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

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

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

India names 27 sites in Arunachal Pradesh

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

How many soldiers operate one S-400 battery?

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

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

Rockstar to unveil GTA 6 extended look ahead of November launch

Russia forms Ukrainian Volunteer Spetsnaz Brigade to fight Ukraine

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

Technology transfer deal boosts India's defence manufacturing ambitions

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

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

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

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

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

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

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

RSS says Gen Z protests reflect genuine distress

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

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

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

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

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

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

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

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

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

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

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

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

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

The Indian government is looking into whether hefty discounts offered on Walmart-owned Flipkart and Amazon.com during their online festive sales violate foreign investment rules, a commerce ministry official told Reuters.

India introduced new rules in February aimed at protecting the 130 million people dependent on small-scale retail by deterring big online discounts. The rules forced e-commerce firms to tweak their business structures and drew criticism from the United States, straining trade ties between New Delhi and Washington.

While Amazon and Flipkart say they've complied with the federal rules, local trader groups say the two companies are violating them by burning money to offer discounts - of more than 50% in some cases - during the ongoing festive sales.

Reuters reviewed emails and internal training material from Flipkart showing the company is in some cases offering to reduce, or forfeit, its sales commission from sellers that offer discounts.

The commerce ministry official told Reuters the government was reviewing complaints and evidence filed by the Confederation of All India Traders (CAIT), a group representing some 70 million brick-and-mortar retailers, alleging Amazon and Flipkart were violating the foreign investment rules.

The official declined to comment on possible action, but executives from Amazon and Flipkart were summoned to meet commerce ministry officials last week to discuss the matter.

Flipkart in a statement said it had a "good meeting" with government officials and it was "deeply committed to doing business the right way in India".

Amazon said it had an "open &amp; transparent discussion" with officials and has a high bar for compliance.

Seeking to attract shoppers around the key Hindu festival of Diwali, both retailers have placed full-page advertisements in top national daily the Times of India to showcase discount offerings stretching from Samsung and Apple phones to clothing and diapers.

"Customers are going online because of the unbelievable discounts. Because of these sales at offline businesses are down 30% to 40% this month," CAIT's secretary general Praveen Khandelwal said.

Flipkart&nbsp;Incentives

Two emails received by Flipkart sellers in September, just days ahead of the inaugural phase of the festive sales, showed it offering to partly fund discounts.

The company would "burn" 3% of the discount if a seller lowered a product price by 15%, or 9% if the seller discounted by 30%, said one of the emails.

In training material posted on Flipkart's restricted website for its sellers, seen by Reuters, the company asks them to prepare for the festive season by saying "nothing is bigger than this" and explaining how they can benefit by discounting products for Flipkart's premium customers.

"We want to ensure that you fetch as much profit from it as possible ... whatever the discount you are offering, half of that will be reimbursed to you by Flipkart," a post said.

A Flipkart source said the incentives were compliant with Indian regulations and were aimed at promoting sellers'&nbsp;earnings by effectively reducing the commission they pay.

All India Online Vendors Association, whose 3,500 members sell products on various online platforms including Flipkart, in a statement said fewer than 100 of its members benefitted from Flipkart`s partial discount funding, giving some sellers an unfair advantage.

The Indian government is looking into whether hefty discounts offered on Walmart-owned Flipkart and Amazon.com during their online festive sales violate foreign investment rules, a commerce ministry official told Reuters.

The Indian government is looking into whether hefty discounts offered on Walmart-owned Flipkart and Amazon.com during their online festive sales violate foreign investment rules, a commerce ministry official told Reuters. India introduced new rules in February aimed at protecting the 130 million people dependent on small-scale retail by deterring big online discounts. The rules forced e-commerce firms to tweak their business structures and drew criticism from the United States, straining trade ties between New Delhi and Washington. While Amazon and Flipkart say they've complied with the federal rules, local trader groups say the two companies are violating them by burning money to offer discounts - of more than 50% in some cases - during the ongoing festive sales. Reuters reviewed emails and internal training material from Flipkart showing the company is in some cases offering to reduce, or forfeit, its sales commission from sellers that offer discounts. The commerce ministry official told Reuters the government was reviewing complaints and evidence filed by the Confederation of All India Traders (CAIT), a group representing some 70 million brick-and-mortar retailers, alleging Amazon and Flipkart were violating the foreign investment rules. The official declined to comment on possible action, but executives from Amazon and Flipkart were summoned to meet commerce ministry officials last week to discuss the matter. Flipkart in a statement said it had a "good meeting" with government officials and it was "deeply committed to doing business the right way in India". Amazon said it had an "open & transparent discussion" with officials and has a high bar for compliance. Seeking to attract shoppers around the key Hindu festival of Diwali, both retailers have placed full-page advertisements in top national daily the Times of India to showcase discount offerings stretching from Samsung and Apple phones to clothing and diapers. "Customers are going online because of the unbelievable discounts. Because of these sales at offline businesses are down 30% to 40% this month," CAIT's secretary general Praveen Khandelwal said. Flipkart Incentives Two emails received by Flipkart sellers in September, just days ahead of the inaugural phase of the festive sales, showed it offering to partly fund discounts. The company would "burn" 3% of the discount if a seller lowered a product price by 15%, or 9% if the seller discounted by 30%, said one of the emails. In training material posted on Flipkart's restricted website for its sellers, seen by Reuters, the company asks them to prepare for the festive season by saying "nothing is bigger than this" and explaining how they can benefit by discounting products for Flipkart's premium customers. "We want to ensure that you fetch as much profit from it as possible ... whatever the discount you are offering, half of that will be reimbursed to you by Flipkart," a post said. A Flipkart source said the incentives were compliant with Indian regulations and were aimed at promoting sellers' earnings by effectively reducing the commission they pay. All India Online Vendors Association, whose 3,500 members sell products on various online platforms including Flipkart, in a statement said fewer than 100 of its members benefitted from Flipkart`s partial discount funding, giving some sellers an unfair advantage.

Government looks into Flipkart, Amazon festive discounts after retailer complaints

Hyundai Motor Group said on Tuesday that it plans to invest $34.65 billion&nbsp;in mobility technology and strategic investments by 2025, as South Korea's top automaker accelerates its attempts to catch up in the self-driving car race.

The plan, which Hyundai said encompassed autonomously, connected and electric vehicles, comes after the company and two of its affiliates announced an investment of $1.6 billion in a joint venture with US&nbsp;self-driving tech firm Aptiv.

Hyundai's plan also received a boost from the South Korean government, which said on Tuesday that it plans to spend 1.7 trillion won from 2021-27 to boost autonomous vehicle technology.

The government expects Hyundai to launch a nationwide service of fully autonomous cars to fleet customers in 2024 and the general public by 2027.

This push is part of a blueprint for future cars President Moon Jae-in announced at an event at Hyundai Motor's research centre near Seoul.

The government said it was conducting a feasibility study for its proposed funding boost, which would include parts, systems and infrastructure. It said Korea lags behind in self-driving car software and key parts like sensors and chips, despite the country's advanced, fifth-generation mobile data network.

South Korea also said it would prepare a regulatory and legal framework to ensure the safety of autonomous cars by 2024.

"We will actively transition from combustion-engine cars to future cars," Industry Minister Sung Yoon-mo said at a media briefing on Tuesday.

The government also aims to lay the technological and legal groundwork for the demonstration of flying cars in 2025. Hyundai Motor's executive vice-chairman Euisun Chung has said the company is looking at developing flying cars, which could be commercialized ahead of the most advanced self-driving cars.

Hyundai Motor Group said on Tuesday that it plans to invest $34.65 billion in mobility technology and strategic investments by 2025, as South Korea's top automaker accelerates its attempts to catch up in the self-driving car race.

Hyundai Motor Group said on Tuesday that it plans to invest $34.65 billion in mobility technology and strategic investments by 2025, as South Korea's top automaker accelerates its attempts to catch up in the self-driving car race. The plan, which Hyundai said encompassed autonomously, connected and electric vehicles, comes after the company and two of its affiliates announced an investment of $1.6 billion in a joint venture with US self-driving tech firm Aptiv. Hyundai's plan also received a boost from the South Korean government, which said on Tuesday that it plans to spend 1.7 trillion won from 2021-27 to boost autonomous vehicle technology. The government expects Hyundai to launch a nationwide service of fully autonomous cars to fleet customers in 2024 and the general public by 2027. This push is part of a blueprint for future cars President Moon Jae-in announced at an event at Hyundai Motor's research centre near Seoul. The government said it was conducting a feasibility study for its proposed funding boost, which would include parts, systems and infrastructure. It said Korea lags behind in self-driving car software and key parts like sensors and chips, despite the country's advanced, fifth-generation mobile data network. South Korea also said it would prepare a regulatory and legal framework to ensure the safety of autonomous cars by 2024. "We will actively transition from combustion-engine cars to future cars," Industry Minister Sung Yoon-mo said at a media briefing on Tuesday. The government also aims to lay the technological and legal groundwork for the demonstration of flying cars in 2025. Hyundai Motor's executive vice-chairman Euisun Chung has said the company is looking at developing flying cars, which could be commercialized ahead of the most advanced self-driving cars.

Hyundai Motor Group to invest $35 billion in future automotive tech

Paypal has gained Beijing's approval to buy controlling stake in Chinese payment firm GoPay. According to the experts, the profit path is going to be tough for Paypal.

WION Wallet: Tough path ahead for Paypal in China

From the pinnacle of the City of London's largest skyscraper, Stuart Lipton is wagering a $1.2 billion bet that the British capital remains a master of the international financial universe no matter what happens with <a href="https://www.wionews.com/world/brexit-on-october-31-a-priority-for-british-government-queen-255851">Brexit</a>.

The 76-year-old property developer is not alone. Bankrolled by a host of global investors, including France's Axa, his big-ticket gamble in London's financial district is - so far - on the money.

The cataclysmic warnings during the 2016 referendum that London would lose its financial throne if it voted to leave the European Union (EU) have, so far, been proven wrong. London is still the world's banker, only bigger by some measures.

"London is extraordinarily resilient and its future as a finance centre is secure because what we have here is unique," Lipton told Reuters on the 61st floor of 22 Bishopsgate, set to become western Europe's second tallest skyscraper when it opens next year.

In the year to June, London has attracted more cross border commercial real estate investment than any other city. It has overtaken New York as a destination for fintech investment and it has increased its dominance of the world's $6.6 trillion daily foreign exchange market.

Since the vote to leave the EU, Britain has leapfrogged the United States to become the largest centre for trading interest rate swaps, despite calls by ex-French President Francois Hollande to end London's dominance in clearing euro-denominated derivatives.

That London has expanded its influence as an international finance centre is one of the biggest riddles of the United Kingdom's tortuous three-year <a href="https://www.wionews.com/business-economy/uk-economy-starts-to-shows-cracks-under-brexit-and-global-strains-254409">Brexit crisis.</a>

The city's standing ensures the United Kingdom keeps one of its last big chips at the top table of world politics just as it splits from the EU.

It also means EU companies will still come to London to raise finance outside the bloc after Brexit, a fact not lost on Wall Street heavyweights such as Goldman Sachs and JP Morgan.

Just a mile away from 22 Bishopsgate, Goldman opened its new 1 million square foot European headquarters - complete with mothers' rooms and wildflowers on the roof - in July, three years on from the 2016 referendum.

Largely abandoned by the British government during Brexit talks, ten senior industry officials told Reuters London's financial services sector has grown since 2016 because there is no realistic competitor in its time zone.

And high-rolling bankers are too attached to its Anglo-Saxon, work-hard, play-hard culture.

The chief executive of the British division of one of Europe's largest banks said although some business will move to the EU, most senior bankers will be reluctant to leave London. He would consider taking a 20 per cent&nbsp;pay cut to remain in the city.

"If you are an Italian banker, who moved out to London 20 years ago, and your kids go to private school around the corner then you are not going to move to Frankfurt," he said.

A global hub for trading, lending and investing, London is the largest net exporter of financial services in the world, with the EU accounting for a quarter of the business.

The 2016 referendum shocked many of the masters of London's financial universe, triggering the biggest one-day fall of the pound since the era of free-floating exchange rates was introduced in the early 1970s.

But so far, most major financial institutions have opted against moving large numbers of people and activities until the loss of access to the EU's lucrative single market is confirmed.

Banks, insurers and asset managers have shifted over a trillion euros of assets such as derivatives and bonds from London to the continent and opened new EU hubs as a hedge against London suddenly being cut off from the bloc if Britain exits the EU without a formal agreement.

The Bank of England estimates around 4,000 people may have moved by the time Britain has exited the EU. But the key decisions are still taken in London.

Reuters contacted JP Morgan and Goldman, and rivals Citi, Bank of America, UBS, Morgan Stanley, Credit Suisse&nbsp;and Deutsche Bank, to seek details on how a 'no-deal Brexit' might accelerate the transfer of resources and activities from London.

All banks said they were prepared for a no-deal Brexit, and had been since the first quarter.

Earlier this year, Morgan Stanley's chief executive, James Gorman, said that he scarcely worried about Brexit. "That's not in my top 200 issues," he said.

British data shows the total number of people employed in the City between 2016 and 2018 overall rose by 31,000, though the total number of people employed specifically in banking and insurance is down 3,000 over the period.

It is not clear how much of that drop is due to Brexit and how much is due to new regulations or structural changes, such as higher numbers of tech specialists at lenders while traditional banking jobs shrink.

Initial estimates of potential job losses ranged from about 30,000 roles within a year of Britain leaving the EU, estimated by the Brussels-based Bruegel research group, to up to 75,000 by 2025 by Oliver Wyman.

Oliver Wyman said they stand by their predictions because it is important to distinguish between job losses on the first day of Brexit and over the longer term. The final number will depend upon the level of market access, which is not clear yet.

Bruegel did not respond to a request for comment.

Financial capitals such as London have remarkable longevity and their rise and fall typically happens at a glacial pace, said Youssef Cassis, a professor of economic history who specialises in financial centres.

"There is no precedent for decoupling between a major economic power- in this case, the European Union- and its financial centre, London," he said.

Some key activities have moved out of London ahead of Brexit. Eurozone government bond and repurchase agreements trading worth around 230 billion euros a day, along with clearing, switched to Amsterdam, Milan and Paris earlier this year.

London-based CBOE Europe, the EU's largest share trading venue, began trading euro shares at its new Amsterdam hub at the start of October.

Nicolas Mackel, who heads a body promoting Luxembourg's financial centre, said it would be a shift in activities and not jobs that will affect London most.

"It's not between now and Christmas you have to look, but on a five, 10, 15 and 20-year framework. It's a false comfort that you are providing by only focusing on jobs," Mackel said.

After Brexit, the $15.9 trillion EU 27 economy will still be reliant on a financial capital outside its borders, which could be politically hard for Brussels to stomach indefinitely.

One European Commission official, speaking on condition of anonymity, told Reuters that the EU had no intention of smothering Britain's financial sector to accelerate its own plans for an EU capital markets union.

But there is scepticism in the market about the longevity of such pledges.

"Why should one expect the EU to give an economic answer to what is a political challenge?" said Xavier Rolet, former head of London Stock Exchange and CEO of investment manager CQS.

"I would expect them to respond politically, even if those answers are not necessarily in the best economic interests of EU-based investors, corporates and banks."

Rolet, who said in the aftermath of the referendum that half of all finance jobs in London may disappear if derivatives clearing left the capital, said it was too early to assess the implications of Brexit.

"I do stand by my statement," he said of the potential job losses.

From the pinnacle of the City of London's largest skyscraper, Stuart Lipton is wagering a $1.2 billion bet that the British capital remains a master of the international financial universe no matter what happens with Brexit.

From the pinnacle of the City of London's largest skyscraper, Stuart Lipton is wagering a $1.2 billion bet that the British capital remains a master of the international financial universe no matter what happens with Brexit. The 76-year-old property developer is not alone. Bankrolled by a host of global investors, including France's Axa, his big-ticket gamble in London's financial district is - so far - on the money. The cataclysmic warnings during the 2016 referendum that London would lose its financial throne if it voted to leave the European Union (EU) have, so far, been proven wrong. London is still the world's banker, only bigger by some measures. "London is extraordinarily resilient and its future as a finance centre is secure because what we have here is unique," Lipton told Reuters on the 61st floor of 22 Bishopsgate, set to become western Europe's second tallest skyscraper when it opens next year. In the year to June, London has attracted more cross border commercial real estate investment than any other city. It has overtaken New York as a destination for fintech investment and it has increased its dominance of the world's $6.6 trillion daily foreign exchange market. Since the vote to leave the EU, Britain has leapfrogged the United States to become the largest centre for trading interest rate swaps, despite calls by ex-French President Francois Hollande to end London's dominance in clearing euro-denominated derivatives. That London has expanded its influence as an international finance centre is one of the biggest riddles of the United Kingdom's tortuous three-year Brexit crisis. The city's standing ensures the United Kingdom keeps one of its last big chips at the top table of world politics just as it splits from the EU. It also means EU companies will still come to London to raise finance outside the bloc after Brexit, a fact not lost on Wall Street heavyweights such as Goldman Sachs and JP Morgan. Just a mile away from 22 Bishopsgate, Goldman opened its new 1 million square foot European headquarters - complete with mothers' rooms and wildflowers on the roof - in July, three years on from the 2016 referendum. Largely abandoned by the British government during Brexit talks, ten senior industry officials told Reuters London's financial services sector has grown since 2016 because there is no realistic competitor in its time zone. And high-rolling bankers are too attached to its Anglo-Saxon, work-hard, play-hard culture. The chief executive of the British division of one of Europe's largest banks said although some business will move to the EU, most senior bankers will be reluctant to leave London. He would consider taking a 20 per cent pay cut to remain in the city. "If you are an Italian banker, who moved out to London 20 years ago, and your kids go to private school around the corner then you are not going to move to Frankfurt," he said. A global hub for trading, lending and investing, London is the largest net exporter of financial services in the world, with the EU accounting for a quarter of the business. The 2016 referendum shocked many of the masters of London's financial universe, triggering the biggest one-day fall of the pound since the era of free-floating exchange rates was introduced in the early 1970s. But so far, most major financial institutions have opted against moving large numbers of people and activities until the loss of access to the EU's lucrative single market is confirmed. Banks, insurers and asset managers have shifted over a trillion euros of assets such as derivatives and bonds from London to the continent and opened new EU hubs as a hedge against London suddenly being cut off from the bloc if Britain exits the EU without a formal agreement. The Bank of England estimates around 4,000 people may have moved by the time Britain has exited the EU. But the key decisions are still taken in London. Reuters contacted JP Morgan and Goldman, and rivals Citi, Bank of America, UBS, Morgan Stanley, Credit Suisse and Deutsche Bank, to seek details on how a 'no-deal Brexit' might accelerate the transfer of resources and activities from London. All banks said they were prepared for a no-deal Brexit, and had been since the first quarter. Earlier this year, Morgan Stanley's chief executive, James Gorman, said that he scarcely worried about Brexit. "That's not in my top 200 issues," he said. British data shows the total number of people employed in the City between 2016 and 2018 overall rose by 31,000, though the total number of people employed specifically in banking and insurance is down 3,000 over the period. It is not clear how much of that drop is due to Brexit and how much is due to new regulations or structural changes, such as higher numbers of tech specialists at lenders while traditional banking jobs shrink. Initial estimates of potential job losses ranged from about 30,000 roles within a year of Britain leaving the EU, estimated by the Brussels-based Bruegel research group, to up to 75,000 by 2025 by Oliver Wyman. Oliver Wyman said they stand by their predictions because it is important to distinguish between job losses on the first day of Brexit and over the longer term. The final number will depend upon the level of market access, which is not clear yet. Bruegel did not respond to a request for comment. Financial capitals such as London have remarkable longevity and their rise and fall typically happens at a glacial pace, said Youssef Cassis, a professor of economic history who specialises in financial centres. "There is no precedent for decoupling between a major economic power- in this case, the European Union- and its financial centre, London," he said. Some key activities have moved out of London ahead of Brexit. Eurozone government bond and repurchase agreements trading worth around 230 billion euros a day, along with clearing, switched to Amsterdam, Milan and Paris earlier this year. London-based CBOE Europe, the EU's largest share trading venue, began trading euro shares at its new Amsterdam hub at the start of October. Nicolas Mackel, who heads a body promoting Luxembourg's financial centre, said it would be a shift in activities and not jobs that will affect London most. "It's not between now and Christmas you have to look, but on a five, 10, 15 and 20-year framework. It's a false comfort that you are providing by only focusing on jobs," Mackel said. After Brexit, the $15.9 trillion EU 27 economy will still be reliant on a financial capital outside its borders, which could be politically hard for Brussels to stomach indefinitely. One European Commission official, speaking on condition of anonymity, told Reuters that the EU had no intention of smothering Britain's financial sector to accelerate its own plans for an EU capital markets union. But there is scepticism in the market about the longevity of such pledges. "Why should one expect the EU to give an economic answer to what is a political challenge?" said Xavier Rolet, former head of London Stock Exchange and CEO of investment manager CQS. "I would expect them to respond politically, even if those answers are not necessarily in the best economic interests of EU-based investors, corporates and banks." Rolet, who said in the aftermath of the referendum that half of all finance jobs in London may disappear if derivatives clearing left the capital, said it was too early to assess the implications of Brexit. "I do stand by my statement," he said of the potential job losses.

London retains global finance throne amid Brexit chaos

Singapore announced the addition of India to its&nbsp;Global Innovation Alliance (GIA) tech startup network, which will connect the island nation`s fledgeling tech companies as well as small and medium-sized enterprises (SMEs) to India`s technology ecosystem.

This collaboration was launched by S Iswaran, Singapore's Minister-in-charge of Trade Relations in Bangalore at 10th edition of TechSparks last week. Launched in 2017, GIA is an initiative led by three Singapore government bodies - the Singapore Economic Development Board (EDB), Ministry of Education (MOE) and Enterprise Singapore.

It aims to strengthen Singapore`s connections to major innovation hubs around the world, thereby creating an exchange of ideas and knowledge to promote innovation. Through this, it is envisaged that more opportunities will be available to students, entrepreneurs and businesses, to gain experience and to connect and collaborate with their overseas counterparts.

GIA further works with various in-market partners such as accelerators, incubators, co-working space providers and universities to set-up innovation launchpads overseas. Startups can expand their businesses to GIA cities by connecting to mentor networks and relevant ecosystem players.

With Bangalore onboard, the GIA network will cover 12 cities in nine countries - China (Beijing, Shanghai, Suzhou), France (Paris), Germany (Berlin and Munich), India (Bengaluru), Indonesia (Jakarta), Japan (Tokyo), Thailand (Bangkok), Vietnam (Ho Chi Minh City) and the US (San Francisco).

TechSparks 2019 is a technology event organised by YourStory, India`s foremost media technology platform which brings together startups, entrepreneurs, policymakers, business leaders, innovators, investors and media houses to discuss and debate ideas. It is also an event rich with networking opportunities.

During the event, the Singapore Minister, S Iswaran said: "We hope that this will not only pave the way for more partnerships between enterprises from both countries but also drive the growth of our startup ecosystems to benefit both our economies."

Mr Iswaran also witnessed the signing of four memoranda of understanding (MOUs), three of which involve business partnerships Enterprise Singapore has with Indian platforms. One of them is with Indian speed scaling platform Anthill Ventures. Anthill Ventures which has offices in Singapore, Hyderabad and New York, specialises in helping early-growth stage startups with among other things connecting with industry experts, mentoring, market reach and finding investors.

In the agreement with Enterprise Singapore, they will facilitate the entry of Singapore-based startups into the Indian market through Bangalore. A programme, which begins in November, will include a three-day boot camp in Singapore and a two-week immersion programme in Bangalore where participants will meet Indian enterprises and participate in field trips.

Another partnership is with The Indus Entrepreneurs Global (TiE), a non-profit startup network founded in Silicon Valley by Indian-American businessmen Kanwal Rekhi. The TiE will connect Singapore startups to mentors and venture capitalists in the Indian startup scene. Its mission is to nurture the next generation of entrepreneurs through mentoring, networking, education, funding and incubation.

Enterprise Singapore`s third MOU is with YourStory, the organisers of the event, with the aim to foster collaboration between the startups and entrepreneur communities of Singapore and India and to increase business opportunities.

The final MOU signed during the event was between Anthill Ventures and Singapore property giant CapitaLand's coworking space BRIDGE+ to provide a conducive environment for tech startups and companies to collaborate. The launchpad in CapitaLand`s International Tech Park Bengaluru&nbsp;is also where the GIA Acceleration Programme will be conducted.

Tan Soon Kim, assistant chief executive officer of Enterprise Singapore in comments to The Business Times of Singapore emphasised the bilateral nature of GIA adding that Indian startups are encouraged to come to Singapore and tap on Singapore`s rich ecosystem and thereafter to branch out into Southeast Asia.

According to a study by the Economic Research Institute for ASEAN and East Asia published recently, the digital economy of ASEAN is expected to grow by 6.4 times, from $31 billion in 2015 to $197 billion by 2025.

Bilateral trade between Singapore and India stood at $19.2 billion&nbsp;in 2018 according to Singapore`s Ministry of Trade and Industry figures. This is an increase of 15 per cent from 2015 where two-way trade stood at SGD 23.07 billion. Of this, about 65 per cent is of goods imported into India from Singapore.

Singapore was the largest foreign investor in India in the last Indian fiscal year with Singapore-based companies committing over $16.2 billion in investments.

Singapore Minister Iswaran added in a Facebook post, "The innovation ecosystems in Singapore and India have many synergies, and Bangalore has an established technology scene, along with a strong startup and innovation ecosystem. I`m encouraged that with the GIA, Singaporeans and Singapore companies will have more opportunities to collaborate with their counterparts in India to create innovative solutions."

Singapore announced the addition of India to its Global Innovation Alliance (GIA) tech startup network, which will connect the island nation`s fledgeling tech companies as well as small and medium-sized enterprises (SMEs) to India`s technology ecosystem.

Singapore announced the addition of India to its Global Innovation Alliance (GIA) tech startup network, which will connect the island nation`s fledgeling tech companies as well as small and medium-sized enterprises (SMEs) to India`s technology ecosystem. This collaboration was launched by S Iswaran, Singapore's Minister-in-charge of Trade Relations in Bangalore at 10th edition of TechSparks last week. Launched in 2017, GIA is an initiative led by three Singapore government bodies - the Singapore Economic Development Board (EDB), Ministry of Education (MOE) and Enterprise Singapore. It aims to strengthen Singapore`s connections to major innovation hubs around the world, thereby creating an exchange of ideas and knowledge to promote innovation. Through this, it is envisaged that more opportunities will be available to students, entrepreneurs and businesses, to gain experience and to connect and collaborate with their overseas counterparts. GIA further works with various in-market partners such as accelerators, incubators, co-working space providers and universities to set-up innovation launchpads overseas. Startups can expand their businesses to GIA cities by connecting to mentor networks and relevant ecosystem players. With Bangalore onboard, the GIA network will cover 12 cities in nine countries - China (Beijing, Shanghai, Suzhou), France (Paris), Germany (Berlin and Munich), India (Bengaluru), Indonesia (Jakarta), Japan (Tokyo), Thailand (Bangkok), Vietnam (Ho Chi Minh City) and the US (San Francisco). TechSparks 2019 is a technology event organised by YourStory, India`s foremost media technology platform which brings together startups, entrepreneurs, policymakers, business leaders, innovators, investors and media houses to discuss and debate ideas. It is also an event rich with networking opportunities. During the event, the Singapore Minister, S Iswaran said: "We hope that this will not only pave the way for more partnerships between enterprises from both countries but also drive the growth of our startup ecosystems to benefit both our economies." Mr Iswaran also witnessed the signing of four memoranda of understanding (MOUs), three of which involve business partnerships Enterprise Singapore has with Indian platforms. One of them is with Indian speed scaling platform Anthill Ventures. Anthill Ventures which has offices in Singapore, Hyderabad and New York, specialises in helping early-growth stage startups with among other things connecting with industry experts, mentoring, market reach and finding investors. In the agreement with Enterprise Singapore, they will facilitate the entry of Singapore-based startups into the Indian market through Bangalore. A programme, which begins in November, will include a three-day boot camp in Singapore and a two-week immersion programme in Bangalore where participants will meet Indian enterprises and participate in field trips. Another partnership is with The Indus Entrepreneurs Global (TiE), a non-profit startup network founded in Silicon Valley by Indian-American businessmen Kanwal Rekhi. The TiE will connect Singapore startups to mentors and venture capitalists in the Indian startup scene. Its mission is to nurture the next generation of entrepreneurs through mentoring, networking, education, funding and incubation. Enterprise Singapore`s third MOU is with YourStory, the organisers of the event, with the aim to foster collaboration between the startups and entrepreneur communities of Singapore and India and to increase business opportunities. The final MOU signed during the event was between Anthill Ventures and Singapore property giant CapitaLand's coworking space BRIDGE+ to provide a conducive environment for tech startups and companies to collaborate. The launchpad in CapitaLand`s International Tech Park Bengaluru is also where the GIA Acceleration Programme will be conducted. Tan Soon Kim, assistant chief executive officer of Enterprise Singapore in comments to The Business Times of Singapore emphasised the bilateral nature of GIA adding that Indian startups are encouraged to come to Singapore and tap on Singapore`s rich ecosystem and thereafter to branch out into Southeast Asia. According to a study by the Economic Research Institute for ASEAN and East Asia published recently, the digital economy of ASEAN is expected to grow by 6.4 times, from $31 billion in 2015 to $197 billion by 2025. Bilateral trade between Singapore and India stood at $19.2 billion in 2018 according to Singapore`s Ministry of Trade and Industry figures. This is an increase of 15 per cent from 2015 where two-way trade stood at SGD 23.07 billion. Of this, about 65 per cent is of goods imported into India from Singapore. Singapore was the largest foreign investor in India in the last Indian fiscal year with Singapore-based companies committing over $16.2 billion in investments. Singapore Minister Iswaran added in a Facebook post, "The innovation ecosystems in Singapore and India have many synergies, and Bangalore has an established technology scene, along with a strong startup and innovation ecosystem. I`m encouraged that with the GIA, Singaporeans and Singapore companies will have more opportunities to collaborate with their counterparts in India to create innovative solutions."

Singapore adds Bengaluru to its Global Innovation Alliance

China's <a href="https://www.wionews.com/world/huawei-cfos-arrest-at-airport-to-be-focus-of-vancouver-hearing-251487">Huawei Technologies</a> is ready to enter into a "no backdoor" agreement with India to allay security concerns, the telecom group's local head said on Monday, as the giant South Asian country prepares to launch next-generation 5G networks.

India, the world's second-biggest wireless market by users, will hold an airwaves auction for 5G services before March, according to the country's Telecoms Minister Ravi Shankar Prasad.

It has yet to begin 5G trials and has not taken a decision on allowing or banning Huawei from the test runs amid a US-led push to shut out the Chinese tech and telecoms group, saying its gear contained "back doors" that would enable China to spy on other countries. Beijing denies such a plan.

Huawei, which has a 28 per cent&nbsp;global share of the telecoms equipment market, is closely engaging with India to clarify its stand on 5G solutions, network security and Chinese intelligence laws, Jay Chen, the CEO of its India unit, told Reuters in an interview on Monday on the sidelines of India Mobile Congress.

"From the very beginning, I have confidence that Indian industry, the India market will welcome Huawei because I have contributed a lot with my unique value," Chen said. "I am ready to sign (a no-backdoor agreement)", he added.

Shenzhen-headquartered Huawei has been blacklisted by countries including the United States, Australia and New Zealand while others are still evaluating their position.

Indian telecom carriers Bharti Airtel and Vodafone Idea have used Huawei, as well as its European rivals Nokia and Ericsson, to build their 2G, 3G and 4G networks and have previously underscored the importance of having all three players in India to maintain competition, price and service quality.

"If (the Indian) government wants, we are open to having the source codes in an escrow account," Chen said, adding that the company was also willing to manufacture more of its telecoms gear locally.

China has asked India not to block Huawei from doing business in the country, warning there could be consequences for Indian firms operating in China, Reuters reported previously.

A potential row over <a href="https://www.wionews.com/business-economy/despite-us-blacklist-huawei-smartphones-made-155-billion-profit-in-first-half-of-2019-records-show-249227">Huawei's participation in India's</a> 5G push could revive tensions between Beijing and New Delhi at a time the two countries have been making high-level efforts to ensure their long-standing territorial disputes do not escalate.

Chinese President Xi Jinping and Indian Prime Minister Narendra Modi met last week in an Indian beach town in a bid to resolve border disputes, and trade rows.

"India cannot afford to wait longer for 5G," Chen said, highlighting the importance of <a href="https://www.wionews.com/world/uk-says-to-decide-on-huawei-soon-but-china-must-play-by-rules-249046">Huawei's participation</a> in the country's 5G launch. "I always suggest move forward for 5G trial, move forward with 5G auction."

China's Huawei Technologies is ready to enter into a "no backdoor" agreement with India to allay security concerns, the telecom group's local head said on Monday, as the giant South Asian country prepares to launch next-generation 5G networks.

China's Huawei Technologies is ready to enter into a "no backdoor" agreement with India to allay security concerns, the telecom group's local head said on Monday, as the giant South Asian country prepares to launch next-generation 5G networks. India, the world's second-biggest wireless market by users, will hold an airwaves auction for 5G services before March, according to the country's Telecoms Minister Ravi Shankar Prasad. It has yet to begin 5G trials and has not taken a decision on allowing or banning Huawei from the test runs amid a US-led push to shut out the Chinese tech and telecoms group, saying its gear contained "back doors" that would enable China to spy on other countries. Beijing denies such a plan. Huawei, which has a 28 per cent global share of the telecoms equipment market, is closely engaging with India to clarify its stand on 5G solutions, network security and Chinese intelligence laws, Jay Chen, the CEO of its India unit, told Reuters in an interview on Monday on the sidelines of India Mobile Congress. "From the very beginning, I have confidence that Indian industry, the India market will welcome Huawei because I have contributed a lot with my unique value," Chen said. "I am ready to sign (a no-backdoor agreement)", he added. Shenzhen-headquartered Huawei has been blacklisted by countries including the United States, Australia and New Zealand while others are still evaluating their position. Indian telecom carriers Bharti Airtel and Vodafone Idea have used Huawei, as well as its European rivals Nokia and Ericsson, to build their 2G, 3G and 4G networks and have previously underscored the importance of having all three players in India to maintain competition, price and service quality. "If (the Indian) government wants, we are open to having the source codes in an escrow account," Chen said, adding that the company was also willing to manufacture more of its telecoms gear locally. China has asked India not to block Huawei from doing business in the country, warning there could be consequences for Indian firms operating in China, Reuters reported previously. A potential row over Huawei's participation in India's 5G push could revive tensions between Beijing and New Delhi at a time the two countries have been making high-level efforts to ensure their long-standing territorial disputes do not escalate. Chinese President Xi Jinping and Indian Prime Minister Narendra Modi met last week in an Indian beach town in a bid to resolve border disputes, and trade rows. "India cannot afford to wait longer for 5G," Chen said, highlighting the importance of Huawei's participation in the country's 5G launch. "I always suggest move forward for 5G trial, move forward with 5G auction."

China's Huawei says open to 'no backdoor' agreement with India

Oil prices eased on Monday as scant details on the <a href="https://www.wionews.com/world/us-president-donald-trump-announces-partial-trade-deal-with-china-255358">first phase of a trade deal </a>between the United States and China undercut last week's optimism over the thaw that helped to lift crude markets by 2 per cent.

Brent crude futures&nbsp;edged down by 25 cents to $60.26 a barrel by 0436 GMT, while US&nbsp;West Texas Intermediate (WTI) crude futures&nbsp;was at $54.45 a barrel, down 25 cents.

Both contracts rose more than 3 per cent&nbsp;last week, their first weekly gain in three.

"There is an argument that the oil market trading during US&nbsp;hours on Friday have already had a chance to price (in) the news on the trade dispute and the better outlook for global demand," said CMC Markets chief strategist Michael McCarthy.

"So traders are reluctant to push it further given those very strong gains."

Most of the gains posted on Friday, however, had come after an Iranian oil tanker was attacked off Saudi Arabia's coast in the Red Sea. Investigations are under way to determine if the tanker was hit by missiles, which could ratchet up tensions between Tehran and Riyadh if confirmed.

The emergence of a "Phase 1" trade deal between the United States and China and a goodwill move by Washington to suspend threatened tariffs on Chinese products also helped to lifted global financial markets on Monday.&nbsp;

But investors remained cautious given that few details emerged from the talks.

"Traders view the deal in a tentative light ... This baby-step agreement could take weeks to iron out," said Stephen Innes, Asia Pacific market strategist at AxiTrader in a note.

The trade war has pressure China's trade, with its exports to the United States falling 10.7 per cent&nbsp;from a year earlier in dollar terms over January-September, Chinese customs spokesman Li Kuiwen told reporters.

China's imports from the United States, on the other hand, have fallen 26.4 per cent&nbsp;in dollar terms during the first nine months.

China's demand for oil remains strong, however, with its September imports reflecting a 10.8 per cent&nbsp;rise from a year earlier as refiners ramped up output amid stable profit margins and solid fuel demand.

Oil prices eased on Monday as scant details on the first phase of a trade deal between the United States and China undercut last week's optimism over the thaw that helped to lift crude markets by 2 per cent.

Oil prices eased on Monday as scant details on the first phase of a trade deal between the United States and China undercut last week's optimism over the thaw that helped to lift crude markets by 2 per cent. Brent crude futures edged down by 25 cents to $60.26 a barrel by 0436 GMT, while US West Texas Intermediate (WTI) crude futures was at $54.45 a barrel, down 25 cents. Both contracts rose more than 3 per cent last week, their first weekly gain in three. "There is an argument that the oil market trading during US hours on Friday have already had a chance to price (in) the news on the trade dispute and the better outlook for global demand," said CMC Markets chief strategist Michael McCarthy. "So traders are reluctant to push it further given those very strong gains." Most of the gains posted on Friday, however, had come after an Iranian oil tanker was attacked off Saudi Arabia's coast in the Red Sea. Investigations are under way to determine if the tanker was hit by missiles, which could ratchet up tensions between Tehran and Riyadh if confirmed. The emergence of a "Phase 1" trade deal between the United States and China and a goodwill move by Washington to suspend threatened tariffs on Chinese products also helped to lifted global financial markets on Monday. But investors remained cautious given that few details emerged from the talks. "Traders view the deal in a tentative light ... This baby-step agreement could take weeks to iron out," said Stephen Innes, Asia Pacific market strategist at AxiTrader in a note. The trade war has pressure China's trade, with its exports to the United States falling 10.7 per cent from a year earlier in dollar terms over January-September, Chinese customs spokesman Li Kuiwen told reporters. China's imports from the United States, on the other hand, have fallen 26.4 per cent in dollar terms during the first nine months. China's demand for oil remains strong, however, with its September imports reflecting a 10.8 per cent rise from a year earlier as refiners ramped up output amid stable profit margins and solid fuel demand.

Oil prices ease on scant details of US-China trade deal

Asian share markets firmed on Monday as signs of progress in the Sino-US&nbsp;trade standoff whetted risk appetite, though investors were wary of the damage already done to the global economy.

Indeed, data out from China underlined the pain felt with dollar-denominated exports and imports both falling by more than expected in September.

Liquidity was also lacking with Japan off and a partial market holiday in the United States for Columbus Day. MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.1 per cent&nbsp;in light trade.

Australia's main index gained 0.7 per cent and South Korea 1.3 per cent. Shanghai blue chips&nbsp;added 1.6 per cent.

While Tokyo was on holiday, Nikkei futures were trading at 22,075 compared with a Friday close of 21,798 in the Nikkei cash index. E-Mini futures for the S&amp;P 500 nudged up 0.2 per cent&nbsp;after jumping on Friday.

Sentiment had been boosted when US&nbsp;President Donald Trump outlined the <a href="https://www.wionews.com/world/us-president-donald-trump-announces-partial-trade-deal-with-china-255358">first phase of a deal </a>to end a trade war with China and suspended a threatened tariff hike, though officials on both sides said much more work needed to be done.

The emerging deal, covering agriculture, currency and some aspects of intellectual property protections, would represent the biggest step by the two countries in 15 months.

Analysts, however, advised caution.

"We have seen a truce established, and then broken, before," said Tai Hui, chief market strategist for Asia at JPMorgan Asset Management.

"The threat to global growth is weak corporate capex, and potentially spilling over into the consumer sector," Hui added. "CEOs are not going to restart investing again merely because of the latest round of agreement between the two sides."

The drag from the trade war was a major reason Singapore's central bank eased monetary policy on Monday for the first time in three years as data showed the city-state's economy had only narrowly dodged recession.

The progress on trade was still enough to slug safe-haven bonds with yields on US&nbsp;10-year Treasury notes climbing 23 basis points last week to stand at 1.74 per cent.

The yield curve also steepened as short-term rates were held down by news the Fed would start buying about $60 billion per month in Treasury bills to ensure "ample reserves" in the banking system.

The rally in risk assets had seen the yen ease across the board, leaving the dollar holding at 108.32 on Monday after hitting a 10-week top around 108.61 on Friday.

The dollar fared less well elsewhere, partly due to a jump in sterling, and was last at 98.435 against a basket of currencies&nbsp;after losing 0.5 per cent last week.

The dollar also slipped on the Chinese yuan to stand at 7.0646.

The pound was trading cautiously at $1.2598 having surged to a 15-week high around $1.2705 on Friday on optimism Britain could reach a deal on Brexit with the European Union.

However, officials from Downing Street and the EU said on Sunday a lot more work would be needed to secure an agreement on Britain's departure from the bloc.

The two sides will hold more talks on Monday ahead of a summit of EU leaders in Brussels on Thursday and Friday.

The general improvement in risk sentiment saw spot gold ease another 0.2 per cent&nbsp;to $1,486.85 per ounce.

Oil prices pared gains made on Friday when reports surfaced that an Iranian state-owned oil tanker had been attacked in the Red Sea.&nbsp;

Investors were also anxiously watching<a href="https://www.wionews.com/videos/day-5-of-turkeys-military-operation-in-syria-255702"> Turkey's incursion into Syria</a> as the White House threatened to impose heavy sanctions on Ankara.

Brent crude&nbsp;futures eased 31 cents at $60.20, while US&nbsp;crude&nbsp;lost 30 cents to $54.40 a barrel.

Asian share markets firmed on Monday as signs of progress in the Sino-US trade standoff whetted risk appetite, though investors were wary of the damage already done to the global economy.

Asian share markets firmed on Monday as signs of progress in the Sino-US trade standoff whetted risk appetite, though investors were wary of the damage already done to the global economy. Indeed, data out from China underlined the pain felt with dollar-denominated exports and imports both falling by more than expected in September. Liquidity was also lacking with Japan off and a partial market holiday in the United States for Columbus Day. MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.1 per cent in light trade. Australia's main index gained 0.7 per cent and South Korea 1.3 per cent. Shanghai blue chips added 1.6 per cent. While Tokyo was on holiday, Nikkei futures were trading at 22,075 compared with a Friday close of 21,798 in the Nikkei cash index. E-Mini futures for the S&P 500 nudged up 0.2 per cent after jumping on Friday. Sentiment had been boosted when US President Donald Trump outlined the first phase of a deal to end a trade war with China and suspended a threatened tariff hike, though officials on both sides said much more work needed to be done. The emerging deal, covering agriculture, currency and some aspects of intellectual property protections, would represent the biggest step by the two countries in 15 months. Analysts, however, advised caution. "We have seen a truce established, and then broken, before," said Tai Hui, chief market strategist for Asia at JPMorgan Asset Management. "The threat to global growth is weak corporate capex, and potentially spilling over into the consumer sector," Hui added. "CEOs are not going to restart investing again merely because of the latest round of agreement between the two sides." The drag from the trade war was a major reason Singapore's central bank eased monetary policy on Monday for the first time in three years as data showed the city-state's economy had only narrowly dodged recession. The progress on trade was still enough to slug safe-haven bonds with yields on US 10-year Treasury notes climbing 23 basis points last week to stand at 1.74 per cent. The yield curve also steepened as short-term rates were held down by news the Fed would start buying about $60 billion per month in Treasury bills to ensure "ample reserves" in the banking system. The rally in risk assets had seen the yen ease across the board, leaving the dollar holding at 108.32 on Monday after hitting a 10-week top around 108.61 on Friday. The dollar fared less well elsewhere, partly due to a jump in sterling, and was last at 98.435 against a basket of currencies after losing 0.5 per cent last week. The dollar also slipped on the Chinese yuan to stand at 7.0646. The pound was trading cautiously at $1.2598 having surged to a 15-week high around $1.2705 on Friday on optimism Britain could reach a deal on Brexit with the European Union. However, officials from Downing Street and the EU said on Sunday a lot more work would be needed to secure an agreement on Britain's departure from the bloc. The two sides will hold more talks on Monday ahead of a summit of EU leaders in Brussels on Thursday and Friday. The general improvement in risk sentiment saw spot gold ease another 0.2 per cent to $1,486.85 per ounce. Oil prices pared gains made on Friday when reports surfaced that an Iranian state-owned oil tanker had been attacked in the Red Sea. Investors were also anxiously watching Turkey's incursion into Syria as the White House threatened to impose heavy sanctions on Ankara. Brent crude futures eased 31 cents at $60.20, while US crude lost 30 cents to $54.40 a barrel.

Asia relieved at latest trade truce, China data disappoints

Indian shares edged higher on Monday ahead of the release of key inflation data, while broader Asian peers rose on optimism from the positive tone of the Sino-US trade talks.

The broader NSE Nifty rose 0.27% at 11,336.70 as of 0415 GMT, while the benchmark BSE Sensex was up 0.24% at 38,211.46.

Indian retail inflation probably reached a 12-month high in September, but still leaving room for further interest rate cuts because it's expected to remain below the Reserve Bank of India's target, according to a Reuters poll.

However, India's industrial output shrank at its fastest rate in more than six years in August, reflecting the impact of an economic slowdown.

India's growth has been plagued by a drop in demand and flooding due to above-normal monsoon, Barclays analyst Rahul Bajoria said, but indicated that there could be a bounce-back in the second half of the year.

"The case remains strong for further support to aggregate demand, and the household sector in particular," Bajoria wrote in a note.

Metal stocks led gains as the Nifty metals rose about 1.1% as commodity prices rose due to the progress in the Sino-US trade talks.

Meanwhile, IT shares fell as India's No. 2 software exporter Infosys Ltd reported a September-quarter profit that could only meet expectations on Friday, signalling a tricky macroeconomic environment for the sector

Infosys results came after a below-par showing from larger rival Tata Consultancy Services a day earlier.

Infosys shares fell 3.44%, dragging the Nifty IT index 1%.

Meanwhile, broader Asian peers rose as US President Donald Trump outlined the first phase of a deal to end a trade war with China and suspended a threatened tariff hike, though officials on both sides said much more work needed to be done.

MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.5%.

Indian shares edged higher on Monday ahead of the release of key inflation data, while broader Asian peers rose on optimism from the positive tone of the Sino-US trade talks.

Indian shares edged higher on Monday ahead of the release of key inflation data, while broader Asian peers rose on optimism from the positive tone of the Sino-US trade talks. The broader NSE Nifty rose 0.27% at 11,336.70 as of 0415 GMT, while the benchmark BSE Sensex was up 0.24% at 38,211.46. Indian retail inflation probably reached a 12-month high in September, but still leaving room for further interest rate cuts because it's expected to remain below the Reserve Bank of India's target, according to a Reuters poll. However, India's industrial output shrank at its fastest rate in more than six years in August, reflecting the impact of an economic slowdown. India's growth has been plagued by a drop in demand and flooding due to above-normal monsoon, Barclays analyst Rahul Bajoria said, but indicated that there could be a bounce-back in the second half of the year. "The case remains strong for further support to aggregate demand, and the household sector in particular," Bajoria wrote in a note. Metal stocks led gains as the Nifty metals rose about 1.1% as commodity prices rose due to the progress in the Sino-US trade talks. Meanwhile, IT shares fell as India's No. 2 software exporter Infosys Ltd reported a September-quarter profit that could only meet expectations on Friday, signalling a tricky macroeconomic environment for the sector Infosys results came after a below-par showing from larger rival Tata Consultancy Services a day earlier. Infosys shares fell 3.44%, dragging the Nifty IT index 1%. Meanwhile, broader Asian peers rose as US President Donald Trump outlined the first phase of a deal to end a trade war with China and suspended a threatened tariff hike, though officials on both sides said much more work needed to be done. MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.5%.

Sensex, Nifty rise ahead of inflation data; Infosys drops

Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Monday said that investment worth $58 billion is expected in&nbsp;<a href="https://www.wionews.com/india-news/india-investing-60-billion-on-gas-grid-to-link-up-nation-by-2024-255711">India's oil exploration and production sector</a> in the next two years, while $60 billion have&nbsp;already been invested to create gas-based infrastructure in the country. 
 
"We have invested around US dollar 60 billion to create a gas-based infrastructure in India. US dollar 58 billion investment is expected in two years in the oil exploration and production sector. New refineries and terminals, expanding the market size, bio-fuel are the priority areas," said Pradhan while addressing the third "India Energy Forum" in the national capital. 
 
He said that the centre is committed to making India a low carbon economy while stating that India's per capita carbon emission is far less than the world average. 
 
"The Central government is committed to making India a low carbon economy, although our per capita carbon emission is far less than the world average, particularly the Organisation for Economic Cooperation and Development (OECD) countries," said Pradhan. 
 
The Union Minister also stressed the need for expediting gas exploration and developing import and distribution infrastructure. 
 
"The oil sector can play a major role in realising the dream of making India a five trillion dollar economy by 2024. Schemes like 'Ujjwala' and 'Saubhagya' have transformed the lives of the people of the country," he said. 
 
Pradhan also batted for bringing the aviation turbine fuel (ATF) and natural gas under the ambit of the Goods and Services Tax (GST).

Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Monday said that investment worth $58 billion is expected in India's oil exploration and production sector in the next two years, while $60 billion have already been invested to create gas-based infrastructure in the country.

Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Monday said that investment worth $58 billion is expected in India's oil exploration and production sector in the next two years, while $60 billion have already been invested to create gas-based infrastructure in the country. "We have invested around US dollar 60 billion to create a gas-based infrastructure in India. US dollar 58 billion investment is expected in two years in the oil exploration and production sector. New refineries and terminals, expanding the market size, bio-fuel are the priority areas," said Pradhan while addressing the third "India Energy Forum" in the national capital. He said that the centre is committed to making India a low carbon economy while stating that India's per capita carbon emission is far less than the world average. "The Central government is committed to making India a low carbon economy, although our per capita carbon emission is far less than the world average, particularly the Organisation for Economic Cooperation and Development (OECD) countries," said Pradhan. The Union Minister also stressed the need for expediting gas exploration and developing import and distribution infrastructure. "The oil sector can play a major role in realising the dream of making India a five trillion dollar economy by 2024. Schemes like 'Ujjwala' and 'Saubhagya' have transformed the lives of the people of the country," he said. Pradhan also batted for bringing the aviation turbine fuel (ATF) and natural gas under the ambit of the Goods and Services Tax (GST).

Investment worth $58 billion expected in India's oil exploration, production sector: Dharmendra Pradhan

The World Bank on Sunday slashed its growth forecast for India's current fiscal year to 6%, down from 7.5%, warning that the "severe" slowdown could further weaken the country's stuttering financial sector.

In its last forecast in April, the bank had said that India's economic outlook was strong and expected growth of 7.5% during the current fiscal year that began in April.

But Asia's third-largest economy is currently growing at its slowest pace in six years, expanding by just 5% in the April-June quarter, hit by flagging consumer demand and a slackening in government spending.

India’s industrial output also shrank at its fastest rate in more than six years in August, data released last week showed, indicating that a slew of government measures had yet to underpin a recovery.

In an effort to kick-start the economy, India's central bank has cut interest rates five times this year, and underlined the challenge for policymakers by downgrading its growth forecast to 6.1% from 6.9% earlier this month.

Last week, ratings agency Moody’s Investors Service lowered its growth forecast for India to 5.8% for the current fiscal year from 6.2%, adding that a long period of weak growth will hamper the government’s fiscal consolidation plans.

The World Bank's latest forecast also underlined similar concerns linked to slowing growth and New Delhi’s decision to cut the corporate tax rate, which will cost about 1.5 trillion rupees in tax revenues.

"While the authorities have shown steadfast commitment to fiscal prudence, the significant growth deceleration as well as the corporate tax cuts undertaken to counter it come with heightened risks of fiscal slippage," the bank's report said.

The bank said it expects the economy to gradually recover, growing at 6.9% in the fiscal 20/21 starting next April.

The World Bank on Sunday slashed its growth forecast for India's current fiscal year to 6%, down from 7.5%, warning that the "severe" slowdown could further weaken the country's stuttering financial sector.

The World Bank on Sunday slashed its growth forecast for India's current fiscal year to 6%, down from 7.5%, warning that the "severe" slowdown could further weaken the country's stuttering financial sector. In its last forecast in April, the bank had said that India's economic outlook was strong and expected growth of 7.5% during the current fiscal year that began in April. But Asia's third-largest economy is currently growing at its slowest pace in six years, expanding by just 5% in the April-June quarter, hit by flagging consumer demand and a slackening in government spending. India’s industrial output also shrank at its fastest rate in more than six years in August, data released last week showed, indicating that a slew of government measures had yet to underpin a recovery. In an effort to kick-start the economy, India's central bank has cut interest rates five times this year, and underlined the challenge for policymakers by downgrading its growth forecast to 6.1% from 6.9% earlier this month. Last week, ratings agency Moody’s Investors Service lowered its growth forecast for India to 5.8% for the current fiscal year from 6.2%, adding that a long period of weak growth will hamper the government’s fiscal consolidation plans. The World Bank's latest forecast also underlined similar concerns linked to slowing growth and New Delhi’s decision to cut the corporate tax rate, which will cost about 1.5 trillion rupees in tax revenues. "While the authorities have shown steadfast commitment to fiscal prudence, the significant growth deceleration as well as the corporate tax cuts undertaken to counter it come with heightened risks of fiscal slippage," the bank's report said. The bank said it expects the economy to gradually recover, growing at 6.9% in the fiscal 20/21 starting next April.

World Bank slashes India's growth forecast to 6% for this fiscal year

India's industrial output shrank at its fastest rate in more than six years in August, reflecting the impact of an economic slowdown that could prompt the central bank to cut its key policy rate for the sixth time in December.

Annual industrial output contracted 1.1% in August compared with 4.6% growth in the previous month, government data showed on Friday. It was the worst performance since a 1.7% contraction in November 2012, data compiled by the Statistics ministry showed.

Analysts polled by Reuters had forecast industrial output for the month to have grown at 1.8%.

Subdued inflation and an economic slowdown have prompted the Reserve Bank of India (RBI) to cut interest rates by a total of 135 basis points this year, including a 25-basis-point cut last week, making it the most aggressive central bank in Asia.

"Another rate cut in December seems likely," Shilan Shah, of Capital Economics, said before the release of the data.

The country's infrastructure output fell in August from a year earlier, the first contraction since April 2015, signalling the recovery in Asia's third-largest economy may be slow despite a cut in the corporate tax rate and other policy measures designed to spur investment.

Passenger vehicle sales slumped 23.7% in September, the 11th straight month of declines, prompting an industry body to flag more job cuts if sales failed to pick up soon.

Car and auto component makers have cut thousands of jobs and halted some production as the industry grapples with various challenges amid a broader economic slowdown. The government stepped in last month, announcing a corporate tax rate cut to boost manufacturing and lift growth.

The government has also seen tax collections falling due to weakness in the economy. Collections from India's nationwide goods and services tax (GST) fell to a 19-month low in September, while direct tax collection growth since the beginning of the current fiscal stands at 6% so far, below the required growth rate of 17%.

India's industrial output shrank at its fastest rate in more than six years in August, reflecting the impact of an economic slowdown that could prompt the central bank to cut its key policy rate for the sixth time in December.

India's industrial output shrank at its fastest rate in more than six years in August, reflecting the impact of an economic slowdown that could prompt the central bank to cut its key policy rate for the sixth time in December. Annual industrial output contracted 1.1% in August compared with 4.6% growth in the previous month, government data showed on Friday. It was the worst performance since a 1.7% contraction in November 2012, data compiled by the Statistics ministry showed. Analysts polled by Reuters had forecast industrial output for the month to have grown at 1.8%. Subdued inflation and an economic slowdown have prompted the Reserve Bank of India (RBI) to cut interest rates by a total of 135 basis points this year, including a 25-basis-point cut last week, making it the most aggressive central bank in Asia. "Another rate cut in December seems likely," Shilan Shah, of Capital Economics, said before the release of the data. The country's infrastructure output fell in August from a year earlier, the first contraction since April 2015, signalling the recovery in Asia's third-largest economy may be slow despite a cut in the corporate tax rate and other policy measures designed to spur investment. Passenger vehicle sales slumped 23.7% in September, the 11th straight month of declines, prompting an industry body to flag more job cuts if sales failed to pick up soon. Car and auto component makers have cut thousands of jobs and halted some production as the industry grapples with various challenges amid a broader economic slowdown. The government stepped in last month, announcing a corporate tax rate cut to boost manufacturing and lift growth. The government has also seen tax collections falling due to weakness in the economy. Collections from India's nationwide goods and services tax (GST) fell to a 19-month low in September, while direct tax collection growth since the beginning of the current fiscal stands at 6% so far, below the required growth rate of 17%.

Industrial output shrinks at fastest rate in more than six years

Betty Johnson, who has worked on General Motors assembly lines in Michigan and Tennessee for more than 34 years, said she knew a strike by the United Auto Workers would mean personal sacrifice.

Nearly 50,000 GM hourly employees have been striking since September 16 in a walkout that has halted production at 31 factories and<a href="https://www.wionews.com/world/gm-temporarily-lays-off-6000-workers-in-mexico-due-to-strike-253197"> led to thousands of layoffs</a> at auto supply companies.

"It's not easy," Johnson said. "I've got $45 left from my $250 in strike pay. I'm getting ready to hit up my 401K (retirement account) and borrow from myself," she said as she picketed outside GM's Detroit-Hamtramck assembly plant.

GM employees who are boycotting receive only $250 a week, a minuscule fraction of their normal salaries.

Johnson has already contacted the United Way, the local community organization that helps families in distress, for assistance in stretching out her utility bills and mortgage payments. &nbsp;

The union has urged members to contact a community information and referral services hotline and passed out cards with the corresponding phone number, Johnson said.

Credit unions supported by organized labour have also stepped forward to help some of the strikers.

"I don't see how you can feed five children on $250 a week," said Johnson, noting that many of her coworkers face even greater hardships, especially temporary employees.

The UAW says the typical GM worker at the top of the pay scale makes an average of $65,000 per year and employees with less than eight years seniority make even less.

Meanwhile, the seven per cent of GM workers classified as temporary employees make&nbsp;$16.50 per hour or about $33,000 per year.

Community support&nbsp;

Louis Rocha, president of UAW Local 5960 in a suburb of Detroit, Michigan, who works at an assembly plant where GM builds electric vehicles, said community support has been helpful.

Local 5960 runs a striking kitchen that prepares food around the clock and gives away free meals thanks to donations from local businesses, churches, community groups and ordinary people.

Pizza has been delivered free of charge to the hall every day since the strike began on September 16, he added.

Rocha even recounted the story of a local veterinarian who offered to do surgery on a family's cat for free so that they didn't have to euthanize it.

Gerald Lang, Local 5960 vice president, said he doesn't believe GM ever anticipated the broad community support the UAW has gotten during the walkout.

"There are a lot of workers pinched by corporations. Everyone who packs a lunch box sees it and knows it. They're expected to do more with less," said Lang.

Workers have been learning to economize on food, transportation and entertainment.

David Michael, a member of Local 5960, said he dropped cable television and switched to processed food.

"I buy gas by the gallon rather than filling it up," said Michael, who has dipped into savings to cover his bills.

Diana Reed, who has worked for GM for 20 years and is also a member of Local 5960, said she's begun combing her house for belongings to sell on an online marketplace.

A single mother with five sons, Reed said her three oldest have jobs and are helping with household bills while her youngest two, both at university, took the semester off to save money since she pays their tuition.

"Do I feel bad? Yes. But it's a concession we had to make," Reed said.

"It's hard for people to save for something like this," said Reed, who notes that most workers with children live paycheck to paycheck.

Reed, who has previously made donations to food pantries, now finds the tables turned, accepting donated food.

"I had to put down my pride and that was hard. The big thing that made me put that down was thinking about my boys," she said.

Betty Johnson, who has worked on General Motors assembly lines in Michigan and Tennessee for more than 34 years, said she knew a strike by the United Auto Workers would mean personal sacrifice.

Betty Johnson, who has worked on General Motors assembly lines in Michigan and Tennessee for more than 34 years, said she knew a strike by the United Auto Workers would mean personal sacrifice. Nearly 50,000 GM hourly employees have been striking since September 16 in a walkout that has halted production at 31 factories and led to thousands of layoffs at auto supply companies. "It's not easy," Johnson said. "I've got $45 left from my $250 in strike pay. I'm getting ready to hit up my 401K (retirement account) and borrow from myself," she said as she picketed outside GM's Detroit-Hamtramck assembly plant. GM employees who are boycotting receive only $250 a week, a minuscule fraction of their normal salaries. Johnson has already contacted the United Way, the local community organization that helps families in distress, for assistance in stretching out her utility bills and mortgage payments. The union has urged members to contact a community information and referral services hotline and passed out cards with the corresponding phone number, Johnson said. Credit unions supported by organized labour have also stepped forward to help some of the strikers. "I don't see how you can feed five children on $250 a week," said Johnson, noting that many of her coworkers face even greater hardships, especially temporary employees. The UAW says the typical GM worker at the top of the pay scale makes an average of $65,000 per year and employees with less than eight years seniority make even less. Meanwhile, the seven per cent of GM workers classified as temporary employees make $16.50 per hour or about $33,000 per year. Community support Louis Rocha, president of UAW Local 5960 in a suburb of Detroit, Michigan, who works at an assembly plant where GM builds electric vehicles, said community support has been helpful. Local 5960 runs a striking kitchen that prepares food around the clock and gives away free meals thanks to donations from local businesses, churches, community groups and ordinary people. Pizza has been delivered free of charge to the hall every day since the strike began on September 16, he added. Rocha even recounted the story of a local veterinarian who offered to do surgery on a family's cat for free so that they didn't have to euthanize it. Gerald Lang, Local 5960 vice president, said he doesn't believe GM ever anticipated the broad community support the UAW has gotten during the walkout. "There are a lot of workers pinched by corporations. Everyone who packs a lunch box sees it and knows it. They're expected to do more with less," said Lang. Workers have been learning to economize on food, transportation and entertainment. David Michael, a member of Local 5960, said he dropped cable television and switched to processed food. "I buy gas by the gallon rather than filling it up," said Michael, who has dipped into savings to cover his bills. Diana Reed, who has worked for GM for 20 years and is also a member of Local 5960, said she's begun combing her house for belongings to sell on an online marketplace. A single mother with five sons, Reed said her three oldest have jobs and are helping with household bills while her youngest two, both at university, took the semester off to save money since she pays their tuition. "Do I feel bad? Yes. But it's a concession we had to make," Reed said. "It's hard for people to save for something like this," said Reed, who notes that most workers with children live paycheck to paycheck. Reed, who has previously made donations to food pantries, now finds the tables turned, accepting donated food. "I had to put down my pride and that was hard. The big thing that made me put that down was thinking about my boys," she said.

General Motors workers struggle with daily expenses as long strike continues

Bill McDermott, the American chief executive of massive German business software maker SAP, will quit after a decade in charge, the company said Friday.

McDermott "has decided not to renew his contract and is stepping down from his position," SAP said in a statement, adding that he will be replaced by board members Jennifer Morgan and Christian Klein as co-chief executives.

The company did not give a reason for the longtime chief's sudden departure.

He joined the software maker in 2002, climbing to the executive board in 2008 and serving as CEO since 2010.

"Every CEO dreams of handing an exceptionally strong company to its next-generation... now we start the next chapter," McDermott tweeted.

SAP said the veteran executive "will remain in an advisory capacity until the end of the year to ensure a smooth transition".

His contract had originally been slated to run until 2021.

"SAP would not be what it is today without Bill McDermott," supervisory board chairman Hasso Plattner said.

He singled out for praise SAP's transition from selling traditional software licenses to subscriptions to cloud computing services, "which will fuel our growth for many years to come".

A member of the DAX blue-chip index on the Frankfurt stock market, SAP boasts a market capitalisation of almost $143 billion.

In third-quarter results released ahead of schedule Friday, the group reported 13 per cent year-on-year growth in revenue, to 6.8 billion euros.

Net profit grew 30 percent compared with July-September 2018, to 1.3 billion euros.

Bill McDermott, the American chief executive of massive German business software maker SAP, will quit after a decade in charge, the company said Friday. McDermott "has decided not to renew his contract and is stepping down from his position," SAP said in a statement, adding that he will be replaced by board members Jennifer Morgan and Christian Klein as co-chief executives.

Bill McDermott, the American chief executive of massive German business software maker SAP, will quit after a decade in charge, the company said Friday. McDermott "has decided not to renew his contract and is stepping down from his position," SAP said in a statement, adding that he will be replaced by board members Jennifer Morgan and Christian Klein as co-chief executives. The company did not give a reason for the longtime chief's sudden departure. He joined the software maker in 2002, climbing to the executive board in 2008 and serving as CEO since 2010. "Every CEO dreams of handing an exceptionally strong company to its next-generation... now we start the next chapter," McDermott tweeted. SAP said the veteran executive "will remain in an advisory capacity until the end of the year to ensure a smooth transition". His contract had originally been slated to run until 2021. "SAP would not be what it is today without Bill McDermott," supervisory board chairman Hasso Plattner said. He singled out for praise SAP's transition from selling traditional software licenses to subscriptions to cloud computing services, "which will fuel our growth for many years to come". A member of the DAX blue-chip index on the Frankfurt stock market, SAP boasts a market capitalisation of almost $143 billion. In third-quarter results released ahead of schedule Friday, the group reported 13 per cent year-on-year growth in revenue, to 6.8 billion euros. Net profit grew 30 percent compared with July-September 2018, to 1.3 billion euros.

Chief executive of German business software group SAP steps down

Oil&nbsp;prices climbed early on Friday, building on gains in the previous session after producer club&nbsp;OPEC&nbsp;hinted at making&nbsp;deeper&nbsp;cuts&nbsp;in supply while optimism was revived over&nbsp;talks&nbsp;between the United States and&nbsp;China&nbsp;to end their&nbsp;trade&nbsp;war.

International benchmark Brent crude futures were at $59.26 a barrel by 0251 GMT, up 16 cents, or 0.3 per cent, from their previous settlement. Brent settled up 1.3 per cent&nbsp;at $59.10 a barrel on Thursday.

US West Texas Intermediate (WTI) crude&nbsp;futures rose 16 cents, also up 0.3 per cent, from their last close to $53.71 per barrel. In the previous session, WTI settled 1.8 per cent&nbsp;higher at $53.55 a barrel.

On Thursday Mohammad Barkindo, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), said all options were on the table, including a&nbsp;deeper&nbsp;supply cut to balance&nbsp;oil&nbsp;markets. A decision would be taken at a December meeting between the&nbsp;OPEC&nbsp;and its partners, he said.

OPEC&nbsp;lowered its 2019 global&nbsp;oil&nbsp;demand growth forecast to 0.98 million barrels per day (bpd), while leaving its 2020 demand growth estimate unchanged at 1.08 million bpd, according to&nbsp;OPEC's monthly report.

Beyond&nbsp;OPEC,&nbsp;trade&nbsp;talks&nbsp;between the United States and&nbsp;China&nbsp;also remained on the market's radar as the world's top two economies seek to resolve a more-than-a-year-long&nbsp;trade&nbsp;row that has slowed global economic growth and curbed fuel consumption.

"Oil&nbsp;bought into the upbeat tone from the bilateral&nbsp;talks&nbsp;as well, for better or for worse, and was also boosted by fighting talk on prices by the&nbsp;OPEC&nbsp;secretary-general," said Jeffrey Halley, a senior market analyst at OANDA in Singapore.

Top&nbsp;US&nbsp;and Chinese negotiators wrapped up the first of two days of <a href="https://www.wionews.com/world/us-china-trade-talks-to-resume-thursday-white-house-254346">scheduled&nbsp;trade&nbsp;talks&nbsp;on Thursday,</a> with business groups&nbsp;expressing optimism that the two sides might be able to ease tensions and delay a&nbsp;US&nbsp;tariff hike set for next week.

"The United States is the largest global consumer of&nbsp;oil&nbsp;while&nbsp;China, the biggest driver of year-on-year&nbsp;oil&nbsp;demand growth," said Stephen Innes, Asia Pacific market strategist at AxiTrader.

"The most significant sentiment driver hinges on the outcome of the&nbsp;trade&nbsp;talks&nbsp;which, if (they) end on a positive note, could go along way to begin to repair the economic damage done ... these economic powerhouses would need more&nbsp;oil," said Innes.

US&nbsp;President Donald Trump is set to meet Chinese Vice Premier Liu He at 1845 GMT on Friday, the White House said.

Oil prices climbed early on Friday, building on gains in the previous session after producer club OPEC hinted at making deeper cuts in supply while optimism was revived over talks between the United States and China to end their trade war.

Oil prices climbed early on Friday, building on gains in the previous session after producer club OPEC hinted at making deeper cuts in supply while optimism was revived over talks between the United States and China to end their trade war. International benchmark Brent crude futures were at $59.26 a barrel by 0251 GMT, up 16 cents, or 0.3 per cent, from their previous settlement. Brent settled up 1.3 per cent at $59.10 a barrel on Thursday. US West Texas Intermediate (WTI) crude futures rose 16 cents, also up 0.3 per cent, from their last close to $53.71 per barrel. In the previous session, WTI settled 1.8 per cent higher at $53.55 a barrel. On Thursday Mohammad Barkindo, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), said all options were on the table, including a deeper supply cut to balance oil markets. A decision would be taken at a December meeting between the OPEC and its partners, he said. OPEC lowered its 2019 global oil demand growth forecast to 0.98 million barrels per day (bpd), while leaving its 2020 demand growth estimate unchanged at 1.08 million bpd, according to OPEC's monthly report. Beyond OPEC, trade talks between the United States and China also remained on the market's radar as the world's top two economies seek to resolve a more-than-a-year-long trade row that has slowed global economic growth and curbed fuel consumption. "Oil bought into the upbeat tone from the bilateral talks as well, for better or for worse, and was also boosted by fighting talk on prices by the OPEC secretary-general," said Jeffrey Halley, a senior market analyst at OANDA in Singapore. Top US and Chinese negotiators wrapped up the first of two days of scheduled trade talks on Thursday, with business groups expressing optimism that the two sides might be able to ease tensions and delay a US tariff hike set for next week. "The United States is the largest global consumer of oil while China, the biggest driver of year-on-year oil demand growth," said Stephen Innes, Asia Pacific market strategist at AxiTrader. "The most significant sentiment driver hinges on the outcome of the trade talks which, if (they) end on a positive note, could go along way to begin to repair the economic damage done ... these economic powerhouses would need more oil," said Innes. US President Donald Trump is set to meet Chinese Vice Premier Liu He at 1845 GMT on Friday, the White House said.

Oil rises on hopes for deeper OPEC output cuts, US-China trade talks

Asian markets rallied Friday on signs of progress in the <a href="https://www.wionews.com/world/us-china-trade-talks-to-resume-thursday-white-house-254346">China-US trade talks</a>, with Donald Trump saying they were "going very well", while the pound held gains after the leaders of <a href="https://www.wionews.com/world/irish-pm-says-very-difficult-to-secure-brexit-deal-by-next-week-254692">Britain and Ireland</a> indicated a potential breakthrough in Brexit talks.

After a nervous week on trading floors, negotiators from the world's top two economies kicked off long-awaited negotiations on resolving their long-running tariffs row on a positive footing, easing worries that they might be cut short.

Without elaborating, Trump told reporters: "I will say I think it's going really well. We had a very, very good negotiation with China."

Adding to the positive vibes was news that Trump would meet China's top trade envoy Liu He at the White House.

The developments allowed dealers to breathe a sigh of relief as tensions between the two sides appeared to be growing after the <a href="https://www.wionews.com/world/us-expands-blacklist-to-include-chinas-top-ai-startups-ahead-of-trade-talks-254672">US put new restrictions on Chinese firms </a>over human rights abuses and reports Beijing had narrowed the issues it was willing to discuss.

"The fog of trade war is beginning to lift, giving way to an air of trade optimism sweeping through global capital markets," said Stephen Innes, Asia-Pacific market strategist at AxiTrader.

"Investors are starting to believe there is light at the end of the... tunnel as hope springs eternal."

Hong Kong led gains across Asia, jumping more than one per cent, Tokyo heading into the break one per cent higher and Shanghai adding 0.1 per cent.

Talks are expected to resume on Friday, with hopes they can at least lead to a delay in tariffs due next week being imposed on China.

"The prospect of US-China trade truce that results in the suspension of further planned tariffs increases is rightly welcome news," Rodrigo Catril at National Australia Bank said.

"But as it is often the case, the devil will be in the detail," he warned, adding that if the optimism is to last "a meaningful de-escalation in tensions is required".

And Thanos Vamvakidis, at Bank of America Merrill Lynch, told Bloomberg TV "we are not out of the woods yet".

Markets are also getting some support from rare signs of progress in the Brexit saga after British Prime Minister Boris Johnson and his Irish counterpart Leo Varadkar said they could see a route towards striking a possible divorce deal.

After hours of talks regarding the vexed question of Northern Ireland, the two issued a joint statement that said: "Both continue to believe a deal is in everybody's interest. They agreed that they could see a pathway to a possible deal."

While Varadkar said there were still hurdles to overcome, the news did provide some much-needed hope in the crisis after German Chancellor Angela Merkel was reported to have said Brexit talks were "close to breaking down".

The pound surged two per cent against the dollar on Thursday and also rallied on the euro, and in early Asian trade managed to hold its ground.

"The positive vibe has raised some hope for a chance of a Brexit deal ahead of the EU summit at the end of next week," NAB's Catril added.

Hopes for the <a href="https://www.wionews.com/business-economy/oil-prices-fall-as-hopes-for-us-china-trade-progress-wilt-254886">China-US talks helped oil prices higher,</a> with traders also cheered by OPEC Secretary-General Mohammad Barkindo saying the grouping of the world's giant producers would do what it could to avert another slump.

Both main contracts rose Friday, having put on more than one per cent the day before.

Asian markets rallied Friday on signs of progress in the China-US trade talks, with Donald Trump saying they were "going very well", while the pound held gains after the leaders of Britain and Ireland indicated a potential breakthrough in Brexit talks.

Asian markets rallied Friday on signs of progress in the China-US trade talks, with Donald Trump saying they were "going very well", while the pound held gains after the leaders of Britain and Ireland indicated a potential breakthrough in Brexit talks. After a nervous week on trading floors, negotiators from the world's top two economies kicked off long-awaited negotiations on resolving their long-running tariffs row on a positive footing, easing worries that they might be cut short. Without elaborating, Trump told reporters: "I will say I think it's going really well. We had a very, very good negotiation with China." Adding to the positive vibes was news that Trump would meet China's top trade envoy Liu He at the White House. The developments allowed dealers to breathe a sigh of relief as tensions between the two sides appeared to be growing after the US put new restrictions on Chinese firms over human rights abuses and reports Beijing had narrowed the issues it was willing to discuss. "The fog of trade war is beginning to lift, giving way to an air of trade optimism sweeping through global capital markets," said Stephen Innes, Asia-Pacific market strategist at AxiTrader. "Investors are starting to believe there is light at the end of the... tunnel as hope springs eternal." Hong Kong led gains across Asia, jumping more than one per cent, Tokyo heading into the break one per cent higher and Shanghai adding 0.1 per cent. Talks are expected to resume on Friday, with hopes they can at least lead to a delay in tariffs due next week being imposed on China. "The prospect of US-China trade truce that results in the suspension of further planned tariffs increases is rightly welcome news," Rodrigo Catril at National Australia Bank said. "But as it is often the case, the devil will be in the detail," he warned, adding that if the optimism is to last "a meaningful de-escalation in tensions is required". And Thanos Vamvakidis, at Bank of America Merrill Lynch, told Bloomberg TV "we are not out of the woods yet". Markets are also getting some support from rare signs of progress in the Brexit saga after British Prime Minister Boris Johnson and his Irish counterpart Leo Varadkar said they could see a route towards striking a possible divorce deal. After hours of talks regarding the vexed question of Northern Ireland, the two issued a joint statement that said: "Both continue to believe a deal is in everybody's interest. They agreed that they could see a pathway to a possible deal." While Varadkar said there were still hurdles to overcome, the news did provide some much-needed hope in the crisis after German Chancellor Angela Merkel was reported to have said Brexit talks were "close to breaking down". The pound surged two per cent against the dollar on Thursday and also rallied on the euro, and in early Asian trade managed to hold its ground. "The positive vibe has raised some hope for a chance of a Brexit deal ahead of the EU summit at the end of next week," NAB's Catril added. Hopes for the China-US talks helped oil prices higher, with traders also cheered by OPEC Secretary-General Mohammad Barkindo saying the grouping of the world's giant producers would do what it could to avert another slump. Both main contracts rose Friday, having put on more than one per cent the day before.

Asian markets rally as Trump says trade talks 'going very well'

Equity benchmark indices jumped over 1 per cent during early hours on Friday as bullish market mood prevailed in global markets after the first day of trade talks between top US and Chinese negotiators.

At 10:15 am, the BSE S&amp;P Sensex was up by 421 points at 38,301 while the Nifty 50 edged higher by 114 points to 11,348.

Except for IT and pharma, all sectoral indices at the National Stock Exchange were in the green while Nifty metal gaining 3.1 per cent.

Among stocks, Vedanta edged higher by 4 per cent to Rs 147 per share while Hindalco was up by 3.5 per cent, Tata Steel by 3.3 per cent and JSW Steel by 2.7 per cent.

The other prominent gainers were Coal India, ONGC, UltraTech Cement, State Bank of India, Kotak Mahindra Bank and Infosys.

However, tech majors lost. Tata Consultancy Services was down by 2.8 per cent a day after the company reported 2 per cent jump in its second-quarter profit at Rs 8,042 crore, lower than the expected numbers.

Tech Mahindra was also down by 0.9 per cent. Pharma majors Cipla and Sun Pharma along with Bharti Airtel, Reliance Industries and Bharat Petroleum too were in the red.

Meanwhile, Asian shares and US stock futures rose on after US President Donald Trump said he will meet with China's top trade negotiator.

The MSCI's broadest index of Asia Pacific shares outside Japan rose by 0.5 per cent following on from gains on Wall Street while Japan's Nikkei stock index gained by 0.9 per cent. Hong Kong's Hang Seng moved up by 2.2 per cent and South Korea`s Kospi by 1 per cent.

Equity benchmark indices jumped over 1 per cent during early hours on Friday as bullish market mood prevailed in global markets after the first day of trade talks between top US and Chinese negotiators.

Equity benchmark indices jumped over 1 per cent during early hours on Friday as bullish market mood prevailed in global markets after the first day of trade talks between top US and Chinese negotiators. At 10:15 am, the BSE S&P Sensex was up by 421 points at 38,301 while the Nifty 50 edged higher by 114 points to 11,348. Except for IT and pharma, all sectoral indices at the National Stock Exchange were in the green while Nifty metal gaining 3.1 per cent. Among stocks, Vedanta edged higher by 4 per cent to Rs 147 per share while Hindalco was up by 3.5 per cent, Tata Steel by 3.3 per cent and JSW Steel by 2.7 per cent. The other prominent gainers were Coal India, ONGC, UltraTech Cement, State Bank of India, Kotak Mahindra Bank and Infosys. However, tech majors lost. Tata Consultancy Services was down by 2.8 per cent a day after the company reported 2 per cent jump in its second-quarter profit at Rs 8,042 crore, lower than the expected numbers. Tech Mahindra was also down by 0.9 per cent. Pharma majors Cipla and Sun Pharma along with Bharti Airtel, Reliance Industries and Bharat Petroleum too were in the red. Meanwhile, Asian shares and US stock futures rose on after US President Donald Trump said he will meet with China's top trade negotiator. The MSCI's broadest index of Asia Pacific shares outside Japan rose by 0.5 per cent following on from gains on Wall Street while Japan's Nikkei stock index gained by 0.9 per cent. Hong Kong's Hang Seng moved up by 2.2 per cent and South Korea`s Kospi by 1 per cent.

Sensex jumps over 400 points on global cues, metal stocks shine

Industrial output contracted by minus 1.1 per cent in August month-on-month due to poor performance by manufacturing, power generation and mining sectors, data released by the government on Friday showed.

The quick estimates of Index of Industrial Production (IIP) with base 2011-12 for August stands at 126.6, which is 1.1 per cent lower as compared to the level in August 2018, said the statement.

The manufacturing sector, which contributes over 77 per cent to the IIP, showed a decline of 1.2 per cent in output during August 2019 as against a growth of 5.2 per cent in the same month of last year.

The industry group `manufacture of motor vehicles, trailers and semi-trailers` showed the highest negative growth of minus 23.1 per cent followed by minus 21.7 per cent in `manufacture of machinery and equipment` and minus 18 per cent in `other manufacturing.

`Electricity generation declined by 0.9 per cent as against an expansion of 7.6 per cent in the year-ago month. The cumulative growth for April to August year-on-year stands at 2.4 per cent, said the statement. 
&nbsp;

Industrial output contracted by minus 1.1 per cent in August month-on-month due to poor performance by manufacturing, power generation and mining sectors, data released by the government on Friday showed.

Industrial output contracted by minus 1.1 per cent in August month-on-month due to poor performance by manufacturing, power generation and mining sectors, data released by the government on Friday showed. The quick estimates of Index of Industrial Production (IIP) with base 2011-12 for August stands at 126.6, which is 1.1 per cent lower as compared to the level in August 2018, said the statement. The manufacturing sector, which contributes over 77 per cent to the IIP, showed a decline of 1.2 per cent in output during August 2019 as against a growth of 5.2 per cent in the same month of last year. The industry group `manufacture of motor vehicles, trailers and semi-trailers` showed the highest negative growth of minus 23.1 per cent followed by minus 21.7 per cent in `manufacture of machinery and equipment` and minus 18 per cent in `other manufacturing. `Electricity generation declined by 0.9 per cent as against an expansion of 7.6 per cent in the year-ago month. The cumulative growth for April to August year-on-year stands at 2.4 per cent, said the statement.

Industrial production slips by 1.1 per cent in August due to poor performance

IT services major Infosys said on Friday its consolidated net profit dropped by 2.2 per cent to Rs 4,019 crore for the July to September quarter amid the domestic and global slowdown.

It had recorded a profit of Rs 4,110 crore in the year-ago period.

Sequentially, however, the profit moved up 5.8 per cent from Rs 3,798 crore in the April to June quarter.

In constant currency terms, Infosys posted revenue growth of 11.4 per cent year-on-year while in US dollar terms, the numbers grew by 9.9 per cent.

In rupee terms, the revenue totalled Rs 22,629 crore, up 9.8 per cent year-on-year and 3.8 per cent quarter-on-quarter.

Operating profit was Rs 4,912 crore, marking a timid growth of 0.4 year-on-year and 9.9 per cent quarter-on-quarter.

The operating margin was 21.7 per cent with basic earning per share at Rs 9.46, virtually flat year-on-year but with a growth of 7.1 per cent quarter-on-quarter.

The company also announced an interim dividend of Rs 8 per share."Our performance was robust on multiple dimensions -- revenue growth, digital growth, operating margins, operational efficiencies, large deal signings and reduction in attrition," said Managing Director and CEO Salil Parekh.

"Q2 witnessed another quarter of all-round growth in industry segments and geographies which is a testimony to our strong credentials and client relevance," he said.

"Large deal wins were 2.8 billion dollars. We are especially pleased by the reduction in attrition driven by our focus on the enhanced employee value proposition."

Infosys management revised its full-year constant currency revenue growth guidance to 9 to 10 per cent from 8.5 to 10 per cent earlier.

IT services major Infosys said on Friday its consolidated net profit dropped by 2.2 per cent to Rs 4,019 crore for the July to September quarter amid the domestic and global slowdown.

IT services major Infosys said on Friday its consolidated net profit dropped by 2.2 per cent to Rs 4,019 crore for the July to September quarter amid the domestic and global slowdown. It had recorded a profit of Rs 4,110 crore in the year-ago period. Sequentially, however, the profit moved up 5.8 per cent from Rs 3,798 crore in the April to June quarter. In constant currency terms, Infosys posted revenue growth of 11.4 per cent year-on-year while in US dollar terms, the numbers grew by 9.9 per cent. In rupee terms, the revenue totalled Rs 22,629 crore, up 9.8 per cent year-on-year and 3.8 per cent quarter-on-quarter. Operating profit was Rs 4,912 crore, marking a timid growth of 0.4 year-on-year and 9.9 per cent quarter-on-quarter. The operating margin was 21.7 per cent with basic earning per share at Rs 9.46, virtually flat year-on-year but with a growth of 7.1 per cent quarter-on-quarter. The company also announced an interim dividend of Rs 8 per share."Our performance was robust on multiple dimensions -- revenue growth, digital growth, operating margins, operational efficiencies, large deal signings and reduction in attrition," said Managing Director and CEO Salil Parekh. "Q2 witnessed another quarter of all-round growth in industry segments and geographies which is a testimony to our strong credentials and client relevance," he said. "Large deal wins were 2.8 billion dollars. We are especially pleased by the reduction in attrition driven by our focus on the enhanced employee value proposition." Infosys management revised its full-year constant currency revenue growth guidance to 9 to 10 per cent from 8.5 to 10 per cent earlier.

Infosys Q2 net dips 2 per cent year-on-year to Rs 4,019 crore

Hyundai Motor Co&nbsp;and affiliate Kia Motors Corp&nbsp;have earmarked a total of $757.86 million&nbsp;to settle US&nbsp;class action litigation and address engine-related issues in the United States and South Korea.

Hyundai Motor will reflect about 600 billion won in costs related to engine problems in July to September earnings, while affiliate Kia Motors has set aside about 300 billion won, they said on Friday.

The latest settlement provides installation of a software update to boost safety and performance, as well as cash compensation options, lifetime warranties, free inspection and repair of the covered engines, the automakers said in a statement.

A total of 4.17 million Hyundai and Kia models equipped with Theta II gasoline direct injection (GDI) engines will be affected by the US&nbsp;settlement.

Hyundai and Kia, together the world's fifth-biggest automaker by sales, <a href="https://www.wionews.com/science-tech/hyundai-kia-ordered-to-recall-vehicles-after-whistleblower-report-15490">recalled nearly 1.7 million vehicles i</a>n the United States to address the possibility of engine fires.

The US&nbsp;safety regulator is investigating whether the recalls covered enough vehicles and were conducted in a timely manner.

The investigation comes after Kim Gwang-ho, then an engineer at Hyundai, flew to Washington in 2016 to tell the National Highway Traffic Safety Administration the companies should have recalled more vehicles over the problem, citing an internal report.

In November, Reuters reported that US&nbsp;federal prosecutors had launched a criminal investigation into the pair to determine if the recalls had been conducted properly.

Hyundai and Kia said they expected the US&nbsp;District Court for the Central District of California to review the proposed settlement for preliminary approval before the end of October.

Hyundai Motor Co and affiliate Kia Motors Corp have earmarked a total of $757.86 million to settle US class action litigation and address engine-related issues in the United States and South Korea.

Hyundai Motor Co and affiliate Kia Motors Corp have earmarked a total of $757.86 million to settle US class action litigation and address engine-related issues in the United States and South Korea. Hyundai Motor will reflect about 600 billion won in costs related to engine problems in July to September earnings, while affiliate Kia Motors has set aside about 300 billion won, they said on Friday. The latest settlement provides installation of a software update to boost safety and performance, as well as cash compensation options, lifetime warranties, free inspection and repair of the covered engines, the automakers said in a statement. A total of 4.17 million Hyundai and Kia models equipped with Theta II gasoline direct injection (GDI) engines will be affected by the US settlement. Hyundai and Kia, together the world's fifth-biggest automaker by sales, recalled nearly 1.7 million vehicles in the United States to address the possibility of engine fires. The US safety regulator is investigating whether the recalls covered enough vehicles and were conducted in a timely manner. The investigation comes after Kim Gwang-ho, then an engineer at Hyundai, flew to Washington in 2016 to tell the National Highway Traffic Safety Administration the companies should have recalled more vehicles over the problem, citing an internal report. In November, Reuters reported that US federal prosecutors had launched a criminal investigation into the pair to determine if the recalls had been conducted properly. Hyundai and Kia said they expected the US District Court for the Central District of California to review the proposed settlement for preliminary approval before the end of October.

Hyundai, Kia earmark $760 million to settle US lawsuits over engine fires

The board of French carmaker Renault on Friday voted in favor of ousting Thierry Bollore as CEO, said two sources familiar with the matter.

Renault, along with alliance partner Nissan, is still reeling from the arrest in Tokyo last year of former boss Carlos Ghosn on allegations of financial misconduct, which Ghosn denies.

Bollore, who had long been Ghosn's right-hand man, was promoted to help steady Renault this year, with Jean-Dominique Senard hired from Michelin to chair the group, shares in which rose 2.7 per cent in morning trade.

Officials at Renault were not immediately available to comment.

Bollore had skirted the matter of his potential exit in a conversation with staff on Thursday, two company sources said, but in a later interview with French newspaper Les Echos, he described his possible departure as a "coup".

Renault finance chief Clotilde Delbos has been&nbsp;named as interim CEO to replace Bollore.&nbsp;

The board of French carmaker Renault on Friday voted in favor of ousting Thierry Bollore as CEO, said two sources familiar with the matter. Renault, along with alliance partner Nissan, is still reeling from the arrest in Tokyo last year of former boss Carlos Ghosn on allegations of financial misconduct, which Ghosn denies.

The board of French carmaker Renault on Friday voted in favor of ousting Thierry Bollore as CEO, said two sources familiar with the matter. Renault, along with alliance partner Nissan, is still reeling from the arrest in Tokyo last year of former boss Carlos Ghosn on allegations of financial misconduct, which Ghosn denies. Bollore, who had long been Ghosn's right-hand man, was promoted to help steady Renault this year, with Jean-Dominique Senard hired from Michelin to chair the group, shares in which rose 2.7 per cent in morning trade. Officials at Renault were not immediately available to comment. Bollore had skirted the matter of his potential exit in a conversation with staff on Thursday, two company sources said, but in a later interview with French newspaper Les Echos, he described his possible departure as a "coup". Renault finance chief Clotilde Delbos has been named as interim CEO to replace Bollore.

Renault board votes to oust Thierry Bollore as CEO: Sources

Nike said on Friday it plans to shut down its Oregon Project training group after top athletics coach Alberto Salazar was banned for four years for doping.

Salazar, best known for coaching Britain's four-time Olympic champion Mo Farah, was last week handed a four-year suspension by the United States Anti-Doping Agency (USADA) for a catalogue of drug violations.

The US sportswear giant had initially backed Salazar's plans to appeal against the decision after the 61-year-old Cuban-born American denied the allegations.

But in a memo to staff, Nike CEO Mark Parker said the project was being terminated because of the scandal.

"This situation, along with ongoing unsubstantiated assertions, is a distraction for many of the athletes and is compromising their ability to focus on their training and competition needs," Parker said.

"I have therefore made the decision to wind down the Oregon Project."

Parker said however that Nike would still support Salazar in his appeal.

"A four-year suspension for someone who acted in good faith is wrong," said Parker in the memo, adding that "the panel found there was no orchestrated doping, no finding that performance-enhancing drugs have ever been used on Oregon Project athletes and went out of its way to note Alberto’s desire to follow all rules".

However, he admitted that "Alberto can no longer coach while the appeal is pending".

Athletes from the Oregon Project won three gold medals at the World Athletics Championships this month. Sifan Hassan of the Netherlands won the women's 1500 metres and 10,000 while Donavan Brazier of the US took the men's 800m gold. There is no suggestion either athlete has been involved in doping.

Nike's decision to shut down the project came after athletes including US runner Kara Goucher, who was coached by Salazar from 2004 to 2011 and provided key evidence in the case against him, told the BBC Nike could not justify keeping it open.

"It (NOP) has to go," Goucher said.

"If I was Nike I'd be bringing in some new coaches and move on from this Oregon Project because clearly it had principles, not in line with clean sport and we have to just start over."

Jeffrey Brown, a Texas endocrinologist who treated many of Salazar's athletes at the Oregon training hub in Portland, was also suspended for four years.

Nike said on Friday it plans to shut down its Oregon Project training group after top athletics coach Alberto Salazar was banned for four years for doping. Salazar, best known for coaching Britain's four-time Olympic champion Mo Farah, was last week handed a four-year suspension by the United States Anti-Doping Agency (USADA) for a catalogue of drug violations.

Nike said on Friday it plans to shut down its Oregon Project training group after top athletics coach Alberto Salazar was banned for four years for doping. Salazar, best known for coaching Britain's four-time Olympic champion Mo Farah, was last week handed a four-year suspension by the United States Anti-Doping Agency (USADA) for a catalogue of drug violations. The US sportswear giant had initially backed Salazar's plans to appeal against the decision after the 61-year-old Cuban-born American denied the allegations. But in a memo to staff, Nike CEO Mark Parker said the project was being terminated because of the scandal. "This situation, along with ongoing unsubstantiated assertions, is a distraction for many of the athletes and is compromising their ability to focus on their training and competition needs," Parker said. "I have therefore made the decision to wind down the Oregon Project." Parker said however that Nike would still support Salazar in his appeal. "A four-year suspension for someone who acted in good faith is wrong," said Parker in the memo, adding that "the panel found there was no orchestrated doping, no finding that performance-enhancing drugs have ever been used on Oregon Project athletes and went out of its way to note Alberto’s desire to follow all rules". However, he admitted that "Alberto can no longer coach while the appeal is pending". Athletes from the Oregon Project won three gold medals at the World Athletics Championships this month. Sifan Hassan of the Netherlands won the women's 1500 metres and 10,000 while Donavan Brazier of the US took the men's 800m gold. There is no suggestion either athlete has been involved in doping. Nike's decision to shut down the project came after athletes including US runner Kara Goucher, who was coached by Salazar from 2004 to 2011 and provided key evidence in the case against him, told the BBC Nike could not justify keeping it open. "It (NOP) has to go," Goucher said. "If I was Nike I'd be bringing in some new coaches and move on from this Oregon Project because clearly it had principles, not in line with clean sport and we have to just start over." Jeffrey Brown, a Texas endocrinologist who treated many of Salazar's athletes at the Oregon training hub in Portland, was also suspended for four years.

Nike shuts down Oregon Project after coach Alberto Salazar banned

Office-sharing startup&nbsp;WeWork&nbsp;will&nbsp;open&nbsp;new&nbsp;locations in&nbsp;Singapore&nbsp;and the Philippines this year, it said, even as it seeks a $1 billion lifeline from its biggest-backer Softbank Group&nbsp;Corp&nbsp;for a major restructuring.

The&nbsp;New&nbsp;York-based startup, which abandoned an initial public offering last week over investor&nbsp;concerns about its valuation and business model, will&nbsp;open&nbsp;two&nbsp;new&nbsp;offices for&nbsp;co-working&nbsp;in&nbsp;Singapore&nbsp;and two in&nbsp;Manila.

It made the announcements on Wednesday and Thursday.

The plan to boost its footprint in the two Southeast Asian cities follows a reports that its parent, The We&nbsp;Company, was&nbsp;considering curbing expansion plans in China to&nbsp;control&nbsp;costs.

The loss-making start-up is looking to trim its workforce and slow expansion to preserve cash as it seeks alternative sources of funding, sources have told Reuters.

A&nbsp;WeWork&nbsp;spokeswoman said in an email on Thursday that the&nbsp;company was "strengthening&nbsp;WeWork's presence in the region".

WeWork&nbsp;now has 25 locations across Southeast Asia, 12 of them in&nbsp;Singapore.

Office-sharing startup WeWork will open new locations in Singapore and the Philippines this year, it said, even as it seeks a $1 billion lifeline from its biggest-backer Softbank Group Corp for a major restructuring.

Office-sharing startup WeWork will open new locations in Singapore and the Philippines this year, it said, even as it seeks a $1 billion lifeline from its biggest-backer Softbank Group Corp for a major restructuring. The New York-based startup, which abandoned an initial public offering last week over investor concerns about its valuation and business model, will open two new offices for co-working in Singapore and two in Manila. It made the announcements on Wednesday and Thursday. The plan to boost its footprint in the two Southeast Asian cities follows a reports that its parent, The We Company, was considering curbing expansion plans in China to control costs. The loss-making start-up is looking to trim its workforce and slow expansion to preserve cash as it seeks alternative sources of funding, sources have told Reuters. A WeWork spokeswoman said in an email on Thursday that the company was "strengthening WeWork's presence in the region". WeWork now has 25 locations across Southeast Asia, 12 of them in Singapore.

WeWork to open new co-working sites in Singapore and Manila

A slide in banking stocks dragged Indian shares lower on Thursday following a sharp rise in the previous session, as markets awaited earnings reports from major IT services companies.

Shares in Indiabulls Housing Finance Ltd fell 9 per cent&nbsp;after the central bank blocked its proposed merger with Lakshmi Vilas Bank Ltd.

It was the latest in a series of negative headlines surrounding the banking industry, which is saddled with a mountain of soured debt.

The broader NSE Nifty was down 0.35 per cent at 11,273.60 by 0437 GMT, while the benchmark BSE Sensex was weaker by 0.31 per cent&nbsp;at 38,060.12.

All 12 stocks on the Nifty bank index were in the red, and RBL Bank Ltd was the biggest decliner with a drop of 4.1 per cent.

IT services firm Tata Consultancy Services Ltd (TCS) will report its financial results later in the day, marking the start of the September-quarter earnings season. Industry peer

Infosys Ltd is scheduled to report its results on Friday. Shares in both TCS and Infosys were each up roughly 1 per cent.

Meanwhile, telecom stocks rose after Reliance Jio said it would start charging customers for calls made through its network to other operators.

The move could signal a rise in industry prices and revenues if more operators follow Jio's lead, analysts say.

Jio's rivals Bharti Airtel Ltd and Vodafone Idea Ltd gained 3.8 per cent&nbsp;and 4.3 per cent, respectively. Shares in Grasim Industries Ltd, the top shareholder in Vodafone Idea, rose 4.5 per cent. 
&nbsp;

A slide in banking stocks dragged Indian shares lower on Thursday following a sharp rise in the previous session, as markets awaited earnings reports from major IT services companies.

A slide in banking stocks dragged Indian shares lower on Thursday following a sharp rise in the previous session, as markets awaited earnings reports from major IT services companies. Shares in Indiabulls Housing Finance Ltd fell 9 per cent after the central bank blocked its proposed merger with Lakshmi Vilas Bank Ltd. It was the latest in a series of negative headlines surrounding the banking industry, which is saddled with a mountain of soured debt. The broader NSE Nifty was down 0.35 per cent at 11,273.60 by 0437 GMT, while the benchmark BSE Sensex was weaker by 0.31 per cent at 38,060.12. All 12 stocks on the Nifty bank index were in the red, and RBL Bank Ltd was the biggest decliner with a drop of 4.1 per cent. IT services firm Tata Consultancy Services Ltd (TCS) will report its financial results later in the day, marking the start of the September-quarter earnings season. Industry peer Infosys Ltd is scheduled to report its results on Friday. Shares in both TCS and Infosys were each up roughly 1 per cent. Meanwhile, telecom stocks rose after Reliance Jio said it would start charging customers for calls made through its network to other operators. The move could signal a rise in industry prices and revenues if more operators follow Jio's lead, analysts say. Jio's rivals Bharti Airtel Ltd and Vodafone Idea Ltd gained 3.8 per cent and 4.3 per cent, respectively. Shares in Grasim Industries Ltd, the top shareholder in Vodafone Idea, rose 4.5 per cent.

Sensex, Nifty retreat as banks fall; Indiabulls dips 9%

Oil prices fell on Thursday on concerns of lower fuel demand as talks this week between the United States and China, the world's two largest oil users, are not expected to help end the<a href="https://www.wionews.com/world/us-expands-blacklist-to-include-chinas-top-ai-startups-ahead-of-trade-talks-254672"> trade war between them</a>, adding to anxieties about the global economy.

China, the world's biggest oil importer, has lowered its expectations for talks on Thursday and Friday to end the 15-month-old trade dispute with the United States. US&nbsp;President Donald Trump is set to raise the tariff rate on about $250 billion of Chinese goods to 30 per cent&nbsp;from 25 per cent&nbsp;on October&nbsp;15 if some signs of progress are not seen.

The trade dispute between the world's two largest economies has disrupted global supply chains and slowed the growth of both countries, limiting the growth of their fuel consumption.

Global benchmark Brent crude futures fell 11 cents, or 0.2 per cent, to $58.21 a barrel by 0354 GMT, while US&nbsp;West Texas Intermediate (WTI) futures were down 11 cents, or 0.2 per cent, at $52.48 per barrel.

"Should US-China trade negotiations take a turn for the worst, market pessimism will impose sharp negative pressures on oil prices, said Benjamin Lu, commodities analyst at Phillip Futures in Singapore.

Prices were also weighed down by a report of rising stockpiles in the United States, which is also currently the world's biggest oil producer.

US&nbsp;crude stocks rose 2.9 million barrels in the week to October&nbsp;4, the Energy Information Administration (EIA) said on Wednesday, more than double analysts' expectations of an increase of 1.4 million barrels.

Additionally, the Organization of the Petroleum Exporting Countries (OPEC) quietly adjusted its production pact to allow Nigeria to raise its output, adding more supply.

OPEC granted Nigeria raised the quota to 1.774 million barrels per day (bpd) from 1.685 million bpd, three OPEC delegates with knowledge of the matter said.

OPEC member Venezuela will also increase its exports despite <a href="https://www.wionews.com/world/us-ready-to-target-other-countries-for-supporting-venezuelas-maduro-241275">US&nbsp;economic sanctions </a>that have curtailed shipments from the country.

Indian refiner Reliance Industries Ltd plans to start loading Venezuelan crude after a four-month pause, in a further sign of expanding crude supply to the market.

Oil prices fell on Thursday on concerns of lower fuel demand as talks this week between the United States and China, the world's two largest oil users, are not expected to help end the trade war between them, adding to anxieties about the global economy.

Oil prices fell on Thursday on concerns of lower fuel demand as talks this week between the United States and China, the world's two largest oil users, are not expected to help end the trade war between them, adding to anxieties about the global economy. China, the world's biggest oil importer, has lowered its expectations for talks on Thursday and Friday to end the 15-month-old trade dispute with the United States. US President Donald Trump is set to raise the tariff rate on about $250 billion of Chinese goods to 30 per cent from 25 per cent on October 15 if some signs of progress are not seen. The trade dispute between the world's two largest economies has disrupted global supply chains and slowed the growth of both countries, limiting the growth of their fuel consumption. Global benchmark Brent crude futures fell 11 cents, or 0.2 per cent, to $58.21 a barrel by 0354 GMT, while US West Texas Intermediate (WTI) futures were down 11 cents, or 0.2 per cent, at $52.48 per barrel. "Should US-China trade negotiations take a turn for the worst, market pessimism will impose sharp negative pressures on oil prices, said Benjamin Lu, commodities analyst at Phillip Futures in Singapore. Prices were also weighed down by a report of rising stockpiles in the United States, which is also currently the world's biggest oil producer. US crude stocks rose 2.9 million barrels in the week to October 4, the Energy Information Administration (EIA) said on Wednesday, more than double analysts' expectations of an increase of 1.4 million barrels. Additionally, the Organization of the Petroleum Exporting Countries (OPEC) quietly adjusted its production pact to allow Nigeria to raise its output, adding more supply. OPEC granted Nigeria raised the quota to 1.774 million barrels per day (bpd) from 1.685 million bpd, three OPEC delegates with knowledge of the matter said. OPEC member Venezuela will also increase its exports despite US economic sanctions that have curtailed shipments from the country. Indian refiner Reliance Industries Ltd plans to start loading Venezuelan crude after a four-month pause, in a further sign of expanding crude supply to the market.

Oil prices fall as hopes for US-China trade progress wilt

Indian retail inflation probably reached a 12-month high in September, still leaving room for further interest rate cuts because it's expected to remain below the Reserve Bank of India's target, according to a Reuters poll.

An extended monsoon has delayed harvests and interrupted the supplies of vegetables like onions, a key ingredient in Indian kitchens. That probably pushed retail inflation higher last month; food prices account for over half the inflation basket.

Any previous sharp rise in onion prices has been painful for Indian policymakers. To keep that price surge from spiralling out of control, as it did a few years ago, the government has banned onion exports.

The October&nbsp;4-9 poll of over 40 economists predicted India's annual consumer inflation rose to 3.7 per cent&nbsp;in September, its highest in a year. Forecasts ranged from 3.10&nbsp;per cent&nbsp;to 3.92 per cent. Only two economists expected inflation to be lower than August's 3.21 per cent.

If the consensus is right, inflation will come in below the RBI's medium-term target for 14 months in a row. The inflation data are due on October&nbsp;14.

"Headline consumer price inflation likely jumped in September on the back of a surge in onion prices. But that will hardly bring tears to the eyes of the RBI, as it is likely to have stayed below the 4.0&nbsp;per cent&nbsp;target," said Shilan Shah, senior India economist at Capital Economics.

"Another rate cut in December seems likely."

Subdued inflation and an economic slowdown have allowed the RBI to cut interest rates by a total of 135 basis points this year, including a 25-basis-point cut last week, making it the most aggressive central bank in Asia.

Economists in a separate Reuters poll said the central bank was not yet done with rate cuts.

"The RBI has been quite vocal about the fact that they would continue to support growth and they have left the door open for more policy cuts," Sakshi Gupta, senior India economist at HDFC Bank.

Indian retail inflation probably reached a 12-month high in September, still leaving room for further interest rate cuts because it's expected to remain below the Reserve Bank of India's target, according to a Reuters poll.

Indian retail inflation probably reached a 12-month high in September, still leaving room for further interest rate cuts because it's expected to remain below the Reserve Bank of India's target, according to a Reuters poll. An extended monsoon has delayed harvests and interrupted the supplies of vegetables like onions, a key ingredient in Indian kitchens. That probably pushed retail inflation higher last month; food prices account for over half the inflation basket. Any previous sharp rise in onion prices has been painful for Indian policymakers. To keep that price surge from spiralling out of control, as it did a few years ago, the government has banned onion exports. The October 4-9 poll of over 40 economists predicted India's annual consumer inflation rose to 3.7 per cent in September, its highest in a year. Forecasts ranged from 3.10 per cent to 3.92 per cent. Only two economists expected inflation to be lower than August's 3.21 per cent. If the consensus is right, inflation will come in below the RBI's medium-term target for 14 months in a row. The inflation data are due on October 14. "Headline consumer price inflation likely jumped in September on the back of a surge in onion prices. But that will hardly bring tears to the eyes of the RBI, as it is likely to have stayed below the 4.0 per cent target," said Shilan Shah, senior India economist at Capital Economics. "Another rate cut in December seems likely." Subdued inflation and an economic slowdown have allowed the RBI to cut interest rates by a total of 135 basis points this year, including a 25-basis-point cut last week, making it the most aggressive central bank in Asia. Economists in a separate Reuters poll said the central bank was not yet done with rate cuts. "The RBI has been quite vocal about the fact that they would continue to support growth and they have left the door open for more policy cuts," Sakshi Gupta, senior India economist at HDFC Bank.

India's inflation surged in September but won't 'bring tears' to RBI: Report