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Nike Inc's long-time chief executive officer, Mark Parker, will step down next year and be replaced by board member and former eBay CEO John Donahoe, who will be tasked with strengthening the sportswear maker's online strategy.

Donahoe, who has been on Nike's board since 2014, will join the sneaker maker from cloud computing firm ServiceNow Inc, where he was CEO for more than four years. Prior to that, he led online retailer eBay for the seven years through 2015.

Nike's Parker had said last year he would remain CEO and chairman of the footwear maker beyond 2020, with his remarks coming in the midst of a series of executive departures and probes on workplace complaints.

The move comes days after the world's biggest footwear maker shut down its Nike Oregon Project training group, following the recent four-year ban of the centre's founder and coach Alberto Salazar by the US&nbsp;Anti-Doping Agency (USADA).

Nike did not give any reason for Parker's exit from the top job. In an interview to CNBC, Parker said the change was unrelated to the Oregon Project or any other issues.

Parker joined Nike as one of its first footwear designers in 1979 and held several roles during his tenure at the company before taking charge as its top boss in 2006.

Credited with creating the popular Nike Air sneakers as well as other pioneering products, Parker, in the past few years, oversaw Nike's shift to selling directly to customers online and its success in international markets, particularly China.

He will become Nike's executive chairman and continue to lead the board after Donahoe takes over as CEO.

"We like that (Donahoe) comes from technology and that he comes from the digital space and we like that he is a strategist and a leader ... things that have made Nike positive have been because of those sort of strengths," Jane Hali &amp; Associates analyst Jessica Ramirez said.

Nike's digital revenue surged 35% in the last fiscal year, with the company expecting online sales to account for about a third of its business by 2023.

Edward Jones analyst Brian Yarbrough said Donahoe's e-commerce experience could help with Nike's online push, while Parker could focus more on product development, one of his key strengths.

Hits and misses

During Parker's tenure, Nike's stock surged more than nine-folds. They were marginally higher in extended trading on Tuesday.

Over the past year, however, Parker faced a number of speedbumps as he chased his target of $50 billion in annual sales. He apologised to staff last year after a series of workplace complaints at the company.

Nike also came under fire for featuring an ad with former NFL player Colin Kaepernick, who sparked a national controversy by kneeling during the national anthem.

"Nike has had their fair share of scandals and issues ... and they didn't really go out and look externally. It definitely seems like it could be part of" the Oregon scandal, Yarbrough said, referring to Parker's departure.

Separately, ServiceNow said it appointed Bill McDermott as its CEO. McDermott helmed software maker SAP from 2014 until recently. ServiceNow shares fell about 16% on the news.

McDermott stood down earlier this month after a decade building up SAP as the world's leading enterprise software company, handing the task of completing its transition to cloud computing to new co-CEOs Jennifer Morgan and Christian Klein.

Earlier in the day, Nike rival Under Armour Inc said its founder and CEO Kevin Plank would step down, giving his responsibilities to Patrik Frisk, a company insider, hoping a change in leadership will help battle brutal competition from Nike and Adidas in the United States.

Nike Inc's long-time chief executive officer, Mark Parker, will step down next year and be replaced by board member and former eBay CEO John Donahoe, who will be tasked with strengthening the sportswear maker's online strategy.

Nike Inc's long-time chief executive officer, Mark Parker, will step down next year and be replaced by board member and former eBay CEO John Donahoe, who will be tasked with strengthening the sportswear maker's online strategy. Donahoe, who has been on Nike's board since 2014, will join the sneaker maker from cloud computing firm ServiceNow Inc, where he was CEO for more than four years. Prior to that, he led online retailer eBay for the seven years through 2015. Nike's Parker had said last year he would remain CEO and chairman of the footwear maker beyond 2020, with his remarks coming in the midst of a series of executive departures and probes on workplace complaints. The move comes days after the world's biggest footwear maker shut down its Nike Oregon Project training group, following the recent four-year ban of the centre's founder and coach Alberto Salazar by the US Anti-Doping Agency (USADA). Nike did not give any reason for Parker's exit from the top job. In an interview to CNBC, Parker said the change was unrelated to the Oregon Project or any other issues. Parker joined Nike as one of its first footwear designers in 1979 and held several roles during his tenure at the company before taking charge as its top boss in 2006. Credited with creating the popular Nike Air sneakers as well as other pioneering products, Parker, in the past few years, oversaw Nike's shift to selling directly to customers online and its success in international markets, particularly China. He will become Nike's executive chairman and continue to lead the board after Donahoe takes over as CEO. "We like that (Donahoe) comes from technology and that he comes from the digital space and we like that he is a strategist and a leader ... things that have made Nike positive have been because of those sort of strengths," Jane Hali & Associates analyst Jessica Ramirez said. Nike's digital revenue surged 35% in the last fiscal year, with the company expecting online sales to account for about a third of its business by 2023. Edward Jones analyst Brian Yarbrough said Donahoe's e-commerce experience could help with Nike's online push, while Parker could focus more on product development, one of his key strengths. Hits and misses During Parker's tenure, Nike's stock surged more than nine-folds. They were marginally higher in extended trading on Tuesday. Over the past year, however, Parker faced a number of speedbumps as he chased his target of $50 billion in annual sales. He apologised to staff last year after a series of workplace complaints at the company. Nike also came under fire for featuring an ad with former NFL player Colin Kaepernick, who sparked a national controversy by kneeling during the national anthem. "Nike has had their fair share of scandals and issues ... and they didn't really go out and look externally. It definitely seems like it could be part of" the Oregon scandal, Yarbrough said, referring to Parker's departure. Separately, ServiceNow said it appointed Bill McDermott as its CEO. McDermott helmed software maker SAP from 2014 until recently. ServiceNow shares fell about 16% on the news. McDermott stood down earlier this month after a decade building up SAP as the world's leading enterprise software company, handing the task of completing its transition to cloud computing to new co-CEOs Jennifer Morgan and Christian Klein. Earlier in the day, Nike rival Under Armour Inc said its founder and CEO Kevin Plank would step down, giving his responsibilities to Patrik Frisk, a company insider, hoping a change in leadership will help battle brutal competition from Nike and Adidas in the United States.

Nike's Parker hands over CEO role to former eBay chief

The pound extended losses Wednesday after Boris Johnson's failure to push through his Brexit deal fuelled fresh uncertainty, while Asian markets also ticked lower as investors took a step back after recent gains.

With everything quiet on the China-US trade talks, attention was on Westminster where Britain's prime minister finally got MPs to agree to his EU divorce pact, but minutes later lost a vote on a truncated debate that would have passed it in just three days.

The news means Johnson is unlikely to fulfil his pledge of leaving the European Union the October 31 deadline and raises the possibility of his calling a general election before the end of the year.

EU chiefs are now expected to recommend another extension to the withdrawal date, which analysts said the PM would blame on opposition lawmakers in the event of a national poll.

The prospect of another delay hit sterling, which fell as low as $1.2843 on Wednesday. The unit had earlier this week broken $1.30 for the first time in five months on hopes of averting a painful no-deal divorce. It was also lower against the euro.

"Getting a revised withdrawal agreement to this point and winning with a convincing margin... is an extraordinary achievement," said Stephen Innes, senior market analyst at AxiTrader.

"But with parliament rejecting PM Johnson's truncated timetable in favour of more time to debate the bill, it now means members will give the statute the fine-tooth comb treatment, opening it to more criticism suggesting it could be knocked down later."

- 'Endless' permutations - 
However, one observer pointed out that remarks from Johnson that he would drag Britain out of the EU with the deal come what may be significant.

"This could be an important, indeed key, shift in the government's position as it may indicate a willingness to extend and then seek to get the bill through Parliament," said Neil Wilson at Markets.com.

"My initial thoughts are that the government will let the EU offer the extension to get the bill through, and (Johnson) can square the circle later with amendments etcetera."

But he added that "the permutations remain nearly endless... Uncertainty prevails, but parliament has backed a deal and that feels like a key moment".

The news weighed on US markets, with all three main indexes ending down, and the losses seeped through to Asia.

Tokyo went into the break slightly lower as investors returned from a one-day holiday, while Shanghai slipped 0.1 per cent and Sydney shed 0.2 per cent.

Hong Kong was down 0.5 per cent, with traders keeping tabs on reactions to a Financial Times report saying China was drawing up a plan to remove the city's beleaguered chief executive after nearly five months of pro-democracy unrest.

Singapore fell 0.6 per cent and Seoul was off 0.3 per cent, while Taipei, Manila and Jakarta were also well into the red.

Wellington tumbled two per cent, with major construction firm Fletcher Building hit by a massive fire at a&nbsp;$450 million convention centre it is building in the middle of Auckland.

Oil prices dipped after data indicated US stockpiles increased again last week, reinforcing worries about demand as the world economy slows.&nbsp;

The pound extended losses Wednesday after Boris Johnson's failure to push through his Brexit deal fuelled fresh uncertainty, while Asian markets also ticked lower as investors took a step back after recent gains.

The pound extended losses Wednesday after Boris Johnson's failure to push through his Brexit deal fuelled fresh uncertainty, while Asian markets also ticked lower as investors took a step back after recent gains. With everything quiet on the China-US trade talks, attention was on Westminster where Britain's prime minister finally got MPs to agree to his EU divorce pact, but minutes later lost a vote on a truncated debate that would have passed it in just three days. The news means Johnson is unlikely to fulfil his pledge of leaving the European Union the October 31 deadline and raises the possibility of his calling a general election before the end of the year. EU chiefs are now expected to recommend another extension to the withdrawal date, which analysts said the PM would blame on opposition lawmakers in the event of a national poll. The prospect of another delay hit sterling, which fell as low as $1.2843 on Wednesday. The unit had earlier this week broken $1.30 for the first time in five months on hopes of averting a painful no-deal divorce. It was also lower against the euro. "Getting a revised withdrawal agreement to this point and winning with a convincing margin... is an extraordinary achievement," said Stephen Innes, senior market analyst at AxiTrader. "But with parliament rejecting PM Johnson's truncated timetable in favour of more time to debate the bill, it now means members will give the statute the fine-tooth comb treatment, opening it to more criticism suggesting it could be knocked down later." - 'Endless' permutations - However, one observer pointed out that remarks from Johnson that he would drag Britain out of the EU with the deal come what may be significant. "This could be an important, indeed key, shift in the government's position as it may indicate a willingness to extend and then seek to get the bill through Parliament," said Neil Wilson at Markets.com. "My initial thoughts are that the government will let the EU offer the extension to get the bill through, and (Johnson) can square the circle later with amendments etcetera." But he added that "the permutations remain nearly endless... Uncertainty prevails, but parliament has backed a deal and that feels like a key moment". The news weighed on US markets, with all three main indexes ending down, and the losses seeped through to Asia. Tokyo went into the break slightly lower as investors returned from a one-day holiday, while Shanghai slipped 0.1 per cent and Sydney shed 0.2 per cent. Hong Kong was down 0.5 per cent, with traders keeping tabs on reactions to a Financial Times report saying China was drawing up a plan to remove the city's beleaguered chief executive after nearly five months of pro-democracy unrest. Singapore fell 0.6 per cent and Seoul was off 0.3 per cent, while Taipei, Manila and Jakarta were also well into the red. Wellington tumbled two per cent, with major construction firm Fletcher Building hit by a massive fire at a $450 million convention centre it is building in the middle of Auckland. Oil prices dipped after data indicated US stockpiles increased again last week, reinforcing worries about demand as the world economy slows.

Pound, Asian markets slip as Johnson Brexit bid fails again

McDonald's Corp missed Wall Street estimates for profit for the first time in two years on Tuesday as more investment to spruce up US&nbsp;restaurants and speed up service weighed on the world's biggest fast food chain, sending its shares down 4 per cent.

Rival fast-food chains in the United States have challenged its dominance with value meals and new menu items, including plant-based burgers and meat substitutes launched by rivals including Restaurant Brands International Inc's Burger King and Yum Brands Inc's KFC. McDonald's is seen late in reintroducing chicken sandwiches and rival Wendys Co has started serving breakfast.

In the face of declining customer traffic, McDonald's has been remodeling its 14,000 US&nbsp;restaurants to include digital ordering kiosks, mobile ordering as well as pay-and-pickup services, while partnering with app-based delivery services GrubHub Inc, Uber Eats and DoorDash.

Those investments led to a 2 per cent rise in operating costs to about $3 billion, leading McDonald's to post a smaller-than-expected profit of $2.11 per share versus an average estimate of $2.21, according to IBES data from Refinitiv.

"The world is different than it was in 1955," Chief Executive Officer Steve Easterbrook said during a call with investors.

"We're keenly aware we have to be ahead of these changes, investing, executing and growing with a deep sense of urgency and purpose," he said.

US&nbsp;traffic was negative - an industry-wide trend expected to continue through the end of the year, especially due to weakening economic conditions, according to TDn2K research.

Sales at US&nbsp;restaurants open for at least 13 months rose 4.8 per cent in the third quarter ended Sept. 30, below the 5.17% growth expected by analysts, according to Refinitiv data.

"Our gut tells us that McDonald's was outcompeted in the third quarter by Wendy's and Burger King," Cowen analyst Andrew Charles said in a note.

Despite the US&nbsp;miss, Bernstein analyst Sara Senatore said sales "continue to be among the best in the industry" and that benefits from store renovations should build in future quarters.

Globally, the company reported better-than-expected comparable sales growth of 5.9 per cent on strong performance in markets such as the UK and France.

Interest in plant-based burgers has jumped in North America, and consumers have been waiting to see if McDonald's will expand its test of a Beyond Meat Inc burger in Ontario, Canada, to the United States and other markets.

Easterbook gave no clues other than saying they were interested in such products and wanted to get the flavour and marketing right.

"What we're interested in is really how best to position this, get a sense of the flexitarian customer," he said, referring to people who eat mostly, but not entirely, vegetarian diets.

Net income fell 2 per cent to $1.61 billion in the quarter from $1.64 billion a year earlier.

Total revenue, including both US&nbsp;and overseas operations, rose to $5.43 billion, slightly below analysts' expectations of $5.49 billion.

The company also expects selling, general and administrative expenses for 2019 to rise between 1 per cent to 2 per cent excluding the impact of currency fluctuations.

McDonald's expects delivery to drive $4 billion, or roughly 4 per cent, of global sales.

The service is now available from about 23,000 McDonald's restaurants in over 80 countries. On average, guests spend twice as much on delivery orders as they do on in-store checks, Easterbrook said.

"Delivery remains a big frontier for our business, and we still have a long way to go," he said.

McDonald's Corp missed Wall Street estimates for profit for the first time in two years on Tuesday as more investment to spruce up US restaurants and speed up service weighed on the world's biggest fast food chain, sending its shares down 4 per cent.

McDonald's Corp missed Wall Street estimates for profit for the first time in two years on Tuesday as more investment to spruce up US restaurants and speed up service weighed on the world's biggest fast food chain, sending its shares down 4 per cent. Rival fast-food chains in the United States have challenged its dominance with value meals and new menu items, including plant-based burgers and meat substitutes launched by rivals including Restaurant Brands International Inc's Burger King and Yum Brands Inc's KFC. McDonald's is seen late in reintroducing chicken sandwiches and rival Wendys Co has started serving breakfast. In the face of declining customer traffic, McDonald's has been remodeling its 14,000 US restaurants to include digital ordering kiosks, mobile ordering as well as pay-and-pickup services, while partnering with app-based delivery services GrubHub Inc, Uber Eats and DoorDash. Those investments led to a 2 per cent rise in operating costs to about $3 billion, leading McDonald's to post a smaller-than-expected profit of $2.11 per share versus an average estimate of $2.21, according to IBES data from Refinitiv. "The world is different than it was in 1955," Chief Executive Officer Steve Easterbrook said during a call with investors. "We're keenly aware we have to be ahead of these changes, investing, executing and growing with a deep sense of urgency and purpose," he said. US traffic was negative - an industry-wide trend expected to continue through the end of the year, especially due to weakening economic conditions, according to TDn2K research. Sales at US restaurants open for at least 13 months rose 4.8 per cent in the third quarter ended Sept. 30, below the 5.17% growth expected by analysts, according to Refinitiv data. "Our gut tells us that McDonald's was outcompeted in the third quarter by Wendy's and Burger King," Cowen analyst Andrew Charles said in a note. Despite the US miss, Bernstein analyst Sara Senatore said sales "continue to be among the best in the industry" and that benefits from store renovations should build in future quarters. Globally, the company reported better-than-expected comparable sales growth of 5.9 per cent on strong performance in markets such as the UK and France. Interest in plant-based burgers has jumped in North America, and consumers have been waiting to see if McDonald's will expand its test of a Beyond Meat Inc burger in Ontario, Canada, to the United States and other markets. Easterbook gave no clues other than saying they were interested in such products and wanted to get the flavour and marketing right. "What we're interested in is really how best to position this, get a sense of the flexitarian customer," he said, referring to people who eat mostly, but not entirely, vegetarian diets. Net income fell 2 per cent to $1.61 billion in the quarter from $1.64 billion a year earlier. Total revenue, including both US and overseas operations, rose to $5.43 billion, slightly below analysts' expectations of $5.49 billion. The company also expects selling, general and administrative expenses for 2019 to rise between 1 per cent to 2 per cent excluding the impact of currency fluctuations. McDonald's expects delivery to drive $4 billion, or roughly 4 per cent, of global sales. The service is now available from about 23,000 McDonald's restaurants in over 80 countries. On average, guests spend twice as much on delivery orders as they do on in-store checks, Easterbrook said. "Delivery remains a big frontier for our business, and we still have a long way to go," he said.

McDonald's misses profit target as competition delivers breakfast, plant burgers

US&nbsp;state attorneys general probing Alphabet's Google plan to meet next month in Colorado to discuss a probe into whether the search giant's business practices break antitrust law, according to three sources knowledgeable about the meeting.

The meeting, which is being planned for Nov. 11, would be similar to a gathering this week in New York where state and federal enforcers from the Justice Department and Federal Trade Commission discussed their probe of Facebook, according to one of the sources.

A second source said that this meeting would touch on organizational issues and was likely to be one in a long series of gatherings to discuss the probe.

The investigation of Google appears to be well underway since Texas sent the search and advertising giant a subpoena asking for information about its ad business. As of earlier this month, Google began sending data to the attorneys general.

The investigation, which involves all state attorneys general except Alabama and California, seeks to dig into the opaque business of online digital advertising, where Google is a dominant player. Attorneys general for the District of Columbia, Guam and Puerto Rico are also part of the investigation.

Google, which had no comment for this story, offers free searches, email and other services but much of its revenue is from advertising.

Google has previously said that it was cooperating with federal regulators and with the state probe.

Google faces two other major inquiries - a US&nbsp;Justice Department investigation and a probe by the House of Representatives Judiciary Committee - both of which have broad reviews of the big internet companies underway.

US state attorneys general probing Alphabet's Google plan to meet next month in Colorado to discuss a probe into whether the search giant's business practices break antitrust law, according to three sources knowledgeable about the meeting.

US state attorneys general probing Alphabet's Google plan to meet next month in Colorado to discuss a probe into whether the search giant's business practices break antitrust law, according to three sources knowledgeable about the meeting. The meeting, which is being planned for Nov. 11, would be similar to a gathering this week in New York where state and federal enforcers from the Justice Department and Federal Trade Commission discussed their probe of Facebook, according to one of the sources. A second source said that this meeting would touch on organizational issues and was likely to be one in a long series of gatherings to discuss the probe. The investigation of Google appears to be well underway since Texas sent the search and advertising giant a subpoena asking for information about its ad business. As of earlier this month, Google began sending data to the attorneys general. The investigation, which involves all state attorneys general except Alabama and California, seeks to dig into the opaque business of online digital advertising, where Google is a dominant player. Attorneys general for the District of Columbia, Guam and Puerto Rico are also part of the investigation. Google, which had no comment for this story, offers free searches, email and other services but much of its revenue is from advertising. Google has previously said that it was cooperating with federal regulators and with the state probe. Google faces two other major inquiries - a US Justice Department investigation and a probe by the House of Representatives Judiciary Committee - both of which have broad reviews of the big internet companies underway.

US states plan Google antitrust meeting next month in Colorado: Report

Nissan Motor Co Ltd&nbsp;is likely to axe its&nbsp;Datsun&nbsp;brand, drop some unprofitable products and close a number of assembly lines worldwide as it seeks to boost profits by getting smaller, two company sources with direct knowledge of the matter said.

Known internally as the "performance recovery plan", the proposed steps mark a sharp break with Nissan's strategy under ousted leader Carlos Ghosn, who pursued ambitious vehicle sales targets in the United States and other major markets.

The plan is the Yokohama-based automaker's latest attempt to pull itself out of crisis after Ghosn was arrested for financial misconduct - charges he denies. The scandal has further strained an already dysfunctional alliance with Renault SA&nbsp;and thrown Nissan into disarray as it finds itself on course to book its lowest operating profit in 11 years.

The sources said Nissan will likely kill loss-making variants for the Titan full-size pickup. Unprofitable variants include the single-cab and diesel versions.

A planned shuttering of under-utilised production lines will most probably hit plants in emerging markets building&nbsp;Datsun&nbsp;and other small cars hardest, they added.

"We need to chart a recovery but the rot goes deep," one of the sources said of the many problems facing Nissan.

The second source said all markets with factories except China were being looked at for possible reductions in production capacity. That source also said, however, that there were no plans to close an entire plant or withdraw completely from any country.

In the United States, one of Nissan's biggest markets, the plan calls for fresh efforts to weed out the practice of buying market share by selling vehicles to the rental car and other fleet operators at heavy discounts - a practice which destroyed profitability and undermined Nissan's brand image.

"We're trying to clean up what had happened in the past," one of the sources said, adding that under Ghosn, Nissan sought to meet sales objectives at any cost, including "practically giving away cars" to fleet customers.

A team led by Jun Seki, a senior vice president and incoming vice chief operating officer, is expected to unveil the wide-ranging plan this month though some aspects are still being finalised, said the sources, who were not authorised to speak to media and declined to be identified.

Nissan declined to comment.

Seki is part of a new management team that will see Makoto Uchida, Nissan's head of China operations, take the helm, an appointment that is expected to take effect by Jan. 1.

The new steps follow plans unveiled in July to cut headcount by 12,500 globally by early 2023 and which also flagged cuts to production capacity. At the time, then-CEO Hiroto Saikawa said 14 facilities would be affected.

Overall, the plan's aim is to free up resources to focus more on the United States and China, the sources said.

To that end, it will roll back an aggressive expansionist strategy Ghosn set in motion under a five-year plan called Power 88 which aimed to raise profit margins and global market share to 8 per cent by fiscal 2016,&nbsp;goals which were never achieved.

The&nbsp;Datsun&nbsp;brand - revived for emerging markets under Ghosn after being phased out in the 1980s,&nbsp;&nbsp;will likely bear the brunt of the restructuring. The models are manufactured in Indonesia, India and Russia.

The sources said problems emerged after Nissan began deploying the no-frills cars in 2014 in small markets such as Indonesia, India, Russia and South Africa where it also sells vehicles under its mainstay Nissan brand.

In Indonesia, for example, after a relatively good start,&nbsp;Datsun&nbsp;cars soon began eating into Nissan sales.

"We ended up pushing two mainstream brands in a market where you have a one or two per cent market share. You cannot do that," one of the sources said, adding that there had been similar outcomes in India, South Africa and Russia.

In its bigger markets, a steady supply of new or significantly redesigned models,&nbsp;starting with the redesigned Altima which was launched in the United States late last year,&nbsp;is expected to help Nissan reset the way it prices its vehicles.

"Still, it takes about a year to get any sort of tangible results," one of the sources said, adding that until then the Japanese automaker would continue to see sales by volume fall in the US&nbsp;market.

Nissan Motor Co Ltd is likely to axe its Datsun brand, drop some unprofitable products and close a number of assembly lines worldwide as it seeks to boost profits by getting smaller, two company sources with direct knowledge of the matter said.

Nissan Motor Co Ltd is likely to axe its Datsun brand, drop some unprofitable products and close a number of assembly lines worldwide as it seeks to boost profits by getting smaller, two company sources with direct knowledge of the matter said. Known internally as the "performance recovery plan", the proposed steps mark a sharp break with Nissan's strategy under ousted leader Carlos Ghosn, who pursued ambitious vehicle sales targets in the United States and other major markets. The plan is the Yokohama-based automaker's latest attempt to pull itself out of crisis after Ghosn was arrested for financial misconduct - charges he denies. The scandal has further strained an already dysfunctional alliance with Renault SA and thrown Nissan into disarray as it finds itself on course to book its lowest operating profit in 11 years. The sources said Nissan will likely kill loss-making variants for the Titan full-size pickup. Unprofitable variants include the single-cab and diesel versions. A planned shuttering of under-utilised production lines will most probably hit plants in emerging markets building Datsun and other small cars hardest, they added. "We need to chart a recovery but the rot goes deep," one of the sources said of the many problems facing Nissan. The second source said all markets with factories except China were being looked at for possible reductions in production capacity. That source also said, however, that there were no plans to close an entire plant or withdraw completely from any country. In the United States, one of Nissan's biggest markets, the plan calls for fresh efforts to weed out the practice of buying market share by selling vehicles to the rental car and other fleet operators at heavy discounts - a practice which destroyed profitability and undermined Nissan's brand image. "We're trying to clean up what had happened in the past," one of the sources said, adding that under Ghosn, Nissan sought to meet sales objectives at any cost, including "practically giving away cars" to fleet customers. A team led by Jun Seki, a senior vice president and incoming vice chief operating officer, is expected to unveil the wide-ranging plan this month though some aspects are still being finalised, said the sources, who were not authorised to speak to media and declined to be identified. Nissan declined to comment. Seki is part of a new management team that will see Makoto Uchida, Nissan's head of China operations, take the helm, an appointment that is expected to take effect by Jan. 1. The new steps follow plans unveiled in July to cut headcount by 12,500 globally by early 2023 and which also flagged cuts to production capacity. At the time, then-CEO Hiroto Saikawa said 14 facilities would be affected. Overall, the plan's aim is to free up resources to focus more on the United States and China, the sources said. To that end, it will roll back an aggressive expansionist strategy Ghosn set in motion under a five-year plan called Power 88 which aimed to raise profit margins and global market share to 8 per cent by fiscal 2016, goals which were never achieved. The Datsun brand - revived for emerging markets under Ghosn after being phased out in the 1980s, will likely bear the brunt of the restructuring. The models are manufactured in Indonesia, India and Russia. The sources said problems emerged after Nissan began deploying the no-frills cars in 2014 in small markets such as Indonesia, India, Russia and South Africa where it also sells vehicles under its mainstay Nissan brand. In Indonesia, for example, after a relatively good start, Datsun cars soon began eating into Nissan sales. "We ended up pushing two mainstream brands in a market where you have a one or two per cent market share. You cannot do that," one of the sources said, adding that there had been similar outcomes in India, South Africa and Russia. In its bigger markets, a steady supply of new or significantly redesigned models, starting with the redesigned Altima which was launched in the United States late last year, is expected to help Nissan reset the way it prices its vehicles. "Still, it takes about a year to get any sort of tangible results," one of the sources said, adding that until then the Japanese automaker would continue to see sales by volume fall in the US market.

Nissan Motor likely to axe Datsun brand: Sources

Boeing Co cut production of its flagship Dreamliner and delayed the arrival of a successor to its 777 mini-jumbo, piling new pressures on a rejigged senior management team as the continued safety grounding of its 737 MAX sliced third-quarter profits.

Boeing Co&nbsp;reported a 53 per cent&nbsp;drop in quarterly profit on Wednesday and had a negative free cash flow of $2.89 billion in the quarter, compared with a positive free cash flow of $4.10 billion a year earlier.

Core operating earnings fell to $895 million or $1.45 per share, from $1.89 billion or $3.58 per share, a year earlier.

Boeing shares were slightly higher in premarket trading at $340.10.

The profit slump and trio of industrial setbacks capped a tumultuous week for the world's largest planemaker, already in the eighth month of a deepening crisis over the grounding of its best-selling single-aisle following <a href="https://www.wionews.com/world/ethiopian-airlines-crash-pilot-reported-difficulties-had-asked-to-return-202389">deadly crashes.</a>

On Tuesday, the company ousted the top executive of its crucial airplanes division, Kevin McAllister, in an unexpected management shakeup related to the MAX crisis that senior industry sources say puts Chief Executive Dennis Muilenburg squarely in the firing line in the event of further revelations or if the company fails to recover from the MAX crisis.

Muilenburg's title of board chairman was stripped earlier this month.

Despite fresh setbacks, Boeing said it was sticking to its expectation that the MAX would return to service in the fourth quarter, though the timeline was at the mercy of regulators conducting certification reviews.

Boeing said there was "no significant change" to estimated potential concessions and other considerations to airline customers related to the 737 MAX grounding, part of the $8 billion price tag Boeing estimated for the MAX earlier this year.

"Our top priority remains the safe return to service of the 737 MAX, and we're making steady progress," Muilenburg said in a statement accompanying the results. Boeing has begun taking steps to increase safety oversight in its industrial operations and at the board level, he added.

Boeing plans to cut 787 production, delayed a planned rise in 737 production and the entry into service of the 777X twin-aisle,&nbsp;a trio of industrial setbacks broadening pressure on the company's new commercial leadership.

Boeing named veteran executive Stan Deal, who had been running its two-year-old Global Services Division, to the top job at commercial airplanes. Deal's challenge to get the MAX back into service globally while simultaneously handling new aircraft deliveries and boosting 737 production is seen as one of the most formidable logistical challenges in the industry's history.

Boeing said it was delaying plans to step up production on its 737 line in the Seattle-area through 2019, and would not hit a record-level 57 aircraft monthly until late 2020, months later than previously planned.

Citing global trade tensions, it was also reducing the 787 production rate to 12 airplanes per month for approximately two years beginning in late 2020.

Its forthcoming 777X twin-aisle, facing engine issues at General Electric, was progressing through pre-flight testing and remains on track for first flight in early 2020, but the company was now targeting early 2021 for the first delivery of the 777X.

Boeing Co cut production of its flagship Dreamliner and delayed the arrival of a successor to its 777 mini-jumbo, piling new pressures on a rejigged senior management team as the continued safety grounding of its 737 MAX sliced third-quarter profits.

Boeing Co cut production of its flagship Dreamliner and delayed the arrival of a successor to its 777 mini-jumbo, piling new pressures on a rejigged senior management team as the continued safety grounding of its 737 MAX sliced third-quarter profits. Boeing Co reported a 53 per cent drop in quarterly profit on Wednesday and had a negative free cash flow of $2.89 billion in the quarter, compared with a positive free cash flow of $4.10 billion a year earlier. Core operating earnings fell to $895 million or $1.45 per share, from $1.89 billion or $3.58 per share, a year earlier. Boeing shares were slightly higher in premarket trading at $340.10. The profit slump and trio of industrial setbacks capped a tumultuous week for the world's largest planemaker, already in the eighth month of a deepening crisis over the grounding of its best-selling single-aisle following deadly crashes. On Tuesday, the company ousted the top executive of its crucial airplanes division, Kevin McAllister, in an unexpected management shakeup related to the MAX crisis that senior industry sources say puts Chief Executive Dennis Muilenburg squarely in the firing line in the event of further revelations or if the company fails to recover from the MAX crisis. Muilenburg's title of board chairman was stripped earlier this month. Despite fresh setbacks, Boeing said it was sticking to its expectation that the MAX would return to service in the fourth quarter, though the timeline was at the mercy of regulators conducting certification reviews. Boeing said there was "no significant change" to estimated potential concessions and other considerations to airline customers related to the 737 MAX grounding, part of the $8 billion price tag Boeing estimated for the MAX earlier this year. "Our top priority remains the safe return to service of the 737 MAX, and we're making steady progress," Muilenburg said in a statement accompanying the results. Boeing has begun taking steps to increase safety oversight in its industrial operations and at the board level, he added. Boeing plans to cut 787 production, delayed a planned rise in 737 production and the entry into service of the 777X twin-aisle, a trio of industrial setbacks broadening pressure on the company's new commercial leadership. Boeing named veteran executive Stan Deal, who had been running its two-year-old Global Services Division, to the top job at commercial airplanes. Deal's challenge to get the MAX back into service globally while simultaneously handling new aircraft deliveries and boosting 737 production is seen as one of the most formidable logistical challenges in the industry's history. Boeing said it was delaying plans to step up production on its 737 line in the Seattle-area through 2019, and would not hit a record-level 57 aircraft monthly until late 2020, months later than previously planned. Citing global trade tensions, it was also reducing the 787 production rate to 12 airplanes per month for approximately two years beginning in late 2020. Its forthcoming 777X twin-aisle, facing engine issues at General Electric, was progressing through pre-flight testing and remains on track for first flight in early 2020, but the company was now targeting early 2021 for the first delivery of the 777X.

Boeing profit slumps 53% as MAX grounding takes heavy toll

The union cabinet on Wednesday took five major decisions including ownership rights to 40 lakh people living in unauthorised colonies in Delhi, reform in petroleum sector, cadre review of ITBP officers, merger of MTNL with BSNL and increase in MSP of rabi crops.

Briefing reporters after meeting of union cabinet, Information and Broadcasting Minister Prakash Javadekar said that increase in minimum support price (MSP) of cereals, pulses and oilseeds of rabi crops will give a big boost to farmers.

"The MSP for wheat and barley has been increased by Rs 85, gram by Rs 255, masur (lentil) by Rs 325 and mustard by Rs 225. This has been done to double the income of farmers and give them justice," Javadekar said.

He said the allowance under PM-Kisan Yojna has reached eight crore farmers.

He said a decision has been taken to conduct cadre review of ITBP and it will lead to creation of 60 new posts of A category.

"The last cadre review was done in 2001 when there were 32,000 personnel in the ITBP. Now there are 88,000," he said.

Union Housing and Urban Affairs Minister Hardeep Singh Puri and Communications and Electronics and Information Technology Minister Ravi Shankar Prasad were also present at the press conference.&nbsp;

Javadekar said that decisions on "a big reform" had been taken in the petroleum sector in the meeting.

"New companies can now open retail petrol outlets in the country. This will increase investment and give the consumers more options and also increase competitiveness in the market," Javadekar said.The minister said the cabinet has approved merger of Mahanagar Telephone Nigam Limited (MTNL) with Bharat Sanchar Nigam Limited (BSNL).&nbsp; 
&nbsp;

The union cabinet on Wednesday took five major decisions including ownership rights to 40 lakh people living in unauthorised colonies in Delhi, reform in petroleum sector, cadre review of ITBP officers, merger of MTNL with BSNL and increase in MSP of rabi crops.

The union cabinet on Wednesday took five major decisions including ownership rights to 40 lakh people living in unauthorised colonies in Delhi, reform in petroleum sector, cadre review of ITBP officers, merger of MTNL with BSNL and increase in MSP of rabi crops. Briefing reporters after meeting of union cabinet, Information and Broadcasting Minister Prakash Javadekar said that increase in minimum support price (MSP) of cereals, pulses and oilseeds of rabi crops will give a big boost to farmers. "The MSP for wheat and barley has been increased by Rs 85, gram by Rs 255, masur (lentil) by Rs 325 and mustard by Rs 225. This has been done to double the income of farmers and give them justice," Javadekar said. He said the allowance under PM-Kisan Yojna has reached eight crore farmers. He said a decision has been taken to conduct cadre review of ITBP and it will lead to creation of 60 new posts of A category. "The last cadre review was done in 2001 when there were 32,000 personnel in the ITBP. Now there are 88,000," he said. Union Housing and Urban Affairs Minister Hardeep Singh Puri and Communications and Electronics and Information Technology Minister Ravi Shankar Prasad were also present at the press conference. Javadekar said that decisions on "a big reform" had been taken in the petroleum sector in the meeting. "New companies can now open retail petrol outlets in the country. This will increase investment and give the consumers more options and also increase competitiveness in the market," Javadekar said.The minister said the cabinet has approved merger of Mahanagar Telephone Nigam Limited (MTNL) with Bharat Sanchar Nigam Limited (BSNL).

Increase in MSP, merger of MTNL with BSNL among major decisions of cabinet

Indian shares closed a tick higher on Wednesday, led by gains in auto and IT stocks, as investors paused to study trends from corporate results before placing fresh bets.

The broader Nifty ended 0.14 per cent&nbsp;higher at 11,604.10, while the benchmark BSE Sensex finished up 0.24 per cent&nbsp;at 39,058.83.

Shares of Infosys Ltd reversed losses to settle over 1 per cent&nbsp;higher. The IT services major is investigating whistleblower claims accusing its top two executives of "unethical practices".

HCL Technologies Ltd was the top percentage gainer on the Nifty. The IT firm is due to post quarterly results later in the day.

Eicher Motors Ltd and Maruti Suzuki India Ltd were among the top three gainers on NSE, adding 2.71 per cent&nbsp;and 2.54 per cent, respectively.

Maruti Suzuki India will report its quarterly results on Thursday.

Meanwhile, Adani Ports and Special Economic Zone Ltd fell the most on the bluechip index, tumbling over 6 per cent. 
&nbsp;

Indian shares closed a tick higher on Wednesday, led by gains in auto and IT stocks, as investors paused to study trends from corporate results before placing fresh bets.

Indian shares closed a tick higher on Wednesday, led by gains in auto and IT stocks, as investors paused to study trends from corporate results before placing fresh bets. The broader Nifty ended 0.14 per cent higher at 11,604.10, while the benchmark BSE Sensex finished up 0.24 per cent at 39,058.83. Shares of Infosys Ltd reversed losses to settle over 1 per cent higher. The IT services major is investigating whistleblower claims accusing its top two executives of "unethical practices". HCL Technologies Ltd was the top percentage gainer on the Nifty. The IT firm is due to post quarterly results later in the day. Eicher Motors Ltd and Maruti Suzuki India Ltd were among the top three gainers on NSE, adding 2.71 per cent and 2.54 per cent, respectively. Maruti Suzuki India will report its quarterly results on Thursday. Meanwhile, Adani Ports and Special Economic Zone Ltd fell the most on the bluechip index, tumbling over 6 per cent.

Sensex, Nifty eke out gains; Infosys recovers to end higher

Software major Infosys said on Tuesday it has engaged law firm Shardul Amarchand Mangaldas and Company to conduct an independent investigation on two complaints by some employees about unethical measures to boost profits.

An anonymous group calling itself 'ethical employees' alleged in a letter to the board of Infosys and the US Securities and Exchange Commission (SEC) that company's Chief Executive Officer (CEO) Salil Parekh and Chief Financial Officer (CFO) Nilanjan Roy took disturbing unethical measures to boost profits and short-term revenue.

The complainants said they have emails and voice recordings to substantiate the claims.

"These complaints are being dealt with in an objective manner," said Chairman of Infosys Ltd Nandan Nilekani. "The undated whistleblower complaint largely deals with allegations relating to the CEO's international travel to the United States and Mumbai," he said in a statement.

Nilekani said the company's statutory auditors Deloitte India has also been completely updated on this matter post the board meeting of October 11.

"Although we have not been provided any of the emails or voice recordings, we will ensure that the generalised allegations are investigated to the fullest extent. Additionally, to ensure independence in these investigations the CEO and CFO have been recused from this matter."

Because the investigation is ongoing, said Nilekani, there will be no further comment so that investigation may be conducted in a thorough and objective manner.&nbsp;

"At the appropriate time, we will provide a summary of the investigations results. The board is committed to uphold the highest standard of corporate governance and protect the interests of all stakeholders."

In one of the letters, the whistleblower said that Parekh and Roy were pressuring the finance team to show more profits in their treasury management by taking risks and making changes to policies.

"He (Parekh) directs them to make wrong assumptions to show margins. Several billion-dollar deals of the last few quarters have nil margin. Please ask auditors to check deal proposals, margins, undisclosed upfront commitments made and revenue recognition," the letter said.

"In large contracts like Verizon, Intel, joint ventures in Japan, ABN AMRO acquisition, revenue recognition matters are forced, which are not as per accounting standards," the letter stated.

At 11 am on Tuesday, Infosys was trading 14.01 per cent lower at Rs 660.30 per share.&nbsp;

Software major Infosys said on Tuesday it has engaged law firm Shardul Amarchand Mangaldas and Company to conduct an independent investigation on two complaints by some employees about unethical measures to boost profits.

Software major Infosys said on Tuesday it has engaged law firm Shardul Amarchand Mangaldas and Company to conduct an independent investigation on two complaints by some employees about unethical measures to boost profits. An anonymous group calling itself 'ethical employees' alleged in a letter to the board of Infosys and the US Securities and Exchange Commission (SEC) that company's Chief Executive Officer (CEO) Salil Parekh and Chief Financial Officer (CFO) Nilanjan Roy took disturbing unethical measures to boost profits and short-term revenue. The complainants said they have emails and voice recordings to substantiate the claims. "These complaints are being dealt with in an objective manner," said Chairman of Infosys Ltd Nandan Nilekani. "The undated whistleblower complaint largely deals with allegations relating to the CEO's international travel to the United States and Mumbai," he said in a statement. Nilekani said the company's statutory auditors Deloitte India has also been completely updated on this matter post the board meeting of October 11. "Although we have not been provided any of the emails or voice recordings, we will ensure that the generalised allegations are investigated to the fullest extent. Additionally, to ensure independence in these investigations the CEO and CFO have been recused from this matter." Because the investigation is ongoing, said Nilekani, there will be no further comment so that investigation may be conducted in a thorough and objective manner. "At the appropriate time, we will provide a summary of the investigations results. The board is committed to uphold the highest standard of corporate governance and protect the interests of all stakeholders." In one of the letters, the whistleblower said that Parekh and Roy were pressuring the finance team to show more profits in their treasury management by taking risks and making changes to policies. "He (Parekh) directs them to make wrong assumptions to show margins. Several billion-dollar deals of the last few quarters have nil margin. Please ask auditors to check deal proposals, margins, undisclosed upfront commitments made and revenue recognition," the letter said. "In large contracts like Verizon, Intel, joint ventures in Japan, ABN AMRO acquisition, revenue recognition matters are forced, which are not as per accounting standards," the letter stated. At 11 am on Tuesday, Infosys was trading 14.01 per cent lower at Rs 660.30 per share.

Infosys in damage control mode after complaints of unethical practices, stock down by 14 per cent

China will closely monitor the US&nbsp;"entity list", which has led to sanctions on a few Chinese tech firms, and take measures to safeguard its rights and interests, the Ministry of Industry and Information Technology (MIIT) said.

Firms on the US&nbsp;"entity list" are barred from buying US&nbsp;parts and components without US&nbsp;government approval.

Huang Libin, a spokesman for the MIIT, said on Tuesday that China will not close its doors and blindly rely on Chinese-made technology, and it will further open up the telecommunications, internet and auto sectors to foreign investment.

"We will look at the trade friction between China and the United States with an open mind and a big heart," he told reporters during a briefing.

"We will not blindly emphasize 'self-reliance', and not decouple from the development of international industries."

China will closely monitor the US "entity list", which has led to sanctions on a few Chinese tech firms, and take measures to safeguard its rights and interests, the Ministry of Industry and Information Technology (MIIT) said.

China will closely monitor the US "entity list", which has led to sanctions on a few Chinese tech firms, and take measures to safeguard its rights and interests, the Ministry of Industry and Information Technology (MIIT) said. Firms on the US "entity list" are barred from buying US parts and components without US government approval. Huang Libin, a spokesman for the MIIT, said on Tuesday that China will not close its doors and blindly rely on Chinese-made technology, and it will further open up the telecommunications, internet and auto sectors to foreign investment. "We will look at the trade friction between China and the United States with an open mind and a big heart," he told reporters during a briefing. "We will not blindly emphasize 'self-reliance', and not decouple from the development of international industries."

China will monitor US entities list, further open to foreign investment

&nbsp;Logitech International SA&nbsp;reported a 4.5 per cent increase in operating income for its latest quarter, the Swiss computer keyboard and gaming accessories maker said on Tuesday.

GAAP operating income increased to $68.1 million in the three months to the end of September from 65.1 million a year earlier, the company said in a statement.

Non-GAAP operating income rose to $89 million from $85 million a year earlier.

Net profit at the world's biggest maker of computer mice was $72.9 million, missing analyst estimates for $82.9 million, according to Refinitiv data.

Sales rose 4 per cent&nbsp;to $720 million, boosted by the performance of fast keyboards, mice and headsets that Logitech makes for players of online games like Fortnite and League of Legends.

Anticipating further growth in the online gaming market, Logitech recently doubled down on its involvement in online sports games, buying live streaming company Streamlabs in a deal worth up to $118 million.

The company confirmed its full-year outlook of expecting mid to high single-digit sales growth in constant currencies and $375 million to $385 million in non-GAAP operating income.

"This quarter, we delivered record sales in video collaboration, which grew nearly 60 per cent, as well as strong growth in our PC peripherals categories," Chief Executive Bracken Darrell said in the statement.

Logitech International SA reported a 4.5 per cent increase in operating income for its latest quarter, the Swiss computer keyboard and gaming accessories maker said on Tuesday.

Logitech International SA reported a 4.5 per cent increase in operating income for its latest quarter, the Swiss computer keyboard and gaming accessories maker said on Tuesday. GAAP operating income increased to $68.1 million in the three months to the end of September from 65.1 million a year earlier, the company said in a statement. Non-GAAP operating income rose to $89 million from $85 million a year earlier. Net profit at the world's biggest maker of computer mice was $72.9 million, missing analyst estimates for $82.9 million, according to Refinitiv data. Sales rose 4 per cent to $720 million, boosted by the performance of fast keyboards, mice and headsets that Logitech makes for players of online games like Fortnite and League of Legends. Anticipating further growth in the online gaming market, Logitech recently doubled down on its involvement in online sports games, buying live streaming company Streamlabs in a deal worth up to $118 million. The company confirmed its full-year outlook of expecting mid to high single-digit sales growth in constant currencies and $375 million to $385 million in non-GAAP operating income. "This quarter, we delivered record sales in video collaboration, which grew nearly 60 per cent, as well as strong growth in our PC peripherals categories," Chief Executive Bracken Darrell said in the statement.

Logitech posts 4.5% rise in quarterly operating income, retains outlook

India's Axis Bank Ltd reported a surprise loss for the second quarter on Tuesday, hurt by a one-off tax expense of 21.38 billion rupees.

Net loss came in at 1.12 billion rupees&nbsp;for the three months to September&nbsp;30, compared with a profit of 7.90 billion rupees last year, the Mumbai-based private-sector lender said in a filing to the exchanges.

Nineteen analysts, on average, had expected a profit of 11.51 billion rupees, according to Refinitiv data.

Adjusted for the tax charge, Axis Bank would have reported a profit of 20.26 billion rupees for the quarter, up 157 per cent&nbsp;from a year ago, the bank said.

Gross bad loans as a percentage of total loans, a measure of asset quality, eased to 5.03 per cent&nbsp;by the end of September, compared with 5.25 per cent&nbsp;in the previous quarter, and 5.96 per cent&nbsp;during the same period last year.

India's Axis Bank Ltd reported a surprise loss for the second quarter on Tuesday, hurt by a one-off tax expense of 21.38 billion rupees. Net loss came in at 1.12 billion rupees for the three months to September 30, compared with a profit of 7.

India's Axis Bank Ltd reported a surprise loss for the second quarter on Tuesday, hurt by a one-off tax expense of 21.38 billion rupees. Net loss came in at 1.12 billion rupees for the three months to September 30, compared with a profit of 7.90 billion rupees last year, the Mumbai-based private-sector lender said in a filing to the exchanges. Nineteen analysts, on average, had expected a profit of 11.51 billion rupees, according to Refinitiv data. Adjusted for the tax charge, Axis Bank would have reported a profit of 20.26 billion rupees for the quarter, up 157 per cent from a year ago, the bank said. Gross bad loans as a percentage of total loans, a measure of asset quality, eased to 5.03 per cent by the end of September, compared with 5.25 per cent in the previous quarter, and 5.96 per cent during the same period last year.

Axis Bank posts surprise quarterly loss on tax charge

Reckitt Benckiser's new chief executive promised on Tuesday to step up spending on its brands and improve performance after the British household goods maker cut its full-year sales forecast for a second time.

Shares of the Durex condom and Lysol disinfectant maker fell as much as 5.5 per cent to £55.10, the lowest since May last year.

"We are not pleased with where we are and we must consistently deliver," Laxman Narasimhan, who took over from long-time CEO Rakesh Kapoor in September, said on his first call with the investment community.

He said his top priorities were to improve operational performance and build a resilient business model after a series of one-off setbacks kept a lid on growth in recent years.

Narasimhan particularly lamented the performance of the firm's Health business, its largest, where a failed product launch, the nearly $17 billion acquisition of Mead Johnson, and a temporary baby milk factory shut down in the Netherlands, have all caused significant disruption, some lasting to this day.

To fix these issues, he promised to invest more in Reckitt's brands, hire more talent and improve relationships with retailers, distributors and trade partners to head off problems such as inventory destocking, which hit third-quarter results.

Narasimhan said the company would pause any activities that might take attention away from improving operational performance, but added its ongoing RB 2.0 plan, which seeks to split the group into two business units, would not be affected.

The new CEO said he would provide a more detailed long-term strategy at the company's annual results in February.

'Sackcloth and&nbsp;ashes'

Reckitt said it now expected like for like sales growth between flat and up 2 per cent this year, down from its previous target of 2-3 per cent. That was the second cut this year from an initial target of 3-4 per cent growth.

Reported sales rose 5.3 per cent in the third quarter to £3.29 billion, missing analysts' forecast of £3.32 billion, according to a company-supplied consensus.

Reckitt blamed a drop in retail orders for flu products such as Mucinex in the United States and a weak demand for its Enfamil baby products in China on the back of intense competition and declining birth rates.

"What has happened this year and it is abundantly clear is we were not close enough to (the thinking) of those retailers to get a good reading of what was going to happen," outgoing finance chief Adrian Hennah told analysts on a call.

Reckitt said on Monday Hennah would be replaced by Ahold-Delhaize executive Jeff Carr.

Overall, Reckitt's like for like sales growth came in at 1.6 per cent in&nbsp;the third quarter, missing analysts' forecast of 3.2 per cent.

The company also said it would now see a modest decline in adjusted operating margins for the year as it reinvests in its brands. The company had earlier expected margins to be around the same level as last year.

"New CEO Laxman Narasimhan's debut commentary reflects a big helping of sackcloth and ashes tempered by a dose of optimism," Jefferies analyst Martin Deboo said.

"The lowered outlook will create some room for maneuver, at inevitable cost to the share price."

Reckitt's shares were down 2.3&nbsp;percent at&nbsp;5,732 pence at 1040 GMT.

Reckitt Benckiser's new chief executive promised on Tuesday to step up spending on its brands and improve performance after the British household goods maker cut its full-year sales forecast for a second time.

Reckitt Benckiser's new chief executive promised on Tuesday to step up spending on its brands and improve performance after the British household goods maker cut its full-year sales forecast for a second time. Shares of the Durex condom and Lysol disinfectant maker fell as much as 5.5 per cent to £55.10, the lowest since May last year. "We are not pleased with where we are and we must consistently deliver," Laxman Narasimhan, who took over from long-time CEO Rakesh Kapoor in September, said on his first call with the investment community. He said his top priorities were to improve operational performance and build a resilient business model after a series of one-off setbacks kept a lid on growth in recent years. Narasimhan particularly lamented the performance of the firm's Health business, its largest, where a failed product launch, the nearly $17 billion acquisition of Mead Johnson, and a temporary baby milk factory shut down in the Netherlands, have all caused significant disruption, some lasting to this day. To fix these issues, he promised to invest more in Reckitt's brands, hire more talent and improve relationships with retailers, distributors and trade partners to head off problems such as inventory destocking, which hit third-quarter results. Narasimhan said the company would pause any activities that might take attention away from improving operational performance, but added its ongoing RB 2.0 plan, which seeks to split the group into two business units, would not be affected. The new CEO said he would provide a more detailed long-term strategy at the company's annual results in February. 'Sackcloth and ashes' Reckitt said it now expected like for like sales growth between flat and up 2 per cent this year, down from its previous target of 2-3 per cent. That was the second cut this year from an initial target of 3-4 per cent growth. Reported sales rose 5.3 per cent in the third quarter to £3.29 billion, missing analysts' forecast of £3.32 billion, according to a company-supplied consensus. Reckitt blamed a drop in retail orders for flu products such as Mucinex in the United States and a weak demand for its Enfamil baby products in China on the back of intense competition and declining birth rates. "What has happened this year and it is abundantly clear is we were not close enough to (the thinking) of those retailers to get a good reading of what was going to happen," outgoing finance chief Adrian Hennah told analysts on a call. Reckitt said on Monday Hennah would be replaced by Ahold-Delhaize executive Jeff Carr. Overall, Reckitt's like for like sales growth came in at 1.6 per cent in the third quarter, missing analysts' forecast of 3.2 per cent. The company also said it would now see a modest decline in adjusted operating margins for the year as it reinvests in its brands. The company had earlier expected margins to be around the same level as last year. "New CEO Laxman Narasimhan's debut commentary reflects a big helping of sackcloth and ashes tempered by a dose of optimism," Jefferies analyst Martin Deboo said. "The lowered outlook will create some room for maneuver, at inevitable cost to the share price." Reckitt's shares were down 2.3 percent at 5,732 pence at 1040 GMT.

New CEO vows improvements as Reckitt cuts sales forecast again

Asian markets mostly rose Tuesday on growing optimism that China and the US will sign a partial trade deal next month, while the pound held firm around five-month highs as dealers bet Britain will leave the EU with a Brexit agreement.

Donald Trump reinforced hopes Monday that he and Xi Jinping will be able to put pen to paper on a mini pact, saying China had already begun promised purchases of farm goods and that the first part of a wider commitment was almost complete.

"We'll be able to, we think, sign a completed document with China on phase one," Trump said at the White House, adding they would then move on to the next phases.

Trade Representative Robert Lighthizer said efforts were being made for it to be ready when the leaders meet at the APEC summit next month in Chile.

And Trump's economics adviser Larry Kudlow indicated tariffs planned to go into effect in December could be cancelled if the talks go well. 
Increasing signs of progress in the 18-month trade war provided some much-needed relief to global markets, with all three main indexes on Wall Street ending higher and Asia taking up the lead.

Hong Kong, Shanghai and Sydney each rose 0.2 per cent, Singapore put on 0.8 per cent and Seoul rallied 0.9 per cent. Wellington, Taipei, Manila and Jakarta were also higher. Tokyo was closed for a holiday.

"Unlike previous trade talks where expectations centred on the view that something is better than nothing, this time around there appears to be a tangible and workable roadmap in place," said AxiTrader senior market analyst Stephen Innes.

'On the same page'

He said this was "supported by official confirmation that the US and China were both on the same page about the intent to work towards phase one of a 'deal' by mid-November".

The "fact that phase two is even being discussed at this time... suggests that both the US and China may have finally found a bridge that isn't too far".

Traders are also keeping watch on events in London, where Boris Johnson will try on Tuesday to push his Brexit deal with the EU through parliament before next Thursday's deadline.

Sterling rallied Monday to $1.3013 -- its highest since May -- but ticked back after House of Commons Speaker John Bercow refused the prime minister's request to put his bill to MPs.

On Monday it edged back up against the dollar and euro. 
And while many lawmakers say they need more time to read through the details, there is a growing expectation that the government can muster enough support to eventually push the bill through later Tuesday.

Still, with the vote likely to be tight, traders are moving cautiously.

"While markets haven't seen fit to reverse last week's optimism that saw sterling smartly higher, they aren't yet prepared to take the pound up to the next level that successful passage of the Brexit agreement would presumably entail," said Ray Attrill at National Australia Bank.

Key figures around

Hong Kong - Hang Seng: UP 0.2 per cent at 26,779.16 
Shanghai - Composite: UP 0.2 percent at 2,944.26 
Tokyo - Nikkei 225: Closed for a holiday 
Pound/dollar: UP at $1.2982 from $1.2960 at 2100 GMT 
Euro/pound: DOWN at 85.91 pence from 86.03 pence 
Euro/dollar: DOWN at $1.1157 from $1.1145&nbsp; 
Dollar/yen: UP at 108.69 yen from 108.60 yen 
West Texas Intermediate: UP 16 cents at $53.47 per barrel 
Brent North Sea crude: UP 12 cents at $59.08 per barrel 
New York - Dow: UP at 0.2 percent at 26,827.64 (close) 
London - FTSE 100: UP 0.2 percent at 7,163.64 (close)

Asian markets mostly rose Tuesday on growing optimism that China and the US will sign a partial trade deal next month, while the pound held firm around five-month highs as dealers bet Britain will leave the EU with a Brexit agreement.

Asian markets mostly rose Tuesday on growing optimism that China and the US will sign a partial trade deal next month, while the pound held firm around five-month highs as dealers bet Britain will leave the EU with a Brexit agreement. Donald Trump reinforced hopes Monday that he and Xi Jinping will be able to put pen to paper on a mini pact, saying China had already begun promised purchases of farm goods and that the first part of a wider commitment was almost complete. "We'll be able to, we think, sign a completed document with China on phase one," Trump said at the White House, adding they would then move on to the next phases. Trade Representative Robert Lighthizer said efforts were being made for it to be ready when the leaders meet at the APEC summit next month in Chile. And Trump's economics adviser Larry Kudlow indicated tariffs planned to go into effect in December could be cancelled if the talks go well. Increasing signs of progress in the 18-month trade war provided some much-needed relief to global markets, with all three main indexes on Wall Street ending higher and Asia taking up the lead. Hong Kong, Shanghai and Sydney each rose 0.2 per cent, Singapore put on 0.8 per cent and Seoul rallied 0.9 per cent. Wellington, Taipei, Manila and Jakarta were also higher. Tokyo was closed for a holiday. "Unlike previous trade talks where expectations centred on the view that something is better than nothing, this time around there appears to be a tangible and workable roadmap in place," said AxiTrader senior market analyst Stephen Innes. 'On the same page' He said this was "supported by official confirmation that the US and China were both on the same page about the intent to work towards phase one of a 'deal' by mid-November". The "fact that phase two is even being discussed at this time... suggests that both the US and China may have finally found a bridge that isn't too far". Traders are also keeping watch on events in London, where Boris Johnson will try on Tuesday to push his Brexit deal with the EU through parliament before next Thursday's deadline. Sterling rallied Monday to $1.3013 -- its highest since May -- but ticked back after House of Commons Speaker John Bercow refused the prime minister's request to put his bill to MPs. On Monday it edged back up against the dollar and euro. And while many lawmakers say they need more time to read through the details, there is a growing expectation that the government can muster enough support to eventually push the bill through later Tuesday. Still, with the vote likely to be tight, traders are moving cautiously. "While markets haven't seen fit to reverse last week's optimism that saw sterling smartly higher, they aren't yet prepared to take the pound up to the next level that successful passage of the Brexit agreement would presumably entail," said Ray Attrill at National Australia Bank. Key figures around Hong Kong - Hang Seng: UP 0.2 per cent at 26,779.16 Shanghai - Composite: UP 0.2 percent at 2,944.26 Tokyo - Nikkei 225: Closed for a holiday Pound/dollar: UP at $1.2982 from $1.2960 at 2100 GMT Euro/pound: DOWN at 85.91 pence from 86.03 pence Euro/dollar: DOWN at $1.1157 from $1.1145 Dollar/yen: UP at 108.69 yen from 108.60 yen West Texas Intermediate: UP 16 cents at $53.47 per barrel Brent North Sea crude: UP 12 cents at $59.08 per barrel New York - Dow: UP at 0.2 percent at 26,827.64 (close) London - FTSE 100: UP 0.2 percent at 7,163.64 (close)

Asian markets lifted by China-US trade hopes, pound stands ground

The British pound fell Tuesday awaiting key Brexit votes on Prime Minister Boris Johnson's<a href="https://www.wionews.com/world/british-prime-minister-boris-johnson-prepares-fresh-brexit-push-257303"> withdrawal agreement bill</a>.

Europe and Asian stock markets rose on growing expectations that China and the United States will sign a partial trade deal next month, dealers said.

Sterling fell further from Monday's five-month peaks, struck after parliament forced Johnson to request <a href="https://www.wionews.com/world/british-pm-boris-johnson-sends-unsigned-letter-seeking-brexit-delay-256989">another extension</a> to Britain's scheduled exit from the European Union.

The pound switched hands at $1.2936 Tuesday, down from $1.2960 late in New York on Monday.

Sterling had earlier Monday spiked $1.3013, the highest level since May.&nbsp;

Johnson published his hotly-awaited withdrawal agreement bill (WAB) late on Monday, with just over a week to go until Brexit on October 31.

"The Brexit saga rumbles on today as MPs debate and vote on the WAB in what is likely to be the first of a few excruciating and long sessions in parliament," said Oanda analyst Craig Erlam.

Johnson faces two crucial Brexit votes that could decide if he still has a reasonable shot at securing his EU divorce by next week's deadline.

Firstly, the Conservative leader hopes parliament gives initial support to a Brexit bill that translates the revised withdrawal agreement he struck with Brussels last week into UK law.

Secondly, he also hopes the lower House of Commons will vote in favour of a speedy timescale to pass the entire legislation in just three days.

The rapid timetable, a big ask for a 110-page text designed to unwind 46 years of intricate EU-UK ties,&nbsp;has sparked outcry from opposition lawmakers.

"The main events of the day will likely come this evening, after the stock market here in London has closed, with parliament set for two key votes on Brexit," said XTB analyst David Cheetham.

Even if the withdrawal bill "passes there’s a fair chance that a vote on the timetable shortly afterwards will fail.

"Several MPs have already voiced their displeasure at the lack of time to scrutinise the bill," he added.

At the same time, Johnson has been forced by parliament to request a three-month extension that <a href="https://www.wionews.com/videos/eu-considers-brexit-extension-boris-johnson-battles-to-save-deal-257370">European leaders will consider</a> once they get a clearer picture of this week's parliamentary votes.

Elsewhere Tuesday, global stock markets gained on modest gains on easing trade war concerns.

US President Donald Trump reinforced hopes Monday that he and Xi Jinping will be able to put pen to paper on a<a href="https://www.wionews.com/world/trump-says-phase-1-china-trade-pact-on-track-for-november-257404"> mini pact</a>, saying China had already started promised purchases of farm goods, and that the first part of a wider commitment was almost complete.

"We'll be able to, we think, sign a completed document with China on phase one," Trump said at the White House, adding they would then move on to the next phases.

Trade Representative Robert Lighthizer said efforts were being made for it to be ready when the leaders meet at the APEC summit next month in Chile.

Trump's economics adviser Larry Kudlow indicated tariffs planned to go into effect in December could be cancelled if the talks go well.

The British pound fell Tuesday awaiting key Brexit votes on Prime Minister Boris Johnson's withdrawal agreement bill. Europe and Asian stock markets rose on growing expectations that China and the United States will sign a partial trade deal next month, dealers said.

The British pound fell Tuesday awaiting key Brexit votes on Prime Minister Boris Johnson's withdrawal agreement bill. Europe and Asian stock markets rose on growing expectations that China and the United States will sign a partial trade deal next month, dealers said. Sterling fell further from Monday's five-month peaks, struck after parliament forced Johnson to request another extension to Britain's scheduled exit from the European Union. The pound switched hands at $1.2936 Tuesday, down from $1.2960 late in New York on Monday. Sterling had earlier Monday spiked $1.3013, the highest level since May. Johnson published his hotly-awaited withdrawal agreement bill (WAB) late on Monday, with just over a week to go until Brexit on October 31. "The Brexit saga rumbles on today as MPs debate and vote on the WAB in what is likely to be the first of a few excruciating and long sessions in parliament," said Oanda analyst Craig Erlam. Johnson faces two crucial Brexit votes that could decide if he still has a reasonable shot at securing his EU divorce by next week's deadline. Firstly, the Conservative leader hopes parliament gives initial support to a Brexit bill that translates the revised withdrawal agreement he struck with Brussels last week into UK law. Secondly, he also hopes the lower House of Commons will vote in favour of a speedy timescale to pass the entire legislation in just three days. The rapid timetable, a big ask for a 110-page text designed to unwind 46 years of intricate EU-UK ties, has sparked outcry from opposition lawmakers. "The main events of the day will likely come this evening, after the stock market here in London has closed, with parliament set for two key votes on Brexit," said XTB analyst David Cheetham. Even if the withdrawal bill "passes there’s a fair chance that a vote on the timetable shortly afterwards will fail. "Several MPs have already voiced their displeasure at the lack of time to scrutinise the bill," he added. At the same time, Johnson has been forced by parliament to request a three-month extension that European leaders will consider once they get a clearer picture of this week's parliamentary votes. Elsewhere Tuesday, global stock markets gained on modest gains on easing trade war concerns. US President Donald Trump reinforced hopes Monday that he and Xi Jinping will be able to put pen to paper on a mini pact, saying China had already started promised purchases of farm goods, and that the first part of a wider commitment was almost complete. "We'll be able to, we think, sign a completed document with China on phase one," Trump said at the White House, adding they would then move on to the next phases. Trade Representative Robert Lighthizer said efforts were being made for it to be ready when the leaders meet at the APEC summit next month in Chile. Trump's economics adviser Larry Kudlow indicated tariffs planned to go into effect in December could be cancelled if the talks go well.

British pound falls ahead of Brexit vote

Indian shares closed down on Tuesday, dragged by a sharp fall in Infosys stock, while weak earnings from a raft of companies further dented investor sentiment.

Infosys dived nearly 17 per cent and was the biggest drag on the NSE index, as the country's No. 2 software services firm said it was investigating whistleblower claims accusing its top two executives of "unethical practices" to boost short-term profit.

The broader Nifty ended 0.63 per cent lower at 11,588.35, while the benchmark BSE Sensex closed down 0.85 per cent at 38,963.84.

Only 2 out of 10 stocks on the Nifty IT index ended higher. The index closed 4.68 per cent lower.

Shares of air conditioning parts manufacturer, Subros Ltd, slid as much as 7 per cent to its lowest in nearly five weeks after the company posted a drop in quarterly net profit.

Shares of ICICI Bank Ltd and Dr. Reddy's Laboratories Ltd were among the top gainers on the NSE index, closing up 3.05 per cent and 3.15 per cent, respectively.

Indian shares closed down on Tuesday, dragged by a sharp fall in Infosys stock, while weak earnings from a raft of companies further dented investor sentiment. Infosys dived nearly 17 per cent and was the biggest drag on the NSE index, as the country's No.

Indian shares closed down on Tuesday, dragged by a sharp fall in Infosys stock, while weak earnings from a raft of companies further dented investor sentiment. Infosys dived nearly 17 per cent and was the biggest drag on the NSE index, as the country's No. 2 software services firm said it was investigating whistleblower claims accusing its top two executives of "unethical practices" to boost short-term profit. The broader Nifty ended 0.63 per cent lower at 11,588.35, while the benchmark BSE Sensex closed down 0.85 per cent at 38,963.84. Only 2 out of 10 stocks on the Nifty IT index ended higher. The index closed 4.68 per cent lower. Shares of air conditioning parts manufacturer, Subros Ltd, slid as much as 7 per cent to its lowest in nearly five weeks after the company posted a drop in quarterly net profit. Shares of ICICI Bank Ltd and Dr. Reddy's Laboratories Ltd were among the top gainers on the NSE index, closing up 3.05 per cent and 3.15 per cent, respectively.

Sensex, Nifty end lower as Infosys crashes

Companies' demand for bank loans held up in the eurozone in the third quarter, the European Central Bank found in a survey published Tuesday, in a mildly positive sign amid fears of a slowdown.

"Net demand for loans to enterprises remained broadly unchanged in the third quarter," the ECB said in its quarterly survey of 144 banks across the single currency area.

But the steady interest in loans disappointed financial firms' hopes earlier this year that the third quarter would bring growth in demand.

"Demand slightly increased for loans to small- and medium-sized enterprises, but decreased for loans to large firms," the ECB added.

Many of the central bank's measures to stimulate the economy in recent years have aimed at increasing bank lending, a more significant factor for growth in Europe than other advanced economies like the US.

But the Frankfurt institution and organisations like the International Monetary Fund were forced to slash eurozone growth forecasts in recent weeks, as external factors such as trade wars and Brexit weigh on the bloc.

ECB economists now expect an expansion of 1.1 per cent this year and 1.2 per cent in 2020.

It was unclear Tuesday whether British MPs would vote through a last-minute divorce deal with the European Union.

And a truce in the US' damaging trade conflict with China remains elusive, while Washington last week slapped new tariffs on $7.5 billion of EU imports.

The ECB in September responded to slowing growth and mounting risks with a fresh and controversial big-bang package of measures.

It relaunched mass bond-buying and further lowered a key interest rate into negative territory.

Even before then, banks reported in the third-quarter survey that "the ECB's negative deposit facility rate continued to contribute to an increase in lending volumes and a decrease in lending rates" for companies and households.

Looking elsewhere in the results, lenders said they eased slightly the criteria they use to evaluate potential home mortgage and business borrowers in July-September.

But they tightened up the terms and conditions in their loan contracts for both companies and home buyers over the same period.

Companies' demand for bank loans held up in the eurozone in the third quarter, the European Central Bank found in a survey published Tuesday, in a mildly positive sign amid fears of a slowdown.

Companies' demand for bank loans held up in the eurozone in the third quarter, the European Central Bank found in a survey published Tuesday, in a mildly positive sign amid fears of a slowdown. "Net demand for loans to enterprises remained broadly unchanged in the third quarter," the ECB said in its quarterly survey of 144 banks across the single currency area. But the steady interest in loans disappointed financial firms' hopes earlier this year that the third quarter would bring growth in demand. "Demand slightly increased for loans to small- and medium-sized enterprises, but decreased for loans to large firms," the ECB added. Many of the central bank's measures to stimulate the economy in recent years have aimed at increasing bank lending, a more significant factor for growth in Europe than other advanced economies like the US. But the Frankfurt institution and organisations like the International Monetary Fund were forced to slash eurozone growth forecasts in recent weeks, as external factors such as trade wars and Brexit weigh on the bloc. ECB economists now expect an expansion of 1.1 per cent this year and 1.2 per cent in 2020. It was unclear Tuesday whether British MPs would vote through a last-minute divorce deal with the European Union. And a truce in the US' damaging trade conflict with China remains elusive, while Washington last week slapped new tariffs on $7.5 billion of EU imports. The ECB in September responded to slowing growth and mounting risks with a fresh and controversial big-bang package of measures. It relaunched mass bond-buying and further lowered a key interest rate into negative territory. Even before then, banks reported in the third-quarter survey that "the ECB's negative deposit facility rate continued to contribute to an increase in lending volumes and a decrease in lending rates" for companies and households. Looking elsewhere in the results, lenders said they eased slightly the criteria they use to evaluate potential home mortgage and business borrowers in July-September. But they tightened up the terms and conditions in their loan contracts for both companies and home buyers over the same period.

Eurozone firms keep borrowing as growth fears mount

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

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

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

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

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

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

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

Gold flat as markets eye trade talk cues, Brexit deal

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

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

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

As global economies go down, CEO paycheques go up

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

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

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

Thomson Reuters says engaged in CEO succession planning

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

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

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

SAP in three-year cloud partnership with Microsoft

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

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

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

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

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

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

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

Global economic risks reinforce need to strengthen global cooperation: Sitharaman

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

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

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

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

Oracle co-CEO Mark Hurd dies at 62