the right to impose that or a lesser sum in tariffs, but it would take opposition from every WTO member to block such a request.

China initially filed its case against the United States back in December 2013, taking issue with the way Washington assesses whether exports have been "dumped" at unfairly low prices onto the US market.

The use of anti-dumping duties are permitted under international trade rules as long as they adhere to strict conditions, and disputes over their use are often brought before the WTO's Dispute Settlement Body.&nbsp;

In this specific case, China alleged that the United States, in violation of WTO rules, was continuing a practice known as "zeroing", which calculates the price of imports compared to the normal value in the United States to determine predatory pricing.

In October 2016, a panel of WTO experts found largely in China's favour in the case, including on the issue of "zeroing".

The United States, which has repeatedly lost cases before the WTO over its calculation method, said in June 2017 that it would implement the panel's recommendations within a "reasonable" time frame.

But it failed to meet an August 2018 deadline set by the WTO's Dispute Settlement Body to bring its practices in line with the ruling.

China then requested permission to impose sanctions, prompting the WTO to appoint an arbitrator in the case to determine the appropriate amount.

A World Trade Organisation arbitrator on Friday authorised China to slap tariffs on US imports worth up to $3.58 billion annually in a years-long dispute over US anti-dumping practices, a trade official said.

A World Trade Organisation arbitrator on Friday authorised China to slap tariffs on US imports worth up to $3.58 billion annually in a years-long dispute over US anti-dumping practices, a trade official said. China had asked the WTO for permission to hit the US with more than $7 billion in tariffs in the case. But the WTO ruling said it had determined that the illegal US anti-dumping practices had caused "nullification or impairment of benefits accruing to China" to the tune of $3,579.128 million, and that Beijing could impose tariffs on goods not exceeding that amount per year. The decision marks the first time the WTO has authorised China to impose tariffs in a trade dispute. Washington voiced disappointment with the decision, with a US trade official stressing the continued commitment "to using antidumping duties to address injurious dumping" and arguing that the ruling "has no foundation in economic analysis". "Moreover, we do not believe the Arbitrator’s Decision will have any impact on continuing trade discussions between the United States and China," the official said, adding that the US government would discuss with stakeholders "on how to move forward". Beijing still needs to formally request the right to impose that or a lesser sum in tariffs, but it would take opposition from every WTO member to block such a request. China initially filed its case against the United States back in December 2013, taking issue with the way Washington assesses whether exports have been "dumped" at unfairly low prices onto the US market. The use of anti-dumping duties are permitted under international trade rules as long as they adhere to strict conditions, and disputes over their use are often brought before the WTO's Dispute Settlement Body. In this specific case, China alleged that the United States, in violation of WTO rules, was continuing a practice known as "zeroing", which calculates the price of imports compared to the normal value in the United States to determine predatory pricing. In October 2016, a panel of WTO experts found largely in China's favour in the case, including on the issue of "zeroing". The United States, which has repeatedly lost cases before the WTO over its calculation method, said in June 2017 that it would implement the panel's recommendations within a "reasonable" time frame. But it failed to meet an August 2018 deadline set by the WTO's Dispute Settlement Body to bring its practices in line with the ruling. China then requested permission to impose sanctions, prompting the WTO to appoint an arbitrator in the case to determine the appropriate amount.

WTO authorises Chinese tariffs on $3.6 billion in US goods in anti-dumping tiff

Wall Street stocks surged to fresh records Friday following good US jobs data and positive comments from officials about progress on a partial trade deal with China.

The S&amp;P 500 rose 1.0 per cent to end at a new high of 3,066.91, notching its third record this week, while the Nasdaq jumped 1.1 per cent, pushing past the all-time high set in July to close at 8,386.40.

The Dow Jones Industrial Average also gained 1.1 per cent to 27,347.36, only 12 points shy of its own record.

Markets were cheered by the strong labour market after the government reported that US firms added 128,000 net new jobs last month, much better than the 80,000 projected by analysts and in spite of the hit from the lengthy General Motors strike.

Investors also greeted comments from the US and Chinese officials reporting progress in the efforts to finalise the partial trade bargain that President Donald Trump announced three weeks ago.

Adding to the positive sentiment has been a better-than-expected earnings season and the third in a series of Federal Reserve interest rate cuts.

"Interest rates have been moving in the right direction for quite a bit of time," said Tom Cahill of Ventura Wealth Management.&nbsp;

"There is a feeling that late in the year we'll start to see the benefits of interest rates decreasing (with) growth maybe reaccelerating."

Among companies reporting results, Exxon Mobil jumped 3.0 per cent after posting better-than-expected profits, while Chevron was flat on results that lagged expectations.

Fitbit, a wearable technology company, surged 15.2 per cent after it agreed to be acquired by Google for $2.1 billion.

The move advances Google's expansion into hardware while Fitbit has struggled against rivals including Apple. Google's parent Alphabet climbed by 1.1 per cent.

Meanwhile, Colgate-Palmolive shed 2.6 per cent, Pinterest dived 17.1 per cent and American International Group gained 1.5 per cent.

Wall Street stocks surged to fresh records Friday following good US jobs data and positive comments from officials about progress on a partial trade deal with China.

Wall Street stocks surged to fresh records Friday following good US jobs data and positive comments from officials about progress on a partial trade deal with China. The S&P 500 rose 1.0 per cent to end at a new high of 3,066.91, notching its third record this week, while the Nasdaq jumped 1.1 per cent, pushing past the all-time high set in July to close at 8,386.40. The Dow Jones Industrial Average also gained 1.1 per cent to 27,347.36, only 12 points shy of its own record. Markets were cheered by the strong labour market after the government reported that US firms added 128,000 net new jobs last month, much better than the 80,000 projected by analysts and in spite of the hit from the lengthy General Motors strike. Investors also greeted comments from the US and Chinese officials reporting progress in the efforts to finalise the partial trade bargain that President Donald Trump announced three weeks ago. Adding to the positive sentiment has been a better-than-expected earnings season and the third in a series of Federal Reserve interest rate cuts. "Interest rates have been moving in the right direction for quite a bit of time," said Tom Cahill of Ventura Wealth Management. "There is a feeling that late in the year we'll start to see the benefits of interest rates decreasing (with) growth maybe reaccelerating." Among companies reporting results, Exxon Mobil jumped 3.0 per cent after posting better-than-expected profits, while Chevron was flat on results that lagged expectations. Fitbit, a wearable technology company, surged 15.2 per cent after it agreed to be acquired by Google for $2.1 billion. The move advances Google's expansion into hardware while Fitbit has struggled against rivals including Apple. Google's parent Alphabet climbed by 1.1 per cent. Meanwhile, Colgate-Palmolive shed 2.6 per cent, Pinterest dived 17.1 per cent and American International Group gained 1.5 per cent.

S&P 500, Nasdaq end at records after strong US jobs data

Chinese conglomerate Fosun has snapped up the Thomas Cook brand for £11 million ($14.2 million), weeks after the renowned British travel group went bust and left hundreds of thousands of holidaymakers stranded abroad.

Thomas Cook's demise in September sparked 22,000 job losses worldwide and triggered Britain's biggest repatriation since World War II, with the government paying to fly home 140,000 tourists.

The 178-year-old British institution declared bankruptcy in September after an attempt to secure $250 million from private investors fell through.

Hong Kong-listed Fosun, which was already the biggest shareholder in Thomas Cook and also owns France-based resort giant Club Med, had backed out of the eleventh-hour deal to keep the debt-plagued company afloat.

Fosun will now take ownership of the brand rights to Thomas Cook as well as subsidiary hotel chains Casa Cook and Cook's Club under the terms of the purchase agreement, it said in a statement late Friday.&nbsp;

The acquisition would build upon Fosun's existing tourism holdings and "the robust growth momentum of Chinese outbound tourism," said Qian Jiannong, the chairman of Fosun's travel arm.&nbsp;

Thomas Cook had struggled against fierce online competition for some time and blamed Brexit uncertainty for a drop in bookings before its collapse.

Chinese conglomerate Fosun has snapped up the Thomas Cook brand for £11 million ($14.2 million), weeks after the renowned British travel group went bust and left hundreds of thousands of holidaymakers stranded abroad.

Chinese conglomerate Fosun has snapped up the Thomas Cook brand for £11 million ($14.2 million), weeks after the renowned British travel group went bust and left hundreds of thousands of holidaymakers stranded abroad. Thomas Cook's demise in September sparked 22,000 job losses worldwide and triggered Britain's biggest repatriation since World War II, with the government paying to fly home 140,000 tourists. The 178-year-old British institution declared bankruptcy in September after an attempt to secure $250 million from private investors fell through. Hong Kong-listed Fosun, which was already the biggest shareholder in Thomas Cook and also owns France-based resort giant Club Med, had backed out of the eleventh-hour deal to keep the debt-plagued company afloat. Fosun will now take ownership of the brand rights to Thomas Cook as well as subsidiary hotel chains Casa Cook and Cook's Club under the terms of the purchase agreement, it said in a statement late Friday. The acquisition would build upon Fosun's existing tourism holdings and "the robust growth momentum of Chinese outbound tourism," said Qian Jiannong, the chairman of Fosun's travel arm. Thomas Cook had struggled against fierce online competition for some time and blamed Brexit uncertainty for a drop in bookings before its collapse.

Fosun buys Thomas Cook brand for £11 million

Saudi Crown Prince Mohammed bin Salman is expected on Sunday to formally launch a<a href="https://www.wionews.com/world/aramco-ipo-will-be-saudi-crown-princes-decision-minister-258759"> long-anticipated stock offering of Saudi Aramco</a>, a person close to the matter said Friday.

The <a href="https://www.wionews.com/business-economy/saudi-aramco-to-keep-46-million-barrels-of-oil-in-indian-storage-report-258774">Aramco stock listing</a>, a key component of bin Salman's overall policy agenda, will offer a small fraction of the petroleum giant.

Valued at between $1.5 and $1.7 trillion, Aramco is the biggest company ever.

Aramco is expected to sell a total of five per cent on two exchanges, with an initial listing of two per cent on the Tadawul Saudi bourse in December.

That will be followed next year by a three per cent listing in overseas exchange, but that has yet to be picked, the person said.

Prince Mohammed is expected on Sunday to provide specifics on the domestic aspects of the IPO, including a date, the person added.

The kingdom's de facto ruler, Prince Mohammed has viewed the stock offering as a critical component of "Vision 2030," a program to diversify the Saudi economy and shift Aramco from "an oil-producing company into a global industrial conglomerate," according to the Saudi government website.

The plan also envisions building half of Saudi weapons systems within the kingdom itself.

Aramco was expected to launch the first part of the two-stage IPO in October, but the process has been delayed, reportedly due to the prince's dissatisfaction with the valuation of the firm, which fell short of the hoped-for $2 trillion.

Aramco executives have encountered scepticism among investors in London and New York on questions about the firm's transparency, governance practices and targeted valuation, the source told AFP.

Architects of the offering have targeted rich Saudi families and local asset managers as buyers of the stock and prodded Saudi banks to make financing available to retail investors to support the offering, Bloomberg reported.&nbsp;

Andrew Lebow, senior partner at Commodity Research Group and an expert on oil markets, said Aramco has become more transparent, but that there were still questions about how much it will disclose.

"It's hard to say whether we are going to get the full picture," Lebow said. "Certainly Aramco is much more transparent than they have ever been, but whether we are going to see the financials with the full clarity is an open question."

The offering means that "for the first time Aramco is going to have to deal with shareholders," Lebow said. "Those meetings should be pretty interesting."

Saudi Crown Prince Mohammed bin Salman is expected on Sunday to formally launch a long-anticipated stock offering of Saudi Aramco, a person close to the matter said Friday.

Saudi Crown Prince Mohammed bin Salman is expected on Sunday to formally launch a long-anticipated stock offering of Saudi Aramco, a person close to the matter said Friday. The Aramco stock listing, a key component of bin Salman's overall policy agenda, will offer a small fraction of the petroleum giant. Valued at between $1.5 and $1.7 trillion, Aramco is the biggest company ever. Aramco is expected to sell a total of five per cent on two exchanges, with an initial listing of two per cent on the Tadawul Saudi bourse in December. That will be followed next year by a three per cent listing in overseas exchange, but that has yet to be picked, the person said. Prince Mohammed is expected on Sunday to provide specifics on the domestic aspects of the IPO, including a date, the person added. The kingdom's de facto ruler, Prince Mohammed has viewed the stock offering as a critical component of "Vision 2030," a program to diversify the Saudi economy and shift Aramco from "an oil-producing company into a global industrial conglomerate," according to the Saudi government website. The plan also envisions building half of Saudi weapons systems within the kingdom itself. Aramco was expected to launch the first part of the two-stage IPO in October, but the process has been delayed, reportedly due to the prince's dissatisfaction with the valuation of the firm, which fell short of the hoped-for $2 trillion. Aramco executives have encountered scepticism among investors in London and New York on questions about the firm's transparency, governance practices and targeted valuation, the source told AFP. Architects of the offering have targeted rich Saudi families and local asset managers as buyers of the stock and prodded Saudi banks to make financing available to retail investors to support the offering, Bloomberg reported. Andrew Lebow, senior partner at Commodity Research Group and an expert on oil markets, said Aramco has become more transparent, but that there were still questions about how much it will disclose. "It's hard to say whether we are going to get the full picture," Lebow said. "Certainly Aramco is much more transparent than they have ever been, but whether we are going to see the financials with the full clarity is an open question." The offering means that "for the first time Aramco is going to have to deal with shareholders," Lebow said. "Those meetings should be pretty interesting."

Saudi Crown Prince to formally launch Aramco IPO on Sunday: Report

India's 2019-20&nbsp;sugar&nbsp;production should fall to 26.9 million tonnes, 1.3 million tonnes below an August projection, due to unfavourable weather conditions, broker and analyst INTL FCStone said on Thursday.

The production drop in India will lead to a larger global&nbsp;sugar&nbsp;supply deficit in 2019-20 of 7.7 million tonnes, a development seen as crucial in reducing large stocks in some producing countries that have been pressuring international prices, it added.

Previously, the broker had expected a global deficit of 5.9 million tonnes. It has also reduced its production estimate for the European Union by 200,000 tonnes to 16.5 million tonnes.

Estimates for another key producing country, Thailand, were unchanged from August at 13.2 million tonnes, which is a lower production than seen in the previous season (14.9 million tonnes).

"Thailand still has large stocks. We expect their exports to continue strong around 10 million tonnes per year," said Ligia Heise, a&nbsp;sugar&nbsp;analyst at INTL FCStone.

She said strong export activity from Thailand will pressure Brazilian export premiums for a while, preventing any short-term improvement in the&nbsp;sugar&nbsp;business for Brazil mills.

Indian production was impacted by excessive rains, which hurt current production but could be positive for the future crop.

"Reservoirs are full in India and we know that for cane producers their price does not matter much, what matter is climate conditions," said analyst Bruno Lima, during one of several seminars in Sao Paulo in the week when the city hosts the biannual&nbsp;Sugar&nbsp;Dinner.

"When conditions are good for planting, you can count on more&nbsp;sugar&nbsp;coming from India," he said, indicating that even if&nbsp;sugar&nbsp;prices improve with the current deficit, that upward move could be short-lived.

India's 2019-20 sugar production should fall to 26.9 million tonnes, 1.3 million tonnes below an August projection, due to unfavourable weather conditions, broker and analyst INTL FCStone said on Thursday.

India's 2019-20 sugar production should fall to 26.9 million tonnes, 1.3 million tonnes below an August projection, due to unfavourable weather conditions, broker and analyst INTL FCStone said on Thursday. The production drop in India will lead to a larger global sugar supply deficit in 2019-20 of 7.7 million tonnes, a development seen as crucial in reducing large stocks in some producing countries that have been pressuring international prices, it added. Previously, the broker had expected a global deficit of 5.9 million tonnes. It has also reduced its production estimate for the European Union by 200,000 tonnes to 16.5 million tonnes. Estimates for another key producing country, Thailand, were unchanged from August at 13.2 million tonnes, which is a lower production than seen in the previous season (14.9 million tonnes). "Thailand still has large stocks. We expect their exports to continue strong around 10 million tonnes per year," said Ligia Heise, a sugar analyst at INTL FCStone. She said strong export activity from Thailand will pressure Brazilian export premiums for a while, preventing any short-term improvement in the sugar business for Brazil mills. Indian production was impacted by excessive rains, which hurt current production but could be positive for the future crop. "Reservoirs are full in India and we know that for cane producers their price does not matter much, what matter is climate conditions," said analyst Bruno Lima, during one of several seminars in Sao Paulo in the week when the city hosts the biannual Sugar Dinner. "When conditions are good for planting, you can count on more sugar coming from India," he said, indicating that even if sugar prices improve with the current deficit, that upward move could be short-lived.

India's sugar output seen falling, global deficit rises: FCStone

Oil&nbsp;prices&nbsp;edged&nbsp;up&nbsp;on Friday after a difficult week but were still headed for&nbsp;losses of about 4 per cent, hit by a combination of&nbsp;rising&nbsp;global supply and uncertain future demand.

US&nbsp;crude&nbsp;rose for the first time in four days, gaining 18 cents, or 0.3 per cent, to $54.36 a barrel by 0339 GMT. The contract was&nbsp;set&nbsp;for a&nbsp;weekly&nbsp;loss&nbsp;of more than 4 per cent.

Brent crude&nbsp;was&nbsp;up&nbsp;5 cents, or 0.1 per cent, at $59.67 a barrel, leaving it on track for a drop of nearly 4 per cent.

Worries over global economic growth, along with&nbsp;oil&nbsp;demand, continue to haunt the market as leaders from the United States and China struggle to end a 16-month dispute that has roiled&nbsp;trade&nbsp;between the world's top two economies.

"Concerns about the <a href="https://www.wionews.com/world/trump-new-location-for-united-states-china-trade-deal-signing-to-be-announced-soon-259106">US-China&nbsp;trade&nbsp;dispute </a>have come home to roost," said Stephen Innes, Asia Pacific market strategist at AxiTrader.

The market received some respite from a run of poor economic data after an unexpected bounce in a private sector survey of Chinese manufacturing activity on Friday, which contrasted with the dour results of an official survey Thursday.

Japanese factory activity, however, sank to more than a three-year low in October, data showed on Friday, in a fresh warning sign for the world's third-largest economy.

US&nbsp;crude inventories&nbsp;rose by 5.7 million barrels in the week to October&nbsp;25, dwarfing analyst expectations for an increase of just 494,000 barrels.

A Reuters survey showed that&nbsp;oil&nbsp;prices&nbsp;are likely to remain under pressure this year and next. The poll of 51 economists and analysts forecast Brent crude would average $64.16 a barrel in 2019 and $62.38 next year.

Meanwhile, US&nbsp;crude production soared nearly 600,000 barrels per day in August to a record of 12.4 million, buoyed by a 30 per cent&nbsp;increase in Gulf of Mexico&nbsp;output, according to government data released on Thursday.

Those numbers came as a Reuters survey found&nbsp;output&nbsp;from Organization of the Petroleum Exporting Countries (OPEC) recovered in October from an eight-year low, with rapid recovery in Saudi Arabian production from attacks on&nbsp;oil&nbsp;plants more than offsetting&nbsp;losses in Ecuador and voluntary curbs under a supply pact.

Oil prices edged up on Friday after a difficult week but were still headed for losses of about 4 per cent, hit by a combination of rising global supply and uncertain future demand.

Oil prices edged up on Friday after a difficult week but were still headed for losses of about 4 per cent, hit by a combination of rising global supply and uncertain future demand. US crude rose for the first time in four days, gaining 18 cents, or 0.3 per cent, to $54.36 a barrel by 0339 GMT. The contract was set for a weekly loss of more than 4 per cent. Brent crude was up 5 cents, or 0.1 per cent, at $59.67 a barrel, leaving it on track for a drop of nearly 4 per cent. Worries over global economic growth, along with oil demand, continue to haunt the market as leaders from the United States and China struggle to end a 16-month dispute that has roiled trade between the world's top two economies. "Concerns about the US-China trade dispute have come home to roost," said Stephen Innes, Asia Pacific market strategist at AxiTrader. The market received some respite from a run of poor economic data after an unexpected bounce in a private sector survey of Chinese manufacturing activity on Friday, which contrasted with the dour results of an official survey Thursday. Japanese factory activity, however, sank to more than a three-year low in October, data showed on Friday, in a fresh warning sign for the world's third-largest economy. US crude inventories rose by 5.7 million barrels in the week to October 25, dwarfing analyst expectations for an increase of just 494,000 barrels. A Reuters survey showed that oil prices are likely to remain under pressure this year and next. The poll of 51 economists and analysts forecast Brent crude would average $64.16 a barrel in 2019 and $62.38 next year. Meanwhile, US crude production soared nearly 600,000 barrels per day in August to a record of 12.4 million, buoyed by a 30 per cent increase in Gulf of Mexico output, according to government data released on Thursday. Those numbers came as a Reuters survey found output from Organization of the Petroleum Exporting Countries (OPEC) recovered in October from an eight-year low, with rapid recovery in Saudi Arabian production from attacks on oil plants more than offsetting losses in Ecuador and voluntary curbs under a supply pact.

Oil prices edge up, but set for big weekly loss on rising output, trade woes

Two- and three-wheeler manufacturer Bajaj Auto on Friday said that it sold 4.63 lakh vehicles in October, down 9 per cent in the year-ago period.

In October 2018, it had sold 5.06 lakh units, it said in a statement.

Domestic sales of motorcycles fell by 14 per cent to 2.42 lakh units from 2.81 lakh in October last year. But exports rose by 3 per cent to 1.56 lakh units from 1.51 lakh.

For the April to October period, motorcycle sales work out to 13.74 lakh units in the domestic market, down 12 per cent from 15.68 lakh units, and 10.9 lakh units in export markets, up 7 per cent from 10.2 lakh units year-on-year.

In commercial vehicles, domestic sales slipped by 5 per cent to 36,260 units last month from 38,360 in October last year.

Exports too fell by 21 per cent to 28,035 units from 35,354 units.

For the April to October period, domestic sales totalled 2.3 lakh units, down 6 per cent from 2.4 lakh units, while exports dropped by 21 per cent to 1.87 lakh units from 2.38 lakh units year-on-year.

Two- and three-wheeler manufacturer Bajaj Auto on Friday said that it sold 4.63 lakh vehicles in October, down 9 per cent in the year-ago period. In October 2018, it had sold 5.

Two- and three-wheeler manufacturer Bajaj Auto on Friday said that it sold 4.63 lakh vehicles in October, down 9 per cent in the year-ago period. In October 2018, it had sold 5.06 lakh units, it said in a statement. Domestic sales of motorcycles fell by 14 per cent to 2.42 lakh units from 2.81 lakh in October last year. But exports rose by 3 per cent to 1.56 lakh units from 1.51 lakh. For the April to October period, motorcycle sales work out to 13.74 lakh units in the domestic market, down 12 per cent from 15.68 lakh units, and 10.9 lakh units in export markets, up 7 per cent from 10.2 lakh units year-on-year. In commercial vehicles, domestic sales slipped by 5 per cent to 36,260 units last month from 38,360 in October last year. Exports too fell by 21 per cent to 28,035 units from 35,354 units. For the April to October period, domestic sales totalled 2.3 lakh units, down 6 per cent from 2.4 lakh units, while exports dropped by 21 per cent to 1.87 lakh units from 2.38 lakh units year-on-year.

Bajaj Auto reports 9% fall in vehicle sales during October

Indian shares extended gains seen through the week on Friday, as a raft of strong earnings raised expectations of a better December quarter.

Broader Asian shares reversed early losses with MSCI`s broadest index of Asia-Pacific shares outside Japan inching up 0.16 per cent&nbsp;after a surprise bounce in Chinese manufacturing activity boosted investor sentiment.

In domestic markets, the broader NSE index&nbsp;was up 0.23 per cent&nbsp;at 11,904.05 as of 0405 GMT, while the benchmark BSE index&nbsp;was 0.25 per cent&nbsp;higher at 40,219.86.

Indian shares have seen steady gains in the last few sessions buoyed by positive global cues, a strong set of corporate results and expectations of a better third quarter.

The Nifty Media index&nbsp;rose as much as 3.49 per cent, gaining the most among the 14 sectoral NSE indexes.

The Nifty PSU Bank index, which tracks the country`s state-run lenders, rose as much as 0.83 per cent, with shares of Central Bank of India rising nearly 6 per cent.

"Today is the first day of the new derivative segment and we have had one of the best months in the last four months, so that positivity has continued," said A.K. Prabhakar, head of research at IDBI Capital in Mumbai.

Auto stocks will be in focus on Friday as automakers are set to report their monthly sales data. The Nifty Auto index&nbsp;inched up 0.24 per cent&nbsp;in early trade.

Shares of lender Yes Bank Ltd were flat ahead of quarterly results announcement.

State-owned oil retailer<a href="https://www.wionews.com/business-economy/indian-oil-profit-tanks-83-as-refining-margins-shrink-259071"> Indian Oil Corporation</a> Ltd slipped as much as 4.22 per cent&nbsp;and was the biggest loser on the NSE index after the refiner recorded an 83 per cent&nbsp;slide in quarterly profit.

Meanwhile, India`s fiscal deficit in the six months through September approached 93 per cent&nbsp;of the target for the full year, limiting the scope for Prime Minister Narendra Modi to consider more tax cuts to boost economic growth.

Indian shares extended gains seen through the week on Friday, as a raft of strong earnings raised expectations of a better December quarter. Broader Asian shares reversed early losses with MSCI`s broadest index of Asia-Pacific shares outside Japan inching up 0.

Indian shares extended gains seen through the week on Friday, as a raft of strong earnings raised expectations of a better December quarter. Broader Asian shares reversed early losses with MSCI`s broadest index of Asia-Pacific shares outside Japan inching up 0.16 per cent after a surprise bounce in Chinese manufacturing activity boosted investor sentiment. In domestic markets, the broader NSE index was up 0.23 per cent at 11,904.05 as of 0405 GMT, while the benchmark BSE index was 0.25 per cent higher at 40,219.86. Indian shares have seen steady gains in the last few sessions buoyed by positive global cues, a strong set of corporate results and expectations of a better third quarter. The Nifty Media index rose as much as 3.49 per cent, gaining the most among the 14 sectoral NSE indexes. The Nifty PSU Bank index, which tracks the country`s state-run lenders, rose as much as 0.83 per cent, with shares of Central Bank of India rising nearly 6 per cent. "Today is the first day of the new derivative segment and we have had one of the best months in the last four months, so that positivity has continued," said A.K. Prabhakar, head of research at IDBI Capital in Mumbai. Auto stocks will be in focus on Friday as automakers are set to report their monthly sales data. The Nifty Auto index inched up 0.24 per cent in early trade. Shares of lender Yes Bank Ltd were flat ahead of quarterly results announcement. State-owned oil retailer Indian Oil Corporation Ltd slipped as much as 4.22 per cent and was the biggest loser on the NSE index after the refiner recorded an 83 per cent slide in quarterly profit. Meanwhile, India`s fiscal deficit in the six months through September approached 93 per cent of the target for the full year, limiting the scope for Prime Minister Narendra Modi to consider more tax cuts to boost economic growth.

Nifty, Sensex extend gains, Indian Oil Corporation drops after weak results

Hong Kong slid into recession for the first time in a decade in the third quarter, weighed down by increasingly violent anti-government protests and the protracted <a href="https://www.wionews.com/world/beijing-ends-key-conclave-with-promise-to-protect-hong-kong-259098">US-China trade war</a>.

<a href="https://www.wionews.com/world/hong-kong-police-fire-tear-gas-in-kowloon-as-protesters-across-harbour-gatecrash-halloween-259091">Five months of protests</a> have battered the Chinese-ruled city's retail and tourism sector, and there is no sign of the demonstrations abating. Police tightened security on Thursday ahead of more potential clashes.

The city's economy shrank 3.2% in July-September from the preceding period, contracting for a second straight quarter and meeting the technical definition of a recession, according to preliminary government data on Thursday.

From a year earlier, gross domestic product (GDP) contracted 2.9%. The readings were the weakest for the Asian financial hub since the global financial crisis in 2008/2009.

The government also revised down second-quarter GDP data to show growth of 0.4% year-on-year, from a preliminary estimate of 0.6% and a later reading of 0.5%. Quarter-on-quarter was revised down to -0.5%, versus a preliminary forecast of -0.3% and a later reading of -0.4%.

Watch: Five months of Hong Kong protests take a toll on the economy

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"Domestic demand worsened significantly," the government said in a statement.

"As the weakening economic conditions dampened consumer sentiment and large-scale demonstrations cause severe disruptions to the retail, catering and other consumer-related sectors, private consumption expenditure recorded its first year-on-year decline in more than 10 years."

The government said that with no sign of protests abating, private consumption and investment sentiment would continue to be affected.

Some Hong Kong businesses have asked employees to take unpaid leave as tourists steer clear of sometimes violent running battles between protesters and police in key shopping areas and malls.

Capital Economics said in a research note that while GDP would probably continue to contract in the fourth quarter, the pace of contraction should ease barring a further escalation in the demonstrations.

"Any recovery will be constrained by weak business investment, however, as the city’s political crisis has done lasting damage to its reputation as a stable and autonomous financial hub," it said in a note to clients.

The protests and escalating violence have plunged the former British colony into its biggest political crisis in decades and unnerved many in the business and financial communities.

Protesters are angry at what they see as Beijing’s increasing interference in the Chinese-ruled city. China denies meddling and has accused foreign governments, including the United States and Britain, of stirring up trouble.

The city's leader Carrie Lam warned on Tuesday that full-year growth could contract.

Almost all growth engines in the Asian financial hub stalled over the summer as shops shut to avoid clashes between riot police and protesters, while the Sino-US trade war intensified. Hong Kong is one of the world's most popular tourism destinations and a bustling container port.

Retail sales fell the most on record year-on-year in August, while tourist arrivals dropped the most since Severe Acute Respiratory Syndrome (SARS) struck Hong Kong in 2003.

Last week, the government announced relief measures of HK$2 billion (£197 million) to support the economy, particularly in its transport, tourism and retail industries, and more is expected. It has also urged landlords to cut rents for struggling businesses.

But there is no guarantee Beijing will come to Hong Kong's rescue as it has done during previous downturns, at times relaxing mainland visitor restrictions to boost tourism.

"There is no liquidity bail-out for Hong Kong, ever. This is it. It's not coming back," said Andy Xie, a Shanghai-based independent economist formerly at Morgan Stanley.

Hong Kong slid into recession for the first time in a decade in the third quarter, weighed down by increasingly violent anti-government protests and the protracted US-China trade war.

Hong Kong slid into recession for the first time in a decade in the third quarter, weighed down by increasingly violent anti-government protests and the protracted US-China trade war. Five months of protests have battered the Chinese-ruled city's retail and tourism sector, and there is no sign of the demonstrations abating. Police tightened security on Thursday ahead of more potential clashes. The city's economy shrank 3.2% in July-September from the preceding period, contracting for a second straight quarter and meeting the technical definition of a recession, according to preliminary government data on Thursday. From a year earlier, gross domestic product (GDP) contracted 2.9%. The readings were the weakest for the Asian financial hub since the global financial crisis in 2008/2009. The government also revised down second-quarter GDP data to show growth of 0.4% year-on-year, from a preliminary estimate of 0.6% and a later reading of 0.5%. Quarter-on-quarter was revised down to -0.5%, versus a preliminary forecast of -0.3% and a later reading of -0.4%. Watch: Five months of Hong Kong protests take a toll on the economy × "Domestic demand worsened significantly," the government said in a statement. "As the weakening economic conditions dampened consumer sentiment and large-scale demonstrations cause severe disruptions to the retail, catering and other consumer-related sectors, private consumption expenditure recorded its first year-on-year decline in more than 10 years." The government said that with no sign of protests abating, private consumption and investment sentiment would continue to be affected. Some Hong Kong businesses have asked employees to take unpaid leave as tourists steer clear of sometimes violent running battles between protesters and police in key shopping areas and malls. Capital Economics said in a research note that while GDP would probably continue to contract in the fourth quarter, the pace of contraction should ease barring a further escalation in the demonstrations. "Any recovery will be constrained by weak business investment, however, as the city’s political crisis has done lasting damage to its reputation as a stable and autonomous financial hub," it said in a note to clients. The protests and escalating violence have plunged the former British colony into its biggest political crisis in decades and unnerved many in the business and financial communities. Protesters are angry at what they see as Beijing’s increasing interference in the Chinese-ruled city. China denies meddling and has accused foreign governments, including the United States and Britain, of stirring up trouble. The city's leader Carrie Lam warned on Tuesday that full-year growth could contract. Almost all growth engines in the Asian financial hub stalled over the summer as shops shut to avoid clashes between riot police and protesters, while the Sino-US trade war intensified. Hong Kong is one of the world's most popular tourism destinations and a bustling container port. Retail sales fell the most on record year-on-year in August, while tourist arrivals dropped the most since Severe Acute Respiratory Syndrome (SARS) struck Hong Kong in 2003. Last week, the government announced relief measures of HK$2 billion (£197 million) to support the economy, particularly in its transport, tourism and retail industries, and more is expected. It has also urged landlords to cut rents for struggling businesses. But there is no guarantee Beijing will come to Hong Kong's rescue as it has done during previous downturns, at times relaxing mainland visitor restrictions to boost tourism. "There is no liquidity bail-out for Hong Kong, ever. This is it. It's not coming back," said Andy Xie, a Shanghai-based independent economist formerly at Morgan Stanley.

Hong Kong falls into first recession in 10 years as protests, trade war weigh

Google has agreed to buy Fitbit for $2.1 billion in a move giving the United States tech giant entry into the wearable technology space, the two companies announced Friday.

The move comes with <a href="https://www.wionews.com/business-economy/google-unveils-quantum-computer-breakthrough-critics-say-wait-a-qubit-257805">Google</a> seeking to expand beyond its core business of online search into hardware, and with Fitbit struggling against rivals including Apple.

"We have built a trusted brand that supports more than 28 million active users around the globe who rely on our products to live a healthier, more active life," Fitbit co-founder and chief executive James Park said in a statement by the two firms announcing the deal.

"Google is an ideal partner to advance our mission.&nbsp;Fitbit will be able to accelerate innovation in the wearables category, scale faster, and make health even more accessible to everyone. I could not be more excited for what lies ahead."

Rick Osterloh, Google senior vice president for devices and services, said the deal for the wearable tech pioneer is one "bringing together the best hardware, software and AI, to build wearables to help even more people around the world."

While Fitbit was among the first to popularize fitness bands, it has lost ground in recent years to rivals.

A survey by research firm IDC for the second quarter of 2019 found Fitbit in fourth place in a market led by China's Xiaomi leading the global market, followed by Apple, which makes the leading smartwatch, and Chinese-based Huawei.

Fitbit has introduced its own smartwatch in 2017 but it has failed to keep pace with the Apple Watch.

<a href="https://www.wionews.com/world/google-completes-first-drone-delivery-in-united-states-256963">Google</a>, which faces pressure from regulators around the world over its dominance of internet search, has been boosting its hardware offerings, including a line of Pixel smartphones and tablets, along with connected speakers.

Google has agreed to buy Fitbit for $2.1 billion in a move giving the United States tech giant entry into the wearable technology space, the two companies announced Friday.

Google has agreed to buy Fitbit for $2.1 billion in a move giving the United States tech giant entry into the wearable technology space, the two companies announced Friday. The move comes with Google seeking to expand beyond its core business of online search into hardware, and with Fitbit struggling against rivals including Apple. "We have built a trusted brand that supports more than 28 million active users around the globe who rely on our products to live a healthier, more active life," Fitbit co-founder and chief executive James Park said in a statement by the two firms announcing the deal. "Google is an ideal partner to advance our mission. Fitbit will be able to accelerate innovation in the wearables category, scale faster, and make health even more accessible to everyone. I could not be more excited for what lies ahead." Rick Osterloh, Google senior vice president for devices and services, said the deal for the wearable tech pioneer is one "bringing together the best hardware, software and AI, to build wearables to help even more people around the world." While Fitbit was among the first to popularize fitness bands, it has lost ground in recent years to rivals. A survey by research firm IDC for the second quarter of 2019 found Fitbit in fourth place in a market led by China's Xiaomi leading the global market, followed by Apple, which makes the leading smartwatch, and Chinese-based Huawei. Fitbit has introduced its own smartwatch in 2017 but it has failed to keep pace with the Apple Watch. Google, which faces pressure from regulators around the world over its dominance of internet search, has been boosting its hardware offerings, including a line of Pixel smartphones and tablets, along with connected speakers.

Google to buy wearable maker Fitbit for $2.1 billion

Domestic Stock market indices were volatile on Friday but traded in a narrow range throughout the trading session.

The Sensex ended 36 points higher at 40,165 while the Nifty 50 edged higher by 22.05 points to 11,899.50.

Most sectoral indices at the National Stock Exchange were in the green except for Nifty auto and IT. Nifty media jumped by 7.6 per cent while metal was up by 2.3 per cent.

On a weekly basis, Sensex gained 2.83 per cent while Nifty added 2.72 per cent.

Sectorally, barring auto and IT stocks, all the sectoral indices on the NSE ended in the green. Media stocks jumped the most with the Nifty Media jumping nearly 8 per cent to 1,923.15 levels.&nbsp;

(With inputs from ANI)

Domestic Stock market indices were volatile on Friday but traded in a narrow range throughout the trading session. The Sensex ended 36 points higher at 40,165 while the Nifty 50 edged higher by 22.

Domestic Stock market indices were volatile on Friday but traded in a narrow range throughout the trading session. The Sensex ended 36 points higher at 40,165 while the Nifty 50 edged higher by 22.05 points to 11,899.50. Most sectoral indices at the National Stock Exchange were in the green except for Nifty auto and IT. Nifty media jumped by 7.6 per cent while metal was up by 2.3 per cent. On a weekly basis, Sensex gained 2.83 per cent while Nifty added 2.72 per cent. Sectorally, barring auto and IT stocks, all the sectoral indices on the NSE ended in the green. Media stocks jumped the most with the Nifty Media jumping nearly 8 per cent to 1,923.15 levels. (With inputs from ANI)

Sensex holds above 40,000 mark, Nifty closes at 11,899.50

Apple TV+, the iPhone maker's entry into the crowded streaming TV market, debuts on Friday as the first "all-original" subscription video service, according to <a href="https://www.wionews.com/business-economy/apple-beats-profit-forecasts-amid-growth-in-services-wearables-258969">Apple Inc</a> Chief Executive Tim Cook.

All of the programming is original because, unlike Netflix Inc and the forthcoming Disney+ from Walt Disney Co, Apple does not have rights to a back catalogue of TV shows and movies.

That makes Apple's offering relatively slim compared to other online video services. It is also cheaper than competitors at $4.99 per month. And anyone who has purchased an iPhone, iPad, Apple TV device, iPod touch or Mac after Sept. 10 can get a free subscription for one year.

Cook, in an interview with Reuters on Wednesday, said he welcomes the wide range of competition in streaming video because he believes it will encourage more people to drop cable television and seek digital entertainment options.

"That really advantages not only Apple, but everyone in the streaming field," Cook said.

Launching in more than 100 countries and territories, Apple TV+ will debut with four TV series for adults, an episode of "Oprah's Book Club," a nature documentary, and three children's series. Additional programming will be added each month.

Here is what to expect on day one.

The Morning Show: One of Apple's most heavily promoted programs, the drama series stars Jennifer Aniston in her first TV role since "Friends," alongside Reese Witherspoon and Steve Carell. The series, set behind the scenes of a morning news show, explores power dynamics between men and women in the workplace, ethics in the news business and ageism.

Reaction from TV critics has been mixed, with a 59 percent positive rating as of Thursday on the Rotten Tomatoes website, which aggregates reviews.

The Hollywood Reporter's Daniel Fienberg said the show started with "a brutally dull pilot and a meandering second episode" before picking up steam in later episodes.

Judy Berman of Time magazine called the series "a sophisticated drama with A-list stars that capitalizes on hot topics and hot gossip."

The first three episodes of a planned 10-episode season debut on Friday. A new episode will be released each Friday thereafter.&nbsp;

For All Mankind: This 10-episode science-fiction drama series imagines a world where the Soviet Union wins the space race. That sets the stage for an alternate history with sweeping ripple effects on everything from women's rights and the environment to the Vietnam War.

Among reviews collected on the Rotten Tomatoes website, 73 percent were positive as of Thursday.

"The sprawling, yet precisely calibrated alt history is Tim Cook and Apple's first total touchdown," wrote Dominic Patten of Deadline Hollywood.

As with "The Morning Show," the first three episodes debut on Friday, and a new episode will be released each Friday thereafter.

Dickinson: Set in the 19th Century, the series is a half-hour dark comedy that reimagines poet Emily Dickinson, played by Hailee Steinfeld, as a rebellious teenager.

It had a 76 percent positive rating on Rotten Tomatoes as of Thursday. All 10 episodes launch on Friday.

See: Starring "Aquaman" and "Game of Thrones" actor Jason Momoa, the epic drama takes place 600 years in the future after a virus has decimated most of humankind. Those who have survived are blind and must adapt while fighting to protect themselves from a powerful queen. Alfre Woodard co-stars.

"See" scored the lowest among TV critics, earning a 43 percent positive rating on Rotten Tomatoes.

"Although the show creates a ruthless world - the action is brutal and visceral, and the story advances quickly - it's not inventive enough to overcome the stilted dialogue and stock characters," wrote Brian Lowry of CNN.com.

The first three of eight episodes debut on Friday, and a new one will be released every Friday thereafter.

Oprah's Book Club: In the first episode, Oprah Winfrey discusses the novel "The Water Dancer" with author Ta-Nehisi Coates. The book tells the story of a young man who was born into slavery and later joins the abolitionist movement and the underground railroad.

Apple TV+, the iPhone maker's entry into the crowded streaming TV market, debuts on Friday as the first "all-original" subscription video service, according to Apple Inc Chief Executive Tim Cook.

Apple TV+, the iPhone maker's entry into the crowded streaming TV market, debuts on Friday as the first "all-original" subscription video service, according to Apple Inc Chief Executive Tim Cook. All of the programming is original because, unlike Netflix Inc and the forthcoming Disney+ from Walt Disney Co, Apple does not have rights to a back catalogue of TV shows and movies. That makes Apple's offering relatively slim compared to other online video services. It is also cheaper than competitors at $4.99 per month. And anyone who has purchased an iPhone, iPad, Apple TV device, iPod touch or Mac after Sept. 10 can get a free subscription for one year. Cook, in an interview with Reuters on Wednesday, said he welcomes the wide range of competition in streaming video because he believes it will encourage more people to drop cable television and seek digital entertainment options. "That really advantages not only Apple, but everyone in the streaming field," Cook said. Launching in more than 100 countries and territories, Apple TV+ will debut with four TV series for adults, an episode of "Oprah's Book Club," a nature documentary, and three children's series. Additional programming will be added each month. Here is what to expect on day one. The Morning Show: One of Apple's most heavily promoted programs, the drama series stars Jennifer Aniston in her first TV role since "Friends," alongside Reese Witherspoon and Steve Carell. The series, set behind the scenes of a morning news show, explores power dynamics between men and women in the workplace, ethics in the news business and ageism. Reaction from TV critics has been mixed, with a 59 percent positive rating as of Thursday on the Rotten Tomatoes website, which aggregates reviews. The Hollywood Reporter's Daniel Fienberg said the show started with "a brutally dull pilot and a meandering second episode" before picking up steam in later episodes. Judy Berman of Time magazine called the series "a sophisticated drama with A-list stars that capitalizes on hot topics and hot gossip." The first three episodes of a planned 10-episode season debut on Friday. A new episode will be released each Friday thereafter. For All Mankind: This 10-episode science-fiction drama series imagines a world where the Soviet Union wins the space race. That sets the stage for an alternate history with sweeping ripple effects on everything from women's rights and the environment to the Vietnam War. Among reviews collected on the Rotten Tomatoes website, 73 percent were positive as of Thursday. "The sprawling, yet precisely calibrated alt history is Tim Cook and Apple's first total touchdown," wrote Dominic Patten of Deadline Hollywood. As with "The Morning Show," the first three episodes debut on Friday, and a new episode will be released each Friday thereafter. Dickinson: Set in the 19th Century, the series is a half-hour dark comedy that reimagines poet Emily Dickinson, played by Hailee Steinfeld, as a rebellious teenager. It had a 76 percent positive rating on Rotten Tomatoes as of Thursday. All 10 episodes launch on Friday. See: Starring "Aquaman" and "Game of Thrones" actor Jason Momoa, the epic drama takes place 600 years in the future after a virus has decimated most of humankind. Those who have survived are blind and must adapt while fighting to protect themselves from a powerful queen. Alfre Woodard co-stars. "See" scored the lowest among TV critics, earning a 43 percent positive rating on Rotten Tomatoes. "Although the show creates a ruthless world - the action is brutal and visceral, and the story advances quickly - it's not inventive enough to overcome the stilted dialogue and stock characters," wrote Brian Lowry of CNN.com. The first three of eight episodes debut on Friday, and a new one will be released every Friday thereafter. Oprah's Book Club: In the first episode, Oprah Winfrey discusses the novel "The Water Dancer" with author Ta-Nehisi Coates. The book tells the story of a young man who was born into slavery and later joins the abolitionist movement and the underground railroad.

AppleTV+ debuts streaming TV service with Oprah and Aniston

Novo&nbsp;Nordisk&nbsp;posted third-quarter operating profit a touch below expectations on Friday on weak insulin&nbsp;sales&nbsp;and impairments but nudged&nbsp;up&nbsp;its&nbsp;sales&nbsp;outlook&nbsp;on hopes for&nbsp;new&nbsp;type 2 diabetes and obesity&nbsp;drugs.

Novo&nbsp;now sees&nbsp;2019&nbsp;sales&nbsp;growth at 5-6 per cent&nbsp;versus 4-6 per cent&nbsp;previously, and held its forecast for operating profit growth at 4-6 per cent, both in local currency terms. It said operating profit rose 9 per cent&nbsp;in the last quarter, slightly below analysts' forecasts.

Shares in the healthcare group&nbsp;traded&nbsp;up&nbsp;1.6 per cent&nbsp;at 0923 GMT, outperforming a 0.3 per cent&nbsp;rise in the broader European STOXX 600 index and a 1.4 per cent&nbsp;increase in Copenhagen's main index.&nbsp;

The world's largest maker of diabetes&nbsp;drugs&nbsp;is betting on&nbsp;new&nbsp;treatments, including a first-of-its-kind tablet, to offset pricing pressure from competing insulins and US&nbsp;lawmakers, who have been critical of rising drug costs.

Sales&nbsp;of its&nbsp;new&nbsp;once-weekly injectable treatment, branded Ozempic, reached 6,872 million Danish crowns&nbsp;for the first nine months, attaining blockbuster status.

Ozempic's third-quarter&nbsp;sales&nbsp;came in 11&nbsp;stronger than expected, said Jefferies analysts.

The&nbsp;new&nbsp;drug is a competitor of Eli Lilly's Trulicity. Both&nbsp;drugs&nbsp;belong to the GLP-1 drug class, which imitate an intestinal hormone that stimulates the production of insulin.

These&nbsp;drugs&nbsp;are more expensive but make&nbsp;up&nbsp;a growing share of the diabetes market, as they have proved effective in reducing diabetes patients' blood glucose levels and weight.

"We believe we have the better product both in terms of glucose-lowering, weight (reduction) and the cardiovascular safety profile," said chief financial officer Karsten Munk Knudsen, referring to clinical trials.

"Our&nbsp;sales&nbsp;reps have what they need to go into the market and compete vis-a-vis with Trulicity," he said, adding that&nbsp;Novo&nbsp;is taking market share from Eli Lilly in the GLP-1 market.

Competition in the GLP-1 space is set to further increase as&nbsp;Novo&nbsp;recently won approval for its once-daily oral pill Rybelsus, which is aimed at patients with an aversion to needles used to deliver other diabetes treatments.

Third-quarter Trulicity&nbsp;sales&nbsp;fell short of Wall Street expectations with some analysts suggesting they were likely hurt by Lilly's efforts to defend its market share against the&nbsp;upcoming launch of Rybelsus.

Novo's third-quarter operating profit came in at 12.9 billion Danish crowns, slightly below the 13.1 billion forecast in a Refinitiv poll partly due to higher impairment charges.

Depreciation, amortisation and impairment losses this year are now seen 1 billion crowns higher than previously anticipated,&nbsp;Novo&nbsp;said.

Sales&nbsp;of&nbsp;Novo's GLP-1&nbsp;drugs&nbsp;grew 28 per cent, while total insulin&nbsp;sales&nbsp;fell 1 per cent.

Novo Nordisk posted third-quarter operating profit a touch below expectations on Friday on weak insulin sales and impairments but nudged up its sales outlook on hopes for new type 2 diabetes and obesity drugs.

Novo Nordisk posted third-quarter operating profit a touch below expectations on Friday on weak insulin sales and impairments but nudged up its sales outlook on hopes for new type 2 diabetes and obesity drugs. Novo now sees 2019 sales growth at 5-6 per cent versus 4-6 per cent previously, and held its forecast for operating profit growth at 4-6 per cent, both in local currency terms. It said operating profit rose 9 per cent in the last quarter, slightly below analysts' forecasts. Shares in the healthcare group traded up 1.6 per cent at 0923 GMT, outperforming a 0.3 per cent rise in the broader European STOXX 600 index and a 1.4 per cent increase in Copenhagen's main index. The world's largest maker of diabetes drugs is betting on new treatments, including a first-of-its-kind tablet, to offset pricing pressure from competing insulins and US lawmakers, who have been critical of rising drug costs. Sales of its new once-weekly injectable treatment, branded Ozempic, reached 6,872 million Danish crowns for the first nine months, attaining blockbuster status. Ozempic's third-quarter sales came in 11 stronger than expected, said Jefferies analysts. The new drug is a competitor of Eli Lilly's Trulicity. Both drugs belong to the GLP-1 drug class, which imitate an intestinal hormone that stimulates the production of insulin. These drugs are more expensive but make up a growing share of the diabetes market, as they have proved effective in reducing diabetes patients' blood glucose levels and weight. "We believe we have the better product both in terms of glucose-lowering, weight (reduction) and the cardiovascular safety profile," said chief financial officer Karsten Munk Knudsen, referring to clinical trials. "Our sales reps have what they need to go into the market and compete vis-a-vis with Trulicity," he said, adding that Novo is taking market share from Eli Lilly in the GLP-1 market. Competition in the GLP-1 space is set to further increase as Novo recently won approval for its once-daily oral pill Rybelsus, which is aimed at patients with an aversion to needles used to deliver other diabetes treatments. Third-quarter Trulicity sales fell short of Wall Street expectations with some analysts suggesting they were likely hurt by Lilly's efforts to defend its market share against the upcoming launch of Rybelsus. Novo's third-quarter operating profit came in at 12.9 billion Danish crowns, slightly below the 13.1 billion forecast in a Refinitiv poll partly due to higher impairment charges. Depreciation, amortisation and impairment losses this year are now seen 1 billion crowns higher than previously anticipated, Novo said. Sales of Novo's GLP-1 drugs grew 28 per cent, while total insulin sales fell 1 per cent.

Novo Nordisk nudges up 2019 sales outlook as new drugs excel

Mazda&nbsp;Motor Corp&nbsp;cut its annual&nbsp;profit&nbsp;forecast by nearly half on Friday as the Japanese automaker expects a&nbsp;strong&nbsp;yen&nbsp;and falling cars&nbsp;sales&nbsp;in the United States and&nbsp;China, its biggest markets, to drive earnings to a seven-year low.

Japan's fifth-largest automaker expects to post $555.4 million&nbsp;in operating&nbsp;profit&nbsp;for the year ending March, down from a prior outlook of 110 billion&nbsp;yen, and lower than a mean forecast of 69.5 billion&nbsp;yen&nbsp;from 20 analysts polled by Refinitiv.

It represents a cut of nearly&nbsp;30 per cent&nbsp;from 82.3 billion&nbsp;yen&nbsp;profit&nbsp;a year ago.

The downgrade comes after operating&nbsp;profit&nbsp;came in at 18.8 billion&nbsp;yen&nbsp;in the July-September quarter, above analysts' forecast of 14.4 billion&nbsp;yen, although&nbsp;profit&nbsp;fell for the fourth straight quarter.

Quarterly operating&nbsp;profit&nbsp;recovered from a 2.9 billion&nbsp;yen&nbsp;loss a year ago.

Demand for&nbsp;Mazda&nbsp;vehicles, including the&nbsp;Mazda3 sedan and the CX-5 SUV crossover, has slumped since the company posted record annual&nbsp;sales&nbsp;of about 1.6 million vehicles in fiscal 2018.

Mazda&nbsp;posted global&nbsp;sales&nbsp;of 378,000 units for the quarter, down 4 per cent&nbsp;from a year ago, partly due to sluggish&nbsp;sales&nbsp;in the United States and&nbsp;China.

Global automakers have been grappling with a&nbsp;sales&nbsp;slowdown, as a prolonged trade war between Washington and Beijing and slowing growth in&nbsp;China&nbsp;have cut demand for cars in the world's top two economies.

The slowdown comes as carmakers invest heavily in electric cars, autonomous driving technologies and ride-sharing services to survive a market shift away from car ownership.

Mazda Motor Corp cut its annual profit forecast by nearly half on Friday as the Japanese automaker expects a strong yen and falling cars sales in the United States and China, its biggest markets, to drive earnings to a seven-year low.

Mazda Motor Corp cut its annual profit forecast by nearly half on Friday as the Japanese automaker expects a strong yen and falling cars sales in the United States and China, its biggest markets, to drive earnings to a seven-year low. Japan's fifth-largest automaker expects to post $555.4 million in operating profit for the year ending March, down from a prior outlook of 110 billion yen, and lower than a mean forecast of 69.5 billion yen from 20 analysts polled by Refinitiv. It represents a cut of nearly 30 per cent from 82.3 billion yen profit a year ago. The downgrade comes after operating profit came in at 18.8 billion yen in the July-September quarter, above analysts' forecast of 14.4 billion yen, although profit fell for the fourth straight quarter. Quarterly operating profit recovered from a 2.9 billion yen loss a year ago. Demand for Mazda vehicles, including the Mazda3 sedan and the CX-5 SUV crossover, has slumped since the company posted record annual sales of about 1.6 million vehicles in fiscal 2018. Mazda posted global sales of 378,000 units for the quarter, down 4 per cent from a year ago, partly due to sluggish sales in the United States and China. Global automakers have been grappling with a sales slowdown, as a prolonged trade war between Washington and Beijing and slowing growth in China have cut demand for cars in the world's top two economies. The slowdown comes as carmakers invest heavily in electric cars, autonomous driving technologies and ride-sharing services to survive a market shift away from car ownership.

Mazda sees 30% FY profit drop on strong yen, weak sales in US, China

Japan's Sharp Corp, an Apple supplier, posted a profit that beat expectations and was its first rise in five quarters, driven by the strength in the laptop business it bought from Toshiba.

Sharp, which makes sensors, camera modules and screens for Apple's iPhones, posted an operating profit of 22.3 billion yen ($206.54 million) for the second quarter ended September, up from 22.2 billion yen a year prior.

That compared with a 19.65 billion yen average of 4 analyst estimates compiled by Refinitiv.

Sharp, a unit of Taiwan's Foxconn, maintained its profit forecast for the year ending March at 100 billion yen, versus a consensus estimate of 82.23 billion yen from 10 analysts.

Sharp took over Toshiba's loss-making laptop unit last year and turned it around, making it a major profit contributor, in a push to regain global presence.

The outlook for Sharp's electronic devices business is also improving as sales at its key customer Apple appear to be stabilising.

While iPhone sales fell 9 per cent&nbsp;in the three months ended September, it was smaller than the drop in recent quarters and better than analyst expectations.

Sharp, which Foxconn, formally known as Hon Hai Precision Industry Co, acquired control of in 2016, is aiming to expand globally by launching high-definition 8K television sets and return to the US&nbsp;TV market.

The Osaka-based firm cut back its overseas TV business and licensed China's Hisense to use its brand in the Americas in 2015 when massive losses at its core display panel unit put its survival at risk. But earlier this year, Sharp said it had effectively regained the license sold to Hisense.

Japan's Sharp Corp, an Apple supplier, posted a profit that beat expectations and was its first rise in five quarters, driven by the strength in the laptop business it bought from Toshiba.

Japan's Sharp Corp, an Apple supplier, posted a profit that beat expectations and was its first rise in five quarters, driven by the strength in the laptop business it bought from Toshiba. Sharp, which makes sensors, camera modules and screens for Apple's iPhones, posted an operating profit of 22.3 billion yen ($206.54 million) for the second quarter ended September, up from 22.2 billion yen a year prior. That compared with a 19.65 billion yen average of 4 analyst estimates compiled by Refinitiv. Sharp, a unit of Taiwan's Foxconn, maintained its profit forecast for the year ending March at 100 billion yen, versus a consensus estimate of 82.23 billion yen from 10 analysts. Sharp took over Toshiba's loss-making laptop unit last year and turned it around, making it a major profit contributor, in a push to regain global presence. The outlook for Sharp's electronic devices business is also improving as sales at its key customer Apple appear to be stabilising. While iPhone sales fell 9 per cent in the three months ended September, it was smaller than the drop in recent quarters and better than analyst expectations. Sharp, which Foxconn, formally known as Hon Hai Precision Industry Co, acquired control of in 2016, is aiming to expand globally by launching high-definition 8K television sets and return to the US TV market. The Osaka-based firm cut back its overseas TV business and licensed China's Hisense to use its brand in the Americas in 2015 when massive losses at its core display panel unit put its survival at risk. But earlier this year, Sharp said it had effectively regained the license sold to Hisense.

Japan's Sharp beats second-quarter profit expectations on laptop business

Nissan Motor Co&nbsp;on Friday appointed American Stephen Ma as its next chief financial officer and said Hitoshi Kawaguchi and other veteran executives were stepping down, a shake-up that one source said marked a "generational change" at the automaker.

The announcement comes just weeks after the Japanese company named the head of its China business, Makoto Uchida, as its next chief executive.

Following the dramatic ouster of former Chairman Carlos Ghosn almost exactly a year ago, Nissan has been battered by scandals, plunging profits, and tensions with top shareholder Renault SA.

The company said Ma, its global controller who is turning 49 this month, would become its next chief financial officer, making him one of the highest-ranking non-Japanese at the company.

He will replace Hiroshi Karube, whose departure was also announced.

"We are trying to achieve a generational change in Nissan management," said a source at the company, who spoke on condition of anonymity.

The departure of Kawaguchi, which was earlier reported by Reuters, is also significant. The executive, who had been in charge of external affairs, had been seen as backing acting chief executive Yasuhiro Yamauchi for the top job that later went to Uchida, Reuters has reported.

Nissan Motor Co on Friday appointed American Stephen Ma as its next chief financial officer and said Hitoshi Kawaguchi and other veteran executives were stepping down, a shake-up that one source said marked a "generational change" at the automaker.

Nissan Motor Co on Friday appointed American Stephen Ma as its next chief financial officer and said Hitoshi Kawaguchi and other veteran executives were stepping down, a shake-up that one source said marked a "generational change" at the automaker. The announcement comes just weeks after the Japanese company named the head of its China business, Makoto Uchida, as its next chief executive. Following the dramatic ouster of former Chairman Carlos Ghosn almost exactly a year ago, Nissan has been battered by scandals, plunging profits, and tensions with top shareholder Renault SA. The company said Ma, its global controller who is turning 49 this month, would become its next chief financial officer, making him one of the highest-ranking non-Japanese at the company. He will replace Hiroshi Karube, whose departure was also announced. "We are trying to achieve a generational change in Nissan management," said a source at the company, who spoke on condition of anonymity. The departure of Kawaguchi, which was earlier reported by Reuters, is also significant. The executive, who had been in charge of external affairs, had been seen as backing acting chief executive Yasuhiro Yamauchi for the top job that later went to Uchida, Reuters has reported.

Nissan names new finance chief, some managers to leave in latest shake-up

Maruti Suzuki India on Friday reported 4.5 per cent growth year-on-year in October sales led by compact and utility vehicle segments.

Driven by the festive season and heavy discounts, the company sold 1.53 lakh units during the month against 1.46 lakh units sold in the same month of last year.

The country`s largest car manufacturer said domestic sales in October grew by 4.5 per cent year-on-year to 1.44 lakh units from 1.38 lakh units and exports increased 5.7 per cent to 9,158 units from 8,666 units.

Passenger car sales were up by 4.4 per cent to 1.06 lakh units compared to 1.01 lakh units in October last year.

The compact car segment (new WagonR, Celerio, Ignis, Swift, Baleno and Dzire) clocked 15.9 per cent growth but mini segment (Alto, S-Presso and old WagonR) showed 13.1 per cent decline.

Utility vehicles sales (Gypsy, Ertiga, XL6, Vitara Brezza and S-Cross) grew by 11.3 per cent whereas vans (Omni and Eeco) sales fell by 26.8 per cent in October YoY.

For the April to October period, however, total sales were down by 20.3 per cent to 8.94 lakh units from 11.2 lakh in the year-ago period.

Domestic sales dipped by 21.4 per cent to 8.31 lakh units from 10.5 lakh units while export sales edged lower by 2.6 per cent to 63,069 units from 64,753 units year-on-year.

Maruti Suzuki India on Friday reported 4.5 per cent growth year-on-year in October sales led by compact and utility vehicle segments. Driven by the festive season and heavy discounts, the company sold 1.

Maruti Suzuki India on Friday reported 4.5 per cent growth year-on-year in October sales led by compact and utility vehicle segments. Driven by the festive season and heavy discounts, the company sold 1.53 lakh units during the month against 1.46 lakh units sold in the same month of last year. The country`s largest car manufacturer said domestic sales in October grew by 4.5 per cent year-on-year to 1.44 lakh units from 1.38 lakh units and exports increased 5.7 per cent to 9,158 units from 8,666 units. Passenger car sales were up by 4.4 per cent to 1.06 lakh units compared to 1.01 lakh units in October last year. The compact car segment (new WagonR, Celerio, Ignis, Swift, Baleno and Dzire) clocked 15.9 per cent growth but mini segment (Alto, S-Presso and old WagonR) showed 13.1 per cent decline. Utility vehicles sales (Gypsy, Ertiga, XL6, Vitara Brezza and S-Cross) grew by 11.3 per cent whereas vans (Omni and Eeco) sales fell by 26.8 per cent in October YoY. For the April to October period, however, total sales were down by 20.3 per cent to 8.94 lakh units from 11.2 lakh in the year-ago period. Domestic sales dipped by 21.4 per cent to 8.31 lakh units from 10.5 lakh units while export sales edged lower by 2.6 per cent to 63,069 units from 64,753 units year-on-year.

Maruti Suzuki October sales up by 4.5% to 1.53 lakh units amid festive season