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Blacklisted Chinese telecoms equipment giant Huawei is in early-stage talks with some United States&nbsp;telecoms companies about licensing its 5G network technology to them, a Huawei executive told Reuters on Friday.

Vincent Pang, senior vice president and board director at the company said some firms had expressed interest in both a long-term deal or a one-off transfer, declining to name or quantify the companies.

"There are some companies talking to us, but it would take a long journey to really finalise everything," Pang explained on a visit to Washington this week. "They have shown interest," he added, saying conversations are only a couple of weeks old and not at a detailed level yet.

The US government, fearing Huawei equipment could be used to spy on customers, has led a campaign to convince allies to bar it from their 5G networks. Huawei has repeatedly denied the claim.

Currently, there are no US&nbsp;5G providers and European rivals Ericsson&nbsp;and Nokia&nbsp;are generally more expensive.

In May, Huawei, the world's largest telecoms equipment provider, was placed on a US blacklist over national security concerns, banning it from buying American-made parts without a special license.

Washington also has brought criminal charges against the company, alleging bank fraud, violations of US&nbsp;sanctions against Iran, and theft of trade secrets, which Huawei denies.

Rules that were due out from the Commerce Department earlier this month are expected to effectively ban the company from the US&nbsp;telecoms supply chain.

The idea of a one-off fee in exchange for access to Huawei's 5G patents, licenses, code and know-how was first floated by CEO and founder Ren Zhengfei in interviews with the New York Times and the Economist last month. But it was not previously clear whether there was any interest from US&nbsp;companies.

In an interview with Reuters last month, a State Department official expressed scepticism of Ren's offer.

"It's just not realistic that carriers would take on this equipment and then manage all of the software and hardware themselves," the person said. "If there are software bugs that are built into the initial software, there would be no way to necessarily tell that those are there and they could be activated at any point, even if the software code is turned over to the mobile operators," the official added.

For his part, Pang declined to predict whether any deal might be signed. However, he warned that the research and development investment required by continuously improving the platform after a single-transfer from Huawei would be very costly for the companies.

Huawei has spent billions to develop its 5G technology since 2009.

Blacklisted Chinese telecoms equipment giant Huawei is in early-stage talks with some United States telecoms companies about licensing its 5G network technology to them, a Huawei executive told Reuters on Friday.

Blacklisted Chinese telecoms equipment giant Huawei is in early-stage talks with some United States telecoms companies about licensing its 5G network technology to them, a Huawei executive told Reuters on Friday. Vincent Pang, senior vice president and board director at the company said some firms had expressed interest in both a long-term deal or a one-off transfer, declining to name or quantify the companies. "There are some companies talking to us, but it would take a long journey to really finalise everything," Pang explained on a visit to Washington this week. "They have shown interest," he added, saying conversations are only a couple of weeks old and not at a detailed level yet. The US government, fearing Huawei equipment could be used to spy on customers, has led a campaign to convince allies to bar it from their 5G networks. Huawei has repeatedly denied the claim. Currently, there are no US 5G providers and European rivals Ericsson and Nokia are generally more expensive. In May, Huawei, the world's largest telecoms equipment provider, was placed on a US blacklist over national security concerns, banning it from buying American-made parts without a special license. Washington also has brought criminal charges against the company, alleging bank fraud, violations of US sanctions against Iran, and theft of trade secrets, which Huawei denies. Rules that were due out from the Commerce Department earlier this month are expected to effectively ban the company from the US telecoms supply chain. The idea of a one-off fee in exchange for access to Huawei's 5G patents, licenses, code and know-how was first floated by CEO and founder Ren Zhengfei in interviews with the New York Times and the Economist last month. But it was not previously clear whether there was any interest from US companies. In an interview with Reuters last month, a State Department official expressed scepticism of Ren's offer. "It's just not realistic that carriers would take on this equipment and then manage all of the software and hardware themselves," the person said. "If there are software bugs that are built into the initial software, there would be no way to necessarily tell that those are there and they could be activated at any point, even if the software code is turned over to the mobile operators," the official added. For his part, Pang declined to predict whether any deal might be signed. However, he warned that the research and development investment required by continuously improving the platform after a single-transfer from Huawei would be very costly for the companies. Huawei has spent billions to develop its 5G technology since 2009.

Huawei in early talks with United States firms to licence 5G platform

The International Monetary Fund said on Friday its 189 member countries agreed to maintain the IMF's $1 trillion in total lending resources while delaying changes to its shareholding structure to as late as December 2023.

The move ends a deadlock with the United States, which had opposed shareholding changes that would give a bigger voice to China and other large, fast-growing emerging markets in a review process that was due for completion this year.

IMF Managing Director Kristalina Georgieva announced the decision at the Fund's and World Bank's annual meetings, saying that the initiative will provide confidence that the IMF can adequately support member countries as they deal with slowing global growth.

US Treasury Secretary Steven Mnuchin, who holds an effective veto over major Fund decisions, endorsed the move, which calls for a doubling of the IMF's crisis lending fund to about $500 billion, restoring it to levels during the 2008-09 financial crisis. It would be accompanied by a reduction in bilateral lending arrangement to keep overall IMF resources unchanged.

But it would require the United States to double its commitment by contributing about $38 billion to the fund, known as the New Arrangements to Borrow (NAB), a move that would need approval from the US Congress.

"We continue to support efforts to maintain the IMF's current resources so that the IMF is sufficiently equipped to respond to potential crises over the medium term," Mnuchin said in a statement to the IMF's steering committee.

In April, Mnuchin said he was firmly opposed to increasing the IMF's overall funding and altering shareholding quotas.

"In our view, the IMF currently has ample resources to achieve its mission," he said at the time.

The New Arrangements to Borrow, first launched in 1998 and increased 10-fold during the financial crisis a decade later, were due to expire in 2022.

Bilateral lending arrangements, totalling about $440 billion, were due to expire at the end of 2019. These will be extended for a year to buy governments time to approve the changes.

But the deal puts off for four years a reckoning over how the growing influence in the global economy of China, Brazil and India will be reflected in the governance of the IMF.

The IMF's bylaws drafted at the end of World War Two require the Fund to be headquartered in the world's largest economy - which may require a shift in coming decades based on forecasts that China's GDP will eventually exceed that of the United States.

The deal preserves the US veto power at the IMF and ends a deadlock over quotas while avoiding a bigger share for China for the time being, said Mark Sobel, a former US Treasury official and US executive director at the IMF.

"This is second-best compared to a quota increase, but it merits support," added Sobel, who is now with the Official Monetary and Financial Institutions Forum think-tank.

It also may be an easier sell to Congress, which balked for years at the last quota increase agreed in 2010 that boosted China's and other emerging markets' voting power and shrunk that of European countries. Those changes were not implemented until 2016 after Congress approved it in a spending bill.

The International Monetary Fund said on Friday its 189 member countries agreed to maintain the IMF's $1 trillion in total lending resources while delaying changes to its shareholding structure to as late as December 2023.

The International Monetary Fund said on Friday its 189 member countries agreed to maintain the IMF's $1 trillion in total lending resources while delaying changes to its shareholding structure to as late as December 2023. The move ends a deadlock with the United States, which had opposed shareholding changes that would give a bigger voice to China and other large, fast-growing emerging markets in a review process that was due for completion this year. IMF Managing Director Kristalina Georgieva announced the decision at the Fund's and World Bank's annual meetings, saying that the initiative will provide confidence that the IMF can adequately support member countries as they deal with slowing global growth. US Treasury Secretary Steven Mnuchin, who holds an effective veto over major Fund decisions, endorsed the move, which calls for a doubling of the IMF's crisis lending fund to about $500 billion, restoring it to levels during the 2008-09 financial crisis. It would be accompanied by a reduction in bilateral lending arrangement to keep overall IMF resources unchanged. But it would require the United States to double its commitment by contributing about $38 billion to the fund, known as the New Arrangements to Borrow (NAB), a move that would need approval from the US Congress. "We continue to support efforts to maintain the IMF's current resources so that the IMF is sufficiently equipped to respond to potential crises over the medium term," Mnuchin said in a statement to the IMF's steering committee. In April, Mnuchin said he was firmly opposed to increasing the IMF's overall funding and altering shareholding quotas. "In our view, the IMF currently has ample resources to achieve its mission," he said at the time. The New Arrangements to Borrow, first launched in 1998 and increased 10-fold during the financial crisis a decade later, were due to expire in 2022. Bilateral lending arrangements, totalling about $440 billion, were due to expire at the end of 2019. These will be extended for a year to buy governments time to approve the changes. But the deal puts off for four years a reckoning over how the growing influence in the global economy of China, Brazil and India will be reflected in the governance of the IMF. The IMF's bylaws drafted at the end of World War Two require the Fund to be headquartered in the world's largest economy - which may require a shift in coming decades based on forecasts that China's GDP will eventually exceed that of the United States. The deal preserves the US veto power at the IMF and ends a deadlock over quotas while avoiding a bigger share for China for the time being, said Mark Sobel, a former US Treasury official and US executive director at the IMF. "This is second-best compared to a quota increase, but it merits support," added Sobel, who is now with the Official Monetary and Financial Institutions Forum think-tank. It also may be an easier sell to Congress, which balked for years at the last quota increase agreed in 2010 that boosted China's and other emerging markets' voting power and shrunk that of European countries. Those changes were not implemented until 2016 after Congress approved it in a spending bill.

IMF sidesteps clash with US over funding, delays shareholding changes to 2023

United States&nbsp;Treasury Secretary Steven Mnuchin on Friday said he welcomes a proposal to double the size of the International Monetary Fund's $250 billion&nbsp;crisis lending fund as part of a deal to maintain overall IMF resources.

Mnuchin, in a statement to the IMF's steering committee, said he backed the funding increase to ensure the global lender remained adequately resourced to respond to potential crises over the medium term.

He also called for various reforms to streamline the fund's costs, modernise salaries and benefits, and adopt a more independent, centralised risk management system.

United States Treasury Secretary Steven Mnuchin on Friday said he welcomes a proposal to double the size of the International Monetary Fund's $250 billion crisis lending fund as part of a deal to maintain overall IMF resources.

United States Treasury Secretary Steven Mnuchin on Friday said he welcomes a proposal to double the size of the International Monetary Fund's $250 billion crisis lending fund as part of a deal to maintain overall IMF resources. Mnuchin, in a statement to the IMF's steering committee, said he backed the funding increase to ensure the global lender remained adequately resourced to respond to potential crises over the medium term. He also called for various reforms to streamline the fund's costs, modernise salaries and benefits, and adopt a more independent, centralised risk management system.

Steven Mnuchin backs proposal to double International Monetary Fund's crisis fund

Increased trade integration, geopolitical uncertainties, and high accumulated debt levels necessitate strong global coordination, Finance Minister Nirmala Sitharaman has said.

"We need not wait for the slowdown to become a crisis," she said adding that trade wars and protectionism have generated uncertainties that will ultimately impact the flow of capital, goods, and services.

Addressing the annual meetings at the plenary session of the International Monetary Fund (IMF) and the World Bank Group held here on Friday (local time), Sitharaman called for concerted action to mitigate the disruption on account of synchronous slowdown and invoked the spirit of multilateralism for global growth.

She also attended the working lunch session of the Development Committee, the ministerial-level committee of the IMF and the World Bank, in which members discussed the global economic outlook.

The 40th meetings of the International Monetary and Financial Committee (IMFC) are being held at this year's annual meetings. During the day, three sessions of the IMFC took place.

The IMFC introductory session was focused on global developments and prospects and the discussions centred on the World Economic Outlook released on October 15.

The early warning exercise discussed upcoming risks to a global economy and stability. A special session on IMF resources and governance was also held early in the day in the context of the 15th round of the quota discussions concluding this year.

Secretary at the Department of Economic Affairs Atanu Chakraborty led the Indian delegation. Sitharaman also led the Indian delegation at G20 finance ministers and central bank governors meeting in which the deliberations centred on international taxation and stablecoins.

The ministers and governors also took updates from G20 deputies on quality infrastructure investment, debt sustainability, financing for universal healthcare and building effective country platforms, and from the Africa Advisory Group on the Compact with Africa (CwA) initiative.

On the discussions at the session regarding the work underway on developing a consensus solution on tax challenges arising from digitalisation, Sitharaman said a unified approach to the nexus and profit allocation challenges is a promising one that merits serious attention.

A solution that is simple to implement, simple to administer and simple to comply with is needed. On the sidelines, she held several bilateral meetings, including with First Deputy Prime Minister and Finance Minister of Russia Anton Siluanov, Finance Minister of the Kyrgyz Republic Baktygul Jeenbaeva, Finance Minister of Switzerland Ulei Maurer, Australian Treasurer Josh Frydenberg and Finance Minister of Maldives Ibrahim Ameer.

Chakraborty also held one-on-one meeting with Director General of the French Treasury Renaud Basso and Chief Financial Officer of the World Bank Anshula Kant.

He also addressed investors in a session organised by JP Morgan.&nbsp; 
&nbsp;

Increased trade integration, geopolitical uncertainties, and high accumulated debt levels necessitate strong global coordination, Finance Minister Nirmala Sitharaman has said.

Increased trade integration, geopolitical uncertainties, and high accumulated debt levels necessitate strong global coordination, Finance Minister Nirmala Sitharaman has said. "We need not wait for the slowdown to become a crisis," she said adding that trade wars and protectionism have generated uncertainties that will ultimately impact the flow of capital, goods, and services. Addressing the annual meetings at the plenary session of the International Monetary Fund (IMF) and the World Bank Group held here on Friday (local time), Sitharaman called for concerted action to mitigate the disruption on account of synchronous slowdown and invoked the spirit of multilateralism for global growth. She also attended the working lunch session of the Development Committee, the ministerial-level committee of the IMF and the World Bank, in which members discussed the global economic outlook. The 40th meetings of the International Monetary and Financial Committee (IMFC) are being held at this year's annual meetings. During the day, three sessions of the IMFC took place. The IMFC introductory session was focused on global developments and prospects and the discussions centred on the World Economic Outlook released on October 15. The early warning exercise discussed upcoming risks to a global economy and stability. A special session on IMF resources and governance was also held early in the day in the context of the 15th round of the quota discussions concluding this year. Secretary at the Department of Economic Affairs Atanu Chakraborty led the Indian delegation. Sitharaman also led the Indian delegation at G20 finance ministers and central bank governors meeting in which the deliberations centred on international taxation and stablecoins. The ministers and governors also took updates from G20 deputies on quality infrastructure investment, debt sustainability, financing for universal healthcare and building effective country platforms, and from the Africa Advisory Group on the Compact with Africa (CwA) initiative. On the discussions at the session regarding the work underway on developing a consensus solution on tax challenges arising from digitalisation, Sitharaman said a unified approach to the nexus and profit allocation challenges is a promising one that merits serious attention. A solution that is simple to implement, simple to administer and simple to comply with is needed. On the sidelines, she held several bilateral meetings, including with First Deputy Prime Minister and Finance Minister of Russia Anton Siluanov, Finance Minister of the Kyrgyz Republic Baktygul Jeenbaeva, Finance Minister of Switzerland Ulei Maurer, Australian Treasurer Josh Frydenberg and Finance Minister of Maldives Ibrahim Ameer. Chakraborty also held one-on-one meeting with Director General of the French Treasury Renaud Basso and Chief Financial Officer of the World Bank Anshula Kant. He also addressed investors in a session organised by JP Morgan.

Trade wars to impact flow of capital, goods and services: Sitharaman

Hong&nbsp;Kong's&nbsp;Cathay&nbsp;Pacific&nbsp;Airways Ltd&nbsp;on Friday lowered its&nbsp;expectations&nbsp;for&nbsp;full-year&nbsp;profit&nbsp;due to "incredibly challenging" conditions in its home market racked by <a href="https://www.wionews.com/world/hong-kong-braces-for-weekend-of-fresh-anti-government-protests-256600">anti-government&nbsp;protests</a>&nbsp;that it expected to persist for the rest of 2019.

The airline reported a 7.1 per cent&nbsp;drop in passenger numbers for the month of September as travellers avoided&nbsp;Hong&nbsp;Kong&nbsp;due to widespread and sometimes violent&nbsp;protests, and said its second-half financial results were likely to be below the first half.

Cathay, which is trying to complete a three-year&nbsp;financial turnaround plan, has become the biggest corporate casualty of the&nbsp;Hong&nbsp;Kong&nbsp;protests&nbsp;after China demanded it suspend staff involved in, or supporting, the demonstrations that have plunged the former British colony into a political crisis.

The airline in August reported a HK$1.347 billion first-half&nbsp;profit. At that time,&nbsp;Cathay&nbsp;said second-half&nbsp;profit&nbsp;was likely to be higher than the first-half, as is typically the case for the airline, based on seasonality.

The consensus estimate before Friday's update was for the airline to report a&nbsp;full-year&nbsp;profit&nbsp;of HK$3.2 billion, according to 11 analysts polled by Refinitiv, although some last month predicted a poor second half.

Cathay&nbsp;shares were trading 1.4 per cent&nbsp;lower at 0510 GMT.

"We continue to see a significant shortfall in inbound bookings for the remainder of 2019 as compared to the same snapshot last&nbsp;year,"&nbsp;Cathay&nbsp;Chief Customer and Commercial Officer Ronald Lam said in a statement on Friday.

Cathay&nbsp;last month said it would cut capacity for the upcoming winter season.

BOCOM International analyst Luya You on Friday said further cuts might be needed in 2020 and even 2021 given there was no way of determining a timeline for when the political turmoil in&nbsp;Hong&nbsp;Kong&nbsp;would be resolved.

Inbound traffic to&nbsp;Hong&nbsp;Kong&nbsp;was down 38 per cent&nbsp;in September, unchanged from August, with demand from the mainland Chinese market hit especially hard, the airline said.

The 7.1 per cent&nbsp;fall in passenger numbers in September was better than the 11.3 per cent&nbsp;drop in August, but&nbsp;Cathay&nbsp;said an increasing reliance on transit passengers had affected its yields - a measure of the average fare paid per kilometre per passenger.

BOCOM's You said even if passenger numbers outside China appeared to stabilise in the coming months, that was likely to come at the cost of significantly lower fares.

Cathay&nbsp;also said cargo volumes fell 4.4 per cent&nbsp;in September, but that there were signs of improvement as it headed into air freight's traditional high-demand season.

Hong Kong's Cathay Pacific Airways Ltd on Friday lowered its expectations for full-year profit due to "incredibly challenging" conditions in its home market racked by anti-government protests that it expected to persist for the rest of 2019.

Hong Kong's Cathay Pacific Airways Ltd on Friday lowered its expectations for full-year profit due to "incredibly challenging" conditions in its home market racked by anti-government protests that it expected to persist for the rest of 2019. The airline reported a 7.1 per cent drop in passenger numbers for the month of September as travellers avoided Hong Kong due to widespread and sometimes violent protests, and said its second-half financial results were likely to be below the first half. Cathay, which is trying to complete a three-year financial turnaround plan, has become the biggest corporate casualty of the Hong Kong protests after China demanded it suspend staff involved in, or supporting, the demonstrations that have plunged the former British colony into a political crisis. The airline in August reported a HK$1.347 billion first-half profit. At that time, Cathay said second-half profit was likely to be higher than the first-half, as is typically the case for the airline, based on seasonality. The consensus estimate before Friday's update was for the airline to report a full-year profit of HK$3.2 billion, according to 11 analysts polled by Refinitiv, although some last month predicted a poor second half. Cathay shares were trading 1.4 per cent lower at 0510 GMT. "We continue to see a significant shortfall in inbound bookings for the remainder of 2019 as compared to the same snapshot last year," Cathay Chief Customer and Commercial Officer Ronald Lam said in a statement on Friday. Cathay last month said it would cut capacity for the upcoming winter season. BOCOM International analyst Luya You on Friday said further cuts might be needed in 2020 and even 2021 given there was no way of determining a timeline for when the political turmoil in Hong Kong would be resolved. Inbound traffic to Hong Kong was down 38 per cent in September, unchanged from August, with demand from the mainland Chinese market hit especially hard, the airline said. The 7.1 per cent fall in passenger numbers in September was better than the 11.3 per cent drop in August, but Cathay said an increasing reliance on transit passengers had affected its yields - a measure of the average fare paid per kilometre per passenger. BOCOM's You said even if passenger numbers outside China appeared to stabilise in the coming months, that was likely to come at the cost of significantly lower fares. Cathay also said cargo volumes fell 4.4 per cent in September, but that there were signs of improvement as it headed into air freight's traditional high-demand season.

Cathay Pacific lowers full-year profit expectations as Hong Kong protests bite

European&nbsp;Union&nbsp;leaders&nbsp;will&nbsp;discuss&nbsp;a new&nbsp;budget&nbsp;plan on Friday that could allow the bloc to spend up to 1.1&nbsp;trillion&nbsp;euros&nbsp;in the 2021-2027 period, but deep divisions among governments could block a deal for months.

Under a proposal prepared by Finland, which holds the EU's rotating presidency, the next long-term&nbsp;budget&nbsp;should have a financial capacity between 1.03 per cent&nbsp;and 1.08 per cent&nbsp;of the bloc's gross national income (GNI), a measure of output.

That would allow the EU to spend between 1 and 1.1&nbsp;trillion&nbsp;euros for seven years with its first&nbsp;budget&nbsp;after the <a href="https://www.wionews.com/world/boris-johnson-agrees-brexit-deal-but-must-now-win-over-parliament-256575">exit from the club of Britain</a>, one of the top contributors to EU coffers.

The document, seen by Reuters, is less ambitious than proposals put forward by the&nbsp;European&nbsp;Commission, the EU executive, which is seeking a&nbsp;budget&nbsp;worth 1.1 per cent&nbsp;of GNI. The EU parliament called for an even higher&nbsp;budget&nbsp;at 1.3 per cent&nbsp;of GNI.

But the Finnish proposal moves beyond a 1 per cent&nbsp;cap set by Germany, the bloc's largest economy.

Finland's midway solution has displeased most of the 27 EU states, EU officials said, anticipating long negotiations before a compromise can be reached.

Talks on&nbsp;budgets are traditionally among the most divisive in a bloc that in recent years has become increasingly prone to quarrels, as its states are deeply split over economic policies, financial reforms and how to handle migrants.

The Finnish proposal, which cuts spending on farmers and poorer regions, has managed to unite the divided EU&nbsp;leaders&nbsp;in its criticism.

"The text has caused nearly unanimous dissatisfaction," a diplomat involved in the talks said.

While the bloc has embarked on a range of new expensive policies, such as protecting its borders and increasing social security, states are reluctant to pay more.

Germany and other Nordic supporters of a smaller&nbsp;budget&nbsp;argue that because of&nbsp;Brexit, they would pay more into EU coffers even with a 1 per cent&nbsp;cap because they would need to compensate for the loss of Britain's transfers.

Eastern and southern states, who benefit from EU funds on poorer regions and agriculture, are keen to see a bigger&nbsp;budget, and are not happy with Finland's proposed cuts on these sectors.

Under the proposal, subsidies to poor regions would drop to less than 30 per cent&nbsp;of the&nbsp;budget&nbsp;from 34 per cent&nbsp;now, while aid to farmers would fall to slightly more than 30 per cent&nbsp;from over 35 per cent&nbsp;of the total.

To complicate matters, the new&nbsp;budget&nbsp;should also include rules that would suspend funding to member states with rule-of-law shortcomings, such as limits to media freedom or the independence of judges.

This is irking states like Poland and Hungary which Brussels has long accused of breaches in the rule of law after judiciary and media reforms adopted by their far-right governments.

Friday's meeting is seen as a starting point and is not supposed to find a compromise, but divisions are so deep that many officials fear a deal may not be reached by a self-imposed December deadline. A later deal would delay the launch of spending programmes.

The Finns remained confident, however, and insist their suggested spending range would eventually be backed by EU states. "The fact that almost everybody is against our text shows we have put forward a fair proposal," one diplomat said.

European Union leaders will discuss a new budget plan on Friday that could allow the bloc to spend up to 1.1 trillion euros in the 2021-2027 period, but deep divisions among governments could block a deal for months.

European Union leaders will discuss a new budget plan on Friday that could allow the bloc to spend up to 1.1 trillion euros in the 2021-2027 period, but deep divisions among governments could block a deal for months. Under a proposal prepared by Finland, which holds the EU's rotating presidency, the next long-term budget should have a financial capacity between 1.03 per cent and 1.08 per cent of the bloc's gross national income (GNI), a measure of output. That would allow the EU to spend between 1 and 1.1 trillion euros for seven years with its first budget after the exit from the club of Britain, one of the top contributors to EU coffers. The document, seen by Reuters, is less ambitious than proposals put forward by the European Commission, the EU executive, which is seeking a budget worth 1.1 per cent of GNI. The EU parliament called for an even higher budget at 1.3 per cent of GNI. But the Finnish proposal moves beyond a 1 per cent cap set by Germany, the bloc's largest economy. Finland's midway solution has displeased most of the 27 EU states, EU officials said, anticipating long negotiations before a compromise can be reached. Talks on budgets are traditionally among the most divisive in a bloc that in recent years has become increasingly prone to quarrels, as its states are deeply split over economic policies, financial reforms and how to handle migrants. The Finnish proposal, which cuts spending on farmers and poorer regions, has managed to unite the divided EU leaders in its criticism. "The text has caused nearly unanimous dissatisfaction," a diplomat involved in the talks said. While the bloc has embarked on a range of new expensive policies, such as protecting its borders and increasing social security, states are reluctant to pay more. Germany and other Nordic supporters of a smaller budget argue that because of Brexit, they would pay more into EU coffers even with a 1 per cent cap because they would need to compensate for the loss of Britain's transfers. Eastern and southern states, who benefit from EU funds on poorer regions and agriculture, are keen to see a bigger budget, and are not happy with Finland's proposed cuts on these sectors. Under the proposal, subsidies to poor regions would drop to less than 30 per cent of the budget from 34 per cent now, while aid to farmers would fall to slightly more than 30 per cent from over 35 per cent of the total. To complicate matters, the new budget should also include rules that would suspend funding to member states with rule-of-law shortcomings, such as limits to media freedom or the independence of judges. This is irking states like Poland and Hungary which Brussels has long accused of breaches in the rule of law after judiciary and media reforms adopted by their far-right governments. Friday's meeting is seen as a starting point and is not supposed to find a compromise, but divisions are so deep that many officials fear a deal may not be reached by a self-imposed December deadline. A later deal would delay the launch of spending programmes. The Finns remained confident, however, and insist their suggested spending range would eventually be backed by EU states. "The fact that almost everybody is against our text shows we have put forward a fair proposal," one diplomat said.

European Union leaders discuss $1.2 trillion post-Brexit budget

India remains the fastest growing economy in the world and the central government is making every effort to spur growth, Union Finance Minister Nirmala Sitharaman said on Thursday, days after the International Monetary Fund (IMF) slashed the country's growth projection to 6.1 percent.

Speaking to reporters here on the sidelines of the annual meeting of the IMF and the World Bank, Sitharaman said she "cannot underestimate" the potential that India is showing despite the current global scenario.

"The IMF reduces the growth for all global economies. It reduces the growth for India too. But even otherwise, India is still growing as the fastest growing economy," Sitharaman said.

"The point cannot be missed that India is still growing the fastest in the given global scenario. I wish it can be more. I wish it can grow faster, and I will make every effort to make it grow faster. But the fact remains that it is still growing faster," she said.

"Obviously the narrative is that it is not growing as much as it used to grow earlier, it is not (growing at) eight (percent), it is not (growing at) seven (percent), yes all this are very important, but I don't want to underestimate the potential that India is showing even in this adverse circumstance," the minister added.

The IMF on Tuesday slashed India's economic growth projection for 2019 to 6.1 per cent but said that it might pick up to 7 per cent in 2020.

In July this year, the multilateral agency had put India's growth rate at 7 per cent for the current fiscal owing to "weaker-than-expected outlook" of domestic demand. In April, it had said that India will grow at 7.3 per cent in 2019.&nbsp; 
&nbsp;

India remains the fastest growing economy in the world and the central government is making every effort to spur growth, Union Finance Minister Nirmala Sitharaman said on Thursday, days after the International Monetary Fund (IMF) slashed the country's growth projection to 6.

India remains the fastest growing economy in the world and the central government is making every effort to spur growth, Union Finance Minister Nirmala Sitharaman said on Thursday, days after the International Monetary Fund (IMF) slashed the country's growth projection to 6.1 percent. Speaking to reporters here on the sidelines of the annual meeting of the IMF and the World Bank, Sitharaman said she "cannot underestimate" the potential that India is showing despite the current global scenario. "The IMF reduces the growth for all global economies. It reduces the growth for India too. But even otherwise, India is still growing as the fastest growing economy," Sitharaman said. "The point cannot be missed that India is still growing the fastest in the given global scenario. I wish it can be more. I wish it can grow faster, and I will make every effort to make it grow faster. But the fact remains that it is still growing faster," she said. "Obviously the narrative is that it is not growing as much as it used to grow earlier, it is not (growing at) eight (percent), it is not (growing at) seven (percent), yes all this are very important, but I don't want to underestimate the potential that India is showing even in this adverse circumstance," the minister added. The IMF on Tuesday slashed India's economic growth projection for 2019 to 6.1 per cent but said that it might pick up to 7 per cent in 2020. In July this year, the multilateral agency had put India's growth rate at 7 per cent for the current fiscal owing to "weaker-than-expected outlook" of domestic demand. In April, it had said that India will grow at 7.3 per cent in 2019.

India remains fastest-growing economy in present global scenario, despite IMF projections: Sitharaman

Trade differences between India and the United States are narrowing, Union Finance Minister Nirmala Sitharaman said on Thursday, and expressed hope that the two countries will enter into a deal soon.

Speaking to reporters on the sidelines of the annual meetings of the International Monetary Fund and the World Bank, Sitharaman said that the Commerce Ministry is working on the trade deal with Washington and hopes to conclude the negotiations soon.

"I know the intensity with which the negotiations are going on. The few issues on which there could be some differences are being sorted out. I hope that there will be an agreement sooner. Obviously narrowing (of difference) is happening," Sitharaman told reporters here.

Tensions on the trade front between the two countries had emerged in June after US President Donald Trump revoked preferential trade privileges, in response to which India imposed tariffs on 28 US products, including almonds and apples.

India had been the biggest beneficiary of the Generalised System of Preferences (GSP), a programme designed to help developing countries sell to US consumers.

The Finance Minister is in Washington to attend the annual meetings of the International Monetary Fund and the World Bank. (ANI)

Trade differences between India and the United States are narrowing, Union Finance Minister Nirmala Sitharaman said on Thursday, and expressed hope that the two countries will enter into a deal soon.

Trade differences between India and the United States are narrowing, Union Finance Minister Nirmala Sitharaman said on Thursday, and expressed hope that the two countries will enter into a deal soon. Speaking to reporters on the sidelines of the annual meetings of the International Monetary Fund and the World Bank, Sitharaman said that the Commerce Ministry is working on the trade deal with Washington and hopes to conclude the negotiations soon. "I know the intensity with which the negotiations are going on. The few issues on which there could be some differences are being sorted out. I hope that there will be an agreement sooner. Obviously narrowing (of difference) is happening," Sitharaman told reporters here. Tensions on the trade front between the two countries had emerged in June after US President Donald Trump revoked preferential trade privileges, in response to which India imposed tariffs on 28 US products, including almonds and apples. India had been the biggest beneficiary of the Generalised System of Preferences (GSP), a programme designed to help developing countries sell to US consumers. The Finance Minister is in Washington to attend the annual meetings of the International Monetary Fund and the World Bank. (ANI)

Hoping to have trade deal with US soon: Nirmala Sitharaman

Equities treaded cautiously during early hours on Friday amid mixed global cues despite Britain and the European Union striking a long-awaited Brexit deal.

At 10:15 am, the BSE S&amp;P Sensex was up by 86 points at 39,138 while the Nifty 50 edged higher by 30 points to 11,616.

All sectoral indices at the National Stock Exchange were in the positive zone with Nifty PSU bank showing an uptick of 1.4 per cent.

Among stocks, Bharat Heavy Electricals Ltd (BHEL) surged 22.78 per cent in early trade after reports of government likely to cut its stake in the company.

An inter-ministerial group is expected to meet soon to discuss the stake sale.

Yes Bank was up by 6.8 per cent while NTPC, UltraTech Cement, Larsen &amp; Toubro and Bajaj Finance gained between 1.3 and 1.7 per cent.

Among the losers were Zee Entertainment, Bharti Airtel, Mahindra &amp; Mahindra, Infosys and Bajaj Auto.

Meanwhile, Asian stocks tumbled after China posted its weakest growth in nearly three decades.

MSCI's broadest index of Asia Pacific shares outside Japan was down by 0.17 per cent, echoing Wall Street's small gains.

But Japan's Nikkei added gains of 0.18 per cent. While a new draft Brexit deal was agreed upon between Britain and the EU, China's economic growth slowed more than expected to 6 per cent year-on-year in the third quarter of 2019, marking the weakest pace in nearly three decades.

 
&nbsp;

Equities treaded cautiously during early hours on Friday amid mixed global cues despite Britain and the European Union striking a long-awaited Brexit deal. At 10:15 am, the BSE S&P Sensex was up by 86 points at 39,138 while the Nifty 50 edged higher by 30 points to 11,616.

Equities treaded cautiously during early hours on Friday amid mixed global cues despite Britain and the European Union striking a long-awaited Brexit deal. At 10:15 am, the BSE S&P Sensex was up by 86 points at 39,138 while the Nifty 50 edged higher by 30 points to 11,616. All sectoral indices at the National Stock Exchange were in the positive zone with Nifty PSU bank showing an uptick of 1.4 per cent. Among stocks, Bharat Heavy Electricals Ltd (BHEL) surged 22.78 per cent in early trade after reports of government likely to cut its stake in the company. An inter-ministerial group is expected to meet soon to discuss the stake sale. Yes Bank was up by 6.8 per cent while NTPC, UltraTech Cement, Larsen & Toubro and Bajaj Finance gained between 1.3 and 1.7 per cent. Among the losers were Zee Entertainment, Bharti Airtel, Mahindra & Mahindra, Infosys and Bajaj Auto. Meanwhile, Asian stocks tumbled after China posted its weakest growth in nearly three decades. MSCI's broadest index of Asia Pacific shares outside Japan was down by 0.17 per cent, echoing Wall Street's small gains. But Japan's Nikkei added gains of 0.18 per cent. While a new draft Brexit deal was agreed upon between Britain and the EU, China's economic growth slowed more than expected to 6 per cent year-on-year in the third quarter of 2019, marking the weakest pace in nearly three decades.

Equities indices in the green amid mixed global cues

Oil&nbsp;prices&nbsp;were stable on Friday ahead of&nbsp;data&nbsp;that analysts say could show&nbsp;China, the world's largest&nbsp;oil&nbsp;importer, just recorded its <a href="https://www.wionews.com/world/chinas-q3-gdp-growth-slows-to-6-slowest-in-27-years-256577">weakest quarter of economic&nbsp;growth</a>&nbsp;in nearly three decades, dragged down by a <a href="https://www.wionews.com/world/china-says-hopes-to-reach-phased-trade-pact-with-us-as-early-as-possible-256449">trade dispute</a> with the United States.

Global benchmark Brent crude&nbsp;oil&nbsp;futures fell by 9 cents, 0.2 per cent, to $59.82 a barrel by 0039 GMT.

US&nbsp;West Texas Intermediate (WTI) crude&nbsp;futures were up by 4 cents, or 0.07 per cent, to $53.97 per barrel.

Analysts polled by Reuters expected&nbsp;China's gross domestic product (GDP) to grow 6.1 per cent&nbsp;in the July-September quarter from a year earlier, the slowest pace since the first quarter of 1992, the earliest quarterly&nbsp;data&nbsp;on record.

The Chinese government is due to release its third-quarter&nbsp;GDP&nbsp;data&nbsp;at 0200 GMT, along with other indicators for September.

With&nbsp;all&nbsp;eyes&nbsp;on the upcoming numbers, analysts expect weaker economic readings to add to pressure on Beijing to step up stimulus measures.

"The release of fixed asset investment and industrial activity (data) in&nbsp;China&nbsp;will set the tone in commodity markets," ANZ Bank predicted in a note.

Adding to downward pressure, US&nbsp;crude&nbsp;oil&nbsp;stockpiles surged last week as refinery output dropped to a two-year low, while gasoline and distillate fuel inventories decreased, the Energy Information Administration said on Thursday.

US&nbsp;crude inventories increased by 9.3 million barrels in the week ended October 11, compared with analysts' expectations for an increase of 2.9 million barrels.

Elsewhere, the joint technical committee monitoring a global deal to cut output between the Organization of the Petroleum Exporting Countries (OPEC) and partners, including Russia, found compliance with cuts for September stood at 236 per cent, according to four OPEC sources.

OPEC and its&nbsp;allies have agreed to limit their&nbsp;oil&nbsp;production by 1.2 million barrels per day&nbsp;until March 2020.

&nbsp;

Oil prices were stable on Friday ahead of data that analysts say could show China, the world's largest oil importer, just recorded its weakest quarter of economic growth in nearly three decades, dragged down by a trade dispute with the United States.

Oil prices were stable on Friday ahead of data that analysts say could show China, the world's largest oil importer, just recorded its weakest quarter of economic growth in nearly three decades, dragged down by a trade dispute with the United States. Global benchmark Brent crude oil futures fell by 9 cents, 0.2 per cent, to $59.82 a barrel by 0039 GMT. US West Texas Intermediate (WTI) crude futures were up by 4 cents, or 0.07 per cent, to $53.97 per barrel. Analysts polled by Reuters expected China's gross domestic product (GDP) to grow 6.1 per cent in the July-September quarter from a year earlier, the slowest pace since the first quarter of 1992, the earliest quarterly data on record. The Chinese government is due to release its third-quarter GDP data at 0200 GMT, along with other indicators for September. With all eyes on the upcoming numbers, analysts expect weaker economic readings to add to pressure on Beijing to step up stimulus measures. "The release of fixed asset investment and industrial activity (data) in China will set the tone in commodity markets," ANZ Bank predicted in a note. Adding to downward pressure, US crude oil stockpiles surged last week as refinery output dropped to a two-year low, while gasoline and distillate fuel inventories decreased, the Energy Information Administration said on Thursday. US crude inventories increased by 9.3 million barrels in the week ended October 11, compared with analysts' expectations for an increase of 2.9 million barrels. Elsewhere, the joint technical committee monitoring a global deal to cut output between the Organization of the Petroleum Exporting Countries (OPEC) and partners, including Russia, found compliance with cuts for September stood at 236 per cent, according to four OPEC sources. OPEC and its allies have agreed to limit their oil production by 1.2 million barrels per day until March 2020.

Oil prices steady, all eyes on data seen showing China GDP growth slowdown

Union Minister Piyush Goyal said that strict action will be taken against multi-brand retailers found violating FDI norms set for the e-commerce companies by the central government.

"The Central government has formed clear guidelines for e-commerce. It has made clear that if anyone makes e-commerce a means for multi-brand retail, stringent action will be taken against them," he said during a presser on Thursday.

He continued, "According to the spirit of the law, in multiband retail, FDI is not permitted above 49 per cent. Bharatiya Janata Party (BJP) stands with the small retailers of the country and will not let anyone's livelihood come under stress. We have made it clear that if anybody tries to use the route of multi-brand retail, then strict action will be taken."

Highlighting one of the guidelines, Goyal said, "E-commerce companies have no right to discount products or sell them on predatory prices and damage the retail market. They also don't have permission to make products and sell it themselves," he said.

Goyal informed that some complaints have been brought to his attention regarding violations by e-commerce companies.

"Commerce Ministry has sent a questionnaire seeking details from the concerned parties in the matter. Another supplementary questionnaire is also being sent. Required action will be taken after the details are received," he added.

The Union Minister said that if the law has been violated, either in the letter or in spirit, strict actions will be taken.&nbsp; 
&nbsp;

Union Minister Piyush Goyal said that strict action will be taken against multi-brand retailers found violating FDI norms set for the e-commerce companies by the central government.

Union Minister Piyush Goyal said that strict action will be taken against multi-brand retailers found violating FDI norms set for the e-commerce companies by the central government. "The Central government has formed clear guidelines for e-commerce. It has made clear that if anyone makes e-commerce a means for multi-brand retail, stringent action will be taken against them," he said during a presser on Thursday. He continued, "According to the spirit of the law, in multiband retail, FDI is not permitted above 49 per cent. Bharatiya Janata Party (BJP) stands with the small retailers of the country and will not let anyone's livelihood come under stress. We have made it clear that if anybody tries to use the route of multi-brand retail, then strict action will be taken." Highlighting one of the guidelines, Goyal said, "E-commerce companies have no right to discount products or sell them on predatory prices and damage the retail market. They also don't have permission to make products and sell it themselves," he said. Goyal informed that some complaints have been brought to his attention regarding violations by e-commerce companies. "Commerce Ministry has sent a questionnaire seeking details from the concerned parties in the matter. Another supplementary questionnaire is also being sent. Required action will be taken after the details are received," he added. The Union Minister said that if the law has been violated, either in the letter or in spirit, strict actions will be taken.

Flouting of FDI norms by multi brand retailers will invite strict action: Piyush Goyal

The United States imposed tariffs on a record $7.5-billion worth of European Union goods on Friday, despite threats of retaliation, with Airbus, French wine and Scottish whiskies among the high-profile targets.

The tariffs, which took effect just after midnight in Washington (0401 GMT), came after talks between European officials and US trade representatives failed to win a last-minute reprieve.

The WTO-endorsed onslaught from US President Donald Trump also comes as Washington is mired in a trade war with China and could risk destabilising the global economy further.

In the line of fire are civilian aircraft from Britain, France, Germany and Spain -- the countries that formed Airbus -- which will now cost 10 per cent more when imported to the US.

But the tariffs also target consumer products such as French wine, which Trump had vowed to attack in recent months. Wine from France, Spain and Germany will now face 25 per cent tariffs.

Speaking in Washington hours before the tariffs were due to come into effect, France's Economy Minister Bruno Le Maire warned the move would have serious repercussions.

"Europe is ready to retaliate, in the framework of course of the WTO," he told reporters shortly after meeting with US Treasury Secretary Steven Mnuchin on the sidelines of the International Monetary Fund annual meetings.

"These decisions would have very negative consequences both from an economic and a political point of view."

Le Maire was due to meet US Trade Representative Robert Lighthizer later on Friday.

He also warned the US against starting another front in its trade conflicts and again called for a negotiated solution.

At a time when the global economy is slowing, "I think that our responsibility is to do our best to avoid that kind of conflict," Le Maire said.&nbsp;

The Europeans have long advocated negotiation over conflict and they themselves will be able to impose tariffs next year to punish the United States for subsidising Boeing.

But EU officials had already offered in July to call a truce on subsidies for planemakers, in which both sides would admit fault and agree to curtail state aid -- to no avail. The two sides have been involved in a row over the subsidies for 15 years.

The tariffs kick in just days after the United States was given the formal go-ahead by the World Trade Organization.

As recently as Wednesday, Trump singled out the Europeans for being unfair with the US on trade, but said his door was open to negotiate a settlement.

'Very hard'

The Europeans fear above all that Trump will impose heavy duties on imports of European cars around mid-November.&nbsp;

This would be a serious blow for the German automotive sector in particular, even if giants such as Volkswagen or BMW also manufacture in the United States.&nbsp;

"Our products are very hard to bring in (to Europe)" when Europeans easily import their cars into the United States, Trump said.

The Airbus-Boeing row is just one of several issues stoking transatlantic tensions that quickly descended into acrimony when Trump took office in 2017.

Trump embraced a protectionist agenda, slapping import duties on steel and aluminium from the EU and other allies, while also threatening tariffs on cars.

Trade groups in Europe such as winemakers, German tool manufacturers and whisky producers in Scotland have kept a clamour of protest, demanding Washington reverse tack.

The US leader and European Commission President Jean-Claude Juncker agreed in July 2018 to a ceasefire in the conflict to hold trade talks that have so far led nowhere.

The epic legal battle between Airbus and Boeing at the World Trade Organization began in 2004 when Washington accused Britain, France, Germany and Spain of providing illegal subsidies and grants to support the production of a range of Airbus products.

A year later, the EU alleged that Boeing had received $19.1 billion worth of prohibited subsidies from 1989 to 2006 from various branches of the US government.

The two cases were then tangled up in a legal quagmire, with each side being given partial vindication after a long series of appeals and counter appeals.

The United States imposed tariffs on a record $7.5-billion worth of European Union goods on Friday, despite threats of retaliation, with Airbus, French wine and Scottish whiskies among the high-profile targets.

The United States imposed tariffs on a record $7.5-billion worth of European Union goods on Friday, despite threats of retaliation, with Airbus, French wine and Scottish whiskies among the high-profile targets. The tariffs, which took effect just after midnight in Washington (0401 GMT), came after talks between European officials and US trade representatives failed to win a last-minute reprieve. The WTO-endorsed onslaught from US President Donald Trump also comes as Washington is mired in a trade war with China and could risk destabilising the global economy further. In the line of fire are civilian aircraft from Britain, France, Germany and Spain -- the countries that formed Airbus -- which will now cost 10 per cent more when imported to the US. But the tariffs also target consumer products such as French wine, which Trump had vowed to attack in recent months. Wine from France, Spain and Germany will now face 25 per cent tariffs. Speaking in Washington hours before the tariffs were due to come into effect, France's Economy Minister Bruno Le Maire warned the move would have serious repercussions. "Europe is ready to retaliate, in the framework of course of the WTO," he told reporters shortly after meeting with US Treasury Secretary Steven Mnuchin on the sidelines of the International Monetary Fund annual meetings. "These decisions would have very negative consequences both from an economic and a political point of view." Le Maire was due to meet US Trade Representative Robert Lighthizer later on Friday. He also warned the US against starting another front in its trade conflicts and again called for a negotiated solution. At a time when the global economy is slowing, "I think that our responsibility is to do our best to avoid that kind of conflict," Le Maire said. The Europeans have long advocated negotiation over conflict and they themselves will be able to impose tariffs next year to punish the United States for subsidising Boeing. But EU officials had already offered in July to call a truce on subsidies for planemakers, in which both sides would admit fault and agree to curtail state aid -- to no avail. The two sides have been involved in a row over the subsidies for 15 years. The tariffs kick in just days after the United States was given the formal go-ahead by the World Trade Organization. As recently as Wednesday, Trump singled out the Europeans for being unfair with the US on trade, but said his door was open to negotiate a settlement. 'Very hard' The Europeans fear above all that Trump will impose heavy duties on imports of European cars around mid-November. This would be a serious blow for the German automotive sector in particular, even if giants such as Volkswagen or BMW also manufacture in the United States. "Our products are very hard to bring in (to Europe)" when Europeans easily import their cars into the United States, Trump said. The Airbus-Boeing row is just one of several issues stoking transatlantic tensions that quickly descended into acrimony when Trump took office in 2017. Trump embraced a protectionist agenda, slapping import duties on steel and aluminium from the EU and other allies, while also threatening tariffs on cars. Trade groups in Europe such as winemakers, German tool manufacturers and whisky producers in Scotland have kept a clamour of protest, demanding Washington reverse tack. The US leader and European Commission President Jean-Claude Juncker agreed in July 2018 to a ceasefire in the conflict to hold trade talks that have so far led nowhere. The epic legal battle between Airbus and Boeing at the World Trade Organization began in 2004 when Washington accused Britain, France, Germany and Spain of providing illegal subsidies and grants to support the production of a range of Airbus products. A year later, the EU alleged that Boeing had received $19.1 billion worth of prohibited subsidies from 1989 to 2006 from various branches of the US government. The two cases were then tangled up in a legal quagmire, with each side being given partial vindication after a long series of appeals and counter appeals.

US imposes record $7.5 billion tariffs on EU goods, targeting Airbus, wine and whisky

Reliance Industries Limited (RIL) on Friday reported a net profit of Rs 11,262 crore for the quarter ending September 2019, an increase of 18.3 per cent on a year-to-year basis.

The quarterly PBDIT (profit before depreciation, interest, and taxes) of the company increased by 15.5 per cent to Rs 25,820 crore.

The profit before tax increased by 14.1 per cent to Rs 15,055 crore, and the cash profit rose by 18 per cent to Rs 18,305 crore, said the firm in an official statement on Friday.

For the quarter ended September 30, RIL achieved revenue of Rs 163,854 crore, an increase of 4.8 per cent as compared to Rs 156,291 crore in the corresponding period of the previous year.

"Increase in revenue is primarily on account of robust growth in retail and digital services businesses which grew by 27 per cent and 43 per cent, respectively. This was partially offset by a decrease in refining and petrochemicals segment revenue with 17.7 per cent fall in Brent crude price," added the statement.

Exports (including deemed exports) from RIL`s India operations were lower by 12.1 per cent at Rs 53,161 crore as against Rs 60,460 crore in the corresponding period of the previous year primarily due to lower price realisation for refining and petrochemical products and emphasis in domestic placement.

Commenting on the results, Mukesh Ambani, Chairman and Managing Director, RIL, said: "The company has reported record net profit for the quarter. These excellent results reflect the benefits of our integrated oil to chemicals (O2C) value chain and the rapid scale-up of our consumer businesses."

"During this quarter, our O2C businesses gained from favourable fuel margins environment, feedstock sourcing flexibility and higher petrochemicals volumes. Our O2C business, with new partnerships, is best placed to pursue growth and substantial value creation," he added.

"Continuing growth trends in our retail business is heartening. Guided by our obsession to provide the best value for our customers, Reliance Retail delivered robust performance with record quarterly revenues and EBITDA (earnings before interest, tax, depreciation, and amortisation).&nbsp;

Our digital services business is recognized for having the nation`s widest 4G wireless network," Ambani said.

The company put the basic earnings per share (EPS) for the September quarter at Rs 18.6 crore as against Rs 16.1 crore in the corresponding period of the previous year.

"Cash and cash equivalents as on 30th September 2019 were at Rs 134,746 crore compared to Rs 133,027 crore as on 31st March 2019," said RIL.&nbsp;

Reliance Industries Limited (RIL) on Friday reported a net profit of Rs 11,262 crore for the quarter ending September 2019, an increase of 18.3 per cent on a year-to-year basis.

Reliance Industries Limited (RIL) on Friday reported a net profit of Rs 11,262 crore for the quarter ending September 2019, an increase of 18.3 per cent on a year-to-year basis. The quarterly PBDIT (profit before depreciation, interest, and taxes) of the company increased by 15.5 per cent to Rs 25,820 crore. The profit before tax increased by 14.1 per cent to Rs 15,055 crore, and the cash profit rose by 18 per cent to Rs 18,305 crore, said the firm in an official statement on Friday. For the quarter ended September 30, RIL achieved revenue of Rs 163,854 crore, an increase of 4.8 per cent as compared to Rs 156,291 crore in the corresponding period of the previous year. "Increase in revenue is primarily on account of robust growth in retail and digital services businesses which grew by 27 per cent and 43 per cent, respectively. This was partially offset by a decrease in refining and petrochemicals segment revenue with 17.7 per cent fall in Brent crude price," added the statement. Exports (including deemed exports) from RIL`s India operations were lower by 12.1 per cent at Rs 53,161 crore as against Rs 60,460 crore in the corresponding period of the previous year primarily due to lower price realisation for refining and petrochemical products and emphasis in domestic placement. Commenting on the results, Mukesh Ambani, Chairman and Managing Director, RIL, said: "The company has reported record net profit for the quarter. These excellent results reflect the benefits of our integrated oil to chemicals (O2C) value chain and the rapid scale-up of our consumer businesses." "During this quarter, our O2C businesses gained from favourable fuel margins environment, feedstock sourcing flexibility and higher petrochemicals volumes. Our O2C business, with new partnerships, is best placed to pursue growth and substantial value creation," he added. "Continuing growth trends in our retail business is heartening. Guided by our obsession to provide the best value for our customers, Reliance Retail delivered robust performance with record quarterly revenues and EBITDA (earnings before interest, tax, depreciation, and amortisation). Our digital services business is recognized for having the nation`s widest 4G wireless network," Ambani said. The company put the basic earnings per share (EPS) for the September quarter at Rs 18.6 crore as against Rs 16.1 crore in the corresponding period of the previous year. "Cash and cash equivalents as on 30th September 2019 were at Rs 134,746 crore compared to Rs 133,027 crore as on 31st March 2019," said RIL.

Reliance Industries records Rs 11,262 crore net profit in Q2 of FY20, up by 18 per cent

India plans to take more steps to boost consumer demand including injecting liquidity through banks and simplifying personal taxes, a top government economic adviser said on Friday, in a bid to raise economic growth from six-year lows.

Krishnamurthy Subramanian, Chief Economic Adviser at the Finance Ministry, said the government had slashed corporate taxes to attract investment and was looking for ways to boost consumer demand to support that investment.

"In the short-run, we are taking steps to increase consumption so that anticipating that consumption, investment also goes up," he told Reuters in an interview.

One of the measures on the table is aimed at easing personal taxation and making the whole tax administration simpler. The government is also considering the report of a task force to bring India's six-decades-old tax legislation more into line with those of other countries.

Subramanian said the government planned to make public the recommendations of the task force.

"The direct tax code task force has submitted its report," he said, adding that the steps that have already been taken to streamline the tax administration are likely to help in improving the tax buoyancy.

Last month Finance Minister Nirmala Sitharaman <a href="https://www.wionews.com/opinions/corporate-tax-cut-may-act-as-a-steroid-for-the-economy-254318">cut corporate tax </a>rates from over 30 per cent&nbsp;to 25 per cent, and to 15 per cent&nbsp;for new manufacturing companies, putting it on a par or even ahead of some of its Asian peers.

That landmark move has raised hopes that the government might consider similar cuts to personal taxes to put more money into the hands of consumers and especially the middle class who form the core of Prime Minister Narendra Modi's ruling group.

A source in the finance ministry said the task force's recommendations - which include cuts in the income tax rate by up to 10 per cent&nbsp;- could be announced even before the presentation in February of the annual budget for fiscal 2020/21, which starts in April.

"Timing of the implementation is a political call," said the source, adding that officials have already held discussions on the issue.

Growth in April-June slipped to 5 per cent, its slowest pace since 2013. The International Monetary Fund has cut its growth forecast to 6.1 per cent&nbsp;for this fiscal year from an initial 7 per cent, citing a slowdown in domestic and global demand.

New Delhi has also been trying to boost domestic growth through an infrastructure package and a new loan program organised with the banking sector that has doled out loans worth over 800 billion rupees.

Subramanian said the government has asked the banks to buy out assets from the crisis-hit non-banking finance companies to improve liquidity in the market.

"The government will do all that it takes to take back the growth on the high trajectory."

Referring to banking reforms, he said, the government was focussed on the merger of some state banks, aiming to cut down the number of state banks to 12 from 27 in 2017, and has asked them to take corporate default cases to bankruptcy courts only above a threshold limit.

India plans to take more steps to boost consumer demand including injecting liquidity through banks and simplifying personal taxes, a top government economic adviser said on Friday, in a bid to raise economic growth from six-year lows.

India plans to take more steps to boost consumer demand including injecting liquidity through banks and simplifying personal taxes, a top government economic adviser said on Friday, in a bid to raise economic growth from six-year lows. Krishnamurthy Subramanian, Chief Economic Adviser at the Finance Ministry, said the government had slashed corporate taxes to attract investment and was looking for ways to boost consumer demand to support that investment. "In the short-run, we are taking steps to increase consumption so that anticipating that consumption, investment also goes up," he told Reuters in an interview. One of the measures on the table is aimed at easing personal taxation and making the whole tax administration simpler. The government is also considering the report of a task force to bring India's six-decades-old tax legislation more into line with those of other countries. Subramanian said the government planned to make public the recommendations of the task force. "The direct tax code task force has submitted its report," he said, adding that the steps that have already been taken to streamline the tax administration are likely to help in improving the tax buoyancy. Last month Finance Minister Nirmala Sitharaman cut corporate tax rates from over 30 per cent to 25 per cent, and to 15 per cent for new manufacturing companies, putting it on a par or even ahead of some of its Asian peers. That landmark move has raised hopes that the government might consider similar cuts to personal taxes to put more money into the hands of consumers and especially the middle class who form the core of Prime Minister Narendra Modi's ruling group. A source in the finance ministry said the task force's recommendations - which include cuts in the income tax rate by up to 10 per cent - could be announced even before the presentation in February of the annual budget for fiscal 2020/21, which starts in April. "Timing of the implementation is a political call," said the source, adding that officials have already held discussions on the issue. Growth in April-June slipped to 5 per cent, its slowest pace since 2013. The International Monetary Fund has cut its growth forecast to 6.1 per cent for this fiscal year from an initial 7 per cent, citing a slowdown in domestic and global demand. New Delhi has also been trying to boost domestic growth through an infrastructure package and a new loan program organised with the banking sector that has doled out loans worth over 800 billion rupees. Subramanian said the government has asked the banks to buy out assets from the crisis-hit non-banking finance companies to improve liquidity in the market. "The government will do all that it takes to take back the growth on the high trajectory." Referring to banking reforms, he said, the government was focussed on the merger of some state banks, aiming to cut down the number of state banks to 12 from 27 in 2017, and has asked them to take corporate default cases to bankruptcy courts only above a threshold limit.

India to take more steps to boost consumer demand, growth: Chief Economic Adviser

Equity benchmark indices extended morning gains on Friday and ended with gains of 0.6 per cent as global peers slumped after <a href="https://www.wionews.com/world/chinas-q3-gdp-growth-slows-to-6-slowest-in-27-years-256577">China`s GDP growth slipped</a> to a 27-year low of 6 per cent in the third quarter of 2019.

The BSE S&amp;P Sensex closed 246 points higher at 39,298 while the Nifty 50 was up 76 points at 11,662. All sectoral indices at the National Stock Exchange (NSE) were in the positive zone except for Nifty media, which dropped by one per cent.

Nifty realty gained by 1.9 per cent, metal by 1.8 per cent and pharma by nearly 1 per cent.Among stocks, Indiabulls Housing Finance closed with a gain of 17.42 per cent at Rs 231.50 on BSE after the company offered pre-mature redemption of all non-convertible debentures (NCDs) maturing in November and December.

Private lender Yes Bank was up by 8.2 per cent, Coal India by 3.3 per cent, Adani Ports by 3.2 per cent and Maruti by 3.1 per cent.

The other prominent gainers were Grasim, Nestle India, Power Grid Corporation, Larsen &amp; Toubro, Bharat Petroleum Corporation and Titan.However, those which lost were Zee Entertainment, Tata Motors, Cipla, Eicher Motors and Hindalco.

Meanwhile, Asian stocks tumbled after China`s economic growth slowed more than expected to 6 per cent year-on-year in the third quarter of 2019, marking the weakest pace in nearly three decades.

Shanghai Composite fell by 1.3 per cent which Hong Kong`s Hang Seng slid by 0.48 per cent and South Korea`s Kospi by 0.8 per cent. Japan`s Nikkei was up marginally by 0.18 per cent.

Equity benchmark indices extended morning gains on Friday and ended with gains of 0.6 per cent as global peers slumped after China`s GDP growth slipped to a 27-year low of 6 per cent in the third quarter of 2019.

Equity benchmark indices extended morning gains on Friday and ended with gains of 0.6 per cent as global peers slumped after China`s GDP growth slipped to a 27-year low of 6 per cent in the third quarter of 2019. The BSE S&P Sensex closed 246 points higher at 39,298 while the Nifty 50 was up 76 points at 11,662. All sectoral indices at the National Stock Exchange (NSE) were in the positive zone except for Nifty media, which dropped by one per cent. Nifty realty gained by 1.9 per cent, metal by 1.8 per cent and pharma by nearly 1 per cent.Among stocks, Indiabulls Housing Finance closed with a gain of 17.42 per cent at Rs 231.50 on BSE after the company offered pre-mature redemption of all non-convertible debentures (NCDs) maturing in November and December. Private lender Yes Bank was up by 8.2 per cent, Coal India by 3.3 per cent, Adani Ports by 3.2 per cent and Maruti by 3.1 per cent. The other prominent gainers were Grasim, Nestle India, Power Grid Corporation, Larsen & Toubro, Bharat Petroleum Corporation and Titan.However, those which lost were Zee Entertainment, Tata Motors, Cipla, Eicher Motors and Hindalco. Meanwhile, Asian stocks tumbled after China`s economic growth slowed more than expected to 6 per cent year-on-year in the third quarter of 2019, marking the weakest pace in nearly three decades. Shanghai Composite fell by 1.3 per cent which Hong Kong`s Hang Seng slid by 0.48 per cent and South Korea`s Kospi by 0.8 per cent. Japan`s Nikkei was up marginally by 0.18 per cent.

Sensex ends 246 points higher, Yes Bank climbs by 8%

Oil&nbsp;prices&nbsp;eased on Thursday after industry data showed a&nbsp;larger-than-expected&nbsp;build-up in&nbsp;stocks in the United States, although losses were limited by <a href="https://www.wionews.com/world/additional-tariffs-on-china-may-be-imposed-in-case-of-a-no-deal-us-treasury-secretary-256016">comments by&nbsp;US&nbsp;Treasury</a> Secretary Steven Mnuchin on a&nbsp;<a href="https://www.wionews.com/world/united-states-china-trade-mini-deal-being-papered-trump-256340">US-China trade deal.</a>

Global benchmark Brent crude&nbsp;oil&nbsp;futures was down by 47 cents, or 0.8 per cent, at $58.95 a barrel by 0330 GMT.

US&nbsp;crude&nbsp;oil&nbsp;futures were down 48 cents, or 0.9 per cent, at $52.88 after earlier dropping more than 1 per cent&nbsp;to a session low of $52.76 earlier.

US&nbsp;crude inventories soared by 10.5 million barrels to 432.5 million barrels in the week to October&nbsp;11, according to the American Petroleum Institute's weekly report, published ahead of official government&nbsp;stocks data due on Thursday.&nbsp;

Analysts had estimated&nbsp;US&nbsp;crude inventories rose around 2.8 million barrels last week.

"An enormous&nbsp;US&nbsp;inventory&nbsp;build&nbsp;hits at precisely the wrong moment when the markets are overly focused on demand devastation due to the latest run of weaker global economic data," Stephen Innes, Asia Pacific market strategist at AxiTrader, said in a note on Thursday.&nbsp;

If confirmed by the government data, the&nbsp;build-up would be the biggest&nbsp;US&nbsp;inventory swell since February, 2017, Innes said.

It comes amid concerns about the global economy - and therefore&nbsp;oil&nbsp;demand - as data from the United States showed retail sales fell for the first time in seven months in September. That followed earlier data showing a moderation in job growth and services sector activity.

Still, hopes of a potential&nbsp;US-China trade deal helped offset&nbsp;oil&nbsp;prices&nbsp;losses after Mnuchin said&nbsp;US&nbsp;and Chinese trade negotiators are working on nailing down a Phase 1 trade deal text for their presidents to sign next month.

"Overall, we are seeing a more constructive picture both in terms of the demand side of the equation with the partial agreement from the&nbsp;US&nbsp;(and) also from a technical point of view. (Prices) are at close to the bottom end of trading range rather than the top," said Michael McCarthy, chief market strategist at brokerage CMC Markets in Sydney.

But short-term pressure on&nbsp;oil&nbsp;prices&nbsp;will likely remain until&nbsp;US&nbsp;government data on&nbsp;oil&nbsp;inventory is out later on Thursday, he added.

Oil prices eased on Thursday after industry data showed a larger-than-expected build-up in stocks in the United States, although losses were limited by comments by US Treasury Secretary Steven Mnuchin on a US-China trade deal.

Oil prices eased on Thursday after industry data showed a larger-than-expected build-up in stocks in the United States, although losses were limited by comments by US Treasury Secretary Steven Mnuchin on a US-China trade deal. Global benchmark Brent crude oil futures was down by 47 cents, or 0.8 per cent, at $58.95 a barrel by 0330 GMT. US crude oil futures were down 48 cents, or 0.9 per cent, at $52.88 after earlier dropping more than 1 per cent to a session low of $52.76 earlier. US crude inventories soared by 10.5 million barrels to 432.5 million barrels in the week to October 11, according to the American Petroleum Institute's weekly report, published ahead of official government stocks data due on Thursday. Analysts had estimated US crude inventories rose around 2.8 million barrels last week. "An enormous US inventory build hits at precisely the wrong moment when the markets are overly focused on demand devastation due to the latest run of weaker global economic data," Stephen Innes, Asia Pacific market strategist at AxiTrader, said in a note on Thursday. If confirmed by the government data, the build-up would be the biggest US inventory swell since February, 2017, Innes said. It comes amid concerns about the global economy - and therefore oil demand - as data from the United States showed retail sales fell for the first time in seven months in September. That followed earlier data showing a moderation in job growth and services sector activity. Still, hopes of a potential US-China trade deal helped offset oil prices losses after Mnuchin said US and Chinese trade negotiators are working on nailing down a Phase 1 trade deal text for their presidents to sign next month. "Overall, we are seeing a more constructive picture both in terms of the demand side of the equation with the partial agreement from the US (and) also from a technical point of view. (Prices) are at close to the bottom end of trading range rather than the top," said Michael McCarthy, chief market strategist at brokerage CMC Markets in Sydney. But short-term pressure on oil prices will likely remain until US government data on oil inventory is out later on Thursday, he added.

Oil prices fall on signs of large United States stock build

Gold prices held steady on Thursday as weak United States retail sales data fanned concerns that the country's economy may be feeling the pinch of the long-drawn trade war with China, while palladium held close to a record high hit the previous day.

Spot gold&nbsp;inched 0.1 per cent&nbsp;higher to $1,490.37 per ounce as of 0044 GMT&nbsp;US gold futures&nbsp;rose 0.1 per cent&nbsp;to $1,495.60.

Asian shares were subdued as the soft US&nbsp;sales data pointed to signs that the US&nbsp;economy was beginning to show signs of weakness, and a global recession was looming.

US&nbsp;retail sales fell for the first time in seven months in September, suggesting that manufacturing-led weakness could be spreading to the broader economy, keeping the door open for the Federal Reserve to cut interest rates again later this month.

Investors awaited further news on the <a href="https://www.wionews.com/world/united-states-china-trade-mini-deal-being-papered-trump-256340">US-China trade front</a>. US&nbsp;Treasury Secretary Steven Mnuchin said on Wednesday that trade negotiators are working on nailing down a phase 1 trade deal text for their presidents to sign next month.

Elsewhere, a European Union leaders' two-day summit in Brussels starting on Thursday will be dominated by last-gasp efforts to <a href="https://www.wionews.com/world/brexit-deal-at-hand-in-brussels-boris-johnson-struggles-to-win-support-at-home-256400">seal a deal on Britain's exit</a> from the bloc despite a raft of other pressing issues, from the crisis in the Middle East to the EU budget.

Investors have welcomed optimistic comments from key officials during last few days. British culture minister Nicky Morgan said late on Wednesday there is a good chance of a deal.

Indicative of sentiment, SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.16 per cent&nbsp;to 918.19 tonnes on Wednesday from 919.66 tonnes on Tuesday.

Palladium rose 0.2 per cent&nbsp;to $1,770.54 an ounce on Thursday after notching a fresh high of $1,779.23 on Wednesday.

Gold prices held steady on Thursday as weak United States retail sales data fanned concerns that the country's economy may be feeling the pinch of the long-drawn trade war with China, while palladium held close to a record high hit the previous day.

Gold prices held steady on Thursday as weak United States retail sales data fanned concerns that the country's economy may be feeling the pinch of the long-drawn trade war with China, while palladium held close to a record high hit the previous day. Spot gold inched 0.1 per cent higher to $1,490.37 per ounce as of 0044 GMT US gold futures rose 0.1 per cent to $1,495.60. Asian shares were subdued as the soft US sales data pointed to signs that the US economy was beginning to show signs of weakness, and a global recession was looming. US retail sales fell for the first time in seven months in September, suggesting that manufacturing-led weakness could be spreading to the broader economy, keeping the door open for the Federal Reserve to cut interest rates again later this month. Investors awaited further news on the US-China trade front. US Treasury Secretary Steven Mnuchin said on Wednesday that trade negotiators are working on nailing down a phase 1 trade deal text for their presidents to sign next month. Elsewhere, a European Union leaders' two-day summit in Brussels starting on Thursday will be dominated by last-gasp efforts to seal a deal on Britain's exit from the bloc despite a raft of other pressing issues, from the crisis in the Middle East to the EU budget. Investors have welcomed optimistic comments from key officials during last few days. British culture minister Nicky Morgan said late on Wednesday there is a good chance of a deal. Indicative of sentiment, SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.16 per cent to 918.19 tonnes on Wednesday from 919.66 tonnes on Tuesday. Palladium rose 0.2 per cent to $1,770.54 an ounce on Thursday after notching a fresh high of $1,779.23 on Wednesday.

Gold steady as disappointing US retail sales weigh on risk appetite

Citigroup Inc&nbsp;has named Peter Babej, the US&nbsp;bank's global head of financial institutions group, as its new Asia Pacific Chief Executive Officer, according to an internal memo seen by Reuters on Thursday.

Babej joined Citi in 2010 as co-head of the financial institution's group after having previously worked at Deutsche Bank&nbsp;and investment bank Lazard, according to the memo sent to staff by Citi global CEO Mike Corbat.

A spokesman for Citi in Hong Kong confirmed the contents of the memo.

Babej, who is currently based in New York and will relocate to Hong Kong, will replace Francisco Aristeguieta, who left Citi earlier this year to join custodian bank State Street Corp&nbsp;as chief executive of its international business.

Citi's business in the Asia Pacific is the second-largest region-wise in terms of revenue, outside of its home market of North America, and contributes around one-fifth of its revenues and nearly one-third of the bank's net income.

In the quarter ended September&nbsp;30, Citi's Asia Pacific revenue grew 7 per cent&nbsp;to $4.01 billion.

Babej has been involved in several Asia-focused merger and acquisition transactions in the financial sector, Corbat wrote in the memo, adding the new regional head will take over the role immediately.

"He will draw on his deep knowledge of the financial services landscape in Asia, where we continue to see great opportunities, including fast-growing digital adoption," Corbat said in the memo.

Citigroup Inc has named Peter Babej, the US bank's global head of financial institutions group, as its new Asia Pacific Chief Executive Officer, according to an internal memo seen by Reuters on Thursday.

Citigroup Inc has named Peter Babej, the US bank's global head of financial institutions group, as its new Asia Pacific Chief Executive Officer, according to an internal memo seen by Reuters on Thursday. Babej joined Citi in 2010 as co-head of the financial institution's group after having previously worked at Deutsche Bank and investment bank Lazard, according to the memo sent to staff by Citi global CEO Mike Corbat. A spokesman for Citi in Hong Kong confirmed the contents of the memo. Babej, who is currently based in New York and will relocate to Hong Kong, will replace Francisco Aristeguieta, who left Citi earlier this year to join custodian bank State Street Corp as chief executive of its international business. Citi's business in the Asia Pacific is the second-largest region-wise in terms of revenue, outside of its home market of North America, and contributes around one-fifth of its revenues and nearly one-third of the bank's net income. In the quarter ended September 30, Citi's Asia Pacific revenue grew 7 per cent to $4.01 billion. Babej has been involved in several Asia-focused merger and acquisition transactions in the financial sector, Corbat wrote in the memo, adding the new regional head will take over the role immediately. "He will draw on his deep knowledge of the financial services landscape in Asia, where we continue to see great opportunities, including fast-growing digital adoption," Corbat said in the memo.

Citigroup names Peter Babej as Asia Pacific Chief Executive: Memo

China will remove business restrictions on foreign banks, brokerages and fund management firms, a cabinet meeting chaired by Premier Li Keqiang said on Wednesday, state television reported.

But the move, which comes nearly 18 years after China joined the World Trade Organisation (WTO), could have a limited impact on the competitive landscape of an industry dominated by China's state firms.

China has stepped up efforts to open its financial sector amid a festering <a href="https://www.wionews.com/world/united-states-china-trade-mini-deal-being-papered-trump-256340">trade war </a>with the United States, with increased access to its financial sector among a host of demands from Washington.

Last week, China announced a firm timetable for opening its futures, brokerage and mutual fund sectors fully to foreign investors next year, as Beijing and Washington reached a tentative deal to resolve their trade dispute.

The cabinet did not elaborate on what effect the removal of the curbs would have. On Tuesday, the cabinet relaxed management rules for foreign insurers and banks, giving them easier access to China, and wider business scope.

China will also support local governments' efforts to attract more foreign investment and allow foreign companies to be more flexible in choosing how they borrow funds from abroad, the cabinet said.

China will not allow forced technology transfers by foreign firms, it said.

Stabilising foreign investment is part of Beijing's policies to support the<a href="https://www.wionews.com/business-economy/global-markets-asia-relieved-at-latest-trade-truce-china-data-disappoints-255740"> slowing economy </a>that has been hit by the country's trade war with the United States.

In 2007, HSBC Holdings, Standard Chartered Bank, Bank of East Asia&nbsp;and Citigroup&nbsp;became the first foreign banks allowed to set up locally-incorporated subsidiaries in China as Beijing gradually opened up the sector.

But hampered by numerous restrictions on business scopes and operations such as outlet openings, the roughly 40 foreign banks with local units operating in China account for a tiny fraction of a market dominated by state-owned rivals such as Industrial and Commercial Bank of China&nbsp;and Bank of China.

"Many people say 'the wolves are coming', but my observation is that...through opening, Chinese regulators intend to introduce technology and talents, but it doesn't mean foreign players can grab a big market share in China," Xin He, Societe Generale's&nbsp;China head of global markets told a financial conference over the weekend.

He added that the French bank has retreated from its retail business in China after realising that "foreign banks cannot compete with Chinese players in this business segment."

In the securities sector, China last year relaxed rules to allow foreign brokerages to own a majority stake in Chinese ventures. China said last week foreign ownership limits in the sector will be scrapped completely on Dec. 1, 2020. UBS Group, JPMorgan Chase&nbsp;and Japan's Nomura Holdings&nbsp;have obtained regulatory approval to set up majority-owned China ventures.

But China has yet to open more sensitive areas of its financial industry. US&nbsp;payments card giants Mastercard Inc&nbsp;and Visa Inc&nbsp;are still awaiting regulatory approval to conduct yuan clearing business in the country.

China's economic growth is expected to slow to a near 30-year low of 6.2 per cent&nbsp;this year and cool further to 5.9 per cent&nbsp;in 2020, a Reuters poll showed, even as Beijing steps up policy stimulus.

The government has been leaning heavily on fiscal stimulus to support the economy, including rolling out big tax cuts and increased spending on infrastructure investment.

Tax and fee cuts amounted to 1.5 trillion yuan&nbsp;in the first eight months, which has helped ease the burden on firms, boost incomes and employment, with full-year reductions set to exceed 2 trillion yuan, the cabinet said.

The government will also support local governments facing fiscal difficulties to ensure wage payments, the cabinet said.

China will remove business restrictions on foreign banks, brokerages and fund management firms, a cabinet meeting chaired by Premier Li Keqiang said on Wednesday, state television reported.

China will remove business restrictions on foreign banks, brokerages and fund management firms, a cabinet meeting chaired by Premier Li Keqiang said on Wednesday, state television reported. But the move, which comes nearly 18 years after China joined the World Trade Organisation (WTO), could have a limited impact on the competitive landscape of an industry dominated by China's state firms. China has stepped up efforts to open its financial sector amid a festering trade war with the United States, with increased access to its financial sector among a host of demands from Washington. Last week, China announced a firm timetable for opening its futures, brokerage and mutual fund sectors fully to foreign investors next year, as Beijing and Washington reached a tentative deal to resolve their trade dispute. The cabinet did not elaborate on what effect the removal of the curbs would have. On Tuesday, the cabinet relaxed management rules for foreign insurers and banks, giving them easier access to China, and wider business scope. China will also support local governments' efforts to attract more foreign investment and allow foreign companies to be more flexible in choosing how they borrow funds from abroad, the cabinet said. China will not allow forced technology transfers by foreign firms, it said. Stabilising foreign investment is part of Beijing's policies to support the slowing economy that has been hit by the country's trade war with the United States. In 2007, HSBC Holdings, Standard Chartered Bank, Bank of East Asia and Citigroup became the first foreign banks allowed to set up locally-incorporated subsidiaries in China as Beijing gradually opened up the sector. But hampered by numerous restrictions on business scopes and operations such as outlet openings, the roughly 40 foreign banks with local units operating in China account for a tiny fraction of a market dominated by state-owned rivals such as Industrial and Commercial Bank of China and Bank of China. "Many people say 'the wolves are coming', but my observation is that...through opening, Chinese regulators intend to introduce technology and talents, but it doesn't mean foreign players can grab a big market share in China," Xin He, Societe Generale's China head of global markets told a financial conference over the weekend. He added that the French bank has retreated from its retail business in China after realising that "foreign banks cannot compete with Chinese players in this business segment." In the securities sector, China last year relaxed rules to allow foreign brokerages to own a majority stake in Chinese ventures. China said last week foreign ownership limits in the sector will be scrapped completely on Dec. 1, 2020. UBS Group, JPMorgan Chase and Japan's Nomura Holdings have obtained regulatory approval to set up majority-owned China ventures. But China has yet to open more sensitive areas of its financial industry. US payments card giants Mastercard Inc and Visa Inc are still awaiting regulatory approval to conduct yuan clearing business in the country. China's economic growth is expected to slow to a near 30-year low of 6.2 per cent this year and cool further to 5.9 per cent in 2020, a Reuters poll showed, even as Beijing steps up policy stimulus. The government has been leaning heavily on fiscal stimulus to support the economy, including rolling out big tax cuts and increased spending on infrastructure investment. Tax and fee cuts amounted to 1.5 trillion yuan in the first eight months, which has helped ease the burden on firms, boost incomes and employment, with full-year reductions set to exceed 2 trillion yuan, the cabinet said. The government will also support local governments facing fiscal difficulties to ensure wage payments, the cabinet said.

China to scrap business curbs on foreign banks, brokerages

Food group Nestle&nbsp;plans to return up to 20 billion Swiss francs&nbsp;to shareholders over the next two years and is making changes to its struggling waters business after organic sales growth dipped to 3.7 per cent&nbsp;in the third quarter from 3.9 per cent&nbsp;in the previous quarter.

Packaged food makers are branching out into new areas like plant-based meat alternatives or products made from all-natural ingredients to boost growth in an otherwise sluggish market.

Nestle's organic growth, which strips out currency swings and acquisitions, slowed in the third quarter as prices for its products fell slightly, the maker of KitKat chocolate bars, Maggi noodles and vegan burgers said in a statement on Thursday.

It did, however, confirm its outlook for organic sales growth of around 3.5 per cent&nbsp;and an operating margin of 17.5 per cent&nbsp;or above for the full year, pointing to strong momentum in the United States and its petcare business.

It said it had decided to distribute up to 20 billion francs to shareholders over the period 2020 to 2022, primarily in the form of share buybacks, but special dividends were also possible.

"Should any sizable acquisitions take place during this period, the amount of cash to be distributed to shareholders will be adjusted accordingly," Nestle said.

In a separate statement, Nestle announced it would no longer manage its waters business, which posted weak organic growth of 0.5 per cent for the nine-month period, as a global business. It will instead integrate it into its three geographical zones.

Maurizio Patarnello, head of the waters business, will leave the executive board at the end of this year.

Nestle appointed Sanjay Bahadur, head of acquisitions and business development, to lead a new group strategy and business development function that should help identify internal and external strategic growth opportunities.

Food group Nestle plans to return up to 20 billion Swiss francs to shareholders over the next two years and is making changes to its struggling waters business after organic sales growth dipped to 3.

Food group Nestle plans to return up to 20 billion Swiss francs to shareholders over the next two years and is making changes to its struggling waters business after organic sales growth dipped to 3.7 per cent in the third quarter from 3.9 per cent in the previous quarter. Packaged food makers are branching out into new areas like plant-based meat alternatives or products made from all-natural ingredients to boost growth in an otherwise sluggish market. Nestle's organic growth, which strips out currency swings and acquisitions, slowed in the third quarter as prices for its products fell slightly, the maker of KitKat chocolate bars, Maggi noodles and vegan burgers said in a statement on Thursday. It did, however, confirm its outlook for organic sales growth of around 3.5 per cent and an operating margin of 17.5 per cent or above for the full year, pointing to strong momentum in the United States and its petcare business. It said it had decided to distribute up to 20 billion francs to shareholders over the period 2020 to 2022, primarily in the form of share buybacks, but special dividends were also possible. "Should any sizable acquisitions take place during this period, the amount of cash to be distributed to shareholders will be adjusted accordingly," Nestle said. In a separate statement, Nestle announced it would no longer manage its waters business, which posted weak organic growth of 0.5 per cent for the nine-month period, as a global business. It will instead integrate it into its three geographical zones. Maurizio Patarnello, head of the waters business, will leave the executive board at the end of this year. Nestle appointed Sanjay Bahadur, head of acquisitions and business development, to lead a new group strategy and business development function that should help identify internal and external strategic growth opportunities.

Nestle revamps waters business as organic growth slows

Indian shares were little changed on Thursday, in line with broader Asia, as investors were jilted by weak retail sales data from the United States, but hopes of upbeat corporate earnings in the domestic market kept losses in check.

The broader NSE Nifty was down 0.06 per cent&nbsp;at 11,458.30 at 0420 GMT, while the benchmark BSE Sensex rose 0.1 per cent at 38,638.56.

MSCI's broadest index of Asia-Pacific shares outside Japan was slightly higher after data showed U.S. retail sales contracted in September for the first time in seven months, in a potential sign that manufacturing-led weakness could be spreading to the broader economy.

Meanwhile, investors in India hoped that the government's corporate tax cut last month would give fillip to companies' September-quarter earnings.

"The calm on the global side due to the mid-term resolution between the United States and China and better results will drive markets," said Rusmik Oza, head of fundamental research at Kotak Securities.

"There could be healthy earnings growth because of the tax cut."

Media stocks were among top gainers on the indexes with the Nifty Media index rising as much as 1 per cent, driven by sector heavyweight Zee Entertainment Enterprises Ltd, which is scheduled to report earnings later in the day. Zee shares were up about 1 per cent.

Eicher Motors, however, topped the Nifty index and rose 3.75 per cent.

Meanwhile, battered mining and steel stocks continued to fall and were among the top losers for the day sending the metals index down 1.4 per cent.

JSW Steel, Vedanta Ltd and Hindalco were all down between 2 per cent&nbsp;and 2.5 per cent.

Dewan Housing Finance Ltd (DHFL) shares fell 5 per cent after the Economic Times reported the company gave loans to a firm at the centre of investigations into the operations of a gangster.

DHFL has since denied the allegations in the report.

Indian shares were little changed on Thursday, in line with broader Asia, as investors were jilted by weak retail sales data from the United States, but hopes of upbeat corporate earnings in the domestic market kept losses in check.

Indian shares were little changed on Thursday, in line with broader Asia, as investors were jilted by weak retail sales data from the United States, but hopes of upbeat corporate earnings in the domestic market kept losses in check. The broader NSE Nifty was down 0.06 per cent at 11,458.30 at 0420 GMT, while the benchmark BSE Sensex rose 0.1 per cent at 38,638.56. MSCI's broadest index of Asia-Pacific shares outside Japan was slightly higher after data showed U.S. retail sales contracted in September for the first time in seven months, in a potential sign that manufacturing-led weakness could be spreading to the broader economy. Meanwhile, investors in India hoped that the government's corporate tax cut last month would give fillip to companies' September-quarter earnings. "The calm on the global side due to the mid-term resolution between the United States and China and better results will drive markets," said Rusmik Oza, head of fundamental research at Kotak Securities. "There could be healthy earnings growth because of the tax cut." Media stocks were among top gainers on the indexes with the Nifty Media index rising as much as 1 per cent, driven by sector heavyweight Zee Entertainment Enterprises Ltd, which is scheduled to report earnings later in the day. Zee shares were up about 1 per cent. Eicher Motors, however, topped the Nifty index and rose 3.75 per cent. Meanwhile, battered mining and steel stocks continued to fall and were among the top losers for the day sending the metals index down 1.4 per cent. JSW Steel, Vedanta Ltd and Hindalco were all down between 2 per cent and 2.5 per cent. Dewan Housing Finance Ltd (DHFL) shares fell 5 per cent after the Economic Times reported the company gave loans to a firm at the centre of investigations into the operations of a gangster. DHFL has since denied the allegations in the report.

Sensex, Nifty nearly flat; metal stocks drag

Maintaining a positive streak for the fifth straight session on Thursday, the BSE Sensex posted a solid gain with fresh optimism in auto and banking stocks leading the rally.

The BSE S&amp;P Sensex closed 453 points or 1.17 per cent higher at 39,052, while the Nifty 50 was up 122 points at 11,586.&nbsp;

All sectoral indices at the National Stock Exchange were in the positive zone except for Nifty IT.&nbsp;

Nifty auto gained by 3.1 per cent while PSU bank was up by 3 per cent.&nbsp;

Among stocks, private lender Yes Bank emerged as a star performer of the day with gains of 15.47 per cent and closing at Rs 47.50 per share.&nbsp;

Tata Motors wound up at Rs 142.55 apiece, up 13.2 per cent.

The other prominent gainers were Eicher Motors which closed 7.9 per cent higher and IndusInd Bank which gained by over 5 per cent.&nbsp;

State Bank of India was up by 3.6 per cent and Axis Bank by 2.4 per cent. Bajaj Auto, Tata Steel, Asian Paints and Bajaj Finserv closed with a gain of over 2 per cent each. However, those which lost were HCL Technologies, Vedanta, Grasim, UltraTech Cement and Bharti Infratel.

Meanwhile, Asian stocks were flat as markets awaited further clarification on progress between the United States and China trade talks. The Hang Seng Index jumped by 0.7 per cent, Chinese markets were mixed and Japan's Nikkei was down by 0.09 per cent.&nbsp;

Investors also looked for clarity on whether Britain can secure a deal to avoid a disorderly exit from the European Union later this month.

(With inputs from ANI)

Maintaining a positive streak for the fifth straight session on Thursday, the BSE Sensex posted a solid gain with fresh optimism in auto and banking stocks leading the rally.

Maintaining a positive streak for the fifth straight session on Thursday, the BSE Sensex posted a solid gain with fresh optimism in auto and banking stocks leading the rally. The BSE S&P Sensex closed 453 points or 1.17 per cent higher at 39,052, while the Nifty 50 was up 122 points at 11,586. All sectoral indices at the National Stock Exchange were in the positive zone except for Nifty IT. Nifty auto gained by 3.1 per cent while PSU bank was up by 3 per cent. Among stocks, private lender Yes Bank emerged as a star performer of the day with gains of 15.47 per cent and closing at Rs 47.50 per share. Tata Motors wound up at Rs 142.55 apiece, up 13.2 per cent. The other prominent gainers were Eicher Motors which closed 7.9 per cent higher and IndusInd Bank which gained by over 5 per cent. State Bank of India was up by 3.6 per cent and Axis Bank by 2.4 per cent. Bajaj Auto, Tata Steel, Asian Paints and Bajaj Finserv closed with a gain of over 2 per cent each. However, those which lost were HCL Technologies, Vedanta, Grasim, UltraTech Cement and Bharti Infratel. Meanwhile, Asian stocks were flat as markets awaited further clarification on progress between the United States and China trade talks. The Hang Seng Index jumped by 0.7 per cent, Chinese markets were mixed and Japan's Nikkei was down by 0.09 per cent. Investors also looked for clarity on whether Britain can secure a deal to avoid a disorderly exit from the European Union later this month. (With inputs from ANI)

Sensex soars 453 points, Nifty nears 11,600

Tesla&nbsp;Inc.&nbsp;was added to a government list of approved automotive manufacturers,&nbsp;China's industry ministry said on Thursday, as it granted the electric-vehicle maker a certificate it needs to&nbsp;start&nbsp;production in the country.

The list was published by the Ministry of Industry and Information Technology.

This means "the green light is fully given to&nbsp;Tesla&nbsp;for production in&nbsp;China," said Yale Zhang, head of the Shanghai-based consultancy Automotive Foresight.&nbsp;Tesla&nbsp;can&nbsp;start&nbsp;production any time, he said

Tesla&nbsp;did not immediately respond to an e-mailed request for comment. The $2 billion factories it is building in the eastern Chinese city of Shanghai is its first car&nbsp;manufacturing&nbsp;site overseas.

Reuters reported earlier this month that&nbsp;Tesla&nbsp;plans to&nbsp;start&nbsp;production at its&nbsp;China&nbsp;factory this month. It is unclear when it will meet year-end production targets&nbsp;because of uncertainties around orders, labour and suppliers.

Tesla&nbsp;intends to produce at least 1,000 Model 3s a week from the Shanghai factory by the end of this year, as it tries to boost sales in the world's biggest auto market and avoid higher import tariffs imposed on US&nbsp;cars.

The factory,&nbsp;China's first fully foreign-owned car plant, also reflects Beijing's broader shift to open up its car market.

Shanghai authorities have offered&nbsp;Tesla&nbsp;assistance to speed up construction, and&nbsp;China&nbsp;excluded&nbsp;Tesla&nbsp;models from a 10 per cent&nbsp;car purchase tax on August&nbsp;30.

Tesla Inc. was added to a government list of approved automotive manufacturers, China's industry ministry said on Thursday, as it granted the electric-vehicle maker a certificate it needs to start production in the country.

Tesla Inc. was added to a government list of approved automotive manufacturers, China's industry ministry said on Thursday, as it granted the electric-vehicle maker a certificate it needs to start production in the country. The list was published by the Ministry of Industry and Information Technology. This means "the green light is fully given to Tesla for production in China," said Yale Zhang, head of the Shanghai-based consultancy Automotive Foresight. Tesla can start production any time, he said Tesla did not immediately respond to an e-mailed request for comment. The $2 billion factories it is building in the eastern Chinese city of Shanghai is its first car manufacturing site overseas. Reuters reported earlier this month that Tesla plans to start production at its China factory this month. It is unclear when it will meet year-end production targets because of uncertainties around orders, labour and suppliers. Tesla intends to produce at least 1,000 Model 3s a week from the Shanghai factory by the end of this year, as it tries to boost sales in the world's biggest auto market and avoid higher import tariffs imposed on US cars. The factory, China's first fully foreign-owned car plant, also reflects Beijing's broader shift to open up its car market. Shanghai authorities have offered Tesla assistance to speed up construction, and China excluded Tesla models from a 10 per cent car purchase tax on August 30.

Tesla gets approval to start manufacturing in China

British&nbsp;retailer&nbsp;WH&nbsp;Smith&nbsp;Plc&nbsp;said on Thursday it will&nbsp;buy&nbsp;Marshall&nbsp;Retail&nbsp;Group for about $400&nbsp;million, betting that the American peer's network of stores at&nbsp;US&nbsp;airports will help boost profits soured by turmoil on the British high street.

Business at&nbsp;WH&nbsp;Smith's stores at airports and railway stations has been booming as the over 200-year-old company benefits from rising passenger footfall and new larger-format outlets.

The company,&nbsp;which sells everything from books and sandwiches to Bluetooth headphones, began its&nbsp;push&nbsp;into the United States last year&nbsp;when it bought digital accessories&nbsp;retailer InMotion.

WH&nbsp;Smith&nbsp;said it would fund the all-cash deal for&nbsp;Marshall&nbsp;through a combination of 200&nbsp;million&nbsp;pounds&nbsp;in new debt and a 155&nbsp;million&nbsp;pound equity raise. The company will suspend its share&nbsp;buyback programme&nbsp;while it pays off debt.

The reliance on travelling consumers was highlighted on Thursday&nbsp;when&nbsp;WH&nbsp;Smith&nbsp;reported a 7 per cent&nbsp;rise in headline annual pre-tax profit, boosted by a 14 per cent&nbsp;jump in earnings from its travel business.

Headline profit before tax rose to 155&nbsp;million&nbsp;pounds from 145&nbsp;million&nbsp;pounds in the year ended August&nbsp;31, marginally beating analyst estimates of 154.2&nbsp;million&nbsp;pounds, according to IBES data from Refinitiv.

The company also said it was prepared for Brexit and has put in place contingency plans, including increasing the stock of convenience products.

British retailer WH Smith Plc said on Thursday it will buy Marshall Retail Group for about $400 million, betting that the American peer's network of stores at US airports will help boost profits soured by turmoil on the British high street.

British retailer WH Smith Plc said on Thursday it will buy Marshall Retail Group for about $400 million, betting that the American peer's network of stores at US airports will help boost profits soured by turmoil on the British high street. Business at WH Smith's stores at airports and railway stations has been booming as the over 200-year-old company benefits from rising passenger footfall and new larger-format outlets. The company, which sells everything from books and sandwiches to Bluetooth headphones, began its push into the United States last year when it bought digital accessories retailer InMotion. WH Smith said it would fund the all-cash deal for Marshall through a combination of 200 million pounds in new debt and a 155 million pound equity raise. The company will suspend its share buyback programme while it pays off debt. The reliance on travelling consumers was highlighted on Thursday when WH Smith reported a 7 per cent rise in headline annual pre-tax profit, boosted by a 14 per cent jump in earnings from its travel business. Headline profit before tax rose to 155 million pounds from 145 million pounds in the year ended August 31, marginally beating analyst estimates of 154.2 million pounds, according to IBES data from Refinitiv. The company also said it was prepared for Brexit and has put in place contingency plans, including increasing the stock of convenience products.

WH Smith to buy Marshall Retail for $400 million in US push

British shoppers grew more cautious about their spending in the three months to September despite rising wages, official figures showed on Thursday, raising concerns about the <a href="https://www.wionews.com/business-economy/uk-economy-starts-to-shows-cracks-under-brexit-and-global-strains-254409">health of the economy</a> in the run-up to Brexit.

Consumer spending has been the biggest driver of British economic growth since June 2016's referendum to leave the European Union, but there have been increasing signs that this is starting to soften.

Looking at the third quarter as a whole, which strips out monthly volatility, quarterly sales growth held steady at 0.6 per cent&nbsp;while the annual pace of expansion dropped to 3.1 per cent&nbsp;from 3.6 per cent&nbsp;in the second quarter, the weakest since the late 2018.

Stripping out inflation adjustments, growth in retail spending was the weakest in more than three years.

Sterling showed little reaction to the data, with markets focused on whether Prime Minister Boris Johnson can broker a<a href="https://www.wionews.com/world/uks-johnson-says-great-new-deal-reached-on-brexit-256464"> Brexit deal</a> that is acceptable both to Brussels and Britain's parliament before the country is due to leave on October&nbsp;31.

"September's retail sales figures were perhaps a bit of a relief given the intense Brexit uncertainty, but were hardly a picture of strength," economist Ruth Gregory of consultancy Capital Economics said.

Monthly retail sales volumes were flat in September and annual sales growth picked up to 3.1 per cent&nbsp;from a weak 2.6 per cent&nbsp;in August, the Office for National Statistics said - slightly less of a recovery than economists had forecast in a Reuters poll.

"Food shops bounced back after a weak few months, but there was yet more bad news for department stores, with sales continuing to fall in September," ONS statistician Rhian Murphy said.

Some retailers said unusually rainy weather had hurt demand too, the ONS added.

Sales in the 'non-specialised stores' category - which includes department stores - dropped by an annual 2.0 per cent&nbsp;in the third quarter, the biggest decline since the first three months of 2009 when Britain was mired in recession.

At the start of this month, major retailer John Lewis Partnership said it would cut a third of senior managers and merge its supermarket and department store divisions to better tackle challenges from online stores.

The lacklustre ONS figures are less bleak than a British Retail Consortium survey that showed the biggest fall in retail spending of any September since at least the mid-1990s.

In recent months, surveys by the BRC and Confederation of British Industry have painted a weaker picture of the retail sector than subsequent official data - in part due to the former focusing more on large high-street chains.

The ONS data has a broader sample that includes more online and small retailers, and its measure of retail spending showed annual growth slowing to 3.5 per cent&nbsp;in the third quarter from 4.1 per cent&nbsp;in the second quarter, the weakest since the second quarter of 2016.

Until recently consumers appeared to have largely taken Brexit in their stride, helped by weaker inflation and stronger growth in wages which are rising at the fastest pace in more than a decade.

That has aided the world's fifth-biggest economy at a time when many companies have been cutting back on investment because of uncertainty about Brexit.

A separate Bank of England survey on Thursday showed British lenders expect business loans will dry up in the next few months at the fastest rate since the financial crisis, boding poorly for investment as Brexit nears.

There have also been signs that consumers are turning more cautious as Britain's political crisis drags on.

Several British retailers, including supermarkets Asda and Morrisons&nbsp;and home improvement group Kingfisher, have highlighted the drag of Brexit uncertainty on bigger purchases.

But clothing retailer Next&nbsp;attributed a disappointing start to autumn trading to unusually warm weather in parts of Britain, rather than shoppers holding back on buying new items because of Brexit.

British shoppers grew more cautious about their spending in the three months to September despite rising wages, official figures showed on Thursday, raising concerns about the health of the economy in the run-up to Brexit.

British shoppers grew more cautious about their spending in the three months to September despite rising wages, official figures showed on Thursday, raising concerns about the health of the economy in the run-up to Brexit. Consumer spending has been the biggest driver of British economic growth since June 2016's referendum to leave the European Union, but there have been increasing signs that this is starting to soften. Looking at the third quarter as a whole, which strips out monthly volatility, quarterly sales growth held steady at 0.6 per cent while the annual pace of expansion dropped to 3.1 per cent from 3.6 per cent in the second quarter, the weakest since the late 2018. Stripping out inflation adjustments, growth in retail spending was the weakest in more than three years. Sterling showed little reaction to the data, with markets focused on whether Prime Minister Boris Johnson can broker a Brexit deal that is acceptable both to Brussels and Britain's parliament before the country is due to leave on October 31. "September's retail sales figures were perhaps a bit of a relief given the intense Brexit uncertainty, but were hardly a picture of strength," economist Ruth Gregory of consultancy Capital Economics said. Monthly retail sales volumes were flat in September and annual sales growth picked up to 3.1 per cent from a weak 2.6 per cent in August, the Office for National Statistics said - slightly less of a recovery than economists had forecast in a Reuters poll. "Food shops bounced back after a weak few months, but there was yet more bad news for department stores, with sales continuing to fall in September," ONS statistician Rhian Murphy said. Some retailers said unusually rainy weather had hurt demand too, the ONS added. Sales in the 'non-specialised stores' category - which includes department stores - dropped by an annual 2.0 per cent in the third quarter, the biggest decline since the first three months of 2009 when Britain was mired in recession. At the start of this month, major retailer John Lewis Partnership said it would cut a third of senior managers and merge its supermarket and department store divisions to better tackle challenges from online stores. The lacklustre ONS figures are less bleak than a British Retail Consortium survey that showed the biggest fall in retail spending of any September since at least the mid-1990s. In recent months, surveys by the BRC and Confederation of British Industry have painted a weaker picture of the retail sector than subsequent official data - in part due to the former focusing more on large high-street chains. The ONS data has a broader sample that includes more online and small retailers, and its measure of retail spending showed annual growth slowing to 3.5 per cent in the third quarter from 4.1 per cent in the second quarter, the weakest since the second quarter of 2016. Until recently consumers appeared to have largely taken Brexit in their stride, helped by weaker inflation and stronger growth in wages which are rising at the fastest pace in more than a decade. That has aided the world's fifth-biggest economy at a time when many companies have been cutting back on investment because of uncertainty about Brexit. A separate Bank of England survey on Thursday showed British lenders expect business loans will dry up in the next few months at the fastest rate since the financial crisis, boding poorly for investment as Brexit nears. There have also been signs that consumers are turning more cautious as Britain's political crisis drags on. Several British retailers, including supermarkets Asda and Morrisons and home improvement group Kingfisher, have highlighted the drag of Brexit uncertainty on bigger purchases. But clothing retailer Next attributed a disappointing start to autumn trading to unusually warm weather in parts of Britain, rather than shoppers holding back on buying new items because of Brexit.

United Kingdom retail sales growth softens as department stores disappoint

India is likely to miss its fiscal deficit target of 3.3 per cent of gross domestic product for the current financial year by 30-50 basis points, two sources said, due to the sharp slowdown in the economy that has severely crimped tax collection goals.

The government is now trying to cap the fiscal deficit for 2019/20 at 3.8 per cent of GDP from the target set during the budget presented in July, the two officials told Reuters.

The government is also likely to defer lowering the fiscal deficit to 3 per cent of GDP by a year to 2021/22, the same two officials said.

The officials did not want to be named as the details and the proposals have not been made public.

In trying to revive economic growth from its 5 per cent level in the April-June quarter, the government cut corporate tax that was expected to result in revenue loss of 1.5 trillion rupees ($21 billion).

India's economy grew at its weakest pace since 2013 between April and June as consumer demand and government spending slowed amid global trade frictions.

Finance Minister Nirmala Sitharaman has said she will relook the fiscal calculations before the next budget in February before announcing the fiscal deficit target for the year.

A spokesman for the finance ministry did not immediately respond to requests for comment.

The government has yet to decide if it wants to announce more fiscal measures to boost growth or leave them to be unveiled at next year's budget in February, the first official said.

"Whether we announce more measures or not, we are trying to cap the fiscal deficit slippage at 3.8 per cent for the year," the official said.

Direct tax collections growth from April through to October 15 was around 3.5 per cent, way below the over 17 per cent tax target growth the government had budgeted for the year, a third official said.

Meanwhile, the nationwide goods and services tax collection in September fell to a 19-month low.

"We expect the government to miss the tax revenue target by 2 trillion rupees in the current year," the second official said.

The official said the government could borrow more than 1 trillion rupees from the term deposits it had accumulated from its schemes for small savers to fund some expenditure targets for 2019-20, but despite that it would have a wider deficit.

The government's revenue collection problems have not been solved even after the Reserve Bank of India pitched in a record dividend of 1.48 trillion rupees for the current year.

India is likely to miss its fiscal deficit target of 3.3 per cent of gross domestic product for the current financial year by 30-50 basis points, two sources said, due to the sharp slowdown in the economy that has severely crimped tax collection goals.

India is likely to miss its fiscal deficit target of 3.3 per cent of gross domestic product for the current financial year by 30-50 basis points, two sources said, due to the sharp slowdown in the economy that has severely crimped tax collection goals. The government is now trying to cap the fiscal deficit for 2019/20 at 3.8 per cent of GDP from the target set during the budget presented in July, the two officials told Reuters. The government is also likely to defer lowering the fiscal deficit to 3 per cent of GDP by a year to 2021/22, the same two officials said. The officials did not want to be named as the details and the proposals have not been made public. In trying to revive economic growth from its 5 per cent level in the April-June quarter, the government cut corporate tax that was expected to result in revenue loss of 1.5 trillion rupees ($21 billion). India's economy grew at its weakest pace since 2013 between April and June as consumer demand and government spending slowed amid global trade frictions. Finance Minister Nirmala Sitharaman has said she will relook the fiscal calculations before the next budget in February before announcing the fiscal deficit target for the year. A spokesman for the finance ministry did not immediately respond to requests for comment. The government has yet to decide if it wants to announce more fiscal measures to boost growth or leave them to be unveiled at next year's budget in February, the first official said. "Whether we announce more measures or not, we are trying to cap the fiscal deficit slippage at 3.8 per cent for the year," the official said. Direct tax collections growth from April through to October 15 was around 3.5 per cent, way below the over 17 per cent tax target growth the government had budgeted for the year, a third official said. Meanwhile, the nationwide goods and services tax collection in September fell to a 19-month low. "We expect the government to miss the tax revenue target by 2 trillion rupees in the current year," the second official said. The official said the government could borrow more than 1 trillion rupees from the term deposits it had accumulated from its schemes for small savers to fund some expenditure targets for 2019-20, but despite that it would have a wider deficit. The government's revenue collection problems have not been solved even after the Reserve Bank of India pitched in a record dividend of 1.48 trillion rupees for the current year.

India to miss fiscal deficit target by 30-50 basic points: Report