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

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

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

Stormy sterling sinks again, stocks wilt before Fed

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Asian shares drift into trade talks, Fed test

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Sensex, Nifty end lower dragged by auto stocks

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

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

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

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

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

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

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

Saudi chemical giant profits nosedive over low prices

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

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

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

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

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

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

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

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

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

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

Elon Musk's Boring Co raised about $117 million in its latest round of funding from 20 unnamed investors after offering to sell about $120 million in equity, the company disclosed in a regulatory filing on Friday.

The company had raised $112.5 million in equity in April last year, with Musk investing 90% of the amount, as the company seeks to build underground tunnels for a hyperloop transportation project.&nbsp;

Boring Co did not provide details on the funding.

Musk, who also leads electric-car maker Tesla Inc and rocket company SpaceX, has been seeking to revolutionize transportation by sending passengers packed into pods through an intercity system of giant, underground vacuum tubes known as the hyperloop.&nbsp;

In the past, Musk has sold Boring Co's hats and flamethrowers to raise funds.&nbsp;

The company has completed its project Test Tunnel, located in Hawthorne, California, and other ongoing projects include the Chicago Express Loop and the Las Vegas Convention Center Loop.&nbsp;

Elon Musk's Boring Co raised about $117 million in its latest round of funding from 20 unnamed investors after offering to sell about $120 million in equity, the company disclosed in a regulatory filing on Friday.

Elon Musk's Boring Co raised about $117 million in its latest round of funding from 20 unnamed investors after offering to sell about $120 million in equity, the company disclosed in a regulatory filing on Friday. The company had raised $112.5 million in equity in April last year, with Musk investing 90% of the amount, as the company seeks to build underground tunnels for a hyperloop transportation project. Boring Co did not provide details on the funding. Musk, who also leads electric-car maker Tesla Inc and rocket company SpaceX, has been seeking to revolutionize transportation by sending passengers packed into pods through an intercity system of giant, underground vacuum tubes known as the hyperloop. In the past, Musk has sold Boring Co's hats and flamethrowers to raise funds. The company has completed its project Test Tunnel, located in Hawthorne, California, and other ongoing projects include the Chicago Express Loop and the Las Vegas Convention Center Loop.

Elon Musk's Boring Co raises about $117 million in latest funding round

ICICI Bank Ltd, India`s second-largest private lender, reported a quarterly profit on Saturday compared with a loss a year earlier, helped by lower provisions and higher retail loan growth.

Net profit for the quarter ended June 30 was 19.08 billion rupees ($277.04 million), compared with a loss of 1.20 bln rupees in the same period a year ago, the bank said in a statement.

But the profit fell slightly short of the average forecast of 20.87 billion rupees from 19 analysts, according to Refinitiv data.

ICICI, which has been under pressure lately due to rising bad loans, said net non-performing assets at the end of the June quarter were down 51% to $1.17 billion.

Quarterly provisions fell to $507 million from $865 million a year ago.&nbsp;

Net interest margin, a key indicator of the bank`s profitability, was 3.61% in the quarter, compared with 3.19% in the year-ago quarter.

Earlier in the week, ICICI's peer Kotak Mahindra Bank Ltd also reported a profit that fell marginally shy of estimates and joined the country`s largest private lender HDFC Bank in warning of the slowing pace of domestic growth.&nbsp;

The warnings from the private lenders in Asia's third-largest economy, which have been dealing with a large pile of stressed loans, have spooked investors.

ICICI Bank Ltd, India`s second-largest private lender, reported a quarterly profit on Saturday compared with a loss a year earlier, helped by lower provisions and higher retail loan growth.

ICICI Bank Ltd, India`s second-largest private lender, reported a quarterly profit on Saturday compared with a loss a year earlier, helped by lower provisions and higher retail loan growth. Net profit for the quarter ended June 30 was 19.08 billion rupees ($277.04 million), compared with a loss of 1.20 bln rupees in the same period a year ago, the bank said in a statement. But the profit fell slightly short of the average forecast of 20.87 billion rupees from 19 analysts, according to Refinitiv data. ICICI, which has been under pressure lately due to rising bad loans, said net non-performing assets at the end of the June quarter were down 51% to $1.17 billion. Quarterly provisions fell to $507 million from $865 million a year ago. Net interest margin, a key indicator of the bank`s profitability, was 3.61% in the quarter, compared with 3.19% in the year-ago quarter. Earlier in the week, ICICI's peer Kotak Mahindra Bank Ltd also reported a profit that fell marginally shy of estimates and joined the country`s largest private lender HDFC Bank in warning of the slowing pace of domestic growth. The warnings from the private lenders in Asia's third-largest economy, which have been dealing with a large pile of stressed loans, have spooked investors.

Lower provisions help ICICI bank swing to first-quarter profit

Kaydence Media Ventures - the media arm of the UAE based Kaydence and Kianna are all set to launch its innovative news and virtual incubation hub platform focused on start-ups - Incubees - in India, Middle East, North Africa and Asia-Pacific.

The 'Incubees'&nbsp;initiative and a prototype of its platform were recently displayed at the Investor Demo Day held at Forum of Innovation Incubation Research and Entrepreneurship (FIIRE) hub in Goa this week.

"Our aim is to find an idea, nurture it and give it winds beneath its wing to fly. India, MENA and Asia-Pacific are regions bustling with new ideas, energetic young minds and purpose-driven innovations to make their regions and the world a better place. We need to encourage the process of ideation and give them a platform to shares their ideas, find mentors to help take an idea and build it into an enterprise; find partners and investors that can make the idea into a reality. Incubees - is that angel in the media space that helps the idea find a reality", stated Savio Rodrigues, Founder, Kaydence Media Ventures.

In highly competitive and vibrant start-up markets in India, MENA and Asia-Pacific, the Incubees team believes its unique focus on individuals, ideas and markets will carve a niche for its platform, "Most news portals in India, MENA and Asia-Pacific tell you stories of start-ups in the seed or growth or scaling stage and maturity, exist, IPO or M&amp;A stage but we are focused on the concept or idea stage, pre-see or validation stage and seed or early traction stage.

More importantly, the platform has an inbuilt service of a Virtual Incubation Hub to reach out to young minds at their homes and garages where their ideas are germinating," expressed Rodrigues. India is currently home to over 14,600 start-ups, approximately 270 incubation and business acceleration programs according to the Start-up India 2018-19 Report.

"We want to focus on those bright minds that don't have the voice and opportunity to take forward their ideas from their homes to the world, connect them to strategic mentors and create an eco-system of ideation and implementation of ideas.

In our first phase, we are focusing on India and the Middle East and in the second phase on the Asia-Pacific markets", expressed Myrtle Rodrigues, Co-founder, Kaydence Media Ventures.

This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article.

Kaydence Media Ventures - the media arm of the UAE based Kaydence and Kianna are all set to launch its innovative news and virtual incubation hub platform focused on start-ups - Incubees - in India, Middle East, North Africa and Asia-Pacific.

Kaydence Media Ventures - the media arm of the UAE based Kaydence and Kianna are all set to launch its innovative news and virtual incubation hub platform focused on start-ups - Incubees - in India, Middle East, North Africa and Asia-Pacific. The 'Incubees' initiative and a prototype of its platform were recently displayed at the Investor Demo Day held at Forum of Innovation Incubation Research and Entrepreneurship (FIIRE) hub in Goa this week. "Our aim is to find an idea, nurture it and give it winds beneath its wing to fly. India, MENA and Asia-Pacific are regions bustling with new ideas, energetic young minds and purpose-driven innovations to make their regions and the world a better place. We need to encourage the process of ideation and give them a platform to shares their ideas, find mentors to help take an idea and build it into an enterprise; find partners and investors that can make the idea into a reality. Incubees - is that angel in the media space that helps the idea find a reality", stated Savio Rodrigues, Founder, Kaydence Media Ventures. In highly competitive and vibrant start-up markets in India, MENA and Asia-Pacific, the Incubees team believes its unique focus on individuals, ideas and markets will carve a niche for its platform, "Most news portals in India, MENA and Asia-Pacific tell you stories of start-ups in the seed or growth or scaling stage and maturity, exist, IPO or M&A stage but we are focused on the concept or idea stage, pre-see or validation stage and seed or early traction stage. More importantly, the platform has an inbuilt service of a Virtual Incubation Hub to reach out to young minds at their homes and garages where their ideas are germinating," expressed Rodrigues. India is currently home to over 14,600 start-ups, approximately 270 incubation and business acceleration programs according to the Start-up India 2018-19 Report. "We want to focus on those bright minds that don't have the voice and opportunity to take forward their ideas from their homes to the world, connect them to strategic mentors and create an eco-system of ideation and implementation of ideas. In our first phase, we are focusing on India and the Middle East and in the second phase on the Asia-Pacific markets", expressed Myrtle Rodrigues, Co-founder, Kaydence Media Ventures. This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article.

Kaydence Media Ventures to launch 'Incubees' in India, Middle East, North Africa, Asia Pacific

Twitter Inc posted a better-than-expected second-quarter revenue on Friday and an uptick in daily users who see advertisements on the site, driven by changes to show users more relevant content.

However, the company forecast third-quarter revenue below many Wall Street estimates and said revenue growth would lag the first two quarters, partly due to ending some older ad formats.

Twitter's revenue and the number of users have been in focus since the social media platform started deleting millions of spam or fake accounts promoting hate speech or spreading political misinformation, contributing to declines in monthly users through 2018.

The company reported a rise in monthly active users in the first quarter, fueling speculation that Twitter was returning to growth, but has since stopped disclosing its MAU count.

Instead, this quarter it reported monetizable daily active usage (mDAU), a metric it created to measure only users exposed daily to advertising on the site and exclude those who access Twitter via aggregating sites like TweetDeck.

Its monetizable daily active usage (mDAU) hit 139 million, beating analyst expectations of 135 million, according to IBES data from Refinitiv.

Chief Executive Officer Jack Dorsey said machine learning improvements to deliver more relevant content helped drive up to this count.

Twitter reported a second-quarter profit of $1.1 billion, or $1.43 per share, compared with $100 million, or 13 cents per share, a year earlier. Profit was boosted by an income tax benefit of over $1 billion related to corporate restructuring.

Twitter's revenue rose 18% from a year earlier to $841 million, beating Wall Street expectations of $829 million, based on Refinitiv data.

Total advertising revenue rose to $727 million, an increase of 21 per cent&nbsp;year-on-year, as the company continued to improve its ad platform and formats.

It forecast total revenue for the third quarter to be between $815 million and $875 million. Analysts on average were expecting about $869.3 million.

Twitter has continued to bulk up its live and on-demand video content partnerships. On Thursday, NBCUniversal said they would team up to live-stream parts of the 2022 Olympic Games, Twitter's latest move in a series of deals aimed at boosting sports conversation on the platform.

It also expanded its multimedia features, launching a Snapchat-style camera feature in the Twitter app and releasing its long-awaited tool for clipping and publishing video.

Last week, the company rolled out its redesigned site and in March launched "twttr," a prototype app where certain users can test out new features as part of its efforts to make conversations easier to find and follow.

Twitter also recently updated its policies on hateful conduct directed at religious groups and last month introduced a new policy to de-emphasize and label rule-breaking tweets from important sources like politicians, though this has not yet been used.

Total operating expenses, including the cost of revenue, rose by 21 per cent&nbsp;to $766 million, partly due to plans to hire more employees.

Twitter Inc posted a better-than-expected second-quarter revenue on Friday and an uptick in daily users who see advertisements on the site, driven by changes to show users more relevant content.

Twitter Inc posted a better-than-expected second-quarter revenue on Friday and an uptick in daily users who see advertisements on the site, driven by changes to show users more relevant content. However, the company forecast third-quarter revenue below many Wall Street estimates and said revenue growth would lag the first two quarters, partly due to ending some older ad formats. Twitter's revenue and the number of users have been in focus since the social media platform started deleting millions of spam or fake accounts promoting hate speech or spreading political misinformation, contributing to declines in monthly users through 2018. The company reported a rise in monthly active users in the first quarter, fueling speculation that Twitter was returning to growth, but has since stopped disclosing its MAU count. Instead, this quarter it reported monetizable daily active usage (mDAU), a metric it created to measure only users exposed daily to advertising on the site and exclude those who access Twitter via aggregating sites like TweetDeck. Its monetizable daily active usage (mDAU) hit 139 million, beating analyst expectations of 135 million, according to IBES data from Refinitiv. Chief Executive Officer Jack Dorsey said machine learning improvements to deliver more relevant content helped drive up to this count. Twitter reported a second-quarter profit of $1.1 billion, or $1.43 per share, compared with $100 million, or 13 cents per share, a year earlier. Profit was boosted by an income tax benefit of over $1 billion related to corporate restructuring. Twitter's revenue rose 18% from a year earlier to $841 million, beating Wall Street expectations of $829 million, based on Refinitiv data. Total advertising revenue rose to $727 million, an increase of 21 per cent year-on-year, as the company continued to improve its ad platform and formats. It forecast total revenue for the third quarter to be between $815 million and $875 million. Analysts on average were expecting about $869.3 million. Twitter has continued to bulk up its live and on-demand video content partnerships. On Thursday, NBCUniversal said they would team up to live-stream parts of the 2022 Olympic Games, Twitter's latest move in a series of deals aimed at boosting sports conversation on the platform. It also expanded its multimedia features, launching a Snapchat-style camera feature in the Twitter app and releasing its long-awaited tool for clipping and publishing video. Last week, the company rolled out its redesigned site and in March launched "twttr," a prototype app where certain users can test out new features as part of its efforts to make conversations easier to find and follow. Twitter also recently updated its policies on hateful conduct directed at religious groups and last month introduced a new policy to de-emphasize and label rule-breaking tweets from important sources like politicians, though this has not yet been used. Total operating expenses, including the cost of revenue, rose by 21 per cent to $766 million, partly due to plans to hire more employees.

Twitter beats revenue expectation, sees rise in daily users viewing ads

Alphabet Inc shares rose about 8 per cent&nbsp;after the company reported quarterly results that eased investors' concerns about growth challenges facing its <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/australia-to-lift-veil-on-facebook-google-algorithms-to-protect-privacy-238610&amp;sa=U&amp;ved=2ahUKEwi795iK0NLjAhVdnI8KHd4yA3EQFjADegQIEBAC&amp;usg=AOvVaw0DjuqZIq45MxG5qQMQLYOz">Google</a> advertising business.

Driven by ad sales, second-quarter revenue and earnings beat analysts' expectations. Also, the world's largest online search and ads firm, unlike No. 2 online ad player <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/facebook-to-create-privacy-panel-pay-5-billion-to-us-to-settle-data-breach-allegations-238141&amp;sa=U&amp;ved=2ahUKEwin3vee0NLjAhUJuY8KHX4XCmoQFjAJegQIABAC&amp;usg=AOvVaw3oWENcDFaT7j5nwu9RI2L3">Facebook Inc</a> a day earlier, offered no worrisome guidance about increasing regulatory scrutiny.

The results helped Alphabet dismiss as a rare blip a $1 billion revenue miss in the first quarter, which had prompted an outburst of investor questions and the biggest one-day sell-off in its shares in about seven years.

In after-hours trade on Thursday, the shares rose to $1,226.60, on track for their biggest single-day increase in four years though still down about 4% from their highs before the April slide.

Alphabet's shares have lagged peers on Wall Street this year, rising about 9 per cent through Thursday's close, compared to a roughly 20% gain for the S&amp;P 500 broadly.

Questions linger about whether privacy, content moderation and antitrust rules proposed or already passed in the United States and other high-revenue countries will slash ad prices. Google also faces an industrywide slowdown in ad sales in the United States and Europe, with revenue from emerging markets not yet picking up the slack.

Google Chief Executive Sundar Pichai told analysts on Thursday that advances in ad targeting and new services for consumers worldwide would spur growth. He said the company had survived calls for regulation before.

"We understand there will be scrutiny," and "we will engage constructively," he said.

WEAKENING CONCERNS

Alphabet, which generates about 85 per cent of its revenue from sales of ad space and ad technology, reported total second-quarter revenue of $38.9 billion. That was up 19% over last year and compared with 17% growth in the first quarter. Analysts on average estimated 16.8% growth and $38.2 billion in revenue, according to IBES data from Refinitiv.

The last time that Alphabet had two consecutive quarters of revenue growth below 20% was three years ago.

Executives said the latest results backed their contention that the performance recently has been affected by currency exchange rates and one-off fluctuations rather than advertiser flight or some deeper challenge to its business.

Alphabet's chief financial officer, Ruth Porat, appeared to dispel other analyst concerns, saying the company has seen "virtually no impact" to revenue from efforts to stop running ads on YouTube videos that some have characterized as extremist or hateful.

Alphabet authorized up to $25 billion in new stock buybacks, aiming to make use of its $121 billion in cash.

Pichai said quarterly revenue from licensing cloud computing services and workplace software jumped to about $2 billion, from its last disclosure of $1 billion at the end of 2017. He said the cloud unit would triple its sales staff over the next few years.

Atlantic Equities analyst James Cordwell told Reuters in an email that the buyback and cloud updates "suggests that management cares about stock performance, which will be a relief to shareholders!"

Net income for the second quarter rose to $9.95 billion, or $14.21 per share, compared with analysts' estimates of $8.02 billion, or $11.32 per share.

Alphabet’s quarterly costs at $29.76 billion were about flat with the same period a year ago. The operating margin was 24%, up from 18% in the first quarter.

Alphabet in its earnings release on Thursday did not mention any government investigations.

Facebook Inc, along with the release of its earnings on Wednesday, said the FTC had informed it last month that it was under antitrust investigation. The social media giant also acknowledged a broad US&nbsp;Department of Justice's antitrust review of large internet companies.

Reuters reported last month that the US&nbsp;Federal Trade Commission was gearing up to investigate Google over complaints of anti-competitive behaviour.

Accusations lodged against Google by rivals and other critics span its advertising, app store, search and other businesses.

On Thursday, the Texas attorney general's office announced that a bipartisan group of state attorneys general is weighing a range of antitrust actions against big tech companies.

Alphabet Inc shares rose about 8 per cent after the company reported quarterly results that eased investors' concerns about growth challenges facing its Google advertising business.

Alphabet Inc shares rose about 8 per cent after the company reported quarterly results that eased investors' concerns about growth challenges facing its Google advertising business. Driven by ad sales, second-quarter revenue and earnings beat analysts' expectations. Also, the world's largest online search and ads firm, unlike No. 2 online ad player Facebook Inc a day earlier, offered no worrisome guidance about increasing regulatory scrutiny. The results helped Alphabet dismiss as a rare blip a $1 billion revenue miss in the first quarter, which had prompted an outburst of investor questions and the biggest one-day sell-off in its shares in about seven years. In after-hours trade on Thursday, the shares rose to $1,226.60, on track for their biggest single-day increase in four years though still down about 4% from their highs before the April slide. Alphabet's shares have lagged peers on Wall Street this year, rising about 9 per cent through Thursday's close, compared to a roughly 20% gain for the S&P 500 broadly. Questions linger about whether privacy, content moderation and antitrust rules proposed or already passed in the United States and other high-revenue countries will slash ad prices. Google also faces an industrywide slowdown in ad sales in the United States and Europe, with revenue from emerging markets not yet picking up the slack. Google Chief Executive Sundar Pichai told analysts on Thursday that advances in ad targeting and new services for consumers worldwide would spur growth. He said the company had survived calls for regulation before. "We understand there will be scrutiny," and "we will engage constructively," he said. WEAKENING CONCERNS Alphabet, which generates about 85 per cent of its revenue from sales of ad space and ad technology, reported total second-quarter revenue of $38.9 billion. That was up 19% over last year and compared with 17% growth in the first quarter. Analysts on average estimated 16.8% growth and $38.2 billion in revenue, according to IBES data from Refinitiv. The last time that Alphabet had two consecutive quarters of revenue growth below 20% was three years ago. Executives said the latest results backed their contention that the performance recently has been affected by currency exchange rates and one-off fluctuations rather than advertiser flight or some deeper challenge to its business. Alphabet's chief financial officer, Ruth Porat, appeared to dispel other analyst concerns, saying the company has seen "virtually no impact" to revenue from efforts to stop running ads on YouTube videos that some have characterized as extremist or hateful. Alphabet authorized up to $25 billion in new stock buybacks, aiming to make use of its $121 billion in cash. Pichai said quarterly revenue from licensing cloud computing services and workplace software jumped to about $2 billion, from its last disclosure of $1 billion at the end of 2017. He said the cloud unit would triple its sales staff over the next few years. Atlantic Equities analyst James Cordwell told Reuters in an email that the buyback and cloud updates "suggests that management cares about stock performance, which will be a relief to shareholders!" Net income for the second quarter rose to $9.95 billion, or $14.21 per share, compared with analysts' estimates of $8.02 billion, or $11.32 per share. Alphabet’s quarterly costs at $29.76 billion were about flat with the same period a year ago. The operating margin was 24%, up from 18% in the first quarter. Alphabet in its earnings release on Thursday did not mention any government investigations. Facebook Inc, along with the release of its earnings on Wednesday, said the FTC had informed it last month that it was under antitrust investigation. The social media giant also acknowledged a broad US Department of Justice's antitrust review of large internet companies. Reuters reported last month that the US Federal Trade Commission was gearing up to investigate Google over complaints of anti-competitive behaviour. Accusations lodged against Google by rivals and other critics span its advertising, app store, search and other businesses. On Thursday, the Texas attorney general's office announced that a bipartisan group of state attorneys general is weighing a range of antitrust actions against big tech companies.

Alphabet's revenue rebounds easing doubts on growth

Equity indices continued to slip during early hours on Friday in line with their Asian peers as investors remained cautious amid corporate results season.

At 10:15 am, the BSE S&amp;P Sensex was down 101 points at 37,730 while the Nifty 50 slipped 19 points to 11,234.

At the National Stock Exchange, sectoral indices were mixed with Nifty IT, media and metal in the red while PSU banks gained 1.7 per cent.

Among stocks, Indian Oil Corporation dropped by 2.6 per cent and traded at Rs 142.75 per share. Vedanta dropped by over 2 per cent, UPL by 1.8 per cent, Bharti Airtel by 1.5 per cent and ONGC by over 1 per cent.

However, Mahindra &amp; Mahindra and Bharti Infratel edged higher by 2 per cent. The other prominent gainers were Bajaj Finserv, Indiabulls Housing Finance and Zee Entertainment.

Meanwhile, Asian stocks retreated after their US counterparts fell from record highs amid mixed corporate earning results.

Stocks fell in Japan and South Korea while China and Hong Kong opened lower as the European Central Bank unexpectedly held interest rates steady.

Uncertainties over whether Washington and Beijing will be able to settle differences over trade kept many investors on guard. Negotiators from the two sides will meet in Shanghai next week.

Equity indices continued to slip during early hours on Friday in line with their Asian peers as investors remained cautious amid corporate results season. At 10:15 am, the BSE S&P Sensex was down 101 points at 37,730 while the Nifty 50 slipped 19 points to 11,234.

Equity indices continued to slip during early hours on Friday in line with their Asian peers as investors remained cautious amid corporate results season. At 10:15 am, the BSE S&P Sensex was down 101 points at 37,730 while the Nifty 50 slipped 19 points to 11,234. At the National Stock Exchange, sectoral indices were mixed with Nifty IT, media and metal in the red while PSU banks gained 1.7 per cent. Among stocks, Indian Oil Corporation dropped by 2.6 per cent and traded at Rs 142.75 per share. Vedanta dropped by over 2 per cent, UPL by 1.8 per cent, Bharti Airtel by 1.5 per cent and ONGC by over 1 per cent. However, Mahindra & Mahindra and Bharti Infratel edged higher by 2 per cent. The other prominent gainers were Bajaj Finserv, Indiabulls Housing Finance and Zee Entertainment. Meanwhile, Asian stocks retreated after their US counterparts fell from record highs amid mixed corporate earning results. Stocks fell in Japan and South Korea while China and Hong Kong opened lower as the European Central Bank unexpectedly held interest rates steady. Uncertainties over whether Washington and Beijing will be able to settle differences over trade kept many investors on guard. Negotiators from the two sides will meet in Shanghai next week.

Sensex down over 100 points in early trade, PSU banks gain

Asian share prices opened a tad lower on Friday on mixed US earnings reports and the euro held above two-year lows struck overnight after the European Central Bank held interest rates steady, though officials said a cut was certain in September.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.15% while Japan's Nikkei dipped 0.3%.

Wall Street shares fell from record highs on Thursday, with the S&amp;P 500 losing 0.53%, following a flurry of downbeat quarterly results from Ford Motor and other companies.

But several companies that announced their results after the market had closed on Thursday generally beat market expectations, and their shares rose in after-hours trade.

Google parent Alphabet rose 8.4%, Intel Corp 5.6% and Starbucks 6.4%. Amazon, however, dipped 1.7% on its first profit miss in two years.

US stock futures were little changed in Asia.

"Some capital goods makers have reported soft earnings but otherwise US earnings have been generally good, partly because investors had already lowered their expectations," said Hitoshi Asaoka, senior strategist at Asset Management One.

"Still, with US share prices already at record levels, further gains are likely to be limited unless we see clearer signs of recovery in global demand," he said.

A rally in global bonds ran out of steam after European Central Bank President Mario Draghi cautioned about pulling the trigger too quickly even though he signalled another round of monetary easing.

ECB Officials told Reuters after the meeting that an interest rate cut in September appeared certain, while government bond purchases and a revamped policy message were also likely.

The euro's overnight index swaps are pricing in a cut of more than 10 basis points in September.

The 10-year German government bond yield initially hit a record low of minus 0.463 per cent but ended the day up slightly at minus 0.407 per cent.

The US 10-year Treasuries yield also rose 3 basis points to 2.079 per cent on Thursday and traded at 2.107 per cent in the following Asian session.

Also helping to stem falls in bond yields, new orders for key US-made capital goods surged in June, suggesting some improvement in business investment.

In the currency market, the euro bounced back to at $1.11465 in Asian trade, after sinking to $1.1101 on Thursday, its lowest since May 2017.

The yen was little changed against the dollar at 108.67 yen per dollar.

Oil prices held firm on rising tensions between the West and Iran and a big decline in US crude stockpiles, though gains were held in check by worries about slowing growth in major economies.

Asian share prices opened a tad lower on Friday on mixed US earnings reports and the euro held above two-year lows struck overnight after the European Central Bank held interest rates steady, though officials said a cut was certain in September.

Asian share prices opened a tad lower on Friday on mixed US earnings reports and the euro held above two-year lows struck overnight after the European Central Bank held interest rates steady, though officials said a cut was certain in September. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.15% while Japan's Nikkei dipped 0.3%. Wall Street shares fell from record highs on Thursday, with the S&P 500 losing 0.53%, following a flurry of downbeat quarterly results from Ford Motor and other companies. But several companies that announced their results after the market had closed on Thursday generally beat market expectations, and their shares rose in after-hours trade. Google parent Alphabet rose 8.4%, Intel Corp 5.6% and Starbucks 6.4%. Amazon, however, dipped 1.7% on its first profit miss in two years. US stock futures were little changed in Asia. "Some capital goods makers have reported soft earnings but otherwise US earnings have been generally good, partly because investors had already lowered their expectations," said Hitoshi Asaoka, senior strategist at Asset Management One. "Still, with US share prices already at record levels, further gains are likely to be limited unless we see clearer signs of recovery in global demand," he said. A rally in global bonds ran out of steam after European Central Bank President Mario Draghi cautioned about pulling the trigger too quickly even though he signalled another round of monetary easing. ECB Officials told Reuters after the meeting that an interest rate cut in September appeared certain, while government bond purchases and a revamped policy message were also likely. The euro's overnight index swaps are pricing in a cut of more than 10 basis points in September. The 10-year German government bond yield initially hit a record low of minus 0.463 per cent but ended the day up slightly at minus 0.407 per cent. The US 10-year Treasuries yield also rose 3 basis points to 2.079 per cent on Thursday and traded at 2.107 per cent in the following Asian session. Also helping to stem falls in bond yields, new orders for key US-made capital goods surged in June, suggesting some improvement in business investment. In the currency market, the euro bounced back to at $1.11465 in Asian trade, after sinking to $1.1101 on Thursday, its lowest since May 2017. The yen was little changed against the dollar at 108.67 yen per dollar. Oil prices held firm on rising tensions between the West and Iran and a big decline in US crude stockpiles, though gains were held in check by worries about slowing growth in major economies.

Asian shares dip on mixed US earnings, euro off 2-year low as ECB holds

Mattel Inc reported a surprise rise in quarterly revenue on Thursday, as the success of the latest 'Toy Story' movie boosted demand for its action figures and a makeover of Barbie lifted sales of the iconic dolls, sending its shares up 5%.&nbsp; 
 
The toymaker also achieved its full-year cost savings target six months ahead of schedule and posted a much smaller loss, as the company benefits from making toys modelled on big Hollywood titles and revitalizing the 60-year-old Barbie brand with variants based on popular celebrities and role models.&nbsp; 
 
Worldwide sales in the action figures, building sets and games segment jumped over 20% in the second quarter, while they rose about 9% in the Barbie unit. 
 
'Toy Story 4' circles around a group of toys, voiced by Hollywood A-listers Tom Hanks and Tim Allen, has made over $860 million worldwide. 
 
Mattel is working to become the "partner of choice" for more entertainment companies, Chief Executive Officer Ynon Kreiz told Reuters.&nbsp; 
 
"Historically, it wasn`t an area we were focused on but going forward we are looking to do more. The success of `Toy Story` is an example of our capabilities," he said.&nbsp; 
 
Mattel`s rival Hasbro Inc earlier this week also beat quarterly profit and sales estimates on demand for action toys based on 'Avengers: Endgame', reflecting the toy industry`s shift away from developing new original properties to chasing big entertainment titles to grab kids` attention.&nbsp; 
 
The company`s second-quarter revenue rose 2.3% to $860.1 million, while analysts` on average had estimated a 3.3% drop. 
Gross sales in North America increased 1% to $447.4 million, also beating analysts` estimates. 
 
The company exceeded its savings target for the year, achieving $754 million in the first six months, compared with its initial target of at least $650 million. 
 
Mattel said it expects to achieve another $100 million in savings by the end of 2019. 
 
The company`s loss narrowed to $108 million, or 31 cents per share, in the three months ended June 30, from $240.9 million or 70 cents per share, a year earlier. 
 
On an adjusted basis, Mattel reported a loss of 25 cents per share. Analysts had expected a loss of 40 cents per share, but it was not immediately clear if the figures were comparable.

Mattel Inc reported a surprise rise in quarterly revenue on Thursday, as the success of the latest 'Toy Story' movie boosted demand for its action figures and a makeover of Barbie lifted sales of the iconic dolls, sending its shares up 5%.

Mattel Inc reported a surprise rise in quarterly revenue on Thursday, as the success of the latest 'Toy Story' movie boosted demand for its action figures and a makeover of Barbie lifted sales of the iconic dolls, sending its shares up 5%. The toymaker also achieved its full-year cost savings target six months ahead of schedule and posted a much smaller loss, as the company benefits from making toys modelled on big Hollywood titles and revitalizing the 60-year-old Barbie brand with variants based on popular celebrities and role models. Worldwide sales in the action figures, building sets and games segment jumped over 20% in the second quarter, while they rose about 9% in the Barbie unit. 'Toy Story 4' circles around a group of toys, voiced by Hollywood A-listers Tom Hanks and Tim Allen, has made over $860 million worldwide. Mattel is working to become the "partner of choice" for more entertainment companies, Chief Executive Officer Ynon Kreiz told Reuters. "Historically, it wasn`t an area we were focused on but going forward we are looking to do more. The success of `Toy Story` is an example of our capabilities," he said. Mattel`s rival Hasbro Inc earlier this week also beat quarterly profit and sales estimates on demand for action toys based on 'Avengers: Endgame', reflecting the toy industry`s shift away from developing new original properties to chasing big entertainment titles to grab kids` attention. The company`s second-quarter revenue rose 2.3% to $860.1 million, while analysts` on average had estimated a 3.3% drop. Gross sales in North America increased 1% to $447.4 million, also beating analysts` estimates. The company exceeded its savings target for the year, achieving $754 million in the first six months, compared with its initial target of at least $650 million. Mattel said it expects to achieve another $100 million in savings by the end of 2019. The company`s loss narrowed to $108 million, or 31 cents per share, in the three months ended June 30, from $240.9 million or 70 cents per share, a year earlier. On an adjusted basis, Mattel reported a loss of 25 cents per share. Analysts had expected a loss of 40 cents per share, but it was not immediately clear if the figures were comparable.

'Toy Story 4' delivers surprise revenue rise for Mattel

Oil prices rose on Friday and were on track for a weekly increase as geopolitical tensions over Iran remained unresolved, although flagging prospects for global economic growth amid the <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/trade-war-like-the-one-going-on-between-us-and-china-foolish-thailand-ambassador-at-wion-world-order-238434&amp;sa=U&amp;ved=2ahUKEwij9_GHsNLjAhUbHo8KHfTpAw0QFjADegQIDxAC&amp;usg=AOvVaw3q6V_pmXlrHO0FOtaqNfXk">US-China trade war</a> capped gains.

Brent crude futures were up 23 cents at $63.62 per barrel at 0922 GMT, equivalent to a weekly rise of around 1.8%. They fell 6% last week.

US West Texas Intermediate crude was 25 cents higher at $56.27 a barrel, a weekly gain of 1.1%. It fell to 7.5% last week.

Tensions remained high around the Strait of Hormuz, the world's most important oil passageway, as Iran refused to release a British-flagged tanker it seized last week in the Gulf.

US Secretary of State Mike Pompeo said Washington had asked Japan, France, Germany, South Korea, Australia, and other nations to join a maritime security initiative in the Middle East so oil and other products can flow through the strait.

However, oil prices' reaction to the strains in the Gulf has been relatively muted. "It appears that the majority of market participants do not expect a military conflict that would hamper oil shipments," Commerzbank analyst Carsten Fritsch said.

Prices also drew support from a crude inventory draw in the United States, but gains were limited as the fall appeared to have been largely anticipated. The US production in the Gulf of Mexico was still feeling the effects of Hurricane Barry.

WATCH:&nbsp;Iran-UK tanker tensions: Iran releases 9 crew members

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"Several indicators pointing to a slowdown of global oil demand growth appear to have taken over market sentiment," Jefferies analyst Jason Gammel said.

Reuters polls taken July 1-24 showed the growth outlook for nearly 90% of the more than 45 economies surveyed was downgraded or left unchanged. That applied not just to this year but also in 2020.

"Growing challenges in the macroeconomic environment have kept bullish bets in check as risk appetites remain soft over potential weakness in global fuel demand," said Benjamin Lu, commodities analyst at Singapore-based Phillip Futures.

The slowdown in global manufacturing and trade, and the associated hit to oil consumption, largely stems from a US-China trade war that has rumbled on over the last year.

Trade talks between the two countries broke down in May after nearing an agreement. Next week, the top US and Chinese negotiators meet for the first time since then. Any positive outcome of the meeting is expected to boost oil prices.

Oil prices rose on Friday and were on track for a weekly increase as geopolitical tensions over Iran remained unresolved, although flagging prospects for global economic growth amid the US-China trade war capped gains.

Oil prices rose on Friday and were on track for a weekly increase as geopolitical tensions over Iran remained unresolved, although flagging prospects for global economic growth amid the US-China trade war capped gains. Brent crude futures were up 23 cents at $63.62 per barrel at 0922 GMT, equivalent to a weekly rise of around 1.8%. They fell 6% last week. US West Texas Intermediate crude was 25 cents higher at $56.27 a barrel, a weekly gain of 1.1%. It fell to 7.5% last week. Tensions remained high around the Strait of Hormuz, the world's most important oil passageway, as Iran refused to release a British-flagged tanker it seized last week in the Gulf. US Secretary of State Mike Pompeo said Washington had asked Japan, France, Germany, South Korea, Australia, and other nations to join a maritime security initiative in the Middle East so oil and other products can flow through the strait. However, oil prices' reaction to the strains in the Gulf has been relatively muted. "It appears that the majority of market participants do not expect a military conflict that would hamper oil shipments," Commerzbank analyst Carsten Fritsch said. Prices also drew support from a crude inventory draw in the United States, but gains were limited as the fall appeared to have been largely anticipated. The US production in the Gulf of Mexico was still feeling the effects of Hurricane Barry. WATCH: Iran-UK tanker tensions: Iran releases 9 crew members × "Several indicators pointing to a slowdown of global oil demand growth appear to have taken over market sentiment," Jefferies analyst Jason Gammel said. Reuters polls taken July 1-24 showed the growth outlook for nearly 90% of the more than 45 economies surveyed was downgraded or left unchanged. That applied not just to this year but also in 2020. "Growing challenges in the macroeconomic environment have kept bullish bets in check as risk appetites remain soft over potential weakness in global fuel demand," said Benjamin Lu, commodities analyst at Singapore-based Phillip Futures. The slowdown in global manufacturing and trade, and the associated hit to oil consumption, largely stems from a US-China trade war that has rumbled on over the last year. Trade talks between the two countries broke down in May after nearing an agreement. Next week, the top US and Chinese negotiators meet for the first time since then. Any positive outcome of the meeting is expected to boost oil prices.

Oil prices rise as Iran tensions remain unresolved