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Verizon Communications Inc said on Monday it would sell its<a href="https://www.wionews.com/world/twitter-blocks-accounts-of-iranian-state-media-outlets-237349"> blogging website Tumblr to Automattic Inc</a>, the owner of popular online-publishing tool WordPress.com.

The company did not disclose the terms of the deal.

Verizon Media Group, formerly called Oath, is the digital media umbrella that owns more than 50 brands, including HuffPost, TechCrunch and Tumblr.

Tumblr was acquired by Yahoo for more than $1 billion in 2013 and Verizon acquired it as part of its deal for Yahoo in 2015. 
&nbsp;

Verizon Communications Inc said on Monday it would sell its blogging website Tumblr to Automattic Inc, the owner of popular online-publishing tool WordPress.com.

Verizon Communications Inc said on Monday it would sell its blogging website Tumblr to Automattic Inc, the owner of popular online-publishing tool WordPress.com. The company did not disclose the terms of the deal. Verizon Media Group, formerly called Oath, is the digital media umbrella that owns more than 50 brands, including HuffPost, TechCrunch and Tumblr. Tumblr was acquired by Yahoo for more than $1 billion in 2013 and Verizon acquired it as part of its deal for Yahoo in 2015.

Verizon to sell Tumblr to WordPress owner

<a href="https://www.wionews.com/business-economy/sensex-nifty-reverse-course-to-close-lower-reliance-industries-banks-drag-239500">Reliance Industries</a> shares saw their biggest intraday rise in a more than a decade on Tuesday after it set a target to reach zero net debt within 18 months and vowed to reward shareholders with higher dividends and periodic bonus issues.

The group's billionaire chairman, Mukesh Ambani, also unveiled plans to launch cut-price home internet services across India next month, threatening to disrupt the telco market with offers of free voice calls for life, television and movie streaming, and even TV sets to go with some subscription plans.

The announcements drove Reliance shares up as much as 12 per cent its biggest such move since January 14, 2009.&nbsp;

The spike has put the company within touching distance of becoming the highest-valued Indian company again.

&nbsp;Currently, it trails Tata Consultancy Services by slightly more than $1 billion.

But shares of telecom majors Bharti Airtel fell 4per cent and Vodafone Idea slid almost 5per cent as the announcements spurred worries of a repeat of what happened just three years ago when Reliance's Jio burst on to the scene.

<a href="https://www.wionews.com/business-economy/reliance-mobile-operator-jio-to-focus-on-subscriber-numbers-not-tariffs-report-237503">Jio, with cheap data plans and freebies</a>, has managed to become India's top mobile operator by subscribers and the second-biggest globally over the three years.

Ambani said, at Reliance's annual general meeting (AGM) on Monday, that customers of Reliance's Premium Jiofiber broadband services "will be able to watch movies in their living rooms the same day these movies are released in theatres".

Shares of multiplex chain operators PVR and Inox Leisure fell as much as 8per cent and 10per cent, respectively, on the news, after trading resumed following a holiday on Monday.

Shares in Dish TV India were also down.

As of 0606 GMT, Reliance shares were up about 10per cent, while the broader market was down slightly.

Reliance shares were also buoyed by the news that Saudi Aramco plans to invest roughly $15 billion for a 20per cent stake in its oil-to-chemicals business.

Reliance Industries shares saw their biggest intraday rise in a more than a decade on Tuesday after it set a target to reach zero net debt within 18 months and vowed to reward shareholders with higher dividends and periodic bonus issues.

Reliance Industries shares saw their biggest intraday rise in a more than a decade on Tuesday after it set a target to reach zero net debt within 18 months and vowed to reward shareholders with higher dividends and periodic bonus issues. The group's billionaire chairman, Mukesh Ambani, also unveiled plans to launch cut-price home internet services across India next month, threatening to disrupt the telco market with offers of free voice calls for life, television and movie streaming, and even TV sets to go with some subscription plans. The announcements drove Reliance shares up as much as 12 per cent its biggest such move since January 14, 2009. The spike has put the company within touching distance of becoming the highest-valued Indian company again. Currently, it trails Tata Consultancy Services by slightly more than $1 billion. But shares of telecom majors Bharti Airtel fell 4per cent and Vodafone Idea slid almost 5per cent as the announcements spurred worries of a repeat of what happened just three years ago when Reliance's Jio burst on to the scene. Jio, with cheap data plans and freebies, has managed to become India's top mobile operator by subscribers and the second-biggest globally over the three years. Ambani said, at Reliance's annual general meeting (AGM) on Monday, that customers of Reliance's Premium Jiofiber broadband services "will be able to watch movies in their living rooms the same day these movies are released in theatres". Shares of multiplex chain operators PVR and Inox Leisure fell as much as 8per cent and 10per cent, respectively, on the news, after trading resumed following a holiday on Monday. Shares in Dish TV India were also down. As of 0606 GMT, Reliance shares were up about 10per cent, while the broader market was down slightly. Reliance shares were also buoyed by the news that Saudi Aramco plans to invest roughly $15 billion for a 20per cent stake in its oil-to-chemicals business.

Reliance shares see biggest intraday rise in decade; rivals hit by disruption worries

India's Reliance Industries Ltd is set to sell a 20% stake in its oil to chemicals business to Saudi Aramco in one of the largest foreign investments in the country, Reliance Chairman Mukesh Ambani said on Monday.

"(This is) the biggest foreign investment in the history of Reliance," Ambani said at the company's annual general meeting in India's financial capital Mumbai.

"It is also amongst the largest foreign investments ever in India."

The deal valued the business at $75 billion including debt, he said.

Saudi Aramco, the world's biggest oil producer, has been in talks with Reliance on the stake sale as it plans to secure new markets for its crude.

Saudi Aramco will also supply 500,000 barrels a day of crude oil on a long-term basis to RIL's Jamnagar refinery, Ambani said.

"This signifies perfect synergy between the world's largest oil producer and the world's largest integrated refinery and petrochemicals complex," he added.

The partnership will cover all of Reliance's refining and petrochemical assets, including its 51% stake in the petroleum retail joint venture, he said.

Last week, Reliance announced that it was forming a fuel retailing joint venture with global oil major BP in which Reliance would own a 51% stake.

India's Reliance Industries Ltd is set to sell a 20% stake in its oil to chemicals business to Saudi Aramco in one of the largest foreign investments in the country, Reliance Chairman Mukesh Ambani said on Monday.

India's Reliance Industries Ltd is set to sell a 20% stake in its oil to chemicals business to Saudi Aramco in one of the largest foreign investments in the country, Reliance Chairman Mukesh Ambani said on Monday. "(This is) the biggest foreign investment in the history of Reliance," Ambani said at the company's annual general meeting in India's financial capital Mumbai. "It is also amongst the largest foreign investments ever in India." The deal valued the business at $75 billion including debt, he said. Saudi Aramco, the world's biggest oil producer, has been in talks with Reliance on the stake sale as it plans to secure new markets for its crude. Saudi Aramco will also supply 500,000 barrels a day of crude oil on a long-term basis to RIL's Jamnagar refinery, Ambani said. "This signifies perfect synergy between the world's largest oil producer and the world's largest integrated refinery and petrochemicals complex," he added. The partnership will cover all of Reliance's refining and petrochemical assets, including its 51% stake in the petroleum retail joint venture, he said. Last week, Reliance announced that it was forming a fuel retailing joint venture with global oil major BP in which Reliance would own a 51% stake.

Reliance to sell 20% stake in oil to chemicals business to Saudi Aramco

India's&nbsp;rice&nbsp;exports&nbsp;in&nbsp;April-June&nbsp;dived&nbsp;28.2%&nbsp;from a year ago to 2.35 million tonnes, a government body said on Monday, as demand for non-basmati&nbsp;rice&nbsp;was subdued from African buyers.

The country's non-basmati&nbsp;rice&nbsp;exports&nbsp;plunged 43% during the period to 1.2 million tonnes, the Agricultural and Processed Food Products Export Development Authority (APEDA) said in a statement.

India's&nbsp;rice&nbsp;exports&nbsp;in 2019/20 are likely to fall to their lowest level in seven years, industry officials said last month, as <a href="https://www.wionews.com/south-asia/india-rice-rates-dip-as-demand-slows-bangladesh-to-review-export-ban-211739">weak demand from African countries</a> weighs and shippers absorb the absence of government incentives that supported previous sales.

New Delhi is the world's biggest exporter of&nbsp;rice, buffalo meat and guar gum.

The country's buffalo meat&nbsp;exports&nbsp;during the period eased to 275,398 tonnes from 276,450 tonnes a year ago, it said.

India's&nbsp;guar gum&nbsp;exports&nbsp;dropped 5.5% to 127,700 tonnes on lower demand from the United States, while pulses&nbsp;exports&nbsp;more than halved to 45,344 tonnes, the APEDA said.

India's rice exports in April-June dived 28.2% from a year ago to 2.35 million tonnes, a government body said on Monday, as demand for non-basmati rice was subdued from African buyers.

India's rice exports in April-June dived 28.2% from a year ago to 2.35 million tonnes, a government body said on Monday, as demand for non-basmati rice was subdued from African buyers. The country's non-basmati rice exports plunged 43% during the period to 1.2 million tonnes, the Agricultural and Processed Food Products Export Development Authority (APEDA) said in a statement. India's rice exports in 2019/20 are likely to fall to their lowest level in seven years, industry officials said last month, as weak demand from African countries weighs and shippers absorb the absence of government incentives that supported previous sales. New Delhi is the world's biggest exporter of rice, buffalo meat and guar gum. The country's buffalo meat exports during the period eased to 275,398 tonnes from 276,450 tonnes a year ago, it said. India's guar gum exports dropped 5.5% to 127,700 tonnes on lower demand from the United States, while pulses exports more than halved to 45,344 tonnes, the APEDA said.

India's April-June rice exports dive 28.2%

&nbsp;Oil prices fell on Monday amid worries about an economic slowdown and the <a href="https://www.wionews.com/photos/us-china-trade-war-in-10-dates-241155#march-22-china-ripostes-241133">US-China&nbsp;trade&nbsp;war</a>, which have led to a cut in the outlook for global oil demand.

International benchmark Brent crude futures were at $58.16 a barrel by 0829 GMT, down 37 cents from their previous&nbsp;settlement.

US&nbsp;West Texas Intermediate (WTI) futures were at $53.89 per barrel, down 61 cents from their last close.

Both benchmarks fell last week, with Brent losing more than 5% and WTI falling about 2%.

Although the third quarter is fundamentally the strongest season for oil demand because of driving in summer holidays, the&nbsp;trade&nbsp;dispute&nbsp;between the United States and&nbsp;China&nbsp;has weakened demand and reduced crude prices.

US&nbsp;President Donald Trump said on Friday he was not ready to make a deal with&nbsp;China&nbsp;and even called a September round of&nbsp;trade&nbsp;talks into question.

"The market is facing a buyers' strike," said Michael Tran, commodity strategist at RBC Capital Markets, noting the low level of investors' long positions betting on higher prices.

"Despite the laundry list of disruptions and additional barrels at risk, investor length is currently near a multi-year low."

Goldman Sachs Group Inc said on Sunday it no longer expects a&nbsp;trade&nbsp;deal between the world's two largest economies before the 2020 US presidential election.

The International Energy Agency (IEA) said on Friday mounting signs of an economic slowdown had caused global oil demand to grow at its slowest pace since the financial crisis of 2008.

OPEC members continue to cut production to drain global oil inventories, with the Saudis cutting more than their agreed quota, but analysts said more cuts were needed to support prices due to a fall in demand and non-OPEC supply growth next year.

"If OPEC cuts are merely extended through 2020, prices are going to fall further from current levels," Bernstein Energy said in a note on Monday.&nbsp;

"We believe that OPEC needs to cut by a further one million barrels per day in 2020 if they are to defend oil prices at $60 a barrel."

In a sign of lower production in the United States, the weekly US&nbsp;oil rig count, an early indicator of future output, fell for a sixth straight week as producers cut spending on new drilling and completions.

India's imports of crude oil have also stalled in recent months, a fall that tallies with weaker economic growth in the country.

Oil prices fell on Monday amid worries about an economic slowdown and the US-China trade war, which have led to a cut in the outlook for global oil demand. International benchmark Brent crude futures were at $58.

Oil prices fell on Monday amid worries about an economic slowdown and the US-China trade war, which have led to a cut in the outlook for global oil demand. International benchmark Brent crude futures were at $58.16 a barrel by 0829 GMT, down 37 cents from their previous settlement. US West Texas Intermediate (WTI) futures were at $53.89 per barrel, down 61 cents from their last close. Both benchmarks fell last week, with Brent losing more than 5% and WTI falling about 2%. Although the third quarter is fundamentally the strongest season for oil demand because of driving in summer holidays, the trade dispute between the United States and China has weakened demand and reduced crude prices. US President Donald Trump said on Friday he was not ready to make a deal with China and even called a September round of trade talks into question. "The market is facing a buyers' strike," said Michael Tran, commodity strategist at RBC Capital Markets, noting the low level of investors' long positions betting on higher prices. "Despite the laundry list of disruptions and additional barrels at risk, investor length is currently near a multi-year low." Goldman Sachs Group Inc said on Sunday it no longer expects a trade deal between the world's two largest economies before the 2020 US presidential election. The International Energy Agency (IEA) said on Friday mounting signs of an economic slowdown had caused global oil demand to grow at its slowest pace since the financial crisis of 2008. OPEC members continue to cut production to drain global oil inventories, with the Saudis cutting more than their agreed quota, but analysts said more cuts were needed to support prices due to a fall in demand and non-OPEC supply growth next year. "If OPEC cuts are merely extended through 2020, prices are going to fall further from current levels," Bernstein Energy said in a note on Monday. "We believe that OPEC needs to cut by a further one million barrels per day in 2020 if they are to defend oil prices at $60 a barrel." In a sign of lower production in the United States, the weekly US oil rig count, an early indicator of future output, fell for a sixth straight week as producers cut spending on new drilling and completions. India's imports of crude oil have also stalled in recent months, a fall that tallies with weaker economic growth in the country.

Oil edges down on lower demand outlook, US-China trade dispute

Yen&nbsp;and&nbsp;bond&nbsp;bulls&nbsp;charged on Monday while stocks struggled again, amid ongoing worries that a prolonged <a href="https://www.wionews.com/opinions/us-china-trade-war-points-to-the-real-crisis-that-global-leaders-must-confront-at-g20-summit-231112">US-China trade war </a>and damaging Brexit could tip-top economies into recession.

Early gains for Europe's main bourses had quickly disappeared and Wall Street futures were already in the red after Asia-Pacific had also finished lower overnight.

That was despite a more than 1% rally for Chinese stocks after the yuan had avoided further drama and financial regulators there had relaxed margin financing rules late on Friday.

Safety remained the name of the game.

FX harbour, the Japanese&nbsp;yen, hit its highest in nearly a year and a half at 105.32&nbsp;yen&nbsp;against the dollar and gained against the euro and Brexit-bruised British pound too.

"Risk indicators and&nbsp;global&nbsp;markets&nbsp;have become shakier and the&nbsp;yen&nbsp;is reflecting those concerns, and safe-haven shelters like the&nbsp;yen&nbsp;and the Swiss franc should continue to benefit," said Commerzbank currency strategist Esther Reichelt.

In&nbsp;bond&nbsp;markets, the demand for guaranteed income was also unrelenting.

A rally in Italy's debt gave it an extra boost after Fitch kept country's rating steady despite the prospect of snap elections in the euro zone's third-biggest economy now looming.

There were signs that League leader Matteo Salvini's call for those snap elections was facing mounting resistance from other parties whose support will be needed for the plan to succeed.

"Fitch kept Italy's rating unchanged and some market participants may be betting that a snap election could be delayed," said DZ Bank rates strategist Sebastian Fellechner, referring to the fall in yields.

Economists are also watching for a batch of&nbsp;global&nbsp;data this week.

Goldman Sachs became the latest to cut its US&nbsp;growth forecast at the weekend, warning that a US&nbsp;China trade deal now looked unlikely before the 2020 US&nbsp;presidential election.

One week ago, China allowed the yuan to break through the key 7-per-dollar level for the first time since 2008, prompting Washington to label Beijing a currency manipulator and sparking market ructions.

The International Monetary Fund said on Friday that it stood by its assessment that the value of China's yuan was largely in line with economic fundamentals.

Mixed messages

On Friday, Wall Street snapped a three-day winning streak after US&nbsp;President Donald Trump said Washington was continuing trade talks with Beijing, but that the U.S. was not going to make a deal for now.

Those comments helped to drive a late sell-off in a volatile session that saw the Dow Jones Industrial Average fall 0.34%, the S&amp;P 500 lost 0.66% and the Nasdaq Composite dropped 1%.

White House trade adviser Peter Navarro subsequently said that the United States was still planning to hold another round of trade talks with Chinese negotiators.

Wall Street futures were down 0.5%.

In commodities, oil prices dipped on growth and trade worries, having risen sharply on Friday on a drop-in European inventories and production cuts by the Organization of the Petroleum Exporting Countries.

International benchmark Brent crude futures were at $58.16 a barrel by 0829 GMT, down 37 cents from their previous settlement.

US West Texas Intermediate (WTI) CLc1 futures were at $53.89 per barrel, down 61 cents from their last close.

Both benchmarks fell last week, with Brent losing more than 5% and WTI falling about 2%.

"The market is facing a buyers' strike," said Michael Tran, commodity strategist at RBC Capital&nbsp;Markets, noting the low level of investors' long positions betting on higher prices.

"Despite the laundry list of disruptions and additional barrels at risk, investor length is currently near a multi-year low."

Argentina's&nbsp;markets&nbsp;were ready for a slump too after voters soundly rejected President Mauricio Macri's austere economic policies in primary elections at the weekend, raising serious questions about his chances of re-election in October.

Argentina's 2028-maturing, euro-denominated government&nbsp;bond&nbsp;was down more than 11 cents in European trading, Tradeweb data showed.

Yen and bond bulls charged on Monday while stocks struggled again, amid ongoing worries that a prolonged US-China trade war and damaging Brexit could tip-top economies into recession.

Yen and bond bulls charged on Monday while stocks struggled again, amid ongoing worries that a prolonged US-China trade war and damaging Brexit could tip-top economies into recession. Early gains for Europe's main bourses had quickly disappeared and Wall Street futures were already in the red after Asia-Pacific had also finished lower overnight. That was despite a more than 1% rally for Chinese stocks after the yuan had avoided further drama and financial regulators there had relaxed margin financing rules late on Friday. Safety remained the name of the game. FX harbour, the Japanese yen, hit its highest in nearly a year and a half at 105.32 yen against the dollar and gained against the euro and Brexit-bruised British pound too. "Risk indicators and global markets have become shakier and the yen is reflecting those concerns, and safe-haven shelters like the yen and the Swiss franc should continue to benefit," said Commerzbank currency strategist Esther Reichelt. In bond markets, the demand for guaranteed income was also unrelenting. A rally in Italy's debt gave it an extra boost after Fitch kept country's rating steady despite the prospect of snap elections in the euro zone's third-biggest economy now looming. There were signs that League leader Matteo Salvini's call for those snap elections was facing mounting resistance from other parties whose support will be needed for the plan to succeed. "Fitch kept Italy's rating unchanged and some market participants may be betting that a snap election could be delayed," said DZ Bank rates strategist Sebastian Fellechner, referring to the fall in yields. Economists are also watching for a batch of global data this week. Goldman Sachs became the latest to cut its US growth forecast at the weekend, warning that a US China trade deal now looked unlikely before the 2020 US presidential election. One week ago, China allowed the yuan to break through the key 7-per-dollar level for the first time since 2008, prompting Washington to label Beijing a currency manipulator and sparking market ructions. The International Monetary Fund said on Friday that it stood by its assessment that the value of China's yuan was largely in line with economic fundamentals. Mixed messages On Friday, Wall Street snapped a three-day winning streak after US President Donald Trump said Washington was continuing trade talks with Beijing, but that the U.S. was not going to make a deal for now. Those comments helped to drive a late sell-off in a volatile session that saw the Dow Jones Industrial Average fall 0.34%, the S&P 500 lost 0.66% and the Nasdaq Composite dropped 1%. White House trade adviser Peter Navarro subsequently said that the United States was still planning to hold another round of trade talks with Chinese negotiators. Wall Street futures were down 0.5%. In commodities, oil prices dipped on growth and trade worries, having risen sharply on Friday on a drop-in European inventories and production cuts by the Organization of the Petroleum Exporting Countries. International benchmark Brent crude futures were at $58.16 a barrel by 0829 GMT, down 37 cents from their previous settlement. US West Texas Intermediate (WTI) CLc1 futures were at $53.89 per barrel, down 61 cents from their last close. Both benchmarks fell last week, with Brent losing more than 5% and WTI falling about 2%. "The market is facing a buyers' strike," said Michael Tran, commodity strategist at RBC Capital Markets, noting the low level of investors' long positions betting on higher prices. "Despite the laundry list of disruptions and additional barrels at risk, investor length is currently near a multi-year low." Argentina's markets were ready for a slump too after voters soundly rejected President Mauricio Macri's austere economic policies in primary elections at the weekend, raising serious questions about his chances of re-election in October. Argentina's 2028-maturing, euro-denominated government bond was down more than 11 cents in European trading, Tradeweb data showed.

Yen and bond bulls charge on as share markets falter

&nbsp;India's&nbsp;Reliance&nbsp;Industries Ltd is set to&nbsp;sell&nbsp;a&nbsp;20%&nbsp;stake&nbsp;in its&nbsp;oil&nbsp;to&nbsp;chemicals&nbsp;business&nbsp;to&nbsp;Saudi&nbsp;Aramco&nbsp;in one of the largest foreign investments in the country, Reliance&nbsp;Chairman Mukesh Ambani said on Monday.

"(This is) the biggest foreign investment in the history of&nbsp;Reliance," Ambani said at the company's annual general meeting in India's financial capital Mumbai.

"It is also amongst the largest foreign investments ever in India."

The deal valued the&nbsp;business&nbsp;at $75 billion including debt, he said.

Saudi&nbsp;Aramco, the world's biggest&nbsp;oil&nbsp;producer, has been in talks with&nbsp;Reliance&nbsp;on the&nbsp;stake&nbsp;sale as it plans to secure new markets for its crude.

Saudi&nbsp;Aramco&nbsp;will also supply 500,000 barrels a day of crude&nbsp;oil&nbsp;on a long-term basis to RIL's Jamnagar refinery, Ambani said.

"This signifies perfect synergy between the world's largest&nbsp;oil&nbsp;producer and the world's largest integrated refinery and petrochemicals&nbsp;complex," he added.

The partnership will cover all of&nbsp;Reliance's refining and petrochemical assets, including its 51%&nbsp;stake&nbsp;in the petroleum retail joint venture, he said.

Last week,&nbsp;Reliance&nbsp;announced that it was forming a fuel retailing joint venture with global&nbsp;oil&nbsp;major BP in which&nbsp;Reliance&nbsp;would own a 51%&nbsp;stake.

Reliance to sell 20% stake in oil-to-chemicals business to Saudi Aramco

Mining baron Anil Agarwal has submitted an expression of interest (EoI) to revive Jet Airways which has been grounded since April 17 due to a severe liquidity crunch, leaving thousands of employees jobless.

Agarwal, Chairman of Vedanta Group, submitted the EoI through his family investment arm Volcan Investments before the close of the bidding process on Saturday afternoon.

The other entities who submitted EoIs are Panama-based Avantulo Group and Russian Fund Treasury RA Creator.

&nbsp;Reports said Volcan Investments' EoI is in no way linked to Vedanta.

Etihad Airways, which was expected to bid for Jet Airways, eventually backed out. And so did the Hinduja Group.<iframe frameborder="0" height="1" width="1"></iframe>

The three EoIs will be reviewed by resolution professional Ashish Chhawchharia to ascertain their eligibility. Late last month, the resolution professional had floated EoIs for selling stake in the airline.

In a statement to the exchanges, the resolution professional said the provisional list of prospective resolution applicants will be issued on August 13.

The estimated date of submitting a resolution plan before the National Company Law Tribunal is September 27.

Mining baron Anil Agarwal has submitted an expression of interest (EoI) to revive Jet Airways which has been grounded since April 17 due to a severe liquidity crunch, leaving thousands of employees jobless.

Mining baron Anil Agarwal has submitted an expression of interest (EoI) to revive Jet Airways which has been grounded since April 17 due to a severe liquidity crunch, leaving thousands of employees jobless. Agarwal, Chairman of Vedanta Group, submitted the EoI through his family investment arm Volcan Investments before the close of the bidding process on Saturday afternoon. The other entities who submitted EoIs are Panama-based Avantulo Group and Russian Fund Treasury RA Creator. Reports said Volcan Investments' EoI is in no way linked to Vedanta. Etihad Airways, which was expected to bid for Jet Airways, eventually backed out. And so did the Hinduja Group. The three EoIs will be reviewed by resolution professional Ashish Chhawchharia to ascertain their eligibility. Late last month, the resolution professional had floated EoIs for selling stake in the airline. In a statement to the exchanges, the resolution professional said the provisional list of prospective resolution applicants will be issued on August 13. The estimated date of submitting a resolution plan before the National Company Law Tribunal is September 27.

Jet Airways receives EoIs from Anil Agarwal’s family trust, two other companies

If India opts for sovereign borrowing in foreign currency, the move should be accompanied by a well-crafted policy and special safeguard as the foreign exchange reserve is an accumulation of capital account surplus rather than a current account, according to <a href="https://www.wionews.com/business-economy/rating-agencies-knew-of-stress-at-ilfs-but-gave-good-ratings-report-237295">India Ratings and Research (Ind-Ra).</a>

In her Budget speech on July 5, Finance Minister Nirmala Sitharaman announced the intention of going for foreign currency borrowing to bridge the government deficit that has ballooned over the years due to huge spending on infrastructure and welfare schemes.

Against the backdrop of moderating household savings and easy global liquidity, sovereign borrowing in foreign currency appears to be an attractive option for meeting the government's funding requirement.

However, Ind-Ra believes one way of doing it could be to make it part of the Fiscal Responsibility and Budget Management Act where the annual limit, as well as the total quantum of sovereign borrowings in foreign currency, is defined.

India's balance of payment position is highly susceptible to any adverse domestic or global macro development.

The fickle nature of foreign portfolio investors (FPIs) can be quite destabilizing for the economy and the same has been witnessed multiple times.&nbsp;

The most recent instance was over April to October 2018 when FPIs pulled out over 16 billion dollars from the Indian market.

Until now, the government has been more comfortable with foreign portfolio investment into the Indian debt market instead of the foreign currency-denominated debt market.

Within that, the government has followed a fairly cautious approach by capping the FPI limit in government securities (G-Secs).

FPIs who were first allowed to invest in G-Secs in the financial year 2001-01 can still invest only up to six per cent of the outstanding G-Secs stock in FY 2019-20.

There are four main reasons provided by the government for this shift in stance in favor of foreign currency sovereign borrowings.&nbsp;

One: India's sovereign external debt-to-GDP level at sub-five per cent is among the lowest globally, Two: the borrowings will help government diversify resource mobilisation.

Three: the cost of borrowing is very attractive due to ample global liquidity.

And four: more funds will be available in the domestic market for the private sector to borrow.

In the existing framework, allowing FPIs in the onshore market does not carry the currency or refinance risk which is present in foreign currency-denominated debt.

In a scenario of depreciating currency, interest and debt obligations of foreign currency-denominated debts balloon and quite often make it unsustainable.&nbsp;

Hedging currency risks carry significant costs and if opted may make foreign currency-denominated debt less attractive compared with domestic debt.

Ind-Ra said that with the development of offshore foreign-currency-denominated bonds, the feedback process will get further entrenched in the Indian debt market.

This may weaken monetary policy transmission, especially during adverse conditions in global financial markets.&nbsp;

Overseas issuances will facilitate the development of the overseas credit default swap market.

While this will help in efficient price discovery, overseas issuances have been seen to hurt the domestic market.

This is because, in the overseas markets, many hedge funds and investment companies write credit default swap contracts without owning the underlying security and resort to pure speculation.

The reasons provided for foreign currency sovereign borrowing are undoubtedly cogent, but the associated risks are equally formidable, said Ind-Ra. 
&nbsp;

If India opts for sovereign borrowing in foreign currency, the move should be accompanied by a well-crafted policy and special safeguard as the foreign exchange reserve is an accumulation of capital account surplus rather than a current account, according to India Ratings and Research (Ind-Ra).

If India opts for sovereign borrowing in foreign currency, the move should be accompanied by a well-crafted policy and special safeguard as the foreign exchange reserve is an accumulation of capital account surplus rather than a current account, according to India Ratings and Research (Ind-Ra). In her Budget speech on July 5, Finance Minister Nirmala Sitharaman announced the intention of going for foreign currency borrowing to bridge the government deficit that has ballooned over the years due to huge spending on infrastructure and welfare schemes. Against the backdrop of moderating household savings and easy global liquidity, sovereign borrowing in foreign currency appears to be an attractive option for meeting the government's funding requirement. However, Ind-Ra believes one way of doing it could be to make it part of the Fiscal Responsibility and Budget Management Act where the annual limit, as well as the total quantum of sovereign borrowings in foreign currency, is defined. India's balance of payment position is highly susceptible to any adverse domestic or global macro development. The fickle nature of foreign portfolio investors (FPIs) can be quite destabilizing for the economy and the same has been witnessed multiple times. The most recent instance was over April to October 2018 when FPIs pulled out over 16 billion dollars from the Indian market. Until now, the government has been more comfortable with foreign portfolio investment into the Indian debt market instead of the foreign currency-denominated debt market. Within that, the government has followed a fairly cautious approach by capping the FPI limit in government securities (G-Secs). FPIs who were first allowed to invest in G-Secs in the financial year 2001-01 can still invest only up to six per cent of the outstanding G-Secs stock in FY 2019-20. There are four main reasons provided by the government for this shift in stance in favor of foreign currency sovereign borrowings. One: India's sovereign external debt-to-GDP level at sub-five per cent is among the lowest globally, Two: the borrowings will help government diversify resource mobilisation. Three: the cost of borrowing is very attractive due to ample global liquidity. And four: more funds will be available in the domestic market for the private sector to borrow. In the existing framework, allowing FPIs in the onshore market does not carry the currency or refinance risk which is present in foreign currency-denominated debt. In a scenario of depreciating currency, interest and debt obligations of foreign currency-denominated debts balloon and quite often make it unsustainable. Hedging currency risks carry significant costs and if opted may make foreign currency-denominated debt less attractive compared with domestic debt. Ind-Ra said that with the development of offshore foreign-currency-denominated bonds, the feedback process will get further entrenched in the Indian debt market. This may weaken monetary policy transmission, especially during adverse conditions in global financial markets. Overseas issuances will facilitate the development of the overseas credit default swap market. While this will help in efficient price discovery, overseas issuances have been seen to hurt the domestic market. This is because, in the overseas markets, many hedge funds and investment companies write credit default swap contracts without owning the underlying security and resort to pure speculation. The reasons provided for foreign currency sovereign borrowing are undoubtedly cogent, but the associated risks are equally formidable, said Ind-Ra.

Sovereign borrowing in foreign currency should be accompanied by well-crafted policy: Ind-Ra

<a href="https://www.wionews.com/world/us-designates-china-a-currency-manipulator-as-yuan-hits-record-low-240948">Volatility in China's yuan </a>since August is a normal market reaction to escalating trade frictions stoked by the United States and was caused, to some extent, by Washington's decision to raise tariffs, a senior Chinese central bank official said.

Zhu Jun, director-general of the People's Bank of China's international department, made the comments on Saturday to a forum held in the northern Chinese province of Heilongjiang.

The <a href="https://www.wionews.com/world/us-to-renew-sanctions-waivers-for-five-iran-nuclear-programs-report-239595">US&nbsp;Treasury Department </a>on Monday labelled China a currency manipulator, hours after China let the yuan drop through a key support level to its lowest point in more than a decade. The moves jolted financial markets, fueling fears of a global currency war.

Days earlier, US President Donald Trump had vowed to impose a 10per cent tariff on $300 billion of Chinese imports from Sept. 1, ending a temporary truce and sharply escalating the trade dispute.

Zhu said that the yuan's move was a normal reaction to Trump's tariff threat.

"The labeling violates basic, common economic sense and international consensus, and is unconvincing," Zhu said, adding that the Chinese economy was resilient and capable of coping with various situations.

The year-long trade war between the world's two largest economies has already spread beyond tit-for-tat tariffs on goods to other areas such as technology, and analysts caution retaliation could widen in scope and severity, weighing further on business confidence and global economic growth.

The yuan lost 1.6per cent against the dollar last week, but there were signs in the last few sessions that authorities were trying to stabilise it.

Volatility in China's yuan since August is a normal market reaction to escalating trade frictions stoked by the United States and was caused, to some extent, by Washington's decision to raise tariffs, a senior Chinese central bank official said.

Volatility in China's yuan since August is a normal market reaction to escalating trade frictions stoked by the United States and was caused, to some extent, by Washington's decision to raise tariffs, a senior Chinese central bank official said. Zhu Jun, director-general of the People's Bank of China's international department, made the comments on Saturday to a forum held in the northern Chinese province of Heilongjiang. The US Treasury Department on Monday labelled China a currency manipulator, hours after China let the yuan drop through a key support level to its lowest point in more than a decade. The moves jolted financial markets, fueling fears of a global currency war. Days earlier, US President Donald Trump had vowed to impose a 10per cent tariff on $300 billion of Chinese imports from Sept. 1, ending a temporary truce and sharply escalating the trade dispute. Zhu said that the yuan's move was a normal reaction to Trump's tariff threat. "The labeling violates basic, common economic sense and international consensus, and is unconvincing," Zhu said, adding that the Chinese economy was resilient and capable of coping with various situations. The year-long trade war between the world's two largest economies has already spread beyond tit-for-tat tariffs on goods to other areas such as technology, and analysts caution retaliation could widen in scope and severity, weighing further on business confidence and global economic growth. The yuan lost 1.6per cent against the dollar last week, but there were signs in the last few sessions that authorities were trying to stabilise it.

Volatility in China's yuan due to escalating US trade friction: Chinese central bank official

Chinese factory price inflation fell below zero for the first time in three years, official data showed Friday, the latest sign of weakening demand amid mounting trade tensions with the US.

The producer price index (PPI) -- an important barometer of the industrial sector that measures the cost of goods at the factory gate -- dropped 0.3 per cent year-on-year in July, down from zero per cent in June, according to the National Bureau of Statistics (NBS).

A slowdown in factory gate inflation reflects sluggish demand, while a turn to deflation could dent corporate profits and drag on the world's number two economy, which in turn could lead to a drop in prices globally.

The reading marks the first deflation since August 2016, and fell short of the -0.1 per cent forecast in a Bloomberg News survey.

The petroleum and natural gas mining sector led the drop, while a contraction in petroleum, coal and other fuel processing also widened, NBS official Dong Yaxiu said in a statement.

"The profitability for industrial firms will take a hit and the broader outlook will continue to slump," said Edward Moya, analyst at OANDA.

Additional monetary loosening is expected as the central People's Bank of China will put more weight on tackling factory-gate deflation, Julian Evans-Pritchard of Capital Economics wrote in a research note.

China's consumer price index (CPI) -- a gauge of retail inflation -- rose 2.8 per cent, up from 2.7 per cent in May, marking the fastest pace since February 2018.

Pork prices rose as supply was "slightly shortened" by the African swine fever epidemic while hot summer weather has led to decreased production in eggs, thus driving prices higher, according to Dong.

Chinese and US negotiators met in Shanghai in July in a bid to patch up the trade rift hurting the world's top two economies.&nbsp;

But tensions have mounted rapidly since then, as US President Donald Trump vowed to impose fresh tariffs on $300 billion in Chinese goods from September 1.

Chinese factory price inflation fell below zero for the first time in three years, official data showed Friday, the latest sign of weakening demand amid mounting trade tensions with the US.

Chinese factory price inflation fell below zero for the first time in three years, official data showed Friday, the latest sign of weakening demand amid mounting trade tensions with the US. The producer price index (PPI) -- an important barometer of the industrial sector that measures the cost of goods at the factory gate -- dropped 0.3 per cent year-on-year in July, down from zero per cent in June, according to the National Bureau of Statistics (NBS). A slowdown in factory gate inflation reflects sluggish demand, while a turn to deflation could dent corporate profits and drag on the world's number two economy, which in turn could lead to a drop in prices globally. The reading marks the first deflation since August 2016, and fell short of the -0.1 per cent forecast in a Bloomberg News survey. The petroleum and natural gas mining sector led the drop, while a contraction in petroleum, coal and other fuel processing also widened, NBS official Dong Yaxiu said in a statement. "The profitability for industrial firms will take a hit and the broader outlook will continue to slump," said Edward Moya, analyst at OANDA. Additional monetary loosening is expected as the central People's Bank of China will put more weight on tackling factory-gate deflation, Julian Evans-Pritchard of Capital Economics wrote in a research note. China's consumer price index (CPI) -- a gauge of retail inflation -- rose 2.8 per cent, up from 2.7 per cent in May, marking the fastest pace since February 2018. Pork prices rose as supply was "slightly shortened" by the African swine fever epidemic while hot summer weather has led to decreased production in eggs, thus driving prices higher, according to Dong. Chinese and US negotiators met in Shanghai in July in a bid to patch up the trade rift hurting the world's top two economies. But tensions have mounted rapidly since then, as US President Donald Trump vowed to impose fresh tariffs on $300 billion in Chinese goods from September 1.

China factory price deflates as demand weakens

The&nbsp;majority&nbsp;of German taxpayers will no longer have to pay a "solidarity tax" introduced after the reunification of the country almost quarter of a century ago to support poorer eastern states, according to a&nbsp;draft&nbsp;law&nbsp;seen by Reuters.

The government, comprising Chancellor Angela Merkel's conservatives and Finance Minister Olaf Scholz's centre-left Social Democrats, in their 2018 coalition agreement laid down plans to help citizens on small and medium incomes.

The&nbsp;draft&nbsp;law&nbsp;says that around 90 per cent&nbsp;of taxpayers should no longer pay the tax, which adds 5.5 per cent&nbsp;to income taxes,&nbsp;from&nbsp;2021, calling it the most comprehensive tax reduction in over 10 years.

Others who would still have to pay some&nbsp;solidarity tax&nbsp;would see lower tax increases overall through a cushioning mechanism applied to personal allowances, resulting in 96.5 per cent&nbsp;of all taxpayers benefitting&nbsp;from&nbsp;reductions.

Changing the tax, that was first levied in 1995, in this way would imply around 10 billion euros ($11.20 billion) less income for the general budget&nbsp;from&nbsp;2021&nbsp;through the tax, with this sum rising to 12 billion by 2024.

Chancellor Angela Merkel's government has managed to raise public spending without incurring new debt since 2014 thanks to an unusually long growth cycle, record-high employment, buoyant tax revenues and the European Central Bank's bond-buying plan.

But as Germany's borrowing costs sink to new lows almost daily and its economy cools in light of weaker foreign demand and bruising trade disputes, domestic and international calls to provide extra fiscal stimulus by running a small deficit again are becoming louder.

The majority of German taxpayers will no longer have to pay a "solidarity tax" introduced after the reunification of the country almost quarter of a century ago to support poorer eastern states, according to a draft law seen by Reuters.

The majority of German taxpayers will no longer have to pay a "solidarity tax" introduced after the reunification of the country almost quarter of a century ago to support poorer eastern states, according to a draft law seen by Reuters. The government, comprising Chancellor Angela Merkel's conservatives and Finance Minister Olaf Scholz's centre-left Social Democrats, in their 2018 coalition agreement laid down plans to help citizens on small and medium incomes. The draft law says that around 90 per cent of taxpayers should no longer pay the tax, which adds 5.5 per cent to income taxes, from 2021, calling it the most comprehensive tax reduction in over 10 years. Others who would still have to pay some solidarity tax would see lower tax increases overall through a cushioning mechanism applied to personal allowances, resulting in 96.5 per cent of all taxpayers benefitting from reductions. Changing the tax, that was first levied in 1995, in this way would imply around 10 billion euros ($11.20 billion) less income for the general budget from 2021 through the tax, with this sum rising to 12 billion by 2024. Chancellor Angela Merkel's government has managed to raise public spending without incurring new debt since 2014 thanks to an unusually long growth cycle, record-high employment, buoyant tax revenues and the European Central Bank's bond-buying plan. But as Germany's borrowing costs sink to new lows almost daily and its economy cools in light of weaker foreign demand and bruising trade disputes, domestic and international calls to provide extra fiscal stimulus by running a small deficit again are becoming louder.

Majority of Germans to stop paying 'solidarity tax' from 2021: Draft law

Royal Bank of Scotland will name&nbsp;Alison&nbsp;Rose&nbsp;as chief executive in&nbsp;coming&nbsp;weeks, succeeding Ross McEwan,&nbsp;Sky&nbsp;News&nbsp;reported on Saturday.

Rose, who runs&nbsp;RBS's commercial arm, is considered the preferred candidate to succeed Ross McEwan, though chairman Howard Davies said in April the bank would also consider external candidates.

RBS&nbsp;did not immediately respond to a request for comment.

Royal Bank of Scotland will name Alison Rose as chief executive in coming weeks, succeeding Ross McEwan, Sky News reported on Saturday. Rose, who runs RBS's commercial arm, is considered the preferred candidate to succeed Ross McEwan, though chairman Howard Davies said in April the bank would also consider external candidates.

Royal Bank of Scotland will name Alison Rose as chief executive in coming weeks, succeeding Ross McEwan, Sky News reported on Saturday. Rose, who runs RBS's commercial arm, is considered the preferred candidate to succeed Ross McEwan, though chairman Howard Davies said in April the bank would also consider external candidates. RBS did not immediately respond to a request for comment.

RBS to appoint Alison Rose as CEO in coming weeks: Report

Trade tariffs imposed by the <a href="https://www.wionews.com/business-economy/oil-prices-rise-escalating-us-china-trade-war-caps-gains-240974">United States against China</a> will moderately slow the country's <a href="https://www.wionews.com/world/us-president-trump-says-us-not-ready-to-make-trade-deal-with-china-241860">economic growth</a> this year, the International Monetary Fund (IMF) said on Friday.

"Growth is projected to moderate to 6.2 per cent in 2019 as the planned policy stimulus partially offsets the negative impact from the US tariff hike on USD 200 billion of Chinese exports," the IMF said in its report.

The global monetary body called on Beijing to resolve tensions with Washington "through a comprehensive agreement that avoids undermining the international system".

The IMF said that the Chinese economy is facing external headwinds and an uncertain environment. It added that rising food prices led to inflation, which is expected to remain at 2.5 per cent.

Meanwhile, the IMF found progress in China's reforms in key economic areas.

"The strengthening of financial regulations and control over off-budget local government investment has reduced the pace of debt accumulation, helping contain the build-up of risks in the financial sector," the report said.

"Opening up continued, with decreases in tariffs, the passage of new foreign investment law, and revisions to the negative list for foreign investment entry," it added.&nbsp;

Moreover, the IMF urged China to implement further structural fiscal reforms. This policy can enhance medium-term growth.

Trade tariffs imposed by the United States against China will moderately slow the country's economic growth this year, the International Monetary Fund (IMF) said on Friday.

Trade tariffs imposed by the United States against China will moderately slow the country's economic growth this year, the International Monetary Fund (IMF) said on Friday. "Growth is projected to moderate to 6.2 per cent in 2019 as the planned policy stimulus partially offsets the negative impact from the US tariff hike on USD 200 billion of Chinese exports," the IMF said in its report. The global monetary body called on Beijing to resolve tensions with Washington "through a comprehensive agreement that avoids undermining the international system". The IMF said that the Chinese economy is facing external headwinds and an uncertain environment. It added that rising food prices led to inflation, which is expected to remain at 2.5 per cent. Meanwhile, the IMF found progress in China's reforms in key economic areas. "The strengthening of financial regulations and control over off-budget local government investment has reduced the pace of debt accumulation, helping contain the build-up of risks in the financial sector," the report said. "Opening up continued, with decreases in tariffs, the passage of new foreign investment law, and revisions to the negative list for foreign investment entry," it added. Moreover, the IMF urged China to implement further structural fiscal reforms. This policy can enhance medium-term growth.

Trade war with the US to moderately slow down China's economic growth in 2019: International Monetary Fund

<a href="https://www.wionews.com/business-economy/indias-diesel-demand-set-for-detour-as-drivers-switch-to-gasoline-235246">India's&nbsp;fuel&nbsp;demand&nbsp;rose</a>&nbsp;3.3 per cent in&nbsp;July&nbsp;compared with the same month last year.

Consumption of&nbsp;fuel, a proxy for oil&nbsp;demand, totalled 17.58 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.

Sales of gasoline, or petrol, were 8.8 per cent higher than a year earlier at 2.52 million tonnes.

Cooking gas or liquefied petroleum gas (LPG) sales increased by 9.0 per cent to 2.22 million tonnes, while naphtha sales fell 5.2 per cent to 1.22 million tonnes.

Sales of bitumen, used for making roads, were 36.4 per cent up, while fuel oil use edged up 8.3 per cent in July.

India's fuel demand rose 3.3 per cent in July compared with the same month last year. Consumption of fuel, a proxy for oil demand, totalled 17.58 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.

India's fuel demand rose 3.3 per cent in July compared with the same month last year. Consumption of fuel, a proxy for oil demand, totalled 17.58 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed. Sales of gasoline, or petrol, were 8.8 per cent higher than a year earlier at 2.52 million tonnes. Cooking gas or liquefied petroleum gas (LPG) sales increased by 9.0 per cent to 2.22 million tonnes, while naphtha sales fell 5.2 per cent to 1.22 million tonnes. Sales of bitumen, used for making roads, were 36.4 per cent up, while fuel oil use edged up 8.3 per cent in July.

India's fuel demand rose 3.3% in July

The International Monetary Fund on Friday stood by its assessment that the value of China's yuan was largely in line with economic fundamentals, but an IMF official said the fund was encouraging China to pursue a more flexible exchange rate with less intervention.

James Daniel, director of the IMF's China department, said that an assessment of China's economic policies found the yuan exchange rate in 2018 to be "not significantly over-valued or under-valued."

The IMF's views on the yuan are at odds with those of its largest shareholder, the United States, which this week declared China a, currency manipulator&nbsp;after it allowed the yuan to slip below 7 to the dollar to 11-year lows.

<a href="https://www.wionews.com/world/us-government-to-soon-run-out-cash-treasury-secretary-steven-mnuchin-235422">US Treasury Secretary Steven Mnuchin </a>is seeking to engage the IMF to help correct&nbsp;an unfair trade advantage from Beijing's currency actions, but Daniel declined to say how the IMF was responding to the request.

"Our discussions with the US treasury are ongoing on a range of issues," Daniel told reporters on a conference call, echoing an earlier statement from an IMF spokesperson.

The IMF said in the report that a worsening of trade tensions with the United States could put <a href="https://www.wionews.com/opinions/belt-and-road-projects-china-expands-its-anti-corruption-campaign-238093">China's economic and financial stability at risk</a>, making new fiscal stimulus measures from the government warranted.

The IMF stated, if the United States were to impose 25per cent tariffs on a remaining $300 billion list of Chinese imports, this would reduce China's growth by around 0.8per cent points over the following 12 months, driven by a sharp fall in demand and a tightening of financial conditions. Negative global spillovers could be significant, it added.

Daniel said that a 10per cent tariff on this category of goods as US President Donald Trump intends to impose on Sept. 1 &nbsp;could result in a 0.3per cent point cut to growth.

Weighed down by weak demand at home and abroad, China's growth slowed to 6.2per cent in the second quarter, a near 30-year low.

More exchange rate flexibility could help China deal with these external pressures, freeing up monetary policy to deal with domestic demand conditions, Daniel said.

He also said the IMF was pressing China for structural reforms to its economy, including opening more sectors to foreign competition and reducing the role of the state in the certain industry goals also broadly sought by the Trump administration.

"We see continued rebalancing and opening up by China and increased exchange rate flexibility as being in China's interests and also benefiting the global economy."

IMF directors in a statement agreed with staff assessments that China's external position in 2018 was broadly in line with fundamentals.

But they also called for more transparency in China's exchange rate policies, the IMF said, with some seeking disclosures of China's foreign exchange market interventions.

The International Monetary Fund on Friday stood by its assessment that the value of China's yuan was largely in line with economic fundamentals, but an IMF official said the fund was encouraging China to pursue a more flexible exchange rate with less intervention.

The International Monetary Fund on Friday stood by its assessment that the value of China's yuan was largely in line with economic fundamentals, but an IMF official said the fund was encouraging China to pursue a more flexible exchange rate with less intervention. James Daniel, director of the IMF's China department, said that an assessment of China's economic policies found the yuan exchange rate in 2018 to be "not significantly over-valued or under-valued." The IMF's views on the yuan are at odds with those of its largest shareholder, the United States, which this week declared China a, currency manipulator after it allowed the yuan to slip below 7 to the dollar to 11-year lows. US Treasury Secretary Steven Mnuchin is seeking to engage the IMF to help correct an unfair trade advantage from Beijing's currency actions, but Daniel declined to say how the IMF was responding to the request. "Our discussions with the US treasury are ongoing on a range of issues," Daniel told reporters on a conference call, echoing an earlier statement from an IMF spokesperson. The IMF said in the report that a worsening of trade tensions with the United States could put China's economic and financial stability at risk, making new fiscal stimulus measures from the government warranted. The IMF stated, if the United States were to impose 25per cent tariffs on a remaining $300 billion list of Chinese imports, this would reduce China's growth by around 0.8per cent points over the following 12 months, driven by a sharp fall in demand and a tightening of financial conditions. Negative global spillovers could be significant, it added. Daniel said that a 10per cent tariff on this category of goods as US President Donald Trump intends to impose on Sept. 1 could result in a 0.3per cent point cut to growth. Weighed down by weak demand at home and abroad, China's growth slowed to 6.2per cent in the second quarter, a near 30-year low. More exchange rate flexibility could help China deal with these external pressures, freeing up monetary policy to deal with domestic demand conditions, Daniel said. He also said the IMF was pressing China for structural reforms to its economy, including opening more sectors to foreign competition and reducing the role of the state in the certain industry goals also broadly sought by the Trump administration. "We see continued rebalancing and opening up by China and increased exchange rate flexibility as being in China's interests and also benefiting the global economy." IMF directors in a statement agreed with staff assessments that China's external position in 2018 was broadly in line with fundamentals. But they also called for more transparency in China's exchange rate policies, the IMF said, with some seeking disclosures of China's foreign exchange market interventions.

IMF stands by yuan view; says China could need stimulus if trade war worsens

More government-owned banks have announced linking their lending and deposit rates to the Reserve Bank of India's (RBI's) repo for facilitating faster transmission after the State Bank of India did so in May.

While Syndicate Bank has made several changes to its offerings on loans and deposit products, Bank of India, Union Bank and Allahabad Bank also said they are working on the modalities to launch similar products.

"Housing, vehicle and consumer loans will now be offered at the basis of a repo-linked rate. With the change, the housing loans will start from repo plus 2.9 per cent at 8.3 per cent," Syndicate Bank said in a statement. The saving bank deposits of over Rs 25 lakh will also be based on the repo rate, it added.

Bank of India said another dimension of rate transmission process is by way of offering repo linked lending rate to select customer segments, including personal loans. "We are working out the necessary modalities in this regard so as to launch such products during the current month," it said.

Union Bank said to provide better interest rate transmission, it will soon link its housing and vehicle loan portfolio to repo rate from the current marginal cost of funds based lending rate.

Allahabad Bank's Managing Director S S Mallikarjuna said the bank will explore the option to develop products of both assets and liabilities linked with an external benchmark to transmit the benefits of rate cut to our customers shortly.

Indian Bank too said its home and vehicle loans will be linked to the repo rate from August 15.

The move to link the deposit and lending rates by these four lenders come even as the RBI has not mandated them to do so. On August 7, the RBI cut repo rate for the fourth consecutive time this calendar year by 35 basis points to 5.4 per cent.

Repo rate is the rate at which the RBI lends money to commercial banks. A repo rate cut allows banks to reduce interest rates for consumers on loans, and lowers equal monthly instalments on home loans, car loans and personal loans.

More government-owned banks have announced linking their lending and deposit rates to the Reserve Bank of India's (RBI's) repo for facilitating faster transmission after the State Bank of India did so in May.

More government-owned banks have announced linking their lending and deposit rates to the Reserve Bank of India's (RBI's) repo for facilitating faster transmission after the State Bank of India did so in May. While Syndicate Bank has made several changes to its offerings on loans and deposit products, Bank of India, Union Bank and Allahabad Bank also said they are working on the modalities to launch similar products. "Housing, vehicle and consumer loans will now be offered at the basis of a repo-linked rate. With the change, the housing loans will start from repo plus 2.9 per cent at 8.3 per cent," Syndicate Bank said in a statement. The saving bank deposits of over Rs 25 lakh will also be based on the repo rate, it added. Bank of India said another dimension of rate transmission process is by way of offering repo linked lending rate to select customer segments, including personal loans. "We are working out the necessary modalities in this regard so as to launch such products during the current month," it said. Union Bank said to provide better interest rate transmission, it will soon link its housing and vehicle loan portfolio to repo rate from the current marginal cost of funds based lending rate. Allahabad Bank's Managing Director S S Mallikarjuna said the bank will explore the option to develop products of both assets and liabilities linked with an external benchmark to transmit the benefits of rate cut to our customers shortly. Indian Bank too said its home and vehicle loans will be linked to the repo rate from August 15. The move to link the deposit and lending rates by these four lenders come even as the RBI has not mandated them to do so. On August 7, the RBI cut repo rate for the fourth consecutive time this calendar year by 35 basis points to 5.4 per cent. Repo rate is the rate at which the RBI lends money to commercial banks. A repo rate cut allows banks to reduce interest rates for consumers on loans, and lowers equal monthly instalments on home loans, car loans and personal loans.

After State Bank of India, more PSU banks link deposit and loan rates to repo

Equity indices were in the positive zone during early hours on Friday, a day after reports said that the government is likely to roll back the recently-imposed higher tax on foreign portfolio investors.

There were also reports that the government is working on a package to streamline non-banking finance companies which have been facing a severe liquidity squeeze.

At 10:15 am, the BSE S&amp;P Sensex was up 258 points at 37,585 while the Nifty 50 edged up 77 points to 11,109. At the National Stock Exchange, all sectoral indices were in the green with Nifty financial services and realty up by 1.2 per cent each.

Among stocks, Indiabulls Housing Finance gained by 8.3 per cent to trade at Rs 481.35 per share. Power Grid Corporation was up by 2.5 per cent, UltraTech Cement by 2.1 per cent, Grasim by 2 per cent and Bharti Infratel by 1.5 per cent.

However, Tata Motors dipped by 1.7 per cent to Rs 121.90 per share while Mahindra &amp; Mahindra lost by 1.2 per cent.

Yes Bank, Hindalco and Coal India were among other prominent losers.

Meanwhile, Asian indices saw a positive start led by the Japanese Nikkei and South Korean Kospi but fresh concerns about US-China trade ties were likely to limit gains.

MSCI's broadest index of Asia Pacific shares outside Japan rose 0.2 per cent. Japan's Nikkei average advanced 0.6 per cent while South Korean stocks gained 1 per cent.&nbsp; 
&nbsp;

Equity indices were in the positive zone during early hours on Friday, a day after reports said that the government is likely to roll back the recently-imposed higher tax on foreign portfolio investors.

Equity indices were in the positive zone during early hours on Friday, a day after reports said that the government is likely to roll back the recently-imposed higher tax on foreign portfolio investors. There were also reports that the government is working on a package to streamline non-banking finance companies which have been facing a severe liquidity squeeze. At 10:15 am, the BSE S&P Sensex was up 258 points at 37,585 while the Nifty 50 edged up 77 points to 11,109. At the National Stock Exchange, all sectoral indices were in the green with Nifty financial services and realty up by 1.2 per cent each. Among stocks, Indiabulls Housing Finance gained by 8.3 per cent to trade at Rs 481.35 per share. Power Grid Corporation was up by 2.5 per cent, UltraTech Cement by 2.1 per cent, Grasim by 2 per cent and Bharti Infratel by 1.5 per cent. However, Tata Motors dipped by 1.7 per cent to Rs 121.90 per share while Mahindra & Mahindra lost by 1.2 per cent. Yes Bank, Hindalco and Coal India were among other prominent losers. Meanwhile, Asian indices saw a positive start led by the Japanese Nikkei and South Korean Kospi but fresh concerns about US-China trade ties were likely to limit gains. MSCI's broadest index of Asia Pacific shares outside Japan rose 0.2 per cent. Japan's Nikkei average advanced 0.6 per cent while South Korean stocks gained 1 per cent.

Equity indices open in green; Sensex, Nifty edge up

<a href="https://www.wionews.com/business-economy/uber-lays-off-400-employees-in-marketing-team-239370">Uber Technologies Inc</a>&nbsp;reported a record $5.2 billion loss and revenue that fell short of Wall Street targets on Thursday as growth in its core ride-hailing business slowed, sending its shares down 6 per cent.

The company said a price war in the United States was easing and that an important measure of profitability topped its target, but slowing revenue growth raised questions about Uber's ability to expand and fend off competition.

"Losses are widening and the competition is cut-throat," said Haris Anwar, an analyst at financial markets platform Investing.com. "What's sapping investor confidence and hitting its stock hard after this report is the absence of a clear path to grow revenue and cut costs."

Uber's second-quarter net loss, widening from a loss of $878 million a year earlier, included $3.9 billion of stock-based compensation expenses related to its IPO earlier this year and nearly $300 million in "driver appreciation" related to the stock sale.

The report caught investors off guard in part because Uber's smaller rival Lyft Inc&nbsp;on Wednesday had raised revenue expectations and described an easing price war.

Uber stock had risen more than 8 per cent and Lyft had gained 3 per cent during the day. Following Uber's report, its shares fell 6 per cent&nbsp;and Lyft dropped nearly 2%.

Uber reported that revenue growth slowed to 14 per cent to $3.2 billion and fell short of the average analyst estimate of $3.36 billion, according to IBES data from Refinitiv. The company's core business, ride-hailing, grew revenue only 2 per cent to $2.3 billion. Food delivery Uber Eats grew 72 per cent to $595 million.

Gross bookings, a measure of the total value of car rides, scooter and bicycle trips, food deliveries and other services before payments to drivers, restaurants and other expenses, rose 31 per cent from a year earlier to $15.76 billion. Analysts on average were expecting $15.80 billion.

At the same time, Uber is keeping less money per car ride. The number of passengers spent on trips rose 20 per cent&nbsp;while the amount of Uber kept after paying its drivers increased by just 4 per cent.

Chief Executive Officer Dara Khosrowshahi said in a press call the competitive environment was starting to rationalize and had been "progressively improving" since the first quarter.

This year would be the peak for investment and losses would lessen in 2020 and 2021, he said.

Lyft on Wednesday said pricing had become "more rational", meaning the company should spend less on promotions and incentives to win market share. It raised its revenue outlook.

Both the companies have historically relied on subsidization to attract riders and have been spending heavily to expand services into areas such as self-driving technology for Lyft and food delivery for Uber.

Uber's costs rose 147 per cent&nbsp;to $8.65 billion in the quarter, including a sharp rise in spending for research and development.

"While we will continue to invest aggressively in growth, we also want it to be healthy growth, and this quarter we made good progress in that direction," Chief Financial Officer Nelson Chai said in a statement.

The adjusted loss before items including interest, tax, and stock-based compensation more than doubled to $656 million but was better than the company expected, Uber said. It also topped Wall Street targets of a $996 million loss.

Gross bookings for the year would be $65 billion to $67 billion, it said, in line with Wall Street's target of $65.9 billion.

The company, which has not yet made clear whether it will make a profit, is trying to convince investors that growth will come not only from its ride services but also from other logistics and food delivery services.

Uber said its monthly active users rose to 99 million globally, from 93 million at the end of the first quarter and 76 million a year earlier.

Uber Technologies Inc reported a record $5.2 billion loss and revenue that fell short of Wall Street targets on Thursday as growth in its core ride-hailing business slowed, sending its shares down 6 per cent.

Uber Technologies Inc reported a record $5.2 billion loss and revenue that fell short of Wall Street targets on Thursday as growth in its core ride-hailing business slowed, sending its shares down 6 per cent. The company said a price war in the United States was easing and that an important measure of profitability topped its target, but slowing revenue growth raised questions about Uber's ability to expand and fend off competition. "Losses are widening and the competition is cut-throat," said Haris Anwar, an analyst at financial markets platform Investing.com. "What's sapping investor confidence and hitting its stock hard after this report is the absence of a clear path to grow revenue and cut costs." Uber's second-quarter net loss, widening from a loss of $878 million a year earlier, included $3.9 billion of stock-based compensation expenses related to its IPO earlier this year and nearly $300 million in "driver appreciation" related to the stock sale. The report caught investors off guard in part because Uber's smaller rival Lyft Inc on Wednesday had raised revenue expectations and described an easing price war. Uber stock had risen more than 8 per cent and Lyft had gained 3 per cent during the day. Following Uber's report, its shares fell 6 per cent and Lyft dropped nearly 2%. Uber reported that revenue growth slowed to 14 per cent to $3.2 billion and fell short of the average analyst estimate of $3.36 billion, according to IBES data from Refinitiv. The company's core business, ride-hailing, grew revenue only 2 per cent to $2.3 billion. Food delivery Uber Eats grew 72 per cent to $595 million. Gross bookings, a measure of the total value of car rides, scooter and bicycle trips, food deliveries and other services before payments to drivers, restaurants and other expenses, rose 31 per cent from a year earlier to $15.76 billion. Analysts on average were expecting $15.80 billion. At the same time, Uber is keeping less money per car ride. The number of passengers spent on trips rose 20 per cent while the amount of Uber kept after paying its drivers increased by just 4 per cent. Chief Executive Officer Dara Khosrowshahi said in a press call the competitive environment was starting to rationalize and had been "progressively improving" since the first quarter. This year would be the peak for investment and losses would lessen in 2020 and 2021, he said. Lyft on Wednesday said pricing had become "more rational", meaning the company should spend less on promotions and incentives to win market share. It raised its revenue outlook. Both the companies have historically relied on subsidization to attract riders and have been spending heavily to expand services into areas such as self-driving technology for Lyft and food delivery for Uber. Uber's costs rose 147 per cent to $8.65 billion in the quarter, including a sharp rise in spending for research and development. "While we will continue to invest aggressively in growth, we also want it to be healthy growth, and this quarter we made good progress in that direction," Chief Financial Officer Nelson Chai said in a statement. The adjusted loss before items including interest, tax, and stock-based compensation more than doubled to $656 million but was better than the company expected, Uber said. It also topped Wall Street targets of a $996 million loss. Gross bookings for the year would be $65 billion to $67 billion, it said, in line with Wall Street's target of $65.9 billion. The company, which has not yet made clear whether it will make a profit, is trying to convince investors that growth will come not only from its ride services but also from other logistics and food delivery services. Uber said its monthly active users rose to 99 million globally, from 93 million at the end of the first quarter and 76 million a year earlier.

Uber loses $5 billion, misses Wall Street targets despite easing price war

Japan's economy grew at a faster-than-expected clip in the second quarter, official data showed on Friday, helped by celebrations to usher in a new imperial era.

Gross domestic product (GDP) in the world's third-biggest economy grew 0.4 per cent from the previous quarter, the Cabinet Office said, beating analysts' median forecast of 0.1 per cent.

The third straight period of expansion will also bolster Prime Minister Shinzo Abe's determination to push through a controversial sales tax hike in October despite warnings it could weigh on growth.

Shoppers are rushing to make purchases before the rate rises from eight per cent to 10 per cent on October 1 and this boost for consumption also helped push GDP higher, economists said.

An unprecedented 10-day holiday for the enthronement of Emperor Naruhito, which kicked off a new imperial era in Japan, also pepped up the figures, according to analysts.

However, trade frictions between the US and China weighed on exports and corporate spending in some sectors such as machinery, said Yuichiro Nagai, senior economist at Mizuho Securities.

"But investments in software, research and development, and construction were good," he told AFP.

Nagai said a rush by consumers to buy before the sales tax hike will likely become even more pronounced in the July-September quarter, helping Japan log another quarter of growth.

And while the economy would likely contract in October-December due to the higher tax, it should rebound next year and avoid slipping into a recession, Nagai said.

"There is uncertainty over where the trade war will go... With the US presidential election coming next year, however, I believe the main scenario is that they will find a compromise plan" later this year, he said.

'Additional monetary easing'

The last time Japan hiked its sales tax, in 2014, the result was a slump in consumption and the wider economy and some economists have warned that now is not the time to raise the rate amid uncertainty over global trade and Brexit.

But Tokyo has vowed to go through with the plan unless there is a crisis on the level of the 2008 financial meltdown and Abe has promised countermeasures to cushion the blow on the economy.

SMBC Nikko Securities chief market economist Yoshimasa Maruyama said the Japanese economy would likely expand further in the July-September period but warned it could slide into a mild recession in October-December as the global economy slows.

"By the time autumn comes, debates for a supplementary budget will start and calls for additional monetary easing will get louder," he said in a report released ahead of the GDP announcement.

But Naoya Oshikubo, senior economist at Sumitomo Mitsui Trust Asset Management, was not so gloomy.

"Going forward, central banks are expected to continue easing, and the Chinese government will likely announce fiscal measures, resulting in a global economic recovery, which should help Japan maintain its momentum," Oshikubo said in a report.&nbsp;

Besides the planned tax hike, the impact from trade frictions between Japan and South Korea could be a headwind, he said.

"But both should be limited in their effects," he said as the affected goods make up only a fraction of Japanese exports.

Japan's economy grew at a faster-than-expected clip in the second quarter, official data showed on Friday, helped by celebrations to usher in a new imperial era.

Japan's economy grew at a faster-than-expected clip in the second quarter, official data showed on Friday, helped by celebrations to usher in a new imperial era. Gross domestic product (GDP) in the world's third-biggest economy grew 0.4 per cent from the previous quarter, the Cabinet Office said, beating analysts' median forecast of 0.1 per cent. The third straight period of expansion will also bolster Prime Minister Shinzo Abe's determination to push through a controversial sales tax hike in October despite warnings it could weigh on growth. Shoppers are rushing to make purchases before the rate rises from eight per cent to 10 per cent on October 1 and this boost for consumption also helped push GDP higher, economists said. An unprecedented 10-day holiday for the enthronement of Emperor Naruhito, which kicked off a new imperial era in Japan, also pepped up the figures, according to analysts. However, trade frictions between the US and China weighed on exports and corporate spending in some sectors such as machinery, said Yuichiro Nagai, senior economist at Mizuho Securities. "But investments in software, research and development, and construction were good," he told AFP. Nagai said a rush by consumers to buy before the sales tax hike will likely become even more pronounced in the July-September quarter, helping Japan log another quarter of growth. And while the economy would likely contract in October-December due to the higher tax, it should rebound next year and avoid slipping into a recession, Nagai said. "There is uncertainty over where the trade war will go... With the US presidential election coming next year, however, I believe the main scenario is that they will find a compromise plan" later this year, he said. 'Additional monetary easing' The last time Japan hiked its sales tax, in 2014, the result was a slump in consumption and the wider economy and some economists have warned that now is not the time to raise the rate amid uncertainty over global trade and Brexit. But Tokyo has vowed to go through with the plan unless there is a crisis on the level of the 2008 financial meltdown and Abe has promised countermeasures to cushion the blow on the economy. SMBC Nikko Securities chief market economist Yoshimasa Maruyama said the Japanese economy would likely expand further in the July-September period but warned it could slide into a mild recession in October-December as the global economy slows. "By the time autumn comes, debates for a supplementary budget will start and calls for additional monetary easing will get louder," he said in a report released ahead of the GDP announcement. But Naoya Oshikubo, senior economist at Sumitomo Mitsui Trust Asset Management, was not so gloomy. "Going forward, central banks are expected to continue easing, and the Chinese government will likely announce fiscal measures, resulting in a global economic recovery, which should help Japan maintain its momentum," Oshikubo said in a report. Besides the planned tax hike, the impact from trade frictions between Japan and South Korea could be a headwind, he said. "But both should be limited in their effects," he said as the affected goods make up only a fraction of Japanese exports.

Japan economy grows faster than expected on new-era holidays

US stocks edged lower on Friday after rebounding strongly a day earlier, as investors grappled with fresh trade tensions, political turmoil in Italy and a surprise contraction in Britain's economy.

Shares of chipmakers and other tariff-sensitive technology companies came under pressure after a report that Washington was delaying a decision about allowing some trade between US firms and China's telecom equipment maker Huawei again.

The Philadelphia SE semiconductor index fell 1.16 per cent, while Apple Inc slipped 0.6 per cent.

In Europe, Italy's ruling League party Deputy Prime Minister Matteo Salvini called for early elections; while Britain's economy shrank for the first time since 2012, raising concerns as the country gears up to leave the European Union in October.

"Political uncertainty in the eurozone is adding an additional variable that the market has to juggle around with. That, coupled with the GDP numbers and the trade war, is giving investors an indigestion," said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville, New Jersey.

"Until we get some sort of tangible answers to what the (Trump) administration is going to do with China, this is going to be a overhang on the market, creating plenty of sharp swings."

US stocks roared back on Thursday, recording their best one-day percentage gain in two months in what has been a turbulent week for the markets dominated by a symbolic drop in China's currency.

At 9:50 am ET, the Dow Jones Industrial Average was down 82.56 points, or 0.31 per cent, at 26,295.63 and the S&amp;P 500 was down 12.15 points, or 0.41 per cent, at 2,925.94. The Nasdaq Composite was down 54.54 points, or 0.68 per cent, at 7,984.62.

Investors seeking safety helped the defensive sectors, including utilities and real estate, outperform the other major S&amp;P sectors this week.

Shares of Uber Technologies Inc shed 9.4% after the ride-hailing company reported a record $5.2 billion loss and revenue that fell short of Wall Street targets.

DXC Technology tumbled 31.4% after the IT and consulting services provider cut its full-year profit and revenue forecast.

Nektar Therapeutics shares plunged 38.2% after the drug developer flagged manufacturing issues with its experimental cancer drug bempeg.

Declining issues outnumbered advancers for a 1.73-to-1 ratio on the NYSE and for a 1.44-to-1 ratio on the Nasdaq.

The S&amp;P index recorded 33 new 52-week highs and three new lows, while the Nasdaq recorded 35 new highs and 39 new lows.

US stocks edged lower on Friday after rebounding strongly a day earlier, as investors grappled with fresh trade tensions, political turmoil in Italy and a surprise contraction in Britain's economy.

US stocks edged lower on Friday after rebounding strongly a day earlier, as investors grappled with fresh trade tensions, political turmoil in Italy and a surprise contraction in Britain's economy. Shares of chipmakers and other tariff-sensitive technology companies came under pressure after a report that Washington was delaying a decision about allowing some trade between US firms and China's telecom equipment maker Huawei again. The Philadelphia SE semiconductor index fell 1.16 per cent, while Apple Inc slipped 0.6 per cent. In Europe, Italy's ruling League party Deputy Prime Minister Matteo Salvini called for early elections; while Britain's economy shrank for the first time since 2012, raising concerns as the country gears up to leave the European Union in October. "Political uncertainty in the eurozone is adding an additional variable that the market has to juggle around with. That, coupled with the GDP numbers and the trade war, is giving investors an indigestion," said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville, New Jersey. "Until we get some sort of tangible answers to what the (Trump) administration is going to do with China, this is going to be a overhang on the market, creating plenty of sharp swings." US stocks roared back on Thursday, recording their best one-day percentage gain in two months in what has been a turbulent week for the markets dominated by a symbolic drop in China's currency. At 9:50 am ET, the Dow Jones Industrial Average was down 82.56 points, or 0.31 per cent, at 26,295.63 and the S&P 500 was down 12.15 points, or 0.41 per cent, at 2,925.94. The Nasdaq Composite was down 54.54 points, or 0.68 per cent, at 7,984.62. Investors seeking safety helped the defensive sectors, including utilities and real estate, outperform the other major S&P sectors this week. Shares of Uber Technologies Inc shed 9.4% after the ride-hailing company reported a record $5.2 billion loss and revenue that fell short of Wall Street targets. DXC Technology tumbled 31.4% after the IT and consulting services provider cut its full-year profit and revenue forecast. Nektar Therapeutics shares plunged 38.2% after the drug developer flagged manufacturing issues with its experimental cancer drug bempeg. Declining issues outnumbered advancers for a 1.73-to-1 ratio on the NYSE and for a 1.44-to-1 ratio on the Nasdaq. The S&P index recorded 33 new 52-week highs and three new lows, while the Nasdaq recorded 35 new highs and 39 new lows.

Wall Street slips as Huawei report adds to trade concerns

Mounting signs of an economic slowdown and a ratcheting up of the US-China trade war have caused global oil demand to grow at its slowest pace since the financial crisis of 2008, the International Energy Agency (IEA) said on Friday.

Mounting signs of an economic slowdown and a ratcheting up of the US-China trade war have caused global oil demand to grow at its slowest pace since the financial crisis of 2008, the International Energy Agency (IEA) said on Friday. "The situation is becoming even more uncertain, global oil demand growth has been very sluggish in the first half of 2019," the IEA said in its monthly report. The Paris-based agency said that compared with the same month in 2018, global demand fell by 160,000 barrels per day (BPD) in May the second year-on-year fall of 2019. From January to May, oil demand increased by 520,000 BPD, marking the lowest rise for that period since 2008. "The prospects for a political agreement between China and the United States on trade have worsened. This could lead to reduced trade activity and less oil demand growth," the IEA said. Lowering its global demand growth forecasts for 2019 and 2020 to 1.1 million and 1.3 million BPD, respectively, the IEA cited China as the only major source of growth at 500,000 BPD for the first half of this year. Demand growth in the United States and India was just 100,000 BPD from January to June, it said. "The outlook is fragile with a greater likelihood of a downward revision than an upward one," the report said. Supply curbs by the Organization of the Petroleum Exporting Countries and its allies, meanwhile, had tightened the oil market, helped by slower non-OPEC production. But the IEA said that balance would be temporary as it forecast robust non-OPEC production growth in 2020 at 2.2 million BPD, predicting the global oil market would be "well supplied". The IEA said economic concerns were overshadowing geopolitics, but the oil market continued to watch closely the tensions between the United States and Iran in the Gulf. US sanctions drove down Tehran's July exports of crude oil by 130,000 BPD to 400,000 BPD, the lowest since the 1980s.

Oil demand growth at lowest since 2008: International Energy Agency

Indian shares ended higher on Friday led by autos and financial stocks, and recorded their first weekly gain since mid-July, after Reuters reported New Delhi was re-thinking the tax surcharge on foreign portfolio investors (FPIs).

The broader NSE Nifty ended 0.7% higher at 11,109.65, while the benchmark BSE Sensex closed up 0.68% at 37,581.91.

For the week, the NSE Nifty was up 1%, while the BSE Sensex rose 1.25%, their first positive weekly close since July 12.

India may exempt FPIs from the controversial tax on high incomes, as Finance Minister Nirmala Sitharaman faces pressure to roll back the measures introduced during the last month, sources told Reuters.

The Nifty auto index ended 1.99% higher and the financials index was up 1.54% at the closing bell.

Indiabulls Housing Finance closed up 14.8%.

Indian shares ended higher on Friday led by autos and financial stocks, and recorded their first weekly gain since mid-July, after Reuters reported New Delhi was re-thinking the tax surcharge on foreign portfolio investors (FPIs).

Indian shares ended higher on Friday led by autos and financial stocks, and recorded their first weekly gain since mid-July, after Reuters reported New Delhi was re-thinking the tax surcharge on foreign portfolio investors (FPIs). The broader NSE Nifty ended 0.7% higher at 11,109.65, while the benchmark BSE Sensex closed up 0.68% at 37,581.91. For the week, the NSE Nifty was up 1%, while the BSE Sensex rose 1.25%, their first positive weekly close since July 12. India may exempt FPIs from the controversial tax on high incomes, as Finance Minister Nirmala Sitharaman faces pressure to roll back the measures introduced during the last month, sources told Reuters. The Nifty auto index ended 1.99% higher and the financials index was up 1.54% at the closing bell. Indiabulls Housing Finance closed up 14.8%.

Nifty, Sensex post first weekly gain in five on FPI surcharge rethink

Indian budget airline SpiceJet Ltd on Friday posted its biggest-ever quarterly profit, as it flew more passengers and raised fares in the wake of the collapse of Jet Airways.

Domestic air traffic growth has been slowing in recent months in a flagging economy, but the downfall of Jet Airways, once the country's largest private carrier, this year has helped SpiceJet and market leader IndiGo attract more customers, raise fares and add routes.

Shares in SpiceJet and InterGlobe Aviation-owned IndiGo have soared 55% and 31% respectively this year, as the companies raced to fill in prime airport slots vacated by Jet.

SpiceJet's shares were up 1.3% at 137.75 rupees, in a Mumbai market that was 0.7% higher as of 0908 GMT.

SpiceJet said passenger fares rose 11% during the three months to June, a quarter in which it cancelled some flights due to the grounding of Boeing 737 MAX after the deadly crash of an Ethiopian Airlines plane in March.

India's No.2 airline by market share said operations remained "stressed" for much of the quarter due to the grounding, causing disruption to passengers' travel plans and an increase in fixed costs related to the narrow-body aircraft.

"The results would have been vastly better but for the painful grounding of the MAX aircraft," Chairman and Managing Director Ajay Singh said in a statement.

SpiceJet had estimated that the grounded planes would resume flying by July or August, but there was still uncertainty around the specific timing, it said, adding that it would induct 5-10 Boeing 737 NG planes and three Bombardier Q400 aircraft in October.

SpiceJet added 32 aircraft between April and June. Jet began grounding its planes at the start of the year and was eventually forced to stop operations in April.

SpiceJet's standalone net profit, excluding earnings of non-core units, was 2.62 billion rupees ($37.1 million) in the three months to June, compared with a loss of 380.6 million rupees a year earlier.

Indian budget airline SpiceJet Ltd on Friday posted its biggest-ever quarterly profit, as it flew more passengers and raised fares in the wake of the collapse of Jet Airways.

Indian budget airline SpiceJet Ltd on Friday posted its biggest-ever quarterly profit, as it flew more passengers and raised fares in the wake of the collapse of Jet Airways. Domestic air traffic growth has been slowing in recent months in a flagging economy, but the downfall of Jet Airways, once the country's largest private carrier, this year has helped SpiceJet and market leader IndiGo attract more customers, raise fares and add routes. Shares in SpiceJet and InterGlobe Aviation-owned IndiGo have soared 55% and 31% respectively this year, as the companies raced to fill in prime airport slots vacated by Jet. SpiceJet's shares were up 1.3% at 137.75 rupees, in a Mumbai market that was 0.7% higher as of 0908 GMT. SpiceJet said passenger fares rose 11% during the three months to June, a quarter in which it cancelled some flights due to the grounding of Boeing 737 MAX after the deadly crash of an Ethiopian Airlines plane in March. India's No.2 airline by market share said operations remained "stressed" for much of the quarter due to the grounding, causing disruption to passengers' travel plans and an increase in fixed costs related to the narrow-body aircraft. "The results would have been vastly better but for the painful grounding of the MAX aircraft," Chairman and Managing Director Ajay Singh said in a statement. SpiceJet had estimated that the grounded planes would resume flying by July or August, but there was still uncertainty around the specific timing, it said, adding that it would induct 5-10 Boeing 737 NG planes and three Bombardier Q400 aircraft in October. SpiceJet added 32 aircraft between April and June. Jet began grounding its planes at the start of the year and was eventually forced to stop operations in April. SpiceJet's standalone net profit, excluding earnings of non-core units, was 2.62 billion rupees ($37.1 million) in the three months to June, compared with a loss of 380.6 million rupees a year earlier.

SpiceJet posts record profit as Jet Airways downfall provides boost

The Confederation of Indian Industry (CII) will support the government and private initiatives to promote investments in Jammu and Kashmir, its President-Designate Uday Kotak said on Friday.

"There is a view that we would like to see investments come across various sectors in Jammu and Kashmir," he said at the CII National Council Meeting here which was attended by Finance Minister Nirmala Sitharaman.

The Managing Director and CEO of Kotak Mahindra Bank said the CII has already conveyed its view to the government.

Parliament has revoked Article 370 granting special status to Jammu and Kashmir and passed the J&amp;K Reorganisation Bill, bifurcating the state into two union territories,&nbsp;Jammu and Kashmir and Ladakh.

In his address to the nation on Thursday, Prime Minister Narendra Modi spoke about creating employment in the region through public-private partnerships.

He said Jammu and Kashmir stands on the cusp of a fresh start, one that is marked by peace, democracy, and development. 
&nbsp;

The Confederation of Indian Industry (CII) will support the government and private initiatives to promote investments in Jammu and Kashmir, its President-Designate Uday Kotak said on Friday.

The Confederation of Indian Industry (CII) will support the government and private initiatives to promote investments in Jammu and Kashmir, its President-Designate Uday Kotak said on Friday. "There is a view that we would like to see investments come across various sectors in Jammu and Kashmir," he said at the CII National Council Meeting here which was attended by Finance Minister Nirmala Sitharaman. The Managing Director and CEO of Kotak Mahindra Bank said the CII has already conveyed its view to the government. Parliament has revoked Article 370 granting special status to Jammu and Kashmir and passed the J&K Reorganisation Bill, bifurcating the state into two union territories, Jammu and Kashmir and Ladakh. In his address to the nation on Thursday, Prime Minister Narendra Modi spoke about creating employment in the region through public-private partnerships. He said Jammu and Kashmir stands on the cusp of a fresh start, one that is marked by peace, democracy, and development.

Confederation of Indian Industry to support initiatives for investment in Jammu and Kashmir: Uday Kotak

Indian shares rose marginally on Thursday, tracking gains in broader Asia, after the Reserve Bank of India's (RBI) cut interest rates by an unconventional 35 basis points, highlighting its concerns of a slowing domestic economic growth.

The broader Nifty was up 0.1 per cent at 10,866.75 as of 0407 GMT, while the benchmark BSE Sensex rose 0.11 per cent at 36,741.69.

Asian shares rallied after China limited the fall in the yuan. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.8 per cent.

The RBI repo rate cut to 5.4 per cent on Wednesday also seemed to bring some cheer to investor sentiment in the local markets, which is grappling a slowdown in consumption and a credit squeeze among shadow banks.

"The expected rate cut has happened and there are signs that the regulator is clearing the NBFC (non-banking financial company) mess," said Anand James, chief market strategist at Geojit Financial Services.

"We are coming off global challenges and there are signs of things changing." IT and auto stocks led gains among sectors.&nbsp;

The Nifty IT index was up about 1 per cent, tracking the stronger dollar, after China's move to set its official yuan midpoint below the key seven to the dollar threshold for the first time since the global financial crisis.

The Nifty auto index was up 0.73 per cent&nbsp;after industry executives met with government officials and sought tax cuts and easier access to funds to revive the ailing sector, which contributes 7 per cent to the country's GDP.

Hero Motocorp rose as much as 5 per cent&nbsp;to 2,629 rupees a share in early trading, its highest in more than five weeks, boosting the index the most.

HCL Technologies shares were also up 3.6 per cent, after the IT services company guided to a constant currency revenue growth of between 14 per cent&nbsp;and 16 per cent for this financial year.

Among losers, Cipla fell 2.8 per cent after the generic drugmaker reported a quarterly profit that missed estimates. 
&nbsp;

Indian shares rose marginally on Thursday, tracking gains in broader Asia, after the Reserve Bank of India's (RBI) cut interest rates by an unconventional 35 basis points, highlighting its concerns of a slowing domestic economic growth.

Indian shares rose marginally on Thursday, tracking gains in broader Asia, after the Reserve Bank of India's (RBI) cut interest rates by an unconventional 35 basis points, highlighting its concerns of a slowing domestic economic growth. The broader Nifty was up 0.1 per cent at 10,866.75 as of 0407 GMT, while the benchmark BSE Sensex rose 0.11 per cent at 36,741.69. Asian shares rallied after China limited the fall in the yuan. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.8 per cent. The RBI repo rate cut to 5.4 per cent on Wednesday also seemed to bring some cheer to investor sentiment in the local markets, which is grappling a slowdown in consumption and a credit squeeze among shadow banks. "The expected rate cut has happened and there are signs that the regulator is clearing the NBFC (non-banking financial company) mess," said Anand James, chief market strategist at Geojit Financial Services. "We are coming off global challenges and there are signs of things changing." IT and auto stocks led gains among sectors. The Nifty IT index was up about 1 per cent, tracking the stronger dollar, after China's move to set its official yuan midpoint below the key seven to the dollar threshold for the first time since the global financial crisis. The Nifty auto index was up 0.73 per cent after industry executives met with government officials and sought tax cuts and easier access to funds to revive the ailing sector, which contributes 7 per cent to the country's GDP. Hero Motocorp rose as much as 5 per cent to 2,629 rupees a share in early trading, its highest in more than five weeks, boosting the index the most. HCL Technologies shares were also up 3.6 per cent, after the IT services company guided to a constant currency revenue growth of between 14 per cent and 16 per cent for this financial year. Among losers, Cipla fell 2.8 per cent after the generic drugmaker reported a quarterly profit that missed estimates.

Sensex, Nifty edge higher after RBI's unconventional rate cut