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A list of products subject to possible US tariffs on about $300 billion of Chinese imports will include cellphones and laptop computers but not pharmaceuticals and rare earth materials, the US&nbsp;Trade Representative's Office said on Monday.

It said a public hearing will be held on June 17 on its list of 3,805 product categories that could be subject to tariffs of up to 25%. Final rebuttal comments are due seven days after the end of the hearing, USTR said, marking a much shorter public comment period than previous rounds.

Initial tariffs on a $200 billion list of Chinese imports received about 71 days of public scrutiny during the summer of 2018, versus as little as 42 days for the latest $300 billion round of tariffs.

The comment period would likely be completed before <a href="https://www.wionews.com/world/us-president-trump-says-open-to-talk-to-iran-217343">US&nbsp;President Donald Trump</a> goes to a G20 leaders summit in Japan on June 28-29, where he said he will meet with <a href="https://www.wionews.com/world/xi-jinping-asks-for-fair-and-friendly-treatment-for-chinese-companies-and-citizens-overseas-214011">Chinese President Xi Jinping</a>. The timing would allow him to be in a position to order the tariffs to be activated around that date.

The proposed list would cover nearly every consumer product left untouched by previous tariffs on $250 billion worth of Chinese imports, including cellphones, laptops and tablet computers. Apple Inc, whose products had escaped prior rounds of tariffs, saw its shares plunge 5.8 per cent on Monday, taking US&nbsp;stocks broadly lower.

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The nearly 140-page list covers a wide variety of consumer products such as clothing, shoes, pencil sharpeners, books, bedsheets, and lawn mowers. It also includes fresh produce, meat, watches, pesticides, motorcycles, cocoa, infant formula, fireworks, yarn, baby pacifiers, and musical instruments.

"The latest tariff escalation is far too great a gamble for the US&nbsp;economy," National Retail Federation President Matthew Shay said in a statement. "Slapping tariffs on everything US companies import from China – goods that support US&nbsp;manufacturing and provide consumers with affordable products – will jeopardize American jobs and increase costs for consumers."

The list excluded Chinese-made pharmaceuticals, inputs for pharmaceuticals and select medical products, and rare earth minerals. Some of those are considered important for the electric vehicle, defence and drug industries.

Product exclusions granted by USTR from prior rounds of tariffs will not be affected, including a group of exclusions announced earlier on Monday for small electric motors, water filters and other components.

A list of products subject to possible US tariffs on about $300 billion of Chinese imports will include cellphones and laptop computers but not pharmaceuticals and rare earth materials, the US Trade Representative's Office said on Monday.

A list of products subject to possible US tariffs on about $300 billion of Chinese imports will include cellphones and laptop computers but not pharmaceuticals and rare earth materials, the US Trade Representative's Office said on Monday. It said a public hearing will be held on June 17 on its list of 3,805 product categories that could be subject to tariffs of up to 25%. Final rebuttal comments are due seven days after the end of the hearing, USTR said, marking a much shorter public comment period than previous rounds. Initial tariffs on a $200 billion list of Chinese imports received about 71 days of public scrutiny during the summer of 2018, versus as little as 42 days for the latest $300 billion round of tariffs. The comment period would likely be completed before US President Donald Trump goes to a G20 leaders summit in Japan on June 28-29, where he said he will meet with Chinese President Xi Jinping. The timing would allow him to be in a position to order the tariffs to be activated around that date. The proposed list would cover nearly every consumer product left untouched by previous tariffs on $250 billion worth of Chinese imports, including cellphones, laptops and tablet computers. Apple Inc, whose products had escaped prior rounds of tariffs, saw its shares plunge 5.8 per cent on Monday, taking US stocks broadly lower. × The nearly 140-page list covers a wide variety of consumer products such as clothing, shoes, pencil sharpeners, books, bedsheets, and lawn mowers. It also includes fresh produce, meat, watches, pesticides, motorcycles, cocoa, infant formula, fireworks, yarn, baby pacifiers, and musical instruments. "The latest tariff escalation is far too great a gamble for the US economy," National Retail Federation President Matthew Shay said in a statement. "Slapping tariffs on everything US companies import from China – goods that support US manufacturing and provide consumers with affordable products – will jeopardize American jobs and increase costs for consumers." The list excluded Chinese-made pharmaceuticals, inputs for pharmaceuticals and select medical products, and rare earth minerals. Some of those are considered important for the electric vehicle, defence and drug industries. Product exclusions granted by USTR from prior rounds of tariffs will not be affected, including a group of exclusions announced earlier on Monday for small electric motors, water filters and other components.

Cellphones and laptops on latest United States Trade Representative China tariff list, drugs excluded

Oil prices were moving higher on Tuesday, though gains were checked amid an escalation in the trade war between the United States and China.

Brent crude futures were at $70.30 a barrel at 0318 GMT, up 7 cents, or 0.1%, from their last close. Brent ended the previous session down 0.6%.

The US&nbsp;West Texas Intermediate (WTI) crude futures were at $61.11 per barrel, up 7 cents, or 0.1%, from their previous settlement. WTI closed down 1% on Monday.

Headlines from the Middle East grabbed attention early in the session after Saudi Arabia said two of its oil tankers were among those attacked off the coast of the United Arab Emirates, describing it as an attempt to undermine the security of supply amid United States-Iran tensions.

But analysts said the US-China trade war continued to cast a pall on the market as a whole.

"This ramp-up in trade tensions, which I don't really think people saw coming, is going to have an impact, a broad impact," Phin Ziebell, senior economist at National Australia Bank said by phone. "You can't avoid the impact on the oil market."

China on Monday ignored a warning from US&nbsp;President Donald Trump and moved to impose higher tariffs on a range of US goods including frozen vegetables and liquefied natural gas

The US&nbsp;Energy Department said on Monday that it was confident global oil markets are well supplied.

But that may change by the end of the year as oil production capacity could drop to under 1% of global supply-demand by the end of the year after the US&nbsp;imposed sanctions on Iran and Venezuela, the analyst said.

Saudi Arabia, the world's biggest oil exporter, is likely to raise its production much more cautiously than last year when production from the Kingdom rose to record highs above 11 million bpd in November after calls from Trump to replace Iranian barrels.

Riyadh, for now, is reluctant to boost oil supply too quickly and risk a price crash and a build-up in inventories, despite pressure from the Trump administration to reduce oil prices.

Oil prices were moving higher on Tuesday, though gains were checked amid an escalation in the trade war between the United States and China. Brent crude futures were at $70.

Oil prices were moving higher on Tuesday, though gains were checked amid an escalation in the trade war between the United States and China. Brent crude futures were at $70.30 a barrel at 0318 GMT, up 7 cents, or 0.1%, from their last close. Brent ended the previous session down 0.6%. The US West Texas Intermediate (WTI) crude futures were at $61.11 per barrel, up 7 cents, or 0.1%, from their previous settlement. WTI closed down 1% on Monday. Headlines from the Middle East grabbed attention early in the session after Saudi Arabia said two of its oil tankers were among those attacked off the coast of the United Arab Emirates, describing it as an attempt to undermine the security of supply amid United States-Iran tensions. But analysts said the US-China trade war continued to cast a pall on the market as a whole. "This ramp-up in trade tensions, which I don't really think people saw coming, is going to have an impact, a broad impact," Phin Ziebell, senior economist at National Australia Bank said by phone. "You can't avoid the impact on the oil market." China on Monday ignored a warning from US President Donald Trump and moved to impose higher tariffs on a range of US goods including frozen vegetables and liquefied natural gas The US Energy Department said on Monday that it was confident global oil markets are well supplied. But that may change by the end of the year as oil production capacity could drop to under 1% of global supply-demand by the end of the year after the US imposed sanctions on Iran and Venezuela, the analyst said. Saudi Arabia, the world's biggest oil exporter, is likely to raise its production much more cautiously than last year when production from the Kingdom rose to record highs above 11 million bpd in November after calls from Trump to replace Iranian barrels. Riyadh, for now, is reluctant to boost oil supply too quickly and risk a price crash and a build-up in inventories, despite pressure from the Trump administration to reduce oil prices.

Oil prices rise, gains tempered by US-China trade tensions

Uber Technologies Inc's shares fell as much as 10% on Monday, more than doubling their losses since the ride-hailing giant's poorly received Wall Street debut on Friday and raising more questions about investors' faith in its ability to make profits.

The fall in shares come against the backdrop of a global stock market selloff sparked by renewed trade tensions between the United States and China.

The stock hit a low of $37.17, valuing the company at about $12 billion less than the IPO price of $45. Shares of smaller rival Lyft Inc, which went public at $72 a share on March 29, was down 5.3% at $48.35.

Uber lowered its valuation expectations twice in the past two months to address investor concerns over its mounting losses, and finally priced its IPO at the low end of the targeted range in a bid to avoid Lyft's stock market struggles.

"In the last couple of weeks we have noticed investors questioning more about how good of a business model is ride sharing really," said Tom White analyst DA&nbsp;Davidson.

While both companies are trying to find ways to lower driver costs to become profitable, drivers went on a protest in several US&nbsp;cities earlier this month demanding job security, livable incomes and a cap on the amount ride-hailing companies can collect from fares.

Many investors are concerned about rising costs associated with booking fees shared with drivers, said Daniel Morgan, a senior portfolio manager at Synovus Trust.

Morgan said this expense will only rise as the company increases sales and demand for drivers grow.

Investors have struggled to figure out how much Uber and Lyft are worth, given both companies have not estimated a timeline for turning a profit.

Lyft posted a $1.1 billion quarterly loss last week and forecast losses would peak this year as it controlled expenses and got more revenue from each customer.

Uber has warned in a regulatory filing that it may never be profitable.

Investors are questioning whether achieving profitability will require these businesses to either raise prices for consumers or reduce service levels, White said.

Wedbush analyst Ygal Arounian said investors need to be patient as Uber reaches full monetization potential with its ride-sharing platform and a broader growth engine with Uber Eats, Uber Freight and autonomous driving initiatives.

"While it will take time for the stock to settle and Uber must execute flawlessly over the coming 12 to 18 months, we believe a $100 billion+ market cap is warranted," said Arounian, who has an "outperform" rating on the stock.

Uber Technologies Inc's shares fell as much as 10% on Monday, more than doubling their losses since the ride-hailing giant's poorly received Wall Street debut on Friday and raising more questions about investors' faith in its ability to make profits.

Uber Technologies Inc's shares fell as much as 10% on Monday, more than doubling their losses since the ride-hailing giant's poorly received Wall Street debut on Friday and raising more questions about investors' faith in its ability to make profits. The fall in shares come against the backdrop of a global stock market selloff sparked by renewed trade tensions between the United States and China. The stock hit a low of $37.17, valuing the company at about $12 billion less than the IPO price of $45. Shares of smaller rival Lyft Inc, which went public at $72 a share on March 29, was down 5.3% at $48.35. Uber lowered its valuation expectations twice in the past two months to address investor concerns over its mounting losses, and finally priced its IPO at the low end of the targeted range in a bid to avoid Lyft's stock market struggles. "In the last couple of weeks we have noticed investors questioning more about how good of a business model is ride sharing really," said Tom White analyst DA Davidson. While both companies are trying to find ways to lower driver costs to become profitable, drivers went on a protest in several US cities earlier this month demanding job security, livable incomes and a cap on the amount ride-hailing companies can collect from fares. Many investors are concerned about rising costs associated with booking fees shared with drivers, said Daniel Morgan, a senior portfolio manager at Synovus Trust. Morgan said this expense will only rise as the company increases sales and demand for drivers grow. Investors have struggled to figure out how much Uber and Lyft are worth, given both companies have not estimated a timeline for turning a profit. Lyft posted a $1.1 billion quarterly loss last week and forecast losses would peak this year as it controlled expenses and got more revenue from each customer. Uber has warned in a regulatory filing that it may never be profitable. Investors are questioning whether achieving profitability will require these businesses to either raise prices for consumers or reduce service levels, White said. Wedbush analyst Ygal Arounian said investors need to be patient as Uber reaches full monetization potential with its ride-sharing platform and a broader growth engine with Uber Eats, Uber Freight and autonomous driving initiatives. "While it will take time for the stock to settle and Uber must execute flawlessly over the coming 12 to 18 months, we believe a $100 billion+ market cap is warranted," said Arounian, who has an "outperform" rating on the stock.

Uber shares fall for second day after ill-fated IPO

Markets in Asia were largely down in morning trade on Monday as the lack of a <a href="https://www.wionews.com/business-economy/oil-rallies-on-hopes-for-us-china-trade-deal-217381">US-China trade deal </a>cast a cloud over the market.

Investors watched the latest developments warily in the trade war between the world's top two economies after negotiations in Washington ended Friday without agreement and a tariff hike on Chinese imports went into effect.

White House economic advisor Larry Kudlow said US President Donald Trump and China's Xi Jinping could meet next month on the sidelines of the G20 summit to hash out their differences on trade -- but no new talks are yet scheduled.

"Central banks this year have switched into this dovish pivot -- that's allowed the market to continue higher whatever the weather" up until recently, Eleanor Creagh, Australia market strategist at Saxo Capital Markets, told Bloomberg Television.&nbsp;

"With the breakdown of these trade negotiations, people will have to sit back and think how far this dovish central bank stance can really continue to carry us."

Trump had accused Beijing of reneging on its commitments in trade talks and ordered new punitive duties -- which took effect Friday -- on $200 billion worth of Chinese imports, raising them to 25 per cent from 10 per cent.&nbsp;

He then ordered a tariff hike on almost all remaining imports from China, which are worth about $300 billion, according to US Trade Representative Robert Lighthizer.

China's top trade negotiator, Vice Premier Liu He, had warned earlier that Beijing "must respond" to any US tariffs.&nbsp;

"US-China trade relations will continue centre stage this week with most other data and events relegated to a distant second place," said OANDA senior market analyst Jeffrey Halley.

"China will no doubt announce retaliatory measures while the US may provide more concrete start dates for the newly-imposed tariffs. Markets can expect short-term whipsaw price action as the street hangs on every little comment emanating from Washington DC and Beijing."

Tokyo was down 0.5 per cent, Shanghai lost one per cent, Singapore shed 1.2 per cent and Seoul slipped more than one per cent in morning trade.

S&amp;P 500 Index futures dropped as much as 1.2 percent and ten-year US yields are hovering near the lowest level since early April.

Amid nervousness in China markets, state funds reportedly intervened to prop up shares on Monday and again Friday, when the Shanghai Composite closed up more than 3 percent.

Traders will also be watching this week for earnings reports from China tech giants Tencent and Alibaba, and key data on China industrial production and retail sales slated for Wednesday -- the same day figures are due for US retail sales and industrial production.

Markets in Asia were largely down in morning trade on Monday as the lack of a US-China trade deal cast a cloud over the market. Investors watched the latest developments warily in the trade war between the world's top two economies after negotiations in Washington ended Friday without agreement and a tariff hike on Chinese imports went into effect.

Markets in Asia were largely down in morning trade on Monday as the lack of a US-China trade deal cast a cloud over the market. Investors watched the latest developments warily in the trade war between the world's top two economies after negotiations in Washington ended Friday without agreement and a tariff hike on Chinese imports went into effect. White House economic advisor Larry Kudlow said US President Donald Trump and China's Xi Jinping could meet next month on the sidelines of the G20 summit to hash out their differences on trade -- but no new talks are yet scheduled. "Central banks this year have switched into this dovish pivot -- that's allowed the market to continue higher whatever the weather" up until recently, Eleanor Creagh, Australia market strategist at Saxo Capital Markets, told Bloomberg Television. "With the breakdown of these trade negotiations, people will have to sit back and think how far this dovish central bank stance can really continue to carry us." Trump had accused Beijing of reneging on its commitments in trade talks and ordered new punitive duties -- which took effect Friday -- on $200 billion worth of Chinese imports, raising them to 25 per cent from 10 per cent. He then ordered a tariff hike on almost all remaining imports from China, which are worth about $300 billion, according to US Trade Representative Robert Lighthizer. China's top trade negotiator, Vice Premier Liu He, had warned earlier that Beijing "must respond" to any US tariffs. "US-China trade relations will continue centre stage this week with most other data and events relegated to a distant second place," said OANDA senior market analyst Jeffrey Halley. "China will no doubt announce retaliatory measures while the US may provide more concrete start dates for the newly-imposed tariffs. Markets can expect short-term whipsaw price action as the street hangs on every little comment emanating from Washington DC and Beijing." Tokyo was down 0.5 per cent, Shanghai lost one per cent, Singapore shed 1.2 per cent and Seoul slipped more than one per cent in morning trade. S&P 500 Index futures dropped as much as 1.2 percent and ten-year US yields are hovering near the lowest level since early April. Amid nervousness in China markets, state funds reportedly intervened to prop up shares on Monday and again Friday, when the Shanghai Composite closed up more than 3 percent. Traders will also be watching this week for earnings reports from China tech giants Tencent and Alibaba, and key data on China industrial production and retail sales slated for Wednesday -- the same day figures are due for US retail sales and industrial production.

Lack of US-China trade deal weighs on Asian markets

The key Indian equity indices opened on a negative note on Monday tracking weak cues from international markets.

At 9.33 am, the Nifty50 on the National Stock Exchange traded at 11,256.55, lower by 22.35 points or 0.20 per cent from the previous close of 11,278.90 points.

The BSE Sensex traded at 37,454.25, lower by 8.74 or 0.02 per cent, from the previous close of 37,462.99 points.

It opened at 37,491.30 and has so far touched an intra-day high of 37,505.66 and a low of 37,319 points.

Top losers in the Sensex pack include L&amp;T, Tata Steel, M&amp;M, NTPC, Sun Pharma, HDFC twins, Kotak Bank, Yes Bank and Sun Pharma, shedding up to 1.98 per cent.

On the other hand, SBI, TCS, HUL, ONGC, Bajaj Finance, Vedanta, Hero MotoCorp, HCL Tech, Bharti Airtel, Maruti, ITC and RIL, were among the top gainers, rising up to 1.35 per cent.

Elsewhere in Asia, bourses were trading significantly lower after the near collapse of trade talks with China last week.

Trump on Friday imposed a hefty duty on import of Chinese products from 10 per cent to 25 per cent worth more than USD 200 billion and asking for a similar increase on tariff on the rest of the Chinese import of over USD 300 billion.

Sustained foreign fund outflow too weighed on investor sentiment here, traders said.

Foreign institutional investors (FIIs) sold equity worth Rs 1,245.14 crore on Friday, while domestic institutional investors (DIIs) purchased shares to the tune of Rs 1,057.42 crore, provisional data available with stock exchanges showed.

According to Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas, as we move closer towards the election results day (May 23), one can expect the volatility in the market to only increase further. 2019 general election continues to be an important near term event for the market.

Meanwhile, on the currency front, the rupee depreciated 19 paise to 70.11 against the US dollar.

Brent crude futures, the global oil benchmark, were trading 0.30 per cent higher at USD 70.83 per barrel.

(With inputs from PTI)

The key Indian equity indices opened on a negative note on Monday tracking weak cues from international markets. At 9.33 am, the Nifty50 on the National Stock Exchange traded at 11,256.

The key Indian equity indices opened on a negative note on Monday tracking weak cues from international markets. At 9.33 am, the Nifty50 on the National Stock Exchange traded at 11,256.55, lower by 22.35 points or 0.20 per cent from the previous close of 11,278.90 points. The BSE Sensex traded at 37,454.25, lower by 8.74 or 0.02 per cent, from the previous close of 37,462.99 points. It opened at 37,491.30 and has so far touched an intra-day high of 37,505.66 and a low of 37,319 points. Top losers in the Sensex pack include L&T, Tata Steel, M&M, NTPC, Sun Pharma, HDFC twins, Kotak Bank, Yes Bank and Sun Pharma, shedding up to 1.98 per cent. On the other hand, SBI, TCS, HUL, ONGC, Bajaj Finance, Vedanta, Hero MotoCorp, HCL Tech, Bharti Airtel, Maruti, ITC and RIL, were among the top gainers, rising up to 1.35 per cent. Elsewhere in Asia, bourses were trading significantly lower after the near collapse of trade talks with China last week. Trump on Friday imposed a hefty duty on import of Chinese products from 10 per cent to 25 per cent worth more than USD 200 billion and asking for a similar increase on tariff on the rest of the Chinese import of over USD 300 billion. Sustained foreign fund outflow too weighed on investor sentiment here, traders said. Foreign institutional investors (FIIs) sold equity worth Rs 1,245.14 crore on Friday, while domestic institutional investors (DIIs) purchased shares to the tune of Rs 1,057.42 crore, provisional data available with stock exchanges showed. According to Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas, as we move closer towards the election results day (May 23), one can expect the volatility in the market to only increase further. 2019 general election continues to be an important near term event for the market. Meanwhile, on the currency front, the rupee depreciated 19 paise to 70.11 against the US dollar. Brent crude futures, the global oil benchmark, were trading 0.30 per cent higher at USD 70.83 per barrel. (With inputs from PTI)

Stock markets open in red on weak global cues

Amazon said Monday it was offering employees $10,000 to quit their jobs and become independent package delivery entrepreneurs for the online retail colossus.

An Amazon statement said the latest incentive would also include three months of wages for employees who want to start their own delivery enterprise, and that they would be assured "consistent delivery volume" from the company.

The move comes with Amazon seeking to reduce its dependence on services in the US Postal Service and FedEx. Amazon first launched the "delivery service partner" program in 2018, requiring employees to invest in their own start and estimating revenues for up to $300,000.

Since last year, some 200 people have begun Amazon delivery startups, and the company said it expects "hundreds" more with the added incentives, available in the United States, Britain and Spain.

"We received overwhelming interest from tens of thousands of individuals who applied to be part of the delivery service partner program, including many employees," said Dave Clark, senior vice president of worldwide operations.

"We've heard from associates that they want to participate in the program but struggled with the transition. Now we have a path for those associates with an appetite for opportunities to own their own businesses."

Amazon said it would offer access to the company's delivery technology, training, and discounts on assets and services, including Amazon-branded vans and uniforms.

Amazon said Monday it was offering employees $10,000 to quit their jobs and become independent package delivery entrepreneurs for the online retail colossus. An Amazon statement said the latest incentive would also include three months of wages for employees who want to start their own delivery enterprise, and that they would be assured "consistent delivery volume" from the company.

Amazon said Monday it was offering employees $10,000 to quit their jobs and become independent package delivery entrepreneurs for the online retail colossus. An Amazon statement said the latest incentive would also include three months of wages for employees who want to start their own delivery enterprise, and that they would be assured "consistent delivery volume" from the company. The move comes with Amazon seeking to reduce its dependence on services in the US Postal Service and FedEx. Amazon first launched the "delivery service partner" program in 2018, requiring employees to invest in their own start and estimating revenues for up to $300,000. Since last year, some 200 people have begun Amazon delivery startups, and the company said it expects "hundreds" more with the added incentives, available in the United States, Britain and Spain. "We received overwhelming interest from tens of thousands of individuals who applied to be part of the delivery service partner program, including many employees," said Dave Clark, senior vice president of worldwide operations. "We've heard from associates that they want to participate in the program but struggled with the transition. Now we have a path for those associates with an appetite for opportunities to own their own businesses." Amazon said it would offer access to the company's delivery technology, training, and discounts on assets and services, including Amazon-branded vans and uniforms.

Amazon offers employees $10,000 to quit, launch delivery business

Wall Street stocks plunged Monday, with losses on Nasdaq exceeding three per cent, after <a href="https://www.wionews.com/world/now-china-imposes-tariffs-on-60-billion-worth-of-us-goods-218421">China announced it was ramping up tariffs on US goods</a>, escalating the year-long trade dispute.

About an hour into the trading session, the Dow Jones Industrial Average was down nearly 530 points, or 2.0 per cent, at 25,412.74.

The broad-based S&amp;P 500 dropped 2.1 per cent to 2,821.61, while the tech-rich Nasdaq Composite Index tumbled 2.7 per cent to 7,7022.21.

Beijing announced Monday said it will increase tariffs on $60 billion worth of US goods from June 1, striking back after Washington more than doubled tariffs on $250 billion in Chinese goods, and also started the process to impose punitive duties on the nearly all Chinese imports.

The editor of the party-owned Chinese newspaper Global Times said on Twitter that Beijing was considering additional actions, including dumping US Treasuries, ending US agricultural purchases and reducing orders for Boeing aeroplanes.

Boeing fell 3.4 per cent. A spokesman for the company said Boeing was "confident the US and China will continue trade discussions and come to an agreement than benefits both US and Chinese manufacturers and consumers."

Other US companies with large China operations suffered big declines, including Apple, down 5.3 per cent, Caterpillar, down 4.3 per cent, Deere &amp; Company, down 5.2 per cent, General Motors, down 3.2 per cent and Starbucks, down 2.2 per cent.

Apple also was hit by news the US Supreme Court will allow an antitrust lawsuit against the iPhone maker to go forward.

The broader market retreat indicated growing concern that talks between the United States and China could fall apart.&nbsp;

US stocks posted a modest recovery on Friday following the conclusion of trade talks after both sides vowed to keep talking, even as they failed to strike a deal after months of back-and-forth, and the US tariff increase took effect.

Among other companies, Uber Technologies shed 8.0 per cent in its second trading session after faltering Friday in a market debut and closing below its initial public offering price.&nbsp;

Wall Street stocks plunged Monday, with losses on Nasdaq exceeding three per cent, after China announced it was ramping up tariffs on US goods, escalating the year-long trade dispute.

Wall Street stocks plunged Monday, with losses on Nasdaq exceeding three per cent, after China announced it was ramping up tariffs on US goods, escalating the year-long trade dispute. About an hour into the trading session, the Dow Jones Industrial Average was down nearly 530 points, or 2.0 per cent, at 25,412.74. The broad-based S&P 500 dropped 2.1 per cent to 2,821.61, while the tech-rich Nasdaq Composite Index tumbled 2.7 per cent to 7,7022.21. Beijing announced Monday said it will increase tariffs on $60 billion worth of US goods from June 1, striking back after Washington more than doubled tariffs on $250 billion in Chinese goods, and also started the process to impose punitive duties on the nearly all Chinese imports. The editor of the party-owned Chinese newspaper Global Times said on Twitter that Beijing was considering additional actions, including dumping US Treasuries, ending US agricultural purchases and reducing orders for Boeing aeroplanes. Boeing fell 3.4 per cent. A spokesman for the company said Boeing was "confident the US and China will continue trade discussions and come to an agreement than benefits both US and Chinese manufacturers and consumers." Other US companies with large China operations suffered big declines, including Apple, down 5.3 per cent, Caterpillar, down 4.3 per cent, Deere & Company, down 5.2 per cent, General Motors, down 3.2 per cent and Starbucks, down 2.2 per cent. Apple also was hit by news the US Supreme Court will allow an antitrust lawsuit against the iPhone maker to go forward. The broader market retreat indicated growing concern that talks between the United States and China could fall apart. US stocks posted a modest recovery on Friday following the conclusion of trade talks after both sides vowed to keep talking, even as they failed to strike a deal after months of back-and-forth, and the US tariff increase took effect. Among other companies, Uber Technologies shed 8.0 per cent in its second trading session after faltering Friday in a market debut and closing below its initial public offering price.

US stocks plunge on China trade retaliation

BSE Sensex on Monday dropped 372.17 points to close at 37,090.82. NSE Nifty slumped 130.70 points to close at 11,148.20.&nbsp;

The domestic <a href="https://www.wionews.com/business-economy/stock-markets-open-in-red-on-weak-global-cues-218250">stock markets today opened in red</a> trailing weak global cues.&nbsp;

At 9.33 am, the Nifty50 on the National Stock Exchange traded at 11,256.55, lower by 22.35 points or 0.20 per cent from the previous close of 11,278.90 points.

The BSE Sensex traded at 37,454.25, lower by 8.74 or 0.02 per cent, from the previous close of 37,462.99 points.

It opened at 37,491.30 and has so far touched an intra-day high of 37,505.66 and a low of 37,319 points.&nbsp;

The rupee depreciated by 26 paise to 70.18 against the US dollar in early trade today amid US-China trade-related concerns and rising crude oil prices.

The domestic currency fell sharply by 59 paise to close at nearly two-and-a-half-month-low of 70.51 against the US currency due to persistent foreign fund outflows and renewed worries over rising crude oil prices.

BSE Sensex on Monday dropped 372.17 points to close at 37,090.82. NSE Nifty slumped 130.70 points to close at 11,148.20. The domestic stock markets today opened in red trailing weak global cues.

BSE Sensex on Monday dropped 372.17 points to close at 37,090.82. NSE Nifty slumped 130.70 points to close at 11,148.20. The domestic stock markets today opened in red trailing weak global cues. At 9.33 am, the Nifty50 on the National Stock Exchange traded at 11,256.55, lower by 22.35 points or 0.20 per cent from the previous close of 11,278.90 points. The BSE Sensex traded at 37,454.25, lower by 8.74 or 0.02 per cent, from the previous close of 37,462.99 points. It opened at 37,491.30 and has so far touched an intra-day high of 37,505.66 and a low of 37,319 points. The rupee depreciated by 26 paise to 70.18 against the US dollar in early trade today amid US-China trade-related concerns and rising crude oil prices. The domestic currency fell sharply by 59 paise to close at nearly two-and-a-half-month-low of 70.51 against the US currency due to persistent foreign fund outflows and renewed worries over rising crude oil prices.

Markets end in red; Sensex drops over 350 points, Nifty closes at 11,148.20

The rupee Monday fell sharply by 59 paise to close at nearly two-and-a-half-month-low of 70.51 against the US currency due to persistent foreign fund outflows and renewed worries over rising crude oil prices.

An unabated sell-off in domestic equity markets also weighed on the domestic currency, forex dealers said.&nbsp;

The rupee opened sharply lower at 70.16 and fell further to touch over two-month low of 70.53 at the interbank foreign exchange market as oil prices rose over 1 per cent in global markets.&nbsp;

The local unit finally settled at 70.51, down by 59 paise over its previous close. The rupee had on Friday closed at 69.92 against the US dollar.

"Indian rupee plunges along with other emerging market currencies amid concerns of a drawn-out trade war.

"Sovereign bonds edged higher due to a contraction in factory output and expectations of inflation staying below the target. This could force RBI to look for the Interest rate cut options in upcoming policy meet. Rise of more than 1.5 per cent in crude prices and heavy selling in domestic equity markets also weighed on rupee during today's trade," said VK Sharma, Head PCG &amp; Capital Markets Strategy, HDFC Securities.&nbsp;

Brent crude futures, the global oil benchmark, rose 1.57 per cent to $71.73 per barrel due to simmering tensions in the Middle East.&nbsp;

Saudi Arabia said Monday that its two oil tankers were among the commercial vessels that were damaged in "sabotage" attacks in the Gulf. The UAE on Sunday said that four commercial vessels were attacked near bunkering hub Fujairah.&nbsp;

Domestic investors kept weighing weak cues from global markets amid uncertainties around US-China trade tariff deal. Also, sustained foreign fund outflows kept investors edgy.

Foreign investors remained net sellers in the capital markets, offloading shares worth Rs 1,056.01 crore Monday, provisional exchange data showed.

Stock markets fell for a ninth session in a row due to a sustained sell-off with the BSE Sensex crashing over 372 points and the NSE Nifty diving nearly 130 points.&nbsp;

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.04 per cent lower at 97.28.

"Many emerging currencies weakened in the day despite positive news flow of US-China trade talks and US jobs reports allaying global growth fears. This suggests market participants have already priced in these news snippets and look to book profits in riskier assets, which are likely more sensitive to any downside," said Rajesh Cheruvu, Chief Investment Officer, WGC Wealth.

Meanwhile, Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.9212 and for rupee/euro at 78.4884. The reference rate for rupee/British pound was fixed at 90.9269 and for rupee/100 Japanese yen at 63.72.&nbsp;

The rupee Monday fell sharply by 59 paise to close at nearly two-and-a-half-month-low of 70.51 against the US currency due to persistent foreign fund outflows and renewed worries over rising crude oil prices.

The rupee Monday fell sharply by 59 paise to close at nearly two-and-a-half-month-low of 70.51 against the US currency due to persistent foreign fund outflows and renewed worries over rising crude oil prices. An unabated sell-off in domestic equity markets also weighed on the domestic currency, forex dealers said. The rupee opened sharply lower at 70.16 and fell further to touch over two-month low of 70.53 at the interbank foreign exchange market as oil prices rose over 1 per cent in global markets. The local unit finally settled at 70.51, down by 59 paise over its previous close. The rupee had on Friday closed at 69.92 against the US dollar. "Indian rupee plunges along with other emerging market currencies amid concerns of a drawn-out trade war. "Sovereign bonds edged higher due to a contraction in factory output and expectations of inflation staying below the target. This could force RBI to look for the Interest rate cut options in upcoming policy meet. Rise of more than 1.5 per cent in crude prices and heavy selling in domestic equity markets also weighed on rupee during today's trade," said VK Sharma, Head PCG & Capital Markets Strategy, HDFC Securities. Brent crude futures, the global oil benchmark, rose 1.57 per cent to $71.73 per barrel due to simmering tensions in the Middle East. Saudi Arabia said Monday that its two oil tankers were among the commercial vessels that were damaged in "sabotage" attacks in the Gulf. The UAE on Sunday said that four commercial vessels were attacked near bunkering hub Fujairah. Domestic investors kept weighing weak cues from global markets amid uncertainties around US-China trade tariff deal. Also, sustained foreign fund outflows kept investors edgy. Foreign investors remained net sellers in the capital markets, offloading shares worth Rs 1,056.01 crore Monday, provisional exchange data showed. Stock markets fell for a ninth session in a row due to a sustained sell-off with the BSE Sensex crashing over 372 points and the NSE Nifty diving nearly 130 points. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.04 per cent lower at 97.28. "Many emerging currencies weakened in the day despite positive news flow of US-China trade talks and US jobs reports allaying global growth fears. This suggests market participants have already priced in these news snippets and look to book profits in riskier assets, which are likely more sensitive to any downside," said Rajesh Cheruvu, Chief Investment Officer, WGC Wealth. Meanwhile, Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.9212 and for rupee/euro at 78.4884. The reference rate for rupee/British pound was fixed at 90.9269 and for rupee/100 Japanese yen at 63.72.

Rupee crashes to over 2-month low on foreign fund outflows

Retail inflation rose marginally to 2.92 per cent in April, mainly due to a spike in food prices.

The inflation based on Consumer Price Index (CPI) 2.86 per cent in the previous month and 4.58 per cent in April 2018, said the data released by the Central Statistics Office (CSO).

As per the data, the inflation in the food basket was 1.1 per cent in April, up from 0.3 per cent in March.

The Reserve Bank of India mainly factors in the CPI-based inflation while arriving at its monetary policy.&nbsp;

Wholesale price-based inflation rose for the second consecutive month <a href="https://www.wionews.com/india-news/inflation-spikes-in-march-as-food-fuel-get-costlier-210567">to 3.18 per cent in March</a> on costlier food and fuel, government data released Monday showed.

The Wholesale Price Index (WPI) based inflation was at 2.93 per cent in February. It was 2.74 per cent in March 2018.

Inflation in food articles hardened with a steep rise in prices of vegetables during March 2019.

Vegetable inflation was at 28.13 per cent in March, up from 6.82 per cent in the previous month. However, inflation in potato cooled substantially to 1.30 per cent, from 23.40 per cent in February.

Inflation in food articles basket was 5.68 per cent during March.

Retail inflation rose marginally to 2.92 per cent in April, mainly due to a spike in food prices. The inflation based on Consumer Price Index (CPI) 2.86 per cent in the previous month and 4.

Retail inflation rose marginally to 2.92 per cent in April, mainly due to a spike in food prices. The inflation based on Consumer Price Index (CPI) 2.86 per cent in the previous month and 4.58 per cent in April 2018, said the data released by the Central Statistics Office (CSO). As per the data, the inflation in the food basket was 1.1 per cent in April, up from 0.3 per cent in March. The Reserve Bank of India mainly factors in the CPI-based inflation while arriving at its monetary policy. Wholesale price-based inflation rose for the second consecutive month to 3.18 per cent in March on costlier food and fuel, government data released Monday showed. The Wholesale Price Index (WPI) based inflation was at 2.93 per cent in February. It was 2.74 per cent in March 2018. Inflation in food articles hardened with a steep rise in prices of vegetables during March 2019. Vegetable inflation was at 28.13 per cent in March, up from 6.82 per cent in the previous month. However, inflation in potato cooled substantially to 1.30 per cent, from 23.40 per cent in February. Inflation in food articles basket was 5.68 per cent during March.

Spike in food prices inches up retail inflation to 2.92% in April

Global equities fell on Monday after their worst week of 2019 as hopes of an imminent US-China trade deal were crushed, raising fears of a fresh round of tit-for-tat tariffs.

The impasse left investors bracing for retaliation by China for Washington's increase on Friday of tariffs on $200 billion worth of Chinese goods. The move followed accusations by US President Donald Trump that Beijing had reneged on earlier commitments.

Trump on Monday warned China not to retaliate against an increase in tariffs he imposed last week.

Escalation could tip the US economy into recession, a risk flagged by the inversion in US Treasury bond yield curve between three-month and 10-year rates for the second time in under a week.

The US curve has inverted before each recession in the past 50 years. It gave a false signal just once.

"Overall, in the short term the chances of recession have increased so equity markets will be priced on the back of that," said Justin Oneukwusi, portfolio manager at Legal &amp; General Investment Management.

The pan-European Stoxx 600 slipped 0.5%. S&amp;P 500 futures shed 1.3%.

Chinese shares tumbled. The benchmark Shanghai Composite and the blue-chip CSI 300 indices shed 1.2% and 1.8%, respectively.

The offshore Chinese yuan fell to its lowest in more than four months, 6.88 to the dollar.

Trade talks as Washington demanded promises of concrete changes to Chinese law and Beijing said it would not swallow any "bitter fruit" that harmed its interests.

"How far this escalates is what the market is really worried about ... The important thing is what's the impact on growth, and that's what the market is really fearing," Oneukwusi said.

White House economic adviser Larry Kudlow told Fox News that China needed to agree to "very strong" enforcement provisions to secure a deal. He said the sticking point was Beijing's reluctance to put into law changes that had been agreed.

Kudlow said US tariffs would remain in place while negotiations continued and Trump was likely to meet Chinese President Xi Jinping at a G20 summit in Japan in late June.

"The risk of a full-blown trade war has materially increased, even though both sides seem to still want a trade deal and talks are expected to continue," UBS economist Tao Wang said.

Washington said it was preparing to raise tariffs on all remaining imports from China, worth about $300 billion.

"Our base case is for limited progress and Chinese retaliation," said Michael Hanson, head of global macro strategy at TD Securities.

Major currencies were relatively calm. The euro was steady at $1.1234 and the dollar little changed against a basket of currencies at 97.270.

"We've seen pretty restrained moves among currencies, despite some severe rhetoric between the US and China so far. However, cause for concern remains a weaker yuan, which should be a warning sign for risk assets," said Marc-André Fongern of MAF Global Forex.

Emerging-market stocks were down 0.9 per cent, hovering near January lows. JPMorgan said it had reduced its emerging-markets risk for the second time in as many months on Monday following the setback in US-China trade talks.

In commodities, oil futures jumped on growing concern about supply disruptions in the Middle East. Brent crude futures rose 1.8% to $71.90 a barrel and US West Texas Intermediate futures were up 1.5% at $62.56 per barrel.

In digital currencies, Bitcoin hovered above $7,000 on Monday, close to nine-month highs, as the biggest cryptocurrency's 2019 rally gathered steam.

Global equities fell on Monday after their worst week of 2019 as hopes of an imminent US-China trade deal were crushed, raising fears of a fresh round of tit-for-tat tariffs.

Global equities fell on Monday after their worst week of 2019 as hopes of an imminent US-China trade deal were crushed, raising fears of a fresh round of tit-for-tat tariffs. The impasse left investors bracing for retaliation by China for Washington's increase on Friday of tariffs on $200 billion worth of Chinese goods. The move followed accusations by US President Donald Trump that Beijing had reneged on earlier commitments. Trump on Monday warned China not to retaliate against an increase in tariffs he imposed last week. Escalation could tip the US economy into recession, a risk flagged by the inversion in US Treasury bond yield curve between three-month and 10-year rates for the second time in under a week. The US curve has inverted before each recession in the past 50 years. It gave a false signal just once. "Overall, in the short term the chances of recession have increased so equity markets will be priced on the back of that," said Justin Oneukwusi, portfolio manager at Legal & General Investment Management. The pan-European Stoxx 600 slipped 0.5%. S&P 500 futures shed 1.3%. Chinese shares tumbled. The benchmark Shanghai Composite and the blue-chip CSI 300 indices shed 1.2% and 1.8%, respectively. The offshore Chinese yuan fell to its lowest in more than four months, 6.88 to the dollar. Trade talks as Washington demanded promises of concrete changes to Chinese law and Beijing said it would not swallow any "bitter fruit" that harmed its interests. "How far this escalates is what the market is really worried about ... The important thing is what's the impact on growth, and that's what the market is really fearing," Oneukwusi said. White House economic adviser Larry Kudlow told Fox News that China needed to agree to "very strong" enforcement provisions to secure a deal. He said the sticking point was Beijing's reluctance to put into law changes that had been agreed. Kudlow said US tariffs would remain in place while negotiations continued and Trump was likely to meet Chinese President Xi Jinping at a G20 summit in Japan in late June. "The risk of a full-blown trade war has materially increased, even though both sides seem to still want a trade deal and talks are expected to continue," UBS economist Tao Wang said. Washington said it was preparing to raise tariffs on all remaining imports from China, worth about $300 billion. "Our base case is for limited progress and Chinese retaliation," said Michael Hanson, head of global macro strategy at TD Securities. Major currencies were relatively calm. The euro was steady at $1.1234 and the dollar little changed against a basket of currencies at 97.270. "We've seen pretty restrained moves among currencies, despite some severe rhetoric between the US and China so far. However, cause for concern remains a weaker yuan, which should be a warning sign for risk assets," said Marc-André Fongern of MAF Global Forex. Emerging-market stocks were down 0.9 per cent, hovering near January lows. JPMorgan said it had reduced its emerging-markets risk for the second time in as many months on Monday following the setback in US-China trade talks. In commodities, oil futures jumped on growing concern about supply disruptions in the Middle East. Brent crude futures rose 1.8% to $71.90 a barrel and US West Texas Intermediate futures were up 1.5% at $62.56 per barrel. In digital currencies, Bitcoin hovered above $7,000 on Monday, close to nine-month highs, as the biggest cryptocurrency's 2019 rally gathered steam.

US-China trade setback stokes recession fears; stocks slide

China car sales fell 14.6 per cent in April, an official industry association said on Monday, extending a slump in a massive auto market that has long been a cash cow for the industry.

Sales fell to 1.98 million last month, according to figures from the China Association of Automobile Manufacturers (CAAM).

Fuelled by rising incomes and government sales incentives, China in recent years has surged to become the world's largest automotive market and one of its fastest growing, prompting global manufacturers to stake their futures on it.

But after years of strong growth, car sales fell last year for the first time since the 1990s, hit by a slowing domestic economy, trade tensions with the United States, and a Chinese crackdown on shady credit practices that have crimped car-financing channels.

Sales had dipped 2.8 per cent in 2018 to 28.1 million units, according to previous CAAM figures, and the decline has accelerated into 2019.

Analyst says the ongoing slump has been heightened by a surge in sales in recent years as consumers rushed to buy cars ahead of the recent removal of tax rebates for small-vehicle purchases.

"At present, the main reason for the market downturn is a lack of consumer confidence," CAAM said.

Factors contributing to the April decline also included the recent implementation of tighter emissions standards in some provinces, which have impacted manufacturers, the association said, without giving details.

The persistent slowdown has pushed major manufacturers to cut prices and announce plans to pursue more design changes and automotive options tailored specifically to Chinese consumers.

The state-run association said car-buyers were in a "wait-and-see" mode, but it sounded a positive note for the future, saying that recent income tax cuts and other government policies aimed at spurring consumption should kick in soon.

"We are full of confidence in the stable development of the automotive market throughout the year," it said.

Major carmakers have stressed that they continue to see solid potential in China's market, particularly in bright spots such as SUVs and electric vehicles.

But competition is expected to intensify even in EVs with Beijing moving to phase out policies that encourage the purchase of "green" vehicles.

CAAM said 97,000 "new energy" vehicles were sold in April, up 18.1 per cent year-on-year.

China car sales fell 14.6 per cent in April, an official industry association said on Monday, extending a slump in a massive auto market that has long been a cash cow for the industry.

China car sales fell 14.6 per cent in April, an official industry association said on Monday, extending a slump in a massive auto market that has long been a cash cow for the industry. Sales fell to 1.98 million last month, according to figures from the China Association of Automobile Manufacturers (CAAM). Fuelled by rising incomes and government sales incentives, China in recent years has surged to become the world's largest automotive market and one of its fastest growing, prompting global manufacturers to stake their futures on it. But after years of strong growth, car sales fell last year for the first time since the 1990s, hit by a slowing domestic economy, trade tensions with the United States, and a Chinese crackdown on shady credit practices that have crimped car-financing channels. Sales had dipped 2.8 per cent in 2018 to 28.1 million units, according to previous CAAM figures, and the decline has accelerated into 2019. Analyst says the ongoing slump has been heightened by a surge in sales in recent years as consumers rushed to buy cars ahead of the recent removal of tax rebates for small-vehicle purchases. "At present, the main reason for the market downturn is a lack of consumer confidence," CAAM said. Factors contributing to the April decline also included the recent implementation of tighter emissions standards in some provinces, which have impacted manufacturers, the association said, without giving details. The persistent slowdown has pushed major manufacturers to cut prices and announce plans to pursue more design changes and automotive options tailored specifically to Chinese consumers. The state-run association said car-buyers were in a "wait-and-see" mode, but it sounded a positive note for the future, saying that recent income tax cuts and other government policies aimed at spurring consumption should kick in soon. "We are full of confidence in the stable development of the automotive market throughout the year," it said. Major carmakers have stressed that they continue to see solid potential in China's market, particularly in bright spots such as SUVs and electric vehicles. But competition is expected to intensify even in EVs with Beijing moving to phase out policies that encourage the purchase of "green" vehicles. CAAM said 97,000 "new energy" vehicles were sold in April, up 18.1 per cent year-on-year.

China auto sales slump continues in April

The Home Ministry has cancelled the registration of Bengaluru-based NGO Infosys Foundation for alleged violation of norms in receiving foreign grants, officials said Monday.

All non-government organisations (NGOs) are mandatorily required to be registered under the Foreign Contribution (Regulation) Act or FCRA to receive foreign funding.

The Home Ministry had last year served show cause notice to Infosys Foundation for failing to submit annual income and expenditure statement on foreign funding for up to six years despite repeated reminders, officials said.

The registration was cancelled as Infosys Foundation allegedly did not file income and expenditure statement on foreign funding for the past few years, they said.

As per FCRA guidelines, registered associations are required to submit electronically an online annual report with scanned copies of income and expenditure statement, receipts and payment account, balance sheet, etc., for every financial year within nine months of the closure of the financial year.

Associations which do not receive foreign contribution during a particular year are also required to furnish a 'NIL' return for that financial year within the aforesaid period, read the guidelines.

When contacted, Infosys Foundation said its de-registration from the FCRA followed a request it proactively made to the Ministry of Home Affairs.

"This (request) was done as the Infosys Foundation does not come under the purview of the FCRA following the amendment made to the act in 2016. We had approached the ministry to consider this, and thank them for granting our request," said Rishi Basu from the foundation's corporate marketing and communications division.

Established in 1996, Infosys Foundation supports projects in education, rural development, health care, arts and culture, and destitute care.

According to the foundation's website, its mission is to work in remote regions of India. Sudha Murthy is the chairperson of Infosys Foundation.

The Union Home Ministry had last year served show-cause notices to at least 1,755 NGOs, including a few companies, for failing to submit annual income and expenditure statement on foreign funding for up to six years despite reminders.&nbsp;

The Home Ministry has cancelled the registration of Bengaluru-based NGO Infosys Foundation for alleged violation of norms in receiving foreign grants, officials said Monday.

The Home Ministry has cancelled the registration of Bengaluru-based NGO Infosys Foundation for alleged violation of norms in receiving foreign grants, officials said Monday. All non-government organisations (NGOs) are mandatorily required to be registered under the Foreign Contribution (Regulation) Act or FCRA to receive foreign funding. The Home Ministry had last year served show cause notice to Infosys Foundation for failing to submit annual income and expenditure statement on foreign funding for up to six years despite repeated reminders, officials said. The registration was cancelled as Infosys Foundation allegedly did not file income and expenditure statement on foreign funding for the past few years, they said. As per FCRA guidelines, registered associations are required to submit electronically an online annual report with scanned copies of income and expenditure statement, receipts and payment account, balance sheet, etc., for every financial year within nine months of the closure of the financial year. Associations which do not receive foreign contribution during a particular year are also required to furnish a 'NIL' return for that financial year within the aforesaid period, read the guidelines. When contacted, Infosys Foundation said its de-registration from the FCRA followed a request it proactively made to the Ministry of Home Affairs. "This (request) was done as the Infosys Foundation does not come under the purview of the FCRA following the amendment made to the act in 2016. We had approached the ministry to consider this, and thank them for granting our request," said Rishi Basu from the foundation's corporate marketing and communications division. Established in 1996, Infosys Foundation supports projects in education, rural development, health care, arts and culture, and destitute care. According to the foundation's website, its mission is to work in remote regions of India. Sudha Murthy is the chairperson of Infosys Foundation. The Union Home Ministry had last year served show-cause notices to at least 1,755 NGOs, including a few companies, for failing to submit annual income and expenditure statement on foreign funding for up to six years despite reminders.

Home Ministry cancels registration of Infosys Foundation

Japan's coincident indicator index declined in March and the government cut its assessment of the economy, a sign it may already be in recession as the <a href="https://www.wionews.com/americas/china-loves-ripping-off-america-says-us-president-donald-trump-218218">US-China trade war</a> and weak external demand hurt activity.

Worries about the economy have grown as Japan's exports and factory output was hit by China's economic slowdown and the escalating US-China trade friction, which had disrupted global supply chains.

The index of coincident economic indicators, which consists of a range of data including factory output, employment and retail sales, fell a preliminary 0.9 of a point in March from the previous month, the Cabinet Office said on Monday.

In its view on the index, the government described the economy as "worsening". That compared with its previous assessment for February when it described the economy at "a turning point towards a downgrade".

The index for leading economic indicators is compiled using data such as job offers and consumer sentiment and is seen as a forward-looking gauge of the economy. It slipped 0.8 of a point from February.

Clouding the outlook are government plans to raise a sales tax to 10 per cent from the current 8 per cent in October unless a big shock on the scale of Lehman Brothers' collapse in 2008 hits the economy.

There is also speculation <a href="https://www.wionews.com/world/agree-with-trump-that-north-korea-must-denuclearise-japan-pm-shinzo-abe-216498">Prime Minister Shinzo Abe </a>may postpone the sales tax hike as risks to demand to grow, having already twice delayed it.

There are concerns the sales tax increase will damage private consumption as it did so when Japan raised the tax to 8 per cent from 5 per cent in 2014.

Japan releases gross domestic product (GDP) data on May 20, which will give a clearer read on the state of the economy and whether the government will proceed with the tax hike as scheduled.

The economy likely contracted at an annualised 0.2 per cent in January-March as corporate and consumer spending weakened, a Reuters poll showed.

Japan's coincident indicator index declined in March and the government cut its assessment of the economy, a sign it may already be in recession as the US-China trade war and weak external demand hurt activity.

Japan's coincident indicator index declined in March and the government cut its assessment of the economy, a sign it may already be in recession as the US-China trade war and weak external demand hurt activity. Worries about the economy have grown as Japan's exports and factory output was hit by China's economic slowdown and the escalating US-China trade friction, which had disrupted global supply chains. The index of coincident economic indicators, which consists of a range of data including factory output, employment and retail sales, fell a preliminary 0.9 of a point in March from the previous month, the Cabinet Office said on Monday. In its view on the index, the government described the economy as "worsening". That compared with its previous assessment for February when it described the economy at "a turning point towards a downgrade". The index for leading economic indicators is compiled using data such as job offers and consumer sentiment and is seen as a forward-looking gauge of the economy. It slipped 0.8 of a point from February. Clouding the outlook are government plans to raise a sales tax to 10 per cent from the current 8 per cent in October unless a big shock on the scale of Lehman Brothers' collapse in 2008 hits the economy. There is also speculation Prime Minister Shinzo Abe may postpone the sales tax hike as risks to demand to grow, having already twice delayed it. There are concerns the sales tax increase will damage private consumption as it did so when Japan raised the tax to 8 per cent from 5 per cent in 2014. Japan releases gross domestic product (GDP) data on May 20, which will give a clearer read on the state of the economy and whether the government will proceed with the tax hike as scheduled. The economy likely contracted at an annualised 0.2 per cent in January-March as corporate and consumer spending weakened, a Reuters poll showed.

Japan's coincident index suggests economy may be in recession

Oil futures rose on Monday on increasing concerns about supply disruptions in the crucial producing region of the Middle East even as investors and traders fretted over global economic growth prospects amid a standoff in the <a href="https://www.wionews.com/business-economy/oil-falls-on-trade-dispute-despite-surprise-drop-in-us-crude-inventories-217140">Sino-US&nbsp;trade talks</a>.

Brent crude futures were at $71.00 a barrel, up 38 cents, or 0.5%, from their last close by 0624 GMT.

The US&nbsp;West Texas Intermediate (WTI) futures were at $61.73 per barrel, up 7 cents, or 0.1%, from their previous settlement.

Saudi Arabia said on Monday that two Saudi oil tankers were among vessels targeted by a<a href="https://www.wionews.com/world/two-saudi-tankers-came-under-sabotage-attack-off-uae-no-casualties-218248"> "sabotage attack"</a> off the coast of the United Arab Emirates, condemning it as an attempt to undermine the security of global crude supplies.

Saudi Arabia and the UAE are the largest and third-largest producers, respectively, in the Organisation of the Petroleum Exporting Countries (OPEC), according to the latest survey by Reuters.

"Rising geopolitical tensions in the Middle East, together with sharply declining oil supplies from Venezuela and Iran, will remain bullish for prices," said Abhishek Kumar, head of analytics at Interfax Energy in London.

Markets have been supported by Washington's bid to cut Iran's oil exports to zero and reduce exports from Venezuela, where infrastructure problems have also cut output.

The United States reimposed sanctions on Iran in November after pulling out of a 2015 nuclear accord between Tehran and world powers last year.

Investors are also focused on tightened supplies following OPEC-led production cuts since the start of the year. There is a consensus that OPEC and its producer allies will extend the six-month output-cut agreement when they meet in June.

But the trade friction between Washington and China, which intensified last week will keep a lid on prices, said Kumar.

The United States and China together accounted for 34% of global oil consumption in the first quarter of 2019, data from the International Energy Agency showed.

"The US-China trade war is set to intensify, which will limit gains in prices," Kumar said.

"Market participants will closely watch China's retaliatory steps in response to the imposition of additional US tariffs on Chinese goods," Kumar said, adding the dispute "could be particularly detrimental to the growth in global oil demand".

The trade turmoil has prompted hedge funds to cut their bullish wagers on US crude oil to the lowest level in a month and raised their bets on Brent crude to the highest in nearly seven months, US&nbsp;government data showed on Friday.

Separately, in an early indicator of future output, US&nbsp;energy companies last week reduced the number of oil rigs operating for the third time in four weeks, cutting them by two and bringing the count down 805.

Oil futures rose on Monday on increasing concerns about supply disruptions in the crucial producing region of the Middle East even as investors and traders fretted over global economic growth prospects amid a standoff in the Sino-US trade talks.

Oil futures rose on Monday on increasing concerns about supply disruptions in the crucial producing region of the Middle East even as investors and traders fretted over global economic growth prospects amid a standoff in the Sino-US trade talks. Brent crude futures were at $71.00 a barrel, up 38 cents, or 0.5%, from their last close by 0624 GMT. The US West Texas Intermediate (WTI) futures were at $61.73 per barrel, up 7 cents, or 0.1%, from their previous settlement. Saudi Arabia said on Monday that two Saudi oil tankers were among vessels targeted by a "sabotage attack" off the coast of the United Arab Emirates, condemning it as an attempt to undermine the security of global crude supplies. Saudi Arabia and the UAE are the largest and third-largest producers, respectively, in the Organisation of the Petroleum Exporting Countries (OPEC), according to the latest survey by Reuters. "Rising geopolitical tensions in the Middle East, together with sharply declining oil supplies from Venezuela and Iran, will remain bullish for prices," said Abhishek Kumar, head of analytics at Interfax Energy in London. Markets have been supported by Washington's bid to cut Iran's oil exports to zero and reduce exports from Venezuela, where infrastructure problems have also cut output. The United States reimposed sanctions on Iran in November after pulling out of a 2015 nuclear accord between Tehran and world powers last year. Investors are also focused on tightened supplies following OPEC-led production cuts since the start of the year. There is a consensus that OPEC and its producer allies will extend the six-month output-cut agreement when they meet in June. But the trade friction between Washington and China, which intensified last week will keep a lid on prices, said Kumar. The United States and China together accounted for 34% of global oil consumption in the first quarter of 2019, data from the International Energy Agency showed. "The US-China trade war is set to intensify, which will limit gains in prices," Kumar said. "Market participants will closely watch China's retaliatory steps in response to the imposition of additional US tariffs on Chinese goods," Kumar said, adding the dispute "could be particularly detrimental to the growth in global oil demand". The trade turmoil has prompted hedge funds to cut their bullish wagers on US crude oil to the lowest level in a month and raised their bets on Brent crude to the highest in nearly seven months, US government data showed on Friday. Separately, in an early indicator of future output, US energy companies last week reduced the number of oil rigs operating for the third time in four weeks, cutting them by two and bringing the count down 805.

Oil prices rise as Middle East tanker attack increases supply concerns

Shares of Jet Airways Ltd fell as much as 11.4% on Monday after media reports said a buyout offer from Middle Eastern carrier Etihad Airways was non-binding and might not guarantee a deal for the struggling Indian carrier.

Etihad, which owns an about 24% stake in Jet, submitted a bid for the airline, the unit of <a href="https://www.wionews.com/business-economy/state-bank-of-india-gets-sealed-bid-for-jet-airways-from-etihad-217565">State Bank of India</a> (SBI) overseeing the sale of the stricken carrier said on Friday.

That had raised hopes of a bailout for cash-strapped Jet, which has about $1.2 billion in bank debt.

The Mint newspaper said on Monday that Etihad wanted a commitment from banks on additional loans once it infuses equity into the company. The Middle Eastern carrier had not been able to find a local partner and lenders may need to take about 80% haircut on their outstanding loans to Jet Airways, the newspaper said, citing banking sources.

Shares of the carrier, which have tumbled almost 70% over the past year, were down 5% at Rs 144.3, as of 0445 GMT.

Jet, which owes vast sums to its lessors, pilots, fuel suppliers and other parties, stopped all flights from April 17 after its lenders refused to extend more funds to keep the carrier flying.

SBI also received two unsolicited, non-binding bids, the bank said on Friday.

Shares of Jet Airways Ltd fell as much as 11.4% on Monday after media reports said a buyout offer from Middle Eastern carrier Etihad Airways was non-binding and might not guarantee a deal for the struggling Indian carrier.

Shares of Jet Airways Ltd fell as much as 11.4% on Monday after media reports said a buyout offer from Middle Eastern carrier Etihad Airways was non-binding and might not guarantee a deal for the struggling Indian carrier. Etihad, which owns an about 24% stake in Jet, submitted a bid for the airline, the unit of State Bank of India (SBI) overseeing the sale of the stricken carrier said on Friday. That had raised hopes of a bailout for cash-strapped Jet, which has about $1.2 billion in bank debt. The Mint newspaper said on Monday that Etihad wanted a commitment from banks on additional loans once it infuses equity into the company. The Middle Eastern carrier had not been able to find a local partner and lenders may need to take about 80% haircut on their outstanding loans to Jet Airways, the newspaper said, citing banking sources. Shares of the carrier, which have tumbled almost 70% over the past year, were down 5% at Rs 144.3, as of 0445 GMT. Jet, which owes vast sums to its lessors, pilots, fuel suppliers and other parties, stopped all flights from April 17 after its lenders refused to extend more funds to keep the carrier flying. SBI also received two unsolicited, non-binding bids, the bank said on Friday.

Jet Airways shares slumps 11.4% after reports of Etihad's non-binding offer

The finance ministry is reworking strategic sale procedure to ensure the outright sale of Central Public Sector Enterprises (CPSEs) within 4 months of issuance of documents to potential investors, a move aimed at ensuring the speedier conclusion of the entire process, an official said. However, for CPSEs like Air India, which is relatively bigger in size, the timeline for completion of the strategic sale is likely to be fixed at 6 months from the date of issuance of Preliminary Information Memorandum (PIM) about the company.

Currently, there is no set timeline for concluding the strategic sale of a state-owned company and the entire process, in some cases, drags on for months, if not years. “The strategic sale policy is already in place, but the procedure needs to be streamlined so that the sale process is completed within 3-4 months’ time. The thinking is that if a process cannot be completed in 4 months then it should be abandoned,” an official told PTI. Facing a daunting task of meeting the Rs 90,000-crore disinvestment target in the current fiscal, the Department of Investment and Public Asset Management (DIPAM) will focus on an outright sale of selected CPSEs, which have been pending for long. NITI Aayog has already identified 35 profitable and loss-making CPSEs which can go in for strategic sale.

“The procedure would be drafted in a way such that the process can go on simultaneously for more than one CPSE. For bigger CPSEs, the timeline for completion of sale could be extended till about 6 months,” the official added. The companies which have been shortlisted for strategic sale include Air India, Air India subsidiary AIATSL, BEML, Scooters India, Bharat Pumps Compressors, and Bhadrawati, Salem and Durgapur units of steel major SAIL.

The other CPSEs for which approvals are in place for outright sale include Hindustan Fluorocarbon, Hindustan Newsprint, HLL Life Care, Central Electronics, Bridge &amp; Roof India, Nagarnar Steel plant of NMDC and units of Cement Corporation of India and ITDC. The process for strategic sale of many state-owned companies started back in late 2017 or early 2018 but the transactions could not be concluded.

The DIPAM had issued PIMs for sale of Pawan Hans, Bharat Pumps &amp; Compressors Ltd, Hindustan Fluorocarbons Ltd in April 2018, while the same for Scooters India, Hindustan Newsprint was floated in March 2018. The same of SAIL’s Alloy Steel Plant was issued in February, while that of Hindustan Prefab was posted on the website in October 2017.

However, these transactions could not be completed so far due to a variety of reasons. In last fiscal, the government had raised Rs 84,972 crore from CPSE disinvestment, of which Rs 15,914 crore came in from strategic stake sale. During the fiscal, state-owned NBCC bought government stake in HSCC for Rs 285 crore. Besides, a consortium of four ports acquired the government’s 73.44 per cent stake in Dredging Corp of India for Rs 1,049 crore, while National Projects Construction Corporation (NPCC) was sold for Rs 80 crore. An amount of Rs 14,500 crore was raised by way of state-run state-run Power Finance Corp acquiring the government stake in REC. So far in the current financial year, the government has mopped up Rs 2,350 through disinvestment transactions.

The finance ministry is reworking strategic sale procedure to ensure the outright sale of Central Public Sector Enterprises (CPSEs) within 4 months of issuance of documents to potential investors, a move aimed at ensuring the speedier conclusion of the entire process, an official said.

The finance ministry is reworking strategic sale procedure to ensure the outright sale of Central Public Sector Enterprises (CPSEs) within 4 months of issuance of documents to potential investors, a move aimed at ensuring the speedier conclusion of the entire process, an official said. However, for CPSEs like Air India, which is relatively bigger in size, the timeline for completion of the strategic sale is likely to be fixed at 6 months from the date of issuance of Preliminary Information Memorandum (PIM) about the company. Currently, there is no set timeline for concluding the strategic sale of a state-owned company and the entire process, in some cases, drags on for months, if not years. “The strategic sale policy is already in place, but the procedure needs to be streamlined so that the sale process is completed within 3-4 months’ time. The thinking is that if a process cannot be completed in 4 months then it should be abandoned,” an official told PTI. Facing a daunting task of meeting the Rs 90,000-crore disinvestment target in the current fiscal, the Department of Investment and Public Asset Management (DIPAM) will focus on an outright sale of selected CPSEs, which have been pending for long. NITI Aayog has already identified 35 profitable and loss-making CPSEs which can go in for strategic sale. “The procedure would be drafted in a way such that the process can go on simultaneously for more than one CPSE. For bigger CPSEs, the timeline for completion of sale could be extended till about 6 months,” the official added. The companies which have been shortlisted for strategic sale include Air India, Air India subsidiary AIATSL, BEML, Scooters India, Bharat Pumps Compressors, and Bhadrawati, Salem and Durgapur units of steel major SAIL. The other CPSEs for which approvals are in place for outright sale include Hindustan Fluorocarbon, Hindustan Newsprint, HLL Life Care, Central Electronics, Bridge & Roof India, Nagarnar Steel plant of NMDC and units of Cement Corporation of India and ITDC. The process for strategic sale of many state-owned companies started back in late 2017 or early 2018 but the transactions could not be concluded. The DIPAM had issued PIMs for sale of Pawan Hans, Bharat Pumps & Compressors Ltd, Hindustan Fluorocarbons Ltd in April 2018, while the same for Scooters India, Hindustan Newsprint was floated in March 2018. The same of SAIL’s Alloy Steel Plant was issued in February, while that of Hindustan Prefab was posted on the website in October 2017. However, these transactions could not be completed so far due to a variety of reasons. In last fiscal, the government had raised Rs 84,972 crore from CPSE disinvestment, of which Rs 15,914 crore came in from strategic stake sale. During the fiscal, state-owned NBCC bought government stake in HSCC for Rs 285 crore. Besides, a consortium of four ports acquired the government’s 73.44 per cent stake in Dredging Corp of India for Rs 1,049 crore, while National Projects Construction Corporation (NPCC) was sold for Rs 80 crore. An amount of Rs 14,500 crore was raised by way of state-run state-run Power Finance Corp acquiring the government stake in REC. So far in the current financial year, the government has mopped up Rs 2,350 through disinvestment transactions.

Finance Ministry reworking strategic sale procedure for CPSEs

Nine of the 10 most valued Indian companies suffered a combined erosion of Rs 1.60 lakh crore in market valuation last week, with Reliance Industries Ltd (RIL) taking the biggest knock.

Tata Consultancy Services (TCS) was the lone gainer among the 10 frontline companies, while the rest nine saw their market capitalisation (m-cap) plummet for the week ended Friday.

RIL's valuation plunged Rs 99,212.9 crore to Rs 7,92,680.96 crore. RIL also lost its status as the country's most valued firm to TCS on Thursday.

HDFC Bank's market cap eroded by Rs 19,634 crore to Rs 6,25,874.51 crore and that of HDFC dropped Rs 13,573.5 crore to Rs 3,32,435.38 crore.

The m-cap of ICICI Bank dived Rs 10,974.8 crore to Rs 2,48,112.25 crore and of ITC tumbled Rs 7,232.6 crore to Rs 3,64,939.46 crore.

The valuation of Kotak Mahindra Bank Ltd diminished by Rs 4,409.41 crore to Rs 2,66,292.11 crore and that of Infosys decreased by Rs 3,364.07 crore to stand at Rs 3,12,837.34 crore.

HUL's m-cap fell by Rs 1,233.88 crore to Rs 3,65,207.28 crore and of SBI declined Rs 981.71 crore to Rs 2,74,922.66 crore.

In contrast, TCS added Rs 1,144.48 crore to its valuation to reach Rs 8,01,340.52 crore.

In the order of top-10 firms, TCS was at the number one position, followed by RIL, HDFC Bank, Hindustan Unilever Ltd (HUL), ITC, HDFC, Infosys, SBI, Kotak Mahindra Bank and ICICI Bank.

Markets buckled under selling pressure for the eighth straight session Friday -- marking their longest losing streak since mid-February -- as investors remained on the sidelines amid the US-China trade tensions and lacklustre corporate earnings.

Over the last week, the Sensex lost a hefty 1,500.27 points, or 3.85 per cent, to close at 37,462.99 on Friday.

Nine of the 10 most valued Indian companies suffered a combined erosion of Rs 1.60 lakh crore in market valuation last week, with Reliance Industries Ltd (RIL) taking the biggest knock.

Nine of the 10 most valued Indian companies suffered a combined erosion of Rs 1.60 lakh crore in market valuation last week, with Reliance Industries Ltd (RIL) taking the biggest knock. Tata Consultancy Services (TCS) was the lone gainer among the 10 frontline companies, while the rest nine saw their market capitalisation (m-cap) plummet for the week ended Friday. RIL's valuation plunged Rs 99,212.9 crore to Rs 7,92,680.96 crore. RIL also lost its status as the country's most valued firm to TCS on Thursday. HDFC Bank's market cap eroded by Rs 19,634 crore to Rs 6,25,874.51 crore and that of HDFC dropped Rs 13,573.5 crore to Rs 3,32,435.38 crore. The m-cap of ICICI Bank dived Rs 10,974.8 crore to Rs 2,48,112.25 crore and of ITC tumbled Rs 7,232.6 crore to Rs 3,64,939.46 crore. The valuation of Kotak Mahindra Bank Ltd diminished by Rs 4,409.41 crore to Rs 2,66,292.11 crore and that of Infosys decreased by Rs 3,364.07 crore to stand at Rs 3,12,837.34 crore. HUL's m-cap fell by Rs 1,233.88 crore to Rs 3,65,207.28 crore and of SBI declined Rs 981.71 crore to Rs 2,74,922.66 crore. In contrast, TCS added Rs 1,144.48 crore to its valuation to reach Rs 8,01,340.52 crore. In the order of top-10 firms, TCS was at the number one position, followed by RIL, HDFC Bank, Hindustan Unilever Ltd (HUL), ITC, HDFC, Infosys, SBI, Kotak Mahindra Bank and ICICI Bank. Markets buckled under selling pressure for the eighth straight session Friday -- marking their longest losing streak since mid-February -- as investors remained on the sidelines amid the US-China trade tensions and lacklustre corporate earnings. Over the last week, the Sensex lost a hefty 1,500.27 points, or 3.85 per cent, to close at 37,462.99 on Friday.

Nine of top-10 cos lose whopping Rs 1.60 lakh cr in m-cap; RIL worst hit

Indian-origin brothers dominate the annual rich list of Britain's wealthiest, with the Hinduja brothers ranked at No. 1 with a fortune of 22 billion pounds followed by Mumbai-born Reuben brothers in second place with 18.66 billion pounds.

Srichand and Gopichand Hinduja, who run the Hinduja Group of companies in the UK, registered a 1.35 billion pounds jump in their fortunes over the previous year to return to the top of the Sunday Times Rich List' after topping it back in 2014 and 2017.

"Whether or not Britain leaves the EU, Gopi Hinduja is convinced it can forge a closer relationship with his family's homeland," notes the newspaper's profile on the 79-year-old Co-Chair of the Hinduja Group, G P Hinduja.

The London-based industrialist, along with UK-based brother Sri, 83, and their brothers Prakash, 73, and Ashok, 68, who live in Geneva and Mumbai respectively, control more than 50 companies with a total turnover of nearly 40 billion pounds worldwide in 2018, notes the Rich List.&nbsp;

The family occupies four interconnected London homes in Carlton House Terrace, bought from Queen Elizabeth II in 2006. Their business empire was founded by father Parmanand in Mumbai in 1914.

The Hindujas, described as devout Hindus eschewing meat and alcohol, have stakes in oil and gas, IT, energy, media, banking, property and healthcare.&nbsp;

Some of the biggest hike in profits last year came from London-registered Hinduja Automotive, which includes North Yorkshire bus maker Optare and saw profits rise by 50 per cent to 337 million pounds on 3.5 billion pounds sales in 2017-18.&nbsp;

They had acquired former British Prime Minister Winston Churchill's old War Office in London's Whitehall for 350 million pounds back in 2014 and plan to open it as a luxury hotel with the Raffles group by 2020.

Mumbai-born siblings David, 80, and Simon, 77, with interests across property and internet, have been on a buying spree, taking hold of 1 billion pounds of London property last year. The Reuben brothers snapped up Mayfair's 300-million pounds Burlington Arcade, Shoreditch's Curtain hotel and a 132 million pounds block in Piccadilly.

"The pair could be excused for feeling flush after selling another stake in their Global Switch data centres for 2.1 billion pounds last July, two years after banking 2.4 billion pounds for a separate chunk of the business," the ?Sunday Times' notes.

The brothers, who were ranked fourth in 2018, also saw a massive 3.56 billion pounds jump in their fortunes over the previous year to come in at second this year.

Another Indian-origin billionaire, Lakshmi N Mittal, suffered 3.99 billion pounds in losses to slip down to No. 11 in this year rich list, from No. 5 in 2018. The Rajasthan-born steel magnate logged an estimated fortune worth 10.66 billion pounds last year as he gets set to take control of his first steel plant in India with a purchase from Essar Steel.

Mittal is followed in the list by Indian mining magnate Anil Agarwal, who had a good year and registered a 8.72 billion pounds spike in his fortunes to be ranked 12th with a fortune estimated at 10.57 billion pounds.

Other prominent billionaires who improved their fortunes in the 2019 analysis, which includes around 45 Indian-origin super-rich, includes textiles and plastics industrialist Sri Prakash Lohia with a 243 million pounds spike in earnings to hit No. 26 with a fortune of 5.4 billion pounds.

NRI industrialist Lord Swraj Paul logged a 500 million pounds hike in his fortune to jump up from 90th in 2018 to 69th this year, with an estimated fortune of 2 billion pounds.

There were a few new Indian-origin entries to this year's list, including Sunil Vaswani who has interests in transport and food industries. Ranked 75, India-born Vaswani clocked a fortune of 1.9 billion pounds via his frozen food and car-making empire working alongside brothers Mahesh and Haresh.

Another new entry is Lord Dolar Popat, who runs care homes and hotels in the UK. Described as the first Tory of Gujarati descent in the House of Lords, the 65-year-old peer is credited with building up TLC Group from just 10 pounds when he arrived in the UK aged 17 after being expelled by Idi Amin's regime in Uganda.

Meanwhile, chemicals firm founder Sir Jim Ratcliffe, who topped last year's list, has slipped to third place, with 18.15 billion pounds.

The list, which estimates the 1,000 richest people in the UK, is based on identifiable wealth including land, property, other assets such as art, and shares in companies. It does not include the amount contained in people's bank accounts.&nbsp;

"On the face of it this looks like a bumper year for the super-rich, with record wealth, more billionaires and the entry level rising to 120 million pounds. But many of the rich are nursing big losses after a year of turbulence on the stock market and political deadlock in Westminster, writes Robert Watts, the compiler of the list.

Technology is seen as making and breaking fortunes in this year's list, with young entrepreneurs making vast sums of money from online fashion retail, dating apps and creating YouTube videos.

The wealthiest woman in Britain is Sigrid Rausing, granddaughter of the man who invented the Tetra Pak packaging fortune. She is reportedly worth 12.2 billion pounds and ranked sixth. Zimbabwe-born Valerie Moran becomes the first black female entrepreneur ever to make the annual rich list, with a fortune of 122 million pounds from her financial technology business.&nbsp;

Indian-origin brothers dominate the annual rich list of Britain's wealthiest, with the Hinduja brothers ranked at No. 1 with a fortune of 22 billion pounds followed by Mumbai-born Reuben brothers in second place with 18.

Indian-origin brothers dominate the annual rich list of Britain's wealthiest, with the Hinduja brothers ranked at No. 1 with a fortune of 22 billion pounds followed by Mumbai-born Reuben brothers in second place with 18.66 billion pounds. Srichand and Gopichand Hinduja, who run the Hinduja Group of companies in the UK, registered a 1.35 billion pounds jump in their fortunes over the previous year to return to the top of the Sunday Times Rich List' after topping it back in 2014 and 2017. "Whether or not Britain leaves the EU, Gopi Hinduja is convinced it can forge a closer relationship with his family's homeland," notes the newspaper's profile on the 79-year-old Co-Chair of the Hinduja Group, G P Hinduja. The London-based industrialist, along with UK-based brother Sri, 83, and their brothers Prakash, 73, and Ashok, 68, who live in Geneva and Mumbai respectively, control more than 50 companies with a total turnover of nearly 40 billion pounds worldwide in 2018, notes the Rich List. The family occupies four interconnected London homes in Carlton House Terrace, bought from Queen Elizabeth II in 2006. Their business empire was founded by father Parmanand in Mumbai in 1914. The Hindujas, described as devout Hindus eschewing meat and alcohol, have stakes in oil and gas, IT, energy, media, banking, property and healthcare. Some of the biggest hike in profits last year came from London-registered Hinduja Automotive, which includes North Yorkshire bus maker Optare and saw profits rise by 50 per cent to 337 million pounds on 3.5 billion pounds sales in 2017-18. They had acquired former British Prime Minister Winston Churchill's old War Office in London's Whitehall for 350 million pounds back in 2014 and plan to open it as a luxury hotel with the Raffles group by 2020. Mumbai-born siblings David, 80, and Simon, 77, with interests across property and internet, have been on a buying spree, taking hold of 1 billion pounds of London property last year. The Reuben brothers snapped up Mayfair's 300-million pounds Burlington Arcade, Shoreditch's Curtain hotel and a 132 million pounds block in Piccadilly. "The pair could be excused for feeling flush after selling another stake in their Global Switch data centres for 2.1 billion pounds last July, two years after banking 2.4 billion pounds for a separate chunk of the business," the ?Sunday Times' notes. The brothers, who were ranked fourth in 2018, also saw a massive 3.56 billion pounds jump in their fortunes over the previous year to come in at second this year. Another Indian-origin billionaire, Lakshmi N Mittal, suffered 3.99 billion pounds in losses to slip down to No. 11 in this year rich list, from No. 5 in 2018. The Rajasthan-born steel magnate logged an estimated fortune worth 10.66 billion pounds last year as he gets set to take control of his first steel plant in India with a purchase from Essar Steel. Mittal is followed in the list by Indian mining magnate Anil Agarwal, who had a good year and registered a 8.72 billion pounds spike in his fortunes to be ranked 12th with a fortune estimated at 10.57 billion pounds. Other prominent billionaires who improved their fortunes in the 2019 analysis, which includes around 45 Indian-origin super-rich, includes textiles and plastics industrialist Sri Prakash Lohia with a 243 million pounds spike in earnings to hit No. 26 with a fortune of 5.4 billion pounds. NRI industrialist Lord Swraj Paul logged a 500 million pounds hike in his fortune to jump up from 90th in 2018 to 69th this year, with an estimated fortune of 2 billion pounds. There were a few new Indian-origin entries to this year's list, including Sunil Vaswani who has interests in transport and food industries. Ranked 75, India-born Vaswani clocked a fortune of 1.9 billion pounds via his frozen food and car-making empire working alongside brothers Mahesh and Haresh. Another new entry is Lord Dolar Popat, who runs care homes and hotels in the UK. Described as the first Tory of Gujarati descent in the House of Lords, the 65-year-old peer is credited with building up TLC Group from just 10 pounds when he arrived in the UK aged 17 after being expelled by Idi Amin's regime in Uganda. Meanwhile, chemicals firm founder Sir Jim Ratcliffe, who topped last year's list, has slipped to third place, with 18.15 billion pounds. The list, which estimates the 1,000 richest people in the UK, is based on identifiable wealth including land, property, other assets such as art, and shares in companies. It does not include the amount contained in people's bank accounts. "On the face of it this looks like a bumper year for the super-rich, with record wealth, more billionaires and the entry level rising to 120 million pounds. But many of the rich are nursing big losses after a year of turbulence on the stock market and political deadlock in Westminster, writes Robert Watts, the compiler of the list. Technology is seen as making and breaking fortunes in this year's list, with young entrepreneurs making vast sums of money from online fashion retail, dating apps and creating YouTube videos. The wealthiest woman in Britain is Sigrid Rausing, granddaughter of the man who invented the Tetra Pak packaging fortune. She is reportedly worth 12.2 billion pounds and ranked sixth. Zimbabwe-born Valerie Moran becomes the first black female entrepreneur ever to make the annual rich list, with a fortune of 122 million pounds from her financial technology business.

Hinduja brothers top UK rich list, Reuben brothers second

Management and labour leaders at Germany's ThyssenKrupp have agreed on a way forward after the industrial conglomerate announced a fresh restructuring drive that could lead to the loss of 6,000 jobs.

The agreement was reached in talks between management and workers overnight on recognising the need for radical action, whilst ensuring fair treatment of employees at the Essen-based group, both sides said.

CEO Guido Kerkhoff announced the overhaul on Friday, ditching plans to split the business into two and abandoning a European steel merger with India's Tata Steel.

The group will adopt a holding structure and plans to list its elevators unit, its most successful business.

The decision, first reported by Reuters, triggered a 28% recovery in ThyssenKrupp shares - their biggest daily gain - as Kerkhoff abandoned a cross-shareholding structuring that had ceased to be financially viable.

"Now it is up to shareholders to decide whether ThyssenKrupp steers towards a (viable) future, or towards conflict," said Markus Grolms, deputy head of the ThyssenKrupp works council who represents the IG Metall industrial trade union.

ThyssenKrupp said in a statement the two steering committees of its supervisory board supported the new strategy, including the agreement with labour leaders, and recommended it be approved at a full board meeting on May 21.

"The executive board's new strategy is to build a fundamentally new ThyssenKrupp," the company said.

Group companies would be given freer rein to be more entrepreneurial and flexible, it added.

The agreement also won the backing of the regional leader of North-Rhine Westphalia, the industrial western state where ThyssenKrupp is based.

"ThyssenKrupp is showing the true meaning of social partnership and co-determination in this day and age," Chief Minister Armin Laschet said after meeting Kerkhoff and Grolms.

"The concept that management and unions presented to me is convincing. It offers a chance for the future for ThyssenKrupp and for jobs in North Rhine-Westphalia."

The restructuring will lead to the loss of around 4% of the workforce, with 4,000 jobs going in Germany. Personnel chief Oliver Burkhard, in a tweet, said ThyssenKrupp would seek to avoid forced layoffs, but could not rule this out.

Kerkhoff's reversal bowed to months of pressure from investors who have demanded more radical steps to turn around the steel-to-submarines group and realise shareholder value - in particular by floating its profitable elevators business.

They estimate the elevators business is worth 14 billion euros, twice the value of the parent, reflecting a so-called conglomerate discount that has already forced other industrials, such as Siemens and GE, to action to reduce corporate sprawl. 
&nbsp;

Management and labour leaders at Germany's ThyssenKrupp have agreed on a way forward after the industrial conglomerate announced a fresh restructuring drive that could lead to the loss of 6,000 jobs.

Management and labour leaders at Germany's ThyssenKrupp have agreed on a way forward after the industrial conglomerate announced a fresh restructuring drive that could lead to the loss of 6,000 jobs. The agreement was reached in talks between management and workers overnight on recognising the need for radical action, whilst ensuring fair treatment of employees at the Essen-based group, both sides said. CEO Guido Kerkhoff announced the overhaul on Friday, ditching plans to split the business into two and abandoning a European steel merger with India's Tata Steel. The group will adopt a holding structure and plans to list its elevators unit, its most successful business. The decision, first reported by Reuters, triggered a 28% recovery in ThyssenKrupp shares - their biggest daily gain - as Kerkhoff abandoned a cross-shareholding structuring that had ceased to be financially viable. "Now it is up to shareholders to decide whether ThyssenKrupp steers towards a (viable) future, or towards conflict," said Markus Grolms, deputy head of the ThyssenKrupp works council who represents the IG Metall industrial trade union. ThyssenKrupp said in a statement the two steering committees of its supervisory board supported the new strategy, including the agreement with labour leaders, and recommended it be approved at a full board meeting on May 21. "The executive board's new strategy is to build a fundamentally new ThyssenKrupp," the company said. Group companies would be given freer rein to be more entrepreneurial and flexible, it added. The agreement also won the backing of the regional leader of North-Rhine Westphalia, the industrial western state where ThyssenKrupp is based. "ThyssenKrupp is showing the true meaning of social partnership and co-determination in this day and age," Chief Minister Armin Laschet said after meeting Kerkhoff and Grolms. "The concept that management and unions presented to me is convincing. It offers a chance for the future for ThyssenKrupp and for jobs in North Rhine-Westphalia." The restructuring will lead to the loss of around 4% of the workforce, with 4,000 jobs going in Germany. Personnel chief Oliver Burkhard, in a tweet, said ThyssenKrupp would seek to avoid forced layoffs, but could not rule this out. Kerkhoff's reversal bowed to months of pressure from investors who have demanded more radical steps to turn around the steel-to-submarines group and realise shareholder value - in particular by floating its profitable elevators business. They estimate the elevators business is worth 14 billion euros, twice the value of the parent, reflecting a so-called conglomerate discount that has already forced other industrials, such as Siemens and GE, to action to reduce corporate sprawl.

Germany's ThyssenKrupp agrees restructuring approach with labour leaders

Noted industry leader and ITC Chairman YC Deveshwar, who transformed the cigarette major into a diversified player with interests in <a href="https://www.wionews.com/business-economy?page=158">FMCG</a>, hospitality, IT and other sectors, passed away Saturday morning after a brief illness.

Deveshwar (72), who stepped down from the executive role as chairman and CEO in 2017 but remained as a non-executive chairman, breathed his last at a private hospital in Gurugram.

"We deeply mourn the passing away of Y C Deveshwar, Chairman ITC," ITC Managing Director Sanjiv Puri said in a statement.

Deveshwar passionately championed the cause for sustainable and inclusive growth and the transformative role businesses could play in creating larger societal value. This vision drove ITC to pursue business models that today support over 6 million livelihoods, many amongst the weakest in society, Puri added.

He leaves behind his wife and two children -- a son and a daughter.

Deveshwar joined ITC in 1968 and was appointed as a director on ITC's board on April 11, 1984. He rose to become its chief executive and chairman on January 1, 1996.

One of the longest-serving top executives of a corporate entity in India, he was responsible for transforming ITC from mainly a cigarettes maker into a diversified entity with interests in FMCG, hospitality, paper, agribusiness and information technology, among others.

When Deveshwar took charge at the helm of the company in the mid-1990s, ITC was confronted with formidable challenges, with diversification efforts either failing or languishing. The company's revenue was less than Rs 5,200 crore and Profit Before Tax (PBT) stood at Rs 452 crore.

In 2017-18, the company posted revenues of Rs 44,329.77 crore and a net profit of Rs 11,223.25 crore.

"His leadership transformed ITC into a valuable and admired multi-business conglomerate with a robust portfolio of front-ranking businesses in FMCG, hotels, paperboards and paper, packaging and agri-business.

"His vision to make societal value creation a bedrock of corporate strategy also led ITC to become a global exemplar in sustainability and the only company in the world to be carbon positive, water positive and solid waste positive for over a decade," Puri said.

An alumnus of IIT Delhi and Harvard Business School, Deveshwar had also led Air India as chairman and managing director between 1991 and 1994.

When ITC split the role of the Executive Chairman between Chairman and Chief Executive Officer with effect from February 5, 2017, as part of succession planning in the company, Deveshwar continued as chairman in a non-executive capacity and played the role of mentor to the executive management led by Sanjiv Puri.

A recipient of Padma Bhushan -- one of the highest civilian awards in the country -- in 2011, Deveshwar also played his part in nation-building, taking up various roles in several institutions.

He served as a director on the Central Board of the Reserve Bank of India, as a member of the National Foundation for Corporate Governance and member of the governing body of the National Council of Applied Economic Research.

"Inspired by patriotic fervour, manifest in his clarion call of 'Lets Put India First', he led ITC's strategic thrust to create an exemplary Indian enterprise dedicated to serving national priorities," Puri said.

Deveshwar was also a member of the Board of Trade, Ministry of Commerce and Industry, and a member of the National Food Processing Development Council, Ministry of Food Processing Industries, Government of India.

Well respected by his peers in the industry, YCD, as he was popularly known in corporate circles, was also a past president of CII, besides being on the National Executive Committees of some of India's premier trade and industry bodies.

He also served as a member of the UK-India CEO Forum and US-India CEO Forum instituted by the respective governments.

Noted industry leader and ITC Chairman YC Deveshwar, who transformed the cigarette major into a diversified player with interests in FMCG, hospitality, IT and other sectors, passed away Saturday morning after a brief illness.

Noted industry leader and ITC Chairman YC Deveshwar, who transformed the cigarette major into a diversified player with interests in FMCG, hospitality, IT and other sectors, passed away Saturday morning after a brief illness. Deveshwar (72), who stepped down from the executive role as chairman and CEO in 2017 but remained as a non-executive chairman, breathed his last at a private hospital in Gurugram. "We deeply mourn the passing away of Y C Deveshwar, Chairman ITC," ITC Managing Director Sanjiv Puri said in a statement. Deveshwar passionately championed the cause for sustainable and inclusive growth and the transformative role businesses could play in creating larger societal value. This vision drove ITC to pursue business models that today support over 6 million livelihoods, many amongst the weakest in society, Puri added. He leaves behind his wife and two children -- a son and a daughter. Deveshwar joined ITC in 1968 and was appointed as a director on ITC's board on April 11, 1984. He rose to become its chief executive and chairman on January 1, 1996. One of the longest-serving top executives of a corporate entity in India, he was responsible for transforming ITC from mainly a cigarettes maker into a diversified entity with interests in FMCG, hospitality, paper, agribusiness and information technology, among others. When Deveshwar took charge at the helm of the company in the mid-1990s, ITC was confronted with formidable challenges, with diversification efforts either failing or languishing. The company's revenue was less than Rs 5,200 crore and Profit Before Tax (PBT) stood at Rs 452 crore. In 2017-18, the company posted revenues of Rs 44,329.77 crore and a net profit of Rs 11,223.25 crore. "His leadership transformed ITC into a valuable and admired multi-business conglomerate with a robust portfolio of front-ranking businesses in FMCG, hotels, paperboards and paper, packaging and agri-business. "His vision to make societal value creation a bedrock of corporate strategy also led ITC to become a global exemplar in sustainability and the only company in the world to be carbon positive, water positive and solid waste positive for over a decade," Puri said. An alumnus of IIT Delhi and Harvard Business School, Deveshwar had also led Air India as chairman and managing director between 1991 and 1994. When ITC split the role of the Executive Chairman between Chairman and Chief Executive Officer with effect from February 5, 2017, as part of succession planning in the company, Deveshwar continued as chairman in a non-executive capacity and played the role of mentor to the executive management led by Sanjiv Puri. A recipient of Padma Bhushan -- one of the highest civilian awards in the country -- in 2011, Deveshwar also played his part in nation-building, taking up various roles in several institutions. He served as a director on the Central Board of the Reserve Bank of India, as a member of the National Foundation for Corporate Governance and member of the governing body of the National Council of Applied Economic Research. "Inspired by patriotic fervour, manifest in his clarion call of 'Lets Put India First', he led ITC's strategic thrust to create an exemplary Indian enterprise dedicated to serving national priorities," Puri said. Deveshwar was also a member of the Board of Trade, Ministry of Commerce and Industry, and a member of the National Food Processing Development Council, Ministry of Food Processing Industries, Government of India. Well respected by his peers in the industry, YCD, as he was popularly known in corporate circles, was also a past president of CII, besides being on the National Executive Committees of some of India's premier trade and industry bodies. He also served as a member of the UK-India CEO Forum and US-India CEO Forum instituted by the respective governments.

ITC Chairman YC Deveshwar passes away

Uber Technologies Inc priced its initial public offering on Thursday at the low end of its targeted range for a <a href="https://www.wionews.com/world/uber-drivers-go-on-strike-in-london-us-ahead-of-ipo-217164">valuation of $82.4 billion</a>, hoping its conservative approach will spare it the trading plunge suffered by rival Lyft Inc.

It is an underwhelming result for the most anticipated<a href="https://www.wionews.com/business-economy/uber-hit-with-australia-class-action-ahead-of-stock-listing-215549"> IPO since Facebook Inc's</a> market debut seven years ago. Uber raised $8.1 billion, pricing its IPO at $45 per share, close to the bottom of the targeted $44-$50 range.

However, the IPO still represents a watershed moment for Uber, which has grown into the world's largest ride-hailing company since its start 10 years ago.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/wion-wallet-uber-lyft-drivers-hold-protest-217210/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The year's biggest IPO comes against a backdrop of turbulent financial markets, fuelled by the trade dispute between the United States and China, as well as the plunging share price of Lyft, which is down 23 per cent from its IPO price in late March.

Uber's valuation in the IPO is almost a third less than its investment bankers predicted last year but still above its most recent valuation of $76 billion in the private fundraising market.

The IPO was oversubscribed, but Uber settled for a lower price to avoid a repeat of Lyft's IPO in late March, which priced strongly then plunged in trade. Uber also wanted to accommodate big mutual funds, which unlike hedge funds put in orders for a lower price.

Like Lyft, Uber will face questions going forward over how and when it expects to become profitable after losing $3 billion from operations in 2018.

"Ultimately, the success of Lyft's and Uber IPO's offerings will be judged based on post-IPO performance and how these companies can sustain their growth, while moving toward profitability and lowering their cash burn," said Alex Castelli, managing partner at advisory firm CohnReznick.

Despite Uber moderating its IPO expectations, some still consider the stock overpriced.

"Uber is basically Lyft 2.0. Good model, growing sales. But, yet again, here comes California math once more. It is still losing a ton of money," said Brian Hamilton, a tech entrepreneur and founder of data firm Sageworks. "If you buy, you are buying a bull market, not a company," he added.

In meetings with potential investors the past two weeks, Uber's chief executive Dara Khosrowshahi argued that Uber's future was not as a ride-hailing company, but as a wide technology platform shaping logistics and transportation.

The IPO pricing was a balancing act for Uber's team of underwriting banks, led by Morgan Stanley, Goldman Sachs &amp; Co and Bank of America Merrill Lynch, to negotiate a good price while leaving some upside to ensure the stock trades up on its market debut.

Uber is due to begin trading on the New York Stock Exchange on Friday under the symbol "UBER."

Uber Technologies Inc priced its initial public offering on Thursday at the low end of its targeted range for a valuation of $82.4 billion, hoping its conservative approach will spare it the trading plunge suffered by rival Lyft Inc.

Uber Technologies Inc priced its initial public offering on Thursday at the low end of its targeted range for a valuation of $82.4 billion, hoping its conservative approach will spare it the trading plunge suffered by rival Lyft Inc. It is an underwhelming result for the most anticipated IPO since Facebook Inc's market debut seven years ago. Uber raised $8.1 billion, pricing its IPO at $45 per share, close to the bottom of the targeted $44-$50 range. However, the IPO still represents a watershed moment for Uber, which has grown into the world's largest ride-hailing company since its start 10 years ago. The year's biggest IPO comes against a backdrop of turbulent financial markets, fuelled by the trade dispute between the United States and China, as well as the plunging share price of Lyft, which is down 23 per cent from its IPO price in late March. Uber's valuation in the IPO is almost a third less than its investment bankers predicted last year but still above its most recent valuation of $76 billion in the private fundraising market. The IPO was oversubscribed, but Uber settled for a lower price to avoid a repeat of Lyft's IPO in late March, which priced strongly then plunged in trade. Uber also wanted to accommodate big mutual funds, which unlike hedge funds put in orders for a lower price. Like Lyft, Uber will face questions going forward over how and when it expects to become profitable after losing $3 billion from operations in 2018. "Ultimately, the success of Lyft's and Uber IPO's offerings will be judged based on post-IPO performance and how these companies can sustain their growth, while moving toward profitability and lowering their cash burn," said Alex Castelli, managing partner at advisory firm CohnReznick. Despite Uber moderating its IPO expectations, some still consider the stock overpriced. "Uber is basically Lyft 2.0. Good model, growing sales. But, yet again, here comes California math once more. It is still losing a ton of money," said Brian Hamilton, a tech entrepreneur and founder of data firm Sageworks. "If you buy, you are buying a bull market, not a company," he added. In meetings with potential investors the past two weeks, Uber's chief executive Dara Khosrowshahi argued that Uber's future was not as a ride-hailing company, but as a wide technology platform shaping logistics and transportation. The IPO pricing was a balancing act for Uber's team of underwriting banks, led by Morgan Stanley, Goldman Sachs & Co and Bank of America Merrill Lynch, to negotiate a good price while leaving some upside to ensure the stock trades up on its market debut. Uber is due to begin trading on the New York Stock Exchange on Friday under the symbol "UBER."

Uber targets low end IPO valuation at $82 billion

US stock futures fell and Asian shares held onto earlier-pared gains on Friday after US President Donald <a href="https://www.wionews.com/world/deeply-regret-us-tariffs-will-take-necessary-countermeasures-china-217426">Trump's tariff hike on $200 billion of Chinese goods </a>took effect, raising tensions between the world's two biggest economies despite ongoing talks.

E-mini futures for US&nbsp;S&amp;P500 slipped after the higher tariffs kicked in, and were last down 0.6% in choppy trade.

Chinese shares, even more volatile, dropped sharply when the tariffs took effect but then recovered, with the Shanghai composite index last 1.9 per cent higher.

MSCI's broadest index of Asia-Pacific shares outside Japan, which dropped more than 1 per cent early Friday, remained where they were when tariff increase kicked in, up 0.3%.

Japan's Nikkei was off 0.3 per cent.

European stock futures point to gain of 0.5-0.6 per cent in European stocks, which closed on Thursday before Trump's comments about receiving a "beautiful" letter from Chinese President Xi Jinping.

That stoked some optimism, helping US shares cut losses on Thursday.

With no action taken by the Trump administration to reverse the increase the duty rate to 25 per cent from the previous 10% by 0401 GMT, investors worried about further escalation in the trade war that has dogged the global economy for more than a year.

"Best case from here is we hold at 25%. But unless China blinks things can get far, far worse. This can escalate beyond tariffs. And beyond economics," Michael Every, Hong Kong-based head of Asia-Pacific markets research at Rabobank.

But the White House has said the two sides would resume negotiations on Friday morning in Washington after concluding the first of two days of talks on Thursday to try to rescue a trade deal close to collapsing.

That has encouraged some investors to cling to hopes that the US&nbsp;administration could revoke the new tariff hike once a deal is reached.

"The most likely outcome – to which we assign a probability of 70% – sees both sides concluding a deal, albeit at perhaps a slightly delayed timeframe," said Jack Siu, senior investment strategist at Credit Suisse in Hong Kong.

He predicted the market will remain volatile until a deal is eventually reached.

But Trump also threatened on Thursday to take steps to authorise new tariffs on $325 billion in Chinese imports.

Still, on the week, most markets were down on fears about Sino-US&nbsp;tensions.

The S&amp;P500 futures were down 3.0%, the Shanghai index down 6.3%, the Nikkei 4.5% and ex-Japan Asia MSCI 4.3%.

"Should tensions escalate significantly in coming days, we expect a pronounced market reaction. There is the potential for a 15%-plus correction in Chinese and emerging market (EM) stocks, and around 5-7% falls in global equities, in our opinion," analysts at Lombard Odier Investment Managers said in a note.

Rising geopolitical tensions are not helping.

North Korea fired what appeared to be two short-range missiles on Thursday in its second such test in less than a week and the United States said it had seized a North Korean cargo ship.

On Iran, Trump said he could not rule out a military confrontation after Tehran relaxed restrictions on its nuclear programme in response to U.S. sanctions imposed following Trump's withdrawal of the United States from the accord with a year ago.

The 10-year US Treasuries yield stood at 2.449 per cent near its lowest levels since late March.

It stood just about two basis points above the three-month bill yields, which stood at 2.424 per cent.

A fall in the 10-year yield below the shorter three-month yields would likely spark worries about the US&nbsp;economy, as in the past the phenomenon has signalled a recession.

In the currency market, the yen is favoured, with the dollar changing hands at 109.65 yen, having hit a three-month low of 109.47 on Thursday.

The euro firmed slightly to $1.1226 while the Chinese yuan perked at 6.837 per dollar having hit a four-month low of 6.8638 to the dollar the previous day.

MSCI's emerging market currency index also tumbled to a four-month low on Thursday.

Oil prices erased gains that were made after Trump's comments on Xi's letter raised hopes for a deal.

Brent was down 0.1% to $70.30 a barrel while US West Texas Intermediate (WTI) crude fell 0.1% to $61.67.

Gold ticked up 0.2 per cent to $1,286.3 per ounce.​

US stock futures fell and Asian shares held onto earlier-pared gains on Friday after US President Donald Trump's tariff hike on $200 billion of Chinese goods took effect, raising tensions between the world's two biggest economies despite ongoing talks.

US stock futures fell and Asian shares held onto earlier-pared gains on Friday after US President Donald Trump's tariff hike on $200 billion of Chinese goods took effect, raising tensions between the world's two biggest economies despite ongoing talks. E-mini futures for US S&P500 slipped after the higher tariffs kicked in, and were last down 0.6% in choppy trade. Chinese shares, even more volatile, dropped sharply when the tariffs took effect but then recovered, with the Shanghai composite index last 1.9 per cent higher. MSCI's broadest index of Asia-Pacific shares outside Japan, which dropped more than 1 per cent early Friday, remained where they were when tariff increase kicked in, up 0.3%. Japan's Nikkei was off 0.3 per cent. European stock futures point to gain of 0.5-0.6 per cent in European stocks, which closed on Thursday before Trump's comments about receiving a "beautiful" letter from Chinese President Xi Jinping. That stoked some optimism, helping US shares cut losses on Thursday. With no action taken by the Trump administration to reverse the increase the duty rate to 25 per cent from the previous 10% by 0401 GMT, investors worried about further escalation in the trade war that has dogged the global economy for more than a year. "Best case from here is we hold at 25%. But unless China blinks things can get far, far worse. This can escalate beyond tariffs. And beyond economics," Michael Every, Hong Kong-based head of Asia-Pacific markets research at Rabobank. But the White House has said the two sides would resume negotiations on Friday morning in Washington after concluding the first of two days of talks on Thursday to try to rescue a trade deal close to collapsing. That has encouraged some investors to cling to hopes that the US administration could revoke the new tariff hike once a deal is reached. "The most likely outcome – to which we assign a probability of 70% – sees both sides concluding a deal, albeit at perhaps a slightly delayed timeframe," said Jack Siu, senior investment strategist at Credit Suisse in Hong Kong. He predicted the market will remain volatile until a deal is eventually reached. But Trump also threatened on Thursday to take steps to authorise new tariffs on $325 billion in Chinese imports. Still, on the week, most markets were down on fears about Sino-US tensions. The S&P500 futures were down 3.0%, the Shanghai index down 6.3%, the Nikkei 4.5% and ex-Japan Asia MSCI 4.3%. "Should tensions escalate significantly in coming days, we expect a pronounced market reaction. There is the potential for a 15%-plus correction in Chinese and emerging market (EM) stocks, and around 5-7% falls in global equities, in our opinion," analysts at Lombard Odier Investment Managers said in a note. Rising geopolitical tensions are not helping. North Korea fired what appeared to be two short-range missiles on Thursday in its second such test in less than a week and the United States said it had seized a North Korean cargo ship. On Iran, Trump said he could not rule out a military confrontation after Tehran relaxed restrictions on its nuclear programme in response to U.S. sanctions imposed following Trump's withdrawal of the United States from the accord with a year ago. The 10-year US Treasuries yield stood at 2.449 per cent near its lowest levels since late March. It stood just about two basis points above the three-month bill yields, which stood at 2.424 per cent. A fall in the 10-year yield below the shorter three-month yields would likely spark worries about the US economy, as in the past the phenomenon has signalled a recession. In the currency market, the yen is favoured, with the dollar changing hands at 109.65 yen, having hit a three-month low of 109.47 on Thursday. The euro firmed slightly to $1.1226 while the Chinese yuan perked at 6.837 per dollar having hit a four-month low of 6.8638 to the dollar the previous day. MSCI's emerging market currency index also tumbled to a four-month low on Thursday. Oil prices erased gains that were made after Trump's comments on Xi's letter raised hopes for a deal. Brent was down 0.1% to $70.30 a barrel while US West Texas Intermediate (WTI) crude fell 0.1% to $61.67. Gold ticked up 0.2 per cent to $1,286.3 per ounce.

US stocks slip after tariff hike, Chinese stocks dip but recover later

China's top trade negotiator Liu He said that the first day of a new round of trade talks with his U.S. counterparts, that an increase in U.S. tariffs on Chinese goods "won't solve anything." Watch this video to know more.

Hike comes amidst U.S-China trade talks

Uber sets IPO base price. Uber 's 2018 loss was around $ 3 billion. Watch this video to know more.

WION Wallet: Uber sets IPO base price

Today is the last day of bidding for the troubled carrier Jet Airways. Watch this video.

WION Wallet: Will Jet Airways find a buyer ?