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President Donald Trump said on Sunday that he had spoken with Apple Inc's Chief Executive Tim Cook about the impact of US tariffs on Chinese imports as well as competition from South Korean company Samsung Electronics Co Ltd.

Trump said Cook "made a good case" that tariffs could hurt Apple, given that Samsung`s products would not be subject to those same tariffs.&nbsp;

Tariffs on an additional $300 billion worth of Chinese goods, including consumer electronics, are scheduled to go into effect in two stages on September 1 and December 15.

By contrast, the United States and South Korea struck a trade agreement last September.

"I thought he made a very compelling argument, so I`m thinking about it," Trump said of Cook, speaking with reporters at a New Jersey airport.

US stock futures rose upon opening on Sunday after Trump's comments.&nbsp;

In addition to his comments on Apple, Trump said on Twitter earlier in the day that his administration was "doing very well with China."

Apple's MacBook laptops and iPhones would not face the additional tariffs until December 15, but some of the company's other products, including its AirPods, Apple Watch and HomePod, would be subject to the levies on September 1.

Apple was not immediately available for comment outside normal business hours.

President Donald Trump said on Sunday that he had spoken with Apple Inc's Chief Executive Tim Cook about the impact of US tariffs on Chinese imports as well as competition from South Korean company Samsung Electronics Co Ltd.

President Donald Trump said on Sunday that he had spoken with Apple Inc's Chief Executive Tim Cook about the impact of US tariffs on Chinese imports as well as competition from South Korean company Samsung Electronics Co Ltd. Trump said Cook "made a good case" that tariffs could hurt Apple, given that Samsung`s products would not be subject to those same tariffs. Tariffs on an additional $300 billion worth of Chinese goods, including consumer electronics, are scheduled to go into effect in two stages on September 1 and December 15. By contrast, the United States and South Korea struck a trade agreement last September. "I thought he made a very compelling argument, so I`m thinking about it," Trump said of Cook, speaking with reporters at a New Jersey airport. US stock futures rose upon opening on Sunday after Trump's comments. In addition to his comments on Apple, Trump said on Twitter earlier in the day that his administration was "doing very well with China." Apple's MacBook laptops and iPhones would not face the additional tariffs until December 15, but some of the company's other products, including its AirPods, Apple Watch and HomePod, would be subject to the levies on September 1. Apple was not immediately available for comment outside normal business hours.

Apple CEO warns Trump about China tariffs, Samsung competition

<a href="https://www.wionews.com/world/united-kingdom-economy-shrinks-as-brexit-global-worries-mount-purchasing-managers-index-232725">Bank of England governor Mark Carney</a> has withdrawn from a high-profile business event with China's ambassador to London, sources said Monday, as pro-democracy protests continue in Hong Kong.

Carney had been due to speak at the dinner, aimed at boosting Chinese business links, which is scheduled for September 3 at the Guildhall, the administrative centre of the City of London financial district.

However he will not now attend because of "diary issues", a source close to the matter told AFP.

Some local politicians are reportedly unhappy at the timing of the event, as <a href="https://www.wionews.com/world/hong-kong-police-fire-tear-gas-during-another-weekend-of-protests-242034">Hong Kong police continue to clash with democracy activists</a>.

"The City must use this event to remind China of its responsibilities on human rights, democracy and free speech in Hong Kong," City Councillor Richard Crossan told Monday's edition of London's free daily financial newspaper City AM.

"As the situation in Hong Kong develops, the City must also remember that it is not just a financial services lobbying group.

"It has moral responsibilities, whether it wants them or not."

Another source suggested that a BoE representative could be sent in Carney's place.

Carney had been due to attend alongside China's ambassador to London, Liu Xiaoming, and Catherine McGuinness, who is policy chief for the City of London Corporation.

Both the Bank of England and the City of London Corporation declined to comment.

Bank of England governor Mark Carney has withdrawn from a high-profile business event with China's ambassador to London, sources said Monday, as pro-democracy protests continue in Hong Kong.

Bank of England governor Mark Carney has withdrawn from a high-profile business event with China's ambassador to London, sources said Monday, as pro-democracy protests continue in Hong Kong. Carney had been due to speak at the dinner, aimed at boosting Chinese business links, which is scheduled for September 3 at the Guildhall, the administrative centre of the City of London financial district. However he will not now attend because of "diary issues", a source close to the matter told AFP. Some local politicians are reportedly unhappy at the timing of the event, as Hong Kong police continue to clash with democracy activists. "The City must use this event to remind China of its responsibilities on human rights, democracy and free speech in Hong Kong," City Councillor Richard Crossan told Monday's edition of London's free daily financial newspaper City AM. "As the situation in Hong Kong develops, the City must also remember that it is not just a financial services lobbying group. "It has moral responsibilities, whether it wants them or not." Another source suggested that a BoE representative could be sent in Carney's place. Carney had been due to attend alongside China's ambassador to London, Liu Xiaoming, and Catherine McGuinness, who is policy chief for the City of London Corporation. Both the Bank of England and the City of London Corporation declined to comment.

Bank of England chief pulls out of Chinese event

Equity benchmark indices ended in the green on Monday but last hour selling pressure erased all intra-day gains.

The <a href="https://www.wionews.com/business-economy/sensex-up-by-200-points-in-early-trade-nifty-over-11000-243977">BSE S&amp;P Sensex</a> closed 52 points higher at 37,402 while the Nifty 50 was up by six points to 11,054.

At the National Stock Exchange, sectoral indices were mixed with IT, media, pharma, private banks, and realty in the positive zone.

Among stocks, Sun Pharma was the top gainer with a margin of 2.7 per cent at Rs 426 per share while Tech Mahindra was up by 2.2 per cent.

The other prominent gainers were Axis Bank, Bharti Infratel, Titan, Hindalco, Wipro, ICICI Bank, and Reliance Industries.

However, Yes Bank was down by 3.3 per cent and closed at Rs 76.80 per share. Grasim, Indiabulls Housing Finance, GAIL, and Coal India lost between 1.5 and 1.6 per cent each.

Meanwhile, Asian stock markets tracked the Wall Street's Friday rally on hopes of more stimulus from central banks around the world to prevent a global recession.

In China, the Shanghai Composite Index rose 2.1 per cent while MSCI's broadest index of Asia-Pacific shares outside Japan gained 1 per cent.

South Korea's KOSPI advanced 0.6 per cent and Japan's Nikkei rose 0.7 per cent.

The Hang Seng index rose by 2.27 per cent as Hong Kong geared up for more anti-government protests later this week.&nbsp; 
&nbsp;

Equity benchmark indices ended in the green on Monday but last hour selling pressure erased all intra-day gains. The BSE S&P Sensex closed 52 points higher at 37,402 while the Nifty 50 was up by six points to 11,054.

Equity benchmark indices ended in the green on Monday but last hour selling pressure erased all intra-day gains. The BSE S&P Sensex closed 52 points higher at 37,402 while the Nifty 50 was up by six points to 11,054. At the National Stock Exchange, sectoral indices were mixed with IT, media, pharma, private banks, and realty in the positive zone. Among stocks, Sun Pharma was the top gainer with a margin of 2.7 per cent at Rs 426 per share while Tech Mahindra was up by 2.2 per cent. The other prominent gainers were Axis Bank, Bharti Infratel, Titan, Hindalco, Wipro, ICICI Bank, and Reliance Industries. However, Yes Bank was down by 3.3 per cent and closed at Rs 76.80 per share. Grasim, Indiabulls Housing Finance, GAIL, and Coal India lost between 1.5 and 1.6 per cent each. Meanwhile, Asian stock markets tracked the Wall Street's Friday rally on hopes of more stimulus from central banks around the world to prevent a global recession. In China, the Shanghai Composite Index rose 2.1 per cent while MSCI's broadest index of Asia-Pacific shares outside Japan gained 1 per cent. South Korea's KOSPI advanced 0.6 per cent and Japan's Nikkei rose 0.7 per cent. The Hang Seng index rose by 2.27 per cent as Hong Kong geared up for more anti-government protests later this week.

Equity indices ends in the green; BSE Sensex closes 52 points higher

White House officials pushed back on Sunday against concerns that economic growth may be faltering, saying they saw little risk of recession despite a volatile week on global bond markets, and insisting their trade war with China was doing no damage to the United States.

Trump administration economic adviser Larry Kudlow said trade deputies from the two countries would speak within 10 days and "if those deputies meetings pan out...we are planning to have China come to the USA" to advance negotiations over ending a trade battle that has emerged as a potential risk to global economic growth.

But even with the stalks stalled for now and the threat of greater tariffs and other trade restrictions hanging over the world economy, Kudlow said on "Fox News Sunday" the United States remained "in pretty good shape."

"There is no recession in sight," Kudlow said. "Consumers are working. Their wages are rising. They are spending and they are saving."

His comments follow a rocky week in which concerns about a possible US recession began to drive financial markets and seemed to put administration officials on edge about whether the economy would hold up through the 2020 presidential election campaign. Democrats on Sunday argued Trump's trade policies are now posing an acute, short-term risk.

US stock markets tanked last week on recession fears with all three major US indexes closing down about 3% on Wednesday only to pair their losses by Friday due to expectations the European Central Bank might cut rates.

The Fed and 19 other central banks have already loosened monetary policy in what Fitch Ratings last week described as the largest shift since the 2009 recession.

Markets are expecting even more cuts to come. For a brief time last week bond investors demanded a higher interest rate on 2-year Treasury bonds than for 10-year Treasury bonds, a potential signal of lost faith in near-term economic growth.

Much of the uncertainty surrounds prospects for a resolution of the trade tensions between the United States and China.

The administration last week delayed the imposition of some of its planned tariffs to avoid disrupting the upcoming Christmas shopping season. President Donald Trump told reporters he had a call with China’s President Xi Jinping scheduled soon. It had not taken place as of Saturday night.

Trade adviser Peter Navarro on Sunday dismissed last week's market volatility as any sort of warning sign, saying "good" economic dynamics were encouraging investors to move money to the United States.

"We have the strongest economy in the world and money is coming here for our stock market. It's also coming here to chase yield in our bond markets," Navarro told ABC's "This Week."

For bond markets, the sort of movement Navarro described is often driven by trouble - in this case the possibility that the trade battle with China is lasting far longer than expected and becoming disruptive to business investment and growth.

Still, Navarro said the tariffs on Chinese goods, "are not hurting anybody here."

The US economy does continue to grow and add jobs each month. Retail sales in July jumped a stronger-than-expected 0.7%, the government reported last week, and Kudlow said that number showed that the main prop of the US economy is intact.

But manufacturing growth has slowed and lagging business investment has become a drag. Globally, flagging trade flows have pushed the German economy toward recession, and dampened growth in China.

A slowdown would be bad news for Trump, who is building his 2020 bid for a second term around the economy's performance. He told voters at a rally last week they had "no choice" but to vote for him to preserve their jobs and investments.

Despite talking up the economy, the president and his advisers have repeatedly accused the Fed of undermining the administration's economic policies. On Sunday, Kudlow again pointed the finger at the central bank, describing rate hikes through 2017 and 2018 as "very severe monetary restraint."

The Fed hiked rates seven times over those two years as part of a plan to restore normal monetary policy following the emergency steps taken to battle the 2007-2009 global financial crisis and recession.

Even with those steps, the Fed's target interest rate has remained well below historic norms, and policymakers have started cutting rates in response to growing global risks.

Democratic presidential candidates on Sunday joined the many economic analysts who have said the administration's sometimes erratic policies on trade -- at one point threatening tariffs on Mexico over immigration issues -- are to blame for increased uncertainty, disappointing business investment and market volatility.

“I’m afraid that this president is driving the global economy and our economy into recession," Democratic candidate Beto O’Rourke said on NBC's "Meet the Press."

Speaking to CNN's "State of the Union" on Sunday, Democratic South Bend, Indiana Mayor Pete Buttigieg criticized the administration for failing to deliver a deal with China.

"There is clearly no strategy for dealing with the trade war in a way that will lead to results for American farmers, or American consumers," he said.

White House officials pushed back on Sunday against concerns that economic growth may be faltering, saying they saw little risk of recession despite a volatile week on global bond markets, and insisting their trade war with China was doing no damage to the United States.

White House officials pushed back on Sunday against concerns that economic growth may be faltering, saying they saw little risk of recession despite a volatile week on global bond markets, and insisting their trade war with China was doing no damage to the United States. Trump administration economic adviser Larry Kudlow said trade deputies from the two countries would speak within 10 days and "if those deputies meetings pan out...we are planning to have China come to the USA" to advance negotiations over ending a trade battle that has emerged as a potential risk to global economic growth. But even with the stalks stalled for now and the threat of greater tariffs and other trade restrictions hanging over the world economy, Kudlow said on "Fox News Sunday" the United States remained "in pretty good shape." "There is no recession in sight," Kudlow said. "Consumers are working. Their wages are rising. They are spending and they are saving." His comments follow a rocky week in which concerns about a possible US recession began to drive financial markets and seemed to put administration officials on edge about whether the economy would hold up through the 2020 presidential election campaign. Democrats on Sunday argued Trump's trade policies are now posing an acute, short-term risk. US stock markets tanked last week on recession fears with all three major US indexes closing down about 3% on Wednesday only to pair their losses by Friday due to expectations the European Central Bank might cut rates. The Fed and 19 other central banks have already loosened monetary policy in what Fitch Ratings last week described as the largest shift since the 2009 recession. Markets are expecting even more cuts to come. For a brief time last week bond investors demanded a higher interest rate on 2-year Treasury bonds than for 10-year Treasury bonds, a potential signal of lost faith in near-term economic growth. Much of the uncertainty surrounds prospects for a resolution of the trade tensions between the United States and China. The administration last week delayed the imposition of some of its planned tariffs to avoid disrupting the upcoming Christmas shopping season. President Donald Trump told reporters he had a call with China’s President Xi Jinping scheduled soon. It had not taken place as of Saturday night. Trade adviser Peter Navarro on Sunday dismissed last week's market volatility as any sort of warning sign, saying "good" economic dynamics were encouraging investors to move money to the United States. "We have the strongest economy in the world and money is coming here for our stock market. It's also coming here to chase yield in our bond markets," Navarro told ABC's "This Week." For bond markets, the sort of movement Navarro described is often driven by trouble - in this case the possibility that the trade battle with China is lasting far longer than expected and becoming disruptive to business investment and growth. Still, Navarro said the tariffs on Chinese goods, "are not hurting anybody here." The US economy does continue to grow and add jobs each month. Retail sales in July jumped a stronger-than-expected 0.7%, the government reported last week, and Kudlow said that number showed that the main prop of the US economy is intact. But manufacturing growth has slowed and lagging business investment has become a drag. Globally, flagging trade flows have pushed the German economy toward recession, and dampened growth in China. A slowdown would be bad news for Trump, who is building his 2020 bid for a second term around the economy's performance. He told voters at a rally last week they had "no choice" but to vote for him to preserve their jobs and investments. Despite talking up the economy, the president and his advisers have repeatedly accused the Fed of undermining the administration's economic policies. On Sunday, Kudlow again pointed the finger at the central bank, describing rate hikes through 2017 and 2018 as "very severe monetary restraint." The Fed hiked rates seven times over those two years as part of a plan to restore normal monetary policy following the emergency steps taken to battle the 2007-2009 global financial crisis and recession. Even with those steps, the Fed's target interest rate has remained well below historic norms, and policymakers have started cutting rates in response to growing global risks. Democratic presidential candidates on Sunday joined the many economic analysts who have said the administration's sometimes erratic policies on trade -- at one point threatening tariffs on Mexico over immigration issues -- are to blame for increased uncertainty, disappointing business investment and market volatility. “I’m afraid that this president is driving the global economy and our economy into recession," Democratic candidate Beto O’Rourke said on NBC's "Meet the Press." Speaking to CNN's "State of the Union" on Sunday, Democratic South Bend, Indiana Mayor Pete Buttigieg criticized the administration for failing to deliver a deal with China. "There is clearly no strategy for dealing with the trade war in a way that will lead to results for American farmers, or American consumers," he said.

White House says no recession in sight, pushes China trade talks

<a href="https://www.wionews.com/business-economy/kuwait-to-tap-foreign-debt-markets-to-finance-deficit-1708">The Kuwait Investment Authority</a> (KIA) began increasing its exposure to bonds and cash two years ago to boost liquidity in its portfolio as the global economy showed signs of weakness, Kuwaiti newspaper Alqabas reported on Sunday, citing sources.

The report provided rare insight into the strategy of one of the world's biggest sovereign wealth funds, though it did not give a breakdown of KIA's investments in various asset classes.&nbsp;

KIA, in which the Sovereign Wealth Fund Institute estimates manage $592 billion of assets, does not publicly disclose its investments or detailed strategy.

The newspaper report said KIA made "calculated exits" from investments it felt were vulnerable to a downturn in global financial markets as the world economy began to show signs of faltering two years ago.

The International Monetary Fund (IMF) in July cut its forecast for global growth this year and next, warning that further tariffs in the US-China trade dispute or a disorderly British exit from the European Union could slow growth further, weaken investment and disrupt supply chains.

The IMF said that downside risks had intensified and it expected global economic growth of 3.2 per cent&nbsp;in 2019 and 3.5 per cent&nbsp;in 2020, both down by 0.1 percentage points from its April forecast and its fourth downgrade since October.

Despite recent volatility in equity markets, KIA has achieved a 10 per cent&nbsp;return on its investments in US stock markets since the beginning of this year, the report said.

KIA officials were not immediately available to comment.

Kuwaiti news agency KUNA reported in late 2017 that KIA had more than $300 billion of investments in the United States, diversified among stocks, bonds, real estate, and technology.

The fund's investments are spread across more than 120 economies globally.&nbsp; 
&nbsp;

The Kuwait Investment Authority (KIA) began increasing its exposure to bonds and cash two years ago to boost liquidity in its portfolio as the global economy showed signs of weakness, Kuwaiti newspaper Alqabas reported on Sunday, citing sources.

The Kuwait Investment Authority (KIA) began increasing its exposure to bonds and cash two years ago to boost liquidity in its portfolio as the global economy showed signs of weakness, Kuwaiti newspaper Alqabas reported on Sunday, citing sources. The report provided rare insight into the strategy of one of the world's biggest sovereign wealth funds, though it did not give a breakdown of KIA's investments in various asset classes. KIA, in which the Sovereign Wealth Fund Institute estimates manage $592 billion of assets, does not publicly disclose its investments or detailed strategy. The newspaper report said KIA made "calculated exits" from investments it felt were vulnerable to a downturn in global financial markets as the world economy began to show signs of faltering two years ago. The International Monetary Fund (IMF) in July cut its forecast for global growth this year and next, warning that further tariffs in the US-China trade dispute or a disorderly British exit from the European Union could slow growth further, weaken investment and disrupt supply chains. The IMF said that downside risks had intensified and it expected global economic growth of 3.2 per cent in 2019 and 3.5 per cent in 2020, both down by 0.1 percentage points from its April forecast and its fourth downgrade since October. Despite recent volatility in equity markets, KIA has achieved a 10 per cent return on its investments in US stock markets since the beginning of this year, the report said. KIA officials were not immediately available to comment. Kuwaiti news agency KUNA reported in late 2017 that KIA had more than $300 billion of investments in the United States, diversified among stocks, bonds, real estate, and technology. The fund's investments are spread across more than 120 economies globally.

Kuwait sovereign fund in portfolio shift on signs of global economic weakness: Report

Italian premium sports car maker Ferrari NV will expand sales of easier-driving grand touring cars, but will not try to chase rival Porsche`s annual sales volume, Ferrari Chairman John Elkann told an audience of classic car enthusiasts gathered at this storied golf resort on the Pacific coast.

Elkann also reiterated that Fiat Chrysler Automobiles NV, of which he is chairman, remains open to opportunities to combine with other automakers, but is positioned to remain independent.&nbsp;

Fiat Chrysler in May proposed a merger with French automaker Renault SA, but the deal fell apart after the French government intervened and Elkann withdrew the proposed merger.&nbsp;

Fiat Chrysler Chief Executive Mike Manley sent the same message to Renault and other would-be partners earlier this month.

Elkann visited Pebble Beach during the annual Concours d`Elegance, during which wealthy collectors bring some of the world's rarest vintage automobiles to be admired and sold and premium manufacturers showcase exotic new models.

Ferrari is best known for flashy, high-performance sports cars.

Among fans of vintage<a href="https://www.wionews.com/sports/sebastian-vettel-still-has-what-it-takes-at-ferrari-says-mark-webber-230801"> Ferraris</a>, more understated GT, or grand touring, cars from the 1960s, some with seating for four people, are among the most popular models on auction blocks and at enthusiast events.

&nbsp;GT cars were designed to be comfortable on long road trips.&nbsp;

Elkann hinted Ferrari will unveil a new GT type car in November. Ferrari has said previously that about 40 per cent of its total sales could come from GT cars by 2022, up from 32 per cent now.&nbsp;

Ferrari has outlined plans to expand revenue to 5 billion euros ($5.54 billion) by 2022 from 3.4 billion euros in 2017.

The company has said it plans to add a model called the Purosangue to compete with a growing stable of sport utility vehicles wearing premium sports car brands, such as the Lamborghini Urus.

Rival Porsche AG, a unit of Volkswagen AG, has expanded its sales to more than 250,000 sports cars and sport utility vehicles annually. 
&nbsp; 
Elkann said Ferrari is not aiming for Porsche`s level of sales.&nbsp;

Italian premium sports car maker Ferrari NV will expand sales of easier-driving grand touring cars, but will not try to chase rival Porsche`s annual sales volume, Ferrari Chairman John Elkann told an audience of classic car enthusiasts gathered at this storied golf resort on the Pacific coast.

Italian premium sports car maker Ferrari NV will expand sales of easier-driving grand touring cars, but will not try to chase rival Porsche`s annual sales volume, Ferrari Chairman John Elkann told an audience of classic car enthusiasts gathered at this storied golf resort on the Pacific coast. Elkann also reiterated that Fiat Chrysler Automobiles NV, of which he is chairman, remains open to opportunities to combine with other automakers, but is positioned to remain independent. Fiat Chrysler in May proposed a merger with French automaker Renault SA, but the deal fell apart after the French government intervened and Elkann withdrew the proposed merger. Fiat Chrysler Chief Executive Mike Manley sent the same message to Renault and other would-be partners earlier this month. Elkann visited Pebble Beach during the annual Concours d`Elegance, during which wealthy collectors bring some of the world's rarest vintage automobiles to be admired and sold and premium manufacturers showcase exotic new models. Ferrari is best known for flashy, high-performance sports cars. Among fans of vintage Ferraris, more understated GT, or grand touring, cars from the 1960s, some with seating for four people, are among the most popular models on auction blocks and at enthusiast events. GT cars were designed to be comfortable on long road trips. Elkann hinted Ferrari will unveil a new GT type car in November. Ferrari has said previously that about 40 per cent of its total sales could come from GT cars by 2022, up from 32 per cent now. Ferrari has outlined plans to expand revenue to 5 billion euros ($5.54 billion) by 2022 from 3.4 billion euros in 2017. The company has said it plans to add a model called the Purosangue to compete with a growing stable of sport utility vehicles wearing premium sports car brands, such as the Lamborghini Urus. Rival Porsche AG, a unit of Volkswagen AG, has expanded its sales to more than 250,000 sports cars and sport utility vehicles annually. Elkann said Ferrari is not aiming for Porsche`s level of sales.

Ferrari will expand its lineup of road cars, but not too much

Union Minister Nitin Gadkari on Saturday said that Micro, Small and Medium Enterprises (MSMEs) will play an important role in the job creation in the country.

Speaking at 'Laghu Udyog Bharati Rashtriya Adhiveshan'&nbsp;here, Gadkari said,&nbsp;"There are six crore MSMEs in the country. Out of them, 2 crore units have not registered themselves as MSME as of now. Till now 11.5 crore people have got employment in this sector. We have set a target of 5 crore new jobs from this sector."

"We have to work on achieving the target of becoming 5 trillion dollar economy set by Prime Minister Narendra Modi. In the GDP growth, 29 per cent growth belongs to MSMEs. In export, there is 40 per cent contribution of MSMEs," Gadkari said.

The Minister of Micro, Small and Medium Enterprises said, "We have to increase our export and limit the import. We have to do maximum capital investment in MSME sector to create job opportunities."

He spoke people living villages. "Today 65 per cent people live in rural areas. At the time of Mahatma Gandhi, 80 per cent of people lived in rural areas."So we also have to think about reforms in rural sector which include agriculture, handlooms, handicrafts and agro-processing industries," he added.&nbsp;

 
&nbsp;

Union Minister Nitin Gadkari on Saturday said that Micro, Small and Medium Enterprises (MSMEs) will play an important role in the job creation in the country. Speaking at 'Laghu Udyog Bharati Rashtriya Adhiveshan' here, Gadkari said, "There are six crore MSMEs in the country.

Union Minister Nitin Gadkari on Saturday said that Micro, Small and Medium Enterprises (MSMEs) will play an important role in the job creation in the country. Speaking at 'Laghu Udyog Bharati Rashtriya Adhiveshan' here, Gadkari said, "There are six crore MSMEs in the country. Out of them, 2 crore units have not registered themselves as MSME as of now. Till now 11.5 crore people have got employment in this sector. We have set a target of 5 crore new jobs from this sector." "We have to work on achieving the target of becoming 5 trillion dollar economy set by Prime Minister Narendra Modi. In the GDP growth, 29 per cent growth belongs to MSMEs. In export, there is 40 per cent contribution of MSMEs," Gadkari said. The Minister of Micro, Small and Medium Enterprises said, "We have to increase our export and limit the import. We have to do maximum capital investment in MSME sector to create job opportunities." He spoke people living villages. "Today 65 per cent people live in rural areas. At the time of Mahatma Gandhi, 80 per cent of people lived in rural areas."So we also have to think about reforms in rural sector which include agriculture, handlooms, handicrafts and agro-processing industries," he added.

MSMEs will play important role in job creation: Nitin Gadkari

Mahindra &amp; Mahindra Ltd on Saturday expanded its global footprint with the inauguration of a local automotive assembly plant at Welipenna near Colombo in Sri Lanka.

Christened Mahindra Ideal Lanka Pvt Ltd, the assembly plant has been set up in collaboration with Ideal Motors of Sri Lanka.

The plant spread across 10 acres rolled out its first product, the compact sport utility vehicle KUV100, and will roll out a slew of products over the next three years.

The knock-down kit (CKD) assembly plant was inaugurated in the presence of Sri Lankan Prime Minister Ranil Wickremesinghe, his Cabinet Minister Malik Samarawickrama, Indian High Commissioner to Sri Lanka Taranjit Singh Sandhu, M&amp;M Managing Director Pawan Goenka, M&amp;M Chief of International Operations Arvind Mathew and others.

"Inauguration of this automotive assembly plant is a significant milestone for Mahindra's foray into the Sri Lanka market," said Goenka.

"Sri Lanka is a key strategic market for us and we are now fully equipped to deliver products customised to local needs on time. This new assembly plant will not only add to industrial growth in the country but will also generate significant employment opportunities at our plant and at supplier's end," he said in a statement.

Mahindra Ideal Lanka will assemble KUV100 with a production capacity of 5,000 units per year. The joint venture company will localise four components -- batteries, tyres, seats and exhausts.

The plant is expected to provide employment to 200 people directly and indirectly over the next two years.

Mahindra & Mahindra Ltd on Saturday expanded its global footprint with the inauguration of a local automotive assembly plant at Welipenna near Colombo in Sri Lanka.

Mahindra & Mahindra Ltd on Saturday expanded its global footprint with the inauguration of a local automotive assembly plant at Welipenna near Colombo in Sri Lanka. Christened Mahindra Ideal Lanka Pvt Ltd, the assembly plant has been set up in collaboration with Ideal Motors of Sri Lanka. The plant spread across 10 acres rolled out its first product, the compact sport utility vehicle KUV100, and will roll out a slew of products over the next three years. The knock-down kit (CKD) assembly plant was inaugurated in the presence of Sri Lankan Prime Minister Ranil Wickremesinghe, his Cabinet Minister Malik Samarawickrama, Indian High Commissioner to Sri Lanka Taranjit Singh Sandhu, M&M Managing Director Pawan Goenka, M&M Chief of International Operations Arvind Mathew and others. "Inauguration of this automotive assembly plant is a significant milestone for Mahindra's foray into the Sri Lanka market," said Goenka. "Sri Lanka is a key strategic market for us and we are now fully equipped to deliver products customised to local needs on time. This new assembly plant will not only add to industrial growth in the country but will also generate significant employment opportunities at our plant and at supplier's end," he said in a statement. Mahindra Ideal Lanka will assemble KUV100 with a production capacity of 5,000 units per year. The joint venture company will localise four components -- batteries, tyres, seats and exhausts. The plant is expected to provide employment to 200 people directly and indirectly over the next two years.

Mahindra inaugurates first automotive assembly plant in Sri Lanka

China's central bank unveiled a key interest rate reform on Saturday to help steer borrowing costs lower for companies and support a slowing economy that has been hurt by a trade war with the United States.

China's central bank unveiled a key interest rate reform on Saturday to help steer borrowing costs lower for companies and support a slowing economy that has been hurt by a trade war with the United States. The People's Bank of China (PBOC) said it will improve the mechanism used to establish the loan prime rate (LPR) from this month, in a move to further lower real interest rates for companies as part of broader market reforms. Analysts say the move, which came after data that showed weaker than expected growth in July and followed a cabinet announcement on Friday, underscores the government's attempts to use reforms to support a slowing economy. "By reforming and improving the formation mechanism of LPR, we will be able to use market-based reform methods to help lower real lending rates," the PBOC said in a statement published on its website. The central bank will "deepen market-based interest rate reform, improve the efficiency of interest rate transmission, and lower financing costs of the real economy," it said. Chinese banks' new LPR quotations will be based on rates of open market operations, and the national interbank funding centre will be authorised to publish the rate from August 20, the PBOC said. It added the rate will be published every month on the 20th, effective this month. Banks must set rates on new loans by mainly referring to the LPR and use LPR as the benchmark for setting floating lending rates, the PBOC said, adding that banks will be barred from setting any implicit floor on lending rates in a coordinated way. The central bank said five-year and longer tenors will be added to the existing one-year LPR, which will help banks set rates on long-term loans such as mortgages. China will add eight small banks, including two foreign-funded banks, to the existing 10 nation-wide banks that will be allowed to submit LPR quotations, the central bank said. The move followed pledges from China's State Council on Friday that the country will rely on market-based reform measures to help lower real interest rates for companies. The central bank said that it will strengthen its supervision on banks' rate quotations and punish banks for irregularities that disrupt the market order. The central bank will incorporate the LPR application into its macro-prudential assessment (MPA) to urge banks to use LPR pricing. SHARPER SLOWDOWN This week's data broadly showed China's economy stumbled more sharply than expected at the start of the third quarter, as the intensifying trade war with the United States took a heavier toll on businesses and consumers. Second-quarter economic growth slowed to a near 30-year low. Tang Jianwei, an economist at Bank of Communications in Shanghai, said the reform could be seen as a guided rate cut as PBOC can guide rates of its open market operations, which will be closely followed by the LPR. "The tool (LPR quotation reform) equals to a guided rate cut, and is only pushed out by the PBOC at crucial moments," said Dai Zhifeng, an analyst with Zhongtai Securities Co. The central bank has pledged to gradually unify two interest rate "tracks" - its market-based rates developed in recent years and its benchmark bank deposit and lending rates. Analysts say the new LPR rate will be lower than the current level, but they are divided over the scope of reductions on borrowing costs for firms. To free up funds for lending and to accommodate local government project financing, most analysts still expect the central bank will cut banks' reserve requirement ratios (RRR) further in the coming months, on top of six reductions since early 2018. Sources have told Reuters that more aggressive action such as interest rate cuts are a last resort, as it could fuel a sharper build-up in debt. In July, central bank head Yi Gang said China would keep its benchmark deposit rate for a relatively long time but would phase out its benchmark lending rate in the push to unify the benchmark lending rate and market-based rates. China's banks currently price their loans based on the benchmark lending rate that has been kept unchanged since October 2015, hampering the central bank's efforts to lower borrowing costs. The PBOC launched the LPR in 2013 to reflect rates that banks charge their best clients. But the LPR has been reacting little to market demand and supply, with the one-year rate currently at 4.31 per cent, versus benchmark one-year lending rate of 4.35 per cent. China's short-term money market rates have been falling more quickly in recent months due to the central bank's cash injections.

China unveils rate reform to steer funding costs lower for firms

<div class="content" itemprop="articleBody">
Equity benchmark indices were in the negative zone during early hours on Friday led by a drop in IT and metal stocks.

At 10:15 am, the BSE S&amp;P Sensex was down 206 points at 37,105 while the Nifty 50 edged lower by 64 points to 10,966. At the National Stock Exchange, all sectoral indices were in the red with Nifty metal down by 1.7 per cent, media by 1.3 per cent and IT by 1.1 per cent.

Among stocks, Indiabulls Housing Finance plunged by 8.3 per cent to Rs 505.60 per share while Hindalco slipped by 3 per cent, Vedanta by 2.5 per cent, JSW Steel by 1.7 per cent and Tata Motors by 1.5 per cent. IT major Wipro was down by 1.4 per cent at Rs 247.50 per share.

But Yes Bank was up by 1.6 per cent and UPL by 1.5 per cent. FMCG major ITC, ONGC and Bajaj Finance witnessed marginal gains.

Meanwhile, Asian shares gained some ground after a turbulent week as China hinted at more fiscal support for its economy. MSCI's broadest index of Asia Pacific shares outside Japan edging up by 0.2 per cent though it was still down 1 per cent for the week.

Japan's Nikkei was firmer by 0.09 per cent Shanghai blue chips rose 0.7 per cent. The US-China trade dispute remained a drag after Beijing vowed a day earlier to counter the latest tariffs on 300 billion dollars of Chinese goods.
</div>

Equity benchmark indices were in the negative zone during early hours on Friday led by a drop in IT and metal stocks. At 10:15 am, the BSE S&P Sensex was down 206 points at 37,105 while the Nifty 50 edged lower by 64 points to 10,966.

Equity benchmark indices were in the negative zone during early hours on Friday led by a drop in IT and metal stocks. At 10:15 am, the BSE S&P Sensex was down 206 points at 37,105 while the Nifty 50 edged lower by 64 points to 10,966. At the National Stock Exchange, all sectoral indices were in the red with Nifty metal down by 1.7 per cent, media by 1.3 per cent and IT by 1.1 per cent. Among stocks, Indiabulls Housing Finance plunged by 8.3 per cent to Rs 505.60 per share while Hindalco slipped by 3 per cent, Vedanta by 2.5 per cent, JSW Steel by 1.7 per cent and Tata Motors by 1.5 per cent. IT major Wipro was down by 1.4 per cent at Rs 247.50 per share. But Yes Bank was up by 1.6 per cent and UPL by 1.5 per cent. FMCG major ITC, ONGC and Bajaj Finance witnessed marginal gains. Meanwhile, Asian shares gained some ground after a turbulent week as China hinted at more fiscal support for its economy. MSCI's broadest index of Asia Pacific shares outside Japan edging up by 0.2 per cent though it was still down 1 per cent for the week. Japan's Nikkei was firmer by 0.09 per cent Shanghai blue chips rose 0.7 per cent. The US-China trade dispute remained a drag after Beijing vowed a day earlier to counter the latest tariffs on 300 billion dollars of Chinese goods.

Equity indices in negative zone, Indiabulls Housing Finance falls by 8.3%

Joseph Tsai, the co-founder of Chinese e-commerce giant Alibaba, has made a deal to purchase full control of the NBA's Brooklyn Nets from Russian businessman Mikhail Prokhorov, the club announced Friday.

The Nets said Prokhorov has made an agreement with the Taiwanese-Canadian businessman to sell the Barclays Center arena and his 51 per cent controlling interest in the Nets.

Tsai bought 49 per cent of the Nets last year for $1 billion, with the chance to purchase more shares before the start of the 2021-22 campaign.

The deal, according to multiple reports, will cost Tsai $2.35 billion, the highest price ever paid for a US sports team.

Tilman Fertitta paid a record $2.2 billion for the NBA's Houston Rockets in 2017, the same price hedge fund owner David Tepper paid last year to buy the NFL's Carolina Panthers.

Tsai has an estimated net worth of $9.4 billion, according to Forbes magazine.

Prokhorov bought the Nets in 2010 and guided their move from New Jersey to Brooklyn.

"I've had the opportunity to witness up close the Brooklyn Nets rebuild that Mikhail started a few years ago," Tsai said.&nbsp;

"He hired a front office and coaching staff focused on player development, he supported the organisation with all his resources and he refused to tank.

"I will be the beneficiary of Mikhail's vision, which put the Nets in a great position to compete, and for which I am incredibly grateful.

"We are committed to maintaining Barclays Center's iconic status by bringing together culture, community, and entertainment for our fans and everyone in New York."

The Nets deal, expected to close by the end of September and thus ahead of the mid-October start of the 2019-20 NBA campaign, will make Tsai the arena board of directors chairman and the team owner, provided the NBA board of governors gives its approval as expected.

The current management will run the team and venue, with Nets chief executive Brett Yormark overseeing the ownership transition before departing.

"It has been an honour and a joy to open Barclays Center, bring the Nets to Brooklyn, and watch them grow strong roots in the community while cultivating global appeal," Prokhorov said.

"The team is in a better place today than ever before and I know that Joe will build on that success."

The Nets made two huge free agency signings in the early minutes of the transfer period, landing two-time NBA Finals Most Valuable Player Kevin Durant and star guard Kyrie Irving.

While Durant is likely to miss all of the 2019-20 campaigns with a torn Achilles tendon, the Nets are likely to improve on last season's 42-40 mark and could become a serious Eastern Conference contender upon his return to form.

Joseph Tsai, the co-founder of Chinese e-commerce giant Alibaba, has made a deal to purchase full control of the NBA's Brooklyn Nets from Russian businessman Mikhail Prokhorov, the club announced Friday.

Joseph Tsai, the co-founder of Chinese e-commerce giant Alibaba, has made a deal to purchase full control of the NBA's Brooklyn Nets from Russian businessman Mikhail Prokhorov, the club announced Friday. The Nets said Prokhorov has made an agreement with the Taiwanese-Canadian businessman to sell the Barclays Center arena and his 51 per cent controlling interest in the Nets. Tsai bought 49 per cent of the Nets last year for $1 billion, with the chance to purchase more shares before the start of the 2021-22 campaign. The deal, according to multiple reports, will cost Tsai $2.35 billion, the highest price ever paid for a US sports team. Tilman Fertitta paid a record $2.2 billion for the NBA's Houston Rockets in 2017, the same price hedge fund owner David Tepper paid last year to buy the NFL's Carolina Panthers. Tsai has an estimated net worth of $9.4 billion, according to Forbes magazine. Prokhorov bought the Nets in 2010 and guided their move from New Jersey to Brooklyn. "I've had the opportunity to witness up close the Brooklyn Nets rebuild that Mikhail started a few years ago," Tsai said. "He hired a front office and coaching staff focused on player development, he supported the organisation with all his resources and he refused to tank. "I will be the beneficiary of Mikhail's vision, which put the Nets in a great position to compete, and for which I am incredibly grateful. "We are committed to maintaining Barclays Center's iconic status by bringing together culture, community, and entertainment for our fans and everyone in New York." The Nets deal, expected to close by the end of September and thus ahead of the mid-October start of the 2019-20 NBA campaign, will make Tsai the arena board of directors chairman and the team owner, provided the NBA board of governors gives its approval as expected. The current management will run the team and venue, with Nets chief executive Brett Yormark overseeing the ownership transition before departing. "It has been an honour and a joy to open Barclays Center, bring the Nets to Brooklyn, and watch them grow strong roots in the community while cultivating global appeal," Prokhorov said. "The team is in a better place today than ever before and I know that Joe will build on that success." The Nets made two huge free agency signings in the early minutes of the transfer period, landing two-time NBA Finals Most Valuable Player Kevin Durant and star guard Kyrie Irving. While Durant is likely to miss all of the 2019-20 campaigns with a torn Achilles tendon, the Nets are likely to improve on last season's 42-40 mark and could become a serious Eastern Conference contender upon his return to form.

Alibaba co-founder Tsai will buy full control of NBA Nets

Hong Kong's economy grew 0.5 per cent in the second quarter from a year earlier, the government said on Friday, marginally less than a preliminary estimate, but the <a href="https://www.wionews.com/business-economy/oil-prices-rise-escalating-us-china-trade-war-caps-gains-240974">escalating US-China trade war</a> and growing political unrest are sparking fears the financial centre could soon tip into recession.

The revised figure marked the city's slowest expansion since the global financial crisis a decade ago and was down slightly from both an initial reading of 0.6 per cent and the first quarter's 0.6 per cent pace.

Amid growing internal and external pressures, the government also confirmed it was slashing its full-year 2019 growth forecast to a range of 0 per cent-1 per cent from the previous 2 per cent-3 per cent, which it had flagged on Thursday when it announced a modest economic support package.

Every quarter, the economy shrank by a seasonally adjusted 0.4 per cent, slightly more than an initial estimate of -0.3 per cent, and decelerating from a 1.3 per cent expansion in the first quarter.

Months of increasingly violent confrontations between police and protesters have plunged the international business hub into its worst crisis since it reverted from British to Chinese rule in 1997.

Tourists are cancelling bookings, retailers are forecasting a sharp drop in sales and the stock market is tumbling, adding to pressure the city is feeling from China's economic slowdown.

Hong Kong's economy grew 0.5 per cent in the second quarter from a year earlier, the government said on Friday, marginally less than a preliminary estimate, but the escalating US-China trade war and growing political unrest are sparking fears the financial centre could soon tip into recession.

Hong Kong's economy grew 0.5 per cent in the second quarter from a year earlier, the government said on Friday, marginally less than a preliminary estimate, but the escalating US-China trade war and growing political unrest are sparking fears the financial centre could soon tip into recession. The revised figure marked the city's slowest expansion since the global financial crisis a decade ago and was down slightly from both an initial reading of 0.6 per cent and the first quarter's 0.6 per cent pace. Amid growing internal and external pressures, the government also confirmed it was slashing its full-year 2019 growth forecast to a range of 0 per cent-1 per cent from the previous 2 per cent-3 per cent, which it had flagged on Thursday when it announced a modest economic support package. Every quarter, the economy shrank by a seasonally adjusted 0.4 per cent, slightly more than an initial estimate of -0.3 per cent, and decelerating from a 1.3 per cent expansion in the first quarter. Months of increasingly violent confrontations between police and protesters have plunged the international business hub into its worst crisis since it reverted from British to Chinese rule in 1997. Tourists are cancelling bookings, retailers are forecasting a sharp drop in sales and the stock market is tumbling, adding to pressure the city is feeling from China's economic slowdown.

Hong Kong second-quarter GDP grows 0.5%, but trade war protests stoke recession risk

<a href="https://www.wionews.com/world/oil-rises-after-iran-says-it-seized-foreign-tanker-in-gulf-236913">Crude oil prices rose</a> more than 2 per cent on Friday, recovering from two days of declines after data showing a rise in US retail sales helped to ease concerns about a recession in the world's biggest economy.

Brent crude was up 2 per cent at $59.48 a barrel at 0924 GMT, after falling 2.1 per cent on Thursday and 3 per cent the previous day.&nbsp;

US crude was also 2 per cent higher at $55.60 a barrel, having dropped 1.4 per cent in the previous session and 3.3 per cent on Wednesday.

US retail sales rose 0.7 per cent in July as consumers bought a range of goods even as they cut back on motor vehicle purchases, Thursday's data showed.

That came a day after a sell-off in world markets that followed the US Treasury yield curve's first inversion since June 2007 - a development usually seen as a reliable predictor of a looming recession.

"The rebound has a corrective look about it on thin volumes, rather than a beachhead for an impending rebound," said Jeffrey Halley, senior market analyst at OANDA.&nbsp;

"Overall, US data continues to be a bright spot in a dark economic universe."

World stocks also rose on Friday as expectations grew for further stimulus by central banks, offsetting worries about slowing economic growth.

Gains are likely to be capped after a week of data releases included a surprise drop in industrial output growth in China to a more than 17-year low and a fall in exports that sent Germany's economy into reverse in the second quarter.

"The broader story around global economic growth has been a weak one, or a weakening one, and expectations (are for) further weakening," said Phin Ziebell, senior economist at National Australia Bank.

The price of Brent is still up nearly 10 per cent this year thanks to supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia, a group known as OPEC+.

In July, OPEC+ agreed to extend oil output cuts until March 2020 to prop up prices.

"At what point will further output cuts be needed at the back end of this year from OPEC and Russia to keep things going the way they are?" Ziebell said.

A Saudi official indicated this month that more steps may be coming, saying Saudi Arabia was committed to doing "whatever it takes" to keep the market balanced next year.

OPEC's efforts have been undermined by worries about a slowing global economy amid a trade dispute between the United States and China, as well as rising US stockpiles of crude and higher output of US shale oil.

Crude oil prices rose more than 2 per cent on Friday, recovering from two days of declines after data showing a rise in US retail sales helped to ease concerns about a recession in the world's biggest economy.

Crude oil prices rose more than 2 per cent on Friday, recovering from two days of declines after data showing a rise in US retail sales helped to ease concerns about a recession in the world's biggest economy. Brent crude was up 2 per cent at $59.48 a barrel at 0924 GMT, after falling 2.1 per cent on Thursday and 3 per cent the previous day. US crude was also 2 per cent higher at $55.60 a barrel, having dropped 1.4 per cent in the previous session and 3.3 per cent on Wednesday. US retail sales rose 0.7 per cent in July as consumers bought a range of goods even as they cut back on motor vehicle purchases, Thursday's data showed. That came a day after a sell-off in world markets that followed the US Treasury yield curve's first inversion since June 2007 - a development usually seen as a reliable predictor of a looming recession. "The rebound has a corrective look about it on thin volumes, rather than a beachhead for an impending rebound," said Jeffrey Halley, senior market analyst at OANDA. "Overall, US data continues to be a bright spot in a dark economic universe." World stocks also rose on Friday as expectations grew for further stimulus by central banks, offsetting worries about slowing economic growth. Gains are likely to be capped after a week of data releases included a surprise drop in industrial output growth in China to a more than 17-year low and a fall in exports that sent Germany's economy into reverse in the second quarter. "The broader story around global economic growth has been a weak one, or a weakening one, and expectations (are for) further weakening," said Phin Ziebell, senior economist at National Australia Bank. The price of Brent is still up nearly 10 per cent this year thanks to supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia, a group known as OPEC+. In July, OPEC+ agreed to extend oil output cuts until March 2020 to prop up prices. "At what point will further output cuts be needed at the back end of this year from OPEC and Russia to keep things going the way they are?" Ziebell said. A Saudi official indicated this month that more steps may be coming, saying Saudi Arabia was committed to doing "whatever it takes" to keep the market balanced next year. OPEC's efforts have been undermined by worries about a slowing global economy amid a trade dispute between the United States and China, as well as rising US stockpiles of crude and higher output of US shale oil.

Oil rises 2% as recession fears recede

A technical glitch delayed the start of trading on Friday on the UK blue-chip FTSE 100 and midcap stock indexes for almost two hours in what was the longest outage at one of the world's top bourses in eight years.

<a href="https://www.wionews.com/business-economy/london-stock-exchange-in-talks-to-buy-refinitiv-for-27-billion-238782">The London Stock Exchange</a> suffered a "technical software issue", which postponed the opening of trading until 0840 GMT, a spokeswoman said in an email. The markets normally open at 0700 GMT.

In a statement on its website, it said it was still investigating the issue.

The fault affected hundreds of shares in some of the UK's largest companies, including Shell, Unilever and HSBC, and BHP Group, worth a total of $2.8 trillion.

Traders were frustrated by the latest outage coming during a hectic week on global financial markets, hit by worries about a US recession and the US-China trade spat.

"Investors would have been yearning for a quiet Friday after a week of turmoil for the markets driven by recession fears," said AJ Bell investment director Russ Mould.

"It looked like just such a peaceful interlude was on the cards until (the LSE's) technical issues."

A large number of market participants were also away on holiday, which may have limited the impact of the failure.

Paul Mumford, a fund manager at Cavendish Asset Management said it would be a "major embarrassment" for the LSE amid stiffening competition, rising costs and greater regulation among exchange operators.

LSE shares listed on the FTSE 100 were up 0.9 per cent in early deals, in line with the broader FTSE 100.

This is the second outage at the LSE, which handles about 5 billion pounds ($6.1 billion) worth of volume each day, in just over a year.

In June 2018, the opening auction was delayed due to a technical fault, but trading resumed after an hour.

Before that, the market was shut until lunchtime one day in February 2011.

Reuters News' parent Thomson Reuters holds a 45 per cent stake in financial data and news provider Refinitiv.&nbsp;

Thomson Reuters will own 15 per cent in LSE after the proposed deal closes.

A technical glitch delayed the start of trading on Friday on the UK blue-chip FTSE 100 and midcap stock indexes for almost two hours in what was the longest outage at one of the world's top bourses in eight years.

A technical glitch delayed the start of trading on Friday on the UK blue-chip FTSE 100 and midcap stock indexes for almost two hours in what was the longest outage at one of the world's top bourses in eight years. The London Stock Exchange suffered a "technical software issue", which postponed the opening of trading until 0840 GMT, a spokeswoman said in an email. The markets normally open at 0700 GMT. In a statement on its website, it said it was still investigating the issue. The fault affected hundreds of shares in some of the UK's largest companies, including Shell, Unilever and HSBC, and BHP Group, worth a total of $2.8 trillion. Traders were frustrated by the latest outage coming during a hectic week on global financial markets, hit by worries about a US recession and the US-China trade spat. "Investors would have been yearning for a quiet Friday after a week of turmoil for the markets driven by recession fears," said AJ Bell investment director Russ Mould. "It looked like just such a peaceful interlude was on the cards until (the LSE's) technical issues." A large number of market participants were also away on holiday, which may have limited the impact of the failure. Paul Mumford, a fund manager at Cavendish Asset Management said it would be a "major embarrassment" for the LSE amid stiffening competition, rising costs and greater regulation among exchange operators. LSE shares listed on the FTSE 100 were up 0.9 per cent in early deals, in line with the broader FTSE 100. This is the second outage at the LSE, which handles about 5 billion pounds ($6.1 billion) worth of volume each day, in just over a year. In June 2018, the opening auction was delayed due to a technical fault, but trading resumed after an hour. Before that, the market was shut until lunchtime one day in February 2011. Reuters News' parent Thomson Reuters holds a 45 per cent stake in financial data and news provider Refinitiv. Thomson Reuters will own 15 per cent in LSE after the proposed deal closes.

London Stock Exchange, FTSE 100 suffers the longest outage in years

Indian shares ended a tick higher on Friday, powered by gains in banking stocks, but finished lower for the week with trading dominated by headlines about the Sino-U.S. trade conflict and fears of an imminent global recession.

The Nifty ended 0.17 per cent&nbsp;higher at 11,047.80, while the Sensex closed 0.10 per cent firmer at 37,350.33.

The Nifty and the Sensex shed 0.55 per cent and 0.61 per cent respectively during the three-day week, which had two market holidays.

The Nifty bank index ended 0.71 per cent higher, led by a roughly 4 per cent gain each in Punjab National Bank and Yes Bank Ltd.

Meanwhile, shares in oil-to-telecom conglomerate Reliance Industries Ltd climbed 10 per cent during the week, their best weekly performance since July 2018. Reliance unveiled the sale of a portion of its oil-to-chemicals business to Saudi Aramco and introduced new high-speed internet services.

Indian shares ended a tick higher on Friday, powered by gains in banking stocks, but finished lower for the week with trading dominated by headlines about the Sino-U.

Indian shares ended a tick higher on Friday, powered by gains in banking stocks, but finished lower for the week with trading dominated by headlines about the Sino-U.S. trade conflict and fears of an imminent global recession. The Nifty ended 0.17 per cent higher at 11,047.80, while the Sensex closed 0.10 per cent firmer at 37,350.33. The Nifty and the Sensex shed 0.55 per cent and 0.61 per cent respectively during the three-day week, which had two market holidays. The Nifty bank index ended 0.71 per cent higher, led by a roughly 4 per cent gain each in Punjab National Bank and Yes Bank Ltd. Meanwhile, shares in oil-to-telecom conglomerate Reliance Industries Ltd climbed 10 per cent during the week, their best weekly performance since July 2018. Reliance unveiled the sale of a portion of its oil-to-chemicals business to Saudi Aramco and introduced new high-speed internet services.

Sensex, Nifty eke out gains, end week lower

Indonesian President Joko Widodo on Friday proposed a 2,528.8 trillion rupiah ($177.56 billion) budget to parliament for 2020, focusing spending on human resources, which was central in his re-election campaign.

The 2020 budget proposals set a target of 5.3 per cent growth in the gross domestic product (GDP), the same as this year's, although officials have often said 2019 growth would probably range from 5.1 per cent to 5.2 per cent.

The proposed budget is 3 per cent bigger than 2019's plans, but about 8 per cent larger than the latest government estimate of what Jakarta will spend this year.

It will fund the president's programmes in the first year of his second five-year term, which officially begins in October.

"The 2020 state budget policy is designed to be expansive, but to remain targeted and measured," Widodo told parliament.

To fund his budget, <a href="https://www.wionews.com/world/as-indonesias-widodo-seeks-a-second-term-rural-voters-have-some-doubts-210297">Widodo proposed to set a target of 2,221.5 trillion rupiahs </a>of state revenue. That brings the fiscal deficit in his budget proposals to 1.76 per cent of GDP, which he said gave room to anticipate global uncertainties.

Juniman, the chief economist of Maybank Indonesia, said Widodo's GDP growth assumption, which is used as the basis of the government's tax revenue target, is unattainable.

"I'm pessimistic the 5.3 per cent growth can be achieved. Given the gloomy global condition and its slowdown trend this year and next, it will be hard for any emerging market to grow faster than this year," said Juniman, who uses one name, like many Indonesians.

He gave a 5 per cent growth outlook for 2019 and 2020.

Though the president's GDP growth target was "slightly optimistic", the tax target was "cautiously realistic", said Bank Danamon economist Wisnu Wardana.

While Widodo promised to keep building infrastructure in 2020, the budget's main theme was improving human resources, with the president pledging to "answer to our demographic challenges".

Earlier on Friday, Widodo told parliament raising the quality of the labour market in his second term was key to reaping the benefit of a demographic dividend - a time when the number of people of working age exceeds those of non-working-age.

The government proposed to spend 505.8 trillion rupiah ($35.51 billion) for education in 2020, up 30 per cent from this year, to improve basic education as well as provide financing for 818,000 students to go to universities, Widodo said.

It would also use the budget to provide training for what Widodo called "emerging skills", such as coding, data analytics, graphic design and even training to become a coffee barista.

The budget proposals also assumed an inflation rate of 3.1 per cent, a yearly average rupiah exchange rate of 14,400 to the dollar, a 5.4 per cent average rate for 3-month Treasury bills and an average crude oil price of $65 a barrel, Widodo said.

Parliament typically takes until October to approve the government's budget proposals.

Indonesian President Joko Widodo on Friday proposed a 2,528.8 trillion rupiah ($177.56 billion) budget to parliament for 2020, focusing spending on human resources, which was central in his re-election campaign.

Indonesian President Joko Widodo on Friday proposed a 2,528.8 trillion rupiah ($177.56 billion) budget to parliament for 2020, focusing spending on human resources, which was central in his re-election campaign. The 2020 budget proposals set a target of 5.3 per cent growth in the gross domestic product (GDP), the same as this year's, although officials have often said 2019 growth would probably range from 5.1 per cent to 5.2 per cent. The proposed budget is 3 per cent bigger than 2019's plans, but about 8 per cent larger than the latest government estimate of what Jakarta will spend this year. It will fund the president's programmes in the first year of his second five-year term, which officially begins in October. "The 2020 state budget policy is designed to be expansive, but to remain targeted and measured," Widodo told parliament. To fund his budget, Widodo proposed to set a target of 2,221.5 trillion rupiahs of state revenue. That brings the fiscal deficit in his budget proposals to 1.76 per cent of GDP, which he said gave room to anticipate global uncertainties. Juniman, the chief economist of Maybank Indonesia, said Widodo's GDP growth assumption, which is used as the basis of the government's tax revenue target, is unattainable. "I'm pessimistic the 5.3 per cent growth can be achieved. Given the gloomy global condition and its slowdown trend this year and next, it will be hard for any emerging market to grow faster than this year," said Juniman, who uses one name, like many Indonesians. He gave a 5 per cent growth outlook for 2019 and 2020. Though the president's GDP growth target was "slightly optimistic", the tax target was "cautiously realistic", said Bank Danamon economist Wisnu Wardana. While Widodo promised to keep building infrastructure in 2020, the budget's main theme was improving human resources, with the president pledging to "answer to our demographic challenges". Earlier on Friday, Widodo told parliament raising the quality of the labour market in his second term was key to reaping the benefit of a demographic dividend - a time when the number of people of working age exceeds those of non-working-age. The government proposed to spend 505.8 trillion rupiah ($35.51 billion) for education in 2020, up 30 per cent from this year, to improve basic education as well as provide financing for 818,000 students to go to universities, Widodo said. It would also use the budget to provide training for what Widodo called "emerging skills", such as coding, data analytics, graphic design and even training to become a coffee barista. The budget proposals also assumed an inflation rate of 3.1 per cent, a yearly average rupiah exchange rate of 14,400 to the dollar, a 5.4 per cent average rate for 3-month Treasury bills and an average crude oil price of $65 a barrel, Widodo said. Parliament typically takes until October to approve the government's budget proposals.

Indonesia president proposes $178 billion budget for 2020 with focus on education

China's Lenovo Group, the world's largest PC maker, warned it will have to raise product prices if US tariffs increase, sending its shares tumbling 6.5 per cent to two-month lows.

China's Lenovo Group, the world's largest PC maker, warned it will have to raise product prices if US tariffs increase, sending its shares tumbling 6.5 per cent to two-month lows. Lenovo's warning amid mounting business uncertainty due to the US-China trade war cast doubt on its sales outlook and took the shine off forecast-beating quarterly results where robust PC sales helped the company more than double its profit. US President Donald Trump said this week that he would postpone imposing an additional 10 per cent tariff on Chinese-made products including tablets and laptop computers until December, but would still impose the tariffs on desktops from September. "Retail prices for products like PC and smartphones will increase if (US) tariffs increase," Lenovo Chairman Yang Yuanqing told an earnings call on Thursday. He also said shifting manufacturing from China to avoid US tariffs would also lead to product price increases, although Lenovo's global production footprint gives it flexibility in making adjustments, and it remains committed to China. The global PC market grew 1.5 per cent in the June quarter after falling for two consecutive quarters, as threats of increased US tariffs on Chinese goods prompted some manufacturers to frontload shipments, industry analysts said. Lenovo emerged as the biggest winner of the global PC market's surprise rebound in the second quarter. Citing industry data, the company said it had a record 25.1 per cent market share in the quarter. Lenovo said it was the fastest-growing PC maker among the top five manufacturers and its improved product mix also helped the business' pre-tax profit margin rose to 5.4 per cent, the highest margin ever attained in a fiscal first quarter. Revenue from Lenovo's personal computer and smart devices group grew 12 per cent, while its mobile business group recorded a 9 per cent fall in sales. Its PC and smart devices business generate more than three-quarters of the group's total revenue, which rose 5 per cent. Net profit rose to $162 million in the quarter ended June, compared with an average estimate of $154 million by nine analysts, according to Refinitiv data. Revenue rose to $12.51 billion, in line with expectations.

Lenovo warns of price hikes to absorb US tariffs, shares slide

China's threat to impose countermeasures in retaliation for the latest US tariffs knocked stocks sprawling on Thursday, checking earlier attempts to recover from a rout sparked by fears of a world recession.

China's threat to impose countermeasures in retaliation for the latest US tariffs knocked stocks sprawling on Thursday, checking earlier attempts to recover from a rout sparked by fears of a world recession. Wall Street futures signalled another weak open for US stocks, which fell 3 per cent on Wednesday after long-dated bond yields dropped, raising fears the US economy was hurtling towards recession and dragging world stocks with it. Expectations that the US Federal Reserve and other central banks would respond robustly to the recession warning helped world stocks to steady earlier. But that recovery was cut short by the latest rhetoric from Beijing "The only game in town is the central banks, hence the bond markets are rallying," said Peter Schaffrik, global macro strategist at RBC Capital Markets. "We have regional bonfires in Hong Kong, Argentina, Japan against South Korea, and none of these is going away easily; everyone is not necessarily strong enough to cause trouble." Recession fears grew on Wednesday after yields on 10-year Treasury bonds dropped to less than two-year rates for the first time in 12 years when the same yield curve inversion presaged the 2008 recession. The curve has inverted before every recession in the past 50 years and sent a false signal just once. The latest inversion has since reversed, albeit marginally, and yields on 30-year Treasuries rose off the record 1.965 per cent low reached in Asian trade. But they are still down 60 basis points in just 12 sessions. Markets appear to be pinning their hopes, yet again, on central banks, betting that scale of the scare would alarm policymakers, especially at the Fed. Money markets price in a growing chance the Fed will cut rates by half a point at its September meeting. "We have seen stocks trading very poorly as a result of the yield curve inversion, so that will be flashing some additional warning lights for the Fed that they have to do more," said Andrea Iannelli, investment director at Fidelity International. "The only question is, can the Fed out-dove the market? At the very least they will have to match market expectations in the short term." The Chinese comments sent a pan-European equity index down half a per cent and markets in London and Frankfurt lost over 1 per cent. Earlier, Asian shares fell 0.5 per cent. Japan's Nikkei shed 1.2 per cent as the recent yen surge hit the export-heavy market. German 30-year yields are below minus 0.2 per cent for the first time. Ten-year yields touched a record low of minus 0.67 per cent. The growth worries come amid economic stress in Argentina and some other emerging markets, fears of Chinese military intervention in Hong Kong and trade tensions that show no sign of abating. "Hoping for the best on the policy front but positioning for the worst on the economic backdrop seems to be the flavour of the day," said Stephen Innes, a managing partner at Valour Markets. "The Fed, now out of necessity alone, will need to adjust policy much more profoundly than they expected." Not everyone buys the argument that recession is inevitable bond markets have been distorted by a decade of multi-trillion-dollar central bank stimulus. Mark Haefele, chief investment officer at UBS Global Wealth Management, said how long the curve remained inverted, and to what extent, was crucial. "If Fed rate cuts successfully steepen the curve comfortably into positive territory, this brief curve inversion may be a premature recession signal. Neither does a yield curve inversion indicate it is time to sell equities," Haefele said. He noted that since 1975, every curve inversion had been followed by an S&P 500 rally that lasted almost two years and delivered average gains around 40 per cent. Safety plays As the Sino-US trade war escalates, long-dated bond yields have fallen across the developed world, flattening yield curves in what is considered a clear signal of a worsening growth outlook. What sent the US curve over the brink into inversion was German data on Wednesday that showed the economy had contracted in the quarter to June. That came on the heels of dire Chinese data for July. The British yield curve also inverted. The German curve is at its flattest since 2008. Oil prices plunged with Brent crude losing another 2 per cent to $58.4 a barrel, after shedding 3 per cent overnight. Safe-haven gold was up 0.3 per cent at $1,520 per ounce, just off recent six-year highs. The yen was flat at 105.8 to the dollar, having earlier traded at 106.74. The currency has gained against the dollar for eight of the past 10 sessions. Excluding a mini-crash episode in January, it recently hit 17-month highs.

Global Markets: China's trade threats deal a fresh blow to world stock

<a href="https://www.wionews.com/business-economy/alibaba-ceo-rules-out-layoffs-this-year-198882">China's Alibaba Group Holding Ltd</a> reported better-than-expected quarterly revenue and profit on Thursday, aided by growth in its e-commerce and cloud computing businesses.

US-listed shares in the company, which makes money primarily by selling advertising and promotional services to third-party merchants on its Taobao and Tmall sites, rose 3 per cent to $166.72 in trading before the bell.

Two of the world's biggest e-commerce sites, Taobao and Tmall are booming in tandem with internet adoption and mobile phone penetration in China.

Both Alibaba and smaller rival JD.com, however, are seeking to diversify amid slowing e-commerce revenue growth at home - due in part to markets in China's biggest cities saturating.

JD also reported better-than-expected second-quarter revenue on Tuesday, boosted by stronger sales in its online retail business.

Alibaba's revenue rose 42 per cent to 114.92 billion yuan ($16.32 billion) in its first quarter ended June 30 from 80.92 billion yuan, a year earlier.

Analysts had expected revenue of 111.73 billion yuan, according to IBES data from Refinitiv.

Revenue at its cloud computing business rose 66 per cent to 7.79 billion yuan, while revenue from its core commerce business rose 44 per cent to 99.54 billion yuan.

Net income attributable to ordinary shareholders was 21.25 billion yuan.

Excluding items, the company earned 12.55 yuan per American Depository Share. Analysts were expecting 10.25 yuan per ADS, according to IBES data from Refinitiv. 
&nbsp;

China's Alibaba Group Holding Ltd reported better-than-expected quarterly revenue and profit on Thursday, aided by growth in its e-commerce and cloud computing businesses.

China's Alibaba Group Holding Ltd reported better-than-expected quarterly revenue and profit on Thursday, aided by growth in its e-commerce and cloud computing businesses. US-listed shares in the company, which makes money primarily by selling advertising and promotional services to third-party merchants on its Taobao and Tmall sites, rose 3 per cent to $166.72 in trading before the bell. Two of the world's biggest e-commerce sites, Taobao and Tmall are booming in tandem with internet adoption and mobile phone penetration in China. Both Alibaba and smaller rival JD.com, however, are seeking to diversify amid slowing e-commerce revenue growth at home - due in part to markets in China's biggest cities saturating. JD also reported better-than-expected second-quarter revenue on Tuesday, boosted by stronger sales in its online retail business. Alibaba's revenue rose 42 per cent to 114.92 billion yuan ($16.32 billion) in its first quarter ended June 30 from 80.92 billion yuan, a year earlier. Analysts had expected revenue of 111.73 billion yuan, according to IBES data from Refinitiv. Revenue at its cloud computing business rose 66 per cent to 7.79 billion yuan, while revenue from its core commerce business rose 44 per cent to 99.54 billion yuan. Net income attributable to ordinary shareholders was 21.25 billion yuan. Excluding items, the company earned 12.55 yuan per American Depository Share. Analysts were expecting 10.25 yuan per ADS, according to IBES data from Refinitiv.

Alibaba results beat estimates on the cloud, E-commerce growth

India's annual wholesale price inflation in July eased to 1.08% from a year ago period, government data showed on Wednesday, boosted by a fall in prices of fuel products.

India's annual wholesale price inflation in July eased to 1.08% from a year ago period, government data showed on Wednesday, boosted by a fall in prices of fuel products. Last month, the wholesale price inflation was below the forecast of 1.93% by economists in a Reuters poll and provisional 2.02% in June. Wholesale food prices in July rose 4.54% year-on-year, compared with a 5.04% jump a month earlier, the data showed.

India's July wholesale price inflation inflation eases to 1.08%

Indian shares followed their Asian peers higher on Wednesday after Washington delayed tariffs on some Chinese imports, bringing some relief to global markets rattled by a bruising trade conflict.

Indian shares followed their Asian peers higher on Wednesday after Washington delayed tariffs on some Chinese imports, bringing some relief to global markets rattled by a bruising trade conflict. The broader NSE Nifty rose 0.36% to 10,964.20 as of 0439 GMT, while the benchmark BSE Sensex gained 0.37% to 37,095.80. US President Donald Trump delayed his September 1 deadline for 10% tariffs on some Chinese imports, delaying duties on a range of consumer goods and sending Wall Street stocks soaring on Tuesday. The trade conflict has disrupted global supply chains and slowed economic growth, dampening sentiment across markets. The Nifty metal index gained 1%, led by a 4% increase in manufacturer Tata Steel Ltd, which rose in tandem with commodity prices and was the top gainer on the NSE Nifty. Data showed on Tuesday that India's retail inflation rate had eased slightly in July, although economists said the numbers also indicated subdued demand conditions. Meanwhile, the rupee strengthened slightly on Wednesday to a high of 70.85 against the dollar, after hitting a near six-month low on Tuesday. The positive market reaction after Trump's move followed several sessions dominated by negative headlines, said Dhananjay Sinha, head of institutional research at Emkay Global Financial Services in Mumbai. "There has been a fair amount of pessimism in the last 15 days or so," Sinha said. "Sentiment in the manufacturing sector has been weak since the trade war began. So any positive news on that front is seen as positive for the market." The NSE index has slipped some 9% since its highest level this year amid worries of slowing economic growth and a proposal to raise taxes for foreign portfolio investors. Earlier this week, fears about a drawn out Sino-US trade war, protests in Hong Kong and a crash in Argentina's peso currency also drove investors to safe harbours. Meanwhile, drugmakers Dr Reddy's Laboratories Ltd and Sun Pharmaceutical Industries Ltd fell some 5% each and were the top decliners on the NSE index on Wednesday. Dr Reddy's said US regulators did not approve its female contraceptive, while Sun Pharmaceutical dropped even as it reported a double-digit rise in June-quarter profits.

Nifty, Sensex rises as US President Trump delays China tariffs

<a href="https://www.wionews.com/world/in-blow-to-mexican-president-finance-minister-quits-over-economic-extremism-234645">Wall&nbsp;Street&nbsp;main indexes slid 1.5 per cent</a> on Wednesday, as a closely watched US bond market indicator pointed to a renewed risk of recession following poor economic data from Germany and China.

Yields on the two-year Treasury notes rose above the 10-year yield for the first time since 2007, a metric widely viewed as a classic recession signal.

The interest-rate sensitive bank index slipped 2.50 per cent and the broader financial sector fell 1.95 per cent in response.

Slumping exports sent Germany's economy into reverse in the second quarter, while Chinese industrial output growth cooled to a more than 17-year low in July, putting the focus back on a bruising <a href="https://www.wionews.com/opinions/us-china-trade-war-is-making-china-stronger-234526">US-China trade war</a> and its impact on global growth.

The downbeat mood followed a rally in&nbsp;Wall&nbsp;Street's main indexes on Tuesday thanks to the Trump administration's decision to delay tariffs on some Chinese imports.

"It's almost as if global investors either don't buy the tariff delay as a sign of real progress in the US-China trade war or have been too consumed by further evidence of global economic weakness to care," BMO Capital Markets strategist Stephen Gallo said.

At 9:52 a.m. ET, the Dow Jones Industrial Average was down 406.73 points, or 1.55 per cent, at 25,873.18, the S&amp;P 500 was down 44.61 points, or 1.52 per cent, at 2,881.71. The Nasdaq Composite was down 140.86 points, or 1.76per cent, at 7,875.50.

The high-growth technology sector was the hardest hit. Shares of Apple Inc were down 1.74per cent after boosting markets a day earlier with a 4per cent rise.

Chipmakers were also down, with the Philadelphia chip index slumping 2.09per cent.

The biggest decliner on the S&amp;P 500 index was Macy's Inc, down 17.2per cent, after the department store operator cut its full-year profit forecast as it discounted heavily to clear excess spring season inventory.

Rivals Target Corp and Nordstrom Inc slipped 3.4per cent and 9.8per cent, respectively.

Declining issues outnumbered advancers for a 5.40-to-1 ratio on the NYSE and a 5.99-to-1 ratio on the Nasdaq.

The S&amp;P index recorded eight new 52-week highs and 35 new lows, while the Nasdaq recorded eight new highs and 126 new lows

Wall Street main indexes slid 1.5 per cent on Wednesday, as a closely watched US bond market indicator pointed to a renewed risk of recession following poor economic data from Germany and China.

Wall Street main indexes slid 1.5 per cent on Wednesday, as a closely watched US bond market indicator pointed to a renewed risk of recession following poor economic data from Germany and China. Yields on the two-year Treasury notes rose above the 10-year yield for the first time since 2007, a metric widely viewed as a classic recession signal. The interest-rate sensitive bank index slipped 2.50 per cent and the broader financial sector fell 1.95 per cent in response. Slumping exports sent Germany's economy into reverse in the second quarter, while Chinese industrial output growth cooled to a more than 17-year low in July, putting the focus back on a bruising US-China trade war and its impact on global growth. The downbeat mood followed a rally in Wall Street's main indexes on Tuesday thanks to the Trump administration's decision to delay tariffs on some Chinese imports. "It's almost as if global investors either don't buy the tariff delay as a sign of real progress in the US-China trade war or have been too consumed by further evidence of global economic weakness to care," BMO Capital Markets strategist Stephen Gallo said. At 9:52 a.m. ET, the Dow Jones Industrial Average was down 406.73 points, or 1.55 per cent, at 25,873.18, the S&P 500 was down 44.61 points, or 1.52 per cent, at 2,881.71. The Nasdaq Composite was down 140.86 points, or 1.76per cent, at 7,875.50. The high-growth technology sector was the hardest hit. Shares of Apple Inc were down 1.74per cent after boosting markets a day earlier with a 4per cent rise. Chipmakers were also down, with the Philadelphia chip index slumping 2.09per cent. The biggest decliner on the S&P 500 index was Macy's Inc, down 17.2per cent, after the department store operator cut its full-year profit forecast as it discounted heavily to clear excess spring season inventory. Rivals Target Corp and Nordstrom Inc slipped 3.4per cent and 9.8per cent, respectively. Declining issues outnumbered advancers for a 5.40-to-1 ratio on the NYSE and a 5.99-to-1 ratio on the Nasdaq. The S&P index recorded eight new 52-week highs and 35 new lows, while the Nasdaq recorded eight new highs and 126 new lows

Wall Street slides over 600 points as recession fears grow

<a href="https://www.wionews.com/world/facebook-begins-adding-its-name-to-some-screens-on-instagram-240369">Facebook Inc </a>has been paying outside contractors to transcribe audio clips from users of its services, Bloomberg reported on Tuesday, citing people familiar with the matter.

The company confirmed that it had been transcribing users' audio and said it was no longer doing so, Bloomberg reported.

<a href="https://www.wionews.com/business-economy/companies-using-facebook-like-button-liable-for-data-european-union-court-239226">Facebook</a> did not immediately respond to a Reuters request for comment.

Bloomberg, citing the company, reported that the users who were affected chose the option in the Messenger app to have their voice chats transcribed. The contractors were checking whether <a href="https://www.wionews.com/videos/gravitas-facebook-fined-but-does-it-make-a-dent-238501">Facebook</a>'s artificial intelligence correctly interpreted the messages.

Shares of Facebook pared gains after the report and were up 1.66% at $188.44.

The social media company has been facing broad criticism from lawmakers and regulators over its privacy practices.

Last week, a federal appeals court rejected Facebook's effort to undo a class action lawsuit claiming that it illegally collected and stored biometric data for millions of users without their consent. The company also agreed to pay a record $5 billion fine last month to settle a US Federal Trade Commission data privacy probe.

Earlier this month, Apple Inc and Alphabet Inc's Google globally suspended reviewing recordings from users interacting with their voice assistants, as concerns over data privacy mount.

Facebook Inc has been paying outside contractors to transcribe audio clips from users of its services, Bloomberg reported on Tuesday, citing people familiar with the matter.

Facebook Inc has been paying outside contractors to transcribe audio clips from users of its services, Bloomberg reported on Tuesday, citing people familiar with the matter. The company confirmed that it had been transcribing users' audio and said it was no longer doing so, Bloomberg reported. Facebook did not immediately respond to a Reuters request for comment. Bloomberg, citing the company, reported that the users who were affected chose the option in the Messenger app to have their voice chats transcribed. The contractors were checking whether Facebook's artificial intelligence correctly interpreted the messages. Shares of Facebook pared gains after the report and were up 1.66% at $188.44. The social media company has been facing broad criticism from lawmakers and regulators over its privacy practices. Last week, a federal appeals court rejected Facebook's effort to undo a class action lawsuit claiming that it illegally collected and stored biometric data for millions of users without their consent. The company also agreed to pay a record $5 billion fine last month to settle a US Federal Trade Commission data privacy probe. Earlier this month, Apple Inc and Alphabet Inc's Google globally suspended reviewing recordings from users interacting with their voice assistants, as concerns over data privacy mount.

Facebook paid contractors to transcribe users' audio: Report

Indian stock indexes ended almost 1% higher on Wednesday, after Washington delayed tariffs on some Chinese imports, bringing relief to markets across Asia.

The benchmark NSE Nifty ended 0.95% higher at 11,029.40, while the benchmark BSE Sensex closed down 0.96% at 37,311.53.

Shares in Tata Steel Ltd, Jindal Steel and Power Ltd and Vedanta Ltd were among the top gainers on the NSE index, gaining amid a rise in commodity prices.

The Nifty metal index, which has slid nearly 24% since the beginning of the year, rose 2.3%.

Indian stock indexes ended almost 1% higher on Wednesday, after Washington delayed tariffs on some Chinese imports, bringing relief to markets across Asia. The benchmark NSE Nifty ended 0.

Indian stock indexes ended almost 1% higher on Wednesday, after Washington delayed tariffs on some Chinese imports, bringing relief to markets across Asia. The benchmark NSE Nifty ended 0.95% higher at 11,029.40, while the benchmark BSE Sensex closed down 0.96% at 37,311.53. Shares in Tata Steel Ltd, Jindal Steel and Power Ltd and Vedanta Ltd were among the top gainers on the NSE index, gaining amid a rise in commodity prices. The Nifty metal index, which has slid nearly 24% since the beginning of the year, rose 2.3%.

Nifty, Sensex end higher after Trump delays China tariffs

A slump in exports sent Germany's economy into reverse in the second quarter, data showed, as its manufacturers bore the brunt of a global slowdown amplified by tariff conflicts and uncertainty over Brexit.

A slump in exports sent Germany's economy into reverse in the second quarter, data showed, as its manufacturers bore the brunt of a global slowdown amplified by tariff conflicts and uncertainty over Brexit. Gross domestic product (GDP) fell 0.1per cent quarter-on-quarter, in line with a Reuters poll of analysts, as several observers raised prospects of another contraction in the third quarter, and the industrial sector suggested the government should ditch its balanced budget and kick-start growth via fiscal stimulus. On a calendar-adjusted basis, the annual growth rate in Europe's largest economy slowed to 0.4per cent in the second quarter from 0.9per cent in the first, Wednesday's Federal Statistics Office data showed. For 2019 overall, Berlin expects growth of just 0.5per cent. "The bottom line is that the German economy is teetering on the edge of recession," Andrew Kenningham from Capital Economics said, noting that exporters were facing an even bigger potential hit if a threatened no-deal exit from the EU by Britain materialised on Oct. 31. Many economists define a recession as two consecutive quarterly contractions. Despite Wednesday's headline quarterly figure matching expectations, markets also took fright, with the yield on Germany's benchmark 10-year government bond hitting a record low of -0.624per cent. The global slowdown has impacted growth across western Europe, but Germany's traditionally export-reliant economy has been particularly vulnerable. The statistics office said that net trade slowed economic activity as exports recorded a stronger quarter-on-quarter decrease than imports. Construction was also a drag after the sector pushed up overall growth in the first three months due to an unusually mild winter. "Today's GDP report marks the end of a golden decade for the German economy," Cars ten Brzeski from ING said. "It was a decade of strong growth on the back of earlier structural reforms, fiscal stimulus, localisation at its peak and steroids provided by the ECB in the form of low-interest rates and a relatively weak euro." Domestic safety net? Domestic demand has become an important growth driver for Germany in recent years as consumers benefit from record-high employment, inflation-busting pay hikes and low borrowing costs. Positive contributions came from that source in the second quarter, as household consumption, government expenditure and gross fixed capital formation increased in the quarter, the statistics office said. But analysts suggested the positive impact of those factors was waning. "For a year now, the German economy has been only crawling forward," UniCredit analyst Andreas Rees said, with the many uncertainties facing German exporters presaging more pain in the rest of the year. "Besides Brexit, this is above all the US-Sino trade dispute and possible US tariffs on European cars," Rees said. ING's Brzeski said that, with trade conflicts, global uncertainty and the struggling automotive sector having "finally brought the German economy to its knees," a national debate about fiscal stimulus would get more heated. In a usual move, the powerful BDI industry association joined the growing chorus of voices demanding that the German government ditch its balanced budget rule. "In contrast to the debt brake, which is enshrined in the constitution, the black zero (balanced budget) should be called into question in an economically fragile situation," its managing director Joachim Lang wrote in a guest article in Wednesday's edition of business daily Handelsblatt. His comments came after a government official told Reuters last week that Berlin was considering issuing new debt to finance a costly climate protection package. Chancellor Angela Merkel had on Tuesday poured cold water on domestic and international calls for more fiscal stimulus, saying there was no need 'right now' for such a move. Merkel also pointed to already agreed fiscal steps such as the abolishment of the Soli income tax surcharge for most employees from 2021, a relief worth some 11 billion euros per year that is likely to support domestic demand and with its overall growth.

Shrinking German economy 'on edge of recession' as exports stutter

<a href="https://www.wionews.com/world/oil-prices-slip-for-second-day-on-global-growth-fears-228302">Oil prices fell on Wednesday on disappointing </a>economic data from China and a rise in US crude inventories, erasing some of the sharp gains in the previous session after the US said it would delay tariffs on some Chinese products, easing trade tensions.

<a href="https://www.wionews.com/business-economy/oil-inches-down-as-inventory-data-counters-trade-deal-hopes-228693">Brent crude was down 46 cents</a>, or 0.8 per cents, at $60.84 a barrel at 0639 GMT, after rising 4.7 per cents on Tuesday, the biggest percentage gain since December.

US oil was down 62 cents, or 1.1per cents, at $56.48 a barrel, having risen 4per cents the previous session, the most in just over a month.

China reported a raft of unexpectedly weak data for July, including a surprise drop in industrial output growth to a more than 17-year low, underlining widening economic cracks as the trade war with the United States intensifies.

"Deteriorating China industrial output and consumer spending suggest the fundamental picture isn't great and the demand for energy may be under the pressure," said Margaret Yang, market analyst at CMC Markets.

Profit-taking after Tuesday's sharp gains also weighed on crude prices on Wednesday, analysts said.

"The moves in oil were so outsized overnight, that some profit-taking in Asia was logical," said Jeffrey Halley, senior market analyst, Asia Pacific at OANDA.

Benchmark crude prices surged on Tuesday after US&nbsp;President Donald Trump backed off his Sept. 1 deadline for 10per cents tariffs on some products affecting about half of the $300 billion target list of Chinese goods.

But with about $110 billion worth of Chinese imports still subject to the tariffs increase next month, the delay will not solve the core issues between the US and China, said Yang.

"Markets will perhaps soon come down to earth and face the reality of a world of elevated trade tariffs, slower growth and policy inconsistency," Yang said.

Markets have been pummelled in recent weeks amid tough talk from Trump on trade.

China's commerce ministry said in a statement on Tuesday that US and Chinese trade officials spoke on the phone and agreed to talk again within two weeks.

Data from industry group the American Petroleum Institute (API) showed US crude stocks unexpectedly rose last week.

Crude inventories increased by 3.7 million barrels to 443 million, compared with analyst expectations for a decrease of 2.8 million barrels, the API said.

Oil prices fell on Wednesday on disappointing economic data from China and a rise in US crude inventories, erasing some of the sharp gains in the previous session after the US said it would delay tariffs on some Chinese products, easing trade tensions.

Oil prices fell on Wednesday on disappointing economic data from China and a rise in US crude inventories, erasing some of the sharp gains in the previous session after the US said it would delay tariffs on some Chinese products, easing trade tensions. Brent crude was down 46 cents, or 0.8 per cents, at $60.84 a barrel at 0639 GMT, after rising 4.7 per cents on Tuesday, the biggest percentage gain since December. US oil was down 62 cents, or 1.1per cents, at $56.48 a barrel, having risen 4per cents the previous session, the most in just over a month. China reported a raft of unexpectedly weak data for July, including a surprise drop in industrial output growth to a more than 17-year low, underlining widening economic cracks as the trade war with the United States intensifies. "Deteriorating China industrial output and consumer spending suggest the fundamental picture isn't great and the demand for energy may be under the pressure," said Margaret Yang, market analyst at CMC Markets. Profit-taking after Tuesday's sharp gains also weighed on crude prices on Wednesday, analysts said. "The moves in oil were so outsized overnight, that some profit-taking in Asia was logical," said Jeffrey Halley, senior market analyst, Asia Pacific at OANDA. Benchmark crude prices surged on Tuesday after US President Donald Trump backed off his Sept. 1 deadline for 10per cents tariffs on some products affecting about half of the $300 billion target list of Chinese goods. But with about $110 billion worth of Chinese imports still subject to the tariffs increase next month, the delay will not solve the core issues between the US and China, said Yang. "Markets will perhaps soon come down to earth and face the reality of a world of elevated trade tariffs, slower growth and policy inconsistency," Yang said. Markets have been pummelled in recent weeks amid tough talk from Trump on trade. China's commerce ministry said in a statement on Tuesday that US and Chinese trade officials spoke on the phone and agreed to talk again within two weeks. Data from industry group the American Petroleum Institute (API) showed US crude stocks unexpectedly rose last week. Crude inventories increased by 3.7 million barrels to 443 million, compared with analyst expectations for a decrease of 2.8 million barrels, the API said.

Oil prices fall as China economic data disappoints, US inventories gain