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<a href="https://www.wionews.com/business-economy/huaweis-ties-with-partners-fedex-flex-fray-on-us-china-tensions-238632">Huawei Technologies</a> on Friday released its first 5G phone in China and said it would soon launch smart TVs equipped with its Hongmeng operating system.

Huawei, which is grappling with sanctions from Washington that threaten to cut its access to US technology and components, on Friday rolled out the Mate 20 X 5G phone for the China market with a price tag of 6199 yuan ($901).

Huawei also said at the launch event at its Shenzhen headquarters that it would unveil TV-like products called "Smart Screens" next month, which will be the first products based on its proprietary Hongmeng Operating System, according to Xinhua.

Huawei has given little information about Hongmeng, its own back-up operating system under development in case it was cut off from US-made software.

The company previously hinted that the operating system could replace Google's Android, though a senior executive earlier this month said Huawei intends to continue to use Android, and that Hongmeng is not an operating system for smartphones but connected devices.

Huawei's consumer business group CEO Richard Yu said Huawei's Smart Screens aims to be the central interface for entertainment and communication in the living room, according to a press release.

Huawei is set to report its half-year results on Tuesday. Analysts said robust smartphone sales in China are expected to offset impact in the overseas market since Huawei was put on Washington's trade blacklist in mid-May.

Huawei Technologies on Friday released its first 5G phone in China and said it would soon launch smart TVs equipped with its Hongmeng operating system. Huawei, which is grappling with sanctions from Washington that threaten to cut its access to US technology and components, on Friday rolled out the Mate 20 X 5G phone for the China market with a price tag of 6199 yuan ($901).

Huawei Technologies on Friday released its first 5G phone in China and said it would soon launch smart TVs equipped with its Hongmeng operating system. Huawei, which is grappling with sanctions from Washington that threaten to cut its access to US technology and components, on Friday rolled out the Mate 20 X 5G phone for the China market with a price tag of 6199 yuan ($901). Huawei also said at the launch event at its Shenzhen headquarters that it would unveil TV-like products called "Smart Screens" next month, which will be the first products based on its proprietary Hongmeng Operating System, according to Xinhua. Huawei has given little information about Hongmeng, its own back-up operating system under development in case it was cut off from US-made software. The company previously hinted that the operating system could replace Google's Android, though a senior executive earlier this month said Huawei intends to continue to use Android, and that Hongmeng is not an operating system for smartphones but connected devices. Huawei's consumer business group CEO Richard Yu said Huawei's Smart Screens aims to be the central interface for entertainment and communication in the living room, according to a press release. Huawei is set to report its half-year results on Tuesday. Analysts said robust smartphone sales in China are expected to offset impact in the overseas market since Huawei was put on Washington's trade blacklist in mid-May.

Huawei rolls out 5G phone and flags first Hongmeng device

American delivery firm FedEx Corp likely withheld more than 100 packages of Huawei, a report said, while the Chinese tech giant also blamed US-listed Flex for seizing its goods, as <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=2ahUKEwiSs4rItdLjAhXc7nMBHeV6DwEQFjADegQIDhAC&amp;usg=AOvVaw1bWJVe7haDQEfv7LLORLbL">Sino-US tensions</a> further strain business ties.

Chinese authorities investigating FedEx suspect it illegally held back the <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/huaweis-us-research-arm-slashes-jobs-as-trade-ban-bites-238136&amp;sa=U&amp;ved=2ahUKEwj___zltdLjAhWxheYKHVCHA3kQFjADegQIDxAC&amp;usg=AOvVaw3sBVXlXmuPglcgQ-qhcuOx">Huawei</a> packages and that it also violated other laws, state news agency Xinhua reported on Friday.

Beijing started a probe into FedEx last month after Huawei said the US&nbsp;delivery firm had diverted parcels intended for it. It came after Huawei was placed by Washington on a blacklist in mid-May that effectively blocks US firms from doing business with the Shenzhen-based telecoms equipment maker.

"The investigation showed that FedEx was suspected of holding up more than 100 Huawei packages entering China," Xinhua said. "Investigators also discovered clues to other violations of the company."

FedEx had no immediate comment on the report. Huawei declined to comment.

The report comes a day after Huawei said electronics contract manufacturer Flex "seized" its goods in China.

The developments mark the latest fallout from Washington's trade ban on Huawei, which has not only rattled the global technology supply chain tied to Huawei's $105 billion business but also is causing much confusion among companies and organisations well beyond the US borders regarding the limits of restrictions.

FedEx has apologised for multiple incidents of diversion of Huawei packages, which is attributed to "operational errors", but it later sued the US&nbsp;government for what it said was an "impossible task" to "police the contents" of export shipments.

Huawei told Reuters on Thursday that Flex had withheld some 700 million yuan ($101.81 million) worth of its goods in its China factory, confirming a report by the Chinese government-backed newspaper Global Times.

Flex kept the Huawei assets in its factory in the southern city of Zhuhai after the US blacklisting and caused losses for Huawei, according to the report.

Huawei told Reuters that it has retrieved some 400 million yuan of goods last month after negotiations and is still trying to take back the rest.

Flex said in an emailed statement to Reuters, "Flex and Huawei have had a long-standing and successful partnership which has recently been impacted by unforeseen challenges resulting from the US-China trade situation. Both parties are actively working to find a mutually agreeable way forward given these facts."

A Flex spokesman declined to say whether it still held any Huawei assets or counts Huawei as a customer, but said China remains "a very important center of production and end-market" where it employs tens of thousands of people.

Flex said on Friday in its quarterly earnings statement that it would accelerate a move to reduce its exposure to certain products in China and India after "recent geopolitical developments and uncertainties", which primarily impacted "one customer in China". It did not name the customer.

"We have seen a reduction in demand for products assembled for that customer," it said.

American delivery firm FedEx Corp likely withheld more than 100 packages of Huawei, a report said, while the Chinese tech giant also blamed US-listed Flex for seizing its goods, as Sino-US tensions further strain business ties.

American delivery firm FedEx Corp likely withheld more than 100 packages of Huawei, a report said, while the Chinese tech giant also blamed US-listed Flex for seizing its goods, as Sino-US tensions further strain business ties. Chinese authorities investigating FedEx suspect it illegally held back the Huawei packages and that it also violated other laws, state news agency Xinhua reported on Friday. Beijing started a probe into FedEx last month after Huawei said the US delivery firm had diverted parcels intended for it. It came after Huawei was placed by Washington on a blacklist in mid-May that effectively blocks US firms from doing business with the Shenzhen-based telecoms equipment maker. "The investigation showed that FedEx was suspected of holding up more than 100 Huawei packages entering China," Xinhua said. "Investigators also discovered clues to other violations of the company." FedEx had no immediate comment on the report. Huawei declined to comment. The report comes a day after Huawei said electronics contract manufacturer Flex "seized" its goods in China. The developments mark the latest fallout from Washington's trade ban on Huawei, which has not only rattled the global technology supply chain tied to Huawei's $105 billion business but also is causing much confusion among companies and organisations well beyond the US borders regarding the limits of restrictions. FedEx has apologised for multiple incidents of diversion of Huawei packages, which is attributed to "operational errors", but it later sued the US government for what it said was an "impossible task" to "police the contents" of export shipments. Huawei told Reuters on Thursday that Flex had withheld some 700 million yuan ($101.81 million) worth of its goods in its China factory, confirming a report by the Chinese government-backed newspaper Global Times. Flex kept the Huawei assets in its factory in the southern city of Zhuhai after the US blacklisting and caused losses for Huawei, according to the report. Huawei told Reuters that it has retrieved some 400 million yuan of goods last month after negotiations and is still trying to take back the rest. Flex said in an emailed statement to Reuters, "Flex and Huawei have had a long-standing and successful partnership which has recently been impacted by unforeseen challenges resulting from the US-China trade situation. Both parties are actively working to find a mutually agreeable way forward given these facts." A Flex spokesman declined to say whether it still held any Huawei assets or counts Huawei as a customer, but said China remains "a very important center of production and end-market" where it employs tens of thousands of people. Flex said on Friday in its quarterly earnings statement that it would accelerate a move to reduce its exposure to certain products in China and India after "recent geopolitical developments and uncertainties", which primarily impacted "one customer in China". It did not name the customer. "We have seen a reduction in demand for products assembled for that customer," it said.

Huawei's ties with partners FedEx, Flex fray on US-China tensions

Indian shares recovered from early losses on Friday and snapped six straight sessions of declines, driven by a rally in financial and auto stocks.

The broader NSE Nifty ended 0.29% higher at 11,284.3, while the benchmark BSE Sensex closed up 0.14% at 37,882.79. Both indexes, however, marked their third straight weekly loss.

Private-sector lender Yes Bank Ltd closed 9.6% higher and was the top percentage gainer on both indexes.&nbsp;

Bajaj Finance Ltd climbed 7.2%, while Bajaj Finserv Ltd advanced 6.7%. 
Bajaj Auto Ltd rose 2.8% after beating expectations for quarterly profit.

Eicher Motors Ltd rose 4.6% and Hero MotoCorp Ltd climbed 3.4%, pushing the Nifty Auto Index 2.2% higher.

Meanwhile, miner Vedanta Ltd fell 4.3% ahead of its quarterly results.

Indian shares recovered from early losses on Friday and snapped six straight sessions of declines, driven by a rally in financial and auto stocks. The broader NSE Nifty ended 0.

Indian shares recovered from early losses on Friday and snapped six straight sessions of declines, driven by a rally in financial and auto stocks. The broader NSE Nifty ended 0.29% higher at 11,284.3, while the benchmark BSE Sensex closed up 0.14% at 37,882.79. Both indexes, however, marked their third straight weekly loss. Private-sector lender Yes Bank Ltd closed 9.6% higher and was the top percentage gainer on both indexes. Bajaj Finance Ltd climbed 7.2%, while Bajaj Finserv Ltd advanced 6.7%. Bajaj Auto Ltd rose 2.8% after beating expectations for quarterly profit. Eicher Motors Ltd rose 4.6% and Hero MotoCorp Ltd climbed 3.4%, pushing the Nifty Auto Index 2.2% higher. Meanwhile, miner Vedanta Ltd fell 4.3% ahead of its quarterly results.

Nifty, Sensex snap losing streak; financials, auto boost

WhatsApp will roll out its payments service in India this year following a year-long pilot, its global chief Will Cathcart has said, as the Facebook-owned messaging giant taps an upsurge in digital payments in its dominant market.

WhatsApp is ubiquitous across India, where data consumption is surging thanks to cheap internet, but a full launch of its payments feature had been delayed amid some false messages circulating on the platform that have led to mob lynching and more government scrutiny, according to local media.

The Menlo Park, California-based firm has also been trying to comply with Indian regulations including data storage norms that require all payments-related data to be stored locally.

"It's a regulatory approval question in India at this point," Facebook Chief Executive Mark Zuckerberg said on Thursday on the company's earnings conference call in reference to WhatsApp Pay.

"We're also working beyond India in a number of other countries and hope to have this rolled out to a large per cent of the people who use WhatsApp within the next year," he added.

WhatsApp now has about 400 million users in India, a person familiar with the matter said on Friday, encompassing almost a third of India's population of 1.3 billion. The person did not wish to be named because they were not authorised to discuss the matter with the media.

WhatsApp's payments feature would compete with a crowded market in India that includes Alphabet Inc's Google Pay, Softbank- and Alibaba-backed Paytm and Walmart's PhonePe, all of which are used, especially in cities, to pay for everything from groceries to Uber rides.

Digital payments, lending and e-wallet services have been growing rapidly in India, led by a government push to bring more of the country's cash-loving merchants and consumers into the formal economy.

"Payments services are critical to ... bringing millions more people into India's fast-growing digital economy," Will Cathcart, WhatsApp's global head, said in New Delhi on Thursday.

Cathcart was speaking at an event held to announce a tie-up with India's top government think tank NITI Aayog to promote women's entrepreneurship.

"We can't wait to provide this service to our users across India this year," Cathcart said.

WhatsApp will use India's Unified Payments Interface (UPI) standard used by many other digital payments services, which is growing rapidly — UPI processed over 750 million transactions last month, rising from about 246 million a year earlier.

WhatsApp will roll out its payments service in India this year following a year-long pilot, its global chief Will Cathcart has said, as the Facebook-owned messaging giant taps an upsurge in digital payments in its dominant market.

WhatsApp will roll out its payments service in India this year following a year-long pilot, its global chief Will Cathcart has said, as the Facebook-owned messaging giant taps an upsurge in digital payments in its dominant market. WhatsApp is ubiquitous across India, where data consumption is surging thanks to cheap internet, but a full launch of its payments feature had been delayed amid some false messages circulating on the platform that have led to mob lynching and more government scrutiny, according to local media. The Menlo Park, California-based firm has also been trying to comply with Indian regulations including data storage norms that require all payments-related data to be stored locally. "It's a regulatory approval question in India at this point," Facebook Chief Executive Mark Zuckerberg said on Thursday on the company's earnings conference call in reference to WhatsApp Pay. "We're also working beyond India in a number of other countries and hope to have this rolled out to a large per cent of the people who use WhatsApp within the next year," he added. WhatsApp now has about 400 million users in India, a person familiar with the matter said on Friday, encompassing almost a third of India's population of 1.3 billion. The person did not wish to be named because they were not authorised to discuss the matter with the media. WhatsApp's payments feature would compete with a crowded market in India that includes Alphabet Inc's Google Pay, Softbank- and Alibaba-backed Paytm and Walmart's PhonePe, all of which are used, especially in cities, to pay for everything from groceries to Uber rides. Digital payments, lending and e-wallet services have been growing rapidly in India, led by a government push to bring more of the country's cash-loving merchants and consumers into the formal economy. "Payments services are critical to ... bringing millions more people into India's fast-growing digital economy," Will Cathcart, WhatsApp's global head, said in New Delhi on Thursday. Cathcart was speaking at an event held to announce a tie-up with India's top government think tank NITI Aayog to promote women's entrepreneurship. "We can't wait to provide this service to our users across India this year," Cathcart said. WhatsApp will use India's Unified Payments Interface (UPI) standard used by many other digital payments services, which is growing rapidly — UPI processed over 750 million transactions last month, rising from about 246 million a year earlier.

WhatsApp to roll out payments feature in India this year

Shares of Tesla Inc sank 11 per cent on Thursday, on course to knock more than $5 billion off the<a href="https://www.wionews.com/world/tesla-drops-cheapest-model-x-s-variants-cuts-prices-to-simplify-lineup-236346"> electric carmaker's market value</a>, a day after it disappointed Wall Street by softening its language on turning a profit this year.

Only two Wall Street brokerage reduced their existing share price target for the firm but a batch of downbeat research notes from analysts focused on concern over shrinking margins for the Elon Musk-led firm, as it strives to find a path to sustainable profitability.

The outlook given with second quarter numbers after markets closed on Wednesday said the firm would still aim to be profitable in the third and fourth quarter but put the emphasis on volume growth, increasing production capacity and generating cash.

That contrasted with Musk's promises this time last year that the company would be profitable and cash flow positive "henceforth".

"For Tesla to be more than niche, one of the core challenges will be for Tesla to improve its gross margin profile," a Credit Suisse analyst wrote in a research note.

Wedbush Securities cut its price target on the stock from $230 to $220, citing the softer margin profile.

The stock was down 11.34 per cent at $234.84 in trading before the opening bell, still 3 per cent&nbsp;above analysts' median price target of $227.5.

Prices of its $1.8 billion junk bond, which debuted just shy of two years ago, also fell more than 2 full points in price in European trading, pushing its yield, which moves in the opposite direction, back above 8 per cent&nbsp;for the first time since July 1.

The spread of its yield over Treasuries, a key measure of the added risk investors assume for holding Tesla's speculative-grade rated debt over safer US&nbsp;government securities, widened by nearly 50 basis points.

In all, it was the bond's biggest loss since early last September when its chief accounting officer quit after just a month on the job and Musk was filmed smoking marijuana and wielding a sword on a webcast.

A number of analysts were also concerned by the resignation as chief technology officer of the pioneer of the company's electric batteries, J.B. Straubel, the last of the company's old guard left in its top echelons outside Musk himself.

"Straubel has been at the forefront of the company's technology leadership, which we believe will increasingly be called into question as competitors catch up," Cowen analysts said.

Shares of Tesla Inc sank 11 per cent on Thursday, on course to knock more than $5 billion off the electric carmaker's market value, a day after it disappointed Wall Street by softening its language on turning a profit this year.

Shares of Tesla Inc sank 11 per cent on Thursday, on course to knock more than $5 billion off the electric carmaker's market value, a day after it disappointed Wall Street by softening its language on turning a profit this year. Only two Wall Street brokerage reduced their existing share price target for the firm but a batch of downbeat research notes from analysts focused on concern over shrinking margins for the Elon Musk-led firm, as it strives to find a path to sustainable profitability. The outlook given with second quarter numbers after markets closed on Wednesday said the firm would still aim to be profitable in the third and fourth quarter but put the emphasis on volume growth, increasing production capacity and generating cash. That contrasted with Musk's promises this time last year that the company would be profitable and cash flow positive "henceforth". "For Tesla to be more than niche, one of the core challenges will be for Tesla to improve its gross margin profile," a Credit Suisse analyst wrote in a research note. Wedbush Securities cut its price target on the stock from $230 to $220, citing the softer margin profile. The stock was down 11.34 per cent at $234.84 in trading before the opening bell, still 3 per cent above analysts' median price target of $227.5. Prices of its $1.8 billion junk bond, which debuted just shy of two years ago, also fell more than 2 full points in price in European trading, pushing its yield, which moves in the opposite direction, back above 8 per cent for the first time since July 1. The spread of its yield over Treasuries, a key measure of the added risk investors assume for holding Tesla's speculative-grade rated debt over safer US government securities, widened by nearly 50 basis points. In all, it was the bond's biggest loss since early last September when its chief accounting officer quit after just a month on the job and Musk was filmed smoking marijuana and wielding a sword on a webcast. A number of analysts were also concerned by the resignation as chief technology officer of the pioneer of the company's electric batteries, J.B. Straubel, the last of the company's old guard left in its top echelons outside Musk himself. "Straubel has been at the forefront of the company's technology leadership, which we believe will increasingly be called into question as competitors catch up," Cowen analysts said.

Tesla shares slide over weak profits call

Domestic stock markets were trading marginally higher on Thursday tracking the muted trend in Asian equities amid a mixed bag of corporate earnings.&nbsp;

At 9.20 am, the benchmark Sensex Index rose 0.26% to 37944.84 points, while Nifty index rose 0.17% to 11293.80 points.

On Wednesday, the BSE S&amp;P Sensex closed 135 points lower at 37,848 while Nifty 50 plunged 60 points at 11,271. At the National Stock Exchange, all sectoral indices were in the negative territory except for FMCG and media. Nifty metal tumbled by 2.37 per cent, auto by 1.95 per cent, pharma by 1.77 per cent and PSU bank by 1.73 per cent.

At 10:00 hrs IST, the Sensex is up 307.39 points or 0.81% at 38,148, and the Nifty up 85.75 points or 0.75% at 11,355.65.&nbsp;

About 505 shares have advanced, 353 shares declined, and 42 shares are unchanged.

(With inputs from agencies)

Domestic stock markets were trading marginally higher on Thursday tracking the muted trend in Asian equities amid a mixed bag of corporate earnings. At 9.20 am, the benchmark Sensex Index rose 0.

Domestic stock markets were trading marginally higher on Thursday tracking the muted trend in Asian equities amid a mixed bag of corporate earnings. At 9.20 am, the benchmark Sensex Index rose 0.26% to 37944.84 points, while Nifty index rose 0.17% to 11293.80 points. On Wednesday, the BSE S&P Sensex closed 135 points lower at 37,848 while Nifty 50 plunged 60 points at 11,271. At the National Stock Exchange, all sectoral indices were in the negative territory except for FMCG and media. Nifty metal tumbled by 2.37 per cent, auto by 1.95 per cent, pharma by 1.77 per cent and PSU bank by 1.73 per cent. At 10:00 hrs IST, the Sensex is up 307.39 points or 0.81% at 38,148, and the Nifty up 85.75 points or 0.75% at 11,355.65. About 505 shares have advanced, 353 shares declined, and 42 shares are unchanged. (With inputs from agencies)

Markets on a positive note: Sensex gains 300 points, Nifty around 11,350

Jaguar Land Rover owner Tata Motors Ltd on Thursday reported a bigger-than-expected quarterly loss that nearly doubled, as a slump in demand for cars continued at home, while plant shutdowns and delays due to Britain's planned exit from the European Union also hurt earnings.

India's biggest automaker by revenue said it lost 36.98 billion rupees ($535.93 million) in the quarter ended June 30, compared to a loss of 19.02 billion rupees a year ago. Revenue fell 7.7% to 608.30 billion rupees.

Analysts on an average expected Tata Motors to report a loss of 19.38 billion rupees in the quarter, according to Refinitiv data.

The results "primarily reflect lower revenue resulting from the weaker market conditions," the company said in a statement.

Revenue from Jaguar Land Rover Automotive PLC, the company's biggest unit, fell 2.8% to 5.07 billion pounds ($6.34 billion).

The Indian auto sector has been plagued by slowing demand due to higher insurance costs and a credit squeeze in recent months, prompting many automakers such as the company's rival, Maruti Suzuki Ltd, to cut production on surging inventories.

Car sales indicate the broader economic consumption pattern, and Tata Motors is the first major automaker to report quarterly numbers, making it a key indicator for the industry's performance.

Passenger vehicle sales in June fell over 17%, data released by the industry's trade body earlier this month showed, resulting in an 18.4% fall for the first quarter as a whole.

Tata completed the $2.3 billion acquisition of Jaguar and Land Rover in 2008, but the iconic British brand has been hit by a trend to move away from diesel cars, as well as political and trade uncertainty related to Brexit.

The company's shares closed down 4.6% in a broader <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/nifty-sensex-close-lower-for-fifth-day-after-imf-cuts-growth-forecast-238177&amp;sa=U&amp;ved=2ahUKEwjs0u3xgdDjAhVSjuYKHQi9BtUQFjAAegQIAxAC&amp;usg=AOvVaw0D04CHTottvBnFs47brlNm">NSE market</a> that ended 0.17% lower.

Jaguar Land Rover owner Tata Motors Ltd on Thursday reported a bigger-than-expected quarterly loss that nearly doubled, as a slump in demand for cars continued at home, while plant shutdowns and delays due to Britain's planned exit from the European Union also hurt earnings.

Jaguar Land Rover owner Tata Motors Ltd on Thursday reported a bigger-than-expected quarterly loss that nearly doubled, as a slump in demand for cars continued at home, while plant shutdowns and delays due to Britain's planned exit from the European Union also hurt earnings. India's biggest automaker by revenue said it lost 36.98 billion rupees ($535.93 million) in the quarter ended June 30, compared to a loss of 19.02 billion rupees a year ago. Revenue fell 7.7% to 608.30 billion rupees. Analysts on an average expected Tata Motors to report a loss of 19.38 billion rupees in the quarter, according to Refinitiv data. The results "primarily reflect lower revenue resulting from the weaker market conditions," the company said in a statement. Revenue from Jaguar Land Rover Automotive PLC, the company's biggest unit, fell 2.8% to 5.07 billion pounds ($6.34 billion). The Indian auto sector has been plagued by slowing demand due to higher insurance costs and a credit squeeze in recent months, prompting many automakers such as the company's rival, Maruti Suzuki Ltd, to cut production on surging inventories. Car sales indicate the broader economic consumption pattern, and Tata Motors is the first major automaker to report quarterly numbers, making it a key indicator for the industry's performance. Passenger vehicle sales in June fell over 17%, data released by the industry's trade body earlier this month showed, resulting in an 18.4% fall for the first quarter as a whole. Tata completed the $2.3 billion acquisition of Jaguar and Land Rover in 2008, but the iconic British brand has been hit by a trend to move away from diesel cars, as well as political and trade uncertainty related to Brexit. The company's shares closed down 4.6% in a broader NSE market that ended 0.17% lower.

Tata Motors first-quarter loss nearly doubles, Jaguar Land Rover challenges continue

Equities traded with a negative bias on Thursday and closed lower for sixth consecutive trading session ahead of the July futures and options (F&amp;O) expiry.

The BSE S&amp;P Sensex closed 17 points lower at 37,831 while the Nifty 50 was down 19 points at 11,252.At the National Stock Exchange, sectoral indices were mixed.&nbsp;

While Nifty pharma gained over 2 per cent and media by over 1 per cent, auto, FMCG, metal and PSU bank were in the red with thin margins.Among stocks, Tata Motors skidded 4.79 per cent lower.&nbsp;

Bajaj Finance was down by 4.3 per cent and Bajaj Finserv by 4.2 per cent.&nbsp;

Coal India closed 3.3 per cent lower, JSW Steel by 2.5 per cent and Bharat Petroleum by 2.3 per cent.

Besides, heavyweight Reliance Industries plunged 1.91 per cent to Rs 1,235 per share. UPL, Yes Bank and NTPC too closed in the negative zone.

However, mining major Vedanta gained over 4.4 per cent and pharma firm Cipla by 3.5 per cent.&nbsp;

The other gainers were Zee Entertainment, Sun Pharma and IndusInd Bank which moved up between 2.4 and 3.2 per cent.

Meanwhile, Asian shares shrugged off a tech-fueled rally on Wall Street a day earlier and saw muted trading on Thursday amid a mixed picture for corporate earnings.

Benchmark indexes nudged higher in Japan, Hong Kong and China but declined in South Korea.

Investors have generally been encouraged in recent days by hopes of some headway in trade negotiations between the United States and China.

There are also expectations that the European Central Bank and the US Federal Reserve will ease monetary policy soon.

Equities traded with a negative bias on Thursday and closed lower for sixth consecutive trading session ahead of the July futures and options (F&O) expiry. The BSE S&P Sensex closed 17 points lower at 37,831 while the Nifty 50 was down 19 points at 11,252.

Equities traded with a negative bias on Thursday and closed lower for sixth consecutive trading session ahead of the July futures and options (F&O) expiry. The BSE S&P Sensex closed 17 points lower at 37,831 while the Nifty 50 was down 19 points at 11,252.At the National Stock Exchange, sectoral indices were mixed. While Nifty pharma gained over 2 per cent and media by over 1 per cent, auto, FMCG, metal and PSU bank were in the red with thin margins.Among stocks, Tata Motors skidded 4.79 per cent lower. Bajaj Finance was down by 4.3 per cent and Bajaj Finserv by 4.2 per cent. Coal India closed 3.3 per cent lower, JSW Steel by 2.5 per cent and Bharat Petroleum by 2.3 per cent. Besides, heavyweight Reliance Industries plunged 1.91 per cent to Rs 1,235 per share. UPL, Yes Bank and NTPC too closed in the negative zone. However, mining major Vedanta gained over 4.4 per cent and pharma firm Cipla by 3.5 per cent. The other gainers were Zee Entertainment, Sun Pharma and IndusInd Bank which moved up between 2.4 and 3.2 per cent. Meanwhile, Asian shares shrugged off a tech-fueled rally on Wall Street a day earlier and saw muted trading on Thursday amid a mixed picture for corporate earnings. Benchmark indexes nudged higher in Japan, Hong Kong and China but declined in South Korea. Investors have generally been encouraged in recent days by hopes of some headway in trade negotiations between the United States and China. There are also expectations that the European Central Bank and the US Federal Reserve will ease monetary policy soon.

Equity indices end flat after volatile trading, Tata Motors skids 4.8%

Fortune magazine revealed its annual ranking about the top 500 companies in the world with a list of interesting new entrants in it.&nbsp;

For the first time in world history, US companies are outnumbered by <a href="https://www.wionews.com/opinions/belt-and-road-projects-china-expands-its-anti-corruption-campaign-238093">business houses from China</a>. If there was ever a doubt China's economic might, then the Fortune 500 rankings dispel the doubt.&nbsp;

Also read: <a href="https://www.wionews.com/world/china-eyes-high-tech-army-says-us-undermines-global-stability-238077">China eyes high-tech army, says US undermines global stability</a>

As the world balance of power shifts, Chinese companies took 129 spots in the yearly list, including 10 Taiwanese companies, while the US came second with 121 American businesses included.

Watch: Fortune 500 rankings — It's China's world after all 
&nbsp;

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/1pApQ2acj0U" width="560"></iframe>

<a href="https://www.wionews.com/world/walmart-fights-back-against-amazon-offers-one-day-delivery-without-shipping-fee-218603">US giant Walmart</a> continues to top the Fortune 500 list followed by Chinese state-owned oil and gas company Sinopec Group, which moved one rank up. Dutch company Royal Dutch Shell was ranked third followed by China National Petroleum and State Grid.

Saudi oil giant Saudi Aramco appeared for the first time in top 10 at sixth position, while BP, Exxon Mobil, Volkswagen, and Toyota Motor are ranked 7th, 8th, 9th and 10th position respectively.

The Fortune Global 500, also known as Global 500, is an annual ranking of the top 500 corporations worldwide as measured by revenue and the list is compiled and published annually by Fortune magazine.

Fortune magazine revealed its annual ranking about the top 500 companies in the world with a list of interesting new entrants in it. For the first time in world history, US companies are outnumbered by business houses from China.

Fortune magazine revealed its annual ranking about the top 500 companies in the world with a list of interesting new entrants in it. For the first time in world history, US companies are outnumbered by business houses from China. If there was ever a doubt China's economic might, then the Fortune 500 rankings dispel the doubt. Also read: China eyes high-tech army, says US undermines global stability As the world balance of power shifts, Chinese companies took 129 spots in the yearly list, including 10 Taiwanese companies, while the US came second with 121 American businesses included. Watch: Fortune 500 rankings — It's China's world after all US giant Walmart continues to top the Fortune 500 list followed by Chinese state-owned oil and gas company Sinopec Group, which moved one rank up. Dutch company Royal Dutch Shell was ranked third followed by China National Petroleum and State Grid. Saudi oil giant Saudi Aramco appeared for the first time in top 10 at sixth position, while BP, Exxon Mobil, Volkswagen, and Toyota Motor are ranked 7th, 8th, 9th and 10th position respectively. The Fortune Global 500, also known as Global 500, is an annual ranking of the top 500 corporations worldwide as measured by revenue and the list is compiled and published annually by Fortune magazine.

Fortune global 500: China deflates the US dominance in annual rankings

Equities traded lower during early hours on Wednesday amid weak global cues with auto and realty indices showing the most losses.

The International Monetary Fund (IMF) cut its growth forecasts for the global economy for this year and the next.&nbsp;

Global growth is forecast at 3.2 per cent in 2019, picking up to 3.5 per cent in 2020 -- 0.1 per cent point lower than in April projections for both years.

At 10:15 am, the BSE S&amp;P Sensex was down 197 points at 37,786 while the Nifty 50 slipped 71 points to 11,260.

Except for financial services, all sectoral indices at the National Stock Exchange were in the red.&nbsp;

Nifty metal was down 1.21 per cent, auto 1.17 per cent and realty 1.16 per cent.

Among stocks, Bharat Petroleum Corporation edged 3.2 per cent lower while Vedanta was down 2 per cent. Eicher Motors, JSW Steel and Britannia were down by over 1.6 per cent each.

However, HDFC gained 1.6 per cent while Yes Bank moved up by 1.5 per cent. The other gainers were Larsen &amp; Toubro and Hindustan Lever.

Meanwhile, most stocks rose in Asia after reports that the United States and China will resume trade talks next week with US Trade Representative Robert Lighthizer travelling to Shanghai.

Japan`s Nikkei added 0.5 per cent, MSCI`s broadest index of Asia-Pacific shares outside Japan gained 0.4 per cent and Chinese blue chips climbed 1.2 per cent.&nbsp; 
&nbsp;

Equities traded lower during early hours on Wednesday amid weak global cues with auto and realty indices showing the most losses. The International Monetary Fund (IMF) cut its growth forecasts for the global economy for this year and the next.

Equities traded lower during early hours on Wednesday amid weak global cues with auto and realty indices showing the most losses. The International Monetary Fund (IMF) cut its growth forecasts for the global economy for this year and the next. Global growth is forecast at 3.2 per cent in 2019, picking up to 3.5 per cent in 2020 -- 0.1 per cent point lower than in April projections for both years. At 10:15 am, the BSE S&P Sensex was down 197 points at 37,786 while the Nifty 50 slipped 71 points to 11,260. Except for financial services, all sectoral indices at the National Stock Exchange were in the red. Nifty metal was down 1.21 per cent, auto 1.17 per cent and realty 1.16 per cent. Among stocks, Bharat Petroleum Corporation edged 3.2 per cent lower while Vedanta was down 2 per cent. Eicher Motors, JSW Steel and Britannia were down by over 1.6 per cent each. However, HDFC gained 1.6 per cent while Yes Bank moved up by 1.5 per cent. The other gainers were Larsen & Toubro and Hindustan Lever. Meanwhile, most stocks rose in Asia after reports that the United States and China will resume trade talks next week with US Trade Representative Robert Lighthizer travelling to Shanghai. Japan`s Nikkei added 0.5 per cent, MSCI`s broadest index of Asia-Pacific shares outside Japan gained 0.4 per cent and Chinese blue chips climbed 1.2 per cent.

Nifty slips below 11,300 mark, auto and realty stocks drag

Equities traded lower during early hours on Wednesday amid weak global cues with auto and realty indices showing the most losses.

The International Monetary Fund (IMF) cut its growth forecasts for the global economy for this year and the next. Global growth is forecast at 3.2 per cent in 2019, picking up to 3.5 per cent in 2020 — 0.1 per cent point lower than in April projections for both years.

At 10:15 am, the BSE S&amp;P Sensex was down 197 points at 37,786 while the Nifty 50 slipped 71 points to 11,260.

Except for financial services, all sectoral indices at the National Stock Exchange were in the red.&nbsp;

The Nifty metal was down 1.21 per cent, auto 1.17 per cent and realty 1.16 per cent.

Among stocks, Bharat Petroleum Corporation edged 3.2 per cent lower while Vedanta was down 2 per cent. Eicher Motors, JSW Steel and Britannia were down by over 1.6 per cent each.

However, HDFC gained 1.6 per cent while Yes Bank moved up by 1.5 per cent. The other gainers were Larsen &amp; Toubro, Hindustan Lever and Zee Entertainment.

Meanwhile, most stocks rose in Asia after reports that the United States and China will resume trade talks next week with US Trade Representative Robert Lighthizer travelling to Shanghai.

Japan's Nikkei added 0.5 per cent, MSCI`s broadest index of Asia-Pacific shares outside Japan gained 0.4 per cent and Chinese blue chips climbed 1.2 per cent.

Equities traded lower during early hours on Wednesday amid weak global cues with auto and realty indices showing the most losses. The International Monetary Fund (IMF) cut its growth forecasts for the global economy for this year and the next. Global growth is forecast at 3.2 per cent in 2019, picking up to 3.5 per cent in 2020 — 0.1 per cent point lower than in April projections for both years. At 10:15 am, the BSE S&P Sensex was down 197 points at 37,786 while the Nifty 50 slipped 71 points to 11,260. Except for financial services, all sectoral indices at the National Stock Exchange were in the red. The Nifty metal was down 1.21 per cent, auto 1.17 per cent and realty 1.16 per cent. Among stocks, Bharat Petroleum Corporation edged 3.2 per cent lower while Vedanta was down 2 per cent. Eicher Motors, JSW Steel and Britannia were down by over 1.6 per cent each. However, HDFC gained 1.6 per cent while Yes Bank moved up by 1.5 per cent. The other gainers were Larsen & Toubro, Hindustan Lever and Zee Entertainment. Meanwhile, most stocks rose in Asia after reports that the United States and China will resume trade talks next week with US Trade Representative Robert Lighthizer travelling to Shanghai. Japan's Nikkei added 0.5 per cent, MSCI`s broadest index of Asia-Pacific shares outside Japan gained 0.4 per cent and Chinese blue chips climbed 1.2 per cent.

Several home buyers heaved a sigh of relief after the Supreme Court on Tuesday directed the cancellation of registration of Amrapali Group and ordered the National Buildings Construction Corporation (NBCC) to complete the unfinished housing projects of embattled real estate group.

Azam, one of the buyers told ANI: "We are very satisfied with the Court`s order. The government should now control the builders strictly so that we get our apartment as soon as possible."

"I booked a flat in 2010, which I should have gotten in 2012. Till date I have not received any flat," he said.

Annu Khan, director of buyers association said: "This is a historic decision. This also serves as an example for the builders who think of carrying out frauds."

"The SC instructed banks to not pressurise the buyers for instalments. This came as a relief for us. They also directed the NBCC to build the houses on 8 per cent interest," he said while stating orders that bought reassurances to the buyers.

Another buyer said: "On one side the banks kept on calling us for instalments while on the other side no construction had even started for the flat I bought in Amrapali Dream Valley"

"After today`s verdict we now hope we will soon get our houses," he added.

The SC had ordered NBCC to complete the unfinished housing projects of embattled real estate group in Noida and Greater Noida and handover these to the home-buyers after the registration of Amrapali Group was cancelled.

A bench of the top court headed by Justice Arun Mishra further directed the Enforcement Directorate (ED) to conduct a detailed investigation against the group for diverting homebuyers` money. 
&nbsp;

Several home buyers heaved a sigh of relief after the Supreme Court on Tuesday directed the cancellation of registration of Amrapali Group and ordered the National Buildings Construction Corporation (NBCC) to complete the unfinished housing projects of embattled real estate group.

Azam, one of the buyers told ANI: "We are very satisfied with the Court`s order. The government should now control the builders strictly so that we get our apartment as soon as possible."

"I booked a flat in 2010, which I should have gotten in 2012. Till date I have not received any flat," he said.

Annu Khan, director of buyers association said: "This is a historic decision. This also serves as an example for the builders who think of carrying out frauds."

"The SC instructed banks to not pressurise the buyers for instalments. This came as a relief for us. They also directed the NBCC to build the houses on 8 per cent interest," he said while stating orders that bought reassurances to the buyers.

Another buyer said: "On one side the banks kept on calling us for instalments while on the other side no construction had even started for the flat I bought in Amrapali Dream Valley"

"After today`s verdict we now hope we will soon get our houses," he added.

The SC had ordered NBCC to complete the unfinished housing projects of embattled real estate group in Noida and Greater Noida and handover these to the home-buyers after the registration of Amrapali Group was cancelled.

A bench of the top court headed by Justice Arun Mishra further directed the Enforcement Directorate (ED) to conduct a detailed investigation against the group for diverting homebuyers` money. 
&nbsp;

Several home buyers heaved a sigh of relief after the Supreme Court on Tuesday directed the cancellation of registration of Amrapali Group and ordered the National Buildings Construction Corporation (NBCC) to complete the unfinished housing projects of embattled real estate group.

Several home buyers heaved a sigh of relief after the Supreme Court on Tuesday directed the cancellation of registration of Amrapali Group and ordered the National Buildings Construction Corporation (NBCC) to complete the unfinished housing projects of embattled real estate group. Azam, one of the buyers told ANI: "We are very satisfied with the Court`s order. The government should now control the builders strictly so that we get our apartment as soon as possible." "I booked a flat in 2010, which I should have gotten in 2012. Till date I have not received any flat," he said. Annu Khan, director of buyers association said: "This is a historic decision. This also serves as an example for the builders who think of carrying out frauds." "The SC instructed banks to not pressurise the buyers for instalments. This came as a relief for us. They also directed the NBCC to build the houses on 8 per cent interest," he said while stating orders that bought reassurances to the buyers. Another buyer said: "On one side the banks kept on calling us for instalments while on the other side no construction had even started for the flat I bought in Amrapali Dream Valley" "After today`s verdict we now hope we will soon get our houses," he added. The SC had ordered NBCC to complete the unfinished housing projects of embattled real estate group in Noida and Greater Noida and handover these to the home-buyers after the registration of Amrapali Group was cancelled. A bench of the top court headed by Justice Arun Mishra further directed the Enforcement Directorate (ED) to conduct a detailed investigation against the group for diverting homebuyers` money. Several home buyers heaved a sigh of relief after the Supreme Court on Tuesday directed the cancellation of registration of Amrapali Group and ordered the National Buildings Construction Corporation (NBCC) to complete the unfinished housing projects of embattled real estate group. Azam, one of the buyers told ANI: "We are very satisfied with the Court`s order. The government should now control the builders strictly so that we get our apartment as soon as possible." "I booked a flat in 2010, which I should have gotten in 2012. Till date I have not received any flat," he said. Annu Khan, director of buyers association said: "This is a historic decision. This also serves as an example for the builders who think of carrying out frauds." "The SC instructed banks to not pressurise the buyers for instalments. This came as a relief for us. They also directed the NBCC to build the houses on 8 per cent interest," he said while stating orders that bought reassurances to the buyers. Another buyer said: "On one side the banks kept on calling us for instalments while on the other side no construction had even started for the flat I bought in Amrapali Dream Valley" "After today`s verdict we now hope we will soon get our houses," he added. The SC had ordered NBCC to complete the unfinished housing projects of embattled real estate group in Noida and Greater Noida and handover these to the home-buyers after the registration of Amrapali Group was cancelled. A bench of the top court headed by Justice Arun Mishra further directed the Enforcement Directorate (ED) to conduct a detailed investigation against the group for diverting homebuyers` money.

Home buyers happy after cancellation of Amrapali Group's RERA registration

The British pound rose Wednesday before arch-Brexiteer <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/stepping-into-power-britains-johnson-seeks-more-diverse-cabinet-238044&amp;sa=U&amp;ved=2ahUKEwjy6pLQ0s3jAhUfTI8KHf_NDzkQFjACegQIEBAC&amp;usg=AOvVaw1aKsCfuUnZh-SA_i3kYGPM">Boris Johnson</a> took over as prime minister, while European stocks mostly fell on the weak mining sector.

Sterling gained versus the euro and dollar as traders readied for Johnson - a leading Leave campaigner in Britain's shock Brexit referendum three years ago -&nbsp;to take the reins from outgoing premier Theresa May.

He will be appointed later Wednesday by Queen Elizabeth II at Buckingham Palace.

Sterling had already rallied Tuesday in reaction to Johnson's election as Conservative Party leader, with investors keen to see whether he pushes ahead with a no-deal divorce from the European Union at the end of October.

Brexit scepticism 'priced in' 
"The pound is beginning to stabilise, proving that a lot of the scepticism about Boris Johnson's Brexit policy was already built into the price," said City Index analyst Fiona Cincotta.

"Sterling is trading a touch higher this morning," she noted.

May resigned after failing to get parliamentary support for a Brexit deal she had struck with EU leaders.

Meanwhile, Europe's major stock markets mostly fell, with miners weighed down by sliding iron ore prices, dealers said.

Heading towards midday, London's FTSE 100 was sharply down by 0.9 percent.

In the eurozone, Paris CAC 40 fell 0.5 percent but Frankfurt's DAX 30 won 0.3 percent in value.

"The FTSE 100 is firmly in the red as mining stocks are weighing on the index," said CMC Markets analyst David Madden.

"A sell-off in iron ore prices in China has prompted a decline in major mining stocks like Rio Tinto, BHP Billiton, and Glencore.

"Brazil's Vale won approval to restart iron ore production, and that triggered the drop in iron ore prices."

Bright US earnings&nbsp; 
Most Asian markets enjoyed another day of gains, with support coming from more healthy earnings results and renewed hopes for a resolution of the China-US trade war.

The latest big-name firms to post positive results were Coca-Cola, toymaker Hasbro, and Harley-Davidson, helping all three main indexes on Wall Street end with sharp gains overnight.

Adding to the upbeat mood were reports that US President <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/they-call-him-britains-trump-says-us-president-on-boris-johnson-238131&amp;sa=U&amp;ved=2ahUKEwiCp6Hp2s3jAhUHl48KHdVmDmIQFjAFegQIBRAC&amp;usg=AOvVaw2zLPu250tzoQ1f2Gfdrz-b">Donald Trump</a>'s Trade Representative Robert Lighthizer will lead a delegation to China next week to resume trade talks.

The meeting would be the first head-to-head talks since negotiations were cut short in May by Trump's surprise decision to hit China with more tariffs for what he called Beijing's backsliding.

The British pound rose Wednesday before arch-Brexiteer Boris Johnson took over as prime minister, while European stocks mostly fell on the weak mining sector. Sterling gained versus the euro and dollar as traders readied for Johnson - a leading Leave campaigner in Britain's shock Brexit referendum three years ago - to take the reins from outgoing premier Theresa May.

The British pound rose Wednesday before arch-Brexiteer Boris Johnson took over as prime minister, while European stocks mostly fell on the weak mining sector. Sterling gained versus the euro and dollar as traders readied for Johnson - a leading Leave campaigner in Britain's shock Brexit referendum three years ago - to take the reins from outgoing premier Theresa May. He will be appointed later Wednesday by Queen Elizabeth II at Buckingham Palace. Sterling had already rallied Tuesday in reaction to Johnson's election as Conservative Party leader, with investors keen to see whether he pushes ahead with a no-deal divorce from the European Union at the end of October. Brexit scepticism 'priced in' "The pound is beginning to stabilise, proving that a lot of the scepticism about Boris Johnson's Brexit policy was already built into the price," said City Index analyst Fiona Cincotta. "Sterling is trading a touch higher this morning," she noted. May resigned after failing to get parliamentary support for a Brexit deal she had struck with EU leaders. Meanwhile, Europe's major stock markets mostly fell, with miners weighed down by sliding iron ore prices, dealers said. Heading towards midday, London's FTSE 100 was sharply down by 0.9 percent. In the eurozone, Paris CAC 40 fell 0.5 percent but Frankfurt's DAX 30 won 0.3 percent in value. "The FTSE 100 is firmly in the red as mining stocks are weighing on the index," said CMC Markets analyst David Madden. "A sell-off in iron ore prices in China has prompted a decline in major mining stocks like Rio Tinto, BHP Billiton, and Glencore. "Brazil's Vale won approval to restart iron ore production, and that triggered the drop in iron ore prices." Bright US earnings Most Asian markets enjoyed another day of gains, with support coming from more healthy earnings results and renewed hopes for a resolution of the China-US trade war. The latest big-name firms to post positive results were Coca-Cola, toymaker Hasbro, and Harley-Davidson, helping all three main indexes on Wall Street end with sharp gains overnight. Adding to the upbeat mood were reports that US President Donald Trump's Trade Representative Robert Lighthizer will lead a delegation to China next week to resume trade talks. The meeting would be the first head-to-head talks since negotiations were cut short in May by Trump's surprise decision to hit China with more tariffs for what he called Beijing's backsliding.

Sterling rises before Johnson takes office; European markets sag

Rising by five positions since last year, India was placed at 52 rank&nbsp;in Global Innovation Index (GII) 2019 on Wednesday.

The country&nbsp;was positioned at 57th rank in&nbsp;GII 2018.

The rankings,&nbsp;published annually, were&nbsp;released by the Commerce and Industry Minister Piyush Goyal.

Switzerland was placed at the top of the GII list while&nbsp;Sweden, the US, the Netherlands, the UK, Finland, Denmark, Singapore, Germany and Israel were listed in the top ten slots of&nbsp;the Global Innovation Index.

The ranking in GII is determined by 80 indicators which include intellectual property filing rates to mobile-application creation, education spending and scientific and technical publications.

&nbsp;

&nbsp;

Rising by five positions since last year, India was placed at 52 rank in Global Innovation Index (GII) 2019 on Wednesday. The country was positioned at 57th rank in GII 2018.

Rising by five positions since last year, India was placed at 52 rank in Global Innovation Index (GII) 2019 on Wednesday. The country was positioned at 57th rank in GII 2018. The rankings, published annually, were released by the Commerce and Industry Minister Piyush Goyal. Switzerland was placed at the top of the GII list while Sweden, the US, the Netherlands, the UK, Finland, Denmark, Singapore, Germany and Israel were listed in the top ten slots of the Global Innovation Index. The ranking in GII is determined by 80 indicators which include intellectual property filing rates to mobile-application creation, education spending and scientific and technical publications.

India improves its ranking in Global Innovation Index, placed at 52 position

Boeing reported a second-quarter loss of $2.9 billion Wednesday as the grounding of 737 MAX following two deadly crashes continues to weigh on the company.

The loss, the biggest ever in a single quarter for the aerospace giant, follows last week's announcement that Boeing would set aside $4.9 billion after taxes to compensate airlines for cancelled flights and the delay in plane deliveries.&nbsp;

Revenues tumbled 35.1 per cent to $15.8 billion, reflecting the hit from a halt to deliveries of the 737 MAX, a top-selling plane.

Boeing also pushed back the timeframe for first flights of the 777X, a new long-haul plane under development. It pointed to problems with the 777X engine, which is being built by General Electric.&nbsp;

The 737 MAX has been grounded since mid-March following the second of two crashes that together claimed 346 lives.

Boeing is developing a software fix to address a problem with a flight handling system that was linked to both crashes.

"Disciplined development and testing is underway and we will submit the final software package to the FAA once we have satisfied all of their certification requirements," Boeing said.

Boeing has said it is targeting early in the fourth quarter to win approval from regulators.

The company, which has pulled its full-year profit forecast due to uncertainty about the MAX, boosted dividend payments in the second quarter. Compared with last year, Boeing spent $1.2 billion in dividends, up 20 per cent from the year-ago period.

Shares fell 0.8 per cent to $369.84 in pre-market trading.

Boeing reported a second-quarter loss of $2.9 billion Wednesday as the grounding of 737 MAX following two deadly crashes continues to weigh on the company. The loss, the biggest ever in a single quarter for the aerospace giant, follows last week's announcement that Boeing would set aside $4.

Boeing reported a second-quarter loss of $2.9 billion Wednesday as the grounding of 737 MAX following two deadly crashes continues to weigh on the company. The loss, the biggest ever in a single quarter for the aerospace giant, follows last week's announcement that Boeing would set aside $4.9 billion after taxes to compensate airlines for cancelled flights and the delay in plane deliveries. Revenues tumbled 35.1 per cent to $15.8 billion, reflecting the hit from a halt to deliveries of the 737 MAX, a top-selling plane. Boeing also pushed back the timeframe for first flights of the 777X, a new long-haul plane under development. It pointed to problems with the 777X engine, which is being built by General Electric. The 737 MAX has been grounded since mid-March following the second of two crashes that together claimed 346 lives. Boeing is developing a software fix to address a problem with a flight handling system that was linked to both crashes. "Disciplined development and testing is underway and we will submit the final software package to the FAA once we have satisfied all of their certification requirements," Boeing said. Boeing has said it is targeting early in the fourth quarter to win approval from regulators. The company, which has pulled its full-year profit forecast due to uncertainty about the MAX, boosted dividend payments in the second quarter. Compared with last year, Boeing spent $1.2 billion in dividends, up 20 per cent from the year-ago period. Shares fell 0.8 per cent to $369.84 in pre-market trading.

Boeing reports $2.9 billion loss in 2Q, biggest quarterly loss ever

Indian shares marked their worst losing streak since mid-May on Wednesday after the International Monetary Fund (IMF) cut its annual growth forecast for the country, with losses seen across the board.

The broader NSE Nifty ended 0.53% lower at 11,271.3, while the benchmark BSE Sensex closed down 0.36% at 37,847.65. This was the indexes` fifth straight session of losses.

Port infrastructure company Adani Ports and Special Economic Zone Ltd declined 4.7% and was the top percentage loser on the NSE Nifty, while shadow bank Indiabulls Housing Finance Ltd fell 4.5% to its lowest close in nearly four weeks.

Meanwhile, shares of Interglobe Aviation Ltd, the owner of India`s top airline IndiGo, recovered from early losses to close 4.7% higher after TV channels reported that promoters of the airline had called a truce.

Zee Entertainment Enterprises Ltd led the 10 components of the Nifty 50 index that ended in the green, closing up 5.2% after reporting a jump in quarterly profit.

Indian shares marked their worst losing streak since mid-May on Wednesday after the International Monetary Fund (IMF) cut its annual growth forecast for the country, with losses seen across the board.

Indian shares marked their worst losing streak since mid-May on Wednesday after the International Monetary Fund (IMF) cut its annual growth forecast for the country, with losses seen across the board. The broader NSE Nifty ended 0.53% lower at 11,271.3, while the benchmark BSE Sensex closed down 0.36% at 37,847.65. This was the indexes` fifth straight session of losses. Port infrastructure company Adani Ports and Special Economic Zone Ltd declined 4.7% and was the top percentage loser on the NSE Nifty, while shadow bank Indiabulls Housing Finance Ltd fell 4.5% to its lowest close in nearly four weeks. Meanwhile, shares of Interglobe Aviation Ltd, the owner of India`s top airline IndiGo, recovered from early losses to close 4.7% higher after TV channels reported that promoters of the airline had called a truce. Zee Entertainment Enterprises Ltd led the 10 components of the Nifty 50 index that ended in the green, closing up 5.2% after reporting a jump in quarterly profit.

Nifty, Sensex close lower for fifth day after IMF cuts growth forecast

The United States has sanctioned Chinese state-run energy company Zhuhai Zhenrong Co Ltd for allegedly violating restrictions imposed on Iran's oil sector, <a href="https://www.wionews.com/india-news/us-pleased-to-see-un-designating-jem-chief-masood-azhar-a-global-terrorist-mike-pompeo-230658">US&nbsp;Secretary of State Mike Pompeo</a> said in a speech on Monday.

"We've said that we will sanction any sanctionable behaviour, and we mean it," Pompeo said in a speech in Florida in which he announced the move.

It comes amid increased tensions between Iran and the West as well as between the United States and China, which have been engaged in a major trade war.

US&nbsp;President Donald Trump's administration has stepped up its sanctions against Iran after breaking from a nuclear pact brokered between Tehran and other Western nations under the previous administration of President Barack Obama.

In a later statement, Pompeo said Zhuhai Zhenrong "knowingly engaged in a significant transaction for the purchase or acquisition of crude oil from Iran" after the expiration of a US sanctions waiver covering China on May 2.

He said the sanctions blocked all property and interests in property of Zhuhai Zhenrong in the United States and barred its chief executive, Youmin Li, from entry into the country.

"Any entity considering evading our sanctions should take notice of this action today," Pompeo said. "It underscores our commitment to enforcement and to holding the Iranian regime accountable."

China's embassy in Washington rejected the US stance.

"China firmly opposes the US imposition of unilateral sanctions and so-called 'long-arm jurisdiction' on China and other countries invoking its domestic law," a spokesperson said by email.

"We urge the US to immediately correct its wrongdoing and earnestly respect other parties' legal rights and interests."Zhuhai Zhenrong, which specializes mainly in buying Iranian oil and is based in Beijing, was previously sanctioned in 2012 by the Obama administration over its dealings with Iran.

The company became a subsidiary of Macau-based, state-controlled conglomerate Nam Kwong Group in a merger mandated by Beijing in late 2015.

In a brief statement on its website on Tuesday, Nam Kwong said Zhuhai Zhenrong had been "officially spun off" since Sept. 30, 2018. Nam Kwong had "no equity ties, or any business or legal relations" with the oil trader, it said.

A Nam Kwong spokesman declined to comment further.

Analysts at ClearView Energy Partners said Zhuhai Zhenrong is largely disconnected from the Chinese financial system, which would limit the "contagion" of the sanctions to other entities and banking systems. But they said Washington's move was another shot across the bow to demonstrate the Trump administration's stance on Iran.

"We see the shot as being aimed just at China, but also at other potential buyers," such as Turkey and possibly Russia, which could serve as a middleman for brokering oil from Iran to other countries, ClearView said.

The United States reimposed sanctions on Iran in November after pulling out of the 2015 nuclear accord between Tehran and six world powers.

Last month, the US special representative for Iran, Brian Hook, said Washington would sanction any country that continued to import Iranian oil and warned that it would look at reports of Iranian crude going to China.

According to data from government and trade sources, Asia's crude oil imports from Iran fell in May to the lowest in at least five years after China and India wound down purchases amid US sanctions, while Japan and South Korea halted imports.

The United States has sanctioned Chinese state-run energy company Zhuhai Zhenrong Co Ltd for allegedly violating restrictions imposed on Iran's oil sector, US Secretary of State Mike Pompeo said in a speech on Monday.

The United States has sanctioned Chinese state-run energy company Zhuhai Zhenrong Co Ltd for allegedly violating restrictions imposed on Iran's oil sector, US Secretary of State Mike Pompeo said in a speech on Monday. "We've said that we will sanction any sanctionable behaviour, and we mean it," Pompeo said in a speech in Florida in which he announced the move. It comes amid increased tensions between Iran and the West as well as between the United States and China, which have been engaged in a major trade war. US President Donald Trump's administration has stepped up its sanctions against Iran after breaking from a nuclear pact brokered between Tehran and other Western nations under the previous administration of President Barack Obama. In a later statement, Pompeo said Zhuhai Zhenrong "knowingly engaged in a significant transaction for the purchase or acquisition of crude oil from Iran" after the expiration of a US sanctions waiver covering China on May 2. He said the sanctions blocked all property and interests in property of Zhuhai Zhenrong in the United States and barred its chief executive, Youmin Li, from entry into the country. "Any entity considering evading our sanctions should take notice of this action today," Pompeo said. "It underscores our commitment to enforcement and to holding the Iranian regime accountable." China's embassy in Washington rejected the US stance. "China firmly opposes the US imposition of unilateral sanctions and so-called 'long-arm jurisdiction' on China and other countries invoking its domestic law," a spokesperson said by email. "We urge the US to immediately correct its wrongdoing and earnestly respect other parties' legal rights and interests."Zhuhai Zhenrong, which specializes mainly in buying Iranian oil and is based in Beijing, was previously sanctioned in 2012 by the Obama administration over its dealings with Iran. The company became a subsidiary of Macau-based, state-controlled conglomerate Nam Kwong Group in a merger mandated by Beijing in late 2015. In a brief statement on its website on Tuesday, Nam Kwong said Zhuhai Zhenrong had been "officially spun off" since Sept. 30, 2018. Nam Kwong had "no equity ties, or any business or legal relations" with the oil trader, it said. A Nam Kwong spokesman declined to comment further. Analysts at ClearView Energy Partners said Zhuhai Zhenrong is largely disconnected from the Chinese financial system, which would limit the "contagion" of the sanctions to other entities and banking systems. But they said Washington's move was another shot across the bow to demonstrate the Trump administration's stance on Iran. "We see the shot as being aimed just at China, but also at other potential buyers," such as Turkey and possibly Russia, which could serve as a middleman for brokering oil from Iran to other countries, ClearView said. The United States reimposed sanctions on Iran in November after pulling out of the 2015 nuclear accord between Tehran and six world powers. Last month, the US special representative for Iran, Brian Hook, said Washington would sanction any country that continued to import Iranian oil and warned that it would look at reports of Iranian crude going to China. According to data from government and trade sources, Asia's crude oil imports from Iran fell in May to the lowest in at least five years after China and India wound down purchases amid US sanctions, while Japan and South Korea halted imports.

US sanctions Chinese oil buyer over alleged Iran violations

The International Monetary Fund (IMF) has cut its projection for India's economic growth by 0.3 percentage points to 7 per cent for the fiscal year 2019-20 owing to the "weaker-than-expected outlook" for the domestic demand.

The growth is expected to rise to 7.2 per cent points in FY21, down by the projected growth rate of 7.5 in the earlier report.

"India's economy is set to grow at 7.0 per cent in 2019, picking up to 7.2 per cent in 2020. The downward revision of 0.3 percentage point for both years reflects a weaker-than-expected outlook for domestic demand," the International Monetary Fund (IMF) said in its World Economic Update.

Similarly, the global growth forecast for FY20 has been cut down by 0.1 per cent points to 3.2. This is the fourth consecutive time that the global growth forecast has been lowered.

Among the factors cited by the report for the lower growth forecast includes increased trade and technology tensions between the United States and China, prolonged uncertainty on Brexit, and weaker-than-expected activity in emerging market and developing economies.

"Among emerging market and developing economies, the first-quarter GDP in China was stronger than forecast, but indicators for the second quarter suggest a weakening of activity. Elsewhere in emerging Asia, as well as in Latin America, activity has disappointed," the report read.

The International Monetary Fund (IMF) has cut its projection for India's economic growth by 0.3 percentage points to 7 per cent for the fiscal year 2019-20 owing to the "weaker-than-expected outlook" for the domestic demand.

The International Monetary Fund (IMF) has cut its projection for India's economic growth by 0.3 percentage points to 7 per cent for the fiscal year 2019-20 owing to the "weaker-than-expected outlook" for the domestic demand. The growth is expected to rise to 7.2 per cent points in FY21, down by the projected growth rate of 7.5 in the earlier report. "India's economy is set to grow at 7.0 per cent in 2019, picking up to 7.2 per cent in 2020. The downward revision of 0.3 percentage point for both years reflects a weaker-than-expected outlook for domestic demand," the International Monetary Fund (IMF) said in its World Economic Update. Similarly, the global growth forecast for FY20 has been cut down by 0.1 per cent points to 3.2. This is the fourth consecutive time that the global growth forecast has been lowered. Among the factors cited by the report for the lower growth forecast includes increased trade and technology tensions between the United States and China, prolonged uncertainty on Brexit, and weaker-than-expected activity in emerging market and developing economies. "Among emerging market and developing economies, the first-quarter GDP in China was stronger than forecast, but indicators for the second quarter suggest a weakening of activity. Elsewhere in emerging Asia, as well as in Latin America, activity has disappointed," the report read.

International Monetary Fund cuts India's GDP growth forecast to 7% for fiscal year 2019-20

Huawei Technologies Co Ltd's revenue grew roughly 30% in the first half after select teams secured critical supplies to keep production going despite US&nbsp;technology export restrictions, Bloomberg reported on Tuesday, citing people familiar with the matter.

The United States has put Huawei on an export blacklist citing national security issues, barring US&nbsp;suppliers from selling to the world's largest telecommunications equipment maker and No.2 maker of smartphones, without special approval.

Huawei's revenue growth of 30% in the first half is a slowdown from 39% in the first three months of 2019 but is up sharply from 2018. It has so far managed to boost revenue by aggressively securing contracts for fifth-generation networking equipment,&nbsp;Bloomberg said.

The company is said to have rewarded a number of employees for helping it accelerate revenue despite US&nbsp;ban, Bloomberg added.

Huawei declined to comment on the Bloomberg report.

Huawei last month cut revenue expectations for the year, with its founder and CEO Ren Zhengfei saying the company had taken a harder-than-expected hit from the US ban.

The firm has denied its products pose a security threat.

Huawei Technologies Co Ltd's revenue grew roughly 30% in the first half after select teams secured critical supplies to keep production going despite US technology export restrictions, Bloomberg reported on Tuesday, citing people familiar with the matter.

Huawei Technologies Co Ltd's revenue grew roughly 30% in the first half after select teams secured critical supplies to keep production going despite US technology export restrictions, Bloomberg reported on Tuesday, citing people familiar with the matter. The United States has put Huawei on an export blacklist citing national security issues, barring US suppliers from selling to the world's largest telecommunications equipment maker and No.2 maker of smartphones, without special approval. Huawei's revenue growth of 30% in the first half is a slowdown from 39% in the first three months of 2019 but is up sharply from 2018. It has so far managed to boost revenue by aggressively securing contracts for fifth-generation networking equipment, Bloomberg said. The company is said to have rewarded a number of employees for helping it accelerate revenue despite US ban, Bloomberg added. Huawei declined to comment on the Bloomberg report. Huawei last month cut revenue expectations for the year, with its founder and CEO Ren Zhengfei saying the company had taken a harder-than-expected hit from the US ban. The firm has denied its products pose a security threat.

Huawei first-half revenue up about 30% despite US ban

Oil slipped to around $63 a barrel on Tuesday as concerns faded for now that rising tensions in the Middle East would escalate and hit oil supplies, compounding the impact of a weaker demand outlook.

Iran's capture of a British oil tanker late last week sparked concern about supply disruptions in the Strait of Hormuz, through which about a fifth of the world's supply flows. Crude rose more than 1% on Monday.

On Tuesday, Brent crude fell 40 cents to $62.86 a barrel by 1052 GMT. US&nbsp;West Texas Intermediate crude slipped 20 cents to $56.02.

"The response of oil prices to the seizure of a British oil tanker by armed Iranian forces near the Strait of Hormuz has been amazingly muted so far," said Carsten Fritsch, an analyst at Commerzbank.

"It appears that the majority of market participants are convinced that there will be no open conflict between the West and Iran."

The tensions come as the United States aims to cut off Iran's oil exports and against the backdrop of supply cuts led by the Organization of the Petroleum Exporting Countries since the start of the year to prop up prices.

As part of that plan, the United States has sanctioned Chinese state-run energy company Zhuhai Zhenrong Co Ltd for allegedly violating restrictions imposed on Iran's oil sector.

But due to strong growth in supply from the United States and other non-OPEC producers, oil supply is exceeding demand, according to the International

A weaker outlook for oil demand due to slowing economic growth has weighed on prices, which are still up by 18% in 2019 helped by the OPEC-led Energy Agency, despite lower Iranian exports and OPEC's voluntary supply curbs supply pact.

"Although prices had been driven by supply developments in the first half of the year economic considerations are making oil bulls careful this month," said Tamas Varga of oil broker PVM.

Goldman Sachs on Sunday lowered its 2019 oil demand projection, joining other forecasters such as the IEA and OPEC in trimming its outlook for fuel use.

Oil may gain further support from expectations of another drop in US&nbsp;crude inventories in weekly reports due later on Tuesday and on Wednesday. Analysts expect a 3.4 million-barrel drop in crude stocks.

The American Petroleum Institute, an industry group, releases its inventory report at 2030 GMT.

Oil slipped to around $63 a barrel on Tuesday as concerns faded for now that rising tensions in the Middle East would escalate and hit oil supplies, compounding the impact of a weaker demand outlook.

Oil slipped to around $63 a barrel on Tuesday as concerns faded for now that rising tensions in the Middle East would escalate and hit oil supplies, compounding the impact of a weaker demand outlook. Iran's capture of a British oil tanker late last week sparked concern about supply disruptions in the Strait of Hormuz, through which about a fifth of the world's supply flows. Crude rose more than 1% on Monday. On Tuesday, Brent crude fell 40 cents to $62.86 a barrel by 1052 GMT. US West Texas Intermediate crude slipped 20 cents to $56.02. "The response of oil prices to the seizure of a British oil tanker by armed Iranian forces near the Strait of Hormuz has been amazingly muted so far," said Carsten Fritsch, an analyst at Commerzbank. "It appears that the majority of market participants are convinced that there will be no open conflict between the West and Iran." The tensions come as the United States aims to cut off Iran's oil exports and against the backdrop of supply cuts led by the Organization of the Petroleum Exporting Countries since the start of the year to prop up prices. As part of that plan, the United States has sanctioned Chinese state-run energy company Zhuhai Zhenrong Co Ltd for allegedly violating restrictions imposed on Iran's oil sector. But due to strong growth in supply from the United States and other non-OPEC producers, oil supply is exceeding demand, according to the International A weaker outlook for oil demand due to slowing economic growth has weighed on prices, which are still up by 18% in 2019 helped by the OPEC-led Energy Agency, despite lower Iranian exports and OPEC's voluntary supply curbs supply pact. "Although prices had been driven by supply developments in the first half of the year economic considerations are making oil bulls careful this month," said Tamas Varga of oil broker PVM. Goldman Sachs on Sunday lowered its 2019 oil demand projection, joining other forecasters such as the IEA and OPEC in trimming its outlook for fuel use. Oil may gain further support from expectations of another drop in US crude inventories in weekly reports due later on Tuesday and on Wednesday. Analysts expect a 3.4 million-barrel drop in crude stocks. The American Petroleum Institute, an industry group, releases its inventory report at 2030 GMT.

Oil slips to around $63 as Iran concerns fades for now

Indian shares settled lower for a fourth straight session on Tuesday, weighed down by losses in financial stocks, with State Bank of India closing at an over one-month low.

The broader NSE Nifty ended 0.13% lower at 11,331.05, while the benchmark BSE Sensex closed down 0.13% at 37,982.74. Both closed at their lowest since mid-May.

State Bank of India dropped 2.5% and was the biggest percentage loser on both the indexes. The Nifty PSU Bank index fell 3.1%.

HDFC Bank Ltd, the country's biggest lender by market value, slipped 1.5% while its largest shareholder Housing Development Finance Corporation Ltd fell 2.2%.

Power Grid Corporation of India Ltd was the top gainer, closing 3.1% higher.

Indian shares settled lower for a fourth straight session on Tuesday, weighed down by losses in financial stocks, with State Bank of India closing at an over one-month low.

Indian shares settled lower for a fourth straight session on Tuesday, weighed down by losses in financial stocks, with State Bank of India closing at an over one-month low. The broader NSE Nifty ended 0.13% lower at 11,331.05, while the benchmark BSE Sensex closed down 0.13% at 37,982.74. Both closed at their lowest since mid-May. State Bank of India dropped 2.5% and was the biggest percentage loser on both the indexes. The Nifty PSU Bank index fell 3.1%. HDFC Bank Ltd, the country's biggest lender by market value, slipped 1.5% while its largest shareholder Housing Development Finance Corporation Ltd fell 2.2%. Power Grid Corporation of India Ltd was the top gainer, closing 3.1% higher.

Sensex, Nifty close lowest since mid-May, financials hurt most

Shares on Shanghai's new Nasdaq-style technology board soared Monday, with one firm rocketing more than 500 per cent, as investors rushed to grab a piece of China's latest market liberalisation in a frenzied debut.

All 25 components on the Shanghai Stock Exchange's Sci-Tech Innovation Board, or STAR Market, were driven sharply higher in a hearty initial endorsement of China's plan to use the board to help fund fast-growing tech firms and discourage them listing abroad.

Anji Technology, a solar energy battery manufacturer, closed morning trade up 415.44 per cent at 202 yuan after earlier soaring as high as 520 per cent.

The board's biggest component, China Railway Signal &amp; Communication, rose 125.64 per cent to 13.20 yuan on market-leading turnover of 7.6 billion yuan ($1.1 billion).

The introduction of the board, for which listing and trading rules have been dramatically eased, represents one of China's most significant financial market reforms yet and a potential weapon in its growing tech rivalry with the United States.

The tech board is yet to draw any household names.

But China hopes it will eventually include listings from among the country's rich stable of tech "unicorns" start-ups valued at a minimum $1 billion which include Alibaba-linked mobile-payments pioneer Ant Financial, ride-sharing giant Didi Chuxing, and online-services platform Meituan-Dianping.

China's government envisions the board being mentioned in the same breath someday as the tech-heavy Nasdaq, encouraging firms to list at home after the likes of Alibaba and Baidu chose Wall Street.

That will take time the Nasdaq has more than 3,000 companies listed and is one of the world's biggest exchanges.

"I think the science and technology board will develop into a major and important sector in China's capital markets, but it will take a long time, maybe 10 years, 20 years, or even longer," said Jiang Liangqing, a fund manager at Ruisen Capital Management.

Leap of faith

It is a leap of faith for China's volatility-averse authorities, as its stocks have been given relatively free rein.

For the first time, Chinese companies can list without a track record of past profits or restrictions on IPO pricing.

There will be no limits on price movements for the first five days of trading, after which a daily 20 per cent band is imposed.

China's two main exchanges in Shanghai and Shenzhen are subject to a 10 per cent band to contain volatility.

With attention on the new exchange, those markets languished Monday. Shanghai's main index was 0.57 per cent lower at midday while Shenzhen's was down 0.87 per cent.&nbsp;

The tech board was announced in November by President Xi Jinping as a battle with the United States for technological supremacy heated up.

Xi has called on China's tech leaders to become global champions, while the US has fought back in part by taking steps to clip the wings of Chinese telecom giant Huawei.

When big tech companies list overseas, the government in Beijing loses influence over their fundraising and Chinese investors cannot share in those companies' success due to restrictions on purchasing overseas-listed shares.

China realised it needed to loosen up.

"If China didn’t launch this new tech board now, it would miss the chance to transform its economic development into this 'new economy' mode," said Yang Delong, chief economist at First Seafront Fund.

But there are concerns that the new board could siphon liquidity from China's main markets, already pressured by slowing economic growth and the US trade war.

As a result, analysts believe regulators will take a measured pace in growing the tech board.

"The (main) markets are in a downturn now and if giant companies list on the tech board initially, market capital will be diverted. The market cannot bear that," said Yang.

"The new board won't drain too much from the main boards."

Shares on Shanghai's new Nasdaq-style technology board soared Monday, with one firm rocketing more than 500 per cent, as investors rushed to grab a piece of China's latest market liberalisation in a frenzied debut.

Shares on Shanghai's new Nasdaq-style technology board soared Monday, with one firm rocketing more than 500 per cent, as investors rushed to grab a piece of China's latest market liberalisation in a frenzied debut. All 25 components on the Shanghai Stock Exchange's Sci-Tech Innovation Board, or STAR Market, were driven sharply higher in a hearty initial endorsement of China's plan to use the board to help fund fast-growing tech firms and discourage them listing abroad. Anji Technology, a solar energy battery manufacturer, closed morning trade up 415.44 per cent at 202 yuan after earlier soaring as high as 520 per cent. The board's biggest component, China Railway Signal & Communication, rose 125.64 per cent to 13.20 yuan on market-leading turnover of 7.6 billion yuan ($1.1 billion). The introduction of the board, for which listing and trading rules have been dramatically eased, represents one of China's most significant financial market reforms yet and a potential weapon in its growing tech rivalry with the United States. The tech board is yet to draw any household names. But China hopes it will eventually include listings from among the country's rich stable of tech "unicorns" start-ups valued at a minimum $1 billion which include Alibaba-linked mobile-payments pioneer Ant Financial, ride-sharing giant Didi Chuxing, and online-services platform Meituan-Dianping. China's government envisions the board being mentioned in the same breath someday as the tech-heavy Nasdaq, encouraging firms to list at home after the likes of Alibaba and Baidu chose Wall Street. That will take time the Nasdaq has more than 3,000 companies listed and is one of the world's biggest exchanges. "I think the science and technology board will develop into a major and important sector in China's capital markets, but it will take a long time, maybe 10 years, 20 years, or even longer," said Jiang Liangqing, a fund manager at Ruisen Capital Management. Leap of faith It is a leap of faith for China's volatility-averse authorities, as its stocks have been given relatively free rein. For the first time, Chinese companies can list without a track record of past profits or restrictions on IPO pricing. There will be no limits on price movements for the first five days of trading, after which a daily 20 per cent band is imposed. China's two main exchanges in Shanghai and Shenzhen are subject to a 10 per cent band to contain volatility. With attention on the new exchange, those markets languished Monday. Shanghai's main index was 0.57 per cent lower at midday while Shenzhen's was down 0.87 per cent. The tech board was announced in November by President Xi Jinping as a battle with the United States for technological supremacy heated up. Xi has called on China's tech leaders to become global champions, while the US has fought back in part by taking steps to clip the wings of Chinese telecom giant Huawei. When big tech companies list overseas, the government in Beijing loses influence over their fundraising and Chinese investors cannot share in those companies' success due to restrictions on purchasing overseas-listed shares. China realised it needed to loosen up. "If China didn’t launch this new tech board now, it would miss the chance to transform its economic development into this 'new economy' mode," said Yang Delong, chief economist at First Seafront Fund. But there are concerns that the new board could siphon liquidity from China's main markets, already pressured by slowing economic growth and the US trade war. As a result, analysts believe regulators will take a measured pace in growing the tech board. "The (main) markets are in a downturn now and if giant companies list on the tech board initially, market capital will be diverted. The market cannot bear that," said Yang. "The new board won't drain too much from the main boards."

Shares blast off as 'China's Nasdaq' debuts

Most <a href="https://www.wionews.com/business-economy/asian-markets-surge-on-trump-xi-breakthrough-oil-rallies-231893">Asian markets</a> fell in early trade Monday on dimming hopes for a deep interest rate cut by the <a href="https://www.wionews.com/business-economy/nasdaq-ends-at-record-high-dollar-falls-as-us-fed-signals-possible-rate-cut-234814">Federal Reserve</a>, but all the firms on a new tech-focused board in China rallied on its opening day.

Oil prices extended last week's gains after Iran seized a British tanker in the Gulf, fuelling fresh concerns about supplies and possible conflict in the tinderbox Middle East.

Traders took a step back after last week's gains as the New York Federal Reserve tempered comments from its president John Williams who had suggested the central bank would cut borrowing costs by 50 basis points at its policy meeting this month.

Bets that the Fed will only reduce rates by 25 points provided support to the dollar against most high-yielding, riskier currencies.

On equity markets, Tokyo ended the morning 0.3 per cent lower and Hong Kong was off 0.6 per cent.&nbsp;

Shanghai fell 0.7 per cent, with investors in China piling cash into companies listed on the country's new Nasdaq-style board.

Twenty-five stocks debuted on the Shanghai Stock Exchange's Sci-Tech Innovation Board dubbed the STAR Market in which listing and trading rules have been eased to help channel funding to start-ups.

Anji Microelectronics Technology (Shanghai) Co. was one of the stand-out performers, soaring more than 300 per cent

There will be no limits on price movements for the first five days of trading, after which a daily 20 per cent band is imposed. China's main exchanges are subject to a 10 per cent band to contain volatility.

Oil up on Iran worries

Singapore, Manila and Jakarta were also lower, though Wellington and Taipei edged up while Sydney and Seoul were flat.

There was some upbeat news for investors as China's Xinhua news agency said importers had started an arrangement to buy US agricultural goods, a week after Donald Trump warned he could impose more tariffs if Beijing did not move quickly enough on the trade talks.

Trump and Xi Jinping agreed last month at the G20 to resume talks, with the Chinese leader promising to buy more farming goods from the US.

"If we see China begin to follow through on their G20 sidelines promise, we could see the US follow up with some leniency on Huawei," said Edward Moya, senior market analyst at OANDA. "Both sides don’t want to admit, but they are politically motivated to wrap up this trade deal this year."

On oil markets, both main contracts pressed high as tensions in the Gulf were raised by Iran's seizure of the UK-flagged tanker on Friday.

The news provided support against a weak global economic outlook and concerns about demand.

"Falling global demand and rising US stockpiles have helped turn oil charts very bearish, but that may not last as tensions remain high in the Persian Gulf," said Moya. "If Iran keeps on seizing tankers in the Strait of Hormuz, the risks to the military conflict will grow."

Most Asian markets fell in early trade Monday on dimming hopes for a deep interest rate cut by the Federal Reserve, but all the firms on a new tech-focused board in China rallied on its opening day.

Most Asian markets fell in early trade Monday on dimming hopes for a deep interest rate cut by the Federal Reserve, but all the firms on a new tech-focused board in China rallied on its opening day. Oil prices extended last week's gains after Iran seized a British tanker in the Gulf, fuelling fresh concerns about supplies and possible conflict in the tinderbox Middle East. Traders took a step back after last week's gains as the New York Federal Reserve tempered comments from its president John Williams who had suggested the central bank would cut borrowing costs by 50 basis points at its policy meeting this month. Bets that the Fed will only reduce rates by 25 points provided support to the dollar against most high-yielding, riskier currencies. On equity markets, Tokyo ended the morning 0.3 per cent lower and Hong Kong was off 0.6 per cent. Shanghai fell 0.7 per cent, with investors in China piling cash into companies listed on the country's new Nasdaq-style board. Twenty-five stocks debuted on the Shanghai Stock Exchange's Sci-Tech Innovation Board dubbed the STAR Market in which listing and trading rules have been eased to help channel funding to start-ups. Anji Microelectronics Technology (Shanghai) Co. was one of the stand-out performers, soaring more than 300 per cent There will be no limits on price movements for the first five days of trading, after which a daily 20 per cent band is imposed. China's main exchanges are subject to a 10 per cent band to contain volatility. Oil up on Iran worries Singapore, Manila and Jakarta were also lower, though Wellington and Taipei edged up while Sydney and Seoul were flat. There was some upbeat news for investors as China's Xinhua news agency said importers had started an arrangement to buy US agricultural goods, a week after Donald Trump warned he could impose more tariffs if Beijing did not move quickly enough on the trade talks. Trump and Xi Jinping agreed last month at the G20 to resume talks, with the Chinese leader promising to buy more farming goods from the US. "If we see China begin to follow through on their G20 sidelines promise, we could see the US follow up with some leniency on Huawei," said Edward Moya, senior market analyst at OANDA. "Both sides don’t want to admit, but they are politically motivated to wrap up this trade deal this year." On oil markets, both main contracts pressed high as tensions in the Gulf were raised by Iran's seizure of the UK-flagged tanker on Friday. The news provided support against a weak global economic outlook and concerns about demand. "Falling global demand and rising US stockpiles have helped turn oil charts very bearish, but that may not last as tensions remain high in the Persian Gulf," said Moya. "If Iran keeps on seizing tankers in the Strait of Hormuz, the risks to the military conflict will grow."

Most Asian markets fall as traders consider Federal rate cut

Microsoft Corp said on Monday it was investing $1 billion in San Francisco-based OpenAI and that the two had formed a multi-year partnership to develop artificial intelligence supercomputing technologies on Microsoft's Azure cloud computing service.

OpenAI was founded in 2015 as a nonprofit with $1 billion in funding from Silicon Valley investors Sam Altman, Peter Thiel and LinkedIn co-founder Reid Hoffman, among others. Earlier this year, the group created a related for-profit entity to take in outside investment.

Since its founding, OpenAI has employed artificial intelligence researchers to make advances in the field, such as teaching a robotic hand to perform human-like tasks entirely in software, cutting down the cost and time to train robots.

The group has also focused on the safety and social implications of AI, researching how computers can generate realistic news stories with little more than headline suggestions and warning researchers to consider how their work and algorithms might be misused by bad actors before publishing them.

OpenAI said the Microsoft investment would help it pursue "artificial general intelligence," or AGI. An AGI is the holy grail of the field and would mean the computing system can master a subject as well or better than the best humans in the world - and master more fields than any single human.

"We believe it's crucial that AGI is deployed safely and securely and that its economic benefits are widely distributed," Altman said in a statement. "We are excited about how deeply Microsoft shares this vision."

Microsoft said the two companies would jointly build new AI technologies on Microsoft's Azure cloud computing service. The two also said that OpenAI would move many, though not all, of its services to Azure and that Microsoft would be its "preferred" partner to commercialize new services.

The two parties declined to answer questions from Reuters about the terms of the deal. Earlier this year, OpenAI created a for-profit limited partnership to take outside investment. The for-profit entity is ultimately controlled by the nonprofit's board.

When OpenAI created the structure in March, it said investors who put money into the for-profit entity would have their returns capped and that the nonprofit's mission would take precedence over turning a profit.

Microsoft and OpenAI declined to answer questions about whether and how Microsoft's return on its $1 billion investment would be capped, or how any revenue and profits from jointly developed technologies would be shared.

The two firms also declined to say whether Microsoft's investment would be made in cash, or whether it would involve credits for the Azure cloud computing service.

Cloud computing services are a major cost for OpenAI, which spent $7.9 million on cloud computing in the 2017 tax year, or about a quarter of its total functional expenses for that year, according to filings with the US&nbsp;Internal Revenue Service.

Microsoft Corp said on Monday it was investing $1 billion in San Francisco-based OpenAI and that the two had formed a multi-year partnership to develop artificial intelligence supercomputing technologies on Microsoft's Azure cloud computing service.

Microsoft Corp said on Monday it was investing $1 billion in San Francisco-based OpenAI and that the two had formed a multi-year partnership to develop artificial intelligence supercomputing technologies on Microsoft's Azure cloud computing service. OpenAI was founded in 2015 as a nonprofit with $1 billion in funding from Silicon Valley investors Sam Altman, Peter Thiel and LinkedIn co-founder Reid Hoffman, among others. Earlier this year, the group created a related for-profit entity to take in outside investment. Since its founding, OpenAI has employed artificial intelligence researchers to make advances in the field, such as teaching a robotic hand to perform human-like tasks entirely in software, cutting down the cost and time to train robots. The group has also focused on the safety and social implications of AI, researching how computers can generate realistic news stories with little more than headline suggestions and warning researchers to consider how their work and algorithms might be misused by bad actors before publishing them. OpenAI said the Microsoft investment would help it pursue "artificial general intelligence," or AGI. An AGI is the holy grail of the field and would mean the computing system can master a subject as well or better than the best humans in the world - and master more fields than any single human. "We believe it's crucial that AGI is deployed safely and securely and that its economic benefits are widely distributed," Altman said in a statement. "We are excited about how deeply Microsoft shares this vision." Microsoft said the two companies would jointly build new AI technologies on Microsoft's Azure cloud computing service. The two also said that OpenAI would move many, though not all, of its services to Azure and that Microsoft would be its "preferred" partner to commercialize new services. The two parties declined to answer questions from Reuters about the terms of the deal. Earlier this year, OpenAI created a for-profit limited partnership to take outside investment. The for-profit entity is ultimately controlled by the nonprofit's board. When OpenAI created the structure in March, it said investors who put money into the for-profit entity would have their returns capped and that the nonprofit's mission would take precedence over turning a profit. Microsoft and OpenAI declined to answer questions about whether and how Microsoft's return on its $1 billion investment would be capped, or how any revenue and profits from jointly developed technologies would be shared. The two firms also declined to say whether Microsoft's investment would be made in cash, or whether it would involve credits for the Azure cloud computing service. Cloud computing services are a major cost for OpenAI, which spent $7.9 million on cloud computing in the 2017 tax year, or about a quarter of its total functional expenses for that year, according to filings with the US Internal Revenue Service.

Microsoft to invest $1 billion in San Francisco-based OpenAI

The key Indian equity indices opened on a negative note on Monday, with the BSE Sensex losing over 250 points.

At 10:30 am Sensex is trading 249 points, or 0.65%, lower at 38,088, with Bajaj Finance, HDFC Bank, HDFC, IndusInd Bank, and Kotak Bank among the top losers. The broader Nifty50 index cracked 60 points,or 0.52%, to 11,360.

All the Nifty sectoral indices, except Nifty IT and Nifty Metal indexes, were trading in the red. While Nifty Realty index bled the most 2.07 per cent, Nifty PSU Bank, Nifty Private Bank, and Nifty Bank indexes were all down over 1 per cent.

In the broader market, the S&amp;P BSE MidCap index was down 164 points, or 1.17 per cent, to 13,914, while the S&amp;P BSE SmallCap index was down 206 points, or 1.54 per cent, to 13,104.

The key Indian equity indices opened on a negative note on Monday, with the BSE Sensex losing over 250 points. At 10:30 am Sensex is trading 249 points, or 0.65%, lower at 38,088, with Bajaj Finance, HDFC Bank, HDFC, IndusInd Bank, and Kotak Bank among the top losers.

The key Indian equity indices opened on a negative note on Monday, with the BSE Sensex losing over 250 points. At 10:30 am Sensex is trading 249 points, or 0.65%, lower at 38,088, with Bajaj Finance, HDFC Bank, HDFC, IndusInd Bank, and Kotak Bank among the top losers. The broader Nifty50 index cracked 60 points,or 0.52%, to 11,360. All the Nifty sectoral indices, except Nifty IT and Nifty Metal indexes, were trading in the red. While Nifty Realty index bled the most 2.07 per cent, Nifty PSU Bank, Nifty Private Bank, and Nifty Bank indexes were all down over 1 per cent. In the broader market, the S&P BSE MidCap index was down 164 points, or 1.17 per cent, to 13,914, while the S&P BSE SmallCap index was down 206 points, or 1.54 per cent, to 13,104.

Sensex sheds over 250 points as equity indices open in red

Indian shares ended lower for a third straight session on Monday as financial stocks took a beating, with HDFC Bank Ltd closing at an over two-month low after quarterly provisions surged and asset quality deteriorated.

The broader NSE Nifty ended 0.64% lower at 11,346.2, while the benchmark BSE Sensex closed down 0.8% at 38,031.13. Both indexes marked their worst closing levels since mid-May.

Lending bellwether HDFC Bank, down 3.1%, was among the top drags on the indexes, after provisions jumped over 60%, gross bad loans ticked up, and loan growth slowed.

Housing Development Finance Corporation Ltd, which holds the biggest stake in HDFC Bank, was the biggest percentage loser on the indexes, closing 5.1% lower.

Meanwhile, Yes Bank Ltd surged 9.5% and miner Vedanta Ltd advanced 3.7%.

Indian shares ended lower for a third straight session on Monday as financial stocks took a beating, with HDFC Bank Ltd closing at an over two-month low after quarterly provisions surged and asset quality deteriorated.

Indian shares ended lower for a third straight session on Monday as financial stocks took a beating, with HDFC Bank Ltd closing at an over two-month low after quarterly provisions surged and asset quality deteriorated. The broader NSE Nifty ended 0.64% lower at 11,346.2, while the benchmark BSE Sensex closed down 0.8% at 38,031.13. Both indexes marked their worst closing levels since mid-May. Lending bellwether HDFC Bank, down 3.1%, was among the top drags on the indexes, after provisions jumped over 60%, gross bad loans ticked up, and loan growth slowed. Housing Development Finance Corporation Ltd, which holds the biggest stake in HDFC Bank, was the biggest percentage loser on the indexes, closing 5.1% lower. Meanwhile, Yes Bank Ltd surged 9.5% and miner Vedanta Ltd advanced 3.7%.

Nifty, Sensex close lower as HDFC Bank drags