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Oil prices rose on Friday as <a href="https://www.wionews.com/world/tropical-storm-barry-nears-new-orleans-raising-flood-threat-235161">US oil producers in the Gulf of Mexico</a> cut more than half their output in the face of a tropical storm and as tensions continued in the Middle East.

Brent crude futures were up 37 cents, or 0.6 per cent, at $66.89 per barrel by 0115 GMT. The international benchmark settled down 0.7 per cent on Thursday after hitting its highest since May 30 at $67.52 a barrel.

US West Texas Intermediate (WTI) crude futures were up 34 cents, or 0.6 per cent, at $60.54 a barrel. The US benchmark closed 0.38 per cent lower on Thursday after marking its highest since May 23 at $60.94.

By Thursday, oil companies in the Gulf of Mexico had cut more than 1 million barrels per day (bpd) of output, or 53 per cent&nbsp;of the region's production, due to Tropical Storm Barry.

The storm was forecast to become a category one hurricane with at least 74-mile-per hour (119 km-per-hour) winds.

"Brent crude oil ... extended its gains as storms in the Gulf of Mexico halted production of oil and US oil inventories continued to recede more than expected," ANZ Bank said in a note.

US crude oil inventories have decreased for four consecutive weeks. US crude stocks fell 9.5 million barrels in the week to July 5, the Energy Information Administration (EIA) said, a drop that was more than triple the 3.1 million-barrel draw expected by analysts.

Meanwhile, Iran's alleged attempt to block a British-owned tanker heightened tensions in the Middle East in the wake of attacks on tankers and the downing of US drone by Iran in June.

"While a full-scale military conflict remains the least likely scenario, the strong increases for cost of insurance will make for most costly transportation of crude and see new routes explored, delaying crude arrivals," said Edward Moya, senior market analyst at OANDA in New York.

But a lower 2020 oil demand outlook from the Organization of the Petroleum Exporting Countries kept price gains in check. OPEC said the world would need 29.27 million bpd of crude from its 14 members in 2020, down 1.34 million bpd this year.

Oil prices rose on Friday as US oil producers in the Gulf of Mexico cut more than half their output in the face of a tropical storm and as tensions continued in the Middle East.

Oil prices rose on Friday as US oil producers in the Gulf of Mexico cut more than half their output in the face of a tropical storm and as tensions continued in the Middle East. Brent crude futures were up 37 cents, or 0.6 per cent, at $66.89 per barrel by 0115 GMT. The international benchmark settled down 0.7 per cent on Thursday after hitting its highest since May 30 at $67.52 a barrel. US West Texas Intermediate (WTI) crude futures were up 34 cents, or 0.6 per cent, at $60.54 a barrel. The US benchmark closed 0.38 per cent lower on Thursday after marking its highest since May 23 at $60.94. By Thursday, oil companies in the Gulf of Mexico had cut more than 1 million barrels per day (bpd) of output, or 53 per cent of the region's production, due to Tropical Storm Barry. The storm was forecast to become a category one hurricane with at least 74-mile-per hour (119 km-per-hour) winds. "Brent crude oil ... extended its gains as storms in the Gulf of Mexico halted production of oil and US oil inventories continued to recede more than expected," ANZ Bank said in a note. US crude oil inventories have decreased for four consecutive weeks. US crude stocks fell 9.5 million barrels in the week to July 5, the Energy Information Administration (EIA) said, a drop that was more than triple the 3.1 million-barrel draw expected by analysts. Meanwhile, Iran's alleged attempt to block a British-owned tanker heightened tensions in the Middle East in the wake of attacks on tankers and the downing of US drone by Iran in June. "While a full-scale military conflict remains the least likely scenario, the strong increases for cost of insurance will make for most costly transportation of crude and see new routes explored, delaying crude arrivals," said Edward Moya, senior market analyst at OANDA in New York. But a lower 2020 oil demand outlook from the Organization of the Petroleum Exporting Countries kept price gains in check. OPEC said the world would need 29.27 million bpd of crude from its 14 members in 2020, down 1.34 million bpd this year.

Oil prices rise over Storm Barry, Middle East tensions

Wall Street stocks set new records Thursday for a second straight session, with the Dow finishing above 27,000 points -- a first -- over an expected Federal Reserve interest rate cut later this month.

The latest new landmark, which was accompanied by a fresh record for the <a href="https://www.wionews.com/world/sp-500-hits-3000-for-the-first-time-as-fed-signals-possible-rate-cut-234770">S&amp;P 500</a>, came as Fed Chair Jerome Powell completed the second day of congressional testimony at which he emphasised economic risks in remarks that were widely interpreted as signalling a likely interest rate cut.&nbsp;

The new high drew a cheer from US President Donald Trump, who has repeatedly <a href="https://www.wionews.com/world/trump-bashes-stubborn-child-federal-reserve-as-economy-shows-signs-of-weakness-230162">criticised Powell on monetary policy</a>. Trump extolled the latest new peak on Twitter, saying "Dow just hit 27,000 for the first time EVER!" &nbsp;

The <a href="https://www.wionews.com/business-economy/nasdaq-ends-at-record-high-dollar-falls-as-us-fed-signals-possible-rate-cut-234814">Nasdaq, which had closed at a record</a> following Powell's testimony on Wednesday, pulled back slightly.&nbsp;

It was joined lower by European bourses, which were pressured by stronger currencies after Powell's remarks weighed on the dollar.&nbsp;

"It's safe to say that investors were pleased with Jerome Powell's first day of testimony on Wednesday, with equity markets jumping on his dovish assessment," said Oanda analyst Craig Erlam.

"The Fed Chairman doesn't typically provide strong and direct messages on policy direction, which makes predicting future rate movements all the more difficult. But Wednesday's message was clear, the data is softening -- particularly on the inflation side -- and downside risks are significant," Erlam said.

Fresh trade discord

But Thursday's records came amid fresh signs of trade policy discord that have troubled investors over the last year.

Trump, also on Twitter, accused China Beijing of backsliding on a recent pledge to buy more US farm exports. "Hopefully they will start soon!"&nbsp;

Trump's latest tweet on China "means we are not closer to a deal with China," said Art Hogan, chief market strategist at National Securities.

There were also fresh signs of tension between the US and Europe.

On Wednesday, officials said US President Donald Trump had ordered an investigation into France's planned tax on internet services. The French parliament passed the tax anyway on Thursday, making Google, Apple, Facebook and Amazon principal targets of the higher taxes.

Among individual companies, Delta Air Lines climbed 1.2 percent as it reported a nearly 40 per cent surge in second-quarter profits to $1.4 billion on strong flying demand.

The company also benefited from its lack of exposure to the Boeing 737 MAX, which has been grounded following two crashes. Delta does not own any of planes.

Wall Street stocks set new records Thursday for a second straight session, with the Dow finishing above 27,000 points -- a first -- over an expected Federal Reserve interest rate cut later this month.

Wall Street stocks set new records Thursday for a second straight session, with the Dow finishing above 27,000 points -- a first -- over an expected Federal Reserve interest rate cut later this month. The latest new landmark, which was accompanied by a fresh record for the S&P 500, came as Fed Chair Jerome Powell completed the second day of congressional testimony at which he emphasised economic risks in remarks that were widely interpreted as signalling a likely interest rate cut. The new high drew a cheer from US President Donald Trump, who has repeatedly criticised Powell on monetary policy. Trump extolled the latest new peak on Twitter, saying "Dow just hit 27,000 for the first time EVER!" The Nasdaq, which had closed at a record following Powell's testimony on Wednesday, pulled back slightly. It was joined lower by European bourses, which were pressured by stronger currencies after Powell's remarks weighed on the dollar. "It's safe to say that investors were pleased with Jerome Powell's first day of testimony on Wednesday, with equity markets jumping on his dovish assessment," said Oanda analyst Craig Erlam. "The Fed Chairman doesn't typically provide strong and direct messages on policy direction, which makes predicting future rate movements all the more difficult. But Wednesday's message was clear, the data is softening -- particularly on the inflation side -- and downside risks are significant," Erlam said. Fresh trade discord But Thursday's records came amid fresh signs of trade policy discord that have troubled investors over the last year. Trump, also on Twitter, accused China Beijing of backsliding on a recent pledge to buy more US farm exports. "Hopefully they will start soon!" Trump's latest tweet on China "means we are not closer to a deal with China," said Art Hogan, chief market strategist at National Securities. There were also fresh signs of tension between the US and Europe. On Wednesday, officials said US President Donald Trump had ordered an investigation into France's planned tax on internet services. The French parliament passed the tax anyway on Thursday, making Google, Apple, Facebook and Amazon principal targets of the higher taxes. Among individual companies, Delta Air Lines climbed 1.2 percent as it reported a nearly 40 per cent surge in second-quarter profits to $1.4 billion on strong flying demand. The company also benefited from its lack of exposure to the Boeing 737 MAX, which has been grounded following two crashes. Delta does not own any of planes.

Dow ends above 27,000 points for first time, S&P 500 hits record on Federal Reserve rate cut optimism

Gold rose on Friday and was on track to post a weekly gain, supported by an easing dollar and weaker than expected Chinese trade data which stoked global growth concerns.

Spot gold was up 0.3% at $1,408.27 per ounce at 1136 GMT.

<a href="https://www.wionews.com/entertainment/bollywood-celebrities-applaud-dutee-chand-for-winning-gold-in-world-university-235221">Gold</a> has risen about 0.6% so far this week.

<a href="https://www.wionews.com/business-economy/us-delegation-to-discuss-indias-new-e-commerce-rules-during-trade-talks-235262">US</a> gold futures rose 0.2% to $1,409.8 an ounce.

"We have <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/opinions/us-china-trade-war-is-making-china-stronger-234526&amp;sa=U&amp;ved=2ahUKEwiN-qTzsK_jAhXVfd4KHd9NDEsQFjAJegQIABAC&amp;usg=AOvVaw2mZbA9dK8Er7gAUzoNsiFc">(China's) trade</a> data out this morning which disappointed mainly on the import side, suggesting the Chinese economy is still struggling," said Julius Baer analyst Carsten Menke.

"This provided fuel to the growth worries, so that's why gold as a haven is benefiting."

China's exports fell in June as the United States ramped up trade pressure, while imports shrank more than expected, pointing to further strains on the world's second-largest economy.

Also helping gold was the dollar index, which eased for a third straight session as stronger-than-expected US <a href="https://www.wionews.com/business-economy/euro-zone-growth-inflation-outlook-cut-as-risks-from-us-trade-grow-234720/amp">inflation</a> data failed to shake convictions that the Federal Reserve will start cutting interest rates this month.

Despite the robust core US consumer price index data, money markets still indicated one rate cut at the end of July and a cumulative 64 basis points in cuts by the end of 2019.

"The comments from the Fed and the minutes this week were on the dovish side and have given the market hope that there might be a chance of a 50 basis point cut," said ABN Amro analyst Georgette Boele.

Fed Chair Jerome Powell indicated on Thursday that a rate cut is likely at the Fed's next meeting as businesses slow investment due to trade disputes and their impact on global growth.

Spot gold has risen more than 11% since it touched the year's low of $1,265.85 per ounce in May, mainly on expectations of aggressive monetary policy easing and growth worries.

"The market is clearly more aggressive than we are, so there is some potential for disappointment on the rate side," Menke said.

"So, if we don't get three rate cuts by the end of the year this could be a trigger for a little bit of a short-term correction in gold."

In the physical market, gold buying stalled in top Asian hubs this week as consumers sold back bullion to cash in on the steep price rally.

A recent import duty hike further dented waning interest in an Indian market hit by a surge in local rates.

Elsewhere, silver and platinum were up 0.1% at $15.13 and $821 per ounce respectively.

Palladium fell 0.2% to $1,557.50 an ounce, edging away from a 16-week peak of $1,605.52 touched in the previous session.

Gold rose on Friday and was on track to post a weekly gain, supported by an easing dollar and weaker than expected Chinese trade data which stoked global growth concerns.

Gold rose on Friday and was on track to post a weekly gain, supported by an easing dollar and weaker than expected Chinese trade data which stoked global growth concerns. Spot gold was up 0.3% at $1,408.27 per ounce at 1136 GMT. Gold has risen about 0.6% so far this week. US gold futures rose 0.2% to $1,409.8 an ounce. "We have (China's) trade data out this morning which disappointed mainly on the import side, suggesting the Chinese economy is still struggling," said Julius Baer analyst Carsten Menke. "This provided fuel to the growth worries, so that's why gold as a haven is benefiting." China's exports fell in June as the United States ramped up trade pressure, while imports shrank more than expected, pointing to further strains on the world's second-largest economy. Also helping gold was the dollar index, which eased for a third straight session as stronger-than-expected US inflation data failed to shake convictions that the Federal Reserve will start cutting interest rates this month. Despite the robust core US consumer price index data, money markets still indicated one rate cut at the end of July and a cumulative 64 basis points in cuts by the end of 2019. "The comments from the Fed and the minutes this week were on the dovish side and have given the market hope that there might be a chance of a 50 basis point cut," said ABN Amro analyst Georgette Boele. Fed Chair Jerome Powell indicated on Thursday that a rate cut is likely at the Fed's next meeting as businesses slow investment due to trade disputes and their impact on global growth. Spot gold has risen more than 11% since it touched the year's low of $1,265.85 per ounce in May, mainly on expectations of aggressive monetary policy easing and growth worries. "The market is clearly more aggressive than we are, so there is some potential for disappointment on the rate side," Menke said. "So, if we don't get three rate cuts by the end of the year this could be a trigger for a little bit of a short-term correction in gold." In the physical market, gold buying stalled in top Asian hubs this week as consumers sold back bullion to cash in on the steep price rally. A recent import duty hike further dented waning interest in an Indian market hit by a surge in local rates. Elsewhere, silver and platinum were up 0.1% at $15.13 and $821 per ounce respectively. Palladium fell 0.2% to $1,557.50 an ounce, edging away from a 16-week peak of $1,605.52 touched in the previous session.

Gold edges up on weaker dollar, China data fuels growth concerns

Indian shares closed lower after a volatile session on Friday, led by declines in IT firm Wipro Ltd and Oil and Natural Gas Corporation&nbsp;(ONGC).

The broader NSE Nifty closed down 0.26% at 11,552.5, while the benchmark BSE Sensex settled 0.22% lower at 38,736.23. Both indexes saw their worst week since May 10.

Wipro was the biggest percentage loser on the NSE Nifty, falling 3.3% to its worst closing level since March 29, while energy giant ONGC slipped 2.2%.

India's no. two&nbsp;IT services firm Infosys Ltd closed up 0.7% ahead of its quarterly results.

&nbsp;

Indian shares closed lower after a volatile session on Friday, led by declines in IT firm Wipro Ltd and Oil and Natural Gas Corporation (ONGC). The broader NSE Nifty closed down 0.

Indian shares closed lower after a volatile session on Friday, led by declines in IT firm Wipro Ltd and Oil and Natural Gas Corporation (ONGC). The broader NSE Nifty closed down 0.26% at 11,552.5, while the benchmark BSE Sensex settled 0.22% lower at 38,736.23. Both indexes saw their worst week since May 10. Wipro was the biggest percentage loser on the NSE Nifty, falling 3.3% to its worst closing level since March 29, while energy giant ONGC slipped 2.2%. India's no. two IT services firm Infosys Ltd closed up 0.7% ahead of its quarterly results.

Nifty and Sensex slip as Wipro, ONGC drag

The government has plans to raise as much as 3.25 trillion rupees in the next five years by reducing its stakes in some large state-owned firms to 40%, two senior government officials told Reuters, in the nation's biggest privatisation push in more than two decades.

Last week, finance minister <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/budget-2019-nirmala-sitharaman-to-launch-study-in-india-initiative-to-encourage-foreign-students-233240&amp;sa=U&amp;ved=2ahUKEwjngeeHjK_jAhULbo8KHQhRD_0QFjAAegQIABAC&amp;usg=AOvVaw05Zl3o-mH6_vHpdxNAwju9">Nirmala Sitharaman</a> in her budget announced that the government will look to reduce direct controlling stakes in some state-run firms on a case-by-case basis.

The plan will open up a steady stream of state companies to greater private investment, and target the kind of annual divestment revenue that will be crucial to meet fiscal deficit targets.

Prime Minister Narendra Modi's administration already sold government stakes in a host of companies to raise a record $40.92 billion in his first five-year term, nearly three times the divestment proceeds of $14.52 billion achieved by the Congress party government in 2009-2014. Modi was re-elected for a second term in a landslide victory in April-May.

The government has identified a number of state-owned firms, including explorer Oil and Natural Gas Corp, oil refiner Indian Oil Corp, gas transmitter GAIL (India) Ltd, power producers NHPC Ltd and NTPC, miners NMDC Ltd and Coal India, and Bharat Heavy Electricals Ltd, said the sources, who declined to be named due to the sensitive nature of the matter.

"We have done a calculation on current prices and we could get 3.25 trillion rupees if we bring our stake down to 40% in government companies, excluding banks," one of the officials, said.

The government has plans to raise as much as 3.25 trillion rupees in the next five years by reducing its stakes in some large state-owned firms to 40%, two senior government officials told Reuters, in the nation's biggest privatisation push in more than two decades.

The government has plans to raise as much as 3.25 trillion rupees in the next five years by reducing its stakes in some large state-owned firms to 40%, two senior government officials told Reuters, in the nation's biggest privatisation push in more than two decades. Last week, finance minister Nirmala Sitharaman in her budget announced that the government will look to reduce direct controlling stakes in some state-run firms on a case-by-case basis. The plan will open up a steady stream of state companies to greater private investment, and target the kind of annual divestment revenue that will be crucial to meet fiscal deficit targets. Prime Minister Narendra Modi's administration already sold government stakes in a host of companies to raise a record $40.92 billion in his first five-year term, nearly three times the divestment proceeds of $14.52 billion achieved by the Congress party government in 2009-2014. Modi was re-elected for a second term in a landslide victory in April-May. The government has identified a number of state-owned firms, including explorer Oil and Natural Gas Corp, oil refiner Indian Oil Corp, gas transmitter GAIL (India) Ltd, power producers NHPC Ltd and NTPC, miners NMDC Ltd and Coal India, and Bharat Heavy Electricals Ltd, said the sources, who declined to be named due to the sensitive nature of the matter. "We have done a calculation on current prices and we could get 3.25 trillion rupees if we bring our stake down to 40% in government companies, excluding banks," one of the officials, said.

Government seeks to raise $47 billion from stake sales in state firms over five years: Sources

A US delegation is in New Delhi to hammer out differences over <a href="https://www.wionews.com/business-economy/amid-escalating-trade-tensions-us-india-begin-talks-235230">India's new investment rules</a> for the e-commerce which has considerably grown in size in last one decade. The bone of contention is a rule put in place by Prime Minister Narendra Modi just before the Lok Sabha elections.

The new rules barred companies from selling products via firms in which they have an equity interest and also from making deals with sellers to sell exclusively on their platform.

It was done to protect India's small trader community which forms the political backbone of BJP. Small traders in India had been complaining to the government for a long time that they are steadily losing their business to foreign e-commerce giants. While the new rule helped the Indian business, it was not taken kindly by the US e-commerce giants.

It is learnt that Walmart told the US government privately in January that India's new investment rules for e-commerce were regressive and have the potential to hurt trade ties. Walmart had invested US $16 billion in Indian e-commerce giant Flipkart, its biggest acquisition ever globally.

India's Commerce Minister Piyush Goyal has said that the government was committed to protecting small traders, but open to ironing out policy-related issues. Goyal said on Twitter on Wednesday that he met Walmart international CEO Judith MC Kenna and discussed ways of boosting sales of Indian made products.

Walmart told the United States trade representative in January that its unit Flipkart, as well as Amazon, had opened many new distribution centres over the past three years in India, creating thousands of jobs and benefitting the customers.

The US delegation will return on Friday after concluding talks with the Indian government.

A US delegation is in New Delhi to hammer out differences over India's new investment rules for the e-commerce which has considerably grown in size in last one decade.

A US delegation is in New Delhi to hammer out differences over India's new investment rules for the e-commerce which has considerably grown in size in last one decade. The bone of contention is a rule put in place by Prime Minister Narendra Modi just before the Lok Sabha elections. The new rules barred companies from selling products via firms in which they have an equity interest and also from making deals with sellers to sell exclusively on their platform. It was done to protect India's small trader community which forms the political backbone of BJP. Small traders in India had been complaining to the government for a long time that they are steadily losing their business to foreign e-commerce giants. While the new rule helped the Indian business, it was not taken kindly by the US e-commerce giants. It is learnt that Walmart told the US government privately in January that India's new investment rules for e-commerce were regressive and have the potential to hurt trade ties. Walmart had invested US $16 billion in Indian e-commerce giant Flipkart, its biggest acquisition ever globally. India's Commerce Minister Piyush Goyal has said that the government was committed to protecting small traders, but open to ironing out policy-related issues. Goyal said on Twitter on Wednesday that he met Walmart international CEO Judith MC Kenna and discussed ways of boosting sales of Indian made products. Walmart told the United States trade representative in January that its unit Flipkart, as well as Amazon, had opened many new distribution centres over the past three years in India, creating thousands of jobs and benefitting the customers. The US delegation will return on Friday after concluding talks with the Indian government.

US delegation to discuss India's new e-commerce rules during trade talks

India's strong diesel demand growth is decoupling from the car market as motorists increasingly turn to gasoline vehicles, leaving it more reliant on patchy demand from construction and heavy industry.

A slowdown in demand growth in India -- one of Asia's biggest diesel guzzlers -- could add to a persistent glut of diesel in the region, fuelled in part by strong exports from China, and put pressure on regional refining profit margins.

Transportation has historically accounted for two-thirds of India's diesel use, but a steady decline in diesel's discount to gasoline has seen sales of diesel-powered cars fall to a record low share of total sales, according to industry body Society of Indian Automobile Manufacturers (SIAM).

This diminishing draw from autos means diesel demand growth in Asia's third-largest economy could now depend mainly on government and company infrastructure spending, rather than daily use by an increasingly mobile population.

India's economy grew at its slowest pace in more than four years in the March quarter and the risk of a wider fiscal deficit threatens government spending as private investment falls, leaving the outlook for construction activity appears uncertain over the near to medium term.

The largest drivers of diesel demand growth in India are commercial vehicles including trucks and public transport, where consumption is linked to the overall economy, followed by passenger vehicles, said K Ravichandran, senior vice president at ICRA, a unit of Moody's Investors Service.

"India's diesel demand growth will largely depend on the performance of the economy, now that diesel passenger vehicles have become less glamorous as the price differential with petrol is coming down," Ravichandran said.

Gear shift

Diesel-powered cars accounted for 19% of total car sales in India in the 2018/19 financial year, compared with nearly 50% of sales in 2012/13, according to SIAM.

That drop in diesel-fuelled auto sales, in turn, contributed to slower diesel consumption growth, from roughly 7% annually from 2010 through 2013, to 3% for 2018-19, according to data from the Ministry of Petroleum &amp; Natural gas.

Industry executives expect diesel sales to continue to struggle as diesel's historical price advantage to gasoline diminishes. In 2010, diesel traded at a roughly 23 rupees ($0.33) per litre discount to gasoline, but is now less than 7 rupees cheaper, according to Petroleum Planning and Analysis Cell, a think-tank attached to the federal oil ministry.

"The motivation for owning a diesel vehicle is basically the pricing. With that price differential reducing, there is going to be a preference for petrol vehicles," said M K Surana, the chairman of India's third-largest state refiner Hindustan Petroleum Corp Ltd

Surana expects diesel demand to grow 2.5%-3% in 2019/20, below India's petroleum ministry's initial projections of 3.5%.

The auto sector also expects diesel to struggle. Maruti Suzuki India Ltd, India's biggest automaker, will stop making diesel cars next fiscal year, blaming uncertain fuel prices and stricter emission standards.

Mahindra and Mahindra Ltd, India's third-largest automaker, plans to stop production of some diesel vehicles.

Beyond diesel, India's overall auto sales have been sluggish, recording the slowest pace of growth in four years in 2018-19, according to SIAM.

Farm sector slowdown

At the same time, a renewables push across the farm sector could cut diesel use in irrigation pumps if the government follows through on plans to boost solar generation capacity.

In February, India approved subsidised sales of solar pumps to millions of farmers, which it expects will cut diesel demand by about 1.1 million tonnes a year. The country consumed 83.5 million tonnes of diesel in 2018/19.

The government's ambitious target for electric vehicles to make up 30 per cent of auto sales by 2030 may also dent diesel demand.

Still, over the longer term, India's overall growth trajectory is expected to underpin fuel demand.

"Strong economic momentum should support industrial/freight activities, providing further impetus to long-term gasoil&nbsp;demand growth," said Sri Paravaikkarasu, director at Singapore-based consultancy FGE.

India's strong diesel demand growth is decoupling from the car market as motorists increasingly turn to gasoline vehicles, leaving it more reliant on patchy demand from construction and heavy industry.

India's strong diesel demand growth is decoupling from the car market as motorists increasingly turn to gasoline vehicles, leaving it more reliant on patchy demand from construction and heavy industry. A slowdown in demand growth in India -- one of Asia's biggest diesel guzzlers -- could add to a persistent glut of diesel in the region, fuelled in part by strong exports from China, and put pressure on regional refining profit margins. Transportation has historically accounted for two-thirds of India's diesel use, but a steady decline in diesel's discount to gasoline has seen sales of diesel-powered cars fall to a record low share of total sales, according to industry body Society of Indian Automobile Manufacturers (SIAM). This diminishing draw from autos means diesel demand growth in Asia's third-largest economy could now depend mainly on government and company infrastructure spending, rather than daily use by an increasingly mobile population. India's economy grew at its slowest pace in more than four years in the March quarter and the risk of a wider fiscal deficit threatens government spending as private investment falls, leaving the outlook for construction activity appears uncertain over the near to medium term. The largest drivers of diesel demand growth in India are commercial vehicles including trucks and public transport, where consumption is linked to the overall economy, followed by passenger vehicles, said K Ravichandran, senior vice president at ICRA, a unit of Moody's Investors Service. "India's diesel demand growth will largely depend on the performance of the economy, now that diesel passenger vehicles have become less glamorous as the price differential with petrol is coming down," Ravichandran said. Gear shift Diesel-powered cars accounted for 19% of total car sales in India in the 2018/19 financial year, compared with nearly 50% of sales in 2012/13, according to SIAM. That drop in diesel-fuelled auto sales, in turn, contributed to slower diesel consumption growth, from roughly 7% annually from 2010 through 2013, to 3% for 2018-19, according to data from the Ministry of Petroleum & Natural gas. Industry executives expect diesel sales to continue to struggle as diesel's historical price advantage to gasoline diminishes. In 2010, diesel traded at a roughly 23 rupees ($0.33) per litre discount to gasoline, but is now less than 7 rupees cheaper, according to Petroleum Planning and Analysis Cell, a think-tank attached to the federal oil ministry. "The motivation for owning a diesel vehicle is basically the pricing. With that price differential reducing, there is going to be a preference for petrol vehicles," said M K Surana, the chairman of India's third-largest state refiner Hindustan Petroleum Corp Ltd Surana expects diesel demand to grow 2.5%-3% in 2019/20, below India's petroleum ministry's initial projections of 3.5%. The auto sector also expects diesel to struggle. Maruti Suzuki India Ltd, India's biggest automaker, will stop making diesel cars next fiscal year, blaming uncertain fuel prices and stricter emission standards. Mahindra and Mahindra Ltd, India's third-largest automaker, plans to stop production of some diesel vehicles. Beyond diesel, India's overall auto sales have been sluggish, recording the slowest pace of growth in four years in 2018-19, according to SIAM. Farm sector slowdown At the same time, a renewables push across the farm sector could cut diesel use in irrigation pumps if the government follows through on plans to boost solar generation capacity. In February, India approved subsidised sales of solar pumps to millions of farmers, which it expects will cut diesel demand by about 1.1 million tonnes a year. The country consumed 83.5 million tonnes of diesel in 2018/19. The government's ambitious target for electric vehicles to make up 30 per cent of auto sales by 2030 may also dent diesel demand. Still, over the longer term, India's overall growth trajectory is expected to underpin fuel demand. "Strong economic momentum should support industrial/freight activities, providing further impetus to long-term gasoil demand growth," said Sri Paravaikkarasu, director at Singapore-based consultancy FGE.

India's diesel demand set for detour as drivers switch to gasoline

<a href="https://www.wionews.com/india-news/switzerland-steps-up-process-to-share-banking-information-11-indians-get-notices-in-a-day-221821">Reinsurance group Swiss Re</a> has suspended plans for a &nbsp;4.1 billion dollar initial public offering (IPO) of British life insurer ReAssure, which was set to start trading in London on Thursday, citing weak demand from institutional investors.

The cancellation comes as global share listings hit their lowest level in three years in the first six months, with a prolonged slowdown in Europe.

Listings that did go ahead, such as Volkswagen's truckmaker Traton, were cut in volume and priced at the low end of expectations.

Reuters reported on Wednesday that Swiss Re was considering postponing or restructuring the London listing due to limited investor appetite.

A Swiss Re spokeswoman said the Zurich-based group was not at present considering re-starting the IPO process for ReAssure this year but long-term options remained open.

Chief Financial Officer John Dacey said the group still intended to reduce its ownership in ReAssure.

"There has been no pressing need for Swiss Re to divest shares at a price that we consider to be unrepresentative of ReAssure's value and prospects," he added.

Swiss Re shares were indicated at 0.4 per cent lower in pre-market activity.

Under the flotation plans, Swiss Re would have cut its stake in ReAssure to below 50 per cent from 75 per cent now. Japan's MS&amp;AD Insurance Group Holdings intended to keep its holding at 25 per cent.

Swiss Re had set a price range of 2.80 to 3.30 pounds per share for ReAssure, Britain's sixth-largest life insurer, valuing it at up to 3.3 billion pounds ($4.14 billion).

Swiss Re wanted to spin off ReAssure to put the business under a more favourable regulatory regime and give it easier access to capital to fund its expansion.

It hired Credit Suisse, Morgan Stanley, and UBS to work as joint global coordinators, while BNP Paribas and HSBC acted as joint book runners.

($1 = 0.7980 pounds)

Reinsurance group Swiss Re has suspended plans for a 4.1 billion dollar initial public offering (IPO) of British life insurer ReAssure, which was set to start trading in London on Thursday, citing weak demand from institutional investors.

Reinsurance group Swiss Re has suspended plans for a 4.1 billion dollar initial public offering (IPO) of British life insurer ReAssure, which was set to start trading in London on Thursday, citing weak demand from institutional investors. The cancellation comes as global share listings hit their lowest level in three years in the first six months, with a prolonged slowdown in Europe. Listings that did go ahead, such as Volkswagen's truckmaker Traton, were cut in volume and priced at the low end of expectations. Reuters reported on Wednesday that Swiss Re was considering postponing or restructuring the London listing due to limited investor appetite. A Swiss Re spokeswoman said the Zurich-based group was not at present considering re-starting the IPO process for ReAssure this year but long-term options remained open. Chief Financial Officer John Dacey said the group still intended to reduce its ownership in ReAssure. "There has been no pressing need for Swiss Re to divest shares at a price that we consider to be unrepresentative of ReAssure's value and prospects," he added. Swiss Re shares were indicated at 0.4 per cent lower in pre-market activity. Under the flotation plans, Swiss Re would have cut its stake in ReAssure to below 50 per cent from 75 per cent now. Japan's MS&AD Insurance Group Holdings intended to keep its holding at 25 per cent. Swiss Re had set a price range of 2.80 to 3.30 pounds per share for ReAssure, Britain's sixth-largest life insurer, valuing it at up to 3.3 billion pounds ($4.14 billion). Swiss Re wanted to spin off ReAssure to put the business under a more favourable regulatory regime and give it easier access to capital to fund its expansion. It hired Credit Suisse, Morgan Stanley, and UBS to work as joint global coordinators, while BNP Paribas and HSBC acted as joint book runners. ($1 = 0.7980 pounds)

Swiss Re puts off $4 billion ReAssure IPO amid weak demand

<a href="https://www.wionews.com/business-%26-economy/vistaras-big-expansion-plan-to-buy-19-boeing-airbus-aircraft-for-rs-21000-crore-150734">Indian full-service airline Vistara</a> said on Thursday it would launch its international flights in August, a year later than anticipated, with <a href="https://www.wionews.com/entertainment/singapore-dj-withdraws-from-tedx-talk-over-gay-censorship-232983">Singapore</a> as its first destination.

The carrier, a joint venture between Tata Sons and Singapore Airlines Ltd, will launch one daily flight from Delhi and one from Mumbai to the city-state, a popular destination for Indian travelers.

The loss-making Vistara airline has said the launch of international flights, which will give it a greater scale to grow, is part of its path to profitability.

The new services could also ease pressure on international airfares from India, which rose by as much as 32 per cent after the collapse of Jet Airways Ltd in April.

Vistara met the requirement of having more than 20 jets needed for international flights in June 2018. However, it took longer than expected to receive further regulatory approvals, which proved a setback at a time when the domestic market was highly competitive.

The Jet collapse, which has also pushed up domestic prices, led Vistara to add 6 Boeing Co 737s to its previously all-Airbus SE A320 fleet to fill a supply gap. Vistara said it would use the 737s on flights to Singapore.

"We're excited to start with Singapore as our first international destination, which we see as a very important market given the opportunities it presents for corporate, business as well as leisure travel," Vistara CEO Leslie Thng said in a statement.

The airline has ordered 6 long-range Boeing 787s, which will arrive from next year, giving it the ability to launch flights to more distant destinations.

Cash-strapped Air India, which the government hopes to sell, is the only Indian airline operating widebody planes since Jet stopped flying, but foreign carriers such as Virgin Atlantic and Delta Air Lines have announced plans to add services.

Low-cost carrier AirAsia India, a joint venture between Tata Sons and AirAsia Group Bhd that operates narrowbodies, is also seeking approvals to launch international flights.

AirAsia India reached the 20 plane milestone in December and has said it wants to connect Indian passengers to destinations in Southeast Asia.

Indian full-service airline Vistara said on Thursday it would launch its international flights in August, a year later than anticipated, with Singapore as its first destination.

Indian full-service airline Vistara said on Thursday it would launch its international flights in August, a year later than anticipated, with Singapore as its first destination. The carrier, a joint venture between Tata Sons and Singapore Airlines Ltd, will launch one daily flight from Delhi and one from Mumbai to the city-state, a popular destination for Indian travelers. The loss-making Vistara airline has said the launch of international flights, which will give it a greater scale to grow, is part of its path to profitability. The new services could also ease pressure on international airfares from India, which rose by as much as 32 per cent after the collapse of Jet Airways Ltd in April. Vistara met the requirement of having more than 20 jets needed for international flights in June 2018. However, it took longer than expected to receive further regulatory approvals, which proved a setback at a time when the domestic market was highly competitive. The Jet collapse, which has also pushed up domestic prices, led Vistara to add 6 Boeing Co 737s to its previously all-Airbus SE A320 fleet to fill a supply gap. Vistara said it would use the 737s on flights to Singapore. "We're excited to start with Singapore as our first international destination, which we see as a very important market given the opportunities it presents for corporate, business as well as leisure travel," Vistara CEO Leslie Thng said in a statement. The airline has ordered 6 long-range Boeing 787s, which will arrive from next year, giving it the ability to launch flights to more distant destinations. Cash-strapped Air India, which the government hopes to sell, is the only Indian airline operating widebody planes since Jet stopped flying, but foreign carriers such as Virgin Atlantic and Delta Air Lines have announced plans to add services. Low-cost carrier AirAsia India, a joint venture between Tata Sons and AirAsia Group Bhd that operates narrowbodies, is also seeking approvals to launch international flights. AirAsia India reached the 20 plane milestone in December and has said it wants to connect Indian passengers to destinations in Southeast Asia.

Vistara to launch first international flights in August

Apple Inc's top-end iPhones, assembled in India by Foxconn's local unit, are likely to hit Indian stores next month, a source said, potentially helping the tech giant drop prices in the world's second-biggest smartphone market.

Some approvals are pending, but the India-made iPhone XR and XS devices are expected to hit the market by August, the source said, asking not to be named as the matter is not public.

Apple did not immediately respond to a request for comment. Foxconn said it does not comment on customers or their products.

Expanding local assembly will help Apple save on high taxes levied on the import of fully-built devices, as well as meet local sourcing norms for opening its own retail stores in India.

Apple's devices are coveted by millions of Indians, but its premium pricing has limited its market share to a meagre 1 per cent to the gain of rivals such as China's OnePlus.

Reuters had previously reported that the local unit of Hon Hai Precision Industry Co, widely known as Foxconn, would this year begin assembling iPhone X family devices in India's southern Tamil Nadu state.

Cupertino, California-headquartered Apple also assembles the lower-cost SE, 6S and 7 models in India through Wistron Corp's local unit in the tech hub of Bengaluru.

"Local production will give Apple the leeway to play with the margins of their distributors and indirectly price their phones lower," said Rushabh Doshi, a research director at tech consultancy Canalys.

Trade war

Prime Minister Narendra Modi's government has tried to position South Asia's third-biggest economy as a hub for smartphone manufacturing, wooing global players with access to a market with over a billion wireless connections and cheap labour.

That push has met with some success as global smartphone giants including Samsung and China's Oppo have expanded rapidly in India, and contract manufacturers like Foxconn have ramped up domestic operations.

Beyond fulfilling local demand, companies such as Apple could also use India as an export hub to soften the impact of a bruising trade war between the United States and China, according to technology analysts.

Apple cut its fiscal first-quarter sales forecast, blaming slowing iPhone sales in China where uncertainty around US-China trade relations has hurt the economy.

Some of the Wistron assembled iPhone 6s and 7 are being exported from India to markets in Europe, Neil Shah of Hong-King based tech researcher Counterpoint said.

Wistron's India head declined to comment.

Apple Inc's top-end iPhones, assembled in India by Foxconn's local unit, are likely to hit Indian stores next month, a source said, potentially helping the tech giant drop prices in the world's second-biggest smartphone market.

Apple Inc's top-end iPhones, assembled in India by Foxconn's local unit, are likely to hit Indian stores next month, a source said, potentially helping the tech giant drop prices in the world's second-biggest smartphone market. Some approvals are pending, but the India-made iPhone XR and XS devices are expected to hit the market by August, the source said, asking not to be named as the matter is not public. Apple did not immediately respond to a request for comment. Foxconn said it does not comment on customers or their products. Expanding local assembly will help Apple save on high taxes levied on the import of fully-built devices, as well as meet local sourcing norms for opening its own retail stores in India. Apple's devices are coveted by millions of Indians, but its premium pricing has limited its market share to a meagre 1 per cent to the gain of rivals such as China's OnePlus. Reuters had previously reported that the local unit of Hon Hai Precision Industry Co, widely known as Foxconn, would this year begin assembling iPhone X family devices in India's southern Tamil Nadu state. Cupertino, California-headquartered Apple also assembles the lower-cost SE, 6S and 7 models in India through Wistron Corp's local unit in the tech hub of Bengaluru. "Local production will give Apple the leeway to play with the margins of their distributors and indirectly price their phones lower," said Rushabh Doshi, a research director at tech consultancy Canalys. Trade war Prime Minister Narendra Modi's government has tried to position South Asia's third-biggest economy as a hub for smartphone manufacturing, wooing global players with access to a market with over a billion wireless connections and cheap labour. That push has met with some success as global smartphone giants including Samsung and China's Oppo have expanded rapidly in India, and contract manufacturers like Foxconn have ramped up domestic operations. Beyond fulfilling local demand, companies such as Apple could also use India as an export hub to soften the impact of a bruising trade war between the United States and China, according to technology analysts. Apple cut its fiscal first-quarter sales forecast, blaming slowing iPhone sales in China where uncertainty around US-China trade relations has hurt the economy. Some of the Wistron assembled iPhone 6s and 7 are being exported from India to markets in Europe, Neil Shah of Hong-King based tech researcher Counterpoint said. Wistron's India head declined to comment.

Apple's India-made top-end iPhones to hit stores next month: Source

Walmart told the <a href="https://www.wionews.com/india-news/india-us-trade-talks-to-restart-friday-amid-few-signs-of-compromise-234949">US government </a>privately in January that India's new investment rules for e-commerce were regressive and had the potential to hurt<a href="https://www.wionews.com/india-news/indias-high-tariffs-on-american-products-no-longer-acceptable-says-us-president-donald-trump-234420"> trade ties</a>, a company document was seen by Reuters showed.

The lobbying effort yielded no result at the time - India implemented the new rules from February 1 - but the document underlines the level of concern at Walmart about the rules. Differences over e-commerce regulations have become one of the biggest issues in frayed trade ties between New Delhi and Washington.

"It came as a total surprise ... this is a major change and a regressive policy shift," Walmart`s Senior Director for Global Government Affairs Sarah Thorn told the Office of the United States Trade Representative (USTR) in an e-mail on January 7.

Just months earlier, Walmart had invested $16 billion in Indian e-commerce giant Flipkart, its biggest ever acquisition globally.

In a statement to Reuters on Thursday, Walmart said it regularly offers input to the U.S. and Indian governments on policy issues and this was a "past issue and Walmart and Flipkart are looking ahead".

The USTR did not respond to a request for comment.

In the January letter to the USTR, Walmart said it wanted a six-month delay in the implementation of the rules, but that did not happen. Washington did raise concerns about the policy with New Delhi, but India gave a non-committal response, an Indian trade ministry official told Reuters at the time.

Walmart`s problems in India highlight the regulatory complications it faces as it restructures its international business to boost growth and online sales. Mexico`s competition regulator recently blocked its acquisition of delivery app Cornershop, while in Britain it was stopped from merging its British arm Asda with rival Sainsbury's.

These issues, however, have failed to unnerve Walmart investors. Walmart shares have risen 21 per cent, compared with a 19 per cent increase for the S&amp;P 500 since the start of the year.

New India rules

E-commerce is likely to again be on the agenda on Friday when a USTR delegation meets Indian trade officials in New Delhi.

In its January representation, Walmart told the USTR that India`s new policy wasn't good for global businesses, highlighting that its foreign direct investment would help Flipkart grow and result in "significant" tax revenues for New Delhi.

"Changing rules to hinder international business following major investments ... will have important implications for India FDI goals and add unnecessary pressure to trade discussions," Walmart said in its note.

The new rules barred companies from selling products via firms in which they have an equity interest and also from making deals with sellers to sell exclusively on their platforms.

Amazon.com Inc removed thousands of products from its India website briefly in February as it initially struggled to comply with the new policy. Flipkart was forced to rework some of its vendor relationships, sources told Reuters at the time.

The policy, implemented by Prime Minister Narendra Modi months before his re-election in May, was seen aimed at winning the support of small Indian traders, who had long complained they were losing business due to the steep discounts offered by foreign e-commerce giants.

"The action appears in every respect ... intended to placate Indian companies and local traders," Walmart told the USTR.

Small traders vs Big retailers

Reuters obtained the two-page representation Walmart sent to the USTR through a Freedom of Information Act request first filed in January. The USTR in February provided a heavily-redacted version of the document, citing confidentiality reasons. In consultation with Walmart, it withdrew most of those redactions this week following an appeal from Reuters.

Although Reuters asked for both Amazon and Walmart`s communications, the USTR responded saying it found only one e-mail with Walmart`s representation between Dec. 22 and Jan. 28, the period for which the records were searched.

Since the policy has been announced, Indian oil-to-telecoms conglomerate Reliance Industries has repeatedly talked about its plans to diversify into e-commerce.

Walmart's document released to Reuters did not name Reliance, but the Bentonville, Arkansas-based company argued the policy discriminated against foreign firms, and not just in favour of small domestic players.

"The purported rationale of such regulations is to protect small retail players who are seen to be threatened," Walmart said, but added: "This argument does not account for why there should be differentiated treatment between large foreign eCommerce companies, and large domestic companies."

In the past six months, several Walmart executives have also weighed in publicly on India`s new e-commerce policy, including Chief Executive Doug McMillon, who said in February the company was disappointed by the Indian government`s decision.

"We hope for a collaborative regulatory process going forward, which results in a level playing field," he said.

Defending e-commerce

India's Commerce Minister Piyush Goyal has said the government was committed to protecting small traders, but open to ironing out policy-related issues. Goyal said on Twitter on Wednesday he had met Walmart International`s CEO, Judith McKenna, and discussed ways of boosting sales of Indian-made products.

In a closed-door meeting last month, however, Goyal warned both Flipkart and Amazon to comply with the new rules in letter and spirit, and questioned them on their discounting policies, Reuters has reported.

The Walmart spokeswoman on Thursday said that, in line with the company's commitment to India, it looked forward to contributing to the country's retail ecosystem. "Walmart has had good consultations with the Government of India," she said.

Amazon was not aware of Walmart`s January representation to the USTR, according to a person with direct knowledge. The company in a statement said it continued to engage with New Delhi to enhance infrastructure and create jobs.

Walmart told the USTR in January that its unit Flipkart, as well as Amazon, had opened many new distribution centres over the past three years in India, creating thousands of jobs and greatly benefiting to consumers.

It warned of "serious consequences" if the new policy was implemented hastily. "The lack of policy stability makes it very difficult for companies to continue planned investments, both in the eCommerce sector and beyond," Walmart wrote.

Walmart told the US government privately in January that India's new investment rules for e-commerce were regressive and had the potential to hurt trade ties, a company document was seen by Reuters showed.

Walmart told the US government privately in January that India's new investment rules for e-commerce were regressive and had the potential to hurt trade ties, a company document was seen by Reuters showed. The lobbying effort yielded no result at the time - India implemented the new rules from February 1 - but the document underlines the level of concern at Walmart about the rules. Differences over e-commerce regulations have become one of the biggest issues in frayed trade ties between New Delhi and Washington. "It came as a total surprise ... this is a major change and a regressive policy shift," Walmart`s Senior Director for Global Government Affairs Sarah Thorn told the Office of the United States Trade Representative (USTR) in an e-mail on January 7. Just months earlier, Walmart had invested $16 billion in Indian e-commerce giant Flipkart, its biggest ever acquisition globally. In a statement to Reuters on Thursday, Walmart said it regularly offers input to the U.S. and Indian governments on policy issues and this was a "past issue and Walmart and Flipkart are looking ahead". The USTR did not respond to a request for comment. In the January letter to the USTR, Walmart said it wanted a six-month delay in the implementation of the rules, but that did not happen. Washington did raise concerns about the policy with New Delhi, but India gave a non-committal response, an Indian trade ministry official told Reuters at the time. Walmart`s problems in India highlight the regulatory complications it faces as it restructures its international business to boost growth and online sales. Mexico`s competition regulator recently blocked its acquisition of delivery app Cornershop, while in Britain it was stopped from merging its British arm Asda with rival Sainsbury's. These issues, however, have failed to unnerve Walmart investors. Walmart shares have risen 21 per cent, compared with a 19 per cent increase for the S&P 500 since the start of the year. New India rules E-commerce is likely to again be on the agenda on Friday when a USTR delegation meets Indian trade officials in New Delhi. In its January representation, Walmart told the USTR that India`s new policy wasn't good for global businesses, highlighting that its foreign direct investment would help Flipkart grow and result in "significant" tax revenues for New Delhi. "Changing rules to hinder international business following major investments ... will have important implications for India FDI goals and add unnecessary pressure to trade discussions," Walmart said in its note. The new rules barred companies from selling products via firms in which they have an equity interest and also from making deals with sellers to sell exclusively on their platforms. Amazon.com Inc removed thousands of products from its India website briefly in February as it initially struggled to comply with the new policy. Flipkart was forced to rework some of its vendor relationships, sources told Reuters at the time. The policy, implemented by Prime Minister Narendra Modi months before his re-election in May, was seen aimed at winning the support of small Indian traders, who had long complained they were losing business due to the steep discounts offered by foreign e-commerce giants. "The action appears in every respect ... intended to placate Indian companies and local traders," Walmart told the USTR. Small traders vs Big retailers Reuters obtained the two-page representation Walmart sent to the USTR through a Freedom of Information Act request first filed in January. The USTR in February provided a heavily-redacted version of the document, citing confidentiality reasons. In consultation with Walmart, it withdrew most of those redactions this week following an appeal from Reuters. Although Reuters asked for both Amazon and Walmart`s communications, the USTR responded saying it found only one e-mail with Walmart`s representation between Dec. 22 and Jan. 28, the period for which the records were searched. Since the policy has been announced, Indian oil-to-telecoms conglomerate Reliance Industries has repeatedly talked about its plans to diversify into e-commerce. Walmart's document released to Reuters did not name Reliance, but the Bentonville, Arkansas-based company argued the policy discriminated against foreign firms, and not just in favour of small domestic players. "The purported rationale of such regulations is to protect small retail players who are seen to be threatened," Walmart said, but added: "This argument does not account for why there should be differentiated treatment between large foreign eCommerce companies, and large domestic companies." In the past six months, several Walmart executives have also weighed in publicly on India`s new e-commerce policy, including Chief Executive Doug McMillon, who said in February the company was disappointed by the Indian government`s decision. "We hope for a collaborative regulatory process going forward, which results in a level playing field," he said. Defending e-commerce India's Commerce Minister Piyush Goyal has said the government was committed to protecting small traders, but open to ironing out policy-related issues. Goyal said on Twitter on Wednesday he had met Walmart International`s CEO, Judith McKenna, and discussed ways of boosting sales of Indian-made products. In a closed-door meeting last month, however, Goyal warned both Flipkart and Amazon to comply with the new rules in letter and spirit, and questioned them on their discounting policies, Reuters has reported. The Walmart spokeswoman on Thursday said that, in line with the company's commitment to India, it looked forward to contributing to the country's retail ecosystem. "Walmart has had good consultations with the Government of India," she said. Amazon was not aware of Walmart`s January representation to the USTR, according to a person with direct knowledge. The company in a statement said it continued to engage with New Delhi to enhance infrastructure and create jobs. Walmart told the USTR in January that its unit Flipkart, as well as Amazon, had opened many new distribution centres over the past three years in India, creating thousands of jobs and greatly benefiting to consumers. It warned of "serious consequences" if the new policy was implemented hastily. "The lack of policy stability makes it very difficult for companies to continue planned investments, both in the eCommerce sector and beyond," Walmart wrote.

India's e-commerce rules regressive, potential to hurt trade ties: Walmart told US government

Domestic stock markets on Thursday opened in green with BSE Sensex registering a gain of around 194 points at 38,751.62 in morning trade today. NSE Nifty, on the other hand, climbed up by 62 points to open at 11,561.45.&nbsp;

On Wednesday, <a href="news.com/business-economy/nifty-sensex-close-lower-financials-drag-234651">the benchmark indices closed lower</a>. While Nifty closed down 0.49 per cent at 11,498.90, the benchmark BSE Sensex settled 0.45 per cent lower at 38,557.04 yesterday.

Earlier in the day on Wednesday, the stock market opened on a negative note.

BSE Sensex lost around 28 points as compared to its previous of 38,730.82 points, recording 38,701.99 in morning trade. It made a quick recovery, touching a high of 38,854.85.&nbsp;

NSE Nifty, on the other hand, opened at 11,536.15 - down by over 19 points - as compared to its previous close of 11,555.90. It touched 11,593.70 in morning trade yesterday. &nbsp;

Domestic stock markets on Thursday opened in green with BSE Sensex registering a gain of around 194 points at 38,751.62 in morning trade today. NSE Nifty, on the other hand, climbed up by 62 points to open at 11,561.

Domestic stock markets on Thursday opened in green with BSE Sensex registering a gain of around 194 points at 38,751.62 in morning trade today. NSE Nifty, on the other hand, climbed up by 62 points to open at 11,561.45. On Wednesday, the benchmark indices closed lower. While Nifty closed down 0.49 per cent at 11,498.90, the benchmark BSE Sensex settled 0.45 per cent lower at 38,557.04 yesterday. Earlier in the day on Wednesday, the stock market opened on a negative note. BSE Sensex lost around 28 points as compared to its previous of 38,730.82 points, recording 38,701.99 in morning trade. It made a quick recovery, touching a high of 38,854.85. NSE Nifty, on the other hand, opened at 11,536.15 - down by over 19 points - as compared to its previous close of 11,555.90. It touched 11,593.70 in morning trade yesterday.

Positive morning for stock market; Sensex gains 194 points, Nifty hovers over 11,500 mark 

Wall Street stocks cheered dovish testimony from Federal Reserve Chair Jerome Powell on Wednesday, lifting the Nasdaq to a fresh record while the prospect of looser monetary <a href="https://www.wionews.com/world/sp-500-hits-3000-for-the-first-time-as-fed-signals-possible-rate-cut-234770">policy pressured the dollar</a>.

In the first of two days of congressional testimony, Powell said many central bankers believed the case for lower rates "had strengthened" as myriad trade conflicts cloud the growth outlook.

Since the June meeting, when Powell's dovish remarks were interpreted as signalling a possible cut, "it appears that uncertainties around trade tension and concerns about the strength of the global economy continue to weigh on the US economic outlook," Powell said.

The remarks confirmed to broad investor expectations about what Powell would say and appeared to quash speculation that last week's strong US jobs report would prevent a rate cut later this month.

Powell has been under constant pressure from US President Donald Trump to cut interest rates but said again Wednesday that White House sniping played no role in his outlook.

All three major indices surged to all-time intraday records near the start of the Wall Street session after Powell's written congressional testimony was released. But the tech-rich Nasdaq Composite Index was the only one to hold the record, ending at 8,202.53, up 0.8 per cent.

The Dow and S&amp;P 500 also finished higher on a day in which European stocks retreated and leading Asian bourses were mixed.

The dollar also shifted course following Powell's remarks.

The US currency had rallied following the jobs report but "today's testimony implies that a rate cut is a 'done deal,'" said Matt Weller in a note on Forex.com.

Heading into Wednesday's much-anticipated hearing, many investors had taken an interest rate cut as a near certainty, viewing the next meeting as a question of how aggressively the Fed would act.

"I don't think it's changed anything. Everyone expected him to cut in July," said Maris Ogg of Tower Bridge Advisors, who thinks the Fed will undertake a 25 basis point cut in interest rates this month.

"But a cut of 50 basis points is not gonna happen," Ogg said. "We're not seeing that much weakness and it would indicate that something is not working well."

Following the testimony, most investors still predicted a smaller interest rate cut but a solid minority bet on a larger 50 basis point cut.

Christopher Vecchio of Daily FX, meanwhile, said Powell's appearance "laid the groundwork for a series of interest rate cuts over the coming months."

In other markets, oil prices jumped more than two per cent after a government inventory report showed a massive drop in US stockpiles last week. Traders also cheered reports that Russian output fell in July to its lowest in nearly three years.

Other factors boosting oil prices included continued diplomatic tensions involving OPEC member Iran and a storm in the Gulf of Mexico that prompted some producers to evacuate offshore workers and suspend some output.

Wall Street stocks cheered dovish testimony from Federal Reserve Chair Jerome Powell on Wednesday, lifting the Nasdaq to a fresh record while the prospect of looser monetary policy pressured the dollar.

Wall Street stocks cheered dovish testimony from Federal Reserve Chair Jerome Powell on Wednesday, lifting the Nasdaq to a fresh record while the prospect of looser monetary policy pressured the dollar. In the first of two days of congressional testimony, Powell said many central bankers believed the case for lower rates "had strengthened" as myriad trade conflicts cloud the growth outlook. Since the June meeting, when Powell's dovish remarks were interpreted as signalling a possible cut, "it appears that uncertainties around trade tension and concerns about the strength of the global economy continue to weigh on the US economic outlook," Powell said. The remarks confirmed to broad investor expectations about what Powell would say and appeared to quash speculation that last week's strong US jobs report would prevent a rate cut later this month. Powell has been under constant pressure from US President Donald Trump to cut interest rates but said again Wednesday that White House sniping played no role in his outlook. All three major indices surged to all-time intraday records near the start of the Wall Street session after Powell's written congressional testimony was released. But the tech-rich Nasdaq Composite Index was the only one to hold the record, ending at 8,202.53, up 0.8 per cent. The Dow and S&P 500 also finished higher on a day in which European stocks retreated and leading Asian bourses were mixed. The dollar also shifted course following Powell's remarks. The US currency had rallied following the jobs report but "today's testimony implies that a rate cut is a 'done deal,'" said Matt Weller in a note on Forex.com. Heading into Wednesday's much-anticipated hearing, many investors had taken an interest rate cut as a near certainty, viewing the next meeting as a question of how aggressively the Fed would act. "I don't think it's changed anything. Everyone expected him to cut in July," said Maris Ogg of Tower Bridge Advisors, who thinks the Fed will undertake a 25 basis point cut in interest rates this month. "But a cut of 50 basis points is not gonna happen," Ogg said. "We're not seeing that much weakness and it would indicate that something is not working well." Following the testimony, most investors still predicted a smaller interest rate cut but a solid minority bet on a larger 50 basis point cut. Christopher Vecchio of Daily FX, meanwhile, said Powell's appearance "laid the groundwork for a series of interest rate cuts over the coming months." In other markets, oil prices jumped more than two per cent after a government inventory report showed a massive drop in US stockpiles last week. Traders also cheered reports that Russian output fell in July to its lowest in nearly three years. Other factors boosting oil prices included continued diplomatic tensions involving OPEC member Iran and a storm in the Gulf of Mexico that prompted some producers to evacuate offshore workers and suspend some output.

Nasdaq ends at record high, dollar falls as US Federal Reserve signals possible rate cut

<a href="https://www.wionews.com/world/russia-agrees-with-saudi-arabia-to-extend-opec-and-oil-output-deal-231649">OPEC</a> on Thursday forecast world demand for its crude will decline next year as rivals pump more, pointing to the return of a surplus despite an OPEC-led pact to restrain supplies.

The drop in demand for OPEC crude highlights the sustained boost that OPEC's policy to support prices by supply cuts is giving to US shale and other rival supply. This potentially gives US President Donald Trump more room to keep up sanctions on OPEC members Iran and <a href="https://www.wionews.com/opinions/indigenous-people-are-forgotten-victims-of-the-ongoing-crisis-in-venezuela-215018">Venezuela</a>.

Giving its first 2020 forecasts in a monthly report, the Organization of the Petroleum Exporting Countries said the world would need 29.27 million barrels per day (bpd) of crude from its 14 members next year, down 1.34 million bpd from this year.

"US tight crude production is anticipated to continue to grow as new pipelines will allow more Permian crude to flow to the US Gulf Coast export hub," OPEC said, using another term for shale oil.

OPEC in the report also forecast that world oil demand would rise at the same pace as this year and that the world economy would expand at this year's pace, despite slower growth in the United States and China.

"The 2020 forecast assumes that no further downside risks materialize, particularly that trade-related issues do not escalate further," OPEC said of the economic outlook.

"Brexit poses an additional risk, as does a continuation in the current slowdown in manufacturing activity."

OPEC, Russia and other producers have since Jan. 1 implemented a deal to cut output by 1.2 million bpd. The alliance, known as OPEC+, last week renewed the pact until March 2020 to avoid a build-up of inventories that could hit prices.

Oil pared earlier gains after the report was released, although prices were still trading above $67 a barrel after three Iranian vessels tried to block a British ship in the Strait of Hormuz oil chokepoint.

Despite the supply cut, oil has tumbled from April's 2019 peak above $75, pressured by concerns over the US-China trade dispute and an economic slowdown.

OPEC also oil inventories in developed economies rose in May, suggesting a trend that could raise concern over a possible oil glut.

Stocks in May exceeded the five-year average - a yardstick OPEC watches closely - by 25 million barrels.

Output Drop

OPEC said its oil output in June fell by 68,000 bpd to 29.83 million bpd as US sanctions on Iran boosted the impact of the supply pact.

According to figures OPEC collects from secondary sources, supply from Iran posted the biggest decline, by 142,000 bpd, as Washington tightened the screws on Iranian exports.

Top exporter Saudi Arabia increased output by 126,000 bpd to 9.81 million bpd in June but continued to voluntarily pump less than the supply pact allows it to in order to bolster the market. Nigeria, seeking a higher OPEC quota, posted the group's largest boost in output.

With 2020 demand for OPEC crude expected to average 29.27 million bpd, OPEC's report suggests there will be a 2020 supply surplus of over 500,000 bpd if OPEC keeps pumping at June's rate and other things remain equal.

OPEC on Thursday forecast world demand for its crude will decline next year as rivals pump more, pointing to the return of a surplus despite an OPEC-led pact to restrain supplies.

OPEC on Thursday forecast world demand for its crude will decline next year as rivals pump more, pointing to the return of a surplus despite an OPEC-led pact to restrain supplies. The drop in demand for OPEC crude highlights the sustained boost that OPEC's policy to support prices by supply cuts is giving to US shale and other rival supply. This potentially gives US President Donald Trump more room to keep up sanctions on OPEC members Iran and Venezuela. Giving its first 2020 forecasts in a monthly report, the Organization of the Petroleum Exporting Countries said the world would need 29.27 million barrels per day (bpd) of crude from its 14 members next year, down 1.34 million bpd from this year. "US tight crude production is anticipated to continue to grow as new pipelines will allow more Permian crude to flow to the US Gulf Coast export hub," OPEC said, using another term for shale oil. OPEC in the report also forecast that world oil demand would rise at the same pace as this year and that the world economy would expand at this year's pace, despite slower growth in the United States and China. "The 2020 forecast assumes that no further downside risks materialize, particularly that trade-related issues do not escalate further," OPEC said of the economic outlook. "Brexit poses an additional risk, as does a continuation in the current slowdown in manufacturing activity." OPEC, Russia and other producers have since Jan. 1 implemented a deal to cut output by 1.2 million bpd. The alliance, known as OPEC+, last week renewed the pact until March 2020 to avoid a build-up of inventories that could hit prices. Oil pared earlier gains after the report was released, although prices were still trading above $67 a barrel after three Iranian vessels tried to block a British ship in the Strait of Hormuz oil chokepoint. Despite the supply cut, oil has tumbled from April's 2019 peak above $75, pressured by concerns over the US-China trade dispute and an economic slowdown. OPEC also oil inventories in developed economies rose in May, suggesting a trend that could raise concern over a possible oil glut. Stocks in May exceeded the five-year average - a yardstick OPEC watches closely - by 25 million barrels. Output Drop OPEC said its oil output in June fell by 68,000 bpd to 29.83 million bpd as US sanctions on Iran boosted the impact of the supply pact. According to figures OPEC collects from secondary sources, supply from Iran posted the biggest decline, by 142,000 bpd, as Washington tightened the screws on Iranian exports. Top exporter Saudi Arabia increased output by 126,000 bpd to 9.81 million bpd in June but continued to voluntarily pump less than the supply pact allows it to in order to bolster the market. Nigeria, seeking a higher OPEC quota, posted the group's largest boost in output. With 2020 demand for OPEC crude expected to average 29.27 million bpd, OPEC's report suggests there will be a 2020 supply surplus of over 500,000 bpd if OPEC keeps pumping at June's rate and other things remain equal.

OPEC sees lower 2020 demand for its oil, points to surplus

Domestic stock market indices ended higher on Thursday, driven by broad-based gains and tracking strength across global equities, after dovish comments by the US.

Federal Reserve Chairman Jerome Powell reignited rate-cut hopes.

The broader <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/sensex-nifty-open-in-red-why-stock-markets-did-not-like-the-budget-233896&amp;sa=U&amp;ved=2ahUKEwjg2tmm2azjAhXh73MBHbu9BkIQFjACegQIDxAC&amp;usg=AOvVaw3hPhOdGMSP_cejdWntbYVZ">Nifty</a> closed up 0.73% at 11,582.90, while the benchmark <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/post-budget-sensex-down-over-630-points-pnb-stocks-falls-further-233908&amp;sa=U&amp;ved=2ahUKEwjg2tmm2azjAhXh73MBHbu9BkIQFjABegQIDhAC&amp;usg=AOvVaw2FnU-1_YIp9S9XPsEaCrbF">Sensex</a> settled 0.69% higher at 38,823.11.

Zee Entertainment Enterprises Ltd and JSW Steel Ltd were the top two gainers on the Nifty. Zee closed nearly 8% higher while JSW Steel finished the session 4.86% up.

Domestic stock market indices ended higher on Thursday, driven by broad-based gains and tracking strength across global equities, after dovish comments by the US.

Domestic stock market indices ended higher on Thursday, driven by broad-based gains and tracking strength across global equities, after dovish comments by the US. Federal Reserve Chairman Jerome Powell reignited rate-cut hopes. The broader Nifty closed up 0.73% at 11,582.90, while the benchmark Sensex settled 0.69% higher at 38,823.11. Zee Entertainment Enterprises Ltd and JSW Steel Ltd were the top two gainers on the Nifty. Zee closed nearly 8% higher while JSW Steel finished the session 4.86% up.

Sensex, Nifty close higher as Federal chief rekindles rate-cut hopes

<a href="https://www.wionews.com/world/egypt-to-slash-fuel-subsidies-as-imf-programme-set-to-end-208285">Egypt's arrears to foreign oil </a>companies declined to $900 million at the end of June from $1.2 billion a year ago, the petroleum minister said on Thursday, adding that the remaining amount would be paid soon.

The Egyptian government had told the International Monetary Fund in a letter in January it intended to "eliminate" arrears by the end of June.

Arrears to foreign oil companies accumulated after the 2011 uprising that toppled President Hosni Mubarak and reached $6.3 billion in the 2011/2012 fiscal year.

They have steadily declined since 2014 as Egypt sought to become a regional energy hub. Egypt owed foreign oil firms $2.4 billion in June 2017, falling to $1.048 million in December.

"The foreign companies' arrears dropped at end of June to $900 million, down from $1.2 billion a year earlier," Petroleum Minister Tarek el-Molla told Reuters.

"We will settle that soon, God willing," he added, without giving a specific date.

Molla, who said total monthly payments by Egypt to foreign oil companies now stood at $700 million, had earlier said the government expected to settle the arrears by the end of 2019.

Egypt raised domestic fuel prices by 16 per cent to 30 per cent last week under an IMF-backed economic reform plan reached in 2016 to cut fuel subsidies that have strained the budget for decades.

Cairo has been trying to eliminate its arrears as it seeks to attract more foreign investment to its energy industry, which has drawn more interest after several major gas discoveries.

(Reporting by Ahmed Ismail; Writing by Sami Aboudi; Editing by Edmund Blair and Emelia Sithole-Matarise)

Egypt's arrears to foreign oil companies declined to $900 million at the end of June from $1.2 billion a year ago, the petroleum minister said on Thursday, adding that the remaining amount would be paid soon.

Egypt's arrears to foreign oil companies declined to $900 million at the end of June from $1.2 billion a year ago, the petroleum minister said on Thursday, adding that the remaining amount would be paid soon. The Egyptian government had told the International Monetary Fund in a letter in January it intended to "eliminate" arrears by the end of June. Arrears to foreign oil companies accumulated after the 2011 uprising that toppled President Hosni Mubarak and reached $6.3 billion in the 2011/2012 fiscal year. They have steadily declined since 2014 as Egypt sought to become a regional energy hub. Egypt owed foreign oil firms $2.4 billion in June 2017, falling to $1.048 million in December. "The foreign companies' arrears dropped at end of June to $900 million, down from $1.2 billion a year earlier," Petroleum Minister Tarek el-Molla told Reuters. "We will settle that soon, God willing," he added, without giving a specific date. Molla, who said total monthly payments by Egypt to foreign oil companies now stood at $700 million, had earlier said the government expected to settle the arrears by the end of 2019. Egypt raised domestic fuel prices by 16 per cent to 30 per cent last week under an IMF-backed economic reform plan reached in 2016 to cut fuel subsidies that have strained the budget for decades. Cairo has been trying to eliminate its arrears as it seeks to attract more foreign investment to its energy industry, which has drawn more interest after several major gas discoveries. (Reporting by Ahmed Ismail; Writing by Sami Aboudi; Editing by Edmund Blair and Emelia Sithole-Matarise)

Egypt's arrears to foreign oil firms fall to 900 million dollar at end of June: Petroleum Minister

Oil prices rose 4.5 per cent a barrel on Wednesday to their highest level in more than a month after <a href="https://www.wionews.com/business-economy/oil-falls-on-trade-dispute-despite-surprise-drop-in-us-crude-inventories-217140">US crude inventories</a> shrank and as major producers cut nearly a third of offshore Gulf of Mexico production ahead of an expected storm.

Brent crude futures settled at $67.01 a barrel, up $2.85, or 4.44 percent. US <a href="https://www.wionews.com/business-economy/crude-oil-prices-fall-1-on-fears-for-global-economy-233148">West Texas Intermediate</a> (WTI) crude futures settled at $60.43 a barrel, climbing $2.60, or 4.50 percent.

Both benchmarks hit their highest prices since late-May.

US crude stocks fell 9.5 million barrels in the week to July 5, shrinking more than triple the 3.1 million-barrel draw analysts had expected as refineries ramped up output, the Energy Information Administration (EIA) said.

"The inventory draw was much stronger than expected," which helped to push oil prices higher, said Carsten Fritsch, oil analyst at Commerzbank. "Imports dropped and refinery utilization reached the highest level since the beginning of the year, contributing to the big draw."

A storm expected to form along the Gulf of Mexico also helped oil prices.

Major oil firms began evacuating and halting production in the Gulf of Mexico ahead of the storm, which is forecast to become a hurricane by the weekend.

"With the evacuation of several platforms in the Gulf of Mexico in advance of a tropical storm, that will curb production," said Andrew Lipow, president of Lipow Oil Associates.

Chevron Corp, Royal Dutch Shell, BP, Anadarko Petroleum and BHP Group &nbsp;were in the process of removing staff from 15 offshore platforms. Exxon Mobil &nbsp;said it was monitoring the weather to determine if its facilities might be affected.

The Gulf of Mexico is home to 17 per cent of US crude oil output which stands at around 12 million barrels per day.

The US and global benchmarks have gained this year as the Organisation of the Petroleum Exporting Countries (OPEC) and big producers such as Russia have curbed output to bolster prices.

The alliance, known as OPEC+, agreed last week to extend its supply-cutting deal until March 2020.

Tensions around Iran's nuclear programme and recent incidents involving oil tankers in the Gulf have also supported prices.

"The ongoing geopolitical tensions between the United States and Iran continue to add a still unquantifiable level of support," said Saxo Bank commodity strategist Ole Hansen.

A top US general said on Tuesday that Washington hopes to enlist allies over the next two weeks or so in a military coalition to safeguard strategic waters off Iran and Yemen, where the United States blames Iran and Iran-aligned fighters for attacks.

Oil prices rose 4.5 per cent a barrel on Wednesday to their highest level in more than a month after US crude inventories shrank and as major producers cut nearly a third of offshore Gulf of Mexico production ahead of an expected storm.

Oil prices rose 4.5 per cent a barrel on Wednesday to their highest level in more than a month after US crude inventories shrank and as major producers cut nearly a third of offshore Gulf of Mexico production ahead of an expected storm. Brent crude futures settled at $67.01 a barrel, up $2.85, or 4.44 percent. US West Texas Intermediate (WTI) crude futures settled at $60.43 a barrel, climbing $2.60, or 4.50 percent. Both benchmarks hit their highest prices since late-May. US crude stocks fell 9.5 million barrels in the week to July 5, shrinking more than triple the 3.1 million-barrel draw analysts had expected as refineries ramped up output, the Energy Information Administration (EIA) said. "The inventory draw was much stronger than expected," which helped to push oil prices higher, said Carsten Fritsch, oil analyst at Commerzbank. "Imports dropped and refinery utilization reached the highest level since the beginning of the year, contributing to the big draw." A storm expected to form along the Gulf of Mexico also helped oil prices. Major oil firms began evacuating and halting production in the Gulf of Mexico ahead of the storm, which is forecast to become a hurricane by the weekend. "With the evacuation of several platforms in the Gulf of Mexico in advance of a tropical storm, that will curb production," said Andrew Lipow, president of Lipow Oil Associates. Chevron Corp, Royal Dutch Shell, BP, Anadarko Petroleum and BHP Group were in the process of removing staff from 15 offshore platforms. Exxon Mobil said it was monitoring the weather to determine if its facilities might be affected. The Gulf of Mexico is home to 17 per cent of US crude oil output which stands at around 12 million barrels per day. The US and global benchmarks have gained this year as the Organisation of the Petroleum Exporting Countries (OPEC) and big producers such as Russia have curbed output to bolster prices. The alliance, known as OPEC+, agreed last week to extend its supply-cutting deal until March 2020. Tensions around Iran's nuclear programme and recent incidents involving oil tankers in the Gulf have also supported prices. "The ongoing geopolitical tensions between the United States and Iran continue to add a still unquantifiable level of support," said Saxo Bank commodity strategist Ole Hansen. A top US general said on Tuesday that Washington hopes to enlist allies over the next two weeks or so in a military coalition to safeguard strategic waters off Iran and Yemen, where the United States blames Iran and Iran-aligned fighters for attacks.

Oil prices jump 4.5 per cent on United States crude stocks draw, Gulf of Mexico storm

The French parliament on Thursday passed a law taxing internet giants including Apple and Google in&nbsp;defiance of a probe ordered by President Donald Trump that could trigger reprisal tariffs.&nbsp;

The move has reportedly&nbsp;angered the United States and prompted Washington to open an investigation, reported news agency AFP.

The legislation -- dubbed the GAFA tax -- an acronym for Google, Apple, Facebook and Amazon -- was passed by a simple show of hands in the Senate after previously being passed by the National Assembly lower chamber, the report added.

But the French move drew an angry response from Trump even before the legislation was passed, with the president ordering an investigation that the French economy minister said was unprecedented in the history of French-US relations.&nbsp;

The law will levy a 3.0 per cent tax on total annual revenues of the largest tech firms providing services to French consumers.

"The United States is very concerned that the digital services tax which is expected to pass the French Senate tomorrow unfairly targets American companies," US Trade Representative Robert Lighthizer said in a statement.

But French Economy Minister Bruno Le Maire France rejected the US reaction on Thursday, saying "threats" were not the way to resolve such disputes.

France says the US was unfairly targeting its companies.&nbsp;

(With AFP inputs)

The French parliament on Thursday passed a law taxing internet giants including Apple and Google in defiance of a probe ordered by President Donald Trump that could trigger reprisal tariffs.

The French parliament on Thursday passed a law taxing internet giants including Apple and Google in defiance of a probe ordered by President Donald Trump that could trigger reprisal tariffs. The move has reportedly angered the United States and prompted Washington to open an investigation, reported news agency AFP. The legislation -- dubbed the GAFA tax -- an acronym for Google, Apple, Facebook and Amazon -- was passed by a simple show of hands in the Senate after previously being passed by the National Assembly lower chamber, the report added. But the French move drew an angry response from Trump even before the legislation was passed, with the president ordering an investigation that the French economy minister said was unprecedented in the history of French-US relations. The law will levy a 3.0 per cent tax on total annual revenues of the largest tech firms providing services to French consumers. "The United States is very concerned that the digital services tax which is expected to pass the French Senate tomorrow unfairly targets American companies," US Trade Representative Robert Lighthizer said in a statement. But French Economy Minister Bruno Le Maire France rejected the US reaction on Thursday, saying "threats" were not the way to resolve such disputes. France says the US was unfairly targeting its companies. (With AFP inputs)

French law taxing US digital giants draws angry response from US President Trump

Asian shares pulled ahead on Wednesday while rising Treasury yields lifted the dollar as investors waited anxiously to hear if the world's most powerful central banker would confirm or confound expectations for US easing this month.

MSCI's broadest index of <a href="https://www.wionews.com/business-economy/asian-shares-fall-as-bets-off-on-sharp-us-rate-cuts-233889">Asia-Pacific shares</a> outside Japan advanced 0.4 per cent,&nbsp;after three sessions of losses.

South Korea edged up 0.4%, but Japan's Nikkei lagged with a loss of 0.1 per cent&nbsp;E-Mini futures for the S&amp;P 500 were flat, while EURO STOXX and FTSE futures pointed to small opening gains in Europe.

Chinese blue chips barely budged as data showed inflation remained stubbornly subdued despite a spike in pork prices.

A worrying lack of inflation globally is one reason investors are counting on Federal Reserve Chair Jerome Powell to sound suitably dovish when testifying to Congress on Wednesday.

Futures are still fully priced for a 25-basis-point cut at the Fed's July 30-31 meeting but have abandoned wagers on a half-point move. They had implied a 25% probability of an aggressive cut before Friday's upbeat jobs report.

"We still think the odds favour a 25 bps 'insurance' cut," said Kevin Cummins, a senior US economist at NatWest Markets.

"The Fed's consideration of rate cuts is not only about growth but also about inflation, which remains well below target, and inflation expectations, which were breaking to the downside before the Fed signalled the likelihood of cuts."

Overnight, Atlanta Fed bank president Raphael Bostic let nothing out of the bag by saying the central bank was debating the risks and benefits of letting the US economy run "a little hotter."

Lurking in the background, the US and Chinese trade officials held "constructive" talks on trade by phone on Tuesday, White House economic adviser Larry Kudlow said.

Wall Street had been duly circumspect on Tuesday, with the Dow ending down 0.08%, while the S&amp;P 500 added 0.12% and the Nasdaq 0.54%.

A little More Yield

The cooling in US rate fever has seen bonds give back just a little of their huge rally, with yields on two-year Treasuries rising to 1.917% from the recent trough of 1.696%.

That, in turn, has helped the dollar bounce on a basket of currencies to 97.500 from a June low of 95.843.

The dollar also firmed to 108.90 yen, while the euro faded to $1.1206 having been as high as $1.1412 just a couple of weeks ago.

The Mexican peso was nursing a few bruises after sliding on Tuesday when the country's moderate Finance Minister Carlos Urzua suddenly resigned, citing "extremism" in economic policy.

The Canadian dollar was on the defensive ahead of a rate meeting by the Bank of Canada in case policymakers tried to slow the currency's recent rally.

The dollar's gains took the shine off gold, which eased 0.3 per cent to $1,393.68 per ounce.

Oil prices were supported by Middle East tensions and news that US stockpiles fell for a fourth week in a row, easing concerns about oversupply.

Brent crude futures rose 64 cents to $64.80, while US crude gained 82 cents to $58.65 a barrel.

Asian shares pulled ahead on Wednesday while rising Treasury yields lifted the dollar as investors waited anxiously to hear if the world's most powerful central banker would confirm or confound expectations for US easing this month.

Asian shares pulled ahead on Wednesday while rising Treasury yields lifted the dollar as investors waited anxiously to hear if the world's most powerful central banker would confirm or confound expectations for US easing this month. MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.4 per cent, after three sessions of losses. South Korea edged up 0.4%, but Japan's Nikkei lagged with a loss of 0.1 per cent E-Mini futures for the S&P 500 were flat, while EURO STOXX and FTSE futures pointed to small opening gains in Europe. Chinese blue chips barely budged as data showed inflation remained stubbornly subdued despite a spike in pork prices. A worrying lack of inflation globally is one reason investors are counting on Federal Reserve Chair Jerome Powell to sound suitably dovish when testifying to Congress on Wednesday. Futures are still fully priced for a 25-basis-point cut at the Fed's July 30-31 meeting but have abandoned wagers on a half-point move. They had implied a 25% probability of an aggressive cut before Friday's upbeat jobs report. "We still think the odds favour a 25 bps 'insurance' cut," said Kevin Cummins, a senior US economist at NatWest Markets. "The Fed's consideration of rate cuts is not only about growth but also about inflation, which remains well below target, and inflation expectations, which were breaking to the downside before the Fed signalled the likelihood of cuts." Overnight, Atlanta Fed bank president Raphael Bostic let nothing out of the bag by saying the central bank was debating the risks and benefits of letting the US economy run "a little hotter." Lurking in the background, the US and Chinese trade officials held "constructive" talks on trade by phone on Tuesday, White House economic adviser Larry Kudlow said. Wall Street had been duly circumspect on Tuesday, with the Dow ending down 0.08%, while the S&P 500 added 0.12% and the Nasdaq 0.54%. A little More Yield The cooling in US rate fever has seen bonds give back just a little of their huge rally, with yields on two-year Treasuries rising to 1.917% from the recent trough of 1.696%. That, in turn, has helped the dollar bounce on a basket of currencies to 97.500 from a June low of 95.843. The dollar also firmed to 108.90 yen, while the euro faded to $1.1206 having been as high as $1.1412 just a couple of weeks ago. The Mexican peso was nursing a few bruises after sliding on Tuesday when the country's moderate Finance Minister Carlos Urzua suddenly resigned, citing "extremism" in economic policy. The Canadian dollar was on the defensive ahead of a rate meeting by the Bank of Canada in case policymakers tried to slow the currency's recent rally. The dollar's gains took the shine off gold, which eased 0.3 per cent to $1,393.68 per ounce. Oil prices were supported by Middle East tensions and news that US stockpiles fell for a fourth week in a row, easing concerns about oversupply. Brent crude futures rose 64 cents to $64.80, while US crude gained 82 cents to $58.65 a barrel.

Asia shares rise as US dollar moves up

Shares of Interglobe Aviation Ltd, which owns India's largest airline IndiGo, fell as much as 19% on Wednesday after one of its <a href="https://www.wionews.com/business-economy/indigo-co-founder-turns-to-sebi-over-alleged-corporate-governance-violation-234507">co-founders alleged violation of corporate governance rules</a> at the parent group.

Interglobe shares hit their lowest since March and were on course for their worst day since January 2016.

IndiGo co-founder Rakesh Gangwal on Tuesday also asked the country's securities regulator to intervene in the matter, a move that suggests that a previously reported row between Gangwal and fellow co-founder Rahul Bhatia was escalating.

"I have vigorously attempted for almost a year to persuade the company to shore up its governance standards, and all my attempts have been thwarted by the IGE Group," Gangwal said in Tuesday's letter to the Securities and Exchange Board of India (SEBI), referring to Bhatia's affiliate group.

Gangwal and his affiliates own nearly 37%, while Bhatia controls about 38% in Interglobe, giving both a major say in its strategy and plans.

At the centre of Gangwal's complaint are IGE and Bhatia's significant controlling rights over IndiGo, which Gangwal says allows them to carry out "questionable" transactions between IGE and Interglobe.

The controlling rights should not enable transactions that violate the company's code of conduct and are not in its best interests, Gangwal said in a letter to Interglobe's board in May, the company's filing to the BSE Ltd stock exchange showed on Tuesday.

Gangwal's RG Group was misleading shareholders by "putting out false allegations and incomplete and incorrect facts," Bhatia told the board in January, the filing showed. 
The allegations represent a "subterfuge" to force a change of the governing structure and controlling rights at the company, Bhatia had said.

SEBI has sought a reply from Interglobe by July 19 on the matter.

Analysts at Mumbai-based ICICI Securities took note of the quarrel between the founders, but maintained their "buy" rating on Interglobe's stock, noting "strong business fundamentals".

Meanwhile, shares in IndiGo's rival SpiceJet climbed as much as 9% on Wednesday.

A representative for IndiGo did not immediately reply to a request seeking comment. 
&nbsp;

Shares of Interglobe Aviation Ltd, which owns India's largest airline IndiGo, fell as much as 19% on Wednesday after one of its co-founders alleged violation of corporate governance rules at the parent group.

Shares of Interglobe Aviation Ltd, which owns India's largest airline IndiGo, fell as much as 19% on Wednesday after one of its co-founders alleged violation of corporate governance rules at the parent group. Interglobe shares hit their lowest since March and were on course for their worst day since January 2016. IndiGo co-founder Rakesh Gangwal on Tuesday also asked the country's securities regulator to intervene in the matter, a move that suggests that a previously reported row between Gangwal and fellow co-founder Rahul Bhatia was escalating. "I have vigorously attempted for almost a year to persuade the company to shore up its governance standards, and all my attempts have been thwarted by the IGE Group," Gangwal said in Tuesday's letter to the Securities and Exchange Board of India (SEBI), referring to Bhatia's affiliate group. Gangwal and his affiliates own nearly 37%, while Bhatia controls about 38% in Interglobe, giving both a major say in its strategy and plans. At the centre of Gangwal's complaint are IGE and Bhatia's significant controlling rights over IndiGo, which Gangwal says allows them to carry out "questionable" transactions between IGE and Interglobe. The controlling rights should not enable transactions that violate the company's code of conduct and are not in its best interests, Gangwal said in a letter to Interglobe's board in May, the company's filing to the BSE Ltd stock exchange showed on Tuesday. Gangwal's RG Group was misleading shareholders by "putting out false allegations and incomplete and incorrect facts," Bhatia told the board in January, the filing showed. The allegations represent a "subterfuge" to force a change of the governing structure and controlling rights at the company, Bhatia had said. SEBI has sought a reply from Interglobe by July 19 on the matter. Analysts at Mumbai-based ICICI Securities took note of the quarrel between the founders, but maintained their "buy" rating on Interglobe's stock, noting "strong business fundamentals". Meanwhile, shares in IndiGo's rival SpiceJet climbed as much as 9% on Wednesday. A representative for IndiGo did not immediately reply to a request seeking comment.

IndiGo shares slump as co-founder alleges misgovernance

Domestic stock markets on Wednesday opened in red with BSE Sensex shedding around 28 points as compared to its previous of 38,730.82 points, recording 38,701.99 in morning trade. It made a quick recovery, touching a high of 38,854.85.&nbsp;

NSE Nifty, on the other hand, opened at 11,536.15 - down by over 19 points - as compared to its previous close of 11,555.90. It touched 11,593.70 in morning trade.&nbsp;

Equity benchmark indices ended flat after a volatile session on Tuesday with investors still trying to assess the impact of a proposed tax on super-rich and foreign portfolio investors. Traders also awaited corporate results for the April to June quarter of the current financial year for further cues.&nbsp;

The BSE S&amp;P Sensex opened at 38,754, dipped to a low of 38,436 and closed at 38,731, up 10 points from its previous close. The Nifty 50 closed 3 points higher at 11,556.

A day after a huge crash on Monday, the BSE Sensex extended its previous day's losses in early trade on Tuesday opening over 248 points down. It, however, recovered lost ground to remain 102 points down.

(With inputs from ANI)&nbsp;

Domestic stock markets on Wednesday opened in red with BSE Sensex shedding around 28 points as compared to its previous of 38,730.82 points, recording 38,701.99 in morning trade.

Domestic stock markets on Wednesday opened in red with BSE Sensex shedding around 28 points as compared to its previous of 38,730.82 points, recording 38,701.99 in morning trade. It made a quick recovery, touching a high of 38,854.85. NSE Nifty, on the other hand, opened at 11,536.15 - down by over 19 points - as compared to its previous close of 11,555.90. It touched 11,593.70 in morning trade. Equity benchmark indices ended flat after a volatile session on Tuesday with investors still trying to assess the impact of a proposed tax on super-rich and foreign portfolio investors. Traders also awaited corporate results for the April to June quarter of the current financial year for further cues. The BSE S&P Sensex opened at 38,754, dipped to a low of 38,436 and closed at 38,731, up 10 points from its previous close. The Nifty 50 closed 3 points higher at 11,556. A day after a huge crash on Monday, the BSE Sensex extended its previous day's losses in early trade on Tuesday opening over 248 points down. It, however, recovered lost ground to remain 102 points down. (With inputs from ANI)

Markets open in red; Sensex sheds 28 points, makes quick recovery 

One of the co-founders of <a href="https://www.wionews.com/business-economy/indigo-close-to-new-engine-deal-may-drop-pratt-for-cfm-223500">India's largest airline IndiGo</a> has alleged violation of corporate governance rules at parent company Interglobe Aviation Ltd and asked the securities regulator to intervene.

The move appears to indicate that a boardroom dispute is escalating after a report in May that the co-founders and two largest shareholders of India's largest airline were at odds over its expansion.&nbsp;

In a letter to Sebi or Securities and Exchange Board of India, co-founder Rakesh Gangwal alleged the company's board decisions were in defiance of governance protocols and laws.

Sebi, in its role as a stock market regulator, is empowered to protect the rights of investors in listed companies.

Co-founders Gangwal and Rahul Bhatia, along with their respective families, each control stakes of slightly less than 40 per cent in the airline's holding company, giving them both a major say in its strategy and plans.

"I have vigorously attempted for almost a year to persuade the company to shore up its governance standards, and all my attempts have been thwarted by the IGE Group," Gangwal said in his letter to Sebi, published on the Bombay Stock Exchange website&nbsp;

Sebi has sought a reply from Interglobe Aviation by July 19.&nbsp;

Gangwal, an American and an aviation industry veteran who spent years in senior roles at United Airlines and US Airways, has been a big factor in driving IndiGo's emergence as one of the fastest growing carriers in the world.

Bhatia, in turn, has been running things on the ground in India.

India's aviation sector has been shaken by the collapse of Jet Airways, which has sent travel prices soaring. Jet, once India's largest private carrier, was crippled by mounting losses.

IndiGo, SpiceJet and GoAir have been rushing to fill the vacuum left by Jet and gain control of its valuable slots.&nbsp;

IndiGo's fleet consists of more than 200 Airbus SE A320 and A321 narrowbody aircraft, along with just over a dozen ATR turboprops.&nbsp;

Bhatia's office did not respond to an e-mail and phone call from Reuters.

One of the co-founders of India's largest airline IndiGo has alleged violation of corporate governance rules at parent company Interglobe Aviation Ltd and asked the securities regulator to intervene.

One of the co-founders of India's largest airline IndiGo has alleged violation of corporate governance rules at parent company Interglobe Aviation Ltd and asked the securities regulator to intervene. The move appears to indicate that a boardroom dispute is escalating after a report in May that the co-founders and two largest shareholders of India's largest airline were at odds over its expansion. In a letter to Sebi or Securities and Exchange Board of India, co-founder Rakesh Gangwal alleged the company's board decisions were in defiance of governance protocols and laws. Sebi, in its role as a stock market regulator, is empowered to protect the rights of investors in listed companies. Co-founders Gangwal and Rahul Bhatia, along with their respective families, each control stakes of slightly less than 40 per cent in the airline's holding company, giving them both a major say in its strategy and plans. "I have vigorously attempted for almost a year to persuade the company to shore up its governance standards, and all my attempts have been thwarted by the IGE Group," Gangwal said in his letter to Sebi, published on the Bombay Stock Exchange website Sebi has sought a reply from Interglobe Aviation by July 19. Gangwal, an American and an aviation industry veteran who spent years in senior roles at United Airlines and US Airways, has been a big factor in driving IndiGo's emergence as one of the fastest growing carriers in the world. Bhatia, in turn, has been running things on the ground in India. India's aviation sector has been shaken by the collapse of Jet Airways, which has sent travel prices soaring. Jet, once India's largest private carrier, was crippled by mounting losses. IndiGo, SpiceJet and GoAir have been rushing to fill the vacuum left by Jet and gain control of its valuable slots. IndiGo's fleet consists of more than 200 Airbus SE A320 and A321 narrowbody aircraft, along with just over a dozen ATR turboprops. Bhatia's office did not respond to an e-mail and phone call from Reuters.

IndiGo co-founder turns to Sebi over alleged corporate governance violation

Oil prices gained more than 1% in early trade on Wednesday, led by <a href="https://www.wionews.com/business-economy/crude-oil-prices-fall-1-on-fears-for-global-economy-233148">US&nbsp;crude after an industry group</a> reported that US&nbsp;stockpiles fell for a fourth week in a row, alleviating concerns about oversupply.

West Texas Intermediate (WTI) WTI futures rose 90 cents, or 1.5 per cent, to $58.73 by 0027 GMT. Brent was up 69 cents, or 1.1 per cent, at $64.85.

The US&nbsp;and global benchmarks have risen this year as OPEC and big producers like Russia have honoured commitments to cut production and support prices.

But investors have been looking for signs that unrelenting production from the United States is being consumed, leading to inventory declines.

US&nbsp;crude stockpiles fell more than forecast last week, while gasoline inventories decreased and distillate stocks built, data from industry group the American Petroleum Institute (API) showed on Tuesday.&nbsp;

Crude inventories fell by 8.1 million barrels in the week to July 5 to 461.4 million, compared with analysts' expectations for a decrease of 3.1 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 754,000 barrels, API said.

Figures are due later on Tuesday from the US&nbsp;government's Energy Information Administration and, if the official data confirms fall, it will also be the fourth consecutive weekly decline.

Oil prices have been under pressure from concerns about global economic growth amid growing signs of harm from the US-China trade war that has rumbled on over the last year.

"Prices are finely balanced right now as investors await fresh stimulus," said Fawad Razaqzada, technical analyst at FOREX.com. "The stimulus could come in the form of a sharp change in US&nbsp;crude oil inventories."

Still, US&nbsp;crude oil production is forecast to rise to a fresh record of 12.36 million barrels per day (bpd) in 2019 from the high of 10.96 million bpd last year, the EIA's Short Term Energy Outlook said on Tuesday.

OPEC and allied producers led by Russia agreed last week to extend their supply-cutting deal until March 2020. Brent has risen nearly 20 per cent&nbsp;in 2019, supported by the pact and tensions in the Middle East, especially the row over Iran's nuclear programme.

Oil prices gained more than 1% in early trade on Wednesday, led by US crude after an industry group reported that US stockpiles fell for a fourth week in a row, alleviating concerns about oversupply.

Oil prices gained more than 1% in early trade on Wednesday, led by US crude after an industry group reported that US stockpiles fell for a fourth week in a row, alleviating concerns about oversupply. West Texas Intermediate (WTI) WTI futures rose 90 cents, or 1.5 per cent, to $58.73 by 0027 GMT. Brent was up 69 cents, or 1.1 per cent, at $64.85. The US and global benchmarks have risen this year as OPEC and big producers like Russia have honoured commitments to cut production and support prices. But investors have been looking for signs that unrelenting production from the United States is being consumed, leading to inventory declines. US crude stockpiles fell more than forecast last week, while gasoline inventories decreased and distillate stocks built, data from industry group the American Petroleum Institute (API) showed on Tuesday. Crude inventories fell by 8.1 million barrels in the week to July 5 to 461.4 million, compared with analysts' expectations for a decrease of 3.1 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 754,000 barrels, API said. Figures are due later on Tuesday from the US government's Energy Information Administration and, if the official data confirms fall, it will also be the fourth consecutive weekly decline. Oil prices have been under pressure from concerns about global economic growth amid growing signs of harm from the US-China trade war that has rumbled on over the last year. "Prices are finely balanced right now as investors await fresh stimulus," said Fawad Razaqzada, technical analyst at FOREX.com. "The stimulus could come in the form of a sharp change in US crude oil inventories." Still, US crude oil production is forecast to rise to a fresh record of 12.36 million barrels per day (bpd) in 2019 from the high of 10.96 million bpd last year, the EIA's Short Term Energy Outlook said on Tuesday. OPEC and allied producers led by Russia agreed last week to extend their supply-cutting deal until March 2020. Brent has risen nearly 20 per cent in 2019, supported by the pact and tensions in the Middle East, especially the row over Iran's nuclear programme.

International oil prices rise over US stockpile drop

The <a href="https://www.wionews.com/world/european-commission-could-slap-3-billion-euro-fine-on-italy-for-excessive-debt-deputy-pm-salvini-222359">European Commission</a> lowered its estimates on Wednesday for <a href="https://www.wionews.com/business-economy/eurozone-inflation-falls-sharply-amid-slowdown-fears-224221">eurozone growth</a> and inflation, saying uncertainty over US trade policy posed a major risk to the bloc.

In its quarterly economic forecasts, the European Union's executive arm said prices would grow less than previously predicted, pushing the inflation rate further off the European Central Bank's target of close to but less than 2 per cent.

The commission confirmed its prediction that economic growth in the euro zone would slow this year to 1.2 per cent from 1.9 per cent in 2018. It also revised down its estimate for next year's growth, which is now seen at 1.4 per cent instead of the 1.5 per cent forecast in May.

Risks for the bloc have increased, the commission said, and mostly come from "the elevated uncertainty" around United States' trade policy, as Washington keeps threatening punitive tariffs on a broad range of EU products.

Fears of increased trade tensions "could also trigger a shift in global risk sentiment at times when valuations appear stretched across many asset classes", the EU economics commissioner Pierre Moscovici told a news conference

"This could lead to rapid tightening of global financial conditions," he added.

The weaker economic outlook contributed to a downward revision of inflation expectations, the commission said, cutting its estimate to 1.3 per cent for this year and next from the 1.4 per cent it previously estimated for both years.

This year's forecast matches the ECB's projection, but for 2020 the commission's estimate is lower than the 1.4 per cent rate forecast by the central bank in its latest projections, released in June. That could give the ECB a reason to push ahead with fresh stimulus.

The commission confirmed the economic slowdown in the euro zone was mostly caused by weaker growth in Germany, the euro zone's largest economy, and Italy, its third largest.

German growth will slow to 0.5 per cent this year, in line with earlier predictions, after reaching 1.4 per cent in 2018. Growth is expected to return to 1.4 per cent next year, less than the 1.5 per cent the commission predicted earlier.

Forecasts for Italy remained unchanged, reiterating its economy will barely grow this year, seeing the worst growth rate in the whole EU. Next year's growth is expected to accelerate to 0.7 per cent but remain the slowest in the bloc.

France's economy will expand 1.3 per cent this year and 1.4 per cent in 2020, the commission estimated, leaving unchanged its forecast for this year but lowering the estimate for the next, earlier seen at 1.5 per cent.

The commission maintained unchanged its forecasts for Britain, whose economy is foreseen growing 1.3 per cent this year and next. However, the projection does not take into account possible trade disruptions caused by a no-deal Brexit.

The European Commission lowered its estimates on Wednesday for eurozone growth and inflation, saying uncertainty over US trade policy posed a major risk to the bloc.

The European Commission lowered its estimates on Wednesday for eurozone growth and inflation, saying uncertainty over US trade policy posed a major risk to the bloc. In its quarterly economic forecasts, the European Union's executive arm said prices would grow less than previously predicted, pushing the inflation rate further off the European Central Bank's target of close to but less than 2 per cent. The commission confirmed its prediction that economic growth in the euro zone would slow this year to 1.2 per cent from 1.9 per cent in 2018. It also revised down its estimate for next year's growth, which is now seen at 1.4 per cent instead of the 1.5 per cent forecast in May. Risks for the bloc have increased, the commission said, and mostly come from "the elevated uncertainty" around United States' trade policy, as Washington keeps threatening punitive tariffs on a broad range of EU products. Fears of increased trade tensions "could also trigger a shift in global risk sentiment at times when valuations appear stretched across many asset classes", the EU economics commissioner Pierre Moscovici told a news conference "This could lead to rapid tightening of global financial conditions," he added. The weaker economic outlook contributed to a downward revision of inflation expectations, the commission said, cutting its estimate to 1.3 per cent for this year and next from the 1.4 per cent it previously estimated for both years. This year's forecast matches the ECB's projection, but for 2020 the commission's estimate is lower than the 1.4 per cent rate forecast by the central bank in its latest projections, released in June. That could give the ECB a reason to push ahead with fresh stimulus. The commission confirmed the economic slowdown in the euro zone was mostly caused by weaker growth in Germany, the euro zone's largest economy, and Italy, its third largest. German growth will slow to 0.5 per cent this year, in line with earlier predictions, after reaching 1.4 per cent in 2018. Growth is expected to return to 1.4 per cent next year, less than the 1.5 per cent the commission predicted earlier. Forecasts for Italy remained unchanged, reiterating its economy will barely grow this year, seeing the worst growth rate in the whole EU. Next year's growth is expected to accelerate to 0.7 per cent but remain the slowest in the bloc. France's economy will expand 1.3 per cent this year and 1.4 per cent in 2020, the commission estimated, leaving unchanged its forecast for this year but lowering the estimate for the next, earlier seen at 1.5 per cent. The commission maintained unchanged its forecasts for Britain, whose economy is foreseen growing 1.3 per cent this year and next. However, the projection does not take into account possible trade disruptions caused by a no-deal Brexit.

Euro zone growth, inflation outlook cut as risks from US trade grow

Differences between the promoters of the country's largest airline IndiGo came into public on Tuesday with Rakesh Gangwal alleging serious governance lapses by co-founder Rahul Bhatia who had earlier termed his demands as unreasonable.

With the issues brewing for nearly a year, Gangwal has sought markets regulator <a href="https://www.wionews.com/business-economy/indigo-shares-slump-as-co-founder-alleges-misgovernance-234531">Sebi's intervention</a> to address the problems. Now, fearing the impact of the row on employees morale and operations, IndiGo CEO has written a letter to employees. The CEO wrote in the letter that the issues between promoters have "nothing to do" with IndiGo and its functioning. He also said the the airline's "mission, direction and growth strategy remains unchanged, and firmly in place".

As the differences between the founder-partners are a result of fault in IndiGo's existing structure and strategy, including differences pace of expansion, use of aircraft for overseas operations, experts say the ongoing row can lower the morale of the employees and can result in delay in decision making that can impact its overall operations.

Some experts say the promoters' spat could even lead to IndiGo's fall. The differences also stem from the different background of the airline promoters. Gangwal is a veteran aviation professional with rich experience in management positions at top airlines. He is reportedly in favour of aggressive expansion in both Indian and international markets. Bhatia, meanwhile, has a background in travel and hospitality sector and he prefers a cautious approach.

The differences have cropped up on the overseas expansion plans of the airline where Gangwal and Bhatia camps have their own differences. The other point of difference is the use of wide-body aircraft vis-a-vis narrow-body. Gangwal is in favour of narrow-body aircraft like Airbus A-321 Neos for its international operations, and codeshare agreements with other global carriers to cater to long-haul passengers whereas Bhatia sees higher value in wide-bodied aircraft for its international expansion.

The continuing dispute between the promoters is already impacting the share price of the airline and the IndiGo share price is already down by over 11 per cent today.&nbsp;&nbsp;&nbsp;

Differences between the promoters of the country's largest airline IndiGo came into public on Tuesday with Rakesh Gangwal alleging serious governance lapses by co-founder Rahul Bhatia who had earlier termed his demands as unreasonable.

Differences between the promoters of the country's largest airline IndiGo came into public on Tuesday with Rakesh Gangwal alleging serious governance lapses by co-founder Rahul Bhatia who had earlier termed his demands as unreasonable. With the issues brewing for nearly a year, Gangwal has sought markets regulator Sebi's intervention to address the problems. Now, fearing the impact of the row on employees morale and operations, IndiGo CEO has written a letter to employees. The CEO wrote in the letter that the issues between promoters have "nothing to do" with IndiGo and its functioning. He also said the the airline's "mission, direction and growth strategy remains unchanged, and firmly in place". As the differences between the founder-partners are a result of fault in IndiGo's existing structure and strategy, including differences pace of expansion, use of aircraft for overseas operations, experts say the ongoing row can lower the morale of the employees and can result in delay in decision making that can impact its overall operations. Some experts say the promoters' spat could even lead to IndiGo's fall. The differences also stem from the different background of the airline promoters. Gangwal is a veteran aviation professional with rich experience in management positions at top airlines. He is reportedly in favour of aggressive expansion in both Indian and international markets. Bhatia, meanwhile, has a background in travel and hospitality sector and he prefers a cautious approach. The differences have cropped up on the overseas expansion plans of the airline where Gangwal and Bhatia camps have their own differences. The other point of difference is the use of wide-body aircraft vis-a-vis narrow-body. Gangwal is in favour of narrow-body aircraft like Airbus A-321 Neos for its international operations, and codeshare agreements with other global carriers to cater to long-haul passengers whereas Bhatia sees higher value in wide-bodied aircraft for its international expansion. The continuing dispute between the promoters is already impacting the share price of the airline and the IndiGo share price is already down by over 11 per cent today.

As IndiGo feud casts a shadow on operations, CEO writes to employees

Stock markets closed lower on Wednesday amid a slew of disappointing news, with Bajaj Finance Ltd and Indiabulls Housing Finance Ltd weighing the most on the NSE Nifty.

Domestic share markets witnessed a sharp selloff in the previous two sessions as investors were worried about a surcharge on foreign portfolio investors that was announced in the Union budget last week.

The broader NSE Nifty closed down 0.49% at 11,498.90, while the benchmark <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/sensex-nifty-open-in-red-why-stock-markets-did-not-like-the-budget-233896&amp;sa=U&amp;ved=2ahUKEwj3v-ngnKrjAhXx8XMBHa1kALwQFjACegQIDxAC&amp;usg=AOvVaw3__m4cEmjgeLYi0_AzJrPy">BSE Sensex</a> settled 0.45% lower at 38,557.04.

Also, dampening investor sentiment were renewed concerns over trade tension between the United States and India after US&nbsp;President Donald Trump once again warned the Asian country that its high tariffs were not acceptable.

Shares of Indiabulls Housing Finance closed 4% lower, while Bajaj Finance ended down 4.8%.

Tata Motors Ltd closed 2.66% lower after the automaker said luxury car unit Jaguar Land Rover Automotive Plc saw a near 10% decline in monthly sales.

Stock markets closed lower on Wednesday amid a slew of disappointing news, with Bajaj Finance Ltd and Indiabulls Housing Finance Ltd weighing the most on the NSE Nifty.

Stock markets closed lower on Wednesday amid a slew of disappointing news, with Bajaj Finance Ltd and Indiabulls Housing Finance Ltd weighing the most on the NSE Nifty. Domestic share markets witnessed a sharp selloff in the previous two sessions as investors were worried about a surcharge on foreign portfolio investors that was announced in the Union budget last week. The broader NSE Nifty closed down 0.49% at 11,498.90, while the benchmark BSE Sensex settled 0.45% lower at 38,557.04. Also, dampening investor sentiment were renewed concerns over trade tension between the United States and India after US President Donald Trump once again warned the Asian country that its high tariffs were not acceptable. Shares of Indiabulls Housing Finance closed 4% lower, while Bajaj Finance ended down 4.8%. Tata Motors Ltd closed 2.66% lower after the automaker said luxury car unit Jaguar Land Rover Automotive Plc saw a near 10% decline in monthly sales.

Nifty, Sensex close lower, financials drag