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Huawei Technologies extended its lead in a declining China smartphone market in the second quarter, with its market share rising to 38% as all other top vendors lost ground, according to data from market research firm Canalys.

Huawei, which was put on a trade blacklist by the United States since mid-May, shipped 37.3 million smartphones in China in the second quarter, up 31% year-on-year, according to Canalys. It's market share rose more than 10 percentage points from the year-ago quarter's 27.6%.

The second-quarter China shipments represented 64% of Huawei's total smartphone shipments in the quarter, Canalys said.

Smartphone shipments in the world's largest smartphone market declined by 6% in the three months ended June to 97.6 million units, according to Canalys. It was the 9th consecutive quarterly fall in China smartphone shipments, the data showed.

Oppo, Vivo, Xiaomi Corp and Apple Inc, the top 4 vendors behind Huawei, saw declines in shipments and market share in the quarter. Canalys analyst Mo Jia said Huawei's addition to the US Entity List in May "caused uncertainty overseas" but it has been shifting its focus back towards its home market, where it invested in aggressive offline expansion to lure consumers from domestic rivals with a patriotic sales pitch.

Huawei's blacklisting by Washington has threatened to cut its access to essential US components and software such as the Google Android apps.

The Chinese company is set to report half-year results later on Tuesday.

Huawei Technologies extended its lead in a declining China smartphone market in the second quarter, with its market share rising to 38% as all other top vendors lost ground, according to data from market research firm Canalys.

Huawei Technologies extended its lead in a declining China smartphone market in the second quarter, with its market share rising to 38% as all other top vendors lost ground, according to data from market research firm Canalys. Huawei, which was put on a trade blacklist by the United States since mid-May, shipped 37.3 million smartphones in China in the second quarter, up 31% year-on-year, according to Canalys. It's market share rose more than 10 percentage points from the year-ago quarter's 27.6%. The second-quarter China shipments represented 64% of Huawei's total smartphone shipments in the quarter, Canalys said. Smartphone shipments in the world's largest smartphone market declined by 6% in the three months ended June to 97.6 million units, according to Canalys. It was the 9th consecutive quarterly fall in China smartphone shipments, the data showed. Oppo, Vivo, Xiaomi Corp and Apple Inc, the top 4 vendors behind Huawei, saw declines in shipments and market share in the quarter. Canalys analyst Mo Jia said Huawei's addition to the US Entity List in May "caused uncertainty overseas" but it has been shifting its focus back towards its home market, where it invested in aggressive offline expansion to lure consumers from domestic rivals with a patriotic sales pitch. Huawei's blacklisting by Washington has threatened to cut its access to essential US components and software such as the Google Android apps. The Chinese company is set to report half-year results later on Tuesday.

Huawei's China smartphone market share jumps as rivals lose ground: Report

Oil prices extended overnight gains on Tuesday amid widespread expectations the US Federal Reserve will cut interest rates for the first time in more than a decade this week.

Brent crude rose 30 cents, or 0.5%, to $64.01 a barrel by 0013 GMT, after gaining 0.4% the previous session.

US crude was up 34 cents or 0.6%, at $57.21 a barrel, having risen 1.2% on Monday.

Crude futures are "well bid on the back of rising expectations of a rate cut in the US," ANZ Research said in a morning note, adding that optimism over Sino-US trade talks and Middle East tensions are also supporting prices.

US central bankers will begin their two-day meeting later in the day and are expected to lower borrowing costs for the first time since the depths of the financial crisis more than a decade ago.

US President Donald Trump said a small rate cut "is not enough."

Economic growth in the United States slowed less than expected in the second quarter, strengthening the outlook for oil consumption but, elsewhere, disappointing economic data has increased concerns about slower growth.

US and Chinese negotiators meet this week for their first in-person talks since a G20 truce last month, with some optimistic that the discussions will help bridge the gap between the world's two largest economies.

However, Trump said China might not want to sign a trade deal until after the 2020 US election.

Supply risks are still a concern as tensions remained high around the Strait of Hormuz, through which about a fifth of the world's oil passes.

Tensions spiked between Iran and the West after Iranian commandos seized a British-flagged oil tanker in the Gulf this month in apparent retaliation for the capture of an Iranian tanker by British forces near Gibraltar.

Oil prices extended overnight gains on Tuesday amid widespread expectations the US Federal Reserve will cut interest rates for the first time in more than a decade this week.

Oil prices extended overnight gains on Tuesday amid widespread expectations the US Federal Reserve will cut interest rates for the first time in more than a decade this week. Brent crude rose 30 cents, or 0.5%, to $64.01 a barrel by 0013 GMT, after gaining 0.4% the previous session. US crude was up 34 cents or 0.6%, at $57.21 a barrel, having risen 1.2% on Monday. Crude futures are "well bid on the back of rising expectations of a rate cut in the US," ANZ Research said in a morning note, adding that optimism over Sino-US trade talks and Middle East tensions are also supporting prices. US central bankers will begin their two-day meeting later in the day and are expected to lower borrowing costs for the first time since the depths of the financial crisis more than a decade ago. US President Donald Trump said a small rate cut "is not enough." Economic growth in the United States slowed less than expected in the second quarter, strengthening the outlook for oil consumption but, elsewhere, disappointing economic data has increased concerns about slower growth. US and Chinese negotiators meet this week for their first in-person talks since a G20 truce last month, with some optimistic that the discussions will help bridge the gap between the world's two largest economies. However, Trump said China might not want to sign a trade deal until after the 2020 US election. Supply risks are still a concern as tensions remained high around the Strait of Hormuz, through which about a fifth of the world's oil passes. Tensions spiked between Iran and the West after Iranian commandos seized a British-flagged oil tanker in the Gulf this month in apparent retaliation for the capture of an Iranian tanker by British forces near Gibraltar.

Oil prices rise ahead of expected US interest rate cut

<a href="https://www.wionews.com/business-%26-economy/gold-prices-slip-for-sixth-session-as-dollar-trades-near-1-year-high-153068">Gold prices</a> firmed on Tuesday ahead of a meeting of the <a href="https://www.wionews.com/business-economy/nasdaq-ends-at-record-high-dollar-falls-as-us-fed-signals-possible-rate-cut-234814">US Federal Reserve</a> where it is expected to signal how big an interest rate cut the world's biggest economy could take.

Spot gold was up 0.1 per cent to1,427.85 dollars per ounce as of 0954 GMT. US gold futures were up 0.6 per cent at1,428.30 dollars per ounce.

"The big question is what the tone of the Fed will be tomorrow. Interest rates are overwhelmingly likely to be cut. It's just a question of by how much," said Mitsubishi analyst Jonathan Butler.&nbsp;

"Gold is still at 6-year highs. Although it has been close to1,450 dollars recently, it seems to have found a level around1,425 dollars."

Investors awaited cues on the Fed's two-day monetary policy meeting beginning later in the session, which is expected to result in a 25-basis point cut in interest rates. If implemented, it would be the central bank's first rate cut in a decade.

The bank would be joining peers such as the European Central Bank in signalling the need for rate cuts. The <a href="https://www.wionews.com/business-economy/asia-stocks-higher-ahead-of-fed-pound-pressured-by-fresh-brexit-pain-239341">Bank of Japan</a> has also said it would ease "without hesitation" if the economy lost momentum in order to achieve its inflation target.

Gains in the dollar index, which touched a two-month high of 98.206 on the back of a weaker sterling, helped cap the rise in bullion.

"Liquidity is still thin as traders seem to be holding back before the Fed gives its views on monetary policy," said Benjamin Lu, an analyst at Phillip Futures, adding that a firm dollar was putting pressure on gold prices.&nbsp;

US-China trade negotiations, which begin in Shanghai on Tuesday, were also in the spotlight, although expectations for progress during the two-day meeting are low, with the markets hoping the two sides can at least detail commitments for goodwill gestures.&nbsp;

On the technical side, spot gold remains neutral in a range of 1,412-1,427 dollars per ounce, and an escape could suggest a direction, according to Reuters technical analyst Wang Tao.&nbsp;

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.83 per cent to 824.89 tonnes on Monday from Friday.

Among other precious metals, silver rose 0.2 per cent to16.49 dollars, while platinum edged 0.2 per cent higher to 877.29dollars.

Palladium dropped 0.5 per cent to1,545.31 dollars per ounce, after touching a near two-week high in the previous session.

Gold prices firmed on Tuesday ahead of a meeting of the US Federal Reserve where it is expected to signal how big an interest rate cut the world's biggest economy could take.

Gold prices firmed on Tuesday ahead of a meeting of the US Federal Reserve where it is expected to signal how big an interest rate cut the world's biggest economy could take. Spot gold was up 0.1 per cent to1,427.85 dollars per ounce as of 0954 GMT. US gold futures were up 0.6 per cent at1,428.30 dollars per ounce. "The big question is what the tone of the Fed will be tomorrow. Interest rates are overwhelmingly likely to be cut. It's just a question of by how much," said Mitsubishi analyst Jonathan Butler. "Gold is still at 6-year highs. Although it has been close to1,450 dollars recently, it seems to have found a level around1,425 dollars." Investors awaited cues on the Fed's two-day monetary policy meeting beginning later in the session, which is expected to result in a 25-basis point cut in interest rates. If implemented, it would be the central bank's first rate cut in a decade. The bank would be joining peers such as the European Central Bank in signalling the need for rate cuts. The Bank of Japan has also said it would ease "without hesitation" if the economy lost momentum in order to achieve its inflation target. Gains in the dollar index, which touched a two-month high of 98.206 on the back of a weaker sterling, helped cap the rise in bullion. "Liquidity is still thin as traders seem to be holding back before the Fed gives its views on monetary policy," said Benjamin Lu, an analyst at Phillip Futures, adding that a firm dollar was putting pressure on gold prices. US-China trade negotiations, which begin in Shanghai on Tuesday, were also in the spotlight, although expectations for progress during the two-day meeting are low, with the markets hoping the two sides can at least detail commitments for goodwill gestures. On the technical side, spot gold remains neutral in a range of 1,412-1,427 dollars per ounce, and an escape could suggest a direction, according to Reuters technical analyst Wang Tao. Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.83 per cent to 824.89 tonnes on Monday from Friday. Among other precious metals, silver rose 0.2 per cent to16.49 dollars, while platinum edged 0.2 per cent higher to 877.29dollars. Palladium dropped 0.5 per cent to1,545.31 dollars per ounce, after touching a near two-week high in the previous session.

Gold firms ahead of expected Federal interest rate cut

<a href="https://www.wionews.com/world/facebook-suspends-app-pre-installs-on-huawei-phones-225167">Chinese tech giant Huawei Technologies</a> warned on Tuesday a US trade blacklisting will impact short-term revenue growth, even as its half-year revenue surged 23 per cent thanks to soaring smartphone sales at home.

In its first results since Washington placed it on a so-called entity list in May that effectively banned US firms from supplying to it, Huawei also said it remained focused on improving the global smartphone business which bore the brunt of supply chain disruptions caused by the US action.

"Revenue grew fast up through May," Huawei Chairman Liang Hua told reporters at an earnings briefing.

"Given the foundation, we laid in the first half of the year, we continue to see the growth even after we were added to the entity list. That's not to say we don't have difficulties ahead. We do, and they may affect the pace of our growth in the short term," he said.

The US government alleges the Chinese firm is a national security risk as its equipment could be used by Beijing to spy, which Huawei has repeatedly denied.

It has since been given a three-month reprieve till August 19, and <a href="https://www.wionews.com/business-economy/hong-kong-stocks-fall-amid-us-china-trade-tensions-protests-in-city-239117">US President Trump</a> signalled Washington would be relaxing the sanctions on Huawei, though details are unknown.

Huawei's founder and CEO Ren Zhengfei told reporters last month that the impact of the blacklisting was worse than expected. It could cost the company $30 billion in revenue, and that Huawei's revenue this year and in 2020 could stay roughly the same as 2018 at around $100 billion, he said.

Liang said on Tuesday Huawei remained confident in its ability to cope with the blacklisting and its 5G product roll-out had not been affected. The company has won 11 5G contracts since the blacklist was put in place out of a total of 50 bagged so far, he said.

Analysts said strong domestic smartphone sales and new 5G carrier contracts were helping to offset the impact from the export ban that threatens to cut Huawei's access to advanced US components and software such as Google Android apps.

Unlisted Huawei, which only started disclosing quarterly results this year, said revenue in the first half rose to 401.3 billion yuan ($58.28 billion), faster than the 15 per cent growth of a year earlier.

Shipments of its smartphones jumped 24 per cent to 118 million units, as robust sales in China more than offset a global sales drop.

According to data from Canalys, Huawei expanded its lead in China's smartphone market in the second quarter by more than 10 percentage points to nearly 40 per cent of the market, while overseas smartphones sales had a slight drop year-on-year.

Liang said that the company's proprietary Hongmeng mobile operating system was still under development for connected devices and that its preference was to continue to use Google's Android operating system for mobile.

Huawei has given little information about Hongmeng, its own back-up operating system under development in case it was cut off from US-made software.

"Hongmeng is part of our long-term strategy...we are definitely not bluffing," Liang said.

Chinese tech giant Huawei Technologies warned on Tuesday a US trade blacklisting will impact short-term revenue growth, even as its half-year revenue surged 23 per cent thanks to soaring smartphone sales at home.

Chinese tech giant Huawei Technologies warned on Tuesday a US trade blacklisting will impact short-term revenue growth, even as its half-year revenue surged 23 per cent thanks to soaring smartphone sales at home. In its first results since Washington placed it on a so-called entity list in May that effectively banned US firms from supplying to it, Huawei also said it remained focused on improving the global smartphone business which bore the brunt of supply chain disruptions caused by the US action. "Revenue grew fast up through May," Huawei Chairman Liang Hua told reporters at an earnings briefing. "Given the foundation, we laid in the first half of the year, we continue to see the growth even after we were added to the entity list. That's not to say we don't have difficulties ahead. We do, and they may affect the pace of our growth in the short term," he said. The US government alleges the Chinese firm is a national security risk as its equipment could be used by Beijing to spy, which Huawei has repeatedly denied. It has since been given a three-month reprieve till August 19, and US President Trump signalled Washington would be relaxing the sanctions on Huawei, though details are unknown. Huawei's founder and CEO Ren Zhengfei told reporters last month that the impact of the blacklisting was worse than expected. It could cost the company $30 billion in revenue, and that Huawei's revenue this year and in 2020 could stay roughly the same as 2018 at around $100 billion, he said. Liang said on Tuesday Huawei remained confident in its ability to cope with the blacklisting and its 5G product roll-out had not been affected. The company has won 11 5G contracts since the blacklist was put in place out of a total of 50 bagged so far, he said. Analysts said strong domestic smartphone sales and new 5G carrier contracts were helping to offset the impact from the export ban that threatens to cut Huawei's access to advanced US components and software such as Google Android apps. Unlisted Huawei, which only started disclosing quarterly results this year, said revenue in the first half rose to 401.3 billion yuan ($58.28 billion), faster than the 15 per cent growth of a year earlier. Shipments of its smartphones jumped 24 per cent to 118 million units, as robust sales in China more than offset a global sales drop. According to data from Canalys, Huawei expanded its lead in China's smartphone market in the second quarter by more than 10 percentage points to nearly 40 per cent of the market, while overseas smartphones sales had a slight drop year-on-year. Liang said that the company's proprietary Hongmeng mobile operating system was still under development for connected devices and that its preference was to continue to use Google's Android operating system for mobile. Huawei has given little information about Hongmeng, its own back-up operating system under development in case it was cut off from US-made software. "Hongmeng is part of our long-term strategy...we are definitely not bluffing," Liang said.

Huawei warns on US ban after China smartphone sales drive first half revenue

Asian stocks edged up on Tuesday as equity investors prepared for an expected US interest rate cut this week while heightened concerns in currency markets about a no-deal Brexit sent the pound to a 28-month low.

MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.15%.

South Korea's KOSPI advanced 0.2% and Japan's Nikkei added 0.7%. Australian stocks climbed as much as 0.7% to touch a record high, supported by buoyant mining shares and adding to the previous day's tech-driven gains.

The US Federal Reserve begins a two-day policy meeting later on Tuesday, at which it is widely expected to lower interest rates by 25 basis points. If implemented, it would be the central bank's first rate cut in a decade.

Prospective monetary easing by the Fed has been a key factor behind the recent bull run by global equities, particularly US stocks, which have notched up record highs over the past month.

"Up until now, many market participants had been on the sidelines while the markets factored in the likelihood of the Fed's rate cut," said Kota Hirayama, senior emerging markets economist at SMBC Nikko Securities, regarding gains by Asian stocks.

"But with the Fed decision looming close some participants appear to be shaking off the caution and buying."

Also drawing some attention were US-China trade negotiations due to begin in Shanghai on Tuesday, although expectations for progress during the two-day meeting are low with the markets hoping the two sides can at least detail commitments for "goodwill" gestures.

In currencies, the pound extended an overnight slump and fell to $1.2210, its lowest level since March 2017.

Sterling has suffered as investors scrambled to price in the possibility that a last-minute agreement to avert a no-deal Brexit may not be realised under British Prime Minister Boris Johnson, who has said the Brexit divorce was dead.

The British government said on Monday it assumed there would be a no-deal Brexit because a "stubborn" EU was refusing to renegotiate their departure.

The dollar index against at basket of six major currencies was a shade higher at 98.084 and not too far from 98.165, a two-month top scaled on Monday on the back of better-than-expected US GDP data.

The greenback was 0.1% higher at 108.900 yen after brushing a three-week high of 108.950.

Immediate focus for the yen was on the Bank of Japan's two-day policy meeting due to end later on Tuesday.

The BOJ is widely expected to sand pat on policy, although some expect it to tweak its forward guidance -a pledge central banks make on future monetary policy moves- with the central bank under increasing pressure to keep up with its dovish peers.

The euro was unchanged at $1.1142 after edging up 0.15% the previous day.

Crude oil prices added to the previous gains, when the stronger-than-expected US GDP strengthened the outlook for oil consumption by the world's largest economy.&nbsp;

US crude futures were up 0.6% at $57.22 per barrel and Brent crude added 0.5% to $64.03.

Asian stocks edged up on Tuesday as equity investors prepared for an expected US interest rate cut this week while heightened concerns in currency markets about a no-deal Brexit sent the pound to a 28-month low.

Asian stocks edged up on Tuesday as equity investors prepared for an expected US interest rate cut this week while heightened concerns in currency markets about a no-deal Brexit sent the pound to a 28-month low. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.15%. South Korea's KOSPI advanced 0.2% and Japan's Nikkei added 0.7%. Australian stocks climbed as much as 0.7% to touch a record high, supported by buoyant mining shares and adding to the previous day's tech-driven gains. The US Federal Reserve begins a two-day policy meeting later on Tuesday, at which it is widely expected to lower interest rates by 25 basis points. If implemented, it would be the central bank's first rate cut in a decade. Prospective monetary easing by the Fed has been a key factor behind the recent bull run by global equities, particularly US stocks, which have notched up record highs over the past month. "Up until now, many market participants had been on the sidelines while the markets factored in the likelihood of the Fed's rate cut," said Kota Hirayama, senior emerging markets economist at SMBC Nikko Securities, regarding gains by Asian stocks. "But with the Fed decision looming close some participants appear to be shaking off the caution and buying." Also drawing some attention were US-China trade negotiations due to begin in Shanghai on Tuesday, although expectations for progress during the two-day meeting are low with the markets hoping the two sides can at least detail commitments for "goodwill" gestures. In currencies, the pound extended an overnight slump and fell to $1.2210, its lowest level since March 2017. Sterling has suffered as investors scrambled to price in the possibility that a last-minute agreement to avert a no-deal Brexit may not be realised under British Prime Minister Boris Johnson, who has said the Brexit divorce was dead. The British government said on Monday it assumed there would be a no-deal Brexit because a "stubborn" EU was refusing to renegotiate their departure. The dollar index against at basket of six major currencies was a shade higher at 98.084 and not too far from 98.165, a two-month top scaled on Monday on the back of better-than-expected US GDP data. The greenback was 0.1% higher at 108.900 yen after brushing a three-week high of 108.950. Immediate focus for the yen was on the Bank of Japan's two-day policy meeting due to end later on Tuesday. The BOJ is widely expected to sand pat on policy, although some expect it to tweak its forward guidance -a pledge central banks make on future monetary policy moves- with the central bank under increasing pressure to keep up with its dovish peers. The euro was unchanged at $1.1142 after edging up 0.15% the previous day. Crude oil prices added to the previous gains, when the stronger-than-expected US GDP strengthened the outlook for oil consumption by the world's largest economy. US crude futures were up 0.6% at $57.22 per barrel and Brent crude added 0.5% to $64.03.

Asia stocks higher ahead of Fed, pound pressured by fresh Brexit pain

The officials of the Income Tax Department on Tuesday have rejected the allegations of harassment during their probe against V G Siddhartha, the missing promoter of the Café Coffee Day (CCD) chain.

In a letter which surfaced shortly after Siddhartha went missing, the coffee chain promoter said he felt harassed when the department attached his shares.

"There was a lot of harassment from the previous DG income tax in the form of attaching our shares on two separate occasions to block our Mindtree deal and then taking the position of our Coffee Day shares, although the revised returns have been filed by us. This was very unfair and has led to serious liquid crunch” Siddhartha said in the letter.

The letter was addressed to board members and his employees.

The Income Tax department, however, issued a clarification in which it said that during the recent raids Siddhartha had admitted holding black money. It also said that the signature of Siddhartha on the letter being circulated on the social media under his name "does not match" with the record available with the department.

The Income Tax department further said that the provisional attachment of shares was made to protect the “interests of revenue” in cases of large tax evasion and the action was based on “credible evidence” gathered in the searches that were conducted against the Bengaluru-based group in 2017.

It also said that Siddhartha fetched &nbsp;Rs 3,200 crore from the sale of Mindtree shares, but has paid only Rs 46 crore out of the total Rs 300 crore minimum alternate tax payable on the deal.

Sources in the income department said that Siddhartha, in a sworn statement, admitted an unaccounted income of Rs 362.11 crore and Rs 118.02 crore in his hands and that of Coffee Day Enterprises ltd respectively.

They further claimed that tax sleuths recovered numerous messages from his mobile phone that indicated his “active involvement in cross-border hawala transactions.”

The officials of the Income Tax Department on Tuesday have rejected the allegations of harassment during their probe against V G Siddhartha, the missing promoter of the Café Coffee Day (CCD) chain.

The officials of the Income Tax Department on Tuesday have rejected the allegations of harassment during their probe against V G Siddhartha, the missing promoter of the Café Coffee Day (CCD) chain. In a letter which surfaced shortly after Siddhartha went missing, the coffee chain promoter said he felt harassed when the department attached his shares. "There was a lot of harassment from the previous DG income tax in the form of attaching our shares on two separate occasions to block our Mindtree deal and then taking the position of our Coffee Day shares, although the revised returns have been filed by us. This was very unfair and has led to serious liquid crunch” Siddhartha said in the letter. The letter was addressed to board members and his employees. The Income Tax department, however, issued a clarification in which it said that during the recent raids Siddhartha had admitted holding black money. It also said that the signature of Siddhartha on the letter being circulated on the social media under his name "does not match" with the record available with the department. The Income Tax department further said that the provisional attachment of shares was made to protect the “interests of revenue” in cases of large tax evasion and the action was based on “credible evidence” gathered in the searches that were conducted against the Bengaluru-based group in 2017. It also said that Siddhartha fetched Rs 3,200 crore from the sale of Mindtree shares, but has paid only Rs 46 crore out of the total Rs 300 crore minimum alternate tax payable on the deal. Sources in the income department said that Siddhartha, in a sworn statement, admitted an unaccounted income of Rs 362.11 crore and Rs 118.02 crore in his hands and that of Coffee Day Enterprises ltd respectively. They further claimed that tax sleuths recovered numerous messages from his mobile phone that indicated his “active involvement in cross-border hawala transactions.”

Income Tax department refutes V G Siddhartha's allegation of harassment, says he accepted holding black money

National capital has banned the world's largest brewer, Anheuser-Busch InBev, from selling its products in the key New Delhi market for 3 years for allegedly evading local taxes, government orders seen by Reuters showed.

The city government orders from earlier this month followed a 3-year investigation which found that beer maker SABMiller - acquired by AB InBev in 2016 for around $100 billion - used duplicate barcodes on its beer bottles supplied to city retailers that year, allowing it to pay lower levies. 
AB InBev said in a statement it denied the Delhi government`s allegations and would appeal against the order.

"The barcodes were being duplicated by ... SABMiller and supplied to the retail outlets to evade payment of excise duty," said a 19-page order, dated July 16, which detailed the findings.

In a second-order last week, the Delhi city authority said that AB InBev should be put on a "blacklist" for three years. It also called for the sealing of two of AB InBev's warehouses in the capital city, an action that a senior Delhi government official told Reuters on Tuesday had already been completed.

"This means the company is debarred from Delhi market for all purposes unless they appeal against this," said the official, adding that no fresh stock of AB InBev beer brands can be sold at liquor shops or restaurants.

Neither of the orders had been previously reported.

AB InBev, which counts popular beer brands such as Budweiser, Hoegaarden and Stella Artois in its portfolio, told Reuters the Delhi government's allegations related to operations of SABMiller before its takeover, and it looked forward to receiving a fair hearing on the matter.

"Integrity and ethics are part of our core values ... (We) look forward to presenting our views in full cooperation with the excise appellate process," a company spokesman said.

AB InBev is the second biggest player in India's $7 billion beer market, accounting for a 17.5 per cent market share, according to research firm IWSR Drinks Market Analysis.

Though separate local market share figures were not available, industry executives said the Delhi ban would be a major setback for AB InBev, which is also battling a separate Indian antitrust probe concerning alleged beer price-fixing by SABMiller and other companies.

"New Delhi remains an extremely critical market for any beer company ... this is the country`s social capital, apart from Mumbai. It`s a showcase market for the premium beer portfolio," said a former senior AB InBev executive, who declined to be identified.

This month, AB InBev cancelled the planned listing in Hong Kong of its Asia Pacific unit, citing "several factors, including the prevailing market conditions".

Pub culture

A young and affluent population and a growing pub culture, especially in the big cities, have spurred beer consumption in India. That is despite the fact that the industry is tightly regulated, with most states individually regulating pricing and imposing taxes, which form a vital source of their revenues.

Sandeep Chilana, a New Delhi-based lawyer specializing in excise law, said that rules mandate each beer bottle sold in the city has to have a unique barcode for track and trace purposes and to ensure there is no duty evasion.

The current dispute centres around a random inspection at BarShala, a drinking spot in a posh New Delhi area, on the night of Aug. 16, 2016. City officials said they found 12 beer bottles of SABMiller brands at the bar that barcode records showed should have been in the company warehouse at the time.

A follow-on investigation showed that some beer bottles sent to the bar in November had identical barcodes to those found in the inspection in August, the government order said.

The bar denied any wrongdoing.

The brewer argued the discrepancy could be due to the technical or clerical errors in the barcoding system, but the city government said the company`s defence was "devoid of merit", according to the order.

The Delhi government said it was "reasonable to believe" that the same barcodes were duplicated multiple times and supplied to various retail vendors in Delhi, adding that this amounted to the offence of selling non-duty paid liquor.

"The same barcodes were supplied twice at the same restaurant and hence the discrepancy could be noticed. Had the same been supplied to a different retail outlet the discrepancy could not have been noticed easily," the order said.

National capital has banned the world's largest brewer, Anheuser-Busch InBev, from selling its products in the key New Delhi market for 3 years for allegedly evading local taxes, government orders seen by Reuters showed.

National capital has banned the world's largest brewer, Anheuser-Busch InBev, from selling its products in the key New Delhi market for 3 years for allegedly evading local taxes, government orders seen by Reuters showed. The city government orders from earlier this month followed a 3-year investigation which found that beer maker SABMiller - acquired by AB InBev in 2016 for around $100 billion - used duplicate barcodes on its beer bottles supplied to city retailers that year, allowing it to pay lower levies. AB InBev said in a statement it denied the Delhi government`s allegations and would appeal against the order. "The barcodes were being duplicated by ... SABMiller and supplied to the retail outlets to evade payment of excise duty," said a 19-page order, dated July 16, which detailed the findings. In a second-order last week, the Delhi city authority said that AB InBev should be put on a "blacklist" for three years. It also called for the sealing of two of AB InBev's warehouses in the capital city, an action that a senior Delhi government official told Reuters on Tuesday had already been completed. "This means the company is debarred from Delhi market for all purposes unless they appeal against this," said the official, adding that no fresh stock of AB InBev beer brands can be sold at liquor shops or restaurants. Neither of the orders had been previously reported. AB InBev, which counts popular beer brands such as Budweiser, Hoegaarden and Stella Artois in its portfolio, told Reuters the Delhi government's allegations related to operations of SABMiller before its takeover, and it looked forward to receiving a fair hearing on the matter. "Integrity and ethics are part of our core values ... (We) look forward to presenting our views in full cooperation with the excise appellate process," a company spokesman said. AB InBev is the second biggest player in India's $7 billion beer market, accounting for a 17.5 per cent market share, according to research firm IWSR Drinks Market Analysis. Though separate local market share figures were not available, industry executives said the Delhi ban would be a major setback for AB InBev, which is also battling a separate Indian antitrust probe concerning alleged beer price-fixing by SABMiller and other companies. "New Delhi remains an extremely critical market for any beer company ... this is the country`s social capital, apart from Mumbai. It`s a showcase market for the premium beer portfolio," said a former senior AB InBev executive, who declined to be identified. This month, AB InBev cancelled the planned listing in Hong Kong of its Asia Pacific unit, citing "several factors, including the prevailing market conditions". Pub culture A young and affluent population and a growing pub culture, especially in the big cities, have spurred beer consumption in India. That is despite the fact that the industry is tightly regulated, with most states individually regulating pricing and imposing taxes, which form a vital source of their revenues. Sandeep Chilana, a New Delhi-based lawyer specializing in excise law, said that rules mandate each beer bottle sold in the city has to have a unique barcode for track and trace purposes and to ensure there is no duty evasion. The current dispute centres around a random inspection at BarShala, a drinking spot in a posh New Delhi area, on the night of Aug. 16, 2016. City officials said they found 12 beer bottles of SABMiller brands at the bar that barcode records showed should have been in the company warehouse at the time. A follow-on investigation showed that some beer bottles sent to the bar in November had identical barcodes to those found in the inspection in August, the government order said. The bar denied any wrongdoing. The brewer argued the discrepancy could be due to the technical or clerical errors in the barcoding system, but the city government said the company`s defence was "devoid of merit", according to the order. The Delhi government said it was "reasonable to believe" that the same barcodes were duplicated multiple times and supplied to various retail vendors in Delhi, adding that this amounted to the offence of selling non-duty paid liquor. "The same barcodes were supplied twice at the same restaurant and hence the discrepancy could be noticed. Had the same been supplied to a different retail outlet the discrepancy could not have been noticed easily," the order said.

AB InBev's products like Budweiser, Haywards banned in New Delhi for three years

Indian shares reversed course to end lower on Tuesday, dragged by heavyweight Reliance Industries Ltd and banking stocks, as weak earnings continued to dampen investor sentiment.

The broader NSE Nifty ended 0.93% down at 11,085.40, its lowest close since March 8, while the benchmark BSE Sensex closed 0.77% lower at 37,397.24.

The volatility index had jumped 4.21% at the day's close.

Reliance Industries, one of India's most valuable companies, dragged markets the most as the stock was 2.4% down at closing bell.&nbsp;

The Nifty Auto index, which was higher initially, ended at 2.14% lower, its lowest level in over five years. Reuters reported on Monday the country's largest lender State Bank of India proposed to tighten lending terms to auto dealers.

SBI's shares were also 4.7% lower at the time of close, which along with most other bank stocks dragged the Nifty Bank index that ended 1.72% lower.

Cafe chain operator <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/india-news/cafe-coffee-day-founder-vg-siddhartha-gone-missing-near-netravati-river-in-mangaluru-239351&amp;sa=U&amp;ved=2ahUKEwiKlpP00dzjAhXq73MBHYzNCpMQFjACegQIARAC&amp;usg=AOvVaw1pO-vcCQkeCFUXznODU8qD">Coffee Day Enterprises</a> ended 20% down after its founder went missing, while reports alleged he wrote a letter saying he was under pressure from lenders.

Among gainers, Tata Consultancy Services' shares were up 2.2%, while Bharti Airtel ended about 4% higher.

Indian shares reversed course to end lower on Tuesday, dragged by heavyweight Reliance Industries Ltd and banking stocks, as weak earnings continued to dampen investor sentiment.

Indian shares reversed course to end lower on Tuesday, dragged by heavyweight Reliance Industries Ltd and banking stocks, as weak earnings continued to dampen investor sentiment. The broader NSE Nifty ended 0.93% down at 11,085.40, its lowest close since March 8, while the benchmark BSE Sensex closed 0.77% lower at 37,397.24. The volatility index had jumped 4.21% at the day's close. Reliance Industries, one of India's most valuable companies, dragged markets the most as the stock was 2.4% down at closing bell. The Nifty Auto index, which was higher initially, ended at 2.14% lower, its lowest level in over five years. Reuters reported on Monday the country's largest lender State Bank of India proposed to tighten lending terms to auto dealers. SBI's shares were also 4.7% lower at the time of close, which along with most other bank stocks dragged the Nifty Bank index that ended 1.72% lower. Cafe chain operator Coffee Day Enterprises ended 20% down after its founder went missing, while reports alleged he wrote a letter saying he was under pressure from lenders. Among gainers, Tata Consultancy Services' shares were up 2.2%, while Bharti Airtel ended about 4% higher.

Sensex, Nifty reverse course to close lower; Reliance Industries, banks drag

Coffee Day Global of <a href="https://www.wionews.com/india-news/cafe-coffee-day-founder-vg-siddhartha-gone-missing-near-netravati-river-in-mangaluru-239351">missing businessman V G Siddhartha</a> has credit facilities with Karnataka Bank with a present outstanding of Rs 152.48 crore, the bank said on Tuesday.

This constitutes 0.29 per cent of total advances, it said in a statement. "The above facilities are fully secured by collaterals of properties besides primary securities.

All the loan accounts are regular as on date," the bank said. A day earlier, Siddhartha went missing from Mangaluru in Karnataka.

However, the bank does not have any exposure to Coffee Day Enterprises, the parent company of Coffee Day Global which is listed on BSE Ltd and National Stock Exchange of India Ltd.

Karnataka Bank said that Coffee Day Global, one of the unlisted companies of erstwhile Amalgamated Bean Coffee Ltd, has been its customer since 1996.

Coffee Day Global of missing businessman V G Siddhartha has credit facilities with Karnataka Bank with a present outstanding of Rs 152.48 crore, the bank said on Tuesday.

Coffee Day Global of missing businessman V G Siddhartha has credit facilities with Karnataka Bank with a present outstanding of Rs 152.48 crore, the bank said on Tuesday. This constitutes 0.29 per cent of total advances, it said in a statement. "The above facilities are fully secured by collaterals of properties besides primary securities. All the loan accounts are regular as on date," the bank said. A day earlier, Siddhartha went missing from Mangaluru in Karnataka. However, the bank does not have any exposure to Coffee Day Enterprises, the parent company of Coffee Day Global which is listed on BSE Ltd and National Stock Exchange of India Ltd. Karnataka Bank said that Coffee Day Global, one of the unlisted companies of erstwhile Amalgamated Bean Coffee Ltd, has been its customer since 1996.

Coffee Day Global's outstanding to Karnataka Bank totals Rs 152 crore

Brewing <a href="https://www.wionews.com/business-economy/asia-stocks-higher-ahead-of-fed-pound-pressured-by-fresh-brexit-pain-239341">no-deal Brexit</a> worries sent the pound sinking towards a two-year low versus the euro and roughed up Irish bonds on Tuesday, while stock markets wilted before what is expected to be the first cut in rates since the financial crisis.

Europe's markets suffered a stormy start as the pound followed its worst day of the year with another 0.5% swoon against all the major currencies.

A blizzard of fiery talk on Monday that included the new UK Prime Minister Boris Johnson called his predecessor's Brexit plans dead and its new foreign minister labelling the European Union "stubborn" kept the slide intact.

<a href="https://www.wionews.com/world/uk-plays-brexit-hardball-with-stubborn-european-union-pound-falls-to-a-two-year-low-239235">Sterling fell</a> as far as $1.2120, which was its lowest against the dollar since March 2017, and to 91.85 pence per euro, the weakest since September 2017.

Options markets were pointing to more pain too. Three-month implied volatility, a contract that expires just before the October&nbsp;31 Brexit deadline, jumped to over 11 vols, the highest since before March 29, the original date for Britain to leave the European Union.

"The pound is in a very precarious state, it is as simple as that," said TD Securities' European head of currency strategy Ned Rumpeltin.

"We are now in a different regime," he said, referring to Johnson's explicit agenda of taking Britain out of the EU, whether or not transitional trading agreements are in place.

It was not just sterling reeling either.

Irish government bond yield spreads over Germany hit their widest levels in over a month at 24 basis points, on worries about the damage a no-deal Brexit would do to Ireland's economy.

Other eurozone government bond yields were holding near recent lows ahead of the Federal Reserve meeting which is expected to deliver a 25 basis point rate cut on Wednesday and potentially signal more on the way.

Germany's 10-year government bond yield was hovering near the minus 0.40% mark.

European shares slipped as grim forecasts from German chemicals and drugs giant Bayer and airline Lufthansa soured sentiment, although the weakness of the pound kept London's blue-chip FTSE index just about out of the red.

With concerns about global growth still bubbling among investors, a GfK survey also showed German consumer morale worsening for the third month in a row heading into August as trade disputes bit in Europe's biggest exporter.

"Most markets are down this morning," said Simona Gambarini, a markets economist at Capital Economics. "The S&amp;P closed lower yesterday. We have a few data releases regarding the eurozone that could push equity prices down but I think everyone is waiting for the Fed meeting."

Aussie Gold

Asia had been a bit more positive overnight.

Japan's Nikkei rose 0.4%, showing a limited reaction to the Bank of Japan's widely anticipated decision to stand pat on monetary policy. Shanghai rose 0.3% and Hong Kong's Hang Seng edged up 0.2%.

Australian stocks stole the glory again though with another record high, as buoyant mining shares added to tech-driven gains the previous day.

The BOJ added that it would ease policy again "without hesitation" if the economy loses momentum for achieving the central bank's 2% inflation target.

Also drawing some attention were US-China trade negotiations which begin in Shanghai on Tuesday, although expectations for progress during the two-day meeting are low with the markets hoping the two sides can at least detail commitments for "goodwill" gestures.

Among commodities, crude oil prices extended the previous day's gains, with the Fed's expected easing fuelling optimism that it would boost the economy and fuel demand in the world's biggest oil consumer.

US crude futures were up 0.65% at $57.24 per barrel and Brent crude added 0.6% to $64.09. Gold was down 0.1% at $1,425 per ounce.

Brewing no-deal Brexit worries sent the pound sinking towards a two-year low versus the euro and roughed up Irish bonds on Tuesday, while stock markets wilted before what is expected to be the first cut in rates since the financial crisis.

Brewing no-deal Brexit worries sent the pound sinking towards a two-year low versus the euro and roughed up Irish bonds on Tuesday, while stock markets wilted before what is expected to be the first cut in rates since the financial crisis. Europe's markets suffered a stormy start as the pound followed its worst day of the year with another 0.5% swoon against all the major currencies. A blizzard of fiery talk on Monday that included the new UK Prime Minister Boris Johnson called his predecessor's Brexit plans dead and its new foreign minister labelling the European Union "stubborn" kept the slide intact. Sterling fell as far as $1.2120, which was its lowest against the dollar since March 2017, and to 91.85 pence per euro, the weakest since September 2017. Options markets were pointing to more pain too. Three-month implied volatility, a contract that expires just before the October 31 Brexit deadline, jumped to over 11 vols, the highest since before March 29, the original date for Britain to leave the European Union. "The pound is in a very precarious state, it is as simple as that," said TD Securities' European head of currency strategy Ned Rumpeltin. "We are now in a different regime," he said, referring to Johnson's explicit agenda of taking Britain out of the EU, whether or not transitional trading agreements are in place. It was not just sterling reeling either. Irish government bond yield spreads over Germany hit their widest levels in over a month at 24 basis points, on worries about the damage a no-deal Brexit would do to Ireland's economy. Other eurozone government bond yields were holding near recent lows ahead of the Federal Reserve meeting which is expected to deliver a 25 basis point rate cut on Wednesday and potentially signal more on the way. Germany's 10-year government bond yield was hovering near the minus 0.40% mark. European shares slipped as grim forecasts from German chemicals and drugs giant Bayer and airline Lufthansa soured sentiment, although the weakness of the pound kept London's blue-chip FTSE index just about out of the red. With concerns about global growth still bubbling among investors, a GfK survey also showed German consumer morale worsening for the third month in a row heading into August as trade disputes bit in Europe's biggest exporter. "Most markets are down this morning," said Simona Gambarini, a markets economist at Capital Economics. "The S&P closed lower yesterday. We have a few data releases regarding the eurozone that could push equity prices down but I think everyone is waiting for the Fed meeting." Aussie Gold Asia had been a bit more positive overnight. Japan's Nikkei rose 0.4%, showing a limited reaction to the Bank of Japan's widely anticipated decision to stand pat on monetary policy. Shanghai rose 0.3% and Hong Kong's Hang Seng edged up 0.2%. Australian stocks stole the glory again though with another record high, as buoyant mining shares added to tech-driven gains the previous day. The BOJ added that it would ease policy again "without hesitation" if the economy loses momentum for achieving the central bank's 2% inflation target. Also drawing some attention were US-China trade negotiations which begin in Shanghai on Tuesday, although expectations for progress during the two-day meeting are low with the markets hoping the two sides can at least detail commitments for "goodwill" gestures. Among commodities, crude oil prices extended the previous day's gains, with the Fed's expected easing fuelling optimism that it would boost the economy and fuel demand in the world's biggest oil consumer. US crude futures were up 0.65% at $57.24 per barrel and Brent crude added 0.6% to $64.09. Gold was down 0.1% at $1,425 per ounce.

Stormy sterling sinks again, stocks wilt before Fed

China's <a href="https://www.wionews.com/business-economy/huaweis-china-smartphone-market-share-jumps-as-rivals-lose-ground-report-239367">Huawei Technologies</a> said on Tuesday revenue in the first half of the year grew 23.2% - faster than a year ago - despite an intense U.S. campaign against it that ultimately became a trade ban from mid-May.

Unlisted Huawei, which only started disclosing quarterly results this year, said revenue in the first half rose to 401.3 billion yuan ($58.28 billion) from 325.7 billion a year ago, with smartphone shipments reaching 118 million units, up 24%.

Huawei's supply chain was significantly disrupted when it was put on a trade blacklist by Washington in mid-May. The US government alleges it is a national security risk as its equipment could be used by Beijing to spy, which Huawei has repeatedly denied.

It has since been given a 3-month reprieve till August 19, and US&nbsp;President Trump signalled Washington would be relaxing the sanctions on Huawei, though details are unknown.

Huawei's 23% revenue growth for the first half compared with the 15% growth in the same period of last year.

"Revenue grew fast up through May," Huawei Chairman Liang Hua told reporters at an earnings briefing.

"Given the foundation, we laid in the first half of the year, we continue to see the growth even after we were added to the entity list. That's not to say we don't have difficulties ahead. We do, and they may affect the pace of our growth in the short term."

Huawei's founder and CEO Ren Zhengfei told reporters last month that the impact of the blacklisting was worse than expected. It could cost the company $30 billion in revenue, and that Huawei's revenue this year and in 2020 could stay roughly the same as 2018 at around $100 billion, he said.

Analysts say strong domestic smartphone sales and new 5G carrier contracts helped offset the impact from the export ban that threatens to cut Huawei's access to advanced US components and software such as Google Android apps.

According to data from Canalys, Huawei expanded its lead in China's smartphone market in the second quarter, while overseas smartphones sales had a slight drop year-on-year.

China's Huawei Technologies said on Tuesday revenue in the first half of the year grew 23.2% - faster than a year ago - despite an intense U.S. campaign against it that ultimately became a trade ban from mid-May.

China's Huawei Technologies said on Tuesday revenue in the first half of the year grew 23.2% - faster than a year ago - despite an intense U.S. campaign against it that ultimately became a trade ban from mid-May. Unlisted Huawei, which only started disclosing quarterly results this year, said revenue in the first half rose to 401.3 billion yuan ($58.28 billion) from 325.7 billion a year ago, with smartphone shipments reaching 118 million units, up 24%. Huawei's supply chain was significantly disrupted when it was put on a trade blacklist by Washington in mid-May. The US government alleges it is a national security risk as its equipment could be used by Beijing to spy, which Huawei has repeatedly denied. It has since been given a 3-month reprieve till August 19, and US President Trump signalled Washington would be relaxing the sanctions on Huawei, though details are unknown. Huawei's 23% revenue growth for the first half compared with the 15% growth in the same period of last year. "Revenue grew fast up through May," Huawei Chairman Liang Hua told reporters at an earnings briefing. "Given the foundation, we laid in the first half of the year, we continue to see the growth even after we were added to the entity list. That's not to say we don't have difficulties ahead. We do, and they may affect the pace of our growth in the short term." Huawei's founder and CEO Ren Zhengfei told reporters last month that the impact of the blacklisting was worse than expected. It could cost the company $30 billion in revenue, and that Huawei's revenue this year and in 2020 could stay roughly the same as 2018 at around $100 billion, he said. Analysts say strong domestic smartphone sales and new 5G carrier contracts helped offset the impact from the export ban that threatens to cut Huawei's access to advanced US components and software such as Google Android apps. According to data from Canalys, Huawei expanded its lead in China's smartphone market in the second quarter, while overseas smartphones sales had a slight drop year-on-year.

Huawei's first-half revenue growth accelerates despite US sanctions

Shares lost steam and moved lower on Monday clouded by weak corporate results, while bond yields fell after the finance minister's comments in a media interview that the government did not intend to review its overseas borrowing plan.

The broader NSE Nifty fell 0.4% at 11,236.65 as of 0507 GMT, while the benchmark BSE Sensex dropped 0.24% at 37,791.91.

Maruti Suzuki Ltd shares fell as much as 2.9%, despite reporting a profit that beat estimates, as the government lowered taxes on electric vehicles.

The government on Saturday slashed taxes on electric vehicles and chargers to encourage the use of more eco-friendly cars.

However, investors in auto stocks did not seem to be ecstatic about the move, as the Nifty Auto index fell 2.8% to a near 3-1/2-year low, with motorcycle makers TVS Motor and Hero Motocorp dropping as much as 3.5% each.

Vodafone Idea Ltd reported a worse-than-expected loss of 48.74 billion rupees on Friday, sending its shares down as much as 10% in morning trading.

"Sentiment is quite weak. Only a few companies are coming up with good numbers this earnings season," said Rusmik Oza, a vice president at Kotak Securities.

"That is not giving very strong confidence to the market."

India's benchmark 10-year bond yield was down 10 bps at 6.43% after falling to 6.42% immediately after the market opened on the back of Finance Minister Nirmala Sitharaman's comments.

Sitharaman also sought the central bank to cut interest rates "significantly", the Economic Times reported.

Shares in Indiabulls Housing Finance also fell as much as 9%, after a lawmaker alleged that it embezzled as much as 1 trillion rupees from the National Housing Bank and laundered the money.

Among gainers, India's second-biggest private bank ICICI Bank rose 3.6% on Monday after the lender swung to a first-quarter profit.

Shares lost steam and moved lower on Monday clouded by weak corporate results, while bond yields fell after the finance minister's comments in a media interview that the government did not intend to review its overseas borrowing plan.

Shares lost steam and moved lower on Monday clouded by weak corporate results, while bond yields fell after the finance minister's comments in a media interview that the government did not intend to review its overseas borrowing plan. The broader NSE Nifty fell 0.4% at 11,236.65 as of 0507 GMT, while the benchmark BSE Sensex dropped 0.24% at 37,791.91. Maruti Suzuki Ltd shares fell as much as 2.9%, despite reporting a profit that beat estimates, as the government lowered taxes on electric vehicles. The government on Saturday slashed taxes on electric vehicles and chargers to encourage the use of more eco-friendly cars. However, investors in auto stocks did not seem to be ecstatic about the move, as the Nifty Auto index fell 2.8% to a near 3-1/2-year low, with motorcycle makers TVS Motor and Hero Motocorp dropping as much as 3.5% each. Vodafone Idea Ltd reported a worse-than-expected loss of 48.74 billion rupees on Friday, sending its shares down as much as 10% in morning trading. "Sentiment is quite weak. Only a few companies are coming up with good numbers this earnings season," said Rusmik Oza, a vice president at Kotak Securities. "That is not giving very strong confidence to the market." India's benchmark 10-year bond yield was down 10 bps at 6.43% after falling to 6.42% immediately after the market opened on the back of Finance Minister Nirmala Sitharaman's comments. Sitharaman also sought the central bank to cut interest rates "significantly", the Economic Times reported. Shares in Indiabulls Housing Finance also fell as much as 9%, after a lawmaker alleged that it embezzled as much as 1 trillion rupees from the National Housing Bank and laundered the money. Among gainers, India's second-biggest private bank ICICI Bank rose 3.6% on Monday after the lender swung to a first-quarter profit.

Sensex, Nifty edge lower on weak earnings, finance minister's comments

Ryanair Holdings Plc on Monday warned fares would fall by 6 per cent&nbsp;in its key summer season this year, in part due to overcapacity in Germany and Brexit fears in the United Kingdom, but kept its profit target for the year.

Shares of Europe's largest low-cost carrier have almost halved in value in two years as the company grappled with overcapacity in Europe, Britain's plans to leave the European Union and, most recently, delays in delivery of the Boeing 737 MAX.

Ryanair earlier this month halved its growth targets for next year due to delays in deliveries of the 737 MAX. On Monday, it said it expected the first deliveries in January at the earliest.

The airline reported a profit after tax of 243 million euros for the three months to June 30, down from 309 million a year earlier. A poll of analysts published by Ryanair ahead of the results had forecast a profit of 232 million euros.

It retained its profit forecast for the year to March 31, 2020 of between 750 million euros and 950 million euros, compared to a forecast of 832 million euros in the analyst poll.

Ryanair said its fares in the three months to the end of June declined 6% from a year earlier and said it expected a similar fall for the remainder of the summer. Average fares for the year to end-March 2020 will be towards the lower end of its guidance range of -2% to +1%, it added.

Ryanair's shares closed on Friday at 10.02 euros, almost half their peak of 19.39 euros hit two years ago.

Ryanair is one of Boeing's biggest customers and was due to have 58 737 MAX jets in time for its 2020 summer season. But it now expects to receive just 30 by then in that period.

Ryanair's chief financial officer, Niall Sorohan, said the timing of plans by its pilots in the United Kingdom and Ireland to ballot for possible industrial action in August was "unusual", given concerns around the MAX and Brexit, but said the airline was open to talks.

Ryanair Holdings Plc on Monday warned fares would fall by 6 per cent in its key summer season this year, in part due to overcapacity in Germany and Brexit fears in the United Kingdom, but kept its profit target for the year.

Ryanair Holdings Plc on Monday warned fares would fall by 6 per cent in its key summer season this year, in part due to overcapacity in Germany and Brexit fears in the United Kingdom, but kept its profit target for the year. Shares of Europe's largest low-cost carrier have almost halved in value in two years as the company grappled with overcapacity in Europe, Britain's plans to leave the European Union and, most recently, delays in delivery of the Boeing 737 MAX. Ryanair earlier this month halved its growth targets for next year due to delays in deliveries of the 737 MAX. On Monday, it said it expected the first deliveries in January at the earliest. The airline reported a profit after tax of 243 million euros for the three months to June 30, down from 309 million a year earlier. A poll of analysts published by Ryanair ahead of the results had forecast a profit of 232 million euros. It retained its profit forecast for the year to March 31, 2020 of between 750 million euros and 950 million euros, compared to a forecast of 832 million euros in the analyst poll. Ryanair said its fares in the three months to the end of June declined 6% from a year earlier and said it expected a similar fall for the remainder of the summer. Average fares for the year to end-March 2020 will be towards the lower end of its guidance range of -2% to +1%, it added. Ryanair's shares closed on Friday at 10.02 euros, almost half their peak of 19.39 euros hit two years ago. Ryanair is one of Boeing's biggest customers and was due to have 58 737 MAX jets in time for its 2020 summer season. But it now expects to receive just 30 by then in that period. Ryanair's chief financial officer, Niall Sorohan, said the timing of plans by its pilots in the United Kingdom and Ireland to ballot for possible industrial action in August was "unusual", given concerns around the MAX and Brexit, but said the airline was open to talks.

Ryanair expects average fares to fall 6% in key summer season

Oil prices fell on Monday after Iran described emergency talks on a multi-party nuclear agreement with a group of signatories as "constructive", suggesting an easing of tensions in the Middle East.

Brent crude futures were up 23 cents, or 0.4%, at $63.23 a barrel by 0054 GMT. Prices rose 1.6% last week.

US&nbsp;West Texas Intermediate crude was down by 12 cents, or 0.2%, at $56.08 a barrel. WTI gained 1% last week.

An emergency meeting with parties to Iran's 2015 nuclear deal was constructive but there are unresolved issues and Tehran will continue to reduce its nuclear commitments if Europeans fail to salvage the pact, Iranian official Abbas Araqchi said on Sunday.

"The atmosphere was constructive. Discussions were good. I cannot say that we resolved everything, I can say there are lots of commitments," Araqchi, the senior Iranian nuclear negotiator, told reporters after the meeting in Vienna.

The meeting did not include the United States, which pulled out of the agreement in May 2018 and slapped sanctions back on Iranian oil exports.

Still, tensions remain high around the Strait of Hormuz, the world's most important oil passageway, as Iran refused to release a British-flagged tanker it seized but granted India consular access to 18 Indian crew members.

Denmark welcomed the British government's proposal for a European-led naval mission to ensure safe shipping through the strait.

The United States is also working on a multinational maritime security initiative in the Gulf.

Traders and investors are also focussed this week on meetings of major central banks including the US&nbsp;Federal Reserve, which is expected to lower interest rates.

US&nbsp;economic growth slowed less than expected in the second quarter with a boom in consumer spending, strengthening the outlook for oil consumption.

Growth outside the United States is slowing faster due partly to the impact of the US-China trade war. Senior US&nbsp;and Chinese negotiators are meeting this week for the first time since trade talks broke down in May.

A positive outcome may boost crude prices, analysts said.

Oil prices fell on Monday after Iran described emergency talks on a multi-party nuclear agreement with a group of signatories as "constructive", suggesting an easing of tensions in the Middle East.

Oil prices fell on Monday after Iran described emergency talks on a multi-party nuclear agreement with a group of signatories as "constructive", suggesting an easing of tensions in the Middle East. Brent crude futures were up 23 cents, or 0.4%, at $63.23 a barrel by 0054 GMT. Prices rose 1.6% last week. US West Texas Intermediate crude was down by 12 cents, or 0.2%, at $56.08 a barrel. WTI gained 1% last week. An emergency meeting with parties to Iran's 2015 nuclear deal was constructive but there are unresolved issues and Tehran will continue to reduce its nuclear commitments if Europeans fail to salvage the pact, Iranian official Abbas Araqchi said on Sunday. "The atmosphere was constructive. Discussions were good. I cannot say that we resolved everything, I can say there are lots of commitments," Araqchi, the senior Iranian nuclear negotiator, told reporters after the meeting in Vienna. The meeting did not include the United States, which pulled out of the agreement in May 2018 and slapped sanctions back on Iranian oil exports. Still, tensions remain high around the Strait of Hormuz, the world's most important oil passageway, as Iran refused to release a British-flagged tanker it seized but granted India consular access to 18 Indian crew members. Denmark welcomed the British government's proposal for a European-led naval mission to ensure safe shipping through the strait. The United States is also working on a multinational maritime security initiative in the Gulf. Traders and investors are also focussed this week on meetings of major central banks including the US Federal Reserve, which is expected to lower interest rates. US economic growth slowed less than expected in the second quarter with a boom in consumer spending, strengthening the outlook for oil consumption. Growth outside the United States is slowing faster due partly to the impact of the US-China trade war. Senior US and Chinese negotiators are meeting this week for the first time since trade talks broke down in May. A positive outcome may boost crude prices, analysts said.

Oil falls after 'constructive' talks on Iran's nuclear deal

Asian shares drifted lower on Monday as markets anxiously counted down to a likely cut in US&nbsp;interest rates this week with much riding on whether or not the Federal Reserve signals yet more are in the pipeline.

US&nbsp;and Chinese trade negotiators also meet in Shanghai this week for their first in-person talks since a G20 truce last month, but expectations are low for a breakthrough.

Data on the weekend showed profits earned by China's industrial firms contracted in June, fuelling concerns that the bruising trade war will drag on economic growth.

"We remain cautiously optimistic that both sides can agree on a narrow agreement that addresses important trade-related issues, such as US&nbsp;demands to increase exports," said analysts at Barclays in a note.

"That said, we are sceptical about the prospects of a broader agreement that includes the more challenging security-related issues."

MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.4% in slow trade. Japan's Nikkei dipped 0.5% and Shanghai blue chips 0.2%.

E-Mini futures for the S&amp;P 500 lost 0.1%.

Interest rate futures are fully priced for a quarter-point rate cut from the Fed on Wednesday, with only a small chance of a half-point move.

More important will be what the central bank flags for the future, given the market implies 100 basis points of easing over the next year or so.

"The messaging will be key and will help markets determine whether the rate cut is just an "insurance cut", or the Fed is embarking on a full easing cycle as the market currently prices in," said Tapas Strickland, director of economics at NAB.

He noted the solid reading on second-quarter US&nbsp;economic growth out last week would support those at the Fed arguing for just one or two cuts.

"The US&nbsp;economy remains the least dirty t-shirt in the global laundry basket. The dollar was stronger across the board in response," said Strickland.

The dollar hit a two-month peak on a basket of currencies at 98.010, and was last trading at 97.921.

The euro stood at $1.1133 on Monday, just above last week's two-year trough around $1.1102, while the dollar edged back to 108.48 yen.

The dollar had got a helping hand from White House economic adviser Larry Kudlow who on Friday said the Trump administration had "ruled out" intervening to push it lower.

Sterling was pinned near 27-month lows around $1.2375 amid reports the government of Prime Minister Boris Johnson was preparing the ground for a "no-deal" Brexit.

Spot gold was 0.3% firmer at $1,422.55 per ounce, supported by low bond yields globally.

Oil prices drifted down in early trade pressured by the usual concerns about oversupply and slowing world demand.

Brent crude futures eased 23 cents to $63.23, while US&nbsp;crude lost 8 cents to $56.12 a barrel.

Asian shares drifted lower on Monday as markets anxiously counted down to a likely cut in US interest rates this week with much riding on whether or not the Federal Reserve signals yet more are in the pipeline.

Asian shares drifted lower on Monday as markets anxiously counted down to a likely cut in US interest rates this week with much riding on whether or not the Federal Reserve signals yet more are in the pipeline. US and Chinese trade negotiators also meet in Shanghai this week for their first in-person talks since a G20 truce last month, but expectations are low for a breakthrough. Data on the weekend showed profits earned by China's industrial firms contracted in June, fuelling concerns that the bruising trade war will drag on economic growth. "We remain cautiously optimistic that both sides can agree on a narrow agreement that addresses important trade-related issues, such as US demands to increase exports," said analysts at Barclays in a note. "That said, we are sceptical about the prospects of a broader agreement that includes the more challenging security-related issues." MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.4% in slow trade. Japan's Nikkei dipped 0.5% and Shanghai blue chips 0.2%. E-Mini futures for the S&P 500 lost 0.1%. Interest rate futures are fully priced for a quarter-point rate cut from the Fed on Wednesday, with only a small chance of a half-point move. More important will be what the central bank flags for the future, given the market implies 100 basis points of easing over the next year or so. "The messaging will be key and will help markets determine whether the rate cut is just an "insurance cut", or the Fed is embarking on a full easing cycle as the market currently prices in," said Tapas Strickland, director of economics at NAB. He noted the solid reading on second-quarter US economic growth out last week would support those at the Fed arguing for just one or two cuts. "The US economy remains the least dirty t-shirt in the global laundry basket. The dollar was stronger across the board in response," said Strickland. The dollar hit a two-month peak on a basket of currencies at 98.010, and was last trading at 97.921. The euro stood at $1.1133 on Monday, just above last week's two-year trough around $1.1102, while the dollar edged back to 108.48 yen. The dollar had got a helping hand from White House economic adviser Larry Kudlow who on Friday said the Trump administration had "ruled out" intervening to push it lower. Sterling was pinned near 27-month lows around $1.2375 amid reports the government of Prime Minister Boris Johnson was preparing the ground for a "no-deal" Brexit. Spot gold was 0.3% firmer at $1,422.55 per ounce, supported by low bond yields globally. Oil prices drifted down in early trade pressured by the usual concerns about oversupply and slowing world demand. Brent crude futures eased 23 cents to $63.23, while US crude lost 8 cents to $56.12 a barrel.

Asian shares drift into trade talks, Fed test

Hong Kong stocks fell at the open Monday after investor caution ahead of US-China trade talks and more<a href="https://www.wionews.com/world/hong-kong-protest-turns-violent-chinas-top-policy-unit-to-hold-press-conference-on-monday-239094"> civil unrest in the financial hub</a>.

The Hang Seng Index fell 0.45 per cent, or 128.83 points, to 28.268.91.

The benchmark Shanghai Composite Index opened flat, edging 0.62 points lower to 2,943.92.

The Shenzhen Composite Index, which tracks stocks on China's second exchange, however, was also flat at the open, rising 0.46 points to 1,573.91.

Hong Kong stocks fell at the open Monday after investor caution ahead of US-China trade talks and more civil unrest in the financial hub. The Hang Seng Index fell 0.

Hong Kong stocks fell at the open Monday after investor caution ahead of US-China trade talks and more civil unrest in the financial hub. The Hang Seng Index fell 0.45 per cent, or 128.83 points, to 28.268.91. The benchmark Shanghai Composite Index opened flat, edging 0.62 points lower to 2,943.92. The Shenzhen Composite Index, which tracks stocks on China's second exchange, however, was also flat at the open, rising 0.46 points to 1,573.91.

Hong Kong stocks fall amid US-China trade tensions, protests in city

Global shares steadied on Monday and the dollar hit a two-month high against a basket of currencies as markets counted down to a likely cut in US interest rates this week, with much riding on whether the <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/asian-shares-drift-into-trade-talks-fed-test-239118&amp;sa=U&amp;ved=2ahUKEwiskeK2ktrjAhVFsY8KHaKRDH0QFjABegQIDBAC&amp;usg=AOvVaw007h4SGYlL7z1dT2b0Kwqf">Federal Reserve</a>&nbsp;signals more cuts will follow.

After opening lower, European shares began to gain. Deal-making and a rally in defensive sectors pushed the pan-European STOXX 600 index up 0.3%.

The dollar index - which measures it against a basket of peers - was higher by 0.1% and at its highest since May 31.

A stronger-than-expected US gross domestic product report on Friday gave the dollar wings, leading some investors to doubt whether the Fed will continue easing this year after its Wednesday meeting.

Interest rate futures are fully priced for a quarter-point rate cut from the Fed on Wednesday, with only a small chance of a half-point move.

More important will be what the central bank flags for the future, given the market implies 100 basis points of easing over the next year or so.

MSCI's All-Country World Index of stocks, down by as much as 0.2% on the day, erased some losses to trade 0.02% lower. Wall Street futures were flat.

"Central banks are very much the focus of attention for markets at the moment," said Rupert Thompson, head of research at Kingswood.

Investors were also keeping an eye on US-China trade talks. US and Chinese negotiators meet in Shanghai this week for their first in-person talks since a G20 truce last month, but expectations for a breakthrough are low.

Data on the weekend showed profits earned by China's industrial firms contracted in June, fuelling concerns that the trade war will drag on economic growth.

"Both parties know they are running out of time to prevent a sharper slowdown in the global economy. However, given the past experiences, investor sentiment isn’t too high," said Hussein Sayed, chief market strategist at FXTM.

"While resolving their core issues seems far from reach at this stage, especially when it comes to China's subsidies and technology transfers, markets need at least a sign of goodwill to prevent a sharp, volatile reaction..."

In Asia, MSCI's broadest index of Asia-Pacific shares was half a per cent lower. Japan's Nikkei dipped 0.2% and Shanghai blue chips 0.1%.

In bonds, eurozone bond yields dipped as jittery investors eyed the trade talks and waited for the likely Fed rate cut after the European Central Bank's dovish signalling last week disappointed some.

The benchmark German 10-year Bund yield fell more than 1 basis point to -0.3920%, not far from last week's record low of -0.422%.

Elsewhere in currencies, <a href="https://www.wionews.com/world/uk-plays-brexit-hardball-with-stubborn-european-union-pound-falls-to-a-two-year-low-239235">sterling fell</a> over half a per cent to a 28-month low of $1.2301 amid reports the government of Prime Minister Boris Johnson was preparing the ground for a "no-deal" Brexit.

Global shares steadied on Monday and the dollar hit a two-month high against a basket of currencies as markets counted down to a likely cut in US interest rates this week, with much riding on whether the Federal Reserve signals more cuts will follow.

Global shares steadied on Monday and the dollar hit a two-month high against a basket of currencies as markets counted down to a likely cut in US interest rates this week, with much riding on whether the Federal Reserve signals more cuts will follow. After opening lower, European shares began to gain. Deal-making and a rally in defensive sectors pushed the pan-European STOXX 600 index up 0.3%. The dollar index - which measures it against a basket of peers - was higher by 0.1% and at its highest since May 31. A stronger-than-expected US gross domestic product report on Friday gave the dollar wings, leading some investors to doubt whether the Fed will continue easing this year after its Wednesday meeting. Interest rate futures are fully priced for a quarter-point rate cut from the Fed on Wednesday, with only a small chance of a half-point move. More important will be what the central bank flags for the future, given the market implies 100 basis points of easing over the next year or so. MSCI's All-Country World Index of stocks, down by as much as 0.2% on the day, erased some losses to trade 0.02% lower. Wall Street futures were flat. "Central banks are very much the focus of attention for markets at the moment," said Rupert Thompson, head of research at Kingswood. Investors were also keeping an eye on US-China trade talks. US and Chinese negotiators meet in Shanghai this week for their first in-person talks since a G20 truce last month, but expectations for a breakthrough are low. Data on the weekend showed profits earned by China's industrial firms contracted in June, fuelling concerns that the trade war will drag on economic growth. "Both parties know they are running out of time to prevent a sharper slowdown in the global economy. However, given the past experiences, investor sentiment isn’t too high," said Hussein Sayed, chief market strategist at FXTM. "While resolving their core issues seems far from reach at this stage, especially when it comes to China's subsidies and technology transfers, markets need at least a sign of goodwill to prevent a sharp, volatile reaction..." In Asia, MSCI's broadest index of Asia-Pacific shares was half a per cent lower. Japan's Nikkei dipped 0.2% and Shanghai blue chips 0.1%. In bonds, eurozone bond yields dipped as jittery investors eyed the trade talks and waited for the likely Fed rate cut after the European Central Bank's dovish signalling last week disappointed some. The benchmark German 10-year Bund yield fell more than 1 basis point to -0.3920%, not far from last week's record low of -0.422%. Elsewhere in currencies, sterling fell over half a per cent to a 28-month low of $1.2301 amid reports the government of Prime Minister Boris Johnson was preparing the ground for a "no-deal" Brexit.

Shares steady as Fed comes into focus; dollar at two-month high

Malaysia's Petroliam Nasional Bhd (Petronas) and a consortium led by Japan's JXTG Holdings Inc are among the companies interested in buying a stake in India's Bina oil refinery, a source close to the matter said.

The Bina plant in central India, capable of processing 156,000 barrels per day (BPD) of crude oil, is operated by Bharat Oman Refineries Ltd (BORL), a 50-50 joint venture between Oman Oil Co and state-run Bharat Petroleum Corp (BPCL).

"There are a new set of companies who have approached BPCL for a stake in its Bina refinery," said the source, who asked not to be named as the discussions are private.

BPCL plans to double the capacity of the refinery in the next five years and build a petrochemical complex that would require an investment of about 500 billion rupees ($7.24 billion), the source said.

Bharat Petroleum did not respond to a request for comment. Petronas and JXTG were not immediately reachable for comment.

Malaysia's Petroliam Nasional Bhd (Petronas) and a consortium led by Japan's JXTG Holdings Inc are among the companies interested in buying a stake in India's Bina oil refinery, a source close to the matter said.

Malaysia's Petroliam Nasional Bhd (Petronas) and a consortium led by Japan's JXTG Holdings Inc are among the companies interested in buying a stake in India's Bina oil refinery, a source close to the matter said. The Bina plant in central India, capable of processing 156,000 barrels per day (BPD) of crude oil, is operated by Bharat Oman Refineries Ltd (BORL), a 50-50 joint venture between Oman Oil Co and state-run Bharat Petroleum Corp (BPCL). "There are a new set of companies who have approached BPCL for a stake in its Bina refinery," said the source, who asked not to be named as the discussions are private. BPCL plans to double the capacity of the refinery in the next five years and build a petrochemical complex that would require an investment of about 500 billion rupees ($7.24 billion), the source said. Bharat Petroleum did not respond to a request for comment. Petronas and JXTG were not immediately reachable for comment.

Malaysia and Japan likely to buy stakes in India's Bina oil refinery

The <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/india-news/supreme-court-adjourns-vijay-mallyas-property-case-239158&amp;sa=U&amp;ved=2ahUKEwj5v8KB_9njAhVMvo8KHY7fCmQQFjAAegQIABAC&amp;usg=AOvVaw20rKRrKHpKk5VpcBNhjdBR">State Bank of India (SBI)</a> cut interest rates on deposits across all maturities on Monday but analysts said it would take time for the country's largest bank to make matching cuts in its lending rates.

State-owned SBI made the largest cuts on shorter-term deposits. Annual rates for 7-45 days are being reduced to 5.0% from 5.75% while for 46 days to 179 days, the rate is getting cut to 5.75% from 6.25%.

For deposits of 180 days up to 10 years, the rate is being cut by up to 20 bps for individual retail customers and by up to 35 bps for the bulk segment, defined as a single deposit of 20 million rupees ($290,626) and above.

The rate changes will be effective August 1.

The <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/india-news/reserve-bank-of-india-to-cut-rates-again-in-august-as-doves-prevail-report-238360&amp;sa=U&amp;ved=2ahUKEwixlJPW_tnjAhUMgI8KHXQlBtgQFjABegQIDxAC&amp;usg=AOvVaw3zrXFTWUMT6pHc9S-9JsLA">Reserve Bank of India (RBI)</a> has cut its key repo rate by 75 basis points (bps) this year but commercial banks have mostly responded with just around 15-20 bps cuts in their key lending rates.

Banks often cite the high-interest rates they say they need to offer on deposits as a hindrance to being able to cut lending rates.

"We are in a global low-interest rate scenario. That is a clear fact. If the RBI reduces rates, SBI will reduce albeit with a lag and at a lesser rate," said Jagannadham Thunuguntla, head of research at Centrum Wealth Management.

The Indian government has already reduced interest rates on small savings schemes such as the National Savings Scheme, Public Provident Fund among others in late June by 10 bps.

Analysts said other banks may follow SBI's lead in cutting deposit rates but the timing and size of the moves will vary.

"In the current environment, people are looking at bank fixed deposits for the safety of capital due to extreme risk-aversion sentiment," Thunuguntla said.

"But once that sentiment revives, the low-interest rates on risk-free assets will act as a strong motivating factor for money to move into the more riskier assets."

The State Bank of India (SBI) cut interest rates on deposits across all maturities on Monday but analysts said it would take time for the country's largest bank to make matching cuts in its lending rates.

The State Bank of India (SBI) cut interest rates on deposits across all maturities on Monday but analysts said it would take time for the country's largest bank to make matching cuts in its lending rates. State-owned SBI made the largest cuts on shorter-term deposits. Annual rates for 7-45 days are being reduced to 5.0% from 5.75% while for 46 days to 179 days, the rate is getting cut to 5.75% from 6.25%. For deposits of 180 days up to 10 years, the rate is being cut by up to 20 bps for individual retail customers and by up to 35 bps for the bulk segment, defined as a single deposit of 20 million rupees ($290,626) and above. The rate changes will be effective August 1. The Reserve Bank of India (RBI) has cut its key repo rate by 75 basis points (bps) this year but commercial banks have mostly responded with just around 15-20 bps cuts in their key lending rates. Banks often cite the high-interest rates they say they need to offer on deposits as a hindrance to being able to cut lending rates. "We are in a global low-interest rate scenario. That is a clear fact. If the RBI reduces rates, SBI will reduce albeit with a lag and at a lesser rate," said Jagannadham Thunuguntla, head of research at Centrum Wealth Management. The Indian government has already reduced interest rates on small savings schemes such as the National Savings Scheme, Public Provident Fund among others in late June by 10 bps. Analysts said other banks may follow SBI's lead in cutting deposit rates but the timing and size of the moves will vary. "In the current environment, people are looking at bank fixed deposits for the safety of capital due to extreme risk-aversion sentiment," Thunuguntla said. "But once that sentiment revives, the low-interest rates on risk-free assets will act as a strong motivating factor for money to move into the more riskier assets."

State Bank of India cuts deposit rates, keeps lending rates unchanged

Companies that embed <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/australia-to-lift-veil-on-facebook-google-algorithms-to-protect-privacy-238610&amp;sa=U&amp;ved=2ahUKEwj_1rqzg9rjAhUWE4gKHUrPCC8QFjACegQIDxAC&amp;usg=AOvVaw34VfaQv_ls_AahMaLeR2np">Facebook's</a> "Like" button on their websites allowing users' personal data to be transferred to the US social network can be held liable for collecting the data, Europe's top court said on Monday.

Website plugins are a common feature of online retail as companies seek to promote their products on popular social networks, but critics fear the data transfer may breach privacy laws.

The ruling from the Luxembourg-based Court of Justice of the European Union (ECJ) came after a German consumer body sued German online fashion retailer Fashion ID for breaching personal data protection rules via its use of the button on its site.

A German court subsequently sought guidance. ECJ judges said websites and Facebook share joint responsibility.

Under EU data privacy rules, a data controller determines why personal data must be collected and processed, as well as how, while a data processor only processes personal data on behalf of the controller and is usually a third-party company.

"The operator of a website that features a Facebook 'Like' button can be a controller jointly with Facebook in respect of the collection and transmission to Facebook of the personal data of visitors to its website," the judges said.

The German retailer benefited from a commercial advantage as the 'Like' button made its products more visible on Facebook, the court said, though it noted the company is not liable for how Facebook subsequently processes the data.

Facebook said the ruling sheds clarity on the issue.

"We are carefully reviewing the court's decision and will work closely with our partners to ensure they can continue to benefit from our social plugins and other business tools in full compliance with the law," Jack Gilbert, Facebook's associate general counsel, said in a statement.

The ruling is in line with strict data privacy laws adopted by the 28-country bloc last year, said Nils Rauer, a partner at law firm Pinsent Masons.

"The court was right in assessing whether Fashion ID had an interest in collaborating with Facebook by way of embedding the 'Like' Button," Rauer said, adding plugins will continue to be popular notwithstanding the judgment.

"Personally, I do not think that companies will turn away from embedding 'Like' buttons due to the judgment. Presumably, they will pay more attention to the embedding process, by way of obtaining dedicated data privacy advice," Rauer said.

Companies that embed Facebook's "Like" button on their websites allowing users' personal data to be transferred to the US social network can be held liable for collecting the data, Europe's top court said on Monday.

Companies that embed Facebook's "Like" button on their websites allowing users' personal data to be transferred to the US social network can be held liable for collecting the data, Europe's top court said on Monday. Website plugins are a common feature of online retail as companies seek to promote their products on popular social networks, but critics fear the data transfer may breach privacy laws. The ruling from the Luxembourg-based Court of Justice of the European Union (ECJ) came after a German consumer body sued German online fashion retailer Fashion ID for breaching personal data protection rules via its use of the button on its site. A German court subsequently sought guidance. ECJ judges said websites and Facebook share joint responsibility. Under EU data privacy rules, a data controller determines why personal data must be collected and processed, as well as how, while a data processor only processes personal data on behalf of the controller and is usually a third-party company. "The operator of a website that features a Facebook 'Like' button can be a controller jointly with Facebook in respect of the collection and transmission to Facebook of the personal data of visitors to its website," the judges said. The German retailer benefited from a commercial advantage as the 'Like' button made its products more visible on Facebook, the court said, though it noted the company is not liable for how Facebook subsequently processes the data. Facebook said the ruling sheds clarity on the issue. "We are carefully reviewing the court's decision and will work closely with our partners to ensure they can continue to benefit from our social plugins and other business tools in full compliance with the law," Jack Gilbert, Facebook's associate general counsel, said in a statement. The ruling is in line with strict data privacy laws adopted by the 28-country bloc last year, said Nils Rauer, a partner at law firm Pinsent Masons. "The court was right in assessing whether Fashion ID had an interest in collaborating with Facebook by way of embedding the 'Like' Button," Rauer said, adding plugins will continue to be popular notwithstanding the judgment. "Personally, I do not think that companies will turn away from embedding 'Like' buttons due to the judgment. Presumably, they will pay more attention to the embedding process, by way of obtaining dedicated data privacy advice," Rauer said.

Companies using Facebook 'Like' button liable for data: European Union's top court

Indian shares ended lower on Monday, led by losses among auto stocks, as investor caution in the wake of weak earnings continued.

The broader NSE Nifty closed down 0.84% at 11,189.20, while the benchmark BSE Sensex ended 0.52% lower at 37,686.37.

The Nifty Auto index closed 3.6% lower after a disappointing earnings season from its heavyweights and a government proposal to lower taxes on electric vehicles, which threatened the traditional sector.

Tata Motors ended 6.5% down after the company's losses nearly doubled, while Maruti Suzuki India Ltd, which reported a better-than-expected first-quarter profit on controlled costs still ended 4.2% lower

Indiabulls Housing Finance led the losers among NSE stocks, closing down 10.5% after a lawmaker alleged the company embezzled money to the tune of 1 trillion rupees ($14.53 billion).

Among gainers, ICICI Bank ended 3.3% in the black, after the lender reported lower first-quarter provisions for bad loans, which boosted its profit.

Indian shares ended lower on Monday, led by losses among auto stocks, as investor caution in the wake of weak earnings continued. The broader NSE Nifty closed down 0.

Indian shares ended lower on Monday, led by losses among auto stocks, as investor caution in the wake of weak earnings continued. The broader NSE Nifty closed down 0.84% at 11,189.20, while the benchmark BSE Sensex ended 0.52% lower at 37,686.37. The Nifty Auto index closed 3.6% lower after a disappointing earnings season from its heavyweights and a government proposal to lower taxes on electric vehicles, which threatened the traditional sector. Tata Motors ended 6.5% down after the company's losses nearly doubled, while Maruti Suzuki India Ltd, which reported a better-than-expected first-quarter profit on controlled costs still ended 4.2% lower Indiabulls Housing Finance led the losers among NSE stocks, closing down 10.5% after a lawmaker alleged the company embezzled money to the tune of 1 trillion rupees ($14.53 billion). Among gainers, ICICI Bank ended 3.3% in the black, after the lender reported lower first-quarter provisions for bad loans, which boosted its profit.

Sensex, Nifty end lower dragged by auto stocks

The London Stock Exchange Group Plc said on Friday it was in discussions to acquire financial data analytics provider Refinitiv Holdings Ltd for $27 billion, including debt.

The deal would come less than a year after buyout firm Blackstone Group Inc acquired a majority stake in Refinitiv from Thomson Reuters Corp, valuing the company at the time at $20 billion including debt.

LSE said it would pay for the deal with newly issued LSE shares as currency, turning Refinitiv's existing investors into LSE shareholders who would own about 37% of the combined company and hold less than 30% of the voting rights.

Thomson Reuters, a professional information company that is the parent of Reuters News, currently holds a 45% stake in Refinitiv. It confirmed the negotiations in a statement and said it will own a 15% stake in LSE if the deal is completed.

Based on the valuation the deal would assign to Refinitiv, Blackstone will have roughly doubled the value of its original investment in the company, according to a person familiar with the matter, who requested anonymity because the private equity firm keeps that number confidential.

Refinitiv had $12.2 billion in debt as of the end of December as a result of its leveraged buyout by Blackstone, which LSE would assume under the proposed deal.

LSE and Thomson Reuters both cautioned that there is no certainty that discussions between the parties will progress or that a transaction will be forthcoming.

A person familiar with the matter said on Friday that if the negotiations conclude successfully, a deal could be agreed next week.

Refinitiv did not immediately respond to a request for comment, while Blackstone declined to comment.

Refinitiv bonds rallied on the prospect of a deal.

Thomson Reuters shares hit a record high to end trading on Friday up 4.5% to C$92.74 in Toronto after the Financial Times first reported on the deal talks. The stock is up 62% since the end of January 2018, when Blackstone and Thomson Reuters announced the deal for Refinitiv.

A merger would significantly expand LSE's information services business, which the bourse operator has been building as a more stable source of cash flow than its primary transaction-reliant businesses.

"The global exchanges are focusing more and more on data and technology as revenue drivers, and less on the actual matching of buys and sells," said Kevin McPartland, head of market structure and technology research at Greenwich Associates.

LSE operates equity and derivatives markets that include the London Stock Exchange, Borsa Italiana, MTS and Turquoise. It is also the majority owner of LCH, which dominates euro swaps clearing. Its information services business includes financial indexing, benchmarking and analytics services.

The company has a market value of about 19.3 billion pounds ($23.9 billion) and net debt of about 1 billion pounds.

LSE Chief Executive David Schwimmer is a former Goldman Sachs Group Inc banker of 20 years who has raised expectations of big deals.

The LSE has failed several times to merge with rival Deutsche Boerse AG. Schwimmer was appointed CEO last August after the LSE's most recent attempt to do a deal with Deutsche Boerse failed.

Buying Refinitiv could help soften the blow for LSE from a bout of market volatility that is expected should Britain leave the European Union by an Oct. 31 deadline without an exit deal.

Schwimmer said last month that LSE was "very prepared" for Brexit. The exchange has had to open an EU base in Amsterdam for Turquoise, its London-based pan-European share trading platform.

QUICK FLIP

London-based Refinitiv provides financial markets data and infrastructure to more than 40,000 clients in over 190 countries, according to its website.

It caters to traders and investment professionals, who also use LSE's exchanges. It is the biggest client for news of Reuters News under a 30-year contract signed last year.

Thomson Reuters said in its statement on Friday that this contract will continue if Refinitiv's ownership changes.

Under Blackstone's majority ownership, Refinitiv has been shedding non-core assets. In April, it launched an initial public offering of Tradeweb Markets Inc, an electronic trading platform for bonds and derivative instruments.

It has also been in talks with Deutsche Boerse about selling its foreign exchange electronic trading platform FXall.

Deutsche Boerse said on Saturday it no longer expected to reach a deal to buy FXall.

Private equity firms such as Blackstone aim to buy businesses so they can subsequently sell them at a profit, typically between three and five years later.

A deal with London Stock Exchange for Refinitiv so soon after the carve-out from Thomson Reuters could prove to be a quick, profitable flip for Blackstone, which last week said its assets reached a record $545 billion.

The London Stock Exchange Group Plc said on Friday it was in discussions to acquire financial data analytics provider Refinitiv Holdings Ltd for $27 billion, including debt.

The London Stock Exchange Group Plc said on Friday it was in discussions to acquire financial data analytics provider Refinitiv Holdings Ltd for $27 billion, including debt. The deal would come less than a year after buyout firm Blackstone Group Inc acquired a majority stake in Refinitiv from Thomson Reuters Corp, valuing the company at the time at $20 billion including debt. LSE said it would pay for the deal with newly issued LSE shares as currency, turning Refinitiv's existing investors into LSE shareholders who would own about 37% of the combined company and hold less than 30% of the voting rights. Thomson Reuters, a professional information company that is the parent of Reuters News, currently holds a 45% stake in Refinitiv. It confirmed the negotiations in a statement and said it will own a 15% stake in LSE if the deal is completed. Based on the valuation the deal would assign to Refinitiv, Blackstone will have roughly doubled the value of its original investment in the company, according to a person familiar with the matter, who requested anonymity because the private equity firm keeps that number confidential. Refinitiv had $12.2 billion in debt as of the end of December as a result of its leveraged buyout by Blackstone, which LSE would assume under the proposed deal. LSE and Thomson Reuters both cautioned that there is no certainty that discussions between the parties will progress or that a transaction will be forthcoming. A person familiar with the matter said on Friday that if the negotiations conclude successfully, a deal could be agreed next week. Refinitiv did not immediately respond to a request for comment, while Blackstone declined to comment. Refinitiv bonds rallied on the prospect of a deal. Thomson Reuters shares hit a record high to end trading on Friday up 4.5% to C$92.74 in Toronto after the Financial Times first reported on the deal talks. The stock is up 62% since the end of January 2018, when Blackstone and Thomson Reuters announced the deal for Refinitiv. A merger would significantly expand LSE's information services business, which the bourse operator has been building as a more stable source of cash flow than its primary transaction-reliant businesses. "The global exchanges are focusing more and more on data and technology as revenue drivers, and less on the actual matching of buys and sells," said Kevin McPartland, head of market structure and technology research at Greenwich Associates. LSE operates equity and derivatives markets that include the London Stock Exchange, Borsa Italiana, MTS and Turquoise. It is also the majority owner of LCH, which dominates euro swaps clearing. Its information services business includes financial indexing, benchmarking and analytics services. The company has a market value of about 19.3 billion pounds ($23.9 billion) and net debt of about 1 billion pounds. LSE Chief Executive David Schwimmer is a former Goldman Sachs Group Inc banker of 20 years who has raised expectations of big deals. The LSE has failed several times to merge with rival Deutsche Boerse AG. Schwimmer was appointed CEO last August after the LSE's most recent attempt to do a deal with Deutsche Boerse failed. Buying Refinitiv could help soften the blow for LSE from a bout of market volatility that is expected should Britain leave the European Union by an Oct. 31 deadline without an exit deal. Schwimmer said last month that LSE was "very prepared" for Brexit. The exchange has had to open an EU base in Amsterdam for Turquoise, its London-based pan-European share trading platform. QUICK FLIP London-based Refinitiv provides financial markets data and infrastructure to more than 40,000 clients in over 190 countries, according to its website. It caters to traders and investment professionals, who also use LSE's exchanges. It is the biggest client for news of Reuters News under a 30-year contract signed last year. Thomson Reuters said in its statement on Friday that this contract will continue if Refinitiv's ownership changes. Under Blackstone's majority ownership, Refinitiv has been shedding non-core assets. In April, it launched an initial public offering of Tradeweb Markets Inc, an electronic trading platform for bonds and derivative instruments. It has also been in talks with Deutsche Boerse about selling its foreign exchange electronic trading platform FXall. Deutsche Boerse said on Saturday it no longer expected to reach a deal to buy FXall. Private equity firms such as Blackstone aim to buy businesses so they can subsequently sell them at a profit, typically between three and five years later. A deal with London Stock Exchange for Refinitiv so soon after the carve-out from Thomson Reuters could prove to be a quick, profitable flip for Blackstone, which last week said its assets reached a record $545 billion.

London Stock Exchange in talks to buy Refinitiv for $27 billion

Saudi petrochemicals giant SABIC said on Sunday its net profits for the second quarter and the first half of this year dived due to a sharp decline in product prices.

SABIC net profit for the three months to June 30 slid by 68 per cent to 2.1 billion riyals ($560 million) from a year earlier, the company said in a statement.

Profit for the first six months of the year plunged 55 per cent to 5.5 billion riyals ($1.47 billion), it said.

The slide in earnings was blamed on "lower average selling prices," and a drop in profits made by its associates and joint ventures said the largest listed company on the Saudi bourse.

Revenues from sales in the first half of the year dropped by 14 per cent to $19.5 billion, reported SABIC, which is among the world's 10 biggest chemical firms.

State-owned energy conglomerate Aramco said in March it was buying the government's 70-per cent stake in SABIC for $69.1 billion, in a deal aimed at providing cash to finance the kingdom's ambitious transformation programme.

Aramco, the world's most profitable company, is paying most of the price in cash over the next few years but has already raised a $12 billion loan from leading international banks.

Saudi petrochemicals giant SABIC said on Sunday its net profits for the second quarter and the first half of this year dived due to a sharp decline in product prices.

Saudi petrochemicals giant SABIC said on Sunday its net profits for the second quarter and the first half of this year dived due to a sharp decline in product prices. SABIC net profit for the three months to June 30 slid by 68 per cent to 2.1 billion riyals ($560 million) from a year earlier, the company said in a statement. Profit for the first six months of the year plunged 55 per cent to 5.5 billion riyals ($1.47 billion), it said. The slide in earnings was blamed on "lower average selling prices," and a drop in profits made by its associates and joint ventures said the largest listed company on the Saudi bourse. Revenues from sales in the first half of the year dropped by 14 per cent to $19.5 billion, reported SABIC, which is among the world's 10 biggest chemical firms. State-owned energy conglomerate Aramco said in March it was buying the government's 70-per cent stake in SABIC for $69.1 billion, in a deal aimed at providing cash to finance the kingdom's ambitious transformation programme. Aramco, the world's most profitable company, is paying most of the price in cash over the next few years but has already raised a $12 billion loan from leading international banks.

Saudi chemical giant profits nosedive over low prices

Finance Minister<a href="https://www.wionews.com/.../nirmala-sitharaman-the-first-full-time-woman- defence-minister-retained-as-union-minister-222866"> Nirmala Sitharaman</a> has ruled out reconsidering a plan to issue foreign currency overseas sovereign bonds, she was quoted as saying in an interview published on Sunday, despite warnings of long-term risk for the economy.

On Thursday, Reuters reported that the Prime Minister's Office (PMO) wanted the finance ministry to reassess the idea of issuing foreign currency overseas sovereign bonds and seek wider consultation.

"I am not doing any review. I have not been asked by anybody to do a review," Sitharaman told the Economic Times.

This month, Sitharaman, presenting the&nbsp;<a href="https://www.wionews.com/videos/budget-2019-nirmala-sitharaman-focuses-on-gaon-gareeb-aur-kisan-in-her-first-budget-233232">budget</a> for the fiscal year 2019/2020 that began on April 1, said India would look to issue overseas foreign currency sovereign bonds in addition to raising funds from the domestic market.

The proposal has been criticised by former heads of the Reserve Bank of India, economists and allies of the ruling Bharatiya Janata Party, who argue it could create long-term economic risks by exposing the government's liabilities to currency fluctuations.

“The government would start raising a part of its gross borrowing programme in external markets in external currencies. This will also have a beneficial impact on the demand situation for government securities in the domestic market,” Sitharaman told the Economic Times.

The government plans to borrow nearly $10 billion from the foreign overseas market, out of total planned borrowing of about $103 billion in 2019/20.

Sitharaman told the newspaper that details such as the timing of the issue and the exact size had not been worked out.

Finance Minister Nirmala Sitharaman has ruled out reconsidering a plan to issue foreign currency overseas sovereign bonds, she was quoted as saying in an interview published on Sunday, despite warnings of long-term risk for the economy.

Finance Minister Nirmala Sitharaman has ruled out reconsidering a plan to issue foreign currency overseas sovereign bonds, she was quoted as saying in an interview published on Sunday, despite warnings of long-term risk for the economy. On Thursday, Reuters reported that the Prime Minister's Office (PMO) wanted the finance ministry to reassess the idea of issuing foreign currency overseas sovereign bonds and seek wider consultation. "I am not doing any review. I have not been asked by anybody to do a review," Sitharaman told the Economic Times. This month, Sitharaman, presenting the budget for the fiscal year 2019/2020 that began on April 1, said India would look to issue overseas foreign currency sovereign bonds in addition to raising funds from the domestic market. The proposal has been criticised by former heads of the Reserve Bank of India, economists and allies of the ruling Bharatiya Janata Party, who argue it could create long-term economic risks by exposing the government's liabilities to currency fluctuations. “The government would start raising a part of its gross borrowing programme in external markets in external currencies. This will also have a beneficial impact on the demand situation for government securities in the domestic market,” Sitharaman told the Economic Times. The government plans to borrow nearly $10 billion from the foreign overseas market, out of total planned borrowing of about $103 billion in 2019/20. Sitharaman told the newspaper that details such as the timing of the issue and the exact size had not been worked out.

Finance Minister Nirmala Sitharaman says no rethink on overseas sovereign bonds: Report

The London Stock Exchange Group Plc said on Friday it was in discussions to acquire financial data analytics provider Refinitiv Holdings Ltd for $27 billion, including debt.

The deal would come less than a year after buyout firm Blackstone Group Inc acquired a majority stake in Refinitiv from Thomson Reuters Corp, valuing the company at the time at $20 billion including debt.

LSE said it would pay for the deal with newly issued LSE shares as currency, turning Refinitiv's existing investors into LSE shareholders who would own about 37% of the combined company and hold less than 30% of the voting rights.

Thomson Reuters, a professional information company that is the parent of Reuters News, currently holds a 45% stake in Refinitiv. It confirmed the negotiations in a statement and said it will own a 15% stake in LSE if the deal is completed.

Based on the valuation the deal would assign to Refinitiv, Blackstone will have roughly doubled the value of its original investment in the company, according to a person familiar with the matter, who requested anonymity because the private equity firm keeps that number confidential.

Refinitiv had $12.2 billion in debt as of the end of December as a result of its leveraged buyout by Blackstone, which LSE would assume under the proposed deal.

LSE and Thomson Reuters both cautioned that there is no certainty that discussions between the parties will progress or that a transaction will be forthcoming. A person familiar with the matter said on Friday that if the negotiations conclude successfully, a deal could be agreed next week.

Refinitiv did not immediately respond to a request for comment, while Blackstone declined to comment.

Refinitiv bonds rallied on the prospect of a deal.

Thomson Reuters shares hit a record high to end trading on Friday up 4.5% to C$92.74 in Toronto after the Financial Times first reported on the deal talks. The stock is up 62% since the end of January 2018, when Blackstone and Thomson Reuters announced the deal for Refinitiv.

A merger would significantly expand LSE's information services business, which the bourse operator has been building as a more stable source of cash flow than its primary transaction-reliant businesses.

"The global exchanges are focusing more and more on data and technology as revenue drivers, and less on the actual matching of buys and sells," said Kevin McPartland, head of market structure and technology research at Greenwich Associates.

LSE operates equity and derivatives markets that include the London Stock Exchange, Borsa Italiana, MTS and Turquoise. It is also the majority owner of LCH, which dominates euro swaps clearing. Its information services business includes financial indexing, benchmarking and analytics services.

The company has a market value of about 19.3 billion pounds and net debt of about 1 billion pounds.

LSE Chief Executive David Schwimmer is a former Goldman Sachs Group Inc banker of 20 years who has raised expectations of big deals.

The LSE has failed several times to merge with rival Deutsche Boerse AG. Schwimmer was appointed CEO last August after the LSE's most recent attempt to do a deal with Deutsche Boerse failed.

Buying Refinitiv could help soften the blow for LSE from a bout of market volatility that is expected should Britain leave the European Union by an October 31 deadline without an exit deal.

Schwimmer said last month that LSE was "very prepared" for Brexit. The exchange has had to open an EU base in Amsterdam for Turquoise, its London-based pan-European share trading platform.

Quick flip

London-based Refinitiv provides financial markets data and infrastructure to more than 40,000 clients in over 190 countries, according to its website.

It caters to traders and investment professionals, who also use LSE's exchanges. It is the biggest client for news of Reuters News under a 30-year contract signed last year.

Thomson Reuters said in its statement on Friday that this contract will continue if Refinitiv's ownership changes.

Under Blackstone's majority ownership, Refinitiv has been shedding non-core assets. In April, it launched an initial public offering of Tradeweb Markets Inc, an electronic trading platform for bonds and derivative instruments.

It has also been in talks with Deutsche Boerse about selling its foreign exchange electronic trading platform FXall.

Private equity firms such as Blackstone aim to buy businesses so they can subsequently sell them at a profit, typically between three and five years later.

A deal with London Stock Exchange for Refinitiv so soon after the carve-out from Thomson Reuters could prove to be a quick, profitable flip for Blackstone, which last week said its assets reached a record $545 billion.

Blackstone's consortium that holds a 55% stake in Refinitiv includes Canada Pension Plan Investment Board and Singaporean sovereign wealth fund GIC Special Investments Pte Ltd.

The London Stock Exchange Group Plc said on Friday it was in discussions to acquire financial data analytics provider Refinitiv Holdings Ltd for $27 billion, including debt. The deal would come less than a year after buyout firm Blackstone Group Inc acquired a majority stake in Refinitiv from Thomson Reuters Corp, valuing the company at the time at $20 billion including debt. LSE said it would pay for the deal with newly issued LSE shares as currency, turning Refinitiv's existing investors into LSE shareholders who would own about 37% of the combined company and hold less than 30% of the voting rights. Thomson Reuters, a professional information company that is the parent of Reuters News, currently holds a 45% stake in Refinitiv. It confirmed the negotiations in a statement and said it will own a 15% stake in LSE if the deal is completed. Based on the valuation the deal would assign to Refinitiv, Blackstone will have roughly doubled the value of its original investment in the company, according to a person familiar with the matter, who requested anonymity because the private equity firm keeps that number confidential. Refinitiv had $12.2 billion in debt as of the end of December as a result of its leveraged buyout by Blackstone, which LSE would assume under the proposed deal. LSE and Thomson Reuters both cautioned that there is no certainty that discussions between the parties will progress or that a transaction will be forthcoming. A person familiar with the matter said on Friday that if the negotiations conclude successfully, a deal could be agreed next week. Refinitiv did not immediately respond to a request for comment, while Blackstone declined to comment. Refinitiv bonds rallied on the prospect of a deal. Thomson Reuters shares hit a record high to end trading on Friday up 4.5% to C$92.74 in Toronto after the Financial Times first reported on the deal talks. The stock is up 62% since the end of January 2018, when Blackstone and Thomson Reuters announced the deal for Refinitiv. A merger would significantly expand LSE's information services business, which the bourse operator has been building as a more stable source of cash flow than its primary transaction-reliant businesses. "The global exchanges are focusing more and more on data and technology as revenue drivers, and less on the actual matching of buys and sells," said Kevin McPartland, head of market structure and technology research at Greenwich Associates. LSE operates equity and derivatives markets that include the London Stock Exchange, Borsa Italiana, MTS and Turquoise. It is also the majority owner of LCH, which dominates euro swaps clearing. Its information services business includes financial indexing, benchmarking and analytics services. The company has a market value of about 19.3 billion pounds and net debt of about 1 billion pounds. LSE Chief Executive David Schwimmer is a former Goldman Sachs Group Inc banker of 20 years who has raised expectations of big deals. The LSE has failed several times to merge with rival Deutsche Boerse AG. Schwimmer was appointed CEO last August after the LSE's most recent attempt to do a deal with Deutsche Boerse failed. Buying Refinitiv could help soften the blow for LSE from a bout of market volatility that is expected should Britain leave the European Union by an October 31 deadline without an exit deal. Schwimmer said last month that LSE was "very prepared" for Brexit. The exchange has had to open an EU base in Amsterdam for Turquoise, its London-based pan-European share trading platform. Quick flip London-based Refinitiv provides financial markets data and infrastructure to more than 40,000 clients in over 190 countries, according to its website. It caters to traders and investment professionals, who also use LSE's exchanges. It is the biggest client for news of Reuters News under a 30-year contract signed last year. Thomson Reuters said in its statement on Friday that this contract will continue if Refinitiv's ownership changes. Under Blackstone's majority ownership, Refinitiv has been shedding non-core assets. In April, it launched an initial public offering of Tradeweb Markets Inc, an electronic trading platform for bonds and derivative instruments. It has also been in talks with Deutsche Boerse about selling its foreign exchange electronic trading platform FXall. Private equity firms such as Blackstone aim to buy businesses so they can subsequently sell them at a profit, typically between three and five years later. A deal with London Stock Exchange for Refinitiv so soon after the carve-out from Thomson Reuters could prove to be a quick, profitable flip for Blackstone, which last week said its assets reached a record $545 billion. Blackstone's consortium that holds a 55% stake in Refinitiv includes Canada Pension Plan Investment Board and Singaporean sovereign wealth fund GIC Special Investments Pte Ltd.

Reserve Bank of India (RBI) Governor Shaktikanta Das has listed out a set of challenges for the global economy, which, he said, is moving towards a new and unsettling phase.

"Solutions are turning difficult to come by as global economy seems to be moving into a new and unsettling phase in an environment of stressed trade negotiations, rising geopolitical confrontation and limited policy space, and high debt levels in several economies," Das said at an event here on Friday.

"General government debt of advanced economies as a group has surpassed 100 per cent of GDP. Fiscal space is also constrained in many of the advanced economies," he added.

In light of the challenges that lie ahead for the economy, Das said monetary and fiscal policies need to be well-calibrated to support growth.

"It is important, in the backdrop of slowing global growth, that policies of monetary and fiscal authorities are well-calibrated so they support growth without further build-up of leverage and asset price bubbles. Prudent policies are critical to growth with macroeconomic stability," he said.

Das also said globally, there is a need to focus on policy space, judiciously use it and simultaneously take structural reforms to undertake productivity, innovation and job creation.

The central bank governor also said how the International Monetary Fund (IMF) and central banks provide guidance will be the key to sustaining global economic growth while maintaining financial stability.

"The coming year will test the IMF for its policy advice on these areas," he added.

Das was speaking at the launch of a book titled 'India's Relations with International Monetary Fund' authored by V Srinivas.

Reserve Bank of India (RBI) Governor Shaktikanta Das has listed out a set of challenges for the global economy, which, he said, is moving towards a new and unsettling phase.

Reserve Bank of India (RBI) Governor Shaktikanta Das has listed out a set of challenges for the global economy, which, he said, is moving towards a new and unsettling phase. "Solutions are turning difficult to come by as global economy seems to be moving into a new and unsettling phase in an environment of stressed trade negotiations, rising geopolitical confrontation and limited policy space, and high debt levels in several economies," Das said at an event here on Friday. "General government debt of advanced economies as a group has surpassed 100 per cent of GDP. Fiscal space is also constrained in many of the advanced economies," he added. In light of the challenges that lie ahead for the economy, Das said monetary and fiscal policies need to be well-calibrated to support growth. "It is important, in the backdrop of slowing global growth, that policies of monetary and fiscal authorities are well-calibrated so they support growth without further build-up of leverage and asset price bubbles. Prudent policies are critical to growth with macroeconomic stability," he said. Das also said globally, there is a need to focus on policy space, judiciously use it and simultaneously take structural reforms to undertake productivity, innovation and job creation. The central bank governor also said how the International Monetary Fund (IMF) and central banks provide guidance will be the key to sustaining global economic growth while maintaining financial stability. "The coming year will test the IMF for its policy advice on these areas," he added. Das was speaking at the launch of a book titled 'India's Relations with International Monetary Fund' authored by V Srinivas.

Global economy seems to be moving into 'new, unsettling phase': RBI Governor Shaktikanta Das