'Hell of a beautiful a**': Trump compliments Nicki Minaj as rapper joins him in Michigan rally

VIDEO: UP bride collapses while entering hotel room with husband, dies next day in Jhansi; father alleges murder

Student-led movement ousts Serbia's longtime leader as protests rage across Europe | GRAVITAS

Amber alert issued for 6-year-old boy abducted from US' California

Harry Kane favourite to win 2026 Ballon d’Or ahead of Lamine Yamal and Kylian Mbappé

'He is a red flag': Ex-India strength and conditioning coach on Rohit's fitness regime

Maurene Comey, daughter of ex-FBI director James Comey, was unlawfully fired as federal prosecutor, judge rules

Pakistan airline PIA unveils new crew uniforms, faces online criticism

'Skinwalker' sightings in Utah from 2010 detailed in new UFO Files

‘That is a miss’: Ravi Ashwin questions Sooryavanshi’s demotion to No. 3 in 2nd T20I vs NZ

New OTT releases this week (October 26-November 1, 2026): Baththa, Akka, The One About Matthew Perry- 7 titles coming on Netflix, Prime Video and more

Elon Musk’s Grok releases first AI-generated  Odyssey episode, months after promising ‘historically accurate’ full-length film

US Midterms 2026: Last leg polls and forecasts indicate Democratic momentum, but Senate control remains uncertain

'Already tired of his 9-to-5': Baby born with a moustache becomes internet sensation, video goes viral | Watch

Zimbabwe slips four places to 14th out of 29 in Africa’s Digital Rights and Inclusion ranking

Medvedev says Trump should have Zelensky 'assassinated' - 'Take care of this unfortunate little problem'

Maldives opposition leader demands transparency on Muizzu Govt's Pakistan defence, security deals

Why do some fighter jets have two engines while others use one?

'I'll organise the Opposition': Bolsonaro vows to challenge Lula government after defeat, Trump calls vote 'rigged'

At least five shot dead in Guwahati hotel over suspected property dispute, police launch investigation

‘Sorry anti-Indian forces, but Modi won’t go’: BJP hits back at Kharge, demands apology for remark on PM

Uttarakhand innovator Ravi Tamta builds flying car without any formal engineering degree

Trump offers $1 million before US midterms. What is he asking Americans to report?

Clayface tops North American box office, Elizabeth Holmes documentary follows close behind

Boys, aged 10 and 12, rape 9-year-old in UP’s Hathras, lure her with berries

Houthi drones, missiles turn Saudi troop gathering into killing field | Gravitas

Equities or gold: How Kwala Intel approaches the investment dilemma

Israel elections 2026: How the country is gearing up for a crucial vote

Trump’s oil and gas holdings surge to $81.6 million amid Iran war as Americans face rising fuel costs

'I've done my work sincerely': AR Rahman on facing backlash over Ramayana soundtrack

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Asia shares rise as US dollar moves up

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

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

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

IndiGo shares slump as co-founder alleges misgovernance

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

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

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

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

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

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

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

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

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

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

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

International oil prices rise over US stockpile drop

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

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

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

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

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

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

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

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

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

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

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

Nifty, Sensex close lower, financials drag

Finance Minister Nirmala Sitharaman on Wednesday said that the government was committed to the path of fiscal consolidation without compromising on requirements of public expenditure and there was an increase in tax receipts of the government.

Replying to a marathon debate on the <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/budget-2019-it-gives-wings-to-farmers-youngsters-women-home-minister-amit-shah-233399&amp;sa=U&amp;ved=2ahUKEwiN6qTal6rjAhWr4XMBHQKXAGsQFjAEegQICBAC&amp;usg=AOvVaw10VBLflL7e5H3IuLDTFHZk">union budget 2019-20</a>, she said the government was committed to national security as also to "sabka saath, sabka vikas".

She said that the amount of money spent on central government schemes was higher two years after the implementation of Goods and Services Tax.

She also said the government was committed to "substantially boost" investment in agriculture and social sector, particularly education and health.

Finance Minister referred to the government setting fiscal deficit target of 3.3 per cent from an earlier 3.4 per cent and said there should be no anxiety.&nbsp;

"The government is committed to continue the path of fiscal consolidation without compromising on requirements of public expenditure placed by various sectors," she said.&nbsp;

"Increased investment in the social sector will be ensured through prudent rationalization of expenditure and mobilisation of additional resources," she added.

Several members took part in the debate which lasted over 15 hours.&nbsp;

Finance Minister Nirmala Sitharaman on Wednesday said that the government was committed to the path of fiscal consolidation without compromising on requirements of public expenditure and there was an increase in tax receipts of the government.

Finance Minister Nirmala Sitharaman on Wednesday said that the government was committed to the path of fiscal consolidation without compromising on requirements of public expenditure and there was an increase in tax receipts of the government. Replying to a marathon debate on the union budget 2019-20, she said the government was committed to national security as also to "sabka saath, sabka vikas". She said that the amount of money spent on central government schemes was higher two years after the implementation of Goods and Services Tax. She also said the government was committed to "substantially boost" investment in agriculture and social sector, particularly education and health. Finance Minister referred to the government setting fiscal deficit target of 3.3 per cent from an earlier 3.4 per cent and said there should be no anxiety. "The government is committed to continue the path of fiscal consolidation without compromising on requirements of public expenditure placed by various sectors," she said. "Increased investment in the social sector will be ensured through prudent rationalization of expenditure and mobilisation of additional resources," she added. Several members took part in the debate which lasted over 15 hours.

Government committed to fiscal consolidation, boost investment in social sector: Sitharaman

A day after <a href="https://www.wionews.com/business-economy/sensex-crashes-over-750-points-to-close-at-38720-nifty-ends-at-11559-234011">a huge crash&nbsp;on Monday</a>, the BSE Sensex extended its previous day's losses in early trade on Tuesday opening over 248 points down. It, however, recovered lost ground to remain&nbsp;102 points down.

NSE Nifty was 71.28 points down as the markets continued to reel under&nbsp;post Budget stress.

On Tuesday morning, Titan shares <a href="https://www.wionews.com/business-economy/sensex-nifty-open-in-red-why-stock-markets-did-not-like-the-budget-233896">plunged nine per cent&nbsp;</a>with UPL, HDFC, Bajaj Finance and Bajaj Finserv trading in the red.

The Sensex had plunged 900 points on Monday at one point to close at 38,720 points, the Nifty too dived 252 points to close at 11,558.60. The markets were hit mainly due to Union Budget proposal which failed to announce measures to boost the auto sector including proposal to increase the minimum public shareholding in listed companies to 35 per cent from 25 per cent, threatening a wave of new issuance.

Punjab National Bank (PNB) stocks had fallen over eight per cent on Monday after the bank reported a borrowing fraud of Rs 3,800 crore in Bhushan Power &amp; Steel Ltd's account to the Reserve Bank of India (RBI).

The selloff was widespread with 46 of the 50 stocks in the Nifty 50 index ending up in the red.

The auto index had tumbled to its lowest in over three years and settled 3.26 per cent down in Monday's close. Hero MotoCorp Ltd fell as much as 6.06 per cent&nbsp;to its lowest since September 2015, while Maruti Suzuki India closed at its lowest in over two years.

A day after a huge crash on Monday, the BSE Sensex extended its previous day's losses in early trade on Tuesday opening over 248 points down. It, however, recovered lost ground to remain 102 points down.

A day after a huge crash on Monday, the BSE Sensex extended its previous day's losses in early trade on Tuesday opening over 248 points down. It, however, recovered lost ground to remain 102 points down. NSE Nifty was 71.28 points down as the markets continued to reel under post Budget stress. On Tuesday morning, Titan shares plunged nine per cent with UPL, HDFC, Bajaj Finance and Bajaj Finserv trading in the red. The Sensex had plunged 900 points on Monday at one point to close at 38,720 points, the Nifty too dived 252 points to close at 11,558.60. The markets were hit mainly due to Union Budget proposal which failed to announce measures to boost the auto sector including proposal to increase the minimum public shareholding in listed companies to 35 per cent from 25 per cent, threatening a wave of new issuance. Punjab National Bank (PNB) stocks had fallen over eight per cent on Monday after the bank reported a borrowing fraud of Rs 3,800 crore in Bhushan Power & Steel Ltd's account to the Reserve Bank of India (RBI). The selloff was widespread with 46 of the 50 stocks in the Nifty 50 index ending up in the red. The auto index had tumbled to its lowest in over three years and settled 3.26 per cent down in Monday's close. Hero MotoCorp Ltd fell as much as 6.06 per cent to its lowest since September 2015, while Maruti Suzuki India closed at its lowest in over two years.

Post Budget blues: Sensex slides 248 points in early trade; recovers later

Oil fell on Tuesday amid worries over the outlook for demand after the latest signs that international trade disputes have been dragging on the global economy, although tensions in the Middle East offered some support to prices.

Brent crude futures were down 21 cents, or 0.3%, at $63.90 a barrel by 0022 GMT. They fell 12 cents on Monday.

US West Texas Intermediate crude futures were down 20 cents, or 0.4%, at $57.46 a barrel. They rose 15 cents in the previous session.

Oil prices are being pressured by ongoing worries about demand as the US-China trade war, heading into its second year, dampens prospects for global economic growth.

Japan's core machinery orders fell by the most in eight months, data showed on Monday, in a sign the global trade tensions are taking a toll on corporate investment.

Japanese government figures on Tuesday also showed that real wages in the country fell for a fifth straight month.

"The prolonged trade war ... does not seem to be nearing a resolution, and it will keep being a negative factor for crude prices as it impacts global growth forecasts," said Alfonso Esparza, senior market analyst at OANDA in Toronto.

Meanwhile, Goldman Sachs said growth in US shale production was likely to outpace that of global demand at least through 2020, limiting gains in oil prices despite output curbs led by the Organization of the Petroleum Exporting Countries.

Prices are still susceptible to shocks from the lingering tensions in the Middle East, analyst and traders said.

Iran on Monday threatened to restart deactivated centrifuges and step up its enrichment of uranium to 20% in a move that further threatens the 2015 nuclear agreement that Washington abandoned last year.

Washington has imposed sanctions that eliminate benefits Iran was meant to receive in return for agreeing to curbs on its nuclear programme under the 2015 deal with world powers.

The confrontation has brought the United States and Iran close to conflict, with US President Donald Trump calling off air strikes last month minutes before impact.

Oil fell on Tuesday amid worries over the outlook for demand after the latest signs that international trade disputes have been dragging on the global economy, although tensions in the Middle East offered some support to prices.

Oil fell on Tuesday amid worries over the outlook for demand after the latest signs that international trade disputes have been dragging on the global economy, although tensions in the Middle East offered some support to prices. Brent crude futures were down 21 cents, or 0.3%, at $63.90 a barrel by 0022 GMT. They fell 12 cents on Monday. US West Texas Intermediate crude futures were down 20 cents, or 0.4%, at $57.46 a barrel. They rose 15 cents in the previous session. Oil prices are being pressured by ongoing worries about demand as the US-China trade war, heading into its second year, dampens prospects for global economic growth. Japan's core machinery orders fell by the most in eight months, data showed on Monday, in a sign the global trade tensions are taking a toll on corporate investment. Japanese government figures on Tuesday also showed that real wages in the country fell for a fifth straight month. "The prolonged trade war ... does not seem to be nearing a resolution, and it will keep being a negative factor for crude prices as it impacts global growth forecasts," said Alfonso Esparza, senior market analyst at OANDA in Toronto. Meanwhile, Goldman Sachs said growth in US shale production was likely to outpace that of global demand at least through 2020, limiting gains in oil prices despite output curbs led by the Organization of the Petroleum Exporting Countries. Prices are still susceptible to shocks from the lingering tensions in the Middle East, analyst and traders said. Iran on Monday threatened to restart deactivated centrifuges and step up its enrichment of uranium to 20% in a move that further threatens the 2015 nuclear agreement that Washington abandoned last year. Washington has imposed sanctions that eliminate benefits Iran was meant to receive in return for agreeing to curbs on its nuclear programme under the 2015 deal with world powers. The confrontation has brought the United States and Iran close to conflict, with US President Donald Trump calling off air strikes last month minutes before impact.

Oil prices drop as trade tensions stoke economy worries

Asian stocks struggled to rebound on Tuesday as investors came to terms with sharply reduced expectations the Federal Reserve will deliver a large interest rate cut at the end of July.

Those views were bolstered after solid gains in US jobs for June and pushed down Wall Street for the second straight day.

MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.1% in early trade, after falling 0.6% the previous day. Japan's Nikkei rose 0.5% thanks in part to the yen's retreat against the dollar.

On Wall Street, the S&amp;P 500 lost 0.48% while the Nasdaq Composite dropped 0.78%, led by fall in Apple Inc.

Money market futures are still fully pricing in a 25 basis point cut at the Fed's next policy meeting on July 30-31, but have almost priced out a larger 50 basis point reduction.

"The headline payrolls figures was pretty strong but wages were tepid, so, on the whole, a 25 basis-point cut would be justified as a pre-emptive move and I think the current market pricing is fair," said Naoya Oshikubo, senior economist at Sumitomo Mitsui Trust Asset Management.

Investors' focus is shifting to Fed Chairman Jerome Powell's testimony before Congress later in the week for clues on monetary policy.

In the currency market, fading expectations of aggressive easing by the Fed helped the dollar.

The euro traded at $1.1215, near Monday's low of $1.1207, its weakest level since June 19.

The dollar changed hands at 108.75 yen, having risen up to 108.81 yen in the previous session, its highest in more than a month.

The British pound stood at 1.2518, not far from six-month lows of $1.2481 touched on Friday.

Oil prices were slightly softer as concerns about whether slowing global economic growth would hit oil demand eclipsed tensions over Iran's nuclear programme.

Brent crude futures fell 23 cents, or 0.36% to settle at $63.88 a barrel. US West Texas Intermediate (WTI) crude futures shed 19 cents, or 0.33% to settle at $57.47 a barrel.

Asian stocks struggled to rebound on Tuesday as investors came to terms with sharply reduced expectations the Federal Reserve will deliver a large interest rate cut at the end of July.

Asian stocks struggled to rebound on Tuesday as investors came to terms with sharply reduced expectations the Federal Reserve will deliver a large interest rate cut at the end of July. Those views were bolstered after solid gains in US jobs for June and pushed down Wall Street for the second straight day. MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.1% in early trade, after falling 0.6% the previous day. Japan's Nikkei rose 0.5% thanks in part to the yen's retreat against the dollar. On Wall Street, the S&P 500 lost 0.48% while the Nasdaq Composite dropped 0.78%, led by fall in Apple Inc. Money market futures are still fully pricing in a 25 basis point cut at the Fed's next policy meeting on July 30-31, but have almost priced out a larger 50 basis point reduction. "The headline payrolls figures was pretty strong but wages were tepid, so, on the whole, a 25 basis-point cut would be justified as a pre-emptive move and I think the current market pricing is fair," said Naoya Oshikubo, senior economist at Sumitomo Mitsui Trust Asset Management. Investors' focus is shifting to Fed Chairman Jerome Powell's testimony before Congress later in the week for clues on monetary policy. In the currency market, fading expectations of aggressive easing by the Fed helped the dollar. The euro traded at $1.1215, near Monday's low of $1.1207, its weakest level since June 19. The dollar changed hands at 108.75 yen, having risen up to 108.81 yen in the previous session, its highest in more than a month. The British pound stood at 1.2518, not far from six-month lows of $1.2481 touched on Friday. Oil prices were slightly softer as concerns about whether slowing global economic growth would hit oil demand eclipsed tensions over Iran's nuclear programme. Brent crude futures fell 23 cents, or 0.36% to settle at $63.88 a barrel. US West Texas Intermediate (WTI) crude futures shed 19 cents, or 0.33% to settle at $57.47 a barrel.

Asian stocks hobbled by fading expectations for aggressive Fed rate cut

India's beauty and wellness sector has a market potential of Rs 80,000 crore and can provide employment opportunities to lakhs of people, <a href="https://www.wionews.com/business-economy/budget-2019-key-takeaways-announced-by-nirmala-sitharaman-in-parliament-233179">Minister</a> for Skill Development and Entrepreneurship Mahendra Nath Pandey said on Tuesday.

He said skilling youngsters in beauty and wellness centres can be an important tool for women empowerment.

After training, students can set up there by availing easy loans from Micro Units Development and Refinance Agency (MUDRA) Bank and generate gainful employment opportunities.

With a fast-growing economy, the country will need more than 70 lakh skilled manpower in the coming months, said Pandey.

More than 62 per cent of the population is young and it is Prime Minister Narendra Modi's vision to make India as one of the largest skilled economies in the world, he said at the 18th Annual Convocation Ceremony of VLCC Institute of Beauty and <a href="https://www.wionews.com/india-news/bihar-death-toll-rises-to-140-in-muzaffarpur-due-to-acute-encephalitis-syndrome-233150">Nutrition</a>.

The National Skill Development Mission (Skill <a href="https://www.wionews.com/opinions/battle-of-imphal-kohima-indias-d-day-revisited-234192">India</a> Mission) launched on July 15, 2015, has been steadily making progress.&nbsp;

Nearly one crore youth are being trained per year under various schemes, he said.

The Ministry of Skill Development and Entrepreneurship has also taken initiative to set up model skill centres called Pradhan Mantri Kaushal Kendras (PMKKs) in several districts of states across the <a href="https://www.wionews.com/india-news/india-set-to-become-financial-superpower-shripad-naik-233477">country</a>. A total of 837 PMKKs have been allocated covering 717 districts and 543 parliamentary constituencies.

Out of allocated PMKKs, 610 PMKKs have already been set up, said Pandey, according to a statement. 
&nbsp;

India's beauty and wellness sector has a market potential of Rs 80,000 crore and can provide employment opportunities to lakhs of people, Minister for Skill Development and Entrepreneurship Mahendra Nath Pandey said on Tuesday.

India's beauty and wellness sector has a market potential of Rs 80,000 crore and can provide employment opportunities to lakhs of people, Minister for Skill Development and Entrepreneurship Mahendra Nath Pandey said on Tuesday. He said skilling youngsters in beauty and wellness centres can be an important tool for women empowerment. After training, students can set up there by availing easy loans from Micro Units Development and Refinance Agency (MUDRA) Bank and generate gainful employment opportunities. With a fast-growing economy, the country will need more than 70 lakh skilled manpower in the coming months, said Pandey. More than 62 per cent of the population is young and it is Prime Minister Narendra Modi's vision to make India as one of the largest skilled economies in the world, he said at the 18th Annual Convocation Ceremony of VLCC Institute of Beauty and Nutrition. The National Skill Development Mission (Skill India Mission) launched on July 15, 2015, has been steadily making progress. Nearly one crore youth are being trained per year under various schemes, he said. The Ministry of Skill Development and Entrepreneurship has also taken initiative to set up model skill centres called Pradhan Mantri Kaushal Kendras (PMKKs) in several districts of states across the country. A total of 837 PMKKs have been allocated covering 717 districts and 543 parliamentary constituencies. Out of allocated PMKKs, 610 PMKKs have already been set up, said Pandey, according to a statement.

Rs 80,000-crore beauty, wellness sector can create lakhs of new jobs: Minister for skill development

World stocks fell for a third straight day on Tuesday, as a stinging warning came from German chemicals giant BASF about the effects of the global trade war and traders hedged bets on a hefty US interest rate cut later this month.

With global macroeconomic clouds looming and critical policy signals due from <a href="https://www.wionews.com/world/herman-cain-withdraws-from-consideration-for-federal-reserve-board-seat-donald-trump-212699">US Federal Reserve</a> chief Jerome Powell on Wednesday, the headlines and mood focused on three individual stocks.

Shares in BASF slumped almost 6 per cent in Europe after the German chemicals giant issued what one trader described as a "shocking" profit warning, blaming a global slowdown and trade war between the United States and China.

<a href="https://www.wionews.com/business-economy/deutsche-bank-to-cut-18000-jobs-in-74-billion-euro-overhaul-233820">Deutsche Bank</a> tumbled 4 per cent - having already dropped 5.4 per cent the previous day after it axed 18,000 staff - while Apple's overnight drop of more than 2 per cent on Wall Street after a broker downgrade dragged the tech sector lower.

"Both from a bottom-up and top-down perspective, equity market valuations appear far too ambitious," analysts at Morgan Stanley wrote in a note.

It was particularly stark, they said, as the US business cycle was in a downturn and both forward-looking indicators like global PMIs and global trade are now in contraction territory.

"Indeed, companies have begun cutting their 2019 profit forecasts, citing the trade conflict as a reason."

In the currency markets, the big question remained the potential reaction to the weaker outlook from the world's top central banks.

US Fed chairman Powell gives testimony before Congress on Wednesday. Money market futures are still fully pricing in a 25 basis point (bps) cut at the Fed's July 30-31 meeting, but have almost priced out a larger 50 bps move that had been seen as a real possibility a couple of weeks ago.

The dollar changed hands at 108.78 yen, having risen in the previous session to its highest in more than a month.

The dollar index versus a basket of six major currencies was also a touch higher at 97.432, while the euro dropped as low as 1.1204, its weakest level since mid-June.

"It would be pretty disruptive at this stage for Powell to rule out a cut in July or dampen expectations of a cut in July," said Michael Metcalfe, head of global macro strategy at State Street Global Markets.

"The last few Fed speakers, albeit non-voting speakers, have suggested July is not a done deal... and even now, if you look at economists' forecasts, there is not a consensus that there will be a move, and yet the market is 100 per cent priced."

World stocks fell for a third straight day on Tuesday, as a stinging warning came from German chemicals giant BASF about the effects of the global trade war and traders hedged bets on a hefty US interest rate cut later this month.

With global macroeconomic clouds looming and critical policy signals due from US Federal Reserve chief Jerome Powell on Wednesday, the headlines and mood focused on three individual stocks.

Shares in BASF slumped almost 6 per cent in Europe after the German chemicals giant issued what one trader described as a "shocking" profit warning, blaming a global slowdown and trade war between the United States and China.

Deutsche Bank tumbled 4 per cent - having already dropped 5.4 per cent the previous day after it axed 18,000 staff - while Apple's overnight drop of more than 2 per cent on Wall Street after a broker downgrade dragged the tech sector lower.

"Both from a bottom-up and top-down perspective, equity market valuations appear far too ambitious," analysts at Morgan Stanley wrote in a note.

It was particularly stark, they said, as the US business cycle was in a downturn and both forward-looking indicators like global PMIs and global trade are now in contraction territory.

"Indeed, companies have begun cutting their 2019 profit forecasts, citing the trade conflict as a reason."

In the currency markets, the big question remained the potential reaction to the weaker outlook from the world's top central banks.

US Fed chairman Powell gives testimony before Congress on Wednesday. Money market futures are still fully pricing in a 25 basis point (bps) cut at the Fed's July 30-31 meeting, but have almost priced out a larger 50 bps move that had been seen as a real possibility a couple of weeks ago.

The dollar changed hands at 108.78 yen, having risen in the previous session to its highest in more than a month.

The dollar index versus a basket of six major currencies was also a touch higher at 97.432, while the euro dropped as low as 1.1204, its weakest level since mid-June.

"It would be pretty disruptive at this stage for Powell to rule out a cut in July or dampen expectations of a cut in July," said Michael Metcalfe, head of global macro strategy at State Street Global Markets.

"The last few Fed speakers, albeit non-voting speakers, have suggested July is not a done deal... and even now, if you look at economists' forecasts, there is not a consensus that there will be a move, and yet the market is 100 per cent priced."

Brexit Factor

Elsewhere, the pound stood at 1.2485, not far from six-month lows of $1.2481 touched on Friday. Britain's parliament will weigh an amendment later aimed at ensuring it cannot be sidestepped if the next UK prime minister wants to pursue a no-deal Brexit divorce from the European Union.

Overnight in Asia, MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.4 per cent but pared earlier losses, having traded at its lowest level since June 19.

Chinese blue-chips ended down 0.3 per cent, while Hong Kong's Hang Seng fell by 0.7 per cent. Japan's Nikkei was the only outlier as gains in a few heavyweights in the index helped it edge up 0.1 per cent.

Apple's suppliers, such as Murata Manufacturing and Taiyo Yuden, fell 2 per cent and 4 per cent, however, after Rosenblatt Securities cited a "fundamental deterioration" for the US gadget giant over the next 6-12 months.

In Greater China, suppliers from Hon Hai to AAC Tech also lost between 1.4 per cent and 3.1 per cent and in Europe Infineon, ASM and STMicroelectronics slipped about 2 per cent.

Among commodities, oil prices were slightly softer as concerns about whether slowing global growth would hit demand eclipsed tensions over Iran's nuclear programme.

Brent crude futures fell 0.2 per cent to $64.01 a barrel. US West Texas Intermediate (WTI) crude futures shed 0.4 per cent to $57.46.

Gold prices also ticked lower, as the dollar scaled its multi-week highs. Spot gold was down 0.2 per cent at $1,393.03 per ounce and US gold futures fell 0.3 per cent to $1,395.70 an ounce.

Wall Street futures were 0.4 per cent to 0.6 percent lower.

Elsewhere, the pound stood at 1.2485, not far from six-month lows of $1.2481 touched on Friday. Britain's parliament will weigh an amendment later aimed at ensuring it cannot be sidestepped if the next UK prime minister wants to pursue a no-deal Brexit divorce from the European Union.

Overnight in Asia, MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.4 per cent but pared earlier losses, having traded at its lowest level since June 19.

Chinese blue-chips ended down 0.3 per cent, while Hong Kong's Hang Seng fell by 0.7 per cent. Japan's Nikkei was the only outlier as gains in a few heavyweights in the index helped it edge up 0.1 per cent.

Apple's suppliers, such as Murata Manufacturing and Taiyo Yuden, fell 2 per cent and 4 per cent, however, after Rosenblatt Securities cited a "fundamental deterioration" for the US gadget giant over the next 6-12 months.

In Greater China, suppliers from Hon Hai to AAC Tech also lost between 1.4 per cent and 3.1 per cent and in Europe Infineon, ASM and STMicroelectronics slipped about 2 per cent.

Among commodities, oil prices were slightly softer as concerns about whether slowing global growth would hit demand eclipsed tensions over Iran's nuclear programme.

Brent crude futures fell 0.2 per cent to $64.01 a barrel. US West Texas Intermediate (WTI) crude futures shed 0.4 per cent to $57.46.

Gold prices also ticked lower, as the dollar scaled its multi-week highs. Spot gold was down 0.2 per cent at $1,393.03 per ounce and US gold futures fell 0.3 per cent to $1,395.70 an ounce.

Wall Street futures were 0.4 per cent to 0.6 percent lower.

World stocks fell for a third straight day on Tuesday, as a stinging warning came from German chemicals giant BASF about the effects of the global trade war and traders hedged bets on a hefty US interest rate cut later this month.

World stocks fell for a third straight day on Tuesday, as a stinging warning came from German chemicals giant BASF about the effects of the global trade war and traders hedged bets on a hefty US interest rate cut later this month. With global macroeconomic clouds looming and critical policy signals due from US Federal Reserve chief Jerome Powell on Wednesday, the headlines and mood focused on three individual stocks. Shares in BASF slumped almost 6 per cent in Europe after the German chemicals giant issued what one trader described as a "shocking" profit warning, blaming a global slowdown and trade war between the United States and China. Deutsche Bank tumbled 4 per cent - having already dropped 5.4 per cent the previous day after it axed 18,000 staff - while Apple's overnight drop of more than 2 per cent on Wall Street after a broker downgrade dragged the tech sector lower. "Both from a bottom-up and top-down perspective, equity market valuations appear far too ambitious," analysts at Morgan Stanley wrote in a note. It was particularly stark, they said, as the US business cycle was in a downturn and both forward-looking indicators like global PMIs and global trade are now in contraction territory. "Indeed, companies have begun cutting their 2019 profit forecasts, citing the trade conflict as a reason." In the currency markets, the big question remained the potential reaction to the weaker outlook from the world's top central banks. US Fed chairman Powell gives testimony before Congress on Wednesday. Money market futures are still fully pricing in a 25 basis point (bps) cut at the Fed's July 30-31 meeting, but have almost priced out a larger 50 bps move that had been seen as a real possibility a couple of weeks ago. The dollar changed hands at 108.78 yen, having risen in the previous session to its highest in more than a month. The dollar index versus a basket of six major currencies was also a touch higher at 97.432, while the euro dropped as low as 1.1204, its weakest level since mid-June. "It would be pretty disruptive at this stage for Powell to rule out a cut in July or dampen expectations of a cut in July," said Michael Metcalfe, head of global macro strategy at State Street Global Markets. "The last few Fed speakers, albeit non-voting speakers, have suggested July is not a done deal... and even now, if you look at economists' forecasts, there is not a consensus that there will be a move, and yet the market is 100 per cent priced." World stocks fell for a third straight day on Tuesday, as a stinging warning came from German chemicals giant BASF about the effects of the global trade war and traders hedged bets on a hefty US interest rate cut later this month. With global macroeconomic clouds looming and critical policy signals due from US Federal Reserve chief Jerome Powell on Wednesday, the headlines and mood focused on three individual stocks. Shares in BASF slumped almost 6 per cent in Europe after the German chemicals giant issued what one trader described as a "shocking" profit warning, blaming a global slowdown and trade war between the United States and China. Deutsche Bank tumbled 4 per cent - having already dropped 5.4 per cent the previous day after it axed 18,000 staff - while Apple's overnight drop of more than 2 per cent on Wall Street after a broker downgrade dragged the tech sector lower. "Both from a bottom-up and top-down perspective, equity market valuations appear far too ambitious," analysts at Morgan Stanley wrote in a note. It was particularly stark, they said, as the US business cycle was in a downturn and both forward-looking indicators like global PMIs and global trade are now in contraction territory. "Indeed, companies have begun cutting their 2019 profit forecasts, citing the trade conflict as a reason." In the currency markets, the big question remained the potential reaction to the weaker outlook from the world's top central banks. US Fed chairman Powell gives testimony before Congress on Wednesday. Money market futures are still fully pricing in a 25 basis point (bps) cut at the Fed's July 30-31 meeting, but have almost priced out a larger 50 bps move that had been seen as a real possibility a couple of weeks ago. The dollar changed hands at 108.78 yen, having risen in the previous session to its highest in more than a month. The dollar index versus a basket of six major currencies was also a touch higher at 97.432, while the euro dropped as low as 1.1204, its weakest level since mid-June. "It would be pretty disruptive at this stage for Powell to rule out a cut in July or dampen expectations of a cut in July," said Michael Metcalfe, head of global macro strategy at State Street Global Markets. "The last few Fed speakers, albeit non-voting speakers, have suggested July is not a done deal... and even now, if you look at economists' forecasts, there is not a consensus that there will be a move, and yet the market is 100 per cent priced." Brexit Factor Elsewhere, the pound stood at 1.2485, not far from six-month lows of $1.2481 touched on Friday. Britain's parliament will weigh an amendment later aimed at ensuring it cannot be sidestepped if the next UK prime minister wants to pursue a no-deal Brexit divorce from the European Union. Overnight in Asia, MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.4 per cent but pared earlier losses, having traded at its lowest level since June 19. Chinese blue-chips ended down 0.3 per cent, while Hong Kong's Hang Seng fell by 0.7 per cent. Japan's Nikkei was the only outlier as gains in a few heavyweights in the index helped it edge up 0.1 per cent. Apple's suppliers, such as Murata Manufacturing and Taiyo Yuden, fell 2 per cent and 4 per cent, however, after Rosenblatt Securities cited a "fundamental deterioration" for the US gadget giant over the next 6-12 months. In Greater China, suppliers from Hon Hai to AAC Tech also lost between 1.4 per cent and 3.1 per cent and in Europe Infineon, ASM and STMicroelectronics slipped about 2 per cent. Among commodities, oil prices were slightly softer as concerns about whether slowing global growth would hit demand eclipsed tensions over Iran's nuclear programme. Brent crude futures fell 0.2 per cent to $64.01 a barrel. US West Texas Intermediate (WTI) crude futures shed 0.4 per cent to $57.46. Gold prices also ticked lower, as the dollar scaled its multi-week highs. Spot gold was down 0.2 per cent at $1,393.03 per ounce and US gold futures fell 0.3 per cent to $1,395.70 an ounce. Wall Street futures were 0.4 per cent to 0.6 percent lower. Elsewhere, the pound stood at 1.2485, not far from six-month lows of $1.2481 touched on Friday. Britain's parliament will weigh an amendment later aimed at ensuring it cannot be sidestepped if the next UK prime minister wants to pursue a no-deal Brexit divorce from the European Union. Overnight in Asia, MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.4 per cent but pared earlier losses, having traded at its lowest level since June 19. Chinese blue-chips ended down 0.3 per cent, while Hong Kong's Hang Seng fell by 0.7 per cent. Japan's Nikkei was the only outlier as gains in a few heavyweights in the index helped it edge up 0.1 per cent. Apple's suppliers, such as Murata Manufacturing and Taiyo Yuden, fell 2 per cent and 4 per cent, however, after Rosenblatt Securities cited a "fundamental deterioration" for the US gadget giant over the next 6-12 months. In Greater China, suppliers from Hon Hai to AAC Tech also lost between 1.4 per cent and 3.1 per cent and in Europe Infineon, ASM and STMicroelectronics slipped about 2 per cent. Among commodities, oil prices were slightly softer as concerns about whether slowing global growth would hit demand eclipsed tensions over Iran's nuclear programme. Brent crude futures fell 0.2 per cent to $64.01 a barrel. US West Texas Intermediate (WTI) crude futures shed 0.4 per cent to $57.46. Gold prices also ticked lower, as the dollar scaled its multi-week highs. Spot gold was down 0.2 per cent at $1,393.03 per ounce and US gold futures fell 0.3 per cent to $1,395.70 an ounce. Wall Street futures were 0.4 per cent to 0.6 percent lower.

World stocks drop for third day, BASF warning stings Europe

German biotech firm BioNTech has secured $325 million in a private financing round to boost its cancer immunotherapies pipeline, the company said on Tuesday.

Two-thirds of the money raised came from new investors, BioNTech said in a statement, adding that it would use the funds for research and development as well as its manufacturing infrastructure.

Earlier this year, people close to the matter told Reuters the company had hired banks to prepare an initial public offering which could value it at $4 billion.

Asked about the impact of the fresh funds on its plans to potentially float the company, a company official said BioNTech was still examining various financing options, reiterating earlier statements by the company.

In a first financing round in January 2018, the company secured $270 million.

BioNTech specialises in so-called messenger RNA (mRNA) molecules that instruct human cells to produce therapeutic proteins that trigger an immune response against cancer or infectious diseases. It also works on gene therapies and nanoparticles for cancer immunotherapy.

The company said the Struengmann family, which sold its generic drugs business Hexal to Novartis in 2005 and is already invested in BioNTech, was also among the donors in the second round of financing. It added that the family remained the main shareholder.

German biotech firm BioNTech has secured $325 million in a private financing round to boost its cancer immunotherapies pipeline, the company said on Tuesday. Two-thirds of the money raised came from new investors, BioNTech said in a statement, adding that it would use the funds for research and development as well as its manufacturing infrastructure.

German biotech firm BioNTech has secured $325 million in a private financing round to boost its cancer immunotherapies pipeline, the company said on Tuesday. Two-thirds of the money raised came from new investors, BioNTech said in a statement, adding that it would use the funds for research and development as well as its manufacturing infrastructure. Earlier this year, people close to the matter told Reuters the company had hired banks to prepare an initial public offering which could value it at $4 billion. Asked about the impact of the fresh funds on its plans to potentially float the company, a company official said BioNTech was still examining various financing options, reiterating earlier statements by the company. In a first financing round in January 2018, the company secured $270 million. BioNTech specialises in so-called messenger RNA (mRNA) molecules that instruct human cells to produce therapeutic proteins that trigger an immune response against cancer or infectious diseases. It also works on gene therapies and nanoparticles for cancer immunotherapy. The company said the Struengmann family, which sold its generic drugs business Hexal to Novartis in 2005 and is already invested in BioNTech, was also among the donors in the second round of financing. It added that the family remained the main shareholder.

Potential IPO candidate BioNTech secures $325 million in financing round

People packed the decks of the Japanese whale-watching boat, screaming in joy as a pod of orcas put on a show,&nbsp;splashing tails at each other, rolling over, and leaping out of the water.

In Kushiro, just 160 kilometres south of Rausu, where the four dozen people laughed and cheered, boats were setting off on Japan's first commercial whale hunt in 31 years.

Killed that day were two minke whales, which the boats in Rausu also search for glimpses of - a situation that whale-watching boat captain Masato Hasegawa confessed had him worried.&nbsp;

"They won't come into this area - it's a national park - or there'd be big trouble," the 57-year-old former pollock fisherman said. "And the whales we saw today, the sperm whales and orcas, aren't things they hunt."&nbsp;

"But we also watch minkes," he added. "If they take a lot in the (nearby) Sea of Okhotsk, we could well see a change, and that would be too bad for whale watching."

Whale-watching is a growing business around Japan, with popular spots from the southern Okinawa islands up to Rausu, a fishing village on the island of Hokkaido, so far north that it's closer to Russia than to Tokyo.

The number of whale watchers around <a href="https://www.wionews.com/world/after-decades-japan-resumes-commercial-whaling-amid-protests-231866">Japan</a> has more than doubled between 1998 and 2015, the latest year for which national data is available. One company in Okinawa had 18,000 customers between January and March this year.

In Rausu, 33,451 people packed tour boats last year for whale and bird watching, up 2,000 from 2017 and more than 9,000 higher than 2016. Many stays in local hotels, eat in local restaurants and buy local products such as sea urchins and seaweed.

"Of the tourist boat business, 65 per cent is whale watching," said Ikuyo Wakabayashi, executive director of the Shiretoko Rausu Tourism Association, who says the numbers grow substantially each year.

"You don't just see one type of whale here, you see lots of them," she said. "Whale-watching is a huge tourist resource for Rausu and this will continue, I hope."

Wakabayashi was drawn to Rausu by whale-watching; a native of the western city of <a href="https://www.wionews.com/world/g20-summit-officially-opens-in-japans-osaka-with-trade-tensions-looming-231047">Osaka</a>, she fell in love with the area after three trips there to see orcas.

"I thought this was an incredible place," she said. "Winters are tough, but it's so beautiful."

Hasegawa, who says he has a waiting list of customers in high season, has ordered a second boat.

"Right now, the lifestyle we have is good," Hasegawa said. "Better than it would have been with fishing."

Small Industry

The five whaling vessels moored at Kushiro port on Sunday, the night before the hunt resumed, were well-used and well-maintained. Crew members came and went, carrying groceries or towels, heading for a public bath.

Barely 300 people are directly involved with whaling around Japan, and though the government maintains whale meat is an important part of food culture, the amount consumed annually has fallen to only 0.1 per cent of total meat consumption.

Yet Japan, under Prime Minister Shinzo Abe - himself from a whaling district - left the International Whaling Commission (IWC) and returned to commercial whaling on July 1.

Whaling advocates, such as Yoshifumi Kai, head of the Japan Small-type Whaling Association, celebrated the hunt.

"We endured for 31 years, but now it's all worth it," he said in Kushiro on Monday night after the first minkes were brought in to be butchered. "They'll be whaling for a week here, we may have more."

Everybody acknowledges that rebuilding demand could be tough after decades of a whale being a pricey, hard-to-find food. Consumption was widespread after World War Two, when an impoverished Japan needed cheap protein, but fell off after the early 1960s as other meat grew cheaper.

"Japan has so much to eat now that food is thrown out, so we don't expect demand for whale will rise that fast," said Kazuo Yamamura, president of the Japan Whaling Association.

"But looking to the future, if you don't eat whale, you forget that it's a food," he said. "If you eat it in school lunches, you'll remember that you'll remember that it's good."

Pro-whaling lawmaker Kiyoshi Ejima said that subsidies were unlikely, but that the government should be careful not to let the industry founder. About 5.1 billion yen ($47.31 million) was budgeted for whaling in 2019.

"If we pull away from our hands too soon, a lot of companies will fail," he added.

The goal of selling whale throughout Japan may be impractical, said Joji Morishita, Japan's former IWC commissioner.

"The alternative ... is to just limit the supply of whale meat to some of the major places in Japan that have a good tradition of whale eating," Morishita said, adding that the meat is difficult to thaw and cook.

In areas for which whaling is a tradition, this niche market could promote tourism, which Abe has made a pillar of his economic plan.

"Whale eating in a sense is ideal - it's different, it's well-known, and for better or worse, it's very famous," Morishita said. "Taking advantage of this IWC withdrawal, I think there are business changes that are viable."

Whales Up Close

For Rausu, on Hokkaido's remote Shiretoko Peninsula, the viable business is whale watching.

Foxes run through the streets of the city's downtown, which clings to a narrow strip of land below mountains and faces the Nemuro Strait. Summer often brings thick fog, while winter storms can leave waist-high drifts.

Though fishing was long Rausu's economic backbone, the industry has taken a hit from declining fish stocks, which locals blame on Russian trawlers and falling prices. The population has dropped by several hundred annually, slipping below 5,000 this year.

Hasegawa, a fourth-generation fisherman, began his tour boat business in 2006. Though the first few years were a struggle, he is now happy with his choice as Rausu's reputation grows globally.

On a recent weekday, customers packed the parking lot at a wharf lined with squid-fishing boats, waiting to board Hasegawa's boat and those of three other companies. Hasegawa's customers came from all over Japan and several foreign countries.

"Today there were more (whale) jumps than usual; it was fantastic," said Kiyoko Ogi, a 47-year-old Tokyo bus driver who's been whale-watching in Rausu three times. "I'm opposed to commercial whaling; seeing whales close is so exciting."

Whale hunting was never big in Rausu, and though Hasegawa said there once was "trouble" with people hunting small Baird's beaked whales nearby, those fishermen now stay far from the tours and will tell him where to find orcas and sperm whales.

But he's dubious about whether demand for whale meat will ever pick up. Restaurants and hotels in Rausu avoid serving it.

"We get a lot of kids in summer vacations. If you tell them on the boat that 'this is the whale we ate last night,' they'd cry," he said.

"If they serve whale, nobody from overseas will come, especially Europeans," he added. "Given that the national government is trying to woo overseas tourists so much, its thinking (on whaling) seems a bit wrong."

People packed the decks of the Japanese whale-watching boat, screaming in joy as a pod of orcas put on a show, splashing tails at each other, rolling over, and leaping out of the water.

People packed the decks of the Japanese whale-watching boat, screaming in joy as a pod of orcas put on a show, splashing tails at each other, rolling over, and leaping out of the water. In Kushiro, just 160 kilometres south of Rausu, where the four dozen people laughed and cheered, boats were setting off on Japan's first commercial whale hunt in 31 years. Killed that day were two minke whales, which the boats in Rausu also search for glimpses of - a situation that whale-watching boat captain Masato Hasegawa confessed had him worried. "They won't come into this area - it's a national park - or there'd be big trouble," the 57-year-old former pollock fisherman said. "And the whales we saw today, the sperm whales and orcas, aren't things they hunt." "But we also watch minkes," he added. "If they take a lot in the (nearby) Sea of Okhotsk, we could well see a change, and that would be too bad for whale watching." Whale-watching is a growing business around Japan, with popular spots from the southern Okinawa islands up to Rausu, a fishing village on the island of Hokkaido, so far north that it's closer to Russia than to Tokyo. The number of whale watchers around Japan has more than doubled between 1998 and 2015, the latest year for which national data is available. One company in Okinawa had 18,000 customers between January and March this year. In Rausu, 33,451 people packed tour boats last year for whale and bird watching, up 2,000 from 2017 and more than 9,000 higher than 2016. Many stays in local hotels, eat in local restaurants and buy local products such as sea urchins and seaweed. "Of the tourist boat business, 65 per cent is whale watching," said Ikuyo Wakabayashi, executive director of the Shiretoko Rausu Tourism Association, who says the numbers grow substantially each year. "You don't just see one type of whale here, you see lots of them," she said. "Whale-watching is a huge tourist resource for Rausu and this will continue, I hope." Wakabayashi was drawn to Rausu by whale-watching; a native of the western city of Osaka, she fell in love with the area after three trips there to see orcas. "I thought this was an incredible place," she said. "Winters are tough, but it's so beautiful." Hasegawa, who says he has a waiting list of customers in high season, has ordered a second boat. "Right now, the lifestyle we have is good," Hasegawa said. "Better than it would have been with fishing." Small Industry The five whaling vessels moored at Kushiro port on Sunday, the night before the hunt resumed, were well-used and well-maintained. Crew members came and went, carrying groceries or towels, heading for a public bath. Barely 300 people are directly involved with whaling around Japan, and though the government maintains whale meat is an important part of food culture, the amount consumed annually has fallen to only 0.1 per cent of total meat consumption. Yet Japan, under Prime Minister Shinzo Abe - himself from a whaling district - left the International Whaling Commission (IWC) and returned to commercial whaling on July 1. Whaling advocates, such as Yoshifumi Kai, head of the Japan Small-type Whaling Association, celebrated the hunt. "We endured for 31 years, but now it's all worth it," he said in Kushiro on Monday night after the first minkes were brought in to be butchered. "They'll be whaling for a week here, we may have more." Everybody acknowledges that rebuilding demand could be tough after decades of a whale being a pricey, hard-to-find food. Consumption was widespread after World War Two, when an impoverished Japan needed cheap protein, but fell off after the early 1960s as other meat grew cheaper. "Japan has so much to eat now that food is thrown out, so we don't expect demand for whale will rise that fast," said Kazuo Yamamura, president of the Japan Whaling Association. "But looking to the future, if you don't eat whale, you forget that it's a food," he said. "If you eat it in school lunches, you'll remember that you'll remember that it's good." Pro-whaling lawmaker Kiyoshi Ejima said that subsidies were unlikely, but that the government should be careful not to let the industry founder. About 5.1 billion yen ($47.31 million) was budgeted for whaling in 2019. "If we pull away from our hands too soon, a lot of companies will fail," he added. The goal of selling whale throughout Japan may be impractical, said Joji Morishita, Japan's former IWC commissioner. "The alternative ... is to just limit the supply of whale meat to some of the major places in Japan that have a good tradition of whale eating," Morishita said, adding that the meat is difficult to thaw and cook. In areas for which whaling is a tradition, this niche market could promote tourism, which Abe has made a pillar of his economic plan. "Whale eating in a sense is ideal - it's different, it's well-known, and for better or worse, it's very famous," Morishita said. "Taking advantage of this IWC withdrawal, I think there are business changes that are viable." Whales Up Close For Rausu, on Hokkaido's remote Shiretoko Peninsula, the viable business is whale watching. Foxes run through the streets of the city's downtown, which clings to a narrow strip of land below mountains and faces the Nemuro Strait. Summer often brings thick fog, while winter storms can leave waist-high drifts. Though fishing was long Rausu's economic backbone, the industry has taken a hit from declining fish stocks, which locals blame on Russian trawlers and falling prices. The population has dropped by several hundred annually, slipping below 5,000 this year. Hasegawa, a fourth-generation fisherman, began his tour boat business in 2006. Though the first few years were a struggle, he is now happy with his choice as Rausu's reputation grows globally. On a recent weekday, customers packed the parking lot at a wharf lined with squid-fishing boats, waiting to board Hasegawa's boat and those of three other companies. Hasegawa's customers came from all over Japan and several foreign countries. "Today there were more (whale) jumps than usual; it was fantastic," said Kiyoko Ogi, a 47-year-old Tokyo bus driver who's been whale-watching in Rausu three times. "I'm opposed to commercial whaling; seeing whales close is so exciting." Whale hunting was never big in Rausu, and though Hasegawa said there once was "trouble" with people hunting small Baird's beaked whales nearby, those fishermen now stay far from the tours and will tell him where to find orcas and sperm whales. But he's dubious about whether demand for whale meat will ever pick up. Restaurants and hotels in Rausu avoid serving it. "We get a lot of kids in summer vacations. If you tell them on the boat that 'this is the whale we ate last night,' they'd cry," he said. "If they serve whale, nobody from overseas will come, especially Europeans," he added. "Given that the national government is trying to woo overseas tourists so much, its thinking (on whaling) seems a bit wrong."

In Japan, the business of watching whales overshadows resumption of hunt

<a href="https://www.wionews.com/world/apple-design-chief-jony-ive-steve-jobs-confidant-to-leave-and-start-own-firm-231020">Apple Inc</a> will likely see a surge in services revenue in the third quarter, charged by app store developer revenue and renewed growth in China, critical areas for the future as the iPhone maker faces a maturing smartphone market, Evercore ISI said on Tuesday.

Rosenblatt Securities on Monday downgraded Apple shares to "sell" from "neutral", citing the probability of disappointing new iPhone sales.

With Apple focusing more on the services business, Evercore said it expects total App Store developer revenue to grow 18 per cent to about $9 billion in the third quarter. Apple is due to report results on July 30.

"We think there is likely upside ahead when it comes to services revenues in the June-quarter, driven by a sizable acceleration in China-centric markets," analyst Amit Daryanani said in a note.

<a href="https://www.wionews.com/world/apple-explores-moving-15-30-of-production-capacity-from-china-to-southeast-asia-report-228703">China is a key market for Apple </a>as well as a major production center for its devices. The company earned nearly 18 per cent of its total revenue from Greater China in the quarter ended March.

"The reacceleration of growth in China is encouraging, while most other growth trends held stable," Daryanani said.

China and services revenue will be key areas as the company shifts its strategy from focusing on hardware sales.

App Store is a key driver of Apple's services segment, which brought in $37.1 billion in revenue last year. The company had earlier this year attempted to reintroduce itself as an entertainment and financial services company with new launches, including a TV streaming service.

Meanwhile, JP Morgan turned positive on its volume outlook for iPhone shipments in 2020 in a note on Monday. The brokerage raised its price target on the stock to $239 from $233.

Apple shares closed down 2.1 per cent at $200.20 on Monday, after Rosenblatt analyst Jun Zhang said: "new iPhone sales will be disappointing".

He expects the company to face "fundamental deterioration" in the next six to 12 months.

Evercore and JP Morgan have a buy or higher rating on the stock.

Apple Inc will likely see a surge in services revenue in the third quarter, charged by app store developer revenue and renewed growth in China, critical areas for the future as the iPhone maker faces a maturing smartphone market, Evercore ISI said on Tuesday.

Apple Inc will likely see a surge in services revenue in the third quarter, charged by app store developer revenue and renewed growth in China, critical areas for the future as the iPhone maker faces a maturing smartphone market, Evercore ISI said on Tuesday. Rosenblatt Securities on Monday downgraded Apple shares to "sell" from "neutral", citing the probability of disappointing new iPhone sales. With Apple focusing more on the services business, Evercore said it expects total App Store developer revenue to grow 18 per cent to about $9 billion in the third quarter. Apple is due to report results on July 30. "We think there is likely upside ahead when it comes to services revenues in the June-quarter, driven by a sizable acceleration in China-centric markets," analyst Amit Daryanani said in a note. China is a key market for Apple as well as a major production center for its devices. The company earned nearly 18 per cent of its total revenue from Greater China in the quarter ended March. "The reacceleration of growth in China is encouraging, while most other growth trends held stable," Daryanani said. China and services revenue will be key areas as the company shifts its strategy from focusing on hardware sales. App Store is a key driver of Apple's services segment, which brought in $37.1 billion in revenue last year. The company had earlier this year attempted to reintroduce itself as an entertainment and financial services company with new launches, including a TV streaming service. Meanwhile, JP Morgan turned positive on its volume outlook for iPhone shipments in 2020 in a note on Monday. The brokerage raised its price target on the stock to $239 from $233. Apple shares closed down 2.1 per cent at $200.20 on Monday, after Rosenblatt analyst Jun Zhang said: "new iPhone sales will be disappointing". He expects the company to face "fundamental deterioration" in the next six to 12 months. Evercore and JP Morgan have a buy or higher rating on the stock.

Apple likely to see surge in third quarter revenue charged by China: Analyst