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Thyssenkrupp&nbsp;will make sweeping job cuts and give an update on the new company structure in November, the company's new Chief Executive Martina Merz told employees on Wednesday.

The German group announced in May it was open to new ownership structures for its car parts, plant engineering, marine systems, and elevators units, but investors criticised a lack of progress, leading to the <a href="https://www.wionews.com/world/thyssenkrupp-plunged-into-turmoil-as-ceo-kerkhoff-set-to-leave-252022">dismissal of CEO Guido Kerkhoff.</a>

This led to the installation of Martina Merz, who addressed her top managers for the first time as CEO this week.

"This is about strengthening businesses and improving performance. This is not a sellout," Merz said in the letter, which was released to employees following the management meeting.

Thyssenkrupp, which has already announced 6,000 positions will go, declined to put a figure on potential job losses, pending negotiations about cuts with labour leaders.

It said an update about the revamp would be given in November and that employees would have clarity in early 2020.

"It is true that this will not be possible without significant job cuts," Merz said, explaining that big changes were afoot in the Component Technologies and Industrial Solutions divisions.

Component Technologies will be renamed Automotive Technology and a new structure will be introduced.

Marcel Fasswald, Chief Executive of Thyssenkrupp Industrial Solutions, has left the company, Merz said.

Thyssenkrupp will, however, continue with plans to sell or list its Elevators division, Merz said.

Thyssenkrupp will make sweeping job cuts and give an update on the new company structure in November, the company's new Chief Executive Martina Merz told employees on Wednesday.

Thyssenkrupp will make sweeping job cuts and give an update on the new company structure in November, the company's new Chief Executive Martina Merz told employees on Wednesday. The German group announced in May it was open to new ownership structures for its car parts, plant engineering, marine systems, and elevators units, but investors criticised a lack of progress, leading to the dismissal of CEO Guido Kerkhoff. This led to the installation of Martina Merz, who addressed her top managers for the first time as CEO this week. "This is about strengthening businesses and improving performance. This is not a sellout," Merz said in the letter, which was released to employees following the management meeting. Thyssenkrupp, which has already announced 6,000 positions will go, declined to put a figure on potential job losses, pending negotiations about cuts with labour leaders. It said an update about the revamp would be given in November and that employees would have clarity in early 2020. "It is true that this will not be possible without significant job cuts," Merz said, explaining that big changes were afoot in the Component Technologies and Industrial Solutions divisions. Component Technologies will be renamed Automotive Technology and a new structure will be introduced. Marcel Fasswald, Chief Executive of Thyssenkrupp Industrial Solutions, has left the company, Merz said. Thyssenkrupp will, however, continue with plans to sell or list its Elevators division, Merz said.

Thyssenkrupp CEO announces sweeping job cuts

The chairman of <a href="https://www.wionews.com/business-economy/nissan-considers-giving-renault-some-seats-on-oversight-committees-source-227300">France's Renault&nbsp;is set to kick off a process to replace the Chief Executive</a>&nbsp;Thierry Bollore, business daily Le Figaro reported, as the carmaker tries to move on from an era marked by the arrest of former boss Carlos Ghosn.

According to Tuesday's report, Jean-Dominique Senard, who was brought in to chair Renault earlier this year from tyre maker Michelin, could bring the succession proposal onto the agenda of the next board meeting on October&nbsp;18.

Renault declined to comment on the report, which cited unidentified sources, as did a spokesman for the French finance ministry. The state owns a 15 per cent&nbsp;stake in Renault.

The company, like its alliance partner Nissan Motor C, is still reeling from the arrest last year of Ghosn on allegations of financial misconduct, which he denies.

Bollore, long Ghosn's right-hand man, was also promoted alongside Senard to help steady Renault.

But as well as stabilising the <a href="https://www.wionews.com/business-economy/fiat-renault-merger-good-opportunity-french-minister-225951">alliance with Nissan</a>, Senard was tasked shaking up governance at the firm, one step he had yet to take.

"It's sometimes good to change people who have been in a place for a long time," one source familiar with the French government's thinking said.

Any change at the top of Renault would follow hot on the heels of a management overhaul at Nissan, and could help to ease tensions between the alliance partners.

The Japanese carmaker on Tuesday named a new chief executive, replacing Hiroto Saikawa, who stepped down after he admitted to being improperly overpaid. Makoto Uchida, until now the head of Nissan's China business, is known for his close ties to Renault, which has a 43.3% stake in Nissan.

The chairman of France's Renault is set to kick off a process to replace the Chief Executive Thierry Bollore, business daily Le Figaro reported, as the carmaker tries to move on from an era marked by the arrest of former boss Carlos Ghosn.

The chairman of France's Renault is set to kick off a process to replace the Chief Executive Thierry Bollore, business daily Le Figaro reported, as the carmaker tries to move on from an era marked by the arrest of former boss Carlos Ghosn. According to Tuesday's report, Jean-Dominique Senard, who was brought in to chair Renault earlier this year from tyre maker Michelin, could bring the succession proposal onto the agenda of the next board meeting on October 18. Renault declined to comment on the report, which cited unidentified sources, as did a spokesman for the French finance ministry. The state owns a 15 per cent stake in Renault. The company, like its alliance partner Nissan Motor C, is still reeling from the arrest last year of Ghosn on allegations of financial misconduct, which he denies. Bollore, long Ghosn's right-hand man, was also promoted alongside Senard to help steady Renault. But as well as stabilising the alliance with Nissan, Senard was tasked shaking up governance at the firm, one step he had yet to take. "It's sometimes good to change people who have been in a place for a long time," one source familiar with the French government's thinking said. Any change at the top of Renault would follow hot on the heels of a management overhaul at Nissan, and could help to ease tensions between the alliance partners. The Japanese carmaker on Tuesday named a new chief executive, replacing Hiroto Saikawa, who stepped down after he admitted to being improperly overpaid. Makoto Uchida, until now the head of Nissan's China business, is known for his close ties to Renault, which has a 43.3% stake in Nissan.

Renault to start search for new CEO: Le Figaro

Britain's insolvency agency said on Wednesday that <a href="https://www.wionews.com/world/united-kingdom-to-fly-back-another-5000-people-on-thursday-after-thomas-cook-collapse-253440">Hays Travel had reached an agreement with Thomas Cook Group</a> Plc to buy 555 stores of the collapsed travel firm in the UK.

The travel agency will also re-employ some former employees from Thomas Cook's retail operations, the British agency said in a statement.

The world's largest travel firm, <a href="https://www.wionews.com/world/most-thomas-cook-holidaymakers-back-in-uk-252603">Thomas Cook, collapsed last month</a>, stranding hundreds of thousands of holidaymakers around the globe and sparking the largest peacetime repatriation effort in British history.

Britain's insolvency agency said on Wednesday that Hays Travel had reached an agreement with Thomas Cook Group Plc to buy 555 stores of the collapsed travel firm in the UK.

Britain's insolvency agency said on Wednesday that Hays Travel had reached an agreement with Thomas Cook Group Plc to buy 555 stores of the collapsed travel firm in the UK. The travel agency will also re-employ some former employees from Thomas Cook's retail operations, the British agency said in a statement. The world's largest travel firm, Thomas Cook, collapsed last month, stranding hundreds of thousands of holidaymakers around the globe and sparking the largest peacetime repatriation effort in British history.

Hays Travel to buy Thomas Cook's UK stores: Government agency

<a href="https://www.wionews.com/business-economy/airbus-ups-estimate-of-20-year-demand-for-new-planes-250372">Airbus Defence and Space has issued an internal warning of significant challenges</a> in meeting cashflow and other targets for 2019 as it rolls out an internal efficiency plan called "Momentum", people familiar with the matter said.

It is the second time in as many years the group's second-largest division has been forced to urge its 33,000 staff to save more cash in the final quarter of the year, a period when government customers are often slow in finalising payments.

This year, the squeeze has gained extra urgency as Airbus remains locked in a dispute with Germany over a freeze on arms exports to Saudi Arabia, imposed after the killing of journalist Jamal Kashoggi by Saudi operatives just over a year ago.

Airbus says the moratorium on defence export licences has disrupted an already long-delayed Saudi border systems contract.

Airbus Defence and Space staff have been urged to take steps to improve the division's cash position by the end of 2019, the people said, adding no figures were available.

One part of that effort is Momentum, a new plan aimed at achieving durable improvements in performance over the long term.

Responding to a Reuters query, an Airbus spokesman confirmed the focus on improving cash as well as the new efficiency plan.

"In early fall, as is rather customary, management has reminded the teams inside Airbus Defence and Space that we have to work hard in order to meet our targets by year-end," the spokesman said.

"Our particular focus in 2019 is on achieving our free cash flow objectives. Momentum, in its current phase, is one supporting tool in our instrument box to make that happen."

Airbus took a total of $228 million&nbsp;in first-half charges related to the Saudi contract but has declined to put any numbers on the fallout to its cashflow.

The group is targeting a positive free cash flow before M&amp;A and customer financing of approximately 4 billion euros in 2019 after an outflow of 3.981 billion euros in the first half blamed partly on higher inventories due to delayed jetliner deliveries.

<a href="https://www.wionews.com/world/airbus-orders-inspection-of-400-helicopters-following-norway-crash-249066">Airbus Defence and Space is the group's second-largest division by sales and contributes some 17 per cent&nbsp;of its revenue</a>.

The division supplies aerial refuelling tankers, satellites and military transport planes, and contributes to the four-nation Eurofighter Typhoon combat jet. It has also partnered with France’s Dassault Aviation&nbsp;to study a successor to the Eurofighter and the French Rafale.

Divisional chief executive Dirk Hoke has urged Berlin to relax the Saudi export ban, saying it will not lead to far-reaching changes in the Gulf kingdom. But Chancellor Angela Merkel's government has said there is no reason to alter the moratorium which has been extended to March next year.

Airbus Defence and Space has issued an internal warning of significant challenges in meeting cashflow and other targets for 2019 as it rolls out an internal efficiency plan called "Momentum", people familiar with the matter said.

Airbus Defence and Space has issued an internal warning of significant challenges in meeting cashflow and other targets for 2019 as it rolls out an internal efficiency plan called "Momentum", people familiar with the matter said. It is the second time in as many years the group's second-largest division has been forced to urge its 33,000 staff to save more cash in the final quarter of the year, a period when government customers are often slow in finalising payments. This year, the squeeze has gained extra urgency as Airbus remains locked in a dispute with Germany over a freeze on arms exports to Saudi Arabia, imposed after the killing of journalist Jamal Kashoggi by Saudi operatives just over a year ago. Airbus says the moratorium on defence export licences has disrupted an already long-delayed Saudi border systems contract. Airbus Defence and Space staff have been urged to take steps to improve the division's cash position by the end of 2019, the people said, adding no figures were available. One part of that effort is Momentum, a new plan aimed at achieving durable improvements in performance over the long term. Responding to a Reuters query, an Airbus spokesman confirmed the focus on improving cash as well as the new efficiency plan. "In early fall, as is rather customary, management has reminded the teams inside Airbus Defence and Space that we have to work hard in order to meet our targets by year-end," the spokesman said. "Our particular focus in 2019 is on achieving our free cash flow objectives. Momentum, in its current phase, is one supporting tool in our instrument box to make that happen." Airbus took a total of $228 million in first-half charges related to the Saudi contract but has declined to put any numbers on the fallout to its cashflow. The group is targeting a positive free cash flow before M&A and customer financing of approximately 4 billion euros in 2019 after an outflow of 3.981 billion euros in the first half blamed partly on higher inventories due to delayed jetliner deliveries. Airbus Defence and Space is the group's second-largest division by sales and contributes some 17 per cent of its revenue. The division supplies aerial refuelling tankers, satellites and military transport planes, and contributes to the four-nation Eurofighter Typhoon combat jet. It has also partnered with France’s Dassault Aviation to study a successor to the Eurofighter and the French Rafale. Divisional chief executive Dirk Hoke has urged Berlin to relax the Saudi export ban, saying it will not lead to far-reaching changes in the Gulf kingdom. But Chancellor Angela Merkel's government has said there is no reason to alter the moratorium which has been extended to March next year.

Airbus defence unit sees cash challenge, adopts efficiency plan

<a href="https://www.wionews.com/business-economy/gold-prices-steady-as-market-awaits-united-states-employment-report-253433">Gold prices on Wednesday</a> held on to the previous session's gains, as fading hopes for progress in US-China trade talks hit risk appetite, while markets also awaited clues on monetary easing by the US&nbsp;Federal Reserve.

Spot gold rose 0.4 per cent&nbsp;to $1,510.50 per ounce as of 0723 GMT, and stood its ground above $1,500 after jumping as much as 1 per cent&nbsp;in the previous session. US&nbsp;gold futures gained 0.8 per cent&nbsp;to $1,516.20 per ounce.

"The market is holding back, and looking at what's going to happen in the US-China trade talks on Thursday... If the trade dispute turns worse, we are going to expect some strong risk-off trade," said Phillip Futures analyst Benjamin Lu.

"The players who were short, rolled back on their positions. We are also seeing some weakness on the equity side."

The United States on Tuesday imposed visa restrictions on Chinese officials for the detention or abuse of Muslim minorities, angering Beijing ahead of high-level trade talks on Thursday and Friday, and sending Asian stocks lower.

The dollar was a shade lower against a basket of major currencies.

US&nbsp;President Donald Trump has said tariffs on Chinese imports will rise on October&nbsp;15 if no progress is made in the negotiations.

The US&nbsp;Treasury yield curve steepened in Asia after Federal Reserve Chair Jerome Powell signalled further interest rate cuts and the resumption of bond purchases to address a recent spike in money market rates.

Lower interest rates generally reduce the opportunity cost of holding non-yielding gold and weigh on the dollar.

"With the latest QE-lite measures, we expect in flow of funds into gold-backed ETFs to continue, which is likely to push gold prices higher. We maintain that gold prices may test as high as $1,600/oz in this period of uncertainty," OCBC Bank said in a research note.

<a href="https://www.wionews.com/business-economy/gold-prices-dip-as-fears-of-widening-trade-war-ease-252730">Signals are mixed for spot gold, as it failed to break a support at $1,488 per ounce</a>, said Reuters market analyst, Wang Tao.

"The psychological $1,500 pivot looms as the first key support for gold, however expect to see interest extend as far as $1,485," MKS PAMP said in a note.

Meanwhile, silver gained 1.2 per cent&nbsp;to $17.91 an ounce, while platinum rose 0.4 per cent&nbsp;to $892.99. Palladium declined 0.2 per cent&nbsp;to $1,673.17 an ounce.

Gold prices on Wednesday held on to the previous session's gains, as fading hopes for progress in US-China trade talks hit risk appetite, while markets also awaited clues on monetary easing by the US Federal Reserve.

Gold prices on Wednesday held on to the previous session's gains, as fading hopes for progress in US-China trade talks hit risk appetite, while markets also awaited clues on monetary easing by the US Federal Reserve. Spot gold rose 0.4 per cent to $1,510.50 per ounce as of 0723 GMT, and stood its ground above $1,500 after jumping as much as 1 per cent in the previous session. US gold futures gained 0.8 per cent to $1,516.20 per ounce. "The market is holding back, and looking at what's going to happen in the US-China trade talks on Thursday... If the trade dispute turns worse, we are going to expect some strong risk-off trade," said Phillip Futures analyst Benjamin Lu. "The players who were short, rolled back on their positions. We are also seeing some weakness on the equity side." The United States on Tuesday imposed visa restrictions on Chinese officials for the detention or abuse of Muslim minorities, angering Beijing ahead of high-level trade talks on Thursday and Friday, and sending Asian stocks lower. The dollar was a shade lower against a basket of major currencies. US President Donald Trump has said tariffs on Chinese imports will rise on October 15 if no progress is made in the negotiations. The US Treasury yield curve steepened in Asia after Federal Reserve Chair Jerome Powell signalled further interest rate cuts and the resumption of bond purchases to address a recent spike in money market rates. Lower interest rates generally reduce the opportunity cost of holding non-yielding gold and weigh on the dollar. "With the latest QE-lite measures, we expect in flow of funds into gold-backed ETFs to continue, which is likely to push gold prices higher. We maintain that gold prices may test as high as $1,600/oz in this period of uncertainty," OCBC Bank said in a research note. Signals are mixed for spot gold, as it failed to break a support at $1,488 per ounce, said Reuters market analyst, Wang Tao. "The psychological $1,500 pivot looms as the first key support for gold, however expect to see interest extend as far as $1,485," MKS PAMP said in a note. Meanwhile, silver gained 1.2 per cent to $17.91 an ounce, while platinum rose 0.4 per cent to $892.99. Palladium declined 0.2 per cent to $1,673.17 an ounce.

Gold holds firm as optimism fades for US-China trade talks

International Monetary Fund's chief <a href="https://www.wionews.com/world/divided-european-union-taps-bulgarias-kristalina-georgieva-as-international-monetary-fund-candidate-240499">Kristalina Georgieva </a>on Tuesday painted a grim picture of the world economy as she warned about 'synchronised slowdown'. She also said that&nbsp;nearly 90 per cent of the world will witness slower growth in 2019.

"Two years ago, the global economy was in a synchronised upswing. Measured by GDP, nearly 75 per cent of the world was accelerating. The global economy is now in a synchronised slowdown. In 2019, we expect slower growth in nearly 90 per cent of the world," said Georgieva.

The speech comes ahead of next week's annual meeting of the IMF and World Bank during which both the organisation are set to present the global economic outlook.

Georgieva also&nbsp;said that the effect&nbsp;of the slowdown is more pronounced&nbsp;in some of the largest emerging market economies like India.

"In the United States and Germany, unemployment is at historic lows. Yet across advanced economies, including in the US, Japan, an&nbsp;especially the euro area, there is a softening of economic activity. In some of the <a href="https://www.wionews.com/opinions/can-india-realistically-become-us-5-trillion-economy-236846">largest emerging market economies, such as India</a> and Brazil, the slowdown is even more pronounced this year," Georgieva also said.

The IMF had cut its projection for India's economic growth by 0.3 percentage points to 7 per cent for the fiscal year 2019-20 owing to the "weaker-than-expected outlook" for the domestic demand.

Watch: IMF's Lagarde warns of 'growing concerns' over trade tensions

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The IMF's research also takes into account the US-China trade conflict, which could have long-term repercussions.

&nbsp;"We have spoken in the past about the dangers of trade disputes. now, we see that they are actually taking a toll. Global trade growth has come to a near standstill. In part because of the trade tensions, worldwide manufacturing activity and investment have weakened substantially. There is a serious risk that services and consumption could soon be affected, " Georgieva said.

"Even if growth picks-up in 2020, the current rifts could lead to changes that last a generation - broken supply chains, siloed trade sectors, a 'digital berlin wall' that forces countries to choose between technology systems," she added.

She highlighted that trade conflicts could lead to a loss of a whopping seven-hundred billion dollars from the global GDP output by 2020.

Speaking about the monetary policy, Georgieva said that central banks need to keep their interests low, especially due to low inflation and weak growth.

However, she also said that there was limited scope for further cuts because the borrowing were already nearly zero or negative.

Kristalina Georgieva took over as IMF's managing director on October 1 after Christine Lagarde resigned.

Georgieva is the former chief executive officer of World Bank.

International Monetary Fund's chief Kristalina Georgieva on Tuesday painted a grim picture of the world economy as she warned about 'synchronised slowdown'. She also said that nearly 90 per cent of the world will witness slower growth in 2019.

International Monetary Fund's chief Kristalina Georgieva on Tuesday painted a grim picture of the world economy as she warned about 'synchronised slowdown'. She also said that nearly 90 per cent of the world will witness slower growth in 2019. "Two years ago, the global economy was in a synchronised upswing. Measured by GDP, nearly 75 per cent of the world was accelerating. The global economy is now in a synchronised slowdown. In 2019, we expect slower growth in nearly 90 per cent of the world," said Georgieva. The speech comes ahead of next week's annual meeting of the IMF and World Bank during which both the organisation are set to present the global economic outlook. Georgieva also said that the effect of the slowdown is more pronounced in some of the largest emerging market economies like India. "In the United States and Germany, unemployment is at historic lows. Yet across advanced economies, including in the US, Japan, an especially the euro area, there is a softening of economic activity. In some of the largest emerging market economies, such as India and Brazil, the slowdown is even more pronounced this year," Georgieva also said. The IMF had cut its projection for India's economic growth by 0.3 percentage points to 7 per cent for the fiscal year 2019-20 owing to the "weaker-than-expected outlook" for the domestic demand. Watch: IMF's Lagarde warns of 'growing concerns' over trade tensions × The IMF's research also takes into account the US-China trade conflict, which could have long-term repercussions. "We have spoken in the past about the dangers of trade disputes. now, we see that they are actually taking a toll. Global trade growth has come to a near standstill. In part because of the trade tensions, worldwide manufacturing activity and investment have weakened substantially. There is a serious risk that services and consumption could soon be affected, " Georgieva said. "Even if growth picks-up in 2020, the current rifts could lead to changes that last a generation - broken supply chains, siloed trade sectors, a 'digital berlin wall' that forces countries to choose between technology systems," she added. She highlighted that trade conflicts could lead to a loss of a whopping seven-hundred billion dollars from the global GDP output by 2020. Speaking about the monetary policy, Georgieva said that central banks need to keep their interests low, especially due to low inflation and weak growth. However, she also said that there was limited scope for further cuts because the borrowing were already nearly zero or negative. Kristalina Georgieva took over as IMF's managing director on October 1 after Christine Lagarde resigned. Georgieva is the former chief executive officer of World Bank.

World suffering 'synchronised slowdown', says new IMF chief; effect 'more pronounced' in India

Britain's economy is increasingly showing signs of strain as the <a href="https://www.wionews.com/world/british-prime-minister-johnson-tells-eu-brexit-ball-is-in-your-court-now-254283/amp">Brexit crisis</a> and the global slowdown intensify, with the loss of momentum appearing to spread to areas that have hitherto been sources of growth.

Confidence among businesses has ebbed to its lowest levels since the global financial crisis.

The labour market, which has long been a silver lining for the economy, is also starting to show signs of slowing, raising questions about the strength of consumer spending.

The different Brexit scenarios for the world's fifth-largest economy make it hard to gauge the outlook for the year ahead, not least for the Bank of England, and some investors fear Britain is already flirting with recession.

Economists polled by Reuters last month put the probability of a recession within a year at 35 per cent.

Below are some indicators of the <a href="https://www.wionews.com/business-economy/uk-business-activity-contracts-over-brexit-turmoil-raises-recession-risk-247628">British economy </a>and how they have changed since the June 2016 Brexit vote.

Pessimism among businesses has reached the highest levels in years.

The gauges of future activity in the Lloyds Business Barometer, CBI Growth Indicator, and IHS Markit/CIPS surveys have all turned weakened recently.

The closely watched IHS Markit/CIPS survey last week showed Britain's dominant <a href="https://www.wionews.com/business-economy/uk-economy-flirting-with-recession-after-services-shrink-unexpectedly-253502">services sector contracted </a>unexpectedly in September,&nbsp;and marked the worst reading in a major developed economy.

Household spending has supported Britain's economy since the Brexit vote, although there are signs that households have spent more on non-discretionary goods such as food, while spending in restaurants and hotels has weakened.

As of the second quarter, spending on the latter was about 1.5 per cent&nbsp;lower than in mid-2016, but nearly 7 per cent&nbsp;higher for food and non-alcoholic drinks, according to official data.

Figures from the British Retail Consortium and payment card company Barclaycard published on Monday showed shop chains had their worst September since records started in 1995, although spending on entertainment increased.

The labour market is the strong point of Britain's economy but some cracks have appeared recently. Employment fell in annualised terms in the six months to July 2019 to the greatest extent since early 2012.

Wage growth is at a decade-high although the BoE has said it may have peaked and there has been no pickup in productivity.

A measure that BoE policymakers like to look at,&nbsp;the three-month annualised growth rate of private sector earnings, excluding bonuses, slowed in July from an almost five-year high of 5.9 per cent&nbsp;in June.

Although the Office for National Statistics has revised up the level of business investment in Britain's economy lately, the figures still show capital expenditure has stagnated since the Brexit vote.

Business investment is running about 5 billion pounds lower than it would have been had it followed its pre-Brexit vote trend since the financial crisis, according to the latest data.

Britain's economy is increasingly showing signs of strain as the Brexit crisis and the global slowdown intensify, with the loss of momentum appearing to spread to areas that have hitherto been sources of growth.

Britain's economy is increasingly showing signs of strain as the Brexit crisis and the global slowdown intensify, with the loss of momentum appearing to spread to areas that have hitherto been sources of growth. Confidence among businesses has ebbed to its lowest levels since the global financial crisis. The labour market, which has long been a silver lining for the economy, is also starting to show signs of slowing, raising questions about the strength of consumer spending. The different Brexit scenarios for the world's fifth-largest economy make it hard to gauge the outlook for the year ahead, not least for the Bank of England, and some investors fear Britain is already flirting with recession. Economists polled by Reuters last month put the probability of a recession within a year at 35 per cent. Below are some indicators of the British economy and how they have changed since the June 2016 Brexit vote. Pessimism among businesses has reached the highest levels in years. The gauges of future activity in the Lloyds Business Barometer, CBI Growth Indicator, and IHS Markit/CIPS surveys have all turned weakened recently. The closely watched IHS Markit/CIPS survey last week showed Britain's dominant services sector contracted unexpectedly in September, and marked the worst reading in a major developed economy. Household spending has supported Britain's economy since the Brexit vote, although there are signs that households have spent more on non-discretionary goods such as food, while spending in restaurants and hotels has weakened. As of the second quarter, spending on the latter was about 1.5 per cent lower than in mid-2016, but nearly 7 per cent higher for food and non-alcoholic drinks, according to official data. Figures from the British Retail Consortium and payment card company Barclaycard published on Monday showed shop chains had their worst September since records started in 1995, although spending on entertainment increased. The labour market is the strong point of Britain's economy but some cracks have appeared recently. Employment fell in annualised terms in the six months to July 2019 to the greatest extent since early 2012. Wage growth is at a decade-high although the BoE has said it may have peaked and there has been no pickup in productivity. A measure that BoE policymakers like to look at, the three-month annualised growth rate of private sector earnings, excluding bonuses, slowed in July from an almost five-year high of 5.9 per cent in June. Although the Office for National Statistics has revised up the level of business investment in Britain's economy lately, the figures still show capital expenditure has stagnated since the Brexit vote. Business investment is running about 5 billion pounds lower than it would have been had it followed its pre-Brexit vote trend since the financial crisis, according to the latest data.

UK economy starts to shows cracks under Brexit and global strains

<a href="https://www.wionews.com/world/after-ghosn-nissan-ceo-hiroto-saikawa-to-step-down-over-financial-irregularities-accusation-248639">Nissan Motor Co</a> named the head of its Chinese business as its next CEO on Tuesday, picking an executive known for close ties to top shareholder Renault and for a frank, straight-talking manner that has marked him as an outsider.

By selecting Senior Vice President Makoto Uchida, Nissan's board has gone with someone slightly at odds with its traditional corporate culture. He joined the carmaker mid-career in 2003, a rarity in a country where top executives usually spend their entire working lives at the same company.

Known for his unflagging work ethic and relentless focus on cost control, Uchida was described by one long-time associate who spoke on condition of anonymity as a "foreigner with a Japanese face" - direct and to the point in conversations.

He will be joined by newly appointed Chief Operating Officer (COO) Ashwani Gupta, currently COO of junior partner Mitsubishi Motors Corp, in trying to find new ways to revive a business that has been struggling for months with plunging profits, management scandal and tensions with Renault.

Japan's second-largest automaker has been shaken in particular by the arrest of former Chairman Carlos Ghosn last year on allegations of financial misconduct, which he denies, and the more recent departure of CEO Hiroto Saikawa after he admitted to being improperly overpaid.

Whether the 53-year-old former theology student can deliver a miracle turnaround - particularly at Nissan's business in the United States - and repair ties with Renault will now be a focus for investors.

"The biggest business challenge for Nissan is speeding up," the head of Nissan's nominations committee, Masakazu Toyoda, told a news conference.

"Speedy decision making is a challenge that Uchida raised, and to this end, he said that he wants to empower people as much as possible, so we decided to ask Uchida to take on the CEO role."

One source close to Renault described the selection as "a victory for the alliance", saying that both Uchida and Gupta knew the business and were ready to help Nissan recover.

'Isn't really Japanese'

<a href="https://www.wionews.com/world/crisis-hit-nissan-ceo-set-to-resign-as-board-meets-248599">Before his ouster, Ghosn had been working on a plan for a full merger of Renault and Nissan</a>, but had met resistance in Japan, which is concerned about French influence in the alliance. The French government is a major Renault shareholder.

Relations were further strained this year when Renault held abortive merger talks with Fiat Chrysler Automobiles.

Nissan's former China chief Jun Seki, who was seen as one of the top contenders for the CEO job, will be vice COO, the company said. The three appointees will take up their positions by January&nbsp;1.

"All three are global citizens, attach importance to the alliance, and are motivated to speed decision making" Toyoda said.

The Uchida associate described him as a "Japanese person who isn't really Japanese inside. Very direct in his language, to the point, easy to understand."

He is extremely proficient in English and worked with Renault, which owns 43.4 per cent of Nissan, on alliance procurement.

Although he is steeped in cost control and rose through ranks in purchasing and procurement - two key things for Nissan - there are other traits that mark him as an outsider.

Unlike other top executives, he has not spent his entire career at Nissan, having joined from Nissho Iwai, now part of trading house Sojitz. He also graduated from Doshisha University in Kyoto, where he studied theology. Many top executives in Japan come from the University of Tokyo, and often study law.

As such he is seen as a "tozama", a lord who was considered an outsider in feudal Japan, the associate said.

Directors at Nissan, including those from Renault, voted unanimously in favour of the two executives, a source familiar with the matter said.

APE, which handles the French state's holdings in companies, said it was delighted "with a unanimous decision that will allow Nissan and the alliance to move forward."

Nissan Motor Co named the head of its Chinese business as its next CEO on Tuesday, picking an executive known for close ties to top shareholder Renault and for a frank, straight-talking manner that has marked him as an outsider.

Nissan Motor Co named the head of its Chinese business as its next CEO on Tuesday, picking an executive known for close ties to top shareholder Renault and for a frank, straight-talking manner that has marked him as an outsider. By selecting Senior Vice President Makoto Uchida, Nissan's board has gone with someone slightly at odds with its traditional corporate culture. He joined the carmaker mid-career in 2003, a rarity in a country where top executives usually spend their entire working lives at the same company. Known for his unflagging work ethic and relentless focus on cost control, Uchida was described by one long-time associate who spoke on condition of anonymity as a "foreigner with a Japanese face" - direct and to the point in conversations. He will be joined by newly appointed Chief Operating Officer (COO) Ashwani Gupta, currently COO of junior partner Mitsubishi Motors Corp, in trying to find new ways to revive a business that has been struggling for months with plunging profits, management scandal and tensions with Renault. Japan's second-largest automaker has been shaken in particular by the arrest of former Chairman Carlos Ghosn last year on allegations of financial misconduct, which he denies, and the more recent departure of CEO Hiroto Saikawa after he admitted to being improperly overpaid. Whether the 53-year-old former theology student can deliver a miracle turnaround - particularly at Nissan's business in the United States - and repair ties with Renault will now be a focus for investors. "The biggest business challenge for Nissan is speeding up," the head of Nissan's nominations committee, Masakazu Toyoda, told a news conference. "Speedy decision making is a challenge that Uchida raised, and to this end, he said that he wants to empower people as much as possible, so we decided to ask Uchida to take on the CEO role." One source close to Renault described the selection as "a victory for the alliance", saying that both Uchida and Gupta knew the business and were ready to help Nissan recover. 'Isn't really Japanese' Before his ouster, Ghosn had been working on a plan for a full merger of Renault and Nissan, but had met resistance in Japan, which is concerned about French influence in the alliance. The French government is a major Renault shareholder. Relations were further strained this year when Renault held abortive merger talks with Fiat Chrysler Automobiles. Nissan's former China chief Jun Seki, who was seen as one of the top contenders for the CEO job, will be vice COO, the company said. The three appointees will take up their positions by January 1. "All three are global citizens, attach importance to the alliance, and are motivated to speed decision making" Toyoda said. The Uchida associate described him as a "Japanese person who isn't really Japanese inside. Very direct in his language, to the point, easy to understand." He is extremely proficient in English and worked with Renault, which owns 43.4 per cent of Nissan, on alliance procurement. Although he is steeped in cost control and rose through ranks in purchasing and procurement - two key things for Nissan - there are other traits that mark him as an outsider. Unlike other top executives, he has not spent his entire career at Nissan, having joined from Nissho Iwai, now part of trading house Sojitz. He also graduated from Doshisha University in Kyoto, where he studied theology. Many top executives in Japan come from the University of Tokyo, and often study law. As such he is seen as a "tozama", a lord who was considered an outsider in feudal Japan, the associate said. Directors at Nissan, including those from Renault, voted unanimously in favour of the two executives, a source familiar with the matter said. APE, which handles the French state's holdings in companies, said it was delighted "with a unanimous decision that will allow Nissan and the alliance to move forward."

Nissan pins revival hopes on 'foreigner with a Japanese face'

Britain's&nbsp;regulator&nbsp;for payment systems said it was&nbsp;concerned that&nbsp;Barclays&nbsp;has pulled out of an agreement that allows customers of banks to withdraw cash&nbsp;from&nbsp;post&nbsp;offices&nbsp;for free.

Lawmakers have piled pressure on banks to maintain their free-to-use cash machine network as fewer people use branches and opt to bank online and pay for purchases by card.

Post&nbsp;offices&nbsp;have sought to plug gaps created by banks closing cash machines in rural areas in particular. Last year, Britain's 11,500&nbsp;Post&nbsp;Office branches handled more than 130 million transactions for UK banks.

"This step by&nbsp;Barclays&nbsp;reduces the number of places their customers can go to get cash," the Payment Systems&nbsp;Regulator&nbsp;(PSR) said in a statement on Tuesday.

"We are&nbsp;concerned about the impact this will have, and we will be closely monitoring the steps&nbsp;Barclays&nbsp;plan to take to make sure there are suitable alternatives for its customers to access their cash - especially those who rely on cash or who live in rural areas."

Barclays&nbsp;said cash&nbsp;withdrawals at&nbsp;post&nbsp;office counters will end in January but it has increased funding for the&nbsp;Post&nbsp;Office so customers and businesses can still pay in cash, cheques and check balances.

Barclays&nbsp;said it would not close branches in remote areas, or where it is the last bank in town, for the next two years.

The PSR said it welcomed news&nbsp;from&nbsp;the&nbsp;Post&nbsp;Office on Tuesday that the rest of Britain's banks will continue to offer full banking services to their customers through&nbsp;post&nbsp;offices.

Britain's largest cash machine (ATM) network that allows banks to offer customers access to cash is operated by LINK.

The&nbsp;regulator&nbsp;said it may use its powers to ensure that LINK's public commitments regarding the use of&nbsp;post&nbsp;offices&nbsp;and the availability of free-to-use cash machines are being met.

Consumer campaign group which&nbsp;said last month that poorer areas were the worst affected by the loss of free-to-use cash machines.

One in 10 of Britain's free-to-use cash machines either closed or started charging a fee over the past 17 months, while more than a third of bank branches have shut within the past five years, Which? said.

Britain's regulator for payment systems said it was concerned that Barclays has pulled out of an agreement that allows customers of banks to withdraw cash from post offices for free.

Britain's regulator for payment systems said it was concerned that Barclays has pulled out of an agreement that allows customers of banks to withdraw cash from post offices for free. Lawmakers have piled pressure on banks to maintain their free-to-use cash machine network as fewer people use branches and opt to bank online and pay for purchases by card. Post offices have sought to plug gaps created by banks closing cash machines in rural areas in particular. Last year, Britain's 11,500 Post Office branches handled more than 130 million transactions for UK banks. "This step by Barclays reduces the number of places their customers can go to get cash," the Payment Systems Regulator (PSR) said in a statement on Tuesday. "We are concerned about the impact this will have, and we will be closely monitoring the steps Barclays plan to take to make sure there are suitable alternatives for its customers to access their cash - especially those who rely on cash or who live in rural areas." Barclays said cash withdrawals at post office counters will end in January but it has increased funding for the Post Office so customers and businesses can still pay in cash, cheques and check balances. Barclays said it would not close branches in remote areas, or where it is the last bank in town, for the next two years. The PSR said it welcomed news from the Post Office on Tuesday that the rest of Britain's banks will continue to offer full banking services to their customers through post offices. Britain's largest cash machine (ATM) network that allows banks to offer customers access to cash is operated by LINK. The regulator said it may use its powers to ensure that LINK's public commitments regarding the use of post offices and the availability of free-to-use cash machines are being met. Consumer campaign group which said last month that poorer areas were the worst affected by the loss of free-to-use cash machines. One in 10 of Britain's free-to-use cash machines either closed or started charging a fee over the past 17 months, while more than a third of bank branches have shut within the past five years, Which? said.

Barclays withdrawal from post offices a concern: Regulator

United States&nbsp;stocks finished lower on Monday, ahead of a new round of trade negotiations between the world's two largest economies.

The Dow Jones Industrial Average erased 95.70 points, or 0.36 per cent, to 26,478.02. The Standard and Poor's 500 decreased 13.22 points, or 0.45 per cent, to 2,938.79. The Nasdaq Composite Index was down 26.18 points, or 0.33 per cent, to 7,956.29.

Ten of the 11 primary Standard and Poor's 500 sectors closed lower, with energy down 0.92 per cent, becoming the worst-performing group. Communication services rose a modest 0.04 per cent, the only gainer.

Investors are awaiting the US-China trade talks which are set to begin later this week.

"The effects of the existing trade taxes are seen in investment spending. Companies are less likely to invest when the supply chains that have been built up over thirty years are being threatened," analysts at Swiss investment bank UBS said in a note on Monday.

Wall Street is also expecting Federal Reserve Chairman Jerome Powell's upcoming speech at the US&nbsp;National Association for Business Economics annual meeting.

Last week, a flurry of weak US&nbsp;data raised hope for easier monetary policy from the Federal Reserve.

Market expectations for a rate cut later this month were more than 70 per cent, according to the CME Group's FedWatch tool.

United States stocks finished lower on Monday, ahead of a new round of trade negotiations between the world's two largest economies. The Dow Jones Industrial Average erased 95.

United States stocks finished lower on Monday, ahead of a new round of trade negotiations between the world's two largest economies. The Dow Jones Industrial Average erased 95.70 points, or 0.36 per cent, to 26,478.02. The Standard and Poor's 500 decreased 13.22 points, or 0.45 per cent, to 2,938.79. The Nasdaq Composite Index was down 26.18 points, or 0.33 per cent, to 7,956.29. Ten of the 11 primary Standard and Poor's 500 sectors closed lower, with energy down 0.92 per cent, becoming the worst-performing group. Communication services rose a modest 0.04 per cent, the only gainer. Investors are awaiting the US-China trade talks which are set to begin later this week. "The effects of the existing trade taxes are seen in investment spending. Companies are less likely to invest when the supply chains that have been built up over thirty years are being threatened," analysts at Swiss investment bank UBS said in a note on Monday. Wall Street is also expecting Federal Reserve Chairman Jerome Powell's upcoming speech at the US National Association for Business Economics annual meeting. Last week, a flurry of weak US data raised hope for easier monetary policy from the Federal Reserve. Market expectations for a rate cut later this month were more than 70 per cent, according to the CME Group's FedWatch tool.

US stocks decline as Wall Street awaits trade talks with China

Strong sales of <a href="https://www.wionews.com/business-economy/samsung-electronics-ends-mobile-phone-production-in-china-253273">Samsung Electronics</a>'&nbsp;Galaxy Note 10 smartphone series are limiting forecast profit falls at the South Korean tech giant, raising hopes it is getting back on a growth track after years of moribund sales.

Samsung, the world's largest smartphone maker, is powering ahead with the launch of 5G phones and $2,000 foldable handsets as it heats up the competition with rivals US&nbsp;Apple and China's Huawei following a battery explosion scandal in 2017 that hurt sales.

Analysts said the strategy may be paying off as the company on Tuesday flagged a smaller-than-expected fall in third-quarter operating profit, saying at the same time that sales of the Note 10 both at home and in Europe had been strong since the August&nbsp;23 launch.

There are also early signs that the global memory chip business, a key driver of Samsung's profit, will stabilise next year after prices were eroded by a weak global economy and slower spending by key data centre customers.

"With its foldable smartphone that no other competitors have yet launched, Samsung will likely lead the high-end smartphone market as it would mass-produce foldable smartphones next year," said Song Myung-sup, an analyst at HI Investment &amp; Securities.

"Also, a growing number of data centre customers are ordering more memory chips ... possibly slowing down the drop in prices," Song added.

Samsung said it has sold more than one million of the 5G Note 10 handsets in South Korea, making it the company's fastest-selling flagship model at home, and sales in Europe were also strong.

Analysts credit Samsung with receiving a boost from US&nbsp;sanctions on Huawei that effectively bar US&nbsp;firms from supplying the Chinese competitor.

Huawei's new high-end Mate 30 smartphones are being shipped to Europe this month, but the sanctions mean the product lacks access to a licensed version of US&nbsp;Google’s Android operating system, as well as mobile services that include its Play Store and popular apps like Gmail, Youtube or Maps.

Jene Park, a senior analyst at market tracker Counterpoint Research, said Samsung was also moving in on Huawei at the lower end of the market in Europe and Latin America.

Sales of Huawei's Honor smartphones, which are mainly in the $180-$249 price band and accounted for a large portion of sales outside of China, had dropped significantly since March, allowing Samsung to boost sales volumes of its new A-series, according to Counterpoint.

Chip recovery?

But Huawei's woes also present problems for Samsung as the&nbsp;world's biggest semiconductor firm by revenue, with the Chinese firm a major buyer of its memory chips.

Some analysts are more cautious about the outlook for the global memory chip business, which remains clouded by US-Sino trade conflict and provides two-thirds of Samsung's profit.

<a href="https://www.wionews.com/world/priced-at-2000-samsung-to-launch-galaxy-fold-in-south-korea-on-september-6-247663">Samsung's profit has been slumping every quarter</a> since the year-end holiday quarter last year and is expected to fall again in the current quarter year-on-year.

In a limited trading update ahead of full earnings later this month, Samsung on Tuesday said operating profit for the July to September quarter would likely tumble 56 per cent&nbsp;to&nbsp;$6.44 billion.

"The strong smartphone sales has limited ability to fix all Samsung's issues," said Park Sung-soon, an analyst at Cape Investment &amp; Securities. "Data centre customers, a major driver for memory chip business, are pursuing conservative investment for the time being, not particularly uplifting news for Samsung."

Shares in Samsung were up about 1.5 per cent, just slightly ahead of an 0.8 per cent&nbsp;rise in the wider market in afternoon trade.

Strong sales of Samsung Electronics' Galaxy Note 10 smartphone series are limiting forecast profit falls at the South Korean tech giant, raising hopes it is getting back on a growth track after years of moribund sales.

Strong sales of Samsung Electronics' Galaxy Note 10 smartphone series are limiting forecast profit falls at the South Korean tech giant, raising hopes it is getting back on a growth track after years of moribund sales. Samsung, the world's largest smartphone maker, is powering ahead with the launch of 5G phones and $2,000 foldable handsets as it heats up the competition with rivals US Apple and China's Huawei following a battery explosion scandal in 2017 that hurt sales. Analysts said the strategy may be paying off as the company on Tuesday flagged a smaller-than-expected fall in third-quarter operating profit, saying at the same time that sales of the Note 10 both at home and in Europe had been strong since the August 23 launch. There are also early signs that the global memory chip business, a key driver of Samsung's profit, will stabilise next year after prices were eroded by a weak global economy and slower spending by key data centre customers. "With its foldable smartphone that no other competitors have yet launched, Samsung will likely lead the high-end smartphone market as it would mass-produce foldable smartphones next year," said Song Myung-sup, an analyst at HI Investment & Securities. "Also, a growing number of data centre customers are ordering more memory chips ... possibly slowing down the drop in prices," Song added. Samsung said it has sold more than one million of the 5G Note 10 handsets in South Korea, making it the company's fastest-selling flagship model at home, and sales in Europe were also strong. Analysts credit Samsung with receiving a boost from US sanctions on Huawei that effectively bar US firms from supplying the Chinese competitor. Huawei's new high-end Mate 30 smartphones are being shipped to Europe this month, but the sanctions mean the product lacks access to a licensed version of US Google’s Android operating system, as well as mobile services that include its Play Store and popular apps like Gmail, Youtube or Maps. Jene Park, a senior analyst at market tracker Counterpoint Research, said Samsung was also moving in on Huawei at the lower end of the market in Europe and Latin America. Sales of Huawei's Honor smartphones, which are mainly in the $180-$249 price band and accounted for a large portion of sales outside of China, had dropped significantly since March, allowing Samsung to boost sales volumes of its new A-series, according to Counterpoint. Chip recovery? But Huawei's woes also present problems for Samsung as the world's biggest semiconductor firm by revenue, with the Chinese firm a major buyer of its memory chips. Some analysts are more cautious about the outlook for the global memory chip business, which remains clouded by US-Sino trade conflict and provides two-thirds of Samsung's profit. Samsung's profit has been slumping every quarter since the year-end holiday quarter last year and is expected to fall again in the current quarter year-on-year. In a limited trading update ahead of full earnings later this month, Samsung on Tuesday said operating profit for the July to September quarter would likely tumble 56 per cent to $6.44 billion. "The strong smartphone sales has limited ability to fix all Samsung's issues," said Park Sung-soon, an analyst at Cape Investment & Securities. "Data centre customers, a major driver for memory chip business, are pursuing conservative investment for the time being, not particularly uplifting news for Samsung." Shares in Samsung were up about 1.5 per cent, just slightly ahead of an 0.8 per cent rise in the wider market in afternoon trade.

Strong smartphone sales raise hopes of Samsung turnaround

Union Minister Prakash Javadekar on Tuesday said that the Bharat Stage (BS) VI fuel will be made available in the country from April 1 next year.

"The BS-VI fuel will be made available from April 1 in the country. The BS-VI compliant vehicles will also be made available from next year. This initiative will reduce pollution in the air by 80-90 per cent," Javadekar said while speaking to media.

Javadekar was in Jaipur to participate in a tree plantation event at the Malaviya National Institute of Technology (MNIT) here on the occasion of Vijayadashami.

The minister further informed that in a bid to reduce pollution under the National Clean Air Campaign, the government had chalked out plans for about 122 cities.

"The funds have also been issued by the Central government. Government has also been monitoring companies that are contributing immensely to pollution levels in the country," he said.

The Supreme Court on October 24, last year, had ruled that no BS-IV vehicle will be sold across the country with effect from April 1, 2020.

Instead, the BS-VI emission norm will come into force across the country.

The major difference between the existing BS-IV and forthcoming BS-VI norm is the presence of sulphur in the fuel. These emission standards were set by the government to keep a check on the pollutant levels emitted by vehicles that use combustion engines.&nbsp;

Union Minister Prakash Javadekar on Tuesday said that the Bharat Stage (BS) VI fuel will be made available in the country from April 1 next year. "The BS-VI fuel will be made available from April 1 in the country.

Union Minister Prakash Javadekar on Tuesday said that the Bharat Stage (BS) VI fuel will be made available in the country from April 1 next year. "The BS-VI fuel will be made available from April 1 in the country. The BS-VI compliant vehicles will also be made available from next year. This initiative will reduce pollution in the air by 80-90 per cent," Javadekar said while speaking to media. Javadekar was in Jaipur to participate in a tree plantation event at the Malaviya National Institute of Technology (MNIT) here on the occasion of Vijayadashami. The minister further informed that in a bid to reduce pollution under the National Clean Air Campaign, the government had chalked out plans for about 122 cities. "The funds have also been issued by the Central government. Government has also been monitoring companies that are contributing immensely to pollution levels in the country," he said. The Supreme Court on October 24, last year, had ruled that no BS-IV vehicle will be sold across the country with effect from April 1, 2020. Instead, the BS-VI emission norm will come into force across the country. The major difference between the existing BS-IV and forthcoming BS-VI norm is the presence of sulphur in the fuel. These emission standards were set by the government to keep a check on the pollutant levels emitted by vehicles that use combustion engines.

BS VI fuel to be available in country from April 1 next year: Javadekar

Watch in WION Wallet: Cautious optimism about the Indian economy. World Economic Forum clears out that how India is falling down economically at the global slowdown.

WION Wallet: Cautious optimism about Indian economy

Apple supplier Japan Display Inc aims to seal a revised bailout deal by the end of this month for at least 50 billion yen ($468 million) in vital funding, its new chief executive said on Monday.

Minoru Kikuoka also told Reuters in an interview that liquid crystal display (LCD) screens are drawing renewed market interest, pointing to solid demand for affordable smartphones with low-cost screens.

"We are close to (raising) 50 billion and I believe we can cement the deal this month," Kikuoka, who took the helm of the cash-strapped display maker in September, said.

The deal, if realised, would ease immediate risks of a cash shortfall after Chinese investment firm Harvest Group last month withdrew from the consortium of investors behind the bailout.

Japan Display has said Hong Kong-based Oasis Management still plans to contribute $150-180 million, while a major Japan Display client, which sources said is Apple, intends to invest $200 million.

Orders for LCD screens from a major customer have been "stronger than previously planned," Kikuoka also said. The comment follows a recent Nikkei Asian Review report that Apple has asked suppliers to increase production of its iPhone 11 models by around 10%.

Apple supplier Japan Display Inc aims to seal a revised bailout deal by the end of this month for at least 50 billion yen ($468 million) in vital funding, its new chief executive said on Monday.

Apple supplier Japan Display Inc aims to seal a revised bailout deal by the end of this month for at least 50 billion yen ($468 million) in vital funding, its new chief executive said on Monday. Minoru Kikuoka also told Reuters in an interview that liquid crystal display (LCD) screens are drawing renewed market interest, pointing to solid demand for affordable smartphones with low-cost screens. "We are close to (raising) 50 billion and I believe we can cement the deal this month," Kikuoka, who took the helm of the cash-strapped display maker in September, said. The deal, if realised, would ease immediate risks of a cash shortfall after Chinese investment firm Harvest Group last month withdrew from the consortium of investors behind the bailout. Japan Display has said Hong Kong-based Oasis Management still plans to contribute $150-180 million, while a major Japan Display client, which sources said is Apple, intends to invest $200 million. Orders for LCD screens from a major customer have been "stronger than previously planned," Kikuoka also said. The comment follows a recent Nikkei Asian Review report that Apple has asked suppliers to increase production of its iPhone 11 models by around 10%.

Apple supplier Japan Display aims to seal $468 million bailout deal by end October: CEO

HSBC is planning to lay off up to 10,000 staff, a report said Monday, just weeks after its <a href="https://www.wionews.com/business-economy/hsbc-ceo-john-flint-resigns-as-it-faces-challenging-geopolitics-240704">chief executive stepped down</a> and announced the axing 4,000 posts citing a weak global outlook.

The latest cuts mostly in high-paid roles are part of a fresh cost-cutting drive by new boss Noel Quinn as the banking titan struggles to adjust to falling interest rates, Brexit and the long-running trade war, the Financial Times reported.

"We've known for years that we need to do something about our cost base, the largest component of which is people -&nbsp;now we are finally grasping the nettle," the paper quoted an unnamed source as saying.

"There's some very hard modelling going on. We are asking why we have so many people in Europe when we've got double-digit returns in parts of Asia."

The London-headquartered bank last month announced the shock exit of CEO John Flint after just 18 months in the hot seat but gave no reason for the decision.

At the same time, it revealed it would axe two per cent of its global workforce, or roughly 4,000 mostly management jobs, in a new restructuring aimed at weathering the global turmoil.

Still, its reported first-half net profit rose 18.6 per cent on-year to $8.5 billion.

It is due to report third-quarter earnings at the end of October.

The cost-cutting drive is in line with other lenders who are battling global headwinds.

US banks including JPMorgan Chase and Wells Fargo have lowered their 2019 profit forecasts tied to interest rates as central banks around the world loosen monetary policy in response to a weakening global growth outlook.

Lower interest rates mean less profit on loans made by the banks, especially if they have offered higher returns on deposits to attract customers.

And last month Germany's second-largest lender Commerzbank said it plans to cut the equivalent of 4,300 full-time posts -&nbsp;a tenth of its workforce -&nbsp;and shut 200 branches as it restructures.

<a href="https://www.wionews.com/world/deutsche-bank-says-to-slash-18000-jobs-by-2022-233897">Deutsche Bank has announced 18,000 job cuts</a> and France's Societe Generale 1,600.

HSBC is planning to lay off up to 10,000 staff, a report said Monday, just weeks after its chief executive stepped down and announced the axing 4,000 posts citing a weak global outlook.

HSBC is planning to lay off up to 10,000 staff, a report said Monday, just weeks after its chief executive stepped down and announced the axing 4,000 posts citing a weak global outlook. The latest cuts mostly in high-paid roles are part of a fresh cost-cutting drive by new boss Noel Quinn as the banking titan struggles to adjust to falling interest rates, Brexit and the long-running trade war, the Financial Times reported. "We've known for years that we need to do something about our cost base, the largest component of which is people - now we are finally grasping the nettle," the paper quoted an unnamed source as saying. "There's some very hard modelling going on. We are asking why we have so many people in Europe when we've got double-digit returns in parts of Asia." The London-headquartered bank last month announced the shock exit of CEO John Flint after just 18 months in the hot seat but gave no reason for the decision. At the same time, it revealed it would axe two per cent of its global workforce, or roughly 4,000 mostly management jobs, in a new restructuring aimed at weathering the global turmoil. Still, its reported first-half net profit rose 18.6 per cent on-year to $8.5 billion. It is due to report third-quarter earnings at the end of October. The cost-cutting drive is in line with other lenders who are battling global headwinds. US banks including JPMorgan Chase and Wells Fargo have lowered their 2019 profit forecasts tied to interest rates as central banks around the world loosen monetary policy in response to a weakening global growth outlook. Lower interest rates mean less profit on loans made by the banks, especially if they have offered higher returns on deposits to attract customers. And last month Germany's second-largest lender Commerzbank said it plans to cut the equivalent of 4,300 full-time posts - a tenth of its workforce - and shut 200 branches as it restructures. Deutsche Bank has announced 18,000 job cuts and France's Societe Generale 1,600.

HSBC planning to cut 10,000 more jobs: Report

Indian shares wobbled on Monday as prospects of slower domestic economic growth offset optimism stemming from strong US unemployment data that sent Asian peers higher.

The broader NSE Nifty was up 0.24% at 11,201.70, as of 0429 GMT, while the benchmark BSE Sensex rose 0.36% at 38,804.17.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.18% after data showed the US unemployment rate dropped to the lowest in almost 50 years, easing concerns of a slowdown in the world's largest economy.

Back home, the Reserve Bank of India (RBI) on Friday cut its real GDP growth forecast for 2019-20 to 6.1% from a prior projection of 6.9% as it reduced the policy interest rates by 25 basis points.

"The RBI's cutting down of growth forecast meant that even the (central) bank is not very hopeful of a big turnaround in growth," said Deepak Jasani, head of Retail Research at HDFC Securities.

Yes Bank shares gained as much as 9% after Mint reported the bank was wooing tech giant Microsoft Corp as a strategic investor, while another daily Business Standard said the lender was planning a $1 billion rights issue by December.

Oil marketing companies Bharat Petroleum Corp fell 2.6%, while Indian Oil Corp was down as much as 2.81%.

Among sectors, the NSE media index was the top drag, shedding 2.63%, as heavyweight Zee Entertainment Enterprises fell as much as 14.17%.

Indian shares wobbled on Monday as prospects of slower domestic economic growth offset optimism stemming from strong US unemployment data that sent Asian peers higher.

Indian shares wobbled on Monday as prospects of slower domestic economic growth offset optimism stemming from strong US unemployment data that sent Asian peers higher. The broader NSE Nifty was up 0.24% at 11,201.70, as of 0429 GMT, while the benchmark BSE Sensex rose 0.36% at 38,804.17. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.18% after data showed the US unemployment rate dropped to the lowest in almost 50 years, easing concerns of a slowdown in the world's largest economy. Back home, the Reserve Bank of India (RBI) on Friday cut its real GDP growth forecast for 2019-20 to 6.1% from a prior projection of 6.9% as it reduced the policy interest rates by 25 basis points. "The RBI's cutting down of growth forecast meant that even the (central) bank is not very hopeful of a big turnaround in growth," said Deepak Jasani, head of Retail Research at HDFC Securities. Yes Bank shares gained as much as 9% after Mint reported the bank was wooing tech giant Microsoft Corp as a strategic investor, while another daily Business Standard said the lender was planning a $1 billion rights issue by December. Oil marketing companies Bharat Petroleum Corp fell 2.6%, while Indian Oil Corp was down as much as 2.81%. Among sectors, the NSE media index was the top drag, shedding 2.63%, as heavyweight Zee Entertainment Enterprises fell as much as 14.17%.

Sensex up by 200 points, Nifty over 11,000

Indian private sector lender Yes Bank is in talks with Microsoft Corp and two other technology companies as it looks to bring in a strategic shareholder as part of a strategy to rake in fresh capital, the Mint newspaper reported on Sunday.

Shares of the bank were up 4% in early morning trade, after opening up 9%.

The talks began three weeks ago and could see the bank selling as much as 15% through a fresh equity issue, the newspaper reported, citing two people aware of the discussions.

The bank's chief executive officer, Ravneet Gill, had said last week that the lender was in talks with private equity firms, strategic investors and family offices to raise additional capital.

The stake sale may fetch the bank around 20 billion rupees ($281.61 million) and could help it work on its digital banking and payment system plans, one of the sources told the newspaper.

Yes Bank and Microsoft did not immediately respond to requests for comment on the report.

Indian private sector lender Yes Bank is in talks with Microsoft Corp and two other technology companies as it looks to bring in a strategic shareholder as part of a strategy to rake in fresh capital, the Mint newspaper reported on Sunday.

Indian private sector lender Yes Bank is in talks with Microsoft Corp and two other technology companies as it looks to bring in a strategic shareholder as part of a strategy to rake in fresh capital, the Mint newspaper reported on Sunday. Shares of the bank were up 4% in early morning trade, after opening up 9%. The talks began three weeks ago and could see the bank selling as much as 15% through a fresh equity issue, the newspaper reported, citing two people aware of the discussions. The bank's chief executive officer, Ravneet Gill, had said last week that the lender was in talks with private equity firms, strategic investors and family offices to raise additional capital. The stake sale may fetch the bank around 20 billion rupees ($281.61 million) and could help it work on its digital banking and payment system plans, one of the sources told the newspaper. Yes Bank and Microsoft did not immediately respond to requests for comment on the report.

Yes Bank in talks with Microsoft, other tech firms to sell up to 15% stake: Report

Economists have become more concerned about <a href="https://www.wionews.com/world/us-economic-growth-seen-slowing-in-second-quarter-238552">US growth prospects,</a> citing trade friction as the major worry, but <a href="https://www.wionews.com/world/dollar-steadies-after-data-knocks-it-off-two-year-highs-253268">recession risks</a> have receded slightly, according to a survey released Monday.

Nearly half of the panel surveyed by the National Association for Business Economics expect a recession before the end of next year, down from 60 per cent in the prior survey.

The panel expects the world's largest economy to slow, with growth falling below 2 per cent for the first time since 2016, the survey showed.

Recent data have shown the US labour market remains strong, but manufacturing is in recession while the larger services sector is slowing, giving rise to fears about the health of the <a href="https://www.wionews.com/opinions/could-a-weakening-us-economy-imperil-trumps-trade-war-against-china-226753">US economy</a>, especially amid President Donald Trump's grinding trade war with China and increasing tensions with Europe.

The NABE panel "turned decidedly more pessimistic about the outlook over the summer, with 80 per cent of participants viewing risks to the outlook as tilted to the downside," said Gregory Daco, the group's survey chair and chief US economist at Oxford Economics.

"The rise in protectionism, pervasive trade policy uncertainty, and slower global growth are considered key downside risks to US economic activity," he said in a statement on the findings in the quarterly survey.

Looking further out, 69 per cent of the panel expects a recession by mid-2021.

The Federal Reserve has cut interest rates twice this year and many market analysts expect more stimulus to be announced later this month, but the NABE panel was less convinced.

Daco said over 40 per cent anticipate at least one more rate cut this year, while three-quarters of respondents expect at least one rate cut by the end of 2020.

The median forecast by the panel is for growth of 2.3 per cent this year, slowing to 1.8 per cent next year after 85 per cent of the panel cut their real GDP projections.

Economists have become more concerned about US growth prospects, citing trade friction as the major worry, but recession risks have receded slightly, according to a survey released Monday.

Economists have become more concerned about US growth prospects, citing trade friction as the major worry, but recession risks have receded slightly, according to a survey released Monday. Nearly half of the panel surveyed by the National Association for Business Economics expect a recession before the end of next year, down from 60 per cent in the prior survey. The panel expects the world's largest economy to slow, with growth falling below 2 per cent for the first time since 2016, the survey showed. Recent data have shown the US labour market remains strong, but manufacturing is in recession while the larger services sector is slowing, giving rise to fears about the health of the US economy, especially amid President Donald Trump's grinding trade war with China and increasing tensions with Europe. The NABE panel "turned decidedly more pessimistic about the outlook over the summer, with 80 per cent of participants viewing risks to the outlook as tilted to the downside," said Gregory Daco, the group's survey chair and chief US economist at Oxford Economics. "The rise in protectionism, pervasive trade policy uncertainty, and slower global growth are considered key downside risks to US economic activity," he said in a statement on the findings in the quarterly survey. Looking further out, 69 per cent of the panel expects a recession by mid-2021. The Federal Reserve has cut interest rates twice this year and many market analysts expect more stimulus to be announced later this month, but the NABE panel was less convinced. Daco said over 40 per cent anticipate at least one more rate cut this year, while three-quarters of respondents expect at least one rate cut by the end of 2020. The median forecast by the panel is for growth of 2.3 per cent this year, slowing to 1.8 per cent next year after 85 per cent of the panel cut their real GDP projections.

US economists more pessimistic, citing trade as major risk: Survey

Oil prices fell on Monday, extending last week's heavy losses, with traders fearing the global economic slowdown will weigh on future oil demand growth while pegging hopes for a rebound on progress in talks this week on ending the US-China trade war.

Brent crude futures edged down 28 cents to $58.09 a barrel by 0300 GMT, while US West Texas Intermediate (WTI) crude was at $52.64, down 17 cents.

Both contracts ended last week with a more-than-5% decline after dismal manufacturing data from the United States and China, as the lingering row between the world's top economies hurts global growth and raises the risk of recession.

US and Chinese officials will meet in Washington on October 10-11 in the next, much-anticipated fresh effort to work out a deal.

On the supply side, a faster-than-expected resumption in Saudi Arabia's production after a September 14 attack on key production facilities also exerted downward pressure on oil prices, although the Middle East remained tense.

"The macro headwinds outweigh supply concerns for oil now, despite tensions in the Middle East and a reduced spare capacity pillow," said Stephen Innes, Asia Pacific market strategist at AxiCorp.

In Iraq, the second-largest producer among the Organization of the Petroleum Exporting Countries, deadly anti-government unrest is posing the biggest security and political challenge so far to Prime Minister Adel Abdul Mahdi's year-old government.

Iraq's oil exports of 3.43 million barrels per day (bpd) from Basra terminals could be disrupted if instability lasts for weeks, Ayham Kamel, Eurasia Group's practice head for Middle East and North Africa, said in a note.

"Any oil production disruption would occur at a time when Saudi Arabia has lost a significant part of its energy system redundancies (spare capacity)," he said.

"While Saudi oil production is now close to 9.9 million bpd, it is not clear that the capacity is fully operational at 11.3 million bpd and the (attacked) Abqaiq facility has lost a significant part of its redundancy."

Global supply also faces facility repair and maintenance pressures.

The Buzzard oil field in the British North Sea has been shut for pipe repair work, a spokesman from China's CNOOC said on Friday. Buzzard is the main contributor to the Forties crude stream, the largest of the five North Sea oil grades that underpin Brent crude futures.

Meanwhile Libya's National Oil Corporation (NOC) said on Sunday it will close the Faregh oil field at Zueitina port for scheduled maintenance from Monday until October 14.

Oil prices fell on Monday, extending last week's heavy losses, with traders fearing the global economic slowdown will weigh on future oil demand growth while pegging hopes for a rebound on progress in talks this week on ending the US-China trade war.

Oil prices fell on Monday, extending last week's heavy losses, with traders fearing the global economic slowdown will weigh on future oil demand growth while pegging hopes for a rebound on progress in talks this week on ending the US-China trade war. Brent crude futures edged down 28 cents to $58.09 a barrel by 0300 GMT, while US West Texas Intermediate (WTI) crude was at $52.64, down 17 cents. Both contracts ended last week with a more-than-5% decline after dismal manufacturing data from the United States and China, as the lingering row between the world's top economies hurts global growth and raises the risk of recession. US and Chinese officials will meet in Washington on October 10-11 in the next, much-anticipated fresh effort to work out a deal. On the supply side, a faster-than-expected resumption in Saudi Arabia's production after a September 14 attack on key production facilities also exerted downward pressure on oil prices, although the Middle East remained tense. "The macro headwinds outweigh supply concerns for oil now, despite tensions in the Middle East and a reduced spare capacity pillow," said Stephen Innes, Asia Pacific market strategist at AxiCorp. In Iraq, the second-largest producer among the Organization of the Petroleum Exporting Countries, deadly anti-government unrest is posing the biggest security and political challenge so far to Prime Minister Adel Abdul Mahdi's year-old government. Iraq's oil exports of 3.43 million barrels per day (bpd) from Basra terminals could be disrupted if instability lasts for weeks, Ayham Kamel, Eurasia Group's practice head for Middle East and North Africa, said in a note. "Any oil production disruption would occur at a time when Saudi Arabia has lost a significant part of its energy system redundancies (spare capacity)," he said. "While Saudi oil production is now close to 9.9 million bpd, it is not clear that the capacity is fully operational at 11.3 million bpd and the (attacked) Abqaiq facility has lost a significant part of its redundancy." Global supply also faces facility repair and maintenance pressures. The Buzzard oil field in the British North Sea has been shut for pipe repair work, a spokesman from China's CNOOC said on Friday. Buzzard is the main contributor to the Forties crude stream, the largest of the five North Sea oil grades that underpin Brent crude futures. Meanwhile Libya's National Oil Corporation (NOC) said on Sunday it will close the Faregh oil field at Zueitina port for scheduled maintenance from Monday until October 14.

Oil prices on ebb tide as gloom gathers over global economy

Asian shares edged higher on Monday after data showed the US unemployment rate dropped to the lowest in almost 50 years, easing concerns of a slowdown in the world's largest economy.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.18%. Australian shares were up 0.5%. Japan's Nikkei stock index opened higher but reversed course and fell 0.3%.

US stock futures, fell 0.44% in Asia on Monday after the S&amp;P 500 surged 1.4% on Friday.

The offshore yuan fell 0.3% to 7.1352 to the dollar after Bloomberg reported that Chinese officials are signalling they are increasingly reluctant to agree to a broad trade deal pursued by US President Donald Trump.

There was no onshore yuan trading, as Monday is the last day of a long China holiday for its national day.

The media report also pushed up safe-haven assets such as gold and the yen.

Crude oil futures extended declines in a sign that investors remain cautious about a resolution to the trade dispute.

Sentiment toward the US economy deteriorated sharply much of last week after disappointing data on manufacturing and services suggested the trade war was taking a toll, and more rate cuts would be needed to avert a potential recession in the world's biggest economy.

But a modest September increase in US jobs, announced on Friday, eased some of these concerns and lifted US markets that day. The US unemployment rate fell to 3.5% in September to reach the lowest since December 1969. Non-farm payrolls also grew in September, but slightly less than expected.

"Moderate job growth and subdued inflation in the United States is a positive for stocks," said Shusuke Yamada, head of FX and Japan equity strategy at Merrill Lynch Japan Securities in Tokyo.

This week, the main focus will be the high-level US-China trade negotiations expected in Washington on October 10-11 to see if the two sides can end a bruising year-long trade war that has hurt global growth and raised the risk of recession.

"The dollar is a little soft heading into US-China trade talks," said Yamada. "I see some scope for yen gains, but it is not likely to be a big move higher."

The United States and China have slapped tariffs on each other's goods as part of a long-running dispute over Beijing's trading practices, which Washington says are unfair.

Central banks around the world have been easing policy to try to offset the impact of the trade war.

The Federal Reserve has lowered interest rates twice this year. Before the jobs report, traders saw a 85.2% chance the Fed will cut rates by 25 basis points to 1.75%-2.00% this month, but that chance has now fallen to 81.1%, according to CME Group's FedWatch tool.

The yield on benchmark 10-year Treasury notes rose to 1.5238% on Monday compared with its US close of 1.5140% on Friday.

Spot gold, an asset often bought during times of uncertainty, rose 0.15% to $1,506.93 per ounce.

The yen, also considered a safe-haven asset, edged slightly higher to 106.83 versus the US dollar and gained to 72.17 per Australian dollar.

US crude dipped 0.21% to $52.7 a barrel. Brent crude fell 0.39% to $58.13 per barrel. In addition to worries about the global economy, signs of oversupply in the oil market are weighing on futures prices.

Political instability in Hong Kong could hurt market sentiment after China's army took the unusual step of issuing warnings to anti-government protesters in Hong Kong over the weekend.

Hong Kong's stock market is closed on Monday for a public holiday. Trading will resume on Tuesday.

Four months of often violent protests against Chinese rule has pushed the former British colony to the brink of recession and posed a serious challenge to Beijing's control of the city.

Asian shares edged higher on Monday after data showed the US unemployment rate dropped to the lowest in almost 50 years, easing concerns of a slowdown in the world's largest economy.

Asian shares edged higher on Monday after data showed the US unemployment rate dropped to the lowest in almost 50 years, easing concerns of a slowdown in the world's largest economy. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.18%. Australian shares were up 0.5%. Japan's Nikkei stock index opened higher but reversed course and fell 0.3%. US stock futures, fell 0.44% in Asia on Monday after the S&P 500 surged 1.4% on Friday. The offshore yuan fell 0.3% to 7.1352 to the dollar after Bloomberg reported that Chinese officials are signalling they are increasingly reluctant to agree to a broad trade deal pursued by US President Donald Trump. There was no onshore yuan trading, as Monday is the last day of a long China holiday for its national day. The media report also pushed up safe-haven assets such as gold and the yen. Crude oil futures extended declines in a sign that investors remain cautious about a resolution to the trade dispute. Sentiment toward the US economy deteriorated sharply much of last week after disappointing data on manufacturing and services suggested the trade war was taking a toll, and more rate cuts would be needed to avert a potential recession in the world's biggest economy. But a modest September increase in US jobs, announced on Friday, eased some of these concerns and lifted US markets that day. The US unemployment rate fell to 3.5% in September to reach the lowest since December 1969. Non-farm payrolls also grew in September, but slightly less than expected. "Moderate job growth and subdued inflation in the United States is a positive for stocks," said Shusuke Yamada, head of FX and Japan equity strategy at Merrill Lynch Japan Securities in Tokyo. This week, the main focus will be the high-level US-China trade negotiations expected in Washington on October 10-11 to see if the two sides can end a bruising year-long trade war that has hurt global growth and raised the risk of recession. "The dollar is a little soft heading into US-China trade talks," said Yamada. "I see some scope for yen gains, but it is not likely to be a big move higher." The United States and China have slapped tariffs on each other's goods as part of a long-running dispute over Beijing's trading practices, which Washington says are unfair. Central banks around the world have been easing policy to try to offset the impact of the trade war. The Federal Reserve has lowered interest rates twice this year. Before the jobs report, traders saw a 85.2% chance the Fed will cut rates by 25 basis points to 1.75%-2.00% this month, but that chance has now fallen to 81.1%, according to CME Group's FedWatch tool. The yield on benchmark 10-year Treasury notes rose to 1.5238% on Monday compared with its US close of 1.5140% on Friday. Spot gold, an asset often bought during times of uncertainty, rose 0.15% to $1,506.93 per ounce. The yen, also considered a safe-haven asset, edged slightly higher to 106.83 versus the US dollar and gained to 72.17 per Australian dollar. US crude dipped 0.21% to $52.7 a barrel. Brent crude fell 0.39% to $58.13 per barrel. In addition to worries about the global economy, signs of oversupply in the oil market are weighing on futures prices. Political instability in Hong Kong could hurt market sentiment after China's army took the unusual step of issuing warnings to anti-government protesters in Hong Kong over the weekend. Hong Kong's stock market is closed on Monday for a public holiday. Trading will resume on Tuesday. Four months of often violent protests against Chinese rule has pushed the former British colony to the brink of recession and posed a serious challenge to Beijing's control of the city.

Asian shares up on US jobs report, but caution seen on trade talks

German industrial orders fell more than expected in August on weaker domestic demand, data showed on Monday, adding to signs that a manufacturing slump is pushing Europe's largest economy into recession.

Contracts for 'Made in Germany' goods fell 0.6 per cent&nbsp;from the previous month, with demand for capital goods down 1.6 per cent&nbsp;the Economy Ministry said. The overall fall compared with a Reuters consensus forecast for a drop of 0.3 per cent.

"The German economy is in the midst of a recession. Today's data make that clear again," said Thomas Gitzel, an economist at VP Bank Group.

The economy shrank by 0.1 per cent&nbsp;in the second quarter, and recent data have pointed to continued weakness in manufacturing in the third quarter. Most economists define a recession as two straight quarters of contraction.

"The German government will probably come under growing pressure to give up its strict budget policy," added Gitzel.

The government has so far stuck to its balanced-budget policy, despite pressure from economists and other governments to spend more to boost flagging demand.

Finance Minister Olaf Scholz said last week that Germany would be able to cope with an economic crisis but added that he did not expect a downturn to be as bad as it was in 2008/2009.

"The weakness in demand in the industry continues," the Economy Ministry said in a statement accompanying Monday's data. "The industrial sector remains subdued for the time being."

Germany's export-reliant manufacturers are suffering from a slowing world economy and business uncertainty linked to a trade dispute between the United States and China as well as Britain's planned but delayed exit from the European Union.

Monday's weaker-than-expected data added to the sense of gloom around the German manufacturing sector.

A survey released last Tuesday showed the manufacturing recession deepened in September, with factories recording their weakest performance since the world financial crisis a decade ago.

Last Wednesday, leading economic institutes slashed their growth forecasts for the economy for this year and next, blaming weaker global demand for manufacturing goods and increased business uncertainty linked to trade disputes.

The institutes also called on Chancellor Angela Merkel's coalition government to ditch its budget policy of incurring no new debt if the growth outlook deteriorates. It has so far refused to do so.

Merkel's government has managed to raise public spending without incurring new debt since 2014, thanks to an unusually long growth cycle, record-high employment, buoyant tax revenues and the European Central Bank's bond-buying plan.

But with the economy slowing and tax revenues waning, the fiscal room to counter a recession is getting smaller. At the same time, Germany's borrowing costs have turned into premiums, which means investors are actually willing to pay the state a bonus for being able to lend it billions of euros.

German industrial orders fell more than expected in August on weaker domestic demand, data showed on Monday, adding to signs that a manufacturing slump is pushing Europe's largest economy into recession.

German industrial orders fell more than expected in August on weaker domestic demand, data showed on Monday, adding to signs that a manufacturing slump is pushing Europe's largest economy into recession. Contracts for 'Made in Germany' goods fell 0.6 per cent from the previous month, with demand for capital goods down 1.6 per cent the Economy Ministry said. The overall fall compared with a Reuters consensus forecast for a drop of 0.3 per cent. "The German economy is in the midst of a recession. Today's data make that clear again," said Thomas Gitzel, an economist at VP Bank Group. The economy shrank by 0.1 per cent in the second quarter, and recent data have pointed to continued weakness in manufacturing in the third quarter. Most economists define a recession as two straight quarters of contraction. "The German government will probably come under growing pressure to give up its strict budget policy," added Gitzel. The government has so far stuck to its balanced-budget policy, despite pressure from economists and other governments to spend more to boost flagging demand. Finance Minister Olaf Scholz said last week that Germany would be able to cope with an economic crisis but added that he did not expect a downturn to be as bad as it was in 2008/2009. "The weakness in demand in the industry continues," the Economy Ministry said in a statement accompanying Monday's data. "The industrial sector remains subdued for the time being." Germany's export-reliant manufacturers are suffering from a slowing world economy and business uncertainty linked to a trade dispute between the United States and China as well as Britain's planned but delayed exit from the European Union. Monday's weaker-than-expected data added to the sense of gloom around the German manufacturing sector. A survey released last Tuesday showed the manufacturing recession deepened in September, with factories recording their weakest performance since the world financial crisis a decade ago. Last Wednesday, leading economic institutes slashed their growth forecasts for the economy for this year and next, blaming weaker global demand for manufacturing goods and increased business uncertainty linked to trade disputes. The institutes also called on Chancellor Angela Merkel's coalition government to ditch its budget policy of incurring no new debt if the growth outlook deteriorates. It has so far refused to do so. Merkel's government has managed to raise public spending without incurring new debt since 2014, thanks to an unusually long growth cycle, record-high employment, buoyant tax revenues and the European Central Bank's bond-buying plan. But with the economy slowing and tax revenues waning, the fiscal room to counter a recession is getting smaller. At the same time, Germany's borrowing costs have turned into premiums, which means investors are actually willing to pay the state a bonus for being able to lend it billions of euros.

German recession looms as industrial orders drop more than expected

Deutsche Bank&nbsp;is creating a new technology division in a strategy shift designed to reduce complexity and lower costs while transforming systems that have held back the bank for years.

The German lender's<a href="https://www.wionews.com/world/us-congressional-probe-finds-possible-lapses-in-deutsche-bank-controls-report-247969"> legacy IT systems have been blamed in part for the bank's failure</a> to control costs and for its slow progress in keeping up with the wave of financial technology innovation across the industry.

Technology has long been a problem for Deutsche Bank. Former Chief Executive John Cryan complained in 2015 about "lousy systems" and "very slow processes", and former operations chief Kim Hammonds last year described Deutsche as "vastly complex" and the "most dysfunctional" workplace she has known.

The central technology division announced on Monday will be led by Bernd Leukert, overseeing tech security, data and innovation functions among others, the bank said in a note to employees seen by Reuters.

"At its heart, our technology strategy empowers our businesses to control 'what' is produced, while technology has control of the 'how'. In the past, the 'how' offered too much optionality and did not consistently follow group-wide architecture and tooling," it said.

The lender also established a board-level Technology, Data and Innovation Committee in May and has vowed to invest $14.2 billion&nbsp;in technology by 2022.

It will be doing so amid a technology arms race in banking. Research from UBS this year found that JPMorgan&nbsp;has budgeted $11.4 billion for technology in 2019 alone.

In its note to staff, <a href="https://www.wionews.com/world/deutsche-bank-says-to-slash-18000-jobs-by-2022-233897">Deutsche Bank also said that moving systems to the cloud</a> would not happen overnight, meaning it would continue to invest in legacy infrastructure on which it operates today.

However, it pledged to continue to reduce the number of applications and barriers to technology functions.

"We have a bank-wide commitment to strengthen engineering expertise in the bank by increasing the share of expert internal technology staff," it said.

Deutsche Bank is creating a new technology division in a strategy shift designed to reduce complexity and lower costs while transforming systems that have held back the bank for years.

Deutsche Bank is creating a new technology division in a strategy shift designed to reduce complexity and lower costs while transforming systems that have held back the bank for years. The German lender's legacy IT systems have been blamed in part for the bank's failure to control costs and for its slow progress in keeping up with the wave of financial technology innovation across the industry. Technology has long been a problem for Deutsche Bank. Former Chief Executive John Cryan complained in 2015 about "lousy systems" and "very slow processes", and former operations chief Kim Hammonds last year described Deutsche as "vastly complex" and the "most dysfunctional" workplace she has known. The central technology division announced on Monday will be led by Bernd Leukert, overseeing tech security, data and innovation functions among others, the bank said in a note to employees seen by Reuters. "At its heart, our technology strategy empowers our businesses to control 'what' is produced, while technology has control of the 'how'. In the past, the 'how' offered too much optionality and did not consistently follow group-wide architecture and tooling," it said. The lender also established a board-level Technology, Data and Innovation Committee in May and has vowed to invest $14.2 billion in technology by 2022. It will be doing so amid a technology arms race in banking. Research from UBS this year found that JPMorgan has budgeted $11.4 billion for technology in 2019 alone. In its note to staff, Deutsche Bank also said that moving systems to the cloud would not happen overnight, meaning it would continue to invest in legacy infrastructure on which it operates today. However, it pledged to continue to reduce the number of applications and barriers to technology functions. "We have a bank-wide commitment to strengthen engineering expertise in the bank by increasing the share of expert internal technology staff," it said.

Deutsche Bank in strategy shift to address tech woes

SoftBank Group Corp-backed&nbsp;Indian hospitality startup Oyo said on Monday it would raise $1.5 billion in a new funding round led by founder Ritesh Agarwal and other existing investors.

Agarwal will pump $700 million into the Gurugram-based company through his company RA Hospitality Holdings, while the remaining $800 million will come from other existing investors, Oyo said in a statement.

The fresh funding comes after 25-year-old Agarwal took out a $2 billion loan in July to buy back shares in Oyo, a deal that took its valuation to $10 billion.

Agarwal's share in this round will come from the money he raised then, the company said.

Meanwhile, as the company pushes for profits, many hotel owners who partnered with it complained of their income being hurt by higher fees Oyo charges them.

SoftBank Group Corp-backed Indian hospitality startup Oyo said on Monday it would raise $1.5 billion in a new funding round led by founder Ritesh Agarwal and other existing investors.

SoftBank Group Corp-backed Indian hospitality startup Oyo said on Monday it would raise $1.5 billion in a new funding round led by founder Ritesh Agarwal and other existing investors. Agarwal will pump $700 million into the Gurugram-based company through his company RA Hospitality Holdings, while the remaining $800 million will come from other existing investors, Oyo said in a statement. The fresh funding comes after 25-year-old Agarwal took out a $2 billion loan in July to buy back shares in Oyo, a deal that took its valuation to $10 billion. Agarwal's share in this round will come from the money he raised then, the company said. Meanwhile, as the company pushes for profits, many hotel owners who partnered with it complained of their income being hurt by higher fees Oyo charges them.

SoftBank-backed Oyo to raise $1.5 billion led by founder, other existing investors

The <a href="https://www.wionews.com/world/us-vaping-related-deaths-rise-to-18-illnesses-surpass-1000-253605">US </a>National Highway Traffic Safety Administration (NHTSA) said on Friday it is reviewing a defect petition that claims Tesla Inc failed to issue a recall when it issued a software upgrade in 2,000 Model S and Model X vehicles in May.

The vehicles from 2012 through 2019 model years received a battery management software upgrade in response to a potential defect that could result in non-crash fires, the petition said, adding it believes the update reduces the driving range of the affected vehicles. NHTSA said Friday it had opened a formal review to evaluate the petition's claims.

Tesla did not immediately respond to requests for comment.

In August, a proposed class-action lawsuit was filed in California claiming Tesla knew batteries of some vehicles were defective and "pushed out software updates despite knowing that the class vehicles would suffer from loss in range and performance." The suit added it believes Tesla's aim is "to avoid providing warranty battery replacements to rightful customers."

The suit says Tesla has placed a software-induced limitation on the total number of usable kilo-watt hours and is limiting the ability of owners "to charge the battery cells up to the natural and normal amount of approximately 4.2 volts, by placing battery capacity limitations, by decreasing the charging speed &nbsp;and by reducing the performance in terms of speed."

The suit cites over a dozen reports of Tesla's vehicles catching fire over the past six years. Tesla has not yet responded to the lawsuit.

Tesla's May 15 software update changed some settings in the cars’ battery management software related to charging and thermal controls, the suit said.

The National Transportation Safety Board is investigating several battery fires in Tesla vehicles.

On Wednesday, NHTSA said it was looking into parking lot crashes involving Tesla cars driving themselves to their owners using the company’s Smart Summon feature.

Several users have posted videos on social media of Tesla vehicles that appear to have been in near accidents. One posted a video of a Tesla striking a garage wall and another of a Tesla being struck by a vehicle backing up.

A Tesla software update last week added its Smart Summon feature for some customers. When the car is within 200 feet and in their line of sight, they use a phone app to summon the vehicle in a parking lot.

Tesla Chief Executive Elon Musk on Wednesday tweeted that there were more than 550,000 Smart Summon uses in the first few days.

The US National Highway Traffic Safety Administration (NHTSA) said on Friday it is reviewing a defect petition that claims Tesla Inc failed to issue a recall when it issued a software upgrade in 2,000 Model S and Model X vehicles in May.

The US National Highway Traffic Safety Administration (NHTSA) said on Friday it is reviewing a defect petition that claims Tesla Inc failed to issue a recall when it issued a software upgrade in 2,000 Model S and Model X vehicles in May. The vehicles from 2012 through 2019 model years received a battery management software upgrade in response to a potential defect that could result in non-crash fires, the petition said, adding it believes the update reduces the driving range of the affected vehicles. NHTSA said Friday it had opened a formal review to evaluate the petition's claims. Tesla did not immediately respond to requests for comment. In August, a proposed class-action lawsuit was filed in California claiming Tesla knew batteries of some vehicles were defective and "pushed out software updates despite knowing that the class vehicles would suffer from loss in range and performance." The suit added it believes Tesla's aim is "to avoid providing warranty battery replacements to rightful customers." The suit says Tesla has placed a software-induced limitation on the total number of usable kilo-watt hours and is limiting the ability of owners "to charge the battery cells up to the natural and normal amount of approximately 4.2 volts, by placing battery capacity limitations, by decreasing the charging speed and by reducing the performance in terms of speed." The suit cites over a dozen reports of Tesla's vehicles catching fire over the past six years. Tesla has not yet responded to the lawsuit. Tesla's May 15 software update changed some settings in the cars’ battery management software related to charging and thermal controls, the suit said. The National Transportation Safety Board is investigating several battery fires in Tesla vehicles. On Wednesday, NHTSA said it was looking into parking lot crashes involving Tesla cars driving themselves to their owners using the company’s Smart Summon feature. Several users have posted videos on social media of Tesla vehicles that appear to have been in near accidents. One posted a video of a Tesla striking a garage wall and another of a Tesla being struck by a vehicle backing up. A Tesla software update last week added its Smart Summon feature for some customers. When the car is within 200 feet and in their line of sight, they use a phone app to summon the vehicle in a parking lot. Tesla Chief Executive Elon Musk on Wednesday tweeted that there were more than 550,000 Smart Summon uses in the first few days.

United States NHTSA reviewing claims 2,000 Tesla vehicles should have been recalled

US lawmakers have requested information from Apple critic Spotify as part of an antitrust probe, according to two sources briefed on the investigation into allegations the iPhone maker engages in anti-competitive behavior to support its own apps.

The <a href="https://www.wionews.com/world/us-supreme-court-agrees-to-hear-case-on-restrictive-abortion-law-253858">US</a> House of Representatives Judiciary Committee reached out to the music streaming service with broad requests for information, according to one source, who added the request to the company was narrowed in follow up telephone calls.

Spotify Technology SA filed an antitrust complaint against Apple in the European Union in March, but the contact with the committee marks its first known participation in congressional inquiries into the iPhone maker, whose Apple Music streaming service is Spotify's biggest rival.

Spotify and other developers have alleged that Apple engages in anticompetitive behavior by imposing rules that hamper distribution via its App Store, the only way for third-party developers to reach more than 900 million iPhone users.

At the same time, Apple sometimes copies the features of their apps for its own offerings, developers have said. Multiple apps in the App Store offered female cycle tracking before Apple added the same feature to its own health tracking app this fall, for example.

Spotify has been pressing for antitrust action against Apple for several years.

Its representatives have met with Justice Department officials, as well as members of the FTC's Technology Task Force, a group of some 17 attorneys that was set up in February to focus on online platforms and other Internet competition issues, according to one source.

App developers also complain that Apple's Siri, which response to verbal commands and can control Apple's own apps, has long had limited functionality with the vast majority of non-Apple apps, including Spotify.

Apple announced an update to its software in June that would allow Siri to access Spotify and other music services.

Beyond Spotify, the congressional probe has tapped many companies for details on the four big tech firms.

In addition to the Judiciary Committee probe, the big tech companies face a plethora of other antitrust investigations.

The Justice Department is probing Alphabet's Google, Facebook, and Apple while the Federal Trade Commission is investigating <a href="https://www.wionews.com/world/paypal-abandons-facebook-backed-libra-cryptocurrency-group-253843">Facebook</a> and Amazon.com. Groups of state attorneys general have also been formed to probe <a href="https://www.wionews.com/world/google-cant-escape-copyright-laws-frances-emmanuel-macron-253863">Google</a> and Facebook.

Spotify has complained also about the 30 per cent fee that Apple charges outside app developers who sell so-called digital goods such as music or e-books on the App Store, using Apple's in-app billing system. Apple bars app makers for collecting payment any other way on the App Store or showing users links or buttons to other ways to pay.

At one point, Apple told Spotify to stop sending emails to users who had just signed up for a free version of its streaming music prompting them to upgrade to the paid service, Spotify has said. Spotify has said the shifting rules, and Apple's threats to block routine app updates, have made it difficult to compete with Apple's own music service on a level playing field.

Asked for comment, Apple referred to its previous responses, published in March, to Spotify's claims. The company says it enforces its App Store rules evenly among all developers and that more than eight out of every 10 apps are free and pay nothing to Apple. Apple has said Spotify pays nothing for users of its free service or for paid Spotify members who signed up outside the App Store.

Apple has said Spotify pays a revenue share on about half a per cent of its 108 million premium users, paying 15 per cent&nbsp;fees on roughly 680,000 customers that Spotify acquired between 2014 and 2016 when it used Apple's payment systems.

US lawmakers have requested information from Apple critic Spotify as part of an antitrust probe, according to two sources briefed on the investigation into allegations the iPhone maker engages in anti-competitive behavior to support its own apps.

US lawmakers have requested information from Apple critic Spotify as part of an antitrust probe, according to two sources briefed on the investigation into allegations the iPhone maker engages in anti-competitive behavior to support its own apps. The US House of Representatives Judiciary Committee reached out to the music streaming service with broad requests for information, according to one source, who added the request to the company was narrowed in follow up telephone calls. Spotify Technology SA filed an antitrust complaint against Apple in the European Union in March, but the contact with the committee marks its first known participation in congressional inquiries into the iPhone maker, whose Apple Music streaming service is Spotify's biggest rival. Spotify and other developers have alleged that Apple engages in anticompetitive behavior by imposing rules that hamper distribution via its App Store, the only way for third-party developers to reach more than 900 million iPhone users. At the same time, Apple sometimes copies the features of their apps for its own offerings, developers have said. Multiple apps in the App Store offered female cycle tracking before Apple added the same feature to its own health tracking app this fall, for example. Spotify has been pressing for antitrust action against Apple for several years. Its representatives have met with Justice Department officials, as well as members of the FTC's Technology Task Force, a group of some 17 attorneys that was set up in February to focus on online platforms and other Internet competition issues, according to one source. App developers also complain that Apple's Siri, which response to verbal commands and can control Apple's own apps, has long had limited functionality with the vast majority of non-Apple apps, including Spotify. Apple announced an update to its software in June that would allow Siri to access Spotify and other music services. Beyond Spotify, the congressional probe has tapped many companies for details on the four big tech firms. In addition to the Judiciary Committee probe, the big tech companies face a plethora of other antitrust investigations. The Justice Department is probing Alphabet's Google, Facebook, and Apple while the Federal Trade Commission is investigating Facebook and Amazon.com. Groups of state attorneys general have also been formed to probe Google and Facebook. Spotify has complained also about the 30 per cent fee that Apple charges outside app developers who sell so-called digital goods such as music or e-books on the App Store, using Apple's in-app billing system. Apple bars app makers for collecting payment any other way on the App Store or showing users links or buttons to other ways to pay. At one point, Apple told Spotify to stop sending emails to users who had just signed up for a free version of its streaming music prompting them to upgrade to the paid service, Spotify has said. Spotify has said the shifting rules, and Apple's threats to block routine app updates, have made it difficult to compete with Apple's own music service on a level playing field. Asked for comment, Apple referred to its previous responses, published in March, to Spotify's claims. The company says it enforces its App Store rules evenly among all developers and that more than eight out of every 10 apps are free and pay nothing to Apple. Apple has said Spotify pays nothing for users of its free service or for paid Spotify members who signed up outside the App Store. Apple has said Spotify pays a revenue share on about half a per cent of its 108 million premium users, paying 15 per cent fees on roughly 680,000 customers that Spotify acquired between 2014 and 2016 when it used Apple's payment systems.

Antitrust probers in Congress ask Spotify to detail alleged Apple abuses: Sources

Exxon Mobil Corp this week banned the use of vessels linked to oil flows from Venezuela in the last year, according to four people familiar with the matter, putting new pressure on the US sanctioned country and on global crude freight rates.

Washington has imposed several rounds of sanctions on Venezuela this year to oust socialist President Nicolas Maduro, whose 2018 re-election has been dismissed by the United States and dozens of other countries as a sham. Some measures have led tanker operators to stop carrying oil for Venezuela's state-run PDVSA oil firm.

The decision by the world's largest publicly-traded oil producer to ban the Venezuela-linked tankers should affect about 250 vessels, two of the people familiar with the matter estimated.

Exxon declined to comment. PDVSA did not immediately respond to requests for comment.

Over 25 foreign vessels reach Venezuelan ports per month, according to PDVSA and Refinitiv Eikon data. Some are known to turn their transponders off to avoid detection amid the tough US sanctions targeting Venezuela's oil industry.

Average freight earnings for supertankers on the closely-watched US-China route jumped over $20,000 on Friday to $87,625 a day, the highest level since rates for the route were first published in March, Baltic Exchange data showed.

"The VLCC pool here (in the Caribbean) has been very thin for some while, and this week rates pushed to levels not seen for many a year - $12 million now to the Far East and it's almost 'name your price,'" E.A. Gibson Shipbrokers Ltd said in a report on Friday.

Another shipbroker who declined to be identified to avoid upsetting clients said Exxon's directive may have a limited impact on freight rates. But he said those rates could go higher "if it spreads to other charterers beyond Exxon."

A lack of vessels willing to carry Venezuelan oil exports is hurting Cuba, the crisis-torn country's main political ally, which imposed fresh austerity measures last month due to power cuts and an acute shortage of fuel.

Exxon Mobil Corp this week banned the use of vessels linked to oil flows from Venezuela in the last year, according to four people familiar with the matter, putting new pressure on the US sanctioned country and on global crude freight rates.

Exxon Mobil Corp this week banned the use of vessels linked to oil flows from Venezuela in the last year, according to four people familiar with the matter, putting new pressure on the US sanctioned country and on global crude freight rates. Washington has imposed several rounds of sanctions on Venezuela this year to oust socialist President Nicolas Maduro, whose 2018 re-election has been dismissed by the United States and dozens of other countries as a sham. Some measures have led tanker operators to stop carrying oil for Venezuela's state-run PDVSA oil firm. The decision by the world's largest publicly-traded oil producer to ban the Venezuela-linked tankers should affect about 250 vessels, two of the people familiar with the matter estimated. Exxon declined to comment. PDVSA did not immediately respond to requests for comment. Over 25 foreign vessels reach Venezuelan ports per month, according to PDVSA and Refinitiv Eikon data. Some are known to turn their transponders off to avoid detection amid the tough US sanctions targeting Venezuela's oil industry. Average freight earnings for supertankers on the closely-watched US-China route jumped over $20,000 on Friday to $87,625 a day, the highest level since rates for the route were first published in March, Baltic Exchange data showed. "The VLCC pool here (in the Caribbean) has been very thin for some while, and this week rates pushed to levels not seen for many a year - $12 million now to the Far East and it's almost 'name your price,'" E.A. Gibson Shipbrokers Ltd said in a report on Friday. Another shipbroker who declined to be identified to avoid upsetting clients said Exxon's directive may have a limited impact on freight rates. But he said those rates could go higher "if it spreads to other charterers beyond Exxon." A lack of vessels willing to carry Venezuelan oil exports is hurting Cuba, the crisis-torn country's main political ally, which imposed fresh austerity measures last month due to power cuts and an acute shortage of fuel.

Exxon Mobil bars use of oil tankers linked to Venezuela: Report