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The Manipur government is facing an acute financial crisis. At the root of this crisis is the Reserve Bank of India (RBI) which monitors and controls the banking system in India.

The crisis stems from an order of the RBI to stop all kinds of payments to the Manipur government since it has withdrawn more than the approved amount of overdraft cash.

The overdraft cash is a kind of arrangement made by state governments with the Centre where they can withdraw certain amount of cash. The Manipur government is reportedly facing overdraft of nearly Rs 300 crore.

Most of the state governments are usually in deficit and they keep borrowing from Centre. So, a mechanism of overdraft has been created by the Centre to help state governments financially.

A letter by RBI assistant general manager Anita Kumari to State Bank of India has asked all the payments to Manipur government to be stopped (bills and cheques).

As a result of this order, Chief Minister N Biren Singh has put on hold all the appointments and is meeting his Cabinet ministers and bank officials to find a way to deal with the crisis.

The salaries of government employees in Manipur will also be affected due to this.

The Manipur government is facing an acute financial crisis. At the root of this crisis is the Reserve Bank of India (RBI) which monitors and controls the banking system in India.

The Manipur government is facing an acute financial crisis. At the root of this crisis is the Reserve Bank of India (RBI) which monitors and controls the banking system in India. The crisis stems from an order of the RBI to stop all kinds of payments to the Manipur government since it has withdrawn more than the approved amount of overdraft cash. The overdraft cash is a kind of arrangement made by state governments with the Centre where they can withdraw certain amount of cash. The Manipur government is reportedly facing overdraft of nearly Rs 300 crore. Most of the state governments are usually in deficit and they keep borrowing from Centre. So, a mechanism of overdraft has been created by the Centre to help state governments financially. A letter by RBI assistant general manager Anita Kumari to State Bank of India has asked all the payments to Manipur government to be stopped (bills and cheques). As a result of this order, Chief Minister N Biren Singh has put on hold all the appointments and is meeting his Cabinet ministers and bank officials to find a way to deal with the crisis. The salaries of government employees in Manipur will also be affected due to this.

Overdraft haunts Manipur government, employees to suffer

<a href="https://www.wionews.com/business-economy/oil-prices-fall-on-weak-demand-growth-rise-in-us-crude-stocks-226381">Oil prices fell</a> for a second day on Thursday, extending declines of as much as 4% in the previous session, on continued increases in <a href="https://www.wionews.com/world/oil-prices-fall-on-surging-us-crude-stockpiles-economic-concerns-220779">US &nbsp;crude stockpiles</a> and concerns about lower demand growth.

Brent crude futures were down 6 cents, or 0.1%, at $59.91 a barrel by 0336 GMT after earlier rising slightly. Prices fell 3.7% on Wednesday to settle at $59.97, the international benchmark's lowest close since Jan. 28.

US West Texas Intermediate crude futures were down 8 cents, or 0.2%, at $51.06 a barrel. They fell 4% in the previous session to $51.14, the lowest close since Jan. 14.

"It was a brutal move, sheer panic," said Stephen Innes, managing partner at Vanguard Markets.

The US Energy Information Administration (EIA) on Wednesday reported crude stockpiles rose unexpectedly for a second week in a row, climbing 2.2 million barrels last week after analysts had forecast a decrease of 481,000 barrels.

At 485.5 million barrels, US commercial stocks were at their highest since July 2017 and about 8% above the five-year average for this time of year, it said.

On Tuesday, the EIA cut its forecasts for 2019 world oil demand growth.

The negative outlook is prompting hedge fund managers to exit oil positions at the fastest rate since the fourth quarter of 2018 due to increasing fears about the health of the global economy.

The escalating trade war between the United States and China, the world's two biggest oil consumers, is causing the most concern among oil analysts, with consultants and banks cutting their demand growth forecasts.

Goldman Sachs said on Wednesday an uncertain macroeconomic outlook and volatile oil production from Iran and others could cause the Organization of the Petroleum Exporting Countries (OPEC) to roll oversupply cuts it has enacted with other producers.

OPEC and non-member producers including Russia have limited their oil output by 1.2 million barrels per day this year to prop up prices.

OPEC is set to meet at the end of June through a meeting of the wider producers that agreed to the cuts, known as OPEC+, may not occur until early July.

While officials from some OPEC members have said that the larger OPEC+ group will likely roll over the cuts, Algeria has proposed increasing the reductions, according to four sources familiar with the matter.

However, Goldman believes the producers will maintain the current supply levels.

"Fundamental uncertainty on the current and forward states of the global oil market is high," Goldman said.

"We believe that this will lead the group to roll forward its current agreement, with likely no change to country level quotas given the difficulty in determining required production levels in coming months," the bank's analysts said.

Oil prices fell for a second day on Thursday, extending declines of as much as 4% in the previous session, on continued increases in US crude stockpiles and concerns about lower demand growth.

Oil prices fell for a second day on Thursday, extending declines of as much as 4% in the previous session, on continued increases in US crude stockpiles and concerns about lower demand growth. Brent crude futures were down 6 cents, or 0.1%, at $59.91 a barrel by 0336 GMT after earlier rising slightly. Prices fell 3.7% on Wednesday to settle at $59.97, the international benchmark's lowest close since Jan. 28. US West Texas Intermediate crude futures were down 8 cents, or 0.2%, at $51.06 a barrel. They fell 4% in the previous session to $51.14, the lowest close since Jan. 14. "It was a brutal move, sheer panic," said Stephen Innes, managing partner at Vanguard Markets. The US Energy Information Administration (EIA) on Wednesday reported crude stockpiles rose unexpectedly for a second week in a row, climbing 2.2 million barrels last week after analysts had forecast a decrease of 481,000 barrels. At 485.5 million barrels, US commercial stocks were at their highest since July 2017 and about 8% above the five-year average for this time of year, it said. On Tuesday, the EIA cut its forecasts for 2019 world oil demand growth. The negative outlook is prompting hedge fund managers to exit oil positions at the fastest rate since the fourth quarter of 2018 due to increasing fears about the health of the global economy. The escalating trade war between the United States and China, the world's two biggest oil consumers, is causing the most concern among oil analysts, with consultants and banks cutting their demand growth forecasts. Goldman Sachs said on Wednesday an uncertain macroeconomic outlook and volatile oil production from Iran and others could cause the Organization of the Petroleum Exporting Countries (OPEC) to roll oversupply cuts it has enacted with other producers. OPEC and non-member producers including Russia have limited their oil output by 1.2 million barrels per day this year to prop up prices. OPEC is set to meet at the end of June through a meeting of the wider producers that agreed to the cuts, known as OPEC+, may not occur until early July. While officials from some OPEC members have said that the larger OPEC+ group will likely roll over the cuts, Algeria has proposed increasing the reductions, according to four sources familiar with the matter. However, Goldman believes the producers will maintain the current supply levels. "Fundamental uncertainty on the current and forward states of the global oil market is high," Goldman said. "We believe that this will lead the group to roll forward its current agreement, with likely no change to country level quotas given the difficulty in determining required production levels in coming months," the bank's analysts said.

Oil extends decline after slump on high inventories, demand outlook

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The rupee appreciated by 8 paise to 69.38 against the US dollar in opening trade Wednesday, driven by easing crude oil prices and foreign fund inflows.

Forex traders said the weakening of the greenback vis-a-vis some major currencies overseas aided the local unit. However, a weak opening in domestic equities weighed on the domestic currency.

The rupee opened strong at 69.38 at the interbank forex market, then gained further ground and touched 69.36, displaying gains of 8 paise over its last close.

The local unit, however, pared some gains and was trading at 69.38, up 6 paise from its previous close at 1005 hrs.

The rupee had settled at 69.44 against the US dollar Tuesday.

Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 95.79 crore Tuesday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, eased 1.43 per cent to US $61.40 per barrel.

Domestic bourses opened on a bearish note Wednesday with benchmark indices Sensex trading 202.24 points down at 39,748.22 and Nifty down 57.65 points at 11,907.95.

The rupee appreciated by 8 paise to 69.38 against the US dollar in opening trade Wednesday, driven by easing crude oil prices and foreign fund inflows. Forex traders said the weakening of the greenback vis-a-vis some major currencies overseas aided the local unit.

The rupee appreciated by 8 paise to 69.38 against the US dollar in opening trade Wednesday, driven by easing crude oil prices and foreign fund inflows. Forex traders said the weakening of the greenback vis-a-vis some major currencies overseas aided the local unit. However, a weak opening in domestic equities weighed on the domestic currency. The rupee opened strong at 69.38 at the interbank forex market, then gained further ground and touched 69.36, displaying gains of 8 paise over its last close. The local unit, however, pared some gains and was trading at 69.38, up 6 paise from its previous close at 1005 hrs. The rupee had settled at 69.44 against the US dollar Tuesday. Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 95.79 crore Tuesday, according to provisional exchange data. Brent crude futures, the global oil benchmark, eased 1.43 per cent to US $61.40 per barrel. Domestic bourses opened on a bearish note Wednesday with benchmark indices Sensex trading 202.24 points down at 39,748.22 and Nifty down 57.65 points at 11,907.95.

Rupee rises 8 paise to 69.38 vs US dollar in early trade

Domestic equity benchmark BSE Sensex fell over 150 points in early trade Wednesday dragged by losses in banking and IT stocks amid negative global cues.

The 30-share index was trading 158.33 points, or 0.40 per cent, lower at 39,792.13 at 0940 hours. Similarly, the broader NSE Nifty was quoting 44.95 points, or 0.38 per cent, down at 11,920.65.&nbsp;&nbsp; &nbsp;&nbsp;

Top losers include Yes Bank, Bajaj Auto, Bharti Airtel, HCL Tech, HDFC twins, Kotak Bank, TCS and Infosys, shedding up to 2.55 per cent.

On the other hand, Vedanta, Tata Steel, IndusInd Bank, Sun Pharma, Asian Paints, RIL and ITC fell up to 1.25 per cent.

According to experts, market mood turned negative tracking weak cues from other Asian markets amid escalation trade war tension between the US and China.

US President Donald Trump Tuesday said he was not interested in a trade deal unless China agreed to four-five major points. "We had a deal with China and then they went back on the deal. They said, 'We don't want to have four major points, five major points'. So we changed it. But we had a deal with China. Unless they go back to that deal, I have no interest," he said.

Investors were also cautious ahead of the release of inflation numbers, scheduled for release later in the day, traders said.

Elsewhere in Asia, bourses in China, Japan and Korea were trading on a weak note in their respective early sessions.

On the currency front, the Indian rupee appreciated 7 paise to 69.37 against the US dollar.

The global oil benchmark Brent crude futures were trading 1.36 per cent lower at 61.44 per barrel. 
In the previous session on Tuesday, the BSE gauge rose 165.94 points, or 0.42 per cent, to close at 39,950.46; while the Nifty gained 42.90 points, or 0.36 per cent, to settle at 11,965.60.

Foreign institutional investors bought equity worth Rs 95.79 crore, while domestic institutional investors sold shares to the tune of Rs 151.01 crore, provisional data available with stock exchanges showed on Tuesday.

Domestic equity benchmark BSE Sensex fell over 150 points in early trade Wednesday dragged by losses in banking and IT stocks amid negative global cues. The 30-share index was trading 158.

Domestic equity benchmark BSE Sensex fell over 150 points in early trade Wednesday dragged by losses in banking and IT stocks amid negative global cues. The 30-share index was trading 158.33 points, or 0.40 per cent, lower at 39,792.13 at 0940 hours. Similarly, the broader NSE Nifty was quoting 44.95 points, or 0.38 per cent, down at 11,920.65. Top losers include Yes Bank, Bajaj Auto, Bharti Airtel, HCL Tech, HDFC twins, Kotak Bank, TCS and Infosys, shedding up to 2.55 per cent. On the other hand, Vedanta, Tata Steel, IndusInd Bank, Sun Pharma, Asian Paints, RIL and ITC fell up to 1.25 per cent. According to experts, market mood turned negative tracking weak cues from other Asian markets amid escalation trade war tension between the US and China. US President Donald Trump Tuesday said he was not interested in a trade deal unless China agreed to four-five major points. "We had a deal with China and then they went back on the deal. They said, 'We don't want to have four major points, five major points'. So we changed it. But we had a deal with China. Unless they go back to that deal, I have no interest," he said. Investors were also cautious ahead of the release of inflation numbers, scheduled for release later in the day, traders said. Elsewhere in Asia, bourses in China, Japan and Korea were trading on a weak note in their respective early sessions. On the currency front, the Indian rupee appreciated 7 paise to 69.37 against the US dollar. The global oil benchmark Brent crude futures were trading 1.36 per cent lower at 61.44 per barrel. In the previous session on Tuesday, the BSE gauge rose 165.94 points, or 0.42 per cent, to close at 39,950.46; while the Nifty gained 42.90 points, or 0.36 per cent, to settle at 11,965.60. Foreign institutional investors bought equity worth Rs 95.79 crore, while domestic institutional investors sold shares to the tune of Rs 151.01 crore, provisional data available with stock exchanges showed on Tuesday.

Sensex falls over 150 points; banking, IT stocks drag

Consumer goods group <a href="https://www.wionews.com/world/pepsico-results-beat-as-new-ceos-ad-push-lifts-sales-211980">Reckitt Benckiser has picked PepsiCo</a> executive Laxman Narasimhan as its next chief executive, becoming the latest industry heavyweight to turn to a company outsider to tackle faltering growth and new media-savvy rivals.

Narasimhan, PepsiCo's global chief commercial officer, is the first external candidate to be appointed as CEO at Reckitt since the maker of Durex condoms, Nurofen tablets and Dettol cleaners were formed in 1999.

The 52-year-old takes over as CEO on September 1, replacing Rakesh Kapoor, 60, who has led Reckitt for more than eight years and said in January he would retire this year.

Analysts welcomed the appointment, saying the new CEO would inject a fresh perspective to a company facing industrywide challenges to growth, though some said it raised doubts about the fate of Reckitt's restructuring plan.

The appointment is the latest in a series of external hirings as major consumer goods groups look to make up ground lost to smaller brands that have done a better job selling online and connecting with millennials on social media, while also facing investor pressure to boost efficiency.

Analysts had tipped Reckitt's health division operations chief Aditya Sehgal and hygiene home president Rob de Groot as potential internal successors to Kapoor.

In the end, Narasimhan's experience running large scale consumer businesses in developed and emerging markets helped him beat out 60 candidates reviewed for the job, Reckitt Benckiser Chairman Chris Sinclair told Reuters.

"He has got great perspective, but first and foremost we saw him as a consumerist and a consumer marketer and that's what set him apart," Sinclair said.

At PepsiCo, the chief commercial officer position held by Narasimhan will now be filled by the company's Greater China CEO Ram Krishnan, the US drinks maker said.

As well as industry challenges, Reckitt has faced company-specific setbacks in recent years, including a safety scandal in South Korea, a failed product launch and a cyber attack.

Kapoor launched a restructuring plan, dubbed RB 2.0, to split the group into two business units, one for health and one for hygiene and home products - under the same parent company.

Reckitt said on Wednesday Narasimhan would be charged with delivering the plan, due to be completed in 2020, but some analysts suggested he might have other ideas.

"The appointment of a new, external CEO is bound to raise questions regarding the timing of the end of the group's RB 2.0 plan and whether it will ultimately lead to a split of the company," Liberum analyst Robert Waldschmidt said.

Sinclair, however, said Reckitt was on track to complete the 2.0 program by mid or late 2020 and that Narasimhan agreed with the plan.

Fresh Perspective

Jefferies analyst Martin Deboo questioned why a company already smaller than rivals Procter &amp; Gamble and Unilever wanted to "descale itself", which could hobble its ability to compete in emerging markets.

Reckitt shares were up 1.6% in afternoon trading on the London Stock Exchange.

At least three analysts welcomed Narasimhan's appointment.

"Narasimhan's strategic and leadership background make him a strong fit for Reckitt. We believe he will bring a fresh perspective to both the business and to investors," Morgan Stanley analyst Richard Taylor wrote in a note.

Narasimhan led Strategy, Global Category Groups and Global R&amp;D in his capacity as Chief Commercial Officer at PepsiCo.

Prior to that, he headed the beverage maker's Latin America, Europe and Sub-Saharan Africa operations, managing annual sales of 14.5 billion pounds ($18.5 billion) - more than the total annual sales of Reckitt Benckiser. At one time he was also a chief financial officer of the group's Americas Foods business.

Narasimhan studied mechanical engineering in India before moving to the United States for an MBA degree. Before joining PepsiCo, he worked at consultants McKinsey for two decades, where he advised on large consumer and healthcare deals.

Consumer goods group Reckitt Benckiser has picked PepsiCo executive Laxman Narasimhan as its next chief executive, becoming the latest industry heavyweight to turn to a company outsider to tackle faltering growth and new media-savvy rivals.

Consumer goods group Reckitt Benckiser has picked PepsiCo executive Laxman Narasimhan as its next chief executive, becoming the latest industry heavyweight to turn to a company outsider to tackle faltering growth and new media-savvy rivals. Narasimhan, PepsiCo's global chief commercial officer, is the first external candidate to be appointed as CEO at Reckitt since the maker of Durex condoms, Nurofen tablets and Dettol cleaners were formed in 1999. The 52-year-old takes over as CEO on September 1, replacing Rakesh Kapoor, 60, who has led Reckitt for more than eight years and said in January he would retire this year. Analysts welcomed the appointment, saying the new CEO would inject a fresh perspective to a company facing industrywide challenges to growth, though some said it raised doubts about the fate of Reckitt's restructuring plan. The appointment is the latest in a series of external hirings as major consumer goods groups look to make up ground lost to smaller brands that have done a better job selling online and connecting with millennials on social media, while also facing investor pressure to boost efficiency. Analysts had tipped Reckitt's health division operations chief Aditya Sehgal and hygiene home president Rob de Groot as potential internal successors to Kapoor. In the end, Narasimhan's experience running large scale consumer businesses in developed and emerging markets helped him beat out 60 candidates reviewed for the job, Reckitt Benckiser Chairman Chris Sinclair told Reuters. "He has got great perspective, but first and foremost we saw him as a consumerist and a consumer marketer and that's what set him apart," Sinclair said. At PepsiCo, the chief commercial officer position held by Narasimhan will now be filled by the company's Greater China CEO Ram Krishnan, the US drinks maker said. As well as industry challenges, Reckitt has faced company-specific setbacks in recent years, including a safety scandal in South Korea, a failed product launch and a cyber attack. Kapoor launched a restructuring plan, dubbed RB 2.0, to split the group into two business units, one for health and one for hygiene and home products - under the same parent company. Reckitt said on Wednesday Narasimhan would be charged with delivering the plan, due to be completed in 2020, but some analysts suggested he might have other ideas. "The appointment of a new, external CEO is bound to raise questions regarding the timing of the end of the group's RB 2.0 plan and whether it will ultimately lead to a split of the company," Liberum analyst Robert Waldschmidt said. Sinclair, however, said Reckitt was on track to complete the 2.0 program by mid or late 2020 and that Narasimhan agreed with the plan. Fresh Perspective Jefferies analyst Martin Deboo questioned why a company already smaller than rivals Procter & Gamble and Unilever wanted to "descale itself", which could hobble its ability to compete in emerging markets. Reckitt shares were up 1.6% in afternoon trading on the London Stock Exchange. At least three analysts welcomed Narasimhan's appointment. "Narasimhan's strategic and leadership background make him a strong fit for Reckitt. We believe he will bring a fresh perspective to both the business and to investors," Morgan Stanley analyst Richard Taylor wrote in a note. Narasimhan led Strategy, Global Category Groups and Global R&D in his capacity as Chief Commercial Officer at PepsiCo. Prior to that, he headed the beverage maker's Latin America, Europe and Sub-Saharan Africa operations, managing annual sales of 14.5 billion pounds ($18.5 billion) - more than the total annual sales of Reckitt Benckiser. At one time he was also a chief financial officer of the group's Americas Foods business. Narasimhan studied mechanical engineering in India before moving to the United States for an MBA degree. Before joining PepsiCo, he worked at consultants McKinsey for two decades, where he advised on large consumer and healthcare deals.

Reckitt picks PepsiCo executive as CEO, going outside for first time

<a href="https://www.wionews.com/world/ride-hailing-drivers-in-new-york-to-strike-ahead-of-uber-ipo-216037">Uber Technologies Inc </a>on Wednesday will unveil its newest Volvo self-driving car in Washington as it works to eventually deploy vehicles without drivers under some limited conditions.

Uber said the new production XC90 will be assembled by Volvo Cars in Sweden and have human controls like steering wheels and brake pedals, but added it has factory-installed steering and braking systems designed for computer rather than human control.

Previously, Uber had purchased about 250 Volvo XC90 SUVs and retrofitted them for self-driving use.

The new vehicles - known by the internal code number 519G and under development for several years - are safer, more reliable and will "soon" replace the older vehicles in Uber's fleet, said Eric Meyhofer, the head of Uber's Advanced Technologies Group.

"This is about going to production," said Meyhofer in an interview at an Uber conference in Washington Tuesday.

The new vehicle also has several back-up systems for both steering and braking functions as well as battery back-up power and new cybersecurity systems.

Uber is not ready to deploy vehicles without human controls, Meyhofer said.

"We're still in a real hybrid state," Meyhofer said. "We have to get there and we're not going to get to thousands of cars in a city overnight. It's going to be a slower introduction."

The new XC90 vehicles have an interior fish-eye camera to scan for lost items, Uber said. They also do not have sunroofs since the self-driving vehicles have large sensors on the roof and are equipped with auto-close doors to prevent an unsafe departure.

Uber, which has taken delivery of about a dozen prototypes of the new vehicle but has not yet deployed them on public roads, said the car's "self-driving system will one day allow for safe, reliable autonomous ridesharing without the need" for a safe driver.

Asked if Uber will deploy self-driving cars without safety drivers in limited areas in the next few years, Meyhofer said, "yes - way before that." But he added that Uber wants to be in "the good graces of public trust and regulatory trust" before making the business decision to deploy.

In December, Uber resumed limited self-driving car testing on public roads in Pittsburgh, nine months after it suspended the program following a deadly accident in Arizona.

In March 2018, authorities in Arizona suspended Uber's ability to test its self-driving cars after one of its XC90 cars hit and killed a woman crossing the street at night in the Phoenix suburb of Tempe, Uber's largest testing hub. The crash was the first death attributed to a self-driving vehicle.

In March 2019, prosecutors in Arizona said the company was not criminally liable in the self-driving crash and would not pursue charges. Uber ended testing in Arizona but plans to eventually resume testing in Toronto and San Francisco, Meyhofer said.

The death prompted significant safety concerns about the nascent self-driving car industry, which is racing to get vehicles into commercial use.

Volvo Cars Chief Executive Hakan Samuelsson said in a statement that "by the middle of the next decade we expect one-third of all cars we sell to be fully autonomous".

Volvo Cars, which is owned by China's Geely Automobile Holdings Ltd, will use a similar autonomous base vehicle concept for the introduction of its first commercially available autonomous drive technology in the early 2020s.

Volvo and Uber said in 2017 that the rideshare company planned to buy up to 24,000 self-driving cars from Volvo from 2019 to 2021 using the self-driving system developed by Uber's Advanced Technologies Group. An Uber spokeswoman said Tuesday that the company plans "to work with Volvo on tens of thousands of vehicles in the future."

Other companies are also working to deploy self-driving vehicles in limited areas.

General Motors Co in January 2018 sought permission from US regulators to deploy a ride-sharing fleet of driverless cars without steering wheels or other human controls before the end of 2019 but is still struggling to win regulatory approval. Alphabet Inc's Waymo unit is operating a robotaxi service in Arizona and said last month it is partnering with Lyft Inc to serve more riders.

Uber Technologies Inc on Wednesday will unveil its newest Volvo self-driving car in Washington as it works to eventually deploy vehicles without drivers under some limited conditions.

Uber Technologies Inc on Wednesday will unveil its newest Volvo self-driving car in Washington as it works to eventually deploy vehicles without drivers under some limited conditions. Uber said the new production XC90 will be assembled by Volvo Cars in Sweden and have human controls like steering wheels and brake pedals, but added it has factory-installed steering and braking systems designed for computer rather than human control. Previously, Uber had purchased about 250 Volvo XC90 SUVs and retrofitted them for self-driving use. The new vehicles - known by the internal code number 519G and under development for several years - are safer, more reliable and will "soon" replace the older vehicles in Uber's fleet, said Eric Meyhofer, the head of Uber's Advanced Technologies Group. "This is about going to production," said Meyhofer in an interview at an Uber conference in Washington Tuesday. The new vehicle also has several back-up systems for both steering and braking functions as well as battery back-up power and new cybersecurity systems. Uber is not ready to deploy vehicles without human controls, Meyhofer said. "We're still in a real hybrid state," Meyhofer said. "We have to get there and we're not going to get to thousands of cars in a city overnight. It's going to be a slower introduction." The new XC90 vehicles have an interior fish-eye camera to scan for lost items, Uber said. They also do not have sunroofs since the self-driving vehicles have large sensors on the roof and are equipped with auto-close doors to prevent an unsafe departure. Uber, which has taken delivery of about a dozen prototypes of the new vehicle but has not yet deployed them on public roads, said the car's "self-driving system will one day allow for safe, reliable autonomous ridesharing without the need" for a safe driver. Asked if Uber will deploy self-driving cars without safety drivers in limited areas in the next few years, Meyhofer said, "yes - way before that." But he added that Uber wants to be in "the good graces of public trust and regulatory trust" before making the business decision to deploy. In December, Uber resumed limited self-driving car testing on public roads in Pittsburgh, nine months after it suspended the program following a deadly accident in Arizona. In March 2018, authorities in Arizona suspended Uber's ability to test its self-driving cars after one of its XC90 cars hit and killed a woman crossing the street at night in the Phoenix suburb of Tempe, Uber's largest testing hub. The crash was the first death attributed to a self-driving vehicle. In March 2019, prosecutors in Arizona said the company was not criminally liable in the self-driving crash and would not pursue charges. Uber ended testing in Arizona but plans to eventually resume testing in Toronto and San Francisco, Meyhofer said. The death prompted significant safety concerns about the nascent self-driving car industry, which is racing to get vehicles into commercial use. Volvo Cars Chief Executive Hakan Samuelsson said in a statement that "by the middle of the next decade we expect one-third of all cars we sell to be fully autonomous". Volvo Cars, which is owned by China's Geely Automobile Holdings Ltd, will use a similar autonomous base vehicle concept for the introduction of its first commercially available autonomous drive technology in the early 2020s. Volvo and Uber said in 2017 that the rideshare company planned to buy up to 24,000 self-driving cars from Volvo from 2019 to 2021 using the self-driving system developed by Uber's Advanced Technologies Group. An Uber spokeswoman said Tuesday that the company plans "to work with Volvo on tens of thousands of vehicles in the future." Other companies are also working to deploy self-driving vehicles in limited areas. General Motors Co in January 2018 sought permission from US regulators to deploy a ride-sharing fleet of driverless cars without steering wheels or other human controls before the end of 2019 but is still struggling to win regulatory approval. Alphabet Inc's Waymo unit is operating a robotaxi service in Arizona and said last month it is partnering with Lyft Inc to serve more riders.

Uber to unveil next-generation Volvo self-driving car

Oil prices fell more than 1 per cent on Wednesday, weighed down by a weaker oil demand outlook and a rise in <a href="https://www.wionews.com/business-economy/oil-rises-as-saudi-sees-producers-sticking-with-ongoing-supply-cuts-225845">US crude inventories</a> despite growing expectations of ongoing OPEC-led supply cuts.

Brent crude futures, the international benchmark for oil prices, were down 87 cents, or 1.4 per cent, at $61.42 a barrel.

US West Texas Intermediate (WTI) crude futures were down 85 cents, or 1.6 per cent, at $52.41 per barrel.

The US Energy Information Administration (EIA) cut its forecasts for 2019 world oil demand growth and US crude oil production in a monthly report released on Tuesday.

The EIA lowered its 2019 world oil demand growth forecast by 160,000 barrels per day (bpd) to 1.22 million bpd and wound back its forecast for 2019 US crude production to 12.32 million bpd, 140,000 bpd less than the May forecast.

A surprise increase in US crude stockpiles also kept oil prices under pressure.

"Investors have been concerned about the recent rise in stockpiles in the US," ANZ bank said in a note.

US crude inventories rose by 4.9 million barrels in the week ended June 7 to 482.8 million barrels, according to data from the American Petroleum Institute (API) on Tuesday. That compared with analysts' expectations for a decrease of 481,000 barrels.

Official data from the Energy Information Administration (EIA) is due at 10:30 a.m. EDT (1430 GMT) on Wednesday.

Alongside concerns about rising supply, ongoing trade tensions between the United States and China, the world's two biggest oil consumers, weighed on prices. US President Donald Trump said on Tuesday he was holding up a trade deal with China.

"Oil prices have struggled to retain bullish gains as traders stay cautious over heightened geopolitical risks and persistent weakness in the global economic backdrop," said Benjamin Lu, commodities analyst at Phillips Future in Singapore.

With the next meeting of the Organization of the Petroleum Exporting Countries (OPEC) set for the end of June, the market is eyeing whether the world's major oil producers would prolong their supply cuts.

OPEC, along with non-members including Russia in a group called OPEC+, have limited their oil output by 1.2 million bpd since the start of the year to prop up prices.

The Energy Minister for the United Arab Emirates Suhail bin Mohammed al-Mazroui said on Tuesday that OPEC members were close to reaching an agreement on continuing production cuts.

OPEC is set to meet on June 25, followed by talks with its allies led by Russia on June 26. But Russia suggested a date change to July 3 to 4, sources within the group previously told Reuters.

Oil prices fell more than 1 per cent on Wednesday, weighed down by a weaker oil demand outlook and a rise in US crude inventories despite growing expectations of ongoing OPEC-led supply cuts.

Oil prices fell more than 1 per cent on Wednesday, weighed down by a weaker oil demand outlook and a rise in US crude inventories despite growing expectations of ongoing OPEC-led supply cuts. Brent crude futures, the international benchmark for oil prices, were down 87 cents, or 1.4 per cent, at $61.42 a barrel. US West Texas Intermediate (WTI) crude futures were down 85 cents, or 1.6 per cent, at $52.41 per barrel. The US Energy Information Administration (EIA) cut its forecasts for 2019 world oil demand growth and US crude oil production in a monthly report released on Tuesday. The EIA lowered its 2019 world oil demand growth forecast by 160,000 barrels per day (bpd) to 1.22 million bpd and wound back its forecast for 2019 US crude production to 12.32 million bpd, 140,000 bpd less than the May forecast. A surprise increase in US crude stockpiles also kept oil prices under pressure. "Investors have been concerned about the recent rise in stockpiles in the US," ANZ bank said in a note. US crude inventories rose by 4.9 million barrels in the week ended June 7 to 482.8 million barrels, according to data from the American Petroleum Institute (API) on Tuesday. That compared with analysts' expectations for a decrease of 481,000 barrels. Official data from the Energy Information Administration (EIA) is due at 10:30 a.m. EDT (1430 GMT) on Wednesday. Alongside concerns about rising supply, ongoing trade tensions between the United States and China, the world's two biggest oil consumers, weighed on prices. US President Donald Trump said on Tuesday he was holding up a trade deal with China. "Oil prices have struggled to retain bullish gains as traders stay cautious over heightened geopolitical risks and persistent weakness in the global economic backdrop," said Benjamin Lu, commodities analyst at Phillips Future in Singapore. With the next meeting of the Organization of the Petroleum Exporting Countries (OPEC) set for the end of June, the market is eyeing whether the world's major oil producers would prolong their supply cuts. OPEC, along with non-members including Russia in a group called OPEC+, have limited their oil output by 1.2 million bpd since the start of the year to prop up prices. The Energy Minister for the United Arab Emirates Suhail bin Mohammed al-Mazroui said on Tuesday that OPEC members were close to reaching an agreement on continuing production cuts. OPEC is set to meet on June 25, followed by talks with its allies led by Russia on June 26. But Russia suggested a date change to July 3 to 4, sources within the group previously told Reuters.

Oil prices fall on weak demand growth, rise in US crude stocks

<a href="https://www.wionews.com/business-economy/indias-retail-inflation-rate-hits-17-month-low-in-november-183540">India's retail inflation</a> rate hit a seven-month high in May due to higher food prices, government data showed on Wednesday, but stayed below the central bank's target and potentially gives it room for more interest rate cuts to help a sluggish economy.

Annual retail inflation in May was 3.05 per cent, up from the revised 2.99 per cent&nbsp;in the previous month, and above forecasts by analysts.

A Reuters poll had predicted a retail inflation rate of 3.01 per cent for May.

Core consumer inflation, which strips out food and fuel prices, was estimated at 4.1-4.2 per cent&nbsp;in May, lower than April's 4.53 per cent-4.57 per cent, three analysts said after seeing the inflation figures on Wednesday.

While food <a href="https://www.wionews.com/business-%26-economy/retail-inflation-eases-rbi-may-keep-interest-rates-on-hold-158931">inflation</a> has been rising, the moderation in core inflation has capped the overall inflationary pressures in the economy, said Tushar Arora, senior economist at HDFC Bank.

"We believe that overall inflation would remain subdued, allowing the central bank to cut the policy rate yet again," he said.

Inflation has sharply come down from a peak of more than 12 per cent&nbsp;in 2013 and has now come in below the Reserve Bank of India's medium-term target of 4 per cent&nbsp;for ten consecutive months.

Comforted by the subdued price pressures, and increasingly concerned by the economy's faltering growth, the RBI has cut its policy rate three times since February.

The most recent reduction was last week when the RBI lowered its repo rate by 25 basis points to 5.75 per cent and changed its policy stance to "accommodative" to meet the needs of the economy and a banking system laden with bad debts.

Prime Minister Narendra Modi secured a second term after a landslide election victory last month despite the economic slowdown.

During the January-March quarter, the gross domestic product grew 5.8 per cent annually, the lowest in over four years and well below the rate needed to generate enough jobs for millions of young Indians entering the labour market each month.

The combination of low growth and low inflation is particularly difficult for farmers, who benefit from higher food prices.

Retail food prices, which make up nearly half of India's inflation basket, increased 1.83 per cent in May from a year earlier, up from 1.10 per cent in April. Food prices began rising again in March, having fallen in the five months through February.

The monsoon season rains arrived a week late this month, by which time reservoirs had dried up in many places, and economists say inflation could pick up in coming months if any shortfall in rains causes a spike in food prices.

RBI's raised its inflation outlook for April-September to 3.0-3.1 per cent, from its April outlook of 2.9-3.0 per cent.

India's retail inflation rate hit a seven-month high in May due to higher food prices, government data showed on Wednesday, but stayed below the central bank's target and potentially gives it room for more interest rate cuts to help a sluggish economy.

India's retail inflation rate hit a seven-month high in May due to higher food prices, government data showed on Wednesday, but stayed below the central bank's target and potentially gives it room for more interest rate cuts to help a sluggish economy. Annual retail inflation in May was 3.05 per cent, up from the revised 2.99 per cent in the previous month, and above forecasts by analysts. A Reuters poll had predicted a retail inflation rate of 3.01 per cent for May. Core consumer inflation, which strips out food and fuel prices, was estimated at 4.1-4.2 per cent in May, lower than April's 4.53 per cent-4.57 per cent, three analysts said after seeing the inflation figures on Wednesday. While food inflation has been rising, the moderation in core inflation has capped the overall inflationary pressures in the economy, said Tushar Arora, senior economist at HDFC Bank. "We believe that overall inflation would remain subdued, allowing the central bank to cut the policy rate yet again," he said. Inflation has sharply come down from a peak of more than 12 per cent in 2013 and has now come in below the Reserve Bank of India's medium-term target of 4 per cent for ten consecutive months. Comforted by the subdued price pressures, and increasingly concerned by the economy's faltering growth, the RBI has cut its policy rate three times since February. The most recent reduction was last week when the RBI lowered its repo rate by 25 basis points to 5.75 per cent and changed its policy stance to "accommodative" to meet the needs of the economy and a banking system laden with bad debts. Prime Minister Narendra Modi secured a second term after a landslide election victory last month despite the economic slowdown. During the January-March quarter, the gross domestic product grew 5.8 per cent annually, the lowest in over four years and well below the rate needed to generate enough jobs for millions of young Indians entering the labour market each month. The combination of low growth and low inflation is particularly difficult for farmers, who benefit from higher food prices. Retail food prices, which make up nearly half of India's inflation basket, increased 1.83 per cent in May from a year earlier, up from 1.10 per cent in April. Food prices began rising again in March, having fallen in the five months through February. The monsoon season rains arrived a week late this month, by which time reservoirs had dried up in many places, and economists say inflation could pick up in coming months if any shortfall in rains causes a spike in food prices. RBI's raised its inflation outlook for April-September to 3.0-3.1 per cent, from its April outlook of 2.9-3.0 per cent.

May inflation hits seven-month high; still room for rate cut

Snapping its three-day rising streak, domestic equity benchmark BSE Sensex ended 194 points lower Wednesday, dragged by losses in banking and auto stocks amid weak global cues.

Investors were also cautious ahead of the release of inflation and factory output numbers, traders said.

After slumping over 300 points during the day, the BSE gauge pared some losses to settle 193.65 points, or 0.48 per cent, lower at 39,756.81. The index hit an intra-day low of 39,623.53 and a high of 39,982.10.

Similarly, the broader NSE Nifty fell 59.40 points, or 0.50 per cent, to close at 11,906.20. During the day, the index touched a low of 11,866.35 and a high of 11,962.45.

Yes Bank was the worst performer in the Sensex pack, declining 3.34 per cent, after Moody's placed the private sector lender's ratings under review for a possible downgrade.

Other losers included Maruti, Kotak Bank, Hero MotoCorp, Bajaj Auto, IndusInd Bank and Bajaj Finance, that shed up to 1.79 per cent.

On the other hand, Tata Steel, ONGC, Vedanta, Sun Pharma, TCS, RIL, HUL and ITC bucked the weak market trend and gained up to 2.60 per cent.

According to experts, the market mood turned negative tracking weak cues from overseas markets after US President Donald Trump Tuesday said he was not interested in a trade deal with China unless it agreed to four-five major points.

Elsewhere in Asia, Shanghai Composite Index fell 0.56 per cent, Hang Seng ended 1.73 per cent lower, Nikkei slipped 0.35 per cent and Kospi shed 0.14 per cent.

Bourses in Europe were also trading in the red in their early deals.

On the currency front, the Indian rupee appreciated 10 paise to 69.34 against the US dollar intra-day.

Brent crude futures, the global oil benchmark, dived 2.57 per cent to $60.69 per barrel.

Snapping its three-day rising streak, domestic equity benchmark BSE Sensex ended 194 points lower Wednesday, dragged by losses in banking and auto stocks amid weak global cues.

Snapping its three-day rising streak, domestic equity benchmark BSE Sensex ended 194 points lower Wednesday, dragged by losses in banking and auto stocks amid weak global cues. Investors were also cautious ahead of the release of inflation and factory output numbers, traders said. After slumping over 300 points during the day, the BSE gauge pared some losses to settle 193.65 points, or 0.48 per cent, lower at 39,756.81. The index hit an intra-day low of 39,623.53 and a high of 39,982.10. Similarly, the broader NSE Nifty fell 59.40 points, or 0.50 per cent, to close at 11,906.20. During the day, the index touched a low of 11,866.35 and a high of 11,962.45. Yes Bank was the worst performer in the Sensex pack, declining 3.34 per cent, after Moody's placed the private sector lender's ratings under review for a possible downgrade. Other losers included Maruti, Kotak Bank, Hero MotoCorp, Bajaj Auto, IndusInd Bank and Bajaj Finance, that shed up to 1.79 per cent. On the other hand, Tata Steel, ONGC, Vedanta, Sun Pharma, TCS, RIL, HUL and ITC bucked the weak market trend and gained up to 2.60 per cent. According to experts, the market mood turned negative tracking weak cues from overseas markets after US President Donald Trump Tuesday said he was not interested in a trade deal with China unless it agreed to four-five major points. Elsewhere in Asia, Shanghai Composite Index fell 0.56 per cent, Hang Seng ended 1.73 per cent lower, Nikkei slipped 0.35 per cent and Kospi shed 0.14 per cent. Bourses in Europe were also trading in the red in their early deals. On the currency front, the Indian rupee appreciated 10 paise to 69.34 against the US dollar intra-day. Brent crude futures, the global oil benchmark, dived 2.57 per cent to $60.69 per barrel.

Sensex slumps 194 points; Yes Bank tumbles over 3%

China's&nbsp;central&nbsp;bank&nbsp;said on early Tuesday it will sell&nbsp;yuan-denominated&nbsp;bills&nbsp;in&nbsp;Hong&nbsp;Kong&nbsp;in late June, in a move that some market analysts believed was aimed at stemming a sharp decline in the&nbsp;yuan&nbsp;currency.

The&nbsp;yuan&nbsp;has weakened by more than 2.6 per cent since the start of May, suffering its worst monthly performance in ten months in the wake of a major escalation in the <a href="https://www.wionews.com/business-economy/china-exports-grow-despite-us-tariffs-but-import-slump-most-in-nearly-three-years-225842">Sino-US&nbsp;trade dispute.</a>

The <a href="https://www.wionews.com/business-economy/chinas-top-banking-regulator-says-yuan-bears-will-suffer-heavy-losses-221450">People's&nbsp;Bank&nbsp;of&nbsp;China&nbsp;(PBOC)</a> said the bill auction in&nbsp;Hong&nbsp;Kong&nbsp;is aimed at "improving the&nbsp;yuan&nbsp;bond yield curve" in the financial hub, according to a statement on its website.

It will be the fourth sale of offshore&nbsp;yuan&nbsp;bills&nbsp;in&nbsp;Hong&nbsp;Kong. Like the first, last November, the latest sale will be an "off-cycle" issuance as there are no bonds due to expire this month. The last two sales were roll-overs.

The&nbsp;central&nbsp;bank&nbsp;had tapped the market every three months with the same deal size and structure since the first issuance in November.

Traders believe the move by the&nbsp;central&nbsp;bank&nbsp;was a warning against&nbsp;yuan&nbsp;short-sellers in the offshore market as the Chinese currency has weakened to an over six-month low and neared psychologically critical 7 per dollar, a level that was last seen during the global financial crisis.

"The&nbsp;central&nbsp;bank&nbsp;is defending the exchange rate by stabilising expectations onshore and fighting against the&nbsp;yuan&nbsp;bears offshore through the bill auction," said a trader at a Chinese bank.

The onshore spot rate is allowed to trade with a range of 2 per cent above or below the official fixing on any given day, but there is no such restriction on offshore&nbsp;yuan.

Official midpoint fixing has been set in a very tight range just above 6.9 per dollar in the past few weeks and come in persistently firmer than market consensus.

Market participants believe the&nbsp;central&nbsp;bank&nbsp;is seeking to dampen volatility and counteract depreciation expectations.

Bill sales will theoretically freeze&nbsp;yuan&nbsp;funds in&nbsp;Hong&nbsp;Kong&nbsp;and push up the borrowing cost for the Chinese currency. By soaking up&nbsp;yuan&nbsp;liquidity in&nbsp;Hong&nbsp;Kong, the auction will make it more expensive for speculators to bet on a&nbsp;weakening&nbsp;yuan.

The bill auction statement also came as the gap between the onshore and offshore&nbsp;yuan&nbsp;widened. As of 0334 GMT, the spread between the two rates stood at 125 pips, with offshore spot rate trading at a discount at 6.9298 per dollar. The spread stood at above 200 pips in most trading sessions last month.

Ken Cheung, senior Asian FX strategist at Mizuho&nbsp;Bank&nbsp;in&nbsp;Hong&nbsp;Kong&nbsp;said the PBOC is sending a slightly conflicting signal to the market as it said there is no red line for the exchange rate, but on the other hand it is stabilising the currency.

Cheung said additional downside pressure on the&nbsp;yuan&nbsp;could emerge if trade negotiations between&nbsp;China&nbsp;and the United States fall through during the G20 summit in Japan later this month.

PBOC Governor Yi Gang said last Friday no "numerical number" for the exchange rate was more important than another.

"The trade war would have a temporary depreciation pressure on the renminbi, but you see, after the noise, the renminbi will continue to be very stable and relatively strong compared to emerging market currencies, even compared to convertible currencies," Bloomberg quoted Yi as saying, where he used the&nbsp;yuan's official name.

The PBOC did not elaborate on the bill auction plan.

China's central bank said on early Tuesday it will sell yuan-denominated bills in Hong Kong in late June, in a move that some market analysts believed was aimed at stemming a sharp decline in the yuan currency.

China's central bank said on early Tuesday it will sell yuan-denominated bills in Hong Kong in late June, in a move that some market analysts believed was aimed at stemming a sharp decline in the yuan currency. The yuan has weakened by more than 2.6 per cent since the start of May, suffering its worst monthly performance in ten months in the wake of a major escalation in the Sino-US trade dispute. The People's Bank of China (PBOC) said the bill auction in Hong Kong is aimed at "improving the yuan bond yield curve" in the financial hub, according to a statement on its website. It will be the fourth sale of offshore yuan bills in Hong Kong. Like the first, last November, the latest sale will be an "off-cycle" issuance as there are no bonds due to expire this month. The last two sales were roll-overs. The central bank had tapped the market every three months with the same deal size and structure since the first issuance in November. Traders believe the move by the central bank was a warning against yuan short-sellers in the offshore market as the Chinese currency has weakened to an over six-month low and neared psychologically critical 7 per dollar, a level that was last seen during the global financial crisis. "The central bank is defending the exchange rate by stabilising expectations onshore and fighting against the yuan bears offshore through the bill auction," said a trader at a Chinese bank. The onshore spot rate is allowed to trade with a range of 2 per cent above or below the official fixing on any given day, but there is no such restriction on offshore yuan. Official midpoint fixing has been set in a very tight range just above 6.9 per dollar in the past few weeks and come in persistently firmer than market consensus. Market participants believe the central bank is seeking to dampen volatility and counteract depreciation expectations. Bill sales will theoretically freeze yuan funds in Hong Kong and push up the borrowing cost for the Chinese currency. By soaking up yuan liquidity in Hong Kong, the auction will make it more expensive for speculators to bet on a weakening yuan. The bill auction statement also came as the gap between the onshore and offshore yuan widened. As of 0334 GMT, the spread between the two rates stood at 125 pips, with offshore spot rate trading at a discount at 6.9298 per dollar. The spread stood at above 200 pips in most trading sessions last month. Ken Cheung, senior Asian FX strategist at Mizuho Bank in Hong Kong said the PBOC is sending a slightly conflicting signal to the market as it said there is no red line for the exchange rate, but on the other hand it is stabilising the currency. Cheung said additional downside pressure on the yuan could emerge if trade negotiations between China and the United States fall through during the G20 summit in Japan later this month. PBOC Governor Yi Gang said last Friday no "numerical number" for the exchange rate was more important than another. "The trade war would have a temporary depreciation pressure on the renminbi, but you see, after the noise, the renminbi will continue to be very stable and relatively strong compared to emerging market currencies, even compared to convertible currencies," Bloomberg quoted Yi as saying, where he used the yuan's official name. The PBOC did not elaborate on the bill auction plan.

China central bank to issue bills in Hong Kong to stabilise weakening yuan

Oil prices stabilized on Tuesday on expectations that producer group OPEC and its allies will keep withholding supply to prevent prices from tumbling amid a broad economic slowdown which has started eating away at fuel demand growth.

Russia on Monday said it might support an extension of supply cuts that have been in place since January, <a href="https://www.wionews.com/world/russia-warns-of-great-risk-of-oil-overproduction-226037">warning oil prices</a> could fall as low as $30 per barrel if producers supply too much crude.

The Organization of the Petroleum Exporting Countries (OPEC) and some non-affiliated producers including Russia, known collectively as OPEC+, have withheld supplies since the start of the year to prop up prices.

<a href="https://www.wionews.com/world/saudi-uae-see-sufficient-oil-supplies-rising-stocks-219977">OPEC+ </a>is due to meet in late June or early July to decide output policy for the rest of the year.

“Due to the general fear of an economic downturn ... (and) the realization that demand growth is slowing ... no one will argue for abandoning (the) OPEC+ accord,” said Fereidun Fesharaki, chairman of energy consultancy FGE, in a note published on Tuesday.

FGE said global crude oil demand growth could drop below 1 million barrels per day (bpd) in 2019, down from previous expectations of 1.3 to 1.4 million bpd.

“This effectively gives us an extra 300,000-400,000 barrels per day of supply,” said Fesharaki.

Oil prices stabilized on Tuesday on expectations that producer group OPEC and its allies will keep withholding supply to prevent prices from tumbling amid a broad economic slowdown which has started eating away at fuel demand growth.

Oil prices stabilized on Tuesday on expectations that producer group OPEC and its allies will keep withholding supply to prevent prices from tumbling amid a broad economic slowdown which has started eating away at fuel demand growth. Russia on Monday said it might support an extension of supply cuts that have been in place since January, warning oil prices could fall as low as $30 per barrel if producers supply too much crude. The Organization of the Petroleum Exporting Countries (OPEC) and some non-affiliated producers including Russia, known collectively as OPEC+, have withheld supplies since the start of the year to prop up prices. OPEC+ is due to meet in late June or early July to decide output policy for the rest of the year. “Due to the general fear of an economic downturn ... (and) the realization that demand growth is slowing ... no one will argue for abandoning (the) OPEC+ accord,” said Fereidun Fesharaki, chairman of energy consultancy FGE, in a note published on Tuesday. FGE said global crude oil demand growth could drop below 1 million barrels per day (bpd) in 2019, down from previous expectations of 1.3 to 1.4 million bpd. “This effectively gives us an extra 300,000-400,000 barrels per day of supply,” said Fesharaki.

Oil stable as market eyes ongoing supply cuts amid downturn

Domestic equity benchmarks BSE Sensex and NSE Nifty started on a positive note Tuesday driven by gains in IT stocks amid positive global cues.

After jumping over 100 points in opening session, the 30-share index was trading 63.84 points, or 0.16 per cent, higher at 39,848.36 at 0930 hours. Similarly, the broader NSE Nifty was quoting 10.65 points, or 0.09 per cent, up at 11,933.35.

In the previous session on Monday, the BSE gauge settled 168.62 points, or 0.43 per cent, higher at 39,784.52. Similarly, the broader NSE Nifty rose 52.05 points, or 0.44 per cent, to settle at 11,922.70.

Top Sensex gainers in early session Tuesday include IndusInd Bank, HCL tech, ONGC, Tata Motors, TCS, Tata Steel and Infosys, rising up to 2 per cent.

While, Sun Pharma, M&amp;M, Bharti Airtel, Axis Bank, HDFC and ICICI Bank fell up to 2.50 per cent.

Domestic indices extended gains as investors sentiment remained positive amid easing concerns over a global trade war after the United States dropped its threat to impose tariffs on Mexico, traders said.

Bourses in China, Japan and Korea were trading on a positive note in their respective early sessions.

Strengthening rupee and foreign fund inflow too kept the positive momentum in the market going, traders added.

The rupee appreciated 16 paise to 69.49 against the US dollar.

In Monday's session, foreign institutional investors bought equity worth Rs 216.20 crore, and domestic institutional investors purchased shares to the tune of Rs 170.62 crore, provisional data available with stock exchanges showed.

Meanwhile, the global oil benchmark Brent crude futures were trading 0.32 per cent higher at 62.49 per barrel.&nbsp;

Domestic equity benchmarks BSE Sensex and NSE Nifty started on a positive note Tuesday driven by gains in IT stocks amid positive global cues. After jumping over 100 points in opening session, the 30-share index was trading 63.

Domestic equity benchmarks BSE Sensex and NSE Nifty started on a positive note Tuesday driven by gains in IT stocks amid positive global cues. After jumping over 100 points in opening session, the 30-share index was trading 63.84 points, or 0.16 per cent, higher at 39,848.36 at 0930 hours. Similarly, the broader NSE Nifty was quoting 10.65 points, or 0.09 per cent, up at 11,933.35. In the previous session on Monday, the BSE gauge settled 168.62 points, or 0.43 per cent, higher at 39,784.52. Similarly, the broader NSE Nifty rose 52.05 points, or 0.44 per cent, to settle at 11,922.70. Top Sensex gainers in early session Tuesday include IndusInd Bank, HCL tech, ONGC, Tata Motors, TCS, Tata Steel and Infosys, rising up to 2 per cent. While, Sun Pharma, M&M, Bharti Airtel, Axis Bank, HDFC and ICICI Bank fell up to 2.50 per cent. Domestic indices extended gains as investors sentiment remained positive amid easing concerns over a global trade war after the United States dropped its threat to impose tariffs on Mexico, traders said. Bourses in China, Japan and Korea were trading on a positive note in their respective early sessions. Strengthening rupee and foreign fund inflow too kept the positive momentum in the market going, traders added. The rupee appreciated 16 paise to 69.49 against the US dollar. In Monday's session, foreign institutional investors bought equity worth Rs 216.20 crore, and domestic institutional investors purchased shares to the tune of Rs 170.62 crore, provisional data available with stock exchanges showed. Meanwhile, the global oil benchmark Brent crude futures were trading 0.32 per cent higher at 62.49 per barrel.

Sensex, Nifty start on a positive note

Estonia's Bolt, which until early 2019 was called Taxify, will on Tuesday re-enter the competitive London taxi market, promising cheaper rides to passengers and a better cut to drivers than its bigger global rival <a href="https://www.wionews.com/business-economy/uber-hit-with-australia-class-action-ahead-of-stock-listing-215549">Uber Technologies Inc</a>.

The move comes a month after Uber drivers in London joined a series of strikes to protest the disparity between gig-economy conditions and the massive $82 billion valuation at Uber's stock market debut.

"Uber is basically a monopoly. At the same time, an average Uber driver makes less than minimum wage," Bolt founder Markus Villig said.

Uber takes around 25 per cent from drivers using its app. Bolt promises to charge in London in first two months just 7.5 per cent and later 15 per cent, arguing happier drivers provide a better service.

Bolt, which has grabbed business from Uber in Central and Eastern Europe and major African cities, counts more than 25 million clients in 30 countries where it operates.

Bolt's first attempt to enter the London market was stopped by transport regulators who denied it a licence in 2017.

Bolt rebranded earlier in 2019 to ensure the ride-hailing service is not confused for taxis and to represent its widening offering - it has launched motorcycle services in Africa and scooter rentals in selected cities - but these are still small.

"The numbers, when compared to cars, are still negligible," Villig said.

Bolt last year raised $175 million in funding from a group led by German automaker Daimler to help its battle against Uber.

Estonia's Bolt, which until early 2019 was called Taxify, will on Tuesday re-enter the competitive London taxi market, promising cheaper rides to passengers and a better cut to drivers than its bigger global rival Uber Technologies Inc.

Estonia's Bolt, which until early 2019 was called Taxify, will on Tuesday re-enter the competitive London taxi market, promising cheaper rides to passengers and a better cut to drivers than its bigger global rival Uber Technologies Inc. The move comes a month after Uber drivers in London joined a series of strikes to protest the disparity between gig-economy conditions and the massive $82 billion valuation at Uber's stock market debut. "Uber is basically a monopoly. At the same time, an average Uber driver makes less than minimum wage," Bolt founder Markus Villig said. Uber takes around 25 per cent from drivers using its app. Bolt promises to charge in London in first two months just 7.5 per cent and later 15 per cent, arguing happier drivers provide a better service. Bolt, which has grabbed business from Uber in Central and Eastern Europe and major African cities, counts more than 25 million clients in 30 countries where it operates. Bolt's first attempt to enter the London market was stopped by transport regulators who denied it a licence in 2017. Bolt rebranded earlier in 2019 to ensure the ride-hailing service is not confused for taxis and to represent its widening offering - it has launched motorcycle services in Africa and scooter rentals in selected cities - but these are still small. "The numbers, when compared to cars, are still negligible," Villig said. Bolt last year raised $175 million in funding from a group led by German automaker Daimler to help its battle against Uber.

Bolt, Uber's European rival seeks to enter London market

Dismissing the contention of former CEA Arvind Subramanian regarding over-estimation of GDP numbers, the government said Tuesday it follows accepted procedures and methodologies for arriving at projections of national income.

The Ministry of Statistics and Programme Implementation (MoSPI) also added that its projections of the Gross Domestic Product (GDP) growth are broadly in line with estimates of various national and international agencies.

Subramanian has deduced that India's economic growth rate has been overestimated by around 2.5 percentage points between 2011-12 and 2016-17 due to a change in methodology for calculating GDP.

India's GDP growth rate between this period should be about 4.5 per cent instead of the official estimate of close to 7 per cent, he said in a research paper published at Harvard University.

"India changed its data sources and methodology for estimating real GDP for the period since 2011-12. This paper shows that this change has led to a significant overestimation of growth," he said in the paper.

The MoSPI said Subramanian's overestimation of India's GDP growth is primarily based on an analysis of indicators, like electricity consumption, two-wheeler sales, commercial vehicle sales using an econometric model and associated assumptions.

"The estimation of GDP in any economy is a complex exercise where several measures and metrics are evolved to better measure the performance of the economy," the MoSPI said.

With any base revision for GDP estimation, as new and more regular data sources become available, it is important to note that "a comparison" of the old and new series are not amenable to simplistic macro-econometric modelling, it said.

It may also be seen that the GDP growth projections brought out by various national and international agencies are broadly in line with the estimates released by MOSPI.

"The GDP estimates released by the Ministry are based on accepted procedures, methodologies and available data and objectively measure the contribution of various sectors in the economy," it added.

The ministry stressed that with structural changes taking place in the economy, it is necessary to revise the base year of macroeconomic indicators like GDP, Index of Industrial Production (IIP), Consumer Price Index (CPI), periodically to ensure that indicators remain relevant and reflect the structural changes more realistically.

Such revisions not only use the latest data from censuses and surveys, but they also incorporate information from administrative data that have become more robust over time.

In India, the Base Year of the GDP Series was revised from 2004-05 to 2011-12 and released on January 30, 2015, after adaptation of the sources and methods in line with the System of National Accounts 2008 (2008 SNA).

Dismissing the contention of former CEA Arvind Subramanian regarding over-estimation of GDP numbers, the government said Tuesday it follows accepted procedures and methodologies for arriving at projections of national income.

Dismissing the contention of former CEA Arvind Subramanian regarding over-estimation of GDP numbers, the government said Tuesday it follows accepted procedures and methodologies for arriving at projections of national income. The Ministry of Statistics and Programme Implementation (MoSPI) also added that its projections of the Gross Domestic Product (GDP) growth are broadly in line with estimates of various national and international agencies. Subramanian has deduced that India's economic growth rate has been overestimated by around 2.5 percentage points between 2011-12 and 2016-17 due to a change in methodology for calculating GDP. India's GDP growth rate between this period should be about 4.5 per cent instead of the official estimate of close to 7 per cent, he said in a research paper published at Harvard University. "India changed its data sources and methodology for estimating real GDP for the period since 2011-12. This paper shows that this change has led to a significant overestimation of growth," he said in the paper. The MoSPI said Subramanian's overestimation of India's GDP growth is primarily based on an analysis of indicators, like electricity consumption, two-wheeler sales, commercial vehicle sales using an econometric model and associated assumptions. "The estimation of GDP in any economy is a complex exercise where several measures and metrics are evolved to better measure the performance of the economy," the MoSPI said. With any base revision for GDP estimation, as new and more regular data sources become available, it is important to note that "a comparison" of the old and new series are not amenable to simplistic macro-econometric modelling, it said. It may also be seen that the GDP growth projections brought out by various national and international agencies are broadly in line with the estimates released by MOSPI. "The GDP estimates released by the Ministry are based on accepted procedures, methodologies and available data and objectively measure the contribution of various sectors in the economy," it added. The ministry stressed that with structural changes taking place in the economy, it is necessary to revise the base year of macroeconomic indicators like GDP, Index of Industrial Production (IIP), Consumer Price Index (CPI), periodically to ensure that indicators remain relevant and reflect the structural changes more realistically. Such revisions not only use the latest data from censuses and surveys, but they also incorporate information from administrative data that have become more robust over time. In India, the Base Year of the GDP Series was revised from 2004-05 to 2011-12 and released on January 30, 2015, after adaptation of the sources and methods in line with the System of National Accounts 2008 (2008 SNA).

Government says it follows accepted procedures for GDP estimation

Sweden's <a href="https://www.wionews.com/business-economy/reliance-communication-pays-ericsson-rs-550-crore-204153">Ericsson</a> has raised its forecast for 5G subscriptions by 27 per cent to 1.9 billion by 2024, with network coverage offering access to 45 per cent of the world's population, it said on Tuesday.

A strong commitment is required from the chipset and device vendors as the next-generation networks go the life and 5G devices become more readily available, the telecoms network equipment maker said in its biannual Mobility Report.

Ericsson, which competes with China's Huawei and Finnish rival Nokia, said that North America is expected to lead the 5G uptake with 63 per cent of anticipated mobile subscriptions in its region in five years, followed by North East Asia and Europe.

The company's previous forecast in November predicted 1.5 billion 5G subscriptions in 2024 and network coverage to have reached more than 40 per cent of the world's population.

The mobile network industry has gone through a tough period as demand for 4G and older network equipment has subsided, though 5G spending in North America has helped to fuel a return to growth.

LTE (4G) will remain the dominant mobile-access technology by subscription for the foreseeable future, Ericsson said, with almost 5 billion subscriptions expected by the end of 2024.

The new generation of mobile phone technology is expected to bring faster data speeds and better accommodate a greater variety of connected devices.

Sweden's Ericsson has raised its forecast for 5G subscriptions by 27 per cent to 1.9 billion by 2024, with network coverage offering access to 45 per cent of the world's population, it said on Tuesday.

Sweden's Ericsson has raised its forecast for 5G subscriptions by 27 per cent to 1.9 billion by 2024, with network coverage offering access to 45 per cent of the world's population, it said on Tuesday. A strong commitment is required from the chipset and device vendors as the next-generation networks go the life and 5G devices become more readily available, the telecoms network equipment maker said in its biannual Mobility Report. Ericsson, which competes with China's Huawei and Finnish rival Nokia, said that North America is expected to lead the 5G uptake with 63 per cent of anticipated mobile subscriptions in its region in five years, followed by North East Asia and Europe. The company's previous forecast in November predicted 1.5 billion 5G subscriptions in 2024 and network coverage to have reached more than 40 per cent of the world's population. The mobile network industry has gone through a tough period as demand for 4G and older network equipment has subsided, though 5G spending in North America has helped to fuel a return to growth. LTE (4G) will remain the dominant mobile-access technology by subscription for the foreseeable future, Ericsson said, with almost 5 billion subscriptions expected by the end of 2024. The new generation of mobile phone technology is expected to bring faster data speeds and better accommodate a greater variety of connected devices.

Swedish gearmaker Ericsson increases 5G forecasts

The self-driving car joint venture of <a href="https://www.wionews.com/business-economy/uber-lands-1-billion-from-softbank-toyota-for-self-driving-unit-211646">SoftBank</a> Corp and Toyota Motor plans to begin operating in Southeast Asia next year, in its first overseas foray, its chief executive said on Tuesday.

Monet, which is developing an on-demand self-driving service platform, is planning to export a basic version of the system, Chief Executive Junichi Miyakawa said.

"Our first step will likely be to Southeast Asia, as applications like transportation services in smart cities, or airport shuttle systems," Miyakawa said, adding that Monet could begin introducing such services in 2020.

Monet is the first-ever alliance between Japan's No. 3 telco and its largest automaker. SoftBank Corp, a unit of investment behemoth SoftBank Group Corp, is the largest shareholder in the venture, which was announced last October, with a 40.2% share, while Toyota owns 39.8%.

It plans to roll out the on-demand bus and car services in Japan in the next year, and a platform to operate self-driving vehicles as early as 2023 based on Toyota's boxy "e-palette" multi-purpose vehicle.

Honda Motor Co and Toyota's truck-making subsidiary Hino Motors took a roughly 10% stake each in the venture in March, and Miyakawa said that it would soon take more investment from the domestic auto industry.

"We're planning to announce an expansion in our stakeholders sometime this month," he said.

The self-driving car joint venture of SoftBank Corp and Toyota Motor plans to begin operating in Southeast Asia next year, in its first overseas foray, its chief executive said on Tuesday.

The self-driving car joint venture of SoftBank Corp and Toyota Motor plans to begin operating in Southeast Asia next year, in its first overseas foray, its chief executive said on Tuesday. Monet, which is developing an on-demand self-driving service platform, is planning to export a basic version of the system, Chief Executive Junichi Miyakawa said. "Our first step will likely be to Southeast Asia, as applications like transportation services in smart cities, or airport shuttle systems," Miyakawa said, adding that Monet could begin introducing such services in 2020. Monet is the first-ever alliance between Japan's No. 3 telco and its largest automaker. SoftBank Corp, a unit of investment behemoth SoftBank Group Corp, is the largest shareholder in the venture, which was announced last October, with a 40.2% share, while Toyota owns 39.8%. It plans to roll out the on-demand bus and car services in Japan in the next year, and a platform to operate self-driving vehicles as early as 2023 based on Toyota's boxy "e-palette" multi-purpose vehicle. Honda Motor Co and Toyota's truck-making subsidiary Hino Motors took a roughly 10% stake each in the venture in March, and Miyakawa said that it would soon take more investment from the domestic auto industry. "We're planning to announce an expansion in our stakeholders sometime this month," he said.

SoftBank, Toyota autonomous car venture to launch in South East Asia next year

South Korean auto major Hyundai Tuesday said automobile manufacturers will need time and proper long-term regulations for introducing electric vehicles (EV) for fleets in India.

The comments have come amid reports that the Indian government plans to make it mandatory for <a href="https://www.wionews.com/business-economy/india-to-order-uber-ola-to-go-electric-by-april-2026-report-224991">taxi aggregators</a> to have 40 per cent of their vehicles to be EVs by 2026.

The company, which is present in India through a wholly-owned subsidiary Hyundai Motor India Ltd (HMIL), also said it is gearing up to introduce its premium electric vehicle Kona, next month, which will be locally assembled at its Chennai plant.

Speaking with reporters here, HMIL Managing Director and CEO S S Kim said while the company is yet to learn officially from the government about EV requirements for cab aggregators like Ola and Uber, if such a thing were to happen, "in terms of timing it will be too fast".

"We do believe it is in the right direction but for the automobile manufacturers we need time to prepare for such transitions," he said. 
Kim further said that more clarity is required on the road map for the conversion of fleets into EVs.

In March, Hyundai Motor Group had announced that it wouldn't invest $300 million in India's ride-hailing service provider Ola. The investment will be jointly made by group firms Hyundai Motor Company and Kia Motors Corporation.

Currently, Hyundai offers its EVs in the premium segment and as per its agreement with Ola, it will supply compact sedan Xcent and hatchback Grandi10.

Last week, a media report said several ministries and Niti Aayog had recommended gradual conversion of fleets of taxi aggregators like Ola and Uber to EVs, targeting 40 per cent of the total, by 2026.

When asked if Hyundai is developing small EVs which could be used by taxi aggregators, Kim said, "We are developing but we need time to come up with more meaningful mobility solutions for India."

Commenting on Hyundai's plans for EVs in India, Kim said the company is looking to bring its premium model Kona next month.

"Kona will bring some change in the Indian market in terms of customer's acceptance of EVs. It will have a long range," he said.

Currently, EVs in India have not been able to gain traction due to the range and driving-related issues besides charging infrastructure constraints, he noted.

Hyundai will provide its Kona customers in India home charging equipment, he added.

The model will be locally assembled from imports of completely knocked down units from Korea, he said adding, "We hope to sell hundreds of units annually in India."

Hyundai has set up a separate assembly line at the Chennai plant as part of its overall $1 billion investment till 2020.

He also said in future if there is demand for EVs in India, Hyundai would consider setting up of battery production in the country, stressing that for a viable business the minimum volume would be around 50,000 units annually for a vehicle like Kona.&nbsp;

South Korean auto major Hyundai Tuesday said automobile manufacturers will need time and proper long-term regulations for introducing electric vehicles (EV) for fleets in India.

South Korean auto major Hyundai Tuesday said automobile manufacturers will need time and proper long-term regulations for introducing electric vehicles (EV) for fleets in India. The comments have come amid reports that the Indian government plans to make it mandatory for taxi aggregators to have 40 per cent of their vehicles to be EVs by 2026. The company, which is present in India through a wholly-owned subsidiary Hyundai Motor India Ltd (HMIL), also said it is gearing up to introduce its premium electric vehicle Kona, next month, which will be locally assembled at its Chennai plant. Speaking with reporters here, HMIL Managing Director and CEO S S Kim said while the company is yet to learn officially from the government about EV requirements for cab aggregators like Ola and Uber, if such a thing were to happen, "in terms of timing it will be too fast". "We do believe it is in the right direction but for the automobile manufacturers we need time to prepare for such transitions," he said. Kim further said that more clarity is required on the road map for the conversion of fleets into EVs. In March, Hyundai Motor Group had announced that it wouldn't invest $300 million in India's ride-hailing service provider Ola. The investment will be jointly made by group firms Hyundai Motor Company and Kia Motors Corporation. Currently, Hyundai offers its EVs in the premium segment and as per its agreement with Ola, it will supply compact sedan Xcent and hatchback Grandi10. Last week, a media report said several ministries and Niti Aayog had recommended gradual conversion of fleets of taxi aggregators like Ola and Uber to EVs, targeting 40 per cent of the total, by 2026. When asked if Hyundai is developing small EVs which could be used by taxi aggregators, Kim said, "We are developing but we need time to come up with more meaningful mobility solutions for India." Commenting on Hyundai's plans for EVs in India, Kim said the company is looking to bring its premium model Kona next month. "Kona will bring some change in the Indian market in terms of customer's acceptance of EVs. It will have a long range," he said. Currently, EVs in India have not been able to gain traction due to the range and driving-related issues besides charging infrastructure constraints, he noted. Hyundai will provide its Kona customers in India home charging equipment, he added. The model will be locally assembled from imports of completely knocked down units from Korea, he said adding, "We hope to sell hundreds of units annually in India." Hyundai has set up a separate assembly line at the Chennai plant as part of its overall $1 billion investment till 2020. He also said in future if there is demand for EVs in India, Hyundai would consider setting up of battery production in the country, stressing that for a viable business the minimum volume would be around 50,000 units annually for a vehicle like Kona.

Long-term regulations required to introduce EVs for fleets in India: Hyundai

Markets extended the previous day's gains in Asia on Tuesday (Jun 11), with investors turning their attention back to the China-US trade row and a planned meeting between the countries' leaders later this month.

Donald Trump's decision to drop threatened tariffs on Mexico after a last-minute <a href="https://www.wionews.com/world/mexico-immigration-deal-significant-win-for-us-pompeo-226128">immigration deal </a>last week sparked relief across trading floors and led to hope that the row with Beijing could also end with some sort of agreement.

The gains, which follow another healthy Wall Street performance, are much needed since the US president shocked markets last month by hiking levies on US $200 billion of Chinese imports, blaming backsliding over their long-running trade talks.

Support is also coming from expectations the Federal Reserve will cut interest rates as soon as next month in response to a string of soft US economic data and concerns about the impact of the <a href="https://www.wionews.com/business-economy/china-exports-grow-despite-us-tariffs-but-import-slump-most-in-nearly-three-years-225842">China stand-off.</a>

"What continues to grease the wheels of US equity markets and the one constant that keeps the S&amp;P (500) ticking is Federal Reserve free and cheap money, it's long been an established pattern," said Stephen Innes at Vanguard Markets.

But OANDA senior market analyst Edward Moya warned that while lower US central bank rates were a major boost, traders were ultimately keen to see the world's top two economies resolve their trade war.

"The recent global stock market rally has stemmed from expectations that the Fed will come to the rescue with a couple of rate cuts this year," he said in a note. "But that will not likely deliver fresh record highs with the US indexes unless we see a scaling back of tariffs between the US and China."

Oil uncertainty

In early trade Hong Kong rose 0.7 per cent, building on Monday's more than two per cent rally, while Shanghai was up 1.5 per cent.

Tokyo ended the morning 0.4 per cent higher, Sydney climbed 1.3 per cent and Singapore put on 0.5 per cent while Seoul added 0.3 per cent. Wellington was nearly one per cent up, with Taipei and Manila both strengthening 0.4 per cent.

Focus is now on the expected face-to-face between Trump and Xi Jinping at the G20 in Osaka at the end of June.

The US president told CNBC on Monday that a meeting had been planned but warned that if Xi did not turn up he would ramp up levies on all Chinese imports.

While expectations are for an agreement to eventually be made - which would be in the interests of both sides - Ray Attrill, head of forex strategy at NAB, said the "meeting is gearing up to be another major 'binary' risk event that should keep markets very edgy in the coming days and weeks".

Oil prices edged up after Monday's drop, which came on the back of uncertainties about an agreement between OPEC and other key producers led by Russia to cap output.

Innes said the market remains burdened by overproduction and waning demand.

"This is a real fear as with China slowing, the EU sickly and the US data starting to wobble, an economic downturn remains a clear and present danger," he said.

He warned prices could "drop to US$40 in a heartbeat" without the OPEC group and Russia agreeing to extend the output cuts.

Markets extended the previous day's gains in Asia on Tuesday (Jun 11), with investors turning their attention back to the China-US trade row and a planned meeting between the countries' leaders later this month.

Markets extended the previous day's gains in Asia on Tuesday (Jun 11), with investors turning their attention back to the China-US trade row and a planned meeting between the countries' leaders later this month. Donald Trump's decision to drop threatened tariffs on Mexico after a last-minute immigration deal last week sparked relief across trading floors and led to hope that the row with Beijing could also end with some sort of agreement. The gains, which follow another healthy Wall Street performance, are much needed since the US president shocked markets last month by hiking levies on US $200 billion of Chinese imports, blaming backsliding over their long-running trade talks. Support is also coming from expectations the Federal Reserve will cut interest rates as soon as next month in response to a string of soft US economic data and concerns about the impact of the China stand-off. "What continues to grease the wheels of US equity markets and the one constant that keeps the S&P (500) ticking is Federal Reserve free and cheap money, it's long been an established pattern," said Stephen Innes at Vanguard Markets. But OANDA senior market analyst Edward Moya warned that while lower US central bank rates were a major boost, traders were ultimately keen to see the world's top two economies resolve their trade war. "The recent global stock market rally has stemmed from expectations that the Fed will come to the rescue with a couple of rate cuts this year," he said in a note. "But that will not likely deliver fresh record highs with the US indexes unless we see a scaling back of tariffs between the US and China." Oil uncertainty In early trade Hong Kong rose 0.7 per cent, building on Monday's more than two per cent rally, while Shanghai was up 1.5 per cent. Tokyo ended the morning 0.4 per cent higher, Sydney climbed 1.3 per cent and Singapore put on 0.5 per cent while Seoul added 0.3 per cent. Wellington was nearly one per cent up, with Taipei and Manila both strengthening 0.4 per cent. Focus is now on the expected face-to-face between Trump and Xi Jinping at the G20 in Osaka at the end of June. The US president told CNBC on Monday that a meeting had been planned but warned that if Xi did not turn up he would ramp up levies on all Chinese imports. While expectations are for an agreement to eventually be made - which would be in the interests of both sides - Ray Attrill, head of forex strategy at NAB, said the "meeting is gearing up to be another major 'binary' risk event that should keep markets very edgy in the coming days and weeks". Oil prices edged up after Monday's drop, which came on the back of uncertainties about an agreement between OPEC and other key producers led by Russia to cap output. Innes said the market remains burdened by overproduction and waning demand. "This is a real fear as with China slowing, the EU sickly and the US data starting to wobble, an economic downturn remains a clear and present danger," he said. He warned prices could "drop to US$40 in a heartbeat" without the OPEC group and Russia agreeing to extend the output cuts.

Asian markets enjoy fresh rally with focus on Trump-Xi meeting

Rising for a third straight session, the BSE benchmark Sensex Tuesday added another 166 points on the back of strong buying in banking, metal and energy stocks amid positive global cues.

After rallying nearly 300 points during the day, the BSE gauge settled 165.94 points or 0.42 per cent, higher at 39,950.46. The index hit an intra-day high of 40,066.31 and a low of 40,066.31.

Similarly, the broader NSE Nifty rose 42.90 points, or 0.36 per cent, to settle at 11,965.60. During the day, the index touched a high of 12,000.35 and a low of 11,904.35.

Top gainers in the Sensex pack were Tata Motors, ONGC, Yes Bank, IndusInd Bank and Vedanta rising up to 2.71 per cent.

On the other hand, Sun Pharma, M&amp;M, L&amp;T, Coal India and HUL fell up to 3 per cent.

Sectorally, metal, oil and gas and banking indices rose as much as 1.33 per cent.

Markets traded on a positive note following favourable global cues in Asian markets as sentiments turned upbeat after the US announced a deal with Mexico and investors turned hopeful of further progress on US-China trade talks, said Narendra Solanki, Head-Fundamental Research (Investment Services) - AVP Equity Research, Anand Rathi Shares and Stock Brokers.

In Asia, the Shanghai Composite Index rallied 2.58 per cent, Hang Seng ended 0.76 per cent higher, Nikkei rose 0.33 per cent and Kospi gained 0.59 per cent.

Bourses in Europe were also trading higher in their early deals. 
On the currency front, the Indian rupee appreciated 21 paise to 69.44 against the US dollar.

Brent crude futures, the global oil benchmark, fell marginally to USD 62.24 per barrel.

Rising for a third straight session, the BSE benchmark Sensex Tuesday added another 166 points on the back of strong buying in banking, metal and energy stocks amid positive global cues.

Rising for a third straight session, the BSE benchmark Sensex Tuesday added another 166 points on the back of strong buying in banking, metal and energy stocks amid positive global cues. After rallying nearly 300 points during the day, the BSE gauge settled 165.94 points or 0.42 per cent, higher at 39,950.46. The index hit an intra-day high of 40,066.31 and a low of 40,066.31. Similarly, the broader NSE Nifty rose 42.90 points, or 0.36 per cent, to settle at 11,965.60. During the day, the index touched a high of 12,000.35 and a low of 11,904.35. Top gainers in the Sensex pack were Tata Motors, ONGC, Yes Bank, IndusInd Bank and Vedanta rising up to 2.71 per cent. On the other hand, Sun Pharma, M&M, L&T, Coal India and HUL fell up to 3 per cent. Sectorally, metal, oil and gas and banking indices rose as much as 1.33 per cent. Markets traded on a positive note following favourable global cues in Asian markets as sentiments turned upbeat after the US announced a deal with Mexico and investors turned hopeful of further progress on US-China trade talks, said Narendra Solanki, Head-Fundamental Research (Investment Services) - AVP Equity Research, Anand Rathi Shares and Stock Brokers. In Asia, the Shanghai Composite Index rallied 2.58 per cent, Hang Seng ended 0.76 per cent higher, Nikkei rose 0.33 per cent and Kospi gained 0.59 per cent. Bourses in Europe were also trading higher in their early deals. On the currency front, the Indian rupee appreciated 21 paise to 69.44 against the US dollar. Brent crude futures, the global oil benchmark, fell marginally to USD 62.24 per barrel.

Sensex furthers gains for 3rd session on robust global cues

The EU's powerful antitrust authority on Tuesday blocked the merger of German industrial conglomerate ThyssenKrupp with Indian steel giant Tata, an expected veto that kills the deal.

"We prohibited the merger to avoid serious harm to European industrial customers and consumers," EU competition commissioner Margrethe Vestager said in a statement.

The aim of the merger had been to create the second largest European steel company behind multinational giant ArcelorMittal and to join forces in the face of the surge of Chinese steel.

The companies last month abandoned the merger on expectations that the EU would refuse the deal, with ThyssenKrupp announcing it would slash 6,000 jobs as a result, mainly in Germany.

The commission, the EU's executive arm, criticised the merger, which "would have reduced competition and increased prices for different types of steel," a statement said.&nbsp;

Proposed solutions "did not offer adequate remedies to address these concerns," it said.

Having shelved the plans and ruled out offering more concessions to Brussels in order to get a green light, ThyssenKrupp said it was now aiming for a stock market listing of its elevators business as part of a massive restructuring.

The failed tie-up contributed to dismal results posted by ThyssenKrupp last month, with a net loss of 86 million euros ($96 million).

The plunge into loss-making at the start of the year contrasted with a 250-million-euro profit in early 2018, reflecting the difficult context for global steel companies.

The European steel industry has been hit by a wave of problems, including overcapacity, cheap Asian imports and punishing US tariffs.

The EU's powerful antitrust authority on Tuesday blocked the merger of German industrial conglomerate ThyssenKrupp with Indian steel giant Tata, an expected veto that kills the deal.

The EU's powerful antitrust authority on Tuesday blocked the merger of German industrial conglomerate ThyssenKrupp with Indian steel giant Tata, an expected veto that kills the deal. "We prohibited the merger to avoid serious harm to European industrial customers and consumers," EU competition commissioner Margrethe Vestager said in a statement. The aim of the merger had been to create the second largest European steel company behind multinational giant ArcelorMittal and to join forces in the face of the surge of Chinese steel. The companies last month abandoned the merger on expectations that the EU would refuse the deal, with ThyssenKrupp announcing it would slash 6,000 jobs as a result, mainly in Germany. The commission, the EU's executive arm, criticised the merger, which "would have reduced competition and increased prices for different types of steel," a statement said. Proposed solutions "did not offer adequate remedies to address these concerns," it said. Having shelved the plans and ruled out offering more concessions to Brussels in order to get a green light, ThyssenKrupp said it was now aiming for a stock market listing of its elevators business as part of a massive restructuring. The failed tie-up contributed to dismal results posted by ThyssenKrupp last month, with a net loss of 86 million euros ($96 million). The plunge into loss-making at the start of the year contrasted with a 250-million-euro profit in early 2018, reflecting the difficult context for global steel companies. The European steel industry has been hit by a wave of problems, including overcapacity, cheap Asian imports and punishing US tariffs.

European Union blocks Thyssenkrupp-Tata steel merger plan

&nbsp;<a href="https://www.wionews.com/world/amid-trade-war-chinas-exports-fall-to-three-year-low-imports-slip-for-third-straight-month-201889">China's exports</a> unexpectedly returned to growth in May despite higher <a href="https://www.wionews.com/world/mexico-hopes-to-reach-migration-deal-with-the-united-states-as-tariffs-loom-223935">US tariffs</a>, but imports fell the most in nearly three years in a further sign of weak domestic demand that could prompt Beijing to step up stimulus measures.

Some analysts suspected Chinese exporters may have rushed out shipments to the United States to avoid new tariffs on $300 billion of goods that President Donald Trump is threatening to impose in a rapidly escalating trade dispute.

But Monday's better-than-expected export data is unlikely to ease fears that a longer and costlier US-China trade war may no longer be avoidable, pushing the global economy towards recession.

China's May exports rose 1.1% from a year earlier, compared with market expectations for a modest decline, customs data showed.

"We expect export growth to remain positive in June, likely supported by continued front-loading of US-bound exports, but it should then tumble in the third quarter when we expect the threatened tariffs to be imposed," economists at Nomura said in a note to clients.

"Therefore, we believe Beijing will likely step up its stimulus measures to stabilise financial markets and growth."

Business distortions related to April's cut in the value-added tax (VAT) may also have eased, helping export readings, Nomura added.

Analysts polled by Reuters had expected May shipments from the world's largest exporter to have fallen 3.8% from a year earlier, after a contraction of 2.7% per cent in April.

While China is not as dependent on exports as in the past, they still account for nearly a fifth of its gross domestic product.

Trade tensions between Washington and Beijing escalated sharply last month after the Trump administration accused China of having "reneged" on promises to make structural changes to its economic practices.

Trump on May 10 slapped higher tariffs of up to 25% on $200 billion of Chinese goods and then took steps to levy duties on all remaining $300 billion Chinese imports. Beijing retaliated with tariff hikes on US goods.

Trump has said he expects to hold a meeting with Chinese President Xi Jinping at a G20 leaders' summit late this month, but analysts such as Capital Economics believe the chances of a lasting trade deal are receding as both sides appear to be digging in for a long battle.

Trade sanctions are spreading from goods to services, Capital Economics noted last week, with China issuing a warning to citizens about risks of travelling in the United States and US lawmakers pushing to tighten visas for Chinese students.

Damage from the trade war along with a broader softening in global demand will make 2019 the worst year for trade since the financial crisis a decade ago, with only 0.2% growth, according to economists at ING.

China's trade surplus with the United States, a major irritant for Washington, widened to a four-month high of $26.89 billion in May, from $21.01 billion in April, Monday's data showed.

Exports to the US fell at a more moderate pace of 4.2 per cent after dropping 13.2 per cent in April, while China's imports of U.S. goods declined 26.8% from a year earlier.

Imports Fall worst in almost 3 years

China's May imports were much weaker than expected, falling 8.5 per cent, the sharpest drop since July 2016. That left the country with a trade surplus of $41.65 billion for the month.

Analysts had forecast imports would fall 3.8%, reversing an expansion of 4% in April, which some had suspected was related to the reduction in the VAT.

Highlighting sluggish demand, imports of copper fell. The red metal is widely used in construction, electrical goods and manufacturing and is considered a bellwether for the health of an economy.

For January-May, China's total exports rose just 0.4% from a year earlier, while imports declined 3.7%.

More support measures expected

As trade pressures intensify, analysts believe China will loosen policy further in months ahead to shore up economic growth.

Investors are also watching to see how much Beijing allows the yuan to weaken to offset higher US tariffs. The tightly-managed currency has depreciated nearly 3 per cent against the dollar since trade tensions flared in early May and are nearing a closely watched support level.

Analysts do not expect a surprise devaluation from China like one in 2015, which could risk capital outflows and further angering Washington, but some believe more yuan weakness is inevitable if the trade war drags on.

Separate data on Monday showed China's foreign exchange reserves rose unexpectedly in May, suggesting the central bank has intervened only lightly to cushion the recent fall in the yuan.

The central bank has cut banks' reserve requirements (RRR) six times since early 2018 and guided some interest rates lower while urging banks to lend more and keeping ample amounts of liquidity in the banking system.

A growing number of analysts believe it could cut benchmark interest rates in the event of a full-blown trade war, especially if the US Federal Reserve eases policy first.

Beijing also has leaned more heavily on fiscal stimulus than in past downturns, possibly due to high levels of debt left over from past credit sprees. It has fast-tracked infrastructure projects, cut taxes for companies and raised export tax rebates.

The economy has yet to get back on firm footing, however. Factory activity in May contracted more than expected amid weak demand at home and abroad, an official survey showed.

Citing heightened trade uncertainties, the International Monetary Fund (IMF) last week cut its 2019 economic growth forecast for China to 6.2%, which would mark the country's weakest expansion in 29 years.

China's exports unexpectedly returned to growth in May despite higher US tariffs, but imports fell the most in nearly three years in a further sign of weak domestic demand that could prompt Beijing to step up stimulus measures.

China's exports unexpectedly returned to growth in May despite higher US tariffs, but imports fell the most in nearly three years in a further sign of weak domestic demand that could prompt Beijing to step up stimulus measures. Some analysts suspected Chinese exporters may have rushed out shipments to the United States to avoid new tariffs on $300 billion of goods that President Donald Trump is threatening to impose in a rapidly escalating trade dispute. But Monday's better-than-expected export data is unlikely to ease fears that a longer and costlier US-China trade war may no longer be avoidable, pushing the global economy towards recession. China's May exports rose 1.1% from a year earlier, compared with market expectations for a modest decline, customs data showed. "We expect export growth to remain positive in June, likely supported by continued front-loading of US-bound exports, but it should then tumble in the third quarter when we expect the threatened tariffs to be imposed," economists at Nomura said in a note to clients. "Therefore, we believe Beijing will likely step up its stimulus measures to stabilise financial markets and growth." Business distortions related to April's cut in the value-added tax (VAT) may also have eased, helping export readings, Nomura added. Analysts polled by Reuters had expected May shipments from the world's largest exporter to have fallen 3.8% from a year earlier, after a contraction of 2.7% per cent in April. While China is not as dependent on exports as in the past, they still account for nearly a fifth of its gross domestic product. Trade tensions between Washington and Beijing escalated sharply last month after the Trump administration accused China of having "reneged" on promises to make structural changes to its economic practices. Trump on May 10 slapped higher tariffs of up to 25% on $200 billion of Chinese goods and then took steps to levy duties on all remaining $300 billion Chinese imports. Beijing retaliated with tariff hikes on US goods. Trump has said he expects to hold a meeting with Chinese President Xi Jinping at a G20 leaders' summit late this month, but analysts such as Capital Economics believe the chances of a lasting trade deal are receding as both sides appear to be digging in for a long battle. Trade sanctions are spreading from goods to services, Capital Economics noted last week, with China issuing a warning to citizens about risks of travelling in the United States and US lawmakers pushing to tighten visas for Chinese students. Damage from the trade war along with a broader softening in global demand will make 2019 the worst year for trade since the financial crisis a decade ago, with only 0.2% growth, according to economists at ING. China's trade surplus with the United States, a major irritant for Washington, widened to a four-month high of $26.89 billion in May, from $21.01 billion in April, Monday's data showed. Exports to the US fell at a more moderate pace of 4.2 per cent after dropping 13.2 per cent in April, while China's imports of U.S. goods declined 26.8% from a year earlier. Imports Fall worst in almost 3 years China's May imports were much weaker than expected, falling 8.5 per cent, the sharpest drop since July 2016. That left the country with a trade surplus of $41.65 billion for the month. Analysts had forecast imports would fall 3.8%, reversing an expansion of 4% in April, which some had suspected was related to the reduction in the VAT. Highlighting sluggish demand, imports of copper fell. The red metal is widely used in construction, electrical goods and manufacturing and is considered a bellwether for the health of an economy. For January-May, China's total exports rose just 0.4% from a year earlier, while imports declined 3.7%. More support measures expected As trade pressures intensify, analysts believe China will loosen policy further in months ahead to shore up economic growth. Investors are also watching to see how much Beijing allows the yuan to weaken to offset higher US tariffs. The tightly-managed currency has depreciated nearly 3 per cent against the dollar since trade tensions flared in early May and are nearing a closely watched support level. Analysts do not expect a surprise devaluation from China like one in 2015, which could risk capital outflows and further angering Washington, but some believe more yuan weakness is inevitable if the trade war drags on. Separate data on Monday showed China's foreign exchange reserves rose unexpectedly in May, suggesting the central bank has intervened only lightly to cushion the recent fall in the yuan. The central bank has cut banks' reserve requirements (RRR) six times since early 2018 and guided some interest rates lower while urging banks to lend more and keeping ample amounts of liquidity in the banking system. A growing number of analysts believe it could cut benchmark interest rates in the event of a full-blown trade war, especially if the US Federal Reserve eases policy first. Beijing also has leaned more heavily on fiscal stimulus than in past downturns, possibly due to high levels of debt left over from past credit sprees. It has fast-tracked infrastructure projects, cut taxes for companies and raised export tax rebates. The economy has yet to get back on firm footing, however. Factory activity in May contracted more than expected amid weak demand at home and abroad, an official survey showed. Citing heightened trade uncertainties, the International Monetary Fund (IMF) last week cut its 2019 economic growth forecast for China to 6.2%, which would mark the country's weakest expansion in 29 years.

China exports grow despite US tariffs; imports slump most in nearly three years

Oil prices rose on Monday after <a href="https://www.wionews.com/world/saudi-arabia-says-firm-stand-needed-to-deter-iran-iraq-demurs-223124">Saudi Arabia </a>said producer club OPEC and Russia should keep supplies restricted at current levels, and in relief that the United States withdrew a tariff threat against Mexico, removing a cloud over the global economy.

Despite Monday's increases, traders said concerns about the health of the global economy and its impact on fuel demand still weighed on oil market sentiment.

Front-month Brent crude futures, the international benchmark for oil prices, were at $63.61 at 0411 GMT, 32 cents, or 0.5%, above Friday's close.

U.S. West Texas Intermediate (WTI) crude futures were at $54.32 per barrel, 33 cents, or 0.6%.

Traders said crude prices were rising because of statements by OPEC's biggest producer Saudi Arabia on Friday saying that the group was close to agreeing extending supply cuts.

"Brent futures continue rising ... after the Saudi Arabian Energy Minister expressed confidence that OPEC+ producers will prolong their output cuts programme through the second half of 2019," said Han Tan, an analyst at futures brokerage FXTM.

The Organization of the Petroleum Exporting Countries (OPEC) and some non-members, including Russia, known collectively as "OPEC+", have withheld supplies since the start of the year to prop up prices.

Stephen Innes, the managing partner at Vanguard Markets, said stronger stock markets also supported oil futures.

"With the Mexican stalemate averted and no harmful shockwaves from this weekend G-20 meeting ... oil could trade favourably as WTI and Brent will continue to track the broader risk environment high," Innes said.

Stock markets rose on Monday after a deal between the United States and Mexico to combat illegal migration from Central America late last week removed the threat of US tariffs on goods imported from Mexico.

But analysts said there were still concerns about the health of the global economy, with the United States and China still locked in a trade war.

"Slowing global demand appears to be featuring prominently on the markets' collective mind, as the fallout from heightened trade tensions continues to be felt in the global economy," said FXTM's Tan.

"The sustainability of oil's recent climb could be determined by the outlooks of several key industry bodies scheduled this week, whereby more downcast projections for global demand could prompt traders to continue chipping away at oil," he added.

China's crude oil imports slipped to around 40.23 million tonnes (9.47 million barrels per day), down from an all-time peak of 43.73 million tonnes in April, customs data showed on Monday, as the world's top importer of the commodity curbed shipments from Iran amid tightening U.S. sanctions on that country.

Oil major BP will publish its statistical review of global energy markets on Tuesday, while China on Friday is scheduled to publish its monthly commodities output data.

Oil prices rose on Monday after Saudi Arabia said producer club OPEC and Russia should keep supplies restricted at current levels, and in relief that the United States withdrew a tariff threat against Mexico, removing a cloud over the global economy.

Oil prices rose on Monday after Saudi Arabia said producer club OPEC and Russia should keep supplies restricted at current levels, and in relief that the United States withdrew a tariff threat against Mexico, removing a cloud over the global economy. Despite Monday's increases, traders said concerns about the health of the global economy and its impact on fuel demand still weighed on oil market sentiment. Front-month Brent crude futures, the international benchmark for oil prices, were at $63.61 at 0411 GMT, 32 cents, or 0.5%, above Friday's close. U.S. West Texas Intermediate (WTI) crude futures were at $54.32 per barrel, 33 cents, or 0.6%. Traders said crude prices were rising because of statements by OPEC's biggest producer Saudi Arabia on Friday saying that the group was close to agreeing extending supply cuts. "Brent futures continue rising ... after the Saudi Arabian Energy Minister expressed confidence that OPEC+ producers will prolong their output cuts programme through the second half of 2019," said Han Tan, an analyst at futures brokerage FXTM. The Organization of the Petroleum Exporting Countries (OPEC) and some non-members, including Russia, known collectively as "OPEC+", have withheld supplies since the start of the year to prop up prices. Stephen Innes, the managing partner at Vanguard Markets, said stronger stock markets also supported oil futures. "With the Mexican stalemate averted and no harmful shockwaves from this weekend G-20 meeting ... oil could trade favourably as WTI and Brent will continue to track the broader risk environment high," Innes said. Stock markets rose on Monday after a deal between the United States and Mexico to combat illegal migration from Central America late last week removed the threat of US tariffs on goods imported from Mexico. But analysts said there were still concerns about the health of the global economy, with the United States and China still locked in a trade war. "Slowing global demand appears to be featuring prominently on the markets' collective mind, as the fallout from heightened trade tensions continues to be felt in the global economy," said FXTM's Tan. "The sustainability of oil's recent climb could be determined by the outlooks of several key industry bodies scheduled this week, whereby more downcast projections for global demand could prompt traders to continue chipping away at oil," he added. China's crude oil imports slipped to around 40.23 million tonnes (9.47 million barrels per day), down from an all-time peak of 43.73 million tonnes in April, customs data showed on Monday, as the world's top importer of the commodity curbed shipments from Iran amid tightening U.S. sanctions on that country. Oil major BP will publish its statistical review of global energy markets on Tuesday, while China on Friday is scheduled to publish its monthly commodities output data.

Oil prices rise as Saudi producers stick with ongoing supply cuts

The benchmark BSE Sensex rallied over 350 points and the NSE Nifty reclaimed the 11,900 level in early trade Monday driven by gains in IT and banking stocks amid positive global and domestic cues.

After hitting a peak of 39,979.48, the 30-share index was trading 272.07 points or 0.69 per cent, higher at 39,887.97. Similarly, the broader NSE Nifty spurted 76.25 points, or 0.64 per cent, to 11,946.90.

In the previous session on Friday, the Sensex settled 86.18 points or 0.22 per cent, higher at 39,615.90. Similarly, the broader NSE Nifty rose 26.90 points, or 0.23 per cent, to 11,870.65.

Top Sensex gainers in early session Monday include PowerGrid, Tata Steel, TCS, Yes Bank, L&amp;T, Infosys and IndusInd Bank, rising up to 2 per cent.

While, Kotak Bank, M&amp;M, HDFC, ONGC, Sun Pharma and Coal India fell up to 1 per cent.

Investors took positive cues from other Asian markets which were trading positive amid easing global trade war concerns after the United States dropped its threat to impose tariffs on Mexico.

Bourses in China, Japan and Korea were trading up to 2 per cent higher in their respective early sessions.

According to experts, the expectations of a normal monsoon and strong revival in earnings growth in FY20/FY21 driven by a turnaround in corporate banks and healthy growth in construction/infra companies would provide support to markets at higher levels.

On the currency front, the rupee appreciated marginally to 69.43 against the US dollar.

Brent crude futures, the global oil benchmark, were trading 0.52 per cent higher at 63.62 per barrel.

Meanwhile, foreign institutional investors sold equity worth Rs 478.84 crore on Friday, while domestic institutional investors purchased shares to the tune of Rs 179.79 crore, provisional data available with stock exchanges showed.&nbsp;

The benchmark BSE Sensex rallied over 350 points and the NSE Nifty reclaimed the 11,900 level in early trade Monday driven by gains in IT and banking stocks amid positive global and domestic cues.

The benchmark BSE Sensex rallied over 350 points and the NSE Nifty reclaimed the 11,900 level in early trade Monday driven by gains in IT and banking stocks amid positive global and domestic cues. After hitting a peak of 39,979.48, the 30-share index was trading 272.07 points or 0.69 per cent, higher at 39,887.97. Similarly, the broader NSE Nifty spurted 76.25 points, or 0.64 per cent, to 11,946.90. In the previous session on Friday, the Sensex settled 86.18 points or 0.22 per cent, higher at 39,615.90. Similarly, the broader NSE Nifty rose 26.90 points, or 0.23 per cent, to 11,870.65. Top Sensex gainers in early session Monday include PowerGrid, Tata Steel, TCS, Yes Bank, L&T, Infosys and IndusInd Bank, rising up to 2 per cent. While, Kotak Bank, M&M, HDFC, ONGC, Sun Pharma and Coal India fell up to 1 per cent. Investors took positive cues from other Asian markets which were trading positive amid easing global trade war concerns after the United States dropped its threat to impose tariffs on Mexico. Bourses in China, Japan and Korea were trading up to 2 per cent higher in their respective early sessions. According to experts, the expectations of a normal monsoon and strong revival in earnings growth in FY20/FY21 driven by a turnaround in corporate banks and healthy growth in construction/infra companies would provide support to markets at higher levels. On the currency front, the rupee appreciated marginally to 69.43 against the US dollar. Brent crude futures, the global oil benchmark, were trading 0.52 per cent higher at 63.62 per barrel. Meanwhile, foreign institutional investors sold equity worth Rs 478.84 crore on Friday, while domestic institutional investors purchased shares to the tune of Rs 179.79 crore, provisional data available with stock exchanges showed.

Sensex rallies over 350 points; Nifty above 11,900 mark

India is the fourth-ranked destination for London technology companies looking to expand outside of the UK over the past 10 years, behind Australia, Germany and the US, according to official data released on June 10.

London &amp; Partners, the Mayor of London's inward investment agency, also found that while London was the top city globally for tech foreign direct investment (FDI) over the past 10 years, Bengaluru&nbsp;emerged in sixth place as a hub for tech companies looking to expand internationally – ahead of the likes of New York City, Dublin, Shanghai and Beijing, according to the data released to mark the start of London Tech Week 2019.

Between April 2009 and March 2019, Indian investments into London involved 36 projects by 22 Indian companies, with a capex of nearly 523 million pounds.

India, while ranked fourth in terms of foreign direct investment (FDI) into London, created 5,310 jobs – ahead of second-ranked Germany with 1,911 jobs and third-ranked Australia with 1,526 jobs. The US was the top-ranked country with 183 projects in the past decade, creating 11,074 jobs in the UK.

"Today's figures offer further proof that London is a fantastic place to grow and scale an international technology business. London not only offers access a high concentration of growth capital, talent, corporate HQs and some of the world's most early adopting consumers but it is a city that international entrepreneurs can genuinely be part of - we are a global, open community and always will be," said Laura Citron, CEO of London &amp; Partners.&nbsp;

"London Tech Week is a fantastic opportunity to demonstrate our city's strengths to a global audience and I look forward to an exciting week of events," said Mayor of London Sadiq Khan.

"London is Europe's leading tech hub and is helping to create even more jobs and investment for the capital and the wider UK economy. As our city's tech ecosystem continues to grow, it's important that we encourage greater inclusivity and diversity across the tech sector and ensure that London stays open to investment and talent from around the world," he said.

The 2019 Tech Week will see London welcome around 55,000 global visitors, from over 90 different countries including India, as well as 700 trade delegation representatives exploring further investment and expansion opportunities.

According to the latest figures released to coincide with the event, London pitched itself as a leading global hub for technology and innovation, attracting more FDI projects from overseas tech companies than any other city in the last 12 months.

In the past year, 91 international tech firms chose to expand or set up an operation in the UK capital with total investments worth 864 million pounds-&nbsp;more than the number of new tech investment projects in the likes of Singapore (79), Paris (46) and New York (32).

London's attractiveness as a top destination to grow and scale an international tech company was further boosted by the news that the city's tech firms received 2.56 billion pounds in venture capital funding in the first half of 2019, representing a record when compared with the first six months of any other year previously.

The findings from PitchBook, produced for London &amp; Partners, also demonstrate London's strength as Europe's largest tech hub, with the research showing that the UK capital continues to top the chart for VC investment into Europe. So far in 2019, London's tech sector has seen significantly more tech investment than the likes of Paris, Berlin and Stockholm.

Venture capital investment into London companies accounted for over 80 per cent of the total GBP 3.17 billion invested into the UK tech sector so far this year. The UK has also dominated the European investment landscape in 2019, with British tech firms raising over double the amount seen in Germany, France and Spain.&nbsp;

India is the fourth-ranked destination for London technology companies looking to expand outside of the UK over the past 10 years, behind Australia, Germany and the US, according to official data released on June 10.

India is the fourth-ranked destination for London technology companies looking to expand outside of the UK over the past 10 years, behind Australia, Germany and the US, according to official data released on June 10. London & Partners, the Mayor of London's inward investment agency, also found that while London was the top city globally for tech foreign direct investment (FDI) over the past 10 years, Bengaluru emerged in sixth place as a hub for tech companies looking to expand internationally – ahead of the likes of New York City, Dublin, Shanghai and Beijing, according to the data released to mark the start of London Tech Week 2019. Between April 2009 and March 2019, Indian investments into London involved 36 projects by 22 Indian companies, with a capex of nearly 523 million pounds. India, while ranked fourth in terms of foreign direct investment (FDI) into London, created 5,310 jobs – ahead of second-ranked Germany with 1,911 jobs and third-ranked Australia with 1,526 jobs. The US was the top-ranked country with 183 projects in the past decade, creating 11,074 jobs in the UK. "Today's figures offer further proof that London is a fantastic place to grow and scale an international technology business. London not only offers access a high concentration of growth capital, talent, corporate HQs and some of the world's most early adopting consumers but it is a city that international entrepreneurs can genuinely be part of - we are a global, open community and always will be," said Laura Citron, CEO of London & Partners. "London Tech Week is a fantastic opportunity to demonstrate our city's strengths to a global audience and I look forward to an exciting week of events," said Mayor of London Sadiq Khan. "London is Europe's leading tech hub and is helping to create even more jobs and investment for the capital and the wider UK economy. As our city's tech ecosystem continues to grow, it's important that we encourage greater inclusivity and diversity across the tech sector and ensure that London stays open to investment and talent from around the world," he said. The 2019 Tech Week will see London welcome around 55,000 global visitors, from over 90 different countries including India, as well as 700 trade delegation representatives exploring further investment and expansion opportunities. According to the latest figures released to coincide with the event, London pitched itself as a leading global hub for technology and innovation, attracting more FDI projects from overseas tech companies than any other city in the last 12 months. In the past year, 91 international tech firms chose to expand or set up an operation in the UK capital with total investments worth 864 million pounds- more than the number of new tech investment projects in the likes of Singapore (79), Paris (46) and New York (32). London's attractiveness as a top destination to grow and scale an international tech company was further boosted by the news that the city's tech firms received 2.56 billion pounds in venture capital funding in the first half of 2019, representing a record when compared with the first six months of any other year previously. The findings from PitchBook, produced for London & Partners, also demonstrate London's strength as Europe's largest tech hub, with the research showing that the UK capital continues to top the chart for VC investment into Europe. So far in 2019, London's tech sector has seen significantly more tech investment than the likes of Paris, Berlin and Stockholm. Venture capital investment into London companies accounted for over 80 per cent of the total GBP 3.17 billion invested into the UK tech sector so far this year. The UK has also dominated the European investment landscape in 2019, with British tech firms raising over double the amount seen in Germany, France and Spain.

India among top destinations for London tech firms: Report

United Technologies Corp agreed on Sunday to combine its aerospace business with US contractor Raytheon Co and create a new company worth about $121 billion, in what would be the sector's biggest ever merger.

The deal would reshape the competitive landscape by forming a conglomerate which spans commercial aviation and defence procurement. United Technologies provides primarily commercial plane makers with electronics, communications and other equipment, whereas Raytheon mainly supplies the US government with military aircraft and missile equipment.

While United Technologies and Raytheon have some common customers, their business overlap is limited, an argument the companies plan to make once US antitrust regulators start scrutinising the merger.

However, the two major commercial aircraft makers, Boeing Co and Airbus SE, as well as the Pentagon, have been known to use their significant purchasing power to seek concessions from their suppliers and may not welcome a potential lessening in competition among them.

When United Technologies rebuffed an acquisition offer from Honeywell International Inc in 2016, United Technologies chief executive Greg Hayes justified the decision partly by predicting that Boeing and Airbus would never accept having a supplier that would "build the plane from tip to tail."

United Technologies has said it is on track to separate its Carrier air conditioning and Otis elevator businesses, leaving the company focused on its aerospace business through its $23 billion acquisition of <a href="https://www.wionews.com/business-economy/united-tech-to-buy-rockwell-collins-for-30-billion-combine-aerospace-operations-19883">Rockwell Collins</a>, which was completed in 2018, and the Pratt &amp; Whitney engines business.

Chinese authorities scrutinised the acquisition of airplane parts maker Rockwell Collins closely, given the companies' footprint in that country's market. This resulted in the deal closing in November 2018, as opposed to the targeted third quarter.

Trade tensions between the United States and China were blamed at least partly by analysts for that delay, but a source close to the deal said the companies did not expect this to be repeated because Raytheon does not do business in China.

Under the deal announced on Sunday, Raytheon shareholders will receive 2.3348 shares in the combined company for each Raytheon share. The merger is expected to result in more than $1 billion in cost synergies by the end of the fourth year, the companies said.

United Technologies shareholders will own about 57% of the combined business, called Raytheon Technologies Corporation, which will be led by Hayes. Raytheon shareholders will own the remaining stake, and Raytheon CEO Tom Kennedy will be named executive chairman. The companies negotiated the terms over several months, according to the source, who requested anonymity discussing the confidential deliberations.

The deal has been structured so that no shareholder of either company will receive a premium. United Technologies and Raytheon have market capitalisations of $114 billion and $52 billion, respectively.

The deal is expected to close in the first half of 2020.

The newly created company is expected to return between $18 billion and $20 billion of capital to shareholders in the first three years after the deal's completion, the companies said. The new company will also assume about $26 billion in net debt, they added.

Defence spending rise

Raytheon, maker of the Tomahawk and the Patriot missile systems, and other US military contractors are expected to benefit from strong global demand for fighter jets and munitions as well as higher US defence spending in fiscal 2020, much of it driven by US President Donald Trump's administration.

However, Pentagon spending is projected to slow down after an initial boost under Trump. A deal with United Technologies would allow Raytheon to expand into commercial aviation.

Conversely, United Technologies could benefit from reducing its exposure to commercial aerospace clients amid concerns that the rise of international trade protectionism will suppress economic growth and weigh on the flow of goods through air traffic.

The International Air Transport Association, which represents about 290 carriers accounting for more than 80% of global air traffic, cited these concerns earlier this month when it said the industry is expected to post a $28 billion profit in 2019, down from a December forecast of $35.5 billion.

The deal with Raytheon could put pressure on General Electric Co, which competes with United Technologies for commercial aerospace clients, to seek scale. It could also push other defence contractors, such as Lockheed Martin Corp, to explore expanding their commercial businesses.

Last year, military communication equipment providers Harris Corp and L3 Technologies Inc announced an all-stock merger that, once completed, will create the sixth-largest US defence contractor.

Morgan Stanley, Evercore Inc and Goldman Sachs Group Inc were financial advisers to United Technologies, while Wachtell, Lipton, Rosen &amp; Katz was its legal adviser. Citigroup Inc was a financial adviser to Raytheon, and RBC Capital Markets LLC provided a fairness opinion. Shearman &amp; Sterling LLP was the legal adviser to Raytheon

United Technologies Corp agreed on Sunday to combine its aerospace business with US contractor Raytheon Co and create a new company worth about $121 billion, in what would be the sector's biggest ever merger.

United Technologies Corp agreed on Sunday to combine its aerospace business with US contractor Raytheon Co and create a new company worth about $121 billion, in what would be the sector's biggest ever merger. The deal would reshape the competitive landscape by forming a conglomerate which spans commercial aviation and defence procurement. United Technologies provides primarily commercial plane makers with electronics, communications and other equipment, whereas Raytheon mainly supplies the US government with military aircraft and missile equipment. While United Technologies and Raytheon have some common customers, their business overlap is limited, an argument the companies plan to make once US antitrust regulators start scrutinising the merger. However, the two major commercial aircraft makers, Boeing Co and Airbus SE, as well as the Pentagon, have been known to use their significant purchasing power to seek concessions from their suppliers and may not welcome a potential lessening in competition among them. When United Technologies rebuffed an acquisition offer from Honeywell International Inc in 2016, United Technologies chief executive Greg Hayes justified the decision partly by predicting that Boeing and Airbus would never accept having a supplier that would "build the plane from tip to tail." United Technologies has said it is on track to separate its Carrier air conditioning and Otis elevator businesses, leaving the company focused on its aerospace business through its $23 billion acquisition of Rockwell Collins, which was completed in 2018, and the Pratt & Whitney engines business. Chinese authorities scrutinised the acquisition of airplane parts maker Rockwell Collins closely, given the companies' footprint in that country's market. This resulted in the deal closing in November 2018, as opposed to the targeted third quarter. Trade tensions between the United States and China were blamed at least partly by analysts for that delay, but a source close to the deal said the companies did not expect this to be repeated because Raytheon does not do business in China. Under the deal announced on Sunday, Raytheon shareholders will receive 2.3348 shares in the combined company for each Raytheon share. The merger is expected to result in more than $1 billion in cost synergies by the end of the fourth year, the companies said. United Technologies shareholders will own about 57% of the combined business, called Raytheon Technologies Corporation, which will be led by Hayes. Raytheon shareholders will own the remaining stake, and Raytheon CEO Tom Kennedy will be named executive chairman. The companies negotiated the terms over several months, according to the source, who requested anonymity discussing the confidential deliberations. The deal has been structured so that no shareholder of either company will receive a premium. United Technologies and Raytheon have market capitalisations of $114 billion and $52 billion, respectively. The deal is expected to close in the first half of 2020. The newly created company is expected to return between $18 billion and $20 billion of capital to shareholders in the first three years after the deal's completion, the companies said. The new company will also assume about $26 billion in net debt, they added. Defence spending rise Raytheon, maker of the Tomahawk and the Patriot missile systems, and other US military contractors are expected to benefit from strong global demand for fighter jets and munitions as well as higher US defence spending in fiscal 2020, much of it driven by US President Donald Trump's administration. However, Pentagon spending is projected to slow down after an initial boost under Trump. A deal with United Technologies would allow Raytheon to expand into commercial aviation. Conversely, United Technologies could benefit from reducing its exposure to commercial aerospace clients amid concerns that the rise of international trade protectionism will suppress economic growth and weigh on the flow of goods through air traffic. The International Air Transport Association, which represents about 290 carriers accounting for more than 80% of global air traffic, cited these concerns earlier this month when it said the industry is expected to post a $28 billion profit in 2019, down from a December forecast of $35.5 billion. The deal with Raytheon could put pressure on General Electric Co, which competes with United Technologies for commercial aerospace clients, to seek scale. It could also push other defence contractors, such as Lockheed Martin Corp, to explore expanding their commercial businesses. Last year, military communication equipment providers Harris Corp and L3 Technologies Inc announced an all-stock merger that, once completed, will create the sixth-largest US defence contractor. Morgan Stanley, Evercore Inc and Goldman Sachs Group Inc were financial advisers to United Technologies, while Wachtell, Lipton, Rosen & Katz was its legal adviser. Citigroup Inc was a financial adviser to Raytheon, and RBC Capital Markets LLC provided a fairness opinion. Shearman & Sterling LLP was the legal adviser to Raytheon

United Technologies, Raytheon to create $120 billion aerospace and defence giant