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Equity benchmark indices were flat in a choppy trading session during early hours on Wednesday tracking subdued global cues.

At 10:15 am, the BSE S&amp;P Sensex was up by 50 points at 36,613 while the Nifty 50 edged lower by 11 points to 10,809.

At the National Stock Exchange, sectoral indices were mixed.

Nifty pharma was down by 1.4 per cent. Auto, financial services, banks, media and realty too were in the red while FMCG, IT and metal witnessed marginal gains.

Traders said that due to lack of major domestic triggers, the market could be largely driven by global trends.Among stocks, Sun Pharma slipped by 3.8 per cent to Rs 422.30 per share while IndusInd Bank was down by 2.5 per cent.

Zee Entertainment, Tata Motors, Titan, Eicher Motors, Maruti and Reliance Industries showed some losses.

However, Bharti Infratel gained by 1.5 per cent while Vedanta was up by 1.4 per cent. State Bank of India, Indian Oil Corporation and Bharti Airtel showed marginal gains.

Meanwhile, Asian stocks bounced led by Chinese markets after a report showed growth in the country's service sector accelerating despite broader economic headwinds.

The Shanghai Composite Index added 0.45 per cent while MSCI's index of Asia-Pacific shares outside Japan gained 0.5 per cent. But sentiment in the wider region remained subdued amid worries about a global recession.

 
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Equity benchmark indices were flat in a choppy trading session during early hours on Wednesday tracking subdued global cues. At 10:15 am, the BSE S&P Sensex was up by 50 points at 36,613 while the Nifty 50 edged lower by 11 points to 10,809.

Equity benchmark indices were flat in a choppy trading session during early hours on Wednesday tracking subdued global cues. At 10:15 am, the BSE S&P Sensex was up by 50 points at 36,613 while the Nifty 50 edged lower by 11 points to 10,809. At the National Stock Exchange, sectoral indices were mixed. Nifty pharma was down by 1.4 per cent. Auto, financial services, banks, media and realty too were in the red while FMCG, IT and metal witnessed marginal gains. Traders said that due to lack of major domestic triggers, the market could be largely driven by global trends.Among stocks, Sun Pharma slipped by 3.8 per cent to Rs 422.30 per share while IndusInd Bank was down by 2.5 per cent. Zee Entertainment, Tata Motors, Titan, Eicher Motors, Maruti and Reliance Industries showed some losses. However, Bharti Infratel gained by 1.5 per cent while Vedanta was up by 1.4 per cent. State Bank of India, Indian Oil Corporation and Bharti Airtel showed marginal gains. Meanwhile, Asian stocks bounced led by Chinese markets after a report showed growth in the country's service sector accelerating despite broader economic headwinds. The Shanghai Composite Index added 0.45 per cent while MSCI's index of Asia-Pacific shares outside Japan gained 0.5 per cent. But sentiment in the wider region remained subdued amid worries about a global recession.

Equities flat in choppy session, Asian stocks bounce led by Chinese markets

Oil prices rose nearly 3 per cent on Wednesday, boosted by a wider market pickup on positive news from <a href="https://www.wionews.com/business-economy/oil-prices-pegged-back-by-mounting-concern-over-us-economy-246329">China's services sector</a>, after three days of losses due to fears about a weakening global economy.

Brent crude was up $1.55, or 2.66 per cent, at $59.81 a barrel by 1401 GMT, while US&nbsp;West Texas Intermediate futures gained $1.56, or 2.66 per cent, to $55.50 a barrel.

Global markets rebounded after a private survey showed that activity in China's services sector expanded at the fastest pace in three months in August as new orders rose, prompting the biggest increase in hiring in more than a year.

China is the world's second-largest oil consumer and largest importer.

But US&nbsp;President Donald Trump on Tuesday warned he would be "tougher" on Beijing in a second term if trade talks dragged on, compounding market fears that trade disputes between the two countries could trigger a US&nbsp;recession.

US&nbsp;data released on Wednesday showed manufacturing activity contracted in August for the first time in three years, while euro zone activity shrank for a seventh month.

Some analysts argued that the overall fundamentals of the oil market remained discouraging.

"The bullish bandwagon seen earlier this year will not be making another appearance," Stephen Brennock of oil broker PVM said.

Data due this week on US&nbsp;oil inventory levels will be delayed by a day to Wednesday and Thursday because of the US&nbsp;Labor Day holiday on Monday.

US&nbsp;crude stockpiles are expected to have declined for a third straight week, a Reuters poll showed on Tuesday.

"Crude oil remains troubled by reports that production from OPEC, Russia and the US&nbsp;all rose last month. This (comes) at a time when the strength of demand growth, due to trade war pessimism, has increasingly been called into question," Saxo Bank commodity strategist Ole Hansen said.

But supply looks set to stay constrained as Russian officials and OPEC sources indicated the countries would remain committed to their agreement to rein in production despite a shake-up in Saudi Arabia's oil industry.

In a possible sign of tension easing in the energy-rich Gulf, Iranian state television reported on Wednesday that Tehran would free seven crew members of the detained British-flagged tanker Stena Impero.

The vessel was seized two weeks after Britain detained an Iranian tanker off the territory of Gibraltar which was released in August.

Oil prices rose nearly 3 per cent on Wednesday, boosted by a wider market pickup on positive news from China's services sector, after three days of losses due to fears about a weakening global economy.

Oil prices rose nearly 3 per cent on Wednesday, boosted by a wider market pickup on positive news from China's services sector, after three days of losses due to fears about a weakening global economy. Brent crude was up $1.55, or 2.66 per cent, at $59.81 a barrel by 1401 GMT, while US West Texas Intermediate futures gained $1.56, or 2.66 per cent, to $55.50 a barrel. Global markets rebounded after a private survey showed that activity in China's services sector expanded at the fastest pace in three months in August as new orders rose, prompting the biggest increase in hiring in more than a year. China is the world's second-largest oil consumer and largest importer. But US President Donald Trump on Tuesday warned he would be "tougher" on Beijing in a second term if trade talks dragged on, compounding market fears that trade disputes between the two countries could trigger a US recession. US data released on Wednesday showed manufacturing activity contracted in August for the first time in three years, while euro zone activity shrank for a seventh month. Some analysts argued that the overall fundamentals of the oil market remained discouraging. "The bullish bandwagon seen earlier this year will not be making another appearance," Stephen Brennock of oil broker PVM said. Data due this week on US oil inventory levels will be delayed by a day to Wednesday and Thursday because of the US Labor Day holiday on Monday. US crude stockpiles are expected to have declined for a third straight week, a Reuters poll showed on Tuesday. "Crude oil remains troubled by reports that production from OPEC, Russia and the US all rose last month. This (comes) at a time when the strength of demand growth, due to trade war pessimism, has increasingly been called into question," Saxo Bank commodity strategist Ole Hansen said. But supply looks set to stay constrained as Russian officials and OPEC sources indicated the countries would remain committed to their agreement to rein in production despite a shake-up in Saudi Arabia's oil industry. In a possible sign of tension easing in the energy-rich Gulf, Iranian state television reported on Wednesday that Tehran would free seven crew members of the detained British-flagged tanker Stena Impero. The vessel was seized two weeks after Britain detained an Iranian tanker off the territory of Gibraltar which was released in August.

Oil prices rise nearly 3% on China service sector expansion

Hong Kong's private sector activity declined at the fastest pace in more than a decade in August, a business survey showed on Wednesday, as an <a href="https://www.wionews.com/world/hong-kong-police-fire-beanbag-rounds-in-overnight-clashes-with-protesters-247486">escalating trade war and local political unrest </a>hit all aspects of demand.

The IHS Markit Hong Kong Purchasing Managers' Index (PMI) sank to 40.8 in August from 43.8 in July, signalling the steepest deterioration in the private sector since February 2009.

"The latest PMI data reveal a Hong Kong economy flirting with recession in the third quarter as business activity is increasingly aggravated by protest-related paralysis," said Bernard Aw, Principal Economist at IHS Markit.

Hundreds of thousands of people have taken to the streets since mid-June in protests calling for greater democracy in the former British territory. The demonstrations pose a direct challenge to Beijing, which has accused foreign powers, particularly the United States and Britain, of fomenting unrest.

Both the trade headwinds and political crisis have fanned business pessimism, with confidence slumping to its lowest on record, the survey showed.

New orders continued declining and at the sharpest pace since February 2009, dragged by a record decline in new business from mainland China.

Hong Kong is on the verge of its first recession in a decade as the economy shrank 0.4% in April-June from the previous quarter, data showed, as increasingly violent protests turned away tourists and hit retail sales in one of the world's most popular shopping destinations.

Hong Kong's private sector activity declined at the fastest pace in more than a decade in August, a business survey showed on Wednesday, as an escalating trade war and local political unrest hit all aspects of demand.

Hong Kong's private sector activity declined at the fastest pace in more than a decade in August, a business survey showed on Wednesday, as an escalating trade war and local political unrest hit all aspects of demand. The IHS Markit Hong Kong Purchasing Managers' Index (PMI) sank to 40.8 in August from 43.8 in July, signalling the steepest deterioration in the private sector since February 2009. "The latest PMI data reveal a Hong Kong economy flirting with recession in the third quarter as business activity is increasingly aggravated by protest-related paralysis," said Bernard Aw, Principal Economist at IHS Markit. Hundreds of thousands of people have taken to the streets since mid-June in protests calling for greater democracy in the former British territory. The demonstrations pose a direct challenge to Beijing, which has accused foreign powers, particularly the United States and Britain, of fomenting unrest. Both the trade headwinds and political crisis have fanned business pessimism, with confidence slumping to its lowest on record, the survey showed. New orders continued declining and at the sharpest pace since February 2009, dragged by a record decline in new business from mainland China. Hong Kong is on the verge of its first recession in a decade as the economy shrank 0.4% in April-June from the previous quarter, data showed, as increasingly violent protests turned away tourists and hit retail sales in one of the world's most popular shopping destinations.

Protests, trade war push Hong Kong August business activity to lowest since Feb 2009: Report

The safe-haven dollar and yen fell on Wednesday as risk sentiment improved after global political worries eased with what markets perceived as positive news in <a href="https://www.wionews.com/world/hong-kong-leader-carrie-lam-announces-withdrawal-of-extradition-bill-report-247563">Hong Kong</a>, Italy and Britain.

The dollar index slid for a second straight session, while the yen, which draws safe-haven bids in times of geopolitical stress, dropped for the first time in four days against the greenback.

Risk appetite rose on reports Hong Kong leader Carrie Lam would announce the formal withdrawal of an extradition bill that triggered months of unrest.

In Italy, the 5-Star Movement approved a coalition deal with the Democratic Party, paving the way for a new government, while lawmakers opposed to a no-deal Brexit gained the upper hand in Britain, triggering a global equities rally.

Edward Moya, senior market analyst at OANDA in New York, said the dollar's weakness was triggered by this "risk-on move in Hong Kong that gave Hong Kong equities one of the best moves in a few years." That has boosted appetite for riskier currencies that have generally higher yields, he added.

"Everyone has been waiting for this major dollar reversal for quite some time. It has never come to fruition," Moya said. "This is providing a little bit of unwinding of some dollar bullish positions."

In mid-morning trading, the dollar was last down 0.4 per cent against a basket of major currencies, at 98.656.

The yen fell against the dollar, which rose 0.3 per cent to 106.27 yen. It also declined against the euro, which gained 0.7 per cent&nbsp;to 117.045 yen.

The euro also rose 0.4 per cent versus the dollar to $1.1011 after comments from Christine Lagarde, who will likely be the European Central Bank's next president, introduced some doubt over the scale of an ECB stimulus package expected next week.

Lagarde said highly accommodative monetary policy for a prolonged period was necessary but she added that the bank needed to be mindful of the negative side-effects of such tools.

Expectations for an interest cut, the relaunch of asset purchases and other ECB measures to stimulate the economy have weighed on the euro. On Tuesday, it hit a 28-month low around $1.0924.

The dollar's weakness helped China's offshore yuan pull away further from record lows plumbed earlier this week. The Chinese currency was last up 0.4 per cent&nbsp;against the dollar, which fell to 7.1511 yuan.

The British pound recovered Tuesday's losses, when it hit a three-year low, after the latest parliamentary attempt to stop a no-deal Brexit took a step forward.

Sterling bounced 0.9 per cent&nbsp;to $1.2185 , and against the euro it rallied 0.4 per cent&nbsp;to 90.45 pence.

Lawmakers who defeated Prime Minister Boris Johnson's government on a crucial motion late on Tuesday are expected to introduce a bill in parliament seeking to stop Britain from leaving the European Union on Oct. 31 without transitional arrangements.

The safe-haven dollar and yen fell on Wednesday as risk sentiment improved after global political worries eased with what markets perceived as positive news in Hong Kong, Italy and Britain.

The safe-haven dollar and yen fell on Wednesday as risk sentiment improved after global political worries eased with what markets perceived as positive news in Hong Kong, Italy and Britain. The dollar index slid for a second straight session, while the yen, which draws safe-haven bids in times of geopolitical stress, dropped for the first time in four days against the greenback. Risk appetite rose on reports Hong Kong leader Carrie Lam would announce the formal withdrawal of an extradition bill that triggered months of unrest. In Italy, the 5-Star Movement approved a coalition deal with the Democratic Party, paving the way for a new government, while lawmakers opposed to a no-deal Brexit gained the upper hand in Britain, triggering a global equities rally. Edward Moya, senior market analyst at OANDA in New York, said the dollar's weakness was triggered by this "risk-on move in Hong Kong that gave Hong Kong equities one of the best moves in a few years." That has boosted appetite for riskier currencies that have generally higher yields, he added. "Everyone has been waiting for this major dollar reversal for quite some time. It has never come to fruition," Moya said. "This is providing a little bit of unwinding of some dollar bullish positions." In mid-morning trading, the dollar was last down 0.4 per cent against a basket of major currencies, at 98.656. The yen fell against the dollar, which rose 0.3 per cent to 106.27 yen. It also declined against the euro, which gained 0.7 per cent to 117.045 yen. The euro also rose 0.4 per cent versus the dollar to $1.1011 after comments from Christine Lagarde, who will likely be the European Central Bank's next president, introduced some doubt over the scale of an ECB stimulus package expected next week. Lagarde said highly accommodative monetary policy for a prolonged period was necessary but she added that the bank needed to be mindful of the negative side-effects of such tools. Expectations for an interest cut, the relaunch of asset purchases and other ECB measures to stimulate the economy have weighed on the euro. On Tuesday, it hit a 28-month low around $1.0924. The dollar's weakness helped China's offshore yuan pull away further from record lows plumbed earlier this week. The Chinese currency was last up 0.4 per cent against the dollar, which fell to 7.1511 yuan. The British pound recovered Tuesday's losses, when it hit a three-year low, after the latest parliamentary attempt to stop a no-deal Brexit took a step forward. Sterling bounced 0.9 per cent to $1.2185 , and against the euro it rallied 0.4 per cent to 90.45 pence. Lawmakers who defeated Prime Minister Boris Johnson's government on a crucial motion late on Tuesday are expected to introduce a bill in parliament seeking to stop Britain from leaving the European Union on Oct. 31 without transitional arrangements.

Dollar, yen fall as global tensions ease

British business activity shrank in August, slammed by weakness in the key construction, manufacturing and services sectors, as the economy suffers from <a href="https://www.wionews.com/world/brexit-row-uk-pm-johnson-proposes-early-election-on-october-15-247599">Brexit turmoil</a>, a key survey showed Wednesday.

The purchasing managers' index (PMI) for all UK sectors dropped to 49.7 from 50.3 in July, according to IHS Markit, which compiles the data.

A figure below 50 indicates contraction.

"The PMI surveys are so far indicating a 0.1-percent contraction of GDP in the third quarter," which would mean Britain had fallen into recession, noted Chris Williamson, chief business economist at IHS Markit.

Britain's economy unexpectedly shrank in the second quarter of the year.

The official definition of recession is two quarters of economic contraction in a row.

"Companies have grown increasingly gloomy about the outlook due to the political situation and uncertainty surrounding Brexit, adding to downside risks in the coming months," Williamson added.&nbsp; 
&nbsp;

British business activity shrank in August, slammed by weakness in the key construction, manufacturing and services sectors, as the economy suffers from Brexit turmoil, a key survey showed Wednesday.

British business activity shrank in August, slammed by weakness in the key construction, manufacturing and services sectors, as the economy suffers from Brexit turmoil, a key survey showed Wednesday. The purchasing managers' index (PMI) for all UK sectors dropped to 49.7 from 50.3 in July, according to IHS Markit, which compiles the data. A figure below 50 indicates contraction. "The PMI surveys are so far indicating a 0.1-percent contraction of GDP in the third quarter," which would mean Britain had fallen into recession, noted Chris Williamson, chief business economist at IHS Markit. Britain's economy unexpectedly shrank in the second quarter of the year. The official definition of recession is two quarters of economic contraction in a row. "Companies have grown increasingly gloomy about the outlook due to the political situation and uncertainty surrounding Brexit, adding to downside risks in the coming months," Williamson added.

UK business activity contracts over Brexit turmoil, raises recession risk

India is likely to miss its fiscal deficit target for the current financial year, despite receiving an additional dividend from the the Reserve Bank of India (RBI), five government officials and advisers said, as tax collections have sunk amid a sharp slowdown.

India is likely to miss its fiscal deficit target for the current financial year, despite receiving an additional dividend from the the Reserve Bank of India (RBI), five government officials and advisers said, as tax collections have sunk amid a sharp slowdown. With economic growth falling to a six-year low of 5% in the April-June quarter, the sources said the government could toward the end of 2019 be forced to raise the fiscal deficit target to 3.5% of GDP from 3.3%, amid pressure for additional stimulus measures. The officials asked not to be identified as they have not been authorized to discuss the matter with media. A Finance Ministry spokesman did not immediately respond to requests for comment. Tax collections could fall by as much as 1 trillion rupees ($14 billion), or 4% of $344 billion annual target, two of the officials said, noting that sharp shortfalls are expected both in goods and services tax (GST) and income tax collections. "Overshooting the fiscal deficit target is inevitable this year as the economic slowdown has hit government revenue," a senior adviser said, adding the deficit would rise unless the government resorts to hefty spending cuts. Separately, a finance ministry official said plans to sell minority stakes in some state-run entities including electricity producer NTPC, state insurer General Insurance Corp and construction finance company HUDCO could be deferred, as market sentiment has weakened. Two government advisers said they have also urged the Prime Minister Narendra Modi-led government to defer the fiscal target to tackle the economic slowdown and outline stimulus steps to help the hard hit sectors such as autos and textiles. Downward revisions Private economists have revised growth forecasts to as low as 5.8% for 2019/20, one percentage point lower than the prior year, saying the slowdown could persist for two or three years while much needed cyclical as well as structural reforms are put in place. The flat manufacturing sector growth of 0.6% during the April-June period, and contraction in the auto sector by nearly 30% in July, has hit GST and corporate tax collections, while consumer spending cuts amid job losses have dented revenue collections. So far, the government has resisted pressure to announce a big bang stimulus package while nudging the RBI to cut its benchmark repo rate, which is already down 110 basis points since February. Another government adviser said despite receiving a bonanza of around $8 billion in extra dividends from the RBI, the fiscal deficit would rise as nominal GDP growth has fallen well below the budgeted estimate for the fiscal year. Policy advisers fear that the government's recently outlined plan to merge 10 state-run banks into four mega banks this year, could also prove to be a distraction for bankers, reducing their focus on credit growth, delaying recoveries on bad loans, and in turn impacting their profits and their dividend payouts to the government. In 2018/19, government revenue receipts fell 11% against the budgeted target, and the government resorted to spending cuts of 1.46 trillion rupees ($20.42 billion), and the deficit rose 3.4% of GDP against initial target of 3.3%.

India likely to miss fiscal deficit target amid pressure for more stimulus: Report

Indian shares ended higher on Wednesday, as gains in banking and steelmaker shares helped markets recover from earlier losses, with sentiment lifted by easing political tensions in Hong Kong and Europe.

Indian shares ended higher on Wednesday, as gains in banking and steelmaker shares helped markets recover from earlier losses, with sentiment lifted by easing political tensions in Hong Kong and Europe. The broader NSE Nifty ended up 0.43% at 10,844.65, while the benchmark BSE Sensex closed 0.44% higher at 36,724.74. The rupee strengthened about 0.5% against the dollar by 1012 GMT, trading at 72.05 versus the previous close of 72.40. In broader Asia, Hong Kong's main share index surged more than 4% after a report that the controversial extradition bill that has plunged the Chinese-ruled city into its worst political crisis in decades would be withdrawn. Hong Kong leader Carrie Lam later made a formal announcement. European stocks were also buoyed as political developments in Italy and Britain eased investor nerves. Back home, top lenders HDFC Bank Ltd and State Bank of India climbed 1.7% and 2.5%, respectively. The Nifty Bank index rose 1.1%. Tata Steel Ltd and JSW Steel Ltd both advanced over 2%, while drugmaker Dr. Reddy's Laboratories Ltd topped gains with a 2.8% jump.

Nifty, Sensex recover on boost from banks, steelmakers

Global stocks dropped on Tuesday, hurt by US-China trade frictions while the British pound fell to its lowest since January 2017 amid political uncertainty as Prime Minister Boris Johnson tried to stymie lawmakers' efforts to stop a no-deal Brexit.

MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.7 per cent. India, closed on Monday, led losses, with the benchmark dropping 1 per cent following worse-than-expected economic growth data on Friday.

China's mainland shares were fractionally lower while Japan's Nikkei inched up 0.1 per cent.

European shares are expected to dip, with pan-European Euro Stoxx 50 futures down 0.09 per cent.

In an escalation of their trade war, the United States on Sunday began imposing 15 per cent&nbsp;tariffs on a variety of Chinese goods, and China began imposing new duties on US crude oil.

Although US President Donald Trump has said both sides would still meet for talks later this month, tensions show little sign of abating.

China said on Monday it lodged a complaint against the United States at the World Trade Organisation over US import duties, trashing the latest tariff actions as violating the consensus reached by leaders of China and the United States in a meeting in Osaka.

"We have so many problems around the world, starting from the US-China trade war and Brexit. But investors appear to be getting used to be exposed to them," said Hiroyuki Ueno, senior strategist at Sumitomo Mitsui Trust Asset Management

"No one really thinks Washington and Beijing will solve the issues. But as long as the US economy keeps going, stock prices will have limited downside," he said.

US manufacturing survey by the Institute for Supply Management (ISM) due at 1400 GMT Tuesday is a major focus for investors.

Although US manufacturing activity has been slowing in recent months, the ISM's index has so far stayed above 50, pointing to growth in the sector.

US bond yields rose a tad on profit-taking after a market holiday in the United States on Monday.

The 10-year US Treasuries yield rose 2.5 basis points to 1.532 per cent, off a three-year low of 1.443 per cent touched last week. The yield dropped 51.5 basis points last month, the biggest monthly drop since August 2011.

In the currency market, sterling dropped as much as 0.58 per cent to $1.1993, its lowest level since January 2017, extending Monday's 0.85 per cent fall.

Prime Minister Johnson implicitly warned lawmakers on Monday that he would seek an election on Oct 14 if they tied his hands on Brexit, ruling out ever countenancing a further delay to Britain's departure from the European Union.

On Tuesday, lawmakers will decide whether to move Britain one step closer to a snap election when they vote on the first stage of their plan to block Johnson from pursuing a no-deal Brexit.

"Depending on further developments in UK politics, the pound could see sharp moves in the coming week or two. We think it could fall to as low as $1.13 this month," said Sumino Kamei, senior currency strategist at MUFG Bank.

Uncertainties over Brexit have already hit the UK economy, with a survey by the IHS Markit/CIPS showing British manufacturing contracted last month at the fastest rate in seven years.

The picture is not much better in Europe, and the European Central Bank is widely expected to cut interest rates further into negative levels next week to cushion the blow, pressuring the euro.

The common currency fell 0.25 per cent to a two-year low of $1.0939. The two-year German government bond yield has dipped to minus 0.919 per cent on Monday, near its record low around minus 0.964&nbsp; per cent&nbsp;hit in early 2017.

The offshore Chinese yuan dropped to a record low of 7.1975 per dollar on Tuesday morning while the Australian dollar

traded down 0.15 per cent at $0.6705, cutting some losses after the Reserve Bank of Australia kept interest rates on hold.

Still, the Aussie stayed within a stone's throw from a decade-low of $0.66775 hit last month.

Argentine bond prices fell to record lows on Monday and the official and black-market pesos diverged after the country imposed capital controls in a bid to stem a currency rout that is sharpening the risk of default.

The peso closed 0.88 per cent stronger in official markets but closed 0.79 per cent weaker in the black market at 63.5 per dollar.

Oil prices were also dented by concerns over the trade war. US West Texas Intermediate (WTI) crude lost 0.47 per cent to $54.84 per barrel. International benchmark Brent futures dipped 0.05 per cent to $58.63 per barrel.

Global stocks dropped on Tuesday, hurt by US-China trade frictions while the British pound fell to its lowest since January 2017 amid political uncertainty as Prime Minister Boris Johnson tried to stymie lawmakers' efforts to stop a no-deal Brexit.

Global stocks dropped on Tuesday, hurt by US-China trade frictions while the British pound fell to its lowest since January 2017 amid political uncertainty as Prime Minister Boris Johnson tried to stymie lawmakers' efforts to stop a no-deal Brexit. MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.7 per cent. India, closed on Monday, led losses, with the benchmark dropping 1 per cent following worse-than-expected economic growth data on Friday. China's mainland shares were fractionally lower while Japan's Nikkei inched up 0.1 per cent. European shares are expected to dip, with pan-European Euro Stoxx 50 futures down 0.09 per cent. In an escalation of their trade war, the United States on Sunday began imposing 15 per cent tariffs on a variety of Chinese goods, and China began imposing new duties on US crude oil. Although US President Donald Trump has said both sides would still meet for talks later this month, tensions show little sign of abating. China said on Monday it lodged a complaint against the United States at the World Trade Organisation over US import duties, trashing the latest tariff actions as violating the consensus reached by leaders of China and the United States in a meeting in Osaka. "We have so many problems around the world, starting from the US-China trade war and Brexit. But investors appear to be getting used to be exposed to them," said Hiroyuki Ueno, senior strategist at Sumitomo Mitsui Trust Asset Management "No one really thinks Washington and Beijing will solve the issues. But as long as the US economy keeps going, stock prices will have limited downside," he said. US manufacturing survey by the Institute for Supply Management (ISM) due at 1400 GMT Tuesday is a major focus for investors. Although US manufacturing activity has been slowing in recent months, the ISM's index has so far stayed above 50, pointing to growth in the sector. US bond yields rose a tad on profit-taking after a market holiday in the United States on Monday. The 10-year US Treasuries yield rose 2.5 basis points to 1.532 per cent, off a three-year low of 1.443 per cent touched last week. The yield dropped 51.5 basis points last month, the biggest monthly drop since August 2011. In the currency market, sterling dropped as much as 0.58 per cent to $1.1993, its lowest level since January 2017, extending Monday's 0.85 per cent fall. Prime Minister Johnson implicitly warned lawmakers on Monday that he would seek an election on Oct 14 if they tied his hands on Brexit, ruling out ever countenancing a further delay to Britain's departure from the European Union. On Tuesday, lawmakers will decide whether to move Britain one step closer to a snap election when they vote on the first stage of their plan to block Johnson from pursuing a no-deal Brexit. "Depending on further developments in UK politics, the pound could see sharp moves in the coming week or two. We think it could fall to as low as $1.13 this month," said Sumino Kamei, senior currency strategist at MUFG Bank. Uncertainties over Brexit have already hit the UK economy, with a survey by the IHS Markit/CIPS showing British manufacturing contracted last month at the fastest rate in seven years. The picture is not much better in Europe, and the European Central Bank is widely expected to cut interest rates further into negative levels next week to cushion the blow, pressuring the euro. The common currency fell 0.25 per cent to a two-year low of $1.0939. The two-year German government bond yield has dipped to minus 0.919 per cent on Monday, near its record low around minus 0.964 per cent hit in early 2017. The offshore Chinese yuan dropped to a record low of 7.1975 per dollar on Tuesday morning while the Australian dollar traded down 0.15 per cent at $0.6705, cutting some losses after the Reserve Bank of Australia kept interest rates on hold. Still, the Aussie stayed within a stone's throw from a decade-low of $0.66775 hit last month. Argentine bond prices fell to record lows on Monday and the official and black-market pesos diverged after the country imposed capital controls in a bid to stem a currency rout that is sharpening the risk of default. The peso closed 0.88 per cent stronger in official markets but closed 0.79 per cent weaker in the black market at 63.5 per dollar. Oil prices were also dented by concerns over the trade war. US West Texas Intermediate (WTI) crude lost 0.47 per cent to $54.84 per barrel. International benchmark Brent futures dipped 0.05 per cent to $58.63 per barrel.

Asia stocks dented by trade war, Brexit showdown paralyses pound

The stock market benchmark S&amp;P BSE Sensex tumbled over 400 points in early morning trade on Tuesday, as investors reacted to the lower GDP growth rate numbers.

Gross domestic product (GDP) grew 5% in the first quarter of FY20, data released by the government showed, marking the slowest growth since the fourth quarter of FY13.&nbsp;

GDP growth was 8% in the year-earlier quarter and 5.8% in the preceding one. China’s economy grew 6.2% in the June quarter.&nbsp;

At 10.20 am, the Sensex was down 426 points at 36,905. The benchmark Sensex opened at 37,181.76 from its previous close of 37,332.79.

The broader Nifty was down 130 points or 1.18 per cent lower at 10,893.25.

The stock market benchmark S&P BSE Sensex tumbled over 400 points in early morning trade on Tuesday, as investors reacted to the lower GDP growth rate numbers. Gross domestic product (GDP) grew 5% in the first quarter of FY20, data released by the government showed, marking the slowest growth since the fourth quarter of FY13.

The stock market benchmark S&P BSE Sensex tumbled over 400 points in early morning trade on Tuesday, as investors reacted to the lower GDP growth rate numbers. Gross domestic product (GDP) grew 5% in the first quarter of FY20, data released by the government showed, marking the slowest growth since the fourth quarter of FY13. GDP growth was 8% in the year-earlier quarter and 5.8% in the preceding one. China’s economy grew 6.2% in the June quarter. At 10.20 am, the Sensex was down 426 points at 36,905. The benchmark Sensex opened at 37,181.76 from its previous close of 37,332.79. The broader Nifty was down 130 points or 1.18 per cent lower at 10,893.25.

Sensex tumbles 400 points, Nifty falls below 10,900

At least five people were killed and several injured after a massive fire broke out at the Oil and Natural Gas Corporation's (ONGC) plant in Navi Mumbai area of Maharashtra on Tuesday.&nbsp;

Reports suggest that the ONGC fire service and crisis management team has been called into the spot.

The fire broke out at the cold storage at the ONGC plant in Uran area of Navi Mumbai.

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Maharashtra: Fire breaks out at a cold storage at Oil and Natural Gas Corporation (ONGC) plant in Uran, Navi Mumbai. Fire tenders have reached the spot. <a href="https://t.co/V2HSCt58nJ">pic.twitter.com/V2HSCt58nJ</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1168729105421852672?ref_src=twsrc%5Etfw">September 3, 2019</a></blockquote>
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The fire has reportedly been contained according to the power company after 2 hours of firefighting.

"The fire is being contained. No impact on oil processing. Gas diverted to Hazira Plant. The situation is being assessed," the oil explorer said in a tweet.

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Fire broke out in storm water drainage in Uran Plant early morning successfully doused within two hours by fire fighting team. <a href="https://twitter.com/hashtag/ONGC?src=hash&amp;ref_src=twsrc%5Etfw">#ONGC</a> ’s robust crisis mitigation preparedness helped put off this major fire in a very short time. <a href="https://twitter.com/PetroleumMin?ref_src=twsrc%5Etfw">@PetroleumMin</a> <a href="https://twitter.com/PTI_News?ref_src=twsrc%5Etfw">@PTI_News</a> <a href="https://twitter.com/pallab_ongc?ref_src=twsrc%5Etfw">@pallab_ongc</a> <a href="https://twitter.com/ANI?ref_src=twsrc%5Etfw">@ANI</a> <a href="https://twitter.com/CMD_ONGC?ref_src=twsrc%5Etfw">@CMD_ONGC</a>
— ONGC (@ONGC_) <a href="https://twitter.com/ONGC_/status/1168740891365740544?ref_src=twsrc%5Etfw">September 3, 2019</a></blockquote>
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Gas from the plant has reportedly been diverted to the Hazira plant.Eight others who have been injured in the fire have been admitted to a hospital.

The area around the plant has been cordoned off.

At least five people were killed and several injured after a massive fire broke out at the Oil and Natural Gas Corporation's (ONGC) plant in Navi Mumbai area of Maharashtra on Tuesday.

At least five people were killed and several injured after a massive fire broke out at the Oil and Natural Gas Corporation's (ONGC) plant in Navi Mumbai area of Maharashtra on Tuesday. Reports suggest that the ONGC fire service and crisis management team has been called into the spot. The fire broke out at the cold storage at the ONGC plant in Uran area of Navi Mumbai. Maharashtra: Fire breaks out at a cold storage at Oil and Natural Gas Corporation (ONGC) plant in Uran, Navi Mumbai. Fire tenders have reached the spot. pic.twitter.com/V2HSCt58nJ — ANI (@ANI) September 3, 2019 × The fire has reportedly been contained according to the power company after 2 hours of firefighting. "The fire is being contained. No impact on oil processing. Gas diverted to Hazira Plant. The situation is being assessed," the oil explorer said in a tweet. Fire broke out in storm water drainage in Uran Plant early morning successfully doused within two hours by fire fighting team. #ONGC ’s robust crisis mitigation preparedness helped put off this major fire in a very short time. @PetroleumMin @PTI_News @pallab_ongc @ANI @CMD_ONGC — ONGC (@ONGC_) September 3, 2019 × Gas from the plant has reportedly been diverted to the Hazira plant.Eight others who have been injured in the fire have been admitted to a hospital. The area around the plant has been cordoned off.

Fire at ONGC plant in Navi Mumbai: 5 dead after massive blaze engulfs oil processing plant in Uran

Bogged down in the <a href="https://www.wionews.com/world/trade-deal-will-be-much-tougher-for-china-when-i-win-second-term-trump-247411">US-China trade war</a>, the US manufacturing sector stumbled and fell into contraction last month for the first time in three years, an industry survey showed Tuesday.

Anemic demand for US goods, with persistent drops in export orders, produced a "notable decrease" in business confidence, as indicators for production, employment and order backlogs all fell, according to the Institute for Supply Management.

ISM's nationwide manufacturing index fell unexpectedly to 49.1, ending 35 months of expansion and hitting the lowest level since January of 2016.

Economists had expected the index to hold about steady at 51.3. Any reading below 50 indicates contraction.

Timothy Fiore, chair of ISM's manufacturing survey, told reporters it was difficult to say when the current decline could reverse.

"I think the key here is for new demand to rise again and I can't predict that," he said.

Contractions in US manufacturing have not always preceded recessions in the wider economy but the latest ISM figures will no doubt raise fears of a downturn.

Fiore noted that, unlike prior manufacturing contractions, the index in this case had fallen for five straight months without interruption.

"I think this is much more definitive," he said.

The decline confirmed reporting from the US Federal Reserve according to which American manufacturing sector is now in recession after two straight quarters in the red.

The weaker-than-expected result will increase pressure on the central bank to cut interest rates later this month, as markets overwhelmingly expect it to do.

The news worsened a decline on Wall Street, with the benchmark Dow Jones Industrial Average down 1.4 percent near 1500 GMT.

Though President Donald Trump has championed the US manufacturing sector, it is now the weakest part of the American economy, suffering repeat shocks from the US-China trade war, which has raised prices and eaten into demand, and from a weakening global economy.

Ian Shepherdson of Pantheon Macroeconomics, which was not involved in producing the report, said the news was "grim."

"In short, we can find no good news here," he said in a note to clients, noting that the survey did not point to a general downturn "yet."

But "another couple of months of declines on this scale would leave the US facing an entirely unnecessary and self-inflicted recession," he wrote. 
&nbsp;

Bogged down in the US-China trade war, the US manufacturing sector stumbled and fell into contraction last month for the first time in three years, an industry survey showed Tuesday.

Bogged down in the US-China trade war, the US manufacturing sector stumbled and fell into contraction last month for the first time in three years, an industry survey showed Tuesday. Anemic demand for US goods, with persistent drops in export orders, produced a "notable decrease" in business confidence, as indicators for production, employment and order backlogs all fell, according to the Institute for Supply Management. ISM's nationwide manufacturing index fell unexpectedly to 49.1, ending 35 months of expansion and hitting the lowest level since January of 2016. Economists had expected the index to hold about steady at 51.3. Any reading below 50 indicates contraction. Timothy Fiore, chair of ISM's manufacturing survey, told reporters it was difficult to say when the current decline could reverse. "I think the key here is for new demand to rise again and I can't predict that," he said. Contractions in US manufacturing have not always preceded recessions in the wider economy but the latest ISM figures will no doubt raise fears of a downturn. Fiore noted that, unlike prior manufacturing contractions, the index in this case had fallen for five straight months without interruption. "I think this is much more definitive," he said. The decline confirmed reporting from the US Federal Reserve according to which American manufacturing sector is now in recession after two straight quarters in the red. The weaker-than-expected result will increase pressure on the central bank to cut interest rates later this month, as markets overwhelmingly expect it to do. The news worsened a decline on Wall Street, with the benchmark Dow Jones Industrial Average down 1.4 percent near 1500 GMT. Though President Donald Trump has championed the US manufacturing sector, it is now the weakest part of the American economy, suffering repeat shocks from the US-China trade war, which has raised prices and eaten into demand, and from a weakening global economy. Ian Shepherdson of Pantheon Macroeconomics, which was not involved in producing the report, said the news was "grim." "In short, we can find no good news here," he said in a note to clients, noting that the survey did not point to a general downturn "yet." But "another couple of months of declines on this scale would leave the US facing an entirely unnecessary and self-inflicted recession," he wrote.

US manufacturing contracts for first time in 3 years: Industry survey

A task force set up by India's central bank on Tuesday recommended a slew of measures for developing a secondary market for corporate loans, including easing of regulations to allow foreign portfolio investors (FPIs) to directly purchase distressed loans from banks.

A task force set up by India's central bank on Tuesday recommended a slew of measures for developing a secondary market for corporate loans, including easing of regulations to allow foreign portfolio investors (FPIs) to directly purchase distressed loans from banks. These moves are aimed at developing India's credit markets and come at a time when the country is facing a liquidity crisis among its shadow banks after the collapse of IL&FS, one of the biggest shadow banks, last year. FPIs, who so far were allowed to invest in stressed assets through asset reconstruction companies (ARCs), can directly participate in the bad loan market within an annual limit set by the Reserve Bank of India (RBI) in consultation with the government, the task force recommended. RBI's task force also recommended easing rules around the securitisation of loan assets and permitting wider participation from funds and insurance companies in trading these securities, the central bank said. It also proposed setting up a self-regulatory body to standardise loan documents and promote transparency in the secondary market. RBI has posted the recommendations on its website for comments from stakeholders and they are subject to the central bank's approval. The task force was formed in May to review the existing state of the market for loans in India and to make recommendations for the development of a secondary market for corporate loans.

RBI's task force recommends moves to ease credit markets

The broader NSE Nifty fell as much as 2.04 per cent to 10,798 on Tuesday, while the benchmark BSE Sensex also dropped 770 points to 36,563. &nbsp;Markets were closed on Monday for a public holiday.

The Indian economy, the third-largest in Asia, expanded just 5% year-on-year in the three months ended June - the <a href="https://www.wionews.com/business-economy/sensex-tumbles-400-points-nifty-falls-below-10900-247244">slowest pace</a> since March 2013, official data showed on Friday, far below the 5.7% forecast in a Reuters poll.

"This data has shown that growth is much slower than we expected," said Siddhartha Khemka, head of retail research at Motilal Oswal Securities, adding that the slowing private consumption was a major worry.

Adding to the worries, a private sector survey showed that the country's manufacturing sector grew at its slowest pace in 15 months in August.

Some analysts also said that the government's measures over the past week to encourage investment may not be enough to lift the economy out of the downtrend.

"While the market is expecting the government to boost spending to revive demand, the economy is not giving much legroom to do that," Khemka said.

The Indian rupee weakened sharply to a mid-December low of 72.37 against the dollar, versus its close of 71.41 on Friday.

Finance stocks were hammered the most, with the <a href="https://www.wionews.com/business-economy/sensex-ends-793-pts-higher-on-stimulus-us-china-trade-talks-nifty-above-11000-mark-245718">Nifty PSU Bank index</a>, which tracks the country's state-owned lenders, tumbling as much as 4.1%.

The government announced a series of mergers involving 10 public sector banks to boost the struggling sector and revive economic growth.

Shares in Punjab National Bank, the biggest lender among the 10 banks, slumped 8.6% to their lowest since Oct. 1.

IT stocks were among the gainers on the NSE index, bolstered by the weak rupee. Tech Mahindra Ltd climbed 3.4% to a near 10-week high.&nbsp;

(With inputs from Reuters)&nbsp;

The broader NSE Nifty fell as much as 2.04 per cent to 10,798 on Tuesday, while the benchmark BSE Sensex also dropped 770 points to 36,563. Markets were closed on Monday for a public holiday.

The broader NSE Nifty fell as much as 2.04 per cent to 10,798 on Tuesday, while the benchmark BSE Sensex also dropped 770 points to 36,563. Markets were closed on Monday for a public holiday. The Indian economy, the third-largest in Asia, expanded just 5% year-on-year in the three months ended June - the slowest pace since March 2013, official data showed on Friday, far below the 5.7% forecast in a Reuters poll. "This data has shown that growth is much slower than we expected," said Siddhartha Khemka, head of retail research at Motilal Oswal Securities, adding that the slowing private consumption was a major worry. Adding to the worries, a private sector survey showed that the country's manufacturing sector grew at its slowest pace in 15 months in August. Some analysts also said that the government's measures over the past week to encourage investment may not be enough to lift the economy out of the downtrend. "While the market is expecting the government to boost spending to revive demand, the economy is not giving much legroom to do that," Khemka said. The Indian rupee weakened sharply to a mid-December low of 72.37 against the dollar, versus its close of 71.41 on Friday. Finance stocks were hammered the most, with the Nifty PSU Bank index, which tracks the country's state-owned lenders, tumbling as much as 4.1%. The government announced a series of mergers involving 10 public sector banks to boost the struggling sector and revive economic growth. Shares in Punjab National Bank, the biggest lender among the 10 banks, slumped 8.6% to their lowest since Oct. 1. IT stocks were among the gainers on the NSE index, bolstered by the weak rupee. Tech Mahindra Ltd climbed 3.4% to a near 10-week high. (With inputs from Reuters)

Sensex tanks 770 points on poor growth numbers

Saudi Arabia on Monday named the head of its sovereign wealth fund as chairman of oil giant Aramco, replacing Energy Minister Khalid al-Falih as the state-owned company prepares for a much-anticipated initial public offering (IPO).

"I congratulate... Yasir al-Rumayyan, governor of the Public Investment Fund, on his appointment as chairman of the board of directors of Saudi Aramco, which is an important step to prepare the company for the public offering," Falih said on Twitter.

Rumayyan, already an Aramco board member, is the head of the vast Saudi sovereign wealth fund that is spearheading an ambitious plan to diversify the kingdom's oil-reliant economy.

The news comes after Falih, who has long headed both Aramco and the energy ministry, has seen his portfolio shrink as the kingdom reels from low oil prices.

Saudi Arabia on Friday announced the creation of a new ministry of industry and mineral resources, separating it from the energy ministry as it steps up efforts to boost non-oil revenue.

"All this shows that in Saudi Arabia there has been some dissatisfaction at the highest levels on how things have been going," Olivier Jakob, from the consultancy Petromatrix, told Bloomberg News.

"Falih has not really fully delivered on oil prices. There's speculation that prices and the IPO are linked and they need higher prices to get the valuation they want for the IPO."

Aramco has said it plans to float around five per cent of the state-owned company in 2020 or 2021, in what could potentially be the world's biggest stock sale.

It aims to raise up to $100 billion based on a $2 trillion valuation of the company, but amid low oil prices, investors have debated whether Aramco is really worth that much.

Failure to reach a $2 trillion valuation as desired by Saudi rulers is widely considered the reason the IPO, earlier scheduled for 2018, has been delayed.

Earlier this month, Aramco said its first-half net income for 2019 slipped nearly 12 per cent to $46.9 billion on lower crude prices.

It was the first time the company has published half-year financial results and comes after Aramco opened its secretive accounts for the first time in April, revealing itself to be the world's most profitable company.

The planned IPO forms the cornerstone of a reform programme envisaged by Crown Prince Mohammed bin Salman to wean the Saudi economy off its reliance on oil.

Saudi Aramco has not announced where the listing will be held, but London, New York and Hong Kong have all vied for a slice of the much-touted IPO.

The oil giant is considering a two-stage IPO, with a domestic debut and a subsequent international listing possibly in Tokyo, the Wall Street Journal reported last week.

Saudi Arabia on Monday named the head of its sovereign wealth fund as chairman of oil giant Aramco, replacing Energy Minister Khalid al-Falih as the state-owned company prepares for a much-anticipated initial public offering (IPO).

Saudi Arabia on Monday named the head of its sovereign wealth fund as chairman of oil giant Aramco, replacing Energy Minister Khalid al-Falih as the state-owned company prepares for a much-anticipated initial public offering (IPO). "I congratulate... Yasir al-Rumayyan, governor of the Public Investment Fund, on his appointment as chairman of the board of directors of Saudi Aramco, which is an important step to prepare the company for the public offering," Falih said on Twitter. Rumayyan, already an Aramco board member, is the head of the vast Saudi sovereign wealth fund that is spearheading an ambitious plan to diversify the kingdom's oil-reliant economy. The news comes after Falih, who has long headed both Aramco and the energy ministry, has seen his portfolio shrink as the kingdom reels from low oil prices. Saudi Arabia on Friday announced the creation of a new ministry of industry and mineral resources, separating it from the energy ministry as it steps up efforts to boost non-oil revenue. "All this shows that in Saudi Arabia there has been some dissatisfaction at the highest levels on how things have been going," Olivier Jakob, from the consultancy Petromatrix, told Bloomberg News. "Falih has not really fully delivered on oil prices. There's speculation that prices and the IPO are linked and they need higher prices to get the valuation they want for the IPO." Aramco has said it plans to float around five per cent of the state-owned company in 2020 or 2021, in what could potentially be the world's biggest stock sale. It aims to raise up to $100 billion based on a $2 trillion valuation of the company, but amid low oil prices, investors have debated whether Aramco is really worth that much. Failure to reach a $2 trillion valuation as desired by Saudi rulers is widely considered the reason the IPO, earlier scheduled for 2018, has been delayed. Earlier this month, Aramco said its first-half net income for 2019 slipped nearly 12 per cent to $46.9 billion on lower crude prices. It was the first time the company has published half-year financial results and comes after Aramco opened its secretive accounts for the first time in April, revealing itself to be the world's most profitable company. The planned IPO forms the cornerstone of a reform programme envisaged by Crown Prince Mohammed bin Salman to wean the Saudi economy off its reliance on oil. Saudi Aramco has not announced where the listing will be held, but London, New York and Hong Kong have all vied for a slice of the much-touted IPO. The oil giant is considering a two-stage IPO, with a domestic debut and a subsequent international listing possibly in Tokyo, the Wall Street Journal reported last week.

Saudi Arabia replaces Aramco chairman ahead of potential IPO

Mahindra and Mahindra Ltd (M &amp; M) will invest Rs 201 crore in tranches to acquire a 55 per cent stake in ride-hailing company Meru Travel Solutions.

With this investment, Meru will be a subsidiary of the company along with Meru Mobility Tech, V-Link Automotive Services and V-Link Fleet Solutions.

The acquisition will be completed in stages and the first tranche will be in October 2019 with Rs 103.5 crore being the primary investment. The move follows after Mahindra Electric and Meru announced a joint electric vehicle pilot project in Hyderabad.

"With this investment, the terms of conditions give Mahindra the right to appoint a majority of directors to the board of Meru along with control of the composition of the board of directors," M &amp; M said in a statement.

Meru started operation in 2006 and conducts business of cab-hailing and radio taxi services across Mumbai, Delhi NCR and Bengaluru. However, its revenue has consistently dipped over the past couple of years.

In the last fiscal ended March, the holding entity reported consolidated revenue of Rs 156.6 crore, down from Rs 277 crore in FY17 and Rs 190 crore in FY18. With this investment from Mahindra, Meru will be able to take on Uber and Ola.

Once the deal closes, private equity firm True North will see its stake in Meru come down from 80 per cent to 35 per cent. It has invested about Rs 575 crore and will look to exit in the next two to three years.

Mahindra and Mahindra Ltd (M & M) will invest Rs 201 crore in tranches to acquire a 55 per cent stake in ride-hailing company Meru Travel Solutions. With this investment, Meru will be a subsidiary of the company along with Meru Mobility Tech, V-Link Automotive Services and V-Link Fleet Solutions.

Mahindra and Mahindra Ltd (M & M) will invest Rs 201 crore in tranches to acquire a 55 per cent stake in ride-hailing company Meru Travel Solutions. With this investment, Meru will be a subsidiary of the company along with Meru Mobility Tech, V-Link Automotive Services and V-Link Fleet Solutions. The acquisition will be completed in stages and the first tranche will be in October 2019 with Rs 103.5 crore being the primary investment. The move follows after Mahindra Electric and Meru announced a joint electric vehicle pilot project in Hyderabad. "With this investment, the terms of conditions give Mahindra the right to appoint a majority of directors to the board of Meru along with control of the composition of the board of directors," M & M said in a statement. Meru started operation in 2006 and conducts business of cab-hailing and radio taxi services across Mumbai, Delhi NCR and Bengaluru. However, its revenue has consistently dipped over the past couple of years. In the last fiscal ended March, the holding entity reported consolidated revenue of Rs 156.6 crore, down from Rs 277 crore in FY17 and Rs 190 crore in FY18. With this investment from Mahindra, Meru will be able to take on Uber and Ola. Once the deal closes, private equity firm True North will see its stake in Meru come down from 80 per cent to 35 per cent. It has invested about Rs 575 crore and will look to exit in the next two to three years.

Mahindra and Mahindra acquires 55 per cent stake in Meru Cabs for Rs 201 crore

Most Asian markets fell on Monday as fresh Chinese and US tariffs on goods worth hundreds of <a href="https://www.wionews.com/world/trump-moving-ahead-with-new-tariffs-on-chinese-products-246926">billions of dollars kicked in</a>, though Donald Trump reiterated that the two sides were still due to hold talks this month.

Hong Kong was also weighed down by another weekend of violence, fuelling worries about possible Chinese intervention in the financial hub, while the unrest has also hit property firms and Macau's casinos.

Washington's latest levies on<a href="https://www.wionews.com/world/apples-data-shows-a-deepening-dependence-on-china-as-trumps-tariffs-loom-246416"> imports from China</a> took effect on Sunday and were followed by Beijing's retaliation.

The measures are the latest in the long-running trade war between the world's top two economies, which has rattled markets and hit growth across the globe.

Still, Trump said negotiators would meet this month to discuss the issue. "We are talking to China, the meeting is still on," he told reporters.

However, analysts warned there was unlikely to be any end in the near term.

"After a rough August traders should buckle up for more volatility in September," said Neil Wilson, chief market analyst at Markets.com. "Trade and tariffs continue to gnaw away at investor confidence."

Tokyo and Sydney each ended 0.4 per cent lower, while Singapore shed 0.8 per cent, with Manila, Bangkok and Jakarta also down.

But Shanghai rose more than one percent after a better-than-expected reading on Chinese factory activity, though another index showed the sector remained in contraction and investors remain uncertain about the outlook as the trade war bites deeper. There were also gains in Seoul, Wellington and Taipei.

Hong Kong sank 0.8 percent after a weekend that saw some of the worst violence since protests began three months ago, with the airport targeted again, and demonstrators have called for a general strike on Monday though there was little sign that had been heeded.

The unrest has dragged a range of sectors, with tourist numbers tumbling, hitting casinos and hotel chains, while real estate shares are also being sold off.

"Markets are fretting on the increased likelihood of direct Chinese intervention and what that would mean for the future of one of Asia's leading financial centres," said Jeffrey Halley, senior market analyst for Asia-Pacific at OANDA.

"The answer is, not good, to put it bluntly. The economic impact will surely show in Hong Kong data going forward and may temper the mood of equity traders in Asia as the new month begins."

Oil prices extended Friday's steep losses owing to worries about the impact of the trade war on demand, while dealers were also concerned about reports that the Russian output cut last month fell short of an agreement with OPEC.

"A fissure is forming in OPEC+ compliance, which saw oil prices crater," said Stephen Innes, APAC Market Strategist at AxiTrader.

"On the surface, while it is not likely a significant divergence, it's the messaging that Russia is sending that spooks markets. While it could be little more than a tempest in an oil can at this stage, it's worth monitoring nonetheless."

Investors will be keeping an eye on markets in Argentina later in the day after the government imposed foreign-exchange controls on exporters following a week that saw a sharp drop in the peso.

In early trade London rose 0.3 per cent, with traders bracing for a tough week in Westminster as Prime Minister Boris Johnson faces opposition from MPs across the political spectrum who have vowed legislation blocking a no-deal Brexit.

Also, EU negotiator Michel Barnier said the bloc will not change the divorce deal agreed with for PM Theresa May, fuelling expectations Britain will crash out with no agreement in place.

Paris and Frankfurt were both 0.1 per cent higher. 
&nbsp;

Most Asian markets fell on Monday as fresh Chinese and US tariffs on goods worth hundreds of billions of dollars kicked in, though Donald Trump reiterated that the two sides were still due to hold talks this month.

Most Asian markets fell on Monday as fresh Chinese and US tariffs on goods worth hundreds of billions of dollars kicked in, though Donald Trump reiterated that the two sides were still due to hold talks this month. Hong Kong was also weighed down by another weekend of violence, fuelling worries about possible Chinese intervention in the financial hub, while the unrest has also hit property firms and Macau's casinos. Washington's latest levies on imports from China took effect on Sunday and were followed by Beijing's retaliation. The measures are the latest in the long-running trade war between the world's top two economies, which has rattled markets and hit growth across the globe. Still, Trump said negotiators would meet this month to discuss the issue. "We are talking to China, the meeting is still on," he told reporters. However, analysts warned there was unlikely to be any end in the near term. "After a rough August traders should buckle up for more volatility in September," said Neil Wilson, chief market analyst at Markets.com. "Trade and tariffs continue to gnaw away at investor confidence." Tokyo and Sydney each ended 0.4 per cent lower, while Singapore shed 0.8 per cent, with Manila, Bangkok and Jakarta also down. But Shanghai rose more than one percent after a better-than-expected reading on Chinese factory activity, though another index showed the sector remained in contraction and investors remain uncertain about the outlook as the trade war bites deeper. There were also gains in Seoul, Wellington and Taipei. Hong Kong sank 0.8 percent after a weekend that saw some of the worst violence since protests began three months ago, with the airport targeted again, and demonstrators have called for a general strike on Monday though there was little sign that had been heeded. The unrest has dragged a range of sectors, with tourist numbers tumbling, hitting casinos and hotel chains, while real estate shares are also being sold off. "Markets are fretting on the increased likelihood of direct Chinese intervention and what that would mean for the future of one of Asia's leading financial centres," said Jeffrey Halley, senior market analyst for Asia-Pacific at OANDA. "The answer is, not good, to put it bluntly. The economic impact will surely show in Hong Kong data going forward and may temper the mood of equity traders in Asia as the new month begins." Oil prices extended Friday's steep losses owing to worries about the impact of the trade war on demand, while dealers were also concerned about reports that the Russian output cut last month fell short of an agreement with OPEC. "A fissure is forming in OPEC+ compliance, which saw oil prices crater," said Stephen Innes, APAC Market Strategist at AxiTrader. "On the surface, while it is not likely a significant divergence, it's the messaging that Russia is sending that spooks markets. While it could be little more than a tempest in an oil can at this stage, it's worth monitoring nonetheless." Investors will be keeping an eye on markets in Argentina later in the day after the government imposed foreign-exchange controls on exporters following a week that saw a sharp drop in the peso. In early trade London rose 0.3 per cent, with traders bracing for a tough week in Westminster as Prime Minister Boris Johnson faces opposition from MPs across the political spectrum who have vowed legislation blocking a no-deal Brexit. Also, EU negotiator Michel Barnier said the bloc will not change the divorce deal agreed with for PM Theresa May, fuelling expectations Britain will crash out with no agreement in place. Paris and Frankfurt were both 0.1 per cent higher.

Asian markets down as China-US tariffs kick in

Union Finance Minister Nirmala Sitharaman on Sunday allayed the concerns of job losses in the wake of the <a href="https://www.wionews.com/business-economy/finance-minister-nirmala-sitharaman-announces-4-state-run-banks-mergers-246642">merger of public banks</a>.

"Absolutely ill-informed. I want to assure every union in each one of these banks to recall what I said last Friday. When we spoke about the amalgamation of banks, each time I have very clearly underlined the fact that not even one employee shall be removed," she said while addressing media persons here.

"We are not looking at any employee being removed. I am reiterating that. Therefore, they need not have any concern on this issue," said the Finance Minister, adding that there is no closure of any bank. "No bank is being asked to do something different from what they were doing earlier," she added.

On Friday, the Central government announced the merger of 10 public sector banks (PSBs) into four strong lenders with countrywide networks and global reach to boost credit and revive economic growth in the nation's bid to become a five trillion dollar economy in the next five years.

After this, the total number of PSBs will come down to 12 from 24 banks, Finance Minister Sitharaman had said. Apart from this, the government had also announced Rs 55,250 crore upfront as capital infusion in the PSBs.

Talking about the economy, which reported a sluggish growth of 5 per cent in the last quarter of the current financial year, Sitharaman said that her government was prepared to respond to the industry's "needs and suggestions."

When asked if the government acknowledges there is a slowdown in the economy, she said: "I am meeting industries and taking their inputs, suggestions on what they want and expect from government. I am responding to them. I have already done this twice. I will do it more number of times so that every industry which has approached me, I will respond."

"Across the board there is no one particular answer that I can give, saying this is the magic wand. Sectorally, what they want, we are responding.

Agriculture, for instance, after this monsoon hopefully, overall we feel that monsoon will meet the basic requirement of agriculture. Even for the farming sector, we have consultations going on. I am sure we will able to respond to them also," she said.

She said that the government is in consultation with sectors which wanted to speak to us about various measures they expect. "Having heard them and having spent some time on how we can respond, the first tranche of announcements were made on August 23. Last Friday, I made another set of announcements. The process of consultations is over. We have worked on how we can respond," she said.

The Finance Minister said the issues of each sector vary. "Automobile (sector) has an issue. Agriculture has a different issue. So each sector has a sectoral requirement, which we want to respond," she said.

Earlier in the day, former Prime Minister hit out at Prime Minister Narendra Modi led BJP government at the Centre, alleging that its "all-round mismanagement" is responsible for the "worrisome" state of the economy.

"The state of the economy today is deeply worrying. The last quarter's GDP growth rate of 5 per cent signals that we are in the midst of a prolonged slowdown. India has the potential to grow at a much faster rate but all-round mismanagement by the Modi government has resulted in this slowdown," said Singh in a statement.

"Our youth, farmers and farmworkers, entrepreneurs and the marginalised sections deserve better. India cannot afford to continue down this path. Therefore, I urge the government to put aside vendetta politics, and reach out to all sane voices and thinking minds, to steer our economy out of this man-made crisis," Singh added.

Union Finance Minister Nirmala Sitharaman on Sunday allayed the concerns of job losses in the wake of the merger of public banks. "Absolutely ill-informed. I want to assure every union in each one of these banks to recall what I said last Friday.

Union Finance Minister Nirmala Sitharaman on Sunday allayed the concerns of job losses in the wake of the merger of public banks. "Absolutely ill-informed. I want to assure every union in each one of these banks to recall what I said last Friday. When we spoke about the amalgamation of banks, each time I have very clearly underlined the fact that not even one employee shall be removed," she said while addressing media persons here. "We are not looking at any employee being removed. I am reiterating that. Therefore, they need not have any concern on this issue," said the Finance Minister, adding that there is no closure of any bank. "No bank is being asked to do something different from what they were doing earlier," she added. On Friday, the Central government announced the merger of 10 public sector banks (PSBs) into four strong lenders with countrywide networks and global reach to boost credit and revive economic growth in the nation's bid to become a five trillion dollar economy in the next five years. After this, the total number of PSBs will come down to 12 from 24 banks, Finance Minister Sitharaman had said. Apart from this, the government had also announced Rs 55,250 crore upfront as capital infusion in the PSBs. Talking about the economy, which reported a sluggish growth of 5 per cent in the last quarter of the current financial year, Sitharaman said that her government was prepared to respond to the industry's "needs and suggestions." When asked if the government acknowledges there is a slowdown in the economy, she said: "I am meeting industries and taking their inputs, suggestions on what they want and expect from government. I am responding to them. I have already done this twice. I will do it more number of times so that every industry which has approached me, I will respond." "Across the board there is no one particular answer that I can give, saying this is the magic wand. Sectorally, what they want, we are responding. Agriculture, for instance, after this monsoon hopefully, overall we feel that monsoon will meet the basic requirement of agriculture. Even for the farming sector, we have consultations going on. I am sure we will able to respond to them also," she said. She said that the government is in consultation with sectors which wanted to speak to us about various measures they expect. "Having heard them and having spent some time on how we can respond, the first tranche of announcements were made on August 23. Last Friday, I made another set of announcements. The process of consultations is over. We have worked on how we can respond," she said. The Finance Minister said the issues of each sector vary. "Automobile (sector) has an issue. Agriculture has a different issue. So each sector has a sectoral requirement, which we want to respond," she said. Earlier in the day, former Prime Minister hit out at Prime Minister Narendra Modi led BJP government at the Centre, alleging that its "all-round mismanagement" is responsible for the "worrisome" state of the economy. "The state of the economy today is deeply worrying. The last quarter's GDP growth rate of 5 per cent signals that we are in the midst of a prolonged slowdown. India has the potential to grow at a much faster rate but all-round mismanagement by the Modi government has resulted in this slowdown," said Singh in a statement. "Our youth, farmers and farmworkers, entrepreneurs and the marginalised sections deserve better. India cannot afford to continue down this path. Therefore, I urge the government to put aside vendetta politics, and reach out to all sane voices and thinking minds, to steer our economy out of this man-made crisis," Singh added.

Finance minister Nirmala Sitharaman allays concerns of job losses over merger of public sector banks

The Income Tax (I-T) Department has made history with the highest ever jump in the e-filing of income-tax returns (ITRs).

An all-time high of 49,29,121 ITRs were filed in a single day on August 31, said the Central Board of Direct Taxes (CBDT) on Sunday.

CBDT said the peak filing rate per second on August 31 was at 196 ITRs and peak filing rate per minute was at 7,447 ITRs while peak filing rate per hour was at 3,87,571 ITRs.

The Information Security team of I-T Department thwarted over 2,205 malicious attacks on the website aimed at disrupting services in the peak period.

"This has perhaps created a history as the tax administration nowhere in the world has achieved such huge online e-filing ITRs in a single day and that too so smoothly; with the I-T Department actively interacting with taxpayers on social media to help them resolve their grievances and e-filing related queries and getting accolades in return," said the CBDT in a statement.

CBDT, which on Sunday released the data on e-filing of ITRs for which the last date of submission was August 31, 2019, said "this is a remarkable achievement as taxpayers are experiencing a whole new facet of the I-T Department, which is not only taxpayer-friendly but is also of a facilitator providing informational assistance with the pre-filled forms and handholding e-filers, besides being proactively responsive on social media to help and guide taxpayers."

The Income Tax (I-T) Department has made history with the highest ever jump in the e-filing of income-tax returns (ITRs). An all-time high of 49,29,121 ITRs were filed in a single day on August 31, said the Central Board of Direct Taxes (CBDT) on Sunday.

The Income Tax (I-T) Department has made history with the highest ever jump in the e-filing of income-tax returns (ITRs). An all-time high of 49,29,121 ITRs were filed in a single day on August 31, said the Central Board of Direct Taxes (CBDT) on Sunday. CBDT said the peak filing rate per second on August 31 was at 196 ITRs and peak filing rate per minute was at 7,447 ITRs while peak filing rate per hour was at 3,87,571 ITRs. The Information Security team of I-T Department thwarted over 2,205 malicious attacks on the website aimed at disrupting services in the peak period. "This has perhaps created a history as the tax administration nowhere in the world has achieved such huge online e-filing ITRs in a single day and that too so smoothly; with the I-T Department actively interacting with taxpayers on social media to help them resolve their grievances and e-filing related queries and getting accolades in return," said the CBDT in a statement. CBDT, which on Sunday released the data on e-filing of ITRs for which the last date of submission was August 31, 2019, said "this is a remarkable achievement as taxpayers are experiencing a whole new facet of the I-T Department, which is not only taxpayer-friendly but is also of a facilitator providing informational assistance with the pre-filled forms and handholding e-filers, besides being proactively responsive on social media to help and guide taxpayers."

Highest ever 49,29,121 income-tax returns filed in single day on August 31: Central Board of Direct Taxes

Chairman of the Economic Advisory Council to the Prime Minister (EAC-PM), Bibek Debroy said on Friday that the country's real GDP growth is expected to be between 6.5 and 7.0 in 2019-20 and several reform measures introduced by the government were meant to boost growth.

Reacting to the growth rate of 5 per cent in April to June quarter, he said a lot of "unnecessary negativism" was being generated about the economy.

According to an official release, he said macro fundamentals of the economy were sound and these measures will begin to show results in a couple of quarters.

"It is true that there are global uncertainties and net exports cannot, right now, be a major growth driver for India. Despite this, in 2019-20, real GDP growth is expected to be between 6.5 and 7.0 per cent. This range isn't one projected only by government institutions and those who work for the government. Those external to the government have also projected similar ranges of growth. When many countries in the world are struggling to find positive growth, 6.5 to 7 per cent is not to be lightly dismissed," he said.

Debroy said real rates of growth need to be more to make a dent on poverty and increase job growth.

"When economists list out structural constraints, they often mention factor markets, which are in the state list or the Concurrent List. Alternatively, they concern the legislature or the judiciary. Therefore, because these reforms are complicated areas, reforms will happen incrementally, not overnight," he said.

Referring to reforms in the financial sector and taxation procedures, he said indirect tax reform will occur through GST Council and the Task Force on Direct Taxes has already submitted its recommendations.

He said the government has announced its intention to privatise central public sector enterprises, adhere to fiscal consolidation and review central schemes on public expenditure.

Debroy said those seeking to spread a message of gloom and doom were doing a great disservice and EAC-PM does not endorse such views. 
He said while constructive criticism and suggestions are welcome, a message of despair and hand-wringing is best avoided.

Debroy said he expects real growth in 2019-20 to be around 6.5 per cent, increasing to 7 per cent in 2020-21, because growth in the second half of the year is likely to be more than the first.

Chairman of the Economic Advisory Council to the Prime Minister (EAC-PM), Bibek Debroy said on Friday that the country's real GDP growth is expected to be between 6.

Chairman of the Economic Advisory Council to the Prime Minister (EAC-PM), Bibek Debroy said on Friday that the country's real GDP growth is expected to be between 6.5 and 7.0 in 2019-20 and several reform measures introduced by the government were meant to boost growth. Reacting to the growth rate of 5 per cent in April to June quarter, he said a lot of "unnecessary negativism" was being generated about the economy. According to an official release, he said macro fundamentals of the economy were sound and these measures will begin to show results in a couple of quarters. "It is true that there are global uncertainties and net exports cannot, right now, be a major growth driver for India. Despite this, in 2019-20, real GDP growth is expected to be between 6.5 and 7.0 per cent. This range isn't one projected only by government institutions and those who work for the government. Those external to the government have also projected similar ranges of growth. When many countries in the world are struggling to find positive growth, 6.5 to 7 per cent is not to be lightly dismissed," he said. Debroy said real rates of growth need to be more to make a dent on poverty and increase job growth. "When economists list out structural constraints, they often mention factor markets, which are in the state list or the Concurrent List. Alternatively, they concern the legislature or the judiciary. Therefore, because these reforms are complicated areas, reforms will happen incrementally, not overnight," he said. Referring to reforms in the financial sector and taxation procedures, he said indirect tax reform will occur through GST Council and the Task Force on Direct Taxes has already submitted its recommendations. He said the government has announced its intention to privatise central public sector enterprises, adhere to fiscal consolidation and review central schemes on public expenditure. Debroy said those seeking to spread a message of gloom and doom were doing a great disservice and EAC-PM does not endorse such views. He said while constructive criticism and suggestions are welcome, a message of despair and hand-wringing is best avoided. Debroy said he expects real growth in 2019-20 to be around 6.5 per cent, increasing to 7 per cent in 2020-21, because growth in the second half of the year is likely to be more than the first.

GDP growth expected to be between 6.5 per cent  and 7 per cent in current fiscal: Debroy

External Affairs Minister S Jaishankar met his Belgian counterpart Didier Reynders here on Friday and discussed issues of mutual interests concerning both countries.

Jaishankar said he appreciated his Belgian counterpart's high regard for India to boost bilateral ties.

"A warm reception by Belgian Dy. PM and FM @dreynders. Appreciate his high regard for India and commitment to building our bilateral relations," he tweeted after the meeting.

Earlier, Jaishankar said that India is willing to discuss outstanding issues with Pakistan bilaterally in an atmosphere free of terror and violence.

He made the remarks during his meeting with European Union (EU) Commissioner Christos Stylianides after the latter reiterated the bloc's stance that New Delhi and Islamabad need to re-open dialogue through diplomatic channels for the de-escalation of tensions in the Kashmir region.

The two leaders further shared their expectations for better governance and greater development in the regions of Jammu&amp;Kashmir, and Ladakh, as well as their perspectives on the recent developments about the situation in Afghanistan and Iran.

The External Affairs Minister also met EU's Foreign Policy chief Federica Mogherini.&nbsp;

Both leaders emphasised the need for renouncing hostility, terror, and violence by Pakistan to build normal neighbourly relations with India.

Jaishankar arrived in Belgium on Thursday following the successful completion of his three-nation tour to Russia, Hungary, and Poland.

External Affairs Minister S Jaishankar met his Belgian counterpart Didier Reynders here on Friday and discussed issues of mutual interests concerning both countries.

External Affairs Minister S Jaishankar met his Belgian counterpart Didier Reynders here on Friday and discussed issues of mutual interests concerning both countries. Jaishankar said he appreciated his Belgian counterpart's high regard for India to boost bilateral ties. "A warm reception by Belgian Dy. PM and FM @dreynders. Appreciate his high regard for India and commitment to building our bilateral relations," he tweeted after the meeting. Earlier, Jaishankar said that India is willing to discuss outstanding issues with Pakistan bilaterally in an atmosphere free of terror and violence. He made the remarks during his meeting with European Union (EU) Commissioner Christos Stylianides after the latter reiterated the bloc's stance that New Delhi and Islamabad need to re-open dialogue through diplomatic channels for the de-escalation of tensions in the Kashmir region. The two leaders further shared their expectations for better governance and greater development in the regions of Jammu&Kashmir, and Ladakh, as well as their perspectives on the recent developments about the situation in Afghanistan and Iran. The External Affairs Minister also met EU's Foreign Policy chief Federica Mogherini. Both leaders emphasised the need for renouncing hostility, terror, and violence by Pakistan to build normal neighbourly relations with India. Jaishankar arrived in Belgium on Thursday following the successful completion of his three-nation tour to Russia, Hungary, and Poland.

External Affairs Minister S Jaishankar discusses bilateral ties with Belgian counterpart

Punjab National Bank (PNB) will soon hold a board meeting to consider its amalgamation with Oriental Bank of Commerce and United Bank of India.

The bank has received a communication from the Ministry of Finance that the alternative mechanism after consultation with Reserve Bank of India (RBI) has decided that Punjab National Bank, Oriental Bank and United Bank may consider amalgamation, it said in a regulatory filing on Saturday.

"Accordingly, a meeting of the board of directors to consider the amalgamation will be convened by the bank shortly," PNB said.

Meanwhile, Corporation Bank too said a board meeting will be held to consider the merger with Union Bank of India and Andhra Bank.

A day earlier, Finance Minister Nirmala Sitharaman announced four sets of mergers to create GenNext banks.

Punjab National Bank, Oriental Bank of Commerce and United Bank of India will combine to form the country's second-largest lender after State Bank of India.

Canara Bank and Syndicate Bank will merge, Union Bank of India will amalgamate with Andhra Bank and Corporation Bank while and Indian Bank will merge with Allahabad Bank.

"These big banks will have enhanced capacity to increase credit and bigger risk appetite, with a national presence and global reach," said Sitharaman. Nearly 88 per cent of all PSB business will be with these consolidated banks.

 
&nbsp;

Punjab National Bank (PNB) will soon hold a board meeting to consider its amalgamation with Oriental Bank of Commerce and United Bank of India. The bank has received a communication from the Ministry of Finance that the alternative mechanism after consultation with Reserve Bank of India (RBI) has decided that Punjab National Bank, Oriental Bank and United Bank may consider amalgamation, it said in a regulatory filing on Saturday.

Punjab National Bank (PNB) will soon hold a board meeting to consider its amalgamation with Oriental Bank of Commerce and United Bank of India. The bank has received a communication from the Ministry of Finance that the alternative mechanism after consultation with Reserve Bank of India (RBI) has decided that Punjab National Bank, Oriental Bank and United Bank may consider amalgamation, it said in a regulatory filing on Saturday. "Accordingly, a meeting of the board of directors to consider the amalgamation will be convened by the bank shortly," PNB said. Meanwhile, Corporation Bank too said a board meeting will be held to consider the merger with Union Bank of India and Andhra Bank. A day earlier, Finance Minister Nirmala Sitharaman announced four sets of mergers to create GenNext banks. Punjab National Bank, Oriental Bank of Commerce and United Bank of India will combine to form the country's second-largest lender after State Bank of India. Canara Bank and Syndicate Bank will merge, Union Bank of India will amalgamate with Andhra Bank and Corporation Bank while and Indian Bank will merge with Allahabad Bank. "These big banks will have enhanced capacity to increase credit and bigger risk appetite, with a national presence and global reach," said Sitharaman. Nearly 88 per cent of all PSB business will be with these consolidated banks.

PNB's board to meet soon on merger with Oriental Bank, United Bank

Factory activity in China shrank in August for the fourth month in a row as the United States ramped up trade pressure and domestic demand remained sluggish, pointing to a further slowdown in the world's second-largest economy.

Factory activity in China shrank in August for the fourth month in a row as the United States ramped up trade pressure and domestic demand remained sluggish, pointing to a further slowdown in the world's second-largest economy. Persistent weakness in China's vast manufacturing sector could fuel expectations that Beijing needs to roll out stimulus more quickly, and more aggressively, to weather the biggest downturn in decades. The Purchasing Managers' Index (PMI) fell to 49.5 in August, China's National Bureau of Statistics said on Saturday, versus 49.7 in July, below the 50-point mark that separates growth from contraction every month. A poll showed analysts expected the August PMI to stay unchanged from the previous month. The official factory gauge showed growing trade frictions with the United States and cooling global demand continued to wreak havoc on China's exporters. Export orders fell for the 15th straight month in August, although at a slower pace, with the sub-index picking up to 47.2 from July's 46.9. Total new orders from home and abroad also continued to fall, indicating domestic demand remains soft, despite a flurry of growth-boosting measures over the past year. "Front-loading of exports to the US ahead of higher tariffs supported trade and overall activity growth, but this effect will likely fade in the next few months," said analysts at Goldman Sachs in a note. Manufacturers in consumption-oriented industries such as the auto sector have been especially vulnerable. Carmakers such as Geely and Great Wall have slashed expectations for sales and profits. The data showed activity at medium- and small-sized firms contracted, even as large manufacturers, many backed by the government, managed to expand in August. Factories continued to shed jobs in August amid the uncertain business outlook. The employment sub-index dropped to 46.9, compared with 47.1 in July. ESCALATIONS August saw dramatic escalations in the bitter year-long Sino-U.S. trade row, with President Donald Trump announcing early in the month that he would impose new tariffs on Chinese goods from Sept. 1, and China letting its yuan currency sharply weaken days later. After Beijing hit back with retaliatory tariffs, Trump said existing levies would also be raised in the coming months. The combined moves now effectively cover all of China's exports to the United States. Trump said late on Friday that trade teams from both sides continue to talk and will meet in September, but tariff increases on Chinese goods set to go into effect on Sunday will not be delayed. The US president had said earlier in the week that China wants to reach a deal 'very badly', citing what he described as increasing economic pressure on Beijing and job losses. But most analysts are highly doubtful of an end to the dispute any time soon, and some have recently cut growth forecasts for China in the coming quarters. The sudden deterioration in trade ties has prompted speculation over whether China needs to roll out more forceful measures to keep growth from sliding below 6 per cent this year, the bottom end of its target range of around 6.0-6.5 per cent. Analysts widely expect Beijing will cut some of its major lending rates in September for the first time in four years to help stabilise growth. But sources had told Reuters before the latest trade escalations that big benchmark rate cuts were considered a last resort, as policymakers worry that could fuel a further build-up in debt and squeeze bank's profit margins, heightening financial sector risks. So far, Beijing has relied on a combination of fiscal stimulus and monetary easing to deal with the economic slowdown, including hundreds of billions of dollars in infrastructure spending and tax cuts for companies. But analysts note infrastructure investment growth has remained subdued despite the earlier pump-priming measures, underlining the need for additional support. Services growth Growth in China's services sector activity picked up for the first time in five months in August, with the official numbers from a separate business survey rising to 53.8 from 53.7 in August. Beijing has been relying on a strong service sector to cushion some of the economic impacts of trade uncertainties and sluggish manufacturing activities. However, despite the higher overall figure, activity in the property industry contracted, the statistics bureau said in a statement. The services sector has been propped up by Chinese consumers' rising wages and robust spending power in recent years. However, the sector softened late last year amid a broader slowdown.

China's factory activity shrinks for fourth month as trade woes deepen

Megan Helsel, a kayaking wildlife specialist, has her dream job, and T'angelo Magee is making headway toward his, a commercial pilot. Both say work is central to their identity.

Megan Helsel, a kayaking wildlife specialist, has her dream job, and T'angelo Magee is making headway toward his, a commercial pilot. Both say work is central to their identity. Both are disabled. Americans with disabilities, physical and cognitive, in recent months have been joining the workforce at a faster pace than those without disabilities, according to data collected by organizations that work with the disabled. Labor Day on September 2 may be the first time the disabled regain an employment rate that was upended by the 2008 Great Recession. The gains are the result of both technological advances and workplace flexibility that lessens commuting barriers, according to experts on disabled workers. But the gains also reflect the pull of a tight labour market. With the US unemployment rate at just 3.7 per cent - roughly a half-century low - employers have increasingly considered job applicants they often overlooked in the first stages of what is now a record-long economic expansion. "The recent uptick is basically 'the full employment story' - it makes firms look at other populations they haven't previously considered," said Andrew Houtenville, economics associate professor at the University of New Hampshire. Helsel was working in her kayak on bird counts and other wildlife projects for the US Department of Agriculture in New Jersey in 2016 when a previously undetected tumour burst in her spine, leaving her paralyzed from the waist down. When her doctor broke the news about her sudden life-altering disability, Helsel's first question concerned returning to work. "He said, 'You're probably never going to walk again.' I asked, 'When am I going to be able to kayak again?'" recalled Helsel, 32. New technology has helped Helsel and other disabled people to get on an employer's payroll. Widely-used apps include Venmo, which allows mobility-challenged workers to easily bill customers, and iPhone's VoiceOver, which lets visually impaired workers conduct business. More specialized breakthroughs include an electronic-stimulating leg cuff Helsel wears instead of a bulkier brace that restricts her to wearing sneakers. The cuff enables her to don thermal boots needed to kayak through frigid winter waters. Recession Threat Helsel is among the roughly 15 million disabled Americans ages 16 to 64, which represents about 7 per cent of all working-age Americans, according to the Bureau of Labor Statistics' Current Population Survey for July. Labour force participation for working-age disabled Americans increased 6.5 per cent in July from a year earlier, compared to a 0.3 per cent increase for working-age Americans without disabilities, according to national Trends in Disability Employment (nTIDE), a monthly report issued by the Kessler Foundation, a non-profit organization, and the University of New Hampshire's Institute on Disability. It is part of a two-year strengthening of the job market for disabled Americans, a rebound from the 2008 recession, which obliterated jobs for disabled workers at a faster rate than for those without disabilities, said John O'Neill, director of employment and disability research at Kessler Foundation. The employment rate for disabled workers was 32.7 per cent in 2008 and plunged to 24.1 per cent in 2014. While workers without disabilities also suffered job losses, they regained pre-recession employment rates by June 2017 and, maintaining momentum, their job numbers are higher than ever. Disabled workers have yet to reach that recovery milestone, although experts say it is now in sight. Slow and steady growth started in 2015 and boosted employment to 31.2 per cent last month, according to the most recent nTIDE report. By Labor Day, the rate could reach 32.7 per cent again, said Sarah Boege, a UNH policy analyst. Less clear, however, is whether that hard-won recovery can last through what some economists say is an impending recession. Despite the upswing in employment rates for disabled workers, some employers have outdated notions about disabled workers that create barriers to landing a job. Magee, a heavy equipment operator who was paralyzed from the chest down in a motorcycle accident, has gone on 26 job interviews in the past six months for such positions as an office administrator for a building complex and front desk receptionist for a law firm. "On the resume and phone interviews, it’s like I’m the perfect candidate. Then when I get there and they see I’m in the wheelchair, everything changes," said Magee, 32, who ended up starting his own mobile notary business in Hackensack, New Jersey. His career goal is to pilot small aircraft for commercial US travellers. The US Army veteran who is married with a 3-year-old daughter this year was trained in an aircraft with adaptive controls. He was among 10 students selected out of 27,000 applicants for the Able Flight program. Now he is searching for similar training to earn his commercial license. "In my wheelchair, I do a lot more than the average man on the street," Magee said. "I'm definitely going to do it."

Disabled workers chase 'dream jobs' in the tight US labour market

Jammal Trust Bank SAL on Friday rejected allegations that it helps to fund <a href="https://www.wionews.com/world/israel-says-iran-boosting-bid-to-set-up-hezbollah-precision-missile-plants-in-lebanon-246489">Lebanon's Iran-backed Hezbollah</a> and said it plans to appeal against US sanctions.

Washington hit the bank and its subsidiaries with sanctions on Thursday for allegedly facilitating the financial activities of the Shi'ite Hezbollah movement in Lebanon.&nbsp;

The US Treasury Department accused the bank of funnelling money to the families of suicide bombers.

Secretary of State Mike Pompeo said the United States is determined to cut off support in Lebanon for heavily armed Hezbollah, which Washington classifies as a terrorist group.

Jammal Trust, a 50-year-old commercial bank with branches throughout Lebanon, said it "unequivocally denies all the allegations" that prompted what it described as "surprising" sanctions.

The bank's statement said it has an "unwavering commitment to ... international regulations on countering money laundering and terrorist financing" and that it would work with Lebanon's central bank to protect depositors.

Lebanon's central bank Governor Riad Salameh Salameh on Friday told the Arab Economic News website that it would closely follow Jammal Trust's case and that it will guarantee "all legal deposits".

Washington has sought to choke off Hezbollah funding, with sanctions among a slew of fresh measures against Tehran since US President Donald Trump withdrew last year from a 2015 international nuclear deal with Iran.

Jammal Trust Bank SAL on Friday rejected allegations that it helps to fund Lebanon's Iran-backed Hezbollah and said it plans to appeal against US sanctions. Washington hit the bank and its subsidiaries with sanctions on Thursday for allegedly facilitating the financial activities of the Shi'ite Hezbollah movement in Lebanon.

Jammal Trust Bank SAL on Friday rejected allegations that it helps to fund Lebanon's Iran-backed Hezbollah and said it plans to appeal against US sanctions. Washington hit the bank and its subsidiaries with sanctions on Thursday for allegedly facilitating the financial activities of the Shi'ite Hezbollah movement in Lebanon. The US Treasury Department accused the bank of funnelling money to the families of suicide bombers. Secretary of State Mike Pompeo said the United States is determined to cut off support in Lebanon for heavily armed Hezbollah, which Washington classifies as a terrorist group. Jammal Trust, a 50-year-old commercial bank with branches throughout Lebanon, said it "unequivocally denies all the allegations" that prompted what it described as "surprising" sanctions. The bank's statement said it has an "unwavering commitment to ... international regulations on countering money laundering and terrorist financing" and that it would work with Lebanon's central bank to protect depositors. Lebanon's central bank Governor Riad Salameh Salameh on Friday told the Arab Economic News website that it would closely follow Jammal Trust's case and that it will guarantee "all legal deposits". Washington has sought to choke off Hezbollah funding, with sanctions among a slew of fresh measures against Tehran since US President Donald Trump withdrew last year from a 2015 international nuclear deal with Iran.

Sanctions-hit Lebanese bank denies Hezbollah ties

World stocks rose to a one-week high on cautious hopes for a rapprochement on trade between Beijing and Washington on Friday, though a perky dollar capped gains with China's yuan softening again, on track for its weakest month in 2-1/2 decades.

World stocks rose to a one-week high on cautious hopes for a rapprochement on trade between Beijing and Washington on Friday, though a perky dollar capped gains with China's yuan softening again, on track for its weakest month in 2-1/2 decades. For most of August global stocks have reeled and fixed income shone as deepening concerns over global trade and clear signs of a slowdown, possibly even a recession, in the global economy loomed large over financial markets. But the mood lifted after US President Donald Trump said some trade discussions were taking place with China on Thursday, with more talks scheduled. China's commerce ministry also said a September round of meetings was being discussed by the two sides, but added it was important for Washington to cancel a tariff increase. The MSCI All-Country World Index climbed 0.3 per cent but is on track for a near 3 per cent decline in August - only the second month the benchmark has spent in the red this year. It is the weakest of August for the index since 2015. European stocks on Friday extended the previous session's gains, with the pan-European STOXX 600 index up 0.3 per cent to trade at a fresh one-month high. "The trade war seesaw has certainly moved back in favour of riskier assets for now, with Trump and China supposedly holding a call yesterday," said Deutsche Bank strategist Jim Reid. Gains were helped by a surge in German real estate firms which saw the country's DAX index add 0.7 per cent. The picture was more mixed in Asia, where Chinese and Hong Kong stock markets dipped in and out of the red. Arrests or detentions of pro-democracy activists in Hong Kong added to investor jitters, with the Chinese-ruled territory facing its first recession in a decade. Japan's Nikkei added 1.2 per cent, while South Korea's KOSPI jumped 1.8 per cent. US futures pointed to a firmer start to the day's trade, with E-Minis for the S&P500 up 0.3 per cent after more than 1 per cent gain on Wall Street overnight. Fixed income markets took a breather on Friday, at the end of a stellar month that has seen prices rally and borrowing costs push deeper and deeper into negative territory. US Treasury yields nudged higher overnight, with the benchmark 10-year Treasury climbing to 1.5349 per cent from a three-year low of 1.443 per cent touched earlier this week. It was still below two-year yields at 1.5419 per cent. Such an inversion was last seen in 2007 and correctly foretold the great recession that followed a year later. Eurozone government bond yields were steady near record lows as data showed the bloc's inflation remained low at 1.0 per cent in August, well below the European Central Bank's target and bolstering expectations for European Central Bank stimulus in September. Germany is considering lowering its corporate tax rate, while the US government is thinking about issuing 50- and 100-year bonds in a bid to steepen the yield curve. Recent economic data has also pointed to a global growth slowdown with business investment, manufacturing activity, and exports all going south across major economies. Investors were focused on a string of economic releases due over the weekend including China's official manufacturing survey, which would provide a good gauge of the real impact from the Sino-US trade war. Glum yuan In currency markets, the dollar nudged to a one month high of 98.609 against a basket of six major currencies. Yet the trade optimism failed to inspire China's yuan, which resumed its decline with spot yuan at 7.1462 against the dollar. The currency is on track for its weakest month since Beijing's currency reform in 1994 after it broke through the key 7 to the dollar level earlier in August. "The yuan move back to 7 and beyond has been a distinct possibility for months. It is clearly down due to the tariffs," said Neil Mellor, senior FX strategist at BNY Mellon in London. "It does help them to some extent to absorb the tariff costs - it is one of the few options they have. The fiscal option is limited after years of excess, and the monetary stimulus has already been unprecedented this year." The Australian dollar, often seen as a proxy bet on the Chinese economy, slipped towards a 10-year trough. Elsewhere, the euro plunged to a one-month low against the dollar, as investors looked for aggressive easing by the European Central Bank and ignored doubts by some policymakers about the need for more stimulus. The Japanese yen stood at 106.40 to the dollar, while the euro was 0.2 per cent down at $1.10395. Sterling was steady at $1.2182 against the dollar ahead of a crucial few days for parliament next week which could even result in a no-confidence motion and a new election. In commodities, spot gold came off recent highs to trade at $1,526 an ounce. Silver was at $18.37 an ounce after hitting its highest level in more than two years. US crude slipped 57 cents to $56.14 a barrel while Brent fell 30 cents to $60.78 a barrel.

Global stocks scale one-week high on trade hopes, yuan softens

India's crisis-hit shadow bank <a href="https://www.wionews.com/india-news/nifty-sensex-edge-higher-auto-material-stocks-lead-236288">Dewan Housing Finance Corp</a> (DHFL) said on Friday its board had approved a plan that included converting debt into equity, even as it seeks to sell assets and raise more capital.

The conversion of debt into equity may result in a change in ownership, the company said in a regulatory filing, adding that the plan still needed shareholder approval.

DHFL, India's fourth-biggest housing finance company, has roughly 1 trillion rupees ($14.15 billion) of debt and owes about 400 billion rupees to banks alone.&nbsp;

The company hasn't been able to service its debt and it has defaulted on its obligations several times.

As a result, the non-banking financial company is undergoing a restructuring process that is being deliberated upon by its lenders, to help it ride out a liquidity crunch and restart its lending business.

DHFL and other shadow banking firms have been stung by a liquidity crunch following last year's collapse of Infrastructure Leasing &amp; Financial Services Ltd - once one of the biggest players in the sector.

DHFL's struggles also come as the domestic banking sector still grapples with nearly $150 billion of stressed assets.

India's crisis-hit shadow bank Dewan Housing Finance Corp (DHFL) said on Friday its board had approved a plan that included converting debt into equity, even as it seeks to sell assets and raise more capital.

India's crisis-hit shadow bank Dewan Housing Finance Corp (DHFL) said on Friday its board had approved a plan that included converting debt into equity, even as it seeks to sell assets and raise more capital. The conversion of debt into equity may result in a change in ownership, the company said in a regulatory filing, adding that the plan still needed shareholder approval. DHFL, India's fourth-biggest housing finance company, has roughly 1 trillion rupees ($14.15 billion) of debt and owes about 400 billion rupees to banks alone. The company hasn't been able to service its debt and it has defaulted on its obligations several times. As a result, the non-banking financial company is undergoing a restructuring process that is being deliberated upon by its lenders, to help it ride out a liquidity crunch and restart its lending business. DHFL and other shadow banking firms have been stung by a liquidity crunch following last year's collapse of Infrastructure Leasing & Financial Services Ltd - once one of the biggest players in the sector. DHFL's struggles also come as the domestic banking sector still grapples with nearly $150 billion of stressed assets.

DHFL board approves plan to convert debt into equity, sell assets