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The Directorate General of Civil Aviation (DGCA) <a href="https://www.wionews.com/india-news/mumbai-dgca-suspends-pilots-license-for-3-months-in-runway-incursion-case-246899">suspended the licenses</a> of two <a href="https://www.wionews.com/business-economy/spicejet-to-shift-entire-operation-to-terminal-2-of-mumbai-airport-244513">SpiceJet</a> pilots for four months each over the June 13 flight from Hyderabad to Jaipur, which suffered cabin pressurisation failure.

The incident occurred on a B737-800 operated as flight SG 341.

The civil aviation watchdog said that one of the pilots,&nbsp;Captain Sunil Mehta had forgotten to put the bleed switch on during cockpit preparation, departure briefing and after takeoff checklist which resulted in pressurisation failure during the climb.

The second pilot, Captain Vikram Singh had called out bleeds 'on'&nbsp;during after takeoff checklist.

"However, bleeds were still in off position which resulted into pressurisation failure during a climb," the DGCA said in its suspension letter, adding that the action jeopardised the safety of the aircraft and its occupants.

"In exercise of the powers delegated under Clause (a) of the Sub-Rule (3) of Rule 19 of the Aircraft Rules, 1937, the undersigned hereby suspend the license of Captain Sunil Mehta and Captain Vikram Singh for a period of four months from the date of the incident," the civil aviation watchdog said.

Earlier on September 23, the DGCA had issued a show-cause notice to the pilots giving them a time period of 15 days to explain why action should not be taken against them.

The Directorate General of Civil Aviation (DGCA) suspended the licenses of two SpiceJet pilots for four months each over the June 13 flight from Hyderabad to Jaipur, which suffered cabin pressurisation failure.

The Directorate General of Civil Aviation (DGCA) suspended the licenses of two SpiceJet pilots for four months each over the June 13 flight from Hyderabad to Jaipur, which suffered cabin pressurisation failure. The incident occurred on a B737-800 operated as flight SG 341. The civil aviation watchdog said that one of the pilots, Captain Sunil Mehta had forgotten to put the bleed switch on during cockpit preparation, departure briefing and after takeoff checklist which resulted in pressurisation failure during the climb. The second pilot, Captain Vikram Singh had called out bleeds 'on' during after takeoff checklist. "However, bleeds were still in off position which resulted into pressurisation failure during a climb," the DGCA said in its suspension letter, adding that the action jeopardised the safety of the aircraft and its occupants. "In exercise of the powers delegated under Clause (a) of the Sub-Rule (3) of Rule 19 of the Aircraft Rules, 1937, the undersigned hereby suspend the license of Captain Sunil Mehta and Captain Vikram Singh for a period of four months from the date of the incident," the civil aviation watchdog said. Earlier on September 23, the DGCA had issued a show-cause notice to the pilots giving them a time period of 15 days to explain why action should not be taken against them.

Two SpiceJet pilots suspended over air pressurisation failure in flight

The Indian government may request an interim dividend of around 300 billion rupees ($4.3 billion) from the Reserve bank of India (RBI) in order to meet its fiscal deficit target, a leading business&nbsp;daily reported on Sunday citing news agency Press Trust of India (PTI).

The government is likely to seek the dividend payment towards the end of the April-March financial year to meet the government's fiscal deficit target of 3.3 per cent of gross domestic product, government sources told the PTI.

The federal government could request an interim dividend of 250 billion to 300 billion rupees from the RBI during the current fiscal year, one source said, adding that a final assessment would be made in early January.

The Finance Ministry and the RBI were not immediately available for comment.

As the manager of government finances, the central bank pays the government a dividend each year to help the government meet its financial targets.

Last year the RBI paid the government an interim dividend of 280 billion rupees.

Expectations of the government missing its fiscal deficit target have risen following a number of measures taken to lift growth from six-year lows of 5 per cent in the first quarter of the current financial year.

Analysts also say the government could resort to stake sales in state-run companies to bridge its revenue deficit and avoid a fiscal slippage.

The Indian government may request an interim dividend of around 300 billion rupees ($4.3 billion) from the Reserve bank of India (RBI) in order to meet its fiscal deficit target, a leading business daily reported on Sunday citing news agency Press Trust of India (PTI).

The Indian government may request an interim dividend of around 300 billion rupees ($4.3 billion) from the Reserve bank of India (RBI) in order to meet its fiscal deficit target, a leading business daily reported on Sunday citing news agency Press Trust of India (PTI). The government is likely to seek the dividend payment towards the end of the April-March financial year to meet the government's fiscal deficit target of 3.3 per cent of gross domestic product, government sources told the PTI. The federal government could request an interim dividend of 250 billion to 300 billion rupees from the RBI during the current fiscal year, one source said, adding that a final assessment would be made in early January. The Finance Ministry and the RBI were not immediately available for comment. As the manager of government finances, the central bank pays the government a dividend each year to help the government meet its financial targets. Last year the RBI paid the government an interim dividend of 280 billion rupees. Expectations of the government missing its fiscal deficit target have risen following a number of measures taken to lift growth from six-year lows of 5 per cent in the first quarter of the current financial year. Analysts also say the government could resort to stake sales in state-run companies to bridge its revenue deficit and avoid a fiscal slippage.

Government may seek $4.3 billion interim dividend from RBI: Report

Equity benchmark indices were subdued during early hours on Friday tracking weakness in Asian peers amid global growth concerns.

At 10:15 am, the BSE S &amp; P Sensex was down by 88 points at 39,902 while the Nifty 50 slipped by 37 point to 11,535. At the National Stock Exchange, most sectoral indices were in the red except for financial services, PSU bank and FMCG.

Among stocks, Tata Motors lost by 3.2 per cent to Rs 120.45 per share after Jaguar Land Rover said it will suspend production for a week after the planned Brexit date of October 31 as a prudent measure.

Metal stocks like Tata Steel, Vedanta and Hindalco too suffered losses of over 2 per cent each.

The other prominent losers were ONGC, GAIL, Nestle Indian and Bharti Infratel.

However, FMCG major ITC gained by 2.1 per cent. The others which added gains were Reliance Industries, Bajaj Finance, Bajaj Finserv and HDFC.

Meanwhile, Asian shares were on course for a second straight week of losses.

The release of a <a href="https://www.wionews.com/world/whistleblower-in-donald-trump-ukraine-scandal-a-cia-officer-report-252276">whistleblower complaint against</a> US President Donald Trump heightened uncertainties about the global economy which is already reeling under the impact of US-China trade tariff issues.

MSCI's broadest index of Asia Pacific shares outside Japan slipped by 0.42 per cent while Japan's Nikkei slid by 1.27 per cent.

A whistleblower report released on Thursday said Trump not only abused his office in attempting to solicit Ukraine's interference in the US election for his political benefit but that the White House tried to lock down evidence about that conduct.

The report came after the Speaker of the US House of Representatives Nancy Pelosi launched an impeachment inquiry into him.

Equity benchmark indices were subdued during early hours on Friday tracking weakness in Asian peers amid global growth concerns. At 10:15 am, the BSE S & P Sensex was down by 88 points at 39,902 while the Nifty 50 slipped by 37 point to 11,535.

Equity benchmark indices were subdued during early hours on Friday tracking weakness in Asian peers amid global growth concerns. At 10:15 am, the BSE S & P Sensex was down by 88 points at 39,902 while the Nifty 50 slipped by 37 point to 11,535. At the National Stock Exchange, most sectoral indices were in the red except for financial services, PSU bank and FMCG. Among stocks, Tata Motors lost by 3.2 per cent to Rs 120.45 per share after Jaguar Land Rover said it will suspend production for a week after the planned Brexit date of October 31 as a prudent measure. Metal stocks like Tata Steel, Vedanta and Hindalco too suffered losses of over 2 per cent each. The other prominent losers were ONGC, GAIL, Nestle Indian and Bharti Infratel. However, FMCG major ITC gained by 2.1 per cent. The others which added gains were Reliance Industries, Bajaj Finance, Bajaj Finserv and HDFC. Meanwhile, Asian shares were on course for a second straight week of losses. The release of a whistleblower complaint against US President Donald Trump heightened uncertainties about the global economy which is already reeling under the impact of US-China trade tariff issues. MSCI's broadest index of Asia Pacific shares outside Japan slipped by 0.42 per cent while Japan's Nikkei slid by 1.27 per cent. A whistleblower report released on Thursday said Trump not only abused his office in attempting to solicit Ukraine's interference in the US election for his political benefit but that the White House tried to lock down evidence about that conduct. The report came after the Speaker of the US House of Representatives Nancy Pelosi launched an impeachment inquiry into him.

Equities subdued on global cues, auto and metal stocks suffer

Asian markets fell Friday following declines on Wall Street as the impeachment inquiry into United States&nbsp;<a href="https://www.wionews.com/business-economy/asian-markets-fall-as-impeachment-process-against-donald-trump-begins-251880">President Donald Trump</a> weighed on sentiment.

Political turmoil in Washington following the release of a whistleblower's complaint overshadowed positive comments from Trump on US-China trade talks and steps towards a new agreement with Japan.

The incendiary complaint alleges Trump sought to enlist Ukraine to help his 2020 campaign and then conspired with staff to cover it up.

All three US markets ended lower, with the Dow down by 0.3 per cent, the S&amp;P off 0.2 per cent and the Nasdaq gave up 0.6 per cent.

"The market isn't clear on what to make of the latest impeachment developments in the US, and this continues to increase uncertainly and could be weighing on investor sentiment," Stephen Innes, Asia Pacific market strategist at AxiTrader, said in a note.

"Compounding this uncertainty is the stark reality that most of the global economy is moving in reverse while omnipresent geopolitical unease ensures the market remains in a constant wobble on a forever shifting trade war axis", Innes added.

In Asia, Tokyo was down 1.2 per cent as many shares went ex-dividend and Seoul was 1.1 per cent lower.

Hong Kong was down 0.3 per cent while Shanghai was up 0.1 per cent with trade cautious ahead of a weeklong holiday to mark the 70th anniversary of the founding of the People's Republic of China.

Singapore, Malaysia and Taiwan also retreated while Sydney was up 0.4 per cent, one of the few markets seeing gains.

Elsewhere, crude prices slipped following the swift recovery in Saudi production following the attacks on its oil infrastructure two weeks ago.

Both main contracts were lower, with WTI down 0.5 per cent and Brent off 0.8 per cent.

"The <a href="https://www.wionews.com/business-economy/asian-markets-slip-amidst-us-china-trade-war-251380">market has been trading lower</a> as oil bulls have been discouraged by quicker than expected return of Saudi oil output," said AxiTrader's Innes.

Investors were also awaiting US inflation, durable goods and personal income data due later Friday for a take on the world's biggest economy.

"With the US consumer, the last man standing still to take cover from the global slowdown, a poor read from these numbers has the potential to floor equities and end the week on a sour note," said Jeffrey Halley, senior market analyst at OANDA.

&nbsp;

Asian markets fell Friday following declines on Wall Street as the impeachment inquiry into United States President Donald Trump weighed on sentiment. Political turmoil in Washington following the release of a whistleblower's complaint overshadowed positive comments from Trump on US-China trade talks and steps towards a new agreement with Japan.

Asian markets fell Friday following declines on Wall Street as the impeachment inquiry into United States President Donald Trump weighed on sentiment. Political turmoil in Washington following the release of a whistleblower's complaint overshadowed positive comments from Trump on US-China trade talks and steps towards a new agreement with Japan. The incendiary complaint alleges Trump sought to enlist Ukraine to help his 2020 campaign and then conspired with staff to cover it up. All three US markets ended lower, with the Dow down by 0.3 per cent, the S&P off 0.2 per cent and the Nasdaq gave up 0.6 per cent. "The market isn't clear on what to make of the latest impeachment developments in the US, and this continues to increase uncertainly and could be weighing on investor sentiment," Stephen Innes, Asia Pacific market strategist at AxiTrader, said in a note. "Compounding this uncertainty is the stark reality that most of the global economy is moving in reverse while omnipresent geopolitical unease ensures the market remains in a constant wobble on a forever shifting trade war axis", Innes added. In Asia, Tokyo was down 1.2 per cent as many shares went ex-dividend and Seoul was 1.1 per cent lower. Hong Kong was down 0.3 per cent while Shanghai was up 0.1 per cent with trade cautious ahead of a weeklong holiday to mark the 70th anniversary of the founding of the People's Republic of China. Singapore, Malaysia and Taiwan also retreated while Sydney was up 0.4 per cent, one of the few markets seeing gains. Elsewhere, crude prices slipped following the swift recovery in Saudi production following the attacks on its oil infrastructure two weeks ago. Both main contracts were lower, with WTI down 0.5 per cent and Brent off 0.8 per cent. "The market has been trading lower as oil bulls have been discouraged by quicker than expected return of Saudi oil output," said AxiTrader's Innes. Investors were also awaiting US inflation, durable goods and personal income data due later Friday for a take on the world's biggest economy. "With the US consumer, the last man standing still to take cover from the global slowdown, a poor read from these numbers has the potential to floor equities and end the week on a sour note," said Jeffrey Halley, senior market analyst at OANDA.

Asian markets fall as Trump impeachment saga continues

Essar&nbsp;Steel&nbsp;India&nbsp;has issued a tender for&nbsp;12&nbsp;liquefied natural gas (LNG)&nbsp;cargoes&nbsp;for&nbsp;2020&nbsp;delivery after previous tender was cancelled, two market&nbsp;sources&nbsp;said on Friday.

The company held a similar tender in August but the&nbsp;sources&nbsp;said they believed it did not award it.&nbsp;Essar&nbsp;previously denied it cancelled the tender.

It did not respond to a Reuters request for comment on the current tender which closes on September 28.

Essar Steel India has issued a tender for 12 liquefied natural gas (LNG) cargoes for 2020 delivery after previous tender was cancelled, two market sources said on Friday.

Essar Steel India has issued a tender for 12 liquefied natural gas (LNG) cargoes for 2020 delivery after previous tender was cancelled, two market sources said on Friday. The company held a similar tender in August but the sources said they believed it did not award it. Essar previously denied it cancelled the tender. It did not respond to a Reuters request for comment on the current tender which closes on September 28.

Essar Steel India seeks 12 LNG cargoes for 2020 delivery: Sources

Indian shares closed lower on Friday, pressured by auto and metal stocks, as investors hoped for more stimulus to revive the economy.

The broader NSE Nifty ended 0.51 per cent lower at 11,512.40, while the benchmark BSE Sensex closed down 0.43 per cent at 38,822.57.

For the week, however, the markets managed to end higher. The NSE Nifty rose 2.11 per cent and the BSE Sensex gained 2.13 per cent, their best week since week-ending May 24, mainly helped by the government`s move to cut corporate taxes last week.

Among sub-indexes, metals slid 2.64 per cent, pharma closed down 2.06 per cent, while auto declined 1.38 per cent. Meanwhile, the fast-moving consumer goods (FMCG) index managed to stay flat.

Mining conglomerate Vedanta Ltd fell 5.33 per cent to top the NSE blue-chip losers.

Among gainers, Bharti Airtel rose about 1.5 per cent.

Bharat Petroleum Corporation Ltd clocked gains of 16.3 per cent for the week, marking its best week since week-ending Jun. 6, 2014.

India's Strides Pharma Science Ltd hit their lowest since March 2014 at 298.25 rupees, after the company halted sales of its heartburn drug Ranitidine in the US market, as it conducts tests to identify possible cancer-causing impurities in the tablets.

Meanwhile, Lakshmi Vilas Bank fell nearly 5 per cent after Indian police opened a probe into the directors of the lender over misappropriating funds.

Indian shares closed lower on Friday, pressured by auto and metal stocks, as investors hoped for more stimulus to revive the economy. The broader NSE Nifty ended 0.

Indian shares closed lower on Friday, pressured by auto and metal stocks, as investors hoped for more stimulus to revive the economy. The broader NSE Nifty ended 0.51 per cent lower at 11,512.40, while the benchmark BSE Sensex closed down 0.43 per cent at 38,822.57. For the week, however, the markets managed to end higher. The NSE Nifty rose 2.11 per cent and the BSE Sensex gained 2.13 per cent, their best week since week-ending May 24, mainly helped by the government`s move to cut corporate taxes last week. Among sub-indexes, metals slid 2.64 per cent, pharma closed down 2.06 per cent, while auto declined 1.38 per cent. Meanwhile, the fast-moving consumer goods (FMCG) index managed to stay flat. Mining conglomerate Vedanta Ltd fell 5.33 per cent to top the NSE blue-chip losers. Among gainers, Bharti Airtel rose about 1.5 per cent. Bharat Petroleum Corporation Ltd clocked gains of 16.3 per cent for the week, marking its best week since week-ending Jun. 6, 2014. India's Strides Pharma Science Ltd hit their lowest since March 2014 at 298.25 rupees, after the company halted sales of its heartburn drug Ranitidine in the US market, as it conducts tests to identify possible cancer-causing impurities in the tablets. Meanwhile, Lakshmi Vilas Bank fell nearly 5 per cent after Indian police opened a probe into the directors of the lender over misappropriating funds.

Sensex, Nifty end lower; metals, autos drag

The French arm of bankrupt British tour operator <a href="https://www.wionews.com/world/uk-to-repatriate-16000-people-on-fourth-day-of-thomas-cook-collapse-252153">Thomas Cook</a> declared insolvency on Thursday and said it would apply for a judicial recovery procedure with the aim of finding a buyer.&nbsp;

Already on Tuesday, Thomas Cook France -- which employs a workforce of 780 and has annual revenues of 425 million euros ($460 million) -- had said it would ask the French commercial court of Nanterre for creditor protection.

At a meeting of the unit's works council on Thursday, "the staff representative bodies unanimously approved the draft declaration of cessation of payments and the opening of judicial recovery proceedings," the subsidiary said in a statement.&nbsp;

"The objective remains to ensure the continuity of operations of the French entity and to move quickly to a recovery solution."&nbsp;

Thomas Cook's German and Austrian units took similar steps following the collapse of the British parent on Monday, leaving around 600,000 holidaymakers stranded worldwide.

The 178-year-old debt-plagued group, which had struggled against fierce online competition for some time and blamed Brexit uncertainty for a recent drop in bookings, declared bankruptcy after failing to secure £200 million ($250 million, 227 million euros) from private investors.

The collapse followed a lengthy period of chronic financial turmoil after a disastrous 2007 merger deal and leaves its 22,000 staff out of a job.

Thomas Cook France said that the number of its clients currently stranded had been reduced from around 10,000 on Monday to just over 8,400.

On Tuesday, it said that "a number of serious potential buyers have already expressed a strong interest in Thomas Cook France," without providing any details.&nbsp;

No candidates have so far come forward publicly and the number one French player, TUI France, declined to comment on Thursday.&nbsp;

The French arm of bankrupt British tour operator Thomas Cook declared insolvency on Thursday and said it would apply for a judicial recovery procedure with the aim of finding a buyer.

The French arm of bankrupt British tour operator Thomas Cook declared insolvency on Thursday and said it would apply for a judicial recovery procedure with the aim of finding a buyer. Already on Tuesday, Thomas Cook France -- which employs a workforce of 780 and has annual revenues of 425 million euros ($460 million) -- had said it would ask the French commercial court of Nanterre for creditor protection. At a meeting of the unit's works council on Thursday, "the staff representative bodies unanimously approved the draft declaration of cessation of payments and the opening of judicial recovery proceedings," the subsidiary said in a statement. "The objective remains to ensure the continuity of operations of the French entity and to move quickly to a recovery solution." Thomas Cook's German and Austrian units took similar steps following the collapse of the British parent on Monday, leaving around 600,000 holidaymakers stranded worldwide. The 178-year-old debt-plagued group, which had struggled against fierce online competition for some time and blamed Brexit uncertainty for a recent drop in bookings, declared bankruptcy after failing to secure £200 million ($250 million, 227 million euros) from private investors. The collapse followed a lengthy period of chronic financial turmoil after a disastrous 2007 merger deal and leaves its 22,000 staff out of a job. Thomas Cook France said that the number of its clients currently stranded had been reduced from around 10,000 on Monday to just over 8,400. On Tuesday, it said that "a number of serious potential buyers have already expressed a strong interest in Thomas Cook France," without providing any details. No candidates have so far come forward publicly and the number one French player, TUI France, declined to comment on Thursday.

Thomas Cook France declares insolvency

Apple Inc supplier and Japan Display Inc said on Thursday that Chinese investment firm Harvest Group would withdraw from a bailout of the cash-strapped smartphone screen maker, increasing the chance of the 80 billion yen ($743 million) deal collapsing.

The pullout of Harvest, which had offered to inject three-quarters of the bailout, threatens the survival of Japan Display, which has been hit by Apple's slowing iPhone sales and a late shift to organic light-emitting diode (OLED) screens.

But Minoru Kikuoka, Japan Display's chief financial officer, said at a press briefing there were no worries about an immediate cash crunch, thanks to loans extended by Japanese government-backed fund INCJ, its biggest shareholder.

Harvest decided to pull out due to disagreements with other members of the investor group over governance, Japan Display said. The Japanese company will look for new investors to replace the Chinese fund while keeping up talks with Harvest with the aim of receiving promised investment, it added.

Meanwhile, a major Japan Display client, which sources said is Apple, intends to double its planned investment to $200 million, if Japan Display could find other investors to replace Harvest by the end of this year partially, Japan Display said.

Apple Japan was not immediately available for comment.

Apple accounted for 60.6 per cent of Japan Display's revenue in the last financial year ended March. Japan Display still owes Apple nearly $900 million for the $1.5 billion cost of building a smartphone screen plant four years ago.

Hong Kong-based activist investor Oasis Management is still sticking with its plans to contribute $150-180 million. In addition, a major supplier and other private equity funds are showing interest in joining the deal, Kikuoka said.

The investment would give the investor group a 49.8 per cent&nbsp;stake in Japan Display, replacing Japanese government-backed fund INCJ as Japan Display's biggest shareholder.

Japan Display first agreed on the bailout deal with the Chinese group in April, but was forced to change the structure as some members dropped out after making checks on Japan Display’s financials.

Japan Display in August reported a tenth consecutive quarterly loss and logged a negative net worth, with liabilities exceeding assets by 77.2 billion yen.

Japan Display was formed in 2012 by combining the liquid-crystal display businesses of Hitachi Ltd Toshiba Corp and Sony Corp in a government-brokered deal.

Apple Inc supplier and Japan Display Inc said on Thursday that Chinese investment firm Harvest Group would withdraw from a bailout of the cash-strapped smartphone screen maker, increasing the chance of the 80 billion yen ($743 million) deal collapsing.

Apple Inc supplier and Japan Display Inc said on Thursday that Chinese investment firm Harvest Group would withdraw from a bailout of the cash-strapped smartphone screen maker, increasing the chance of the 80 billion yen ($743 million) deal collapsing. The pullout of Harvest, which had offered to inject three-quarters of the bailout, threatens the survival of Japan Display, which has been hit by Apple's slowing iPhone sales and a late shift to organic light-emitting diode (OLED) screens. But Minoru Kikuoka, Japan Display's chief financial officer, said at a press briefing there were no worries about an immediate cash crunch, thanks to loans extended by Japanese government-backed fund INCJ, its biggest shareholder. Harvest decided to pull out due to disagreements with other members of the investor group over governance, Japan Display said. The Japanese company will look for new investors to replace the Chinese fund while keeping up talks with Harvest with the aim of receiving promised investment, it added. Meanwhile, a major Japan Display client, which sources said is Apple, intends to double its planned investment to $200 million, if Japan Display could find other investors to replace Harvest by the end of this year partially, Japan Display said. Apple Japan was not immediately available for comment. Apple accounted for 60.6 per cent of Japan Display's revenue in the last financial year ended March. Japan Display still owes Apple nearly $900 million for the $1.5 billion cost of building a smartphone screen plant four years ago. Hong Kong-based activist investor Oasis Management is still sticking with its plans to contribute $150-180 million. In addition, a major supplier and other private equity funds are showing interest in joining the deal, Kikuoka said. The investment would give the investor group a 49.8 per cent stake in Japan Display, replacing Japanese government-backed fund INCJ as Japan Display's biggest shareholder. Japan Display first agreed on the bailout deal with the Chinese group in April, but was forced to change the structure as some members dropped out after making checks on Japan Display’s financials. Japan Display in August reported a tenth consecutive quarterly loss and logged a negative net worth, with liabilities exceeding assets by 77.2 billion yen. Japan Display was formed in 2012 by combining the liquid-crystal display businesses of Hitachi Ltd Toshiba Corp and Sony Corp in a government-brokered deal.

Apple supplier Japan Display loses out on Chinese funds, survival at risk

In a relief for Punjab and Maharashtra Cooperative (PMC) Bank customers, the Reserve Bank of India (RBI) on Thursday increased the withdrawal limit from Rs 1,000 to 10,000.

"The relaxation has been granted to reduce the hardship of depositors. The RBI is closely monitoring the position and will continue to take further steps as are necessary to safeguard the interest of depositors," it said in a statement.

On Monday, the <a href="https://www.wionews.com/business-economy/rbi-restricts-activities-of-pmc-bank-due-to-heightened-risks-251703">central bank had restricted activities of PMC Bank</a> for six months. It capped the withdrawals at Rs 1,000 per account and asked the bank to not grant or renew any loans and advances, make any investment or incur any liability, including borrowal of funds and acceptance of fresh deposits.

The crackdown caused panic among depositors. However, the RBI said the directions were necessitated on account of major financial irregularities, failure of internal control and systems of the bank and wrong or under-reporting of its exposures under various off-site surveillance reports.

"Other terms and conditions of the directive will remain unchanged. With the above relaxation, more than 60 per cent of the bank depositors will be able to withdraw their entire account balance," it said in a statement.

The RBI has sacked the bank`s board of directors under sub-sections 1 and 2 of section 36 AAA read with section 56 of the Banking Regulation Act 1949.

An administrator has been appointed to take charge. PMC Bank is a multi-state scheduled urban cooperative bank with operations in Maharashtra, New Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh and Madhya Pradesh. With a network of 137 branches, it ranks among the top 10 cooperative banks in the country. 
&nbsp;

In a relief for Punjab and Maharashtra Cooperative (PMC) Bank customers, the Reserve Bank of India (RBI) on Thursday increased the withdrawal limit from Rs 1,000 to 10,000.

In a relief for Punjab and Maharashtra Cooperative (PMC) Bank customers, the Reserve Bank of India (RBI) on Thursday increased the withdrawal limit from Rs 1,000 to 10,000. "The relaxation has been granted to reduce the hardship of depositors. The RBI is closely monitoring the position and will continue to take further steps as are necessary to safeguard the interest of depositors," it said in a statement. On Monday, the central bank had restricted activities of PMC Bank for six months. It capped the withdrawals at Rs 1,000 per account and asked the bank to not grant or renew any loans and advances, make any investment or incur any liability, including borrowal of funds and acceptance of fresh deposits. The crackdown caused panic among depositors. However, the RBI said the directions were necessitated on account of major financial irregularities, failure of internal control and systems of the bank and wrong or under-reporting of its exposures under various off-site surveillance reports. "Other terms and conditions of the directive will remain unchanged. With the above relaxation, more than 60 per cent of the bank depositors will be able to withdraw their entire account balance," it said in a statement. The RBI has sacked the bank`s board of directors under sub-sections 1 and 2 of section 36 AAA read with section 56 of the Banking Regulation Act 1949. An administrator has been appointed to take charge. PMC Bank is a multi-state scheduled urban cooperative bank with operations in Maharashtra, New Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh and Madhya Pradesh. With a network of 137 branches, it ranks among the top 10 cooperative banks in the country.

RBI increases withdrawal limit from Rs 1,000 to 10,000 for PMC Bank customers

The BSE Sensex closed 396 points at 38,984 on Thursday while Nifty50 was up by 131 points at 11,571.

Equity indices opened in green during early hours on Thursday on the back of firm global cues as US President Donald Trump said the trade deal with China may happen soon.

At 10:15 am, the BSE S&amp;P Sensex was up by 335 points at 38,928 while the Nifty 50 gained by 108 points to 11,548.&nbsp;

Trump said on Wednesday a deal to end the trade war could happen sooner than people think and that the Chinese were making big agricultural purchases from the United States, including beef and pork.

Metals and auto stocks led gains on the domestic indexes. The Nifty metals subindex was up 4.16% and the auto index closed 2.53% higher.

(With inputs from Reuters)

The BSE Sensex closed 396 points at 38,984 on Thursday while Nifty50 was up by 131 points at 11,571. Equity indices opened in green during early hours on Thursday on the back of firm global cues as US President Donald Trump said the trade deal with China may happen soon.

The BSE Sensex closed 396 points at 38,984 on Thursday while Nifty50 was up by 131 points at 11,571. Equity indices opened in green during early hours on Thursday on the back of firm global cues as US President Donald Trump said the trade deal with China may happen soon. At 10:15 am, the BSE S&P Sensex was up by 335 points at 38,928 while the Nifty 50 gained by 108 points to 11,548. Trump said on Wednesday a deal to end the trade war could happen sooner than people think and that the Chinese were making big agricultural purchases from the United States, including beef and pork. Metals and auto stocks led gains on the domestic indexes. The Nifty metals subindex was up 4.16% and the auto index closed 2.53% higher. (With inputs from Reuters)

Sensex ends 396 points higher as US hints on trade-war resolution

After years of soggy&nbsp;inflation&nbsp;and the long reign of&nbsp;<a href="https://www.wionews.com/world/new-delhi-tokyo-will-be-working-on-third-country-projects-in-indias-vicinity-says-indian-envoy-to-japan-230663">Japan's</a>&nbsp;tight-fisted shoppers, businesses in the world's third-largest economy are adopting new methods to lift prices, from artificial intelligence to simple packaging tweaks.

Despite many rounds of stimulus,&nbsp;Japan's&nbsp;policymakers have failed to jolt households out of the deflationary mindset that followed the 1990s property crash, which meant businesses refused to raise prices for fear of losing customers.

Demand-based dynamic pricing,&nbsp;however, has allowed some Japanese&nbsp;retailers to discretely bump up prices without triggering the kind of customer backlash seen in more blatant attempts at repricing in the past.

Yokohama Marinos, for example, a club in&nbsp;Japan's&nbsp;top football league, introduced artificial intelligence last year to more closely align ticket prices with demand.

"Previously, it was difficult to find the best prices between demand and value of each match," said Hiroshi Nagai, General Manager for fan relationships at the club.

"The most fascinating thing about dynamic pricing is that it can offer more choices to customers", Nagai added.

Dynamic pricing, or surge pricing, is common among data-driven businesses such as ride-hailing services but is a relatively new concept for most traditional Japanese&nbsp;firms.

Using the technology, the Marinos sold tickets for a popular seating area for a March 2 match at 7,400 Yen, two weeks before the game, but cut prices to as low as 4,000 yen to fill empty seats as the match approached.

Koji Kawashimo, a 34-year old who has been a Marinos fan for more than a decade, said he had no problem with his team adopting dynamic pricing.

"I would pay for what I like. I want to pay if it's worth it," he said.

Hotels are also introducing dynamic pricing in their room rates including Centurion International, which operates over 20 hotels in <a href="https://www.wionews.com/world/trump-says-the-us-reaches-trade-deals-with-japan-no-word-on-cars-250133">Japan</a>.

Centurion began using AI to collect information to charge higher prices when demand is strong and offer discounts when demand falls to reduce vacancies.

"The system provides us [with] information on competitors such as the pace of reservation, which is great. It's a big advantage," said Hironobu Bun, revenue manager at Centurion International.

Changing Mindsets

Economists believe that it will take more meaningful structural changes to&nbsp;Japan's&nbsp;economy to revive stagnant prices, which will, in turn, help businesses deal with sticky overheads and restore profits.

However, developments like the adoption of dynamic pricing lay the groundwork for more radical changes in&nbsp;how&nbsp;companies set prices for their goods and services.

"If dynamic pricing can change people's mindset so that they believe price can fluctuate more, there's a chance&nbsp;firms&nbsp;may be able to raise prices more easily where demand is strong," said Izuru Kato, chief economist at Totan Research.

At the same time, other businesses are looking at more cosmetic ways to drive the consumer to accept higher prices.

<a href="https://www.wionews.com/world/japan-helping-india-to-become-5-trillion-economy-pm-modi-to-indian-diaspora-230864">Japan's</a>&nbsp;"gyudon" beef rice bowls have become a symbol of the country's deflation due to their aggressively low prices. But some outlets are turning that trope around by offering "premium bowls" with better-quality meat for more than double the standard price.

The 500,000 "sukiyaki" beef rice bowls offered by fast-food chain Yoshinoya Holdings Co in August were sold out in about two weeks - much faster than the company had expected - despite a price tag of 860 yen per bowl, double that of a standard dish.

"The customer response has been good. If they see value in it, they would pay even if price is a little higher," said Yuji Terasawa, a spokesman of the company.

While such tactics seem to work, they take careful planning and preparation. Fast&nbsp;Retailing Co Ltd, whose budget clothing chain Uniqlo boomed during the country's deflation era, learned the hard way when sales slumped after it raised prices in 2014.&nbsp;

In contrast, discount barber chain QB House earlier this year raised prices for a 10-minute haircut to 1,200 yen from 1,080 Yen, explaining it was needed to increase salaries to secure better-trained barbers.

That move followed eight years of checking the customer mood through regular marketing surveys.

While the hike triggered a 2 per cent&nbsp;decline in customers from the previous year, the drop was much smaller than the company's projection of a 6 per cent&nbsp;fall.

"The price of a haircut is still lower than other places," said Kazuaki Mimura, a 34-year-old employee of a service-sector firm.

"I'm willing to accept a hike of a few hundred yen because the service here is quick and my haircut is done properly."

After years of soggy inflation and the long reign of Japan's tight-fisted shoppers, businesses in the world's third-largest economy are adopting new methods to lift prices, from artificial intelligence to simple packaging tweaks.

After years of soggy inflation and the long reign of Japan's tight-fisted shoppers, businesses in the world's third-largest economy are adopting new methods to lift prices, from artificial intelligence to simple packaging tweaks. Despite many rounds of stimulus, Japan's policymakers have failed to jolt households out of the deflationary mindset that followed the 1990s property crash, which meant businesses refused to raise prices for fear of losing customers. Demand-based dynamic pricing, however, has allowed some Japanese retailers to discretely bump up prices without triggering the kind of customer backlash seen in more blatant attempts at repricing in the past. Yokohama Marinos, for example, a club in Japan's top football league, introduced artificial intelligence last year to more closely align ticket prices with demand. "Previously, it was difficult to find the best prices between demand and value of each match," said Hiroshi Nagai, General Manager for fan relationships at the club. "The most fascinating thing about dynamic pricing is that it can offer more choices to customers", Nagai added. Dynamic pricing, or surge pricing, is common among data-driven businesses such as ride-hailing services but is a relatively new concept for most traditional Japanese firms. Using the technology, the Marinos sold tickets for a popular seating area for a March 2 match at 7,400 Yen, two weeks before the game, but cut prices to as low as 4,000 yen to fill empty seats as the match approached. Koji Kawashimo, a 34-year old who has been a Marinos fan for more than a decade, said he had no problem with his team adopting dynamic pricing. "I would pay for what I like. I want to pay if it's worth it," he said. Hotels are also introducing dynamic pricing in their room rates including Centurion International, which operates over 20 hotels in Japan. Centurion began using AI to collect information to charge higher prices when demand is strong and offer discounts when demand falls to reduce vacancies. "The system provides us [with] information on competitors such as the pace of reservation, which is great. It's a big advantage," said Hironobu Bun, revenue manager at Centurion International. Changing Mindsets Economists believe that it will take more meaningful structural changes to Japan's economy to revive stagnant prices, which will, in turn, help businesses deal with sticky overheads and restore profits. However, developments like the adoption of dynamic pricing lay the groundwork for more radical changes in how companies set prices for their goods and services. "If dynamic pricing can change people's mindset so that they believe price can fluctuate more, there's a chance firms may be able to raise prices more easily where demand is strong," said Izuru Kato, chief economist at Totan Research. At the same time, other businesses are looking at more cosmetic ways to drive the consumer to accept higher prices. Japan's "gyudon" beef rice bowls have become a symbol of the country's deflation due to their aggressively low prices. But some outlets are turning that trope around by offering "premium bowls" with better-quality meat for more than double the standard price. The 500,000 "sukiyaki" beef rice bowls offered by fast-food chain Yoshinoya Holdings Co in August were sold out in about two weeks - much faster than the company had expected - despite a price tag of 860 yen per bowl, double that of a standard dish. "The customer response has been good. If they see value in it, they would pay even if price is a little higher," said Yuji Terasawa, a spokesman of the company. While such tactics seem to work, they take careful planning and preparation. Fast Retailing Co Ltd, whose budget clothing chain Uniqlo boomed during the country's deflation era, learned the hard way when sales slumped after it raised prices in 2014. In contrast, discount barber chain QB House earlier this year raised prices for a 10-minute haircut to 1,200 yen from 1,080 Yen, explaining it was needed to increase salaries to secure better-trained barbers. That move followed eight years of checking the customer mood through regular marketing surveys. While the hike triggered a 2 per cent decline in customers from the previous year, the drop was much smaller than the company's projection of a 6 per cent fall. "The price of a haircut is still lower than other places," said Kazuaki Mimura, a 34-year-old employee of a service-sector firm. "I'm willing to accept a hike of a few hundred yen because the service here is quick and my haircut is done properly."

Inflation by stealth: How Japan's firms fight the frugal retail psyche

Equity indices slipped during early hours on Wednesday on the back of weak global cues as selling pressure built up across various segments.

At 10:15 am, the BSE S&amp;P Sensex was down by 310 points at 38,787 while the Nifty 50 lost by 90 points at 11,498.

At the National Stock Exchange, all sectoral indices were in the red.

Nifty PSU bank was down by 2 per cent, auto by 1.5 per cent, financial service and metal by 1.4 per cent each.Among stocks, Tata Motors was the top loser which erased previous gains by 3.1 per cent to trade at Rs 126.80 per share.

Eicher Motors too lost by 2.2 per cent and traded at Rs 18,020.05 apiece.

Banking stocks were in the red with State Bank of India losing by 2.9 per cent and Kotak Mahindra Bank by 2.1 per cent.

HDFC slipped by 2.2 per cent. The other prominent losers were Cipla, Hindalco, GAIL, Vedanta and Tata Steel.

However, those which gained were Power Grid Corporation, Tata Consultancy Services, Zee Entertainment, Reliance Industries and power utility major NTPC.

Meanwhile, Asian stocks fell as US lawmakers called for an impeachment enquiry into US President Donald Trump over whether he sought help from Ukraine to smear former Vice President Joe Biden, a front-runner for the 2020 Democratic presidential nomination.

Further, trade concerns emerged with Trump saying that he will not accept a bad deal in trade talks with China as the world's two largest economies meet in early October to end the long-drawn trade war.

MSCI's broadest index of Asia Pacific shares outside Japan was down by 0.2 per cent while Japan's Nikkei fell by 0.55 per cent. Hang Seng slipped by 0.9 per cent, Kospi index by 0.8 per cent and Shanghai Composite by 0.57 per cent.

 
&nbsp;

Equity indices slipped during early hours on Wednesday on the back of weak global cues as selling pressure built up across various segments. At 10:15 am, the BSE S&P Sensex was down by 310 points at 38,787 while the Nifty 50 lost by 90 points at 11,498.

Equity indices slipped during early hours on Wednesday on the back of weak global cues as selling pressure built up across various segments. At 10:15 am, the BSE S&P Sensex was down by 310 points at 38,787 while the Nifty 50 lost by 90 points at 11,498. At the National Stock Exchange, all sectoral indices were in the red. Nifty PSU bank was down by 2 per cent, auto by 1.5 per cent, financial service and metal by 1.4 per cent each.Among stocks, Tata Motors was the top loser which erased previous gains by 3.1 per cent to trade at Rs 126.80 per share. Eicher Motors too lost by 2.2 per cent and traded at Rs 18,020.05 apiece. Banking stocks were in the red with State Bank of India losing by 2.9 per cent and Kotak Mahindra Bank by 2.1 per cent. HDFC slipped by 2.2 per cent. The other prominent losers were Cipla, Hindalco, GAIL, Vedanta and Tata Steel. However, those which gained were Power Grid Corporation, Tata Consultancy Services, Zee Entertainment, Reliance Industries and power utility major NTPC. Meanwhile, Asian stocks fell as US lawmakers called for an impeachment enquiry into US President Donald Trump over whether he sought help from Ukraine to smear former Vice President Joe Biden, a front-runner for the 2020 Democratic presidential nomination. Further, trade concerns emerged with Trump saying that he will not accept a bad deal in trade talks with China as the world's two largest economies meet in early October to end the long-drawn trade war. MSCI's broadest index of Asia Pacific shares outside Japan was down by 0.2 per cent while Japan's Nikkei fell by 0.55 per cent. Hang Seng slipped by 0.9 per cent, Kospi index by 0.8 per cent and Shanghai Composite by 0.57 per cent.

Equity indices down on weak global cues, Tata Motors top loser

<a href="https://www.wionews.com/world/wework-ipo-valuation-likely-below-20-billion-clouding-softbanks-vision-248837">WeWork</a> co-founder Adam&nbsp;Neumann&nbsp;agreed on Tuesday to resign as the Chief Executive and to give up majority voting&nbsp;control, after SoftBank Group Corp&nbsp;and other shareholders turned on him over a plunge in the US&nbsp;office-sharing start-up's estimated valuation.

The decision came after WeWork's parent We Company postponed its initial public offering last week&nbsp;following a push-back from prospective&nbsp;stock market&nbsp;investors, not just over its widening losses, but also over&nbsp;Neumann's unusually firm grip on the company.

This was a blow for <a href="https://www.wionews.com/business-economy/softbank-toyota-autonomous-car-venture-to-launch-in-south-east-asia-next-year-226268">SoftBank</a>, which was hoping for We Company's IPO to bolster its fortunes as it seeks to woo&nbsp;investors for its second $108 billion Vision Fund.

SoftBank invested in We Company at a $47 billion valuation in January. But&nbsp;investor&nbsp;scepticism led to it earlier this month considering a potential IPO valuation of as low as $10 billion, Reuters reported.

We Company had vowed to press ahead with an IPO by the end of the year. But there was little sign that <a href="https://www.wionews.com/world/exclusive-wework-to-press-on-with-ipo-launch-despite-valuation-concerns-sources-248290">IPO&nbsp;investor</a>&nbsp;sentiment would change, threatening the value of the stakes held not just by outside&nbsp;investors, but by&nbsp;Neumann&nbsp;as well.

The size of&nbsp;Neumann's holding has not been disclosed.

What was the venture capital world's biggest upset then morphed into one of corporate America's most high-profile boardroom dramas. SoftBank managed to muster enough opposition to&nbsp;Neumann&nbsp;in a meeting of We Company's seven-member board on Tuesday to convince him to step down. Reuters had reported on Monday that&nbsp;Neumann&nbsp;had engaged in talks about changes to his&nbsp;role.

"In recent weeks, the scrutiny directed towards me has become a significant distraction, and I have decided that it is in the best interest of the company to step down as Chief Executive,"&nbsp;Neumann&nbsp;said in a statement.

Artie Minson, currently the Chief Financial Officer of WeWork's parent We Company, and Sebastian Gunningham, the&nbsp;Vice-Chairman&nbsp;of&nbsp;the New York-based start-up, will become co-chief executives, the company said.&nbsp;Neumann&nbsp;will stay on the board as a Non-executive Chairman, the company added.

Minson, a former Chief Financial Officer at the&nbsp;Time Warner Cable who joined We Company in 2015, will oversee its finance, legal, human resources, real estate and public communications. Gunningham, a former executive at Amazon.com Inc, Apple Inc,&nbsp;and Oracle Corp&nbsp;who joined We Company last year, will take responsibility for product, design, development, sales, marketing, technology and regional teams.

We Company is considering slowing its expansion so it burns through less cash and would require less funding in the absence of an IPO in the nearing&nbsp;team, Reuters reported on Monday.

"While we anticipate difficult decisions ahead, each decision will be made with rigorous analysis, always bearing in mind the company’s long-term interests and health," Minson and Gunningham wrote in an internal company memo seen by Reuters.

Neumann&nbsp;also agreed to reduce the power of his voting shares, losing majority voting&nbsp;control, according to the sources. Each of his shares will now have the same voting rights as three We Company common shares, not the 10 common shares previously, the sources said.

Neumann's shares used to have the same voting power as 20 We Company common shares, before he agreed to reduce his grip slightly earlier this month in an unsuccessful attempt to make the IPO more attractive to&nbsp;investors.

We Company said on Tuesday it was now evaluating the "optimal timing" for an IPO.

Firm Grip

Neumann, whose net worth is pegged by Forbes at $2.2 billion, developed a cult&nbsp;following&nbsp;among many We Company employees, vowing to "elevate the world's consciousness" as he sought to establish WeWork as a brand that transcended office sharing.

While his&nbsp;investors were willing to entertain his eccentricities over the decade he led WeWork since its founding in 2010, his free-whiling ways and party-heavy lifestyle came into focus once he failed to get the company's IPO underway.

During the attempts to woo IPO&nbsp;investors this month,&nbsp;Neumann&nbsp;was criticized by corporate governance experts for arrangements that went beyond the typical practice of having majority voting&nbsp;control&nbsp;through special categories of shares.

These included giving his estate a major say in his replacement as&nbsp;CEO, and tying the voting power of shares to how much he donates to charitable causes.

Neumann&nbsp;had also entered several transactions with We Company, making the company a tenant in some of his properties and charging it rent. He has also secured a $500 million credit line from banks using company stock as collateral.

Late Concessions

Following&nbsp;criticism by potential&nbsp;investors,&nbsp;Neumann&nbsp;agreed to some concessions without relinquishing majority&nbsp;control. He agreed to give We Company any profit he receives from real estate deals he had&nbsp;reached with the New York-based firm.

These changes did little to address concerns about the business model for We Company, which rents workspace to clients under short-term contracts, even though it pays rent under long-term leases. This mix of long-term liabilities and short-term revenue raised questions among&nbsp;investors about how the company would weather an economic downturn.

Neumann, 40, is not the first founder of a major start-up to be forced to step down recently. Uber Technologies Inc&nbsp;co-founder Travis Kalanick resigned as the CEO&nbsp;of the ride-hailing start-up in 2017 after facing a rebellion from his board over a string of scandals, including allegations of enabling a chauvinistic and toxic work culture.

Uber replaced Kalanick with an outsider, former Expedia Group Inc&nbsp;CEO&nbsp;Dara Khosrowshahi, and completed its IPO last May.

WeWork co-founder Adam Neumann agreed on Tuesday to resign as the Chief Executive and to give up majority voting control, after SoftBank Group Corp and other shareholders turned on him over a plunge in the US office-sharing start-up's estimated valuation.

WeWork co-founder Adam Neumann agreed on Tuesday to resign as the Chief Executive and to give up majority voting control, after SoftBank Group Corp and other shareholders turned on him over a plunge in the US office-sharing start-up's estimated valuation. The decision came after WeWork's parent We Company postponed its initial public offering last week following a push-back from prospective stock market investors, not just over its widening losses, but also over Neumann's unusually firm grip on the company. This was a blow for SoftBank, which was hoping for We Company's IPO to bolster its fortunes as it seeks to woo investors for its second $108 billion Vision Fund. SoftBank invested in We Company at a $47 billion valuation in January. But investor scepticism led to it earlier this month considering a potential IPO valuation of as low as $10 billion, Reuters reported. We Company had vowed to press ahead with an IPO by the end of the year. But there was little sign that IPO investor sentiment would change, threatening the value of the stakes held not just by outside investors, but by Neumann as well. The size of Neumann's holding has not been disclosed. What was the venture capital world's biggest upset then morphed into one of corporate America's most high-profile boardroom dramas. SoftBank managed to muster enough opposition to Neumann in a meeting of We Company's seven-member board on Tuesday to convince him to step down. Reuters had reported on Monday that Neumann had engaged in talks about changes to his role. "In recent weeks, the scrutiny directed towards me has become a significant distraction, and I have decided that it is in the best interest of the company to step down as Chief Executive," Neumann said in a statement. Artie Minson, currently the Chief Financial Officer of WeWork's parent We Company, and Sebastian Gunningham, the Vice-Chairman of the New York-based start-up, will become co-chief executives, the company said. Neumann will stay on the board as a Non-executive Chairman, the company added. Minson, a former Chief Financial Officer at the Time Warner Cable who joined We Company in 2015, will oversee its finance, legal, human resources, real estate and public communications. Gunningham, a former executive at Amazon.com Inc, Apple Inc, and Oracle Corp who joined We Company last year, will take responsibility for product, design, development, sales, marketing, technology and regional teams. We Company is considering slowing its expansion so it burns through less cash and would require less funding in the absence of an IPO in the nearing team, Reuters reported on Monday. "While we anticipate difficult decisions ahead, each decision will be made with rigorous analysis, always bearing in mind the company’s long-term interests and health," Minson and Gunningham wrote in an internal company memo seen by Reuters. Neumann also agreed to reduce the power of his voting shares, losing majority voting control, according to the sources. Each of his shares will now have the same voting rights as three We Company common shares, not the 10 common shares previously, the sources said. Neumann's shares used to have the same voting power as 20 We Company common shares, before he agreed to reduce his grip slightly earlier this month in an unsuccessful attempt to make the IPO more attractive to investors. We Company said on Tuesday it was now evaluating the "optimal timing" for an IPO. Firm Grip Neumann, whose net worth is pegged by Forbes at $2.2 billion, developed a cult following among many We Company employees, vowing to "elevate the world's consciousness" as he sought to establish WeWork as a brand that transcended office sharing. While his investors were willing to entertain his eccentricities over the decade he led WeWork since its founding in 2010, his free-whiling ways and party-heavy lifestyle came into focus once he failed to get the company's IPO underway. During the attempts to woo IPO investors this month, Neumann was criticized by corporate governance experts for arrangements that went beyond the typical practice of having majority voting control through special categories of shares. These included giving his estate a major say in his replacement as CEO, and tying the voting power of shares to how much he donates to charitable causes. Neumann had also entered several transactions with We Company, making the company a tenant in some of his properties and charging it rent. He has also secured a $500 million credit line from banks using company stock as collateral. Late Concessions Following criticism by potential investors, Neumann agreed to some concessions without relinquishing majority control. He agreed to give We Company any profit he receives from real estate deals he had reached with the New York-based firm. These changes did little to address concerns about the business model for We Company, which rents workspace to clients under short-term contracts, even though it pays rent under long-term leases. This mix of long-term liabilities and short-term revenue raised questions among investors about how the company would weather an economic downturn. Neumann, 40, is not the first founder of a major start-up to be forced to step down recently. Uber Technologies Inc co-founder Travis Kalanick resigned as the CEO of the ride-hailing start-up in 2017 after facing a rebellion from his board over a string of scandals, including allegations of enabling a chauvinistic and toxic work culture. Uber replaced Kalanick with an outsider, former Expedia Group Inc CEO Dara Khosrowshahi, and completed its IPO last May.

WeWork's Neumann surrenders control and CEO role following investor revolt

Asian stock markets fell on Wednesday after US Democrats launched<a href="https://www.wionews.com/world/us-house-steps-up-donald-trump-impeachment-probe-248698"> formal impeachment</a> proceedings against Donald Trump and renewed worries about trade as the President adopted a hard line on China.

In a dramatic move, House Democratic leader Nancy Pelosi announced a formal impeachment inquiry after US markets closed.

Democrats accuse Trump of abuse of power in a reported attempt to pressure the newly installed president of Ukraine to open a corruption investigation into his lead challenger for the White House, <a href="https://www.wionews.com/world/as-feud-heats-up-donald-trump-says-joe-biden-was-subject-of-ukraine-call-251345">Joe Biden</a>, and Biden's son Hunter.

Trump denounced the inquiry as "Witch Hunt garbage" and said he would release a transcript of his phone call with Volodymyr Zelensky.

"The impeachment hearing announcement delivered a knock-out blow to stocks markets already weak at the knees," Jeffrey Halley, senior market analyst at OANDA, said in a note.

Concern over US political turmoil added to worries over international trade after Trump ripped into China at the UN, declaring that the time of Beijing's "abuses" of the system was "over."

Touting what he argued were the benefits of his <a href="https://www.wionews.com/opinions/us-china-trade-war-is-making-china-stronger-234526">tariff war with China</a>, Trump reiterated his hope that a trade agreement "beneficial to both countries" could be struck.

"But as I said very clearly, I will not accept a bad deal for the American people," he said.

"Trump's speech at the United Nations lacked any semblance of endearment towards China, but instead, he used this opportunity to reignite US-China tensions while renewing his attacks on America's largest technology companies," said Stephen Innes, Asia Pacific market strategist at AxiTrader.

Tokyo slipped 0.5 per cent, while Hong Kong and Shanghai both dropped 0.4 per cent.

Oil prices took a hit, with both main contracts down 0.6 per cent following Trump's tough talk on China and after data indicating a build-up in US crude inventories.

In currency trading, the Pound slipped against the Dollar in Asia. It had rallied Tuesday following Britain's Supreme Court ruling that Prime Minister Boris Johnson's suspension of parliament was "unlawful", providing a spark of hope that Brexit will be more orderly than previously feared.

"The ensuing British Pound rally was a bit underwhelming. It probably reflected the uncertainty of both Mr Johnson's tenure and the Brexit process with October the 31st looming," said OANDA's Halley.

&nbsp;

Asian stock markets fell on Wednesday after US Democrats launched formal impeachment proceedings against Donald Trump and renewed worries about trade as the President adopted a hard line on China.

Asian stock markets fell on Wednesday after US Democrats launched formal impeachment proceedings against Donald Trump and renewed worries about trade as the President adopted a hard line on China. In a dramatic move, House Democratic leader Nancy Pelosi announced a formal impeachment inquiry after US markets closed. Democrats accuse Trump of abuse of power in a reported attempt to pressure the newly installed president of Ukraine to open a corruption investigation into his lead challenger for the White House, Joe Biden, and Biden's son Hunter. Trump denounced the inquiry as "Witch Hunt garbage" and said he would release a transcript of his phone call with Volodymyr Zelensky. "The impeachment hearing announcement delivered a knock-out blow to stocks markets already weak at the knees," Jeffrey Halley, senior market analyst at OANDA, said in a note. Concern over US political turmoil added to worries over international trade after Trump ripped into China at the UN, declaring that the time of Beijing's "abuses" of the system was "over." Touting what he argued were the benefits of his tariff war with China, Trump reiterated his hope that a trade agreement "beneficial to both countries" could be struck. "But as I said very clearly, I will not accept a bad deal for the American people," he said. "Trump's speech at the United Nations lacked any semblance of endearment towards China, but instead, he used this opportunity to reignite US-China tensions while renewing his attacks on America's largest technology companies," said Stephen Innes, Asia Pacific market strategist at AxiTrader. Tokyo slipped 0.5 per cent, while Hong Kong and Shanghai both dropped 0.4 per cent. Oil prices took a hit, with both main contracts down 0.6 per cent following Trump's tough talk on China and after data indicating a build-up in US crude inventories. In currency trading, the Pound slipped against the Dollar in Asia. It had rallied Tuesday following Britain's Supreme Court ruling that Prime Minister Boris Johnson's suspension of parliament was "unlawful", providing a spark of hope that Brexit will be more orderly than previously feared. "The ensuing British Pound rally was a bit underwhelming. It probably reflected the uncertainty of both Mr Johnson's tenure and the Brexit process with October the 31st looming," said OANDA's Halley.

Asian markets fall as impeachment process against Donald Trump begins

The US Environmental Protection Agency granted some refineries full waivers from biofuels regulation for the 2018 compliance year, even though the Department of Energy had recommended partial exemptions, according to an EPA memo seen by Reuters.

The decision upset the powerful US corn lobby, already angry at the Trump administration's move in August to grant 31 full exemptions to refineries, freeing them from an at-times costly obligation to use biofuels such as corn-based ethanol.

Democratic presidential candidates also seized on the administration's use of waivers on Tuesday, calling them a giveaway to the oil industry that hurts farmers already struggling from the effects of the US trade war with China.

The issue shows how President Donald Trump has struggled to simultaneously please the corn and oil industries, key political constituencies leading into next year's presidential election that has routinely clashed over future biofuels policy.

The August 9 memo showed the EPA granted "full exemptions for those 2018 small refinery petitions where DOE recommended 50 per cent relief."

The memo, signed by Anne Idsal, EPA’s acting assistant administrator for the Office of Air and Radiation, did not specify how many refineries were involved.

Trump's EPA has disregarded DOE advice on waivers in the past, Reuters has reported, marking a break from the Obama administration’s EPA, which had often either adopted energy department recommendations or, when it did not, ruled against exempting oil refiners.

An EPA official did not immediately comment.

Agency officials and oil industry representatives have defended the EPA's expanded use of waivers under the Trump administration, saying they protect refining jobs and there is no evidence they have any impact on ethanol demand.

"Small refinery exemptions are a critical lifeline for small refineries across the US," said a spokesman for the American Fuel and Petrochemical Manufacturers refining group.

But biofuel industry representatives called the memo evidence the agency is biased in favour of the oil industry.

"Granting favours to refiners that aren’t really facing an economic hardship is just one of the multiple problems with EPA’s handling of small refinery exemptions," said Kurt Kovarik, vice president of federal affairs for the National Biodiesel Board, on the sidelines of an industry event.

"The memo clearly shows that EPA continues to disregard the recommendations of DOE," Geoff Cooper, head of the Renewable Fuels Association industry group, said in an email.

In a clear sign the issue has become a potential political vulnerability for Trump, White House hopeful Democratic Senator Cory Booker seized on the news of the memo, calling the administration's use of the waiver program an "abuse of power."

He added, "Time and time again, this president and his administration have used their power to prop up their political allies, like oil companies, at the expense of hardworking American farmers, and now, they're doing it against the advice of their own Department of Energy."

Mayor Pete Buttigieg also mentioned small refinery waivers on Tuesday during a campaign stop in Iowa, calling them "big giveaways to oil," drawing applause from his crowd.

The US Renewable Fuel Standard requires oil refineries to blend biofuels, such as corn-based ethanol, into their fuel or purchase credits from those that do.

The law is intended to help farmers and cut US dependence on foreign oil but refiners say it costs them a fortune.

The RFS, however, allows the EPA to grant waivers from the regulation to small refining facilities of 75,000 barrels per day or less if they can prove that compliance would cause them disproportionate economic hardship.

This process sees the DOE assess applications and provide recommendations to the EPA, which then makes a final decision.

While the EPA publishes the number of waiver applicants and recipients each year, it keeps their identities secret, arguing the information is business-sensitive.

Since Trump took office, the EPA has vastly expanded its use of the exemptions, providing waivers to small facilities owned by billionaire investor Carl Icahn and oil majors, such as Exxon Mobil Corp and Chevron Corp, Reuters has reported.

Under pressure over the most recent round of 31 waivers, Trump last month promised a "giant package" to farmers to boost the market for ethanol.

That plan has yet to be released.

The US Environmental Protection Agency granted some refineries full waivers from biofuels regulation for the 2018 compliance year, even though the Department of Energy had recommended partial exemptions, according to an EPA memo seen by Reuters.

The US Environmental Protection Agency granted some refineries full waivers from biofuels regulation for the 2018 compliance year, even though the Department of Energy had recommended partial exemptions, according to an EPA memo seen by Reuters. The decision upset the powerful US corn lobby, already angry at the Trump administration's move in August to grant 31 full exemptions to refineries, freeing them from an at-times costly obligation to use biofuels such as corn-based ethanol. Democratic presidential candidates also seized on the administration's use of waivers on Tuesday, calling them a giveaway to the oil industry that hurts farmers already struggling from the effects of the US trade war with China. The issue shows how President Donald Trump has struggled to simultaneously please the corn and oil industries, key political constituencies leading into next year's presidential election that has routinely clashed over future biofuels policy. The August 9 memo showed the EPA granted "full exemptions for those 2018 small refinery petitions where DOE recommended 50 per cent relief." The memo, signed by Anne Idsal, EPA’s acting assistant administrator for the Office of Air and Radiation, did not specify how many refineries were involved. Trump's EPA has disregarded DOE advice on waivers in the past, Reuters has reported, marking a break from the Obama administration’s EPA, which had often either adopted energy department recommendations or, when it did not, ruled against exempting oil refiners. An EPA official did not immediately comment. Agency officials and oil industry representatives have defended the EPA's expanded use of waivers under the Trump administration, saying they protect refining jobs and there is no evidence they have any impact on ethanol demand. "Small refinery exemptions are a critical lifeline for small refineries across the US," said a spokesman for the American Fuel and Petrochemical Manufacturers refining group. But biofuel industry representatives called the memo evidence the agency is biased in favour of the oil industry. "Granting favours to refiners that aren’t really facing an economic hardship is just one of the multiple problems with EPA’s handling of small refinery exemptions," said Kurt Kovarik, vice president of federal affairs for the National Biodiesel Board, on the sidelines of an industry event. "The memo clearly shows that EPA continues to disregard the recommendations of DOE," Geoff Cooper, head of the Renewable Fuels Association industry group, said in an email. In a clear sign the issue has become a potential political vulnerability for Trump, White House hopeful Democratic Senator Cory Booker seized on the news of the memo, calling the administration's use of the waiver program an "abuse of power." He added, "Time and time again, this president and his administration have used their power to prop up their political allies, like oil companies, at the expense of hardworking American farmers, and now, they're doing it against the advice of their own Department of Energy." Mayor Pete Buttigieg also mentioned small refinery waivers on Tuesday during a campaign stop in Iowa, calling them "big giveaways to oil," drawing applause from his crowd. The US Renewable Fuel Standard requires oil refineries to blend biofuels, such as corn-based ethanol, into their fuel or purchase credits from those that do. The law is intended to help farmers and cut US dependence on foreign oil but refiners say it costs them a fortune. The RFS, however, allows the EPA to grant waivers from the regulation to small refining facilities of 75,000 barrels per day or less if they can prove that compliance would cause them disproportionate economic hardship. This process sees the DOE assess applications and provide recommendations to the EPA, which then makes a final decision. While the EPA publishes the number of waiver applicants and recipients each year, it keeps their identities secret, arguing the information is business-sensitive. Since Trump took office, the EPA has vastly expanded its use of the exemptions, providing waivers to small facilities owned by billionaire investor Carl Icahn and oil majors, such as Exxon Mobil Corp and Chevron Corp, Reuters has reported. Under pressure over the most recent round of 31 waivers, Trump last month promised a "giant package" to farmers to boost the market for ethanol. That plan has yet to be released.

US EPA granted full biofuel waivers to refineries despite Energy Dept advice: memo

Prime Minister Narendra Modi on Wednesday said that India is going to spend around 1.3 trillion dollars on modern infrastructure.

"In the coming years, we are going to spend around 1.3 trillion dollars on modern infrastructure in India. Also, lakhs of crores of rupees are being spent on the social infrastructure of the country," the Prime Minister said during his address at the Global Business Forum.

Prime Minister Modi also outlined the government's recent decision of slashing corporate tax rates and reiterated his government's commitment to improving the business environment in the country.

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Watch | PM <a href="https://twitter.com/narendramodi?ref_src=twsrc%5Etfw">@narendramodi</a>'s big <a href="https://twitter.com/hashtag/Investment?src=hash&amp;ref_src=twsrc%5Etfw">#Investment</a> pitch in <a href="https://twitter.com/hashtag/NewYork?src=hash&amp;ref_src=twsrc%5Etfw">#NewYork</a> 
Watch his keynote address at the <a href="https://twitter.com/business?ref_src=twsrc%5Etfw">@business</a> Global Business Forum <a href="https://t.co/NlJep9oh7s">pic.twitter.com/NlJep9oh7s</a>
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"Today, there is a government in India that is working towards improving the business environment in the country. India's decision to cut corporate tax has sent a positive message", he said.

He also extended an invitation to the global business community to come and invest in the country and said, "If you want to invest in a market where there is scale, come to India. If you want to invest in one of the largest infrastructure ecosystem and urbanisation, then come to India."

He also met former Mayor of New York City, Michael R Bloomberg ahead of his address at the Bloomberg Global Business Forum. He served as the 108th Mayor of New York City, holding office for three consecutive terms.

After the summit, Prime Minister Modi will take part in an investment round table which will see the participation of more than 40 major US companies.

Prime Minister Narendra Modi on Wednesday said that India is going to spend around 1.3 trillion dollars on modern infrastructure. "In the coming years, we are going to spend around 1.

Prime Minister Narendra Modi on Wednesday said that India is going to spend around 1.3 trillion dollars on modern infrastructure. "In the coming years, we are going to spend around 1.3 trillion dollars on modern infrastructure in India. Also, lakhs of crores of rupees are being spent on the social infrastructure of the country," the Prime Minister said during his address at the Global Business Forum. Prime Minister Modi also outlined the government's recent decision of slashing corporate tax rates and reiterated his government's commitment to improving the business environment in the country. Watch | PM @narendramodi's big #Investment pitch in #NewYork Watch his keynote address at the @business Global Business Forum pic.twitter.com/NlJep9oh7s — WION (@WIONews) September 25, 2019 × "Today, there is a government in India that is working towards improving the business environment in the country. India's decision to cut corporate tax has sent a positive message", he said. He also extended an invitation to the global business community to come and invest in the country and said, "If you want to invest in a market where there is scale, come to India. If you want to invest in one of the largest infrastructure ecosystem and urbanisation, then come to India." He also met former Mayor of New York City, Michael R Bloomberg ahead of his address at the Bloomberg Global Business Forum. He served as the 108th Mayor of New York City, holding office for three consecutive terms. After the summit, Prime Minister Modi will take part in an investment round table which will see the participation of more than 40 major US companies.

India to spend 1.3 trillion dollars on modern infrastructure: PM Narendra Modi

Thyssenkrupp said it was preparing to replace its chief executive Guido Kerkhoff, making him the latest casualty at the German steel-to-submarines conglomerate which has been in crisis mode for more than a year.

The plan to ditch Kerkhoff after 14 months follows a dramatic loss of confidence among key investors, who no longer believe the 51-year old can deliver a turnaround that includes selling the company's most profitable division, elevators.

It adds to turmoil at a company that has struggled to cope with falling steel prices, a weak car market, and a cooling global economy. Since Kerkhoff became CEO in July 2018, the firm has issued four profit warnings.

"Most importantly, we see an increasing risk surrounding a timely execution of the elevator business strategy, in turn creating further questions over whether the company's stretched balance sheet can be fixed over the next 6-12 months," Credit Suisse analysts wrote, keeping an "underperform" rating.

Shares in the group traded 1.1 per cent lower at 1038 GMT.

Kerkhoff is set to be replaced on an interim basis by Supervisory Board Chairwoman Martina Merz, who will face pressure to quickly find a buyer for the elevator business, which is valued at up to 17 billion euros ($18.7 billion), more than twice that of its parent.

Kerkhoff's plan to sell or list elevators, raise margins and find new ownership structures for Thyssenkrupp's other divisions was executed poorly and failed to create momentum, said two people familiar with the matter.

"That's why Thyssenkrupp's key owners had to hit the 'emergency brake'," one of the sources said, after Thyssenkrupp did not give a reason for Kerkhoff's departure in its statement.

Growing skepticism has been reflected in a 40 per cent share price decline since Kerkhoff became CEO, compounded by two failed restructuring plans under his watch: a spin-off of the capital goods units and a joint venture with Tata Steel.

Lars Foerberg, founding partner of Thyssenkrupp's second-largest shareholder, Cevian, said he fully supported the appointment of Merz, a former Bosch manager who became chairwoman in February.

Faster Turnaround

This echoed remarks by the Alfried Krupp von Bohlen und Halbach Foundation, the biggest shareholder with a 21 per cent stake.

If elected CEO, Merz's duties as chairwoman will be taken over on an interim basis by former Siemens board member Siegfried Russwurm, who sits on Thyssenkrupp's supervisory board.

The company said it would recommend that Klaus Keysberg, head of the group's Materials Services business, join the board.

"We expect that the new leadership will speed up the transformation process that Thyssenkrupp so urgently needs, and improve the quality of implementation. We are confident that Thyssenkrupp will now finally get a crystal clear strategy and a well-defined plan of action," Foerberg said.

Under Merz, who also sits on the steering committees of Lufthansa, Volvo, and automotive supplier SAF Holland, the existing turnaround plan is expected to gather pace.

Dirk Sievers, head of Thyssenkrupp's works council and a member of the group's supervisory board, said the group's strategy needed to be implemented faster and more consistently now, adding there would be no change to the existing plans.

Thyssenkrupp's supervisory board will decide on the proposals at an extraordinary meeting shortly, the company said.

"The realignment of the group announced in May 2019 and unanimously approved by the supervisory board will be systematically continued. The focus will be on the three areas 'performance first', 'flexible portfolio' and 'efficient organization'," it said.

Kerkhoff, who joined Thyssenkrupp as finance chief in 2011, took over as CEO last year following tumultuous weeks during which the conglomerate's former CEO and chairman also left due to mounting investor pressure over strategic issues.

Thyssenkrupp said it was preparing to replace its chief executive Guido Kerkhoff, making him the latest casualty at the German steel-to-submarines conglomerate which has been in crisis mode for more than a year.

Thyssenkrupp said it was preparing to replace its chief executive Guido Kerkhoff, making him the latest casualty at the German steel-to-submarines conglomerate which has been in crisis mode for more than a year. The plan to ditch Kerkhoff after 14 months follows a dramatic loss of confidence among key investors, who no longer believe the 51-year old can deliver a turnaround that includes selling the company's most profitable division, elevators. It adds to turmoil at a company that has struggled to cope with falling steel prices, a weak car market, and a cooling global economy. Since Kerkhoff became CEO in July 2018, the firm has issued four profit warnings. "Most importantly, we see an increasing risk surrounding a timely execution of the elevator business strategy, in turn creating further questions over whether the company's stretched balance sheet can be fixed over the next 6-12 months," Credit Suisse analysts wrote, keeping an "underperform" rating. Shares in the group traded 1.1 per cent lower at 1038 GMT. Kerkhoff is set to be replaced on an interim basis by Supervisory Board Chairwoman Martina Merz, who will face pressure to quickly find a buyer for the elevator business, which is valued at up to 17 billion euros ($18.7 billion), more than twice that of its parent. Kerkhoff's plan to sell or list elevators, raise margins and find new ownership structures for Thyssenkrupp's other divisions was executed poorly and failed to create momentum, said two people familiar with the matter. "That's why Thyssenkrupp's key owners had to hit the 'emergency brake'," one of the sources said, after Thyssenkrupp did not give a reason for Kerkhoff's departure in its statement. Growing skepticism has been reflected in a 40 per cent share price decline since Kerkhoff became CEO, compounded by two failed restructuring plans under his watch: a spin-off of the capital goods units and a joint venture with Tata Steel. Lars Foerberg, founding partner of Thyssenkrupp's second-largest shareholder, Cevian, said he fully supported the appointment of Merz, a former Bosch manager who became chairwoman in February. Faster Turnaround This echoed remarks by the Alfried Krupp von Bohlen und Halbach Foundation, the biggest shareholder with a 21 per cent stake. If elected CEO, Merz's duties as chairwoman will be taken over on an interim basis by former Siemens board member Siegfried Russwurm, who sits on Thyssenkrupp's supervisory board. The company said it would recommend that Klaus Keysberg, head of the group's Materials Services business, join the board. "We expect that the new leadership will speed up the transformation process that Thyssenkrupp so urgently needs, and improve the quality of implementation. We are confident that Thyssenkrupp will now finally get a crystal clear strategy and a well-defined plan of action," Foerberg said. Under Merz, who also sits on the steering committees of Lufthansa, Volvo, and automotive supplier SAF Holland, the existing turnaround plan is expected to gather pace. Dirk Sievers, head of Thyssenkrupp's works council and a member of the group's supervisory board, said the group's strategy needed to be implemented faster and more consistently now, adding there would be no change to the existing plans. Thyssenkrupp's supervisory board will decide on the proposals at an extraordinary meeting shortly, the company said. "The realignment of the group announced in May 2019 and unanimously approved by the supervisory board will be systematically continued. The focus will be on the three areas 'performance first', 'flexible portfolio' and 'efficient organization'," it said. Kerkhoff, who joined Thyssenkrupp as finance chief in 2011, took over as CEO last year following tumultuous weeks during which the conglomerate's former CEO and chairman also left due to mounting investor pressure over strategic issues.

Thyssenkrupp plunged into turmoil as CEO Kerkhoff set to leave

Bears took control of the Dalal Street on Wednesday as global sentiments turned negative after US lawmakers launched an impeachment inquiry against US President Donald Trump amid concerns over growth in the global economy.

The BSE S&amp;P Sensex closed 504 points or 1.3 per cent lower at 38,594 while the Nifty 50 wound up 157 points lower at 11,431. At the National Stock Exchange, all sectoral indices except for IT were in the red.

Equity indices extended losses in the afternoon as the fresh scam of the lending problem in PMC Bank dented market sentiment. Investors also worried about the revival of auto demand despite deep cuts in corporate taxes.

Stocks like banking, financials and auto, which had rallied the most after September 20 corporate tax announcements, continued to see selling pressure on profit booking.

Nifty PSU Bank tumbled by 5.6 per cent, auto by 3.9 per cent, realty by 3 per cent metal by 2.6 per cent and FMCG by 1.2 per cent.

Among banks, State Bank of India was the top loser with a fall of 7.7 per cent at Rs 279.30 per share while Yes Bank dropped by 5 per cent.

&nbsp;Bank of India, Union Bank of India, Canara Bank, Bank of Baroda, Punjab National Bank, Indian Bank, Allahabad Bank and Oriental Bank of Commerce were down between 2 to 5 per cent. Kotak Mahindra Bank, HDFC Bank, ICICI Bank and Axis Bank were also under pressure.

The auto stock slipped dramatically with Tata Motors down by 5.9 per cent, Eicher Motors by 4.5 per cent, Maruti Suzuki by 4.4 per cent and Mahindra &amp; Mahindra by 4.2 per cent. Maruti reduced the price of select models by Rs 5,000 to clear its huge pile-up of inventories following falling sales.

The other prominent losers were ITC, Hindalco, Cipla and Grasim. However, IT stocks like Tata Consultancy Services and HCL Technologies showed marginal gains along with Power Grid Corporation, NTPC, IndianOil Corporation, Bharat Petroleum Corporation and Hindustan Lever.

Meanwhile, Asian stocks fell as US lawmakers launched an impeachment enquiry into US President Donald Trump over whether he sought help from Ukraine to smear former Vice President Joe Biden, a front-runner for the 2020 Democratic presidential nomination.

Further, trade concerns emerged with Trump saying that he will not accept a bad deal in trade talks with China as the world's two largest economies meet in early October to end the long-drawn trade war.MSCI`s broadest index of Asia Pacific shares outside Japan was down by 0.2 per cent while Japan`s Nikkei fell by 0.36 per cent. Hang Seng slipped by 1.28 per cent, South Korean Kospi by 1.32 per cent and Shanghai Composite by 1 per cent.

Bears took control of the Dalal Street on Wednesday as global sentiments turned negative after US lawmakers launched an impeachment inquiry against US President Donald Trump amid concerns over growth in the global economy.

Bears took control of the Dalal Street on Wednesday as global sentiments turned negative after US lawmakers launched an impeachment inquiry against US President Donald Trump amid concerns over growth in the global economy. The BSE S&P Sensex closed 504 points or 1.3 per cent lower at 38,594 while the Nifty 50 wound up 157 points lower at 11,431. At the National Stock Exchange, all sectoral indices except for IT were in the red. Equity indices extended losses in the afternoon as the fresh scam of the lending problem in PMC Bank dented market sentiment. Investors also worried about the revival of auto demand despite deep cuts in corporate taxes. Stocks like banking, financials and auto, which had rallied the most after September 20 corporate tax announcements, continued to see selling pressure on profit booking. Nifty PSU Bank tumbled by 5.6 per cent, auto by 3.9 per cent, realty by 3 per cent metal by 2.6 per cent and FMCG by 1.2 per cent. Among banks, State Bank of India was the top loser with a fall of 7.7 per cent at Rs 279.30 per share while Yes Bank dropped by 5 per cent. Bank of India, Union Bank of India, Canara Bank, Bank of Baroda, Punjab National Bank, Indian Bank, Allahabad Bank and Oriental Bank of Commerce were down between 2 to 5 per cent. Kotak Mahindra Bank, HDFC Bank, ICICI Bank and Axis Bank were also under pressure. The auto stock slipped dramatically with Tata Motors down by 5.9 per cent, Eicher Motors by 4.5 per cent, Maruti Suzuki by 4.4 per cent and Mahindra & Mahindra by 4.2 per cent. Maruti reduced the price of select models by Rs 5,000 to clear its huge pile-up of inventories following falling sales. The other prominent losers were ITC, Hindalco, Cipla and Grasim. However, IT stocks like Tata Consultancy Services and HCL Technologies showed marginal gains along with Power Grid Corporation, NTPC, IndianOil Corporation, Bharat Petroleum Corporation and Hindustan Lever. Meanwhile, Asian stocks fell as US lawmakers launched an impeachment enquiry into US President Donald Trump over whether he sought help from Ukraine to smear former Vice President Joe Biden, a front-runner for the 2020 Democratic presidential nomination. Further, trade concerns emerged with Trump saying that he will not accept a bad deal in trade talks with China as the world's two largest economies meet in early October to end the long-drawn trade war.MSCI`s broadest index of Asia Pacific shares outside Japan was down by 0.2 per cent while Japan`s Nikkei fell by 0.36 per cent. Hang Seng slipped by 1.28 per cent, South Korean Kospi by 1.32 per cent and Shanghai Composite by 1 per cent.

Sensex dips by 504 points, public sector undertaking banks and auto worst hit

Indian shares fell on Wednesday, tracking broader Asia as investors braced for prospects of prolonged political uncertainty in the United States after the launch of a formal impeachment inquiry against President Donald Trump.

Democrats in the US&nbsp;House of Representatives on Tuesday launched a formal <a href="https://www.wionews.com/business-economy/asian-markets-fall-as-impeachment-process-against-donald-trump-begins-251880">impeachment inquiry</a> into President Trump, accusing him of seeking foreign help to smear Democratic rival Joe Biden ahead of next year's election.

"After the news from the US, we might be on tenterhooks, but we as an economy do not have much to worry," said Gaurang Shah, senior vice president at Geojit Financial Services.

"The outcome remains to be seen."

Compounding investors' fears, Trump's remarks at the United Nations Assembly on Tuesday accused China of currency manipulation and intellectual property theft risked riling a tariff dispute that has embroiled global equities over the past year.

The broader NSE Nifty was down 0.64 per cent&nbsp;at 11,511.45, as of 0406 GMT, while the benchmark BSE Sensex fell 0.69 per cent to 38,818.06.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.82 per cent.

Public sector banks and autos led the losses in India, with the Nifty PSU Bank Index shedding 2.16 per cent, while the Nifty Auto Index declined 1.45 per cent.

State Bank of India, the country's biggest lender by assets, dropped 2.78 per cent and was among the top decliners on the blue-chip NSE Nifty, while Tata Motors fell 3.13 per cent.&nbsp;

Among gainers, Power Grid Corp rose 2.15 per cent, while Reliance Industries and Tata Consultancy Services, the country's top two most valuable companies, gained about 1 per cent&nbsp;each.

Indian shares fell on Wednesday, tracking broader Asia as investors braced for prospects of prolonged political uncertainty in the United States after the launch of a formal impeachment inquiry against President Donald Trump.

Indian shares fell on Wednesday, tracking broader Asia as investors braced for prospects of prolonged political uncertainty in the United States after the launch of a formal impeachment inquiry against President Donald Trump. Democrats in the US House of Representatives on Tuesday launched a formal impeachment inquiry into President Trump, accusing him of seeking foreign help to smear Democratic rival Joe Biden ahead of next year's election. "After the news from the US, we might be on tenterhooks, but we as an economy do not have much to worry," said Gaurang Shah, senior vice president at Geojit Financial Services. "The outcome remains to be seen." Compounding investors' fears, Trump's remarks at the United Nations Assembly on Tuesday accused China of currency manipulation and intellectual property theft risked riling a tariff dispute that has embroiled global equities over the past year. The broader NSE Nifty was down 0.64 per cent at 11,511.45, as of 0406 GMT, while the benchmark BSE Sensex fell 0.69 per cent to 38,818.06. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.82 per cent. Public sector banks and autos led the losses in India, with the Nifty PSU Bank Index shedding 2.16 per cent, while the Nifty Auto Index declined 1.45 per cent. State Bank of India, the country's biggest lender by assets, dropped 2.78 per cent and was among the top decliners on the blue-chip NSE Nifty, while Tata Motors fell 3.13 per cent. Among gainers, Power Grid Corp rose 2.15 per cent, while Reliance Industries and Tata Consultancy Services, the country's top two most valuable companies, gained about 1 per cent each.

Nifty, Sensex track broader Asia lower on US political worries

Top Indian automaker <a href="https://www.wionews.com/business-economy/maruti-suzuki-cuts-3000-contract-jobs-245947">Maruti Suzuki</a> said on Wednesday it lowered prices of some cars, making it one of the first major companies to respond to the government's move to cut corporate taxes in a bid to revive economic growth.

The company cut prices on 10 different models by 5,000 rupees ($70) each, representing discounts of just about 1 per cent or less on average car prices.

The price cuts start on Wednesday.

Maruti said the move was aimed at reviving demand by sharing "the benefits of corporate tax reduction with its customers".

The price cuts will kick in just ahead of the festive season, and Maruti said it hoped the move would help entice entry-level customers.

On Friday, Finance Minister announced a cut in the headline corporate tax rate to 22 per cent from 30 per cent in a move widely cheered by local stock markets.

The cuts were the latest in a line of government measures aimed at reviving growth in Asia's third-largest economy, which slumped to a six-year low in the April-June quarter.

Maruti's shares were down 2.7 per cent&nbsp;at 6,811.30 rupees by 0514 GMT on Wednesday amid a broader decline in Indian stocks.&nbsp;

&nbsp;

Top Indian automaker Maruti Suzuki said on Wednesday it lowered prices of some cars, making it one of the first major companies to respond to the government's move to cut corporate taxes in a bid to revive economic growth.

Top Indian automaker Maruti Suzuki said on Wednesday it lowered prices of some cars, making it one of the first major companies to respond to the government's move to cut corporate taxes in a bid to revive economic growth. The company cut prices on 10 different models by 5,000 rupees ($70) each, representing discounts of just about 1 per cent or less on average car prices. The price cuts start on Wednesday. Maruti said the move was aimed at reviving demand by sharing "the benefits of corporate tax reduction with its customers". The price cuts will kick in just ahead of the festive season, and Maruti said it hoped the move would help entice entry-level customers. On Friday, Finance Minister announced a cut in the headline corporate tax rate to 22 per cent from 30 per cent in a move widely cheered by local stock markets. The cuts were the latest in a line of government measures aimed at reviving growth in Asia's third-largest economy, which slumped to a six-year low in the April-June quarter. Maruti's shares were down 2.7 per cent at 6,811.30 rupees by 0514 GMT on Wednesday amid a broader decline in Indian stocks.

Maruti trims prices after government cuts corporate taxes

Global&nbsp;shares ticked&nbsp;up&nbsp;on Tuesday after US&nbsp;Treasury Secretary Steven Mnuchin said that <a href="https://www.wionews.com/world/us-wants-to-make-meaningful-progress-in-china-trade-talks-249287">US-China&nbsp;trade&nbsp;talks</a> will resume next month, but lingering concerns about slowing&nbsp;global&nbsp;growth tempered the overall appetite for riskier assets.

MSCI's broadest index of Asia-Pacific shares outside Japan moved&nbsp;up&nbsp;0.06 per cent, supported by 0.4 per cent&nbsp;gains in mainland Chinese shares, while Japan's Nikkei edged&nbsp;up&nbsp;0.20 per cent&nbsp;after a market holiday on Monday.

U.S. stock futures gained 0.39 per cent, helped by comments from US&nbsp;Treasury Secretary Steven Mnuchin that US-China&nbsp;trade&nbsp;talks will resume next week. He later clarified that the negotiations will take place in two weeks.

"The comments gave a little bit of boost to sentiment, but markets are still not that optimistic either," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.

"It seems there has been a lot going on behind the scenes," he said, referring to unusual exchanges in which US&nbsp;President Donald Trump questioned a decision by his top&nbsp;trade&nbsp;negotiators to ask Chinese officials to delay a planned trip to U.S. farming regions.

That cancellation was seen by markets as a sign of fallout&nbsp;in the <a href="https://www.wionews.com/world/trade-talks-seen-as-unlikely-to-mend-us-china-divide-250119">US-China talks</a> and sent&nbsp;share prices lower on Friday.

The dispute between the world's two largest economies has dragged on for well over a year, rattling investors and denting&nbsp;global&nbsp;growth.

Concerns over a slowing&nbsp;global&nbsp;economy remained front and centre for financial markets, as poor business activity readings from the eurozone deepened fears of a recession and suggested more stimulus was required.

"While the Nikkei was fairly well supported, we need more catalysts to further rises. That's also true for U.S. markets as well," said Takeo Kamai, Head of Execution Service at CLSA.

"While speculators have reacted to the&nbsp;trade-related headlines, real-money people appear to be staying on the sideline", Kamai added.

The euro wobbled at $1.0991, falling below key support around $1.10 and not far from a 28-month low of $1.0926 touched earlier this month.

Sterling also slipped to $1.2435, having peaked at a two-month high of $1.2582 set on Friday as&nbsp;traders looked to a Supreme Court ruling on whether Prime Minister Boris Johnson misled Queen Elizabeth over his reasons for suspending parliament this month.

The Supreme Court said that it will issue its decision at 0930 GMT on Tuesday.

The collapse of the British travel firm Thomas Cook could also put some pressure on the Pound by highlighting the weakness of British retailing.

The Y<a href="https://www.wionews.com/business-economy/asian-markets-slip-amidst-us-china-trade-war-251380">en</a>&nbsp;traded at 107.57 Yen per Dollar, having hit two-week highs of 107.32 on Monday.

US&nbsp;Treasuries yields extended their decline, with the 10-year rate falling to 1.716 per cent, edging down further from 1.908 per cent&nbsp;marked on September&nbsp;13.

Oil prices dipped slightly but were still supported by doubts on whether Saudi Arabia would be able to restore full output as it has promised after the September&nbsp;14 attacks on its facilities.

Brent crude futures fell 0.42 per cent&nbsp;to $64.50 a barrel while U.S. West Texas Intermediate (WTI) crude lost 0.34 per cent&nbsp;to $58.44 per barrel.

Global shares ticked up on Tuesday after US Treasury Secretary Steven Mnuchin said that US-China trade talks will resume next month, but lingering concerns about slowing global growth tempered the overall appetite for riskier assets.

Global shares ticked up on Tuesday after US Treasury Secretary Steven Mnuchin said that US-China trade talks will resume next month, but lingering concerns about slowing global growth tempered the overall appetite for riskier assets. MSCI's broadest index of Asia-Pacific shares outside Japan moved up 0.06 per cent, supported by 0.4 per cent gains in mainland Chinese shares, while Japan's Nikkei edged up 0.20 per cent after a market holiday on Monday. U.S. stock futures gained 0.39 per cent, helped by comments from US Treasury Secretary Steven Mnuchin that US-China trade talks will resume next week. He later clarified that the negotiations will take place in two weeks. "The comments gave a little bit of boost to sentiment, but markets are still not that optimistic either," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management. "It seems there has been a lot going on behind the scenes," he said, referring to unusual exchanges in which US President Donald Trump questioned a decision by his top trade negotiators to ask Chinese officials to delay a planned trip to U.S. farming regions. That cancellation was seen by markets as a sign of fallout in the US-China talks and sent share prices lower on Friday. The dispute between the world's two largest economies has dragged on for well over a year, rattling investors and denting global growth. Concerns over a slowing global economy remained front and centre for financial markets, as poor business activity readings from the eurozone deepened fears of a recession and suggested more stimulus was required. "While the Nikkei was fairly well supported, we need more catalysts to further rises. That's also true for U.S. markets as well," said Takeo Kamai, Head of Execution Service at CLSA. "While speculators have reacted to the trade-related headlines, real-money people appear to be staying on the sideline", Kamai added. The euro wobbled at $1.0991, falling below key support around $1.10 and not far from a 28-month low of $1.0926 touched earlier this month. Sterling also slipped to $1.2435, having peaked at a two-month high of $1.2582 set on Friday as traders looked to a Supreme Court ruling on whether Prime Minister Boris Johnson misled Queen Elizabeth over his reasons for suspending parliament this month. The Supreme Court said that it will issue its decision at 0930 GMT on Tuesday. The collapse of the British travel firm Thomas Cook could also put some pressure on the Pound by highlighting the weakness of British retailing. The Yen traded at 107.57 Yen per Dollar, having hit two-week highs of 107.32 on Monday. US Treasuries yields extended their decline, with the 10-year rate falling to 1.716 per cent, edging down further from 1.908 per cent marked on September 13. Oil prices dipped slightly but were still supported by doubts on whether Saudi Arabia would be able to restore full output as it has promised after the September 14 attacks on its facilities. Brent crude futures fell 0.42 per cent to $64.50 a barrel while U.S. West Texas Intermediate (WTI) crude lost 0.34 per cent to $58.44 per barrel.

Global stocks inch up on trade hopes but growth fears temper gains

Indian shares were nearly flat on Tuesday, swinging between gains and losses, as investors hoped for further stimulus from the government following a surprise corporate tax cut last week.

The broader NSE Nifty was little changed at 11,599.80 as of 0430 GMT, while the benchmark BSE Sensex rose 0.06 per cent at 39,111.31.

Finance minister Nirmala Sitharaman on Friday announced a reduction in the effective corporate tax rate to around 25 per cent from 30 per cent and scrapped the minimum alternative tax for domestic companies, which led to a two-day rally in equity markets.

"Apart from what has already been announced, the market is now gauging what will be announced next," said Anand James, chief market strategist, Geojit Financial Services, Mumbai.

"There is lingering optimism that Friday's announcement could be followed up with something else too, which is why there is some volatility."

IT stocks led gains as the index gained 1.48 per cent. Heavyweights Infosys rose 2.25 per cent, while Tata Consultancy Services was up 1.52 per cent.

Reliance Industries, one of India's most valuable companies, added 2.85 per cent&nbsp;in the session after a newspaper reported that the company would get on a spending spree after reducing its debt.

Maruti Suzuki rose 1.71 per cent after Reuters reported the company's forecast for higher sales in September.

Meanwhile, banks were the top drags for the day, as the Nifty banking index, which tracks both state-owned and private-sector lenders, falling about 1 per cent.

Indian Oil Corp dropped 2.24 per cent and was among the top blue-chip losers for the day.

Indian shares were nearly flat on Tuesday, swinging between gains and losses, as investors hoped for further stimulus from the government following a surprise corporate tax cut last week.

Indian shares were nearly flat on Tuesday, swinging between gains and losses, as investors hoped for further stimulus from the government following a surprise corporate tax cut last week. The broader NSE Nifty was little changed at 11,599.80 as of 0430 GMT, while the benchmark BSE Sensex rose 0.06 per cent at 39,111.31. Finance minister Nirmala Sitharaman on Friday announced a reduction in the effective corporate tax rate to around 25 per cent from 30 per cent and scrapped the minimum alternative tax for domestic companies, which led to a two-day rally in equity markets. "Apart from what has already been announced, the market is now gauging what will be announced next," said Anand James, chief market strategist, Geojit Financial Services, Mumbai. "There is lingering optimism that Friday's announcement could be followed up with something else too, which is why there is some volatility." IT stocks led gains as the index gained 1.48 per cent. Heavyweights Infosys rose 2.25 per cent, while Tata Consultancy Services was up 1.52 per cent. Reliance Industries, one of India's most valuable companies, added 2.85 per cent in the session after a newspaper reported that the company would get on a spending spree after reducing its debt. Maruti Suzuki rose 1.71 per cent after Reuters reported the company's forecast for higher sales in September. Meanwhile, banks were the top drags for the day, as the Nifty banking index, which tracks both state-owned and private-sector lenders, falling about 1 per cent. Indian Oil Corp dropped 2.24 per cent and was among the top blue-chip losers for the day.

Nifty, Sensex little changed; IT stocks gain

A&nbsp;<a href="https://www.wionews.com/world/britain-and-eu-spar-over-brexit-as-clock-ticks-down-250908">European Union (EU)</a> court on Tuesday annulled an order by Brussels that Starbucks pay 30 Million Euros to the Netherlands, saying regulators had failed to demonstrate it received illegal state aid.

In a separate decision, however, the same court said Fiat must pay roughly the same amount to Luxembourg, upholding a similar EU order from 2015.

The split decision will be closely watched by Apple, which was ordered to repay Ireland 13 Billion Euros in 2016 in a blockbuster case that is also making its way through EU courts.

The cases can now be appealed at the EU's highest court, the European Court of Justice.

"The general court annuls the commission's decision on the aid measure implemented by the Netherlands in favour of Starbucks," the statement said.

"The commission was unable to demonstrate the existence of an advantage in favour of Starbucks," it added.

The cases from 2015 were the first out of the gate in the crackdown by the EU's anti-trust supremo Margarethe Vestager against member states that had sealed sweetheart tax deals with multinationals.

In her landmark rulings, Vestager said Dutch authorities must recoup unpaid taxes from Starbucks because it illegally allowed an elaborate tax set-up that allowed it to shift revenue abroad.

"I am pleased that the European Commission's case on Starbucks against the Netherlands on state aid has been clarified," Dutch secretary of state for finance Menno Snel said in a statement.

"This decision proves that the Dutch tax authorities treated Starbucks like any other company, and no better or different," he added.

The <a href="https://www.wionews.com/world/starbucks-opens-silent-cafe-in-china-220127">Starbucks</a> and <a href="https://www.wionews.com/videos/volkswagen-fiat-chrysler-could-face-2021-eu-emissions-fines-study-230743">Fiat</a> cases are dwarfed by the blockbuster order in 2016 that Apple repays Ireland 13 Billion Euros.

That case drew global attention, helping Vestager become the EU's highest-profile official.&nbsp;

In the new commission, she has been promoted to Executive Vice President and will effectively become Europe's tech regulation czar, while still holding on to her powerful anti-trust portfolio.

EU member states such as Belgium, Ireland, Luxembourg, and the Netherlands have attracted multinationals over many years by offering extremely favourable tax deals to generate jobs and investment.

The issue hit close to home in 2014 with the LuxLeaks scandal which revealed that European Commission President Jean-Claude Juncker's native Luxembourg gave companies favourable tax deals while he was prime minister.

Luxembourg has also been ordered&nbsp;by Brussels to recoup 250 million euros from Amazon and 120 million euros&nbsp;from French energy giant Engie.

The same court handed the commission the first setback in 2019, when it threw out a tax deal decision against Belgium, but mainly on procedural grounds. The commission last week refiled the case.

The commission is also investigating tax deals with Ikea and Nike in the Netherlands. Brussels dropped a keenly-watched case against McDonald's.

A European Union (EU) court on Tuesday annulled an order by Brussels that Starbucks pay 30 Million Euros to the Netherlands, saying regulators had failed to demonstrate it received illegal state aid.

A European Union (EU) court on Tuesday annulled an order by Brussels that Starbucks pay 30 Million Euros to the Netherlands, saying regulators had failed to demonstrate it received illegal state aid. In a separate decision, however, the same court said Fiat must pay roughly the same amount to Luxembourg, upholding a similar EU order from 2015. The split decision will be closely watched by Apple, which was ordered to repay Ireland 13 Billion Euros in 2016 in a blockbuster case that is also making its way through EU courts. The cases can now be appealed at the EU's highest court, the European Court of Justice. "The general court annuls the commission's decision on the aid measure implemented by the Netherlands in favour of Starbucks," the statement said. "The commission was unable to demonstrate the existence of an advantage in favour of Starbucks," it added. The cases from 2015 were the first out of the gate in the crackdown by the EU's anti-trust supremo Margarethe Vestager against member states that had sealed sweetheart tax deals with multinationals. In her landmark rulings, Vestager said Dutch authorities must recoup unpaid taxes from Starbucks because it illegally allowed an elaborate tax set-up that allowed it to shift revenue abroad. "I am pleased that the European Commission's case on Starbucks against the Netherlands on state aid has been clarified," Dutch secretary of state for finance Menno Snel said in a statement. "This decision proves that the Dutch tax authorities treated Starbucks like any other company, and no better or different," he added. The Starbucks and Fiat cases are dwarfed by the blockbuster order in 2016 that Apple repays Ireland 13 Billion Euros. That case drew global attention, helping Vestager become the EU's highest-profile official. In the new commission, she has been promoted to Executive Vice President and will effectively become Europe's tech regulation czar, while still holding on to her powerful anti-trust portfolio. EU member states such as Belgium, Ireland, Luxembourg, and the Netherlands have attracted multinationals over many years by offering extremely favourable tax deals to generate jobs and investment. The issue hit close to home in 2014 with the LuxLeaks scandal which revealed that European Commission President Jean-Claude Juncker's native Luxembourg gave companies favourable tax deals while he was prime minister. Luxembourg has also been ordered by Brussels to recoup 250 million euros from Amazon and 120 million euros from French energy giant Engie. The same court handed the commission the first setback in 2019, when it threw out a tax deal decision against Belgium, but mainly on procedural grounds. The commission last week refiled the case. The commission is also investigating tax deals with Ikea and Nike in the Netherlands. Brussels dropped a keenly-watched case against McDonald's.

EU loses big Starbucks tax case, wins on Fiat

Indian shares ended little changed on Tuesday, as investors paused after a two-session rally and waited for further stimulus from the government to revive slowing growth.

The broader NSE Nifty ended 0.1 per cent lower at 11,588.20, while the benchmark BSE Sensex ended flat at 39,097.14.

Shares had rallied after finance minister Nirmala Sitharaman reduced corporate taxes to around 25 per cent from 30 per cent and scrapped the minimum alternative tax for domestic companies on Friday.

Reliance Industries, one of India's most valuable companies, closed nearly 3.1 per cent up and was the top boost to the markets on Tuesday.

IT stocks were also among the top gainers, with the Nifty IT index closing nearly 2 per cent higher. Infosys ended 3.88 per cent up, while Tata Consultancy Services finished 1.56 per cent higher.

Meanwhile, India's top lender by assets State Bank of India fell 4.06 per cent, while JSW Steel dropped 4.19 per cent.

Indian shares ended little changed on Tuesday, as investors paused after a two-session rally and waited for further stimulus from the government to revive slowing growth.

Indian shares ended little changed on Tuesday, as investors paused after a two-session rally and waited for further stimulus from the government to revive slowing growth. The broader NSE Nifty ended 0.1 per cent lower at 11,588.20, while the benchmark BSE Sensex ended flat at 39,097.14. Shares had rallied after finance minister Nirmala Sitharaman reduced corporate taxes to around 25 per cent from 30 per cent and scrapped the minimum alternative tax for domestic companies on Friday. Reliance Industries, one of India's most valuable companies, closed nearly 3.1 per cent up and was the top boost to the markets on Tuesday. IT stocks were also among the top gainers, with the Nifty IT index closing nearly 2 per cent higher. Infosys ended 3.88 per cent up, while Tata Consultancy Services finished 1.56 per cent higher. Meanwhile, India's top lender by assets State Bank of India fell 4.06 per cent, while JSW Steel dropped 4.19 per cent.

Nifty, Sensex end little changed, Reliance Industries gains

The Reserve Bank of India (RBI) has restricted activities of Punjab and Maharashtra Cooperative Bank (PMC Bank) for six months and asked it to not grant or renew any loans and advances, make any investment or incur any liability, including borrowing of funds and acceptance of fresh deposits.

"According to the directions, depositors will be allowed to withdraw a sum not exceeding Rs 1,000 of the total balance in every savings bank account or current account or any other deposit account by whatever name called, subject to conditions stipulated in the RBI directions," the central bank said in a statement on Tuesday.

The issuance of RBI directions should not be construed as a cancellation of PMC Bank's licence.

The bank will continue to undertake banking business with restrictions till further notice, said the RBI.

The directions are imposed in exercise of powers vested with the RBI under sub-section (1) of Section 35A of the Banking Regulation Act 1949 read with section 56 of the act.

PMC Bank is a multi-state scheduled urban cooperative bank with operations in Maharashtra, New Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh and Madhya Pradesh.

With a network of 137 branches, it ranks among the top 10 cooperative banks in the country.&nbsp; 
&nbsp;

The Reserve Bank of India (RBI) has restricted activities of Punjab and Maharashtra Cooperative Bank (PMC Bank) for six months and asked it to not grant or renew any loans and advances, make any investment or incur any liability, including borrowing of funds and acceptance of fresh deposits.

The Reserve Bank of India (RBI) has restricted activities of Punjab and Maharashtra Cooperative Bank (PMC Bank) for six months and asked it to not grant or renew any loans and advances, make any investment or incur any liability, including borrowing of funds and acceptance of fresh deposits. "According to the directions, depositors will be allowed to withdraw a sum not exceeding Rs 1,000 of the total balance in every savings bank account or current account or any other deposit account by whatever name called, subject to conditions stipulated in the RBI directions," the central bank said in a statement on Tuesday. The issuance of RBI directions should not be construed as a cancellation of PMC Bank's licence. The bank will continue to undertake banking business with restrictions till further notice, said the RBI. The directions are imposed in exercise of powers vested with the RBI under sub-section (1) of Section 35A of the Banking Regulation Act 1949 read with section 56 of the act. PMC Bank is a multi-state scheduled urban cooperative bank with operations in Maharashtra, New Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh and Madhya Pradesh. With a network of 137 branches, it ranks among the top 10 cooperative banks in the country.

RBI restricts activities of PMC Bank due to heightened risks

Most Asian share markets slipped on Monday as investors waited for more clarity on the Sino-US trade talks after recent negotiations, while oil gained more than 1 per cent as Middle East tensions remained elevated.

Analysts said investor sentiment was fragile with civil unrest in Hong Kong, tensions in the Middle East and worries over whether the United States and China would sign a trade deal soon. Moves were further exaggerated by low volumes as Japanese markets were shut for a public holiday.

Chinese shares opened in the negative territory, with the blue-chip index down 1.5 per cent. Hong Kong's Hang Seng index was 0.8 per cent weaker after a weekend of sometimes violent protests that saw pro-democracy activists vandalise a railway station and shopping mall.

South Korea's Kospi was a touch weaker after disappointing trade data while Australian and New Zealand shares bucked the trend and were both about 0.3% higher.

That left MSCI's broadest index of Asia-Pacific shares outside Japan down 0.3 per cent&nbsp;at 509.94 points. It is still up more than 3 per cent&nbsp;so far in September.

"There are real concerns about the impact on economies from the trade dispute," said Michael McCarthy, Sydney-based strategist at CMC Markets. "People are probably getting an idea that this will be a long negotiation. And the longer it lingers the more impact it will have economically", he added.

E-mini futures for US S&amp;P 500 and the Dow, however, climbed nearly 0.4 per cent each.

Over the weekend, the US&nbsp;Trade Representative's office issued a brief statement characterising the two days of talks with China as "productive." It added that a principal-level trade meeting in Washington would take place in October, as previously planned.

China's Commerce Ministry, in a brief statement, described the talks as "constructive", and said they had also had a good discussion on "detailed arrangements" for the high-level talks in October.

Additionally, the United States removed tariffs from more than 400 Chinese products in response to requests from US companies.

Despite the improved tone, markets still remain unconvinced about the possibility of deal soon.

Investors were rattled by news on Friday that Chinese officials unexpectedly cancelled a visit to US&nbsp;farms this week following their two days of negotiations in Washington.

One Shanghai-based analyst at Tebon Securities said the cancellation had hit investor sentiment and could be a major drag on Chinese A-shares in the near-term.

News that five Yemeni civilians were killed in airstrikes by the Saudi-led coalition further soured investor appetite.

Oil Shock

Mideast tensions and worries about oil supplies helped Brent crude futures jump 1 per cent, or 64 cents, to $64.92 a barrel, while U.S. crude futures rose 0.98 per cent, or 57 cents, to $58.66 a barrel.

The Pentagon has ordered additional troops to be deployed in the Gulf region to strengthen Saudi Arabia's air and missile defences following an attack on Saudi oil facilities.

US&nbsp;Secretary of State Mike Pompeo said on Sunday the additional troops are for "deterrence and defence" and Washington aimed to avoid war with Iran.

Markets will closely watch September manufacturing activity surveys due from the United States and European Union later in the day for any signs of a rebound.

Action in currency markets was muted.

The dollar gained 0.14 per cent against the safe-haven Japanese Yen to 107.69 after easing 0.5 per cent last week. The risk-sensitive Australian dollar was up 0.24 per cent&nbsp;at $0.6780.

The euro was a shade higher as was the British pound. That left the dollar index slightly weaker at 98.449.

With risk appetite waning, spot gold pared early losses to be flat at $1,516.39 an ounce.

Most Asian share markets slipped on Monday as investors waited for more clarity on the Sino-US trade talks after recent negotiations, while oil gained more than 1 per cent as Middle East tensions remained elevated.

Most Asian share markets slipped on Monday as investors waited for more clarity on the Sino-US trade talks after recent negotiations, while oil gained more than 1 per cent as Middle East tensions remained elevated. Analysts said investor sentiment was fragile with civil unrest in Hong Kong, tensions in the Middle East and worries over whether the United States and China would sign a trade deal soon. Moves were further exaggerated by low volumes as Japanese markets were shut for a public holiday. Chinese shares opened in the negative territory, with the blue-chip index down 1.5 per cent. Hong Kong's Hang Seng index was 0.8 per cent weaker after a weekend of sometimes violent protests that saw pro-democracy activists vandalise a railway station and shopping mall. South Korea's Kospi was a touch weaker after disappointing trade data while Australian and New Zealand shares bucked the trend and were both about 0.3% higher. That left MSCI's broadest index of Asia-Pacific shares outside Japan down 0.3 per cent at 509.94 points. It is still up more than 3 per cent so far in September. "There are real concerns about the impact on economies from the trade dispute," said Michael McCarthy, Sydney-based strategist at CMC Markets. "People are probably getting an idea that this will be a long negotiation. And the longer it lingers the more impact it will have economically", he added. E-mini futures for US S&P 500 and the Dow, however, climbed nearly 0.4 per cent each. Over the weekend, the US Trade Representative's office issued a brief statement characterising the two days of talks with China as "productive." It added that a principal-level trade meeting in Washington would take place in October, as previously planned. China's Commerce Ministry, in a brief statement, described the talks as "constructive", and said they had also had a good discussion on "detailed arrangements" for the high-level talks in October. Additionally, the United States removed tariffs from more than 400 Chinese products in response to requests from US companies. Despite the improved tone, markets still remain unconvinced about the possibility of deal soon. Investors were rattled by news on Friday that Chinese officials unexpectedly cancelled a visit to US farms this week following their two days of negotiations in Washington. One Shanghai-based analyst at Tebon Securities said the cancellation had hit investor sentiment and could be a major drag on Chinese A-shares in the near-term. News that five Yemeni civilians were killed in airstrikes by the Saudi-led coalition further soured investor appetite. Oil Shock Mideast tensions and worries about oil supplies helped Brent crude futures jump 1 per cent, or 64 cents, to $64.92 a barrel, while U.S. crude futures rose 0.98 per cent, or 57 cents, to $58.66 a barrel. The Pentagon has ordered additional troops to be deployed in the Gulf region to strengthen Saudi Arabia's air and missile defences following an attack on Saudi oil facilities. US Secretary of State Mike Pompeo said on Sunday the additional troops are for "deterrence and defence" and Washington aimed to avoid war with Iran. Markets will closely watch September manufacturing activity surveys due from the United States and European Union later in the day for any signs of a rebound. Action in currency markets was muted. The dollar gained 0.14 per cent against the safe-haven Japanese Yen to 107.69 after easing 0.5 per cent last week. The risk-sensitive Australian dollar was up 0.24 per cent at $0.6780. The euro was a shade higher as was the British pound. That left the dollar index slightly weaker at 98.449. With risk appetite waning, spot gold pared early losses to be flat at $1,516.39 an ounce.

Asian markets slip amidst US-China trade war