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

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

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

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

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

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

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

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

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

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

RBI's task force recommends moves to ease credit markets

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

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

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

Sensex tanks 770 points on poor growth numbers

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

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

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

Saudi Arabia replaces Aramco chairman ahead of potential IPO

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

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

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

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

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

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

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

Asian markets down as China-US tariffs kick in

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

External Affairs Minister S Jaishankar discusses bilateral ties with Belgian counterpart

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

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

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

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

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

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

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

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

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

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

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

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

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

Sanctions-hit Lebanese bank denies Hezbollah ties

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

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

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

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

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

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

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

Equity benchmark indices were in the positive zone during early hours on Friday in line with global cues while investors remain cautious ahead of the first fiscal quarter GDP data.

At 10:50 am, the BSE S&amp;P Sensex was up by 9 points at 37,060.26 while the Nifty 50 edged higher by 4.20 points to 10,952.65.

At the National Stock Exchange, all sectoral indices were up except for Nifty IT.&nbsp;

The metal gained by 2.36 per cent, PSU bank by 1.08 per cent and realty by nearly 1 per cent. Nifty IT slipped by 0.6 per cent.

Among stocks, metal stocks showed handsome gains with Hindalco up by 3.8 per cent, Tata Steel by 3.1 per cent, Vedanta by 2.6 per cent and JSW Steel by 2.2 per cent.

The other prominent gainers included GAIL, ONGC, ITC, Britannia, Tata Motors and Bajaj Finserv.

However, IT stocks like Tech Mahindra, HCL Tech, Tata Consultancy Services and Infosys witnessed marginal declines.

Meanwhile, Asian shares jumped to a one-week high following strong gains on the Wall Street overnight amid signs that China is open to a resolution of its trade war with the United States. Investors also hoped that central banks and governments will do more to avert a global growth slowdown.

The MSCI's broadest index of Asia Pacific shares outside Japan was up by 1 per cent. Japan's Nikkei jumped 1.2 per cent while South Korea's KOSPI index gained 1.7 per cent.

Equity benchmark indices were in the positive zone during early hours on Friday in line with global cues while investors remain cautious ahead of the first fiscal quarter GDP data.

Equity benchmark indices were in the positive zone during early hours on Friday in line with global cues while investors remain cautious ahead of the first fiscal quarter GDP data. At 10:50 am, the BSE S&P Sensex was up by 9 points at 37,060.26 while the Nifty 50 edged higher by 4.20 points to 10,952.65. At the National Stock Exchange, all sectoral indices were up except for Nifty IT. The metal gained by 2.36 per cent, PSU bank by 1.08 per cent and realty by nearly 1 per cent. Nifty IT slipped by 0.6 per cent. Among stocks, metal stocks showed handsome gains with Hindalco up by 3.8 per cent, Tata Steel by 3.1 per cent, Vedanta by 2.6 per cent and JSW Steel by 2.2 per cent. The other prominent gainers included GAIL, ONGC, ITC, Britannia, Tata Motors and Bajaj Finserv. However, IT stocks like Tech Mahindra, HCL Tech, Tata Consultancy Services and Infosys witnessed marginal declines. Meanwhile, Asian shares jumped to a one-week high following strong gains on the Wall Street overnight amid signs that China is open to a resolution of its trade war with the United States. Investors also hoped that central banks and governments will do more to avert a global growth slowdown. The MSCI's broadest index of Asia Pacific shares outside Japan was up by 1 per cent. Japan's Nikkei jumped 1.2 per cent while South Korea's KOSPI index gained 1.7 per cent.

Equity gauges in the green, metal stocks shine

Stocks floated higher on Thursday, lifted by positive sentiment surrounding the <a href="https://www.wionews.com/world/china-hopes-us-will-create-conditions-necessary-for-september-trade-talks-246427">US-China trade war</a>, while the pound steadied after a Brexit-fueled slump.

China's Commerce Ministry hinted Beijing could break the cycle of tit-for-tat retaliation in the trade war with the United States, while in Washington US President Donald Trump said the two sides continued to talk.

Hope the countries could avoid catastrophe sent Wall Street higher for a second day while European stocks rebounded and London consolidated gains. Asian bourses were mainly flat.

"People are holding out hope," Maris Ogg of Tower Bridge Advisors told AFP, although that optimism may prove short lived.

"If the trade wars go away or dissipates, clearly you have a healthier economic environment," she said. "But you need some concrete actions for this to have long term impact."

In Milan, the FTSE MIB index gained almost 2.0 percent after Italian President Sergio Mattarella gave Prime Minister Giuseppe Conte a mandate to form a new government &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;

Investors were mulling the significance of a fall in yields on 10-year US Treasurys, which recently dropped below that for two-year Treasury notes -- widely viewed as a reliable recession indicator.

It comes against a backdrop of slowing global growth.

In foreign exchange, the pound was stable a day after it fell on UK Prime Minister Boris Johnson's shock decision to bring an end to the parliamentary year and not restart it until mid-October.

While he said the extended recess was to draw up a full legislative program, anti-Brexiters were fuming that it would cut short any time they could have to debate a plan to avert a no-deal exit from the EU on October 31, with some calling it a "coup."

Johnson could face a vote of no confidence, which could lead to a British general election and continued uncertainty for the already struggling economy.

The euro fell back as incoming European Central Bank chief Christine Lagarde signaled that she would stick with Mario Draghi's controversial expansionary monetary policy that has propped up the eurozone economy amid growing risks to growth.

- Key figures around 2100 GMT -

New York - Dow: UP 1.3 percent at 26,362.25 (close)

New York - S&amp;P 500: UP 1.3 percent at 2,924.58 (close)

New York - Nasdaq: UP 1.5 percent at 7,973.39 (close)

London - FTSE 100: UP 1.0 percent at 7,184.32 points (close)

Frankfurt - DAX 30: UP 1.2 percent at 11,838.88 (close)

Paris - CAC 40: UP 1.5 percent at 5,449.97 (close)

EURO STOXX 50: UP 1.4 percent at 3,411.33 (close)

Tokyo - Nikkei 225: DOWN 0.1 percent at 20,460.93 (close)

Hong Kong - Hang Seng: UP 0.3 percent at 25,703.50 (close)

Shanghai - Composite: DOWN 0.1 percent at 2,890.92 (close)

Pound/dollar: DOWN at $1.2182 from $1.2213 at 2100 GMT

Euro/pound: UP at 90.76 pence from 90.68 pence

Euro/dollar: DOWN at $1.1057 from $1.1076

Dollar/yen: UP at 106.51 yen from 106.14 yen

Brent North Sea crude: UP 59 cents at $61.08 per barrel

West Texas Intermediate: UP 93 cents at $56.71 per barrel 
&nbsp;

Stocks floated higher on Thursday, lifted by positive sentiment surrounding the US-China trade war, while the pound steadied after a Brexit-fueled slump. China's Commerce Ministry hinted Beijing could break the cycle of tit-for-tat retaliation in the trade war with the United States, while in Washington US President Donald Trump said the two sides continued to talk.

Stocks floated higher on Thursday, lifted by positive sentiment surrounding the US-China trade war, while the pound steadied after a Brexit-fueled slump. China's Commerce Ministry hinted Beijing could break the cycle of tit-for-tat retaliation in the trade war with the United States, while in Washington US President Donald Trump said the two sides continued to talk. Hope the countries could avoid catastrophe sent Wall Street higher for a second day while European stocks rebounded and London consolidated gains. Asian bourses were mainly flat. "People are holding out hope," Maris Ogg of Tower Bridge Advisors told AFP, although that optimism may prove short lived. "If the trade wars go away or dissipates, clearly you have a healthier economic environment," she said. "But you need some concrete actions for this to have long term impact." In Milan, the FTSE MIB index gained almost 2.0 percent after Italian President Sergio Mattarella gave Prime Minister Giuseppe Conte a mandate to form a new government Investors were mulling the significance of a fall in yields on 10-year US Treasurys, which recently dropped below that for two-year Treasury notes -- widely viewed as a reliable recession indicator. It comes against a backdrop of slowing global growth. In foreign exchange, the pound was stable a day after it fell on UK Prime Minister Boris Johnson's shock decision to bring an end to the parliamentary year and not restart it until mid-October. While he said the extended recess was to draw up a full legislative program, anti-Brexiters were fuming that it would cut short any time they could have to debate a plan to avert a no-deal exit from the EU on October 31, with some calling it a "coup." Johnson could face a vote of no confidence, which could lead to a British general election and continued uncertainty for the already struggling economy. The euro fell back as incoming European Central Bank chief Christine Lagarde signaled that she would stick with Mario Draghi's controversial expansionary monetary policy that has propped up the eurozone economy amid growing risks to growth. - Key figures around 2100 GMT - New York - Dow: UP 1.3 percent at 26,362.25 (close) New York - S&P 500: UP 1.3 percent at 2,924.58 (close) New York - Nasdaq: UP 1.5 percent at 7,973.39 (close) London - FTSE 100: UP 1.0 percent at 7,184.32 points (close) Frankfurt - DAX 30: UP 1.2 percent at 11,838.88 (close) Paris - CAC 40: UP 1.5 percent at 5,449.97 (close) EURO STOXX 50: UP 1.4 percent at 3,411.33 (close) Tokyo - Nikkei 225: DOWN 0.1 percent at 20,460.93 (close) Hong Kong - Hang Seng: UP 0.3 percent at 25,703.50 (close) Shanghai - Composite: DOWN 0.1 percent at 2,890.92 (close) Pound/dollar: DOWN at $1.2182 from $1.2213 at 2100 GMT Euro/pound: UP at 90.76 pence from 90.68 pence Euro/dollar: DOWN at $1.1057 from $1.1076 Dollar/yen: UP at 106.51 yen from 106.14 yen Brent North Sea crude: UP 59 cents at $61.08 per barrel West Texas Intermediate: UP 93 cents at $56.71 per barrel

Global stocks boosted by China-US talk hopes

India's GDP growth slowed down to 5 per cent in the first quarter of the financial year FY20&nbsp;indicating that that slowdown in the Indian economy persists.

The GDP growth fell from 5.8 per cent to 5 per cent in the April to June period in 2019.

In May, the government had announced India's GDP figures for January-March quarter of 2018-19&nbsp;had slipped to 5.8 per cent against 6.6 per cent in the third quarter due to poor performance in agriculture and manufacturing sectors.

The Central Statistics Office (CSO) had said that GDP growth during 2018-19 fiscal had stood at 6.8 per cent&nbsp;lower than 7.2 per cent in the previous financial year.

India's GDP growth slowed down to 5 per cent in the first quarter of the financial year FY20 indicating that that slowdown in the Indian economy persists. The GDP growth fell from 5.

India's GDP growth slowed down to 5 per cent in the first quarter of the financial year FY20 indicating that that slowdown in the Indian economy persists. The GDP growth fell from 5.8 per cent to 5 per cent in the April to June period in 2019. In May, the government had announced India's GDP figures for January-March quarter of 2018-19 had slipped to 5.8 per cent against 6.6 per cent in the third quarter due to poor performance in agriculture and manufacturing sectors. The Central Statistics Office (CSO) had said that GDP growth during 2018-19 fiscal had stood at 6.8 per cent lower than 7.2 per cent in the previous financial year.

India's GDP growth falls to 5 per cent in April-June 2019

<a href="https://www.wionews.com/business-economy/sensex-and-nifty-fall-on-recession-worries-financials-metals-drag-246328">Indian shares</a> ended higher on Friday, recording their first weekly gain in three, as investors cheered signs of progress in the US-China trade dispute, with hopes of additional government stimulus fueling the risk-on sentiment.

The broader NSE Nifty ended up 0.68 per cent at 11,023.25, while the benchmark BSE Sensex closed 0.71 per cent higher at 37,332.79.&nbsp;

For the week, the NSE Nifty gained 1.79 per cent and the BSE Sensex added 1.72 per cent.

Pharma and fast-moving consumer goods stocks led the gains, with their indexes closing 2.02 per cent and 1.76 per cent higher, respectively.

Yes Bank ended 1.11 per cent higher, while Sun Pharma closed up 3.62 per cent.

They finished the day as the top gainers among the blue-chip stocks.

Among losers, Bharti Infratel ended 3.1 per cent lower.

Indian shares ended higher on Friday, recording their first weekly gain in three, as investors cheered signs of progress in the US-China trade dispute, with hopes of additional government stimulus fueling the risk-on sentiment.

Indian shares ended higher on Friday, recording their first weekly gain in three, as investors cheered signs of progress in the US-China trade dispute, with hopes of additional government stimulus fueling the risk-on sentiment. The broader NSE Nifty ended up 0.68 per cent at 11,023.25, while the benchmark BSE Sensex closed 0.71 per cent higher at 37,332.79. For the week, the NSE Nifty gained 1.79 per cent and the BSE Sensex added 1.72 per cent. Pharma and fast-moving consumer goods stocks led the gains, with their indexes closing 2.02 per cent and 1.76 per cent higher, respectively. Yes Bank ended 1.11 per cent higher, while Sun Pharma closed up 3.62 per cent. They finished the day as the top gainers among the blue-chip stocks. Among losers, Bharti Infratel ended 3.1 per cent lower.

Nifty, Sensex end higher after two weeks of losses; pharma gains

<a href="https://www.wionews.com/india-news/sitharaman-gives-mantra-of-restraint-to-tax-collectors-but-says-deadlines-are-realistic-246076">Finance Minister Nirmala Sithraman</a> on Friday announced four state-run banks mergers.&nbsp;India will now have 12 Public Sector Banks from 27.

While Punjab National Bank, Oriental Bank of Commerce and United Bank will merge, Sitharaman announced merger plans of three other PSU banks.

Canara Bank and Syndicate Bank will merge; Union Bank of India, Andhra Bank and Corporation Bank will come together while Indian bank will merge with Allahabad Bank.

<div class="ui-state-default" contenteditable="false">
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Finance Minister Nirmala Sitharaman: Punjab National Bank, Oriental Bank of Commerce and United Bank will be brought together and they shall form the second largest public sector bank with business of Rs 17.95 Lakh Crore. <a href="https://t.co/QhFCMVq2Gn">pic.twitter.com/QhFCMVq2Gn</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1167392602284412928?ref_src=twsrc%5Etfw">August 30, 2019</a></blockquote>
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Together, Punjab National Bank, Oriental Bank of Commerce and United Bank merger shall form the second largest public sector bank with the business of Rs 17.95 Lakh Crore, Sitharaman added.&nbsp;

The Canara Bank merger with Syndicate Bank will be the fourth largest Public Sector Bank with a business of Rs 15.20 lakh crores.

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Finance Minister Nirmala Sitharaman: Canara Bank with (merge) Syndicate Bank, they will be the fourth largest Public Sector Bank with business of Rs 15.20 lakh crores. <a href="https://t.co/nRshTrYLxS">pic.twitter.com/nRshTrYLxS</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1167393394982674432?ref_src=twsrc%5Etfw">August 30, 2019</a></blockquote>
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The merger between Union Bank of India, Andhra Bank and Corporation Bank shall become the fifth largest public sector bank now whereas Indian Bank amalgamation with Allahabad Bank will be the seventh-largest Public Sector Bank with a business amounting to Rs 8.08 lakh crores.

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Finance Minister Nirmala Sitharaman: Indian Bank with (merge) Allahabad Bank, they will be the seventh largest Public Sector Bank with business of Rs 8.08 lakh crores. <a href="https://t.co/4cFafOybzH">pic.twitter.com/4cFafOybzH</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1167393736105455618?ref_src=twsrc%5Etfw">August 30, 2019</a></blockquote>
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During her address, the finance minister stated that the Gross Non Performing Assets have come down from 8.65 lakh crores to 7.90 lakh crores.

"Specialised agencies have been set up who are monitoring every loan which is over Rs 250 crores," she said, adding that loan recoveries have hit a recover level of Rs.1,21,076 crore.

Finance secretary Rajeev Kumar said that there has been no retrenchment so far and that there is no of the same.&nbsp;

"The benefits of employment and HR will improve, with amalgamation the best combination will be taken up," he said.&nbsp;

Just yesterday, the Reserve Bank of India in its annual report revealed that&nbsp;the number of <a href="https://www.wionews.com/business-economy/bank-frauds-climb-by-74-to-rs-71543-crore-in-fy19-rbi-annual-report-246433">frauds reported by banks has shot</a> up by 15 per cent in the financial 2018-19 on a year-on-year basis.&nbsp;

The amount involved in such frauds rose by 73.8 per cent, though mostly related to occurrences in earlier years.&nbsp;The banking sector reported 6,801 frauds involving Rs 71,542.93 crore in the financial year 2018-19 as opposed to 5,916 cases involving Rs 41,167.04 crore reported in the previous financial year.

"The average lag between the date of occurrence and its detection by banks was 22 months," while the "average lag for large frauds, i.e. Rs 1 billion and above, amounting to Rs 522 billion reported during 2018-19, was 55 months," the top bank stated in its report which was uploaded on its website.&nbsp;

The bulk of frauds reported in 2018-19 come from bank groups PSBs that constitute the largest market share in bank lending, followed by private sector banks and foreign banks.&nbsp;

Finance Minister Nirmala Sithraman on Friday announced four state-run banks mergers. India will now have 12 Public Sector Banks from 27. While Punjab National Bank, Oriental Bank of Commerce and United Bank will merge, Sitharaman announced merger plans of three other PSU banks.

Finance Minister Nirmala Sithraman on Friday announced four state-run banks mergers. India will now have 12 Public Sector Banks from 27. While Punjab National Bank, Oriental Bank of Commerce and United Bank will merge, Sitharaman announced merger plans of three other PSU banks. Canara Bank and Syndicate Bank will merge; Union Bank of India, Andhra Bank and Corporation Bank will come together while Indian bank will merge with Allahabad Bank. Finance Minister Nirmala Sitharaman: Punjab National Bank, Oriental Bank of Commerce and United Bank will be brought together and they shall form the second largest public sector bank with business of Rs 17.95 Lakh Crore. pic.twitter.com/QhFCMVq2Gn — ANI (@ANI) August 30, 2019 × Together, Punjab National Bank, Oriental Bank of Commerce and United Bank merger shall form the second largest public sector bank with the business of Rs 17.95 Lakh Crore, Sitharaman added. The Canara Bank merger with Syndicate Bank will be the fourth largest Public Sector Bank with a business of Rs 15.20 lakh crores. Finance Minister Nirmala Sitharaman: Canara Bank with (merge) Syndicate Bank, they will be the fourth largest Public Sector Bank with business of Rs 15.20 lakh crores. pic.twitter.com/nRshTrYLxS — ANI (@ANI) August 30, 2019 × The merger between Union Bank of India, Andhra Bank and Corporation Bank shall become the fifth largest public sector bank now whereas Indian Bank amalgamation with Allahabad Bank will be the seventh-largest Public Sector Bank with a business amounting to Rs 8.08 lakh crores. Finance Minister Nirmala Sitharaman: Indian Bank with (merge) Allahabad Bank, they will be the seventh largest Public Sector Bank with business of Rs 8.08 lakh crores. pic.twitter.com/4cFafOybzH — ANI (@ANI) August 30, 2019 × During her address, the finance minister stated that the Gross Non Performing Assets have come down from 8.65 lakh crores to 7.90 lakh crores. "Specialised agencies have been set up who are monitoring every loan which is over Rs 250 crores," she said, adding that loan recoveries have hit a recover level of Rs.1,21,076 crore. Finance secretary Rajeev Kumar said that there has been no retrenchment so far and that there is no of the same. "The benefits of employment and HR will improve, with amalgamation the best combination will be taken up," he said. Just yesterday, the Reserve Bank of India in its annual report revealed that the number of frauds reported by banks has shot up by 15 per cent in the financial 2018-19 on a year-on-year basis. The amount involved in such frauds rose by 73.8 per cent, though mostly related to occurrences in earlier years. The banking sector reported 6,801 frauds involving Rs 71,542.93 crore in the financial year 2018-19 as opposed to 5,916 cases involving Rs 41,167.04 crore reported in the previous financial year. "The average lag between the date of occurrence and its detection by banks was 22 months," while the "average lag for large frauds, i.e. Rs 1 billion and above, amounting to Rs 522 billion reported during 2018-19, was 55 months," the top bank stated in its report which was uploaded on its website. The bulk of frauds reported in 2018-19 come from bank groups PSBs that constitute the largest market share in bank lending, followed by private sector banks and foreign banks.

Mega bank reforms: Finance Minister Nirmala Sitharaman announces 4 state-run banks mergers

Equity benchmark indices traded higher in the afternoon trade on Friday ahead of GDP data and new government announcements to perk up the sluggish economic growth.

The BSE S&amp;P Sensex closed 264 points higher at 37,333 while the Nifty 50 edged up by 75 points to 11,023.At the National Stock Exchange, all sectoral indices were in the positive zone with Nifty pharma gaining by 2 per cent, metal by 1.6 per cent, realty by 1.3 per cent and PSU bank by 1 per cent.

Among stocks, Yes Bank emerged as the top gainer by moving up 5.2 per cent to close at Rs 60.40 per share.

IndusInd Bank gained by 3.5 per cent while Hindustan Lever inched up by 2.7 per cent.

Metal stocks like Tata Steel, Vedanta, JSW Steel and Hindalco gained between 2.7 to 3.3 per cent each.

Meanwhile, Asian shares jumped to a one-week high following strong gains on the Wall Street overnight amid signs that China is open to a resolution of its trade war with the United States.

However, investors had lingering recession fears and hoped that central banks and governments will do more to avert a global growth slowdown.

MSCI's broadest index of Asia-Pacific shares outside Japan rose to the highest since August 23 but soon pared some of those gains after Chinese and Hong Kong stock markets turned negative.

Arrests or detentions of pro-democracy activists in Hong Kong added to investor jitters.

But Japan's Nikkei jumped 1.2 per cent while South Korea's KOSPI index gained 1.8 per cent.

Equity benchmark indices traded higher in the afternoon trade on Friday ahead of GDP data and new government announcements to perk up the sluggish economic growth.

Equity benchmark indices traded higher in the afternoon trade on Friday ahead of GDP data and new government announcements to perk up the sluggish economic growth. The BSE S&P Sensex closed 264 points higher at 37,333 while the Nifty 50 edged up by 75 points to 11,023.At the National Stock Exchange, all sectoral indices were in the positive zone with Nifty pharma gaining by 2 per cent, metal by 1.6 per cent, realty by 1.3 per cent and PSU bank by 1 per cent. Among stocks, Yes Bank emerged as the top gainer by moving up 5.2 per cent to close at Rs 60.40 per share. IndusInd Bank gained by 3.5 per cent while Hindustan Lever inched up by 2.7 per cent. Metal stocks like Tata Steel, Vedanta, JSW Steel and Hindalco gained between 2.7 to 3.3 per cent each. Meanwhile, Asian shares jumped to a one-week high following strong gains on the Wall Street overnight amid signs that China is open to a resolution of its trade war with the United States. However, investors had lingering recession fears and hoped that central banks and governments will do more to avert a global growth slowdown. MSCI's broadest index of Asia-Pacific shares outside Japan rose to the highest since August 23 but soon pared some of those gains after Chinese and Hong Kong stock markets turned negative. Arrests or detentions of pro-democracy activists in Hong Kong added to investor jitters. But Japan's Nikkei jumped 1.2 per cent while South Korea's KOSPI index gained 1.8 per cent.

Sensex gains 264 points as fresh stimulus hopes spark sentiment

The United States and China gave signs on Thursday that they will resume trade talks as the two economic superpowers discussed the next round of in-person negotiations in September ahead of a looming deadline for additional US tariffs.

The United States and China gave signs on Thursday that they will resume trade talks as the two economic superpowers discussed the next round of in-person negotiations in September ahead of a looming deadline for additional US tariffs. A new round of US tariffs on some Chinese goods is scheduled to take effect on Sunday, threatening to escalate an already bitter trade war. President Donald Trump said some discussions were taking place on Thursday, with more talks scheduled. China's commerce ministry also said a September round of meetings was being discussed by the two sides but said it was important for Washington to cancel a tariff increase. "There is a talk scheduled for today at a different level," Trump said in an interview with Fox News Radio, without giving details. A spokesman for the United States trade representative could not immediately be reached for comment on the planned call. "China wants to make a deal," Trump said in the interview, adding that China was losing millions of jobs under pressure from US tariffs. "I think they want to make a deal, I sort of think they have to make a deal. We’ll see what happens." The Trump administration on Sunday is scheduled to begin collecting 15 per cent tariffs on more than $125 billion in Chinese imports, including smart speakers, Bluetooth headphones and many types of footwear. Trump last Friday said he was increasing existing and planned tariffs by 5 per cent on about $550 billion worth of Chinese imports after Beijing announced its retaliatory tariffs on US goods. Tariffs of 15 per cent on cellphones, laptop computers, toys, and clothing are to take effect on December 15. The US Trade Representative's Office said on Thursday it will collect public comments through September 20 on a planned tariff increase to 30 per cent on a $250 billion list of goods already hit with a 25 per cent tariff. US stocks rallied more than 1 per cent on Thursday on positive sentiment about the trade talks, although some analysts noted that Trump's comments were light on substance. Cancel the tariffs In Beijing, the Chinese commerce ministry spokesman Gao Feng told reporters that China hopes Washington can cancel the planned tariff increase to avoid an escalation in the trade war. "The most important thing at the moment is to create necessary conditions for both sides to continue negotiations," he said during a weekly briefing, adding that China was lodging "solemn representation" with the United States. Gao said China had "ample" countermeasures to retaliate against the planned US tariffs, but talks in the current circumstances should focus on whether the tariffs could be cancelled. He did not answer directly when asked if his remarks suggested China would not retaliate against the latest US tariff threat. For two years, the Trump administration has sought to pressure China to make sweeping changes to its policies on intellectual property protection, forced transfers of technology to Chinese firms, industrial subsidies and market access. China has consistently denied Washington's accusations that it engages in unfair trade practices, vowing to fight back in kind and criticizing US measures as protectionist. A survey of US companies doing business in China found that they are largely still making profits in China, but 81 per cent said escalating US-China trade tensions have affected their business operations. That marks an 8 percentage-point increase from 2018, said the US-China Business Council, which represents more than 220 US companies ranging from Boeing Co to Archer Daniels Midland and Hewlett Packard. The council's president, Craig Allen, a former senior US government official and expert on China, urged the United States and China to return to the negotiating table to end damaging tariffs and avert lasting damage to bilateral business ties. The survey showed US companies are losing sales because their Chinese customers increasingly view US companies as unreliable business partners given the volatility of the bilateral commercial relationship. Nearly 40 per cent of those surveyed said they lost sales because of Chinese partners' concerns about doing business with US companies, a seven-fold increase over 2018. In July 2018, the US-China trade dispute boiled over in tariffs on hundreds of billions of dollars' worth of each other's goods and threatens to engulf all trade between the countries, putting global growth at risk.

Signs of new US - China trade discussions emerge as increased tariffs loom

Global bond yields flirted with record lows while stocks struggled to recover on Thursday, as global recession worries from intensifying US-China frictions and the spectre of a no-deal Brexit drove investors to safer harbours.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.38%, Singapore shares hit eight-month lows, while Japan's Nikkei shed 0.44%.

On Wall Street, the S&amp;P 500 gained 0.65% on Wednesday due in part to gains in the energy sector following a rebound in oil prices. But US stock futures lost 0.4% in Asia.

Bond markets around the world painted a gloomier picture, with yields on 30-year US Treasuries and 10-year German bunds yield both hitting record lows - 1.905 per cent and minus 0.716 per cent on Wednesday.

Inversion remains a prominent feature across the US yield curve, where long-dated yields are below short-dated ones, an unsettling sign as yield curve inversions have been a reliable leading indicator of future US recessions.

Italy's 10-year bond yield briefly fell below 1% for the first time ever. The rush to buy Italian debt, which carries higher yields than the 'core' eurozone countries, was in part prompted by growing hopes that a new government will soon be formed in Rome and a new election averted.

In Asia, the 10-year Japanese government bond yield dipped 1 basis point to minus 0.285%, just above its record low of minus 0.300% touched in 2016.

"Falls in global bond yields reflect growing concerns that long-term global growth is slowing down on US-China tensions and worries over subsequent global supply chain disruptions," said Tomoo Kinoshita, global market strategist at Invesco Asset Management in Tokyo.

"Stock markets, on the other hand, are supported in the near-term by hopes of more stimulus, notably from the Federal Reserve and the European Central Bank," he said.

The two major central banks are expected to cut rates next month, while many investors believe the Bank of Japan could join the fray if market sentiment weakens further.

The Trump administration on Wednesday made official its extra 5% tariff on $300 billion in Chinese imports and set collection dates of September 1 and December 15.

That means products such as smartwatches, Bluetooth headphones, flat-panel televisions and many types of footwear will be levied from next month, raising worries about US consumption, one of the few remaining bright spots in the world economy.

The precious metal markets highlighted investors' quest to buy safer assets.

Gold rose 0.17% to $1,541.3 per ounce, near six-year highs of $1,556.1 set earlier in the week while silver extended its bull run and rose 0.85% to fetch $18.32 per ounce, edging near its 2017 peak.

Sharp falls in bond yields, however, have some investors worried that the recent rally in bond prices may have gone too far.

The 30-year US bond yield, now at 1.921%, has fallen 60 basis points so far this month, to slip below dividend yield of US shares, which stood at 2.04%.

"Yields may have fallen to unjustifiable levels even if one bets on a long-term stagnation in the global economy. And when we had a major bond correction in Europe four years ago, the adjustment was quite sharp," said Yoshinori Shigemi, global market strategist at JPMorgan Asset Management in Tokyo.

In the currency market, the yen gained 0.2% to 105.90 per dollar while the New Zealand dollar slipped 0.4% to four-year lows on grim domestic business sentiment data.

The euro was steady at $1.1084.

The MSCI emerging market currency index is at its lowest levels since mid-November, having fallen 0.9% so far this week and on course to mark its biggest monthly fall in more than seven years driven by worries about a global slowdown.

The British pound licked its wounds at $1.2200, having slumped 0.61% the previous day as the most serious UK political crisis in decades deepened after Prime Minister Boris Johnson decided to suspend Britain's parliament for more than a month before Brexit.

The move will limit the time opponents have to derail a disorderly Brexit but also increases the chance that Johnson could face a vote of no-confidence in his government, and possibly an election.

"From an economic point of view, actively pursuing a no-deal Brexit through suspending parliament is tantamount to actively pursuing a recession," said Seema Shah, Chief Strategist, Principal Global Investors in London.

Concerns about Brexit are already taking a toll on Europe, with the recent export slump in Germany driven mainly by weaker sales to Britain rather than the broader trade war.

Oil prices held firm after a gain of nearly 2% in the previous session as a larger-than-expected decline in US crude stockpiles helped ease worries about weakening oil demand.

In Asia Brent crude futures fell 0.1% to $60.43 a barrel while US West Texas Intermediate (WTI) crude gained 0.18% to $55.88 per barrel.

Global bond yields flirted with record lows while stocks struggled to recover on Thursday, as global recession worries from intensifying US-China frictions and the spectre of a no-deal Brexit drove investors to safer harbours.

Global bond yields flirted with record lows while stocks struggled to recover on Thursday, as global recession worries from intensifying US-China frictions and the spectre of a no-deal Brexit drove investors to safer harbours. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.38%, Singapore shares hit eight-month lows, while Japan's Nikkei shed 0.44%. On Wall Street, the S&P 500 gained 0.65% on Wednesday due in part to gains in the energy sector following a rebound in oil prices. But US stock futures lost 0.4% in Asia. Bond markets around the world painted a gloomier picture, with yields on 30-year US Treasuries and 10-year German bunds yield both hitting record lows - 1.905 per cent and minus 0.716 per cent on Wednesday. Inversion remains a prominent feature across the US yield curve, where long-dated yields are below short-dated ones, an unsettling sign as yield curve inversions have been a reliable leading indicator of future US recessions. Italy's 10-year bond yield briefly fell below 1% for the first time ever. The rush to buy Italian debt, which carries higher yields than the 'core' eurozone countries, was in part prompted by growing hopes that a new government will soon be formed in Rome and a new election averted. In Asia, the 10-year Japanese government bond yield dipped 1 basis point to minus 0.285%, just above its record low of minus 0.300% touched in 2016. "Falls in global bond yields reflect growing concerns that long-term global growth is slowing down on US-China tensions and worries over subsequent global supply chain disruptions," said Tomoo Kinoshita, global market strategist at Invesco Asset Management in Tokyo. "Stock markets, on the other hand, are supported in the near-term by hopes of more stimulus, notably from the Federal Reserve and the European Central Bank," he said. The two major central banks are expected to cut rates next month, while many investors believe the Bank of Japan could join the fray if market sentiment weakens further. The Trump administration on Wednesday made official its extra 5% tariff on $300 billion in Chinese imports and set collection dates of September 1 and December 15. That means products such as smartwatches, Bluetooth headphones, flat-panel televisions and many types of footwear will be levied from next month, raising worries about US consumption, one of the few remaining bright spots in the world economy. The precious metal markets highlighted investors' quest to buy safer assets. Gold rose 0.17% to $1,541.3 per ounce, near six-year highs of $1,556.1 set earlier in the week while silver extended its bull run and rose 0.85% to fetch $18.32 per ounce, edging near its 2017 peak. Sharp falls in bond yields, however, have some investors worried that the recent rally in bond prices may have gone too far. The 30-year US bond yield, now at 1.921%, has fallen 60 basis points so far this month, to slip below dividend yield of US shares, which stood at 2.04%. "Yields may have fallen to unjustifiable levels even if one bets on a long-term stagnation in the global economy. And when we had a major bond correction in Europe four years ago, the adjustment was quite sharp," said Yoshinori Shigemi, global market strategist at JPMorgan Asset Management in Tokyo. In the currency market, the yen gained 0.2% to 105.90 per dollar while the New Zealand dollar slipped 0.4% to four-year lows on grim domestic business sentiment data. The euro was steady at $1.1084. The MSCI emerging market currency index is at its lowest levels since mid-November, having fallen 0.9% so far this week and on course to mark its biggest monthly fall in more than seven years driven by worries about a global slowdown. The British pound licked its wounds at $1.2200, having slumped 0.61% the previous day as the most serious UK political crisis in decades deepened after Prime Minister Boris Johnson decided to suspend Britain's parliament for more than a month before Brexit. The move will limit the time opponents have to derail a disorderly Brexit but also increases the chance that Johnson could face a vote of no-confidence in his government, and possibly an election. "From an economic point of view, actively pursuing a no-deal Brexit through suspending parliament is tantamount to actively pursuing a recession," said Seema Shah, Chief Strategist, Principal Global Investors in London. Concerns about Brexit are already taking a toll on Europe, with the recent export slump in Germany driven mainly by weaker sales to Britain rather than the broader trade war. Oil prices held firm after a gain of nearly 2% in the previous session as a larger-than-expected decline in US crude stockpiles helped ease worries about weakening oil demand. In Asia Brent crude futures fell 0.1% to $60.43 a barrel while US West Texas Intermediate (WTI) crude gained 0.18% to $55.88 per barrel.

Bonds reign supreme, equities struggle on recession, Brexit fears

Oil prices fell on Thursday for the first time in three days after San Francisco Federal Reserve President Mary Daly sounded a note of concern about the strength of US economy.

Brent crude was down 30 cents, or 0.5%, at $60.19 a barrel by 0202 GMT while US crude was down 15 cents, or 0.3%, at $55.63 a barrel. Oil prices rose around 1.5 per cent in the previous session.

Concerns about a slowdown in economic growth due to the trade war raging between the United States and China, along with the potential hit to oil demand, are keeping prices in check.

Daly said on Thursday she believes the US economy has "strong" momentum, but uncertainty and a global growth slowdown are having an impact.

Daly was speaking to reporters after a speech in Wellington, New Zealand and said she was in "watch and see" mode in assessing the need for another US interest-rate cut.

US President Donald Trump said on Monday he believed China was sincere about wanting to reach a trade deal, but concerns arose on Tuesday after China's foreign ministry declined to confirm a telephone call between the two countries on trade.

"Trade tensions (are) hanging like a dark cloud threatening to rain over oil prices," said Jeffrey Halley, senior market analyst at OANDA.

The market shrugged of a big drop in US inventories, which fell last week by 10 million barrels, compared with analysts' expectations for a decrease of 2.1 million barrels, the Energy Information Administration said.

US gasoline stocks fell by 2.1 million barrels, compared with analysts' expectations in a Reuters poll for a 388,000-barrel drop.

Distillate stockpiles, which include diesel and heating oil, fell by 2.1 million barrels, versus expectations for a 918,000-barrel increase, the EIA data showed.

The crude drawdown confirms "that OPEC supply cuts are effectively working by depleting US reserves," said Stephen Innes, managing partner at Valour Markets.

The Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers have been restraining supply for most of the period since January 1, 2017. The alliance, known as "OPEC+", in July renewed the pact until March 2020.

US weekly crude production also rose 200,000 barrels per day to a new record at 12.5 million bpd in the week to August 23.

Oil prices fell on Thursday for the first time in three days after San Francisco Federal Reserve President Mary Daly sounded a note of concern about the strength of US economy.

Oil prices fell on Thursday for the first time in three days after San Francisco Federal Reserve President Mary Daly sounded a note of concern about the strength of US economy. Brent crude was down 30 cents, or 0.5%, at $60.19 a barrel by 0202 GMT while US crude was down 15 cents, or 0.3%, at $55.63 a barrel. Oil prices rose around 1.5 per cent in the previous session. Concerns about a slowdown in economic growth due to the trade war raging between the United States and China, along with the potential hit to oil demand, are keeping prices in check. Daly said on Thursday she believes the US economy has "strong" momentum, but uncertainty and a global growth slowdown are having an impact. Daly was speaking to reporters after a speech in Wellington, New Zealand and said she was in "watch and see" mode in assessing the need for another US interest-rate cut. US President Donald Trump said on Monday he believed China was sincere about wanting to reach a trade deal, but concerns arose on Tuesday after China's foreign ministry declined to confirm a telephone call between the two countries on trade. "Trade tensions (are) hanging like a dark cloud threatening to rain over oil prices," said Jeffrey Halley, senior market analyst at OANDA. The market shrugged of a big drop in US inventories, which fell last week by 10 million barrels, compared with analysts' expectations for a decrease of 2.1 million barrels, the Energy Information Administration said. US gasoline stocks fell by 2.1 million barrels, compared with analysts' expectations in a Reuters poll for a 388,000-barrel drop. Distillate stockpiles, which include diesel and heating oil, fell by 2.1 million barrels, versus expectations for a 918,000-barrel increase, the EIA data showed. The crude drawdown confirms "that OPEC supply cuts are effectively working by depleting US reserves," said Stephen Innes, managing partner at Valour Markets. The Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers have been restraining supply for most of the period since January 1, 2017. The alliance, known as "OPEC+", in July renewed the pact until March 2020. US weekly crude production also rose 200,000 barrels per day to a new record at 12.5 million bpd in the week to August 23.

Oil prices pegged back by mounting concern over US economy