Volkswagen and Porsche have to recall around 227,000 cars due to problems with airbags and seatbelt pre-tensioners, Germany's Stuttgarter Zeitung said on Thursday.

The newspaper said the Tiguan, Sharan, and CC models built in 2015 as well as the Porsche 911, Boxter, Cayman, and Panamera models from 2015 and 2016. It cited Germany's Kraftfahrt-Bundesamt (KBA) federal motor authority as saying the cars needed an update to the software of the airbag control units.

Volkswagen said 227,000 VW and Porsche cars were affected, citing possible problems with airbags in some of them and adding that new software needed to be installed.

A spokesman for Porsche said around 23,500 Porsche models could be affected by airbags or seatbelt pre-tensioners triggering even if the vehicle was not involved in an accident. It said the models affected were built in 2015 and 2016 and added that of the vehicles affected, around 3,900 were in Germany.

 
&nbsp;

Volkswagen and Porsche have to recall around 227,000 cars due to problems with airbags and seatbelt pre-tensioners, Germany's Stuttgarter Zeitung said on Thursday.

Volkswagen and Porsche have to recall around 227,000 cars due to problems with airbags and seatbelt pre-tensioners, Germany's Stuttgarter Zeitung said on Thursday. The newspaper said the Tiguan, Sharan, and CC models built in 2015 as well as the Porsche 911, Boxter, Cayman, and Panamera models from 2015 and 2016. It cited Germany's Kraftfahrt-Bundesamt (KBA) federal motor authority as saying the cars needed an update to the software of the airbag control units. Volkswagen said 227,000 VW and Porsche cars were affected, citing possible problems with airbags in some of them and adding that new software needed to be installed. A spokesman for Porsche said around 23,500 Porsche models could be affected by airbags or seatbelt pre-tensioners triggering even if the vehicle was not involved in an accident. It said the models affected were built in 2015 and 2016 and added that of the vehicles affected, around 3,900 were in Germany.

Volkswagen, Porsche to recall around 227,000 cars over airbag, seatbelt issues: Report

Amazon.com, Walmart-owned Flipkart and other e-commerce portals in India scrambled on Thursday to pull listings of vaping products a day after the federal government imposed a nationwide <a href="https://www.wionews.com/india-news/government-bans-e-cigarettes-citing-health-hazards-250374">ban on electronic cigarettes</a>.

Warning of an "epidemic" among young people, India banned the sale, production, import and advertising of <a href="https://www.wionews.com/world/world-health-organization-says-e-cigarettes-undoubtedly-harmful-238779">e-cigarettes</a>, dealing a blow to plans of companies such as Philip Morris International and Juul Labs to sell the products in India.

Websites such as Vapestop and Litejoy, which offered vaping products online, discontinued their operations and ran disclaimers related to the government order.

Vaping products, however, were still available on Amazon's India site, while Flipkart and Softbank-backed Snapdeal removed e-cigarettes which were available earlier in the day, Reuters found.

"Online advertising and sales are banned. E-commerce service providers should take down the advertisements and sale offers immediately," Vikas Sheel, a senior health ministry official told Reuters, when asked about the online listings.

Amazon's India site was selling the "Honey Badger" vape device, which resembles a USB flash drive, for 2,799 rupees ($39.35), with flavoured refills. Flipkart had also listed the product earlier.

Amazon said e-cigarettes are not allowed to be listed or sold on&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=http://Amazon.co.in&amp;source=gmail&amp;ust=1568981438627000&amp;usg=AFQjCNEneKHjksBQXERzXjN7RgagedFjaA" href="http://amazon.co.in/" target="_blank">Amazon.co.in</a>&nbsp;as per its policy and it takes action if it learns about sellers evasively listing a prohibited product.

A source with direct knowledge said that Amazon was working to quickly remove the listings.

Flipkart in a statement said it was aware of the ban order and was working with sellers to remove all such products.

Snapdeal, another leading e-commerce website in India, said the e-cigarette category had been disabled.

On Wednesday, India's health ministry said use of e-cigarettes had increased exponentially and acquired epidemic proportions in developed countries, especially among youth and children.

India's ban was issued through an executive order, which has been in force since Wednesday night, a health ministry spokeswoman said.

Pro-vaping groups in India have criticized the government's decision, saying it would deter people from switching from conventional cigarettes to less harmful alternatives.

Amazon.com, Walmart-owned Flipkart and other e-commerce portals in India scrambled on Thursday to pull listings of vaping products a day after the federal government imposed a nationwide ban on electronic cigarettes.

Amazon.com, Walmart-owned Flipkart and other e-commerce portals in India scrambled on Thursday to pull listings of vaping products a day after the federal government imposed a nationwide ban on electronic cigarettes. Warning of an "epidemic" among young people, India banned the sale, production, import and advertising of e-cigarettes, dealing a blow to plans of companies such as Philip Morris International and Juul Labs to sell the products in India. Websites such as Vapestop and Litejoy, which offered vaping products online, discontinued their operations and ran disclaimers related to the government order. Vaping products, however, were still available on Amazon's India site, while Flipkart and Softbank-backed Snapdeal removed e-cigarettes which were available earlier in the day, Reuters found. "Online advertising and sales are banned. E-commerce service providers should take down the advertisements and sale offers immediately," Vikas Sheel, a senior health ministry official told Reuters, when asked about the online listings. Amazon's India site was selling the "Honey Badger" vape device, which resembles a USB flash drive, for 2,799 rupees ($39.35), with flavoured refills. Flipkart had also listed the product earlier. Amazon said e-cigarettes are not allowed to be listed or sold on Amazon.co.in as per its policy and it takes action if it learns about sellers evasively listing a prohibited product. A source with direct knowledge said that Amazon was working to quickly remove the listings. Flipkart in a statement said it was aware of the ban order and was working with sellers to remove all such products. Snapdeal, another leading e-commerce website in India, said the e-cigarette category had been disabled. On Wednesday, India's health ministry said use of e-cigarettes had increased exponentially and acquired epidemic proportions in developed countries, especially among youth and children. India's ban was issued through an executive order, which has been in force since Wednesday night, a health ministry spokeswoman said. Pro-vaping groups in India have criticized the government's decision, saying it would deter people from switching from conventional cigarettes to less harmful alternatives.

Flipkart, Amazon, others rush to pull vaping devices after India ban

Aviation safety regulator may ask Boeing to set up simulators in India to train pilots on the 737 MAX planes once it clears the aircraft as safe for flying, a senior official with direct knowledge of the matter told Reuters.

The 737 MAX, the fastest-selling plane in Boeing's history, has been grounded the world over since March in the aftermath of two fatal crashes in five months that killed 346 people.

Directorate General of Civil Aviation (DGCA) will also conduct an independent inspection of the grounded planes once they are cleared for flying by the US&nbsp;regulator, the Federal Aviation Administration (FAA).

"Once FAA re-certifies it and says these issues have been resolved then we will evaluate whether what they are saying is right or wrong ... We will carry out our own inspections," the official said, adding that it is unlikely the planes will fly in Indian skies until next year.

Boeing is making software changes and drawing up a new pilot training plan, and will need to conduct a key certification test flight to get the FAA's approval before it can put the planes back in the air. Some federal officials expect the test flight to be conducted in October.

"Later this year India will send a team. We would like to take a look at their flight data, some simulators will also be required for training pilots," the official said, adding it may ask Boeing to have simulators in India.

Budget carrier SpiceJet has about a dozen Boeing 737 MAX planes in its fleet and a total of 155 on order - among the largest single orders for the narrow-body plane.

Boeing has delivered 219 737 MAX jets to customers globally, with 4,564 orders for jets yet to be delivered. The Boeing 737 MAX is a more fuel-efficient version of the manufacturer's best-selling single-aisle 737 series. 
&nbsp;

Aviation safety regulator may ask Boeing to set up simulators in India to train pilots on the 737 MAX planes once it clears the aircraft as safe for flying, a senior official with direct knowledge of the matter told Reuters.

Aviation safety regulator may ask Boeing to set up simulators in India to train pilots on the 737 MAX planes once it clears the aircraft as safe for flying, a senior official with direct knowledge of the matter told Reuters. The 737 MAX, the fastest-selling plane in Boeing's history, has been grounded the world over since March in the aftermath of two fatal crashes in five months that killed 346 people. Directorate General of Civil Aviation (DGCA) will also conduct an independent inspection of the grounded planes once they are cleared for flying by the US regulator, the Federal Aviation Administration (FAA). "Once FAA re-certifies it and says these issues have been resolved then we will evaluate whether what they are saying is right or wrong ... We will carry out our own inspections," the official said, adding that it is unlikely the planes will fly in Indian skies until next year. Boeing is making software changes and drawing up a new pilot training plan, and will need to conduct a key certification test flight to get the FAA's approval before it can put the planes back in the air. Some federal officials expect the test flight to be conducted in October. "Later this year India will send a team. We would like to take a look at their flight data, some simulators will also be required for training pilots," the official said, adding it may ask Boeing to have simulators in India. Budget carrier SpiceJet has about a dozen Boeing 737 MAX planes in its fleet and a total of 155 on order - among the largest single orders for the narrow-body plane. Boeing has delivered 219 737 MAX jets to customers globally, with 4,564 orders for jets yet to be delivered. The Boeing 737 MAX is a more fuel-efficient version of the manufacturer's best-selling single-aisle 737 series.

Aviation watchdog may ask Boeing to set up 737 MAX simulators in India

Indian shares closed over 1 per cent&nbsp;lower on Thursday, with financial and metal stocks falling the most, as markets remained wary of government's measures to revive slowing economic growth.

The broader NSE Nifty ended 1.25 per cent&nbsp;down at 10,704.80, while the benchmark BSE Sensex fell 1.29 per cent&nbsp;to 36,093.47.

"There is a clear disappointment in the market. The government is showing intent to help, but that is not enough to calm down investors", said Saurabh Jain, assistant vice-president of research at SMC Global Securities in New Delhi.

"There is chaos and the benefit of the doubt that markets were giving to the government that they may come to the rescue is not holding up."

Indian markets have been hammered so far this week on concerns around surging crude prices and slowing economic growth, both at home and globally.

Yes Bank Ltd, which fell 15.76 per cent,&nbsp;was the top decliner on the NSE index.

The Nifty PSU bank index shed 2.25 per cent,&nbsp;with all 12 constituents closing below 1 per cent.

The Nifty Metals index settled 1.63 per cent&nbsp;lower, with 13 out of 15 constituents finishing in the red.

Shares of lender Indiabulls Housing Finance Ltd fell as much as 9.06 per cent&nbsp;to its lowest in nearly five years.

Meanwhile, only seven out of 50 stocks on the blue-chip index ended higher.

Indian shares closed over 1 per cent lower on Thursday, with financial and metal stocks falling the most, as markets remained wary of government's measures to revive slowing economic growth.

Indian shares closed over 1 per cent lower on Thursday, with financial and metal stocks falling the most, as markets remained wary of government's measures to revive slowing economic growth. The broader NSE Nifty ended 1.25 per cent down at 10,704.80, while the benchmark BSE Sensex fell 1.29 per cent to 36,093.47. "There is a clear disappointment in the market. The government is showing intent to help, but that is not enough to calm down investors", said Saurabh Jain, assistant vice-president of research at SMC Global Securities in New Delhi. "There is chaos and the benefit of the doubt that markets were giving to the government that they may come to the rescue is not holding up." Indian markets have been hammered so far this week on concerns around surging crude prices and slowing economic growth, both at home and globally. Yes Bank Ltd, which fell 15.76 per cent, was the top decliner on the NSE index. The Nifty PSU bank index shed 2.25 per cent, with all 12 constituents closing below 1 per cent. The Nifty Metals index settled 1.63 per cent lower, with 13 out of 15 constituents finishing in the red. Shares of lender Indiabulls Housing Finance Ltd fell as much as 9.06 per cent to its lowest in nearly five years. Meanwhile, only seven out of 50 stocks on the blue-chip index ended higher.

Nifty, Sensex end over 1% lower; banks, metal stocks take a beating

Indian shares closed over 1 per cent&nbsp;lower on Thursday, with financial and metal stocks falling the most, as markets remained wary of government's measures to revive slowing economic growth.

The broader NSE Nifty ended 1.25 per cent&nbsp;down at 10,704.80, while the benchmark BSE Sensex fell 1.29 per cent&nbsp;to 36,093.47.

"There is a clear disappointment in the market. The government is showing intent to help, but that is not enough to calm down investors", said Saurabh Jain, assistant vice-president of research at SMC Global Securities in New Delhi.

"There is chaos and the benefit of doubt that markets were giving to the government that they may come to the rescue is not holding up."

Indian markets have been hammered so far this week on concerns around surging crude prices and slowing economic growth, both at home and globally.

Yes Bank Ltd, which fell 15.76 per cent,&nbsp;was the top decliner on the NSE index.

The Nifty PSU bank index shed 2.25 per cent,&nbsp;with all 12 constituents closing below 1 per cent.

The Nifty Metals index settled 1.63 per cent&nbsp;lower, with 13 out of 15 constituents finishing in the red.

Shares of lender Indiabulls Housing Finance Ltd fell as much as 9.06 per cent&nbsp;to its lowest in nearly five years.

Meanwhile, only seven out of 50 stocks on the blue-chip index ended higher.

Indian shares closed over 1 per cent lower on Thursday, with financial and metal stocks falling the most, as markets remained wary of government's measures to revive slowing economic growth. The broader NSE Nifty ended 1.25 per cent down at 10,704.80, while the benchmark BSE Sensex fell 1.29 per cent to 36,093.47. "There is a clear disappointment in the market. The government is showing intent to help, but that is not enough to calm down investors", said Saurabh Jain, assistant vice-president of research at SMC Global Securities in New Delhi. "There is chaos and the benefit of doubt that markets were giving to the government that they may come to the rescue is not holding up." Indian markets have been hammered so far this week on concerns around surging crude prices and slowing economic growth, both at home and globally. Yes Bank Ltd, which fell 15.76 per cent, was the top decliner on the NSE index. The Nifty PSU bank index shed 2.25 per cent, with all 12 constituents closing below 1 per cent. The Nifty Metals index settled 1.63 per cent lower, with 13 out of 15 constituents finishing in the red. Shares of lender Indiabulls Housing Finance Ltd fell as much as 9.06 per cent to its lowest in nearly five years. Meanwhile, only seven out of 50 stocks on the blue-chip index ended higher.

Equity indices faced bearish tendencies during the afternoon on Thursday as selling pressure extended across all segments.

At 2 pm, the BSE S&amp;P Sensex was down by 496 points or 1.3 per cent at 36,068 while the Nifty 50 slipped by 129 points to 10,711.

At the National Stock Exchange, all sectoral indices were in the red. Nifty media plunged by 4.6 per cent, PSU bank by 2.4 per cent, metal by 2.7 per cent and pharma by 1.8 per cent.

Among stocks, Yes Bank was the top loser which shed 12 per cent to Rs 56.35 per share after CARE Ratings downgraded ratings of non-convertible debentures of Morgan Credits, one of the private lender's promoter entities.

Other private lenders like IndusInd Bank, ICICI Bank and Axis Bank too were in the red.

Zee Entertainment plunged by 8 per cent following reports that its promoter has been restricted from selling its stake in the media company. Tata Steel and JSW Steel were down by 4.6 per cent and 2.3 per cent respectively.

The other prominent losers were Indiabulls Housing Finance which slipped by 7.7 per cent, Vedanta by 4 per cent and Reliance Industries by 2.1 per cent.

However, those which showed some gains were Tata Motors, Bharti Airtel, Asian Paints, Britannia and Coal India.

Equity indices faced bearish tendencies during the afternoon on Thursday as selling pressure extended across all segments. At 2 pm, the BSE S&P Sensex was down by 496 points or 1.

Equity indices faced bearish tendencies during the afternoon on Thursday as selling pressure extended across all segments. At 2 pm, the BSE S&P Sensex was down by 496 points or 1.3 per cent at 36,068 while the Nifty 50 slipped by 129 points to 10,711. At the National Stock Exchange, all sectoral indices were in the red. Nifty media plunged by 4.6 per cent, PSU bank by 2.4 per cent, metal by 2.7 per cent and pharma by 1.8 per cent. Among stocks, Yes Bank was the top loser which shed 12 per cent to Rs 56.35 per share after CARE Ratings downgraded ratings of non-convertible debentures of Morgan Credits, one of the private lender's promoter entities. Other private lenders like IndusInd Bank, ICICI Bank and Axis Bank too were in the red. Zee Entertainment plunged by 8 per cent following reports that its promoter has been restricted from selling its stake in the media company. Tata Steel and JSW Steel were down by 4.6 per cent and 2.3 per cent respectively. The other prominent losers were Indiabulls Housing Finance which slipped by 7.7 per cent, Vedanta by 4 per cent and Reliance Industries by 2.1 per cent. However, those which showed some gains were Tata Motors, Bharti Airtel, Asian Paints, Britannia and Coal India.

Sensex drops by 496 points while Nifty hovers around 10,710

The US Federal Reserve cut interest rates again on Wednesday to help sustain a record-long economic expansion but signalled a higher bar to further reductions in borrowing costs, eliciting a fast and sharp rebuke from President Donald Trump.

Describing the US economic outlook as "favourable," Fed Chair Jerome Powell said the rate cut was designed "to provide insurance against ongoing risks" including weak global growth and resurgent trade tensions.

"If the economy does turn down, then a more extensive sequence of rate cuts could be appropriate," Powell said in a news conference after the Fed announced it had lowered its benchmark overnight lending rate by a quarter of a percentage point to a range of 1.75% to 2.00%. It was the second Fed rate cut this year.

But, Powell said, "what we think we are facing here is a situation which can be addressed, which should be addressed, with moderate adjustments to the federal funds rate," noting that the US&nbsp;labour market was strong and inflation was likely to return to the Fed's 2% annual goal.

"We are going to be highly data-dependent ... We are not on a pre-set course, we are going to be making decisions meeting by meeting," Powell said, adding that the Fed would stop cutting rates "when we think we've done enough."

Trump blasted Powell, saying the central bank chief had "No 'guts,' no sense, no vision!"

"A terrible communicator," Trump tweeted before Powell had even begun his news conference.

Later, Trump told reporters during a trip to California: "I think it's fine. I think that frankly they should have acted faster."

Underscoring divisions within the central bank, the quarter-point rate cut on Wednesday drew dissents from three of the 10 voting policymakers.

Kansas City Fed President Esther George and Boston Fed President Eric Rosengren called for no rate cut, and St. Louis Fed President James Bullard wanted a bigger half-point rate cut.

Forecasts from all 17 policymakers released at the end of the meeting showed even broader disagreement, with seven expecting a third rate cut this year, five seeing the current rate cut as the last for 2019, and five who appeared to have been against even Wednesday's move.

Technical adjustments

The central bank also widened the gap between the interest it pays banks on excess reserves and the top of its policy rate range, a step taken to smooth out problems in money markets that prompted a market intervention by the New York Fed this week.

In a hint that the Fed may soon take bigger steps, Powell acknowledged that strains in funding markets had been bigger than expected, and he said the central bank may need to resume increases to the Fed's balance sheet "earlier" than previously thought.

US stocks, lower ahead of the statement, extended their losses and the US Treasury yield curve flattened. The 10-year Treasury note yield inched up to 1.79%.

The dollar gained ground against the euro and yen.

"Another rate cut from the Fed to try to shield the US economy from global headwinds," said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington. "Today’s move was more of a hawkish easing in that the Fed’s median forecasts for rates suggested no more cuts this year, while some officials dissented."

Still, traders of interest rate futures were betting on one more quarter-point rate cut this year.

New projections showed Fed policymakers at the median expected rates to stay within the new range through 2020.

"There is a lot of uncertainty" around rate-path views and the economic outlook, Powell said.

There was little change in policymakers' projections for the economy, with GDP growth seen at a slightly higher 2.2% this year and the unemployment rate to be 3.7% through 2020. Inflation is projected to be 1.5% for the year, below the Fed's 2% target, before rising to 1.9% next year.

The Fed also cut rates in July, the first such move since 2008, as it responded to risks from Trump's trade war with China and other overseas developments.

The US Federal Reserve cut interest rates again on Wednesday to help sustain a record-long economic expansion but signalled a higher bar to further reductions in borrowing costs, eliciting a fast and sharp rebuke from President Donald Trump.

The US Federal Reserve cut interest rates again on Wednesday to help sustain a record-long economic expansion but signalled a higher bar to further reductions in borrowing costs, eliciting a fast and sharp rebuke from President Donald Trump. Describing the US economic outlook as "favourable," Fed Chair Jerome Powell said the rate cut was designed "to provide insurance against ongoing risks" including weak global growth and resurgent trade tensions. "If the economy does turn down, then a more extensive sequence of rate cuts could be appropriate," Powell said in a news conference after the Fed announced it had lowered its benchmark overnight lending rate by a quarter of a percentage point to a range of 1.75% to 2.00%. It was the second Fed rate cut this year. But, Powell said, "what we think we are facing here is a situation which can be addressed, which should be addressed, with moderate adjustments to the federal funds rate," noting that the US labour market was strong and inflation was likely to return to the Fed's 2% annual goal. "We are going to be highly data-dependent ... We are not on a pre-set course, we are going to be making decisions meeting by meeting," Powell said, adding that the Fed would stop cutting rates "when we think we've done enough." Trump blasted Powell, saying the central bank chief had "No 'guts,' no sense, no vision!" "A terrible communicator," Trump tweeted before Powell had even begun his news conference. Later, Trump told reporters during a trip to California: "I think it's fine. I think that frankly they should have acted faster." Underscoring divisions within the central bank, the quarter-point rate cut on Wednesday drew dissents from three of the 10 voting policymakers. Kansas City Fed President Esther George and Boston Fed President Eric Rosengren called for no rate cut, and St. Louis Fed President James Bullard wanted a bigger half-point rate cut. Forecasts from all 17 policymakers released at the end of the meeting showed even broader disagreement, with seven expecting a third rate cut this year, five seeing the current rate cut as the last for 2019, and five who appeared to have been against even Wednesday's move. Technical adjustments The central bank also widened the gap between the interest it pays banks on excess reserves and the top of its policy rate range, a step taken to smooth out problems in money markets that prompted a market intervention by the New York Fed this week. In a hint that the Fed may soon take bigger steps, Powell acknowledged that strains in funding markets had been bigger than expected, and he said the central bank may need to resume increases to the Fed's balance sheet "earlier" than previously thought. US stocks, lower ahead of the statement, extended their losses and the US Treasury yield curve flattened. The 10-year Treasury note yield inched up to 1.79%. The dollar gained ground against the euro and yen. "Another rate cut from the Fed to try to shield the US economy from global headwinds," said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington. "Today’s move was more of a hawkish easing in that the Fed’s median forecasts for rates suggested no more cuts this year, while some officials dissented." Still, traders of interest rate futures were betting on one more quarter-point rate cut this year. New projections showed Fed policymakers at the median expected rates to stay within the new range through 2020. "There is a lot of uncertainty" around rate-path views and the economic outlook, Powell said. There was little change in policymakers' projections for the economy, with GDP growth seen at a slightly higher 2.2% this year and the unemployment rate to be 3.7% through 2020. Inflation is projected to be 1.5% for the year, below the Fed's 2% target, before rising to 1.9% next year. The Fed also cut rates in July, the first such move since 2008, as it responded to risks from Trump's trade war with China and other overseas developments.

US Federal Reserve cuts interest rates, signals holding pattern for now

British home improvement retailer Kingfisher on Wednesday reported a 6.4 per cent fall in underlying first-half profit, mainly hurt by the weak performance of its French operation, underlining the task ahead for its new chief executive.

Kingfisher is in the fourth year of a five-year programme that was designed to boost earnings. However, profits went backward in 2018-19 and the group said in March it would part company with Veronique Laury, its CEO since 2014.

She exits next week and will be succeeded by Carrefour veteran Thierry Garnier.

Kingfisher's shares have fallen 24 per cent over the last year and some analysts believe the firm is vulnerable to a possible bid from private equity.

The group, whose main businesses are B&amp;Q and Screwfix in Britain and Castorama and Brico Depot in France and elsewhere, said it made an underlying pretax profit of 353 million pounds in the six months to July 31. While that was ahead of analysts' average forecast of 342 million pounds, it was down from 377 million pounds made in the same period last year.

Total sales fell 0.9 per cent on a constant currency basis to 6 billion pounds. Like-for-like sales were down 1.8 per cent, with growth in Screwfix, Poland, and Romania offset by B&amp;Q and France.

Kingfisher said its outlook by geography remained mixed, highlighting continued uncertainty around UK consumer demand.

It maintained its forecast for a flat gross margin for the full 2019-20 year.

Prior to Wednesday's update analysts were on average forecasting a 2019-20 underlying pretax profit of 658 million pounds, down from 693 million pounds made in 2018-19.

British home improvement retailer Kingfisher on Wednesday reported a 6.4 per cent fall in underlying first-half profit, mainly hurt by the weak performance of its French operation, underlining the task ahead for its new chief executive.

British home improvement retailer Kingfisher on Wednesday reported a 6.4 per cent fall in underlying first-half profit, mainly hurt by the weak performance of its French operation, underlining the task ahead for its new chief executive. Kingfisher is in the fourth year of a five-year programme that was designed to boost earnings. However, profits went backward in 2018-19 and the group said in March it would part company with Veronique Laury, its CEO since 2014. She exits next week and will be succeeded by Carrefour veteran Thierry Garnier. Kingfisher's shares have fallen 24 per cent over the last year and some analysts believe the firm is vulnerable to a possible bid from private equity. The group, whose main businesses are B&Q and Screwfix in Britain and Castorama and Brico Depot in France and elsewhere, said it made an underlying pretax profit of 353 million pounds in the six months to July 31. While that was ahead of analysts' average forecast of 342 million pounds, it was down from 377 million pounds made in the same period last year. Total sales fell 0.9 per cent on a constant currency basis to 6 billion pounds. Like-for-like sales were down 1.8 per cent, with growth in Screwfix, Poland, and Romania offset by B&Q and France. Kingfisher said its outlook by geography remained mixed, highlighting continued uncertainty around UK consumer demand. It maintained its forecast for a flat gross margin for the full 2019-20 year. Prior to Wednesday's update analysts were on average forecasting a 2019-20 underlying pretax profit of 658 million pounds, down from 693 million pounds made in 2018-19.

Kingfisher profit falls 6.4% on weak French performance

Equity benchmark indices were largely flat during early hours on Wednesday despite positive global cues as crude oil prices cooled.

At 10:15 am, the BSE S&amp;P Sensex was up by 19 points to 36,500 while the Nifty 50 was down by 7 points to 10,811.

At the National Stock Exchange, sectoral indices were mixed with Nifty auto down by 0.9 per cent FMCG by 0.3 per cent and pharma by 0.1 per cent. Nifty bank, financial service, IT, media and metal showed small gains.

Auto majors traded with a bearish bias and Maruti down by 1.5 per cent, Hero MotoCorp by 0.8 per cent, Eicher Motors by 0.7 per cent and Bajaj Auto by 0.4 per cent.

Britannia lost by 2.8 per cent while UPL was down by 2.7 per cent. The other prominent losers were Cipla, Coal India, Hindustan Lever and NTPC.

However, those which showed marginal gains were Bajaj Finance, Bajaj Finserv, Tata Steel, JSW Steel, Reliance Industries and Vedanta. Government-owned oil marketing firms Bharat Petroleum Corporation and IndianOil Corporation too were in the green.

Meanwhile, Asian markets were mixed as oil prices cooled after Saudi Arabia said full oil production will be restored by month's end.

A day earlier, investor sentiment had taken a beating following Saturday's attack on Saudi oil facilities which halved the kingdom's oil output, creating the biggest disruption to global oil supplies in absolute terms since 1979,

On Wednesday, MSCI's broadest index of Asia Pacific shares outside Japan was up by 0.13 per cent while Japan's Nikkei was flat.

Investors also awaited announcements on an expected interest rate cut from the US Federal Reserve and the next round of US-China trade talks later this week.

Equity benchmark indices were largely flat during early hours on Wednesday despite positive global cues as crude oil prices cooled. At 10:15 am, the BSE S&P Sensex was up by 19 points to 36,500 while the Nifty 50 was down by 7 points to 10,811.

Equity benchmark indices were largely flat during early hours on Wednesday despite positive global cues as crude oil prices cooled. At 10:15 am, the BSE S&P Sensex was up by 19 points to 36,500 while the Nifty 50 was down by 7 points to 10,811. At the National Stock Exchange, sectoral indices were mixed with Nifty auto down by 0.9 per cent FMCG by 0.3 per cent and pharma by 0.1 per cent. Nifty bank, financial service, IT, media and metal showed small gains. Auto majors traded with a bearish bias and Maruti down by 1.5 per cent, Hero MotoCorp by 0.8 per cent, Eicher Motors by 0.7 per cent and Bajaj Auto by 0.4 per cent. Britannia lost by 2.8 per cent while UPL was down by 2.7 per cent. The other prominent losers were Cipla, Coal India, Hindustan Lever and NTPC. However, those which showed marginal gains were Bajaj Finance, Bajaj Finserv, Tata Steel, JSW Steel, Reliance Industries and Vedanta. Government-owned oil marketing firms Bharat Petroleum Corporation and IndianOil Corporation too were in the green. Meanwhile, Asian markets were mixed as oil prices cooled after Saudi Arabia said full oil production will be restored by month's end. A day earlier, investor sentiment had taken a beating following Saturday's attack on Saudi oil facilities which halved the kingdom's oil output, creating the biggest disruption to global oil supplies in absolute terms since 1979, On Wednesday, MSCI's broadest index of Asia Pacific shares outside Japan was up by 0.13 per cent while Japan's Nikkei was flat. Investors also awaited announcements on an expected interest rate cut from the US Federal Reserve and the next round of US-China trade talks later this week.

Equity gauges flat in volatile trading, auto stocks lose further

Asian equities were mixed Wednesday, with attention turning to the Federal Reserve's key policy decision later in the day, while investors remain on alert for developments in the Middle East after the attack on Saudi oil facilities rocked markets.

News that Riyadh will get its two major installations back online earlier than expected sent crude prices tumbling Tuesday, and they fell further in Asia, though analysts said there was nervousness on trading floors about oil security in the future.

With fears of military retaliation against Iran -- who are accused of being behind the strikes -- low for now, focus is now on the Fed, which is expected to cut interest rates while its post-meeting statement will be closely followed for clues about future plans.

Global markets have spent most of this month rising on bets that central banks, led by the Fed, will move to a softer monetary policy to offset a slowdown in most economies exacerbated by the China-US trade war.

"A rate cut of 25 basis points is universally regarded as a done deal by global markets," said OANDA senior market analyst Jeffrey Halley.

"What will be closely watched is the press conference 30 minutes later, where we will gain more clarity as to whether the Fed has moved to an explicit easing bias.

"The likelihood of a shift from neutral to easing will be high as the (policy board) will not be able to ignore the storm cloud around the rest of the world that must eventually start raining on the United States."

Oxford Economics estimates the Fed will cut three more times this year, which would erase all its 2018 rate hikes.

The Fed has been forced to pump more than $100 billion into US financial markets owing to a tightening of liquidity that had seen short-term lending rates spike for companies.

Eyes on Pompeo

Equity traders shifted cautiously with Asian markets struggling for traction.

Hong Kong edged up 0.1 per cent after two days of steep losses that have been made worse by worries about long-running protests in the city. Shanghai was 0.4 per cent higher and Tokyo ended the morning 0.1 per cent higher.

Seoul added 0.4 percent and Taipei rose 0.3 percent but Sydney slipped 0.2 percent and Singapore fell 0.1 per cent, while Wellington and Manila were also down.

Dealers are being given some optimism by the fact the US and China are about to restart trade negotiations next month, with a delegation from Beijing reportedly visiting Washington this week for preparatory talks.

However, there are fresh worries about the impact on the already stuttering world economy from the Saudi oil attacks on Saturday.

While the resumption of output from the world's biggest exporter provided some much-needed relief, observers said long-term energy security is now a concern.

"Restoring production may placate global investors' immediate economic concerns, but that's only half the problem as the attacks exposed some significant vulnerabilities," said Stephen Innes at AxiTrader.

"None more so than just how inadequately prepared the markets are for disruptions of this magnitude which suggest that the supply risk premium could stick around well after production is restored."

Eyes are on US Secretary of State Mike Pompeo, who departed for Saudi Arabia Tuesday to discuss possible retaliation, while Vice President Mike Pence said: "As the president said, we don't want war with anybody but the United States is prepared."

A US official, speaking on condition of anonymity, told AFP the White House has concluded the attack -- claimed by Huthi rebels in Yemen -- involved cruise missiles from Iran and that evidence would be presented at the UN General Assembly next week.

Asian equities were mixed Wednesday, with attention turning to the Federal Reserve's key policy decision later in the day, while investors remain on alert for developments in the Middle East after the attack on Saudi oil facilities rocked markets.

Asian equities were mixed Wednesday, with attention turning to the Federal Reserve's key policy decision later in the day, while investors remain on alert for developments in the Middle East after the attack on Saudi oil facilities rocked markets. News that Riyadh will get its two major installations back online earlier than expected sent crude prices tumbling Tuesday, and they fell further in Asia, though analysts said there was nervousness on trading floors about oil security in the future. With fears of military retaliation against Iran -- who are accused of being behind the strikes -- low for now, focus is now on the Fed, which is expected to cut interest rates while its post-meeting statement will be closely followed for clues about future plans. Global markets have spent most of this month rising on bets that central banks, led by the Fed, will move to a softer monetary policy to offset a slowdown in most economies exacerbated by the China-US trade war. "A rate cut of 25 basis points is universally regarded as a done deal by global markets," said OANDA senior market analyst Jeffrey Halley. "What will be closely watched is the press conference 30 minutes later, where we will gain more clarity as to whether the Fed has moved to an explicit easing bias. "The likelihood of a shift from neutral to easing will be high as the (policy board) will not be able to ignore the storm cloud around the rest of the world that must eventually start raining on the United States." Oxford Economics estimates the Fed will cut three more times this year, which would erase all its 2018 rate hikes. The Fed has been forced to pump more than $100 billion into US financial markets owing to a tightening of liquidity that had seen short-term lending rates spike for companies. Eyes on Pompeo Equity traders shifted cautiously with Asian markets struggling for traction. Hong Kong edged up 0.1 per cent after two days of steep losses that have been made worse by worries about long-running protests in the city. Shanghai was 0.4 per cent higher and Tokyo ended the morning 0.1 per cent higher. Seoul added 0.4 percent and Taipei rose 0.3 percent but Sydney slipped 0.2 percent and Singapore fell 0.1 per cent, while Wellington and Manila were also down. Dealers are being given some optimism by the fact the US and China are about to restart trade negotiations next month, with a delegation from Beijing reportedly visiting Washington this week for preparatory talks. However, there are fresh worries about the impact on the already stuttering world economy from the Saudi oil attacks on Saturday. While the resumption of output from the world's biggest exporter provided some much-needed relief, observers said long-term energy security is now a concern. "Restoring production may placate global investors' immediate economic concerns, but that's only half the problem as the attacks exposed some significant vulnerabilities," said Stephen Innes at AxiTrader. "None more so than just how inadequately prepared the markets are for disruptions of this magnitude which suggest that the supply risk premium could stick around well after production is restored." Eyes are on US Secretary of State Mike Pompeo, who departed for Saudi Arabia Tuesday to discuss possible retaliation, while Vice President Mike Pence said: "As the president said, we don't want war with anybody but the United States is prepared." A US official, speaking on condition of anonymity, told AFP the White House has concluded the attack -- claimed by Huthi rebels in Yemen -- involved cruise missiles from Iran and that evidence would be presented at the UN General Assembly next week.

Asian markets mixed ahead of key Fed meeting, oil drops again

Airbus on Wednesday increased its estimate of the number of new aircraft needed over the coming two decades as airlines seek more fuel-efficient planes even as it trimmed its forecast for the increase in demand for air travel.

In its latest Global Market Forecast for the next 20 years, the European aircraft maker said it expects air traffic to grow by 4.3 per cent annually, a drop from the 4.4 per cent annual growth it forecast last year.

Nevertheless, Airbus now expects even higher demand for new aircraft than it did last year thanks to airlines increasingly retiring older planes for new ones that offer lower operating costs as they consume less fuel.

Airbus anticipates demand for new aircraft over the coming two decades at 39,210 planes, a rise of nearly 2,000 from its forecast last year, due to a sharp increase in replacements.

Unlike last year, it did not provide a cost estimate.

"Developments in superior fuel efficiency are further driving demand to replace existing less fuel-efficient aircraft," said Airbus in a statement.

However, it scaled back the number of planes it expects airlines to acquire to meet growth in demand for air travel by more than 1,500 aircraft to 25,000.

Airbus said that nevertheless, the annual growth of more than 4 per cent reflects the resilient nature of aviation from economic shocks and its increasingly key role in the global economy.

"Economies thrive on air transportation. People and goods want to connect," said Christian Scherer, Airbus Chief Commercial Officer and Head of Airbus International.

"Globally, commercial aviation stimulates GDP growth and supports 65 million livelihoods, demonstrating the immense benefits our business brings to all societies and global trade," he added.

The firm also stressed that with its latest more fuel-efficient models it will help the airline industry limit its environmental impact.

"Airbus believes it will largely contribute to the progressive decarbonisation of the air transport industry and the objective of carbon-neutral growth from 2020 while connecting more people globally," it said.

The airline industry aims to freeze its carbon footprint at its 2020 level thanks to more fuel-efficient aircraft and through offsets like planting trees

Airbus on Wednesday increased its estimate of the number of new aircraft needed over the coming two decades as airlines seek more fuel-efficient planes even as it trimmed its forecast for the increase in demand for air travel.

Airbus on Wednesday increased its estimate of the number of new aircraft needed over the coming two decades as airlines seek more fuel-efficient planes even as it trimmed its forecast for the increase in demand for air travel. In its latest Global Market Forecast for the next 20 years, the European aircraft maker said it expects air traffic to grow by 4.3 per cent annually, a drop from the 4.4 per cent annual growth it forecast last year. Nevertheless, Airbus now expects even higher demand for new aircraft than it did last year thanks to airlines increasingly retiring older planes for new ones that offer lower operating costs as they consume less fuel. Airbus anticipates demand for new aircraft over the coming two decades at 39,210 planes, a rise of nearly 2,000 from its forecast last year, due to a sharp increase in replacements. Unlike last year, it did not provide a cost estimate. "Developments in superior fuel efficiency are further driving demand to replace existing less fuel-efficient aircraft," said Airbus in a statement. However, it scaled back the number of planes it expects airlines to acquire to meet growth in demand for air travel by more than 1,500 aircraft to 25,000. Airbus said that nevertheless, the annual growth of more than 4 per cent reflects the resilient nature of aviation from economic shocks and its increasingly key role in the global economy. "Economies thrive on air transportation. People and goods want to connect," said Christian Scherer, Airbus Chief Commercial Officer and Head of Airbus International. "Globally, commercial aviation stimulates GDP growth and supports 65 million livelihoods, demonstrating the immense benefits our business brings to all societies and global trade," he added. The firm also stressed that with its latest more fuel-efficient models it will help the airline industry limit its environmental impact. "Airbus believes it will largely contribute to the progressive decarbonisation of the air transport industry and the objective of carbon-neutral growth from 2020 while connecting more people globally," it said. The airline industry aims to freeze its carbon footprint at its 2020 level thanks to more fuel-efficient aircraft and through offsets like planting trees

Airbus ups estimate of 20-year demand for new planes

Indian shares closed slightly higher on Wednesday, with oil marketing companies leading gains, as crude prices retreated from the sharp surge earlier this week.

The broader NSE Nifty closed up 0.21% at 10,840.65, while the benchmark Sensex index rose 0.23% to 36,563.88.

Oil prices extended losses after Saudi Arabia assured that full production would be restored quickly after last weekend's attacks on its facilities.

Bharat Petroleum Corporation Ltd ended 3.6% higher, while Indian Oil Corporation Ltd climbed 2.4%.

India's cabinet on Wednesday banned production and import of electronic cigarettes, sending stocks of cigarette makers ITC Ltd and Godfrey Phillips India Ltd higher by 0.9% and 5.3%, respectively.

Steelmakers also contributed to gains, with JSW Steel Ltd and Tata Steel Ltd advancing 2.4% and 3.9%, respectively.

Indian shares closed slightly higher on Wednesday, with oil marketing companies leading gains, as crude prices retreated from the sharp surge earlier this week. The broader NSE Nifty closed up 0.

Indian shares closed slightly higher on Wednesday, with oil marketing companies leading gains, as crude prices retreated from the sharp surge earlier this week. The broader NSE Nifty closed up 0.21% at 10,840.65, while the benchmark Sensex index rose 0.23% to 36,563.88. Oil prices extended losses after Saudi Arabia assured that full production would be restored quickly after last weekend's attacks on its facilities. Bharat Petroleum Corporation Ltd ended 3.6% higher, while Indian Oil Corporation Ltd climbed 2.4%. India's cabinet on Wednesday banned production and import of electronic cigarettes, sending stocks of cigarette makers ITC Ltd and Godfrey Phillips India Ltd higher by 0.9% and 5.3%, respectively. Steelmakers also contributed to gains, with JSW Steel Ltd and Tata Steel Ltd advancing 2.4% and 3.9%, respectively.

Nifty, Sensex end higher on rally in steelmakers, energy stocks

Oil prices were little changed on Wednesday, steadying after Saudi Arabia said it will restore by the end of the month production lost in weekend attacks on its facilities.

Prices plummeted 6 per cent on Tuesday after Saudi Arabia's energy minister said the country had managed to restore oil supplies to customers to where they stood before the <a href="https://www.wionews.com/world/saudi-aramco-pursues-ipo-planning-despite-attack-damage-doubts-250228">attacks</a> on its facilities that shut 5 per cent of global oil output by drawing from its huge inventories.

But tension in the region remained elevated after the United States said it believed the attacks on the world's top oil exporter originated in southwestern Iran. Iran has denied involvement in the strikes.

Brent crude oil futures were flat at $64.55 a barrel by 0732 GMT. US West Texas Intermediate (WTI) crude futures were down 15 cents, or 0.1 per cent, to $59.19 a barrel, after sinking 5.7 per cent on Tuesday.

"Considering limited spare (production) capacity outside Saudi Arabia and risks of renewed attacks on Saudi energy infrastructure, a risk premium is likely to stay on oil prices in the foreseeable future," UBS analysts said in a note.

Energy Minister Prince Abdulaziz bin Salman said on Tuesday that average oil production in September and October would be 9.89 million barrels per day and that the world's top oil exporter would ensure full oil supply commitments to its customers this month.

<a href="https://www.wionews.com/world/saudi-aramco-trading-arm-wants-refined-products-after-attacks-sources-250148">Saudi Aramco</a> has informed some Asian refiners that it will supply full allocated volumes of crude oil in October, albeit with some changes.

Relations between the United States and Iran have deteriorated since US President Donald Trump pulled out of the Iran nuclear accord last year and reimposed sanctions on its oil exports.

Tehran on Tuesday ruled out talks with Trump.

"The oil market is facing challenging times. Recent attacks on oil facilities in Saudi Arabia have painfully demonstrated the risks to oil supply, which is why short-term price spikes are possible at any time," Commerzbank analyst Carsten Fritsch said.

Still, fundamental supply and demand balances in the oil market are deteriorating, Fritsch added, forecasting Brent oil prices of $60 a barrel next year.

"Demand growth is weakening, oil supply outside OPEC is rising significantly and OPEC+'s production discipline has recently faded," he said.

The Organization of the Petroleum Exporting Countries and a number of other producing nations including Russia agreed last year to cut output by 1.2 million bpd to reduce global stocks and prop up prices.

US crude inventories rose by 592,000 barrels in the week ended Sept. 13 to 422.5 million, data from industry group the American Petroleum Institute showed on Tuesday. Analysts had expected a decrease of 2.5 million barrels.

Official US government data will be released later on Wednesday.

Oil prices were little changed on Wednesday, steadying after Saudi Arabia said it will restore by the end of the month production lost in weekend attacks on its facilities.

Oil prices were little changed on Wednesday, steadying after Saudi Arabia said it will restore by the end of the month production lost in weekend attacks on its facilities. Prices plummeted 6 per cent on Tuesday after Saudi Arabia's energy minister said the country had managed to restore oil supplies to customers to where they stood before the attacks on its facilities that shut 5 per cent of global oil output by drawing from its huge inventories. But tension in the region remained elevated after the United States said it believed the attacks on the world's top oil exporter originated in southwestern Iran. Iran has denied involvement in the strikes. Brent crude oil futures were flat at $64.55 a barrel by 0732 GMT. US West Texas Intermediate (WTI) crude futures were down 15 cents, or 0.1 per cent, to $59.19 a barrel, after sinking 5.7 per cent on Tuesday. "Considering limited spare (production) capacity outside Saudi Arabia and risks of renewed attacks on Saudi energy infrastructure, a risk premium is likely to stay on oil prices in the foreseeable future," UBS analysts said in a note. Energy Minister Prince Abdulaziz bin Salman said on Tuesday that average oil production in September and October would be 9.89 million barrels per day and that the world's top oil exporter would ensure full oil supply commitments to its customers this month. Saudi Aramco has informed some Asian refiners that it will supply full allocated volumes of crude oil in October, albeit with some changes. Relations between the United States and Iran have deteriorated since US President Donald Trump pulled out of the Iran nuclear accord last year and reimposed sanctions on its oil exports. Tehran on Tuesday ruled out talks with Trump. "The oil market is facing challenging times. Recent attacks on oil facilities in Saudi Arabia have painfully demonstrated the risks to oil supply, which is why short-term price spikes are possible at any time," Commerzbank analyst Carsten Fritsch said. Still, fundamental supply and demand balances in the oil market are deteriorating, Fritsch added, forecasting Brent oil prices of $60 a barrel next year. "Demand growth is weakening, oil supply outside OPEC is rising significantly and OPEC+'s production discipline has recently faded," he said. The Organization of the Petroleum Exporting Countries and a number of other producing nations including Russia agreed last year to cut output by 1.2 million bpd to reduce global stocks and prop up prices. US crude inventories rose by 592,000 barrels in the week ended Sept. 13 to 422.5 million, data from industry group the American Petroleum Institute showed on Tuesday. Analysts had expected a decrease of 2.5 million barrels. Official US government data will be released later on Wednesday.

Oil steadies after Saudi pledges to restore output lost in attacks

Forty-four members of the US Congress have urged President Donald Trump's trade representative to restore trade concessions to India, saying the withdrawal of the privilege had led to retaliatory tariffs from New Delhi which were hurting US industry.

In June, the United States ended its preferential trade treatment for India, removing it from the Generalized System of Preferences (GSP) programme that allowed duty-free entry for up to $5.6 billion worth of its annual exports to the United States.

The elimination of GSP brought higher retaliatory tariffs from New Delhi on 28 US products including almonds, apples and walnuts.

In the letter addressed to United State Trade Representative Robert Lighthizer and dated September 17, the members of Congress said, "Just as US industries are harmed by lack of fair and reciprocal access to India's market, American companies and workers also are harmed by new tariffs due to the GSP termination."

A lot of American jobs depend on the trade between India and the United States, the US lawmakers said in the letter seen by Reuters.

The letter comes days ahead of a meeting between Trump and Indian Prime Minister Narendra Modi.

After the Trump administration’s decision to remove trade privileges from Indian products under the GSP, US and Indian trade negotiators met in July. But they failed to make any major progress on the issue of tariffs and other protectionist measures imposed by both sides.

The two sides had resumed trade talks after Trump and Modi met on the sidelines of the G20 summit in June and agreed to seek to deepen the two countries’ relationship.

Other than seeking the rollback of Indian tariffs imposed on agricultural products like almonds and apples, Washington has also expressed its concerns over India’s tightening of regulations that have undermined major US e-commerce companies like Walmart’s Flipkart and Amazon.

India is by far the largest buyer of US almonds, paying $543 million for more than half of US almond exports in 2018, according to US Department of Agriculture. It is the second-largest buyer of US apples, taking $156 million worth in 2018.

On September 22, Trump, who has repeatedly called out India for its high tariffs, will travel to Houston, Texas, to participate in an event with Modi and to "discuss ways to deepen their energy and trade relationship."

Modi will visit Houston to participate in an event called "Howdy Modi! Shared Dreams, Bright Futures," at the NRG Stadium which is expected to draw tens of thousands of people.

Forty-four members of the US Congress have urged President Donald Trump's trade representative to restore trade concessions to India, saying the withdrawal of the privilege had led to retaliatory tariffs from New Delhi which were hurting US industry.

Forty-four members of the US Congress have urged President Donald Trump's trade representative to restore trade concessions to India, saying the withdrawal of the privilege had led to retaliatory tariffs from New Delhi which were hurting US industry. In June, the United States ended its preferential trade treatment for India, removing it from the Generalized System of Preferences (GSP) programme that allowed duty-free entry for up to $5.6 billion worth of its annual exports to the United States. The elimination of GSP brought higher retaliatory tariffs from New Delhi on 28 US products including almonds, apples and walnuts. In the letter addressed to United State Trade Representative Robert Lighthizer and dated September 17, the members of Congress said, "Just as US industries are harmed by lack of fair and reciprocal access to India's market, American companies and workers also are harmed by new tariffs due to the GSP termination." A lot of American jobs depend on the trade between India and the United States, the US lawmakers said in the letter seen by Reuters. The letter comes days ahead of a meeting between Trump and Indian Prime Minister Narendra Modi. After the Trump administration’s decision to remove trade privileges from Indian products under the GSP, US and Indian trade negotiators met in July. But they failed to make any major progress on the issue of tariffs and other protectionist measures imposed by both sides. The two sides had resumed trade talks after Trump and Modi met on the sidelines of the G20 summit in June and agreed to seek to deepen the two countries’ relationship. Other than seeking the rollback of Indian tariffs imposed on agricultural products like almonds and apples, Washington has also expressed its concerns over India’s tightening of regulations that have undermined major US e-commerce companies like Walmart’s Flipkart and Amazon. India is by far the largest buyer of US almonds, paying $543 million for more than half of US almond exports in 2018, according to US Department of Agriculture. It is the second-largest buyer of US apples, taking $156 million worth in 2018. On September 22, Trump, who has repeatedly called out India for its high tariffs, will travel to Houston, Texas, to participate in an event with Modi and to "discuss ways to deepen their energy and trade relationship." Modi will visit Houston to participate in an event called "Howdy Modi! Shared Dreams, Bright Futures," at the NRG Stadium which is expected to draw tens of thousands of people.

US lawmakers urge Trump administration to restore India's trade privileges

Indian shares edged lower for a second straight session on Tuesday on fears that a surge in crude prices following attacks on Saudi oil facilities could hurt the economy further.

Energy stocks were down in early trading, even as oil prices shed some of their massive gains on Tuesday after the United States flagged the possible release of crude reserves.

The broader NSE Nifty was down 0.28 per cent&nbsp;at 10,972.45 as of 0419 GMT, while the benchmark BSE Sensex was 0.3 per cent&nbsp;lower at 37,013.09. The rupee weakened 0.22 pe cent&nbsp;to 71.76 against the dollar.

Investors in other Asian markets were also on the sidelines ahead of an expected interest rate cut from the U.S. Federal Reserve on Wednesday.

With the threat of military action over the attacks keeping crude prices elevated, emerging markets such as India - the world`s third-biggest importer of oil - will remain under pressure.

India`s current account and fiscal deficit could take a hit if oil prices continue to rise after the attack, central bank chief Shaktikanta Das said on Monday.

"The jump in crude could affect recovery in the economy, which is hurting from a growth slowdown," said AK Prabhakar, head of research at IDBI Capital in Mumbai.

Oil marketers extended losses to a second day, with Indian Oil Corporation Ltd and Bharat Petroleum Corporation Ltd shedding 1.4 per cent-2.1 per cent.

Indiabulls Housing Finance Ltd slid 3.4 per cent&nbsp;on a report that the central bank had intensified its checks on the mortgage lender and Lakshmi Vilas Bank, which plan to merge, after fresh accusations of wrongdoing and the sudden exit of the bank`s chief executive officer. Lakshmi Vilas Bank shares fell 4.4 per cent.

Trading companies MMTC Ltd and State Trading Corporation of India Ltd plunged between 17 per cent&nbsp;and 18 per cent&nbsp;after a newspaper reported that the government was planning to shut down the companies.

The Nifty IT index, which tracks software companies, fell 0.7 per cent.

Meanwhile, miner Vedanta Ltd climbed 2.5 per cent&nbsp;to its highest in nearly seven weeks, and was the top gainer on both indexes.

Indian shares edged lower for a second straight session on Tuesday on fears that a surge in crude prices following attacks on Saudi oil facilities could hurt the economy further.

Indian shares edged lower for a second straight session on Tuesday on fears that a surge in crude prices following attacks on Saudi oil facilities could hurt the economy further. Energy stocks were down in early trading, even as oil prices shed some of their massive gains on Tuesday after the United States flagged the possible release of crude reserves. The broader NSE Nifty was down 0.28 per cent at 10,972.45 as of 0419 GMT, while the benchmark BSE Sensex was 0.3 per cent lower at 37,013.09. The rupee weakened 0.22 pe cent to 71.76 against the dollar. Investors in other Asian markets were also on the sidelines ahead of an expected interest rate cut from the U.S. Federal Reserve on Wednesday. With the threat of military action over the attacks keeping crude prices elevated, emerging markets such as India - the world`s third-biggest importer of oil - will remain under pressure. India`s current account and fiscal deficit could take a hit if oil prices continue to rise after the attack, central bank chief Shaktikanta Das said on Monday. "The jump in crude could affect recovery in the economy, which is hurting from a growth slowdown," said AK Prabhakar, head of research at IDBI Capital in Mumbai. Oil marketers extended losses to a second day, with Indian Oil Corporation Ltd and Bharat Petroleum Corporation Ltd shedding 1.4 per cent-2.1 per cent. Indiabulls Housing Finance Ltd slid 3.4 per cent on a report that the central bank had intensified its checks on the mortgage lender and Lakshmi Vilas Bank, which plan to merge, after fresh accusations of wrongdoing and the sudden exit of the bank`s chief executive officer. Lakshmi Vilas Bank shares fell 4.4 per cent. Trading companies MMTC Ltd and State Trading Corporation of India Ltd plunged between 17 per cent and 18 per cent after a newspaper reported that the government was planning to shut down the companies. The Nifty IT index, which tracks software companies, fell 0.7 per cent. Meanwhile, miner Vedanta Ltd climbed 2.5 per cent to its highest in nearly seven weeks, and was the top gainer on both indexes.

Nifty, Sensex dip as crude surge seen hurting economy

Saudi Aramco is pressing ahead with its listing plans this week, although some investors and analysts doubt it can now meet its timeline as it has not said when oil output will be restored after attacks on its facilities.

Reuters has reported it could take months for <a href="https://www.wionews.com/world/saudi-aramco-trading-arm-wants-refined-products-after-attacks-sources-250148">Aramco</a>, the world's biggest oil firm, to restore output after Saturday's attacks, which cut production by 5.7 million barrels per day, some 5 per cent of world oil supply.

The state-owned oil group will meet local Saudi banks to discuss the initial public offering (IPO) plans, but bankers at international lenders working on the IPO told Reuters there had been no communication from Aramco's management on any delay.

Aramco, which did not respond to a Reuters request for comment, is continuing to prepare for a local IPO, which the sources said may happen as early as November.

Reuters has reported that Aramco plans to sell 1 per cent this year, in a potential $20 billion deal, and another 1 per cent in 2020 in Riyadh ahead of an international sale.

Three sources close to the deal said meetings scheduled this week with Saudi banks to discuss the underwriting work they will do in the offering are still scheduled to take place.

But other sources, including bankers and <a href="https://www.wionews.com/business-economy/sensex-crashes-over-600-points-after-saudi-arabias-aramco-attacks-250193">investors</a>, said while work would continue, the attacks would have an impact.

"The train has left the station. But it's a pretty major event and a lot will depend on how quickly the damage will be repaired," one banker said.

The Aramco IPO is a pillar of an ambitious economic diversification drive by Crown Prince Mohammed bin Salman, who has put the firm's valuation at $2 trillion. The domestic flotation is the first step of a targeted 5 per cent sale.

"It would seem logical that Aramco's IPO will be delayed while the damage is assessed but beyond this, we would expect that the risk premium that investors will require should the IPO go ahead will now be higher," said Piers Hillier, chief investment officer at Royal London Asset Management.

Saudi Arabia, the world's top crude exporter, recently accelerated plans for the IPO, naming a new chairman for Aramco and mandating 9 banks in top roles.

A separate source with knowledge of the deal said Aramco has already carved up the different tasks for banks such as determining valuations, organizing roadshows and focusing on certain geographic areas.

"The banks continue to work on it until they are told otherwise. The sense is that they want it done as quick as they can," the source said.

Aramco Vulnerability

An Aramco pre-IPO meeting with analysts, both local and international, is scheduled for next week at Aramco's headquarters in Dhahran, two sources, said, with one adding that the meeting would still go ahead as planned despite the attack.

Even before the attack, Aramco was looking to place part of the offering to wealthy Saudi individuals to ensure demand, two other sources familiar with the matter told Reuters.

However, some analysts and investors said the strikes could pose a major setback to the Aramco offering. Oil prices surged oversupply concerns and the threat of a military response to the assault on the heartland of the Saudi oil industry, which US officials blamed on Iran, a charge Tehran denies. Dollar-denominated bonds issued by the Saudi government and Aramco hit multi-week lows on Monday, but rebounded on Tuesday.

"Even if Saudi Arabia’s oil facilities are quickly restored, the weekend’s attacks will raise concerns of potential geopolitical risk and the level of premia required," said Monica Malik, Chief Economist at Abu Dhabi Commercial Bank, in a research note.

"The developments also have significance ahead of the planned part-IPO of Aramco, highlighting the potential vulnerability of its key infrastructure and raising questions over the appropriate level of risk to be factored in the valuation."

Banks including JPMorgan, Morgan Stanley and Goldman Sachs have been appointed to coordinate the deal, which has already faced repeated delays and is crucial for Prince Mohammed's plans to diversify the Saudi economy in an era of low oil prices. 
&nbsp;

Saudi Aramco is pressing ahead with its listing plans this week, although some investors and analysts doubt it can now meet its timeline as it has not said when oil output will be restored after attacks on its facilities.

Saudi Aramco is pressing ahead with its listing plans this week, although some investors and analysts doubt it can now meet its timeline as it has not said when oil output will be restored after attacks on its facilities. Reuters has reported it could take months for Aramco, the world's biggest oil firm, to restore output after Saturday's attacks, which cut production by 5.7 million barrels per day, some 5 per cent of world oil supply. The state-owned oil group will meet local Saudi banks to discuss the initial public offering (IPO) plans, but bankers at international lenders working on the IPO told Reuters there had been no communication from Aramco's management on any delay. Aramco, which did not respond to a Reuters request for comment, is continuing to prepare for a local IPO, which the sources said may happen as early as November. Reuters has reported that Aramco plans to sell 1 per cent this year, in a potential $20 billion deal, and another 1 per cent in 2020 in Riyadh ahead of an international sale. Three sources close to the deal said meetings scheduled this week with Saudi banks to discuss the underwriting work they will do in the offering are still scheduled to take place. But other sources, including bankers and investors, said while work would continue, the attacks would have an impact. "The train has left the station. But it's a pretty major event and a lot will depend on how quickly the damage will be repaired," one banker said. The Aramco IPO is a pillar of an ambitious economic diversification drive by Crown Prince Mohammed bin Salman, who has put the firm's valuation at $2 trillion. The domestic flotation is the first step of a targeted 5 per cent sale. "It would seem logical that Aramco's IPO will be delayed while the damage is assessed but beyond this, we would expect that the risk premium that investors will require should the IPO go ahead will now be higher," said Piers Hillier, chief investment officer at Royal London Asset Management. Saudi Arabia, the world's top crude exporter, recently accelerated plans for the IPO, naming a new chairman for Aramco and mandating 9 banks in top roles. A separate source with knowledge of the deal said Aramco has already carved up the different tasks for banks such as determining valuations, organizing roadshows and focusing on certain geographic areas. "The banks continue to work on it until they are told otherwise. The sense is that they want it done as quick as they can," the source said. Aramco Vulnerability An Aramco pre-IPO meeting with analysts, both local and international, is scheduled for next week at Aramco's headquarters in Dhahran, two sources, said, with one adding that the meeting would still go ahead as planned despite the attack. Even before the attack, Aramco was looking to place part of the offering to wealthy Saudi individuals to ensure demand, two other sources familiar with the matter told Reuters. However, some analysts and investors said the strikes could pose a major setback to the Aramco offering. Oil prices surged oversupply concerns and the threat of a military response to the assault on the heartland of the Saudi oil industry, which US officials blamed on Iran, a charge Tehran denies. Dollar-denominated bonds issued by the Saudi government and Aramco hit multi-week lows on Monday, but rebounded on Tuesday. "Even if Saudi Arabia’s oil facilities are quickly restored, the weekend’s attacks will raise concerns of potential geopolitical risk and the level of premia required," said Monica Malik, Chief Economist at Abu Dhabi Commercial Bank, in a research note. "The developments also have significance ahead of the planned part-IPO of Aramco, highlighting the potential vulnerability of its key infrastructure and raising questions over the appropriate level of risk to be factored in the valuation." Banks including JPMorgan, Morgan Stanley and Goldman Sachs have been appointed to coordinate the deal, which has already faced repeated delays and is crucial for Prince Mohammed's plans to diversify the Saudi economy in an era of low oil prices.

Saudi Aramco pursues IPO planning despite attack damage doubts

Equity indices came under sharp selling pressure for the second consecutive day on Tuesday and wiped out all previous week's gains due to geopolitical tensions and weak global cues.

Rampant across-the-board selling led the <a href="Rampant across-the-board selling led the BSE S&amp;P Sensex to close 642 points or 1.7 per cent down to 36,481 while the Nifty 50 slid by 186 points to 10,818.">BSE S&amp;P Sensex </a>to close 642 points or 1.7 per cent down to 36,481 while the Nifty 50 slid by 186 points to 10,818.

At the National Stock Exchange, all sectoral indices were in the red with Nifty auto down by 3.8 per cent, realty by 3.7 per cent, PSU bank by 3.6 per cent and metal by 2.6 per cent.

Shares of State Trading Corporation (STC) and Metals &amp; Miners Trading Corporation of India (MMTC) plunged by 19.6 per cent and 16.5 per cent respectively following reports that the Ministry of Commerce and Industry has decided to close down the state-owned trading firms.

But sectorally, auto stocks suffered the most with Hero MotoCorp skidding by 6.2 per cent, Tata Motors by 4.9 per cent, Maruti by 4.6 per cent, Eicher Motors by 3.3 per cent and Bajaj Auto by 3 per cent.

Banking stocks too were under pressure with Axis bank down by 4.6 per cent, State Bank of India by 3.7 per cent and IndusInd Bank by 3 per cent.

Market sentiment has been weak since two Saudi Aramco plants at the heart of the kingdom's oil industry, including the world's biggest petroleum processing facility, were attacked by drones on September 14.

India's current account and fiscal deficit could take a hit if oil prices continue to rise after the attack, RBI Governor Shaktikanta Das had said on Monday.

The attack on the two plants -- Abqaiq oil processing facility and Khurais oil field -- resulted in a temporary shortage of 5.7 million barrels per day which is 5 per cent of the global crude supply or 50 per cent of the kingdom's oil output.

The Indian rupee has also weakened sharply and moved towards Rs 72 against the US dollar amid rising demand for the greenback vis-a-vis other currencies overseas and concerns over soaring crude prices following the drone attacks.

Global markets also turned cautious ahead of the two-day meeting of US Federal Open Market Committee. Many experts said the Fed may cut interest rate by 25 basis points.

Meanwhile, oil traded in the negative on Tuesday in Asia as it partly erased yesterday's gains as investors awaited updates regarding the resumption of operations in Saudi Arabia. Brent crude, the international benchmark, fell 0.96 per cent to 68.39 dollars per barrel.

Asia markets were mixed in the trade as investor sentiment remained cautious with China's Shanghai falling by 1.7 per cent and Hong Kong`s Hang Seng declining by 1.2 per cent.

Equity indices came under sharp selling pressure for the second consecutive day on Tuesday and wiped out all previous week's gains due to geopolitical tensions and weak global cues.

Equity indices came under sharp selling pressure for the second consecutive day on Tuesday and wiped out all previous week's gains due to geopolitical tensions and weak global cues. Rampant across-the-board selling led the BSE S&P Sensex to close 642 points or 1.7 per cent down to 36,481 while the Nifty 50 slid by 186 points to 10,818. At the National Stock Exchange, all sectoral indices were in the red with Nifty auto down by 3.8 per cent, realty by 3.7 per cent, PSU bank by 3.6 per cent and metal by 2.6 per cent. Shares of State Trading Corporation (STC) and Metals & Miners Trading Corporation of India (MMTC) plunged by 19.6 per cent and 16.5 per cent respectively following reports that the Ministry of Commerce and Industry has decided to close down the state-owned trading firms. But sectorally, auto stocks suffered the most with Hero MotoCorp skidding by 6.2 per cent, Tata Motors by 4.9 per cent, Maruti by 4.6 per cent, Eicher Motors by 3.3 per cent and Bajaj Auto by 3 per cent. Banking stocks too were under pressure with Axis bank down by 4.6 per cent, State Bank of India by 3.7 per cent and IndusInd Bank by 3 per cent. Market sentiment has been weak since two Saudi Aramco plants at the heart of the kingdom's oil industry, including the world's biggest petroleum processing facility, were attacked by drones on September 14. India's current account and fiscal deficit could take a hit if oil prices continue to rise after the attack, RBI Governor Shaktikanta Das had said on Monday. The attack on the two plants -- Abqaiq oil processing facility and Khurais oil field -- resulted in a temporary shortage of 5.7 million barrels per day which is 5 per cent of the global crude supply or 50 per cent of the kingdom's oil output. The Indian rupee has also weakened sharply and moved towards Rs 72 against the US dollar amid rising demand for the greenback vis-a-vis other currencies overseas and concerns over soaring crude prices following the drone attacks. Global markets also turned cautious ahead of the two-day meeting of US Federal Open Market Committee. Many experts said the Fed may cut interest rate by 25 basis points. Meanwhile, oil traded in the negative on Tuesday in Asia as it partly erased yesterday's gains as investors awaited updates regarding the resumption of operations in Saudi Arabia. Brent crude, the international benchmark, fell 0.96 per cent to 68.39 dollars per barrel. Asia markets were mixed in the trade as investor sentiment remained cautious with China's Shanghai falling by 1.7 per cent and Hong Kong`s Hang Seng declining by 1.2 per cent.

Sensex closes 642 points down after Saudi Arabia's Aramco attacks

Sensex&nbsp;fell over 600 points shortly before the close on Tuesday. The latest dip follows the <a href="https://www.wionews.com/world/oil-falls-more-than-1-per-cent-as-market-awaits-response-to-saudi-oil-attacks-250122">sharp rise in oil prices globally</a> after the attack on Saudi crude oil facilities over the weekend.

At 2:42 pm, the BSE Sensex was trading with a loss of 587.76 points or 1.5 8 per cent at 36,535.55, while the broader index, the Nifty50 fell over 167 points to 10,836.20.

Investors in other Asian markets were also on the sidelines ahead of an expected interest rate cut from the US Federal Reserve on Wednesday.

Watch: Saudi Aramco oil attacks - impact on Indian economy

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With the threat of military action over the attacks keeping crude prices elevated, emerging markets such as India - the world's third-biggest importer of oil - will remain under pressure.

India's current account and fiscal deficit could take a hit if oil prices continue to rise after the attack, central bank chief Shaktikanta Das said on Monday.

Oil marketers extended losses to a second day, with Indian Oil Corporation Ltd and Bharat Petroleum Corporation Ltd shedding 1.4%-2.1%.

Indiabulls Housing Finance Ltd slid 3.4% on a report that the central bank had intensified its checks on the mortgage lender and Lakshmi Vilas Bank, which plan to merge, after fresh accusations of wrongdoing and the sudden exit of the bank's chief executive officer. Lakshmi Vilas Bank shares fell 4.4%.

Trading companies MMTC Ltd and State Trading Corporation of India Ltd plunged between 17% and 18% after a newspaper reported that the government was planning to shut down the companies.

The Nifty IT index, which tracks software companies, fell 0.7%.

Meanwhile, miner Vedanta Ltd climbed 2.5% to its highest in nearly seven weeks, and was the top gainer on both indexes.

(With inputs from agencies)

Sensex fell over 600 points shortly before the close on Tuesday. The latest dip follows the sharp rise in oil prices globally after the attack on Saudi crude oil facilities over the weekend.

Sensex fell over 600 points shortly before the close on Tuesday. The latest dip follows the sharp rise in oil prices globally after the attack on Saudi crude oil facilities over the weekend. At 2:42 pm, the BSE Sensex was trading with a loss of 587.76 points or 1.5 8 per cent at 36,535.55, while the broader index, the Nifty50 fell over 167 points to 10,836.20. Investors in other Asian markets were also on the sidelines ahead of an expected interest rate cut from the US Federal Reserve on Wednesday. Watch: Saudi Aramco oil attacks - impact on Indian economy × With the threat of military action over the attacks keeping crude prices elevated, emerging markets such as India - the world's third-biggest importer of oil - will remain under pressure. India's current account and fiscal deficit could take a hit if oil prices continue to rise after the attack, central bank chief Shaktikanta Das said on Monday. Oil marketers extended losses to a second day, with Indian Oil Corporation Ltd and Bharat Petroleum Corporation Ltd shedding 1.4%-2.1%. Indiabulls Housing Finance Ltd slid 3.4% on a report that the central bank had intensified its checks on the mortgage lender and Lakshmi Vilas Bank, which plan to merge, after fresh accusations of wrongdoing and the sudden exit of the bank's chief executive officer. Lakshmi Vilas Bank shares fell 4.4%. Trading companies MMTC Ltd and State Trading Corporation of India Ltd plunged between 17% and 18% after a newspaper reported that the government was planning to shut down the companies. The Nifty IT index, which tracks software companies, fell 0.7%. Meanwhile, miner Vedanta Ltd climbed 2.5% to its highest in nearly seven weeks, and was the top gainer on both indexes. (With inputs from agencies)

Sensex crashes over 600 points after Saudi Arabia's Aramco attacks

The dollar fell while safe havens and currencies of oil-producing countries rallied on Monday, following an attack on Saudi Arabian refining facilities that disrupted global oil supply and heightened Middle East tensions.

The dollar fell while safe havens and currencies of oil-producing countries rallied on Monday, following an attack on Saudi Arabian refining facilities that disrupted global oil supply and heightened Middle East tensions. Oil prices surged nearly a fifth at one point following the strikes on two plants, including the world's biggest petroleum processing facility in Abqaiq, which knocked out more than 5% of global oil supply. Yemen's Iran-aligned Houthi group claimed responsibility for the damage, but the US has pointed the finger directly at Iran. The Canadian dollar rose 0.4% to 1.3233 per dollar. The Norwegian krone rose 0.5% to 8.9363 per dollar. Both currencies often move together with the oil price because the countries are major oil exporters. In India, a major importer of crude, the rupee fell almost 0.7%. "The natural flow through of higher (oil) prices has seen the NOK and the CAD outperform, and we'll probable see a better feel towards the (Russian) rouble later on," said Chris Weston, head of research at brokerage Pepperstone Group in Melbourne. The attacks reversed last week's ebullient risk appetite and prompted US President Donald Trump to tweet that the United States was "locked and loaded" for a response. "We've got a beady eye on this and we're prepared to pile back in to the Japanese yen after last week's repositioning," Weston said, adding that while trade was calm, the strikes presented another geopolitical "what if" to vex markets. The safe-haven Japanese yen and Swiss franc both firmed. The yen rose 0.3% to 107.79 per dollar and the franc rose 0.4% to $0.9883. Gold jumped by 1%. Against a basket of currencies the dollar edged lower to 98.162. Beyond oil, currency markets are awaiting the outcome of central bank meetings in the U.S. and Japan this week and economic data in Australia and New Zealand that could determine the rates outlook in the Antipodes. "Geopolitical risks and central bank rhetoric remain key drivers of risk this week," Australia and New Zealand Banking Group analysts said in a note. On the Brexit front, British Prime Minister Boris Johnson's confidence of sealing a deal to leave the European Union by October 31 applied renewed pressure to the pound. Sterling fell 0.3 from a seven-week high to hit $1.2486. While much of the risk appetite on display last week was driven by signs of a thaw in US-China trade tensions, few fresh indications of progress left sentiment fragile. Data released on Monday showed the slowdown in China's economy deepened in August, with industrial production growing at its weakest pace in 17-1/2 years and retail sales weaker than anticipated. That added to pressure for stimulus and in offshore trade the Chinese yuan weakened 0.25% to 7.0631 per dollar. In the United States, investors who had begun trimming expectations for a U.S. Federal Reserve rate cut on Wednesday are now certain rates will fall and divided only over how much. As for the Bank of Japan's policy decision on Thursday, a third of economists polled by Reuters expect stimulus to be ramped up. But sources say it may be a close call as policymakers wait till the last minute to assess market reaction to the Fed's decision hours earlier. Japanese markets are closed on Monday for a public holiday. The euro was steady at $1.1073.

Dollar falls, oil-exporter currencies rise after Saudi attacks; yen firms

Equity indices were on a weak note during early hours on Monday as global oil prices surged to a four-month high after a strike on the world`s biggest oil facility in Saudi Arabia removed about 5 per cent of global supplies.

At 10:15 am, the BSE S&amp;P Sensex was down by 175 points at 37,210 while the Nifty 50 edged lower by 51 points to 11,025.

At the National Stock Exchange, sectoral indices were mixed with Nifty auto, financial service, media, metal, bank and realty in the negative zone. Nifty FMCG, IT and pharma showed marginal gains.&nbsp;

Among stocks, oil processing and marketing firms suffered the most as the United States blamed Iran for the weekend attack on Saudi Arabia`s crude oil facilities.

Bharat Petroleum Corporation dropped by 6.1 per cent to trade at Rs 383.50 per share while IndiaOil Corporation was down by 3.3 per cent to Rs 125.80 apiece.

Index heavyweight Reliance Industries slipped by 2.2 per cent.

The other prominent losers were Tata Motors, Mahindra &amp; Mahindra, Yes Bank, State Bank of India, Bharti Infratel and Asian Paints.

However, those which traded in the green were Indiabulls Housing Finance, ONGC, GAIL, Sun Pharma and Dr Reddy.

Meanwhile, moves in Asian share markets were small with Japan shut for a public holiday.&nbsp;

MSCI`s broadest index of Asia Pacific shares outside Japan was a notch lower at 515.4 while South Korea`s KOSPI was a tad higher by 0.4 per cent. Hong Kong`s Hang Seng was down by 1 per cent.&nbsp;

Equity indices were on a weak note during early hours on Monday as global oil prices surged to a four-month high after a strike on the world`s biggest oil facility in Saudi Arabia removed about 5 per cent of global supplies.

Equity indices were on a weak note during early hours on Monday as global oil prices surged to a four-month high after a strike on the world`s biggest oil facility in Saudi Arabia removed about 5 per cent of global supplies. At 10:15 am, the BSE S&P Sensex was down by 175 points at 37,210 while the Nifty 50 edged lower by 51 points to 11,025. At the National Stock Exchange, sectoral indices were mixed with Nifty auto, financial service, media, metal, bank and realty in the negative zone. Nifty FMCG, IT and pharma showed marginal gains. Among stocks, oil processing and marketing firms suffered the most as the United States blamed Iran for the weekend attack on Saudi Arabia`s crude oil facilities. Bharat Petroleum Corporation dropped by 6.1 per cent to trade at Rs 383.50 per share while IndiaOil Corporation was down by 3.3 per cent to Rs 125.80 apiece. Index heavyweight Reliance Industries slipped by 2.2 per cent. The other prominent losers were Tata Motors, Mahindra & Mahindra, Yes Bank, State Bank of India, Bharti Infratel and Asian Paints. However, those which traded in the green were Indiabulls Housing Finance, ONGC, GAIL, Sun Pharma and Dr Reddy. Meanwhile, moves in Asian share markets were small with Japan shut for a public holiday. MSCI`s broadest index of Asia Pacific shares outside Japan was a notch lower at 515.4 while South Korea`s KOSPI was a tad higher by 0.4 per cent. Hong Kong`s Hang Seng was down by 1 per cent.

Sensex and Nifty slip, oil firms under pressure after Saudi attack

Union Minister of Petroleum, Dharmendra Pradhan on Monday said, top executives of Aramco have been contacted to ensure a steady supply to India,&nbsp;after an <a href="https://www.wionews.com/world/yemens-houthis-say-aramco-plants-still-a-target-report-249938">attack on Saudi Arabia's crude oil facilities</a> over the weekend.

"Following the attacks on the oil stabilisation centres of Saudi Aramco, top executives of Aramco have been contacted. Indian ambassador in Riyadh contacted the senior management of Aramco to ensure a steady supply to India," Pradhan said in a press conference.&nbsp;

"We are confident there would be no supply disruption to India. We are closely monitoring the evolving situation," Pradhan added.

Saudi Arabia is the world's biggest oil exporter and the attack on state-owned producer Saudi Aramco's crude-processing facilities at Abqaiq and Khurais has cut output by 5.7 million barrels per day. The company has not given a timeline for the resumption of full output.

Watch: Saudi Drone Attacks - how will the oil cut impact the world?

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Saudi Arabia is also India's top oil supplier after Iraq. In January-July, it supplied 788,200 barrels per day of oil to India.

Yemen's Iran-aligned Houthi group claimed responsibility for the drone attack, but the US has pointed the finger directly at Iran.

(With inputs from agencies)

Union Minister of Petroleum, Dharmendra Pradhan on Monday said, top executives of Aramco have been contacted to ensure a steady supply to India, after an attack on Saudi Arabia's crude oil facilities over the weekend.

Union Minister of Petroleum, Dharmendra Pradhan on Monday said, top executives of Aramco have been contacted to ensure a steady supply to India, after an attack on Saudi Arabia's crude oil facilities over the weekend. "Following the attacks on the oil stabilisation centres of Saudi Aramco, top executives of Aramco have been contacted. Indian ambassador in Riyadh contacted the senior management of Aramco to ensure a steady supply to India," Pradhan said in a press conference. "We are confident there would be no supply disruption to India. We are closely monitoring the evolving situation," Pradhan added. Saudi Arabia is the world's biggest oil exporter and the attack on state-owned producer Saudi Aramco's crude-processing facilities at Abqaiq and Khurais has cut output by 5.7 million barrels per day. The company has not given a timeline for the resumption of full output. Watch: Saudi Drone Attacks - how will the oil cut impact the world? × Saudi Arabia is also India's top oil supplier after Iraq. In January-July, it supplied 788,200 barrels per day of oil to India. Yemen's Iran-aligned Houthi group claimed responsibility for the drone attack, but the US has pointed the finger directly at Iran. (With inputs from agencies)

'No supply disruption to India': Union Minister Dharmendra Pradhan after attack on Saudi's oil facilities

India's current account and fiscal deficit might take a hit if oil prices continue to rise after an attack on Saudi Arabian oil facilities over the weekend, the Reserve Bank of India chief said on Monday.

"We should allow a few more days to see how the situation plays out before taking a final view...depending on how long it persists it will have some impact on the current account deficit and further perhaps on the fiscal deficit if it lasts longer," Governor Shaktikanta Das told the CNBC-TV18 news channel.

US officials blamed Iran for the attack, which damaged the world's biggest crude oil processing plant and led to a 19% surge in oil prices. Iran denied blame and said it was ready for "full-fledged war".

A jump in oil prices is negative for emerging markets such as India, which is the world's third-biggest importer of oil.

The country is already likely to miss its fiscal deficit target for the current financial year, despite receiving an additional dividend from the central bank, five government officials and advisers told Reuters earlier this month, as tax collections have sunk amid a sharp economic slowdown.

India's current account and fiscal deficit might take a hit if oil prices continue to rise after an attack on Saudi Arabian oil facilities over the weekend, the Reserve Bank of India chief said on Monday.

India's current account and fiscal deficit might take a hit if oil prices continue to rise after an attack on Saudi Arabian oil facilities over the weekend, the Reserve Bank of India chief said on Monday. "We should allow a few more days to see how the situation plays out before taking a final view...depending on how long it persists it will have some impact on the current account deficit and further perhaps on the fiscal deficit if it lasts longer," Governor Shaktikanta Das told the CNBC-TV18 news channel. US officials blamed Iran for the attack, which damaged the world's biggest crude oil processing plant and led to a 19% surge in oil prices. Iran denied blame and said it was ready for "full-fledged war". A jump in oil prices is negative for emerging markets such as India, which is the world's third-biggest importer of oil. The country is already likely to miss its fiscal deficit target for the current financial year, despite receiving an additional dividend from the central bank, five government officials and advisers told Reuters earlier this month, as tax collections have sunk amid a sharp economic slowdown.

India's current account under threat if oil surge continues: RBI Governor

Indian shares closed lower on Monday, as soaring oil prices after an attack on Saudi Arabian oil facilities over the weekend dented sentiment.

The broader NSE Nifty closed down 0.65% at 11,003.5, while the benchmark BSE Sensex ended 0.70% lower at 37,123.31. The rupee was weaker by 0.88% at 71.52 against the dollar by 1014 GMT.

Oil prices surged nearly 20% at one point on Monday, but prices came off their peaks after US President Donald Trump authorised the use of his country`s emergency stockpile to ensure stable supply.

Higher oil prices tend to sour investor sentiment in emerging markets like India, which is the world`s third-biggest importer of oil.

Oil marketing firm Bharat Petroleum Corporation Ltd closed down 7% and saw its worst session in nearly one year. The stock was the biggest loser on the NSE Nifty.

Auto and finance stocks also contributed to losses, with Mahindra and Mahindra Ltd and State Bank of India sliding 2.6% and 2.4%, respectively.

Indian shares closed lower on Monday, as soaring oil prices after an attack on Saudi Arabian oil facilities over the weekend dented sentiment. The broader NSE Nifty closed down 0.

Indian shares closed lower on Monday, as soaring oil prices after an attack on Saudi Arabian oil facilities over the weekend dented sentiment. The broader NSE Nifty closed down 0.65% at 11,003.5, while the benchmark BSE Sensex ended 0.70% lower at 37,123.31. The rupee was weaker by 0.88% at 71.52 against the dollar by 1014 GMT. Oil prices surged nearly 20% at one point on Monday, but prices came off their peaks after US President Donald Trump authorised the use of his country`s emergency stockpile to ensure stable supply. Higher oil prices tend to sour investor sentiment in emerging markets like India, which is the world`s third-biggest importer of oil. Oil marketing firm Bharat Petroleum Corporation Ltd closed down 7% and saw its worst session in nearly one year. The stock was the biggest loser on the NSE Nifty. Auto and finance stocks also contributed to losses, with Mahindra and Mahindra Ltd and State Bank of India sliding 2.6% and 2.4%, respectively.

Shares end lower as oil prices soar after Saudi attack

The United Auto Workers union began a nationwide <a href="https://www.wionews.com/world/gm-recalls-35-mn-vehicles-on-brake-issue-249068">strike against General Motors</a> on Monday, with some 46,000 members walking off the job after contract talks hit an impasse.

The move to strike, which the Wall Street Journal described as the first major stoppage at <a href="https://www.wionews.com/world/after-trump-barbs-general-motors-announces-18-billion-investment-new-jobs-204938">GM in more than a decade</a>, came after the manufacturer's four-year contract with workers expired without an agreement on a replacement.

Local union leaders met in Detroit "and opted to strike at midnight on Sunday," the UAW said on its Twitter account.

"This is our last resort," Terry Dittes, the union's lead negotiator with GM, told a news conference after the meeting. "We are standing up for the fundamental rights of working people in this country."

UAW officials said the two sides remained far apart in the contract negotiations, with disagreements on wages, health care benefits, the status of temporary workers and job security.

"Our members have spoken; we have taken action; and this is a decision we did not make lightly," Ted Krumm, chair of the UAW's national bargaining committee, said in a statement.

"We are standing up for what is right," Krumm said.

Hours before the strike began, US President Donald Trump tweeted: "Here we go again with General Motors and the United Auto Workers. Get together and make a deal!"

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Here we go again with General Motors and the United Auto Workers. Get together and make a deal!
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1173369474730381314?ref_src=twsrc%5Etfw">September 15, 2019</a></blockquote>
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Democratic presidential hopefuls also took to Twitter, to voice support for the strike.

"A job is about a lot more than a paycheck. It's about dignity and respect," frontrunner Joe Biden wrote.

Bernie Sanders urged GM to "end the greed."

"Sit down with the UAW and work out an agreement that treats your workers with the respect and dignity they deserve," the Vermont senator tweeted.

GM's last major strike, according to the Journal, was in 2007 when 73,000 workers at more than 89 facilities walked off the job for two days.&nbsp;

In a statement, GM said it was "disappointing" that the UAW's leadership had decided to call the strike, saying it had presented a "strong offer" in contract negotiations.

"We have negotiated in good faith and with a sense of urgency. Our goal remains to build a strong future for our employees and our business," it said.

UAW's leadership had previously won overwhelming approval from its rank-and-file for a strike if it became necessary.

Workers at Ford and Fiat Chrysler agreed to extend their contracts, but GM management was informed Saturday that the union would not extend its contract.

Earlier on Sunday, contract maintenance workers walked off the job at GM plants in Michigan and Ohio in a parallel dispute with contractor Aramark.

GM has enjoyed several years of strong sales, posting $11.8 billion in operating profits last year, prompting union officials to argue it is time to share the wealth with workers who have borne the brunt of downturns.

But the outlook for GM is less clear, with concerns growing that a recession may be in the offing amid protracted trade tensions.

GM announced last November it was effectively shuttering five plants in North America, including facilities in Michigan and Ohio that were "unallocated" for production.

Protecting jobs and saving those plants have been key issues in the negotiations.

In its response to the strike, GM's management revealed that its offer included a promise of $7 billion in investments that would save or protect 5,400 union jobs and address the issue of the two "unallocated" plants.

It also promised that a new all-electric truck would be built in a US plant.

Adding to the friction is a federal corruption probe of the union leadership, which resulted in an FBI search last month of the home of UAW President Gary Jones.

A member of the UAW's executive board, Vance Pearson, was arrested on Thursday on charges of conspiracy to use union dues for lavish personal expenses.

Pearson, a UAW director in St. Louis, Missouri, was accused of using union conferences as a cover to justify long-term stays at luxury resorts in California.

The United Auto Workers union began a nationwide strike against General Motors on Monday, with some 46,000 members walking off the job after contract talks hit an impasse.

The United Auto Workers union began a nationwide strike against General Motors on Monday, with some 46,000 members walking off the job after contract talks hit an impasse. The move to strike, which the Wall Street Journal described as the first major stoppage at GM in more than a decade, came after the manufacturer's four-year contract with workers expired without an agreement on a replacement. Local union leaders met in Detroit "and opted to strike at midnight on Sunday," the UAW said on its Twitter account. "This is our last resort," Terry Dittes, the union's lead negotiator with GM, told a news conference after the meeting. "We are standing up for the fundamental rights of working people in this country." UAW officials said the two sides remained far apart in the contract negotiations, with disagreements on wages, health care benefits, the status of temporary workers and job security. "Our members have spoken; we have taken action; and this is a decision we did not make lightly," Ted Krumm, chair of the UAW's national bargaining committee, said in a statement. "We are standing up for what is right," Krumm said. Hours before the strike began, US President Donald Trump tweeted: "Here we go again with General Motors and the United Auto Workers. Get together and make a deal!" Here we go again with General Motors and the United Auto Workers. Get together and make a deal! — Donald J. Trump (@realDonaldTrump) September 15, 2019 × Democratic presidential hopefuls also took to Twitter, to voice support for the strike. "A job is about a lot more than a paycheck. It's about dignity and respect," frontrunner Joe Biden wrote. Bernie Sanders urged GM to "end the greed." "Sit down with the UAW and work out an agreement that treats your workers with the respect and dignity they deserve," the Vermont senator tweeted. GM's last major strike, according to the Journal, was in 2007 when 73,000 workers at more than 89 facilities walked off the job for two days. In a statement, GM said it was "disappointing" that the UAW's leadership had decided to call the strike, saying it had presented a "strong offer" in contract negotiations. "We have negotiated in good faith and with a sense of urgency. Our goal remains to build a strong future for our employees and our business," it said. UAW's leadership had previously won overwhelming approval from its rank-and-file for a strike if it became necessary. Workers at Ford and Fiat Chrysler agreed to extend their contracts, but GM management was informed Saturday that the union would not extend its contract. Earlier on Sunday, contract maintenance workers walked off the job at GM plants in Michigan and Ohio in a parallel dispute with contractor Aramark. GM has enjoyed several years of strong sales, posting $11.8 billion in operating profits last year, prompting union officials to argue it is time to share the wealth with workers who have borne the brunt of downturns. But the outlook for GM is less clear, with concerns growing that a recession may be in the offing amid protracted trade tensions. GM announced last November it was effectively shuttering five plants in North America, including facilities in Michigan and Ohio that were "unallocated" for production. Protecting jobs and saving those plants have been key issues in the negotiations. In its response to the strike, GM's management revealed that its offer included a promise of $7 billion in investments that would save or protect 5,400 union jobs and address the issue of the two "unallocated" plants. It also promised that a new all-electric truck would be built in a US plant. Adding to the friction is a federal corruption probe of the union leadership, which resulted in an FBI search last month of the home of UAW President Gary Jones. A member of the UAW's executive board, Vance Pearson, was arrested on Thursday on charges of conspiracy to use union dues for lavish personal expenses. Pearson, a UAW director in St. Louis, Missouri, was accused of using union conferences as a cover to justify long-term stays at luxury resorts in California.

General Motors workers begin nationwide strike in US

Oil prices surged nearly 20 per cent at one point on Monday, with <a href="https://www.wionews.com/business-economy/dollar-falls-oil-exporter-currencies-rise-after-saudi-attacks-yen-firms-249915">Brent crude posting</a> its biggest intraday gain since the Gulf War in 1991, after an attack on Saudi Arabian oil facilities at the weekend halved the kingdom's production.

Prices came off their peaks after US&nbsp;President Donald Trump authorised the use of his country's <a href="https://www.wionews.com/world/oil-prices-soar-more-than-10-after-saudi-plant-attacks-249877">emergency stockpile</a> to ensure stable supply.

Brent crude futures, the international benchmark, rose as much as 19.5 per cent&nbsp;to $71.95 per barrel, the biggest intraday jump since January,&nbsp;14, 1991. By 0940 GMT, the contract was at $65.77, up $5.55 or 8.4 per cent.

Watch Video:
<div class="videoWrapper trancodeVideo"><iframe src="https://www.wionews.com/videos/long-series-of-rocket-and-drone-strikes-against-saudi-arabian-oil-facilities-249718/embed" width="560" height="350" style="width:100%;max-width:560px;" class="includeVideo" frameborder="0" autoplay=1 allowfullscreen></iframe></div>

US&nbsp;West Texas Intermediate (WTI) futures climbed as much as 15.5 per cent&nbsp;to $63.34, the biggest intraday percentage gain since June 22, 1998. The contract was later at $59.54, up $4.69 or 7.88 per cent.

&nbsp;

Saudi Arabia is the world's biggest oil exporter and the attack on state-owned producer Saudi Aramco's crude-processing facilities at Abqaiq and Khurais has cut output by 5.7 million barrels per day. The company has not given a timeline for the resumption of full output.

Two sources briefed on Aramco's operations said a full return to normal production volumes "may take months".

"To take out over 5 per cent&nbsp;of global supply in a single strike - a volume exceeding cumulative non-OPEC supply growth over 2014-2018 - is highly worrying," UBS analysts said in a note.

"The departure of US&nbsp;National Security Advisor John Bolton last week was interpreted by many as a reduction in political risk - this event may be significant magnitudes more consequential."

Trump said he had approved the release of oil from the US&nbsp;Strategic Petroleum Reserve if needed in a quantity to be determined.

Trump also said the United States was "locked and loaded" for a potential response to the attack.

Major importers of Saudi crude, such as India, China and Indonesia, will be the most vulnerable to the supply disruption.

Saudi oil exports will continue as normal this week as the kingdom taps into stocks from its large storage facilities, an industry source briefed on the developments told Reuters.

South Korea said it would consider releasing oil from its strategic reserves if circumstances worsened in the wake of Saturday's attacks.

The attack on plants in the heartland of Saudi Arabia's oil industry, including the world's biggest petroleum-processing facility at Abqaiq, came from the direction of Iran, and cruise missiles may have been used, a US&nbsp;official said.

"Growing fears of a supply squeeze and heightened geopolitical tensions in the Middle East will add a risk premium for oil prices," said Benjamin Lu, analyst at Singapore-based brokerage Phillip Futures.

Saudi Arabia is set to become a significant buyer of refined products after the attacks, consultancy Energy Aspects said.

Saudi Aramco is likely to buy significant quantities of gasoline, diesel and possibly fuel oil while cutting liquefied petroleum gas exports.

US&nbsp;gasoline futures rose as much as 12.9 per cent, while US&nbsp;heating oil futures gained 10.8 per cent. China's Shanghai crude futures rose to their trading limit gaining 8 per cent at the open.

&nbsp;

Oil prices surged nearly 20 per cent at one point on Monday, with Brent crude posting its biggest intraday gain since the Gulf War in 1991, after an attack on Saudi Arabian oil facilities at the weekend halved the kingdom's production.

Oil prices surged nearly 20 per cent at one point on Monday, with Brent crude posting its biggest intraday gain since the Gulf War in 1991, after an attack on Saudi Arabian oil facilities at the weekend halved the kingdom's production. Prices came off their peaks after US President Donald Trump authorised the use of his country's emergency stockpile to ensure stable supply. Brent crude futures, the international benchmark, rose as much as 19.5 per cent to $71.95 per barrel, the biggest intraday jump since January, 14, 1991. By 0940 GMT, the contract was at $65.77, up $5.55 or 8.4 per cent. Watch Video: US West Texas Intermediate (WTI) futures climbed as much as 15.5 per cent to $63.34, the biggest intraday percentage gain since June 22, 1998. The contract was later at $59.54, up $4.69 or 7.88 per cent. Saudi Arabia is the world's biggest oil exporter and the attack on state-owned producer Saudi Aramco's crude-processing facilities at Abqaiq and Khurais has cut output by 5.7 million barrels per day. The company has not given a timeline for the resumption of full output. Two sources briefed on Aramco's operations said a full return to normal production volumes "may take months". "To take out over 5 per cent of global supply in a single strike - a volume exceeding cumulative non-OPEC supply growth over 2014-2018 - is highly worrying," UBS analysts said in a note. "The departure of US National Security Advisor John Bolton last week was interpreted by many as a reduction in political risk - this event may be significant magnitudes more consequential." Trump said he had approved the release of oil from the US Strategic Petroleum Reserve if needed in a quantity to be determined. Trump also said the United States was "locked and loaded" for a potential response to the attack. Major importers of Saudi crude, such as India, China and Indonesia, will be the most vulnerable to the supply disruption. Saudi oil exports will continue as normal this week as the kingdom taps into stocks from its large storage facilities, an industry source briefed on the developments told Reuters. South Korea said it would consider releasing oil from its strategic reserves if circumstances worsened in the wake of Saturday's attacks. The attack on plants in the heartland of Saudi Arabia's oil industry, including the world's biggest petroleum-processing facility at Abqaiq, came from the direction of Iran, and cruise missiles may have been used, a US official said. "Growing fears of a supply squeeze and heightened geopolitical tensions in the Middle East will add a risk premium for oil prices," said Benjamin Lu, analyst at Singapore-based brokerage Phillip Futures. Saudi Arabia is set to become a significant buyer of refined products after the attacks, consultancy Energy Aspects said. Saudi Aramco is likely to buy significant quantities of gasoline, diesel and possibly fuel oil while cutting liquefied petroleum gas exports. US gasoline futures rose as much as 12.9 per cent, while US heating oil futures gained 10.8 per cent. China's Shanghai crude futures rose to their trading limit gaining 8 per cent at the open.

International oil prices surge nearly 20% after attack on Saudi oil facilities

Japan has agreed to phase out tariffs on <a href="https://www.wionews.com/world/us-wants-to-make-meaningful-progress-in-china-trade-talks-249287">US</a> wine imports as part of a bilateral <a href="https://www.wionews.com/business-economy/american-business-community-wants-trade-deal-between-us-china-249649">trade deal</a> expected to be signed at the end of the month, the Nikkei newspaper reported on Sunday.

Japan will eliminate the tariffs on US wine within five to seven years after the trade agreement goes into effect, the Nikkei reported without giving its sources.

Japan taxes imported wine at a rate of 15 per cent&nbsp;or 125 yen ($1.16) per litre, whichever is cheaper, according to the Nikkei.

The elimination of the tariff could cut the cost of US wine by about 13 per cent&nbsp;for wine distributors, the Nikkei said.

The trade agreement between the United States and Japan, which is expected to be signed on the sidelines of the UN&nbsp;General Assembly meeting, is also expected to gradually lower tariffs on US&nbsp;beef imports to 9&nbsp;per cent in 2033 from 38.5 per cent&nbsp;now, the Nikkei said.

Officials from Japan's trade ministry were not immediately available for comment.

Last month, the United States and Japan agreed in principle on the core elements of a free-trade deal that would cool a trade dispute between the allies. 
The United States is also trying to de-escalate its year-long trade war with China.

Chinese trade deputies are expected to meet their US&nbsp;counterparts in Washington before minister-level meetings in early October in the US&nbsp;capital. 
&nbsp;

Japan has agreed to phase out tariffs on US wine imports as part of a bilateral trade deal expected to be signed at the end of the month, the Nikkei newspaper reported on Sunday.

Japan has agreed to phase out tariffs on US wine imports as part of a bilateral trade deal expected to be signed at the end of the month, the Nikkei newspaper reported on Sunday. Japan will eliminate the tariffs on US wine within five to seven years after the trade agreement goes into effect, the Nikkei reported without giving its sources. Japan taxes imported wine at a rate of 15 per cent or 125 yen ($1.16) per litre, whichever is cheaper, according to the Nikkei. The elimination of the tariff could cut the cost of US wine by about 13 per cent for wine distributors, the Nikkei said. The trade agreement between the United States and Japan, which is expected to be signed on the sidelines of the UN General Assembly meeting, is also expected to gradually lower tariffs on US beef imports to 9 per cent in 2033 from 38.5 per cent now, the Nikkei said. Officials from Japan's trade ministry were not immediately available for comment. Last month, the United States and Japan agreed in principle on the core elements of a free-trade deal that would cool a trade dispute between the allies. The United States is also trying to de-escalate its year-long trade war with China. Chinese trade deputies are expected to meet their US counterparts in Washington before minister-level meetings in early October in the US capital.

Japan to eliminate tariffs on United States wine in trade deal: Report