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<a href="https://www.wionews.com/videos/wion-wallet-samsung-relaunches-folding-smartphone-after-screen-problems-248049">Samsung</a>&nbsp;Electronics&nbsp;Co Ltd&nbsp;has ended&nbsp;mobile&nbsp;telephone&nbsp;production&nbsp;in&nbsp;China, it said on Wednesday, hurt by intensifying competition from domestic rivals in the world's biggest smartphone&nbsp;market.

The shutdown of&nbsp;Samsung's last&nbsp;China&nbsp;phone&nbsp;factory comes months after it cut&nbsp;production&nbsp;at the plant in the southern city of Huizhou in June and suspended another factory late last year, underscoring gruelling competition in the country.

The South Korean firm's share of the Chinese market shrunk to 1 per cent&nbsp;in the first quarter from around 15 per cent&nbsp;in mid-2013, as it lost out to fast-growing homegrown brands such as <a href="https://www.wionews.com/world/huaweis-new-phone-lacks-google-access-after-us-ban-250639">Huawei</a> Technologies and Xiaomi Corp, according to market research firm Counterpoint.

Samsung, the world's top smartphone&nbsp;maker, said it made a difficult decision in a bid to boost efficiency.

"The&nbsp;production&nbsp;equipment will be re-allocated to other global manufacturing sites, depending on our global&nbsp;production&nbsp;strategy based on market needs," it said in a statement, without elaborating.

Samsung&nbsp;declined to specify the plant's capacity and numbers of staff. The company has been expanding smartphone&nbsp;production&nbsp;in lower-cost countries, such as India and <a href="https://www.wionews.com/india-news/china-intrudes-into-vietnams-exclusive-economic-zone-for-the-third-time-this-year-250047">Vietnam</a>, in recent years.

&nbsp;

Samsung Electronics Co Ltd has ended mobile telephone production in China, it said on Wednesday, hurt by intensifying competition from domestic rivals in the world's biggest smartphone market.

Samsung Electronics Co Ltd has ended mobile telephone production in China, it said on Wednesday, hurt by intensifying competition from domestic rivals in the world's biggest smartphone market. The shutdown of Samsung's last China phone factory comes months after it cut production at the plant in the southern city of Huizhou in June and suspended another factory late last year, underscoring gruelling competition in the country. The South Korean firm's share of the Chinese market shrunk to 1 per cent in the first quarter from around 15 per cent in mid-2013, as it lost out to fast-growing homegrown brands such as Huawei Technologies and Xiaomi Corp, according to market research firm Counterpoint. Samsung, the world's top smartphone maker, said it made a difficult decision in a bid to boost efficiency. "The production equipment will be re-allocated to other global manufacturing sites, depending on our global production strategy based on market needs," it said in a statement, without elaborating. Samsung declined to specify the plant's capacity and numbers of staff. The company has been expanding smartphone production in lower-cost countries, such as India and Vietnam, in recent years.

Samsung Electronics ends mobile phone production in China

The <a href="https://www.wionews.com/business-economy/dollar-pinned-down-after-poor-us-manufacturing-data-pound-slips-253220">US&nbsp;dollar</a> edged higher on Wednesday after disappointing manufacturing data had whacked the greenback off two-year&nbsp;highs, while the euro clung to levels above $1.09.

The US&nbsp;manufacturing contracted at the fastest pace in more than a decade in September, making the United States the latest country to suffer a manufacturing downturn amid a trade war between Washington and <a href="https://www.wionews.com/videos/china-marks-70th-national-day-with-military-parade-253164">Beijing</a>.

Many analysts, however, say the setback for the dollar will likely prove temporary given its higher yield versus peers and the relative strength of the US&nbsp;economy,&nbsp;non-farm payrolls data due on Friday should give some more insight into the health of the US&nbsp;economy.

"Yes US&nbsp;manufacturing is disappointing but it's no more disappointing than the eurozone PMIs (Purchasing Managers' Index surveys) we saw," said Michael Hewson, an analyst at CMC Markets, referring to weak surveys in the euro area released this week.

Hewson said weakness in US&nbsp;manufacturing would have to spill over into the services sector before it had a significant impact on monetary policy and the outlook for the dollar.

Others differed. The manufacturing reading was a bad omen for September US&nbsp;labour figures due on Friday, BNY Mellon analysts said in a note since moves are often correlated.

"This reinforces our view that while the Fed is still stubbornly clinging to its view that rates are currently appropriate. It will ultimately have to accept that the pillars of support - the labour market and the consumer - are weakening," the bank said.

Even with more rate cuts, the dollar is still the highest-yielding currency among its developed market peers.

The dollar index inched 0.1 per cent&nbsp;higher to 99.242&nbsp;in early trade after hitting as high as 99.667 on Tuesday, a 29-month peak, before the manufacturing data was released.

The euro fell 0.1 per cent&nbsp;to $1.0921&nbsp;but was above its two-year low of $1.0879 touched on Tuesday.

The Japanese yen strengthened 0.2 per cent&nbsp;to 107.57, reflecting investor demand for safer assets after the US&nbsp;data heightened concerns about the health of the global economy.

The Swiss franc, another safe-haven currency, fell, however, by 0.3 per cent&nbsp;against the euro&nbsp;and 0.4 per cent&nbsp;against the dollar.

Elsewhere, the Australian dollar struggled around the $0.67&nbsp;mark but remained above its decade-low of $0.6672 hit on Tuesday after the <a href="https://www.wionews.com/world/australias-central-bank-cuts-rates-to-new-record-low-252964">Reserve Bank of Australia</a> cut rates to an all-time low.

The pound sank 0.3 per cent&nbsp;against the dollar to $1.2271&nbsp; and was headed back toward an almost one-month low plumbed overnight. Prime Minister Boris Johnson will unveil his final <a href="https://www.wionews.com/world/united-kingdom-prime-minister-boris-johnson-to-unveil-final-brexit-offer-to-european-union-253189">Brexit </a>offer to the European Union on Wednesday and make clear that Britain intends to leave the EU on October&nbsp;31, no matter what.

The US dollar edged higher on Wednesday after disappointing manufacturing data had whacked the greenback off two-year highs, while the euro clung to levels above $1.

The US dollar edged higher on Wednesday after disappointing manufacturing data had whacked the greenback off two-year highs, while the euro clung to levels above $1.09. The US manufacturing contracted at the fastest pace in more than a decade in September, making the United States the latest country to suffer a manufacturing downturn amid a trade war between Washington and Beijing. Many analysts, however, say the setback for the dollar will likely prove temporary given its higher yield versus peers and the relative strength of the US economy, non-farm payrolls data due on Friday should give some more insight into the health of the US economy. "Yes US manufacturing is disappointing but it's no more disappointing than the eurozone PMIs (Purchasing Managers' Index surveys) we saw," said Michael Hewson, an analyst at CMC Markets, referring to weak surveys in the euro area released this week. Hewson said weakness in US manufacturing would have to spill over into the services sector before it had a significant impact on monetary policy and the outlook for the dollar. Others differed. The manufacturing reading was a bad omen for September US labour figures due on Friday, BNY Mellon analysts said in a note since moves are often correlated. "This reinforces our view that while the Fed is still stubbornly clinging to its view that rates are currently appropriate. It will ultimately have to accept that the pillars of support - the labour market and the consumer - are weakening," the bank said. Even with more rate cuts, the dollar is still the highest-yielding currency among its developed market peers. The dollar index inched 0.1 per cent higher to 99.242 in early trade after hitting as high as 99.667 on Tuesday, a 29-month peak, before the manufacturing data was released. The euro fell 0.1 per cent to $1.0921 but was above its two-year low of $1.0879 touched on Tuesday. The Japanese yen strengthened 0.2 per cent to 107.57, reflecting investor demand for safer assets after the US data heightened concerns about the health of the global economy. The Swiss franc, another safe-haven currency, fell, however, by 0.3 per cent against the euro and 0.4 per cent against the dollar. Elsewhere, the Australian dollar struggled around the $0.67 mark but remained above its decade-low of $0.6672 hit on Tuesday after the Reserve Bank of Australia cut rates to an all-time low. The pound sank 0.3 per cent against the dollar to $1.2271 and was headed back toward an almost one-month low plumbed overnight. Prime Minister Boris Johnson will unveil his final Brexit offer to the European Union on Wednesday and make clear that Britain intends to leave the EU on October 31, no matter what.

Dollar steadies after data knocks it off two-year highs

From Kathmandu to Colombo, it's a kitchen nightmare: Onion prices have gone crazy.

That's because India, the world's biggest seller of the Asian diet staple, has banned exports after extended Monsoon downpours delayed harvests and supplies shrivelled. And dedicated buyers across the region, like Nepalese housewife Seema Pokharel, are flummoxed.

"This is a terrible increase," said Pokharel, out shopping for vegetables in Kathmandu. "Onion prices have more than doubled in the last month alone."

Whether it's Pakistani chicken curry, Bangladeshi biryani or Indian sambar, Asian consumers have developed a serious dependence on Indian onion supplies for go-to dishes. Shorter shipment times than from rival exporters like China or Egypt play a crucial role in preserving the taste of the perishable commodity.

But last Sunday New Delhi banned all exports from India after local prices jumped to 4,500 rupees ($63.30) per 100 kg, their highest in nearly six years, due to the delay in summer-sown crop arrivals triggered by longer, heavier rains than usual.

Since the ban, countries such as Bangladesh have turned to the likes of Myanmar, Egypt, Turkey and China to increase supplies in a bid bring prices down, government officials and traders said.

But the hefty volumes lost will be hard to replace.

India exported 2.2 million tonnes of fresh onions in the 2018/19 fiscal year ended March 31, according to data from India's Agricultural and Processed Food Products Export Development Authority. That's more than half of all imports by Asian countries, traders estimate.

'Taking advantage'

Rising prices of alternative supplies will add to the headache for importers trying to get the vegetable from elsewhere, said Mohammad Idris, a trader based in Dhaka. In the Bangladesh capital, consumers are now being asked to pay 120 taka ($1.42) per kilogramme for their prized onions - twice the price a fortnight ago and the highest since December 2013.

"Prices are going up elsewhere in Asia and Europe," said Idris. "Other exporting countries are taking advantage of the Indian ban" to raise their asking price.

In response to the crisis, the government of Bangladesh has initiated sales of subsidised onions through the state-run Trading Corporation of Bangladesh (TCB).

"We are looking for all possible options to import onions. Our target is to import in the shortest possible time," said TCB spokesman Humayun Kabir.

But the shipments from elsewhere - Iran and Turkey are also potential suppliers - that authorities in countries across the region are investigating will all take time.

"It takes one month when it comes from Egypt and about 25 days from China, while it takes only a few days from India," said Dhaka trader Idris.

The need for alternative imports is so severe, though, that countries like Sri Lanka have already placed orders with Egypt and China, said G Rajendran, president of the Essential Food Commodities, Importers and Traders Association.

Onion prices in Sri Lanka have risen by 50% in a week, to 280-300 Sri Lankan rupees ($1.7) per kilogramme.

'Double the price'

For other countries, there may be little option but to sit tight and hope for the best.

Malaysia, the second-biggest buyer of Indian onions, expects the ban to be temporary and sees no reason to panic, said Sim Tze Tzin, deputy minister of agriculture.

But even India has been importing onions from Egypt in an effort to calm prices. And there won't be any meaningful drop in prices before summer-sown crops start to hit the market, said Ajit Shah, president of the Mumbai-based Onion Exporters' Association.

That's not expected until mid-November, meaning the export ban isn't going away in the near term.

"India could resume exports once prices drop, but it will take time," said Shah. "Until India resumes exports, supplies will remain limited in Asia."

For now, consumers like Kathmandu shopper Pokharel are having to change habits across Asia.

"I went to buy 5 kilogrammes of onions for our five-member family but ended up buying only 3 kilogrammes due to higher prices," said Afroza Mimi, a Dhaka housewife on a shopping expedition the day after India imposed the export ban.

"They (traders) are selling old stock nearly at double the price. This is crazy."

From Kathmandu to Colombo, it's a kitchen nightmare: Onion prices have gone crazy. That's because India, the world's biggest seller of the Asian diet staple, has banned exports after extended Monsoon downpours delayed harvests and supplies shrivelled.

From Kathmandu to Colombo, it's a kitchen nightmare: Onion prices have gone crazy. That's because India, the world's biggest seller of the Asian diet staple, has banned exports after extended Monsoon downpours delayed harvests and supplies shrivelled. And dedicated buyers across the region, like Nepalese housewife Seema Pokharel, are flummoxed. "This is a terrible increase," said Pokharel, out shopping for vegetables in Kathmandu. "Onion prices have more than doubled in the last month alone." Whether it's Pakistani chicken curry, Bangladeshi biryani or Indian sambar, Asian consumers have developed a serious dependence on Indian onion supplies for go-to dishes. Shorter shipment times than from rival exporters like China or Egypt play a crucial role in preserving the taste of the perishable commodity. But last Sunday New Delhi banned all exports from India after local prices jumped to 4,500 rupees ($63.30) per 100 kg, their highest in nearly six years, due to the delay in summer-sown crop arrivals triggered by longer, heavier rains than usual. Since the ban, countries such as Bangladesh have turned to the likes of Myanmar, Egypt, Turkey and China to increase supplies in a bid bring prices down, government officials and traders said. But the hefty volumes lost will be hard to replace. India exported 2.2 million tonnes of fresh onions in the 2018/19 fiscal year ended March 31, according to data from India's Agricultural and Processed Food Products Export Development Authority. That's more than half of all imports by Asian countries, traders estimate. 'Taking advantage' Rising prices of alternative supplies will add to the headache for importers trying to get the vegetable from elsewhere, said Mohammad Idris, a trader based in Dhaka. In the Bangladesh capital, consumers are now being asked to pay 120 taka ($1.42) per kilogramme for their prized onions - twice the price a fortnight ago and the highest since December 2013. "Prices are going up elsewhere in Asia and Europe," said Idris. "Other exporting countries are taking advantage of the Indian ban" to raise their asking price. In response to the crisis, the government of Bangladesh has initiated sales of subsidised onions through the state-run Trading Corporation of Bangladesh (TCB). "We are looking for all possible options to import onions. Our target is to import in the shortest possible time," said TCB spokesman Humayun Kabir. But the shipments from elsewhere - Iran and Turkey are also potential suppliers - that authorities in countries across the region are investigating will all take time. "It takes one month when it comes from Egypt and about 25 days from China, while it takes only a few days from India," said Dhaka trader Idris. The need for alternative imports is so severe, though, that countries like Sri Lanka have already placed orders with Egypt and China, said G Rajendran, president of the Essential Food Commodities, Importers and Traders Association. Onion prices in Sri Lanka have risen by 50% in a week, to 280-300 Sri Lankan rupees ($1.7) per kilogramme. 'Double the price' For other countries, there may be little option but to sit tight and hope for the best. Malaysia, the second-biggest buyer of Indian onions, expects the ban to be temporary and sees no reason to panic, said Sim Tze Tzin, deputy minister of agriculture. But even India has been importing onions from Egypt in an effort to calm prices. And there won't be any meaningful drop in prices before summer-sown crops start to hit the market, said Ajit Shah, president of the Mumbai-based Onion Exporters' Association. That's not expected until mid-November, meaning the export ban isn't going away in the near term. "India could resume exports once prices drop, but it will take time," said Shah. "Until India resumes exports, supplies will remain limited in Asia." For now, consumers like Kathmandu shopper Pokharel are having to change habits across Asia. "I went to buy 5 kilogrammes of onions for our five-member family but ended up buying only 3 kilogrammes due to higher prices," said Afroza Mimi, a Dhaka housewife on a shopping expedition the day after India imposed the export ban. "They (traders) are selling old stock nearly at double the price. This is crazy."

India bans onion exports, now Asia has eye-watering prices

Equity markets slipped into red during early hours on Tuesday amid lack of fresh triggers at home and mixed global cues.&nbsp;

At 10:15 am, the BSE S&amp;P Sensex was down by 137 points at 38,530 while the Nifty 50 slipped by 36 points to 11,438.&nbsp;

However, at the National Stock Exchange, sectoral indices were mixed with the bank, auto, financial service and pharma in the green. Among stocks, the prominent losers were IndusInd Bank, Coal India, Tata Steel, HCL Technologies, Tata Consultancy Services, Grasim, Cipla and Dr Reddy's.&nbsp;

However, Yes Bank gained by 2.6 per cent at Rs 42.50 per share while ICICI Bank was up by 1.1 per cent and Axis Bank by 0.8 per cent. Oil marketing firms Bharat Petroleum Corporation and IndianOil Corporation also gained by 5.8 per cent and 3.09 per cent respectively.&nbsp;

Meanwhile, Asian share prices ticked up as some investors hoped that the fourth quarter of the current calendar will bring progress in resolving the US-China trade war.&nbsp;

White House Trade Adviser Peter Navarro dismissed reports that the Trump administration is considering delisting Chinese companies from US stock exchanges.&nbsp;

Japan's Nikkei rose by 0.74 per cent while MSCI's broadest index of Asia Pacific shares outside Japan inched up by 0.24 per cent.&nbsp;

The rest of the region also saw gains as with exchange-traded fund inflows.&nbsp;

Chinese markets will be shut for a week to mark 70 years since the founding of the People's Republic of China.

Equity markets slipped into red during early hours on Tuesday amid lack of fresh triggers at home and mixed global cues. At 10:15 am, the BSE S&P Sensex was down by 137 points at 38,530 while the Nifty 50 slipped by 36 points to 11,438.

Equity markets slipped into red during early hours on Tuesday amid lack of fresh triggers at home and mixed global cues. At 10:15 am, the BSE S&P Sensex was down by 137 points at 38,530 while the Nifty 50 slipped by 36 points to 11,438. However, at the National Stock Exchange, sectoral indices were mixed with the bank, auto, financial service and pharma in the green. Among stocks, the prominent losers were IndusInd Bank, Coal India, Tata Steel, HCL Technologies, Tata Consultancy Services, Grasim, Cipla and Dr Reddy's. However, Yes Bank gained by 2.6 per cent at Rs 42.50 per share while ICICI Bank was up by 1.1 per cent and Axis Bank by 0.8 per cent. Oil marketing firms Bharat Petroleum Corporation and IndianOil Corporation also gained by 5.8 per cent and 3.09 per cent respectively. Meanwhile, Asian share prices ticked up as some investors hoped that the fourth quarter of the current calendar will bring progress in resolving the US-China trade war. White House Trade Adviser Peter Navarro dismissed reports that the Trump administration is considering delisting Chinese companies from US stock exchanges. Japan's Nikkei rose by 0.74 per cent while MSCI's broadest index of Asia Pacific shares outside Japan inched up by 0.24 per cent. The rest of the region also saw gains as with exchange-traded fund inflows. Chinese markets will be shut for a week to mark 70 years since the founding of the People's Republic of China.

Equity indices in negative zone but banking stocks gain

Asian markets mostly rose Tuesday after Wall Street finished a volatile quarter on a positive note, while China began a week-long break to celebrate the 70th birthday of the People's Republic.

Following Wall Street's lead, Tokyo climbed 0.7 per cent, helped by a drop in the yen and as investors shrugged off a Japanese survey that showed business confidence continued falling.

Buyer sentiment got a boost from comments from the Trump administration denying the likelihood of potential new US restrictions on Chinese investment, analysts said.

"<a href="Global Markets: Asian shares, Yuan off to calm start; focus on China">US stocks rebounded and the dollar topped 108 yen</a>" in a positive development for Japanese exporters, Seiichi Suzuki, senior market analyst at Tokai Tokyo Research Institute, told AFP.

Taipei and Singapore both jumped 1.0 per cent and gains were also seen in Wellington and Seoul. Manila and Bangkok were both down by around half a per cent while Jakarta was flat.

Investors are looking ahead to the resumption of talks between Beijing and Washington this month, said Quincy Krosby, chief market strategist of Prudential Financial.

The talks are "clearly a positive for the markets because the effect it has on the world economy is paramount going into the last quarter", Krosby said.

Markets in China and Hong Kong were closed for a public holiday as anniversary celebrations were underway in Beijing but with mass protests planned in the southern financial hub.

Sydney rose 0.3 per cent ahead of a central bank meeting, with a rate cut predicted by a Bloomberg survey of economists.

Oil prices had fallen sharply Monday following reports that Saudi Arabia restored oil production more quickly than expected following attacks on infrastructure.

The retreat in prices also came after remarks by Saudi leader Mohammed bin Salman endorsing a non-military solution for a longstanding conflict with Iran, which Saudi Arabia has blamed for the recent oilfield attacks.

He told a "60 minutes" war would be catastrophic for global growth.

"Oil supplies will be disrupted and oil prices will jump to unimaginably high numbers that we haven't seen in our lifetimes," the prince said.

On Tuesday Brent crude was still down but West Texas Intermediate rose 0.5 per cent.

Asian markets mostly rose Tuesday after Wall Street finished a volatile quarter on a positive note, while China began a week-long break to celebrate the 70th birthday of the People's Republic.

Asian markets mostly rose Tuesday after Wall Street finished a volatile quarter on a positive note, while China began a week-long break to celebrate the 70th birthday of the People's Republic. Following Wall Street's lead, Tokyo climbed 0.7 per cent, helped by a drop in the yen and as investors shrugged off a Japanese survey that showed business confidence continued falling. Buyer sentiment got a boost from comments from the Trump administration denying the likelihood of potential new US restrictions on Chinese investment, analysts said. "US stocks rebounded and the dollar topped 108 yen" in a positive development for Japanese exporters, Seiichi Suzuki, senior market analyst at Tokai Tokyo Research Institute, told AFP. Taipei and Singapore both jumped 1.0 per cent and gains were also seen in Wellington and Seoul. Manila and Bangkok were both down by around half a per cent while Jakarta was flat. Investors are looking ahead to the resumption of talks between Beijing and Washington this month, said Quincy Krosby, chief market strategist of Prudential Financial. The talks are "clearly a positive for the markets because the effect it has on the world economy is paramount going into the last quarter", Krosby said. Markets in China and Hong Kong were closed for a public holiday as anniversary celebrations were underway in Beijing but with mass protests planned in the southern financial hub. Sydney rose 0.3 per cent ahead of a central bank meeting, with a rate cut predicted by a Bloomberg survey of economists. Oil prices had fallen sharply Monday following reports that Saudi Arabia restored oil production more quickly than expected following attacks on infrastructure. The retreat in prices also came after remarks by Saudi leader Mohammed bin Salman endorsing a non-military solution for a longstanding conflict with Iran, which Saudi Arabia has blamed for the recent oilfield attacks. He told a "60 minutes" war would be catastrophic for global growth. "Oil supplies will be disrupted and oil prices will jump to unimaginably high numbers that we haven't seen in our lifetimes," the prince said. On Tuesday Brent crude was still down but West Texas Intermediate rose 0.5 per cent.

Tokyo leads Asian market gains in holiday trade

<a href="https://www.wionews.com/world/exclusive-wework-to-press-on-with-ipo-launch-despite-valuation-concerns-sources-248290">WeWork</a>, which replaced its controversial chief executive last week, announced Monday that it will withdraw a plan to go public for now as it shifts into austerity mode.

The company's co-CEOs Artie Minson and Sebastian Gunningham said in a statement they decided to "postpone our IPO to focus on our core business, the fundamentals of which remain strong."

But they signalled they still intend to take the company public down the road, saying "We have every intention to operate WeWork as a public company and look forward to revisiting the public equity markets in the future."

The announcement comes six days after a shakeup atop the office sharing business that led to Minson's and Gunningham's appointments after controversial co-founder Adam Neumann stepped down.

The company, under pressure from Wall Street to rein in costs, plans to cut thousands of jobs and to rid itself of a corporate jet obtained during Neumann's tenure, according to a person familiar with the matter.

S&amp;P last week downgraded the company and placed it on "negative" watch for possible additional downgrades, saying the outlook "captures the pivot in corporate leadership and related uncertainty around the company's future direction with respect to its operating strategies and growth plans."

The <a href="https://www.wionews.com/world/wework-ipo-valuation-likely-below-20-billion-clouding-softbanks-vision-248837">company's IPO setback</a> is a "rare win for the public markets over shoddy governance practices," said a note from Sanford C. Bernstein &amp; Co, which laid out a belt-tightening plan for the company.

The charismatic Neumann was credited with growing the office-sharing company, founded in 2010, into a real estate giant with operations in 111 cities in 29 countries.

However, the company faced questions over its prospects for achieving profitability after reporting $1.9 billion in losses last year.

Neumann came under scrutiny for perceived self-dealing between his personal assets and WeWork and over unconventional personal conduct, including drug use.

Neumann stepped down last week, saying "the scrutiny directed toward me has become a significant distraction, and I have decided that it is in the best interest of the company to step down as chief executive."

Neumann's wife, Rebekah, also left WeWork, according to a person familiar with the matter.

Rebekah Neumann had been "chief brand and impact officer," as well as the founder and chief executive of WeGrow, an elementary school venture.

Belt-tightening

Although <a href="https://www.wionews.com/business-economy/weworks-neumann-surrenders-control-and-ceo-role-following-investor-revolt-251890">Neumann will still be on the board</a>, his voting influence over the company has been significantly reduced, limiting his influence over decisions.

Before last week's executive shakeup, WeWork's bankers were eyeing a much smaller IPO than initially envisioned.

The Bernstein note emphasized the need for WeWork to curtail spending given an estimated cash-burn rate of $2.8 billion a year, adding that the company will need between $6 billion and $8 billion to stabilize the cash position.

"The key question is whether the removal of Adam from daily operations and the reduction of his voting control will be sufficient to raise the money," Bernstein said.&nbsp;

The new CEOs will need to show that things have changed the company has "produced a new plan," it continued, saying that overhead spending could be cut by almost half to $380 million per year.

WeWork, which replaced its controversial chief executive last week, announced Monday that it will withdraw a plan to go public for now as it shifts into austerity mode.

WeWork, which replaced its controversial chief executive last week, announced Monday that it will withdraw a plan to go public for now as it shifts into austerity mode. The company's co-CEOs Artie Minson and Sebastian Gunningham said in a statement they decided to "postpone our IPO to focus on our core business, the fundamentals of which remain strong." But they signalled they still intend to take the company public down the road, saying "We have every intention to operate WeWork as a public company and look forward to revisiting the public equity markets in the future." The announcement comes six days after a shakeup atop the office sharing business that led to Minson's and Gunningham's appointments after controversial co-founder Adam Neumann stepped down. The company, under pressure from Wall Street to rein in costs, plans to cut thousands of jobs and to rid itself of a corporate jet obtained during Neumann's tenure, according to a person familiar with the matter. S&P last week downgraded the company and placed it on "negative" watch for possible additional downgrades, saying the outlook "captures the pivot in corporate leadership and related uncertainty around the company's future direction with respect to its operating strategies and growth plans." The company's IPO setback is a "rare win for the public markets over shoddy governance practices," said a note from Sanford C. Bernstein & Co, which laid out a belt-tightening plan for the company. The charismatic Neumann was credited with growing the office-sharing company, founded in 2010, into a real estate giant with operations in 111 cities in 29 countries. However, the company faced questions over its prospects for achieving profitability after reporting $1.9 billion in losses last year. Neumann came under scrutiny for perceived self-dealing between his personal assets and WeWork and over unconventional personal conduct, including drug use. Neumann stepped down last week, saying "the scrutiny directed toward me has become a significant distraction, and I have decided that it is in the best interest of the company to step down as chief executive." Neumann's wife, Rebekah, also left WeWork, according to a person familiar with the matter. Rebekah Neumann had been "chief brand and impact officer," as well as the founder and chief executive of WeGrow, an elementary school venture. Belt-tightening Although Neumann will still be on the board, his voting influence over the company has been significantly reduced, limiting his influence over decisions. Before last week's executive shakeup, WeWork's bankers were eyeing a much smaller IPO than initially envisioned. The Bernstein note emphasized the need for WeWork to curtail spending given an estimated cash-burn rate of $2.8 billion a year, adding that the company will need between $6 billion and $8 billion to stabilize the cash position. "The key question is whether the removal of Adam from daily operations and the reduction of his voting control will be sufficient to raise the money," Bernstein said. The new CEOs will need to show that things have changed the company has "produced a new plan," it continued, saying that overhead spending could be cut by almost half to $380 million per year.

WeWork to withdraw IPO as it enters austerity mode

Eurozone inflation slowed in September to near a three-year low because of cheaper energy although core inflation edged higher, highlighting the challenges facing the European Central Bank.

The divergence between the headline and core figures underlines the split of opinion over the state of the eurozone economy among the governors of the ECB. It wants to keep inflation below, but close to 2 per cent over the medium term but has so far failed to boost price growth despite years of unconventional steps.

Eurostat said on Tuesday that consumer prices in the 19 countries sharing the euro rose 0.2 per cent month-on-month in September for a 0.9 per cent year-on-year gain. Economists polled by Reuters had expected an unchanged reading of 1.0 per cent.

The weaker than expected September number, the lowest year-on-year figure since November 2016, was mainly due to a 1.8 per cent year-on-year fall in energy prices.

Excluding energy and equally volatile unprocessed food, price growth accelerated to 1.2 per cent in September from 1.1 per cent in August. This number is called core inflation by the ECB which it monitors for monetary policy decisions,

An even more narrowly defined core inflation measure, which excludes energy, food, alcohol, and tobacco and looked at by many market economists, also accelerated to 1.0 per cent from 0.9 per cent year-on-year.

"It should continue to rise slightly in the coming months. However, the strong increase in underlying inflation hoped for by the ECB is still not in sight," said Christoph Weil, economist at Commerzbank.

The ECB decided on September 12 to resume asset purchases to inject more money into the slowing economy and in this way make prices grow more quickly.

But the decision was opposed by a third of ECB policymakers, including Germany's Sabine Lautenschlaeger who resigned before the end of her term last week.

ECB chief economist Philip Lane said last week the division was due to "ambiguity" over the state of the eurozone economy among ECB governors.

"We expect the central bank to take time to assess the impact of last month's easing package before taking further action," a team of Morgan Stanley economists said in a note.

They saw only a minimal boost to the economy even once quantitative easing restarted in November, with inflation remaining subdued. There were also a variety of downside risks to growth.

"With fiscal policy remaining reactive for now, we expect the ECB to take further action. Our base case is for another 10 bp cut in March, though the timing remains rather uncertain at this stage," the Morgan Stanley note said.

Eurozone inflation slowed in September to near a three-year low because of cheaper energy although core inflation edged higher, highlighting the challenges facing the European Central Bank.

Eurozone inflation slowed in September to near a three-year low because of cheaper energy although core inflation edged higher, highlighting the challenges facing the European Central Bank. The divergence between the headline and core figures underlines the split of opinion over the state of the eurozone economy among the governors of the ECB. It wants to keep inflation below, but close to 2 per cent over the medium term but has so far failed to boost price growth despite years of unconventional steps. Eurostat said on Tuesday that consumer prices in the 19 countries sharing the euro rose 0.2 per cent month-on-month in September for a 0.9 per cent year-on-year gain. Economists polled by Reuters had expected an unchanged reading of 1.0 per cent. The weaker than expected September number, the lowest year-on-year figure since November 2016, was mainly due to a 1.8 per cent year-on-year fall in energy prices. Excluding energy and equally volatile unprocessed food, price growth accelerated to 1.2 per cent in September from 1.1 per cent in August. This number is called core inflation by the ECB which it monitors for monetary policy decisions, An even more narrowly defined core inflation measure, which excludes energy, food, alcohol, and tobacco and looked at by many market economists, also accelerated to 1.0 per cent from 0.9 per cent year-on-year. "It should continue to rise slightly in the coming months. However, the strong increase in underlying inflation hoped for by the ECB is still not in sight," said Christoph Weil, economist at Commerzbank. The ECB decided on September 12 to resume asset purchases to inject more money into the slowing economy and in this way make prices grow more quickly. But the decision was opposed by a third of ECB policymakers, including Germany's Sabine Lautenschlaeger who resigned before the end of her term last week. ECB chief economist Philip Lane said last week the division was due to "ambiguity" over the state of the eurozone economy among ECB governors. "We expect the central bank to take time to assess the impact of last month's easing package before taking further action," a team of Morgan Stanley economists said in a note. They saw only a minimal boost to the economy even once quantitative easing restarted in November, with inflation remaining subdued. There were also a variety of downside risks to growth. "With fiscal policy remaining reactive for now, we expect the ECB to take further action. Our base case is for another 10 bp cut in March, though the timing remains rather uncertain at this stage," the Morgan Stanley note said.

Euro zone inflation slows to three-year low on cheaper energy

<a href="https://www.wionews.com/business-economy/equity-indices-in-negative-zone-but-banking-stocks-gain-252974">Equity benchmark indices</a> closed substantially lower on Tuesday after an extremely volatile session that witnessed banking and financial stocks losing badly.

Market sentiment took a hit after Moody's warned that banks in India risk seeing their capital severely depleted if there is a rise in corporate defaults.

Deepening crises at Punjab and Maharashtra Cooperative (PMC) Bank and Lakshmi Vilas Bank too dented the market mood.

The BSE S&amp;P Sensex closed 362 points or 0.9 per cent lower at 38,305 while the Nifty 50 slid by 115 points to 11,360.

At the National Stock Exchange (NSE), all sectoral indices were in the red. Nifty realty was down by 4.2 per cent, PSU bank by 3.7 per cent, private bank by 1.1 per cent, IT by 1.5 per cent and pharma by 1.05 per cent.

Among stocks, Yes Bank plunged by over 22 per cent intraday to touch an all-time low of Rs 32.20 amid concerns over its exposure to some troubled non-banking finance companies including Indiabulls Housing Finance.

Managing Director and CEO Ravneet Gill refuted market speculation about the capital and liquidity position of the bank calling such talk speculative, unsubstantiated and irresponsible. But the scrip has been falling even as the private lender has got the from the Reserve Bank of India approval to raise more capital.

Shares of RBL Bank also dipped by 7.8 per cent to touch a fresh low of Rs 303 on the BSE over concerns of its exposure to Indiabulls Housing Finance.

IndusInd Bank slipped by 5.6 per cent while State Bank of India was down by 5.4 per cent.

Another prominent loser was Zee Entertainment which lost by 10.8 per cent to close the day at Rs 236.75. The media house is engaged with financial investors who are reportedly willing to pick its 10 per cent stake.

Indiabulls Real Estate closed 4.9 per cent lower at Rs 43.65. Grasim, Bharti Airtel, Cipla, JSW Steel, and UltraTech Cement too closed in the red.

However, the gainers included Bharat Petroleum, IndianOil, Mahindra &amp; Mahindra, Maruti, and HDFC Bank.

Meanwhile, Asian share prices ticked up as some investors hoped that the fourth quarter of the current calendar will bring progress in resolving the US-China trade war. White House Trade Adviser Peter Navarro dismissed reports that the Trump administration is considering delisting Chinese companies from US stock exchanges.

Japan's Nikkei rose by 0.59 per cent while MSCI's broadest index of Asia Pacific shares outside Japan inched up by 0.24 per cent. The rest of the region also saw gains as with exchange-traded fund inflows.

Chinese markets will be shut for a week to mark 70 years since the founding of the People's Republic of China.

Equity benchmark indices closed substantially lower on Tuesday after an extremely volatile session that witnessed banking and financial stocks losing badly. Market sentiment took a hit after Moody's warned that banks in India risk seeing their capital severely depleted if there is a rise in corporate defaults.

Equity benchmark indices closed substantially lower on Tuesday after an extremely volatile session that witnessed banking and financial stocks losing badly. Market sentiment took a hit after Moody's warned that banks in India risk seeing their capital severely depleted if there is a rise in corporate defaults. Deepening crises at Punjab and Maharashtra Cooperative (PMC) Bank and Lakshmi Vilas Bank too dented the market mood. The BSE S&P Sensex closed 362 points or 0.9 per cent lower at 38,305 while the Nifty 50 slid by 115 points to 11,360. At the National Stock Exchange (NSE), all sectoral indices were in the red. Nifty realty was down by 4.2 per cent, PSU bank by 3.7 per cent, private bank by 1.1 per cent, IT by 1.5 per cent and pharma by 1.05 per cent. Among stocks, Yes Bank plunged by over 22 per cent intraday to touch an all-time low of Rs 32.20 amid concerns over its exposure to some troubled non-banking finance companies including Indiabulls Housing Finance. Managing Director and CEO Ravneet Gill refuted market speculation about the capital and liquidity position of the bank calling such talk speculative, unsubstantiated and irresponsible. But the scrip has been falling even as the private lender has got the from the Reserve Bank of India approval to raise more capital. Shares of RBL Bank also dipped by 7.8 per cent to touch a fresh low of Rs 303 on the BSE over concerns of its exposure to Indiabulls Housing Finance. IndusInd Bank slipped by 5.6 per cent while State Bank of India was down by 5.4 per cent. Another prominent loser was Zee Entertainment which lost by 10.8 per cent to close the day at Rs 236.75. The media house is engaged with financial investors who are reportedly willing to pick its 10 per cent stake. Indiabulls Real Estate closed 4.9 per cent lower at Rs 43.65. Grasim, Bharti Airtel, Cipla, JSW Steel, and UltraTech Cement too closed in the red. However, the gainers included Bharat Petroleum, IndianOil, Mahindra & Mahindra, Maruti, and HDFC Bank. Meanwhile, Asian share prices ticked up as some investors hoped that the fourth quarter of the current calendar will bring progress in resolving the US-China trade war. White House Trade Adviser Peter Navarro dismissed reports that the Trump administration is considering delisting Chinese companies from US stock exchanges. Japan's Nikkei rose by 0.59 per cent while MSCI's broadest index of Asia Pacific shares outside Japan inched up by 0.24 per cent. The rest of the region also saw gains as with exchange-traded fund inflows. Chinese markets will be shut for a week to mark 70 years since the founding of the People's Republic of China.

Sensex closes 362 points lower, Yes Bank plunges by 22%

<a href="https://www.wionews.com/india-news/saudi-arabia-looking-at-100-billion-investment-in-indian-petrochemicals-infrastructure-and-mining-252735">Indian</a>&nbsp;shares fell sharply on Monday after a two-week rally, dragged down by declines across banking and metals shares, and amid a lack of further catalysts.

The NSE Nifty fell by 0.68 per cent&nbsp;to 11,434.40 by 0437 GMT. The index firmed more than 2 per cent&nbsp;last week after the <a href="https://www.wionews.com/india-news/india-can-become-a-major-tourism-destination-by-2022-pm-modi-252678">government slashed</a> corporate taxes in a bid to boost slowing economic growth.

The benchmark BSE Sensex declined by&nbsp;0.71 per cent&nbsp;to 38,547.03.

Shares in Lakshmi Vilas Bank Ltd fell by 4.9 per cent&nbsp;to their lowest since April 2009 on news that the Reserve Bank of India had initiated a so-called prompt corrective action on the lender.

The bank's directors are also being investigated by&nbsp;police after a customer accused them of misappropriating funds.

Indiabulls Housing Finance, which had proposed to merge with Lakshmi Vilas Bank, slumped&nbsp;21 per cent, its biggest one-day drop in over one year. Monday is the stock's second day of trading after it was removed from the NSE index.

The wider Nifty private banks index lost 1.9 per cent.

Shares in private-sector lender Yes Bank fell 9.7 per cent. The bank said it had received approval from the Reserve Bank of India (RBI) to increase its authorised share capital in order to raise funds.

The market was being indecisive due to a lack of significant catalysts or drivers, said Kunj Bansal, chief investment officer at Acepro Advisors in Mumbai. "One of the factors which will help the market break out of its current range will be the earnings season", he said.

Earnings announcements for the quarter ended September are scheduled to begin from next week.

The Nifty metals index fell by 2.5 per cent. Tata Steel Ltd and Vedanta Ltd lost 3 per cent&nbsp;each, while JSW Steel was down by 4 per cent.

Indian shares fell sharply on Monday after a two-week rally, dragged down by declines across banking and metals shares, and amid a lack of further catalysts. The NSE Nifty fell by 0.

Indian shares fell sharply on Monday after a two-week rally, dragged down by declines across banking and metals shares, and amid a lack of further catalysts. The NSE Nifty fell by 0.68 per cent to 11,434.40 by 0437 GMT. The index firmed more than 2 per cent last week after the government slashed corporate taxes in a bid to boost slowing economic growth. The benchmark BSE Sensex declined by 0.71 per cent to 38,547.03. Shares in Lakshmi Vilas Bank Ltd fell by 4.9 per cent to their lowest since April 2009 on news that the Reserve Bank of India had initiated a so-called prompt corrective action on the lender. The bank's directors are also being investigated by police after a customer accused them of misappropriating funds. Indiabulls Housing Finance, which had proposed to merge with Lakshmi Vilas Bank, slumped 21 per cent, its biggest one-day drop in over one year. Monday is the stock's second day of trading after it was removed from the NSE index. The wider Nifty private banks index lost 1.9 per cent. Shares in private-sector lender Yes Bank fell 9.7 per cent. The bank said it had received approval from the Reserve Bank of India (RBI) to increase its authorised share capital in order to raise funds. The market was being indecisive due to a lack of significant catalysts or drivers, said Kunj Bansal, chief investment officer at Acepro Advisors in Mumbai. "One of the factors which will help the market break out of its current range will be the earnings season", he said. Earnings announcements for the quarter ended September are scheduled to begin from next week. The Nifty metals index fell by 2.5 per cent. Tata Steel Ltd and Vedanta Ltd lost 3 per cent each, while JSW Steel was down by 4 per cent.

Nifty, Sensex fall as banks slide; Indiabulls down by 21%

Fashion retailer Forever 21 Inc said on Sunday that it has filed for Chapter 11 bankruptcy protection to restructure its business, joining a growing list of brick-and-mortar players who have taken a hit from fierce e-commerce competition.

<a href="https://www.wionews.com/entertainment/ariana-grande-sues-forever-21-for-10-million-over-look-alike-ad-campaign-247429">The company</a> said it plans to exit most of its international locations in Asia and Europe, but will continue operations in Mexico and Latin America.

The retailer said it received $275 million in financing from its existing lenders with JPMorgan Chase Bank, NA&nbsp;as an agent, and $75 million in new capital from TPG Sixth Street Partners, and certain of its affiliated funds.

It lists both assets and liabilities in the range of $1 billion to $10 billion, according to the court filing in the US&nbsp;Bankruptcy Court for the District of Delaware.

Since the start of 2017, more than 20 US&nbsp;retailers, including Sears Holdings Corp&nbsp;and Toys 'R' Us, have filed for bankruptcy, succumbing to the onslaught of fierce e-commerce competition from Amazon Inc.

Fashion retailer Forever 21 Inc said on Sunday that it has filed for Chapter 11 bankruptcy protection to restructure its business, joining a growing list of brick-and-mortar players who have taken a hit from fierce e-commerce competition.

Fashion retailer Forever 21 Inc said on Sunday that it has filed for Chapter 11 bankruptcy protection to restructure its business, joining a growing list of brick-and-mortar players who have taken a hit from fierce e-commerce competition. The company said it plans to exit most of its international locations in Asia and Europe, but will continue operations in Mexico and Latin America. The retailer said it received $275 million in financing from its existing lenders with JPMorgan Chase Bank, NA as an agent, and $75 million in new capital from TPG Sixth Street Partners, and certain of its affiliated funds. It lists both assets and liabilities in the range of $1 billion to $10 billion, according to the court filing in the US Bankruptcy Court for the District of Delaware. Since the start of 2017, more than 20 US retailers, including Sears Holdings Corp and Toys 'R' Us, have filed for bankruptcy, succumbing to the onslaught of fierce e-commerce competition from Amazon Inc.

Forever 21 files for bankruptcy; to pull out of Asian markets

Boeing&nbsp;Co engineers working on the&nbsp;<a href="https://www.wionews.com/business-economy/aviation-watchdog-may-ask-boeing-to-set-up-737-max-simulators-in-india-250645">737&nbsp;MAX</a>&nbsp;passenger plane's flight-control system&nbsp;omitted&nbsp;safeguards&nbsp;included in an earlier version of the system&nbsp;used&nbsp;on a&nbsp;military&nbsp;tanker&nbsp;jet, The Wall Street Journal reported on Sunday, citing people familiar with the matter.

The engineers who created the Maneuvering Characteristics Augmentation System (MCAS) flight-control system more than a decade ago for the&nbsp;military&nbsp;refuelling plane designed the system to rely on inputs from multiple sensors and with limited power to move aircraft's nose, the Journal said.

The newspaper cited one person familiar with the design saying this approach was taken in order to guard against the system acting erroneously or causing a pilot to lose control.

In contrast, the version of MCAS on the&nbsp;<a href="https://www.wionews.com/world/phased-ungrounding-of-boeing-737-max-possible-ceo-muilenburg-249083">737&nbsp;MAX</a>&nbsp;passenger plane relied on input from just one of two sensors which measure the angle at which the plane's nose is flying, the newspaper said.

Boeing's expected software fix for its&nbsp;737&nbsp;MAX&nbsp;planes will make its MCAS more like the one&nbsp;used&nbsp;on the tanker&nbsp;jet, the Journal said.

Boeing&nbsp;did not immediately respond to Reuters' request for comment outside regular business hours.

Boeing&nbsp;has previously said that erroneous sensor data fed to the MCAS system was a common link in a chain of events leading to the fatal crashes of a Lion Air&nbsp;737&nbsp;MAX&nbsp;airliner in Indonesia on October 2018 and an Ethiopian Airlines&nbsp;737&nbsp;MAX&nbsp;in March 2019 which killed all 346 people aboard the two aircraft.

Boeing Co engineers working on the 737 MAX passenger plane's flight-control system omitted safeguards included in an earlier version of the system used on a military tanker jet, The Wall Street Journal reported on Sunday, citing people familiar with the matter.

Boeing Co engineers working on the 737 MAX passenger plane's flight-control system omitted safeguards included in an earlier version of the system used on a military tanker jet, The Wall Street Journal reported on Sunday, citing people familiar with the matter. The engineers who created the Maneuvering Characteristics Augmentation System (MCAS) flight-control system more than a decade ago for the military refuelling plane designed the system to rely on inputs from multiple sensors and with limited power to move aircraft's nose, the Journal said. The newspaper cited one person familiar with the design saying this approach was taken in order to guard against the system acting erroneously or causing a pilot to lose control. In contrast, the version of MCAS on the 737 MAX passenger plane relied on input from just one of two sensors which measure the angle at which the plane's nose is flying, the newspaper said. Boeing's expected software fix for its 737 MAX planes will make its MCAS more like the one used on the tanker jet, the Journal said. Boeing did not immediately respond to Reuters' request for comment outside regular business hours. Boeing has previously said that erroneous sensor data fed to the MCAS system was a common link in a chain of events leading to the fatal crashes of a Lion Air 737 MAX airliner in Indonesia on October 2018 and an Ethiopian Airlines 737 MAX in March 2019 which killed all 346 people aboard the two aircraft.

Boeing omitted safeguards on 737 MAX that were used on military jet: WSJ

Spot gold was down 0.2 per cent at $1,494.30 per ounce, as of 0104 GMT. In the previous session, prices fell to their lowest since September&nbsp;18 at $1,486.60.

US&nbsp;gold futures were 0.2 per cent&nbsp;lower at $1,503.3 per ounce.

China hopes Beijing and Washington will resolve their trade dispute "with a calm and rational attitude", Vice Commerce Minister Wang Shouwen said on Sunday, ahead of talks in two weeks between the two sides.

President Donald Trump's administration is considering delisting Chinese companies from US&nbsp;stock exchanges, three sources briefed on the matter said on Friday, in what would be a radical escalation of US-China trade tensions.

The United States does not currently plan to stop Chinese companies from listing on US&nbsp;exchanges, Bloomberg reported on Saturday, citing a US&nbsp;Treasury official.

US&nbsp;consumer spending barely rose in August and business investment remained subdued amid lingering trade tensions, prompting economists to slash their economic growth estimates for the third quarter.

Philadelphia Federal Reserve Bank President Patrick Harker said in New York on Friday he opposed the central bank's September rate cut and thinks the Fed should "hold firm" on interest rates.

Boris Johnson said on Sunday <a href="https://www.wionews.com/world/british-pm-boris-johnson-vows-to-stay-put-to-hit-october-31-brexit-deadline-252702">he would not quit as Britain's Prime Minister</a> even if he fails to secure a deal to leave the European Union, insisting only his Conservative government can deliver Brexit on October 31.

Saudi Arabia's crown prince warned in an interview broadcast on Sunday that oil prices could spike to "unimaginably high numbers" if the world does not come together to deter Iran, but said he would prefer a political solution to a military one.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.22 per cent&nbsp;to 922.88 tonnes on Friday.

Hedge funds and money managers raised their bullish positions in COMEX gold and reduced bullish bets on silver contracts in the week to September&nbsp;24, the US&nbsp;Commodity Futures Trading Commission (CFTC) said on Friday.

Spot gold was down 0.2 per cent at $1,494.30 per ounce, as of 0104 GMT. In the previous session, prices fell to their lowest since September 18 at $1,486.60. US gold futures were 0.

Spot gold was down 0.2 per cent at $1,494.30 per ounce, as of 0104 GMT. In the previous session, prices fell to their lowest since September 18 at $1,486.60. US gold futures were 0.2 per cent lower at $1,503.3 per ounce. China hopes Beijing and Washington will resolve their trade dispute "with a calm and rational attitude", Vice Commerce Minister Wang Shouwen said on Sunday, ahead of talks in two weeks between the two sides. President Donald Trump's administration is considering delisting Chinese companies from US stock exchanges, three sources briefed on the matter said on Friday, in what would be a radical escalation of US-China trade tensions. The United States does not currently plan to stop Chinese companies from listing on US exchanges, Bloomberg reported on Saturday, citing a US Treasury official. US consumer spending barely rose in August and business investment remained subdued amid lingering trade tensions, prompting economists to slash their economic growth estimates for the third quarter. Philadelphia Federal Reserve Bank President Patrick Harker said in New York on Friday he opposed the central bank's September rate cut and thinks the Fed should "hold firm" on interest rates. Boris Johnson said on Sunday he would not quit as Britain's Prime Minister even if he fails to secure a deal to leave the European Union, insisting only his Conservative government can deliver Brexit on October 31. Saudi Arabia's crown prince warned in an interview broadcast on Sunday that oil prices could spike to "unimaginably high numbers" if the world does not come together to deter Iran, but said he would prefer a political solution to a military one. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.22 per cent to 922.88 tonnes on Friday. Hedge funds and money managers raised their bullish positions in COMEX gold and reduced bullish bets on silver contracts in the week to September 24, the US Commodity Futures Trading Commission (CFTC) said on Friday.

Gold prices dip as fears of widening trade war ease

<a href="https://www.wionews.com/business-economy/asian-markets-fall-as-trump-impeachment-saga-continues-252311">Asian shares and the Chinese yuan were off to a cautious start</a> on Monday as investors looked to how Chinese financial markets will react to the news the US&nbsp;administration is considering delisting Chinese companies from US&nbsp;stock exchanges.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.11 per cent&nbsp;while Japan's Nikkei shed 0.61 per cent. US&nbsp;stock futures gained 0.24 per cent&nbsp;in early trade, paring back almost a half of Friday's 0.53 per cent&nbsp;fall in the index.

The offshore Chinese yuan was little moved at 7.1339 yuan per dollar, off Friday's three-week low of 7.1520 to the dollar.

Chinese share markets will trade only on Monday this week ahead of China's National Day holiday, which runs until October&nbsp;7.

Risk assets took a hit in US trade on Friday following the news that the Trump administration is considering radical new financial pressure tactics on Beijing, including the possibility of delisting Chinese companies from US stock exchanges.

The report knocked Chinese shares listed on US&nbsp;exchanges, with Alibaba Group Holding falling 5.15 per cent&nbsp;and JD.com 5.95 per cent&nbsp;on Friday.

The delisting of Chinese companies from US&nbsp;stock exchanges was part of a broader effort to limit US&nbsp;investment in Chinese companies, two sources briefed on the matter told Reuters.

"While China runs a current account surplus and is a net creditor nation, Chinese companies are net debtors and rely on foreign capital," Koji Fukaya, president of Office Fukaya Consulting.

"Washington seems to be trying to limit Chinese companies' activities by putting pressure on their funding," he said.

Still, with trade talks between the United States and China expected to be held October 10-11, many market players are sticking to hopes such drastic measures on capital markets could be avoided.

"At this point, markets will have to wait and see. Of course we need to be guarded against more crazy headlines, but this week could be a bit calmer given holidays in China. Economic data will likely be the main driver for markets," said Kyosuke Suzuki, director of forex at Societe Generale.

Surveys on Chinese companies are due on Monday while in the United States, key business sentiment data and an employment report will be closely scrutinised on clues on how the economy is faring in the face of the ongoing tussle with China.

US&nbsp;data on Friday showed consumer spending barely rose in August and business investment remained weak, suggesting the American economy was losing momentum as the trade dispute drags on.

Industrial output in Japan and South Korea, released Monday morning, dropped more than expected, underscoring the headwinds from the trade war.

Investors are also keeping a wary eye on US&nbsp;politics.

US&nbsp;House Speaker Nancy Pelosi said that public opinion is now on the side of an <a href="https://www.wionews.com/world/like-every-american-i-deserve-to-meet-my-accuser-donald-trump-252710">impeachment inquiry against Trump</a> following the release of new information about his conversations with Ukrainian President Volodymyr Zelenskiy.

Major currencies were little changed in early trade.

The yen traded flat at 107.94 yen.

The euro hovered at $1.0945, having sunk to a 28-month low of $1.0904 on Friday as concerns about tepid growth in Europe weighed on the common currency.

Sterling traded at $1.2294, not far from Friday's low of $1.2270, its lowest since Sept. 9.

Boris Johnson said on Sunday he would not quit as Britain's prime minister even if he fails to secure a deal to leave the European Union, insisting only his Conservative government can deliver Brexit on October&nbsp;31.

Oil prices slightly bounced off a tad after last week's slide.

Saudi Arabia's crown prince warned in an interview with CBS program "60 Minutes." aired on Sunday that crude prices could spike to "unimaginably high numbers" if the world does not come together to deter Iran.

But crown prince Mohammed bin Salman said he would prefer a political solution to a military one, adding the September&nbsp;14 attacks on the kingdom's oil facilities were an act of war by Iran.

Brent crude futures rose 0.34 per cent&nbsp;to $62.12 a barrel while US&nbsp;West Texas Intermediate (WTI) crude gained 0.32 per cent&nbsp;to $56.09 per barrel.

Asian shares and the Chinese yuan were off to a cautious start on Monday as investors looked to how Chinese financial markets will react to the news the US administration is considering delisting Chinese companies from US stock exchanges.

Asian shares and the Chinese yuan were off to a cautious start on Monday as investors looked to how Chinese financial markets will react to the news the US administration is considering delisting Chinese companies from US stock exchanges. MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.11 per cent while Japan's Nikkei shed 0.61 per cent. US stock futures gained 0.24 per cent in early trade, paring back almost a half of Friday's 0.53 per cent fall in the index. The offshore Chinese yuan was little moved at 7.1339 yuan per dollar, off Friday's three-week low of 7.1520 to the dollar. Chinese share markets will trade only on Monday this week ahead of China's National Day holiday, which runs until October 7. Risk assets took a hit in US trade on Friday following the news that the Trump administration is considering radical new financial pressure tactics on Beijing, including the possibility of delisting Chinese companies from US stock exchanges. The report knocked Chinese shares listed on US exchanges, with Alibaba Group Holding falling 5.15 per cent and JD.com 5.95 per cent on Friday. The delisting of Chinese companies from US stock exchanges was part of a broader effort to limit US investment in Chinese companies, two sources briefed on the matter told Reuters. "While China runs a current account surplus and is a net creditor nation, Chinese companies are net debtors and rely on foreign capital," Koji Fukaya, president of Office Fukaya Consulting. "Washington seems to be trying to limit Chinese companies' activities by putting pressure on their funding," he said. Still, with trade talks between the United States and China expected to be held October 10-11, many market players are sticking to hopes such drastic measures on capital markets could be avoided. "At this point, markets will have to wait and see. Of course we need to be guarded against more crazy headlines, but this week could be a bit calmer given holidays in China. Economic data will likely be the main driver for markets," said Kyosuke Suzuki, director of forex at Societe Generale. Surveys on Chinese companies are due on Monday while in the United States, key business sentiment data and an employment report will be closely scrutinised on clues on how the economy is faring in the face of the ongoing tussle with China. US data on Friday showed consumer spending barely rose in August and business investment remained weak, suggesting the American economy was losing momentum as the trade dispute drags on. Industrial output in Japan and South Korea, released Monday morning, dropped more than expected, underscoring the headwinds from the trade war. Investors are also keeping a wary eye on US politics. US House Speaker Nancy Pelosi said that public opinion is now on the side of an impeachment inquiry against Trump following the release of new information about his conversations with Ukrainian President Volodymyr Zelenskiy. Major currencies were little changed in early trade. The yen traded flat at 107.94 yen. The euro hovered at $1.0945, having sunk to a 28-month low of $1.0904 on Friday as concerns about tepid growth in Europe weighed on the common currency. Sterling traded at $1.2294, not far from Friday's low of $1.2270, its lowest since Sept. 9. Boris Johnson said on Sunday he would not quit as Britain's prime minister even if he fails to secure a deal to leave the European Union, insisting only his Conservative government can deliver Brexit on October 31. Oil prices slightly bounced off a tad after last week's slide. Saudi Arabia's crown prince warned in an interview with CBS program "60 Minutes." aired on Sunday that crude prices could spike to "unimaginably high numbers" if the world does not come together to deter Iran. But crown prince Mohammed bin Salman said he would prefer a political solution to a military one, adding the September 14 attacks on the kingdom's oil facilities were an act of war by Iran. Brent crude futures rose 0.34 per cent to $62.12 a barrel while US West Texas Intermediate (WTI) crude gained 0.32 per cent to $56.09 per barrel.

Global Markets: Asian shares, Yuan off to calm start; focus on China

Car behemoth <a href="https://www.wionews.com/business-economy/volkswagen-porsche-to-recall-around-227000-cars-over-airbag-seatbelt-issues-report-250623">Volkswagen will face a German court Monday</a>, as hundreds of thousands of owners of manipulated diesel cars demand compensation four years after the country's largest post-war industrial scandal erupted.

The first hearing in what is likely to be a grinding, years-long trial opens at 0800 GMT&nbsp;in Brunswick, around 30 kilometres from VW headquarters in the northern city of Wolfsburg.

Around 450,000 people have joined a first-of-its-kind grouped proceeding, introduced by lawmakers after the "dieselgate" emissions cheating scandal broke in 2015.

Consumer rights group VZBV, representing the plaintiffs, says the German carmaker deliberately harmed buyers by installing motor control software that allowed vehicles to pollute far more on the road than under lab conditions.

The trial is Germany's largest so far in the tentacular diesel scandal, which last week saw VW chief executive Herbert Diess charged with market manipulation over his role.

50 questions for judges

In the mass lawsuit, the most important of around 50 questions for judges is whether Volkswagen "caused harm" by acting "dishonestly".

Klaus Mueller of VZBV said he is "convinced" the car firm did, while VW says "clients did not suffer harm".

"Hundreds of thousands of cars are used" on the roads without a problem, VW lawyer Martine de Lind van Wijngaarden said.

Even if judges find in favour of plaintiffs, there will not be an immediate compensation payment.

Rather, every owner registered in the trial will have to claim individually.

<a href="https://www.wionews.com/world/seoul-to-fine-volkswagen-over-illicit-emissions-devices-244423">VW thinks a final judgement could arrive in 2023</a> at the earliest, if the case is appealed all the way to the Federal Court of Justice.

Individual proceedings could then take at least another year -- in the court of the first instance.

By then, the cars' market value could have eroded to a negligible amount, making a buyback cheaper for the firm.

To avoid such delays, the VZBV says it is "open" to an out-of-court settlement but "in that case, VW would have to pay a significant sum after all," Mueller told AFP.

Given the wide variety of cases under the group action umbrella, VW finds a mass settlement "hard to imagine".

In early July, judges noted in a preliminary opinion that some owners listed among the plaintiffs were living abroad.

That could mean German law does not apply to them.

Volkswagen said two per cent of those listed live abroad and 10 per cent are duplicate entries.

Alongside the grouped proceeding, 61,000 individual lawsuits have been filed in Germany, and some have already led to out-of-court settlements.

30 billion euros

Since 2015, when <a href="https://www.wionews.com/india-news/ngt-panel-orders-volkswagen-to-pay-rs-100-crore-fine-in-emissions-case-190884">Volkswagen admitted to manipulating 11 million vehicles</a> worldwide to fool emissions tests, the scandal has cost the group over 30 billion euros&nbsp;in fines, compensation and legal costs.

Most of that sum - $22 billion - has gone to the US, while in Germany VW has so far paid just 2.3 billion dollars spread across three fines.

Alongside car owners, investors are claiming damages for losses they suffered when the group's share price plummeted after it came clean.

And earlier this week, Chief Executive Herbert Diess and supervisory board chief Hans Dieter Poetsch were charged with market manipulation.

Former chief executive Martin Winterkorn, who stepped down over the scandal, has been also charged with fraud.

Away from the legal battlegrounds, "dieselgate" has sped up the fuel's decline from its status as lower-carbon alternative to petrol, favoured with government subsidies.

In Germany, its market share among new registrations has fallen from 46 to 33 per cent, and the level of nitrogen oxides (NOx) emitted by the cars risks earning them bans from some city centres.

The diesel scandal is "part of the group's history" just like the famous Beetle and Golf models, says VW brand chief Ralf Brandstaetter.

But he adds the company has "profoundly changed", investing 30 billion euros in a new electric range to "regain society's respect."

"The diesel crisis was a catalyst for our transformation," Brandstaetter told AFP in a recent interview.

Car behemoth Volkswagen will face a German court Monday, as hundreds of thousands of owners of manipulated diesel cars demand compensation four years after the country's largest post-war industrial scandal erupted.

Car behemoth Volkswagen will face a German court Monday, as hundreds of thousands of owners of manipulated diesel cars demand compensation four years after the country's largest post-war industrial scandal erupted. The first hearing in what is likely to be a grinding, years-long trial opens at 0800 GMT in Brunswick, around 30 kilometres from VW headquarters in the northern city of Wolfsburg. Around 450,000 people have joined a first-of-its-kind grouped proceeding, introduced by lawmakers after the "dieselgate" emissions cheating scandal broke in 2015. Consumer rights group VZBV, representing the plaintiffs, says the German carmaker deliberately harmed buyers by installing motor control software that allowed vehicles to pollute far more on the road than under lab conditions. The trial is Germany's largest so far in the tentacular diesel scandal, which last week saw VW chief executive Herbert Diess charged with market manipulation over his role. 50 questions for judges In the mass lawsuit, the most important of around 50 questions for judges is whether Volkswagen "caused harm" by acting "dishonestly". Klaus Mueller of VZBV said he is "convinced" the car firm did, while VW says "clients did not suffer harm". "Hundreds of thousands of cars are used" on the roads without a problem, VW lawyer Martine de Lind van Wijngaarden said. Even if judges find in favour of plaintiffs, there will not be an immediate compensation payment. Rather, every owner registered in the trial will have to claim individually. VW thinks a final judgement could arrive in 2023 at the earliest, if the case is appealed all the way to the Federal Court of Justice. Individual proceedings could then take at least another year -- in the court of the first instance. By then, the cars' market value could have eroded to a negligible amount, making a buyback cheaper for the firm. To avoid such delays, the VZBV says it is "open" to an out-of-court settlement but "in that case, VW would have to pay a significant sum after all," Mueller told AFP. Given the wide variety of cases under the group action umbrella, VW finds a mass settlement "hard to imagine". In early July, judges noted in a preliminary opinion that some owners listed among the plaintiffs were living abroad. That could mean German law does not apply to them. Volkswagen said two per cent of those listed live abroad and 10 per cent are duplicate entries. Alongside the grouped proceeding, 61,000 individual lawsuits have been filed in Germany, and some have already led to out-of-court settlements. 30 billion euros Since 2015, when Volkswagen admitted to manipulating 11 million vehicles worldwide to fool emissions tests, the scandal has cost the group over 30 billion euros in fines, compensation and legal costs. Most of that sum - $22 billion - has gone to the US, while in Germany VW has so far paid just 2.3 billion dollars spread across three fines. Alongside car owners, investors are claiming damages for losses they suffered when the group's share price plummeted after it came clean. And earlier this week, Chief Executive Herbert Diess and supervisory board chief Hans Dieter Poetsch were charged with market manipulation. Former chief executive Martin Winterkorn, who stepped down over the scandal, has been also charged with fraud. Away from the legal battlegrounds, "dieselgate" has sped up the fuel's decline from its status as lower-carbon alternative to petrol, favoured with government subsidies. In Germany, its market share among new registrations has fallen from 46 to 33 per cent, and the level of nitrogen oxides (NOx) emitted by the cars risks earning them bans from some city centres. The diesel scandal is "part of the group's history" just like the famous Beetle and Golf models, says VW brand chief Ralf Brandstaetter. But he adds the company has "profoundly changed", investing 30 billion euros in a new electric range to "regain society's respect." "The diesel crisis was a catalyst for our transformation," Brandstaetter told AFP in a recent interview.

Volkswagen faces first mammoth diesel lawsuit on home turf

Bearish tendencies prevailed at the Dalal Street on Monday, dragging equity benchmark indices lower amid subdued global cues.

The BSE S&amp;P Sensex closed 155 points or 0.4 per cent lower at 38,667 while the Nifty 50 slipped by 35 point to 11,477.

At the National Stock Exchange, most sectoral indices were in the red except for IT and FMCG. Nifty PSU bank was down by 3.4 per cent, private bank by 2.7 per cent, pharma by 1.9 per cent, realty by 1.2 per cent and auto by 1 per cent.

Among stocks, Indiabulls Housing Finance slumped by 34.4 per cent after the Delhi High Court agreed on Friday to hear public interest litigation (PIL) alleging fund diversion and accounting irregularities by its promoters. It closed the day at Rs 255.50 per share.

Private lender Yes Bank tumbled by 14.3 per cent to Rs 41.75 per share despite gets a nod from the Reserve Bank of India for further capital raising.

Reliance Capital fell by 12.3 per cent after its Chairman Anil Ambani told shareholders during the annual general meeting that the company will exit the lending business.

Troubled renewable energy solutions provider Suzlon dropped by 10.2 per cent despite denying reports that it has filed for bankruptcy and will soon be approaching the National Company Law Tribunal (NCLT).

The other major losers were IndusInd Bank which slipped by 6.1 per cent, State Bank of India by 3.6 per cent, ICICI Bank by 3.4 per cent, Zee Entertainment by 3.3 per cent and Cipla by 3.2 per cent. HDFC, Sun Pharma, Axis Bank and Britannia too closed in the red.

However, HCL Technologies gained by 3.6 per cent, Infosys by 2.8 per cent, Tata Consultancy Services by 2 per cent and Tech Mahindra by 1.6 per cent. UPL, ITC, Reliance Industries, Adani Ports and Nestle India too were in the positive zone.

Meanwhile, Asian stock markets were little changed following reports the Trump administration is considering radical new financial pressure tactics on Beijing, including the possibility of delisting Chinese companies from US stock exchanges.

In Japan, the Nikkei 225 slipped by 0.56 per cent as shares of index heavyweight and conglomerate Softbank Group plunged more than 2.5 per cent. The Shanghai composite shed 0.92 per cent but Kospi was up by 0.64 per cent.

Bearish tendencies prevailed at the Dalal Street on Monday, dragging equity benchmark indices lower amid subdued global cues. The BSE S&P Sensex closed 155 points or 0.

Bearish tendencies prevailed at the Dalal Street on Monday, dragging equity benchmark indices lower amid subdued global cues. The BSE S&P Sensex closed 155 points or 0.4 per cent lower at 38,667 while the Nifty 50 slipped by 35 point to 11,477. At the National Stock Exchange, most sectoral indices were in the red except for IT and FMCG. Nifty PSU bank was down by 3.4 per cent, private bank by 2.7 per cent, pharma by 1.9 per cent, realty by 1.2 per cent and auto by 1 per cent. Among stocks, Indiabulls Housing Finance slumped by 34.4 per cent after the Delhi High Court agreed on Friday to hear public interest litigation (PIL) alleging fund diversion and accounting irregularities by its promoters. It closed the day at Rs 255.50 per share. Private lender Yes Bank tumbled by 14.3 per cent to Rs 41.75 per share despite gets a nod from the Reserve Bank of India for further capital raising. Reliance Capital fell by 12.3 per cent after its Chairman Anil Ambani told shareholders during the annual general meeting that the company will exit the lending business. Troubled renewable energy solutions provider Suzlon dropped by 10.2 per cent despite denying reports that it has filed for bankruptcy and will soon be approaching the National Company Law Tribunal (NCLT). The other major losers were IndusInd Bank which slipped by 6.1 per cent, State Bank of India by 3.6 per cent, ICICI Bank by 3.4 per cent, Zee Entertainment by 3.3 per cent and Cipla by 3.2 per cent. HDFC, Sun Pharma, Axis Bank and Britannia too closed in the red. However, HCL Technologies gained by 3.6 per cent, Infosys by 2.8 per cent, Tata Consultancy Services by 2 per cent and Tech Mahindra by 1.6 per cent. UPL, ITC, Reliance Industries, Adani Ports and Nestle India too were in the positive zone. Meanwhile, Asian stock markets were little changed following reports the Trump administration is considering radical new financial pressure tactics on Beijing, including the possibility of delisting Chinese companies from US stock exchanges. In Japan, the Nikkei 225 slipped by 0.56 per cent as shares of index heavyweight and conglomerate Softbank Group plunged more than 2.5 per cent. The Shanghai composite shed 0.92 per cent but Kospi was up by 0.64 per cent.

Sensex closes 155 points lower, Indiabulls Housing Finance slumps over 34%

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

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

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

Two SpiceJet pilots suspended over air pressurisation failure in flight

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

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

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

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

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

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

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

Equities subdued on global cues, auto and metal stocks suffer

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

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

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

Asian markets fall as Trump impeachment saga continues

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

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

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

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

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

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

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

Sensex, Nifty end lower; metals, autos drag

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

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

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

Thomas Cook France declares insolvency

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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