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Pakistan's consumer inflation rate accelerated to 10.3 per cent year-on-year in July, from 8.9 per cent a month earlier, driven by higher food and fuel prices, the Bureau of Statistics said on Thursday, underlining the growing squeeze on household budgets.

Prices of food and non-alcoholic beverages, which make up a third of the overall basket used to calculate inflation, rose 7.9 per cent with big jumps in the prices of staples including onions, pulses and sugar.

There was also a 143 per cent rise in gas prices and a 23 per cent rise in petrol prices from the same month a year earlier.

Pakistan's consumer inflation rate accelerated to 10.3 per cent year-on-year in July, from 8.9 per cent a month earlier, driven by higher food and fuel prices, the Bureau of Statistics said on Thursday, underlining the growing squeeze on household budgets.

Pakistan's consumer inflation rate accelerated to 10.3 per cent year-on-year in July, from 8.9 per cent a month earlier, driven by higher food and fuel prices, the Bureau of Statistics said on Thursday, underlining the growing squeeze on household budgets. Prices of food and non-alcoholic beverages, which make up a third of the overall basket used to calculate inflation, rose 7.9 per cent with big jumps in the prices of staples including onions, pulses and sugar. There was also a 143 per cent rise in gas prices and a 23 per cent rise in petrol prices from the same month a year earlier.

Pakistan July consumer inflation accelerates to 10.3%

<a href="https://www.wionews.com/business-economy/reliance-jio-overtakes-bharti-airtel-to-become-number-2-operator-237066">Telecom operator Bharti Airtel Ltd</a> reported a worse-than-expected quarterly loss on Thursday, as the company lost more customers and spent more to upgrade its 4G network during the quarter.

The company's net loss for the three months ended June 30 was 28.66 billion rupees ($415.00 million), compared to a profit of 973 million rupees a year ago. Revenue rose 4.7 per cent.

Analysts, on average, were expecting the company to report a loss of 10.17 billion rupees, according to Refinitiv data.

New Delhi-based Airtel said its monthly churn rate in mobile services business, a measure of the number of customers it lost, grew to 2.6 per cent for the quarter, compared with 2 per cent&nbsp;a year ago.

Government data showed last month Reliance Industries Ltd's telecom unit Jio pipped Airtel to become India's second-largest operator by subscribers as of May.

Telecom operator Bharti Airtel Ltd reported a worse-than-expected quarterly loss on Thursday, as the company lost more customers and spent more to upgrade its 4G network during the quarter.

Telecom operator Bharti Airtel Ltd reported a worse-than-expected quarterly loss on Thursday, as the company lost more customers and spent more to upgrade its 4G network during the quarter. The company's net loss for the three months ended June 30 was 28.66 billion rupees ($415.00 million), compared to a profit of 973 million rupees a year ago. Revenue rose 4.7 per cent. Analysts, on average, were expecting the company to report a loss of 10.17 billion rupees, according to Refinitiv data. New Delhi-based Airtel said its monthly churn rate in mobile services business, a measure of the number of customers it lost, grew to 2.6 per cent for the quarter, compared with 2 per cent a year ago. Government data showed last month Reliance Industries Ltd's telecom unit Jio pipped Airtel to become India's second-largest operator by subscribers as of May.

Bharti Airtel reports worse than expected June-quarter loss

The dollar charged to its highest in more than two years on Thursday after the <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/stormy-sterling-sinks-again-stocks-wilt-before-fed-239448&amp;sa=U&amp;ved=2ahUKEwjO-ZbLuOHjAhUBr48KHSApDvgQFjAFegQIBBAC&amp;usg=AOvVaw3Y8jTTDaVY7qnK939Bej7w">Federal Reserve</a> spoiled hopes of a run of US interest rate cuts.

A blizzard of global data and events was going on, but it was Fed Chair Jerome Powell's remarks on Wednesday that set the markets running. Powell said the first US rate cut in over a decade was "not the beginning of a long series of rate cuts".

The dollar’s reaction said it all. The DXY index surged to its highest in more than two years, euro/dollar dropped below $1.11 for the first time since May 2017, and Brexit-hobbled sterling hit 30-month lows just above $1.21.

World stocks had recoiled overnight and emerging markets had their longest run of falls in almost a year.

"Markets interpreted the Fed’s communication as slightly hawkish and therefore further rate cuts in the immediate future were somewhat priced out," said David Milleker, senior economic advisor at Union Investment. "And the dollar strengthened. All in all, the Fed did not achieve what it presumably wanted."

US Treasuries were sold off as investors scaled back their pre-Fed expectations for at least 100 basis points of cuts in the near term. Yields on 10-year notes climbed as high as 2.058% in Europe from a US close of 2.007%.

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Core eurozone bond yields were rising, too, although -0.428% German Bund levels were still extraordinary. "I didn’t say it’s just one rate cut," Powell had been careful to emphasise after Wednesday's 25-basis-point move.

Instead, he characterised it as "a mid-cycle adjustment to policy", citing signs of a global slowdown, US trade tensions and a desire to boost inflation.

Wall Street fell afterwards and E-minis futures for the S&amp;P 500 were pointing 0.15% lower.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.8%, extending losses for a fifth day to the lowest since mid-June and posting its biggest one-day percentage drop in a month.

Japan's Nikkei rose, reversing early declines. Australian shares declined 0.4%. Losses by Chinese shares ended down 0.8%.

"We believe the Fed is trying to thread the needle, balancing market jitters about slowing global growth with robust consumer spending and a strong job market in the US," said Nick Maroutsos, co-head of global bonds at Janus Henderson.

"In other words, by cutting just 25 bps, the Fed is trying to bolster market confidence while also keeping some dry powder in reserve in case of an economic shock."

Trade Talks

Adding to worries, the United States and China on Wednesday ended a brief round of talks without much progress in ending their year-long trade war.

Downbeat data and factory surveys on Thursday had also pointed to further weakness for Asia's trade-reliant economies.

South Korea's exports fell for an eighth straight month in July amid weak global demand and a dispute with Japan. New export orders shrank the most in about six years.

South Korea, the world's sixth-largest exporter, is the first major industrial economy to release trade data each month, providing an early assessment on the health of global demand.

Pressure on Chinese factories eased slightly, but manufacturing activity continued to shrink.

"The broader global trade dynamic remains a challenge," Morgan Stanley strategist Michael Zezas said. "Trade should continue to drag on corporate confidence, CapEx and global growth in the near term."

In Europe's foreign exchange markets, sterling dropped as low as $1.2101 before a Bank of England meeting that's expected to leave its 0.75% interest rate unchanged but result in plenty of interesting discussions.

Fears of a <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/britain-to-spend-an-extra-26-billion-on-no-deal-brexit-planning-239860&amp;sa=U&amp;ved=2ahUKEwjd24uDu-HjAhUW8XMBHSfID2IQFjAAegQIBhAC&amp;usg=AOvVaw05e85f7pwO51L5lCnpMiS3">no-deal Brexit</a> now that Boris Johnson is prime minister continue to afflict the pound, although it was fractionally higher against a weakening euro at 91.17 pence.

"Sterling remains vulnerable to a further escalation in Brexit tensions and we anticipate the market will likely discount higher risks of a ‘no deal’ outcome in the weeks ahead," said Roger Hallam, currency chief investment officer at JP Morgan Asset Management.

Elsewhere, the Aussie dollar slipped below key chart support of $0.6832 to as low as $0.6828, a level not seen since an early January "flash crash".

The kiwi hit a six-week trough of $0.6535 on expectations the Reserve Bank of New Zealand will cut rates next week.

US crude futures fell 76 cents to $57.82 per barrel after comments on the rating outlook. Brent was down 71 cents at $64.34.

Spot gold also fell, to $1,405.26.

The dollar charged to its highest in more than two years on Thursday after the Federal Reserve spoiled hopes of a run of US interest rate cuts. A blizzard of global data and events was going on, but it was Fed Chair Jerome Powell's remarks on Wednesday that set the markets running.

The dollar charged to its highest in more than two years on Thursday after the Federal Reserve spoiled hopes of a run of US interest rate cuts. A blizzard of global data and events was going on, but it was Fed Chair Jerome Powell's remarks on Wednesday that set the markets running. Powell said the first US rate cut in over a decade was "not the beginning of a long series of rate cuts". The dollar’s reaction said it all. The DXY index surged to its highest in more than two years, euro/dollar dropped below $1.11 for the first time since May 2017, and Brexit-hobbled sterling hit 30-month lows just above $1.21. World stocks had recoiled overnight and emerging markets had their longest run of falls in almost a year. "Markets interpreted the Fed’s communication as slightly hawkish and therefore further rate cuts in the immediate future were somewhat priced out," said David Milleker, senior economic advisor at Union Investment. "And the dollar strengthened. All in all, the Fed did not achieve what it presumably wanted." US Treasuries were sold off as investors scaled back their pre-Fed expectations for at least 100 basis points of cuts in the near term. Yields on 10-year notes climbed as high as 2.058% in Europe from a US close of 2.007%. WATCH VIDEO × Core eurozone bond yields were rising, too, although -0.428% German Bund levels were still extraordinary. "I didn’t say it’s just one rate cut," Powell had been careful to emphasise after Wednesday's 25-basis-point move. Instead, he characterised it as "a mid-cycle adjustment to policy", citing signs of a global slowdown, US trade tensions and a desire to boost inflation. Wall Street fell afterwards and E-minis futures for the S&P 500 were pointing 0.15% lower. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.8%, extending losses for a fifth day to the lowest since mid-June and posting its biggest one-day percentage drop in a month. Japan's Nikkei rose, reversing early declines. Australian shares declined 0.4%. Losses by Chinese shares ended down 0.8%. "We believe the Fed is trying to thread the needle, balancing market jitters about slowing global growth with robust consumer spending and a strong job market in the US," said Nick Maroutsos, co-head of global bonds at Janus Henderson. "In other words, by cutting just 25 bps, the Fed is trying to bolster market confidence while also keeping some dry powder in reserve in case of an economic shock." Trade Talks Adding to worries, the United States and China on Wednesday ended a brief round of talks without much progress in ending their year-long trade war. Downbeat data and factory surveys on Thursday had also pointed to further weakness for Asia's trade-reliant economies. South Korea's exports fell for an eighth straight month in July amid weak global demand and a dispute with Japan. New export orders shrank the most in about six years. South Korea, the world's sixth-largest exporter, is the first major industrial economy to release trade data each month, providing an early assessment on the health of global demand. Pressure on Chinese factories eased slightly, but manufacturing activity continued to shrink. "The broader global trade dynamic remains a challenge," Morgan Stanley strategist Michael Zezas said. "Trade should continue to drag on corporate confidence, CapEx and global growth in the near term." In Europe's foreign exchange markets, sterling dropped as low as $1.2101 before a Bank of England meeting that's expected to leave its 0.75% interest rate unchanged but result in plenty of interesting discussions. Fears of a no-deal Brexit now that Boris Johnson is prime minister continue to afflict the pound, although it was fractionally higher against a weakening euro at 91.17 pence. "Sterling remains vulnerable to a further escalation in Brexit tensions and we anticipate the market will likely discount higher risks of a ‘no deal’ outcome in the weeks ahead," said Roger Hallam, currency chief investment officer at JP Morgan Asset Management. Elsewhere, the Aussie dollar slipped below key chart support of $0.6832 to as low as $0.6828, a level not seen since an early January "flash crash". The kiwi hit a six-week trough of $0.6535 on expectations the Reserve Bank of New Zealand will cut rates next week. US crude futures fell 76 cents to $57.82 per barrel after comments on the rating outlook. Brent was down 71 cents at $64.34. Spot gold also fell, to $1,405.26.

Mind your backs, dollar coming through!

The domestic stock market indices today traded in red led by the metal, pharma, bank, IT, infra, auto, FMCG and energy.&nbsp;

The BSE S&amp;P Sensex closed 462.80 points down at 37,018.32 while the Nifty 50 down by 138 points to 10,980.

During the afternoon trade, Sensex fell over 700 points to breach the 37,000 mark for the first time since March this year.&nbsp;The Nifty was also below the 10,900 mark.&nbsp;The rupee also fell to a five-week low against the US dollar, tracking a broad surge in the greenback.&nbsp;

Indian stocks just suffered their worst July in 17 years as the disappointment with the Budget, muted corporate earnings, ongoing credit crunch and consumption remained a drag on sentiment.&nbsp;&nbsp;

Sensex and Nifty have lost 7.04% and 7.09% during the last one month, respectively. Sensex and Nifty have lost 2.53% and 2.90% in last one week.&nbsp;

The gainers were Wipro, Infratel, Power Grid and Maruti Suzuki.

Meanwhile, Cafe Coffee Day shares hit lower circuit for the third day in a row since CCD founder VG Siddhartha mysteriously disappeared and was found dead on Wednesday.

The domestic stock market indices today traded in red led by the metal, pharma, bank, IT, infra, auto, FMCG and energy. The BSE S&P Sensex closed 462.80 points down at 37,018.

The domestic stock market indices today traded in red led by the metal, pharma, bank, IT, infra, auto, FMCG and energy. The BSE S&P Sensex closed 462.80 points down at 37,018.32 while the Nifty 50 down by 138 points to 10,980. During the afternoon trade, Sensex fell over 700 points to breach the 37,000 mark for the first time since March this year. The Nifty was also below the 10,900 mark. The rupee also fell to a five-week low against the US dollar, tracking a broad surge in the greenback. Indian stocks just suffered their worst July in 17 years as the disappointment with the Budget, muted corporate earnings, ongoing credit crunch and consumption remained a drag on sentiment. Sensex and Nifty have lost 7.04% and 7.09% during the last one month, respectively. Sensex and Nifty have lost 2.53% and 2.90% in last one week. The gainers were Wipro, Infratel, Power Grid and Maruti Suzuki. Meanwhile, Cafe Coffee Day shares hit lower circuit for the third day in a row since CCD founder VG Siddhartha mysteriously disappeared and was found dead on Wednesday.

Sensex closes 463 points down at 37,018.32, Nifty at 10,980

Equity benchmark indices were lower again during early hours on Wednesday with weak cues from global markets as investors awaiting the US Federal Reserve`s announcement on interest rates later today.

At 10:15 am, the BSE S&amp;P Sensex was down 120 points at 37,277 while the Nifty 50 slipped 44 points to 11,042.&nbsp;

At the National Stock Exchange, sectoral indices were mixed with Nifty IT and realty dropping by 1.2 per cent while PSU banks gained over 1 per cent.

Among stocks, Coffee Day Enterprises hit 20 per cent lower circuit for the second day to hit a 52-week low and traded at Rs 123.25 per share after Cafe Coffee Day founder V G Siddhartha`s body was found near the Netravathi river in Mangaluru.

IT majors too suffered from Tech Mahindra dropping by 3.6 per cent, HCL Tech by 1.1 per cent and Infosys by 1.08 per cent.&nbsp;

Axis Bank edged lower by 3.1 per cent, Britannia by 2 per cent, UltraTech Cement by 1.3 per cent and Titan by 1.1 per cent.However, Yes Bank gained over 4 per cent and IndusInd Bank by 3.7 per cent.&nbsp;

Sun Pharma, Indiabulls Housing Finance and JSW Steel showed gains of 2 to 2.5 per cent each.

Meanwhile, Asian indices were weak led by the Japanese Nikkei as profit booking was witnessed after US President Donald Trump lashed out at China before talks began on trade tariffs in Shanghai.

Hong Kong shares slid as investors mulled pessimistic signs amid a mixed set of corporate earnings ahead of the US Federal Reserve`s long-awaited interest rate cut.&nbsp;

Equity benchmark indices were lower again during early hours on Wednesday with weak cues from global markets as investors awaiting the US Federal Reserve`s announcement on interest rates later today.

Equity benchmark indices were lower again during early hours on Wednesday with weak cues from global markets as investors awaiting the US Federal Reserve`s announcement on interest rates later today. At 10:15 am, the BSE S&P Sensex was down 120 points at 37,277 while the Nifty 50 slipped 44 points to 11,042. At the National Stock Exchange, sectoral indices were mixed with Nifty IT and realty dropping by 1.2 per cent while PSU banks gained over 1 per cent. Among stocks, Coffee Day Enterprises hit 20 per cent lower circuit for the second day to hit a 52-week low and traded at Rs 123.25 per share after Cafe Coffee Day founder V G Siddhartha`s body was found near the Netravathi river in Mangaluru. IT majors too suffered from Tech Mahindra dropping by 3.6 per cent, HCL Tech by 1.1 per cent and Infosys by 1.08 per cent. Axis Bank edged lower by 3.1 per cent, Britannia by 2 per cent, UltraTech Cement by 1.3 per cent and Titan by 1.1 per cent.However, Yes Bank gained over 4 per cent and IndusInd Bank by 3.7 per cent. Sun Pharma, Indiabulls Housing Finance and JSW Steel showed gains of 2 to 2.5 per cent each. Meanwhile, Asian indices were weak led by the Japanese Nikkei as profit booking was witnessed after US President Donald Trump lashed out at China before talks began on trade tariffs in Shanghai. Hong Kong shares slid as investors mulled pessimistic signs amid a mixed set of corporate earnings ahead of the US Federal Reserve`s long-awaited interest rate cut.

Nifty sinks below 11,100 mark, Coffee Day plunges by another 20 per cent

Huawei remained the number two global smartphone vendor in the past quarter despite tough US sanctions imposed on the Chinese technology giant, market trackers said Wednesday.

The <a href="s.com/business-economy/huawei-warns-on-us-ban-after-china-smartphone-sales-drive-first-half-revenue-239507">Chinese firm managed</a> to boost its sales even as the overall market declined, remaining on the heels of sector leader Samsung and ahead of US-based Apple.

According to Strategy Analytics, overall global smartphone sales fell 2.6 per cent to 341 million units in the April-June period but showed signs of stabilizing after several quarters of declines.

Samsung increased its market share to 22 per cent, helped by a seven per cent rise in handset sales, with growth seen in the mid-range and entry segments. The South Korean giant stayed ahead of Huawei, which was at 17 per cent, and <a href="https://www.wionews.com/business-economy/apple-woos-investors-with-china-gain-market-value-nears-1-trillion-239747">Apple</a> at 11 per cent of the market.

"Huawei surprised everyone and grew its global smartphone shipments by eight per cent annually," said Strategy Analytics executive director Neil Mawston.

"Huawei surged at home in China during the quarter, as the firm sought to offset regulatory uncertainty in other major regions such as North America and Western Europe."

The research firm estimated that Apple, which released its results this week without details on unit shipments, saw an eight per cent drop in iPhone sales in the quarter.

"Apple is stabilizing in China due to price adjustments and buoyant trade-ins, but other major markets such as India and Europe remain challenging for the expensive iPhone," said Woody Oh, director at Strategy Analytics.

A separate report by Counterpoint Research offered similar findings, showing Samsung, Huawei and Apple in the three top spots as overall sales fell.

Analyst Tarun Pathak at Counterpoint said, however, the US ban on technology sales to Huawei will have an impact in the coming months.

"The effect of the ban did not translate into falling shipments during this quarter, which will not be the case in the future," Pathak said.

"In the coming quarters, Huawei is likely to be aggressive in its home market and register some growth there, but it will not be enough to offset the decline in its overseas shipments. This will further lead to the decline of the overall smartphone market in 2019."

The surveys indicated Chinese makers Xiaomi and Oppo holding the fourth and fifth spots, largely due to sales in their home markets.

According to Counterpoint, the combined global smartphone market share of Chinese majors Huawei, Oppo, Vivo, Xiaomi, and Realme reached 42 per cent, the highest it has ever been.&nbsp; 
&nbsp;

Huawei remained the number two global smartphone vendor in the past quarter despite tough US sanctions imposed on the Chinese technology giant, market trackers said Wednesday.

Huawei remained the number two global smartphone vendor in the past quarter despite tough US sanctions imposed on the Chinese technology giant, market trackers said Wednesday. The Chinese firm managed to boost its sales even as the overall market declined, remaining on the heels of sector leader Samsung and ahead of US-based Apple. According to Strategy Analytics, overall global smartphone sales fell 2.6 per cent to 341 million units in the April-June period but showed signs of stabilizing after several quarters of declines. Samsung increased its market share to 22 per cent, helped by a seven per cent rise in handset sales, with growth seen in the mid-range and entry segments. The South Korean giant stayed ahead of Huawei, which was at 17 per cent, and Apple at 11 per cent of the market. "Huawei surprised everyone and grew its global smartphone shipments by eight per cent annually," said Strategy Analytics executive director Neil Mawston. "Huawei surged at home in China during the quarter, as the firm sought to offset regulatory uncertainty in other major regions such as North America and Western Europe." The research firm estimated that Apple, which released its results this week without details on unit shipments, saw an eight per cent drop in iPhone sales in the quarter. "Apple is stabilizing in China due to price adjustments and buoyant trade-ins, but other major markets such as India and Europe remain challenging for the expensive iPhone," said Woody Oh, director at Strategy Analytics. A separate report by Counterpoint Research offered similar findings, showing Samsung, Huawei and Apple in the three top spots as overall sales fell. Analyst Tarun Pathak at Counterpoint said, however, the US ban on technology sales to Huawei will have an impact in the coming months. "The effect of the ban did not translate into falling shipments during this quarter, which will not be the case in the future," Pathak said. "In the coming quarters, Huawei is likely to be aggressive in its home market and register some growth there, but it will not be enough to offset the decline in its overseas shipments. This will further lead to the decline of the overall smartphone market in 2019." The surveys indicated Chinese makers Xiaomi and Oppo holding the fourth and fifth spots, largely due to sales in their home markets. According to Counterpoint, the combined global smartphone market share of Chinese majors Huawei, Oppo, Vivo, Xiaomi, and Realme reached 42 per cent, the highest it has ever been.

Huawei still number two smartphone seller despite US sanctions

<a href="https://www.wionews.com/world/mexico-says-migrant-numbers-at-us-border-down-40-since-may-239609">Mexico</a> narrowly avoided slipping into recession during the first half of 2019 as the gross domestic product grew by a fraction in the second quarter, an initial estimate showed, but weakness persisted across the board.

A preliminary reading by the national statistics agency on Wednesday showed that Mexico's economy, Latin America's second-biggest, grew by 0.1 per cent in the April-June period from the previous quarter when adjusted for seasonal swings.

A Reuters poll of economists had forecast GDP would be flat compared with the first quarter when the economy shrank by 0.2 per cent quarter-on-quarter.

In unadjusted terms, the economy contracted by 0.7 per cent from the same period a year earlier.

Economists generally define two consecutive quarters of negative GDP as a technical recession, though there is no established global definition for the phenomenon.

The government has rejected the suggestion that the country is in a slump, and <a href="https://www.wionews.com/world/trump-adviser-influential-senator-cast-doubt-on-mexico-tariffs-224742">President Andres Manuel Lopez Obrador</a> on Monday was adamant that Mexico is not in a recession.

Investor confidence in Mexico has been shaken by some of the decisions of Lopez Obrador, a leftist exponent of economic nationalism who took office in December vowing to reduce chronic inequality and deliver average annual growth of 4 per cent.

In particular, his decision to cancel a partly built $13 billion new Mexico City airport and his retreat from the prior government's opening of the oil and gas industry to private capital have raised doubts about his economic credentials.

During the past few months, private and public sector analysts have pared back their Mexican growth forecasts, with some now predicting little expansion at all in 2019. Lopez Obrador said he expects growth of 2 per cent this year.

The president has attacked critics of his policies as supporters of what he has characterized as a corrupt "neo-liberal" era that preceded his time in office.

However, he has also had to contend with the risk of economic disruption from the United States the destination for around 80 per cent of Mexico's goods exports due to tensions with US President Donald Trump over illegal immigration.

Mexico narrowly avoided slipping into recession during the first half of 2019 as the gross domestic product grew by a fraction in the second quarter, an initial estimate showed, but weakness persisted across the board.

Mexico narrowly avoided slipping into recession during the first half of 2019 as the gross domestic product grew by a fraction in the second quarter, an initial estimate showed, but weakness persisted across the board. A preliminary reading by the national statistics agency on Wednesday showed that Mexico's economy, Latin America's second-biggest, grew by 0.1 per cent in the April-June period from the previous quarter when adjusted for seasonal swings. A Reuters poll of economists had forecast GDP would be flat compared with the first quarter when the economy shrank by 0.2 per cent quarter-on-quarter. In unadjusted terms, the economy contracted by 0.7 per cent from the same period a year earlier. Economists generally define two consecutive quarters of negative GDP as a technical recession, though there is no established global definition for the phenomenon. The government has rejected the suggestion that the country is in a slump, and President Andres Manuel Lopez Obrador on Monday was adamant that Mexico is not in a recession. Investor confidence in Mexico has been shaken by some of the decisions of Lopez Obrador, a leftist exponent of economic nationalism who took office in December vowing to reduce chronic inequality and deliver average annual growth of 4 per cent. In particular, his decision to cancel a partly built $13 billion new Mexico City airport and his retreat from the prior government's opening of the oil and gas industry to private capital have raised doubts about his economic credentials. During the past few months, private and public sector analysts have pared back their Mexican growth forecasts, with some now predicting little expansion at all in 2019. Lopez Obrador said he expects growth of 2 per cent this year. The president has attacked critics of his policies as supporters of what he has characterized as a corrupt "neo-liberal" era that preceded his time in office. However, he has also had to contend with the risk of economic disruption from the United States the destination for around 80 per cent of Mexico's goods exports due to tensions with US President Donald Trump over illegal immigration.

Mexico narrowly escapes recession with minimal second-quarter growth

Apple CEO Tim Cook on Tuesday said that the desire to keep <a href="https://www.wionews.com/world/apple-will-not-be-given-tariff-wavers-or-relief-for-mac-pro-parts-made-in-china-trump-238701">Mac Pro computer production</a> in United States was behind the company's recent request for tariff exclusions.

"We want to continue to be here," he told analysts on a post-earnings call, adding that the company is investing in capacity to manufacture $6,000 Mac Pros in the United States.

On July 18, Apple had asked the US Trade Representative's office <a href="https://www.wionews.com/world/apple-explores-moving-15-30-of-production-capacity-from-china-to-southeast-asia-report-228703">to waive 25 per cent tariffs </a>on 15 parts, including ones for the Mac Pro desktop computer. The public comment period for those requests closes on August 1.

The Wall Street Journal reported in June that Apple is shifting manufacturing of its new Mac Pro desktop computer to China from Texas.

Last week, US President Donald Trump had said his administration would not grant Apple any relief for tariffs on parts made in China for Mac Pro, later adding that he thought the firm would build a plant in Texas.

Apple Inc iPhone sales dropped to less than half of quarterly revenue for the first time in seven years, but CEO Tim Cook described the change as successfully diversifying away from a single product and forecast results above Wall Street targets.

Apple's greater China sales, which had gone into a near free fall earlier this year, dipped only slightly, assuaging concerns that trade tension were undermining Apple's standing in one of its most important markets. Shares rose 4.25 per cent after hours.

"We actually grew in mainland China," Cook said, adding,"non-iPhone revenue grew 17 per cent. We grew in every category outside of iPhone."

Apple reported results as US and Chinese trade negotiators resumed off-and-on talks. US President Donald Trump has suspended new tariffs on a final $300 billion of Chinese imports, which would include iPhones.

Trade tension has slowed down economic growth in China, a major market for Apple, which effectively cut iPhone prices in China earlier this year after currency exchange rates had made its phones too expensive for many Chinese consumers.

Apple CEO Tim Cook on Tuesday said that the desire to keep Mac Pro computer production in United States was behind the company's recent request for tariff exclusions.

Apple CEO Tim Cook on Tuesday said that the desire to keep Mac Pro computer production in United States was behind the company's recent request for tariff exclusions. "We want to continue to be here," he told analysts on a post-earnings call, adding that the company is investing in capacity to manufacture $6,000 Mac Pros in the United States. On July 18, Apple had asked the US Trade Representative's office to waive 25 per cent tariffs on 15 parts, including ones for the Mac Pro desktop computer. The public comment period for those requests closes on August 1. The Wall Street Journal reported in June that Apple is shifting manufacturing of its new Mac Pro desktop computer to China from Texas. Last week, US President Donald Trump had said his administration would not grant Apple any relief for tariffs on parts made in China for Mac Pro, later adding that he thought the firm would build a plant in Texas. Apple Inc iPhone sales dropped to less than half of quarterly revenue for the first time in seven years, but CEO Tim Cook described the change as successfully diversifying away from a single product and forecast results above Wall Street targets. Apple's greater China sales, which had gone into a near free fall earlier this year, dipped only slightly, assuaging concerns that trade tension were undermining Apple's standing in one of its most important markets. Shares rose 4.25 per cent after hours. "We actually grew in mainland China," Cook said, adding,"non-iPhone revenue grew 17 per cent. We grew in every category outside of iPhone." Apple reported results as US and Chinese trade negotiators resumed off-and-on talks. US President Donald Trump has suspended new tariffs on a final $300 billion of Chinese imports, which would include iPhones. Trade tension has slowed down economic growth in China, a major market for Apple, which effectively cut iPhone prices in China earlier this year after currency exchange rates had made its phones too expensive for many Chinese consumers.

Want to make high end computers in US, need tariff relief: Apple CEO Tim Cook

Shares of Apple Inc rose 4.2 per cent on Wednesday after the company calmed <a href="https://www.wionews.com/world/wall-street-notches-all-time-highs-as-rate-cut-hopes-lift-investor-spirits-235406">Wall Street</a> nerves with an improvement in sales in China and as several brokerages predicted a boost from its services business and the launch of new iPhones in the second half of 2019.

If the gains hold, Apple would be within touching distance of again topping $1 trillion in market value, just shy of the world's most valuable company, Microsoft Corp. Apple had 4.53 billion shares outstanding at the end of last quarter.

In the earnings report after markets closed on Tuesday, Apple said services revenue rose 12.6 per cent to $11.5 billion in the three months to June, offsetting a 12 per cent fall in global iPhone sales to just under $26 billion.

"We were especially pleased with the double-digit increase in Services driven by strong growth from the App Store in China," <a href="https://www.wionews.com/business-economy/want-to-make-high-end-computers-in-us-need-tariff-relief-apple-ceo-tim-cook-239585">Chief Executive Tim Cook</a> told a conference call after the results.

JP Morgan analyst Samik Chatterjee, who rates the stock 'Overweight', said he believed Apple's transformation of the services business and a strong product cycle are strong reasons to own its shares.

At least seven of the 43 brokerages who rate Apple shares raised their price targets for the stock, with Citigroup raising its price target by $45 to $250. The median of current recommendations is $217.

In mainland China, Cook said the overall number of Apple device users had grown in the fiscal third quarter, driving a more rise in services sales by the company in the world's second-largest economy.

Concerns about a slowdown in China, where iPhone sales continue to decline, have helped keep Apple's share price below last year's highs. But it is still up 50 per cent in value from lows hit in a market sell-off at the end of last year.

"If there is a China slowdown, clearly no one told Tim about it," Evercore analyst Amit Daryanani wrote in a note.

Shares of Apple Inc rose 4.2 per cent on Wednesday after the company calmed Wall Street nerves with an improvement in sales in China and as several brokerages predicted a boost from its services business and the launch of new iPhones in the second half of 2019.

Shares of Apple Inc rose 4.2 per cent on Wednesday after the company calmed Wall Street nerves with an improvement in sales in China and as several brokerages predicted a boost from its services business and the launch of new iPhones in the second half of 2019. If the gains hold, Apple would be within touching distance of again topping $1 trillion in market value, just shy of the world's most valuable company, Microsoft Corp. Apple had 4.53 billion shares outstanding at the end of last quarter. In the earnings report after markets closed on Tuesday, Apple said services revenue rose 12.6 per cent to $11.5 billion in the three months to June, offsetting a 12 per cent fall in global iPhone sales to just under $26 billion. "We were especially pleased with the double-digit increase in Services driven by strong growth from the App Store in China," Chief Executive Tim Cook told a conference call after the results. JP Morgan analyst Samik Chatterjee, who rates the stock 'Overweight', said he believed Apple's transformation of the services business and a strong product cycle are strong reasons to own its shares. At least seven of the 43 brokerages who rate Apple shares raised their price targets for the stock, with Citigroup raising its price target by $45 to $250. The median of current recommendations is $217. In mainland China, Cook said the overall number of Apple device users had grown in the fiscal third quarter, driving a more rise in services sales by the company in the world's second-largest economy. Concerns about a slowdown in China, where iPhone sales continue to decline, have helped keep Apple's share price below last year's highs. But it is still up 50 per cent in value from lows hit in a market sell-off at the end of last year. "If there is a China slowdown, clearly no one told Tim about it," Evercore analyst Amit Daryanani wrote in a note.

Apple woos investors with China gain, market value nears $1 trillion

Domestic stock market indices Sensex and Nifty gained nearly 450 points and 146 points respectively from lows to end positive on Wednesday.&nbsp;

The S&amp;P BSE Sensex fell 4.9 per cent this month to end the month at 37,481.12 and the NSE Nifty 50 closed nearly 6 per cent lower at 11,118.

Domestic indices traded lower for the better part of the day but saw a sharp surge during the last trading hour.&nbsp;

Weak corporate earnings, economic slowdown and tax issues continued to weigh down investment sentiment.

For July, the NSE Nifty was down 5.7%, its worst since September, while BSE Sensex fell 4.9% to an eight-month low.

Public sector banks and metals were top boosts, with their indexes rising 1.73% and 2.42%, respectively on Wednesday.

India`s top refiner Indian Oil Corp ended up 3.9% after the company reported a better-than-expected profit for the June quarter.

(With inputs from Reuters)

Domestic stock market indices Sensex and Nifty gained nearly 450 points and 146 points respectively from lows to end positive on Wednesday. The S&P BSE Sensex fell 4.

Domestic stock market indices Sensex and Nifty gained nearly 450 points and 146 points respectively from lows to end positive on Wednesday. The S&P BSE Sensex fell 4.9 per cent this month to end the month at 37,481.12 and the NSE Nifty 50 closed nearly 6 per cent lower at 11,118. Domestic indices traded lower for the better part of the day but saw a sharp surge during the last trading hour. Weak corporate earnings, economic slowdown and tax issues continued to weigh down investment sentiment. For July, the NSE Nifty was down 5.7%, its worst since September, while BSE Sensex fell 4.9% to an eight-month low. Public sector banks and metals were top boosts, with their indexes rising 1.73% and 2.42%, respectively on Wednesday. India`s top refiner Indian Oil Corp ended up 3.9% after the company reported a better-than-expected profit for the June quarter. (With inputs from Reuters)

Stock markets end in green but witness worst July in 17 years

Economic growth in the eurozone slowed to 0.2 per cent in the second quarter of the year, down from 0.4 per cent in the previous three months.&nbsp;

Eurostat's figures, published Wednesday, also showed inflation in the 19-nation single currency group dropping from 1.3 per cent in June to 1.1 in July.

This falls even further short of the European Central bank's 2.0 per cent target for a healthy economy and amounts to further evidence of a worrying slowdown.&nbsp;

The seasonally adjusted unemployment rate nevertheless also fell, from a revised 7.6 per cent in May to 7.5 in June, its lowest level in ten years.

The wider 28-member European Union, which includes countries outside the euro, also saw second-quarter growth shrink to 0.2 per cent, down from 0.5 in the previous period.

All these figures were in line with market expectations as estimated by data firm Factset.

Economic growth in the eurozone slowed to 0.2 per cent in the second quarter of the year, down from 0.4 per cent in the previous three months. Eurostat's figures, published Wednesday, also showed inflation in the 19-nation single currency group dropping from 1.

Economic growth in the eurozone slowed to 0.2 per cent in the second quarter of the year, down from 0.4 per cent in the previous three months. Eurostat's figures, published Wednesday, also showed inflation in the 19-nation single currency group dropping from 1.3 per cent in June to 1.1 in July. This falls even further short of the European Central bank's 2.0 per cent target for a healthy economy and amounts to further evidence of a worrying slowdown. The seasonally adjusted unemployment rate nevertheless also fell, from a revised 7.6 per cent in May to 7.5 in June, its lowest level in ten years. The wider 28-member European Union, which includes countries outside the euro, also saw second-quarter growth shrink to 0.2 per cent, down from 0.5 in the previous period. All these figures were in line with market expectations as estimated by data firm Factset.

Eurozone growth slows to 0.2% in second quarter

<a href="https://www.wionews.com/business-&amp;-economy/gold-prices-rise-to-one-week-high-as-softer-us-dollar-supports-buying-148880">Gold prices</a> held steady on Wednesday as investors waited on the outcome of the Federal Reserve`s meeting later in the day when policymakers are expected to cut interest rates for the first time since the financial crisis.

Spot gold was flat at $1,430.69 per ounce as of 0723 GMT.

US gold futures edged 0.1 per cent higher to $1,443.60 an ounce. "Most of the people are staying on the sidelines due to the Fed meeting. If the Fed does reduce rates, gold may come down a little as a 25 basis point cut is already priced-in," said Brian Lan, managing director at dealer GoldSilver Central in Singapore.

"We are also looking at whether there will be further rate cuts. Over the longer term, we are still bullish on gold but in the short-term, we might see a bit of correction before it continues to move higher," Lan added.

Fed funds rate futures are now fully pricing in a 25 basis point rate cut on Wednesday and another 25 basis point reduction by September.

Markets will be watching out for guidance on whether the Federal Open Market Committee`s expected move is a one-time cut or the beginning of a rate-cutting cycle.

Cementing expectations of Fed rate cuts, US consumer spending and prices rose moderately in June, pointing to slower economic growth and benign inflation.

<a href="https://www.wionews.com/world/donald-trump-tears-into-china-on-twitter-as-trade-talks-resume-239492">US President Donald Trump</a>, meanwhile, reiterated his call for the Fed to make a large interest rate cut, saying he was disappointed in the US&nbsp;

The central bank and that it had put him at a disadvantage by not acting sooner.

"Gold will look for direction in the tone of the Fed Chief`s rhetoric. More dovish could lead to a weaker dollar and a higher price for gold," <a href="https://www.wionews.com/business-economy/crude-oil-prices-fall-1-on-fears-for-global-economy-233148">Alfonso Esparza</a>, a senior market analyst at OANDA, said in a note.

The dollar index was relatively unchanged against a basket of major currencies on Wednesday after hitting a two-month high in the previous session.

In financial markets, fresh trade concerns following threats by Trump to Beijing sent Asian shares to a six-week trough on Wednesday.&nbsp;

Trump warned China against waiting out his presidency before finalising a trade deal, saying if he wins re-election in November 2020, the outcome could be no agreement or a harsher one.

On the technical front, Reuters technical analyst Wang Tao said a bullish target at $1,452 per ounce has been established for spot gold, as it has pierced above resistance at $1,427.

Among other precious metals, silver slipped 0.7 per cent to $16.46 per ounce.

Platinum jumped 1.2 per cent to $876.11 an ounce and palladium rose 1 per cent to $1,529.20.

Gold prices held steady on Wednesday as investors waited on the outcome of the Federal Reserve`s meeting later in the day when policymakers are expected to cut interest rates for the first time since the financial crisis.

Gold prices held steady on Wednesday as investors waited on the outcome of the Federal Reserve`s meeting later in the day when policymakers are expected to cut interest rates for the first time since the financial crisis. Spot gold was flat at $1,430.69 per ounce as of 0723 GMT. US gold futures edged 0.1 per cent higher to $1,443.60 an ounce. "Most of the people are staying on the sidelines due to the Fed meeting. If the Fed does reduce rates, gold may come down a little as a 25 basis point cut is already priced-in," said Brian Lan, managing director at dealer GoldSilver Central in Singapore. "We are also looking at whether there will be further rate cuts. Over the longer term, we are still bullish on gold but in the short-term, we might see a bit of correction before it continues to move higher," Lan added. Fed funds rate futures are now fully pricing in a 25 basis point rate cut on Wednesday and another 25 basis point reduction by September. Markets will be watching out for guidance on whether the Federal Open Market Committee`s expected move is a one-time cut or the beginning of a rate-cutting cycle. Cementing expectations of Fed rate cuts, US consumer spending and prices rose moderately in June, pointing to slower economic growth and benign inflation. US President Donald Trump, meanwhile, reiterated his call for the Fed to make a large interest rate cut, saying he was disappointed in the US The central bank and that it had put him at a disadvantage by not acting sooner. "Gold will look for direction in the tone of the Fed Chief`s rhetoric. More dovish could lead to a weaker dollar and a higher price for gold," Alfonso Esparza, a senior market analyst at OANDA, said in a note. The dollar index was relatively unchanged against a basket of major currencies on Wednesday after hitting a two-month high in the previous session. In financial markets, fresh trade concerns following threats by Trump to Beijing sent Asian shares to a six-week trough on Wednesday. Trump warned China against waiting out his presidency before finalising a trade deal, saying if he wins re-election in November 2020, the outcome could be no agreement or a harsher one. On the technical front, Reuters technical analyst Wang Tao said a bullish target at $1,452 per ounce has been established for spot gold, as it has pierced above resistance at $1,427. Among other precious metals, silver slipped 0.7 per cent to $16.46 per ounce. Platinum jumped 1.2 per cent to $876.11 an ounce and palladium rose 1 per cent to $1,529.20.

Gold prices hold steady ahead of Fed verdict

Prosecutors have filed charges against former <a href="https://www.wionews.com/world/audi-ceo-arrested-volkswagen-145204">Audi Chief Executive Rupert Stadler</a>, who is being investigated for his role in Volkswagen`s emissions cheating scandal, the public prosecutor`s office in Munich said on Wednesday.

Stadler and three other defendants are being charged with false certification and criminal advertising practices, it said, adding that three defendants are accused of having developed engines used in Audi-, Volkswagen and Porsche-branded cars that used emissions-cheating devices.

"Defendant Stadler is accused of having been aware of the manipulations since the end of September 2015, at the latest, but he did not prevent the sale of affected Audi and VW vehicles thereafter," the prosecutor said in a statement. 
&nbsp;

Prosecutors have filed charges against former Audi Chief Executive Rupert Stadler, who is being investigated for his role in Volkswagen`s emissions cheating scandal, the public prosecutor`s office in Munich said on Wednesday.

Prosecutors have filed charges against former Audi Chief Executive Rupert Stadler, who is being investigated for his role in Volkswagen`s emissions cheating scandal, the public prosecutor`s office in Munich said on Wednesday. Stadler and three other defendants are being charged with false certification and criminal advertising practices, it said, adding that three defendants are accused of having developed engines used in Audi-, Volkswagen and Porsche-branded cars that used emissions-cheating devices. "Defendant Stadler is accused of having been aware of the manipulations since the end of September 2015, at the latest, but he did not prevent the sale of affected Audi and VW vehicles thereafter," the prosecutor said in a statement.

Prosecutors charge former Audi CEO Rupert Stadler over his role in emissions scandal

<a href="https://www.wionews.com/business-economy/want-to-make-high-end-computers-in-us-need-tariff-relief-apple-ceo-tim-cook-239585">Apple Inc iPhone</a> sales dropped to less than half of quarterly revenue for the first time in seven years, but CEO Tim Cook on Tuesday described the change as successfully diversifying away from a single product and forecast results above Wall Street targets.

That strategy proved especially useful in China, the world's largest smartphone market. Investors feared a drumbeat of negative shipment data from the Chinese government and analysts meant problems for the iPhone maker.

Apple's greater China sales, which had gone into a near free-fall earlier this year, dipped only slightly, assuaging concerns that trade tension was undermining Apple's standing in one of its most important markets. Shares rose 4.25 per cent after hours.

Moribund global mobile phone sales have led Apple to focus on accessories like the Apple Watch and growth in music, apps, gaming, video and a credit card coming in August. In mainland China, Cook said the overall number of Apple device users had grown in the fiscal third quarter, helping to increase the market for its services, whose sales were up by more than 10 per cent there.

"We grew in mainland China," Cook told Reuters. "Non-iPhone revenue grew 17 per cent. We grew in every category outside of iPhone."

But globally, iPhone sales fell 12 per cent to $25.99 billion, after dropping 17 per cent in the previous quarter, and matched Wall Street targets.&nbsp;

&nbsp;Wearables and other accessories revenue rose nearly 50 per cent, topping expectations.

Services revenue rose 12.6 per cent to $11.46 billion, slowing and slightly missing expectations but setting a new record.

Apple said it expects revenue for the current fiscal fourth quarter of between $61 billion and $64 billion, compared with analyst estimates of $61.02 billion.&nbsp;

At the high end of Apple's forecasted range, sales would beat the prior year's $62.90 billion in sales, even though analysts expected continued lacklustre iPhone sales until 5G models arrive in 2020.

For the fiscal third quarter ended in June, Apple reported a 1 per cent rise in revenue to $53.8 billion and a 7 per cent drop in earnings per share to $2.18, compared with expectations of $53.39 billion and $2.10 per share, according to Refinitiv data.

Hal Eddins, a chief economist for Apple shareholder Capital Investment Counsel, said he was pleasantly surprised to see iPhone sales declines slow down versus the prior quarter.

"You don’t hear people talk about their phones like they did several years ago," Eddins said. But, "the key is that when people want to splurge on a phone, they do it with an Apple product."

Apple did not give the number of active <a href="https://www.wionews.com/business-economy/apples-india-made-top-end-iphones-to-hit-stores-next-month-source-235135">Apple devices</a>, but in January it said it was 1.4 billion, with 900 million of those being iPhones. Investors used the number, called the installed base, as a proxy for how many subscribers it can gain for its services business.&nbsp;

Cook told investors on a conference call Tuesday that Apple has 420 million paid subscribers to its services and third-party apps. The company has set a goal of 500 million by 2020.

Trip Miller, the managing partner at Apple shareholder Gullane Capital Partners, said he wants to see services growth return to the 20 per cent range and thinks Apple needs to use its billions in cash to buy media properties to fuel its forthcoming television service.

"You have to have a bigger installed base and have services that people get value from," Miller said.

Trade tension still looms large

Apple reported results as US and Chinese trade negotiators resumed off-and-on talks. The US President Donald Trump has suspended new tariffs on a final $300 billion of Chinese imports, which would include iPhones.

Trade tension has slowed down economic growth in China, a major market for Apple, which effectively cut iPhone prices in China earlier this year after currency exchange rates had made its phones too expensive for many Chinese consumers.

Apple's market share in China declined to 5.8 per cent from 6.4 per cent, according to market research firm Canalys, in part because smartphone rival Huawei Technologies Co Ltd gained market share to become the top handset seller in the country.

But Apple experienced a smaller market share less than competitors such as Xiaomi Corp, Oppo and Vivo, according to Canalys data. Cook said that iPhone price adjustments, plus the Chinese government's move to cut phone taxes, helped keep iPhone sales in China from eroding further.

"Our trade-in and financing programs are doing extremely well in China," Cook told Reuters. "Because of the active installed base is growing in China, our services business is doing very well, growing double digits."

Apple shares have gained more than 20 per cent since early June when shares dropped on news that the US Department of Justice had jurisdiction over the company in a potential probe as part of a broader review of whether technology giants engage in anticompetitive practices.

Apple said revenue for its "Wearables, home and accessories" segment that contains devices like the Apple Watch and AirPods was $5.53 billion, compared with analyst estimates of $4.81 billion.

Apple said it returned more than $21 billion to shareholders during the fiscal third quarter, including $17 billion in share repurchases. It declared a dividend of 77 cents per share.

Apple Inc iPhone sales dropped to less than half of quarterly revenue for the first time in seven years, but CEO Tim Cook on Tuesday described the change as successfully diversifying away from a single product and forecast results above Wall Street targets.

Apple Inc iPhone sales dropped to less than half of quarterly revenue for the first time in seven years, but CEO Tim Cook on Tuesday described the change as successfully diversifying away from a single product and forecast results above Wall Street targets. That strategy proved especially useful in China, the world's largest smartphone market. Investors feared a drumbeat of negative shipment data from the Chinese government and analysts meant problems for the iPhone maker. Apple's greater China sales, which had gone into a near free-fall earlier this year, dipped only slightly, assuaging concerns that trade tension was undermining Apple's standing in one of its most important markets. Shares rose 4.25 per cent after hours. Moribund global mobile phone sales have led Apple to focus on accessories like the Apple Watch and growth in music, apps, gaming, video and a credit card coming in August. In mainland China, Cook said the overall number of Apple device users had grown in the fiscal third quarter, helping to increase the market for its services, whose sales were up by more than 10 per cent there. "We grew in mainland China," Cook told Reuters. "Non-iPhone revenue grew 17 per cent. We grew in every category outside of iPhone." But globally, iPhone sales fell 12 per cent to $25.99 billion, after dropping 17 per cent in the previous quarter, and matched Wall Street targets. Wearables and other accessories revenue rose nearly 50 per cent, topping expectations. Services revenue rose 12.6 per cent to $11.46 billion, slowing and slightly missing expectations but setting a new record. Apple said it expects revenue for the current fiscal fourth quarter of between $61 billion and $64 billion, compared with analyst estimates of $61.02 billion. At the high end of Apple's forecasted range, sales would beat the prior year's $62.90 billion in sales, even though analysts expected continued lacklustre iPhone sales until 5G models arrive in 2020. For the fiscal third quarter ended in June, Apple reported a 1 per cent rise in revenue to $53.8 billion and a 7 per cent drop in earnings per share to $2.18, compared with expectations of $53.39 billion and $2.10 per share, according to Refinitiv data. Hal Eddins, a chief economist for Apple shareholder Capital Investment Counsel, said he was pleasantly surprised to see iPhone sales declines slow down versus the prior quarter. "You don’t hear people talk about their phones like they did several years ago," Eddins said. But, "the key is that when people want to splurge on a phone, they do it with an Apple product." Apple did not give the number of active Apple devices, but in January it said it was 1.4 billion, with 900 million of those being iPhones. Investors used the number, called the installed base, as a proxy for how many subscribers it can gain for its services business. Cook told investors on a conference call Tuesday that Apple has 420 million paid subscribers to its services and third-party apps. The company has set a goal of 500 million by 2020. Trip Miller, the managing partner at Apple shareholder Gullane Capital Partners, said he wants to see services growth return to the 20 per cent range and thinks Apple needs to use its billions in cash to buy media properties to fuel its forthcoming television service. "You have to have a bigger installed base and have services that people get value from," Miller said. Trade tension still looms large Apple reported results as US and Chinese trade negotiators resumed off-and-on talks. The US President Donald Trump has suspended new tariffs on a final $300 billion of Chinese imports, which would include iPhones. Trade tension has slowed down economic growth in China, a major market for Apple, which effectively cut iPhone prices in China earlier this year after currency exchange rates had made its phones too expensive for many Chinese consumers. Apple's market share in China declined to 5.8 per cent from 6.4 per cent, according to market research firm Canalys, in part because smartphone rival Huawei Technologies Co Ltd gained market share to become the top handset seller in the country. But Apple experienced a smaller market share less than competitors such as Xiaomi Corp, Oppo and Vivo, according to Canalys data. Cook said that iPhone price adjustments, plus the Chinese government's move to cut phone taxes, helped keep iPhone sales in China from eroding further. "Our trade-in and financing programs are doing extremely well in China," Cook told Reuters. "Because of the active installed base is growing in China, our services business is doing very well, growing double digits." Apple shares have gained more than 20 per cent since early June when shares dropped on news that the US Department of Justice had jurisdiction over the company in a potential probe as part of a broader review of whether technology giants engage in anticompetitive practices. Apple said revenue for its "Wearables, home and accessories" segment that contains devices like the Apple Watch and AirPods was $5.53 billion, compared with analyst estimates of $4.81 billion. Apple said it returned more than $21 billion to shareholders during the fiscal third quarter, including $17 billion in share repurchases. It declared a dividend of 77 cents per share.

Apple's services, wearables shore up results as iPhone drops below half of sales

Indian shares edged higher on Tuesday, tracking broader Asia ahead of a widely expected rate cut by the US Federal Reserve.

The Fed begins its two-day policy meeting later in the day, at which it is widely expected to lower interest rates by 25 basis points. If implemented, it would be the central bank's first rate cut in a decade.

The broader NSE Nifty was up 0.32 per cent at 11,224.85 as of 0455 GMT, while the benchmark BSE Sensex rose 0.31per cent to 37,803.38.

"The positive open follows mildly positive US markets on Monday and largely positive Asian markets this morning," said Deepak Jasani, senior vice president at HDFC Securities.

"Some beaten-down stocks of Monday are seeing some bounce."

Banks and financials led the gains, with the Nifty Bank index and the Nifty Finance index rising 0.5 per cent each. ICICI Bank was among the top gainers with a rise of 1.2 per cent.

State Bank of India, the country's biggest lender, tightened lending terms for auto dealers as it sought to reduce its exposure to the crisis-ridden sector, Reuters reported on Monday.

The move, however, did not dampen investor sentiment on the sector. The Nifty Auto index was up 0.4 per cent, after it touched an over three-year low on Monday.

Sector heavyweights Maruti Suzuki and Tata Motors were up 0.5 per cent and 0.8 per cent, respectively.

Dr Reddy's Laboratories, which reported better-than-expected earnings on Monday, saw its stock rise slightly over 1 per cent. Cipla Ltd was up nearly 2 per cent.

Among losers, Indiabulls Housing Finance Ltd extended its fall from Monday after a lawmaker alleged embezzlement by the company to the tune of 1 trillion rupees.

Meanwhile, shares of Coffee Day Enterprises Ltd plunged 20 per cent, after the founder and largest shareholder in the company went missing under mysterious circumstances on Monday.

Indian shares edged higher on Tuesday, tracking broader Asia ahead of a widely expected rate cut by the US Federal Reserve. The Fed begins its two-day policy meeting later in the day, at which it is widely expected to lower interest rates by 25 basis points.

Indian shares edged higher on Tuesday, tracking broader Asia ahead of a widely expected rate cut by the US Federal Reserve. The Fed begins its two-day policy meeting later in the day, at which it is widely expected to lower interest rates by 25 basis points. If implemented, it would be the central bank's first rate cut in a decade. The broader NSE Nifty was up 0.32 per cent at 11,224.85 as of 0455 GMT, while the benchmark BSE Sensex rose 0.31per cent to 37,803.38. "The positive open follows mildly positive US markets on Monday and largely positive Asian markets this morning," said Deepak Jasani, senior vice president at HDFC Securities. "Some beaten-down stocks of Monday are seeing some bounce." Banks and financials led the gains, with the Nifty Bank index and the Nifty Finance index rising 0.5 per cent each. ICICI Bank was among the top gainers with a rise of 1.2 per cent. State Bank of India, the country's biggest lender, tightened lending terms for auto dealers as it sought to reduce its exposure to the crisis-ridden sector, Reuters reported on Monday. The move, however, did not dampen investor sentiment on the sector. The Nifty Auto index was up 0.4 per cent, after it touched an over three-year low on Monday. Sector heavyweights Maruti Suzuki and Tata Motors were up 0.5 per cent and 0.8 per cent, respectively. Dr Reddy's Laboratories, which reported better-than-expected earnings on Monday, saw its stock rise slightly over 1 per cent. Cipla Ltd was up nearly 2 per cent. Among losers, Indiabulls Housing Finance Ltd extended its fall from Monday after a lawmaker alleged embezzlement by the company to the tune of 1 trillion rupees. Meanwhile, shares of Coffee Day Enterprises Ltd plunged 20 per cent, after the founder and largest shareholder in the company went missing under mysterious circumstances on Monday.

Nifty, Sensex edge higher tracking broader Asia

American consumer optimism rebounded unexpectedly this month among American consumers, recovering from a trade-war fright in June, according to a survey released Tuesday.

Consumers again say jobs are plentiful, business conditions are good and incomes are likely to rise in the near future, according to Conference Board's monthly report.

The gains in consumer confidence overshot economists' expectations and should support consumption in the coming months while the economy slows.

The Conference Board's consumer confidence index rose more than 10 points to 135.7 in July.&nbsp;

"After a sharp decline in June, driven by an escalation in trade and tariff tensions, Consumer Confidence rebounded in July to its highest level this year," Lynn Franco, the Conference Board's head of economic indicators, said in a statement.

The report coincided with Commerce Department data showing a fifth consecutive monthly increase in personal income, suggesting retail spending should be healthy in the summer.

The Conference Board data showed views about the present and expectations for the near future rose sharply.&nbsp;

Confidence dimmed in June after trade talks with Beijing collapsed in May, prompting Trump to jack up duties on hundreds of billions in Chinese imports. He also threatened Mexico with steep tariffs in a border policy dispute.&nbsp;

But the US leader agreed with Chinese President Xi Jinping late last month to resume negotiations and cease further hostilities.

The share of survey respondents who say business conditions are good rose to the highest level since February while those saying jobs are plentiful hit its highest point since April.

Most survey respondents expected business conditions, employment and incomes to remain about the same over the next six months -- but the share of those expecting improvements in each rose modestly.

RDQ Economics said Tuesday the confidence data weakened the case for cutting interest rates, as the Federal Reserve is widely expected to do on Wednesday.

The survey "points to strength that is inconsistent with the need for an insurance cut and the case for one-and-done for now has grown," RDQ said in a note to clients.

American consumer optimism rebounded unexpectedly this month among American consumers, recovering from a trade-war fright in June, according to a survey released Tuesday.

American consumer optimism rebounded unexpectedly this month among American consumers, recovering from a trade-war fright in June, according to a survey released Tuesday. Consumers again say jobs are plentiful, business conditions are good and incomes are likely to rise in the near future, according to Conference Board's monthly report. The gains in consumer confidence overshot economists' expectations and should support consumption in the coming months while the economy slows. The Conference Board's consumer confidence index rose more than 10 points to 135.7 in July. "After a sharp decline in June, driven by an escalation in trade and tariff tensions, Consumer Confidence rebounded in July to its highest level this year," Lynn Franco, the Conference Board's head of economic indicators, said in a statement. The report coincided with Commerce Department data showing a fifth consecutive monthly increase in personal income, suggesting retail spending should be healthy in the summer. The Conference Board data showed views about the present and expectations for the near future rose sharply. Confidence dimmed in June after trade talks with Beijing collapsed in May, prompting Trump to jack up duties on hundreds of billions in Chinese imports. He also threatened Mexico with steep tariffs in a border policy dispute. But the US leader agreed with Chinese President Xi Jinping late last month to resume negotiations and cease further hostilities. The share of survey respondents who say business conditions are good rose to the highest level since February while those saying jobs are plentiful hit its highest point since April. Most survey respondents expected business conditions, employment and incomes to remain about the same over the next six months -- but the share of those expecting improvements in each rose modestly. RDQ Economics said Tuesday the confidence data weakened the case for cutting interest rates, as the Federal Reserve is widely expected to do on Wednesday. The survey "points to strength that is inconsistent with the need for an insurance cut and the case for one-and-done for now has grown," RDQ said in a note to clients.

US consumer confidence highest of 2019 as tariff shock abates

Ride-hailing company Uber Technologies Inc said on Monday it laid off 400 people globally from its marketing team.

As of December&nbsp;31, Uber had 22,263 employees, with 1,951 employees in sales and marketing team, according to the company's filing&nbsp;

Uber debuted on the New York Stock Exchange on May 10 at an IPO price of $45. The stock is currently trading nearly 2% below the IPO price.

The $75 billion platform connects drivers and passengers in 100 European cities.

Hamburg is the sixth German city in which&nbsp;Uber&nbsp;Technologies Inc has rolled out its full range of services, following a pledge last year by CEO Dara Khosrowshahi to make a fresh in Europe's largest economy and seek responsible growth.

Hamburg is the sixth German city in which&nbsp;Uber&nbsp;Technologies Inc has rolled out its full range of services, following a pledge last year by CEO Dara Khosrowshahi to make a fresh in Europe's largest economy and seek responsible growth.

Ride-hailing company Uber Technologies Inc said on Monday it laid off 400 people globally from its marketing team. As of December 31, Uber had 22,263 employees, with 1,951 employees in sales and marketing team, according to the company's filing Uber debuted on the New York Stock Exchange on May 10 at an IPO price of $45.

Ride-hailing company Uber Technologies Inc said on Monday it laid off 400 people globally from its marketing team. As of December 31, Uber had 22,263 employees, with 1,951 employees in sales and marketing team, according to the company's filing Uber debuted on the New York Stock Exchange on May 10 at an IPO price of $45. The stock is currently trading nearly 2% below the IPO price. The $75 billion platform connects drivers and passengers in 100 European cities. Hamburg is the sixth German city in which Uber Technologies Inc has rolled out its full range of services, following a pledge last year by CEO Dara Khosrowshahi to make a fresh in Europe's largest economy and seek responsible growth. Hamburg is the sixth German city in which Uber Technologies Inc has rolled out its full range of services, following a pledge last year by CEO Dara Khosrowshahi to make a fresh in Europe's largest economy and seek responsible growth.

Uber lays off 400 employees in marketing team

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

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

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

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

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

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

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

Oil prices rise ahead of expected US interest rate cut

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

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

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

Gold firms ahead of expected Federal interest rate cut

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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