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The&nbsp;Bank&nbsp;of&nbsp;Japan&nbsp;held&nbsp;fire&nbsp;on Thursday but suggested it could&nbsp;cut&nbsp;rates in the&nbsp;future, reflecting its fears that global risks could weigh on the country's fragile recovery.

The announcement came just hours after the US <a href="https://www.wionews.com/world/trump-again-attacks-federal-reserve-says-central-bank-derelict-in-its-duties-258005">Federal Reserve</a>&nbsp;cut&nbsp;its benchmark interest&nbsp;rate&nbsp;for the third straight time as it gauges economic risks.

In its so-called "forward guidance"&nbsp;a signal the central&nbsp;bank&nbsp;gives to the market on its&nbsp;future&nbsp;policy decisions&nbsp;the BoJ said it expects rates "to remain at their present or lower levels."

Previously it had not made reference to the possibility of lower levels, saying instead it expected to keep "current ultra-low rates for an extended period of time, at least until the spring of 2020".

Thursday's announcement dropped the reference to that timeframe, hinting a change could come sooner.

The Japanese central&nbsp;bank&nbsp;warned that a pick-up in the global economy is likely to be delayed "mainly due to the intensified <a href="https://www.wionews.com/world/united-states-wants-china-trade-deal-in-same-time-frame-despite-apec-summit-cancellation-258895">US-China trade friction</a> as well as slowdowns" in emerging economies including China.

"Japan's economy is expected to grow temporarily at a somewhat slower pace than its potential" reflecting weak exports and the sales tax hike that came into effect on October 1, it said.

The&nbsp;Bank&nbsp;also revised down its inflation and growth forecasts for the world's third-largest economy.

The central&nbsp;bank&nbsp;said it expected prices to rise 0.7 per cent in the year to March 2020, down from a previous forecast of 1.0 per cent, and well short of its years-long target of two per cent.

It also revised down its forecast for the following year to 1.1 per cent from 1.3 per cent and downgraded its projection for the year to March 2022 from 1.6 per cent to 1.5 per cent.

The BoJ has consistently fallen short of hitting the two per cent target it considers key to turbocharging the stuttering economy, despite a barrage of stimulus and monetary easing packages.&nbsp;

Bank&nbsp;policymakers have argued that prolonged periods of low growth and inflation have created a "deflation mindset" that continues to weigh on the national economy.

In a statement, it said there had been "no further increase in the possibility that the momentum towards achieving the price stability would be lost".

But it warned at the same time that "it was necessary to continue to pay close attention to the possibility".

The central&nbsp;bank&nbsp;also slightly lowered its economic growth forecast, citing "the delay in the timing of a pick-up in the growth pace of overseas economies".

It&nbsp;now&nbsp;projects&nbsp;Japan's economy will grow 0.6 per cent in the year to March, 0.7 per cent for the following year and 1.0 per cent for the year to March 22.

&nbsp;

The Bank of Japan held fire on Thursday but suggested it could cut rates in the future, reflecting its fears that global risks could weigh on the country's fragile recovery.

The Bank of Japan held fire on Thursday but suggested it could cut rates in the future, reflecting its fears that global risks could weigh on the country's fragile recovery. The announcement came just hours after the US Federal Reserve cut its benchmark interest rate for the third straight time as it gauges economic risks. In its so-called "forward guidance" a signal the central bank gives to the market on its future policy decisions the BoJ said it expects rates "to remain at their present or lower levels." Previously it had not made reference to the possibility of lower levels, saying instead it expected to keep "current ultra-low rates for an extended period of time, at least until the spring of 2020". Thursday's announcement dropped the reference to that timeframe, hinting a change could come sooner. The Japanese central bank warned that a pick-up in the global economy is likely to be delayed "mainly due to the intensified US-China trade friction as well as slowdowns" in emerging economies including China. "Japan's economy is expected to grow temporarily at a somewhat slower pace than its potential" reflecting weak exports and the sales tax hike that came into effect on October 1, it said. The Bank also revised down its inflation and growth forecasts for the world's third-largest economy. The central bank said it expected prices to rise 0.7 per cent in the year to March 2020, down from a previous forecast of 1.0 per cent, and well short of its years-long target of two per cent. It also revised down its forecast for the following year to 1.1 per cent from 1.3 per cent and downgraded its projection for the year to March 2022 from 1.6 per cent to 1.5 per cent. The BoJ has consistently fallen short of hitting the two per cent target it considers key to turbocharging the stuttering economy, despite a barrage of stimulus and monetary easing packages. Bank policymakers have argued that prolonged periods of low growth and inflation have created a "deflation mindset" that continues to weigh on the national economy. In a statement, it said there had been "no further increase in the possibility that the momentum towards achieving the price stability would be lost". But it warned at the same time that "it was necessary to continue to pay close attention to the possibility". The central bank also slightly lowered its economic growth forecast, citing "the delay in the timing of a pick-up in the growth pace of overseas economies". It now projects Japan's economy will grow 0.6 per cent in the year to March, 0.7 per cent for the following year and 1.0 per cent for the year to March 22.

Bank of Japan suggests future rate cut, but holds fire for now

<a href="https://www.wionews.com/business-economy/samsung-electronics-ends-mobile-phone-production-in-china-253273">Samsung&nbsp;Electronics</a>, the world's largest smartphone and memory chip maker, saw&nbsp;net&nbsp;profits slump by more than half in the&nbsp;third quarter, it said Thursday, hit by an enduring downturn in the global chip market.

Net&nbsp;profits in the three months to September were $5.40 billion, it said in a statement,&nbsp;down&nbsp;52 per cent year-on-year.

"Earnings from the memory business slumped significantly year-on-year as memory chip prices continued its downward trend," the company said.

The firm is the flagship subsidiary of the giant&nbsp;Samsung&nbsp;Group, by far the largest of the family-controlled conglomerates known as "chaebols" that dominate business in the world's 11th-largest economy.

But in recent months it has been battered by falling chip prices as global supply increases.

Samsung&nbsp;also faces challenges from the <a href="https://www.wionews.com/world/united-states-wants-china-trade-deal-in-same-time-frame-despite-apec-summit-cancellation-258895">US-China trade war </a>and tough export restrictions imposed by Tokyo on key supplies as part of a dispute with Seoul over wartime forced labour.

The South Korean tech titan leads the global smartphone market with a 23 per cent share, trailed by Chinese competitors Huawei and Oppo, with Apple in fourth place, according to sales tracker IHS Markit.

The premium smartphone market has grown fiercely competitive and overall sales have cooled as a lack of major innovation has seen buyers waiting longer before upgrading to new models.

But&nbsp;Samsung&nbsp;said profits in its mobile division had been boosted by strong sales of the Galaxy Note 10 and its A series devices, along with bigger margins for mass-market models.&nbsp;

"The business also expanded its 5G product offerings and launched the Galaxy Fold, demonstrating&nbsp;Samsung's technology leadership," it added.

Samsung&nbsp;released its top-end S10 5G smartphone earlier this year after South Korea won the global race to commercially launch the world's first nationwide 5G network.

But in April it was embarrassingly forced to delay the release of the hotly anticipated Galaxy Fold after reviewers provided with early devices reported screen problems within days of use.

In another setback, earlier this month it also acknowledged a major flaw with its fingerprint system allowing non-users to open other people's top-end smartphones.

But Tom Kang, research director at Counterpoint Research, noted&nbsp;Samsung's flagship Note 10 device had sold far better than&nbsp;previous models,&nbsp;and that the firm would benefit from restrictions imposed by Washington on its key Chinese competitor.&nbsp;

"From September, Huawei's devices have been unable to have Google mobile services," he told AFP.&nbsp;

"This is&nbsp;also likely to continue giving&nbsp;Samsung's mobile phones a significant advantage.&nbsp;Samsung&nbsp;phones will appeal to high-end users."

Operating&nbsp;profit&nbsp;plunged 55.7 per cent to 7.8 trillion won in the&nbsp;third quarter, the firm said, while sales fell 5.3 per cent to 62 trillion won.&nbsp;

But analysts voiced optimism for the coming months, noting that falling inventory levels for semiconductors,&nbsp;which account for more than half of&nbsp;Samsung's&nbsp;profit,&nbsp;will help stabilise chip prices after double-digit drops this year.

Adding to the firm's difficulties, the retrial of its vice chairman Lee Jae-yong began last week over a sprawling corruption scandal that could see him return to prison.

He is not being held in custody during the trial, but it is expected to last for months and a guilty verdict could deprive the firm of its top decision-maker.

Samsung&nbsp;shares were up 1.79 per cent in morning trade.&nbsp;

&nbsp;

Samsung Electronics, the world's largest smartphone and memory chip maker, saw net profits slump by more than half in the third quarter, it said Thursday, hit by an enduring downturn in the global chip market.

Samsung Electronics, the world's largest smartphone and memory chip maker, saw net profits slump by more than half in the third quarter, it said Thursday, hit by an enduring downturn in the global chip market. Net profits in the three months to September were $5.40 billion, it said in a statement, down 52 per cent year-on-year. "Earnings from the memory business slumped significantly year-on-year as memory chip prices continued its downward trend," the company said. The firm is the flagship subsidiary of the giant Samsung Group, by far the largest of the family-controlled conglomerates known as "chaebols" that dominate business in the world's 11th-largest economy. But in recent months it has been battered by falling chip prices as global supply increases. Samsung also faces challenges from the US-China trade war and tough export restrictions imposed by Tokyo on key supplies as part of a dispute with Seoul over wartime forced labour. The South Korean tech titan leads the global smartphone market with a 23 per cent share, trailed by Chinese competitors Huawei and Oppo, with Apple in fourth place, according to sales tracker IHS Markit. The premium smartphone market has grown fiercely competitive and overall sales have cooled as a lack of major innovation has seen buyers waiting longer before upgrading to new models. But Samsung said profits in its mobile division had been boosted by strong sales of the Galaxy Note 10 and its A series devices, along with bigger margins for mass-market models. "The business also expanded its 5G product offerings and launched the Galaxy Fold, demonstrating Samsung's technology leadership," it added. Samsung released its top-end S10 5G smartphone earlier this year after South Korea won the global race to commercially launch the world's first nationwide 5G network. But in April it was embarrassingly forced to delay the release of the hotly anticipated Galaxy Fold after reviewers provided with early devices reported screen problems within days of use. In another setback, earlier this month it also acknowledged a major flaw with its fingerprint system allowing non-users to open other people's top-end smartphones. But Tom Kang, research director at Counterpoint Research, noted Samsung's flagship Note 10 device had sold far better than previous models, and that the firm would benefit from restrictions imposed by Washington on its key Chinese competitor. "From September, Huawei's devices have been unable to have Google mobile services," he told AFP. "This is also likely to continue giving Samsung's mobile phones a significant advantage. Samsung phones will appeal to high-end users." Operating profit plunged 55.7 per cent to 7.8 trillion won in the third quarter, the firm said, while sales fell 5.3 per cent to 62 trillion won. But analysts voiced optimism for the coming months, noting that falling inventory levels for semiconductors, which account for more than half of Samsung's profit, will help stabilise chip prices after double-digit drops this year. Adding to the firm's difficulties, the retrial of its vice chairman Lee Jae-yong began last week over a sprawling corruption scandal that could see him return to prison. He is not being held in custody during the trial, but it is expected to last for months and a guilty verdict could deprive the firm of its top decision-maker. Samsung shares were up 1.79 per cent in morning trade.

Samsung Electronics third-quarter net profit slumps 52%

<a href="https://www.wionews.com/india-news/apple-starts-selling-locally-assembled-iphone-xr-in-india-257374">Apple</a> on Wednesday reported stronger-than-expected profits for the past quarter, fueled by growth in digital services and wearables that helped offset slower iPhone sales.

Profit in the quarter ending in September dipped four per cent from a year ago to $13.7 billion while revenues edged up two per cent to $64 billion.

Apple, set to launch a new <a href="https://www.wionews.com/entertainment/jennifer-aniston-apple-explore-messy-world-of-tv-news-after-metoo-256491">streaming television service</a> this week, saw strong revenue gains in its services segment, which includes music, digital payments and software, and in its segment for wearables and accessories that includes its Home Pod, Apple Watch and ear buds.

Chief executive Tim Cook said Apple saw its best-ever revenue gains for the fiscal fourth quarter period.

"There were no blemishes in the quarter with Cook &amp; Co. delivering a masterpiece quarter despite its back against the wall with the company the poster child of the <a href="https://www.wionews.com/world/united-states-wants-china-trade-deal-in-same-time-frame-despite-apec-summit-cancellation-258895">US/China trade battle</a>," Wedbush analyst Dan Ives said in a note to investors.

Apple shares rose some two percent in after-hours trade following the release.

Cook hailed the results as "the conclusion of a remarkable fiscal 2019 for Apple," and said the company "established new all-time highs for multiple services categories."

Apple, which has ceased reporting unit sales of iPhones, said revenue from its smartphones fell nine percent in the quarter to $33.4 billion.

Services accounted for 20 per cent of revenues, according to chief financial officer Luca Maestri, with 18 per cent growth in the segment to $12.5 billion.

The wearables and accessories category produced revenue growth of 54 percent to $6.5 billion, led by gains in sales of Apple Watch and the wearable Air Pods.

Apple saw modest sales declines in its "greater China" region and in Europe and Japan, but this was offset by gains in North America and elsewhere in Asia.

"Importantly on the iPhone front, China came in well above our and Street expectations and is on the path to showing growth in the region," Ives said.

Apple has been seeking to shift its revenue mix amid a slumping smartphone market and growing competition in the segment.

The company, which recently launched a lineup of iPhone 11 handsets, said it would allow customers to purchase the devices interest-free with its Apple Card and pay over 24 months.

"It's early but the trends look very good" for the iPhone, Cook said, when asked about sales of the new devices. "We're bullish."

Apple said it ended the quarter with some $260 billion cash on hand.

The report comes two days ahead of the launch of Apple TV+, a new streaming service which could challenge Netflix and will compete against an array of others including Disney+ and HBO Max.

Ives said Apple "has a compelling list of new shows coming out as we believe it has committed $6 billion annually to the original shows and movies to beef up its streaming content ambitions."

Apple has an opportunity to win users with its aggressive pricing of $5 monthly and some 900 million iPhone users worldwide, and is offering a year of Apple TV+ for free with new device purchases.

"We're really proud of the content, we'd like as many people as possible to view it," Cook told analysts.

The streaming television war is set to enter a new phase as titans Apple and Disney take direct aim at market leader &nbsp;Netflix, vying for consumers abandoning their cable TV bundles for on-demand services.

Apple on Wednesday reported stronger-than-expected profits for the past quarter, fueled by growth in digital services and wearables that helped offset slower iPhone sales.

Apple on Wednesday reported stronger-than-expected profits for the past quarter, fueled by growth in digital services and wearables that helped offset slower iPhone sales. Profit in the quarter ending in September dipped four per cent from a year ago to $13.7 billion while revenues edged up two per cent to $64 billion. Apple, set to launch a new streaming television service this week, saw strong revenue gains in its services segment, which includes music, digital payments and software, and in its segment for wearables and accessories that includes its Home Pod, Apple Watch and ear buds. Chief executive Tim Cook said Apple saw its best-ever revenue gains for the fiscal fourth quarter period. "There were no blemishes in the quarter with Cook & Co. delivering a masterpiece quarter despite its back against the wall with the company the poster child of the US/China trade battle," Wedbush analyst Dan Ives said in a note to investors. Apple shares rose some two percent in after-hours trade following the release. Cook hailed the results as "the conclusion of a remarkable fiscal 2019 for Apple," and said the company "established new all-time highs for multiple services categories." Apple, which has ceased reporting unit sales of iPhones, said revenue from its smartphones fell nine percent in the quarter to $33.4 billion. Services accounted for 20 per cent of revenues, according to chief financial officer Luca Maestri, with 18 per cent growth in the segment to $12.5 billion. The wearables and accessories category produced revenue growth of 54 percent to $6.5 billion, led by gains in sales of Apple Watch and the wearable Air Pods. Apple saw modest sales declines in its "greater China" region and in Europe and Japan, but this was offset by gains in North America and elsewhere in Asia. "Importantly on the iPhone front, China came in well above our and Street expectations and is on the path to showing growth in the region," Ives said. Apple has been seeking to shift its revenue mix amid a slumping smartphone market and growing competition in the segment. The company, which recently launched a lineup of iPhone 11 handsets, said it would allow customers to purchase the devices interest-free with its Apple Card and pay over 24 months. "It's early but the trends look very good" for the iPhone, Cook said, when asked about sales of the new devices. "We're bullish." Apple said it ended the quarter with some $260 billion cash on hand. The report comes two days ahead of the launch of Apple TV+, a new streaming service which could challenge Netflix and will compete against an array of others including Disney+ and HBO Max. Ives said Apple "has a compelling list of new shows coming out as we believe it has committed $6 billion annually to the original shows and movies to beef up its streaming content ambitions." Apple has an opportunity to win users with its aggressive pricing of $5 monthly and some 900 million iPhone users worldwide, and is offering a year of Apple TV+ for free with new device purchases. "We're really proud of the content, we'd like as many people as possible to view it," Cook told analysts. The streaming television war is set to enter a new phase as titans Apple and Disney take direct aim at market leader Netflix, vying for consumers abandoning their cable TV bundles for on-demand services.

Apple beats profit forecasts amid growth in services, wearables

Union Minister for Commerce and Industry, Piyush Goyal on Wednesday assured industries and state governments that no Free Trade Agreements (FTAs) will be signed in a rush.

Speaking during the workshop on 'Make in India'&nbsp;with state industry ministers, Goyal made a clarification on the Regional Comprehensive Economic Partnership (RCEP), a proposed free trade agreement among 10 ASEAN countries and their six FTA partners China, Japan, India, South Korea, Australia and New Zealand.

"In terms of RCEP, I want to clarify that lots of wrong information are being spread all over the place. Let me ensure each one of you that India will no more sign any FTA in a rush, not in a weak leadership which have worked only on deadlines to execute FTAs. India will enter into a free trade agreement or comprehensive partnerships on our terms -- what is best for Indian people, what is in our national interest and what is good for the people of India and for the country as a whole," he said.

"We are careful once we are negotiating with agreements trade deals. Trade is a very complex subject. We have to factor in long terms implications and therefore any engagement which will do will result in a best for the people of India for our industry, MSME sector, for job creation and employment opportunities," Goyal added.

The minister also emphasised on the trade relations with other parts of the countries.

"We cannot remain in an isolated world. We have to engage with the rest of the world what is moving toward more and more global and India will have to finally balance, imperative to protect its domestic interest and also engage to the rest of the world. That is the fine balance the government is working on," he said.

"We will make sure we are the part of the world's international trading but will not compromise national interest, interests of industry and interests of people of India," Goyal remarked.

He underlined that necessary and adequate safeguards will be provided to Indian industries and ensure that they have sufficient potential to grow and new markets open for India in order to attract more investment.

"It's a two-way traffic. It has to be a win-win situation for both. No trade agreement, no international agreement can be done unless it's a two-way benefit and that's what we will ensure in our free trade agreements," Goyal said.

The minister also said that the sectors which are not suitable for India should be identified and cut out and there is a need to plan the country's domestic policy at both central and state levels.

"Industrial policy at the national level should have access to the state policies and the salient feature for states is that they will have the chance to be a part of the national policy. That way, the industrial policy will reach all part of the world along with the National Industrial Policy. I would urge each state to try and make a robust industrial policy. The Centre is always ready to help," Goyal further said.&nbsp;

 
&nbsp;

Union Minister for Commerce and Industry, Piyush Goyal on Wednesday assured industries and state governments that no Free Trade Agreements (FTAs) will be signed in a rush.

Union Minister for Commerce and Industry, Piyush Goyal on Wednesday assured industries and state governments that no Free Trade Agreements (FTAs) will be signed in a rush. Speaking during the workshop on 'Make in India' with state industry ministers, Goyal made a clarification on the Regional Comprehensive Economic Partnership (RCEP), a proposed free trade agreement among 10 ASEAN countries and their six FTA partners China, Japan, India, South Korea, Australia and New Zealand. "In terms of RCEP, I want to clarify that lots of wrong information are being spread all over the place. Let me ensure each one of you that India will no more sign any FTA in a rush, not in a weak leadership which have worked only on deadlines to execute FTAs. India will enter into a free trade agreement or comprehensive partnerships on our terms -- what is best for Indian people, what is in our national interest and what is good for the people of India and for the country as a whole," he said. "We are careful once we are negotiating with agreements trade deals. Trade is a very complex subject. We have to factor in long terms implications and therefore any engagement which will do will result in a best for the people of India for our industry, MSME sector, for job creation and employment opportunities," Goyal added. The minister also emphasised on the trade relations with other parts of the countries. "We cannot remain in an isolated world. We have to engage with the rest of the world what is moving toward more and more global and India will have to finally balance, imperative to protect its domestic interest and also engage to the rest of the world. That is the fine balance the government is working on," he said. "We will make sure we are the part of the world's international trading but will not compromise national interest, interests of industry and interests of people of India," Goyal remarked. He underlined that necessary and adequate safeguards will be provided to Indian industries and ensure that they have sufficient potential to grow and new markets open for India in order to attract more investment. "It's a two-way traffic. It has to be a win-win situation for both. No trade agreement, no international agreement can be done unless it's a two-way benefit and that's what we will ensure in our free trade agreements," Goyal said. The minister also said that the sectors which are not suitable for India should be identified and cut out and there is a need to plan the country's domestic policy at both central and state levels. "Industrial policy at the national level should have access to the state policies and the salient feature for states is that they will have the chance to be a part of the national policy. That way, the industrial policy will reach all part of the world along with the National Industrial Policy. I would urge each state to try and make a robust industrial policy. The Centre is always ready to help," Goyal further said.

No more FTAs will be signed in rush: Piyush Goyal

Equity benchmark indices continued their upward march during early hours on Thursday amid optimism in global markets.

At 10:15 am, the BSE S&amp;P Sensex was up by 215 points at 40,267 while the Nifty 50 edged higher by 65 points to 11,909.

All sectoral indices at the National Stock Exchange were in the positive terrain with Nifty PSU bank up by 2.4 per cent and realty by 1.9 per cent.

Among stocks, State Bank of India rose by 3.7 per cent while Infosys was up by 2.3 per cent and Wipro by 1.2 per cent.

The other prominent gainers were Grasim, HDFC Bank, Hero MotoCorp, Dr Reddy's, Titan and Nestle India.

But Tata Steel, Mahindra &amp; Mahindra, Bharti Infratel, Power Grid Corporation and Yes Bank showed marginal losses.

Meanwhile, Asian shares and US stock futures edged higher after the US Federal Reserve cut interest rates for the third time in a row by 25 basis points as expected to keep economic expansion on track.

However, the Fed hinted that there will be no further cuts unless deemed necessary.

Japan's Nikkei moved up by 0.36 per cent, Hong Kong's Hang Seng index by 1.06 per cent and South Korea's Kospi by 0.9 per cent.

But the Shanghai Composite index slipped by 0.09 per cent as data showed that factory activity in China shrank for the sixth straight month in October.

 
&nbsp;

Equity benchmark indices continued their upward march during early hours on Thursday amid optimism in global markets. At 10:15 am, the BSE S&P Sensex was up by 215 points at 40,267 while the Nifty 50 edged higher by 65 points to 11,909.

Equity benchmark indices continued their upward march during early hours on Thursday amid optimism in global markets. At 10:15 am, the BSE S&P Sensex was up by 215 points at 40,267 while the Nifty 50 edged higher by 65 points to 11,909. All sectoral indices at the National Stock Exchange were in the positive terrain with Nifty PSU bank up by 2.4 per cent and realty by 1.9 per cent. Among stocks, State Bank of India rose by 3.7 per cent while Infosys was up by 2.3 per cent and Wipro by 1.2 per cent. The other prominent gainers were Grasim, HDFC Bank, Hero MotoCorp, Dr Reddy's, Titan and Nestle India. But Tata Steel, Mahindra & Mahindra, Bharti Infratel, Power Grid Corporation and Yes Bank showed marginal losses. Meanwhile, Asian shares and US stock futures edged higher after the US Federal Reserve cut interest rates for the third time in a row by 25 basis points as expected to keep economic expansion on track. However, the Fed hinted that there will be no further cuts unless deemed necessary. Japan's Nikkei moved up by 0.36 per cent, Hong Kong's Hang Seng index by 1.06 per cent and South Korea's Kospi by 0.9 per cent. But the Shanghai Composite index slipped by 0.09 per cent as data showed that factory activity in China shrank for the sixth straight month in October.

Equities trade higher led by PSU bank and realty stocks

Indian Oil Corp Ltd,&nbsp;the country's top refiner, posted an 82.7 per cent slump in second-quarter profit on Thursday, missing estimates widely, due to higher inventory losses and lower refining margins.

Net profit was at 5.63 billion rupees&nbsp;in the quarter ended September&nbsp;30, compared with 32.47 billion rupees a year earlier, state-owned IOC said in a filing.

Quarterly results were impacted due to inventory losses in the three months ended September&nbsp;30 against inventory gains year ago, company chairman Sanjiv Singh said.

September quarter inventory losses stood at 18.07 billion rupees, against a gain of 28.95 billion rupees year ago.

International crude prices&nbsp;fell 8.7 per cent during the quarter ended September&nbsp;30, while the refiner bought the commodity at a much higher price.

Average gross refining margin - the difference between the cost of crude oil processed and the prices of refined products - shrank to $1.28 per barrel for the July-Sept period from $6.79 per barrel a year earlier.

Singh said GRMs were impacted due to lower product margins.

Indian retail prices for gasoline and gas oil are linked to their respective benchmarks in Singapore and the Arab Gulf.

Analysts on average had expected a profit of 39.71 billion rupees, according to Refinitiv data.

Revenue from operations fell 13.2 per cent&nbsp;to 1.32 trillion rupees.

IOC, along with its subsidiary Chennai Petroleum controls about a third of India's 5 million barrels per day refining capacity.

Fuel demand in the world's third-largest consumer fell to its lowest in more than two years in September, data from the Petroleum Planning and Analysis Cell (PPAC) showed.

Recently, Indian government relaxed rules for setting up fuel stations in the country after a gap of 17 years, opening the sector to non-energy companies, which has been dominated by state refiners - Indian Oil Corp, Bharat Petroleum Corp&nbsp;and Hindustan Petroleum Corp.

Singh said new rules will enhance competition in the market and benefit consumers.

Indian Oil Corp Ltd, the country's top refiner, posted an 82.7 per cent slump in second-quarter profit on Thursday, missing estimates widely, due to higher inventory losses and lower refining margins.

Indian Oil Corp Ltd, the country's top refiner, posted an 82.7 per cent slump in second-quarter profit on Thursday, missing estimates widely, due to higher inventory losses and lower refining margins. Net profit was at 5.63 billion rupees in the quarter ended September 30, compared with 32.47 billion rupees a year earlier, state-owned IOC said in a filing. Quarterly results were impacted due to inventory losses in the three months ended September 30 against inventory gains year ago, company chairman Sanjiv Singh said. September quarter inventory losses stood at 18.07 billion rupees, against a gain of 28.95 billion rupees year ago. International crude prices fell 8.7 per cent during the quarter ended September 30, while the refiner bought the commodity at a much higher price. Average gross refining margin - the difference between the cost of crude oil processed and the prices of refined products - shrank to $1.28 per barrel for the July-Sept period from $6.79 per barrel a year earlier. Singh said GRMs were impacted due to lower product margins. Indian retail prices for gasoline and gas oil are linked to their respective benchmarks in Singapore and the Arab Gulf. Analysts on average had expected a profit of 39.71 billion rupees, according to Refinitiv data. Revenue from operations fell 13.2 per cent to 1.32 trillion rupees. IOC, along with its subsidiary Chennai Petroleum controls about a third of India's 5 million barrels per day refining capacity. Fuel demand in the world's third-largest consumer fell to its lowest in more than two years in September, data from the Petroleum Planning and Analysis Cell (PPAC) showed. Recently, Indian government relaxed rules for setting up fuel stations in the country after a gap of 17 years, opening the sector to non-energy companies, which has been dominated by state refiners - Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp. Singh said new rules will enhance competition in the market and benefit consumers.

Indian Oil profit tanks 83% as refining margins shrink

&nbsp;Yes Bank Ltd said&nbsp;on Thursday it has received a binding offer of $1.2 billion from a global investor as the private-sector lender looks to raise capital through a fresh issue of shares, sending its stock 39 percent higher.

The bank said it was in advanced talks with other investors as well.

The lender's Chief Executive Officer Ravneet Gill had said in September that the bank was close to securing a deal to sell a minority stake to a <a href="https://www.wionews.com/business-economy/yes-bank-in-talks-with-microsoft-other-tech-firms-to-sell-up-to-15-stake-report-254145">global technology company</a>.

News channel CNBC TV18 said citing sources that Hong Kong-based SPGP Holdings was the investor and that the bank's board was likely to consider all proposals on Nov. 1, when it is due to report quarterly results.

Yes Bank did not immediately respond to Reuters' request for details on the offer.

In August, Yes Bank raised nearly $275 million via a qualified institutional placement, a capital-raising tool commonly used in India, to improve its capital adequacy ratio.

The Bank's shares have lost 68.8 percent&nbsp;of their value so far this year, weighed down by its exposure to Jet Airways, infrastructure conglomerate IL&amp;FS, a multi-fold rise in provisions for loan losses and as its asset quality deteriorated sharply.

Yes Bank Ltd said on Thursday it has received a binding offer of $1.2 billion from a global investor as the private-sector lender looks to raise capital through a fresh issue of shares, sending its stock 39 percent higher.

Yes Bank Ltd said on Thursday it has received a binding offer of $1.2 billion from a global investor as the private-sector lender looks to raise capital through a fresh issue of shares, sending its stock 39 percent higher. The bank said it was in advanced talks with other investors as well. The lender's Chief Executive Officer Ravneet Gill had said in September that the bank was close to securing a deal to sell a minority stake to a global technology company. News channel CNBC TV18 said citing sources that Hong Kong-based SPGP Holdings was the investor and that the bank's board was likely to consider all proposals on Nov. 1, when it is due to report quarterly results. Yes Bank did not immediately respond to Reuters' request for details on the offer. In August, Yes Bank raised nearly $275 million via a qualified institutional placement, a capital-raising tool commonly used in India, to improve its capital adequacy ratio. The Bank's shares have lost 68.8 percent of their value so far this year, weighed down by its exposure to Jet Airways, infrastructure conglomerate IL&FS, a multi-fold rise in provisions for loan losses and as its asset quality deteriorated sharply.

Yes Bank gets $1.2 billion offer from global investor

Panasonic Corp on Thursday reported a 12 percent drop in its second-quarter operating profit as the Japanese firm was hurt by the Sino-US&nbsp;trade war and higher development costs related to its automotive business in Europe.

Still, its September-quarter earnings of 83.9 billion yen beat analysts' average estimate of 62.74 billion yen, according to Refinitiv data, as the battery business with Tesla Inc narrowed its losses.

A year earlier, Panasonic, the exclusive battery cell supplier for new electric vehicles (EVs) made by Tesla Inc, had earned 95.2 billion yen.

The company maintained its profit forecast for the year through March at 300 billion yen, compared with an average estimate of 293.94 billion yen from 19 analysts.

Panasonic has turned its focus away from low-margin consumer electronics and bet on businesses that sell to automakers as well as to corporations such as factory-owners and firms that automate processes.

But the shift has failed to lift profits at a time when the US-China trade war has hit industrial purchases and output, and the global car market is contracting.

Tesla is also yet to show sustained profits. The Japanese company's chief executive, Kazuhiro Tsuga, has admitted he underestimated development costs for car components and risks associated with Tesla.

The electric carmaker surprised investors last week with a quarterly profit that sent its shares soaring.

Panasonic said on Thursday its automotive business, which includes car batteries, recorded an operating loss of 12.7 billion yen compared with a 7.1 billion yen loss in the year-ago quarter.

While Tsuga has promised to expand into "solutions services" for business customers by leveraging the company's expertise in various industries, he is yet to detail what that growth strategy would look like.

Tsuga is expected to hold a strategy briefing on November 22. He was scheduled to attend an earnings briefing on Thursday, but cancelled earlier this week.

Panasonic Corp on Thursday reported a 12 percent drop in its second-quarter operating profit as the Japanese firm was hurt by the Sino-US trade war and higher development costs related to its automotive business in Europe.

Panasonic Corp on Thursday reported a 12 percent drop in its second-quarter operating profit as the Japanese firm was hurt by the Sino-US trade war and higher development costs related to its automotive business in Europe. Still, its September-quarter earnings of 83.9 billion yen beat analysts' average estimate of 62.74 billion yen, according to Refinitiv data, as the battery business with Tesla Inc narrowed its losses. A year earlier, Panasonic, the exclusive battery cell supplier for new electric vehicles (EVs) made by Tesla Inc, had earned 95.2 billion yen. The company maintained its profit forecast for the year through March at 300 billion yen, compared with an average estimate of 293.94 billion yen from 19 analysts. Panasonic has turned its focus away from low-margin consumer electronics and bet on businesses that sell to automakers as well as to corporations such as factory-owners and firms that automate processes. But the shift has failed to lift profits at a time when the US-China trade war has hit industrial purchases and output, and the global car market is contracting. Tesla is also yet to show sustained profits. The Japanese company's chief executive, Kazuhiro Tsuga, has admitted he underestimated development costs for car components and risks associated with Tesla. The electric carmaker surprised investors last week with a quarterly profit that sent its shares soaring. Panasonic said on Thursday its automotive business, which includes car batteries, recorded an operating loss of 12.7 billion yen compared with a 7.1 billion yen loss in the year-ago quarter. While Tsuga has promised to expand into "solutions services" for business customers by leveraging the company's expertise in various industries, he is yet to detail what that growth strategy would look like. Tsuga is expected to hold a strategy briefing on November 22. He was scheduled to attend an earnings briefing on Thursday, but cancelled earlier this week.

Japan's Panasonic profit drops 12% on trade war, higher costs

China&nbsp;officially started the commercialisation of&nbsp;5G&nbsp;services on Thursday, with the country's three major telecom operators rolling out their&nbsp;5G&nbsp;data plans, according to information released at PT Expo&nbsp;China&nbsp;2019.

Consumers can pay to access the superfast speed of&nbsp;5G&nbsp;starting from Friday.

The three telecom operators,&nbsp;China&nbsp;Mobile,&nbsp;China&nbsp;Unicom and&nbsp;China&nbsp;Telecom, have already pushed&nbsp;5G&nbsp;preregistration with plentiful discounts and free&nbsp;5G&nbsp;data allowance and managed to attract interest from more than 10 million subscribers after they were granted commercial-use licenses for the superfast wireless technology in early June.

Asia's leading information and communications technology (ICT) event, PT Expo&nbsp;China&nbsp;2019, scheduled from Thursday to Sunday, is expected to highlight&nbsp;5G&nbsp;applications in various industries.

China officially started the commercialisation of 5G services on Thursday, with the country's three major telecom operators rolling out their 5G data plans, according to information released at PT Expo China 2019.

China officially started the commercialisation of 5G services on Thursday, with the country's three major telecom operators rolling out their 5G data plans, according to information released at PT Expo China 2019. Consumers can pay to access the superfast speed of 5G starting from Friday. The three telecom operators, China Mobile, China Unicom and China Telecom, have already pushed 5G preregistration with plentiful discounts and free 5G data allowance and managed to attract interest from more than 10 million subscribers after they were granted commercial-use licenses for the superfast wireless technology in early June. Asia's leading information and communications technology (ICT) event, PT Expo China 2019, scheduled from Thursday to Sunday, is expected to highlight 5G applications in various industries.

China's three major telecom operators kick off 5G commercialisation

Nintendo Co Ltd's&nbsp;second-quarter operating profit more than doubled, blowing past analyst estimates, on strong demand for its Switch console.

Nintendo sold 4.98 million units of its hybrid home-portable Switch device in the six months to September and 1.95 million handheld-only Switch Lite units that went on sale in September.

It would be "premature" to raise Nintendo's full-year hardware sales forecast for Switch from 18 million units, CEO Shuntaro Furukawa told reporters in Osaka.

The Switch Lite launch is part of the Kyoto-based firm's drive to expand the device's appeal beyond hardcore gamers, with the arrival of two Pokemon titles next month expected to drive demand for the low-cost version of the device.

Nintendo, which drew in millions of casual players with its Wii Fit game and balance board gadget 12 years ago, faces ever more competition from smartphone apps to video streaming.

This month, Nintendo launched Ring Fit Adventure, a title which, using the Switch's sensor-packed controllers and the bundled springy plastic Ring-Con, allows players to explore a fantasy world through actions like jogging and jumping.

Nintendo brought one of its marquee franchises, Mario Kart, to mobile in September, with the title downloaded over 120 million times in its first month, outstripping other mobile releases from the gaming company over a comparable period.

With revenue at $0.26 per player for the Mario Kart title, according to data from Sensor Tower, far behind Dragalia Lost's $16.50 per player, Nintendo is yet to demonstrate the saturated mobile market can become a substantial revenue driver.

Furukawa declined to say when the game's multiplayer option, which is currently greyed-out in-game and has been a focus for player complaints, would be activated.

Nintendo's operating profit for the July-September quarter was 66.8 billion yen ($615 million) versus 30.9 billion yen a year earlier. That was well above an average forecast of 50 billion yen from 10 analyst estimates compiled by Refinitiv.

The company's shares closed up 0.3 per cent&nbsp;on Thursday ahead of earnings. The stock has risen 32 per cent&nbsp;this year although that upwards trajectory has stalled in recent months.

Nintendo has struggled to replicate the runaway success of mobile title Pokemon Go, developed by San Francisco-based Niantic, which has, three years after it launched, generated more than $3 billion in revenues, according to Sensor Tower.

The commercialization of Pokemon, which spans games, toys, and TV, contrasts with Nintendo's often conservative use of characters like Mario.

However, the gaming company is taking inspiration from the string of Pokemon Center retail stores with the launch of a Nintendo-themed store in Tokyo's Shibuya district next month.

Nintendo Co Ltd's second-quarter operating profit more than doubled, blowing past analyst estimates, on strong demand for its Switch console. Nintendo sold 4.98 million units of its hybrid home-portable Switch device in the six months to September and 1.

Nintendo Co Ltd's second-quarter operating profit more than doubled, blowing past analyst estimates, on strong demand for its Switch console. Nintendo sold 4.98 million units of its hybrid home-portable Switch device in the six months to September and 1.95 million handheld-only Switch Lite units that went on sale in September. It would be "premature" to raise Nintendo's full-year hardware sales forecast for Switch from 18 million units, CEO Shuntaro Furukawa told reporters in Osaka. The Switch Lite launch is part of the Kyoto-based firm's drive to expand the device's appeal beyond hardcore gamers, with the arrival of two Pokemon titles next month expected to drive demand for the low-cost version of the device. Nintendo, which drew in millions of casual players with its Wii Fit game and balance board gadget 12 years ago, faces ever more competition from smartphone apps to video streaming. This month, Nintendo launched Ring Fit Adventure, a title which, using the Switch's sensor-packed controllers and the bundled springy plastic Ring-Con, allows players to explore a fantasy world through actions like jogging and jumping. Nintendo brought one of its marquee franchises, Mario Kart, to mobile in September, with the title downloaded over 120 million times in its first month, outstripping other mobile releases from the gaming company over a comparable period. With revenue at $0.26 per player for the Mario Kart title, according to data from Sensor Tower, far behind Dragalia Lost's $16.50 per player, Nintendo is yet to demonstrate the saturated mobile market can become a substantial revenue driver. Furukawa declined to say when the game's multiplayer option, which is currently greyed-out in-game and has been a focus for player complaints, would be activated. Nintendo's operating profit for the July-September quarter was 66.8 billion yen ($615 million) versus 30.9 billion yen a year earlier. That was well above an average forecast of 50 billion yen from 10 analyst estimates compiled by Refinitiv. The company's shares closed up 0.3 per cent on Thursday ahead of earnings. The stock has risen 32 per cent this year although that upwards trajectory has stalled in recent months. Nintendo has struggled to replicate the runaway success of mobile title Pokemon Go, developed by San Francisco-based Niantic, which has, three years after it launched, generated more than $3 billion in revenues, according to Sensor Tower. The commercialization of Pokemon, which spans games, toys, and TV, contrasts with Nintendo's often conservative use of characters like Mario. However, the gaming company is taking inspiration from the string of Pokemon Center retail stores with the launch of a Nintendo-themed store in Tokyo's Shibuya district next month.

Nintendo's second-quarter profit doubles as Switch Lite delivers boost

India's Reliance Industries-controlled <a href="https://www.wionews.com/business-economy/reliance-mobile-operator-jio-to-focus-on-subscriber-numbers-not-tariffs-report-237503">Jio Infocomm</a> wrote to the telecoms minister on Thursday, opposing government intervention for rival carriers Bharti Airtel&nbsp;and Vodafone Idea&nbsp;facing overdue of $13 billion.

The Cellular Operators Association of India (COAI) had earlier written to Telecommunications Minister Ravi Shankar Prasad, warning of an "unprecedented crisis" if the government refuses to relax its demand for outstanding dues.

Jio, the telecoms unit of billionaire Mukesh Ambani-controlled Reliance, said in its letter that fears of a crisis in the industry and job losses were overblown.

Rival carriers can monetise their assets, investments or issue fresh equity to pay the dues, it added.

India's Reliance Industries-controlled Jio Infocomm wrote to the telecoms minister on Thursday, opposing government intervention for rival carriers Bharti Airtel and Vodafone Idea facing overdue of $13 billion.

India's Reliance Industries-controlled Jio Infocomm wrote to the telecoms minister on Thursday, opposing government intervention for rival carriers Bharti Airtel and Vodafone Idea facing overdue of $13 billion. The Cellular Operators Association of India (COAI) had earlier written to Telecommunications Minister Ravi Shankar Prasad, warning of an "unprecedented crisis" if the government refuses to relax its demand for outstanding dues. Jio, the telecoms unit of billionaire Mukesh Ambani-controlled Reliance, said in its letter that fears of a crisis in the industry and job losses were overblown. Rival carriers can monetise their assets, investments or issue fresh equity to pay the dues, it added.

Reliance's Jio opposes telecom lobby's plea for government help to rivals

The government has formed a panel of bureaucrats to suggest ways to alleviate financial pressures on the telecoms sector, a ministry source said on Tuesday, days after a court order that will push mobile carriers to pay overdue government levies and interest.

Mobile operators in India have been demanding support for a sector squeezed by a price war since late 2016 and by the high cost of using airwaves, culminating last week in that Supreme Court decision upholding a demand by the Department of Telecommunications (DoT) for the nearly $13 billion it said was overdue.

A panel comprising senior civil servants will consider the industry's demands, such as the postponement of airwaves auction payments due for the 2020/21 and 2021/22, the source said.

The panel will also look at reducing airwave usage charges and the contribution levels for the government fund set up to ensure that telecoms services reach rural India in a non-discriminatory way, the source added.

Profits of Vodafone Idea and Bharti Airtel have been hit and some rivals have gone out of business since Reliance Industries' Jio Infocomm unleashed a fierce price war when it entered India's crowded telecoms market in 2016 with free calling and cut-price data.

Vodafone Idea previously said it would ask the federal government for relief on payments of at least $4 billion after the Supreme Court decision. Analysts had said the charges could force the company out of business.

Rival Bharti Airtel said it had approached the DoT to "seek clarity" on the amount it had to pay, adding that it has sought the government's support to deal with the "adverse outcome" of the court ruling.

It also postponed the release of quarterly earnings, which had been scheduled for Tuesday, to November&nbsp;14.

Shares in Vodafone Idea closed 8.3 per cent down while Bharti lost 3.5 per cent in a broader Mumbai market &lt;.NSEI&gt; that finished with a 1.4 per cent gain.

The government has formed a panel of bureaucrats to suggest ways to alleviate financial pressures on the telecoms sector, a ministry source said on Tuesday, days after a court order that will push mobile carriers to pay overdue government levies and interest.

The government has formed a panel of bureaucrats to suggest ways to alleviate financial pressures on the telecoms sector, a ministry source said on Tuesday, days after a court order that will push mobile carriers to pay overdue government levies and interest. Mobile operators in India have been demanding support for a sector squeezed by a price war since late 2016 and by the high cost of using airwaves, culminating last week in that Supreme Court decision upholding a demand by the Department of Telecommunications (DoT) for the nearly $13 billion it said was overdue. A panel comprising senior civil servants will consider the industry's demands, such as the postponement of airwaves auction payments due for the 2020/21 and 2021/22, the source said. The panel will also look at reducing airwave usage charges and the contribution levels for the government fund set up to ensure that telecoms services reach rural India in a non-discriminatory way, the source added. Profits of Vodafone Idea and Bharti Airtel have been hit and some rivals have gone out of business since Reliance Industries' Jio Infocomm unleashed a fierce price war when it entered India's crowded telecoms market in 2016 with free calling and cut-price data. Vodafone Idea previously said it would ask the federal government for relief on payments of at least $4 billion after the Supreme Court decision. Analysts had said the charges could force the company out of business. Rival Bharti Airtel said it had approached the DoT to "seek clarity" on the amount it had to pay, adding that it has sought the government's support to deal with the "adverse outcome" of the court ruling. It also postponed the release of quarterly earnings, which had been scheduled for Tuesday, to November 14. Shares in Vodafone Idea closed 8.3 per cent down while Bharti lost 3.5 per cent in a broader Mumbai market <.NSEI> that finished with a 1.4 per cent gain.

Government forms panel to address telecoms woes: Report

Equity indices were subdued during early hours on Wednesday in line with Asian markets ahead of the US Federal Reserve's interest rate decision due to be announced later today.

At 10:15 am, the BSE S&amp;P Sensex was up by 126 points at 39,956 while the Nifty 50 edged higher by 33 points to 11,820.

Sectoral indices at the National Stock Exchange were mixed with Nifty IT up by 1.1 per cent but auto, pharma and private banks in the red.

Shares of Vodafone Idea rose by 2.8 per cent, Bharti Airtel by 2.1 per cent and Bharti Infratel by 2.7 per cent after sources said that the Committee of Secretaries headed by Cabinet Secretary Rajiv Gauba has been asked to evaluate financial stress faced by telecom operators and suggest measures to alleviate the stress.

Oil marketing firms IndianOil Corporation and Bharat Petroleum Corporation edged higher by 2.6 per cent and 1.8 per cent respectively after Prime Minister Narendra Modi said a day earlier that India will invest 100 billion dollars in oil and gas infrastructure to meet energy needs of an economy that is being targeted to nearly double in five years.

The other prominent gainers were IT majors Infosys and Wipro, Grasim, Larsen &amp; Toubro and Vedanta.

However, those which lost marginally were Tata Motors, Cipla, Coal India, Eicher Motors and IndusInd Bank.

Meanwhile, Asian stock markets traded flat as the prospect of a rate cut by the US Fed was countered by worries that the US-China first-stage trade deal could be delayed.

Japan's Nikkei slipped marginally while South Korea's Kospi traded down by 0.7 per cent. The Shanghai Composite fell by 0.53 per cent and Hong Kong's Hang Seng index dipped by 0.44 per cent.

Equity indices were subdued during early hours on Wednesday in line with Asian markets ahead of the US Federal Reserve's interest rate decision due to be announced later today.

Equity indices were subdued during early hours on Wednesday in line with Asian markets ahead of the US Federal Reserve's interest rate decision due to be announced later today. At 10:15 am, the BSE S&P Sensex was up by 126 points at 39,956 while the Nifty 50 edged higher by 33 points to 11,820. Sectoral indices at the National Stock Exchange were mixed with Nifty IT up by 1.1 per cent but auto, pharma and private banks in the red. Shares of Vodafone Idea rose by 2.8 per cent, Bharti Airtel by 2.1 per cent and Bharti Infratel by 2.7 per cent after sources said that the Committee of Secretaries headed by Cabinet Secretary Rajiv Gauba has been asked to evaluate financial stress faced by telecom operators and suggest measures to alleviate the stress. Oil marketing firms IndianOil Corporation and Bharat Petroleum Corporation edged higher by 2.6 per cent and 1.8 per cent respectively after Prime Minister Narendra Modi said a day earlier that India will invest 100 billion dollars in oil and gas infrastructure to meet energy needs of an economy that is being targeted to nearly double in five years. The other prominent gainers were IT majors Infosys and Wipro, Grasim, Larsen & Toubro and Vedanta. However, those which lost marginally were Tata Motors, Cipla, Coal India, Eicher Motors and IndusInd Bank. Meanwhile, Asian stock markets traded flat as the prospect of a rate cut by the US Fed was countered by worries that the US-China first-stage trade deal could be delayed. Japan's Nikkei slipped marginally while South Korea's Kospi traded down by 0.7 per cent. The Shanghai Composite fell by 0.53 per cent and Hong Kong's Hang Seng index dipped by 0.44 per cent.

Equities flat in early trading, telecom stocks gain

A US&nbsp;appeals court on Wednesday dealt a major blow to Merck &amp; Co Inc as it upheld a ruling that threw out a $2.54 billion (£1.97 billion) jury verdict the drugmaker had won against Gilead Sciences Inc.

The US Court of Appeals for the Federal Circuit upheld a Delaware judge's determination that the Merck patent at issue in the case, which relates to hepatitis C treatment, was invalid.

Merck and Gilead representatives were not immediately reachable for comment.

In 2016, a jury returned a verdict that Gilead's hepatitis C drugs Sovaldi and Harvoni infringed the patent, which Merck acquired when it bought Idenix Pharmaceuticals. Jurors determined that Gilead should pay $2.54 billion in damages, which was the largest verdict ever in a US&nbsp;patent case.

But a judge in Delaware tossed the verdict in 2018, saying the Merck patent should not have been granted in the first place because it did not meet a requirement that it disclose how to make the treatment it covered without undue experimentation.

In Wednesday's split decision, the appeals court said it agreed with that determination.

A US appeals court on Wednesday dealt a major blow to Merck & Co Inc as it upheld a ruling that threw out a $2.54 billion (£1.97 billion) jury verdict the drugmaker had won against Gilead Sciences Inc.

A US appeals court on Wednesday dealt a major blow to Merck & Co Inc as it upheld a ruling that threw out a $2.54 billion (£1.97 billion) jury verdict the drugmaker had won against Gilead Sciences Inc. The US Court of Appeals for the Federal Circuit upheld a Delaware judge's determination that the Merck patent at issue in the case, which relates to hepatitis C treatment, was invalid. Merck and Gilead representatives were not immediately reachable for comment. In 2016, a jury returned a verdict that Gilead's hepatitis C drugs Sovaldi and Harvoni infringed the patent, which Merck acquired when it bought Idenix Pharmaceuticals. Jurors determined that Gilead should pay $2.54 billion in damages, which was the largest verdict ever in a US patent case. But a judge in Delaware tossed the verdict in 2018, saying the Merck patent should not have been granted in the first place because it did not meet a requirement that it disclose how to make the treatment it covered without undue experimentation. In Wednesday's split decision, the appeals court said it agreed with that determination.

Merck loses bid to revive $2.54 billion patent verdict against Gilead

GlaxoSmithKline on Wednesday raised its annual profit forecast for the second time this year as sales of its shingles vaccine beat expectations and older medicines, including HIV treatments, continued to sell well.

The British drugmaker's shares rose as much as 3 per cent&nbsp;to a more than a six-year high after the company said it now expected profit to be roughly flat at constant currency for the year, compared with a previous forecast of a fall of 3 per cent&nbsp;to 5 per cent.

CEO Emma Walmsley has embarked on a plan to rejuvenate GSK, which has included the spin-off or sale of a number of businesses since she took over in 2017. The company has formed a joint venture with Pfizer's&nbsp;consumer health division for over the counter products, which include Sensodyne toothpaste and Panadol painkillers.

GSK's leaner structure has also helped the company focus more on its pharmaceuticals business and build a newer pool of treatments, including its shingles vaccine, Shingrix.

Walmsley said she was delighted with the vaccine's performance, which had exceeded the drugmaker's expectations.

"Shingrix will be a material contributor to the company's growth for some time," she told reporters.

GSK has at times struggled to keep up with demand.

"Obviously it (Shingrix) has performed ahead of our initial expectations, which is why we have been working extremely hard on improving and accelerating our supply," Walmsley said.

Sales of the vaccine, launched in 2017, jumped 76 per cent&nbsp;to £535 million, zooming past analysts' estimate of £464 million, driven by sales in the United States where doctors are recommending immunisation more often for patients.

That performance helped sales at GSK's vaccines business to increase 15 per cent&nbsp;to £2.31 billion in the third quarter, above consensus.

Shingrix sales have already reached £1.24 billion in the first nine months of this year and it looks on course to exceed analysts' £1.52 billion sales forecast for 2019.

The company said its new profit forecast also reflected operating performance, increased investment in research and development as well as a lower expected effective tax rate of around 17 per cent&nbsp;for the year.

GSK's joint venture with Pfizer reported sales of £2.53 billion, boosted by US&nbsp;drugmaker Pfizer's older brands.

On Brexit, the British drugmaker said it had been preparing for a no-deal divorce between Britain and the European Union for some time now.

"Any difference between the preparation for the risk of a no-deal scenario and an ordered planned one in January is de minimis because that all happened over the last couple of years," Walmsley said.

Total group sales of £9.39 billion surpassed a company-compiled consensus. This is the drugmaker's sixth consecutive quarterly sales beat, according to Refinitiv Eikon data.

GSK shares were up 1.7 per cent&nbsp;at 1,769 pence at 1317 GMT.

GlaxoSmithKline on Wednesday raised its annual profit forecast for the second time this year as sales of its shingles vaccine beat expectations and older medicines, including HIV treatments, continued to sell well.

GlaxoSmithKline on Wednesday raised its annual profit forecast for the second time this year as sales of its shingles vaccine beat expectations and older medicines, including HIV treatments, continued to sell well. The British drugmaker's shares rose as much as 3 per cent to a more than a six-year high after the company said it now expected profit to be roughly flat at constant currency for the year, compared with a previous forecast of a fall of 3 per cent to 5 per cent. CEO Emma Walmsley has embarked on a plan to rejuvenate GSK, which has included the spin-off or sale of a number of businesses since she took over in 2017. The company has formed a joint venture with Pfizer's consumer health division for over the counter products, which include Sensodyne toothpaste and Panadol painkillers. GSK's leaner structure has also helped the company focus more on its pharmaceuticals business and build a newer pool of treatments, including its shingles vaccine, Shingrix. Walmsley said she was delighted with the vaccine's performance, which had exceeded the drugmaker's expectations. "Shingrix will be a material contributor to the company's growth for some time," she told reporters. GSK has at times struggled to keep up with demand. "Obviously it (Shingrix) has performed ahead of our initial expectations, which is why we have been working extremely hard on improving and accelerating our supply," Walmsley said. Sales of the vaccine, launched in 2017, jumped 76 per cent to £535 million, zooming past analysts' estimate of £464 million, driven by sales in the United States where doctors are recommending immunisation more often for patients. That performance helped sales at GSK's vaccines business to increase 15 per cent to £2.31 billion in the third quarter, above consensus. Shingrix sales have already reached £1.24 billion in the first nine months of this year and it looks on course to exceed analysts' £1.52 billion sales forecast for 2019. The company said its new profit forecast also reflected operating performance, increased investment in research and development as well as a lower expected effective tax rate of around 17 per cent for the year. GSK's joint venture with Pfizer reported sales of £2.53 billion, boosted by US drugmaker Pfizer's older brands. On Brexit, the British drugmaker said it had been preparing for a no-deal divorce between Britain and the European Union for some time now. "Any difference between the preparation for the risk of a no-deal scenario and an ordered planned one in January is de minimis because that all happened over the last couple of years," Walmsley said. Total group sales of £9.39 billion surpassed a company-compiled consensus. This is the drugmaker's sixth consecutive quarterly sales beat, according to Refinitiv Eikon data. GSK shares were up 1.7 per cent at 1,769 pence at 1317 GMT.

GSK raises profit forecast after shingles vaccine sales boost

Norwegian property tycoon Petter Stordalen and private equity firms Altor and TDR Capital have agreed to buy the Nordic business of collapsed British travel company Thomas Cook.

The profitable Thomas Cook Northern Europe, also known as the Ving Group, has been looking for a buyer since Thomas Cook's liquidation in September and this week said it had attracted several bids.

The buyers said in a joint statement they had agreed on a financial reconstruction package for the business that would provide about 6 billion Swedish crowns (£479 million) in liquid funds and guarantees.

Stordalen's Strawberry Group and Altor will each take a 40 per cent&nbsp;stake in the new group, and TDR Capital the remaining 20 per cent.

"Competition was rock hard to get in here, but we were the only group to work on a reconstruction that would secure one solution for all," billionaire investor Stordalen said in a presentation for media and Ving Group staff on Wednesday, drawing cheers from the employees.

Ving Group, which employs about 2,300 people, owns Nordic travel agencies Ving, Globetrotter, Spies, Tjareborg, carrier Thomas Cook Airlines Scandinavia and a number of hotel brands.

"It has been a very complex deal and has happened very fast," Ving Group CEO Magnus Wikner told media and staff.

"For us, it was incredibly important to find an owner that has the strategic competence and financial strength to become a good, long-term owner for us."

Thomas Cook, the world's oldest travel firm, went bankrupt when it couldn't service its debts and banks would not back a rescue plan in the face of changing customer habits and intense competition from low-cost airlines and online-only rivals.

The collapse stranded over 100,000 travellers worldwide and sparked a scramble for survival among many of its subsidiaries.

Ving Group, however, last year made an operating profit of 1.4 billion crowns. "Ving has always been a solid company," Stordalen said. "The truth is, Ving did everything right. Thomas Cook did everything wrong".

Norwegian property tycoon Petter Stordalen and private equity firms Altor and TDR Capital have agreed to buy the Nordic business of collapsed British travel company Thomas Cook.

Norwegian property tycoon Petter Stordalen and private equity firms Altor and TDR Capital have agreed to buy the Nordic business of collapsed British travel company Thomas Cook. The profitable Thomas Cook Northern Europe, also known as the Ving Group, has been looking for a buyer since Thomas Cook's liquidation in September and this week said it had attracted several bids. The buyers said in a joint statement they had agreed on a financial reconstruction package for the business that would provide about 6 billion Swedish crowns (£479 million) in liquid funds and guarantees. Stordalen's Strawberry Group and Altor will each take a 40 per cent stake in the new group, and TDR Capital the remaining 20 per cent. "Competition was rock hard to get in here, but we were the only group to work on a reconstruction that would secure one solution for all," billionaire investor Stordalen said in a presentation for media and Ving Group staff on Wednesday, drawing cheers from the employees. Ving Group, which employs about 2,300 people, owns Nordic travel agencies Ving, Globetrotter, Spies, Tjareborg, carrier Thomas Cook Airlines Scandinavia and a number of hotel brands. "It has been a very complex deal and has happened very fast," Ving Group CEO Magnus Wikner told media and staff. "For us, it was incredibly important to find an owner that has the strategic competence and financial strength to become a good, long-term owner for us." Thomas Cook, the world's oldest travel firm, went bankrupt when it couldn't service its debts and banks would not back a rescue plan in the face of changing customer habits and intense competition from low-cost airlines and online-only rivals. The collapse stranded over 100,000 travellers worldwide and sparked a scramble for survival among many of its subsidiaries. Ving Group, however, last year made an operating profit of 1.4 billion crowns. "Ving has always been a solid company," Stordalen said. "The truth is, Ving did everything right. Thomas Cook did everything wrong".

Trio of buyers rescues Thomas Cook's Nordic business

Boeing Co Chief Executive Dennis Muilenburg faces a second day of questions Wednesday from US&nbsp;lawmakers on its now grounded 737 MAX after sharp criticism at a Senate hearing Tuesday.

US&nbsp;Representative Peter DeFazio, who heads the House Transportation and Infrastructure Committee, which will hear from Muilenburg on Wednesday, said in a written statement that the committee's lengthy investigation into the MAX has turned up significant questions about Boeing's decision-making.

"Something went drastically wrong, a total of 346 people died, and we have a duty to fix it," DeFazio will say in his opening statement.

DeFazio said the panel is aware of "at least one case where a Boeing manager implored the then-vice president and general manager of the 737 programme&nbsp;to shut down the 737 MAX production line because of safety concerns." Boeing did not comment Tuesday on the allegation.

Muilenburg told reporters on Wednesday he believes the allegation was in response to concerns about a change in the increase of the production rate. He said Boeing was aware of those concerns and had acknowledged them.

Muilenburg said that he had met with some family members of the victims before Wednesday's hearing. "It was tough to hear," he said, adding the company was making "the fixes we need to make."

The Boeing CEO on Tuesday acknowledged errors in failing to give pilots more information on a key safety system known as MCAS before the crashes, as well as for taking months to disclose that it had made optional an alarm that alerts pilots to a mismatch of flight data on the 737 MAX.

"We've made mistakes and we got some things wrong. We're improving and we're learning," he said.

The hearing, the highest-profile congressional scrutiny of commercial aviation safety in years, heaps pressure on a newly rejigged Boeing senior management team fighting to repair trust with airline customers and passengers shaken by an eight-month safety ban on its 737 MAX following the crashes.

"You have told me half-truths over and over again," Senator Tammy Duckworth told Muilenburg, questioning why the manufacturer did not disclose more details about MCAS's lack of safeguards. On Wednesday, Muilenburg said he would work to ensure she got the information she was seeking.

Taking turns to grill Muilenburg during his first appearance at a hearing on Capitol Hill in the year since the first crash in Indonesia, senators also expressed dismay that 2016 instant messages discussing erratic behaviour of simulator software - a replica of the system aboard the jetliner - did not prompt an immediate reaction from the company.

For months, Boeing had largely failed to acknowledge blame, instead vowing to make a "safe plane safer." Tuesday's hearing represents Boeing's broadest acceptance of responsibility that it made mistakes, but Muilenburg stopped short of what some lawmakers and family members had sought.

Family members were seated just three rows behind Muilenburg during his testimony and were invited at one point to stand and show large photos of their loved ones.

Nadia Milleron, whose daughter was killed in the Ethiopian Airlines crash in March, said Muilenburg and the board should resign for failing to do more to prevent the crashes.

As Muilenburg departed the hearing, she implored him to look at the victims' families when he apologized. He turned to her and said: "I'm sorry."

Boeing Co Chief Executive Dennis Muilenburg faces a second day of questions Wednesday from US lawmakers on its now grounded 737 MAX after sharp criticism at a Senate hearing Tuesday.

Boeing Co Chief Executive Dennis Muilenburg faces a second day of questions Wednesday from US lawmakers on its now grounded 737 MAX after sharp criticism at a Senate hearing Tuesday. US Representative Peter DeFazio, who heads the House Transportation and Infrastructure Committee, which will hear from Muilenburg on Wednesday, said in a written statement that the committee's lengthy investigation into the MAX has turned up significant questions about Boeing's decision-making. "Something went drastically wrong, a total of 346 people died, and we have a duty to fix it," DeFazio will say in his opening statement. DeFazio said the panel is aware of "at least one case where a Boeing manager implored the then-vice president and general manager of the 737 programme to shut down the 737 MAX production line because of safety concerns." Boeing did not comment Tuesday on the allegation. Muilenburg told reporters on Wednesday he believes the allegation was in response to concerns about a change in the increase of the production rate. He said Boeing was aware of those concerns and had acknowledged them. Muilenburg said that he had met with some family members of the victims before Wednesday's hearing. "It was tough to hear," he said, adding the company was making "the fixes we need to make." The Boeing CEO on Tuesday acknowledged errors in failing to give pilots more information on a key safety system known as MCAS before the crashes, as well as for taking months to disclose that it had made optional an alarm that alerts pilots to a mismatch of flight data on the 737 MAX. "We've made mistakes and we got some things wrong. We're improving and we're learning," he said. The hearing, the highest-profile congressional scrutiny of commercial aviation safety in years, heaps pressure on a newly rejigged Boeing senior management team fighting to repair trust with airline customers and passengers shaken by an eight-month safety ban on its 737 MAX following the crashes. "You have told me half-truths over and over again," Senator Tammy Duckworth told Muilenburg, questioning why the manufacturer did not disclose more details about MCAS's lack of safeguards. On Wednesday, Muilenburg said he would work to ensure she got the information she was seeking. Taking turns to grill Muilenburg during his first appearance at a hearing on Capitol Hill in the year since the first crash in Indonesia, senators also expressed dismay that 2016 instant messages discussing erratic behaviour of simulator software - a replica of the system aboard the jetliner - did not prompt an immediate reaction from the company. For months, Boeing had largely failed to acknowledge blame, instead vowing to make a "safe plane safer." Tuesday's hearing represents Boeing's broadest acceptance of responsibility that it made mistakes, but Muilenburg stopped short of what some lawmakers and family members had sought. Family members were seated just three rows behind Muilenburg during his testimony and were invited at one point to stand and show large photos of their loved ones. Nadia Milleron, whose daughter was killed in the Ethiopian Airlines crash in March, said Muilenburg and the board should resign for failing to do more to prevent the crashes. As Muilenburg departed the hearing, she implored him to look at the victims' families when he apologized. He turned to her and said: "I'm sorry."

United States lawmakers will press Boeing CEO on day two of testimony

India's telecoms sector and leading players Bharti Airtel and Vodafone Idea will face an "unprecedented crisis" if the government refuses to relax its demand for $13 billion in outstanding dues, a lobby group says.

Bharti and Vodafone Idea have been spooked by the Indian Supreme Court's decision last week to uphold a government demand that will force the companies to pay the bulk of 920 billion rupees ($13 billion) in overdue levies and interest.

The Cellular Operators Association of India (COAI) lobby group has joined the fray, seeking the intervention of India's telecoms minister in a letter dated October 29, arguing that such payments will lead to a crisis at the companies and cause distress for the sector as a whole.

"Investments could be curtailed, services could deteriorate, jobs could be lost and investor confidence will most definitely be shattered," COAI Director General Rajan S. Mathews said in the letter seen by Reuters.

"The impact of this crisis could exacerbate the stress in the industry and potentially be catastrophic for the nation."

The government's telecoms department did not respond to a request for comment.

A person with direct knowledge of the matter said Bharti and Vodafone both backed COAI's views in the letter. But Reliance Industries-owned rival Jio, a COAI member, said the lobby group's letter does not represent industry views.

Reliance "completely disagrees with the intent, tone, contents and connotations of the COAI letter", it said in a letter to COAI, which it released to the media.

Jio began operations in late 2016 and is least affected by the Supreme Court ruling because it has only $2 million in charges to clear.

The COAI leter also said that the $13 billion demand could also place in jeopardy the 600 billion rupees ($8.5 billion) of annual payments Bharti and Vodafone Idea make to the government and threaten their ability to service existing debt.

"Such an adverse outcome will trigger a chain of events which will result in disruption to the entire business chain," the letter said, with the COAI seeking a two-year moratorium on payments for airwave spectrum from 2020 to 2022.

India's crowded telecoms sector once had more than a dozen mobile operators but consolidation has resulted in only three private players - Bharti, Vodafone and Jio - and two other debt-ridden state companies.

A government source said on Monday that a panel of bureaucrats had been formed to suggest ways to alleviate financial pressures on the sector.

India's telecoms sector and leading players Bharti Airtel and Vodafone Idea will face an "unprecedented crisis" if the government refuses to relax its demand for $13 billion in outstanding dues, a lobby group says.

India's telecoms sector and leading players Bharti Airtel and Vodafone Idea will face an "unprecedented crisis" if the government refuses to relax its demand for $13 billion in outstanding dues, a lobby group says. Bharti and Vodafone Idea have been spooked by the Indian Supreme Court's decision last week to uphold a government demand that will force the companies to pay the bulk of 920 billion rupees ($13 billion) in overdue levies and interest. The Cellular Operators Association of India (COAI) lobby group has joined the fray, seeking the intervention of India's telecoms minister in a letter dated October 29, arguing that such payments will lead to a crisis at the companies and cause distress for the sector as a whole. "Investments could be curtailed, services could deteriorate, jobs could be lost and investor confidence will most definitely be shattered," COAI Director General Rajan S. Mathews said in the letter seen by Reuters. "The impact of this crisis could exacerbate the stress in the industry and potentially be catastrophic for the nation." The government's telecoms department did not respond to a request for comment. A person with direct knowledge of the matter said Bharti and Vodafone both backed COAI's views in the letter. But Reliance Industries-owned rival Jio, a COAI member, said the lobby group's letter does not represent industry views. Reliance "completely disagrees with the intent, tone, contents and connotations of the COAI letter", it said in a letter to COAI, which it released to the media. Jio began operations in late 2016 and is least affected by the Supreme Court ruling because it has only $2 million in charges to clear. The COAI leter also said that the $13 billion demand could also place in jeopardy the 600 billion rupees ($8.5 billion) of annual payments Bharti and Vodafone Idea make to the government and threaten their ability to service existing debt. "Such an adverse outcome will trigger a chain of events which will result in disruption to the entire business chain," the letter said, with the COAI seeking a two-year moratorium on payments for airwave spectrum from 2020 to 2022. India's crowded telecoms sector once had more than a dozen mobile operators but consolidation has resulted in only three private players - Bharti, Vodafone and Jio - and two other debt-ridden state companies. A government source said on Monday that a panel of bureaucrats had been formed to suggest ways to alleviate financial pressures on the sector.

Indian lobby group warns of telecoms catastrophe, Reliance disagrees

Domestic stock market indices extended gains for the fourth straight day on Wednesday with Sensex ending the trading session above the important level of 40,000.

Sensex added 220 points or 0.55 per cent to end at 40,052 and Nifty50 index ended at 11,844, up 57 points or 0.49 per cent. Out of 50 components, 28 ended in the green and 22 in the red.&nbsp;

During the early trade at around 10.35 am, Sensex was trading at 40,020.22 points, up by 188 points while Nifty was up 55.85 points at 11,842.60.

Sectoral indices at the National Stock Exchange were mixed with Nifty PSU bank up by 3.7 per cent, IT by 1.4 per cent and FMCG by one per cent.

Among stocks, energy major GAIL was a prominent winner with gains of 6.3 per cent at Rs 133.80.

IndianOil too showed gains of 1.9 per cent after Prime Minister Narendra Modi said a day earlier that India will invest 100 billion dollars in oil and gas infrastructure to meet energy needs of an economy that is being targeted to nearly double in five years.

The country's largest lender State Bank of India edged higher by 3.4 per cent to Rs 290.40 per share. Besides, Tata Consultancy Services, ITC, Nestle India, Bharti Airtel and Eicher Motors showed modest profits.

However, Bharti Infratel closed 5.2 per cent lower after witnessing gains during the morning session. Yes Bank, Cipla, Maruti and Britannia too closed in the red.

Meanwhile, Asian stock markets traded in the negative zone as the prospect of a rate cut by the US Fed was countered by worries that the US-China first-stage trade deal could be delayed.

Japan's Nikkei slipped by 0.57 per cent while South Korea's Kospi traded down by 0.59 per cent. The Shanghai Composite fell by 0.50 per cent and Hong Kong's Hang Seng index dipped by 0.44 per cent.

(With inputs from ANI)

Domestic stock market indices extended gains for the fourth straight day on Wednesday with Sensex ending the trading session above the important level of 40,000.

Domestic stock market indices extended gains for the fourth straight day on Wednesday with Sensex ending the trading session above the important level of 40,000. Sensex added 220 points or 0.55 per cent to end at 40,052 and Nifty50 index ended at 11,844, up 57 points or 0.49 per cent. Out of 50 components, 28 ended in the green and 22 in the red. During the early trade at around 10.35 am, Sensex was trading at 40,020.22 points, up by 188 points while Nifty was up 55.85 points at 11,842.60. Sectoral indices at the National Stock Exchange were mixed with Nifty PSU bank up by 3.7 per cent, IT by 1.4 per cent and FMCG by one per cent. Among stocks, energy major GAIL was a prominent winner with gains of 6.3 per cent at Rs 133.80. IndianOil too showed gains of 1.9 per cent after Prime Minister Narendra Modi said a day earlier that India will invest 100 billion dollars in oil and gas infrastructure to meet energy needs of an economy that is being targeted to nearly double in five years. The country's largest lender State Bank of India edged higher by 3.4 per cent to Rs 290.40 per share. Besides, Tata Consultancy Services, ITC, Nestle India, Bharti Airtel and Eicher Motors showed modest profits. However, Bharti Infratel closed 5.2 per cent lower after witnessing gains during the morning session. Yes Bank, Cipla, Maruti and Britannia too closed in the red. Meanwhile, Asian stock markets traded in the negative zone as the prospect of a rate cut by the US Fed was countered by worries that the US-China first-stage trade deal could be delayed. Japan's Nikkei slipped by 0.57 per cent while South Korea's Kospi traded down by 0.59 per cent. The Shanghai Composite fell by 0.50 per cent and Hong Kong's Hang Seng index dipped by 0.44 per cent. (With inputs from ANI)

Sensex gains 220 points, hits 40,000 for first time since July

<a href="https://www.wionews.com/business-economy/huawei-in-early-talks-with-united-states-firms-to-licence-5g-platform-256876">Huawei Technologies</a>&nbsp;captured a record 42 per cent&nbsp;of China's smartphone market in the third quarter as local consumers rallied behind it after United States&nbsp;sanctions, leaving Apple to languish towards the bottom of the pile, market data showed.

Apple's market share in China slipped to 5 per cent&nbsp;from 7 per cent&nbsp;in the year-ago quarter, according to a report that market research firm Canalys released on Wednesday, hours before the Cupertino, California-based company was to report quarterly results.

The July-September quarter marked the iPhone's weakest sales in China in five years, said Nicole Peng, vice president of mobility at Canalys, with shipments likely down more than a quarter.

Concerns about slowing iPhone sales in China have dogged Apple for many quarters even as the global smartphone market has slowed and a resurgent Huawei has hit record sales in the country.

<a href="https://www.wionews.com/business-economy/nine-month-revenue-up-despite-us-pressure-huawei-256217">Huawei</a>, the world's Number 2 maker of smartphones, was all but banned by the United States in May from doing business with American companies, significantly disrupting its ability to source key parts.

The company was then granted a reprieve until November but the blacklisting pushed up patriotic purchases of its smartphones in China, helping it more than offset a shipments slump in the global market.

With the expected rollout of the super-fast 5G network in China in the coming months, Huawei's advantage is expected to grow further.

"Huawei is in a strong position to consolidate its dominance further amid 5G network rollout, given its tight operator relationships in 5G network deployment, and control over key components such as local network-compatible 5G chipsets," Peng said.

"This puts significant pressure on Oppo, Vivo and Xiaomi, which find it very hard to make any breakthrough."

Oppo, Vivo, Xiaomi and Apple together accounted for 50 per cent&nbsp;of the market in the third quarter, down from 64 per cent&nbsp;a year earlier.

Huawei said last week it had sold more than 200 million phones globally in 2019, 64 days earlier than in 2018. The company's profits have remained resilient and revenue jumped 27 per cent&nbsp;in the third quarter.

The Chinese smartphone market contracted by 3 per cent in the third quarter, and Huawei smartphones made up 41.5 million of the 97.8 million shipped in the period, Canalys said.

Apple and Xiaomi did not have an immediate comment on the Canalys data. Huawei and Oppo declined to comment, while Vivo said it does not comment on third-party reports. 
 
iPhone 11 hopes

Apple launched its latest iPhone 11 range in China in September to tepid responses on social media, but shoppers have warmed to the model's additional cameras and cheaper pricing.

"Apple is more prepared than previous years to face strong headwinds in China," said Canalys analyst Louis Liu, noting the iPhone 11's camera improvements and lower launch price "were critical market stimuli".

The company's quarterly results likely received a boost from the launch and accounted for 40 per cent&nbsp;of its shipments, with customers willing to wait two to three weeks to receive shipments of the newer models, Peng said.

"But it faces a looming challenge, as Chinese vendors and operators are set to drive heavy marketing and promotions around 5G in the next two quarters," Liu added. "This could steal its thunder."

The US tech giant is expected to report flat revenue and a dip in earnings in the September quarter, based on Refinitiv data.

Huawei Technologies captured a record 42 per cent of China's smartphone market in the third quarter as local consumers rallied behind it after United States sanctions, leaving Apple to languish towards the bottom of the pile, market data showed.

Huawei Technologies captured a record 42 per cent of China's smartphone market in the third quarter as local consumers rallied behind it after United States sanctions, leaving Apple to languish towards the bottom of the pile, market data showed. Apple's market share in China slipped to 5 per cent from 7 per cent in the year-ago quarter, according to a report that market research firm Canalys released on Wednesday, hours before the Cupertino, California-based company was to report quarterly results. The July-September quarter marked the iPhone's weakest sales in China in five years, said Nicole Peng, vice president of mobility at Canalys, with shipments likely down more than a quarter. Concerns about slowing iPhone sales in China have dogged Apple for many quarters even as the global smartphone market has slowed and a resurgent Huawei has hit record sales in the country. Huawei, the world's Number 2 maker of smartphones, was all but banned by the United States in May from doing business with American companies, significantly disrupting its ability to source key parts. The company was then granted a reprieve until November but the blacklisting pushed up patriotic purchases of its smartphones in China, helping it more than offset a shipments slump in the global market. With the expected rollout of the super-fast 5G network in China in the coming months, Huawei's advantage is expected to grow further. "Huawei is in a strong position to consolidate its dominance further amid 5G network rollout, given its tight operator relationships in 5G network deployment, and control over key components such as local network-compatible 5G chipsets," Peng said. "This puts significant pressure on Oppo, Vivo and Xiaomi, which find it very hard to make any breakthrough." Oppo, Vivo, Xiaomi and Apple together accounted for 50 per cent of the market in the third quarter, down from 64 per cent a year earlier. Huawei said last week it had sold more than 200 million phones globally in 2019, 64 days earlier than in 2018. The company's profits have remained resilient and revenue jumped 27 per cent in the third quarter. The Chinese smartphone market contracted by 3 per cent in the third quarter, and Huawei smartphones made up 41.5 million of the 97.8 million shipped in the period, Canalys said. Apple and Xiaomi did not have an immediate comment on the Canalys data. Huawei and Oppo declined to comment, while Vivo said it does not comment on third-party reports. iPhone 11 hopes Apple launched its latest iPhone 11 range in China in September to tepid responses on social media, but shoppers have warmed to the model's additional cameras and cheaper pricing. "Apple is more prepared than previous years to face strong headwinds in China," said Canalys analyst Louis Liu, noting the iPhone 11's camera improvements and lower launch price "were critical market stimuli". The company's quarterly results likely received a boost from the launch and accounted for 40 per cent of its shipments, with customers willing to wait two to three weeks to receive shipments of the newer models, Peng said. "But it faces a looming challenge, as Chinese vendors and operators are set to drive heavy marketing and promotions around 5G in the next two quarters," Liu added. "This could steal its thunder." The US tech giant is expected to report flat revenue and a dip in earnings in the September quarter, based on Refinitiv data.

Huawei tightens China market hold with 42% share at expense of iPhones: Report

Singapore Airlines&nbsp;and Malaysia Airlines finalised a wide-ranging agreement to codeshare on more routes between the southeast Asian neighbours and elsewhere, the companies said on Wednesday.

The cooperation between the carriers, which split out from Malaysia-Singapore Airlines in 1972, comes amid financial trouble at Malaysia Airlines.

The deal provides for Singapore Airlines and its unit, SilkAir, to codeshare on 16 domestic locations with Malaysia Airlines, while allowing the former to codeshare on flights to Europe, South Africa, among other destinations.

"Subject to regulatory approvals, the codeshare flights will be progressively made available for sale through the airlines’ respective booking channels in key markets," the carriers said in a joint statement.

Malaysia Airlines this month announced a codeshare arrangement with British Airways for 14 destinations.

Last week Malaysia said it had shortlisted four potential investors for a strategic partnership with the national carrier.

The Malaysian national carrier said it is strengthening its operations and internal management via cost-cutting and service improvements, as well as strengthening code-sharing pacts and joint ventures with other airlines to stay competitive.

Sovereign wealth fund Khazanah Nasional&nbsp;took a hit last year, with almost half of its impairment of $1.75 billion&nbsp;stemming from sustaining the national carrier.

Ties between the neighbours after Singapore's 1965 split from Malaysia have occasionally been strained.

The most recent dispute centred on maritime borders and air space between the city-state and Malaysia's southernmost state of Johor. The countries agreed in January to take steps to reduce tension.

Singapore Airlines and Malaysia Airlines finalised a wide-ranging agreement to codeshare on more routes between the southeast Asian neighbours and elsewhere, the companies said on Wednesday.

Singapore Airlines and Malaysia Airlines finalised a wide-ranging agreement to codeshare on more routes between the southeast Asian neighbours and elsewhere, the companies said on Wednesday. The cooperation between the carriers, which split out from Malaysia-Singapore Airlines in 1972, comes amid financial trouble at Malaysia Airlines. The deal provides for Singapore Airlines and its unit, SilkAir, to codeshare on 16 domestic locations with Malaysia Airlines, while allowing the former to codeshare on flights to Europe, South Africa, among other destinations. "Subject to regulatory approvals, the codeshare flights will be progressively made available for sale through the airlines’ respective booking channels in key markets," the carriers said in a joint statement. Malaysia Airlines this month announced a codeshare arrangement with British Airways for 14 destinations. Last week Malaysia said it had shortlisted four potential investors for a strategic partnership with the national carrier. The Malaysian national carrier said it is strengthening its operations and internal management via cost-cutting and service improvements, as well as strengthening code-sharing pacts and joint ventures with other airlines to stay competitive. Sovereign wealth fund Khazanah Nasional took a hit last year, with almost half of its impairment of $1.75 billion stemming from sustaining the national carrier. Ties between the neighbours after Singapore's 1965 split from Malaysia have occasionally been strained. The most recent dispute centred on maritime borders and air space between the city-state and Malaysia's southernmost state of Johor. The countries agreed in January to take steps to reduce tension.

Singapore Airlines, Malaysia Airlines sign code-share pact

Apple Inc is mobilizing suppliers to launch its first 5G iPhone range, the Nikkei Asian Review said on Wednesday.

"It will be the first time Apple introduces 5G iPhones ... There will be three of them and the company has set an aggressive sales target," Nikkei&nbsp;quoted a source as saying.

The three new iPhones will carry a 5G modem chip designed by Qualcomm Inc, Nikkei added, citing four people familiar with the plan.

Apple and Qualcomm did not immediately respond to Reuters' requests for comment.

Apple Inc is mobilizing suppliers to launch its first 5G iPhone range, the Nikkei Asian Review said on Wednesday. "It will be the first time Apple introduces 5G iPhones .

Apple Inc is mobilizing suppliers to launch its first 5G iPhone range, the Nikkei Asian Review said on Wednesday. "It will be the first time Apple introduces 5G iPhones ... There will be three of them and the company has set an aggressive sales target," Nikkei quoted a source as saying. The three new iPhones will carry a 5G modem chip designed by Qualcomm Inc, Nikkei added, citing four people familiar with the plan. Apple and Qualcomm did not immediately respond to Reuters' requests for comment.

Apple mobilises suppliers to unveil first 5G iPhones: Report

Italian-American Fiat Chrysler&nbsp;and Frances's Peugeot owner PSA&nbsp;are in talks over a potential tie-up aimed at creating one of the world's leading automakers.

After ditching a proposed merger with French rival Renault in June, Fiat Chrysler (FCA) confirmed on Wednesday its bid to pursue an alternative alliance at a time when carmakers face huge investments for electrification, emission reduction and autonomous driving technologies.

Yet if a combination of Peugeot and FCA succeeds in overcoming political, financial and governance hurdles, the new enterprise would still face substantial challenges.

Global automakers face the prospect of a slowdown in global demand coinciding with the most dramatic technology changes in a century.

The two companies said they are in talks to combine in a deal that could create a $50 billion player, a source familiar with the matter said.

PSA's supervisory board was due to meet on Wednesday to discuss the potential deal, another source close to the matter said. FCA said in a statement it had nothing more to add for the time being.

US-traded shares in Fiat Chrysler&nbsp;rose sharply on Tuesday and ended up more than 7.5 per cent.

Italian-American Fiat Chrysler and Frances's Peugeot owner PSA are in talks over a potential tie-up aimed at creating one of the world's leading automakers. After ditching a proposed merger with French rival Renault in June, Fiat Chrysler (FCA) confirmed on Wednesday its bid to pursue an alternative alliance at a time when carmakers face huge investments for electrification, emission reduction and autonomous driving technologies.

Italian-American Fiat Chrysler and Frances's Peugeot owner PSA are in talks over a potential tie-up aimed at creating one of the world's leading automakers. After ditching a proposed merger with French rival Renault in June, Fiat Chrysler (FCA) confirmed on Wednesday its bid to pursue an alternative alliance at a time when carmakers face huge investments for electrification, emission reduction and autonomous driving technologies. Yet if a combination of Peugeot and FCA succeeds in overcoming political, financial and governance hurdles, the new enterprise would still face substantial challenges. Global automakers face the prospect of a slowdown in global demand coinciding with the most dramatic technology changes in a century. The two companies said they are in talks to combine in a deal that could create a $50 billion player, a source familiar with the matter said. PSA's supervisory board was due to meet on Wednesday to discuss the potential deal, another source close to the matter said. FCA said in a statement it had nothing more to add for the time being. US-traded shares in Fiat Chrysler rose sharply on Tuesday and ended up more than 7.5 per cent.

Fiat Chrysler and PSA confirm talks over potential tie-up

Global growth is slowing and has modestly impacted the United States, US&nbsp;Treasury Secretary Steven Mnuchin said on Wednesday, adding the US&nbsp;economy remained strong with good capital inflows.

"There is no question that the global economy is slowing down and that has had some modest drag on the US&nbsp;economy," he said at an investment conference in the Saudi capital Riyadh.

Mnuchin also said Europe needed to do more on the fiscal and regulatory side to maintain growth.

Global growth is slowing and has modestly impacted the United States, US Treasury Secretary Steven Mnuchin said on Wednesday, adding the US economy remained strong with good capital inflows.

Global growth is slowing and has modestly impacted the United States, US Treasury Secretary Steven Mnuchin said on Wednesday, adding the US economy remained strong with good capital inflows. "There is no question that the global economy is slowing down and that has had some modest drag on the US economy," he said at an investment conference in the Saudi capital Riyadh. Mnuchin also said Europe needed to do more on the fiscal and regulatory side to maintain growth.

Global growth slowing, modest drag on United States: Steven Mnuchin

India will lease a quarter of its strategic petroleum reserve in Padur to Saudi Aramco to store about 4.6 million barrels of oil, a government official said on Wednesday, as New Delhi seeks global investment in its expanding energy infrastructure.

Global oil producers are eager to gain a foothold in India, where fuel demand is expected to keep rising as the country's economy grows.

Indian Strategic Petroleum Reserves Ltd, a government company charged with building oil storage, signed a memorandum of understanding with the Saudi state firm for its participation in the 2.5-million-tonne facility in Karnataka state.

"Aramco has signed an MoU for only one compartment," said HPS Ahuja, chief executive of the Indian company.

The Padur storage facility has four equal-sized compartments.

So far, Abu Dhabi National Oil Co is the only foreign company storing oil in India's strategic reserves, at Mangalore, also in Karnataka. Last year it signed a preliminary agreement to use half of the Padur reserve.

Ahuja said Aramco would have to keep some of the 4.6 million barrels for India's strategic needs, but could sell the rest to Indian refiners.

India, which relies on imports for about 80% of its oil needs, has underground emergency storage in three locations to protect against any supply disruption. The reserves can hold 36.87 million barrels.

India will lease a quarter of its strategic petroleum reserve in Padur to Saudi Aramco to store about 4.6 million barrels of oil, a government official said on Wednesday, as New Delhi seeks global investment in its expanding energy infrastructure.

India will lease a quarter of its strategic petroleum reserve in Padur to Saudi Aramco to store about 4.6 million barrels of oil, a government official said on Wednesday, as New Delhi seeks global investment in its expanding energy infrastructure. Global oil producers are eager to gain a foothold in India, where fuel demand is expected to keep rising as the country's economy grows. Indian Strategic Petroleum Reserves Ltd, a government company charged with building oil storage, signed a memorandum of understanding with the Saudi state firm for its participation in the 2.5-million-tonne facility in Karnataka state. "Aramco has signed an MoU for only one compartment," said HPS Ahuja, chief executive of the Indian company. The Padur storage facility has four equal-sized compartments. So far, Abu Dhabi National Oil Co is the only foreign company storing oil in India's strategic reserves, at Mangalore, also in Karnataka. Last year it signed a preliminary agreement to use half of the Padur reserve. Ahuja said Aramco would have to keep some of the 4.6 million barrels for India's strategic needs, but could sell the rest to Indian refiners. India, which relies on imports for about 80% of its oil needs, has underground emergency storage in three locations to protect against any supply disruption. The reserves can hold 36.87 million barrels.

Saudi Aramco to keep 4.6 million barrels of oil in Indian storage: Report

Volkswagen&nbsp;lowered its full-year sales outlook on Wednesday, warning of slowing demand even as nine-month adjusted operating profit jumped 11.2 per cent&nbsp;on increased demand for SUVs as well as Skoda and Porsche cars.

The German carmaker said a slowdown in global demand would result in 2019 vehicle deliveries being in line with last year's figures, adjusting its previous forecast for a slight rise.

"Despite the gain in market share, the Volkswagen Group anticipates that vehicle markets will contract faster than previously anticipated in many regions of the world," it said.

Increased demand for higher-margin VW Tiguan and Touareg models helped to offset an overall drop in sales of the VW brand in the nine months ending September, with Porsche and Skoda deliveries up 8 per cent&nbsp;and 15.3 per cent&nbsp;respectively.

Revenue for its passenger cars division is still expected to rise 5 per cent&nbsp;this year and the company reiterated that it expects an operating profit margin for the passenger cars division and the group to be in the range of 6.5 per cent&nbsp;to 7.5 per cent&nbsp;for the full year.

The updated guidance follows Ford's cut this week to its operating profit forecast, blaming a slowdown in demand in China and other headwinds.

Volkswagen said special items from legal risks, caused by the 2015 diesel emissions cheating scandal, had fallen to 1.3 billion euros ($1.45 billion) from 2.4 billion euros in the same period last year.

Third-quarter adjusted operating profit jumped 37 per cent&nbsp;to 4.82 billion euros, with analysts at Evercore ISI estimating Porsche's profit margin at 16.8 per cent, well ahead of Audi with 7.5 per cent&nbsp;and the VW brand at 4.1 per cent.

"The divisions beat expectations which will help the perception of the quality of earnings," Evercore's Arndt Ellinghorst said in a note.

Volkswagen lowered its full-year sales outlook on Wednesday, warning of slowing demand even as nine-month adjusted operating profit jumped 11.2 per cent on increased demand for SUVs as well as Skoda and Porsche cars.

Volkswagen lowered its full-year sales outlook on Wednesday, warning of slowing demand even as nine-month adjusted operating profit jumped 11.2 per cent on increased demand for SUVs as well as Skoda and Porsche cars. The German carmaker said a slowdown in global demand would result in 2019 vehicle deliveries being in line with last year's figures, adjusting its previous forecast for a slight rise. "Despite the gain in market share, the Volkswagen Group anticipates that vehicle markets will contract faster than previously anticipated in many regions of the world," it said. Increased demand for higher-margin VW Tiguan and Touareg models helped to offset an overall drop in sales of the VW brand in the nine months ending September, with Porsche and Skoda deliveries up 8 per cent and 15.3 per cent respectively. Revenue for its passenger cars division is still expected to rise 5 per cent this year and the company reiterated that it expects an operating profit margin for the passenger cars division and the group to be in the range of 6.5 per cent to 7.5 per cent for the full year. The updated guidance follows Ford's cut this week to its operating profit forecast, blaming a slowdown in demand in China and other headwinds. Volkswagen said special items from legal risks, caused by the 2015 diesel emissions cheating scandal, had fallen to 1.3 billion euros ($1.45 billion) from 2.4 billion euros in the same period last year. Third-quarter adjusted operating profit jumped 37 per cent to 4.82 billion euros, with analysts at Evercore ISI estimating Porsche's profit margin at 16.8 per cent, well ahead of Audi with 7.5 per cent and the VW brand at 4.1 per cent. "The divisions beat expectations which will help the perception of the quality of earnings," Evercore's Arndt Ellinghorst said in a note.

Volkswagen lowers 2019 sales outlook as demand cools