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Pakistan's failure to exit from Financial Action Task Force's (FATF) grey list is <a href="https://www.wionews.com/south-asia/us-pushes-for-conditionality-in-imf-bailout-package-to-pakistan-228542">a risk to the recently approved International Monetary Fund (IMF) loan</a> worth USD six billion, said Teresa Daban Sanchez, IMF's Resident Representative for the country.

'Failure to exit from the FATF grey list is a risk to the recently approved $6 billion IMF deal...The IMF is responsible for the financial system stability and the FATF-related issues hamper taxation and undermine the banking system,' The Express Tribune quoted Sanchez as saying.

<a href="https://www.wionews.com/south-asia/pakistan-is-facing-economic-woes-due-to-fiscal-mismanagement-general-bajwa-231287">Pakistan is currently grappling with a debt-ridden economy</a>, having secured bailouts (including that from the IMF) to stay afloat. It has been warned by the FATF with repercussions which may include blacklisting if it fails to stop terror financing, amongst other things.

Sanchez further said that an exit from the FATF list is crucial for securing private sector credit to meet external financing needs.

She also added that the FATF greylisting 'undermines capital inflows in addition to affecting the private sector'.

'A potential blacklisting by FATF can result in a freeze of capital inflows to Pakistan, jeopardising the financing assurances under the programme', the Resident Representative stated.

The IMF official highlighted the need for Pakistan to exit from the FATF grey list ahead of the final review of the 27-point implementation plan by the FATF Plenary and the review of Pakistan's Mutual Evaluation by the Asia Pacific Group on Money Laundering.

'The IMF has an obligation to make sure that countries have legal, regulatory and financial frameworks that are compliant with the FATF`s AML/CFT regulations and this decision had been taken by the IMF`s Executive Board a few years ago' Sanchez said.

She also added that Pakistan had shared full details of the China-Pakistan Economic Corridor (CPEC) loans with IMF.

Pakistan's failure to exit from Financial Action Task Force's (FATF) grey list is a risk to the recently approved International Monetary Fund (IMF) loan worth USD six billion, said Teresa Daban Sanchez, IMF's Resident Representative for the country.

Pakistan's failure to exit from Financial Action Task Force's (FATF) grey list is a risk to the recently approved International Monetary Fund (IMF) loan worth USD six billion, said Teresa Daban Sanchez, IMF's Resident Representative for the country. 'Failure to exit from the FATF grey list is a risk to the recently approved $6 billion IMF deal...The IMF is responsible for the financial system stability and the FATF-related issues hamper taxation and undermine the banking system,' The Express Tribune quoted Sanchez as saying. Pakistan is currently grappling with a debt-ridden economy, having secured bailouts (including that from the IMF) to stay afloat. It has been warned by the FATF with repercussions which may include blacklisting if it fails to stop terror financing, amongst other things. Sanchez further said that an exit from the FATF list is crucial for securing private sector credit to meet external financing needs. She also added that the FATF greylisting 'undermines capital inflows in addition to affecting the private sector'. 'A potential blacklisting by FATF can result in a freeze of capital inflows to Pakistan, jeopardising the financing assurances under the programme', the Resident Representative stated. The IMF official highlighted the need for Pakistan to exit from the FATF grey list ahead of the final review of the 27-point implementation plan by the FATF Plenary and the review of Pakistan's Mutual Evaluation by the Asia Pacific Group on Money Laundering. 'The IMF has an obligation to make sure that countries have legal, regulatory and financial frameworks that are compliant with the FATF`s AML/CFT regulations and this decision had been taken by the IMF`s Executive Board a few years ago' Sanchez said. She also added that Pakistan had shared full details of the China-Pakistan Economic Corridor (CPEC) loans with IMF.

Pakistan's failure to exit from FATF grey list poses risk to IMF loan: Official

<a href="https://www.wionews.com/business-economy/chinas-debt-tops-300-of-gdp-now-15-of-global-total-institute-of-international-finance-237113">The Chinese yuan</a> fell to its lowest level against the dollar since August 2010 in morning trade on Monday, fuelling speculation that Beijing is allowing currency depreciation to counter threatened US tariffs.

The offshore currency weakened to 7.1085 to the dollar, days after US President Donald Trump announced a plan to impose fresh tariffs on another $300 billion <a href="https://www.wionews.com/world/us-to-hit-300-billion-worth-of-chinese-goods-with-10-tariff-donald-trump-240021">in Chinese goods</a>, sharpening trade war tensions between the world's two biggest economies.

The onshore yuan also tumbled, hitting 7.0307 in Monday morning trade to reach its lowest level since 2008.

Both the onshore and offshore yuan breached the 7.0 level against the dollar, which investors see as a key threshold in currency value.

Trump has frequently accused China of artificially devaluing its currency to support its exports charges long denied by Beijing.

The US president jolted global stock markets last week when he issued the threat of more tariffs just a day after US and Chinese trade negotiators revived talks aimed at ending the year-long dispute.

The extra 10 per cent duties Trump threatened to implement from September 1 would mean he has now targeted virtually all of the $500 billion in goods America buys from China every year.

Currency instability

China on Friday threatened to retaliate to any new US tariffs it has already imposed its duties on $110 billion in American goods, almost all of the products it imports from the country.

A report from Bloomberg News said China has also asked its state-owned enterprises to stop buying US farm goods, in a further sign of escalating tensions.

The yuan is not freely convertible and the government limits its movement against the US dollar to a two per cent range on either side of a central parity rate which the People's Bank of China (PBOC) sets each day to reflect the market trends and control volatility.

The daily central rate was at 6.9225 per dollar on Monday, 0.33 per cent weaker from Friday.

"It appears that the tariffs hike suggests the return of tit for tat moves and a suspension of trade talks, and the PBOC sees no need to keep the yuan stable in the near term," Ken Cheung, a senior currency strategist at Mizuho Bank, told Bloomberg News.

In a statement Monday morning, the PBOC said the exchange rate against the US dollar had been "affected by unilateralism and trade protectionism measures and the imposition of tariff increases on China".

The central bank said the yuan remained "stable and strong against the basket of currencies" and said it would "resolutely crack down on short term speculation and maintain stable operation of the foreign exchange market and stabilize market expectations".

It went on to say that it had the "experience, confidence and ability to keep the RMB exchange rate stable at a reasonable and balanced level".

Julian Evans-Pritchard, a senior China economist with Capital Economics, said the PBOC has "effectively weaponized the exchange rate" by linking the currency with the US trade war.

"Given that their goal is presumably to offset some of the impacts from additional US tariffs, they are likely to allow the currency to weaken further, probably by 5-10 per cent over the coming quarters," said Evans-Pritchard.

The Chinese yuan fell to its lowest level against the dollar since August 2010 in morning trade on Monday, fuelling speculation that Beijing is allowing currency depreciation to counter threatened US tariffs.

The Chinese yuan fell to its lowest level against the dollar since August 2010 in morning trade on Monday, fuelling speculation that Beijing is allowing currency depreciation to counter threatened US tariffs. The offshore currency weakened to 7.1085 to the dollar, days after US President Donald Trump announced a plan to impose fresh tariffs on another $300 billion in Chinese goods, sharpening trade war tensions between the world's two biggest economies. The onshore yuan also tumbled, hitting 7.0307 in Monday morning trade to reach its lowest level since 2008. Both the onshore and offshore yuan breached the 7.0 level against the dollar, which investors see as a key threshold in currency value. Trump has frequently accused China of artificially devaluing its currency to support its exports charges long denied by Beijing. The US president jolted global stock markets last week when he issued the threat of more tariffs just a day after US and Chinese trade negotiators revived talks aimed at ending the year-long dispute. The extra 10 per cent duties Trump threatened to implement from September 1 would mean he has now targeted virtually all of the $500 billion in goods America buys from China every year. Currency instability China on Friday threatened to retaliate to any new US tariffs it has already imposed its duties on $110 billion in American goods, almost all of the products it imports from the country. A report from Bloomberg News said China has also asked its state-owned enterprises to stop buying US farm goods, in a further sign of escalating tensions. The yuan is not freely convertible and the government limits its movement against the US dollar to a two per cent range on either side of a central parity rate which the People's Bank of China (PBOC) sets each day to reflect the market trends and control volatility. The daily central rate was at 6.9225 per dollar on Monday, 0.33 per cent weaker from Friday. "It appears that the tariffs hike suggests the return of tit for tat moves and a suspension of trade talks, and the PBOC sees no need to keep the yuan stable in the near term," Ken Cheung, a senior currency strategist at Mizuho Bank, told Bloomberg News. In a statement Monday morning, the PBOC said the exchange rate against the US dollar had been "affected by unilateralism and trade protectionism measures and the imposition of tariff increases on China". The central bank said the yuan remained "stable and strong against the basket of currencies" and said it would "resolutely crack down on short term speculation and maintain stable operation of the foreign exchange market and stabilize market expectations". It went on to say that it had the "experience, confidence and ability to keep the RMB exchange rate stable at a reasonable and balanced level". Julian Evans-Pritchard, a senior China economist with Capital Economics, said the PBOC has "effectively weaponized the exchange rate" by linking the currency with the US trade war. "Given that their goal is presumably to offset some of the impacts from additional US tariffs, they are likely to allow the currency to weaken further, probably by 5-10 per cent over the coming quarters," said Evans-Pritchard.

Chinese yuan falls to weakest level against the dollar since 2010

Domestic equity benchmark BSE Sensex lost over 600&nbsp;points in early trade on Monday.

The 30-share index was trading 36,612.90 at 9:30am.&nbsp;

Similarly, the broader NSE Nifty slumped over 160 points, to 10,832.60.

Among stocks, Yes Bank took a massive 8 per cent drop to trade at Rs 81.30 per share.&nbsp;

Tata Motors was down by 5.6 per cent, JSW Steel by 5.3 per cent, State Bank of India by 4.9 per cent and Vedanta by 4.6 per cent.

Last week on Friday, shares reversed course and ended higher led by gains in IT and auto stocks, after a media report said the government was discussing the tax surcharge on foreign portfolio investors (FPI) and its impact on markets.

India had proposed to increase taxes on those with annual incomes of more than 20 million rupees ($287,387.29) in its annual budget last month, which rattled many FPIs. Foreign investors took out $1.8 billion from Indian equities in July.

Domestic equity benchmark BSE Sensex lost over 600 points in early trade on Monday. The 30-share index was trading 36,612.90 at 9:30am. Similarly, the broader NSE Nifty slumped over 160 points, to 10,832.

Domestic equity benchmark BSE Sensex lost over 600 points in early trade on Monday. The 30-share index was trading 36,612.90 at 9:30am. Similarly, the broader NSE Nifty slumped over 160 points, to 10,832.60. Among stocks, Yes Bank took a massive 8 per cent drop to trade at Rs 81.30 per share. Tata Motors was down by 5.6 per cent, JSW Steel by 5.3 per cent, State Bank of India by 4.9 per cent and Vedanta by 4.6 per cent. Last week on Friday, shares reversed course and ended higher led by gains in IT and auto stocks, after a media report said the government was discussing the tax surcharge on foreign portfolio investors (FPI) and its impact on markets. India had proposed to increase taxes on those with annual incomes of more than 20 million rupees ($287,387.29) in its annual budget last month, which rattled many FPIs. Foreign investors took out $1.8 billion from Indian equities in July.

Sensex down over 600 points in early trade

Trade war whiplash and other market themes for the week ahead

Asian shares slid to 6-1/2-month lows on Monday and the yuan plunged as a rapid escalation in the Sino-US trade war drove nervous investors to safe-havens such as the yen, bonds and gold.

US President Donald Trump abruptly decided on Thursday to slap 10% tariffs on $300 billion in Chinese imports, stunning markets and ending a month-long trade truce. China vowed on Friday to fight back.

In response, China's yuan weakened beyond the key 7-per-dollar threshold in a move that threatens to lead to massive capital outflows.

"We could see a more prolonged period of risk aversion," analysts at Singapore-based TD Securities wrote in a note.

"We think the latest development reiterates our view that trade will remain a lingering headwind for the economy and business investment in particular."

Asian shares sold off broadly with every single market posting steep losses.

Japan's Nikkei tumbled almost 2% to the lowest since early June, while Australian shares slipped about 1% to spend their fourth straight session in the red. South Korea's Kospi tumbled 1.2% to hit the lowest since December 2016.

That left MSCI's broadest index of Asia-Pacific shares outside Japan down 1.7% to 495.68, a level not seen since late January and marking the longest stretch of losses since October 2018.

In China, shares opened lower, with the blue-chip index skidding 1% while Hong Kong's Hang Seng index declined 2.2%.

E-Mini futures for the S&amp;P500 fell 1% in Asian trading.

Oil prices were also pulled down again on demand worries.

The grim mood followed declines on Wall Street on Friday with MSCI's gauge of world stocks posting its largest weekly loss of the year.

The trade war between the world's two largest economies has already disrupted global supply chains and slowed economic growth.

The abrupt escalation capped a critical week for global markets after the US&nbsp;Federal Reserve delivered a widely anticipated interest rate cut and played down expectations of further easing.

However, investors were not buying Fed Chair Jerome Powell's claim that the 25-basis-point rate reduction was a mere "mid-cycle adjustment to policy".

Futures are now pricing in deeper cuts than before last week's Fed meeting. The terminal US rate is now seen at 1.22%, 93 basis points below the current effective rate.

TD is forecasting five more cuts from the Fed, amounting to 125 basis points of easing, over next year.

Expectations of further monetary policy easing sent the dollar skidding. It slipped to a seven-month trough of 105.78 against the Japanese yen while the dollar index against a basket of six major rivals inched lower to 97.91 after two straight days of losses.

The Australian dollar, a liquid proxy for emerging market assets, slipped to a fresh seven-month trough at $0.6748 after losing 1.6% last week.

The yen and the Swiss franc were boosted by safe-haven demand from the escalating trade tensions. Trump is also eyeing tariffs on the European Union but is yet to make any formal announcements.

The euro held firm after two days of gains against the dollar at $1.1119.

Sterling hovered near 2017 lows at $1.2159, pressured by concerns about Britain exiting the European Union without a deal in place. The pound has been whiplashed since late last month when Boris Johnson, a figurehead for the "leave" campaign in the 2016 Brexit referendum, became the country's prime minister.

Safe-haven assets have been in vogue with yields on benchmark 10-year Treasury notes at 1.7890%, their lowest since Trump's election in November 2016, from 1.8550% on Friday.

German 10-year government bond yields on Friday dropped to an all-time low of -0.502% and the country's entire government bond yield curve turning negative for the first time ever.

Spot gold firmed to $1,451.61, within striking distance of a recent high of $1,452.60.

Oil extended losses with US crude off 26 cents at 55.40 and Brent down 35 cents at $61.54.

Asian shares slid to 6-1/2-month lows on Monday and the yuan plunged as a rapid escalation in the Sino-US trade war drove nervous investors to safe-havens such as the yen, bonds and gold.

Asian shares slid to 6-1/2-month lows on Monday and the yuan plunged as a rapid escalation in the Sino-US trade war drove nervous investors to safe-havens such as the yen, bonds and gold. US President Donald Trump abruptly decided on Thursday to slap 10% tariffs on $300 billion in Chinese imports, stunning markets and ending a month-long trade truce. China vowed on Friday to fight back. In response, China's yuan weakened beyond the key 7-per-dollar threshold in a move that threatens to lead to massive capital outflows. "We could see a more prolonged period of risk aversion," analysts at Singapore-based TD Securities wrote in a note. "We think the latest development reiterates our view that trade will remain a lingering headwind for the economy and business investment in particular." Asian shares sold off broadly with every single market posting steep losses. Japan's Nikkei tumbled almost 2% to the lowest since early June, while Australian shares slipped about 1% to spend their fourth straight session in the red. South Korea's Kospi tumbled 1.2% to hit the lowest since December 2016. That left MSCI's broadest index of Asia-Pacific shares outside Japan down 1.7% to 495.68, a level not seen since late January and marking the longest stretch of losses since October 2018. In China, shares opened lower, with the blue-chip index skidding 1% while Hong Kong's Hang Seng index declined 2.2%. E-Mini futures for the S&P500 fell 1% in Asian trading. Oil prices were also pulled down again on demand worries. The grim mood followed declines on Wall Street on Friday with MSCI's gauge of world stocks posting its largest weekly loss of the year. The trade war between the world's two largest economies has already disrupted global supply chains and slowed economic growth. The abrupt escalation capped a critical week for global markets after the US Federal Reserve delivered a widely anticipated interest rate cut and played down expectations of further easing. However, investors were not buying Fed Chair Jerome Powell's claim that the 25-basis-point rate reduction was a mere "mid-cycle adjustment to policy". Futures are now pricing in deeper cuts than before last week's Fed meeting. The terminal US rate is now seen at 1.22%, 93 basis points below the current effective rate. TD is forecasting five more cuts from the Fed, amounting to 125 basis points of easing, over next year. Expectations of further monetary policy easing sent the dollar skidding. It slipped to a seven-month trough of 105.78 against the Japanese yen while the dollar index against a basket of six major rivals inched lower to 97.91 after two straight days of losses. The Australian dollar, a liquid proxy for emerging market assets, slipped to a fresh seven-month trough at $0.6748 after losing 1.6% last week. The yen and the Swiss franc were boosted by safe-haven demand from the escalating trade tensions. Trump is also eyeing tariffs on the European Union but is yet to make any formal announcements. The euro held firm after two days of gains against the dollar at $1.1119. Sterling hovered near 2017 lows at $1.2159, pressured by concerns about Britain exiting the European Union without a deal in place. The pound has been whiplashed since late last month when Boris Johnson, a figurehead for the "leave" campaign in the 2016 Brexit referendum, became the country's prime minister. Safe-haven assets have been in vogue with yields on benchmark 10-year Treasury notes at 1.7890%, their lowest since Trump's election in November 2016, from 1.8550% on Friday. German 10-year government bond yields on Friday dropped to an all-time low of -0.502% and the country's entire government bond yield curve turning negative for the first time ever. Spot gold firmed to $1,451.61, within striking distance of a recent high of $1,452.60. Oil extended losses with US crude off 26 cents at 55.40 and Brent down 35 cents at $61.54.

Asian stocks skid to 6-1/2-month lows as US-China trade row shakes markets

HSBC on Monday announced its Group Chief Executive John Flint had stepped down after less than two years on the job, as the banking giant revealed decent first-half profits but warned it faced "challenging" geopolitics.

The surprise announcement came shortly before an earlier than expected results release in which the London-headquartered behemoth reported pre-tax profit was up 15.8 per cent at $12.4 billion for the first half of the year.

Flint, who has spent three decades at HSBC, was keen to lower costs with the Asia-focused bank facing the double uncertainties caused by both the US-China trade war and Britain's impending departure from the European Union.

HSBC gave no specific reason for Flint's sudden departure, but said it needed a change at the top as it warned investors of difficult times ahead.&nbsp;

"In the increasingly complex and challenging global environment in which the bank operates, the board believes a change is needed to meet the challenges that we face and to capture the very significant opportunities before us," Group Chairman Mark Tucker said.

Flint, 51, said: "I have agreed with the board that today's good interim results indicate that this is the right time for change, both for me and the bank."

HSBC said it would look both internally and externally for a new leader and that Noel Quinn, head of the commercial banking division, will be interim CEO in the meantime.

"Although not carrying out his day-to-day duties after today, he (Flint) remains available to assist HSBC with the transition," the bank said in a statement.&nbsp;

The move comes just weeks after its US chief Patrick Burke retired following a reorganisation of its North American business.

Flint's departure came despite the good results announced on Tuesday with pre-tax profit of $6.2 billion for the second quarter.&nbsp;

The bank also said it would soon begin a buyback of up to $1 billion, according to a statement on the Hong Kong Stock Exchange.

But there are headwinds on the horizon.&nbsp;

In Asia -- which is acutely vulnerable to the ongoing trade war between Washington and Beijing -- the bank said the outlook "is less certain". 
Brexit was also weighing on the bank's future.&nbsp;

"The outlook has changed. Interest rates in the US dollar bloc are now expected to fall rather than rise, and geopolitical issues could impact a significant number of our major markets," the bank said.&nbsp;

"In the near term, the nature and impact of the UK's departure from the European Union remain highly uncertain," it added.

"We are managing operating expenses and investment spending in line with the increased risks to revenue," the Asia-focused firm said.

HSBC on Monday announced its Group Chief Executive John Flint had stepped down after less than two years on the job, as the banking giant revealed decent first-half profits but warned it faced "challenging" geopolitics.

HSBC on Monday announced its Group Chief Executive John Flint had stepped down after less than two years on the job, as the banking giant revealed decent first-half profits but warned it faced "challenging" geopolitics. The surprise announcement came shortly before an earlier than expected results release in which the London-headquartered behemoth reported pre-tax profit was up 15.8 per cent at $12.4 billion for the first half of the year. Flint, who has spent three decades at HSBC, was keen to lower costs with the Asia-focused bank facing the double uncertainties caused by both the US-China trade war and Britain's impending departure from the European Union. HSBC gave no specific reason for Flint's sudden departure, but said it needed a change at the top as it warned investors of difficult times ahead. "In the increasingly complex and challenging global environment in which the bank operates, the board believes a change is needed to meet the challenges that we face and to capture the very significant opportunities before us," Group Chairman Mark Tucker said. Flint, 51, said: "I have agreed with the board that today's good interim results indicate that this is the right time for change, both for me and the bank." HSBC said it would look both internally and externally for a new leader and that Noel Quinn, head of the commercial banking division, will be interim CEO in the meantime. "Although not carrying out his day-to-day duties after today, he (Flint) remains available to assist HSBC with the transition," the bank said in a statement. The move comes just weeks after its US chief Patrick Burke retired following a reorganisation of its North American business. Flint's departure came despite the good results announced on Tuesday with pre-tax profit of $6.2 billion for the second quarter. The bank also said it would soon begin a buyback of up to $1 billion, according to a statement on the Hong Kong Stock Exchange. But there are headwinds on the horizon. In Asia -- which is acutely vulnerable to the ongoing trade war between Washington and Beijing -- the bank said the outlook "is less certain". Brexit was also weighing on the bank's future. "The outlook has changed. Interest rates in the US dollar bloc are now expected to fall rather than rise, and geopolitical issues could impact a significant number of our major markets," the bank said. "In the near term, the nature and impact of the UK's departure from the European Union remain highly uncertain," it added. "We are managing operating expenses and investment spending in line with the increased risks to revenue," the Asia-focused firm said.

HSBC CEO John Flint resigns as bank faces 'challenging' geopolitics

Indian shares plunged to fresh five-month lows, led by losses in metals and public sector bank stocks, in a global selloff due to the escalating Sino-US&nbsp;trade war.

The Chinese yuan broke below the psychological 7-per-dollar threshold after US&nbsp;President Donald Trump abruptly decided on Thursday to slap 10 per cent tariffs on the remaining $300 billion in Chinese imports.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.7 per cent.

The rupee hit its weakest level since mid-May at 70.49 rupees per dollar.

Domestic investor sentiment in equities, which seemed to be upbeat on Friday after reports said the government was looking into foreign portfolio investors'&nbsp;tax concerns, returned to being bearish due to the escalating trade war.

The broader NSE Nifty was down 1.11 per cent at 10,868.25 as of 0801 GMT, while the benchmark BSE Sensex was 1.11 per cent&nbsp;lower at 36,670.62.

"The economy is in doldrums and steps taken won't give a boost in the short-term. The global economy is also doing much better than the domestic economy," said Madhumita Ghosh, Associate Dean at Tasmac Global Solutions.

"We don't see any trigger for markets to go up in the short term." Most sectors were trading in the red.

The Nifty public sector bank index plummeted as much as 5.12 per cent, while the metals index sank as much as 3.9 per cent, their lowest in over three years. The Nifty autos index slithered down about 1.9 per cent.

Nifty IT was the only index trading higher, boosted by the weak rupee.

The India volatility index shot up as much as 16.16 per cent, its highest in over two months.

Yes Bank was the top loser among the Nifty stocks and fell about 6.7 per cent, while Tata Motors was down 4.7 per cent.

Among the few gainers were Tata Consultancy Services, up 1.4 per cent, and Infosys Ltd, which rose 0.5 per cent. 
&nbsp;

Indian shares plunged to fresh five-month lows, led by losses in metals and public sector bank stocks, in a global selloff due to the escalating Sino-US trade war.

Indian shares plunged to fresh five-month lows, led by losses in metals and public sector bank stocks, in a global selloff due to the escalating Sino-US trade war. The Chinese yuan broke below the psychological 7-per-dollar threshold after US President Donald Trump abruptly decided on Thursday to slap 10 per cent tariffs on the remaining $300 billion in Chinese imports. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.7 per cent. The rupee hit its weakest level since mid-May at 70.49 rupees per dollar. Domestic investor sentiment in equities, which seemed to be upbeat on Friday after reports said the government was looking into foreign portfolio investors' tax concerns, returned to being bearish due to the escalating trade war. The broader NSE Nifty was down 1.11 per cent at 10,868.25 as of 0801 GMT, while the benchmark BSE Sensex was 1.11 per cent lower at 36,670.62. "The economy is in doldrums and steps taken won't give a boost in the short-term. The global economy is also doing much better than the domestic economy," said Madhumita Ghosh, Associate Dean at Tasmac Global Solutions. "We don't see any trigger for markets to go up in the short term." Most sectors were trading in the red. The Nifty public sector bank index plummeted as much as 5.12 per cent, while the metals index sank as much as 3.9 per cent, their lowest in over three years. The Nifty autos index slithered down about 1.9 per cent. Nifty IT was the only index trading higher, boosted by the weak rupee. The India volatility index shot up as much as 16.16 per cent, its highest in over two months. Yes Bank was the top loser among the Nifty stocks and fell about 6.7 per cent, while Tata Motors was down 4.7 per cent. Among the few gainers were Tata Consultancy Services, up 1.4 per cent, and Infosys Ltd, which rose 0.5 per cent.

Nifty, Sensex plumb fresh five-month lows in global selloff

Gold&nbsp;prices jumped more than 1per cent to their highest in more than six years on Monday, as the escalating trade war between the United States and China along with global growth worries drove investors towards safe haven assets. 
&nbsp; 
Spot gold was up 1.1per cent at $1,456.51 per ounce as of 0725 GMT,&nbsp;after hitting its highest since May 2013 at $1,459.47 earlier in the session. 
&nbsp; 
US gold&nbsp;futures rose 0.8 per cent to $1,468.50 an ounce. 
&nbsp; 
"Gold&nbsp;is certainly benefiting from the global concerns about the outlook for growth, and central banks are likely to maintain their accommodative stance, so safe havens like&nbsp;gold&nbsp;are in demand," said Michael McCarthy, chief market strategist, CMC Markets. 
&nbsp; 
"<a href="https://www.wionews.com/business-economy/hong-kong-stocks-fall-amid-us-china-trade-tensions-protests-in-city-239117">Trade tensions between the US and China</a> are an important factor, the potential for escalation is very high ... we might not get what markets are fearing, but it is all adding to the real concerns about the outlook for growth assets." 
&nbsp; 
On Friday, China said it will fight back against US President Donald Trump's decision to impose an additional 10% tariff on $300 billion worth of Chinese imports. 
&nbsp; 
The tariffs may force<a href="https://www.wionews.com/business-economy/nasdaq-ends-at-record-high-dollar-falls-as-us-fed-signals-possible-rate-cut-234814"> the Federal Reserve </a>to cut interest rates more than it had hoped was necessary to protect the US&nbsp;economy from trade policy risks. 
&nbsp; 
Meanwhile, recent economic readings from the US cemented expectations that the Fed will cut interest rates again in September after it delivered its first rate reduction in more than a decade last month. 
&nbsp; 
Lower interest rates decrease the opportunity cost of holding on yielding bullion and weigh on the dollar. 
&nbsp; 
Helping the bullion's appeal, the dollar index touched a one week low, making&nbsp;gold&nbsp;cheaper for investors holding other currencies. 
&nbsp; 
Adding to the global economic gloom, China's services sector expanded at the slowest pace in five months in July despite a sharp upturn of new export orders, a private survey showed on Monday. 
&nbsp; 
"Near-term outlook for&nbsp;gold&nbsp;looks positive. All this volatility, growth fears, persistent weakness in economic data will be good enough for risk off environment," said Benjamin Lu, an analyst at Phillip Futures. 
&nbsp; 
Further helping&nbsp;gold's allure, Asian shares slid to 6 1/2 month lows on Monday. 
&nbsp; 
On the technical front, spot&nbsp;gold&nbsp;may climb to a range of $1,461 $1,474 per ounce, said Reuters technical analyst Wang Tao. 
&nbsp; 
Holdings of SPDR&nbsp;Gold&nbsp;Trust, the world's largest&nbsp;gold backed exchange traded fund, rose 0.36per cent to 830.76 tonnes on Friday from Thursday. 
&nbsp; 
Hedge funds and money managers raised their bullish stance in COMEX&nbsp;gold&nbsp;and silver contracts in the week to July 30, the U.S. Commodity Futures Trading Commission said on Friday. 
&nbsp; 
Elsewhere, silver gained 1.9 per cent to $16.51 per ounce and platinum climbed 1.4per cent to $854.33. 
&nbsp; 
Palladium rose 1per cent to $1,420.60 an ounce.

Gold prices jumped more than 1per cent to their highest in more than six years on Monday, as the escalating trade war between the United States and China along with global growth worries drove investors towards safe haven assets.

Gold prices jumped more than 1per cent to their highest in more than six years on Monday, as the escalating trade war between the United States and China along with global growth worries drove investors towards safe haven assets. Spot gold was up 1.1per cent at $1,456.51 per ounce as of 0725 GMT, after hitting its highest since May 2013 at $1,459.47 earlier in the session. US gold futures rose 0.8 per cent to $1,468.50 an ounce. "Gold is certainly benefiting from the global concerns about the outlook for growth, and central banks are likely to maintain their accommodative stance, so safe havens like gold are in demand," said Michael McCarthy, chief market strategist, CMC Markets. "Trade tensions between the US and China are an important factor, the potential for escalation is very high ... we might not get what markets are fearing, but it is all adding to the real concerns about the outlook for growth assets." On Friday, China said it will fight back against US President Donald Trump's decision to impose an additional 10% tariff on $300 billion worth of Chinese imports. The tariffs may force the Federal Reserve to cut interest rates more than it had hoped was necessary to protect the US economy from trade policy risks. Meanwhile, recent economic readings from the US cemented expectations that the Fed will cut interest rates again in September after it delivered its first rate reduction in more than a decade last month. Lower interest rates decrease the opportunity cost of holding on yielding bullion and weigh on the dollar. Helping the bullion's appeal, the dollar index touched a one week low, making gold cheaper for investors holding other currencies. Adding to the global economic gloom, China's services sector expanded at the slowest pace in five months in July despite a sharp upturn of new export orders, a private survey showed on Monday. "Near-term outlook for gold looks positive. All this volatility, growth fears, persistent weakness in economic data will be good enough for risk off environment," said Benjamin Lu, an analyst at Phillip Futures. Further helping gold's allure, Asian shares slid to 6 1/2 month lows on Monday. On the technical front, spot gold may climb to a range of $1,461 $1,474 per ounce, said Reuters technical analyst Wang Tao. Holdings of SPDR Gold Trust, the world's largest gold backed exchange traded fund, rose 0.36per cent to 830.76 tonnes on Friday from Thursday. Hedge funds and money managers raised their bullish stance in COMEX gold and silver contracts in the week to July 30, the U.S. Commodity Futures Trading Commission said on Friday. Elsewhere, silver gained 1.9 per cent to $16.51 per ounce and platinum climbed 1.4per cent to $854.33. Palladium rose 1per cent to $1,420.60 an ounce.

Gold  hits six year high as trade, growth concerns boost demand

Japan&nbsp;and the United States have agreed to target a broad deal on bilateral trade by September, seeking to bridge differences of opinion over tariffs on beef and the automobile sector, the Nikkei business daily reported on Sunday.

As part of a drive to rectify what he claims are unfair global trade imbalances, US&nbsp;President Donald Trump has been urging Tokyo to accelerate <a href="https://www.wionews.com/.../us-japan-trade-agreement-will-be-model-for- indo-pacific-pence-177013">trade talks</a> that would open up Japan's politically sensitive agriculture sector, as well as curbing&nbsp;Japan's US-bound auto exports.

The agreement to target a deal by September was reached during a meeting between&nbsp;Japanese Economy Minister Toshimitsu Motegi and US&nbsp;Trade Representative Robert Lighthizer in Washington DC, the Nikkei said, citing unidentified negotiating sources.

The paper said both sides hope to have a broad trade deal in place by the time&nbsp;Japanese Prime Minister Shinzo Abe meets US&nbsp;President Donald Trump on the sidelines of United Nations' general assembly scheduled for later in September in New York.

On Friday, Motegi told reporters after meeting Lighthizer that the two sides made "significant progress" in narrowing their differences on trade and agreed to hold another ministerial-level meeting later this month.

Washington seeks the early opening of&nbsp;Japan's agriculture sector including reductions in 38.5% tariffs on US&nbsp;beef imports, while&nbsp;Japan&nbsp;calls for the abolition of US&nbsp;tariffs on&nbsp;Japan's industrial goods such as car parts.

Trump and Abe could also look at producing some kind of trade accord later this month when they may meet on the sidelines of Group of Seven leaders' summit, the Nikkei added.

Japan and the United States have agreed to target a broad deal on bilateral trade by September, seeking to bridge differences of opinion over tariffs on beef and the automobile sector, the Nikkei business daily reported on Sunday.

Japan and the United States have agreed to target a broad deal on bilateral trade by September, seeking to bridge differences of opinion over tariffs on beef and the automobile sector, the Nikkei business daily reported on Sunday. As part of a drive to rectify what he claims are unfair global trade imbalances, US President Donald Trump has been urging Tokyo to accelerate trade talks that would open up Japan's politically sensitive agriculture sector, as well as curbing Japan's US-bound auto exports. The agreement to target a deal by September was reached during a meeting between Japanese Economy Minister Toshimitsu Motegi and US Trade Representative Robert Lighthizer in Washington DC, the Nikkei said, citing unidentified negotiating sources. The paper said both sides hope to have a broad trade deal in place by the time Japanese Prime Minister Shinzo Abe meets US President Donald Trump on the sidelines of United Nations' general assembly scheduled for later in September in New York. On Friday, Motegi told reporters after meeting Lighthizer that the two sides made "significant progress" in narrowing their differences on trade and agreed to hold another ministerial-level meeting later this month. Washington seeks the early opening of Japan's agriculture sector including reductions in 38.5% tariffs on US beef imports, while Japan calls for the abolition of US tariffs on Japan's industrial goods such as car parts. Trump and Abe could also look at producing some kind of trade accord later this month when they may meet on the sidelines of Group of Seven leaders' summit, the Nikkei added.

Japan, US target broad bilateral trade deal by September: Report

Saudi&nbsp;energy&nbsp;minister&nbsp;Khalid Al-Falih&nbsp;discussed<a href="https://www.wionews.com/world/-saudi-says-ready-to-pump-more-oil-to-balance-market-148765/amp">&nbsp;oil&nbsp;markets</a>&nbsp;with his&nbsp;Russian&nbsp;counterpart&nbsp;and stressed that&nbsp;<a href="https://www.wionews.com/world/saudi-arabia-to-allow-women-to-travel-abroad-without-male-guardian-approval-240033">Saudi&nbsp;Arabia</a> would continue to comply with production cuts until the&nbsp;end of Q1 2020,&nbsp;he&nbsp;said in a tweet on Saturday.

"We confirm that we will continue to hold such meetings and talks between our two countries to ensure further progress, partnership, investment development, and mutual trade," Al-Falih added during the&nbsp;meeting.

Saudi energy minister Khalid Al-Falih discussed oil markets with his Russian counterpart and stressed that Saudi Arabia would continue to comply with production cuts until the end of Q1 2020, he said in a tweet on Saturday.

Saudi energy minister Khalid Al-Falih discussed oil markets with his Russian counterpart and stressed that Saudi Arabia would continue to comply with production cuts until the end of Q1 2020, he said in a tweet on Saturday. "We confirm that we will continue to hold such meetings and talks between our two countries to ensure further progress, partnership, investment development, and mutual trade," Al-Falih added during the meeting.

Saudi energy minister says he discussed oil markets with Russian counterpart

Sudhir Gharpure and his sales team sat chatting at a big Maruti Suzuki dealership on the outskirts of Mumbai some two hours after its doors were opened on a recent Saturday morning - not a single customer was in sight.

"There used to be close to 15-20 bookings each day, but now we're down to 3-5 on good days," said Gharpure, the general manager at the dealership.

Gharpure's experience is not an isolated one. Across India dealerships are being pushed out of business and the <a href="https://www.wionews.com/business-economy/sensex-nifty-end-lower-dragged-by-auto-stocks-239222">Indian auto sector</a> is going through its biggest slump in nearly two decades.

Passenger vehicle sales fell for eight straight months until June, and in May sales dropped 20.55% - the sharpest recorded fall in 18 years.

Preliminary data indicates passenger vehicle sales may have plunged as much as 30 per cent in July. The slump in India, along with a simultaneous slide in Chinese auto sales, is a blow for automakers wrestling with higher costs driven by more stringent emission norms and a push to develop electric cars.

Unlike in China, where the plunge in cars sales has been caused largely by new emissions rules, India has seen a mix of factors that have combined to erode demand for automobiles.

Prime Minister Narendra Modi's 2016 ban on high-value banknotes, higher tax rates under a new goods and services tax regime, a boom of ride-sharing firms such as Uber and Ola, and a weak rural economy have all played a role.

But many dealers and automakers agree it is a deepening liquidity crunch among <a href="https://www.wionews.com/business-economy/government-considering-more-powers-for-rbi-to-regulate-shadow-banking-sector-232030">India's shadow banks</a> that has been the biggest single factor in an auto sales collapse, which some fear may lead to more than a million job losses.

Non-banking finance companies (NBFCs), or shadow banks, have dramatically slashed lending following the collapse of one of the biggest, IL&amp;FS, in late 2018.

IL&amp;FS, or Infrastructure Leasing &amp; Financial Services Ltd, was a behemoth in shadow banking and its defaults and unravelling, amid fraud allegations, have dried up funding for rivals and led to a surge in their borrowing costs.

Non-bank or shadow banking firms generate credit outside traditional lenders, by means such as collective investment vehicles, broker-dealers or funds that invest in bonds and money markets.

In India, NBFCs have in recent years helped fund nearly 55-60% of commercial vehicles both new and used, 30% of passenger cars and nearly 65% of the two-wheelers in the country, according to rating agency ICRA.

To aggravate matters, the stress in the autos market has also prompted banks to begin trimming their exposure to the sector.

"The car doesn't sell, it's the finance that sells," said R.

Vijayaraghavan, a senior marketing consultant at the same Mumbai dealership. "Today the finance is not selling, so the cars are not selling."

Problems amplified

Some 286 dealerships have shut down in the last 18 months across India as rising costs for inventory management have made businesses unviable, according to the Federation of Automobile Dealers Association (FADA), a lobby group of auto dealers.

"The slowdown in the (NBFC) sector has dragged down vehicle sales growth," said AM Karthik, financial sector head at ICRA.

"Now the auto slowdown is becoming more visible as the liquidity squeeze continues."

Automakers including Maruti Suzuki, Tata Motors , and Mahindra &amp; Mahindra are feeling the heat and have either cut production or temporarily closed plants to correct mounting stocks.

According to FADA data, passenger vehicle inventories now stand at 50-60 days up from around 45 days earlier, while those of two-wheelers are even higher at 80-90 days. For commercial vehicles, inventory levels range between 45 and 50 days.

"We are asking dealers to maintain an inventory of 21 days, which is almost half of the current levels," said Ashish Kale, president of FADA. 
At least four dealers from different brands said, however, there was little scope to reduce inventories as automakers were pushing them to buy stock despite there being no demand even with heavy discounting and other sops on offer.

While 70-75% of car sales were previously financed in-house by NBFC or bank agents sitting at a dealership, that has fallen to about 50%, say, dealers, as buyers struggle to qualify under more stringent lending norms put in place by lenders that are under pressure to shore up their books.

Moreover, as many NBFCs typically lent to less creditworthy clients, banks are reticent to rush in to fill the void, as they struggle to cope with an existing pile of about $150 billion in bad loans.

"The banking sector is certainly one of the factors that has affected the growth of the industry," said RC&nbsp;Bhargava, chair of Maruti Suzuki, noting interest rates for car buyers have gone up in the last 12 months despite the central bank cutting rates.

Early recovery unlikely

With the autos sector employing more than 35 million people directly and indirectly, and contributing more than 7% to India's GDP and accounting for 49% of its manufacturing GDP, the fallout from the autos slump is huge and presents a big challenge to Prime Minister Narendra Modi's government as it begins its second term.

The entire supply chain, from vehicle manufacturers to component makers, are bleeding amid the slump.

"I've been making my payments for the last 30 years and the lenders know me," said Adarsh Gupta, the director of finance at Autolite (India), a component manufacturing firm. "But even a two-day delay has people crying that I will default.

"I too want to pay, but because of the fall in cashflows I'm facing short-term issues and because of that it's difficult to get more financing. This is the vicious cycle we are in." Still, automakers are hopeful of a recovery in the months ahead, helped by the September-December festive season that traditionally sees a surge in consumer spending.

"One can only wish that things improve sooner rather than later. With festive demand starting to seep through, we should start seeing a gradual improvement in sales," said PB Balaji, group CFO at Tata Motors.

Analysts are more sceptical though and say without vehicle financing becoming cheaper and easier the chances for that are low. With no silver lining in sight, analysts fear bad debts could mount in the auto sector, forcing banks to further reduce their exposure.

"We see market prices and sales coming down so there may be issues," said a top official at the Indian Banks' Association.

"We could see a spillover in terms of bad loans for the overall sector, but we are going to wait and watch." Dealers said they were hopeful of tiding over the current downturn as the broader growth story for India remains intact, but there could be a lot more pain before a recovery kicks in.

"The future is going to be multi-brand car showrooms," said marketing consultant Vijayaraghavan. "That is the only way for dealerships to survive going forward as overhead costs need to be shared."

Sudhir Gharpure and his sales team sat chatting at a big Maruti Suzuki dealership on the outskirts of Mumbai some two hours after its doors were opened on a recent Saturday morning - not a single customer was in sight.

Sudhir Gharpure and his sales team sat chatting at a big Maruti Suzuki dealership on the outskirts of Mumbai some two hours after its doors were opened on a recent Saturday morning - not a single customer was in sight. "There used to be close to 15-20 bookings each day, but now we're down to 3-5 on good days," said Gharpure, the general manager at the dealership. Gharpure's experience is not an isolated one. Across India dealerships are being pushed out of business and the Indian auto sector is going through its biggest slump in nearly two decades. Passenger vehicle sales fell for eight straight months until June, and in May sales dropped 20.55% - the sharpest recorded fall in 18 years. Preliminary data indicates passenger vehicle sales may have plunged as much as 30 per cent in July. The slump in India, along with a simultaneous slide in Chinese auto sales, is a blow for automakers wrestling with higher costs driven by more stringent emission norms and a push to develop electric cars. Unlike in China, where the plunge in cars sales has been caused largely by new emissions rules, India has seen a mix of factors that have combined to erode demand for automobiles. Prime Minister Narendra Modi's 2016 ban on high-value banknotes, higher tax rates under a new goods and services tax regime, a boom of ride-sharing firms such as Uber and Ola, and a weak rural economy have all played a role. But many dealers and automakers agree it is a deepening liquidity crunch among India's shadow banks that has been the biggest single factor in an auto sales collapse, which some fear may lead to more than a million job losses. Non-banking finance companies (NBFCs), or shadow banks, have dramatically slashed lending following the collapse of one of the biggest, IL&FS, in late 2018. IL&FS, or Infrastructure Leasing & Financial Services Ltd, was a behemoth in shadow banking and its defaults and unravelling, amid fraud allegations, have dried up funding for rivals and led to a surge in their borrowing costs. Non-bank or shadow banking firms generate credit outside traditional lenders, by means such as collective investment vehicles, broker-dealers or funds that invest in bonds and money markets. In India, NBFCs have in recent years helped fund nearly 55-60% of commercial vehicles both new and used, 30% of passenger cars and nearly 65% of the two-wheelers in the country, according to rating agency ICRA. To aggravate matters, the stress in the autos market has also prompted banks to begin trimming their exposure to the sector. "The car doesn't sell, it's the finance that sells," said R. Vijayaraghavan, a senior marketing consultant at the same Mumbai dealership. "Today the finance is not selling, so the cars are not selling." Problems amplified Some 286 dealerships have shut down in the last 18 months across India as rising costs for inventory management have made businesses unviable, according to the Federation of Automobile Dealers Association (FADA), a lobby group of auto dealers. "The slowdown in the (NBFC) sector has dragged down vehicle sales growth," said AM Karthik, financial sector head at ICRA. "Now the auto slowdown is becoming more visible as the liquidity squeeze continues." Automakers including Maruti Suzuki, Tata Motors , and Mahindra & Mahindra are feeling the heat and have either cut production or temporarily closed plants to correct mounting stocks. According to FADA data, passenger vehicle inventories now stand at 50-60 days up from around 45 days earlier, while those of two-wheelers are even higher at 80-90 days. For commercial vehicles, inventory levels range between 45 and 50 days. "We are asking dealers to maintain an inventory of 21 days, which is almost half of the current levels," said Ashish Kale, president of FADA. At least four dealers from different brands said, however, there was little scope to reduce inventories as automakers were pushing them to buy stock despite there being no demand even with heavy discounting and other sops on offer. While 70-75% of car sales were previously financed in-house by NBFC or bank agents sitting at a dealership, that has fallen to about 50%, say, dealers, as buyers struggle to qualify under more stringent lending norms put in place by lenders that are under pressure to shore up their books. Moreover, as many NBFCs typically lent to less creditworthy clients, banks are reticent to rush in to fill the void, as they struggle to cope with an existing pile of about $150 billion in bad loans. "The banking sector is certainly one of the factors that has affected the growth of the industry," said RC Bhargava, chair of Maruti Suzuki, noting interest rates for car buyers have gone up in the last 12 months despite the central bank cutting rates. Early recovery unlikely With the autos sector employing more than 35 million people directly and indirectly, and contributing more than 7% to India's GDP and accounting for 49% of its manufacturing GDP, the fallout from the autos slump is huge and presents a big challenge to Prime Minister Narendra Modi's government as it begins its second term. The entire supply chain, from vehicle manufacturers to component makers, are bleeding amid the slump. "I've been making my payments for the last 30 years and the lenders know me," said Adarsh Gupta, the director of finance at Autolite (India), a component manufacturing firm. "But even a two-day delay has people crying that I will default. "I too want to pay, but because of the fall in cashflows I'm facing short-term issues and because of that it's difficult to get more financing. This is the vicious cycle we are in." Still, automakers are hopeful of a recovery in the months ahead, helped by the September-December festive season that traditionally sees a surge in consumer spending. "One can only wish that things improve sooner rather than later. With festive demand starting to seep through, we should start seeing a gradual improvement in sales," said PB Balaji, group CFO at Tata Motors. Analysts are more sceptical though and say without vehicle financing becoming cheaper and easier the chances for that are low. With no silver lining in sight, analysts fear bad debts could mount in the auto sector, forcing banks to further reduce their exposure. "We see market prices and sales coming down so there may be issues," said a top official at the Indian Banks' Association. "We could see a spillover in terms of bad loans for the overall sector, but we are going to wait and watch." Dealers said they were hopeful of tiding over the current downturn as the broader growth story for India remains intact, but there could be a lot more pain before a recovery kicks in. "The future is going to be multi-brand car showrooms," said marketing consultant Vijayaraghavan. "That is the only way for dealerships to survive going forward as overhead costs need to be shared."

Auto sector crisis: How a shadow banking crisis is hurting car and bike sales in India

The grounding of the 737 MAX for more than four months after two deadly accidents has tarnished Boeing's reputation, but it still has the confidence of US policymakers.

This is despite the fact that one of the MAX flight systems, the MCAS, has been cited in both accidents.

Is this an indication that the American aerospace giant is too big to fail?&nbsp;

President Donald Trump, whose mantra is "America first," certainly criticized Boeing early in his administration over the presidential plane, Air Force One, but he has been largely silent about the recent woes.

The wave of negative press about the flaws that caused the deaths of 346 people did not prompt legislators to summon Boeing CEO Dennis Muilenburg before Congress to inflict on him the kind of humiliation Wall Street bankers were subject to following the global financial crisis.&nbsp;

"Boeing is one of the engines of the US economy, it's way too big and too important for the United States," said Michel Merluzeau, an expert at Air Insight Research.

Political ties

If American politicians were to attack the manufacturer, they would be shooting themselves in the foot, Merluzeau said, because "there are many jobs involved, a very, very numerous supply chain and it cannot be replaced with Facebook or Google that don't produce anything tangible."&nbsp;

Founded 103 years ago, Boeing employs more than 150,000 people around the world, the vast majority in the United States.&nbsp;

In addition to direct jobs, its subcontractors -- like General Electric (GE), United Technologies and Spirit Aerosystems -- are large US industrial employers.&nbsp;

The location of Boeing plants resembles a political campaign map, with facilities in Republican strongholds like Alabama, South Carolina and Texas, and Democratic areas like California and Washington, as well as states that helped Trump win the election: Pennsylvania and Arizona.&nbsp;

And Muilenburg has shown political savvy in his picks for the company's board of directors, naming Nikki Haley, former governor of South Carolina and Trump's former ambassador to the United Nations, and Caroline Kennedy, an ally of former President Barack Obama and daughter of former president John F. Kennedy.&nbsp;

Air Force One

Boeing is a dominant player not just in civilian aircraft but in the defence and space industries and is a major supplier to the Pentagon.

The company produced the famous B-17 and B-29 bombers of World War II and the B-52 used the Vietnam War.

Today it produces a variety of aircraft including the F/A-18 Super Hornet fighter jet, Apache attack helicopters, the B-1 bomber and combat drones.&nbsp;

It also is part of SpaceX, which will manage travel to the International Space Station.

And Boeing manufactures the presidential plane, the iconic Air Force One.

But Boeing also "can be used as a strategic tool," said Arthur Wheaton, a professor at Cornell University in New York.&nbsp;

Chinese purchases of Boeing aircraft are part of trade negotiations with Beijing, according to a source, since that can be a fast way to reduce the US trade deficit.&nbsp;

US civilian aircraft exports fell 12 per cent to $20.4 billion in May, due to the MAX crisis, which affected the GDP, according to government data.

The grounding of the 737 MAX for more than four months after two deadly accidents has tarnished Boeing's reputation, but it still has the confidence of US policymakers.

The grounding of the 737 MAX for more than four months after two deadly accidents has tarnished Boeing's reputation, but it still has the confidence of US policymakers. This is despite the fact that one of the MAX flight systems, the MCAS, has been cited in both accidents. Is this an indication that the American aerospace giant is too big to fail? President Donald Trump, whose mantra is "America first," certainly criticized Boeing early in his administration over the presidential plane, Air Force One, but he has been largely silent about the recent woes. The wave of negative press about the flaws that caused the deaths of 346 people did not prompt legislators to summon Boeing CEO Dennis Muilenburg before Congress to inflict on him the kind of humiliation Wall Street bankers were subject to following the global financial crisis. "Boeing is one of the engines of the US economy, it's way too big and too important for the United States," said Michel Merluzeau, an expert at Air Insight Research. Political ties If American politicians were to attack the manufacturer, they would be shooting themselves in the foot, Merluzeau said, because "there are many jobs involved, a very, very numerous supply chain and it cannot be replaced with Facebook or Google that don't produce anything tangible." Founded 103 years ago, Boeing employs more than 150,000 people around the world, the vast majority in the United States. In addition to direct jobs, its subcontractors -- like General Electric (GE), United Technologies and Spirit Aerosystems -- are large US industrial employers. The location of Boeing plants resembles a political campaign map, with facilities in Republican strongholds like Alabama, South Carolina and Texas, and Democratic areas like California and Washington, as well as states that helped Trump win the election: Pennsylvania and Arizona. And Muilenburg has shown political savvy in his picks for the company's board of directors, naming Nikki Haley, former governor of South Carolina and Trump's former ambassador to the United Nations, and Caroline Kennedy, an ally of former President Barack Obama and daughter of former president John F. Kennedy. Air Force One Boeing is a dominant player not just in civilian aircraft but in the defence and space industries and is a major supplier to the Pentagon. The company produced the famous B-17 and B-29 bombers of World War II and the B-52 used the Vietnam War. Today it produces a variety of aircraft including the F/A-18 Super Hornet fighter jet, Apache attack helicopters, the B-1 bomber and combat drones. It also is part of SpaceX, which will manage travel to the International Space Station. And Boeing manufactures the presidential plane, the iconic Air Force One. But Boeing also "can be used as a strategic tool," said Arthur Wheaton, a professor at Cornell University in New York. Chinese purchases of Boeing aircraft are part of trade negotiations with Beijing, according to a source, since that can be a fast way to reduce the US trade deficit. US civilian aircraft exports fell 12 per cent to $20.4 billion in May, due to the MAX crisis, which affected the GDP, according to government data.

Is Boeing too big to fail?

Amazon is in talks with Reliance Industries Ltd's retail unit to buy a stake in India's biggest brick-and-mortar retailer, two sources with knowledge of the talks told on Friday.

Amazon's massive online presence could help bolster Reliance's consumer and private labels business.

More importantly, a partnership would help the duo counter Walmart, which last year invested $16 billion in India's Flipkart, in the battle for a bigger share of India's fast-growing e-commerce market.

In late December, India modified rules around foreign direct investment (FDI) in e-commerce, creating additional hurdles for companies such as&nbsp;Amazon&nbsp;and Flipkart, and giving companies such as Reliance an edge.

Amazon&nbsp;had made the proposal to Reliance - controlled by Mukesh Ambani, India's richest man - for the partnership, but it was not clear whether a deal would materialize, said one of the sources.

The second source said&nbsp;Amazon&nbsp;had been pondering a proposal to purchase an up to 26% stake in the Reliance unit since at least February.

"For&nbsp;Amazon, it is about neutralizing a major rival and allowing itself to grow," said the second source, who added the company envisions helping Reliance's roughly 40 brands and grocery products go online.

Further details of the possible deal, first reported by India's Economic Times newspaper on Thursday, were not immediately clear.

Amazon, which declined to comment on Thursday, did not immediately respond to request for comment on Friday. Reliance on Friday pointed to its Thursday statement, which said it would make any disclosures to stock exchanges as and when necessary.

Reliance could potentially leverage&nbsp;Amazon's global experience in technology, supply chain and logistics as it aims to connect grocery stores across the country digitally through its Jio telecoms network - the biggest in India by subscribers.

For&nbsp;Amazon, picking up a stake in a Reliance unit could mean getting access to the Jio telecoms platform and its vast retail footprint of more than 10,600 stores across India. It might also add more firepower to their lobbying efforts, as the Ambani family is viewed as being well-connected politically.

Seattle-based&nbsp;Amazon&nbsp;is keen to get a bigger share of India's e-commerce market, which Deloitte expects to more than treble to $84 billion between 2017 and 2021.

Reliance was previously in talks with China's Alibaba to sell a stake in Reliance Retail, but a deal could not be sealed due to differences in valuation, according to a person familiar with the matter.

Amazon is in talks with Reliance Industries Ltd's retail unit to buy a stake in India's biggest brick-and-mortar retailer, two sources with knowledge of the talks told on Friday.

Amazon is in talks with Reliance Industries Ltd's retail unit to buy a stake in India's biggest brick-and-mortar retailer, two sources with knowledge of the talks told on Friday. Amazon's massive online presence could help bolster Reliance's consumer and private labels business. More importantly, a partnership would help the duo counter Walmart, which last year invested $16 billion in India's Flipkart, in the battle for a bigger share of India's fast-growing e-commerce market. In late December, India modified rules around foreign direct investment (FDI) in e-commerce, creating additional hurdles for companies such as Amazon and Flipkart, and giving companies such as Reliance an edge. Amazon had made the proposal to Reliance - controlled by Mukesh Ambani, India's richest man - for the partnership, but it was not clear whether a deal would materialize, said one of the sources. The second source said Amazon had been pondering a proposal to purchase an up to 26% stake in the Reliance unit since at least February. "For Amazon, it is about neutralizing a major rival and allowing itself to grow," said the second source, who added the company envisions helping Reliance's roughly 40 brands and grocery products go online. Further details of the possible deal, first reported by India's Economic Times newspaper on Thursday, were not immediately clear. Amazon, which declined to comment on Thursday, did not immediately respond to request for comment on Friday. Reliance on Friday pointed to its Thursday statement, which said it would make any disclosures to stock exchanges as and when necessary. Reliance could potentially leverage Amazon's global experience in technology, supply chain and logistics as it aims to connect grocery stores across the country digitally through its Jio telecoms network - the biggest in India by subscribers. For Amazon, picking up a stake in a Reliance unit could mean getting access to the Jio telecoms platform and its vast retail footprint of more than 10,600 stores across India. It might also add more firepower to their lobbying efforts, as the Ambani family is viewed as being well-connected politically. Seattle-based Amazon is keen to get a bigger share of India's e-commerce market, which Deloitte expects to more than treble to $84 billion between 2017 and 2021. Reliance was previously in talks with China's Alibaba to sell a stake in Reliance Retail, but a deal could not be sealed due to differences in valuation, according to a person familiar with the matter.

Amazon in talks with Reliance Retail to buy a stake: Sources

India's biggest automaker,&nbsp;Maruti&nbsp;Suzuki, said it had cut the number of its temporary workers to cope with a slowdown in auto sales, adding to the jobless problem in Asia's third-largest economy.

The vehicle industry, accounting for nearly half of India's manufacturing output, is facing one of its worst slowdowns in nearly a decade, with vehicle sales falling rapidly. There is little sign of a swift revival.

Maruti&nbsp;Suzuki said&nbsp;it employed 18,845 temporary workers on average in the six months ended June 30, down 6% or 1,181 from the same period last year. The company also said job cuts had accelerated since April.

Two sources familiar with the matter said the company would freeze hiring new employees until the downturn reversed.

It is the first time the reduction has been reported. The listed firm is not required to disclose any reduction in its temporary workforce.

India's jobless rate rose to 7.51% in July 2019 from 5.66% a year earlier, according to private data group CMIE. Those figures do not include many people on the margins of society who are day labourers and are often unemployed or underemployed.

Economists say government jobless figures are out of date and lack credibility.

Maruti&nbsp;Suzuki, majority-owned by Japan's Suzuki Motor Corp, said it had not reduced its 15,892-strong more permanent workforce. It declined to say whether further reductions were planned or comment on the hiring freeze.

The automaker previously said it had cut production by 10.3% in the first six months of the year.

Maruti&nbsp;Suzuki, which produces every second passenger vehicle sold in India, reported a 33.5% decline in sales in July to 109,265 vehicles compared with July 2018.

Chairman RC Bhargava&nbsp;the workforce was being reduced to reflect the slowdown in business, adding that this was one reason carmakers liked to have some temporary workers, although he did not give details about the job losses.

"One of the consequences of a slowdown is that the marginal players and weaker players find it difficult to survive. When do consolidations happen in business? Only when times are difficult," he added.

Two temporary workers outside the Manesar plant in the northern Indian state of Haryana, who did not want to be named, said the number of days with three shifts had been reduce. They said some assembly lines at the plant were not operating.

Kuldeep Janghu, general secretary of the&nbsp;Maruti&nbsp;Udyog workers union, said the average wage of temporary workers were about $250 a month at the company's Manesar and Gurugram plants.

The two plants have combined the capacity to produce more than 1.5 million vehicles a year.

The company rolled out its popular&nbsp;Maruti&nbsp;800 model from the Gurugram plant in 1983.

The auto sales downturn has put jobs across the industry at risk. The Automotive Component Manufacturers Association of India (ACMA) said parts makers could slash a fifth of their 5 million workforce if the slump continued.

India's biggest automaker, Maruti Suzuki, said it had cut the number of its temporary workers to cope with a slowdown in auto sales, adding to the jobless problem in Asia's third-largest economy.

India's biggest automaker, Maruti Suzuki, said it had cut the number of its temporary workers to cope with a slowdown in auto sales, adding to the jobless problem in Asia's third-largest economy. The vehicle industry, accounting for nearly half of India's manufacturing output, is facing one of its worst slowdowns in nearly a decade, with vehicle sales falling rapidly. There is little sign of a swift revival. Maruti Suzuki said it employed 18,845 temporary workers on average in the six months ended June 30, down 6% or 1,181 from the same period last year. The company also said job cuts had accelerated since April. Two sources familiar with the matter said the company would freeze hiring new employees until the downturn reversed. It is the first time the reduction has been reported. The listed firm is not required to disclose any reduction in its temporary workforce. India's jobless rate rose to 7.51% in July 2019 from 5.66% a year earlier, according to private data group CMIE. Those figures do not include many people on the margins of society who are day labourers and are often unemployed or underemployed. Economists say government jobless figures are out of date and lack credibility. Maruti Suzuki, majority-owned by Japan's Suzuki Motor Corp, said it had not reduced its 15,892-strong more permanent workforce. It declined to say whether further reductions were planned or comment on the hiring freeze. The automaker previously said it had cut production by 10.3% in the first six months of the year. Maruti Suzuki, which produces every second passenger vehicle sold in India, reported a 33.5% decline in sales in July to 109,265 vehicles compared with July 2018. Chairman RC Bhargava the workforce was being reduced to reflect the slowdown in business, adding that this was one reason carmakers liked to have some temporary workers, although he did not give details about the job losses. "One of the consequences of a slowdown is that the marginal players and weaker players find it difficult to survive. When do consolidations happen in business? Only when times are difficult," he added. Two temporary workers outside the Manesar plant in the northern Indian state of Haryana, who did not want to be named, said the number of days with three shifts had been reduce. They said some assembly lines at the plant were not operating. Kuldeep Janghu, general secretary of the Maruti Udyog workers union, said the average wage of temporary workers were about $250 a month at the company's Manesar and Gurugram plants. The two plants have combined the capacity to produce more than 1.5 million vehicles a year. The company rolled out its popular Maruti 800 model from the Gurugram plant in 1983. The auto sales downturn has put jobs across the industry at risk. The Automotive Component Manufacturers Association of India (ACMA) said parts makers could slash a fifth of their 5 million workforce if the slump continued.

India's biggest carmaker Maruti Suzuki cuts temporary jobs as sales plunge

<a href="https://www.wionews.com/business-economy/government-orders-probe-into-jet-airways-over-alleged-mismanagement-of-funds-document-233074">Jet Airways</a> has extended the deadline for initial bids for the bankrupt airline to August&nbsp;10 from August&nbsp;3, a statement from the company said on Saturday.

Jet, once ranked among the country's biggest airlines, was forced to ground all flights in April after running out of money and failing to secure funds, crippled by mounting losses as it attempted to compete with low-cost rivals.

The bid submission deadline has been extended at the request of some prospective bidders, it said.

Jet Airways and its lenders have been searching for new investors since its planes were grounded and staff left unpaid.

Lenders to the airline agreed on July 19 to provide interim financing to help it cover legal and other costs as bankruptcy resolution experts seek a buyer.

Last month, Ministry of Corporate Affairs ordered an investigation into embattled Jet Airways over alleged mismanagement of funds, in another headache for the airline that halted operations in April after running out of cash.

The ministry ordered the Serious Fraud Investigation Office (SFIO) to carry out the probe, according to a government order seen by Reuters.

Separately, a government source told Reuters that the airline's former chairman, Naresh Goyal, had approached Delhi High Court to quash an order by authorities that stops him from travelling abroad. The government plans to oppose Goyal`s plea, the source added.

Jet Airways has extended the deadline for initial bids for the bankrupt airline to August 10 from August 3, a statement from the company said on Saturday. Jet, once ranked among the country's biggest airlines, was forced to ground all flights in April after running out of money and failing to secure funds, crippled by mounting losses as it attempted to compete with low-cost rivals.

Jet Airways has extended the deadline for initial bids for the bankrupt airline to August 10 from August 3, a statement from the company said on Saturday. Jet, once ranked among the country's biggest airlines, was forced to ground all flights in April after running out of money and failing to secure funds, crippled by mounting losses as it attempted to compete with low-cost rivals. The bid submission deadline has been extended at the request of some prospective bidders, it said. Jet Airways and its lenders have been searching for new investors since its planes were grounded and staff left unpaid. Lenders to the airline agreed on July 19 to provide interim financing to help it cover legal and other costs as bankruptcy resolution experts seek a buyer. Last month, Ministry of Corporate Affairs ordered an investigation into embattled Jet Airways over alleged mismanagement of funds, in another headache for the airline that halted operations in April after running out of cash. The ministry ordered the Serious Fraud Investigation Office (SFIO) to carry out the probe, according to a government order seen by Reuters. Separately, a government source told Reuters that the airline's former chairman, Naresh Goyal, had approached Delhi High Court to quash an order by authorities that stops him from travelling abroad. The government plans to oppose Goyal`s plea, the source added.

Jet Airways extends deadline for initial bids to August 10

The diversified Adani Group is adding another revenue stream by entering the airport space and has set up a new company called Adani Airports Ltd.

The group's flagship company Adani Enterprises has incorporated the new company for acquiring, promoting, operating, maintaining, developing, designing, constructing, upgrading, modernising, renovating, expanding and managing airports in India and abroad.

"Adani Airports Ltd is incorporated in India and registered with the Registrar of Companies at Ahmedabad in Gujarat on August 2 and is yet commence its business operations," Adani Enterprises said in regulatory filings at stock exchanges on Saturday.

In February, the Adani Group won the mandate to run all six government-owned airports that were put up for privatisation.

It bagged a 50-year contract for the operation, management, and development of airports in Ahmedabad, Lucknow, Jaipur, Guwahati, Thiruvananthapuram, and Mangaluru to become the third-largest private airport operator after GMR Group and GVK Group.

The six airports together handled 30 million passengers - 23.6 million domestic and 6.4 million international - last fiscal year, marking a growth of 22 per cent over the previous year.

Last November, the government had cleared the privatisation of these six airports under the Airports Authority of India on the public-private partnership model.

The Adani Group is an integrated business conglomerate in India which consists of six publicly traded companies with combined revenues of 13 billion dollars (about Rs 90,000 crore).

With a presence in agri logistics, bunkering, coal and mining, defence and aerospace, edible oil and food products, it has global footprints across Australia, Bangladesh, China, Dubai, Indonesia, Myanmar, Singapore, and the United States.&nbsp;

The diversified Adani Group is adding another revenue stream by entering the airport space and has set up a new company called Adani Airports Ltd. The group's flagship company Adani Enterprises has incorporated the new company for acquiring, promoting, operating, maintaining, developing, designing, constructing, upgrading, modernising, renovating, expanding and managing airports in India and abroad.

The diversified Adani Group is adding another revenue stream by entering the airport space and has set up a new company called Adani Airports Ltd. The group's flagship company Adani Enterprises has incorporated the new company for acquiring, promoting, operating, maintaining, developing, designing, constructing, upgrading, modernising, renovating, expanding and managing airports in India and abroad. "Adani Airports Ltd is incorporated in India and registered with the Registrar of Companies at Ahmedabad in Gujarat on August 2 and is yet commence its business operations," Adani Enterprises said in regulatory filings at stock exchanges on Saturday. In February, the Adani Group won the mandate to run all six government-owned airports that were put up for privatisation. It bagged a 50-year contract for the operation, management, and development of airports in Ahmedabad, Lucknow, Jaipur, Guwahati, Thiruvananthapuram, and Mangaluru to become the third-largest private airport operator after GMR Group and GVK Group. The six airports together handled 30 million passengers - 23.6 million domestic and 6.4 million international - last fiscal year, marking a growth of 22 per cent over the previous year. Last November, the government had cleared the privatisation of these six airports under the Airports Authority of India on the public-private partnership model. The Adani Group is an integrated business conglomerate in India which consists of six publicly traded companies with combined revenues of 13 billion dollars (about Rs 90,000 crore). With a presence in agri logistics, bunkering, coal and mining, defence and aerospace, edible oil and food products, it has global footprints across Australia, Bangladesh, China, Dubai, Indonesia, Myanmar, Singapore, and the United States.

Adani Group sets up new company to manage airport businesses

Boeing Co plans further changes to the software architecture of the <a href="https://www.wionews.com/world/ryanair-holdings-sees-risk-to-2020-growth-if-737-max-grounded-beyond-november-234886">737 MAX</a> flight-control system to address a flaw discovered after a test in June, two people briefed on the matter said late on Thursday.

The redesign, first reported by the Seattle Times, involves using and receiving input from both flight control computers rather than one.

The move comes in response to an effort to address a problem discovered in June during a Federal Aviation Administration(FAA) simulator test.

This is on top of earlier announced changes to take input from both angle-of-attack sensors in the MCAS anti-stall system linked to two deadly crashes that led to a global grounding of the plane.

Boeing still hopes to complete the software redesign by the end of September to submit to the FAA for approval, the sources said.

For decades, 737 models have used only one of the flight control computers for each flight, with the system switching to the other computer on the following flight, according to people familiar with the plane's design.

The FAA said in June that it had identified a new risk that would need to be addressed before the plane could be ungrounded.

Under a scenario where a specific fault in a microprocessor caused an uncommanded movement of the plane's horizontal tail, it took pilots too long to recognize a loss of control known as runaway stabilizer, a Boeing official said at the time.

Boeing Chief Executive Dennis Muilenburg told analysts last month that he was confident the 737 MAX would be back in service as early as October after a certification flight in "the September time frame"

Southwest Airlines and <a href="https://www.wionews.com/world/air-canada-makes-emergency-landing-in-honolulu-due-to-turbulence-235165">Air Canada</a>, however, have taken the 737 MAX off their schedules until January.

The FAA declined to comment on the Seattle Times report. Boeing did not respond immediately to a request for comment.

Boeing Co plans further changes to the software architecture of the 737 MAX flight-control system to address a flaw discovered after a test in June, two people briefed on the matter said late on Thursday.

Boeing Co plans further changes to the software architecture of the 737 MAX flight-control system to address a flaw discovered after a test in June, two people briefed on the matter said late on Thursday. The redesign, first reported by the Seattle Times, involves using and receiving input from both flight control computers rather than one. The move comes in response to an effort to address a problem discovered in June during a Federal Aviation Administration(FAA) simulator test. This is on top of earlier announced changes to take input from both angle-of-attack sensors in the MCAS anti-stall system linked to two deadly crashes that led to a global grounding of the plane. Boeing still hopes to complete the software redesign by the end of September to submit to the FAA for approval, the sources said. For decades, 737 models have used only one of the flight control computers for each flight, with the system switching to the other computer on the following flight, according to people familiar with the plane's design. The FAA said in June that it had identified a new risk that would need to be addressed before the plane could be ungrounded. Under a scenario where a specific fault in a microprocessor caused an uncommanded movement of the plane's horizontal tail, it took pilots too long to recognize a loss of control known as runaway stabilizer, a Boeing official said at the time. Boeing Chief Executive Dennis Muilenburg told analysts last month that he was confident the 737 MAX would be back in service as early as October after a certification flight in "the September time frame" Southwest Airlines and Air Canada, however, have taken the 737 MAX off their schedules until January. The FAA declined to comment on the Seattle Times report. Boeing did not respond immediately to a request for comment.

Boeing to change 737 MAX flight-control software to address flaw: Sources

Levi Strauss &amp; Co has been "deliberate and diligent" in moving production out of China because of uncertainty hanging over tariffs on goods imported from China, Chief Executive Officer Chip Bergh said in an interview with Reuters.

Just 1% or 2% of Levi's product sold in the United States are manufactured in China, Bergh said, compared to 16% two years ago.

Bergh was speaking one day before President Donald Trump said he would impose tariffs on another $300 billion of Chinese goods, including apparel.

Trump has used tariffs as a tool to negotiate better trade terms, saying bad deals cost millions of US jobs.

Along with apparel, the new tariffs hit consumer goods such as electronics and toys and come in addition to those already imposed on $250 billion of other goods imported from China.

The on-again, off-again nature of the U.S. tariffs on Chinese goods had created uncertainty for many US&nbsp;retailers, Bergh said.

"Every day is a new day," he said. "Sometimes it looks like it's definitely going to happen and then other days you think it's off, it's not going to happen."

San Francisco-based Levi's, which returned to the public markets in March, is part of a wave of retailers that have been shifting supply chains out of China to countries such as Vietnam and Bangladesh.

The trend was initially in response to higher Chinese wages but the exodus is expected to be accelerated by the new tariffs, which Trump said will go into effect Sept. 1.

They are expected to increase consumers' costs and have an impact across the entire retail industry.

Apparel retailers like Gap Inc, handbag brand Steve Madden Ltd and department store Macy's Inc also have acted to move production out of China.

However, China still is a big supplier to the industry with 42% of apparel and 69% of footwear sold in the United States made in China, according to the American Apparel and Footwear Association.

Following the latest tariff news, several large retail trade groups warned the levied tariffs will hurt consumer purchases, raise prices and limit hiring.

Levi's has two of its own factories in Poland and South Africa but mostly uses third-party vendors or suppliers spread across 22 different countries, said Bergh, who joined the company in September 2011.

"We've narrowed down our supplier base during the time that I've been here to really develop deeper, more strategic relationships with many of our suppliers," he said.

Many of Levi's suppliers in China are publicly traded companies that have multi-country footprints, said Bergh, that has diversified risk by building factories in places like Vietnam and Cambodia.

Among Levi's best-selling products are the 501 men's jeans, which go for between $39.99 and $49.99, according to Levi's website.

Trump also has threatened to impose tariffs on Mexico in retaliation for illegal immigration largely from Central America, across the US-Mexican border. He is pushing Congress to approve the United States-Mexico-Canada Agreement (USMCA), a deal his administration reached to replace the North American Free Trade Agreement (NAFTA).

Levi Strauss & Co has been "deliberate and diligent" in moving production out of China because of uncertainty hanging over tariffs on goods imported from China, Chief Executive Officer Chip Bergh said in an interview with Reuters.

Levi Strauss & Co has been "deliberate and diligent" in moving production out of China because of uncertainty hanging over tariffs on goods imported from China, Chief Executive Officer Chip Bergh said in an interview with Reuters. Just 1% or 2% of Levi's product sold in the United States are manufactured in China, Bergh said, compared to 16% two years ago. Bergh was speaking one day before President Donald Trump said he would impose tariffs on another $300 billion of Chinese goods, including apparel. Trump has used tariffs as a tool to negotiate better trade terms, saying bad deals cost millions of US jobs. Along with apparel, the new tariffs hit consumer goods such as electronics and toys and come in addition to those already imposed on $250 billion of other goods imported from China. The on-again, off-again nature of the U.S. tariffs on Chinese goods had created uncertainty for many US retailers, Bergh said. "Every day is a new day," he said. "Sometimes it looks like it's definitely going to happen and then other days you think it's off, it's not going to happen." San Francisco-based Levi's, which returned to the public markets in March, is part of a wave of retailers that have been shifting supply chains out of China to countries such as Vietnam and Bangladesh. The trend was initially in response to higher Chinese wages but the exodus is expected to be accelerated by the new tariffs, which Trump said will go into effect Sept. 1. They are expected to increase consumers' costs and have an impact across the entire retail industry. Apparel retailers like Gap Inc, handbag brand Steve Madden Ltd and department store Macy's Inc also have acted to move production out of China. However, China still is a big supplier to the industry with 42% of apparel and 69% of footwear sold in the United States made in China, according to the American Apparel and Footwear Association. Following the latest tariff news, several large retail trade groups warned the levied tariffs will hurt consumer purchases, raise prices and limit hiring. Levi's has two of its own factories in Poland and South Africa but mostly uses third-party vendors or suppliers spread across 22 different countries, said Bergh, who joined the company in September 2011. "We've narrowed down our supplier base during the time that I've been here to really develop deeper, more strategic relationships with many of our suppliers," he said. Many of Levi's suppliers in China are publicly traded companies that have multi-country footprints, said Bergh, that has diversified risk by building factories in places like Vietnam and Cambodia. Among Levi's best-selling products are the 501 men's jeans, which go for between $39.99 and $49.99, according to Levi's website. Trump also has threatened to impose tariffs on Mexico in retaliation for illegal immigration largely from Central America, across the US-Mexican border. He is pushing Congress to approve the United States-Mexico-Canada Agreement (USMCA), a deal his administration reached to replace the North American Free Trade Agreement (NAFTA).

Levi's slims down China supply chain exposure as trade war rages on

Indian shares plunged more than 1 per cent on Friday dragged by auto and metal counters, after broader Asia took a beating following US President Donald Trump's threat to impose further tariffs on Chinese imports from next month.

Trump vowed to slap a 10% tariff on $300 billion of Chinese imports from September 1, sharply raising the stakes in a bruising trade war with China and jolting global financial markets.

The news raised investor fears of a revival of trade hostilities between Washington and Beijing, and sent MSCI's broadest index of Asia-Pacific shares outside Japan to its lowest level since mid-June.

In India, the broader NSE Nifty fell 1.17% at 10,853.90 as of 10am, while the benchmark BSE Sensex was 1.08% down at 36,629.77.

The volatility index rose as much as 10.1% to its highest level since June 3.

"Markets continue to be on the weaker side due to negative global cues and absence of any positive domestic news," said Gaurav Arora, head-Asia Pacific &amp; Middle East, Greenwich Associates.

Metals and autos were among the biggest drags on the markets. The Nifty metals index fell 1.3% after copper prices slumped to fresh lows following Trump's comments.

Vedanta Ltd shares traded lower by 2.5% tracking the fall in copper prices, while Hindalco was down 2.1%.

Meanwhile, auto investors remained bearish on the sector following a continued fall in monthly sales by major automakers. The Nifty auto index fell nearly 1%.

Sector heavyweights were trading in the red. Eicher Motors fell as much as 2.6% and Hero Motocorp was down 2.9%, while Bajaj Auto was down 1.6%.

Bharti Airtel shares rose 3.5%, after the company's average revenue per user (ARPU) rose during the first quarter. However, India's second-largest mobile operator by subscribers reported a staggering 28.66 billion rupee ($415.33 million) loss, its first quarterly loss in over a decade, on an exceptional charge.

Indian shares plunged more than 1 per cent on Friday dragged by auto and metal counters, after broader Asia took a beating following US President Donald Trump's threat to impose further tariffs on Chinese imports from next month.

Indian shares plunged more than 1 per cent on Friday dragged by auto and metal counters, after broader Asia took a beating following US President Donald Trump's threat to impose further tariffs on Chinese imports from next month. Trump vowed to slap a 10% tariff on $300 billion of Chinese imports from September 1, sharply raising the stakes in a bruising trade war with China and jolting global financial markets. The news raised investor fears of a revival of trade hostilities between Washington and Beijing, and sent MSCI's broadest index of Asia-Pacific shares outside Japan to its lowest level since mid-June. In India, the broader NSE Nifty fell 1.17% at 10,853.90 as of 10am, while the benchmark BSE Sensex was 1.08% down at 36,629.77. The volatility index rose as much as 10.1% to its highest level since June 3. "Markets continue to be on the weaker side due to negative global cues and absence of any positive domestic news," said Gaurav Arora, head-Asia Pacific & Middle East, Greenwich Associates. Metals and autos were among the biggest drags on the markets. The Nifty metals index fell 1.3% after copper prices slumped to fresh lows following Trump's comments. Vedanta Ltd shares traded lower by 2.5% tracking the fall in copper prices, while Hindalco was down 2.1%. Meanwhile, auto investors remained bearish on the sector following a continued fall in monthly sales by major automakers. The Nifty auto index fell nearly 1%. Sector heavyweights were trading in the red. Eicher Motors fell as much as 2.6% and Hero Motocorp was down 2.9%, while Bajaj Auto was down 1.6%. Bharti Airtel shares rose 3.5%, after the company's average revenue per user (ARPU) rose during the first quarter. However, India's second-largest mobile operator by subscribers reported a staggering 28.66 billion rupee ($415.33 million) loss, its first quarterly loss in over a decade, on an exceptional charge.

Nifty, Sensex slump as Trump hits China with fresh tariffs

Top oil exporter <a href="https://www.wionews.com/world/saudi-arabia-to-allow-women-to-travel-abroad-without-male-guardian-approval-240033">Saudi Arabia</a> may cut prices for most of the crude grades it sells to Asia for a second straight month in September after Middle East benchmark prices weakened.

The official selling price (OSP) for flagship Arab Light crude could drop by at least 50 cents a barrel, falling below a premium of $2 a barrel for the first time in four months, a Reuters survey of five buyers in Asia showed.

The cuts would track a backwardation between prompt and third month <a href="https://www.wionews.com/world/dubai-ruler-s-wife-seeks-forced-marriage-protection-order-in-english-court-239545">Dubai</a> prices that narrowed by 70 cents a barrel in July versus June. Spot prices are higher than those in future months in a backwardated market.

Asia's incremental demand for September-loading Middle East crude weakened last month with several North Asian refineries scheduled to shut for maintenance during their autumn season.

Strong fuel oil margins, however, are likely to support prices for heavier grades that produce more of the residual fuel, survey respondents said.

"Fuel oil cracks rallied the most," one of the respondents said, adding that this could lead to smaller price adjustments for Arab Medium and Arab Heavy crude versus light grades.

Two of the five respondents expect Arab Heavy crude's OSP to stay unchanged in September, while most of the respondents said Arab Medium's September OSP could fall by 20-40 cents a barrel.

Saudi Arabia's crude OSPs are usually released around the fifth of each month, and set the trend for Iranian, Kuwaiti and Iraqi prices, affecting more than 12 million barrels per day (BPD) of crude bound for Asia.

State oil giant Saudi Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on yields and product prices.

Saudi Aramco officials as a matter of policy do not comment on the kingdom's monthly OSPs.

Top oil exporter Saudi Arabia may cut prices for most of the crude grades it sells to Asia for a second straight month in September after Middle East benchmark prices weakened.

Top oil exporter Saudi Arabia may cut prices for most of the crude grades it sells to Asia for a second straight month in September after Middle East benchmark prices weakened. The official selling price (OSP) for flagship Arab Light crude could drop by at least 50 cents a barrel, falling below a premium of $2 a barrel for the first time in four months, a Reuters survey of five buyers in Asia showed. The cuts would track a backwardation between prompt and third month Dubai prices that narrowed by 70 cents a barrel in July versus June. Spot prices are higher than those in future months in a backwardated market. Asia's incremental demand for September-loading Middle East crude weakened last month with several North Asian refineries scheduled to shut for maintenance during their autumn season. Strong fuel oil margins, however, are likely to support prices for heavier grades that produce more of the residual fuel, survey respondents said. "Fuel oil cracks rallied the most," one of the respondents said, adding that this could lead to smaller price adjustments for Arab Medium and Arab Heavy crude versus light grades. Two of the five respondents expect Arab Heavy crude's OSP to stay unchanged in September, while most of the respondents said Arab Medium's September OSP could fall by 20-40 cents a barrel. Saudi Arabia's crude OSPs are usually released around the fifth of each month, and set the trend for Iranian, Kuwaiti and Iraqi prices, affecting more than 12 million barrels per day (BPD) of crude bound for Asia. State oil giant Saudi Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on yields and product prices. Saudi Aramco officials as a matter of policy do not comment on the kingdom's monthly OSPs.

Saudi Arabia may cut crude oil prices to Asia in September

Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Friday said that India's growing energy sector has become attractive for foreign investors.Speaking at an event here, Pradhan said India received funding from sovereign wealth funds, pension funds, long-term strategic investors from Western and Asian countries and the Middle East.

"The economy that is projected to grow at more than 7 per cent will attract more funding. Many companies have successfully raised funding through overseas bond market and this funding route is likely to grow manifold going forward," he said.

The union minister said that India's upstream sector is an important focus area of the government. Several transformative policy reforms have been undertaken to revitalize the E&amp;P ecosystem and establish a conducive business environment, which would facilitate more investment and boost domestic oil and gas production, Pradhan said.

"The key policy reforms undertaken to augment the domestic oil and gas production include the policy of uniform licensing, marketing and pricing freedom to the operators, availability of comprehensive data to the investors to take informed decisions and fiscal incentives with the thrust on production enhancement," he added.

On the issue of energy landscape, the minister said that it is passing through a big change-making way for clean energy technologies.

"In a drive to provide energy access to all in a sustainable manner, our government has taken a big responsibility by making global commitment to reduce emissions intensity of its GDP by 33-35 per cent from 2005 levels," Pradhan said.

"One of the main strategies India is planning to adopt towards achieving this goal is by having 40 per cent electricity generation capacity from non-fossil fuel-based energy resources by 2030,&nbsp;he added.

He said that the government is committed towards clean energy, which extends beyond just electricity.

"More than 75 million LPG connections have been provided under the Ujjwala Yojana so far, which has resulted in enhancing the LPG penetration in India to around 95 per cent as against 56 per cent in May 2014. The Pradhan Mantri Ujjwala Yojana has saved millions of women and children from the health hazards of smoky kitchens," the minister remarked.

Appreciating the oil and gas companies for investing in developing renewable energy projects for self-consumption and for supplying to the grid, Pradhan said that oil marketing companies are providing soft loans and subsidies to petrol pump dealers to install solar rooftops.

Speaking on the bio-diesel programme, the minister said, "I am confident that we will soon be rolling out initiatives to enable achievement of 5 per cent biodiesel blended diesel across country."

"We will promote electric vehicles, but it will be holistic and integrated planning, where I have mentioned in my recent statements that all forms of transportation, which are clean and affordable, will be considered in our energy policy," Pradhan further said.&nbsp;

 
&nbsp;

Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Friday said that India's growing energy sector has become attractive for foreign investors.Speaking at an event here, Pradhan said India received funding from sovereign wealth funds, pension funds, long-term strategic investors from Western and Asian countries and the Middle East.

Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Friday said that India's growing energy sector has become attractive for foreign investors.Speaking at an event here, Pradhan said India received funding from sovereign wealth funds, pension funds, long-term strategic investors from Western and Asian countries and the Middle East. "The economy that is projected to grow at more than 7 per cent will attract more funding. Many companies have successfully raised funding through overseas bond market and this funding route is likely to grow manifold going forward," he said. The union minister said that India's upstream sector is an important focus area of the government. Several transformative policy reforms have been undertaken to revitalize the E&P ecosystem and establish a conducive business environment, which would facilitate more investment and boost domestic oil and gas production, Pradhan said. "The key policy reforms undertaken to augment the domestic oil and gas production include the policy of uniform licensing, marketing and pricing freedom to the operators, availability of comprehensive data to the investors to take informed decisions and fiscal incentives with the thrust on production enhancement," he added. On the issue of energy landscape, the minister said that it is passing through a big change-making way for clean energy technologies. "In a drive to provide energy access to all in a sustainable manner, our government has taken a big responsibility by making global commitment to reduce emissions intensity of its GDP by 33-35 per cent from 2005 levels," Pradhan said. "One of the main strategies India is planning to adopt towards achieving this goal is by having 40 per cent electricity generation capacity from non-fossil fuel-based energy resources by 2030, he added. He said that the government is committed towards clean energy, which extends beyond just electricity. "More than 75 million LPG connections have been provided under the Ujjwala Yojana so far, which has resulted in enhancing the LPG penetration in India to around 95 per cent as against 56 per cent in May 2014. The Pradhan Mantri Ujjwala Yojana has saved millions of women and children from the health hazards of smoky kitchens," the minister remarked. Appreciating the oil and gas companies for investing in developing renewable energy projects for self-consumption and for supplying to the grid, Pradhan said that oil marketing companies are providing soft loans and subsidies to petrol pump dealers to install solar rooftops. Speaking on the bio-diesel programme, the minister said, "I am confident that we will soon be rolling out initiatives to enable achievement of 5 per cent biodiesel blended diesel across country." "We will promote electric vehicles, but it will be holistic and integrated planning, where I have mentioned in my recent statements that all forms of transportation, which are clean and affordable, will be considered in our energy policy," Pradhan further said.

India's growing energy sector has become attractive for foreign investors: Dharmendra Pradhan

&nbsp;US&nbsp;job growth slowed in July and wages picked up moderately, which together with an escalation in<a href="https://www.wionews.com/.../us-china-trade-war-is-making-china-stronger- 234526"> trade tensions between the United States and Chin</a>a could give the Federal Reserve ammunition to cut interest rates again next month.

The Labour Department's closely watched monthly employment report on Friday came a day after President Donald Trump announced an additional 10% tariff on $300 billion worth of Chinese imports starting September 1, a move that led financial markets to almost fully price in a rate cut in September.

The U.S. central bank on Wednesday cut its short-term interest rate for the first time since 2008. Fed Chairman Jerome Powell described the widely anticipated 25-basis-point monetary policy easing as insurance against downside risks to the 10-year-old economic expansion, the longest in history, from trade tensions and slowing global growth. (Full Story)

Nonfarm payrolls increased by 164,000 jobs last month, the government said.

The economy created 41,000 fewer jobs in May and June than previously reported. July's job gains were in line with economists' expectations.

The average workweek fell to its lowest level in nearly two years.

Before the release of the employment report, fed funds futures implied traders saw a 96% chance of the Fed cutting rates again next month, according to CME Group's FedWatch tool.

The US-China trade war is taking a toll on manufacturing, with production declining for two straight quarters.

Business investment has also been hit, contracting in the second quarter for the first time in more than three years and contributing to holding back the economy to a 2.1% annualized growth rate.

The economy grew at a 3.1% pace in the first quarter.

July payrolls marked a further deceleration in job growth from an average of 223,000 per month in 2018.

Economists say it is unclear whether the loss of momentum in hiring was due to ebbing demand for labour or a shortage of qualified workers.

Still, the pace of job growth remains well above the roughly 100,000 needed per month to keep up with growth in the working-age population.

The unemployment rate was unchanged at 3.7% in July.

Despite the lowest jobless rate in nearly 50 years, wage growth remains moderate, contributing to a tame inflation environment, which could be supportive of another rate cut next month.

Inflation has undershot the Fed's 2% target this year, rising 1.6% on a year-on-year basis in June after gaining 1.5% in May.

Average hourly earnings rose 8 cents, or 0.3% in July, after the same increase in June.

That lifted the annual increase in wages to 3.2% in July from 3.1% in June.

The trend in wage gains has slowed from late 2018 when wages were rising at their fastest rate in a decade.

Even with the step-down in job and wage gains, the labour market is supporting the economy as the stimulus from last year's $1.5 trillion tax cut package fades. Economic growth in the third quarter is seen at around a 1.5% rate.

Construction payrolls increased by 4,000 jobs after shooting up by 18,000 jobs in June.

Manufacturing employment rose by 16,000 jobs after increasing by 12,000 in June.

The strong manufacturing job gains are at odds with weakening activity in the sector.

A survey on Thursday showed manufacturing employment hit its lowest level since November 2016 in July.

The sector, which accounts for more than 12% of the US&nbsp;economy, is being hobbled by trade tensions, weakening global growth, an inventory bulge - concentrated in the automotive industry - and design problems at aerospace giant Boeing Co BA.N.

Factory workers put in fewer hours last month.

The manufacturing workweek dropped 0.3 hours to 40.4 hours, the lowest since November 2011.

That contributed to the overall average workweek falling to 34.3 hours, the fewest since September 2017, from 34.4 hours in June.

Government employment increased by 16,000 jobs in July, adding to June's gain of 14,000.

US job growth slowed in July and wages picked up moderately, which together with an escalation in trade tensions between the United States and China could give the Federal Reserve ammunition to cut interest rates again next month.

US job growth slowed in July and wages picked up moderately, which together with an escalation in trade tensions between the United States and China could give the Federal Reserve ammunition to cut interest rates again next month. The Labour Department's closely watched monthly employment report on Friday came a day after President Donald Trump announced an additional 10% tariff on $300 billion worth of Chinese imports starting September 1, a move that led financial markets to almost fully price in a rate cut in September. The U.S. central bank on Wednesday cut its short-term interest rate for the first time since 2008. Fed Chairman Jerome Powell described the widely anticipated 25-basis-point monetary policy easing as insurance against downside risks to the 10-year-old economic expansion, the longest in history, from trade tensions and slowing global growth. (Full Story) Nonfarm payrolls increased by 164,000 jobs last month, the government said. The economy created 41,000 fewer jobs in May and June than previously reported. July's job gains were in line with economists' expectations. The average workweek fell to its lowest level in nearly two years. Before the release of the employment report, fed funds futures implied traders saw a 96% chance of the Fed cutting rates again next month, according to CME Group's FedWatch tool. The US-China trade war is taking a toll on manufacturing, with production declining for two straight quarters. Business investment has also been hit, contracting in the second quarter for the first time in more than three years and contributing to holding back the economy to a 2.1% annualized growth rate. The economy grew at a 3.1% pace in the first quarter. July payrolls marked a further deceleration in job growth from an average of 223,000 per month in 2018. Economists say it is unclear whether the loss of momentum in hiring was due to ebbing demand for labour or a shortage of qualified workers. Still, the pace of job growth remains well above the roughly 100,000 needed per month to keep up with growth in the working-age population. The unemployment rate was unchanged at 3.7% in July. Despite the lowest jobless rate in nearly 50 years, wage growth remains moderate, contributing to a tame inflation environment, which could be supportive of another rate cut next month. Inflation has undershot the Fed's 2% target this year, rising 1.6% on a year-on-year basis in June after gaining 1.5% in May. Average hourly earnings rose 8 cents, or 0.3% in July, after the same increase in June. That lifted the annual increase in wages to 3.2% in July from 3.1% in June. The trend in wage gains has slowed from late 2018 when wages were rising at their fastest rate in a decade. Even with the step-down in job and wage gains, the labour market is supporting the economy as the stimulus from last year's $1.5 trillion tax cut package fades. Economic growth in the third quarter is seen at around a 1.5% rate. Construction payrolls increased by 4,000 jobs after shooting up by 18,000 jobs in June. Manufacturing employment rose by 16,000 jobs after increasing by 12,000 in June. The strong manufacturing job gains are at odds with weakening activity in the sector. A survey on Thursday showed manufacturing employment hit its lowest level since November 2016 in July. The sector, which accounts for more than 12% of the US economy, is being hobbled by trade tensions, weakening global growth, an inventory bulge - concentrated in the automotive industry - and design problems at aerospace giant Boeing Co BA.N. Factory workers put in fewer hours last month. The manufacturing workweek dropped 0.3 hours to 40.4 hours, the lowest since November 2011. That contributed to the overall average workweek falling to 34.3 hours, the fewest since September 2017, from 34.4 hours in June. Government employment increased by 16,000 jobs in July, adding to June's gain of 14,000.

US employment growth slows in July; wages pick up

Oil prices rose around 1 per cent on Friday, steadying after an overnight plunge following US President Donald Trump's move to impose more tariffs on Chinese imports, intensifying a trade war that has hit global growth.

Brent crude slumped more than 7 per cent on Thursday, its steepest drop in more than three years. US crude fell nearly 8%, posting its worst day in more than four years,

The collapse ended a fragile rally built on steady drawdowns in US inventories, even as global demand looked shaky due to the trade dispute between the world's two biggest economies.

Brent was up 67 cents, or 1.1%, at $61.17 a barrel by 0049 GMT, while US crude was up 50 cents, or 0.9%, at $54.45 a barrel.

Trump said on Thursday he would impose a 10 per cent tariff on $300 billion of Chinese imports from September 1 and could raise tariffs further if China's President Xi Jinping fails to move more quickly to strike a trade deal.

The announcement extends Trump's tariffs to nearly all China's imports into the United States and marks an abrupt end to a temporary truce in a trade war that has disrupted global supply chains and roiled financial markets.

Prices "had already been under pressure before the tariff announcement, with weak US manufacturing data raising concerns about weak demand for oil," ANZ Research said in a morning note.

US manufacturing activity slowed to a near three-year low in July and construction spending fell in June as investment in private construction projects tumbled to its lowest level in 1-1/2 years.

Total US oil demand in May fell 98,000 bpd to 20.26 million bpd, data showed earlier this week.&nbsp;

OPEC and partners including Russia, an alliance known as OPEC+, have been curbing output this year to support the market.&nbsp;

In July, OPEC production revisited a 2011 low, helped by a further cut by Saudi Arabia, a Reuters survey showed.

Oil prices rose around 1 per cent on Friday, steadying after an overnight plunge following US President Donald Trump's move to impose more tariffs on Chinese imports, intensifying a trade war that has hit global growth.

Oil prices rose around 1 per cent on Friday, steadying after an overnight plunge following US President Donald Trump's move to impose more tariffs on Chinese imports, intensifying a trade war that has hit global growth. Brent crude slumped more than 7 per cent on Thursday, its steepest drop in more than three years. US crude fell nearly 8%, posting its worst day in more than four years, The collapse ended a fragile rally built on steady drawdowns in US inventories, even as global demand looked shaky due to the trade dispute between the world's two biggest economies. Brent was up 67 cents, or 1.1%, at $61.17 a barrel by 0049 GMT, while US crude was up 50 cents, or 0.9%, at $54.45 a barrel. Trump said on Thursday he would impose a 10 per cent tariff on $300 billion of Chinese imports from September 1 and could raise tariffs further if China's President Xi Jinping fails to move more quickly to strike a trade deal. The announcement extends Trump's tariffs to nearly all China's imports into the United States and marks an abrupt end to a temporary truce in a trade war that has disrupted global supply chains and roiled financial markets. Prices "had already been under pressure before the tariff announcement, with weak US manufacturing data raising concerns about weak demand for oil," ANZ Research said in a morning note. US manufacturing activity slowed to a near three-year low in July and construction spending fell in June as investment in private construction projects tumbled to its lowest level in 1-1/2 years. Total US oil demand in May fell 98,000 bpd to 20.26 million bpd, data showed earlier this week. OPEC and partners including Russia, an alliance known as OPEC+, have been curbing output this year to support the market. In July, OPEC production revisited a 2011 low, helped by a further cut by Saudi Arabia, a Reuters survey showed.

Oil prices steady after Trump trade tariffs spark plunge

Global stocks took another beating on Friday while investors piled on to safe-haven assets after US President Donald Trump said he would slap a <a href="https://www.wionews.com/world/us-to-hit-300-billion-worth-of-chinese-goods-with-10-tariff-donald-trump-240021">10% tariff on the remaining $300 billion</a> of Chinese imports from next month.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.51% to its lowest level since mid-June while Japan's Nikkei tumbled 1.91%.

US stock futures lost 0.20% in early Asian trade after the S&amp;P 500 skidded 0.90% to hit one-month lows overnight, while Pan-European Euro Stoxx 50 futures fell 1.5%.

Trump's move breaks a truce in the trade war struck in June and could further disrupt global supply chains.

"After US-China summit meeting, people had expected there would be a lull for quite some time," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.

"And the market was also relieved by signs of recovery in the semiconductor sector. But now investors and companies will have to revise their such scenarios."

China's state media quickly denounced the move, with the editor in chief of the Global Times saying on Friday that a trade deal between the United States and China was now "further away."

The proposed levies triggered a stampede for safe-haven assets, including US bonds, the yen and gold while the yuan and the Australian dollar hit multi-month lows.

Gold held firm at $1,438.9 per ounce, down 0.4% in Asia after having risen 2.4% on Thursday, staying near a six-year high of $1,453 touched two weeks ago.

The yen edged up to 107.25 on the dollar after rising 1.3% overnight, its biggest daily gain in more than two years.

The euro also recovered to $1.1090, from a two-year low of $1.1027 hit in US trade.

In contrast, the risk sensitive Australian dollar dropped to a seven-month low of $0.6795 while the offshore yuan hit a nine-month low of 6.9731 to the dollar.

The 10-year US bond yield fell almost 12 basis points on Thursday to 1.902 per cent, hitting the lowest level since November 8, 2016, when Trump won a surprise victory in the presidential election.

Trump's decision has thrown the Federal Reserve another curve ball that may force it to again cut interest rates to protect the US economy from trade-policy risks after its first rate cut in more than a decade on Wednesday.

Although Fed Chairman Jerome Powell said the rate cut was a "mid-cycle adjustment" and not a start to a full-blown rate-cutting cycle, markets aren't fully convinced.

The October Fed funds rate futures have jumped to now fully price in a rate cut in September, compared with only around 60% before the tariff announcement. Another 25 basis point move is priced in by December.

"In the grand scheme of things, it will become clearer and clearer that the Federal Reserve has started an easing cycle and will have no choice but to cut rates further," said Akira Takei, fund manager at Asset Management One.

The new tariffs would hit a wide swathe of consumer goods from cell phones and laptop computers to toys and footwear, at a time when the manufacturing sector is already reeling from the accumulative impact of the trade war.

The US Institute for Supply Management said on Thursday its index of national factory activity fell to 51.2 last month, the lowest reading since August 2016. That came on the heels of surveys in Europe and Asia showing factories under the pump, with manufacturing activity in many countries shrinking in the face of intensifying trade frictions.

Oil prices bounced back a tad after suffering sharp falls the previous day.

Brent crude rose 1.2% to $61.24 per barrel, after having fallen 7.0% on Thursday, its biggest daily percentage drop since February 2016.

US West Texas Intermediate (WTI) crude rose 1.1% to $54.52, having shed 7.9% on Thursday.

Global stocks took another beating on Friday while investors piled on to safe-haven assets after US President Donald Trump said he would slap a 10% tariff on the remaining $300 billion of Chinese imports from next month.

Global stocks took another beating on Friday while investors piled on to safe-haven assets after US President Donald Trump said he would slap a 10% tariff on the remaining $300 billion of Chinese imports from next month. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.51% to its lowest level since mid-June while Japan's Nikkei tumbled 1.91%. US stock futures lost 0.20% in early Asian trade after the S&P 500 skidded 0.90% to hit one-month lows overnight, while Pan-European Euro Stoxx 50 futures fell 1.5%. Trump's move breaks a truce in the trade war struck in June and could further disrupt global supply chains. "After US-China summit meeting, people had expected there would be a lull for quite some time," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management. "And the market was also relieved by signs of recovery in the semiconductor sector. But now investors and companies will have to revise their such scenarios." China's state media quickly denounced the move, with the editor in chief of the Global Times saying on Friday that a trade deal between the United States and China was now "further away." The proposed levies triggered a stampede for safe-haven assets, including US bonds, the yen and gold while the yuan and the Australian dollar hit multi-month lows. Gold held firm at $1,438.9 per ounce, down 0.4% in Asia after having risen 2.4% on Thursday, staying near a six-year high of $1,453 touched two weeks ago. The yen edged up to 107.25 on the dollar after rising 1.3% overnight, its biggest daily gain in more than two years. The euro also recovered to $1.1090, from a two-year low of $1.1027 hit in US trade. In contrast, the risk sensitive Australian dollar dropped to a seven-month low of $0.6795 while the offshore yuan hit a nine-month low of 6.9731 to the dollar. The 10-year US bond yield fell almost 12 basis points on Thursday to 1.902 per cent, hitting the lowest level since November 8, 2016, when Trump won a surprise victory in the presidential election. Trump's decision has thrown the Federal Reserve another curve ball that may force it to again cut interest rates to protect the US economy from trade-policy risks after its first rate cut in more than a decade on Wednesday. Although Fed Chairman Jerome Powell said the rate cut was a "mid-cycle adjustment" and not a start to a full-blown rate-cutting cycle, markets aren't fully convinced. The October Fed funds rate futures have jumped to now fully price in a rate cut in September, compared with only around 60% before the tariff announcement. Another 25 basis point move is priced in by December. "In the grand scheme of things, it will become clearer and clearer that the Federal Reserve has started an easing cycle and will have no choice but to cut rates further," said Akira Takei, fund manager at Asset Management One. The new tariffs would hit a wide swathe of consumer goods from cell phones and laptop computers to toys and footwear, at a time when the manufacturing sector is already reeling from the accumulative impact of the trade war. The US Institute for Supply Management said on Thursday its index of national factory activity fell to 51.2 last month, the lowest reading since August 2016. That came on the heels of surveys in Europe and Asia showing factories under the pump, with manufacturing activity in many countries shrinking in the face of intensifying trade frictions. Oil prices bounced back a tad after suffering sharp falls the previous day. Brent crude rose 1.2% to $61.24 per barrel, after having fallen 7.0% on Thursday, its biggest daily percentage drop since February 2016. US West Texas Intermediate (WTI) crude rose 1.1% to $54.52, having shed 7.9% on Thursday.

Trump's tariffs jolt global stocks, lift safe-haven assets

<a href="https://www.wionews.com/world/amazon-founder-jeff-bezos-divorce-final-with-38-billion-settlement-report-233449">Amazon founder Jeff Bezos</a> sold shares worth $1.8 billion in the last three days of July, reducing the value of his stake in the world's third most valuable company to about $110 billion.

The move by Bezos was part of a previously adopted trading plan and was revealed in regulatory filings that also showed that his former wife Mackenzie Bezos is now the online retailer's second largest individual shareholder.

Her stake, stemming from a divorce settlement of the pair's previous joint holdings, is currently worth more than $37 billion.

The numbers mean Bezos retains his pole position among the world's billionaires, while his former wife now ranks 23rd, according to Forbes data.

The couple announced their plan to divorce in a joint Twitter statement in January, and Amazon disclosed in April that 4% of its outstanding stock or 19.7 million shares would be registered in MacKenzie Bezos' name after court approval of the divorce.

The billionaire chief executive has said previously that he would sell stock worth about $1 billion each year to fund his r<a href="https://www.wionews.com/world/amazons-jeff-bezos-unveils-lunar-lander-project-blue-moon-217363">ocket company, Blue Origin</a>.

Blue Origin aims eventually to cut the cost of space flight to levels that would allow millions of people to live and work off Earth, Bezos has said.

Amazon founder Jeff Bezos sold shares worth $1.8 billion in the last three days of July, reducing the value of his stake in the world's third most valuable company to about $110 billion.

Amazon founder Jeff Bezos sold shares worth $1.8 billion in the last three days of July, reducing the value of his stake in the world's third most valuable company to about $110 billion. The move by Bezos was part of a previously adopted trading plan and was revealed in regulatory filings that also showed that his former wife Mackenzie Bezos is now the online retailer's second largest individual shareholder. Her stake, stemming from a divorce settlement of the pair's previous joint holdings, is currently worth more than $37 billion. The numbers mean Bezos retains his pole position among the world's billionaires, while his former wife now ranks 23rd, according to Forbes data. The couple announced their plan to divorce in a joint Twitter statement in January, and Amazon disclosed in April that 4% of its outstanding stock or 19.7 million shares would be registered in MacKenzie Bezos' name after court approval of the divorce. The billionaire chief executive has said previously that he would sell stock worth about $1 billion each year to fund his rocket company, Blue Origin. Blue Origin aims eventually to cut the cost of space flight to levels that would allow millions of people to live and work off Earth, Bezos has said.

Jeff Bezos sells shares worth $1.8 billion in Amazon, still world's top billionaire

Oil prices rose more than 2% on Friday, regaining some ground after their biggest falls in years on US&nbsp;President Donald Trump's threat to impose more tariffs on Chinese imports.

The move, due to take effect on September&nbsp;1, intensifies a trade war between the world's top two economies and oil consumers that has disrupted global supply chains and roiled financial markets.

Any resulting economic slowdown could dent oil demand.

Benchmark Brent rose $1.56, or 2.6%, to $62.06 a barrel by 1210 GMT on Friday, after slumping more than 7% on Thursday, their steepest drop in more than three years.

US crude gained $1.29, or 2.4%, to $55.24 on Friday, after tumbling nearly 8% the previous day when they posted their biggest drop in more than four years.

Thursday's slide ended a fragile rally built on steady drawdowns in US inventories, even though global demand looked shaky due to the trade dispute.

"Given the latest turn in US-Sino trade relations, sustaining this uplift may be subject to how China chooses to respond to President Trump's new tariff initiative", said Harry Tchilinguirian, global oil strategist at BNP Paribas in London.

"The rise in oil prices may be simply the result of a technical bounce back from an oversold close," he told the Reuters Global Oil Forum, referring to Thursday's tumble.

Trump said on Thursday he would impose a 10% tariff on $300 billion of Chinese imports and could raise tariffs further if China's President Xi Jinping failed to move more quickly to strike a trade deal.

The announcement extends Trump's tariffs to nearly all of China's imports into the United States.

China said it would not accept any "intimidation or blackmail" and pledged countermeasures should the tariffs go into effect.

The US&nbsp;economy expanded by 2.1% in the second quarter, government data showed on July 26, beating economists' expectations although it was lower than first-quarter growth.

Still, there are signs of the economic toll of the trade dispute between the United States and China, which this week reported slowing manufacturing activity in July.

US&nbsp;manufacturing activity also slipped last month, dropping to a near three-year low, and construction spending fell in June as an investment in private construction projects tumbled to its lowest level in 1-1/2 years, data showed.

Oil prices rose more than 2% on Friday, regaining some ground after their biggest falls in years on US President Donald Trump's threat to impose more tariffs on Chinese imports.

Oil prices rose more than 2% on Friday, regaining some ground after their biggest falls in years on US President Donald Trump's threat to impose more tariffs on Chinese imports. The move, due to take effect on September 1, intensifies a trade war between the world's top two economies and oil consumers that has disrupted global supply chains and roiled financial markets. Any resulting economic slowdown could dent oil demand. Benchmark Brent rose $1.56, or 2.6%, to $62.06 a barrel by 1210 GMT on Friday, after slumping more than 7% on Thursday, their steepest drop in more than three years. US crude gained $1.29, or 2.4%, to $55.24 on Friday, after tumbling nearly 8% the previous day when they posted their biggest drop in more than four years. Thursday's slide ended a fragile rally built on steady drawdowns in US inventories, even though global demand looked shaky due to the trade dispute. "Given the latest turn in US-Sino trade relations, sustaining this uplift may be subject to how China chooses to respond to President Trump's new tariff initiative", said Harry Tchilinguirian, global oil strategist at BNP Paribas in London. "The rise in oil prices may be simply the result of a technical bounce back from an oversold close," he told the Reuters Global Oil Forum, referring to Thursday's tumble. Trump said on Thursday he would impose a 10% tariff on $300 billion of Chinese imports and could raise tariffs further if China's President Xi Jinping failed to move more quickly to strike a trade deal. The announcement extends Trump's tariffs to nearly all of China's imports into the United States. China said it would not accept any "intimidation or blackmail" and pledged countermeasures should the tariffs go into effect. The US economy expanded by 2.1% in the second quarter, government data showed on July 26, beating economists' expectations although it was lower than first-quarter growth. Still, there are signs of the economic toll of the trade dispute between the United States and China, which this week reported slowing manufacturing activity in July. US manufacturing activity also slipped last month, dropping to a near three-year low, and construction spending fell in June as an investment in private construction projects tumbled to its lowest level in 1-1/2 years, data showed.

Oil prices rebound more than 2% after plunging on Donald Trump's tariff plan