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Asian markets rose Thursday but investors moved cautiously as they sifted through conflicting reports about the outlook for upcoming China-US trade talks.

Global investors have been broadly upbeat in recent weeks that the meeting in Washington between top-level representatives would see at least some progress.

But with the much-anticipated gathering due to start within hours, Hong Kong's South China Morning Post reported pre-meeting discussions had not made any progress on key areas such as forced technology transfers and would be cut in half to just one day.

That came after Wall Street's three main indexes had ended with healthy gains on reports that a pared-down deal was still possible, with Beijing boosting agricultural purchases and the US delaying the imposition of new tariffs next week.

Tensions were already showing this week after the US unveiled restrictions on 28 Chinese entities over human rights violations in Xinjiang province and imposed visa restrictions on some officials, while a report said the White House was considering curtailing US investment in the country.

For its part, sources were reported to have said China had narrowed the issues it was willing to discuss as it felt in a stronger position owing to Donald Trump facing an impeachment inquiry at home and a weakening economy.

The SCMP report "reverses the trade optimism that was dominating overnight flow as investors were hoping that at minimum, some type of a deal could be forged", said Stephen Innes, Asia-Pacific market strategist at AxiTrader.

'Petals from a flower'

"So instead of debating how encompassing the deal might be, investors are now back to plucking petals from a flower guessing if there will be a deal at all."

On regional markets Shanghai and Hong Kong each rose 0.4 per cent while Tokyo went into the break 0.5 per cent higher. Sydney and Singapore each added 0.1 per cent, with Manila and Jakarta also higher.

Wellington was flat and Seoul sank 0.8 per cent.

In foreign exchanges, the dollar was lower against most other currencies after minutes from the Federal Reserve's September policy meeting showed it was growing concerned about the impact of Trump's trade war.

The central bank is expected to cut interest rates for the third time when the board meets again later this month.

The minutes "revealed greater concerns over downside risk from slowing global growth and trade tensions with subdued inflation also seen as a reason to cut", said Rodrigo Catril at National Australia Bank.

But he pointed out that "a few officials saw the need to push back against market Fed rate cut expectations".

Oil prices extended Wednesday's losses following data showing a bigger-than-forecast pick-up in US inventories that reinforced worries about the impact on demand from a global slowdown and trade frictions.

The data reversed a rally of more than one per cent in the commodity that came after Turkey launched an offensive against Kurdish militants in northern Syria.

Asian markets rose Thursday but investors moved cautiously as they sifted through conflicting reports about the outlook for upcoming China-US trade talks. Global investors have been broadly upbeat in recent weeks that the meeting in Washington between top-level representatives would see at least some progress.

Asian markets rose Thursday but investors moved cautiously as they sifted through conflicting reports about the outlook for upcoming China-US trade talks. Global investors have been broadly upbeat in recent weeks that the meeting in Washington between top-level representatives would see at least some progress. But with the much-anticipated gathering due to start within hours, Hong Kong's South China Morning Post reported pre-meeting discussions had not made any progress on key areas such as forced technology transfers and would be cut in half to just one day. That came after Wall Street's three main indexes had ended with healthy gains on reports that a pared-down deal was still possible, with Beijing boosting agricultural purchases and the US delaying the imposition of new tariffs next week. Tensions were already showing this week after the US unveiled restrictions on 28 Chinese entities over human rights violations in Xinjiang province and imposed visa restrictions on some officials, while a report said the White House was considering curtailing US investment in the country. For its part, sources were reported to have said China had narrowed the issues it was willing to discuss as it felt in a stronger position owing to Donald Trump facing an impeachment inquiry at home and a weakening economy. The SCMP report "reverses the trade optimism that was dominating overnight flow as investors were hoping that at minimum, some type of a deal could be forged", said Stephen Innes, Asia-Pacific market strategist at AxiTrader. 'Petals from a flower' "So instead of debating how encompassing the deal might be, investors are now back to plucking petals from a flower guessing if there will be a deal at all." On regional markets Shanghai and Hong Kong each rose 0.4 per cent while Tokyo went into the break 0.5 per cent higher. Sydney and Singapore each added 0.1 per cent, with Manila and Jakarta also higher. Wellington was flat and Seoul sank 0.8 per cent. In foreign exchanges, the dollar was lower against most other currencies after minutes from the Federal Reserve's September policy meeting showed it was growing concerned about the impact of Trump's trade war. The central bank is expected to cut interest rates for the third time when the board meets again later this month. The minutes "revealed greater concerns over downside risk from slowing global growth and trade tensions with subdued inflation also seen as a reason to cut", said Rodrigo Catril at National Australia Bank. But he pointed out that "a few officials saw the need to push back against market Fed rate cut expectations". Oil prices extended Wednesday's losses following data showing a bigger-than-forecast pick-up in US inventories that reinforced worries about the impact on demand from a global slowdown and trade frictions. The data reversed a rally of more than one per cent in the commodity that came after Turkey launched an offensive against Kurdish militants in northern Syria.

Asia markets rise as dealers nervously await start of trade talks

The government on Thursday set up a high-level committee of officers to look into Goods and Services Tax (GST) revenue shortfall being faced by states and suggest measures for increasing collections.

It will submit its first report within 15 days.

&nbsp;"The committee of officers from the Centre and the states is required to suggest steps to be taken to improve revenue," according to an official statement released by the GST Council Secretariat.

The 12-member panel -- with commissioners from state GST council of Maharashtra, Tamil Nadu, Uttar Pradesh, West Bengal and Punjab -- has been formed by the GST Council to look into revenue shortfall being faced by the states post implementation of GST.

"Any other states which would like to join the committee may volunteer by writing to the GST Council Secretariat," the GST Council stated.&nbsp;

The committee has been tasked with suggesting measures to boost GST collections, to make businesses comply with GST voluntarily and suggest ways for better administrative coordination.

It will look into issues such as systematic changes in GST to prevent misuse, measures for expansion of tax base, improved compliance monitoring and anti-evasion measures using better data analytics and better administrative coordination.

The committee will also suggest measures to improve voluntary compliance, policy measures and relevant changes in the law.&nbsp;

The government on Thursday set up a high-level committee of officers to look into Goods and Services Tax (GST) revenue shortfall being faced by states and suggest measures for increasing collections.

The government on Thursday set up a high-level committee of officers to look into Goods and Services Tax (GST) revenue shortfall being faced by states and suggest measures for increasing collections. It will submit its first report within 15 days. "The committee of officers from the Centre and the states is required to suggest steps to be taken to improve revenue," according to an official statement released by the GST Council Secretariat. The 12-member panel -- with commissioners from state GST council of Maharashtra, Tamil Nadu, Uttar Pradesh, West Bengal and Punjab -- has been formed by the GST Council to look into revenue shortfall being faced by the states post implementation of GST. "Any other states which would like to join the committee may volunteer by writing to the GST Council Secretariat," the GST Council stated. The committee has been tasked with suggesting measures to boost GST collections, to make businesses comply with GST voluntarily and suggest ways for better administrative coordination. It will look into issues such as systematic changes in GST to prevent misuse, measures for expansion of tax base, improved compliance monitoring and anti-evasion measures using better data analytics and better administrative coordination. The committee will also suggest measures to improve voluntary compliance, policy measures and relevant changes in the law.

Government sets up 12-member panel to look into GST revenue shortfall

Indian markets closed lower on Thursday, led by a sharp drop in banking shares, while investors awaited a raft of second-quarter corporate earnings including that of Tata Consultancy Services Ltd (TCS) due later in the day.

Software services firm TCS, the second-largest Indian company by market value, is scheduled to report its September-quarter results later in the day, while its industry peer Infosys Ltd will announce results on Friday.

The broader NSE Nifty ended 0.70% lower at 11,234.55, while the benchmark BSE Sensex closed down 0.78% at 37,880.

All stocks in the Nifty bank index ended in the red, and the index closed 2.68% lower.

Shares in Indiabulls Housing Finance Ltd dived 18.5% after hitting a near six-year low as the Reserve Bank of India (RBI) blocked its proposed merger with Lakshmi Vilas Bank.

The central bank's move represented the latest in a series of negative headlines for India's banking industry, that is struggling with a mountain of bad debt.

India's finance minister Nirmala Sitharaman said on Thursday the government would consider passing stricter laws to curb malpractices at co-operative banks.

The finance minister's announcement came in weeks after allegations of fraud at Mumbai-based Punjab and Maharashtra Co-operative Bank rocked India's banking industry, denting investor confidence in an already troubled sector.

Meanwhile, telecom stocks gained after Reliance Jio announced plans to charge customers for calls made through its network to other operators, a move analysts said could lead to higher industry prices and revenues.

Jio's rivals Bharti Airtel Ltd and Vodafone Idea Ltd ended up 5% and 6%, respectively. Shares in Grasim Industries Ltd, the top shareholder in Vodafone Idea, closed 3.9% firmer.

Indian markets closed lower on Thursday, led by a sharp drop in banking shares, while investors awaited a raft of second-quarter corporate earnings including that of Tata Consultancy Services Ltd (TCS) due later in the day.

Indian markets closed lower on Thursday, led by a sharp drop in banking shares, while investors awaited a raft of second-quarter corporate earnings including that of Tata Consultancy Services Ltd (TCS) due later in the day. Software services firm TCS, the second-largest Indian company by market value, is scheduled to report its September-quarter results later in the day, while its industry peer Infosys Ltd will announce results on Friday. The broader NSE Nifty ended 0.70% lower at 11,234.55, while the benchmark BSE Sensex closed down 0.78% at 37,880. All stocks in the Nifty bank index ended in the red, and the index closed 2.68% lower. Shares in Indiabulls Housing Finance Ltd dived 18.5% after hitting a near six-year low as the Reserve Bank of India (RBI) blocked its proposed merger with Lakshmi Vilas Bank. The central bank's move represented the latest in a series of negative headlines for India's banking industry, that is struggling with a mountain of bad debt. India's finance minister Nirmala Sitharaman said on Thursday the government would consider passing stricter laws to curb malpractices at co-operative banks. The finance minister's announcement came in weeks after allegations of fraud at Mumbai-based Punjab and Maharashtra Co-operative Bank rocked India's banking industry, denting investor confidence in an already troubled sector. Meanwhile, telecom stocks gained after Reliance Jio announced plans to charge customers for calls made through its network to other operators, a move analysts said could lead to higher industry prices and revenues. Jio's rivals Bharti Airtel Ltd and Vodafone Idea Ltd ended up 5% and 6%, respectively. Shares in Grasim Industries Ltd, the top shareholder in Vodafone Idea, closed 3.9% firmer.

Sensex, Nifty end lower as banks slump; earnings in focus

Gold&nbsp;prices scaled&nbsp;one-week&nbsp;highs on Thursday, holding ground above $1,500 an ounce, as investors flocked to the safety of bullion following contradictory reports about <a href="https://www.wionews.com/world/us-china-trade-talks-to-resume-thursday-white-house-254346">US-China&nbsp;trade&nbsp;talks.</a>

Spot&nbsp;gold&nbsp;gained 0.1 per cent&nbsp;to $1,506.78 per ounce as of 0724 GMT, having notched a&nbsp;peak&nbsp;of $1,516.77 early in the session, its highest since October&nbsp;3. US&nbsp;gold&nbsp;futures dropped 0.1 per cent&nbsp;to $1,511.80.

"Gold&nbsp;is holding strong above $1,500 because of healthy inflows by ETFs (exchange-traded funds). If the US-China&nbsp;trade&nbsp;talks fail once again,&nbsp;gold&nbsp;prices could rally," said Jigar Trivedi, a commodities analyst at Mumbai-based Anand Rathi Shares &amp; Stock Brokers.

"Prices are not falling, because of strong investment demand and fundamental factors. $1,490 is the current support, and if prices drop below this, there could be an extended fall till $1,460."

A report from the New York Times said Washington would soon issue licences permitting some US&nbsp;firms to supply non-sensitive goods to China's Huawei Technologies.

A report by Bloomberg, saying the White House was looking at rolling out a currency pact with China, raised hopes of a partial deal and helped to lift risk assets.

The South China Morning Post had reported earlier in the session that a Chinese delegation was planning to leave Washington after just a day of minister-level meetings, instead of Friday as planned, sending Asian stocks toppling. However, risk sentiment has recovered slightly since.

Gold&nbsp;is often used by investors as a hedge against political and financial uncertainty.

"Gold&nbsp;ETF holdings are at three-year highs and lots of central banks are also buying, which is keeping prices supported," said Argonaut Securities analyst Helen Lau, adding that some volatility could be expected in the&nbsp;gold&nbsp;market.

Indicative of investor interest, holdings of the SPDR&nbsp;Gold&nbsp;Trust, the world's largest&nbsp;gold-backed exchange-traded fund, have been at their highest since November 2016.

Spot&nbsp;gold&nbsp;looks neutral in a range of $1,488-$1,514 per ounce, and an escape could suggest a direction, Reuters technical analyst Wang Tao said.

Investors also sought further cues on the US&nbsp;Federal Reserve's trajectory on monetary easing later in the month.

"Global&nbsp;trade&nbsp;uncertainties along with subdued global growth will remain supportive towards safe-haven assets in the current term," Phillip Futures analyst Benjamin Lu said in a note.

Silver rose 0.1 per cent&nbsp;to $17.72 per ounce, palladium inched 0.2 per cent&nbsp;higher to $1,684.91 and platinum was little changed at $891.49 an ounce.

Gold prices scaled one-week highs on Thursday, holding ground above $1,500 an ounce, as investors flocked to the safety of bullion following contradictory reports about US-China trade talks.

Gold prices scaled one-week highs on Thursday, holding ground above $1,500 an ounce, as investors flocked to the safety of bullion following contradictory reports about US-China trade talks. Spot gold gained 0.1 per cent to $1,506.78 per ounce as of 0724 GMT, having notched a peak of $1,516.77 early in the session, its highest since October 3. US gold futures dropped 0.1 per cent to $1,511.80. "Gold is holding strong above $1,500 because of healthy inflows by ETFs (exchange-traded funds). If the US-China trade talks fail once again, gold prices could rally," said Jigar Trivedi, a commodities analyst at Mumbai-based Anand Rathi Shares & Stock Brokers. "Prices are not falling, because of strong investment demand and fundamental factors. $1,490 is the current support, and if prices drop below this, there could be an extended fall till $1,460." A report from the New York Times said Washington would soon issue licences permitting some US firms to supply non-sensitive goods to China's Huawei Technologies. A report by Bloomberg, saying the White House was looking at rolling out a currency pact with China, raised hopes of a partial deal and helped to lift risk assets. The South China Morning Post had reported earlier in the session that a Chinese delegation was planning to leave Washington after just a day of minister-level meetings, instead of Friday as planned, sending Asian stocks toppling. However, risk sentiment has recovered slightly since. Gold is often used by investors as a hedge against political and financial uncertainty. "Gold ETF holdings are at three-year highs and lots of central banks are also buying, which is keeping prices supported," said Argonaut Securities analyst Helen Lau, adding that some volatility could be expected in the gold market. Indicative of investor interest, holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, have been at their highest since November 2016. Spot gold looks neutral in a range of $1,488-$1,514 per ounce, and an escape could suggest a direction, Reuters technical analyst Wang Tao said. Investors also sought further cues on the US Federal Reserve's trajectory on monetary easing later in the month. "Global trade uncertainties along with subdued global growth will remain supportive towards safe-haven assets in the current term," Phillip Futures analyst Benjamin Lu said in a note. Silver rose 0.1 per cent to $17.72 per ounce, palladium inched 0.2 per cent higher to $1,684.91 and platinum was little changed at $891.49 an ounce.

Gold rises to one-week peak amid trade anxiety

Most&nbsp;Asian&nbsp;currencies&nbsp;firmed on Thursday, as a volatile&nbsp;dollar&nbsp;weakened broadly on&nbsp;mixed&nbsp;signals&nbsp;over the state of<a href="https://www.wionews.com/world/us-china-trade-talks-to-resume-thursday-white-house-254346">&nbsp;trade&nbsp;talks between Washington and Beijing.</a>

Dampened sentiment following suggestions that the Chinese delegation might cut the ministerial-level talks short and leave Washington on Thursday were offset by a Bloomberg report that the United States is weighing a currency pact with China as part of a partial deal.

Traders also took note of a New York Times report that Washington will issue licenses allowing some US&nbsp;companies to supply non-sensitive goods to China's Huawei, as the&nbsp;dollar&nbsp;eased against a basket of major&nbsp;currencies.

"News of Huawei and the currency pact released together with the strong (yuan) fix, underscores the fact that PBoC (People's Bank Of China) is (ready) ...to give a strong guidance for the CNY as a potential pact with the US&nbsp;could be at hand," a Maybank note said.

US&nbsp;Federal Reserve meeting minutes released on Wednesday were largely in line with expectations and had little market impact.

The yuan&nbsp;strengthened 0.3 per cent&nbsp;and the Singapore&nbsp;dollar&nbsp;firmed 0.2per cent.

The Philippine peso&nbsp;firmed marginally. Data showed that August exports rose 0.6 per cent, while imports slumped 11.8 per cent, narrowing the country's August deficit.

Taiwan's financial markets were closed for a holiday.

The Korean won&nbsp;bucked the trend to slip 0.3 per cent&nbsp;ahead of talks with Japan on Friday over tighter export controls from Tokyo. The talks are part of a dispute settlement process through the World&nbsp;Trade&nbsp;Organisation.

The won is the worst performer among&nbsp;Asian&nbsp;currencies&nbsp;this year.

The prolonged Sino-US&nbsp;trade&nbsp;conflict and the dispute with Japan has dealt a huge blow to South Korea's&nbsp;trade-reliant economy. In September, exports slumped 11.7 per cent, shrinking for the 10th consecutive month.

Most Asian currencies firmed on Thursday, as a volatile dollar weakened broadly on mixed signals over the state of trade talks between Washington and Beijing. Dampened sentiment following suggestions that the Chinese delegation might cut the ministerial-level talks short and leave Washington on Thursday were offset by a Bloomberg report that the United States is weighing a currency pact with China as part of a partial deal.

Most Asian currencies firmed on Thursday, as a volatile dollar weakened broadly on mixed signals over the state of trade talks between Washington and Beijing. Dampened sentiment following suggestions that the Chinese delegation might cut the ministerial-level talks short and leave Washington on Thursday were offset by a Bloomberg report that the United States is weighing a currency pact with China as part of a partial deal. Traders also took note of a New York Times report that Washington will issue licenses allowing some US companies to supply non-sensitive goods to China's Huawei, as the dollar eased against a basket of major currencies. "News of Huawei and the currency pact released together with the strong (yuan) fix, underscores the fact that PBoC (People's Bank Of China) is (ready) ...to give a strong guidance for the CNY as a potential pact with the US could be at hand," a Maybank note said. US Federal Reserve meeting minutes released on Wednesday were largely in line with expectations and had little market impact. The yuan strengthened 0.3 per cent and the Singapore dollar firmed 0.2per cent. The Philippine peso firmed marginally. Data showed that August exports rose 0.6 per cent, while imports slumped 11.8 per cent, narrowing the country's August deficit. Taiwan's financial markets were closed for a holiday. The Korean won bucked the trend to slip 0.3 per cent ahead of talks with Japan on Friday over tighter export controls from Tokyo. The talks are part of a dispute settlement process through the World Trade Organisation. The won is the worst performer among Asian currencies this year. The prolonged Sino-US trade conflict and the dispute with Japan has dealt a huge blow to South Korea's trade-reliant economy. In September, exports slumped 11.7 per cent, shrinking for the 10th consecutive month.

Most Asian currencies rise as dollar slips; trade signals mixed

India slipped ten&nbsp;places to rank at 68th spot on the&nbsp;<a href="https://www.wionews.com/opinions/can-india-realistically-become-us-5-trillion-economy-236846">Global Competitiveness Index</a>(GCI)&nbsp;while Singapore became the world's most competitive economy pushing the US to the second rank.

Launched in 1979, the GCI&nbsp;maps the competitiveness landscape of 141 economies through 103 indicators such as inflation, digital skills, life expectancy and&nbsp;trade tariffs.

India, which was ranked 58th in the annual Global Competitiveness Index compiled by Geneva-based World Economic Forum (WEF), is among the worst-performing BRICS nations along with Brazil which ranked even lower than India at 71st this year.

China was ranked&nbsp;at 28th spot&nbsp;same as last year&nbsp;but took the lead in terms of competitiveness among the BRICS economies.

Meanwhile, Singapore replaced the US as the world's most competitive economy. It scored for its superior public sector, labour force, diversity and infrastructure.

Hong Kong, Netherlands and Switzerland followed at third, fourth and fifth place&nbsp;respectively.

In the index, India was&nbsp;followed by some of its neighbours including Sri Lanka at 84th place, Bangladesh at 105th, Nepal at 108th and Pakistan at 110th place.

Here are the 10 most competitiveness economies of the world.

1. Singapore

2. United States

3. Hong Kong

4. Netherlands

5. Switzerland

6. Japan

7. Germany

8. Sweden

9. United Kingdom

10. Denmark

The report cautioned that the constantly changing geopolitical backdrop and escalating trade tensions have increased uncertainty in the global economy&nbsp;which could lead to an economic slowdown.

Watch: Cautious optimism about Indian economy

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The WEF reminded policymakers of the necessity to take a "holistic approach"&nbsp;on&nbsp;planning, focus on quality-centred development, and further balance the relationship among short-term factors, quarterly reports and electoral cycles.

"The international trading system is [not] perfect, it needs to be improved. There are some issues in the international trading system, but this rule-based system is the way to go. Increasing tariff is not helping at all. And yes, it's bad, this kind of protectionism is bad. It's the uncertainty that this tension creates that is affecting the business sentiment and could actually accelerate the downturn, that is for the global economy, there seems to be a downturn coming," said Thierry Geiger, head of analytics and quantitative research on&nbsp;global&nbsp;competitiveness&nbsp;and risks.

The report further stressed the importance of openness, with experts urging the importance of greater investment in education, skills training and a more balanced and inclusive development model that will contribute to the healthy development of the global economy.

(With inputs from agencies)

India slipped ten places to rank at 68th spot on the Global Competitiveness Index(GCI) while Singapore became the world's most competitive economy pushing the US to the second rank.

India slipped ten places to rank at 68th spot on the Global Competitiveness Index(GCI) while Singapore became the world's most competitive economy pushing the US to the second rank. Launched in 1979, the GCI maps the competitiveness landscape of 141 economies through 103 indicators such as inflation, digital skills, life expectancy and trade tariffs. India, which was ranked 58th in the annual Global Competitiveness Index compiled by Geneva-based World Economic Forum (WEF), is among the worst-performing BRICS nations along with Brazil which ranked even lower than India at 71st this year. China was ranked at 28th spot same as last year but took the lead in terms of competitiveness among the BRICS economies. Meanwhile, Singapore replaced the US as the world's most competitive economy. It scored for its superior public sector, labour force, diversity and infrastructure. Hong Kong, Netherlands and Switzerland followed at third, fourth and fifth place respectively. In the index, India was followed by some of its neighbours including Sri Lanka at 84th place, Bangladesh at 105th, Nepal at 108th and Pakistan at 110th place. Here are the 10 most competitiveness economies of the world. 1. Singapore 2. United States 3. Hong Kong 4. Netherlands 5. Switzerland 6. Japan 7. Germany 8. Sweden 9. United Kingdom 10. Denmark The report cautioned that the constantly changing geopolitical backdrop and escalating trade tensions have increased uncertainty in the global economy which could lead to an economic slowdown. Watch: Cautious optimism about Indian economy × The WEF reminded policymakers of the necessity to take a "holistic approach" on planning, focus on quality-centred development, and further balance the relationship among short-term factors, quarterly reports and electoral cycles. "The international trading system is [not] perfect, it needs to be improved. There are some issues in the international trading system, but this rule-based system is the way to go. Increasing tariff is not helping at all. And yes, it's bad, this kind of protectionism is bad. It's the uncertainty that this tension creates that is affecting the business sentiment and could actually accelerate the downturn, that is for the global economy, there seems to be a downturn coming," said Thierry Geiger, head of analytics and quantitative research on global competitiveness and risks. The report further stressed the importance of openness, with experts urging the importance of greater investment in education, skills training and a more balanced and inclusive development model that will contribute to the healthy development of the global economy. (With inputs from agencies)

Global Competitiveness Index: India slips 10 places to 68th; Singapore replaces US on top

Indian shares were largely unchanged on Wednesday, as global equities took a beating after US-China standoff broadened and as investors kept a cautious stance ahead of September-quarter corporate results.

Broader Asian peers fell the most in a week as the United States and China's broadening dispute over trade and foreign policy showed little sign of coming to an end, weighing on global economic growth.

High-level talks between the world's top two economies on trade are due to resume on Thursday. The negotiations, which have been the global markets' most important catalyst for months, have weighed on investor sentiment.

The broader NSE Nifty was down 0.16% at 11,108.40, as of 0440 GMT, while the benchmark BSE Sensex was 0.17% weaker at 34,467.77.

Company earnings for the year ending March 2020 are expected to receive a boost after the Indian government moved to slash corporate taxes last month to 22% from 30%.

"People are waiting for the start of the Q2 results," said Vinod Nair, head of research at Geojit Financial in Kochi, referring to the fiscal second quarter ended Sept. 30.

"Because of the tax cuts, the prospects for earnings growth look very good," he said.

Financial results from Tata Consultancy Services Ltd are expected on Thursday, marking the start of the quarterly results season.

The biggest laggards in the NSE Nifty were Yes Bank Ltd and Titan Co Ltd.

Yes Bank's shares, which have been volatile over the past few weeks amid stake sales by the lender's promoters and concerns over its exposure to troubled real estate firms, dropped 7.9%.

Titan dived 5.2% after the watch and jewellery maker flagged lean sales and said its managing director of 17 years would step down.

Ultratech Cement Ltd was the top gainer in the NSE Nifty with a 2.5% rise.

Indian shares were largely unchanged on Wednesday, as global equities took a beating after US-China standoff broadened and as investors kept a cautious stance ahead of September-quarter corporate results.

Indian shares were largely unchanged on Wednesday, as global equities took a beating after US-China standoff broadened and as investors kept a cautious stance ahead of September-quarter corporate results. Broader Asian peers fell the most in a week as the United States and China's broadening dispute over trade and foreign policy showed little sign of coming to an end, weighing on global economic growth. High-level talks between the world's top two economies on trade are due to resume on Thursday. The negotiations, which have been the global markets' most important catalyst for months, have weighed on investor sentiment. The broader NSE Nifty was down 0.16% at 11,108.40, as of 0440 GMT, while the benchmark BSE Sensex was 0.17% weaker at 34,467.77. Company earnings for the year ending March 2020 are expected to receive a boost after the Indian government moved to slash corporate taxes last month to 22% from 30%. "People are waiting for the start of the Q2 results," said Vinod Nair, head of research at Geojit Financial in Kochi, referring to the fiscal second quarter ended Sept. 30. "Because of the tax cuts, the prospects for earnings growth look very good," he said. Financial results from Tata Consultancy Services Ltd are expected on Thursday, marking the start of the quarterly results season. The biggest laggards in the NSE Nifty were Yes Bank Ltd and Titan Co Ltd. Yes Bank's shares, which have been volatile over the past few weeks amid stake sales by the lender's promoters and concerns over its exposure to troubled real estate firms, dropped 7.9%. Titan dived 5.2% after the watch and jewellery maker flagged lean sales and said its managing director of 17 years would step down. Ultratech Cement Ltd was the top gainer in the NSE Nifty with a 2.5% rise.

Sensex, Nifty flat as investors eye second-quarter results; Yes Bank, Titan drop

The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved to release an additional installment of Dearness Allowance to Central Government employees and Dearness Relief to pensioners with effect from July 1, 2019 representing an increase of five per cent over the existing rate of 12 per cent of the basic pay or pension, to compensate for price rise.

It will benefit about 49.93 lakh central government employees and 65.26 lakh pensioners and represents an increase of 5 per cent over the existing rate of 12 per cent of the basic pay/pension to compensate for price rise.&nbsp;

The impact of the increase in Dearness Allowance and Dearness Relief would be Rs 15909.35 crore per annum and Rs 10606.20 crore in this financial year.&nbsp;

An official release said the increase is in accordance with the accepted formula, which is based on the recommendations of the Seventh Central Pay Commission.&nbsp;

Dear Allowance and Dearness Relief is paid to central government employees and pensioners to adjust the cost of living and to protect their basic pay/pension from erosion in the real value. Dear Allowance and Dearness Relief is revised twice a year from January 1 and July 1.&nbsp;

(With inputs from ANI)&nbsp;

The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved to release an additional installment of Dearness Allowance to Central Government employees and Dearness Relief to pensioners with effect from July 1, 2019 representing an increase of five per cent over the existing rate of 12 per cent of the basic pay or pension, to compensate for price rise.

The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved to release an additional installment of Dearness Allowance to Central Government employees and Dearness Relief to pensioners with effect from July 1, 2019 representing an increase of five per cent over the existing rate of 12 per cent of the basic pay or pension, to compensate for price rise. It will benefit about 49.93 lakh central government employees and 65.26 lakh pensioners and represents an increase of 5 per cent over the existing rate of 12 per cent of the basic pay/pension to compensate for price rise. The impact of the increase in Dearness Allowance and Dearness Relief would be Rs 15909.35 crore per annum and Rs 10606.20 crore in this financial year. An official release said the increase is in accordance with the accepted formula, which is based on the recommendations of the Seventh Central Pay Commission. Dear Allowance and Dearness Relief is paid to central government employees and pensioners to adjust the cost of living and to protect their basic pay/pension from erosion in the real value. Dear Allowance and Dearness Relief is revised twice a year from January 1 and July 1. (With inputs from ANI)

Cabinet approves 5 per cent additional Dearness Allowance for 50 lakh government employees

Equity benchmark indices reversed early losses on Wednesday and surged upwards, led by banking and financial stocks ahead of the Q2 corporate earnings results.

At the closing bell, the BSE S&amp;P Sensex was up by 646 points or 1.72 per cent at 38,178. The Nifty 50 wound up 187 points higher at 11,313.&nbsp;

At the National Stock Exchange, all sectoral indices were in the positive zone except for IT.

Led by cheerful market sentiment, Nifty bank edged higher by 3.6 per cent and financial service by 3 per cent. But Nifty IT slipped by 0.7 per cent.

Among stocks, Raymond jumped by over 10 per cent intraday after it's associate company signed an agreement to sell its property in Thane for Rs 700 crore.

Private lenders IndusInd Bank and ICICI Bank moved up by 5.5 per cent and 4.9 per cent respectively while State Bank of India gained by 5.1 per cent ahead of the festive season.

Bharti Infratel witnessed a gain of 5.3 per cent, Bharti Airtel by 5.2 per cent, UltraTech Cement by 4.9 per cent, Mahindra &amp; Mahindra by 4.3 per cent and Tata Steel by 4 per cent.

But Yes Bank was down by 5.1 per cent at Rs 43.30 per share after the lender denied media reports saying it is in talks with three technology companies, including software major Microsoft, for a strategic investment.

Hero Motocorp, Titan, Zee Entertainment, HCL Technologies and ITC too were in the red with a loss between 1.2 and 2.8 per cent.&nbsp;

Meanwhile, Asian markets were sharply lower as US-China trade frictions persisted even as officials from the two countries meet this week to work out a deal.&nbsp;

Japan's Nikkei slid by 0.6 per cent in its biggest decline over a week while Hong Kong shares fell by 0.8 per cent due to persistent worries about the often violent protest against China`s rule of the former British colony.

Equity benchmark indices reversed early losses on Wednesday and surged upwards, led by banking and financial stocks ahead of the Q2 corporate earnings results. At the closing bell, the BSE S&P Sensex was up by 646 points or 1.

Equity benchmark indices reversed early losses on Wednesday and surged upwards, led by banking and financial stocks ahead of the Q2 corporate earnings results. At the closing bell, the BSE S&P Sensex was up by 646 points or 1.72 per cent at 38,178. The Nifty 50 wound up 187 points higher at 11,313. At the National Stock Exchange, all sectoral indices were in the positive zone except for IT. Led by cheerful market sentiment, Nifty bank edged higher by 3.6 per cent and financial service by 3 per cent. But Nifty IT slipped by 0.7 per cent. Among stocks, Raymond jumped by over 10 per cent intraday after it's associate company signed an agreement to sell its property in Thane for Rs 700 crore. Private lenders IndusInd Bank and ICICI Bank moved up by 5.5 per cent and 4.9 per cent respectively while State Bank of India gained by 5.1 per cent ahead of the festive season. Bharti Infratel witnessed a gain of 5.3 per cent, Bharti Airtel by 5.2 per cent, UltraTech Cement by 4.9 per cent, Mahindra & Mahindra by 4.3 per cent and Tata Steel by 4 per cent. But Yes Bank was down by 5.1 per cent at Rs 43.30 per share after the lender denied media reports saying it is in talks with three technology companies, including software major Microsoft, for a strategic investment. Hero Motocorp, Titan, Zee Entertainment, HCL Technologies and ITC too were in the red with a loss between 1.2 and 2.8 per cent. Meanwhile, Asian markets were sharply lower as US-China trade frictions persisted even as officials from the two countries meet this week to work out a deal. Japan's Nikkei slid by 0.6 per cent in its biggest decline over a week while Hong Kong shares fell by 0.8 per cent due to persistent worries about the often violent protest against China`s rule of the former British colony.

Sensex closes 646 points higher as stocks resume fresh upward momentum

Governments will get more power to tax big multinationals like Google, Apple and Facebook doing business in their countries under a proposed overhaul of decades-old rules.

Big internet firms have pushed tax rules to the limit as they can book profit and park assets like trademarks and patents in low tax countries like Ireland wherever their customers are.

The drive for a global rule book has received new urgency as countries unilaterally adopt plans for a tax on digital companies over frustration with current rules.

This year more than 130 countries and territories agreed that a rewriting of tax rules largely going back to the 1920s was overdue and tasked the Paris-based Organisation for Economic Cooperation and Development (OECD) to come up with proposals.

"The current system is under stress and will not survive if we don't remove the tensions," OECD head of tax policy Pascal Saint-Amans told journalists. The OECD expects the first sign of whether there is broad political support behind their proposals next week when finance ministers from the Group of 20 economic powers discuss them at a meeting in Washington.

The overhaul would have an impact of a few percentage points of corporate income tax in many countries with no big losers apart from big international investment hubs, Saint-Amans said.

While that means countries like Ireland or offshore tax havens could suffer, countries with big consumer markets like the United States or France would benefit from the shake-up.

France adopted its own national tax on digital companies this year, sparking US&nbsp;threats of tariff on French wine and adding to global trade tensions.

Meanwhile, companies are facing increased uncertainty about their tax bills as countries challenge arrangements to pay tax in countries like Ireland rather than where their markets are.

Apple is locked in an EU tax dispute over profits booked in Ireland which could cost the iPhone maker $14 billion. Meanwhile, Google agreed last month to pay more than $1 billion to settle a tax case in France.

Amazon, which the European Union has told to pay about 250 million euros in back taxes to Luxembourg, said the OECD proposals were an "important step forward".

Tax&nbsp;revolution

The OECD proposals set a scope for the companies that would be covered by the new rules, define how much business they must do in a country to be taxable there and determine how much profit can be taxed there.

The aim is to give the government where the user or client of a company's product is located the right to tax a bigger share of the profit earned by a foreign company there.

Companies affected would be big multinational firms operating across borders with the OECD suggesting they should have revenue of over 750 million euros.

They would also have to have a "sustained and significant" interaction with customers in a country's market, regardless of whether they have a physical presence there or not.

Not only would big internet companies be covered, but also big consumer firms that sell retail products in a market through a distribution network, which they may or may not own.

Companies meeting those conditions would then be liable for taxes in a given country, according to a formula based on set percentages of profitability that remain to be negotiated.

A French Finance Ministry official said that the Washington meeting should give "the needed political steer in order to achieve an agreement on international taxation in 2020".

After Washington, broader negotiations will get underway with the aim to put an outline agreement to the 134 countries that have signed up for the reform in January.

The proposals issued on Wednesday run in parallel to the second track of reform also steered by the OECD that aims to come up with an internationally agreed minimum corporate tax rate companies cannot avoid.

Governments will get more power to tax big multinationals like Google, Apple and Facebook doing business in their countries under a proposed overhaul of decades-old rules.

Governments will get more power to tax big multinationals like Google, Apple and Facebook doing business in their countries under a proposed overhaul of decades-old rules. Big internet firms have pushed tax rules to the limit as they can book profit and park assets like trademarks and patents in low tax countries like Ireland wherever their customers are. The drive for a global rule book has received new urgency as countries unilaterally adopt plans for a tax on digital companies over frustration with current rules. This year more than 130 countries and territories agreed that a rewriting of tax rules largely going back to the 1920s was overdue and tasked the Paris-based Organisation for Economic Cooperation and Development (OECD) to come up with proposals. "The current system is under stress and will not survive if we don't remove the tensions," OECD head of tax policy Pascal Saint-Amans told journalists. The OECD expects the first sign of whether there is broad political support behind their proposals next week when finance ministers from the Group of 20 economic powers discuss them at a meeting in Washington. The overhaul would have an impact of a few percentage points of corporate income tax in many countries with no big losers apart from big international investment hubs, Saint-Amans said. While that means countries like Ireland or offshore tax havens could suffer, countries with big consumer markets like the United States or France would benefit from the shake-up. France adopted its own national tax on digital companies this year, sparking US threats of tariff on French wine and adding to global trade tensions. Meanwhile, companies are facing increased uncertainty about their tax bills as countries challenge arrangements to pay tax in countries like Ireland rather than where their markets are. Apple is locked in an EU tax dispute over profits booked in Ireland which could cost the iPhone maker $14 billion. Meanwhile, Google agreed last month to pay more than $1 billion to settle a tax case in France. Amazon, which the European Union has told to pay about 250 million euros in back taxes to Luxembourg, said the OECD proposals were an "important step forward". Tax revolution The OECD proposals set a scope for the companies that would be covered by the new rules, define how much business they must do in a country to be taxable there and determine how much profit can be taxed there. The aim is to give the government where the user or client of a company's product is located the right to tax a bigger share of the profit earned by a foreign company there. Companies affected would be big multinational firms operating across borders with the OECD suggesting they should have revenue of over 750 million euros. They would also have to have a "sustained and significant" interaction with customers in a country's market, regardless of whether they have a physical presence there or not. Not only would big internet companies be covered, but also big consumer firms that sell retail products in a market through a distribution network, which they may or may not own. Companies meeting those conditions would then be liable for taxes in a given country, according to a formula based on set percentages of profitability that remain to be negotiated. A French Finance Ministry official said that the Washington meeting should give "the needed political steer in order to achieve an agreement on international taxation in 2020". After Washington, broader negotiations will get underway with the aim to put an outline agreement to the 134 countries that have signed up for the reform in January. The proposals issued on Wednesday run in parallel to the second track of reform also steered by the OECD that aims to come up with an internationally agreed minimum corporate tax rate companies cannot avoid.

Multinationals face heftier tax hit in biggest overhaul for decades

Currencies linked with greater investor risk appetite, such as the Australian dollar, jumped on Wednesday after Bloomberg reported China remained open to signing a partial trade deal with the United States despite being put on the tech blacklist.

The <a href="https://www.wionews.com/world/us-expands-blacklist-to-include-chinas-top-ai-startups-ahead-of-trade-talks-254672">US&nbsp;government has widened its trade blacklist </a>to include some of China's top artificial intelligence start-ups, punishing Beijing for its treatment of mostly Muslim minorities and ratcheting up tensions ahead of high-level trade talks in Washington this week.

The Australian dollar, a global risk barometer, was last up 0.3 per cent&nbsp;at $0.6744 and the New Zealand dollar rose 0.4 per cent&nbsp;to $0.6319.

China's yuan was up 0.5 per cent&nbsp;at 7.1308 against the dollar in offshore trading.

The euro was up 0.3 per cent&nbsp;at $1.09785. The index that tracks the dollar against a basket of six other currencies was down 0.1 per cent&nbsp;at 99.007.

"Risk is looking reasonably better, but anyone who is trading the trade war knows that the impact of good news will be fading," said Jeremy Stretch, head of G10 FX strategy at CIBC Capital Markets.

"I think it pays off to be sceptical in terms of expectations of something exceptional happening during the<a href="https://www.wionews.com/world/us-china-trade-talks-to-resume-thursday-white-house-254346"> US-China trade talks this week,"</a> Stretch said.

The biggest move in the foreign exchange market, however, was an early morning plunge in the Swedish crown, both against the euro and the dollar, on concerns the <a href="https://www.wionews.com/world/persecution-of-the-uyghurs-us-blacklists-28-chinese-companies-over-uighur-abuses-in-xinjiang-254355">US-China conflict over trade and foreign policy </a>was nowhere near a resolution and was increasingly damaging the global economy.

Sweden's open economy makes the crown vulnerable to global growth dynamics and therefore to the trade dispute between the world's two biggest economies, which has hurt growth in the two years since US&nbsp;President Donald Trump ignited the trade war.

The Swedish crown was last steady, after falling earlier to a 10-year low of 10.9230 against the euro and a 17-year low of 9.9639 against the dollar.

"It's a remarkable move," said Stephen Gallo, European head of FX strategy at BMO Capital Markets. "You cannot get a clearer trend here. The fall reflects deepening worsening global outlook."

Gallo expects the crown to fall to 11 against the common currency, close to levels not seen since the financial crisis. Sweden's competitiveness as an exporter led to the crown's decline, he said.

The euro was a sell against the dollar, though, since it was likely to maintain its status as a safe-haven currency and US&nbsp;investors were likely to keep their dollars at home, he added.

Chinese Vice Premier Liu He is due to arrive this week in Washington for trade talks. He is expected to meet US&nbsp;Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Thursday.

Currencies linked with greater investor risk appetite, such as the Australian dollar, jumped on Wednesday after Bloomberg reported China remained open to signing a partial trade deal with the United States despite being put on the tech blacklist.

Currencies linked with greater investor risk appetite, such as the Australian dollar, jumped on Wednesday after Bloomberg reported China remained open to signing a partial trade deal with the United States despite being put on the tech blacklist. The US government has widened its trade blacklist to include some of China's top artificial intelligence start-ups, punishing Beijing for its treatment of mostly Muslim minorities and ratcheting up tensions ahead of high-level trade talks in Washington this week. The Australian dollar, a global risk barometer, was last up 0.3 per cent at $0.6744 and the New Zealand dollar rose 0.4 per cent to $0.6319. China's yuan was up 0.5 per cent at 7.1308 against the dollar in offshore trading. The euro was up 0.3 per cent at $1.09785. The index that tracks the dollar against a basket of six other currencies was down 0.1 per cent at 99.007. "Risk is looking reasonably better, but anyone who is trading the trade war knows that the impact of good news will be fading," said Jeremy Stretch, head of G10 FX strategy at CIBC Capital Markets. "I think it pays off to be sceptical in terms of expectations of something exceptional happening during the US-China trade talks this week," Stretch said. The biggest move in the foreign exchange market, however, was an early morning plunge in the Swedish crown, both against the euro and the dollar, on concerns the US-China conflict over trade and foreign policy was nowhere near a resolution and was increasingly damaging the global economy. Sweden's open economy makes the crown vulnerable to global growth dynamics and therefore to the trade dispute between the world's two biggest economies, which has hurt growth in the two years since US President Donald Trump ignited the trade war. The Swedish crown was last steady, after falling earlier to a 10-year low of 10.9230 against the euro and a 17-year low of 9.9639 against the dollar. "It's a remarkable move," said Stephen Gallo, European head of FX strategy at BMO Capital Markets. "You cannot get a clearer trend here. The fall reflects deepening worsening global outlook." Gallo expects the crown to fall to 11 against the common currency, close to levels not seen since the financial crisis. Sweden's competitiveness as an exporter led to the crown's decline, he said. The euro was a sell against the dollar, though, since it was likely to maintain its status as a safe-haven currency and US investors were likely to keep their dollars at home, he added. Chinese Vice Premier Liu He is due to arrive this week in Washington for trade talks. He is expected to meet US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Thursday.

Australian dollar rises, euro up after China says open for partial trade deal

Thyssenkrupp&nbsp;will make sweeping job cuts and give an update on the new company structure in November, the company's new Chief Executive Martina Merz told employees on Wednesday.

The German group announced in May it was open to new ownership structures for its car parts, plant engineering, marine systems, and elevators units, but investors criticised a lack of progress, leading to the <a href="https://www.wionews.com/world/thyssenkrupp-plunged-into-turmoil-as-ceo-kerkhoff-set-to-leave-252022">dismissal of CEO Guido Kerkhoff.</a>

This led to the installation of Martina Merz, who addressed her top managers for the first time as CEO this week.

"This is about strengthening businesses and improving performance. This is not a sellout," Merz said in the letter, which was released to employees following the management meeting.

Thyssenkrupp, which has already announced 6,000 positions will go, declined to put a figure on potential job losses, pending negotiations about cuts with labour leaders.

It said an update about the revamp would be given in November and that employees would have clarity in early 2020.

"It is true that this will not be possible without significant job cuts," Merz said, explaining that big changes were afoot in the Component Technologies and Industrial Solutions divisions.

Component Technologies will be renamed Automotive Technology and a new structure will be introduced.

Marcel Fasswald, Chief Executive of Thyssenkrupp Industrial Solutions, has left the company, Merz said.

Thyssenkrupp will, however, continue with plans to sell or list its Elevators division, Merz said.

Thyssenkrupp will make sweeping job cuts and give an update on the new company structure in November, the company's new Chief Executive Martina Merz told employees on Wednesday.

Thyssenkrupp will make sweeping job cuts and give an update on the new company structure in November, the company's new Chief Executive Martina Merz told employees on Wednesday. The German group announced in May it was open to new ownership structures for its car parts, plant engineering, marine systems, and elevators units, but investors criticised a lack of progress, leading to the dismissal of CEO Guido Kerkhoff. This led to the installation of Martina Merz, who addressed her top managers for the first time as CEO this week. "This is about strengthening businesses and improving performance. This is not a sellout," Merz said in the letter, which was released to employees following the management meeting. Thyssenkrupp, which has already announced 6,000 positions will go, declined to put a figure on potential job losses, pending negotiations about cuts with labour leaders. It said an update about the revamp would be given in November and that employees would have clarity in early 2020. "It is true that this will not be possible without significant job cuts," Merz said, explaining that big changes were afoot in the Component Technologies and Industrial Solutions divisions. Component Technologies will be renamed Automotive Technology and a new structure will be introduced. Marcel Fasswald, Chief Executive of Thyssenkrupp Industrial Solutions, has left the company, Merz said. Thyssenkrupp will, however, continue with plans to sell or list its Elevators division, Merz said.

Thyssenkrupp CEO announces sweeping job cuts

The chairman of <a href="https://www.wionews.com/business-economy/nissan-considers-giving-renault-some-seats-on-oversight-committees-source-227300">France's Renault&nbsp;is set to kick off a process to replace the Chief Executive</a>&nbsp;Thierry Bollore, business daily Le Figaro reported, as the carmaker tries to move on from an era marked by the arrest of former boss Carlos Ghosn.

According to Tuesday's report, Jean-Dominique Senard, who was brought in to chair Renault earlier this year from tyre maker Michelin, could bring the succession proposal onto the agenda of the next board meeting on October&nbsp;18.

Renault declined to comment on the report, which cited unidentified sources, as did a spokesman for the French finance ministry. The state owns a 15 per cent&nbsp;stake in Renault.

The company, like its alliance partner Nissan Motor C, is still reeling from the arrest last year of Ghosn on allegations of financial misconduct, which he denies.

Bollore, long Ghosn's right-hand man, was also promoted alongside Senard to help steady Renault.

But as well as stabilising the <a href="https://www.wionews.com/business-economy/fiat-renault-merger-good-opportunity-french-minister-225951">alliance with Nissan</a>, Senard was tasked shaking up governance at the firm, one step he had yet to take.

"It's sometimes good to change people who have been in a place for a long time," one source familiar with the French government's thinking said.

Any change at the top of Renault would follow hot on the heels of a management overhaul at Nissan, and could help to ease tensions between the alliance partners.

The Japanese carmaker on Tuesday named a new chief executive, replacing Hiroto Saikawa, who stepped down after he admitted to being improperly overpaid. Makoto Uchida, until now the head of Nissan's China business, is known for his close ties to Renault, which has a 43.3% stake in Nissan.

The chairman of France's Renault is set to kick off a process to replace the Chief Executive Thierry Bollore, business daily Le Figaro reported, as the carmaker tries to move on from an era marked by the arrest of former boss Carlos Ghosn.

The chairman of France's Renault is set to kick off a process to replace the Chief Executive Thierry Bollore, business daily Le Figaro reported, as the carmaker tries to move on from an era marked by the arrest of former boss Carlos Ghosn. According to Tuesday's report, Jean-Dominique Senard, who was brought in to chair Renault earlier this year from tyre maker Michelin, could bring the succession proposal onto the agenda of the next board meeting on October 18. Renault declined to comment on the report, which cited unidentified sources, as did a spokesman for the French finance ministry. The state owns a 15 per cent stake in Renault. The company, like its alliance partner Nissan Motor C, is still reeling from the arrest last year of Ghosn on allegations of financial misconduct, which he denies. Bollore, long Ghosn's right-hand man, was also promoted alongside Senard to help steady Renault. But as well as stabilising the alliance with Nissan, Senard was tasked shaking up governance at the firm, one step he had yet to take. "It's sometimes good to change people who have been in a place for a long time," one source familiar with the French government's thinking said. Any change at the top of Renault would follow hot on the heels of a management overhaul at Nissan, and could help to ease tensions between the alliance partners. The Japanese carmaker on Tuesday named a new chief executive, replacing Hiroto Saikawa, who stepped down after he admitted to being improperly overpaid. Makoto Uchida, until now the head of Nissan's China business, is known for his close ties to Renault, which has a 43.3% stake in Nissan.

Renault to start search for new CEO: Le Figaro

Britain's insolvency agency said on Wednesday that <a href="https://www.wionews.com/world/united-kingdom-to-fly-back-another-5000-people-on-thursday-after-thomas-cook-collapse-253440">Hays Travel had reached an agreement with Thomas Cook Group</a> Plc to buy 555 stores of the collapsed travel firm in the UK.

The travel agency will also re-employ some former employees from Thomas Cook's retail operations, the British agency said in a statement.

The world's largest travel firm, <a href="https://www.wionews.com/world/most-thomas-cook-holidaymakers-back-in-uk-252603">Thomas Cook, collapsed last month</a>, stranding hundreds of thousands of holidaymakers around the globe and sparking the largest peacetime repatriation effort in British history.

Britain's insolvency agency said on Wednesday that Hays Travel had reached an agreement with Thomas Cook Group Plc to buy 555 stores of the collapsed travel firm in the UK.

Britain's insolvency agency said on Wednesday that Hays Travel had reached an agreement with Thomas Cook Group Plc to buy 555 stores of the collapsed travel firm in the UK. The travel agency will also re-employ some former employees from Thomas Cook's retail operations, the British agency said in a statement. The world's largest travel firm, Thomas Cook, collapsed last month, stranding hundreds of thousands of holidaymakers around the globe and sparking the largest peacetime repatriation effort in British history.

Hays Travel to buy Thomas Cook's UK stores: Government agency

<a href="https://www.wionews.com/business-economy/airbus-ups-estimate-of-20-year-demand-for-new-planes-250372">Airbus Defence and Space has issued an internal warning of significant challenges</a> in meeting cashflow and other targets for 2019 as it rolls out an internal efficiency plan called "Momentum", people familiar with the matter said.

It is the second time in as many years the group's second-largest division has been forced to urge its 33,000 staff to save more cash in the final quarter of the year, a period when government customers are often slow in finalising payments.

This year, the squeeze has gained extra urgency as Airbus remains locked in a dispute with Germany over a freeze on arms exports to Saudi Arabia, imposed after the killing of journalist Jamal Kashoggi by Saudi operatives just over a year ago.

Airbus says the moratorium on defence export licences has disrupted an already long-delayed Saudi border systems contract.

Airbus Defence and Space staff have been urged to take steps to improve the division's cash position by the end of 2019, the people said, adding no figures were available.

One part of that effort is Momentum, a new plan aimed at achieving durable improvements in performance over the long term.

Responding to a Reuters query, an Airbus spokesman confirmed the focus on improving cash as well as the new efficiency plan.

"In early fall, as is rather customary, management has reminded the teams inside Airbus Defence and Space that we have to work hard in order to meet our targets by year-end," the spokesman said.

"Our particular focus in 2019 is on achieving our free cash flow objectives. Momentum, in its current phase, is one supporting tool in our instrument box to make that happen."

Airbus took a total of $228 million&nbsp;in first-half charges related to the Saudi contract but has declined to put any numbers on the fallout to its cashflow.

The group is targeting a positive free cash flow before M&amp;A and customer financing of approximately 4 billion euros in 2019 after an outflow of 3.981 billion euros in the first half blamed partly on higher inventories due to delayed jetliner deliveries.

<a href="https://www.wionews.com/world/airbus-orders-inspection-of-400-helicopters-following-norway-crash-249066">Airbus Defence and Space is the group's second-largest division by sales and contributes some 17 per cent&nbsp;of its revenue</a>.

The division supplies aerial refuelling tankers, satellites and military transport planes, and contributes to the four-nation Eurofighter Typhoon combat jet. It has also partnered with France’s Dassault Aviation&nbsp;to study a successor to the Eurofighter and the French Rafale.

Divisional chief executive Dirk Hoke has urged Berlin to relax the Saudi export ban, saying it will not lead to far-reaching changes in the Gulf kingdom. But Chancellor Angela Merkel's government has said there is no reason to alter the moratorium which has been extended to March next year.

Airbus Defence and Space has issued an internal warning of significant challenges in meeting cashflow and other targets for 2019 as it rolls out an internal efficiency plan called "Momentum", people familiar with the matter said.

Airbus Defence and Space has issued an internal warning of significant challenges in meeting cashflow and other targets for 2019 as it rolls out an internal efficiency plan called "Momentum", people familiar with the matter said. It is the second time in as many years the group's second-largest division has been forced to urge its 33,000 staff to save more cash in the final quarter of the year, a period when government customers are often slow in finalising payments. This year, the squeeze has gained extra urgency as Airbus remains locked in a dispute with Germany over a freeze on arms exports to Saudi Arabia, imposed after the killing of journalist Jamal Kashoggi by Saudi operatives just over a year ago. Airbus says the moratorium on defence export licences has disrupted an already long-delayed Saudi border systems contract. Airbus Defence and Space staff have been urged to take steps to improve the division's cash position by the end of 2019, the people said, adding no figures were available. One part of that effort is Momentum, a new plan aimed at achieving durable improvements in performance over the long term. Responding to a Reuters query, an Airbus spokesman confirmed the focus on improving cash as well as the new efficiency plan. "In early fall, as is rather customary, management has reminded the teams inside Airbus Defence and Space that we have to work hard in order to meet our targets by year-end," the spokesman said. "Our particular focus in 2019 is on achieving our free cash flow objectives. Momentum, in its current phase, is one supporting tool in our instrument box to make that happen." Airbus took a total of $228 million in first-half charges related to the Saudi contract but has declined to put any numbers on the fallout to its cashflow. The group is targeting a positive free cash flow before M&A and customer financing of approximately 4 billion euros in 2019 after an outflow of 3.981 billion euros in the first half blamed partly on higher inventories due to delayed jetliner deliveries. Airbus Defence and Space is the group's second-largest division by sales and contributes some 17 per cent of its revenue. The division supplies aerial refuelling tankers, satellites and military transport planes, and contributes to the four-nation Eurofighter Typhoon combat jet. It has also partnered with France’s Dassault Aviation to study a successor to the Eurofighter and the French Rafale. Divisional chief executive Dirk Hoke has urged Berlin to relax the Saudi export ban, saying it will not lead to far-reaching changes in the Gulf kingdom. But Chancellor Angela Merkel's government has said there is no reason to alter the moratorium which has been extended to March next year.

Airbus defence unit sees cash challenge, adopts efficiency plan

<a href="https://www.wionews.com/business-economy/gold-prices-steady-as-market-awaits-united-states-employment-report-253433">Gold prices on Wednesday</a> held on to the previous session's gains, as fading hopes for progress in US-China trade talks hit risk appetite, while markets also awaited clues on monetary easing by the US&nbsp;Federal Reserve.

Spot gold rose 0.4 per cent&nbsp;to $1,510.50 per ounce as of 0723 GMT, and stood its ground above $1,500 after jumping as much as 1 per cent&nbsp;in the previous session. US&nbsp;gold futures gained 0.8 per cent&nbsp;to $1,516.20 per ounce.

"The market is holding back, and looking at what's going to happen in the US-China trade talks on Thursday... If the trade dispute turns worse, we are going to expect some strong risk-off trade," said Phillip Futures analyst Benjamin Lu.

"The players who were short, rolled back on their positions. We are also seeing some weakness on the equity side."

The United States on Tuesday imposed visa restrictions on Chinese officials for the detention or abuse of Muslim minorities, angering Beijing ahead of high-level trade talks on Thursday and Friday, and sending Asian stocks lower.

The dollar was a shade lower against a basket of major currencies.

US&nbsp;President Donald Trump has said tariffs on Chinese imports will rise on October&nbsp;15 if no progress is made in the negotiations.

The US&nbsp;Treasury yield curve steepened in Asia after Federal Reserve Chair Jerome Powell signalled further interest rate cuts and the resumption of bond purchases to address a recent spike in money market rates.

Lower interest rates generally reduce the opportunity cost of holding non-yielding gold and weigh on the dollar.

"With the latest QE-lite measures, we expect in flow of funds into gold-backed ETFs to continue, which is likely to push gold prices higher. We maintain that gold prices may test as high as $1,600/oz in this period of uncertainty," OCBC Bank said in a research note.

<a href="https://www.wionews.com/business-economy/gold-prices-dip-as-fears-of-widening-trade-war-ease-252730">Signals are mixed for spot gold, as it failed to break a support at $1,488 per ounce</a>, said Reuters market analyst, Wang Tao.

"The psychological $1,500 pivot looms as the first key support for gold, however expect to see interest extend as far as $1,485," MKS PAMP said in a note.

Meanwhile, silver gained 1.2 per cent&nbsp;to $17.91 an ounce, while platinum rose 0.4 per cent&nbsp;to $892.99. Palladium declined 0.2 per cent&nbsp;to $1,673.17 an ounce.

Gold prices on Wednesday held on to the previous session's gains, as fading hopes for progress in US-China trade talks hit risk appetite, while markets also awaited clues on monetary easing by the US Federal Reserve.

Gold prices on Wednesday held on to the previous session's gains, as fading hopes for progress in US-China trade talks hit risk appetite, while markets also awaited clues on monetary easing by the US Federal Reserve. Spot gold rose 0.4 per cent to $1,510.50 per ounce as of 0723 GMT, and stood its ground above $1,500 after jumping as much as 1 per cent in the previous session. US gold futures gained 0.8 per cent to $1,516.20 per ounce. "The market is holding back, and looking at what's going to happen in the US-China trade talks on Thursday... If the trade dispute turns worse, we are going to expect some strong risk-off trade," said Phillip Futures analyst Benjamin Lu. "The players who were short, rolled back on their positions. We are also seeing some weakness on the equity side." The United States on Tuesday imposed visa restrictions on Chinese officials for the detention or abuse of Muslim minorities, angering Beijing ahead of high-level trade talks on Thursday and Friday, and sending Asian stocks lower. The dollar was a shade lower against a basket of major currencies. US President Donald Trump has said tariffs on Chinese imports will rise on October 15 if no progress is made in the negotiations. The US Treasury yield curve steepened in Asia after Federal Reserve Chair Jerome Powell signalled further interest rate cuts and the resumption of bond purchases to address a recent spike in money market rates. Lower interest rates generally reduce the opportunity cost of holding non-yielding gold and weigh on the dollar. "With the latest QE-lite measures, we expect in flow of funds into gold-backed ETFs to continue, which is likely to push gold prices higher. We maintain that gold prices may test as high as $1,600/oz in this period of uncertainty," OCBC Bank said in a research note. Signals are mixed for spot gold, as it failed to break a support at $1,488 per ounce, said Reuters market analyst, Wang Tao. "The psychological $1,500 pivot looms as the first key support for gold, however expect to see interest extend as far as $1,485," MKS PAMP said in a note. Meanwhile, silver gained 1.2 per cent to $17.91 an ounce, while platinum rose 0.4 per cent to $892.99. Palladium declined 0.2 per cent to $1,673.17 an ounce.

Gold holds firm as optimism fades for US-China trade talks

International Monetary Fund's chief <a href="https://www.wionews.com/world/divided-european-union-taps-bulgarias-kristalina-georgieva-as-international-monetary-fund-candidate-240499">Kristalina Georgieva </a>on Tuesday painted a grim picture of the world economy as she warned about 'synchronised slowdown'. She also said that&nbsp;nearly 90 per cent of the world will witness slower growth in 2019.

"Two years ago, the global economy was in a synchronised upswing. Measured by GDP, nearly 75 per cent of the world was accelerating. The global economy is now in a synchronised slowdown. In 2019, we expect slower growth in nearly 90 per cent of the world," said Georgieva.

The speech comes ahead of next week's annual meeting of the IMF and World Bank during which both the organisation are set to present the global economic outlook.

Georgieva also&nbsp;said that the effect&nbsp;of the slowdown is more pronounced&nbsp;in some of the largest emerging market economies like India.

"In the United States and Germany, unemployment is at historic lows. Yet across advanced economies, including in the US, Japan, an&nbsp;especially the euro area, there is a softening of economic activity. In some of the <a href="https://www.wionews.com/opinions/can-india-realistically-become-us-5-trillion-economy-236846">largest emerging market economies, such as India</a> and Brazil, the slowdown is even more pronounced this year," Georgieva also said.

The IMF had cut its projection for India's economic growth by 0.3 percentage points to 7 per cent for the fiscal year 2019-20 owing to the "weaker-than-expected outlook" for the domestic demand.

Watch: IMF's Lagarde warns of 'growing concerns' over trade tensions

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The IMF's research also takes into account the US-China trade conflict, which could have long-term repercussions.

&nbsp;"We have spoken in the past about the dangers of trade disputes. now, we see that they are actually taking a toll. Global trade growth has come to a near standstill. In part because of the trade tensions, worldwide manufacturing activity and investment have weakened substantially. There is a serious risk that services and consumption could soon be affected, " Georgieva said.

"Even if growth picks-up in 2020, the current rifts could lead to changes that last a generation - broken supply chains, siloed trade sectors, a 'digital berlin wall' that forces countries to choose between technology systems," she added.

She highlighted that trade conflicts could lead to a loss of a whopping seven-hundred billion dollars from the global GDP output by 2020.

Speaking about the monetary policy, Georgieva said that central banks need to keep their interests low, especially due to low inflation and weak growth.

However, she also said that there was limited scope for further cuts because the borrowing were already nearly zero or negative.

Kristalina Georgieva took over as IMF's managing director on October 1 after Christine Lagarde resigned.

Georgieva is the former chief executive officer of World Bank.

International Monetary Fund's chief Kristalina Georgieva on Tuesday painted a grim picture of the world economy as she warned about 'synchronised slowdown'. She also said that nearly 90 per cent of the world will witness slower growth in 2019.

International Monetary Fund's chief Kristalina Georgieva on Tuesday painted a grim picture of the world economy as she warned about 'synchronised slowdown'. She also said that nearly 90 per cent of the world will witness slower growth in 2019. "Two years ago, the global economy was in a synchronised upswing. Measured by GDP, nearly 75 per cent of the world was accelerating. The global economy is now in a synchronised slowdown. In 2019, we expect slower growth in nearly 90 per cent of the world," said Georgieva. The speech comes ahead of next week's annual meeting of the IMF and World Bank during which both the organisation are set to present the global economic outlook. Georgieva also said that the effect of the slowdown is more pronounced in some of the largest emerging market economies like India. "In the United States and Germany, unemployment is at historic lows. Yet across advanced economies, including in the US, Japan, an especially the euro area, there is a softening of economic activity. In some of the largest emerging market economies, such as India and Brazil, the slowdown is even more pronounced this year," Georgieva also said. The IMF had cut its projection for India's economic growth by 0.3 percentage points to 7 per cent for the fiscal year 2019-20 owing to the "weaker-than-expected outlook" for the domestic demand. Watch: IMF's Lagarde warns of 'growing concerns' over trade tensions × The IMF's research also takes into account the US-China trade conflict, which could have long-term repercussions. "We have spoken in the past about the dangers of trade disputes. now, we see that they are actually taking a toll. Global trade growth has come to a near standstill. In part because of the trade tensions, worldwide manufacturing activity and investment have weakened substantially. There is a serious risk that services and consumption could soon be affected, " Georgieva said. "Even if growth picks-up in 2020, the current rifts could lead to changes that last a generation - broken supply chains, siloed trade sectors, a 'digital berlin wall' that forces countries to choose between technology systems," she added. She highlighted that trade conflicts could lead to a loss of a whopping seven-hundred billion dollars from the global GDP output by 2020. Speaking about the monetary policy, Georgieva said that central banks need to keep their interests low, especially due to low inflation and weak growth. However, she also said that there was limited scope for further cuts because the borrowing were already nearly zero or negative. Kristalina Georgieva took over as IMF's managing director on October 1 after Christine Lagarde resigned. Georgieva is the former chief executive officer of World Bank.

World suffering 'synchronised slowdown', says new IMF chief; effect 'more pronounced' in India

Britain's economy is increasingly showing signs of strain as the <a href="https://www.wionews.com/world/british-prime-minister-johnson-tells-eu-brexit-ball-is-in-your-court-now-254283/amp">Brexit crisis</a> and the global slowdown intensify, with the loss of momentum appearing to spread to areas that have hitherto been sources of growth.

Confidence among businesses has ebbed to its lowest levels since the global financial crisis.

The labour market, which has long been a silver lining for the economy, is also starting to show signs of slowing, raising questions about the strength of consumer spending.

The different Brexit scenarios for the world's fifth-largest economy make it hard to gauge the outlook for the year ahead, not least for the Bank of England, and some investors fear Britain is already flirting with recession.

Economists polled by Reuters last month put the probability of a recession within a year at 35 per cent.

Below are some indicators of the <a href="https://www.wionews.com/business-economy/uk-business-activity-contracts-over-brexit-turmoil-raises-recession-risk-247628">British economy </a>and how they have changed since the June 2016 Brexit vote.

Pessimism among businesses has reached the highest levels in years.

The gauges of future activity in the Lloyds Business Barometer, CBI Growth Indicator, and IHS Markit/CIPS surveys have all turned weakened recently.

The closely watched IHS Markit/CIPS survey last week showed Britain's dominant <a href="https://www.wionews.com/business-economy/uk-economy-flirting-with-recession-after-services-shrink-unexpectedly-253502">services sector contracted </a>unexpectedly in September,&nbsp;and marked the worst reading in a major developed economy.

Household spending has supported Britain's economy since the Brexit vote, although there are signs that households have spent more on non-discretionary goods such as food, while spending in restaurants and hotels has weakened.

As of the second quarter, spending on the latter was about 1.5 per cent&nbsp;lower than in mid-2016, but nearly 7 per cent&nbsp;higher for food and non-alcoholic drinks, according to official data.

Figures from the British Retail Consortium and payment card company Barclaycard published on Monday showed shop chains had their worst September since records started in 1995, although spending on entertainment increased.

The labour market is the strong point of Britain's economy but some cracks have appeared recently. Employment fell in annualised terms in the six months to July 2019 to the greatest extent since early 2012.

Wage growth is at a decade-high although the BoE has said it may have peaked and there has been no pickup in productivity.

A measure that BoE policymakers like to look at,&nbsp;the three-month annualised growth rate of private sector earnings, excluding bonuses, slowed in July from an almost five-year high of 5.9 per cent&nbsp;in June.

Although the Office for National Statistics has revised up the level of business investment in Britain's economy lately, the figures still show capital expenditure has stagnated since the Brexit vote.

Business investment is running about 5 billion pounds lower than it would have been had it followed its pre-Brexit vote trend since the financial crisis, according to the latest data.

Britain's economy is increasingly showing signs of strain as the Brexit crisis and the global slowdown intensify, with the loss of momentum appearing to spread to areas that have hitherto been sources of growth.

Britain's economy is increasingly showing signs of strain as the Brexit crisis and the global slowdown intensify, with the loss of momentum appearing to spread to areas that have hitherto been sources of growth. Confidence among businesses has ebbed to its lowest levels since the global financial crisis. The labour market, which has long been a silver lining for the economy, is also starting to show signs of slowing, raising questions about the strength of consumer spending. The different Brexit scenarios for the world's fifth-largest economy make it hard to gauge the outlook for the year ahead, not least for the Bank of England, and some investors fear Britain is already flirting with recession. Economists polled by Reuters last month put the probability of a recession within a year at 35 per cent. Below are some indicators of the British economy and how they have changed since the June 2016 Brexit vote. Pessimism among businesses has reached the highest levels in years. The gauges of future activity in the Lloyds Business Barometer, CBI Growth Indicator, and IHS Markit/CIPS surveys have all turned weakened recently. The closely watched IHS Markit/CIPS survey last week showed Britain's dominant services sector contracted unexpectedly in September, and marked the worst reading in a major developed economy. Household spending has supported Britain's economy since the Brexit vote, although there are signs that households have spent more on non-discretionary goods such as food, while spending in restaurants and hotels has weakened. As of the second quarter, spending on the latter was about 1.5 per cent lower than in mid-2016, but nearly 7 per cent higher for food and non-alcoholic drinks, according to official data. Figures from the British Retail Consortium and payment card company Barclaycard published on Monday showed shop chains had their worst September since records started in 1995, although spending on entertainment increased. The labour market is the strong point of Britain's economy but some cracks have appeared recently. Employment fell in annualised terms in the six months to July 2019 to the greatest extent since early 2012. Wage growth is at a decade-high although the BoE has said it may have peaked and there has been no pickup in productivity. A measure that BoE policymakers like to look at, the three-month annualised growth rate of private sector earnings, excluding bonuses, slowed in July from an almost five-year high of 5.9 per cent in June. Although the Office for National Statistics has revised up the level of business investment in Britain's economy lately, the figures still show capital expenditure has stagnated since the Brexit vote. Business investment is running about 5 billion pounds lower than it would have been had it followed its pre-Brexit vote trend since the financial crisis, according to the latest data.

UK economy starts to shows cracks under Brexit and global strains

<a href="https://www.wionews.com/world/after-ghosn-nissan-ceo-hiroto-saikawa-to-step-down-over-financial-irregularities-accusation-248639">Nissan Motor Co</a> named the head of its Chinese business as its next CEO on Tuesday, picking an executive known for close ties to top shareholder Renault and for a frank, straight-talking manner that has marked him as an outsider.

By selecting Senior Vice President Makoto Uchida, Nissan's board has gone with someone slightly at odds with its traditional corporate culture. He joined the carmaker mid-career in 2003, a rarity in a country where top executives usually spend their entire working lives at the same company.

Known for his unflagging work ethic and relentless focus on cost control, Uchida was described by one long-time associate who spoke on condition of anonymity as a "foreigner with a Japanese face" - direct and to the point in conversations.

He will be joined by newly appointed Chief Operating Officer (COO) Ashwani Gupta, currently COO of junior partner Mitsubishi Motors Corp, in trying to find new ways to revive a business that has been struggling for months with plunging profits, management scandal and tensions with Renault.

Japan's second-largest automaker has been shaken in particular by the arrest of former Chairman Carlos Ghosn last year on allegations of financial misconduct, which he denies, and the more recent departure of CEO Hiroto Saikawa after he admitted to being improperly overpaid.

Whether the 53-year-old former theology student can deliver a miracle turnaround - particularly at Nissan's business in the United States - and repair ties with Renault will now be a focus for investors.

"The biggest business challenge for Nissan is speeding up," the head of Nissan's nominations committee, Masakazu Toyoda, told a news conference.

"Speedy decision making is a challenge that Uchida raised, and to this end, he said that he wants to empower people as much as possible, so we decided to ask Uchida to take on the CEO role."

One source close to Renault described the selection as "a victory for the alliance", saying that both Uchida and Gupta knew the business and were ready to help Nissan recover.

'Isn't really Japanese'

<a href="https://www.wionews.com/world/crisis-hit-nissan-ceo-set-to-resign-as-board-meets-248599">Before his ouster, Ghosn had been working on a plan for a full merger of Renault and Nissan</a>, but had met resistance in Japan, which is concerned about French influence in the alliance. The French government is a major Renault shareholder.

Relations were further strained this year when Renault held abortive merger talks with Fiat Chrysler Automobiles.

Nissan's former China chief Jun Seki, who was seen as one of the top contenders for the CEO job, will be vice COO, the company said. The three appointees will take up their positions by January&nbsp;1.

"All three are global citizens, attach importance to the alliance, and are motivated to speed decision making" Toyoda said.

The Uchida associate described him as a "Japanese person who isn't really Japanese inside. Very direct in his language, to the point, easy to understand."

He is extremely proficient in English and worked with Renault, which owns 43.4 per cent of Nissan, on alliance procurement.

Although he is steeped in cost control and rose through ranks in purchasing and procurement - two key things for Nissan - there are other traits that mark him as an outsider.

Unlike other top executives, he has not spent his entire career at Nissan, having joined from Nissho Iwai, now part of trading house Sojitz. He also graduated from Doshisha University in Kyoto, where he studied theology. Many top executives in Japan come from the University of Tokyo, and often study law.

As such he is seen as a "tozama", a lord who was considered an outsider in feudal Japan, the associate said.

Directors at Nissan, including those from Renault, voted unanimously in favour of the two executives, a source familiar with the matter said.

APE, which handles the French state's holdings in companies, said it was delighted "with a unanimous decision that will allow Nissan and the alliance to move forward."

Nissan Motor Co named the head of its Chinese business as its next CEO on Tuesday, picking an executive known for close ties to top shareholder Renault and for a frank, straight-talking manner that has marked him as an outsider.

Nissan Motor Co named the head of its Chinese business as its next CEO on Tuesday, picking an executive known for close ties to top shareholder Renault and for a frank, straight-talking manner that has marked him as an outsider. By selecting Senior Vice President Makoto Uchida, Nissan's board has gone with someone slightly at odds with its traditional corporate culture. He joined the carmaker mid-career in 2003, a rarity in a country where top executives usually spend their entire working lives at the same company. Known for his unflagging work ethic and relentless focus on cost control, Uchida was described by one long-time associate who spoke on condition of anonymity as a "foreigner with a Japanese face" - direct and to the point in conversations. He will be joined by newly appointed Chief Operating Officer (COO) Ashwani Gupta, currently COO of junior partner Mitsubishi Motors Corp, in trying to find new ways to revive a business that has been struggling for months with plunging profits, management scandal and tensions with Renault. Japan's second-largest automaker has been shaken in particular by the arrest of former Chairman Carlos Ghosn last year on allegations of financial misconduct, which he denies, and the more recent departure of CEO Hiroto Saikawa after he admitted to being improperly overpaid. Whether the 53-year-old former theology student can deliver a miracle turnaround - particularly at Nissan's business in the United States - and repair ties with Renault will now be a focus for investors. "The biggest business challenge for Nissan is speeding up," the head of Nissan's nominations committee, Masakazu Toyoda, told a news conference. "Speedy decision making is a challenge that Uchida raised, and to this end, he said that he wants to empower people as much as possible, so we decided to ask Uchida to take on the CEO role." One source close to Renault described the selection as "a victory for the alliance", saying that both Uchida and Gupta knew the business and were ready to help Nissan recover. 'Isn't really Japanese' Before his ouster, Ghosn had been working on a plan for a full merger of Renault and Nissan, but had met resistance in Japan, which is concerned about French influence in the alliance. The French government is a major Renault shareholder. Relations were further strained this year when Renault held abortive merger talks with Fiat Chrysler Automobiles. Nissan's former China chief Jun Seki, who was seen as one of the top contenders for the CEO job, will be vice COO, the company said. The three appointees will take up their positions by January 1. "All three are global citizens, attach importance to the alliance, and are motivated to speed decision making" Toyoda said. The Uchida associate described him as a "Japanese person who isn't really Japanese inside. Very direct in his language, to the point, easy to understand." He is extremely proficient in English and worked with Renault, which owns 43.4 per cent of Nissan, on alliance procurement. Although he is steeped in cost control and rose through ranks in purchasing and procurement - two key things for Nissan - there are other traits that mark him as an outsider. Unlike other top executives, he has not spent his entire career at Nissan, having joined from Nissho Iwai, now part of trading house Sojitz. He also graduated from Doshisha University in Kyoto, where he studied theology. Many top executives in Japan come from the University of Tokyo, and often study law. As such he is seen as a "tozama", a lord who was considered an outsider in feudal Japan, the associate said. Directors at Nissan, including those from Renault, voted unanimously in favour of the two executives, a source familiar with the matter said. APE, which handles the French state's holdings in companies, said it was delighted "with a unanimous decision that will allow Nissan and the alliance to move forward."

Nissan pins revival hopes on 'foreigner with a Japanese face'

Britain's&nbsp;regulator&nbsp;for payment systems said it was&nbsp;concerned that&nbsp;Barclays&nbsp;has pulled out of an agreement that allows customers of banks to withdraw cash&nbsp;from&nbsp;post&nbsp;offices&nbsp;for free.

Lawmakers have piled pressure on banks to maintain their free-to-use cash machine network as fewer people use branches and opt to bank online and pay for purchases by card.

Post&nbsp;offices&nbsp;have sought to plug gaps created by banks closing cash machines in rural areas in particular. Last year, Britain's 11,500&nbsp;Post&nbsp;Office branches handled more than 130 million transactions for UK banks.

"This step by&nbsp;Barclays&nbsp;reduces the number of places their customers can go to get cash," the Payment Systems&nbsp;Regulator&nbsp;(PSR) said in a statement on Tuesday.

"We are&nbsp;concerned about the impact this will have, and we will be closely monitoring the steps&nbsp;Barclays&nbsp;plan to take to make sure there are suitable alternatives for its customers to access their cash - especially those who rely on cash or who live in rural areas."

Barclays&nbsp;said cash&nbsp;withdrawals at&nbsp;post&nbsp;office counters will end in January but it has increased funding for the&nbsp;Post&nbsp;Office so customers and businesses can still pay in cash, cheques and check balances.

Barclays&nbsp;said it would not close branches in remote areas, or where it is the last bank in town, for the next two years.

The PSR said it welcomed news&nbsp;from&nbsp;the&nbsp;Post&nbsp;Office on Tuesday that the rest of Britain's banks will continue to offer full banking services to their customers through&nbsp;post&nbsp;offices.

Britain's largest cash machine (ATM) network that allows banks to offer customers access to cash is operated by LINK.

The&nbsp;regulator&nbsp;said it may use its powers to ensure that LINK's public commitments regarding the use of&nbsp;post&nbsp;offices&nbsp;and the availability of free-to-use cash machines are being met.

Consumer campaign group which&nbsp;said last month that poorer areas were the worst affected by the loss of free-to-use cash machines.

One in 10 of Britain's free-to-use cash machines either closed or started charging a fee over the past 17 months, while more than a third of bank branches have shut within the past five years, Which? said.

Britain's regulator for payment systems said it was concerned that Barclays has pulled out of an agreement that allows customers of banks to withdraw cash from post offices for free.

Britain's regulator for payment systems said it was concerned that Barclays has pulled out of an agreement that allows customers of banks to withdraw cash from post offices for free. Lawmakers have piled pressure on banks to maintain their free-to-use cash machine network as fewer people use branches and opt to bank online and pay for purchases by card. Post offices have sought to plug gaps created by banks closing cash machines in rural areas in particular. Last year, Britain's 11,500 Post Office branches handled more than 130 million transactions for UK banks. "This step by Barclays reduces the number of places their customers can go to get cash," the Payment Systems Regulator (PSR) said in a statement on Tuesday. "We are concerned about the impact this will have, and we will be closely monitoring the steps Barclays plan to take to make sure there are suitable alternatives for its customers to access their cash - especially those who rely on cash or who live in rural areas." Barclays said cash withdrawals at post office counters will end in January but it has increased funding for the Post Office so customers and businesses can still pay in cash, cheques and check balances. Barclays said it would not close branches in remote areas, or where it is the last bank in town, for the next two years. The PSR said it welcomed news from the Post Office on Tuesday that the rest of Britain's banks will continue to offer full banking services to their customers through post offices. Britain's largest cash machine (ATM) network that allows banks to offer customers access to cash is operated by LINK. The regulator said it may use its powers to ensure that LINK's public commitments regarding the use of post offices and the availability of free-to-use cash machines are being met. Consumer campaign group which said last month that poorer areas were the worst affected by the loss of free-to-use cash machines. One in 10 of Britain's free-to-use cash machines either closed or started charging a fee over the past 17 months, while more than a third of bank branches have shut within the past five years, Which? said.

Barclays withdrawal from post offices a concern: Regulator

United States&nbsp;stocks finished lower on Monday, ahead of a new round of trade negotiations between the world's two largest economies.

The Dow Jones Industrial Average erased 95.70 points, or 0.36 per cent, to 26,478.02. The Standard and Poor's 500 decreased 13.22 points, or 0.45 per cent, to 2,938.79. The Nasdaq Composite Index was down 26.18 points, or 0.33 per cent, to 7,956.29.

Ten of the 11 primary Standard and Poor's 500 sectors closed lower, with energy down 0.92 per cent, becoming the worst-performing group. Communication services rose a modest 0.04 per cent, the only gainer.

Investors are awaiting the US-China trade talks which are set to begin later this week.

"The effects of the existing trade taxes are seen in investment spending. Companies are less likely to invest when the supply chains that have been built up over thirty years are being threatened," analysts at Swiss investment bank UBS said in a note on Monday.

Wall Street is also expecting Federal Reserve Chairman Jerome Powell's upcoming speech at the US&nbsp;National Association for Business Economics annual meeting.

Last week, a flurry of weak US&nbsp;data raised hope for easier monetary policy from the Federal Reserve.

Market expectations for a rate cut later this month were more than 70 per cent, according to the CME Group's FedWatch tool.

United States stocks finished lower on Monday, ahead of a new round of trade negotiations between the world's two largest economies. The Dow Jones Industrial Average erased 95.

United States stocks finished lower on Monday, ahead of a new round of trade negotiations between the world's two largest economies. The Dow Jones Industrial Average erased 95.70 points, or 0.36 per cent, to 26,478.02. The Standard and Poor's 500 decreased 13.22 points, or 0.45 per cent, to 2,938.79. The Nasdaq Composite Index was down 26.18 points, or 0.33 per cent, to 7,956.29. Ten of the 11 primary Standard and Poor's 500 sectors closed lower, with energy down 0.92 per cent, becoming the worst-performing group. Communication services rose a modest 0.04 per cent, the only gainer. Investors are awaiting the US-China trade talks which are set to begin later this week. "The effects of the existing trade taxes are seen in investment spending. Companies are less likely to invest when the supply chains that have been built up over thirty years are being threatened," analysts at Swiss investment bank UBS said in a note on Monday. Wall Street is also expecting Federal Reserve Chairman Jerome Powell's upcoming speech at the US National Association for Business Economics annual meeting. Last week, a flurry of weak US data raised hope for easier monetary policy from the Federal Reserve. Market expectations for a rate cut later this month were more than 70 per cent, according to the CME Group's FedWatch tool.

US stocks decline as Wall Street awaits trade talks with China

Strong sales of <a href="https://www.wionews.com/business-economy/samsung-electronics-ends-mobile-phone-production-in-china-253273">Samsung Electronics</a>'&nbsp;Galaxy Note 10 smartphone series are limiting forecast profit falls at the South Korean tech giant, raising hopes it is getting back on a growth track after years of moribund sales.

Samsung, the world's largest smartphone maker, is powering ahead with the launch of 5G phones and $2,000 foldable handsets as it heats up the competition with rivals US&nbsp;Apple and China's Huawei following a battery explosion scandal in 2017 that hurt sales.

Analysts said the strategy may be paying off as the company on Tuesday flagged a smaller-than-expected fall in third-quarter operating profit, saying at the same time that sales of the Note 10 both at home and in Europe had been strong since the August&nbsp;23 launch.

There are also early signs that the global memory chip business, a key driver of Samsung's profit, will stabilise next year after prices were eroded by a weak global economy and slower spending by key data centre customers.

"With its foldable smartphone that no other competitors have yet launched, Samsung will likely lead the high-end smartphone market as it would mass-produce foldable smartphones next year," said Song Myung-sup, an analyst at HI Investment &amp; Securities.

"Also, a growing number of data centre customers are ordering more memory chips ... possibly slowing down the drop in prices," Song added.

Samsung said it has sold more than one million of the 5G Note 10 handsets in South Korea, making it the company's fastest-selling flagship model at home, and sales in Europe were also strong.

Analysts credit Samsung with receiving a boost from US&nbsp;sanctions on Huawei that effectively bar US&nbsp;firms from supplying the Chinese competitor.

Huawei's new high-end Mate 30 smartphones are being shipped to Europe this month, but the sanctions mean the product lacks access to a licensed version of US&nbsp;Google’s Android operating system, as well as mobile services that include its Play Store and popular apps like Gmail, Youtube or Maps.

Jene Park, a senior analyst at market tracker Counterpoint Research, said Samsung was also moving in on Huawei at the lower end of the market in Europe and Latin America.

Sales of Huawei's Honor smartphones, which are mainly in the $180-$249 price band and accounted for a large portion of sales outside of China, had dropped significantly since March, allowing Samsung to boost sales volumes of its new A-series, according to Counterpoint.

Chip recovery?

But Huawei's woes also present problems for Samsung as the&nbsp;world's biggest semiconductor firm by revenue, with the Chinese firm a major buyer of its memory chips.

Some analysts are more cautious about the outlook for the global memory chip business, which remains clouded by US-Sino trade conflict and provides two-thirds of Samsung's profit.

<a href="https://www.wionews.com/world/priced-at-2000-samsung-to-launch-galaxy-fold-in-south-korea-on-september-6-247663">Samsung's profit has been slumping every quarter</a> since the year-end holiday quarter last year and is expected to fall again in the current quarter year-on-year.

In a limited trading update ahead of full earnings later this month, Samsung on Tuesday said operating profit for the July to September quarter would likely tumble 56 per cent&nbsp;to&nbsp;$6.44 billion.

"The strong smartphone sales has limited ability to fix all Samsung's issues," said Park Sung-soon, an analyst at Cape Investment &amp; Securities. "Data centre customers, a major driver for memory chip business, are pursuing conservative investment for the time being, not particularly uplifting news for Samsung."

Shares in Samsung were up about 1.5 per cent, just slightly ahead of an 0.8 per cent&nbsp;rise in the wider market in afternoon trade.

Strong sales of Samsung Electronics' Galaxy Note 10 smartphone series are limiting forecast profit falls at the South Korean tech giant, raising hopes it is getting back on a growth track after years of moribund sales.

Strong sales of Samsung Electronics' Galaxy Note 10 smartphone series are limiting forecast profit falls at the South Korean tech giant, raising hopes it is getting back on a growth track after years of moribund sales. Samsung, the world's largest smartphone maker, is powering ahead with the launch of 5G phones and $2,000 foldable handsets as it heats up the competition with rivals US Apple and China's Huawei following a battery explosion scandal in 2017 that hurt sales. Analysts said the strategy may be paying off as the company on Tuesday flagged a smaller-than-expected fall in third-quarter operating profit, saying at the same time that sales of the Note 10 both at home and in Europe had been strong since the August 23 launch. There are also early signs that the global memory chip business, a key driver of Samsung's profit, will stabilise next year after prices were eroded by a weak global economy and slower spending by key data centre customers. "With its foldable smartphone that no other competitors have yet launched, Samsung will likely lead the high-end smartphone market as it would mass-produce foldable smartphones next year," said Song Myung-sup, an analyst at HI Investment & Securities. "Also, a growing number of data centre customers are ordering more memory chips ... possibly slowing down the drop in prices," Song added. Samsung said it has sold more than one million of the 5G Note 10 handsets in South Korea, making it the company's fastest-selling flagship model at home, and sales in Europe were also strong. Analysts credit Samsung with receiving a boost from US sanctions on Huawei that effectively bar US firms from supplying the Chinese competitor. Huawei's new high-end Mate 30 smartphones are being shipped to Europe this month, but the sanctions mean the product lacks access to a licensed version of US Google’s Android operating system, as well as mobile services that include its Play Store and popular apps like Gmail, Youtube or Maps. Jene Park, a senior analyst at market tracker Counterpoint Research, said Samsung was also moving in on Huawei at the lower end of the market in Europe and Latin America. Sales of Huawei's Honor smartphones, which are mainly in the $180-$249 price band and accounted for a large portion of sales outside of China, had dropped significantly since March, allowing Samsung to boost sales volumes of its new A-series, according to Counterpoint. Chip recovery? But Huawei's woes also present problems for Samsung as the world's biggest semiconductor firm by revenue, with the Chinese firm a major buyer of its memory chips. Some analysts are more cautious about the outlook for the global memory chip business, which remains clouded by US-Sino trade conflict and provides two-thirds of Samsung's profit. Samsung's profit has been slumping every quarter since the year-end holiday quarter last year and is expected to fall again in the current quarter year-on-year. In a limited trading update ahead of full earnings later this month, Samsung on Tuesday said operating profit for the July to September quarter would likely tumble 56 per cent to $6.44 billion. "The strong smartphone sales has limited ability to fix all Samsung's issues," said Park Sung-soon, an analyst at Cape Investment & Securities. "Data centre customers, a major driver for memory chip business, are pursuing conservative investment for the time being, not particularly uplifting news for Samsung." Shares in Samsung were up about 1.5 per cent, just slightly ahead of an 0.8 per cent rise in the wider market in afternoon trade.

Strong smartphone sales raise hopes of Samsung turnaround

Union Minister Prakash Javadekar on Tuesday said that the Bharat Stage (BS) VI fuel will be made available in the country from April 1 next year.

"The BS-VI fuel will be made available from April 1 in the country. The BS-VI compliant vehicles will also be made available from next year. This initiative will reduce pollution in the air by 80-90 per cent," Javadekar said while speaking to media.

Javadekar was in Jaipur to participate in a tree plantation event at the Malaviya National Institute of Technology (MNIT) here on the occasion of Vijayadashami.

The minister further informed that in a bid to reduce pollution under the National Clean Air Campaign, the government had chalked out plans for about 122 cities.

"The funds have also been issued by the Central government. Government has also been monitoring companies that are contributing immensely to pollution levels in the country," he said.

The Supreme Court on October 24, last year, had ruled that no BS-IV vehicle will be sold across the country with effect from April 1, 2020.

Instead, the BS-VI emission norm will come into force across the country.

The major difference between the existing BS-IV and forthcoming BS-VI norm is the presence of sulphur in the fuel. These emission standards were set by the government to keep a check on the pollutant levels emitted by vehicles that use combustion engines.&nbsp;

Union Minister Prakash Javadekar on Tuesday said that the Bharat Stage (BS) VI fuel will be made available in the country from April 1 next year. "The BS-VI fuel will be made available from April 1 in the country.

Union Minister Prakash Javadekar on Tuesday said that the Bharat Stage (BS) VI fuel will be made available in the country from April 1 next year. "The BS-VI fuel will be made available from April 1 in the country. The BS-VI compliant vehicles will also be made available from next year. This initiative will reduce pollution in the air by 80-90 per cent," Javadekar said while speaking to media. Javadekar was in Jaipur to participate in a tree plantation event at the Malaviya National Institute of Technology (MNIT) here on the occasion of Vijayadashami. The minister further informed that in a bid to reduce pollution under the National Clean Air Campaign, the government had chalked out plans for about 122 cities. "The funds have also been issued by the Central government. Government has also been monitoring companies that are contributing immensely to pollution levels in the country," he said. The Supreme Court on October 24, last year, had ruled that no BS-IV vehicle will be sold across the country with effect from April 1, 2020. Instead, the BS-VI emission norm will come into force across the country. The major difference between the existing BS-IV and forthcoming BS-VI norm is the presence of sulphur in the fuel. These emission standards were set by the government to keep a check on the pollutant levels emitted by vehicles that use combustion engines.

BS VI fuel to be available in country from April 1 next year: Javadekar

Watch in WION Wallet: Cautious optimism about the Indian economy. World Economic Forum clears out that how India is falling down economically at the global slowdown.

WION Wallet: Cautious optimism about Indian economy

Apple supplier Japan Display Inc aims to seal a revised bailout deal by the end of this month for at least 50 billion yen ($468 million) in vital funding, its new chief executive said on Monday.

Minoru Kikuoka also told Reuters in an interview that liquid crystal display (LCD) screens are drawing renewed market interest, pointing to solid demand for affordable smartphones with low-cost screens.

"We are close to (raising) 50 billion and I believe we can cement the deal this month," Kikuoka, who took the helm of the cash-strapped display maker in September, said.

The deal, if realised, would ease immediate risks of a cash shortfall after Chinese investment firm Harvest Group last month withdrew from the consortium of investors behind the bailout.

Japan Display has said Hong Kong-based Oasis Management still plans to contribute $150-180 million, while a major Japan Display client, which sources said is Apple, intends to invest $200 million.

Orders for LCD screens from a major customer have been "stronger than previously planned," Kikuoka also said. The comment follows a recent Nikkei Asian Review report that Apple has asked suppliers to increase production of its iPhone 11 models by around 10%.

Apple supplier Japan Display Inc aims to seal a revised bailout deal by the end of this month for at least 50 billion yen ($468 million) in vital funding, its new chief executive said on Monday.

Apple supplier Japan Display Inc aims to seal a revised bailout deal by the end of this month for at least 50 billion yen ($468 million) in vital funding, its new chief executive said on Monday. Minoru Kikuoka also told Reuters in an interview that liquid crystal display (LCD) screens are drawing renewed market interest, pointing to solid demand for affordable smartphones with low-cost screens. "We are close to (raising) 50 billion and I believe we can cement the deal this month," Kikuoka, who took the helm of the cash-strapped display maker in September, said. The deal, if realised, would ease immediate risks of a cash shortfall after Chinese investment firm Harvest Group last month withdrew from the consortium of investors behind the bailout. Japan Display has said Hong Kong-based Oasis Management still plans to contribute $150-180 million, while a major Japan Display client, which sources said is Apple, intends to invest $200 million. Orders for LCD screens from a major customer have been "stronger than previously planned," Kikuoka also said. The comment follows a recent Nikkei Asian Review report that Apple has asked suppliers to increase production of its iPhone 11 models by around 10%.

Apple supplier Japan Display aims to seal $468 million bailout deal by end October: CEO

HSBC is planning to lay off up to 10,000 staff, a report said Monday, just weeks after its <a href="https://www.wionews.com/business-economy/hsbc-ceo-john-flint-resigns-as-it-faces-challenging-geopolitics-240704">chief executive stepped down</a> and announced the axing 4,000 posts citing a weak global outlook.

The latest cuts mostly in high-paid roles are part of a fresh cost-cutting drive by new boss Noel Quinn as the banking titan struggles to adjust to falling interest rates, Brexit and the long-running trade war, the Financial Times reported.

"We've known for years that we need to do something about our cost base, the largest component of which is people -&nbsp;now we are finally grasping the nettle," the paper quoted an unnamed source as saying.

"There's some very hard modelling going on. We are asking why we have so many people in Europe when we've got double-digit returns in parts of Asia."

The London-headquartered bank last month announced the shock exit of CEO John Flint after just 18 months in the hot seat but gave no reason for the decision.

At the same time, it revealed it would axe two per cent of its global workforce, or roughly 4,000 mostly management jobs, in a new restructuring aimed at weathering the global turmoil.

Still, its reported first-half net profit rose 18.6 per cent on-year to $8.5 billion.

It is due to report third-quarter earnings at the end of October.

The cost-cutting drive is in line with other lenders who are battling global headwinds.

US banks including JPMorgan Chase and Wells Fargo have lowered their 2019 profit forecasts tied to interest rates as central banks around the world loosen monetary policy in response to a weakening global growth outlook.

Lower interest rates mean less profit on loans made by the banks, especially if they have offered higher returns on deposits to attract customers.

And last month Germany's second-largest lender Commerzbank said it plans to cut the equivalent of 4,300 full-time posts -&nbsp;a tenth of its workforce -&nbsp;and shut 200 branches as it restructures.

<a href="https://www.wionews.com/world/deutsche-bank-says-to-slash-18000-jobs-by-2022-233897">Deutsche Bank has announced 18,000 job cuts</a> and France's Societe Generale 1,600.

HSBC is planning to lay off up to 10,000 staff, a report said Monday, just weeks after its chief executive stepped down and announced the axing 4,000 posts citing a weak global outlook.

HSBC is planning to lay off up to 10,000 staff, a report said Monday, just weeks after its chief executive stepped down and announced the axing 4,000 posts citing a weak global outlook. The latest cuts mostly in high-paid roles are part of a fresh cost-cutting drive by new boss Noel Quinn as the banking titan struggles to adjust to falling interest rates, Brexit and the long-running trade war, the Financial Times reported. "We've known for years that we need to do something about our cost base, the largest component of which is people - now we are finally grasping the nettle," the paper quoted an unnamed source as saying. "There's some very hard modelling going on. We are asking why we have so many people in Europe when we've got double-digit returns in parts of Asia." The London-headquartered bank last month announced the shock exit of CEO John Flint after just 18 months in the hot seat but gave no reason for the decision. At the same time, it revealed it would axe two per cent of its global workforce, or roughly 4,000 mostly management jobs, in a new restructuring aimed at weathering the global turmoil. Still, its reported first-half net profit rose 18.6 per cent on-year to $8.5 billion. It is due to report third-quarter earnings at the end of October. The cost-cutting drive is in line with other lenders who are battling global headwinds. US banks including JPMorgan Chase and Wells Fargo have lowered their 2019 profit forecasts tied to interest rates as central banks around the world loosen monetary policy in response to a weakening global growth outlook. Lower interest rates mean less profit on loans made by the banks, especially if they have offered higher returns on deposits to attract customers. And last month Germany's second-largest lender Commerzbank said it plans to cut the equivalent of 4,300 full-time posts - a tenth of its workforce - and shut 200 branches as it restructures. Deutsche Bank has announced 18,000 job cuts and France's Societe Generale 1,600.

HSBC planning to cut 10,000 more jobs: Report