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

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

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

Saudi energy minister says he discussed oil markets with Russian counterpart

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

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

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

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

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

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

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

Is Boeing too big to fail?

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

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

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

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

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

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

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

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

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

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

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

Jet Airways extends deadline for initial bids to August 10

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

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

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

Adani Group sets up new company to manage airport businesses

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

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

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

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

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

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

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

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

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

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

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

Nifty, Sensex slump as Trump hits China with fresh tariffs

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

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

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

Saudi Arabia may cut crude oil prices to Asia in September

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

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

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

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

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

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

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

US employment growth slows in July; wages pick up

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

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

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

Oil prices steady after Trump trade tariffs spark plunge

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

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

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

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

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

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

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

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

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

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

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

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

State Bank of India (SBI) joined its peers in flagging concerns about tough domestic economic conditions and the stress the auto sector is under, as the country's largest lender by assets missed expectations for quarterly profit.

Rivals HDFC Bank Ltd and ICICI Bank Ltd too have warned of the negative impact of India's ongoing economic slowdown, with a slump in auto sales cropping up as a major pain point.

Mumbai-based SBI has an exposure of 115 billion rupees to auto dealers, Chairman Rajnish Kumar said during a post-earnings conference call on Friday, but clarified that there was no risk of concentration of stress.

Shares of SBI closed down 2.7 per cent&nbsp;after the results in a Mumbai market that was 0.16 per cent&nbsp;higher.

Kumar also warned that it would be difficult to increase the bank's net interest margins (NIM), a key indicator of the bank's profitability, due to muted credit growth.

In the quarter, NIM rose 6 basis points (bps) to 3.01 per cent&nbsp;from a year ago, but was 1 bps lower than the previous quarter.

The lender expects its NIM to be around 3.1 per cent&nbsp;in FY20, while its loan book is seen growing by 12 per cent, largely flat over last year.

"What was working for the bank was growth in its retail lending book. Now, the slowdown in consumption is surely (going) to depress loan growth in FY20," said Saurabh Jain, assistant vice-president research, SMC Global Securities.

Meanwhile, net interest income climbed 5.2 per cent&nbsp;to 229.39 billion rupees, missing analysts' expectations of 234.87 billion rupees.

However, asset quality, an issue that has pestered Indian lenders for years as bad loans surged, was stable at SBI. Gross non-performing assets as a percentage of total loans stood at 7.53 per cent&nbsp;at June-end, flat over the previous quarter and lower than 10.69 per cent&nbsp;in the same period last year.

Bad loan provisions dived 11 per cent&nbsp;in the quarter, while slippages, or the fresh addition of bad loans, spiked due to loan waivers the government handed out on agricultural loans.

SBI expects gross slippage ratio, which stood at 2.83 per cent&nbsp;by June end, to come below 2 per cent&nbsp;before the end of the year.

The lender's profit came in at 23.12 billion rupees for the three months ended June 30, versus a loss of 48.76 billion rupees reported last year due to lower trading income and treasury losses.

That missed analysts' expectations for a profit of 40.83 billion rupees, according to Refinitiv data, largely due to a tax expense of 17.51 billion rupees. Before taxes, the bank earned 40.63 billion rupees in profits.

 
&nbsp;

State Bank of India (SBI) joined its peers in flagging concerns about tough domestic economic conditions and the stress the auto sector is under, as the country's largest lender by assets missed expectations for quarterly profit.

State Bank of India (SBI) joined its peers in flagging concerns about tough domestic economic conditions and the stress the auto sector is under, as the country's largest lender by assets missed expectations for quarterly profit. Rivals HDFC Bank Ltd and ICICI Bank Ltd too have warned of the negative impact of India's ongoing economic slowdown, with a slump in auto sales cropping up as a major pain point. Mumbai-based SBI has an exposure of 115 billion rupees to auto dealers, Chairman Rajnish Kumar said during a post-earnings conference call on Friday, but clarified that there was no risk of concentration of stress. Shares of SBI closed down 2.7 per cent after the results in a Mumbai market that was 0.16 per cent higher. Kumar also warned that it would be difficult to increase the bank's net interest margins (NIM), a key indicator of the bank's profitability, due to muted credit growth. In the quarter, NIM rose 6 basis points (bps) to 3.01 per cent from a year ago, but was 1 bps lower than the previous quarter. The lender expects its NIM to be around 3.1 per cent in FY20, while its loan book is seen growing by 12 per cent, largely flat over last year. "What was working for the bank was growth in its retail lending book. Now, the slowdown in consumption is surely (going) to depress loan growth in FY20," said Saurabh Jain, assistant vice-president research, SMC Global Securities. Meanwhile, net interest income climbed 5.2 per cent to 229.39 billion rupees, missing analysts' expectations of 234.87 billion rupees. However, asset quality, an issue that has pestered Indian lenders for years as bad loans surged, was stable at SBI. Gross non-performing assets as a percentage of total loans stood at 7.53 per cent at June-end, flat over the previous quarter and lower than 10.69 per cent in the same period last year. Bad loan provisions dived 11 per cent in the quarter, while slippages, or the fresh addition of bad loans, spiked due to loan waivers the government handed out on agricultural loans. SBI expects gross slippage ratio, which stood at 2.83 per cent by June end, to come below 2 per cent before the end of the year. The lender's profit came in at 23.12 billion rupees for the three months ended June 30, versus a loss of 48.76 billion rupees reported last year due to lower trading income and treasury losses. That missed analysts' expectations for a profit of 40.83 billion rupees, according to Refinitiv data, largely due to a tax expense of 17.51 billion rupees. Before taxes, the bank earned 40.63 billion rupees in profits.

State Bank of India warns of muted credit growth, misses quarterly profit estimates

The Reserve Bank of India (RBI) is likely to cut rates next week for a fourth time in 2019 as benign inflation gives it room to help an economy that is growing at its slowest in nearly five years.

If the RBI does cut by 25 basis points on Wednesday, the repo rate would to come down to 5.50 per cent, and make RBI the most dovish among major Asian central banks.

Almost 80 per cent&nbsp;of 66 economists surveyed by Reuters expected the RBI to cut its benchmark repo rate by 25 bps. Three respondents predicted a 50 bps cut and the remaining 10 forecast the rate would be left unchanged.

Reducing interest rates would please Finance Minister Nirmala Sitharaman, who delivered her first budget last month after being promoted by Prime Minister Narendra Modi following his re-election in May.

"I'll honestly wish (for a) rate cut ... a significant rate cut would do a lot of good for the country," Sitharaman told the Economic Times newspaper in an interview published on Monday.

Her budget had included measures aimed at improving the investment climate but lacked any direct steps to stimulate an economy that grew just 5.8 per cent&nbsp;year-on-year in the January-March quarter, its slowest pace in five years, and well below the double-digit growth levels that Modi wants.

Aside from defending against inflation and protecting the Indian rupee's health, the RBI has oversight of the state-owned banks and a mandate to protect financial stability, which could be undermined if economic growth stays low given the stress prevailing among banks and shadow lenders.

The last time the RBI made so many back-to-back cuts was after the global financial crisis over a decade ago, when most major central banks were desperate to revive economic growth.

"If the inflation estimate is lower than target and RBI has space they should cut. I expect a 25 bps cut and a dovish tone," said A. Prasanna, chief economist at ICICI Securities Primary Dealership.

Running at 3.18 per cent&nbsp;in June, India's retail inflation has remained below the central bank's medium-term target of 4 per cent&nbsp;for almost a year and is not expected to rise significantly above that until at least 2021, according to a separate Reuters poll.

But, currency and bond dealers noted that external influences could limit India's room for future rate reductions, as the head of the U.S. Federal Reserve warned against expecting a lengthy easing cycle after cutting U.S. interest rates for the first time in over a decade on Wednesday.

But, rate cuts alone cannot help India's economy unless the benefits are passed on to consumers and corporate borrowers. And saddled with bad debt, and scared of losing depositors, banks have been slow to reduce lending and deposit rates despite the RBI's prodding.

State Bank of India cut interest rates on deposits across all maturities on Monday, but analysts said it would take time for the country's largest bank to make matching cuts in its lending rates.

"It will be important to study the policy narrative to get a direction of likely future action by the RBI, liquidity measures, any other structural changes etc.," said Shanti Ekambaram, President, Consumer Banking at Kotak Mahindra Bank.

"Suffice it to say that inflation will be the central theme balanced with the need to boost growth".

At least the monsoon rains, after a poor start, appear to becoming kinder, which is good news for around two-thirds of Indians who depend on the farm sector for their livelihoods.

The Reserve Bank of India (RBI) is likely to cut rates next week for a fourth time in 2019 as benign inflation gives it room to help an economy that is growing at its slowest in nearly five years.

The Reserve Bank of India (RBI) is likely to cut rates next week for a fourth time in 2019 as benign inflation gives it room to help an economy that is growing at its slowest in nearly five years. If the RBI does cut by 25 basis points on Wednesday, the repo rate would to come down to 5.50 per cent, and make RBI the most dovish among major Asian central banks. Almost 80 per cent of 66 economists surveyed by Reuters expected the RBI to cut its benchmark repo rate by 25 bps. Three respondents predicted a 50 bps cut and the remaining 10 forecast the rate would be left unchanged. Reducing interest rates would please Finance Minister Nirmala Sitharaman, who delivered her first budget last month after being promoted by Prime Minister Narendra Modi following his re-election in May. "I'll honestly wish (for a) rate cut ... a significant rate cut would do a lot of good for the country," Sitharaman told the Economic Times newspaper in an interview published on Monday. Her budget had included measures aimed at improving the investment climate but lacked any direct steps to stimulate an economy that grew just 5.8 per cent year-on-year in the January-March quarter, its slowest pace in five years, and well below the double-digit growth levels that Modi wants. Aside from defending against inflation and protecting the Indian rupee's health, the RBI has oversight of the state-owned banks and a mandate to protect financial stability, which could be undermined if economic growth stays low given the stress prevailing among banks and shadow lenders. The last time the RBI made so many back-to-back cuts was after the global financial crisis over a decade ago, when most major central banks were desperate to revive economic growth. "If the inflation estimate is lower than target and RBI has space they should cut. I expect a 25 bps cut and a dovish tone," said A. Prasanna, chief economist at ICICI Securities Primary Dealership. Running at 3.18 per cent in June, India's retail inflation has remained below the central bank's medium-term target of 4 per cent for almost a year and is not expected to rise significantly above that until at least 2021, according to a separate Reuters poll. But, currency and bond dealers noted that external influences could limit India's room for future rate reductions, as the head of the U.S. Federal Reserve warned against expecting a lengthy easing cycle after cutting U.S. interest rates for the first time in over a decade on Wednesday. But, rate cuts alone cannot help India's economy unless the benefits are passed on to consumers and corporate borrowers. And saddled with bad debt, and scared of losing depositors, banks have been slow to reduce lending and deposit rates despite the RBI's prodding. State Bank of India cut interest rates on deposits across all maturities on Monday, but analysts said it would take time for the country's largest bank to make matching cuts in its lending rates. "It will be important to study the policy narrative to get a direction of likely future action by the RBI, liquidity measures, any other structural changes etc.," said Shanti Ekambaram, President, Consumer Banking at Kotak Mahindra Bank. "Suffice it to say that inflation will be the central theme balanced with the need to boost growth". At least the monsoon rains, after a poor start, appear to becoming kinder, which is good news for around two-thirds of Indians who depend on the farm sector for their livelihoods.

India seen set for fourth interest rate cut of 2019

Investors continued to pump in money into bonds and shunned equities in the past week, Bank of America Merrill Lynch (BAML) said on Friday, amid worries of a corporate earnings recession and trade tensions across the world.

BAML said its global earnings per share (EPS) "growth model" suggested an earnings recession. The model forecasts a 7.5% drop in EPS in the next 12 months.

With all major central banks coming out with less-dovish guidance, in the week to July 31 investors played it safe by pouring $10.5 billion into bonds while pulling some $1.7 billion money out of equities.

The US was the only region to attract investors, who pumped $4.8 billion into equities, while European and Japan stocks had outflows. Money has flowed out of European equities in 70 of the past 73 weeks.

Global equities were roiled last week by central bank comments that fell-short of expectations. European markets took a sharp hit after the European Central Bank kept interest&nbsp;rates intact and its outlook on easing came in below market expectations.

The US Federal Reserve cut interest rates in line with market expectations on Wednesday but poured cold water on market expectations of a lengthy easing cycle sending global stocks lower.

Investors continued to pump in money into bonds and shunned equities in the past week, Bank of America Merrill Lynch (BAML) said on Friday, amid worries of a corporate earnings recession and trade tensions across the world.

Investors continued to pump in money into bonds and shunned equities in the past week, Bank of America Merrill Lynch (BAML) said on Friday, amid worries of a corporate earnings recession and trade tensions across the world. BAML said its global earnings per share (EPS) "growth model" suggested an earnings recession. The model forecasts a 7.5% drop in EPS in the next 12 months. With all major central banks coming out with less-dovish guidance, in the week to July 31 investors played it safe by pouring $10.5 billion into bonds while pulling some $1.7 billion money out of equities. The US was the only region to attract investors, who pumped $4.8 billion into equities, while European and Japan stocks had outflows. Money has flowed out of European equities in 70 of the past 73 weeks. Global equities were roiled last week by central bank comments that fell-short of expectations. European markets took a sharp hit after the European Central Bank kept interest rates intact and its outlook on easing came in below market expectations. The US Federal Reserve cut interest rates in line with market expectations on Wednesday but poured cold water on market expectations of a lengthy easing cycle sending global stocks lower.

Fears of earnings recession keep investors away from stocks: Bank of America Merrill Lynch

Shares in Ferrari went into reverse on Friday as the Italian luxury carmaker failed to lift its guidance for 2019 despite strong results in the first part of the year.

Releasing its second quarter results, the company confirmed that it was on track for the higher end of the guidance range for all relevant figures. However, that left some disappointed that there was no upgrade signalled.

"The market was expecting them to raise their guidance for the year," a Milan-based trader said.

Trading in Milan-listed shares was halted for excessive declines after a 6.9% drop and they were down 3.95% by 1024 GMT.

For&nbsp;2019, Ferrari forecasts its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) to rise around 10 per cent to between 1.2-1.25 billion euros. Sales are seen growing by more than 3 per cent to more than 3.5 billion euros.

In the second quarter, core earnings rose 8.7% led by robust deliveries of its Portofino and 812 Superfast models.

Adjusted EBITDA came at 314 million euros ($348 million) in the April-June period, in line with analyst expectations, according to a Reuters survey.

Shares in Ferrari went into reverse on Friday as the Italian luxury carmaker failed to lift its guidance for 2019 despite strong results in the first part of the year.

Shares in Ferrari went into reverse on Friday as the Italian luxury carmaker failed to lift its guidance for 2019 despite strong results in the first part of the year. Releasing its second quarter results, the company confirmed that it was on track for the higher end of the guidance range for all relevant figures. However, that left some disappointed that there was no upgrade signalled. "The market was expecting them to raise their guidance for the year," a Milan-based trader said. Trading in Milan-listed shares was halted for excessive declines after a 6.9% drop and they were down 3.95% by 1024 GMT. For 2019, Ferrari forecasts its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) to rise around 10 per cent to between 1.2-1.25 billion euros. Sales are seen growing by more than 3 per cent to more than 3.5 billion euros. In the second quarter, core earnings rose 8.7% led by robust deliveries of its Portofino and 812 Superfast models. Adjusted EBITDA came at 314 million euros ($348 million) in the April-June period, in line with analyst expectations, according to a Reuters survey.

Ferrari core earnings rise but shares slide after no upgrade to guidance

Indian shares reversed course and ended higher on Friday, led by gains in IT and auto stocks, after a media report said the government was discussing the tax surcharge on foreign portfolio investors (FPI) and its impact on markets.

India had proposed to increase taxes on those with annual incomes of more than 20 million rupees ($287,387.29) in its annual budget last month, which rattled many FPIs. Foreign investors took out $1.8 billion from Indian equities in July.

Markets, however, ended in the red for the week as weak earnings and comments around the US&nbsp;Federal Reserve's future rate cuts and Washington's tariffs on China clouded investor sentiment.

The broader NSE Nifty ended 0.16 per cent higher at 10,997.35, while the benchmark BSE Sensex closed up 0.27 per cent at 37,118.22. For the week the NSE Nifty was 2.5 per cent&nbsp;lower and the BSE Sensex was down 1.88 per cent, recording their worst weekly fall in three weeks.

Auto stocks led gains for the day with the sector's index closing up 1.26 per cent.&nbsp;Maruti Suzuki closed up 2 per cent, while Tata Motors was up 1.3 per cent.

IT stocks were also the top boosts to markets. The Nifty IT index was up 0.6% led by gains among heavyweights Tata Consultancy Services, which closed 1.24 per cent higher and Infosys Ltd, which was up 1.3 per cent&nbsp;at the closing bell.

Among losers, Indiabulls Housing Finance ended down 7.3 per cent, while Tata Steel closed 2.8 per cent&nbsp;lower.

The volatility index was 4.33 per cent higher at the close.

Indian shares reversed course and ended higher on Friday, led by gains in IT and auto stocks, after a media report said the government was discussing the tax surcharge on foreign portfolio investors (FPI) and its impact on markets.

Indian shares reversed course and ended higher on Friday, led by gains in IT and auto stocks, after a media report said the government was discussing the tax surcharge on foreign portfolio investors (FPI) and its impact on markets. India had proposed to increase taxes on those with annual incomes of more than 20 million rupees ($287,387.29) in its annual budget last month, which rattled many FPIs. Foreign investors took out $1.8 billion from Indian equities in July. Markets, however, ended in the red for the week as weak earnings and comments around the US Federal Reserve's future rate cuts and Washington's tariffs on China clouded investor sentiment. The broader NSE Nifty ended 0.16 per cent higher at 10,997.35, while the benchmark BSE Sensex closed up 0.27 per cent at 37,118.22. For the week the NSE Nifty was 2.5 per cent lower and the BSE Sensex was down 1.88 per cent, recording their worst weekly fall in three weeks. Auto stocks led gains for the day with the sector's index closing up 1.26 per cent. Maruti Suzuki closed up 2 per cent, while Tata Motors was up 1.3 per cent. IT stocks were also the top boosts to markets. The Nifty IT index was up 0.6% led by gains among heavyweights Tata Consultancy Services, which closed 1.24 per cent higher and Infosys Ltd, which was up 1.3 per cent at the closing bell. Among losers, Indiabulls Housing Finance ended down 7.3 per cent, while Tata Steel closed 2.8 per cent lower. The volatility index was 4.33 per cent higher at the close.

Sensex, Nifty recover after report says government discussing FPI surcharge

The <a href="https://www.wionews.com/world/responsibility-for-what-happens-next-lies-with-japan-south-korea-president-moon-jae-in-on-trade-confrontation-240091">South Korean government</a> has launched a new learning website for companies puzzled by Japan's recent trade restrictions against the country amid growing confusion over changes of rules about buying Japanese goods.

The website&nbsp;is up and running since Thursday, a day before Japan decided to drop South Korea from the so-called "white list" of easy trade countries in midst of a growing dispute between the two countries over their wartime past.

"There have been myriads of requests from companies that need a clear picture of what getting removed from the white list means," a South Korean trade ministry official told Reuters on Friday, referring to the reason for the website.

The website titled "Know the Japanese restrictions Right" offers a list of sensitive items which can face tightened regulations and guidelines for companies to provide information to Japanese suppliers if they need approval.

Businessmen can also sign up for a face-to-face meeting with government officials via the website.

South Korea's removal from the favoured trade countries list may require South Korean firms to take extra administrative procedures to obtain import permits, potentially slowing down purchases of a wide range of Japanese goods that can be used for weapons production.

The country's President Moon Jae-in on Friday said South Korea would not be "defeated again" by its neighbour, laying bare decades-old animosity at the root of a row over fast-track export status.

"I can see challenges won't be small. Our companies and people have the capacity to overcome this ordeal...We can do this," Moon told a cabinet meeting.

The South Korean government has been hosting a series of seminars for industry groups from semiconductor sectors to the automobile industry as companies scramble to prepare for new trade environment with Japan.

"This is such a confusing time for everyone regardless of which industry you are in," said an official at a South Korean major electric car battery maker.

"The rules are so vague and confusing that almost no one knows how to comply and what to do. It's like an unopened black box," the official added, asking not to be named due to the sensitivity of the matter.

The South Korean government has launched a new learning website for companies puzzled by Japan's recent trade restrictions against the country amid growing confusion over changes of rules about buying Japanese goods.

The South Korean government has launched a new learning website for companies puzzled by Japan's recent trade restrictions against the country amid growing confusion over changes of rules about buying Japanese goods. The website is up and running since Thursday, a day before Japan decided to drop South Korea from the so-called "white list" of easy trade countries in midst of a growing dispute between the two countries over their wartime past. "There have been myriads of requests from companies that need a clear picture of what getting removed from the white list means," a South Korean trade ministry official told Reuters on Friday, referring to the reason for the website. The website titled "Know the Japanese restrictions Right" offers a list of sensitive items which can face tightened regulations and guidelines for companies to provide information to Japanese suppliers if they need approval. Businessmen can also sign up for a face-to-face meeting with government officials via the website. South Korea's removal from the favoured trade countries list may require South Korean firms to take extra administrative procedures to obtain import permits, potentially slowing down purchases of a wide range of Japanese goods that can be used for weapons production. The country's President Moon Jae-in on Friday said South Korea would not be "defeated again" by its neighbour, laying bare decades-old animosity at the root of a row over fast-track export status. "I can see challenges won't be small. Our companies and people have the capacity to overcome this ordeal...We can do this," Moon told a cabinet meeting. The South Korean government has been hosting a series of seminars for industry groups from semiconductor sectors to the automobile industry as companies scramble to prepare for new trade environment with Japan. "This is such a confusing time for everyone regardless of which industry you are in," said an official at a South Korean major electric car battery maker. "The rules are so vague and confusing that almost no one knows how to comply and what to do. It's like an unopened black box," the official added, asking not to be named due to the sensitivity of the matter.

South Korea launches 'Let's Learn Japan's Restrictions' website for puzzled businesses

The board of Coffee Day Enterprises on Wednesday said it appointed SV Ranganath as the interim chairman of the board and Nitin Bagmane was named as interim chief operating officer.&nbsp;

Amid the shocking developments following the death of founder VG&nbsp;Siddhartha, the board of Coffee Day Enterprises met for more than two hours in Bengaluru.&nbsp;

A statement from the company said an executive committee comprising Ranganath, Bagmane and chief financial officer R. Ram Mohan has been constituted “to exercise the powers previously vested with the Chief Executive Officer of the company and the Administrative Committee constituted by the Board in 2015’’.

The board will, in due course, prepare a detailed charter of authorities vested in the executive committee and approve the same.&nbsp;

The company said its board has also taken note of a message from Malavika Hegde, expressing support and trust in the company's professional team and the common effort to look after the interest of the employees and all other stakeholders.&nbsp;

The board of Coffee Day Enterprises on Wednesday said it appointed SV Ranganath as the interim chairman of the board and Nitin Bagmane was named as interim chief operating officer.

The board of Coffee Day Enterprises on Wednesday said it appointed SV Ranganath as the interim chairman of the board and Nitin Bagmane was named as interim chief operating officer. Amid the shocking developments following the death of founder VG Siddhartha, the board of Coffee Day Enterprises met for more than two hours in Bengaluru. A statement from the company said an executive committee comprising Ranganath, Bagmane and chief financial officer R. Ram Mohan has been constituted “to exercise the powers previously vested with the Chief Executive Officer of the company and the Administrative Committee constituted by the Board in 2015’’. The board will, in due course, prepare a detailed charter of authorities vested in the executive committee and approve the same. The company said its board has also taken note of a message from Malavika Hegde, expressing support and trust in the company's professional team and the common effort to look after the interest of the employees and all other stakeholders.

Coffee Day Enterprises appoints interim chairman, chief operating officer

Equity benchmark indices were lower again during early hours on Thursday tracking global cues as both US and Asian markets fell on less-than-expected dovish remarks from the US Fed Reserve.

At 10:15 am, the BSE S&amp;P Sensex was down 239 points at 37,243 while the Nifty 50 slipped 44 points to 11,042.

At the National Stock Exchange, all sectoral indices were in the red with Nifty metal down by 1.5 per cent and pharma by 1.2 per cent.

Among stocks, Coffee Day Enterprises plunged another 10 per cent for the third day in a row and traded at Rs 110.95 per share, a day after Cafe Coffee Day founder V G Siddhartha`s body was found near the Netravathi river in Mangaluru.

UPL was down by 5.4 per cent, Hindalco by 3.3 per cent, Vedanta by 3.2 per cent, JSW Steel by 2.1 per cent and HDFC by 1.9 per cent.

However, Wipro gained by 3.5 per cent and Bharti Infratel by 2.3 per cent.

Power Grid, IndusInd Bank and GAIL showed marginal gains.

Meanwhile, Asian shares fell to six-week lows as the US Federal Reserve cut interest rates by 25 basis points for the first time in a decade but signalled that this will not be a long chain of cuts.

MSCI`s broadest index of Asia-Pacific shares outside Japan faltered 0.6 per cent.

Japan`s Nikkei reversed early losses and were slightly higher. Losses in Chinese shares accelerated after it opened lower with the blue-chip index down 0.8 per cent.

Equity benchmark indices were lower again during early hours on Thursday tracking global cues as both US and Asian markets fell on less-than-expected dovish remarks from the US Fed Reserve.

Equity benchmark indices were lower again during early hours on Thursday tracking global cues as both US and Asian markets fell on less-than-expected dovish remarks from the US Fed Reserve. At 10:15 am, the BSE S&P Sensex was down 239 points at 37,243 while the Nifty 50 slipped 44 points to 11,042. At the National Stock Exchange, all sectoral indices were in the red with Nifty metal down by 1.5 per cent and pharma by 1.2 per cent. Among stocks, Coffee Day Enterprises plunged another 10 per cent for the third day in a row and traded at Rs 110.95 per share, a day after Cafe Coffee Day founder V G Siddhartha`s body was found near the Netravathi river in Mangaluru. UPL was down by 5.4 per cent, Hindalco by 3.3 per cent, Vedanta by 3.2 per cent, JSW Steel by 2.1 per cent and HDFC by 1.9 per cent. However, Wipro gained by 3.5 per cent and Bharti Infratel by 2.3 per cent. Power Grid, IndusInd Bank and GAIL showed marginal gains. Meanwhile, Asian shares fell to six-week lows as the US Federal Reserve cut interest rates by 25 basis points for the first time in a decade but signalled that this will not be a long chain of cuts. MSCI`s broadest index of Asia-Pacific shares outside Japan faltered 0.6 per cent. Japan`s Nikkei reversed early losses and were slightly higher. Losses in Chinese shares accelerated after it opened lower with the blue-chip index down 0.8 per cent.

Equity indices back in negative zone, Wipro and Bharti Infratel gain

The Bank of England cut its growth forecasts on Thursday in the face of increased Brexit worries and a slowing global economy but gave no indication it was considering lowering interest rates like other central banks.

A day after the <a href="https://www.wionews.com/business-economy/nasdaq-ends-at-record-high-dollar-falls-as-us-fed-signals-possible-rate-cut-234814">US Federal Reserve</a> reduced rates for the first time since the global financial crisis, the BoE said it still expected to raise borrowing costs gradually though this now hinged on a global pick-up as well as a "smooth" Brexit.&nbsp;

The BoE's Monetary Policy Committee (MPC) voted 9-0 to keep rates unchanged at 0.75 per cent, as expected in a Reuters poll of economists and said rates could move either way, whatever form Brexit takes.

With new Prime Minister Boris Johnson committed to taking Britain out of the <a href="https://www.wionews.com/world/uk-plays-brexit-hardball-with-stubborn-european-union-pound-falls-to-a-two-year-low-239235">European Union</a> on Oct. 31 regardless of whether he can secure a transition deal markets see increased risks of a disorderly, no-deal Brexit.

The BoE said this had led to "a marked depreciation of the sterling exchange rate" which is near a three-year low against a basket of other major currencies and that as of mid-July, business uncertainty about Brexit had become "more entrenched".

"Underlying growth appears to have slowed since 2018 to a rate below potential, reflecting both the impact of intensifying Brexit-related uncertainties on business investment and weaker global growth on net trade," the BoE said.

There was a little immediate market reaction to the statement.

"All eyes will be on the MPC's September meeting. If a disorderly exit from the EU is on the cards, the Bank must not shy away from lowering interest rates in advance to support businesses and households through the turbulence," the Institute of Directors' chief economist, Tej Parikh, said.

The BoE's forecasts assume Britain avoids a Brexit shock, but still foresee a growth of 1.3 per cent for 2019 and 2020, down from 1.5 per cent and 1.6 per cent respectively in its last forecasts in May.

This leaves British economic growth roughly in line with that of the eurozone, which Britain used to regularly outperform before June 2016's referendum decision to leave the EU.

The forecasts also showed a relatively high 30 per cent chance of negative year-on-year growth in the first three months of next year. A recession is typically defined in Europe as two consecutive quarters of negative quarter-on-quarter growth.

Rate cut bets

The weaker growth outlook comes despite the implicit stimulus from the expectations in markets of a rate cut that the BoE mechanically factors into the forecasts.

Before Thursday's announcement, markets were pricing in an almost 90 per cent chance that the BoE will cut rates by 25 basis points before Governor Mark Carney steps down at the end of January.

In large part, this reflects the possibility of a significant loosening of BoE policy if there is a no-deal Brexit, to which economists polled by Reuters on average gave a 30 per cent probability.

The European Central Bank is expected to cut rates in September.

Carney will say more about the BoE's thinking in a news conference at 1130 GMT.

The updated BoE forecasts show the central bank expects inflation currently on target at 2 per cent to exceed its target in two and three years, and by a greater margin than it predicted in May.

The BoE said growth and inflation would both probably be slower in the case of a smooth Brexit than its forecasts show, due to a likely snap-back in sterling and market interest rate expectations.

Taking this into account, inflation in three years would not necessarily exceed the BoE's target, but the BoE still foresaw the domestic economy overheating, requiring higher interest rates.

The Bank of England cut its growth forecasts on Thursday in the face of increased Brexit worries and a slowing global economy but gave no indication it was considering lowering interest rates like other central banks.

The Bank of England cut its growth forecasts on Thursday in the face of increased Brexit worries and a slowing global economy but gave no indication it was considering lowering interest rates like other central banks. A day after the US Federal Reserve reduced rates for the first time since the global financial crisis, the BoE said it still expected to raise borrowing costs gradually though this now hinged on a global pick-up as well as a "smooth" Brexit. The BoE's Monetary Policy Committee (MPC) voted 9-0 to keep rates unchanged at 0.75 per cent, as expected in a Reuters poll of economists and said rates could move either way, whatever form Brexit takes. With new Prime Minister Boris Johnson committed to taking Britain out of the European Union on Oct. 31 regardless of whether he can secure a transition deal markets see increased risks of a disorderly, no-deal Brexit. The BoE said this had led to "a marked depreciation of the sterling exchange rate" which is near a three-year low against a basket of other major currencies and that as of mid-July, business uncertainty about Brexit had become "more entrenched". "Underlying growth appears to have slowed since 2018 to a rate below potential, reflecting both the impact of intensifying Brexit-related uncertainties on business investment and weaker global growth on net trade," the BoE said. There was a little immediate market reaction to the statement. "All eyes will be on the MPC's September meeting. If a disorderly exit from the EU is on the cards, the Bank must not shy away from lowering interest rates in advance to support businesses and households through the turbulence," the Institute of Directors' chief economist, Tej Parikh, said. The BoE's forecasts assume Britain avoids a Brexit shock, but still foresee a growth of 1.3 per cent for 2019 and 2020, down from 1.5 per cent and 1.6 per cent respectively in its last forecasts in May. This leaves British economic growth roughly in line with that of the eurozone, which Britain used to regularly outperform before June 2016's referendum decision to leave the EU. The forecasts also showed a relatively high 30 per cent chance of negative year-on-year growth in the first three months of next year. A recession is typically defined in Europe as two consecutive quarters of negative quarter-on-quarter growth. Rate cut bets The weaker growth outlook comes despite the implicit stimulus from the expectations in markets of a rate cut that the BoE mechanically factors into the forecasts. Before Thursday's announcement, markets were pricing in an almost 90 per cent chance that the BoE will cut rates by 25 basis points before Governor Mark Carney steps down at the end of January. In large part, this reflects the possibility of a significant loosening of BoE policy if there is a no-deal Brexit, to which economists polled by Reuters on average gave a 30 per cent probability. The European Central Bank is expected to cut rates in September. Carney will say more about the BoE's thinking in a news conference at 1130 GMT. The updated BoE forecasts show the central bank expects inflation currently on target at 2 per cent to exceed its target in two and three years, and by a greater margin than it predicted in May. The BoE said growth and inflation would both probably be slower in the case of a smooth Brexit than its forecasts show, due to a likely snap-back in sterling and market interest rate expectations. Taking this into account, inflation in three years would not necessarily exceed the BoE's target, but the BoE still foresaw the domestic economy overheating, requiring higher interest rates.

Bank of England cuts growth forecasts as Brexit and global worries mount