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Domino's&nbsp;Pizza&nbsp;Group Plc, Britain's biggest&nbsp;pizza&nbsp;delivery company, said on Thursday it will&nbsp;exit&nbsp;its&nbsp;international&nbsp;markets, where it has been facing mounting losses.

"We have concluded that, whilst they represent attractive&nbsp;markets, we are not the best owners of these businesses," outgoing Chief Executive Officer David Wild said.

The company, which is a franchise of US-based&nbsp;Domino's&nbsp;Pizza&nbsp;Inc, said third-quarter group system sales rose 3.4 per cent&nbsp;to 313.5 million pounds&nbsp;on strong demand in the UK and Ireland.

The British company owns&nbsp;Domino's&nbsp;operations in Switzerland, Iceland, Norway and Sweden, and is a minority shareholder in the Germany operations as well.

However, it reported a 2.7 per cent&nbsp;dip in&nbsp;international&nbsp;system sales, which have taken a hit from macroeconomic events, including declining tourist numbers in Iceland.

Europe's economy has slowed this year as the <a href="https://www.wionews.com/world/united-states-china-trade-mini-deal-being-papered-trump-256340">US-China trade</a> tensions weakened global growth, and consumers and businesses in and around the United Kingdom worried about the impact of<a href="https://www.wionews.com/business-economy/united-kingdom-hiring-falls-by-most-in-over-four-years-as-brexit-nears-256066"> Brexit&nbsp;on jobs and incomes.</a>

The company, which has 57 stores in Norway, said it had implemented a turnaround plan in the country during the quarter, but early signs have been mixed and improvement in sales were weaker than expected.

The decision to&nbsp;exit&nbsp;these&nbsp;markets&nbsp;comes a few months after the company announced the retirement of its CEO Wild, while in the midst of trying to resolve a profit sharing row with disgruntled franchisees in the UK and Ireland.

Domino's Pizza Group Plc, Britain's biggest pizza delivery company, said on Thursday it will exit its international markets, where it has been facing mounting losses.

Domino's Pizza Group Plc, Britain's biggest pizza delivery company, said on Thursday it will exit its international markets, where it has been facing mounting losses. "We have concluded that, whilst they represent attractive markets, we are not the best owners of these businesses," outgoing Chief Executive Officer David Wild said. The company, which is a franchise of US-based Domino's Pizza Inc, said third-quarter group system sales rose 3.4 per cent to 313.5 million pounds on strong demand in the UK and Ireland. The British company owns Domino's operations in Switzerland, Iceland, Norway and Sweden, and is a minority shareholder in the Germany operations as well. However, it reported a 2.7 per cent dip in international system sales, which have taken a hit from macroeconomic events, including declining tourist numbers in Iceland. Europe's economy has slowed this year as the US-China trade tensions weakened global growth, and consumers and businesses in and around the United Kingdom worried about the impact of Brexit on jobs and incomes. The company, which has 57 stores in Norway, said it had implemented a turnaround plan in the country during the quarter, but early signs have been mixed and improvement in sales were weaker than expected. The decision to exit these markets comes a few months after the company announced the retirement of its CEO Wild, while in the midst of trying to resolve a profit sharing row with disgruntled franchisees in the UK and Ireland.

Domino's Pizza to exit four international markets

Chinese tech giant Huawei said on Wednesday that its revenue for the first nine months of the year grew 24.4 per cent year-on-year despite a US campaign to isolate the company globally.

<a href="https://www.wionews.com/world/huaweis-new-phone-lacks-google-access-after-us-ban-250639">Huawei's revenues jumped</a> to $86.2 billion&nbsp;and its profit margin grew 8.7 per cent, the company announced.

The firm has been under immense pressure this year as Washington lobbied allies worldwide to avoid the company's telecom gear over security concerns, and in May blacklisted it from both the US market and buying crucial US components.

The United States has expressed concerns that Huawei equipment could contain security loopholes that allow China to spy on global communications traffic.

The company has repeatedly denied the accusation.

"Huawei has maintained its focus on ICT infrastructure and smart devices, and continued to boost the efficiency and quality of its operations," a company statement said.

"This contributed to increased operational and organisational stability and solidified the company's performance in the first three quarters of 2019."

Chinese tech giant Huawei said on Wednesday that its revenue for the first nine months of the year grew 24.4 per cent year-on-year despite a US campaign to isolate the company globally.

Chinese tech giant Huawei said on Wednesday that its revenue for the first nine months of the year grew 24.4 per cent year-on-year despite a US campaign to isolate the company globally. Huawei's revenues jumped to $86.2 billion and its profit margin grew 8.7 per cent, the company announced. The firm has been under immense pressure this year as Washington lobbied allies worldwide to avoid the company's telecom gear over security concerns, and in May blacklisted it from both the US market and buying crucial US components. The United States has expressed concerns that Huawei equipment could contain security loopholes that allow China to spy on global communications traffic. The company has repeatedly denied the accusation. "Huawei has maintained its focus on ICT infrastructure and smart devices, and continued to boost the efficiency and quality of its operations," a company statement said. "This contributed to increased operational and organisational stability and solidified the company's performance in the first three quarters of 2019."

Nine-month revenue up despite US pressure: Huawei

Indian shares moved higher on Wednesday, as investors looked towards a rise in September-quarter earnings for companies after the government`s corporate tax cut, amid a rise in inflation and hopes of further rate cuts from the central bank.

The broader NSE Nifty rose 0.4 per cent at 11,474.90 as of 0408 GMT, while the benchmark BSE Sensex was up 0.35 per cent at 38,634.90.

The September-quarter earnings season has so far seen blue-chip companies such as Hindustan Unilever (HUL) , Wipro Ltd and ACC Ltd beat estimates.

Earnings were in-part helped by the government`s move to slash corporate taxes last month.

Federal Bank and Mindtree Ltd are among the companies scheduled to report earnings later on Wednesday. Both the companies` shares were up between 0.5 per cent and 1 per cent ahead of the announcement.

Meanwhile, retail inflation for September rose, but a sharp economic slowdown has left analysts predicting a further rate cut by the Reserve bank of India.

"Investors are hoping for optimism from corporates in their Q2 earnings commentary led by corporate tax rate cuts and revival in consumer demand," said Rajesh Cheruvu, chief investment officer at Validus Wealth.

Broader Asian shares that rose in line with overnight gains in U.S. equities also supported Indian indexes.

MSCI`s broadest index of Asia-Pacific shares outside Japan was up 0.2 per cent.

In the domestic market, Bharat Petroleum Corp topped the gainers list on the Nifty index, as the stock rose 4.79 per cent.

Wipro shares were up about 2.7 per cent&nbsp;after the company reported better-than-expected September-quarter earnings and also gave an optimistic revenue forecast for the next quarter.

Among other companies that reported earnings on Tuesday, ACC Ltd rose 2.69 per cent, while the Multi Commodity Exchange of India was up about 7%.

However, Vedanta Ltd was the morning`s top loser on the NSE index, dropping 1.4 per cent. 
&nbsp;

Indian shares moved higher on Wednesday, as investors looked towards a rise in September-quarter earnings for companies after the government`s corporate tax cut, amid a rise in inflation and hopes of further rate cuts from the central bank.

Indian shares moved higher on Wednesday, as investors looked towards a rise in September-quarter earnings for companies after the government`s corporate tax cut, amid a rise in inflation and hopes of further rate cuts from the central bank. The broader NSE Nifty rose 0.4 per cent at 11,474.90 as of 0408 GMT, while the benchmark BSE Sensex was up 0.35 per cent at 38,634.90. The September-quarter earnings season has so far seen blue-chip companies such as Hindustan Unilever (HUL) , Wipro Ltd and ACC Ltd beat estimates. Earnings were in-part helped by the government`s move to slash corporate taxes last month. Federal Bank and Mindtree Ltd are among the companies scheduled to report earnings later on Wednesday. Both the companies` shares were up between 0.5 per cent and 1 per cent ahead of the announcement. Meanwhile, retail inflation for September rose, but a sharp economic slowdown has left analysts predicting a further rate cut by the Reserve bank of India. "Investors are hoping for optimism from corporates in their Q2 earnings commentary led by corporate tax rate cuts and revival in consumer demand," said Rajesh Cheruvu, chief investment officer at Validus Wealth. Broader Asian shares that rose in line with overnight gains in U.S. equities also supported Indian indexes. MSCI`s broadest index of Asia-Pacific shares outside Japan was up 0.2 per cent. In the domestic market, Bharat Petroleum Corp topped the gainers list on the Nifty index, as the stock rose 4.79 per cent. Wipro shares were up about 2.7 per cent after the company reported better-than-expected September-quarter earnings and also gave an optimistic revenue forecast for the next quarter. Among other companies that reported earnings on Tuesday, ACC Ltd rose 2.69 per cent, while the Multi Commodity Exchange of India was up about 7%. However, Vedanta Ltd was the morning`s top loser on the NSE index, dropping 1.4 per cent.

Nifty, Sensex gain as September-quarter earnings season gathers steam

UAE entities are expected to invest up to USD 7 billion in India's food sector in the next three years as part of the UAE-India food corridor project that aims to secure the UAE's food security, Commerce Minister Piyush Goyal told Emirates News Agency, WAM.

These entities, coordinated by Dubai-based Emaar Group, plan to invest up to US$5 billion in mega food parks and similar facilities in various Indian cities, and up to US$2 billion in contract farming, sourcing of agro commodities and related infrastructure, Piyush Goyal had said on September 24.

Emaar in a statement issued to WAM on Tuesday said, "Emaar Group is coordinating with the Government of India in respect of the investment relating to food security in the UAE. The investment will be made by other UAE entities, the details of which will be declared at a later stage."

It was reported earlier that the idea of the joint food corridor for the UAE's food security was inspired by India's strategic petroleum reserve in Padur in south India, in partnership with Abu Dhabi National Oil Company, ADNOC. Likewise, the UAE could have a food reserve in India.

"They [UAE entities] have expressed their interest to invest up to USD 5 billion in mega food parks, logistics and warehouse hubs, fruits and vegetable hubs in various Indian cities, which would create 200,000 jobs across India," said the minister who was in the UAE earlier this week on an official visit.

The proposed projects are in various cities, such as mega food parks in Kutch in the western state of Gujarat and Aurangabad in the western state of Maharashtra, Goyal said.

A food park in Pawarkheda in the central state of Madhya Pradesh, logistics and warehouse hub in Itarsi in Madhya Pradesh, fruits and vegetable hub in Nashik and warehousing hub in Bhiwandi in Maharashtra are other projects, he explained.

The UAE entities plan to make an indicative investment up to USD2 billion in contract farming, sourcing of several agro commodities, setting up of food parks and other related infrastructure for food processing, the minister said.

They are considering western Indian states of Gujarat and Maharashtra for the proposed projects and the possibility of eight food parks is being currently evaluated, Goyal revealed.

The food export possibilities to the UAE and wider region are explored, which will turn into a win-win situation for both India and UAE, he said.

Reports in 2018 said that India had suggested to the UAE leadership it could be a partner in the UAE's food security.

Although India grows enough food for its 1.3 billion people, 30 per cent of that food is wasted for lack of appropriate infrastructure for storage, processing and transportation, which could be built by the UAE's investments.

The UAE can buy the food produced by the project at a cheaper price while Indian farmers will get a comparatively better price for their crops.

UAE entities are expected to invest up to USD 7 billion in India's food sector in the next three years as part of the UAE-India food corridor project that aims to secure the UAE's food security, Commerce Minister Piyush Goyal told Emirates News Agency, WAM.

UAE entities are expected to invest up to USD 7 billion in India's food sector in the next three years as part of the UAE-India food corridor project that aims to secure the UAE's food security, Commerce Minister Piyush Goyal told Emirates News Agency, WAM. These entities, coordinated by Dubai-based Emaar Group, plan to invest up to US$5 billion in mega food parks and similar facilities in various Indian cities, and up to US$2 billion in contract farming, sourcing of agro commodities and related infrastructure, Piyush Goyal had said on September 24. Emaar in a statement issued to WAM on Tuesday said, "Emaar Group is coordinating with the Government of India in respect of the investment relating to food security in the UAE. The investment will be made by other UAE entities, the details of which will be declared at a later stage." It was reported earlier that the idea of the joint food corridor for the UAE's food security was inspired by India's strategic petroleum reserve in Padur in south India, in partnership with Abu Dhabi National Oil Company, ADNOC. Likewise, the UAE could have a food reserve in India. "They [UAE entities] have expressed their interest to invest up to USD 5 billion in mega food parks, logistics and warehouse hubs, fruits and vegetable hubs in various Indian cities, which would create 200,000 jobs across India," said the minister who was in the UAE earlier this week on an official visit. The proposed projects are in various cities, such as mega food parks in Kutch in the western state of Gujarat and Aurangabad in the western state of Maharashtra, Goyal said. A food park in Pawarkheda in the central state of Madhya Pradesh, logistics and warehouse hub in Itarsi in Madhya Pradesh, fruits and vegetable hub in Nashik and warehousing hub in Bhiwandi in Maharashtra are other projects, he explained. The UAE entities plan to make an indicative investment up to USD2 billion in contract farming, sourcing of several agro commodities, setting up of food parks and other related infrastructure for food processing, the minister said. They are considering western Indian states of Gujarat and Maharashtra for the proposed projects and the possibility of eight food parks is being currently evaluated, Goyal revealed. The food export possibilities to the UAE and wider region are explored, which will turn into a win-win situation for both India and UAE, he said. Reports in 2018 said that India had suggested to the UAE leadership it could be a partner in the UAE's food security. Although India grows enough food for its 1.3 billion people, 30 per cent of that food is wasted for lack of appropriate infrastructure for storage, processing and transportation, which could be built by the UAE's investments. The UAE can buy the food produced by the project at a cheaper price while Indian farmers will get a comparatively better price for their crops.

UAE entities to invest up to $7 billion in India-UAE food corridor: Piyush Goyal

Lázaro de Mello Brandão, former chairman of Brazil's Banco Bradesco SA, died on Wednesday at 93 at a hospital in Sao Paulo, the bank said in a statement.

Brandao stepped down from his chairman role two years ago, after a 75-year career at the bank. He joined Bradesco in 1942 and worked alongside founder Amador Aguiar.

He kept a tight grip on Brazil's second-largest lender for decades and has been its chief executive and chairman.

"The Brazilian financial system lost one of its best-known executives that led us," said Bradesco Chairman Luiz Carlos Trabuco Cappi in a statement.

Sergio Rial, chief executive of Banco Santander Brasil SA, said Brandao "led the Brazilian financial industry for a long time and left a valuable legacy."

Lázaro de Mello Brandão, former chairman of Brazil's Banco Bradesco SA, died on Wednesday at 93 at a hospital in Sao Paulo, the bank said in a statement. Brandao stepped down from his chairman role two years ago, after a 75-year career at the bank.

Lázaro de Mello Brandão, former chairman of Brazil's Banco Bradesco SA, died on Wednesday at 93 at a hospital in Sao Paulo, the bank said in a statement. Brandao stepped down from his chairman role two years ago, after a 75-year career at the bank. He joined Bradesco in 1942 and worked alongside founder Amador Aguiar. He kept a tight grip on Brazil's second-largest lender for decades and has been its chief executive and chairman. "The Brazilian financial system lost one of its best-known executives that led us," said Bradesco Chairman Luiz Carlos Trabuco Cappi in a statement. Sergio Rial, chief executive of Banco Santander Brasil SA, said Brandao "led the Brazilian financial industry for a long time and left a valuable legacy."

Former chairman of Brazil's Banco Bradesco dies at 93

Sterling came off five-month highs and stocks traded sideways on Wednesday as the European Union and Britain sought to avert a disorderly Brexit before an EU summit on Thursday.

Hopes of a breakthrough lifted markets on Tuesday, but investors turned more cautious after looking for a deal during the night that never came.

Conflicting reports about the ongoing talks triggered a series of sharp moves on the pound. Reports that Germany might use emergency measures to counter any market panic from a hard Brexit, such as banning bets on falling share prices, also weighed on morale.

"Most of the good news that could have been anticipated has been priced in, and now there's caution it seems on whether we get a deal today or not," said Kallum Pickering, senior economist at Berenberg.

Sterling was down by 0.4 per cent&nbsp;against the dollar with investors trading volatility levels not seen since the 2016 June Brexit referendum.

The pound had strengthened by close to 5 per cent&nbsp;over the past week as investors rushed to reprice the prospect of a last-minute Brexit deal before the October 31 deadline.

Eurozone government bonds were also volatile on Wednesday as investors watched the eleventh-hour talks.

German 10-year government bond yields were last flat at -0.42 per cent, after reaching an 11-week high of -0.397 per cent&nbsp;as Bunds extended a sell-off that began on Tuesday.

British government 10-year bond yields were down 2.7 basis points at 0.67 per cent, unaffected by data showing inflation in September reached 1.7 per cent&nbsp;year-on-year, below market expectations.

The pan-European STOXX 600&nbsp;retreated 0.1 per cent, but Britain's domestically focused midcaps, a gauge of Brexit anxiety, fell 0.8 per cent. Ireland's ISEQ, another vulnerable index, lost 0.6 per cent.

Earlier, shares rose in Asia. MSCI's broadest index of Asia-Pacific shares outside Japan&nbsp;gained 0.5 per cent. MSCI's gauge of stocks across the globe&nbsp;was flat.

"Even though we are most optimistic that a deal does happen, we don't think the most likely outcome is that it happens by October 31, so you would be looking at some form of extension and potentially elections," said, Andrew Sheets, chief cross-asset strategist at Morgan Stanley.

Third-quarter earnings are expected to show an overall decline in earnings, which could also weigh on morale, Sheets said. Morgan Stanley had a below-consensus view on how companies would fare this quarter, he said.

Europe's companies are struggling with uncertainties ranging from Brexit and the US-China trade war to Germany's manufacturing recession.

Companies listed on the STOXX 600&nbsp;index are now expected to report a decline in third-quarter earnings of as much as 3.7 per cent, worse than the 3 per cent&nbsp;expected a week ago, according to I/B/E/S data from Refinitiv.

Bloomberg reported, citing sources, that China will struggle to buy $50 billion of US&nbsp;farm goods annually unless it removes retaliatory tariffs on American products, which would require reciprocal action by US&nbsp;President Donald Trump.

The US-China trade war will cut 2019 global growth to its slowest pace since the 2008-2009 financial crisis, the International Monetary Fund warned on Tuesday.

Global gross domestic product is now expected grow 3 per cent&nbsp;in 2019, the IMF said its latest World Economic Outlook projections, down from 3.2 per cent&nbsp;in a July forecast, largely because of global trade friction.

US&nbsp;stocks, which typically track the ups and downs of the trade war, were set to open in the red. S&amp;P 500 futures&nbsp;and Nasdaq futures&nbsp;were both down 0.3 per cent.

In commodities, Brent crude&nbsp;shed about 0.1 cent to $58.66 a barrel. US&nbsp;crude&nbsp;rose 10 cents to $52.91 after falling the day before over fears the trade war would keep squeezing the global economy.

In emerging markets, Turkey's Halkbank saw its shares and bonds plunge after US&nbsp;prosecutors charged the state-owned lender with taking part in a multibillion-dollar scheme to evade US&nbsp;sanctions on Iran. A day earlier, Washington had imposed sanctions on Turkish officials, raised tariffs and halted trade talks after Turkey invaded northeastern Syria in a campaign again Kurdish fighters. Before Turkish markets opened, authorities banned short selling on seven large Turkish bank stocks, including Halkbank. Selling shares in the banks only to buy them later in the session was also banned, authorities said.

Sterling came off five-month highs and stocks traded sideways on Wednesday as the European Union and Britain sought to avert a disorderly Brexit before an EU summit on Thursday.

Sterling came off five-month highs and stocks traded sideways on Wednesday as the European Union and Britain sought to avert a disorderly Brexit before an EU summit on Thursday. Hopes of a breakthrough lifted markets on Tuesday, but investors turned more cautious after looking for a deal during the night that never came. Conflicting reports about the ongoing talks triggered a series of sharp moves on the pound. Reports that Germany might use emergency measures to counter any market panic from a hard Brexit, such as banning bets on falling share prices, also weighed on morale. "Most of the good news that could have been anticipated has been priced in, and now there's caution it seems on whether we get a deal today or not," said Kallum Pickering, senior economist at Berenberg. Sterling was down by 0.4 per cent against the dollar with investors trading volatility levels not seen since the 2016 June Brexit referendum. The pound had strengthened by close to 5 per cent over the past week as investors rushed to reprice the prospect of a last-minute Brexit deal before the October 31 deadline. Eurozone government bonds were also volatile on Wednesday as investors watched the eleventh-hour talks. German 10-year government bond yields were last flat at -0.42 per cent, after reaching an 11-week high of -0.397 per cent as Bunds extended a sell-off that began on Tuesday. British government 10-year bond yields were down 2.7 basis points at 0.67 per cent, unaffected by data showing inflation in September reached 1.7 per cent year-on-year, below market expectations. The pan-European STOXX 600 retreated 0.1 per cent, but Britain's domestically focused midcaps, a gauge of Brexit anxiety, fell 0.8 per cent. Ireland's ISEQ, another vulnerable index, lost 0.6 per cent. Earlier, shares rose in Asia. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.5 per cent. MSCI's gauge of stocks across the globe was flat. "Even though we are most optimistic that a deal does happen, we don't think the most likely outcome is that it happens by October 31, so you would be looking at some form of extension and potentially elections," said, Andrew Sheets, chief cross-asset strategist at Morgan Stanley. Third-quarter earnings are expected to show an overall decline in earnings, which could also weigh on morale, Sheets said. Morgan Stanley had a below-consensus view on how companies would fare this quarter, he said. Europe's companies are struggling with uncertainties ranging from Brexit and the US-China trade war to Germany's manufacturing recession. Companies listed on the STOXX 600 index are now expected to report a decline in third-quarter earnings of as much as 3.7 per cent, worse than the 3 per cent expected a week ago, according to I/B/E/S data from Refinitiv. Bloomberg reported, citing sources, that China will struggle to buy $50 billion of US farm goods annually unless it removes retaliatory tariffs on American products, which would require reciprocal action by US President Donald Trump. The US-China trade war will cut 2019 global growth to its slowest pace since the 2008-2009 financial crisis, the International Monetary Fund warned on Tuesday. Global gross domestic product is now expected grow 3 per cent in 2019, the IMF said its latest World Economic Outlook projections, down from 3.2 per cent in a July forecast, largely because of global trade friction. US stocks, which typically track the ups and downs of the trade war, were set to open in the red. S&P 500 futures and Nasdaq futures were both down 0.3 per cent. In commodities, Brent crude shed about 0.1 cent to $58.66 a barrel. US crude rose 10 cents to $52.91 after falling the day before over fears the trade war would keep squeezing the global economy. In emerging markets, Turkey's Halkbank saw its shares and bonds plunge after US prosecutors charged the state-owned lender with taking part in a multibillion-dollar scheme to evade US sanctions on Iran. A day earlier, Washington had imposed sanctions on Turkish officials, raised tariffs and halted trade talks after Turkey invaded northeastern Syria in a campaign again Kurdish fighters. Before Turkish markets opened, authorities banned short selling on seven large Turkish bank stocks, including Halkbank. Selling shares in the banks only to buy them later in the session was also banned, authorities said.

Sterling falters as Brexit approaches its endgame

India's fuel demand fell to its lowest in more than two years in September, data from the Petroleum Planning and Analysis Cell (PPAC) showed.

Consumption of fuel, a proxy for oil demand, totalled 16.01 million tonnes,&nbsp;its lowest since July 2017, down about 0.3 per cent&nbsp;compared with the same month last year.

Meanwhile, consumption of diesel, which is widely used for transportation as well as for irrigation needs in India, slipped more than 3 per cent&nbsp;year-over-year to 5.83 million tonnes, its lowest since January 2017.

Sales of gasoline, or petrol, were 6.3 per cent&nbsp;higher from a year earlier at 2.37 million tonnes.

Cooking gas or liquefied petroleum gas (LPG) sales increased by nearly 6 per cent&nbsp;to 2.18 million tonnes, while naphtha sales slumped 26 per cent&nbsp;to 0.84 million tonnes.

Sales of bitumen, used for making roads, were 7.3 per cent&nbsp;lower, while fuel oil use edged lower 3.8 per cent&nbsp;in September.

India's fuel demand fell to its lowest in more than two years in September, data from the Petroleum Planning and Analysis Cell (PPAC) showed. Consumption of fuel, a proxy for oil demand, totalled 16.

India's fuel demand fell to its lowest in more than two years in September, data from the Petroleum Planning and Analysis Cell (PPAC) showed. Consumption of fuel, a proxy for oil demand, totalled 16.01 million tonnes, its lowest since July 2017, down about 0.3 per cent compared with the same month last year. Meanwhile, consumption of diesel, which is widely used for transportation as well as for irrigation needs in India, slipped more than 3 per cent year-over-year to 5.83 million tonnes, its lowest since January 2017. Sales of gasoline, or petrol, were 6.3 per cent higher from a year earlier at 2.37 million tonnes. Cooking gas or liquefied petroleum gas (LPG) sales increased by nearly 6 per cent to 2.18 million tonnes, while naphtha sales slumped 26 per cent to 0.84 million tonnes. Sales of bitumen, used for making roads, were 7.3 per cent lower, while fuel oil use edged lower 3.8 per cent in September.

India's September fuel demand slips to its lowest in over two years

The European Union's powerful anti-trust authority on Wednesday ordered United States chipmaker Broadcom to immediately halt certain practices, in an unprecedented salvo against US big tech.

The European Commission took the extremely rare move of ordering the interim changes from one of Silicon Valley's pioneer companies while the EU's investigation was still underway, citing the "irreparable" threats to competition.

"Broadcom's behaviour is likely, in the absence of intervention, to create serious and irreversible harm to competition," the EU's Competition Commissioner Margrethe Vestager said in a statement.

"We have strong indications that Broadcom, the world's leading supplier of chipsets used for TV set-top boxes and modems, is engaging in anticompetitive practices," she said.

With the order, Vestager significantly stepped up her scrutiny of US tech giants, where investigations usually dragged on for years before companies were fined or ordered into compliance.

The ongoing investigation centres on Broadcom's highly popular TV and modem chipsets, devices that offer television and internet access to customers at home or work.

The commission said it has obtained information that Broadcom may be requiring firms to buy only its components or granting them rebates and other advantages if they buy high quantities.

The commission said it had also heard Broadcom maybe bundling products or deliberately undermining the "interoperability" between Broadcom products and other products.

The commission in June sent a "statement of objections on interim measures" to Broadcom requiring it to swiftly stop such alleged practices.

The European Union's powerful anti-trust authority on Wednesday ordered United States chipmaker Broadcom to immediately halt certain practices, in an unprecedented salvo against US big tech.

The European Union's powerful anti-trust authority on Wednesday ordered United States chipmaker Broadcom to immediately halt certain practices, in an unprecedented salvo against US big tech. The European Commission took the extremely rare move of ordering the interim changes from one of Silicon Valley's pioneer companies while the EU's investigation was still underway, citing the "irreparable" threats to competition. "Broadcom's behaviour is likely, in the absence of intervention, to create serious and irreversible harm to competition," the EU's Competition Commissioner Margrethe Vestager said in a statement. "We have strong indications that Broadcom, the world's leading supplier of chipsets used for TV set-top boxes and modems, is engaging in anticompetitive practices," she said. With the order, Vestager significantly stepped up her scrutiny of US tech giants, where investigations usually dragged on for years before companies were fined or ordered into compliance. The ongoing investigation centres on Broadcom's highly popular TV and modem chipsets, devices that offer television and internet access to customers at home or work. The commission said it has obtained information that Broadcom may be requiring firms to buy only its components or granting them rebates and other advantages if they buy high quantities. The commission said it had also heard Broadcom maybe bundling products or deliberately undermining the "interoperability" between Broadcom products and other products. The commission in June sent a "statement of objections on interim measures" to Broadcom requiring it to swiftly stop such alleged practices.

European Union orders emergency anti-trust measures against chip-maker Broadcom

Eurozone inflation slowed in September by more than previously estimated to its slowest pace in nearly three years, the European Union statistics agency said on Wednesday, in a new warning on the state of the bloc's economy.

Eurostat said prices in the 19-country currency area grew by 0.8 per cent&nbsp;on the year, revising down its earlier estimate of a 0.9 per cent&nbsp;rate. That also defied the market consensus of a 0.9 per cent&nbsp;growth.

In a separate release, Eurostat said on Wednesday that the bloc's trade surplus with the rest of the world rose to $16.2 billion&nbsp;in August, from 11.9 billion the previous year, as euro zone's imports dropped more than its declining exports.

The revised inflation reading marked a more pronounced slowdown from the 1.0 per cent&nbsp;growth in August and was the lowest rate since November 2016 when prices grew by 0.6 per cent&nbsp;in the bloc.

The new drop is likely to raise new concerns on the state of the eurozone economy and could reignite the debate within the European Central Bank on how to pursue its goal of keeping inflation below, but close to 2 per cent&nbsp;over the medium term.

The revision was due to lower-than-expected inflation for industrial products, in a fresh worrying sign for the bloc's manufacturing sector which faces drops in output and a fall in confidence.

Prices for industrial goods, excluding energy, went up by a mere 0.2 per cent&nbsp;on the year in September, Eurostat said, revising its earlier estimate of a 0.3 per cent&nbsp;increase.

Energy prices were confirmed falling by 1.8 per cent, while inflation in the service sector, the largest in the bloc, rose by 1.5 per cent&nbsp;in line with previous estimates.

A narrower inflation indicator which strips out volatile energy and unprocessed food prices, and is monitored closely by the ECB for its policy decisions, rose to 1.2 per cent&nbsp;in September from 1.1 per cent&nbsp;in August, in line with Eurostat's earlier estimates released on October&nbsp;1.

Excluding energy, food, alcohol and tobacco, inflation grew 1.0 per cent&nbsp;in September, Eurostat said, confirming its previous figures.

On the month, headline inflation grew 0.2 per cent&nbsp;in the bloc, also in line with earlier estimates.

Eurozone inflation slowed in September by more than previously estimated to its slowest pace in nearly three years, the European Union statistics agency said on Wednesday, in a new warning on the state of the bloc's economy.

Eurozone inflation slowed in September by more than previously estimated to its slowest pace in nearly three years, the European Union statistics agency said on Wednesday, in a new warning on the state of the bloc's economy. Eurostat said prices in the 19-country currency area grew by 0.8 per cent on the year, revising down its earlier estimate of a 0.9 per cent rate. That also defied the market consensus of a 0.9 per cent growth. In a separate release, Eurostat said on Wednesday that the bloc's trade surplus with the rest of the world rose to $16.2 billion in August, from 11.9 billion the previous year, as euro zone's imports dropped more than its declining exports. The revised inflation reading marked a more pronounced slowdown from the 1.0 per cent growth in August and was the lowest rate since November 2016 when prices grew by 0.6 per cent in the bloc. The new drop is likely to raise new concerns on the state of the eurozone economy and could reignite the debate within the European Central Bank on how to pursue its goal of keeping inflation below, but close to 2 per cent over the medium term. The revision was due to lower-than-expected inflation for industrial products, in a fresh worrying sign for the bloc's manufacturing sector which faces drops in output and a fall in confidence. Prices for industrial goods, excluding energy, went up by a mere 0.2 per cent on the year in September, Eurostat said, revising its earlier estimate of a 0.3 per cent increase. Energy prices were confirmed falling by 1.8 per cent, while inflation in the service sector, the largest in the bloc, rose by 1.5 per cent in line with previous estimates. A narrower inflation indicator which strips out volatile energy and unprocessed food prices, and is monitored closely by the ECB for its policy decisions, rose to 1.2 per cent in September from 1.1 per cent in August, in line with Eurostat's earlier estimates released on October 1. Excluding energy, food, alcohol and tobacco, inflation grew 1.0 per cent in September, Eurostat said, confirming its previous figures. On the month, headline inflation grew 0.2 per cent in the bloc, also in line with earlier estimates.

Eurozone September inflation unexpectedly revised down to 0.8%

Credit growth at Indian banks has dropped to its lowest level in nearly two years, <a href="https://www.wionews.com/india-news/reserve-bank-of-india-increases-withdrawal-limit-for-punjab-and-maharashtra-cooperative-bank-to-rs-40000-255916">the latest Reserve Bank of India (RBI)</a> data shows, as slowing domestic consumption weighs on demand.

This adds to the challenges facing Narendra Modi as he begins his second term as prime minister with India's economy at its weakest levels in six years.

"The slowdown in credit growth this time is a result of both reduced demand and supply," Madan Sabnavis, chief economist at CARE ratings, said.

Lending growth by banks had nearly halved to 8.8 per cent&nbsp;at the end-September from the start of the year.

The RBI data includes all banks in India, which is dominated by state-run lenders Bank of Baroda, Punjab National Bank&nbsp;and Union Bank of India as well as private ones such as HDFC Bank&nbsp;and ICICI Bank.

While retail lending has driven growth, banks are taking a more cautious approach on some consumer loans.

"In certain retail loans we're seeing customers delaying the payments by a few days over the due date," said the head of consumer banking segment of a private bank, adding that this does not bode well when corporate lending has plunged.

A report last month by India Ratings predicts "further moderation" retail lending in 2020 "given the consumption slowdown across segments including housing and auto".

"Even the unsecured loans, which include credit cards, education loans and other personal loans have seen a moderation in growth," the report said.

India's lending problems have been compounded by a drying up of liquidity in the shadow banking sector last year after the collapse of infrastructure lending group IL&amp;FS.

While some major non-banking financial companies (NBFCs) have been going slow on lending, others stopped completely.

However, banks have not used this opportunity to win market share from NBFCs, which accounted for 30 per cent&nbsp;of auto loans and more than 40 per cent&nbsp;of home loans until the end of last year.

The weak growth in lending comes at a time when banks have been cutting interest rates and making it cheaper to borrow.

So far in 2019, the RBI has reduced the repo rate by 135 basis points. Even though banks have not matched this, the pace of cuts has picked up in the last few months.

A high credit-deposit ratio has been one of the key reasons why banks have struggled to cut interest rates. But with credit growth falling faster than deposit growth, banks may have a bit more room to transmit rate cuts.

A credit-deposit ratio above 75 per cent&nbsp;indicates pressure on banks' resources as they have to set aside funds to maintain a cash reserve ratio of 4% and a statutory liquidity ratio of 18.5 per cent.

In an attempt to push banks to pass rate cuts on to their customers, the RBI has required them to link all loans to an external benchmark such as the repo rate since the start of this month. While this is expected to push rates down, economists are not sure this will help spur credit demand.

"Credit growth is expected to remain sub 10 per cent," Sabnavis said.

Credit growth at Indian banks has dropped to its lowest level in nearly two years, the latest Reserve Bank of India (RBI) data shows, as slowing domestic consumption weighs on demand.

Credit growth at Indian banks has dropped to its lowest level in nearly two years, the latest Reserve Bank of India (RBI) data shows, as slowing domestic consumption weighs on demand. This adds to the challenges facing Narendra Modi as he begins his second term as prime minister with India's economy at its weakest levels in six years. "The slowdown in credit growth this time is a result of both reduced demand and supply," Madan Sabnavis, chief economist at CARE ratings, said. Lending growth by banks had nearly halved to 8.8 per cent at the end-September from the start of the year. The RBI data includes all banks in India, which is dominated by state-run lenders Bank of Baroda, Punjab National Bank and Union Bank of India as well as private ones such as HDFC Bank and ICICI Bank. While retail lending has driven growth, banks are taking a more cautious approach on some consumer loans. "In certain retail loans we're seeing customers delaying the payments by a few days over the due date," said the head of consumer banking segment of a private bank, adding that this does not bode well when corporate lending has plunged. A report last month by India Ratings predicts "further moderation" retail lending in 2020 "given the consumption slowdown across segments including housing and auto". "Even the unsecured loans, which include credit cards, education loans and other personal loans have seen a moderation in growth," the report said. India's lending problems have been compounded by a drying up of liquidity in the shadow banking sector last year after the collapse of infrastructure lending group IL&FS. While some major non-banking financial companies (NBFCs) have been going slow on lending, others stopped completely. However, banks have not used this opportunity to win market share from NBFCs, which accounted for 30 per cent of auto loans and more than 40 per cent of home loans until the end of last year. The weak growth in lending comes at a time when banks have been cutting interest rates and making it cheaper to borrow. So far in 2019, the RBI has reduced the repo rate by 135 basis points. Even though banks have not matched this, the pace of cuts has picked up in the last few months. A high credit-deposit ratio has been one of the key reasons why banks have struggled to cut interest rates. But with credit growth falling faster than deposit growth, banks may have a bit more room to transmit rate cuts. A credit-deposit ratio above 75 per cent indicates pressure on banks' resources as they have to set aside funds to maintain a cash reserve ratio of 4% and a statutory liquidity ratio of 18.5 per cent. In an attempt to push banks to pass rate cuts on to their customers, the RBI has required them to link all loans to an external benchmark such as the repo rate since the start of this month. While this is expected to push rates down, economists are not sure this will help spur credit demand. "Credit growth is expected to remain sub 10 per cent," Sabnavis said.

Slowing Indian bank lending overshadows economic rebound hopes

Asian markets mostly rose but investor caution returned as the optimism fanned by Donald Trump's much-vaunted <a href="https://www.wionews.com/world/us-president-donald-trump-announces-partial-trade-deal-with-china-255358">China trade deal</a> wore off, while the pound was boosted by a report saying a <a href="https://www.wionews.com/world/brexit-on-october-31-a-priority-for-british-government-queen-255851">Brexit </a>deal was taking shape.

While Friday's mini agreement between the world's economic superpowers put off fresh tariffs and saw them reach common ground on some issues, observers pointed out it was light on detail and left other major levies in place.

And, despite Trump's insistence that the "phase one" agreement was "the greatest and biggest deal", Beijing said it wanted to hold more talks and called for a delay in more tariffs before it would sign.

Equity traders, who have been under pressure from the trade war as well as the slowing global economy and worries about Brexit among others, seized on the news and sent regional markets surging Monday.

But they struggled to build on that as questions swirled over the value of the deal.

"It has taken precisely one working day of the new week for optimism to fade about the US-China trade deal lite/mini/part one," said Jeffrey Halley, senior market analyst for Asia-Pacific at OANDA.

"The rhetoric-high, but detail-light trade announcement in Washington DC on Friday has been tempered by China being both a lot more circumspect and requesting additional talks before signing an agreement."

He said that while he expected the two to hammer out something for Trump and counterpart Xi Jinping to sign before they are due to meet next month, "the pseudo-deal itself represents nothing more than a holding action".

"Everyone's a winner, but everything stays the same, as no progress on the hard stuff has occurred in reality."

Still, US Treasury Secretary Steven Mnuchin said on Monday that officials would hold further talks by phone this week and next to finalise the deal, while he also defended it on CNBC.

"There is a fundamental agreement in principle," he said. "There are still some issues that need to be worked out in wording but I would say we have every expectation that phase one will close.

In early trade, Hong Kong and Sydney were each down 0.1 percent, and Shanghai slipped 0.6 percent.

Manila and Jakarta also fell but Tokyo jumped 1.7 percent by lunch as dealers returned from a long weekend to play catch-up with the rest of Asia.

Singapore, Seoul and Wellington were all 0.2 percent higher while Taipei added 0.4 percent.

On currency markets, the pound rebounded after Britain's Daily Telegraph said a divorce deal was taking shape,<a href="https://www.wionews.com/world/eu-and-uk-bid-to-save-brexit-talks-before-key-summit-255299"> EU and British negotiators </a>hailing a positive day of talks on the Northern Ireland issue.

The paper quoted unnamed sources as saying there was "cautious optimism", while the BBC said the EU is considering holding an emergency summit to push through a possible deal. It said there was not enough time to get anything done before a summit set for this week.

The reports will come as welcome news after European officials played down the chances of an agreement that had been aired by British Prime Minister Boris Johnson and his Irish counterpart Leo Varadkar last week.

Sterling was up against the dollar and euro on Tuesday, with David Kelly at JP Morgan Asset Management saying the Johnson-Varadkar talks had sparked a "whirlwind of diplomacy between the British government and the Europeans to try to come up with an agreement this week".

He added in a note: "While it is by no means certain that the UK and Europe can agree to a deal or that such a deal can make it through the UK parliament, there does appear to be recognition from the British side that any Brexit deal will have to treat Northern Ireland very differently from the rest of the UK.

"In the multiple permutations of Brexit endgames, this has reduced the risk of a damaging 'no deal' Brexit."

Asian markets mostly rose but investor caution returned as the optimism fanned by Donald Trump's much-vaunted China trade deal wore off, while the pound was boosted by a report saying a Brexit deal was taking shape.

Asian markets mostly rose but investor caution returned as the optimism fanned by Donald Trump's much-vaunted China trade deal wore off, while the pound was boosted by a report saying a Brexit deal was taking shape. While Friday's mini agreement between the world's economic superpowers put off fresh tariffs and saw them reach common ground on some issues, observers pointed out it was light on detail and left other major levies in place. And, despite Trump's insistence that the "phase one" agreement was "the greatest and biggest deal", Beijing said it wanted to hold more talks and called for a delay in more tariffs before it would sign. Equity traders, who have been under pressure from the trade war as well as the slowing global economy and worries about Brexit among others, seized on the news and sent regional markets surging Monday. But they struggled to build on that as questions swirled over the value of the deal. "It has taken precisely one working day of the new week for optimism to fade about the US-China trade deal lite/mini/part one," said Jeffrey Halley, senior market analyst for Asia-Pacific at OANDA. "The rhetoric-high, but detail-light trade announcement in Washington DC on Friday has been tempered by China being both a lot more circumspect and requesting additional talks before signing an agreement." He said that while he expected the two to hammer out something for Trump and counterpart Xi Jinping to sign before they are due to meet next month, "the pseudo-deal itself represents nothing more than a holding action". "Everyone's a winner, but everything stays the same, as no progress on the hard stuff has occurred in reality." Still, US Treasury Secretary Steven Mnuchin said on Monday that officials would hold further talks by phone this week and next to finalise the deal, while he also defended it on CNBC. "There is a fundamental agreement in principle," he said. "There are still some issues that need to be worked out in wording but I would say we have every expectation that phase one will close. In early trade, Hong Kong and Sydney were each down 0.1 percent, and Shanghai slipped 0.6 percent. Manila and Jakarta also fell but Tokyo jumped 1.7 percent by lunch as dealers returned from a long weekend to play catch-up with the rest of Asia. Singapore, Seoul and Wellington were all 0.2 percent higher while Taipei added 0.4 percent. On currency markets, the pound rebounded after Britain's Daily Telegraph said a divorce deal was taking shape, EU and British negotiators hailing a positive day of talks on the Northern Ireland issue. The paper quoted unnamed sources as saying there was "cautious optimism", while the BBC said the EU is considering holding an emergency summit to push through a possible deal. It said there was not enough time to get anything done before a summit set for this week. The reports will come as welcome news after European officials played down the chances of an agreement that had been aired by British Prime Minister Boris Johnson and his Irish counterpart Leo Varadkar last week. Sterling was up against the dollar and euro on Tuesday, with David Kelly at JP Morgan Asset Management saying the Johnson-Varadkar talks had sparked a "whirlwind of diplomacy between the British government and the Europeans to try to come up with an agreement this week". He added in a note: "While it is by no means certain that the UK and Europe can agree to a deal or that such a deal can make it through the UK parliament, there does appear to be recognition from the British side that any Brexit deal will have to treat Northern Ireland very differently from the rest of the UK. "In the multiple permutations of Brexit endgames, this has reduced the risk of a damaging 'no deal' Brexit."

Asian markets edge up but caution keeps traders in check

Oil&nbsp;prices lost about&nbsp;2 per cent&nbsp;on Monday on worries that global crude demand could stay under pressure as few details about the <a href="https://www.wionews.com/world/us-president-donald-trump-announces-partial-trade-deal-with-china-255358">first phase of a&nbsp;U.S.-China&nbsp;trade&nbsp;deal</a>&nbsp;did little to assure a quick resolution to the tariff fight.

Oil&nbsp;prices also felt pressure as the&nbsp;US&nbsp;dollar, which has an inverse relationship with crude prices, gained as waning&nbsp;trade&nbsp;deal&nbsp;hopes and ongoing concerns over <a href="https://www.wionews.com/world/brexit-on-october-31-a-priority-for-british-government-queen-255851">Britain's exit </a>from the European Union attracted safe-haven investments.

Brent crude&nbsp;settled at $59.35 a barrel, shedding $1.16, or 1.92 per cent, while&nbsp;US&nbsp;West Texas Intermediate (WTI) crude&nbsp;settled at $53.59 a barrel, losing $1.11, or 2.03 per cent.

"The complex is in (the) process of relinquishing a major portion of the late week&nbsp;trade&nbsp;inspired gains as conflicting indications out of the&nbsp;U.S. and&nbsp;China&nbsp;regarding&nbsp;trade&nbsp;progress is reducing risk appetite," said Jim Ritterbusch of Ritterbusch and Associates.

Late on Friday, Washington and Beijing outlined the first stage of a&nbsp;trade&nbsp;deal&nbsp;and suspended this week's scheduled&nbsp;US&nbsp;tariff hikes. Brent and WTI rose&nbsp;more&nbsp;than&nbsp;3 per cent&nbsp;last week, their first weekly increase since the week starting September&nbsp;20, on signs of progress toward a&nbsp;trade&nbsp;deal&nbsp;that would boost crude demand.

But optimism that the&nbsp;trade&nbsp;negotiations would prove successful faded, as&nbsp;China&nbsp;indicated further discussions were needed and&nbsp;US&nbsp;Treasury Secretary Steven Mnuchin said the next round of tariffs on Chinese imports are still set to take effect on December&nbsp;15 if a&nbsp;deal&nbsp;has not been reached by then.

But existing tariffs remain in place and officials on both sides said much&nbsp;more&nbsp;work was needed before an accord could be agreed.

A good portion of the gains last week came after the United States announced on Friday it was deploying&nbsp;<a href="https://www.wionews.com/world/us-says-deploying-more-forces-to-saudi-arabia-to-counter-iran-threat-255380">more&nbsp;troops to Saudi Arabia</a>, and after an Iranian&nbsp;oil&nbsp;tanker was attacked in the Red Sea.

Oil&nbsp;prices had drawn some support from worries that further escalation along the <a href="https://www.wionews.com/photos/explainer-turkey-set-to-redraw-map-of-syrian-war-once-more-254794">Syrian and Turkish border</a> could affect output or exports from Iraq. Syrian troops entered a northeastern town on Monday.

The Saudi energy minister, Prince Abdulaziz bin Salman, said&nbsp;oil&nbsp;exporters were showing serious commitment to global output cuts&nbsp;in a&nbsp;deal&nbsp;between OPEC and its allies, a grouping known as OPEC+.

Russian Energy Minister Alexander Novak said there were no talks underway to change the OPEC+&nbsp;deal.

Kuwait's&nbsp;oil&nbsp;minister said it was too early to discuss&nbsp;a possible buildup in&nbsp;oil&nbsp;inventories in 2020. Khaled al-Fadhel said a price range of $50 to $70 per barrel would be acceptable.

The compliance of OPEC+ producers with the supply-reduction agreement was seen at above 200 per cent&nbsp;in September, sources familiar with the matter said.

Bin Salman also said on Monday that Saudi Arabia's&nbsp;oil&nbsp;production will recover in October and November to levels above those seen before attacks on its energy installations in September, which weighed on&nbsp;oil&nbsp;prices.

Oil prices lost about 2 per cent on Monday on worries that global crude demand could stay under pressure as few details about the first phase of a U.S.-China trade deal did little to assure a quick resolution to the tariff fight.

Oil prices lost about 2 per cent on Monday on worries that global crude demand could stay under pressure as few details about the first phase of a U.S.-China trade deal did little to assure a quick resolution to the tariff fight. Oil prices also felt pressure as the US dollar, which has an inverse relationship with crude prices, gained as waning trade deal hopes and ongoing concerns over Britain's exit from the European Union attracted safe-haven investments. Brent crude settled at $59.35 a barrel, shedding $1.16, or 1.92 per cent, while US West Texas Intermediate (WTI) crude settled at $53.59 a barrel, losing $1.11, or 2.03 per cent. "The complex is in (the) process of relinquishing a major portion of the late week trade inspired gains as conflicting indications out of the U.S. and China regarding trade progress is reducing risk appetite," said Jim Ritterbusch of Ritterbusch and Associates. Late on Friday, Washington and Beijing outlined the first stage of a trade deal and suspended this week's scheduled US tariff hikes. Brent and WTI rose more than 3 per cent last week, their first weekly increase since the week starting September 20, on signs of progress toward a trade deal that would boost crude demand. But optimism that the trade negotiations would prove successful faded, as China indicated further discussions were needed and US Treasury Secretary Steven Mnuchin said the next round of tariffs on Chinese imports are still set to take effect on December 15 if a deal has not been reached by then. But existing tariffs remain in place and officials on both sides said much more work was needed before an accord could be agreed. A good portion of the gains last week came after the United States announced on Friday it was deploying more troops to Saudi Arabia, and after an Iranian oil tanker was attacked in the Red Sea. Oil prices had drawn some support from worries that further escalation along the Syrian and Turkish border could affect output or exports from Iraq. Syrian troops entered a northeastern town on Monday. The Saudi energy minister, Prince Abdulaziz bin Salman, said oil exporters were showing serious commitment to global output cuts in a deal between OPEC and its allies, a grouping known as OPEC+. Russian Energy Minister Alexander Novak said there were no talks underway to change the OPEC+ deal. Kuwait's oil minister said it was too early to discuss a possible buildup in oil inventories in 2020. Khaled al-Fadhel said a price range of $50 to $70 per barrel would be acceptable. The compliance of OPEC+ producers with the supply-reduction agreement was seen at above 200 per cent in September, sources familiar with the matter said. Bin Salman also said on Monday that Saudi Arabia's oil production will recover in October and November to levels above those seen before attacks on its energy installations in September, which weighed on oil prices.

Oil falls more than 2% on US-China trade deal doubts, stronger dollar

Indian shares were higher on Tuesday, as investors hoped for further rate cuts from the central bank to tackle the economic slowdown amid a rise in inflation during the last month.

The broader NSE Nifty was up 0.28% at 11,371.35 as of 0413 GMT, while the benchmark BSE Sensex rose 0.3% at 38,328.28.

Annual retail inflation rose to 3.99% in last month, driven by higher food prices, up sharply compared with 3.21% in August and higher than the 3.70% forecast in a Reuters poll of analysts.

However, economists said GDP growth could fall as low as 5.8%, dragged down by a slump in consumer demand and investment, encouraging the Reserve Bank of India (RBI) to cut rates for the sixth consecutive time at its next meeting in December.

"With growth numbers remaining fairly weak we expect RBI to continue with its rate cuts," said Shubhada Rao, chief economist at Yes Bank. "For remaining FY20, we expect 25-40 bps of rate cut."

Consumer stocks led gains after sector heavyweight Hindustan Unilever's (HUL) September-quarter earnings beat expectations, despite the company flagging near-term woes in the rural market.

HUL was up about 1% and the Nifty fast-moving consumer goods index rose 0.5%.

Oil marketing companies Indian Oil Corp and Bharat Petroleum Corp were up 1% and 2%, respectively, and topped the blue-chip gainers on the Nifty index due to favourable oil prices.

Crude fell after weak Chinese economic data for September added to lingering concerns about the feasibility of the U.S.-Sino trade deal announced by U.S. President Donald Trump last week.

Among losers, Infosys continued to fall for a second session and shed about 2% after its September-quarter earnings underscored the spending squeeze among Western clients for the company and the country's $180 billion information technology sector at large.

Indian shares were higher on Tuesday, as investors hoped for further rate cuts from the central bank to tackle the economic slowdown amid a rise in inflation during the last month.

Indian shares were higher on Tuesday, as investors hoped for further rate cuts from the central bank to tackle the economic slowdown amid a rise in inflation during the last month. The broader NSE Nifty was up 0.28% at 11,371.35 as of 0413 GMT, while the benchmark BSE Sensex rose 0.3% at 38,328.28. Annual retail inflation rose to 3.99% in last month, driven by higher food prices, up sharply compared with 3.21% in August and higher than the 3.70% forecast in a Reuters poll of analysts. However, economists said GDP growth could fall as low as 5.8%, dragged down by a slump in consumer demand and investment, encouraging the Reserve Bank of India (RBI) to cut rates for the sixth consecutive time at its next meeting in December. "With growth numbers remaining fairly weak we expect RBI to continue with its rate cuts," said Shubhada Rao, chief economist at Yes Bank. "For remaining FY20, we expect 25-40 bps of rate cut." Consumer stocks led gains after sector heavyweight Hindustan Unilever's (HUL) September-quarter earnings beat expectations, despite the company flagging near-term woes in the rural market. HUL was up about 1% and the Nifty fast-moving consumer goods index rose 0.5%. Oil marketing companies Indian Oil Corp and Bharat Petroleum Corp were up 1% and 2%, respectively, and topped the blue-chip gainers on the Nifty index due to favourable oil prices. Crude fell after weak Chinese economic data for September added to lingering concerns about the feasibility of the U.S.-Sino trade deal announced by U.S. President Donald Trump last week. Among losers, Infosys continued to fall for a second session and shed about 2% after its September-quarter earnings underscored the spending squeeze among Western clients for the company and the country's $180 billion information technology sector at large.

Nifty, Sensex edge higher; Hindustan Unilever rises after upbeat earnings

Malaysia said on Tuesday it would look to increase imports of crude sugar and buffalo meat from India, after reports that New Delhi was considering restricting imports of palm oil from Malaysia following the criticism of its actions in Kashmir.

Malaysia is the world's second-largest producer and exporter of palm oil after Indonesia, and the edible oil contributed to 2.8 per cent&nbsp;of its gross domestic product last year. Malaysian palm oil futures fell for a third straight session on Tuesday, hitting their lowest in nearly two weeks.

"These steps will be taken in light of India's importance as our third-largest export destination in 2018 for palm oil and palm-based products worth $1.63 billion," Teresa Kok, the Malaysian minister in charge of the palm oil portfolio, said in a statement.

India is one of the biggest producers of sugar and buffalo meat in the world.

Reuters reported last week that India was considering restricting imports of some products from Malaysia, including palm oil after Kuala Lumpur criticised New Delhi for its actions in Kashmir.

India stripped its portion of the Kashmir valley of statehood and autonomy on August&nbsp;5, cutting internet and phone lines and arresting thousands in an attempt to dampen dissent.

Kok said she was aware of the news on "issues that threaten the good ties between Malaysia and India" and that Malaysia was open to negotiations with New Delhi on narrowing the trade deficit between the two countries.

Malaysia's exports to India stood at $10.8 billion in the fiscal year that ended on March 31, while imports totalled $6.4 billion.

Some Indian traders said refiners had already stopped buying Malaysian palm oil for shipment in November and December, fearing New Delhi could raise import taxes or enforce other measures to curb imports from the Southeast Asian country.

Twitter users in India and Malaysia have already sparred with each other - a #BoycottMalaysia call recently trended on social media in India - after Malaysian Prime Minister Mahathir Mohamad said at the U.N. general assembly last month that India had "invaded and occupied" Kashmir, a disputed Muslim-majority region also claimed by Pakistan.

India's foreign ministry rebuked the Malaysian government after that, asking it to "bear in mind the friendly relations between the two countries and desist from making such comments".

Malaysia said on Tuesday it would look to increase imports of crude sugar and buffalo meat from India, after reports that New Delhi was considering restricting imports of palm oil from Malaysia following the criticism of its actions in Kashmir.

Malaysia said on Tuesday it would look to increase imports of crude sugar and buffalo meat from India, after reports that New Delhi was considering restricting imports of palm oil from Malaysia following the criticism of its actions in Kashmir. Malaysia is the world's second-largest producer and exporter of palm oil after Indonesia, and the edible oil contributed to 2.8 per cent of its gross domestic product last year. Malaysian palm oil futures fell for a third straight session on Tuesday, hitting their lowest in nearly two weeks. "These steps will be taken in light of India's importance as our third-largest export destination in 2018 for palm oil and palm-based products worth $1.63 billion," Teresa Kok, the Malaysian minister in charge of the palm oil portfolio, said in a statement. India is one of the biggest producers of sugar and buffalo meat in the world. Reuters reported last week that India was considering restricting imports of some products from Malaysia, including palm oil after Kuala Lumpur criticised New Delhi for its actions in Kashmir. India stripped its portion of the Kashmir valley of statehood and autonomy on August 5, cutting internet and phone lines and arresting thousands in an attempt to dampen dissent. Kok said she was aware of the news on "issues that threaten the good ties between Malaysia and India" and that Malaysia was open to negotiations with New Delhi on narrowing the trade deficit between the two countries. Malaysia's exports to India stood at $10.8 billion in the fiscal year that ended on March 31, while imports totalled $6.4 billion. Some Indian traders said refiners had already stopped buying Malaysian palm oil for shipment in November and December, fearing New Delhi could raise import taxes or enforce other measures to curb imports from the Southeast Asian country. Twitter users in India and Malaysia have already sparred with each other - a #BoycottMalaysia call recently trended on social media in India - after Malaysian Prime Minister Mahathir Mohamad said at the U.N. general assembly last month that India had "invaded and occupied" Kashmir, a disputed Muslim-majority region also claimed by Pakistan. India's foreign ministry rebuked the Malaysian government after that, asking it to "bear in mind the friendly relations between the two countries and desist from making such comments".

Malaysia offers to buy more imports from India after threat of palm oil curbs

Britain's jobs boom has weakened in the <a href="https://www.wionews.com/world/european-unions-brexit-minister-says-united-kingdoms-proposals-fall-short-need-agreement-by-end-of-day-256061">approach to Brexit</a> with the number of people in work unexpectedly falling by the most in over four years and unemployment rising, official data showed on Tuesday.

Employment fell by 56,000 to 32.69 million in the three months to August, the Office for National Statistics said. Economists polled by Reuters had expected growth of 23,000.

The number of people out of work rose by 22,000 to just over 1.31 million, the ONS said.

Britain's strong labour market has been the silver lining for the economy since the <a href="https://www.wionews.com/world/brexit-deal-possible-this-week-says-european-union-chief-negotiator-michel-barnier-256023">Brexit referendum in 2016</a>, something many analysts attribute, in part, to firms hiring workers that they can later lay off rather than making longer-term commitments to investment.

But there were signs in Tuesday's figures that employers were turning more cautious.

The unemployment rate unexpectedly rose to 3.9 per cent&nbsp;from 3.8 per cent, which had been its joint-lowest since the mid-1970s, while vacancies fell to their lowest level since the three months to November 2017.

"Challenging economic conditions are starting to take the shine off the UK’s job boom," Tej Parikh, chief economist at the Institute of Directors, an employers group, said.

"Business leaders’ long-lasting drive to expand their workforce has put the labour market in a strong position. However, firms are now increasingly coming up against uncertainty and the shrinking supply of available talent."

Many employers are worried about Prime Minister Boris Johnson's pledge to take Britain out of the European Union on October 31 without a transition deal to smooth the economic shock if necessary. However, lawmakers have passed legislation that they say will force him to seek a delay from Brussels.

A survey published separately on Tuesday by Britain's main auto industry group showed jobs cuts at one in three firms in the sector, which risks being a big loser from Brexit. That was up from one in eight just under a year ago.

As well as worries about Brexit, Britain's economy is feeling the drag from rising US-China trade tensions which have weighed on global growth.

The ONS labour market data showed a dip in the pace of pay growth which recently hit its fastest in more than 10 years.

Total earnings growth, including bonuses, rose by an annual 3.8 per cent&nbsp;in the three months to August, slowing from 3.9 per cent&nbsp;in the three months to July and weaker than the median forecast of 4.0 per cent&nbsp;in the Reuters poll.

Excluding bonuses, which smoothes out some volatility, pay growth similarly slowed slightly to 3.8 per cent, but was a touch ahead of the Reuters poll forecast of 3.7 per cent.

The trend in pay growth is being watched closely by the Bank of England.

Deputy Governor Dave Ramsden said in a newspaper interview published on Sunday that wage costs were "picking up quite significantly, which will drive domestic inflationary pressure."

However, the BoE is waiting for more clarity on Brexit before any decision to resume its gradual and limited programme of interest rates hikes.

Britain's jobs boom has weakened in the approach to Brexit with the number of people in work unexpectedly falling by the most in over four years and unemployment rising, official data showed on Tuesday.

Britain's jobs boom has weakened in the approach to Brexit with the number of people in work unexpectedly falling by the most in over four years and unemployment rising, official data showed on Tuesday. Employment fell by 56,000 to 32.69 million in the three months to August, the Office for National Statistics said. Economists polled by Reuters had expected growth of 23,000. The number of people out of work rose by 22,000 to just over 1.31 million, the ONS said. Britain's strong labour market has been the silver lining for the economy since the Brexit referendum in 2016, something many analysts attribute, in part, to firms hiring workers that they can later lay off rather than making longer-term commitments to investment. But there were signs in Tuesday's figures that employers were turning more cautious. The unemployment rate unexpectedly rose to 3.9 per cent from 3.8 per cent, which had been its joint-lowest since the mid-1970s, while vacancies fell to their lowest level since the three months to November 2017. "Challenging economic conditions are starting to take the shine off the UK’s job boom," Tej Parikh, chief economist at the Institute of Directors, an employers group, said. "Business leaders’ long-lasting drive to expand their workforce has put the labour market in a strong position. However, firms are now increasingly coming up against uncertainty and the shrinking supply of available talent." Many employers are worried about Prime Minister Boris Johnson's pledge to take Britain out of the European Union on October 31 without a transition deal to smooth the economic shock if necessary. However, lawmakers have passed legislation that they say will force him to seek a delay from Brussels. A survey published separately on Tuesday by Britain's main auto industry group showed jobs cuts at one in three firms in the sector, which risks being a big loser from Brexit. That was up from one in eight just under a year ago. As well as worries about Brexit, Britain's economy is feeling the drag from rising US-China trade tensions which have weighed on global growth. The ONS labour market data showed a dip in the pace of pay growth which recently hit its fastest in more than 10 years. Total earnings growth, including bonuses, rose by an annual 3.8 per cent in the three months to August, slowing from 3.9 per cent in the three months to July and weaker than the median forecast of 4.0 per cent in the Reuters poll. Excluding bonuses, which smoothes out some volatility, pay growth similarly slowed slightly to 3.8 per cent, but was a touch ahead of the Reuters poll forecast of 3.7 per cent. The trend in pay growth is being watched closely by the Bank of England. Deputy Governor Dave Ramsden said in a newspaper interview published on Sunday that wage costs were "picking up quite significantly, which will drive domestic inflationary pressure." However, the BoE is waiting for more clarity on Brexit before any decision to resume its gradual and limited programme of interest rates hikes.

United Kingdom hiring falls by most in over four years as Brexit nears

The Indian government is looking into whether hefty discounts offered on Walmart-owned Flipkart and Amazon.com during their online festive sales violate foreign investment rules, a commerce ministry official told Reuters.

India introduced new rules in February aimed at protecting the 130 million people dependent on small-scale retail by deterring big online discounts. The rules forced e-commerce firms to tweak their business structures and drew criticism from the United States, straining trade ties between New Delhi and Washington.

While Amazon and Flipkart say they've complied with the federal rules, local trader groups say the two companies are violating them by burning money to offer discounts - of more than 50% in some cases - during the ongoing festive sales.

Reuters reviewed emails and internal training material from Flipkart showing the company is in some cases offering to reduce, or forfeit, its sales commission from sellers that offer discounts.

The commerce ministry official told Reuters the government was reviewing complaints and evidence filed by the Confederation of All India Traders (CAIT), a group representing some 70 million brick-and-mortar retailers, alleging Amazon and Flipkart were violating the foreign investment rules.

The official declined to comment on possible action, but executives from Amazon and Flipkart were summoned to meet commerce ministry officials last week to discuss the matter.

Flipkart in a statement said it had a "good meeting" with government officials and it was "deeply committed to doing business the right way in India".

Amazon said it had an "open &amp; transparent discussion" with officials and has a high bar for compliance.

Seeking to attract shoppers around the key Hindu festival of Diwali, both retailers have placed full-page advertisements in top national daily the Times of India to showcase discount offerings stretching from Samsung and Apple phones to clothing and diapers.

"Customers are going online because of the unbelievable discounts. Because of these sales at offline businesses are down 30% to 40% this month," CAIT's secretary general Praveen Khandelwal said.

Flipkart&nbsp;Incentives

Two emails received by Flipkart sellers in September, just days ahead of the inaugural phase of the festive sales, showed it offering to partly fund discounts.

The company would "burn" 3% of the discount if a seller lowered a product price by 15%, or 9% if the seller discounted by 30%, said one of the emails.

In training material posted on Flipkart's restricted website for its sellers, seen by Reuters, the company asks them to prepare for the festive season by saying "nothing is bigger than this" and explaining how they can benefit by discounting products for Flipkart's premium customers.

"We want to ensure that you fetch as much profit from it as possible ... whatever the discount you are offering, half of that will be reimbursed to you by Flipkart," a post said.

A Flipkart source said the incentives were compliant with Indian regulations and were aimed at promoting sellers'&nbsp;earnings by effectively reducing the commission they pay.

All India Online Vendors Association, whose 3,500 members sell products on various online platforms including Flipkart, in a statement said fewer than 100 of its members benefitted from Flipkart`s partial discount funding, giving some sellers an unfair advantage.

The Indian government is looking into whether hefty discounts offered on Walmart-owned Flipkart and Amazon.com during their online festive sales violate foreign investment rules, a commerce ministry official told Reuters.

The Indian government is looking into whether hefty discounts offered on Walmart-owned Flipkart and Amazon.com during their online festive sales violate foreign investment rules, a commerce ministry official told Reuters. India introduced new rules in February aimed at protecting the 130 million people dependent on small-scale retail by deterring big online discounts. The rules forced e-commerce firms to tweak their business structures and drew criticism from the United States, straining trade ties between New Delhi and Washington. While Amazon and Flipkart say they've complied with the federal rules, local trader groups say the two companies are violating them by burning money to offer discounts - of more than 50% in some cases - during the ongoing festive sales. Reuters reviewed emails and internal training material from Flipkart showing the company is in some cases offering to reduce, or forfeit, its sales commission from sellers that offer discounts. The commerce ministry official told Reuters the government was reviewing complaints and evidence filed by the Confederation of All India Traders (CAIT), a group representing some 70 million brick-and-mortar retailers, alleging Amazon and Flipkart were violating the foreign investment rules. The official declined to comment on possible action, but executives from Amazon and Flipkart were summoned to meet commerce ministry officials last week to discuss the matter. Flipkart in a statement said it had a "good meeting" with government officials and it was "deeply committed to doing business the right way in India". Amazon said it had an "open & transparent discussion" with officials and has a high bar for compliance. Seeking to attract shoppers around the key Hindu festival of Diwali, both retailers have placed full-page advertisements in top national daily the Times of India to showcase discount offerings stretching from Samsung and Apple phones to clothing and diapers. "Customers are going online because of the unbelievable discounts. Because of these sales at offline businesses are down 30% to 40% this month," CAIT's secretary general Praveen Khandelwal said. Flipkart Incentives Two emails received by Flipkart sellers in September, just days ahead of the inaugural phase of the festive sales, showed it offering to partly fund discounts. The company would "burn" 3% of the discount if a seller lowered a product price by 15%, or 9% if the seller discounted by 30%, said one of the emails. In training material posted on Flipkart's restricted website for its sellers, seen by Reuters, the company asks them to prepare for the festive season by saying "nothing is bigger than this" and explaining how they can benefit by discounting products for Flipkart's premium customers. "We want to ensure that you fetch as much profit from it as possible ... whatever the discount you are offering, half of that will be reimbursed to you by Flipkart," a post said. A Flipkart source said the incentives were compliant with Indian regulations and were aimed at promoting sellers' earnings by effectively reducing the commission they pay. All India Online Vendors Association, whose 3,500 members sell products on various online platforms including Flipkart, in a statement said fewer than 100 of its members benefitted from Flipkart`s partial discount funding, giving some sellers an unfair advantage.

Government looks into Flipkart, Amazon festive discounts after retailer complaints

Hyundai Motor Group said on Tuesday that it plans to invest $34.65 billion&nbsp;in mobility technology and strategic investments by 2025, as South Korea's top automaker accelerates its attempts to catch up in the self-driving car race.

The plan, which Hyundai said encompassed autonomously, connected and electric vehicles, comes after the company and two of its affiliates announced an investment of $1.6 billion in a joint venture with US&nbsp;self-driving tech firm Aptiv.

Hyundai's plan also received a boost from the South Korean government, which said on Tuesday that it plans to spend 1.7 trillion won from 2021-27 to boost autonomous vehicle technology.

The government expects Hyundai to launch a nationwide service of fully autonomous cars to fleet customers in 2024 and the general public by 2027.

This push is part of a blueprint for future cars President Moon Jae-in announced at an event at Hyundai Motor's research centre near Seoul.

The government said it was conducting a feasibility study for its proposed funding boost, which would include parts, systems and infrastructure. It said Korea lags behind in self-driving car software and key parts like sensors and chips, despite the country's advanced, fifth-generation mobile data network.

South Korea also said it would prepare a regulatory and legal framework to ensure the safety of autonomous cars by 2024.

"We will actively transition from combustion-engine cars to future cars," Industry Minister Sung Yoon-mo said at a media briefing on Tuesday.

The government also aims to lay the technological and legal groundwork for the demonstration of flying cars in 2025. Hyundai Motor's executive vice-chairman Euisun Chung has said the company is looking at developing flying cars, which could be commercialized ahead of the most advanced self-driving cars.

Hyundai Motor Group said on Tuesday that it plans to invest $34.65 billion in mobility technology and strategic investments by 2025, as South Korea's top automaker accelerates its attempts to catch up in the self-driving car race.

Hyundai Motor Group said on Tuesday that it plans to invest $34.65 billion in mobility technology and strategic investments by 2025, as South Korea's top automaker accelerates its attempts to catch up in the self-driving car race. The plan, which Hyundai said encompassed autonomously, connected and electric vehicles, comes after the company and two of its affiliates announced an investment of $1.6 billion in a joint venture with US self-driving tech firm Aptiv. Hyundai's plan also received a boost from the South Korean government, which said on Tuesday that it plans to spend 1.7 trillion won from 2021-27 to boost autonomous vehicle technology. The government expects Hyundai to launch a nationwide service of fully autonomous cars to fleet customers in 2024 and the general public by 2027. This push is part of a blueprint for future cars President Moon Jae-in announced at an event at Hyundai Motor's research centre near Seoul. The government said it was conducting a feasibility study for its proposed funding boost, which would include parts, systems and infrastructure. It said Korea lags behind in self-driving car software and key parts like sensors and chips, despite the country's advanced, fifth-generation mobile data network. South Korea also said it would prepare a regulatory and legal framework to ensure the safety of autonomous cars by 2024. "We will actively transition from combustion-engine cars to future cars," Industry Minister Sung Yoon-mo said at a media briefing on Tuesday. The government also aims to lay the technological and legal groundwork for the demonstration of flying cars in 2025. Hyundai Motor's executive vice-chairman Euisun Chung has said the company is looking at developing flying cars, which could be commercialized ahead of the most advanced self-driving cars.

Hyundai Motor Group to invest $35 billion in future automotive tech

Paypal has gained Beijing's approval to buy controlling stake in Chinese payment firm GoPay. According to the experts, the profit path is going to be tough for Paypal.

WION Wallet: Tough path ahead for Paypal in China

From the pinnacle of the City of London's largest skyscraper, Stuart Lipton is wagering a $1.2 billion bet that the British capital remains a master of the international financial universe no matter what happens with <a href="https://www.wionews.com/world/brexit-on-october-31-a-priority-for-british-government-queen-255851">Brexit</a>.

The 76-year-old property developer is not alone. Bankrolled by a host of global investors, including France's Axa, his big-ticket gamble in London's financial district is - so far - on the money.

The cataclysmic warnings during the 2016 referendum that London would lose its financial throne if it voted to leave the European Union (EU) have, so far, been proven wrong. London is still the world's banker, only bigger by some measures.

"London is extraordinarily resilient and its future as a finance centre is secure because what we have here is unique," Lipton told Reuters on the 61st floor of 22 Bishopsgate, set to become western Europe's second tallest skyscraper when it opens next year.

In the year to June, London has attracted more cross border commercial real estate investment than any other city. It has overtaken New York as a destination for fintech investment and it has increased its dominance of the world's $6.6 trillion daily foreign exchange market.

Since the vote to leave the EU, Britain has leapfrogged the United States to become the largest centre for trading interest rate swaps, despite calls by ex-French President Francois Hollande to end London's dominance in clearing euro-denominated derivatives.

That London has expanded its influence as an international finance centre is one of the biggest riddles of the United Kingdom's tortuous three-year <a href="https://www.wionews.com/business-economy/uk-economy-starts-to-shows-cracks-under-brexit-and-global-strains-254409">Brexit crisis.</a>

The city's standing ensures the United Kingdom keeps one of its last big chips at the top table of world politics just as it splits from the EU.

It also means EU companies will still come to London to raise finance outside the bloc after Brexit, a fact not lost on Wall Street heavyweights such as Goldman Sachs and JP Morgan.

Just a mile away from 22 Bishopsgate, Goldman opened its new 1 million square foot European headquarters - complete with mothers' rooms and wildflowers on the roof - in July, three years on from the 2016 referendum.

Largely abandoned by the British government during Brexit talks, ten senior industry officials told Reuters London's financial services sector has grown since 2016 because there is no realistic competitor in its time zone.

And high-rolling bankers are too attached to its Anglo-Saxon, work-hard, play-hard culture.

The chief executive of the British division of one of Europe's largest banks said although some business will move to the EU, most senior bankers will be reluctant to leave London. He would consider taking a 20 per cent&nbsp;pay cut to remain in the city.

"If you are an Italian banker, who moved out to London 20 years ago, and your kids go to private school around the corner then you are not going to move to Frankfurt," he said.

A global hub for trading, lending and investing, London is the largest net exporter of financial services in the world, with the EU accounting for a quarter of the business.

The 2016 referendum shocked many of the masters of London's financial universe, triggering the biggest one-day fall of the pound since the era of free-floating exchange rates was introduced in the early 1970s.

But so far, most major financial institutions have opted against moving large numbers of people and activities until the loss of access to the EU's lucrative single market is confirmed.

Banks, insurers and asset managers have shifted over a trillion euros of assets such as derivatives and bonds from London to the continent and opened new EU hubs as a hedge against London suddenly being cut off from the bloc if Britain exits the EU without a formal agreement.

The Bank of England estimates around 4,000 people may have moved by the time Britain has exited the EU. But the key decisions are still taken in London.

Reuters contacted JP Morgan and Goldman, and rivals Citi, Bank of America, UBS, Morgan Stanley, Credit Suisse&nbsp;and Deutsche Bank, to seek details on how a 'no-deal Brexit' might accelerate the transfer of resources and activities from London.

All banks said they were prepared for a no-deal Brexit, and had been since the first quarter.

Earlier this year, Morgan Stanley's chief executive, James Gorman, said that he scarcely worried about Brexit. "That's not in my top 200 issues," he said.

British data shows the total number of people employed in the City between 2016 and 2018 overall rose by 31,000, though the total number of people employed specifically in banking and insurance is down 3,000 over the period.

It is not clear how much of that drop is due to Brexit and how much is due to new regulations or structural changes, such as higher numbers of tech specialists at lenders while traditional banking jobs shrink.

Initial estimates of potential job losses ranged from about 30,000 roles within a year of Britain leaving the EU, estimated by the Brussels-based Bruegel research group, to up to 75,000 by 2025 by Oliver Wyman.

Oliver Wyman said they stand by their predictions because it is important to distinguish between job losses on the first day of Brexit and over the longer term. The final number will depend upon the level of market access, which is not clear yet.

Bruegel did not respond to a request for comment.

Financial capitals such as London have remarkable longevity and their rise and fall typically happens at a glacial pace, said Youssef Cassis, a professor of economic history who specialises in financial centres.

"There is no precedent for decoupling between a major economic power- in this case, the European Union- and its financial centre, London," he said.

Some key activities have moved out of London ahead of Brexit. Eurozone government bond and repurchase agreements trading worth around 230 billion euros a day, along with clearing, switched to Amsterdam, Milan and Paris earlier this year.

London-based CBOE Europe, the EU's largest share trading venue, began trading euro shares at its new Amsterdam hub at the start of October.

Nicolas Mackel, who heads a body promoting Luxembourg's financial centre, said it would be a shift in activities and not jobs that will affect London most.

"It's not between now and Christmas you have to look, but on a five, 10, 15 and 20-year framework. It's a false comfort that you are providing by only focusing on jobs," Mackel said.

After Brexit, the $15.9 trillion EU 27 economy will still be reliant on a financial capital outside its borders, which could be politically hard for Brussels to stomach indefinitely.

One European Commission official, speaking on condition of anonymity, told Reuters that the EU had no intention of smothering Britain's financial sector to accelerate its own plans for an EU capital markets union.

But there is scepticism in the market about the longevity of such pledges.

"Why should one expect the EU to give an economic answer to what is a political challenge?" said Xavier Rolet, former head of London Stock Exchange and CEO of investment manager CQS.

"I would expect them to respond politically, even if those answers are not necessarily in the best economic interests of EU-based investors, corporates and banks."

Rolet, who said in the aftermath of the referendum that half of all finance jobs in London may disappear if derivatives clearing left the capital, said it was too early to assess the implications of Brexit.

"I do stand by my statement," he said of the potential job losses.

From the pinnacle of the City of London's largest skyscraper, Stuart Lipton is wagering a $1.2 billion bet that the British capital remains a master of the international financial universe no matter what happens with Brexit.

From the pinnacle of the City of London's largest skyscraper, Stuart Lipton is wagering a $1.2 billion bet that the British capital remains a master of the international financial universe no matter what happens with Brexit. The 76-year-old property developer is not alone. Bankrolled by a host of global investors, including France's Axa, his big-ticket gamble in London's financial district is - so far - on the money. The cataclysmic warnings during the 2016 referendum that London would lose its financial throne if it voted to leave the European Union (EU) have, so far, been proven wrong. London is still the world's banker, only bigger by some measures. "London is extraordinarily resilient and its future as a finance centre is secure because what we have here is unique," Lipton told Reuters on the 61st floor of 22 Bishopsgate, set to become western Europe's second tallest skyscraper when it opens next year. In the year to June, London has attracted more cross border commercial real estate investment than any other city. It has overtaken New York as a destination for fintech investment and it has increased its dominance of the world's $6.6 trillion daily foreign exchange market. Since the vote to leave the EU, Britain has leapfrogged the United States to become the largest centre for trading interest rate swaps, despite calls by ex-French President Francois Hollande to end London's dominance in clearing euro-denominated derivatives. That London has expanded its influence as an international finance centre is one of the biggest riddles of the United Kingdom's tortuous three-year Brexit crisis. The city's standing ensures the United Kingdom keeps one of its last big chips at the top table of world politics just as it splits from the EU. It also means EU companies will still come to London to raise finance outside the bloc after Brexit, a fact not lost on Wall Street heavyweights such as Goldman Sachs and JP Morgan. Just a mile away from 22 Bishopsgate, Goldman opened its new 1 million square foot European headquarters - complete with mothers' rooms and wildflowers on the roof - in July, three years on from the 2016 referendum. Largely abandoned by the British government during Brexit talks, ten senior industry officials told Reuters London's financial services sector has grown since 2016 because there is no realistic competitor in its time zone. And high-rolling bankers are too attached to its Anglo-Saxon, work-hard, play-hard culture. The chief executive of the British division of one of Europe's largest banks said although some business will move to the EU, most senior bankers will be reluctant to leave London. He would consider taking a 20 per cent pay cut to remain in the city. "If you are an Italian banker, who moved out to London 20 years ago, and your kids go to private school around the corner then you are not going to move to Frankfurt," he said. A global hub for trading, lending and investing, London is the largest net exporter of financial services in the world, with the EU accounting for a quarter of the business. The 2016 referendum shocked many of the masters of London's financial universe, triggering the biggest one-day fall of the pound since the era of free-floating exchange rates was introduced in the early 1970s. But so far, most major financial institutions have opted against moving large numbers of people and activities until the loss of access to the EU's lucrative single market is confirmed. Banks, insurers and asset managers have shifted over a trillion euros of assets such as derivatives and bonds from London to the continent and opened new EU hubs as a hedge against London suddenly being cut off from the bloc if Britain exits the EU without a formal agreement. The Bank of England estimates around 4,000 people may have moved by the time Britain has exited the EU. But the key decisions are still taken in London. Reuters contacted JP Morgan and Goldman, and rivals Citi, Bank of America, UBS, Morgan Stanley, Credit Suisse and Deutsche Bank, to seek details on how a 'no-deal Brexit' might accelerate the transfer of resources and activities from London. All banks said they were prepared for a no-deal Brexit, and had been since the first quarter. Earlier this year, Morgan Stanley's chief executive, James Gorman, said that he scarcely worried about Brexit. "That's not in my top 200 issues," he said. British data shows the total number of people employed in the City between 2016 and 2018 overall rose by 31,000, though the total number of people employed specifically in banking and insurance is down 3,000 over the period. It is not clear how much of that drop is due to Brexit and how much is due to new regulations or structural changes, such as higher numbers of tech specialists at lenders while traditional banking jobs shrink. Initial estimates of potential job losses ranged from about 30,000 roles within a year of Britain leaving the EU, estimated by the Brussels-based Bruegel research group, to up to 75,000 by 2025 by Oliver Wyman. Oliver Wyman said they stand by their predictions because it is important to distinguish between job losses on the first day of Brexit and over the longer term. The final number will depend upon the level of market access, which is not clear yet. Bruegel did not respond to a request for comment. Financial capitals such as London have remarkable longevity and their rise and fall typically happens at a glacial pace, said Youssef Cassis, a professor of economic history who specialises in financial centres. "There is no precedent for decoupling between a major economic power- in this case, the European Union- and its financial centre, London," he said. Some key activities have moved out of London ahead of Brexit. Eurozone government bond and repurchase agreements trading worth around 230 billion euros a day, along with clearing, switched to Amsterdam, Milan and Paris earlier this year. London-based CBOE Europe, the EU's largest share trading venue, began trading euro shares at its new Amsterdam hub at the start of October. Nicolas Mackel, who heads a body promoting Luxembourg's financial centre, said it would be a shift in activities and not jobs that will affect London most. "It's not between now and Christmas you have to look, but on a five, 10, 15 and 20-year framework. It's a false comfort that you are providing by only focusing on jobs," Mackel said. After Brexit, the $15.9 trillion EU 27 economy will still be reliant on a financial capital outside its borders, which could be politically hard for Brussels to stomach indefinitely. One European Commission official, speaking on condition of anonymity, told Reuters that the EU had no intention of smothering Britain's financial sector to accelerate its own plans for an EU capital markets union. But there is scepticism in the market about the longevity of such pledges. "Why should one expect the EU to give an economic answer to what is a political challenge?" said Xavier Rolet, former head of London Stock Exchange and CEO of investment manager CQS. "I would expect them to respond politically, even if those answers are not necessarily in the best economic interests of EU-based investors, corporates and banks." Rolet, who said in the aftermath of the referendum that half of all finance jobs in London may disappear if derivatives clearing left the capital, said it was too early to assess the implications of Brexit. "I do stand by my statement," he said of the potential job losses.

London retains global finance throne amid Brexit chaos

Singapore announced the addition of India to its&nbsp;Global Innovation Alliance (GIA) tech startup network, which will connect the island nation`s fledgeling tech companies as well as small and medium-sized enterprises (SMEs) to India`s technology ecosystem.

This collaboration was launched by S Iswaran, Singapore's Minister-in-charge of Trade Relations in Bangalore at 10th edition of TechSparks last week. Launched in 2017, GIA is an initiative led by three Singapore government bodies - the Singapore Economic Development Board (EDB), Ministry of Education (MOE) and Enterprise Singapore.

It aims to strengthen Singapore`s connections to major innovation hubs around the world, thereby creating an exchange of ideas and knowledge to promote innovation. Through this, it is envisaged that more opportunities will be available to students, entrepreneurs and businesses, to gain experience and to connect and collaborate with their overseas counterparts.

GIA further works with various in-market partners such as accelerators, incubators, co-working space providers and universities to set-up innovation launchpads overseas. Startups can expand their businesses to GIA cities by connecting to mentor networks and relevant ecosystem players.

With Bangalore onboard, the GIA network will cover 12 cities in nine countries - China (Beijing, Shanghai, Suzhou), France (Paris), Germany (Berlin and Munich), India (Bengaluru), Indonesia (Jakarta), Japan (Tokyo), Thailand (Bangkok), Vietnam (Ho Chi Minh City) and the US (San Francisco).

TechSparks 2019 is a technology event organised by YourStory, India`s foremost media technology platform which brings together startups, entrepreneurs, policymakers, business leaders, innovators, investors and media houses to discuss and debate ideas. It is also an event rich with networking opportunities.

During the event, the Singapore Minister, S Iswaran said: "We hope that this will not only pave the way for more partnerships between enterprises from both countries but also drive the growth of our startup ecosystems to benefit both our economies."

Mr Iswaran also witnessed the signing of four memoranda of understanding (MOUs), three of which involve business partnerships Enterprise Singapore has with Indian platforms. One of them is with Indian speed scaling platform Anthill Ventures. Anthill Ventures which has offices in Singapore, Hyderabad and New York, specialises in helping early-growth stage startups with among other things connecting with industry experts, mentoring, market reach and finding investors.

In the agreement with Enterprise Singapore, they will facilitate the entry of Singapore-based startups into the Indian market through Bangalore. A programme, which begins in November, will include a three-day boot camp in Singapore and a two-week immersion programme in Bangalore where participants will meet Indian enterprises and participate in field trips.

Another partnership is with The Indus Entrepreneurs Global (TiE), a non-profit startup network founded in Silicon Valley by Indian-American businessmen Kanwal Rekhi. The TiE will connect Singapore startups to mentors and venture capitalists in the Indian startup scene. Its mission is to nurture the next generation of entrepreneurs through mentoring, networking, education, funding and incubation.

Enterprise Singapore`s third MOU is with YourStory, the organisers of the event, with the aim to foster collaboration between the startups and entrepreneur communities of Singapore and India and to increase business opportunities.

The final MOU signed during the event was between Anthill Ventures and Singapore property giant CapitaLand's coworking space BRIDGE+ to provide a conducive environment for tech startups and companies to collaborate. The launchpad in CapitaLand`s International Tech Park Bengaluru&nbsp;is also where the GIA Acceleration Programme will be conducted.

Tan Soon Kim, assistant chief executive officer of Enterprise Singapore in comments to The Business Times of Singapore emphasised the bilateral nature of GIA adding that Indian startups are encouraged to come to Singapore and tap on Singapore`s rich ecosystem and thereafter to branch out into Southeast Asia.

According to a study by the Economic Research Institute for ASEAN and East Asia published recently, the digital economy of ASEAN is expected to grow by 6.4 times, from $31 billion in 2015 to $197 billion by 2025.

Bilateral trade between Singapore and India stood at $19.2 billion&nbsp;in 2018 according to Singapore`s Ministry of Trade and Industry figures. This is an increase of 15 per cent from 2015 where two-way trade stood at SGD 23.07 billion. Of this, about 65 per cent is of goods imported into India from Singapore.

Singapore was the largest foreign investor in India in the last Indian fiscal year with Singapore-based companies committing over $16.2 billion in investments.

Singapore Minister Iswaran added in a Facebook post, "The innovation ecosystems in Singapore and India have many synergies, and Bangalore has an established technology scene, along with a strong startup and innovation ecosystem. I`m encouraged that with the GIA, Singaporeans and Singapore companies will have more opportunities to collaborate with their counterparts in India to create innovative solutions."

Singapore announced the addition of India to its Global Innovation Alliance (GIA) tech startup network, which will connect the island nation`s fledgeling tech companies as well as small and medium-sized enterprises (SMEs) to India`s technology ecosystem.

Singapore announced the addition of India to its Global Innovation Alliance (GIA) tech startup network, which will connect the island nation`s fledgeling tech companies as well as small and medium-sized enterprises (SMEs) to India`s technology ecosystem. This collaboration was launched by S Iswaran, Singapore's Minister-in-charge of Trade Relations in Bangalore at 10th edition of TechSparks last week. Launched in 2017, GIA is an initiative led by three Singapore government bodies - the Singapore Economic Development Board (EDB), Ministry of Education (MOE) and Enterprise Singapore. It aims to strengthen Singapore`s connections to major innovation hubs around the world, thereby creating an exchange of ideas and knowledge to promote innovation. Through this, it is envisaged that more opportunities will be available to students, entrepreneurs and businesses, to gain experience and to connect and collaborate with their overseas counterparts. GIA further works with various in-market partners such as accelerators, incubators, co-working space providers and universities to set-up innovation launchpads overseas. Startups can expand their businesses to GIA cities by connecting to mentor networks and relevant ecosystem players. With Bangalore onboard, the GIA network will cover 12 cities in nine countries - China (Beijing, Shanghai, Suzhou), France (Paris), Germany (Berlin and Munich), India (Bengaluru), Indonesia (Jakarta), Japan (Tokyo), Thailand (Bangkok), Vietnam (Ho Chi Minh City) and the US (San Francisco). TechSparks 2019 is a technology event organised by YourStory, India`s foremost media technology platform which brings together startups, entrepreneurs, policymakers, business leaders, innovators, investors and media houses to discuss and debate ideas. It is also an event rich with networking opportunities. During the event, the Singapore Minister, S Iswaran said: "We hope that this will not only pave the way for more partnerships between enterprises from both countries but also drive the growth of our startup ecosystems to benefit both our economies." Mr Iswaran also witnessed the signing of four memoranda of understanding (MOUs), three of which involve business partnerships Enterprise Singapore has with Indian platforms. One of them is with Indian speed scaling platform Anthill Ventures. Anthill Ventures which has offices in Singapore, Hyderabad and New York, specialises in helping early-growth stage startups with among other things connecting with industry experts, mentoring, market reach and finding investors. In the agreement with Enterprise Singapore, they will facilitate the entry of Singapore-based startups into the Indian market through Bangalore. A programme, which begins in November, will include a three-day boot camp in Singapore and a two-week immersion programme in Bangalore where participants will meet Indian enterprises and participate in field trips. Another partnership is with The Indus Entrepreneurs Global (TiE), a non-profit startup network founded in Silicon Valley by Indian-American businessmen Kanwal Rekhi. The TiE will connect Singapore startups to mentors and venture capitalists in the Indian startup scene. Its mission is to nurture the next generation of entrepreneurs through mentoring, networking, education, funding and incubation. Enterprise Singapore`s third MOU is with YourStory, the organisers of the event, with the aim to foster collaboration between the startups and entrepreneur communities of Singapore and India and to increase business opportunities. The final MOU signed during the event was between Anthill Ventures and Singapore property giant CapitaLand's coworking space BRIDGE+ to provide a conducive environment for tech startups and companies to collaborate. The launchpad in CapitaLand`s International Tech Park Bengaluru is also where the GIA Acceleration Programme will be conducted. Tan Soon Kim, assistant chief executive officer of Enterprise Singapore in comments to The Business Times of Singapore emphasised the bilateral nature of GIA adding that Indian startups are encouraged to come to Singapore and tap on Singapore`s rich ecosystem and thereafter to branch out into Southeast Asia. According to a study by the Economic Research Institute for ASEAN and East Asia published recently, the digital economy of ASEAN is expected to grow by 6.4 times, from $31 billion in 2015 to $197 billion by 2025. Bilateral trade between Singapore and India stood at $19.2 billion in 2018 according to Singapore`s Ministry of Trade and Industry figures. This is an increase of 15 per cent from 2015 where two-way trade stood at SGD 23.07 billion. Of this, about 65 per cent is of goods imported into India from Singapore. Singapore was the largest foreign investor in India in the last Indian fiscal year with Singapore-based companies committing over $16.2 billion in investments. Singapore Minister Iswaran added in a Facebook post, "The innovation ecosystems in Singapore and India have many synergies, and Bangalore has an established technology scene, along with a strong startup and innovation ecosystem. I`m encouraged that with the GIA, Singaporeans and Singapore companies will have more opportunities to collaborate with their counterparts in India to create innovative solutions."

Singapore adds Bengaluru to its Global Innovation Alliance

China's <a href="https://www.wionews.com/world/huawei-cfos-arrest-at-airport-to-be-focus-of-vancouver-hearing-251487">Huawei Technologies</a> is ready to enter into a "no backdoor" agreement with India to allay security concerns, the telecom group's local head said on Monday, as the giant South Asian country prepares to launch next-generation 5G networks.

India, the world's second-biggest wireless market by users, will hold an airwaves auction for 5G services before March, according to the country's Telecoms Minister Ravi Shankar Prasad.

It has yet to begin 5G trials and has not taken a decision on allowing or banning Huawei from the test runs amid a US-led push to shut out the Chinese tech and telecoms group, saying its gear contained "back doors" that would enable China to spy on other countries. Beijing denies such a plan.

Huawei, which has a 28 per cent&nbsp;global share of the telecoms equipment market, is closely engaging with India to clarify its stand on 5G solutions, network security and Chinese intelligence laws, Jay Chen, the CEO of its India unit, told Reuters in an interview on Monday on the sidelines of India Mobile Congress.

"From the very beginning, I have confidence that Indian industry, the India market will welcome Huawei because I have contributed a lot with my unique value," Chen said. "I am ready to sign (a no-backdoor agreement)", he added.

Shenzhen-headquartered Huawei has been blacklisted by countries including the United States, Australia and New Zealand while others are still evaluating their position.

Indian telecom carriers Bharti Airtel and Vodafone Idea have used Huawei, as well as its European rivals Nokia and Ericsson, to build their 2G, 3G and 4G networks and have previously underscored the importance of having all three players in India to maintain competition, price and service quality.

"If (the Indian) government wants, we are open to having the source codes in an escrow account," Chen said, adding that the company was also willing to manufacture more of its telecoms gear locally.

China has asked India not to block Huawei from doing business in the country, warning there could be consequences for Indian firms operating in China, Reuters reported previously.

A potential row over <a href="https://www.wionews.com/business-economy/despite-us-blacklist-huawei-smartphones-made-155-billion-profit-in-first-half-of-2019-records-show-249227">Huawei's participation in India's</a> 5G push could revive tensions between Beijing and New Delhi at a time the two countries have been making high-level efforts to ensure their long-standing territorial disputes do not escalate.

Chinese President Xi Jinping and Indian Prime Minister Narendra Modi met last week in an Indian beach town in a bid to resolve border disputes, and trade rows.

"India cannot afford to wait longer for 5G," Chen said, highlighting the importance of <a href="https://www.wionews.com/world/uk-says-to-decide-on-huawei-soon-but-china-must-play-by-rules-249046">Huawei's participation</a> in the country's 5G launch. "I always suggest move forward for 5G trial, move forward with 5G auction."

China's Huawei Technologies is ready to enter into a "no backdoor" agreement with India to allay security concerns, the telecom group's local head said on Monday, as the giant South Asian country prepares to launch next-generation 5G networks.

China's Huawei Technologies is ready to enter into a "no backdoor" agreement with India to allay security concerns, the telecom group's local head said on Monday, as the giant South Asian country prepares to launch next-generation 5G networks. India, the world's second-biggest wireless market by users, will hold an airwaves auction for 5G services before March, according to the country's Telecoms Minister Ravi Shankar Prasad. It has yet to begin 5G trials and has not taken a decision on allowing or banning Huawei from the test runs amid a US-led push to shut out the Chinese tech and telecoms group, saying its gear contained "back doors" that would enable China to spy on other countries. Beijing denies such a plan. Huawei, which has a 28 per cent global share of the telecoms equipment market, is closely engaging with India to clarify its stand on 5G solutions, network security and Chinese intelligence laws, Jay Chen, the CEO of its India unit, told Reuters in an interview on Monday on the sidelines of India Mobile Congress. "From the very beginning, I have confidence that Indian industry, the India market will welcome Huawei because I have contributed a lot with my unique value," Chen said. "I am ready to sign (a no-backdoor agreement)", he added. Shenzhen-headquartered Huawei has been blacklisted by countries including the United States, Australia and New Zealand while others are still evaluating their position. Indian telecom carriers Bharti Airtel and Vodafone Idea have used Huawei, as well as its European rivals Nokia and Ericsson, to build their 2G, 3G and 4G networks and have previously underscored the importance of having all three players in India to maintain competition, price and service quality. "If (the Indian) government wants, we are open to having the source codes in an escrow account," Chen said, adding that the company was also willing to manufacture more of its telecoms gear locally. China has asked India not to block Huawei from doing business in the country, warning there could be consequences for Indian firms operating in China, Reuters reported previously. A potential row over Huawei's participation in India's 5G push could revive tensions between Beijing and New Delhi at a time the two countries have been making high-level efforts to ensure their long-standing territorial disputes do not escalate. Chinese President Xi Jinping and Indian Prime Minister Narendra Modi met last week in an Indian beach town in a bid to resolve border disputes, and trade rows. "India cannot afford to wait longer for 5G," Chen said, highlighting the importance of Huawei's participation in the country's 5G launch. "I always suggest move forward for 5G trial, move forward with 5G auction."

China's Huawei says open to 'no backdoor' agreement with India

Oil prices eased on Monday as scant details on the <a href="https://www.wionews.com/world/us-president-donald-trump-announces-partial-trade-deal-with-china-255358">first phase of a trade deal </a>between the United States and China undercut last week's optimism over the thaw that helped to lift crude markets by 2 per cent.

Brent crude futures&nbsp;edged down by 25 cents to $60.26 a barrel by 0436 GMT, while US&nbsp;West Texas Intermediate (WTI) crude futures&nbsp;was at $54.45 a barrel, down 25 cents.

Both contracts rose more than 3 per cent&nbsp;last week, their first weekly gain in three.

"There is an argument that the oil market trading during US&nbsp;hours on Friday have already had a chance to price (in) the news on the trade dispute and the better outlook for global demand," said CMC Markets chief strategist Michael McCarthy.

"So traders are reluctant to push it further given those very strong gains."

Most of the gains posted on Friday, however, had come after an Iranian oil tanker was attacked off Saudi Arabia's coast in the Red Sea. Investigations are under way to determine if the tanker was hit by missiles, which could ratchet up tensions between Tehran and Riyadh if confirmed.

The emergence of a "Phase 1" trade deal between the United States and China and a goodwill move by Washington to suspend threatened tariffs on Chinese products also helped to lifted global financial markets on Monday.&nbsp;

But investors remained cautious given that few details emerged from the talks.

"Traders view the deal in a tentative light ... This baby-step agreement could take weeks to iron out," said Stephen Innes, Asia Pacific market strategist at AxiTrader in a note.

The trade war has pressure China's trade, with its exports to the United States falling 10.7 per cent&nbsp;from a year earlier in dollar terms over January-September, Chinese customs spokesman Li Kuiwen told reporters.

China's imports from the United States, on the other hand, have fallen 26.4 per cent&nbsp;in dollar terms during the first nine months.

China's demand for oil remains strong, however, with its September imports reflecting a 10.8 per cent&nbsp;rise from a year earlier as refiners ramped up output amid stable profit margins and solid fuel demand.

Oil prices eased on Monday as scant details on the first phase of a trade deal between the United States and China undercut last week's optimism over the thaw that helped to lift crude markets by 2 per cent.

Oil prices eased on Monday as scant details on the first phase of a trade deal between the United States and China undercut last week's optimism over the thaw that helped to lift crude markets by 2 per cent. Brent crude futures edged down by 25 cents to $60.26 a barrel by 0436 GMT, while US West Texas Intermediate (WTI) crude futures was at $54.45 a barrel, down 25 cents. Both contracts rose more than 3 per cent last week, their first weekly gain in three. "There is an argument that the oil market trading during US hours on Friday have already had a chance to price (in) the news on the trade dispute and the better outlook for global demand," said CMC Markets chief strategist Michael McCarthy. "So traders are reluctant to push it further given those very strong gains." Most of the gains posted on Friday, however, had come after an Iranian oil tanker was attacked off Saudi Arabia's coast in the Red Sea. Investigations are under way to determine if the tanker was hit by missiles, which could ratchet up tensions between Tehran and Riyadh if confirmed. The emergence of a "Phase 1" trade deal between the United States and China and a goodwill move by Washington to suspend threatened tariffs on Chinese products also helped to lifted global financial markets on Monday. But investors remained cautious given that few details emerged from the talks. "Traders view the deal in a tentative light ... This baby-step agreement could take weeks to iron out," said Stephen Innes, Asia Pacific market strategist at AxiTrader in a note. The trade war has pressure China's trade, with its exports to the United States falling 10.7 per cent from a year earlier in dollar terms over January-September, Chinese customs spokesman Li Kuiwen told reporters. China's imports from the United States, on the other hand, have fallen 26.4 per cent in dollar terms during the first nine months. China's demand for oil remains strong, however, with its September imports reflecting a 10.8 per cent rise from a year earlier as refiners ramped up output amid stable profit margins and solid fuel demand.

Oil prices ease on scant details of US-China trade deal

Asian share markets firmed on Monday as signs of progress in the Sino-US&nbsp;trade standoff whetted risk appetite, though investors were wary of the damage already done to the global economy.

Indeed, data out from China underlined the pain felt with dollar-denominated exports and imports both falling by more than expected in September.

Liquidity was also lacking with Japan off and a partial market holiday in the United States for Columbus Day. MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.1 per cent&nbsp;in light trade.

Australia's main index gained 0.7 per cent and South Korea 1.3 per cent. Shanghai blue chips&nbsp;added 1.6 per cent.

While Tokyo was on holiday, Nikkei futures were trading at 22,075 compared with a Friday close of 21,798 in the Nikkei cash index. E-Mini futures for the S&amp;P 500 nudged up 0.2 per cent&nbsp;after jumping on Friday.

Sentiment had been boosted when US&nbsp;President Donald Trump outlined the <a href="https://www.wionews.com/world/us-president-donald-trump-announces-partial-trade-deal-with-china-255358">first phase of a deal </a>to end a trade war with China and suspended a threatened tariff hike, though officials on both sides said much more work needed to be done.

The emerging deal, covering agriculture, currency and some aspects of intellectual property protections, would represent the biggest step by the two countries in 15 months.

Analysts, however, advised caution.

"We have seen a truce established, and then broken, before," said Tai Hui, chief market strategist for Asia at JPMorgan Asset Management.

"The threat to global growth is weak corporate capex, and potentially spilling over into the consumer sector," Hui added. "CEOs are not going to restart investing again merely because of the latest round of agreement between the two sides."

The drag from the trade war was a major reason Singapore's central bank eased monetary policy on Monday for the first time in three years as data showed the city-state's economy had only narrowly dodged recession.

The progress on trade was still enough to slug safe-haven bonds with yields on US&nbsp;10-year Treasury notes climbing 23 basis points last week to stand at 1.74 per cent.

The yield curve also steepened as short-term rates were held down by news the Fed would start buying about $60 billion per month in Treasury bills to ensure "ample reserves" in the banking system.

The rally in risk assets had seen the yen ease across the board, leaving the dollar holding at 108.32 on Monday after hitting a 10-week top around 108.61 on Friday.

The dollar fared less well elsewhere, partly due to a jump in sterling, and was last at 98.435 against a basket of currencies&nbsp;after losing 0.5 per cent last week.

The dollar also slipped on the Chinese yuan to stand at 7.0646.

The pound was trading cautiously at $1.2598 having surged to a 15-week high around $1.2705 on Friday on optimism Britain could reach a deal on Brexit with the European Union.

However, officials from Downing Street and the EU said on Sunday a lot more work would be needed to secure an agreement on Britain's departure from the bloc.

The two sides will hold more talks on Monday ahead of a summit of EU leaders in Brussels on Thursday and Friday.

The general improvement in risk sentiment saw spot gold ease another 0.2 per cent&nbsp;to $1,486.85 per ounce.

Oil prices pared gains made on Friday when reports surfaced that an Iranian state-owned oil tanker had been attacked in the Red Sea.&nbsp;

Investors were also anxiously watching<a href="https://www.wionews.com/videos/day-5-of-turkeys-military-operation-in-syria-255702"> Turkey's incursion into Syria</a> as the White House threatened to impose heavy sanctions on Ankara.

Brent crude&nbsp;futures eased 31 cents at $60.20, while US&nbsp;crude&nbsp;lost 30 cents to $54.40 a barrel.

Asian share markets firmed on Monday as signs of progress in the Sino-US trade standoff whetted risk appetite, though investors were wary of the damage already done to the global economy.

Asian share markets firmed on Monday as signs of progress in the Sino-US trade standoff whetted risk appetite, though investors were wary of the damage already done to the global economy. Indeed, data out from China underlined the pain felt with dollar-denominated exports and imports both falling by more than expected in September. Liquidity was also lacking with Japan off and a partial market holiday in the United States for Columbus Day. MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.1 per cent in light trade. Australia's main index gained 0.7 per cent and South Korea 1.3 per cent. Shanghai blue chips added 1.6 per cent. While Tokyo was on holiday, Nikkei futures were trading at 22,075 compared with a Friday close of 21,798 in the Nikkei cash index. E-Mini futures for the S&P 500 nudged up 0.2 per cent after jumping on Friday. Sentiment had been boosted when US President Donald Trump outlined the first phase of a deal to end a trade war with China and suspended a threatened tariff hike, though officials on both sides said much more work needed to be done. The emerging deal, covering agriculture, currency and some aspects of intellectual property protections, would represent the biggest step by the two countries in 15 months. Analysts, however, advised caution. "We have seen a truce established, and then broken, before," said Tai Hui, chief market strategist for Asia at JPMorgan Asset Management. "The threat to global growth is weak corporate capex, and potentially spilling over into the consumer sector," Hui added. "CEOs are not going to restart investing again merely because of the latest round of agreement between the two sides." The drag from the trade war was a major reason Singapore's central bank eased monetary policy on Monday for the first time in three years as data showed the city-state's economy had only narrowly dodged recession. The progress on trade was still enough to slug safe-haven bonds with yields on US 10-year Treasury notes climbing 23 basis points last week to stand at 1.74 per cent. The yield curve also steepened as short-term rates were held down by news the Fed would start buying about $60 billion per month in Treasury bills to ensure "ample reserves" in the banking system. The rally in risk assets had seen the yen ease across the board, leaving the dollar holding at 108.32 on Monday after hitting a 10-week top around 108.61 on Friday. The dollar fared less well elsewhere, partly due to a jump in sterling, and was last at 98.435 against a basket of currencies after losing 0.5 per cent last week. The dollar also slipped on the Chinese yuan to stand at 7.0646. The pound was trading cautiously at $1.2598 having surged to a 15-week high around $1.2705 on Friday on optimism Britain could reach a deal on Brexit with the European Union. However, officials from Downing Street and the EU said on Sunday a lot more work would be needed to secure an agreement on Britain's departure from the bloc. The two sides will hold more talks on Monday ahead of a summit of EU leaders in Brussels on Thursday and Friday. The general improvement in risk sentiment saw spot gold ease another 0.2 per cent to $1,486.85 per ounce. Oil prices pared gains made on Friday when reports surfaced that an Iranian state-owned oil tanker had been attacked in the Red Sea. Investors were also anxiously watching Turkey's incursion into Syria as the White House threatened to impose heavy sanctions on Ankara. Brent crude futures eased 31 cents at $60.20, while US crude lost 30 cents to $54.40 a barrel.

Asia relieved at latest trade truce, China data disappoints

Indian shares edged higher on Monday ahead of the release of key inflation data, while broader Asian peers rose on optimism from the positive tone of the Sino-US trade talks.

The broader NSE Nifty rose 0.27% at 11,336.70 as of 0415 GMT, while the benchmark BSE Sensex was up 0.24% at 38,211.46.

Indian retail inflation probably reached a 12-month high in September, but still leaving room for further interest rate cuts because it's expected to remain below the Reserve Bank of India's target, according to a Reuters poll.

However, India's industrial output shrank at its fastest rate in more than six years in August, reflecting the impact of an economic slowdown.

India's growth has been plagued by a drop in demand and flooding due to above-normal monsoon, Barclays analyst Rahul Bajoria said, but indicated that there could be a bounce-back in the second half of the year.

"The case remains strong for further support to aggregate demand, and the household sector in particular," Bajoria wrote in a note.

Metal stocks led gains as the Nifty metals rose about 1.1% as commodity prices rose due to the progress in the Sino-US trade talks.

Meanwhile, IT shares fell as India's No. 2 software exporter Infosys Ltd reported a September-quarter profit that could only meet expectations on Friday, signalling a tricky macroeconomic environment for the sector

Infosys results came after a below-par showing from larger rival Tata Consultancy Services a day earlier.

Infosys shares fell 3.44%, dragging the Nifty IT index 1%.

Meanwhile, broader Asian peers rose as US President Donald Trump outlined the first phase of a deal to end a trade war with China and suspended a threatened tariff hike, though officials on both sides said much more work needed to be done.

MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.5%.

Indian shares edged higher on Monday ahead of the release of key inflation data, while broader Asian peers rose on optimism from the positive tone of the Sino-US trade talks.

Indian shares edged higher on Monday ahead of the release of key inflation data, while broader Asian peers rose on optimism from the positive tone of the Sino-US trade talks. The broader NSE Nifty rose 0.27% at 11,336.70 as of 0415 GMT, while the benchmark BSE Sensex was up 0.24% at 38,211.46. Indian retail inflation probably reached a 12-month high in September, but still leaving room for further interest rate cuts because it's expected to remain below the Reserve Bank of India's target, according to a Reuters poll. However, India's industrial output shrank at its fastest rate in more than six years in August, reflecting the impact of an economic slowdown. India's growth has been plagued by a drop in demand and flooding due to above-normal monsoon, Barclays analyst Rahul Bajoria said, but indicated that there could be a bounce-back in the second half of the year. "The case remains strong for further support to aggregate demand, and the household sector in particular," Bajoria wrote in a note. Metal stocks led gains as the Nifty metals rose about 1.1% as commodity prices rose due to the progress in the Sino-US trade talks. Meanwhile, IT shares fell as India's No. 2 software exporter Infosys Ltd reported a September-quarter profit that could only meet expectations on Friday, signalling a tricky macroeconomic environment for the sector Infosys results came after a below-par showing from larger rival Tata Consultancy Services a day earlier. Infosys shares fell 3.44%, dragging the Nifty IT index 1%. Meanwhile, broader Asian peers rose as US President Donald Trump outlined the first phase of a deal to end a trade war with China and suspended a threatened tariff hike, though officials on both sides said much more work needed to be done. MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.5%.

Sensex, Nifty rise ahead of inflation data; Infosys drops

Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Monday said that investment worth $58 billion is expected in&nbsp;<a href="https://www.wionews.com/india-news/india-investing-60-billion-on-gas-grid-to-link-up-nation-by-2024-255711">India's oil exploration and production sector</a> in the next two years, while $60 billion have&nbsp;already been invested to create gas-based infrastructure in the country. 
 
"We have invested around US dollar 60 billion to create a gas-based infrastructure in India. US dollar 58 billion investment is expected in two years in the oil exploration and production sector. New refineries and terminals, expanding the market size, bio-fuel are the priority areas," said Pradhan while addressing the third "India Energy Forum" in the national capital. 
 
He said that the centre is committed to making India a low carbon economy while stating that India's per capita carbon emission is far less than the world average. 
 
"The Central government is committed to making India a low carbon economy, although our per capita carbon emission is far less than the world average, particularly the Organisation for Economic Cooperation and Development (OECD) countries," said Pradhan. 
 
The Union Minister also stressed the need for expediting gas exploration and developing import and distribution infrastructure. 
 
"The oil sector can play a major role in realising the dream of making India a five trillion dollar economy by 2024. Schemes like 'Ujjwala' and 'Saubhagya' have transformed the lives of the people of the country," he said. 
 
Pradhan also batted for bringing the aviation turbine fuel (ATF) and natural gas under the ambit of the Goods and Services Tax (GST).

Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Monday said that investment worth $58 billion is expected in India's oil exploration and production sector in the next two years, while $60 billion have already been invested to create gas-based infrastructure in the country.

Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Monday said that investment worth $58 billion is expected in India's oil exploration and production sector in the next two years, while $60 billion have already been invested to create gas-based infrastructure in the country. "We have invested around US dollar 60 billion to create a gas-based infrastructure in India. US dollar 58 billion investment is expected in two years in the oil exploration and production sector. New refineries and terminals, expanding the market size, bio-fuel are the priority areas," said Pradhan while addressing the third "India Energy Forum" in the national capital. He said that the centre is committed to making India a low carbon economy while stating that India's per capita carbon emission is far less than the world average. "The Central government is committed to making India a low carbon economy, although our per capita carbon emission is far less than the world average, particularly the Organisation for Economic Cooperation and Development (OECD) countries," said Pradhan. The Union Minister also stressed the need for expediting gas exploration and developing import and distribution infrastructure. "The oil sector can play a major role in realising the dream of making India a five trillion dollar economy by 2024. Schemes like 'Ujjwala' and 'Saubhagya' have transformed the lives of the people of the country," he said. Pradhan also batted for bringing the aviation turbine fuel (ATF) and natural gas under the ambit of the Goods and Services Tax (GST).

Investment worth $58 billion expected in India's oil exploration, production sector: Dharmendra Pradhan

The World Bank on Sunday slashed its growth forecast for India's current fiscal year to 6%, down from 7.5%, warning that the "severe" slowdown could further weaken the country's stuttering financial sector.

In its last forecast in April, the bank had said that India's economic outlook was strong and expected growth of 7.5% during the current fiscal year that began in April.

But Asia's third-largest economy is currently growing at its slowest pace in six years, expanding by just 5% in the April-June quarter, hit by flagging consumer demand and a slackening in government spending.

India’s industrial output also shrank at its fastest rate in more than six years in August, data released last week showed, indicating that a slew of government measures had yet to underpin a recovery.

In an effort to kick-start the economy, India's central bank has cut interest rates five times this year, and underlined the challenge for policymakers by downgrading its growth forecast to 6.1% from 6.9% earlier this month.

Last week, ratings agency Moody’s Investors Service lowered its growth forecast for India to 5.8% for the current fiscal year from 6.2%, adding that a long period of weak growth will hamper the government’s fiscal consolidation plans.

The World Bank's latest forecast also underlined similar concerns linked to slowing growth and New Delhi’s decision to cut the corporate tax rate, which will cost about 1.5 trillion rupees in tax revenues.

"While the authorities have shown steadfast commitment to fiscal prudence, the significant growth deceleration as well as the corporate tax cuts undertaken to counter it come with heightened risks of fiscal slippage," the bank's report said.

The bank said it expects the economy to gradually recover, growing at 6.9% in the fiscal 20/21 starting next April.

The World Bank on Sunday slashed its growth forecast for India's current fiscal year to 6%, down from 7.5%, warning that the "severe" slowdown could further weaken the country's stuttering financial sector.

The World Bank on Sunday slashed its growth forecast for India's current fiscal year to 6%, down from 7.5%, warning that the "severe" slowdown could further weaken the country's stuttering financial sector. In its last forecast in April, the bank had said that India's economic outlook was strong and expected growth of 7.5% during the current fiscal year that began in April. But Asia's third-largest economy is currently growing at its slowest pace in six years, expanding by just 5% in the April-June quarter, hit by flagging consumer demand and a slackening in government spending. India’s industrial output also shrank at its fastest rate in more than six years in August, data released last week showed, indicating that a slew of government measures had yet to underpin a recovery. In an effort to kick-start the economy, India's central bank has cut interest rates five times this year, and underlined the challenge for policymakers by downgrading its growth forecast to 6.1% from 6.9% earlier this month. Last week, ratings agency Moody’s Investors Service lowered its growth forecast for India to 5.8% for the current fiscal year from 6.2%, adding that a long period of weak growth will hamper the government’s fiscal consolidation plans. The World Bank's latest forecast also underlined similar concerns linked to slowing growth and New Delhi’s decision to cut the corporate tax rate, which will cost about 1.5 trillion rupees in tax revenues. "While the authorities have shown steadfast commitment to fiscal prudence, the significant growth deceleration as well as the corporate tax cuts undertaken to counter it come with heightened risks of fiscal slippage," the bank's report said. The bank said it expects the economy to gradually recover, growing at 6.9% in the fiscal 20/21 starting next April.

World Bank slashes India's growth forecast to 6% for this fiscal year