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Chinese telecoms equipment maker<a href="https://www.wionews.com/world/china-slams-us-lies-about-huaweis-government-ties-221382"> Huawei</a> is reviewing its relationship with FedEx Corp after it claimed the US package delivery company, without a detailed explanation, diverted two parcels destined for Huawei addresses in Asia to the United States and attempted to reroute two others.

Huawei told Reuters on Friday that FedEx diverted two packages sent from Japan and addressed to Huawei in China to the United States, and attempted to divert two more packages sent from Vietnam to Huawei offices elsewhere in Asia, all without authorisation, providing images of FedEx tracking records.

Reuters could not verify the authenticity of the records. Shown the images of the tracking records, FedEx declined to make any comment, saying company policy prevented it from disclosing customer information.&nbsp;

Huawei said the four packages only contained documents and "no technology," which Reuters was unable to independently confirm.

Huawei declined to elaborate on why it thought the packages were diverted. Reuters was given no evidence the incident was related to the US government's move to place Huawei and its affiliates on a trade blacklist in mid-May, effectively <a href="https://www.wionews.com/world/dont-be-too-optimistic-huawei-employees-fret-at-us-ban-221684">banning US firms from doing business</a> with them on security grounds.

Watch: Huawei says it's a 'victim of bullying by the US administration'

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"The recent experiences where important commercial documents sent via FedEx were not delivered to their destination, and instead were either diverted to, or were requested to be diverted to, FedEx in the United States, undermines our confidence," Joe Kelly, a spokesman for Huawei, told Reuters.

"We will now have to review our logistics and document delivery support requirements as a direct result of these incidents," the spokesman said.

Huawei acknowledged to Reuters that one package originating in Vietnam was received by Friday, and the other was on its way, according to FedEx tracking records provided by Huawei.

FedEx spokeswoman Maury Donahue told Reuters the packages were "misrouted in error" and that FedEx was not requested to divert them by any other party.

"This is an isolated issue limited to a very small number of packages," said FedEx, referring to the four parcels affected. "We are aware of all shipments at issue and are working directly with our customers to return the packages to their possession."

The US Department of Commerce did not reply to a request for comment on whether the incident might be related to its move on May 16 to add Huawei to the so-called "Entity List," preventing it buying certain items from US companies without US government approval.

Formal complaint

The United States believes Huawei, the world's largest telecom network gear maker leading the way in creating the next generation of wireless networks known as 5G, is a potential espionage threat because of its close ties with the Chinese government.

Huawei has repeatedly denied it is controlled by the Chinese government, military or intelligence services.

The issue has become a flashpoint in an escalating trade battle between the world's two biggest economies.

The two packages sent on May 19 and May 20 from Tokyo, intended for Huawei in China, ended up in Memphis, Tennessee, the headquarters of the U.S. company, by May 23, according to images of FedEx tracking records shown to Reuters by Huawei.

The two packages originating from Hanoi on May 17, destined for Huawei's Hong Kong and Singapore offices, were held up after arriving in local FedEx stations in Hong Kong and Singapore on May 21 for "delivery exception," according to other images Huawei showed Reuters.

According to FedEx's website, the status "exception" means an unexpected event is preventing delivery of a package, for example a customs delay, a holiday, or no one being available to accept delivery. FedEx declined to give details on what the exception was in this case.

According to Huawei, a FedEx customer service representative in Vietnam replied to their inquiry on May 22 when two expected packages did not arrive on time, saying: "Please be informed that FDX SG received notification from FDX US to hold and return the package to US. Hence, the shipment is not deliver to consignee and now being hold at FDX station and under process to RTS it (return to sender)," the representative wrote in broken English, according to an email Huawei showed to Reuters.

Huawei told Reuters that both Vietnam packages were sent by its shipping agent, a contractor to Huawei whom it did not identify, and contained urgent documents. It said the shipping agent refused permission for FedEx to send the packages to the United States and instructed they be returned, Huawei told Reuters. Reuters could not confirm that.

Huawei told Reuters it only learned that the Japan-originated packages, which were sent by suppliers that it did not identify, had been diverted to the United States after checking FedEx's tracking record.

The company said it has lodged a formal complaint with China's postal regulator, which it said is investigating the incident. China's State Postal Bureau did not return a request for comment.

Chinese telecoms equipment maker Huawei is reviewing its relationship with FedEx Corp after it claimed the US package delivery company, without a detailed explanation, diverted two parcels destined for Huawei addresses in Asia to the United States and attempted to reroute two others.

Chinese telecoms equipment maker Huawei is reviewing its relationship with FedEx Corp after it claimed the US package delivery company, without a detailed explanation, diverted two parcels destined for Huawei addresses in Asia to the United States and attempted to reroute two others. Huawei told Reuters on Friday that FedEx diverted two packages sent from Japan and addressed to Huawei in China to the United States, and attempted to divert two more packages sent from Vietnam to Huawei offices elsewhere in Asia, all without authorisation, providing images of FedEx tracking records. Reuters could not verify the authenticity of the records. Shown the images of the tracking records, FedEx declined to make any comment, saying company policy prevented it from disclosing customer information. Huawei said the four packages only contained documents and "no technology," which Reuters was unable to independently confirm. Huawei declined to elaborate on why it thought the packages were diverted. Reuters was given no evidence the incident was related to the US government's move to place Huawei and its affiliates on a trade blacklist in mid-May, effectively banning US firms from doing business with them on security grounds. Watch: Huawei says it's a 'victim of bullying by the US administration' × "The recent experiences where important commercial documents sent via FedEx were not delivered to their destination, and instead were either diverted to, or were requested to be diverted to, FedEx in the United States, undermines our confidence," Joe Kelly, a spokesman for Huawei, told Reuters. "We will now have to review our logistics and document delivery support requirements as a direct result of these incidents," the spokesman said. Huawei acknowledged to Reuters that one package originating in Vietnam was received by Friday, and the other was on its way, according to FedEx tracking records provided by Huawei. FedEx spokeswoman Maury Donahue told Reuters the packages were "misrouted in error" and that FedEx was not requested to divert them by any other party. "This is an isolated issue limited to a very small number of packages," said FedEx, referring to the four parcels affected. "We are aware of all shipments at issue and are working directly with our customers to return the packages to their possession." The US Department of Commerce did not reply to a request for comment on whether the incident might be related to its move on May 16 to add Huawei to the so-called "Entity List," preventing it buying certain items from US companies without US government approval. Formal complaint The United States believes Huawei, the world's largest telecom network gear maker leading the way in creating the next generation of wireless networks known as 5G, is a potential espionage threat because of its close ties with the Chinese government. Huawei has repeatedly denied it is controlled by the Chinese government, military or intelligence services. The issue has become a flashpoint in an escalating trade battle between the world's two biggest economies. The two packages sent on May 19 and May 20 from Tokyo, intended for Huawei in China, ended up in Memphis, Tennessee, the headquarters of the U.S. company, by May 23, according to images of FedEx tracking records shown to Reuters by Huawei. The two packages originating from Hanoi on May 17, destined for Huawei's Hong Kong and Singapore offices, were held up after arriving in local FedEx stations in Hong Kong and Singapore on May 21 for "delivery exception," according to other images Huawei showed Reuters. According to FedEx's website, the status "exception" means an unexpected event is preventing delivery of a package, for example a customs delay, a holiday, or no one being available to accept delivery. FedEx declined to give details on what the exception was in this case. According to Huawei, a FedEx customer service representative in Vietnam replied to their inquiry on May 22 when two expected packages did not arrive on time, saying: "Please be informed that FDX SG received notification from FDX US to hold and return the package to US. Hence, the shipment is not deliver to consignee and now being hold at FDX station and under process to RTS it (return to sender)," the representative wrote in broken English, according to an email Huawei showed to Reuters. Huawei told Reuters that both Vietnam packages were sent by its shipping agent, a contractor to Huawei whom it did not identify, and contained urgent documents. It said the shipping agent refused permission for FedEx to send the packages to the United States and instructed they be returned, Huawei told Reuters. Reuters could not confirm that. Huawei told Reuters it only learned that the Japan-originated packages, which were sent by suppliers that it did not identify, had been diverted to the United States after checking FedEx's tracking record. The company said it has lodged a formal complaint with China's postal regulator, which it said is investigating the incident. China's State Postal Bureau did not return a request for comment.

Huawei reviewing FedEx relationship, says packages 'diverted'

The benchmark BSE Sensex advanced over 100 points in early trade Tuesday amid positive domestic and global cues and unabated foreign fund inflow.

The 30-share index was trading 98.04 points or 0.25 per cent, higher at 39,781.33. Similarly, the broader NSE Nifty rose 24.75 points, or 0.21 per cent, to 11,949.50.

In the previous session on Monday, the BSE gauge ended 248.57 points or 0.63 per cent higher at 39,683.29 -&nbsp;a new closing high for the index. While, the broader Nifty gained 80.65 points or 0.68 per cent to settle at 11,924.75 - a fresh closing peak for the NSE barometer.

Top Sensex gainers include Yes Bank, Vedanta, Coal India, Sun Pharma, Bajaj Auto, IndusInd Bank, PowerGrid, Tata Steel, Axis Bank, L&amp;T, Reliance Industries and Tata Motors, rising up to 3.75 per cent.

While, HDFC, Hero MotoCorp, SBI, HUL, Kotak Bank, Bharti Airtel, Bajaj Finance, HCL Tech, ICICI Bank and ITC fell up to 1.02 per cent.

Market mood has been euphoric since the BJP-led National Democratic Alliance (NDA) won the general elections.

According to Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management, this past week's events reinforce a positive view on markets in the longer term.

"Given the large amount of groundwork already in place, we expect the next five years to surprise to the upside on earnings, once remaining PSU bank issues are resolved," he said.

Positive cues from global markets and sustained foreign fund inflow too boosted investor sentiment here, traders said.

Foreign institutional investors bought equity worth Rs 1,215.36 crore on Monday, while domestic institutional investors sold shares to the tune of Rs 327.86 crore, provisional data available with stock exchanges showed.

Elsewhere in Asia, bourses in China, Japan and Korea were trading on a positive note in their respective early sessions.

Benchmarks on Wall Street too ended in the green in Monday's session.

On the currency front, the rupee depreciated 21 paise to 69.72 against the US dollar.

Brent crude, the global benchmark, slipped 0.15 per cent to 68.67 per barrel.&nbsp;

The benchmark BSE Sensex advanced over 100 points in early trade Tuesday amid positive domestic and global cues and unabated foreign fund inflow. The 30-share index was trading 98.

The benchmark BSE Sensex advanced over 100 points in early trade Tuesday amid positive domestic and global cues and unabated foreign fund inflow. The 30-share index was trading 98.04 points or 0.25 per cent, higher at 39,781.33. Similarly, the broader NSE Nifty rose 24.75 points, or 0.21 per cent, to 11,949.50. In the previous session on Monday, the BSE gauge ended 248.57 points or 0.63 per cent higher at 39,683.29 - a new closing high for the index. While, the broader Nifty gained 80.65 points or 0.68 per cent to settle at 11,924.75 - a fresh closing peak for the NSE barometer. Top Sensex gainers include Yes Bank, Vedanta, Coal India, Sun Pharma, Bajaj Auto, IndusInd Bank, PowerGrid, Tata Steel, Axis Bank, L&T, Reliance Industries and Tata Motors, rising up to 3.75 per cent. While, HDFC, Hero MotoCorp, SBI, HUL, Kotak Bank, Bharti Airtel, Bajaj Finance, HCL Tech, ICICI Bank and ITC fell up to 1.02 per cent. Market mood has been euphoric since the BJP-led National Democratic Alliance (NDA) won the general elections. According to Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management, this past week's events reinforce a positive view on markets in the longer term. "Given the large amount of groundwork already in place, we expect the next five years to surprise to the upside on earnings, once remaining PSU bank issues are resolved," he said. Positive cues from global markets and sustained foreign fund inflow too boosted investor sentiment here, traders said. Foreign institutional investors bought equity worth Rs 1,215.36 crore on Monday, while domestic institutional investors sold shares to the tune of Rs 327.86 crore, provisional data available with stock exchanges showed. Elsewhere in Asia, bourses in China, Japan and Korea were trading on a positive note in their respective early sessions. Benchmarks on Wall Street too ended in the green in Monday's session. On the currency front, the rupee depreciated 21 paise to 69.72 against the US dollar. Brent crude, the global benchmark, slipped 0.15 per cent to 68.67 per barrel.

Sensex rises over 100 points; Nifty above 11,900

Budget airline&nbsp;SpiceJet&nbsp;Ltd posted a 22% jump in fourth-quarter profit on Tuesday, as it flew more customers and was able to raise prices at a time when the industry benefited from the collapse of Jet Airways.

Indian carriers, including budget airlines&nbsp;<a href="https://www.wionews.com/business-economy/spicejet-adds-100th-plane-to-fleet-becomes-fourth-domestic-airline-to-do-so-221813">SpiceJet</a>&nbsp;and Interglobe Aviation Ltd's IndiGo, have been taking advantage of debt-laden Jet's downfall, adding flights and routes and raising fares in response to a drop in capacity.

"(With) significant improvements in yields and prime slots at key airports, we are confident of a strong performance for FY2020," Chairman and Managing Director Ajay Singh said in a statement.

SpiceJet&nbsp;said it added 25 aircraft in April and May. Jet started grounding planes at the beginning of the year and was eventually forced to stop operations in April. On Tuesday,&nbsp;SpiceJet&nbsp;said it would add 35 aircraft to its fleet by fiscal 2020 and that average fare rose 11% and capacity increased 21% in the reported quarter.

Standalone net profit, excluding earnings of units&nbsp;SpiceJet&nbsp;Merchandise,&nbsp;SpiceJet&nbsp;Technic and Canvin Real Estate, reached 562.9 million rupees ($8.08 million) in January-March, from 461.5 million rupees in the same period a year earlier.

Budget airline SpiceJet Ltd posted a 22% jump in fourth-quarter profit on Tuesday, as it flew more customers and was able to raise prices at a time when the industry benefited from the collapse of Jet Airways.

Budget airline SpiceJet Ltd posted a 22% jump in fourth-quarter profit on Tuesday, as it flew more customers and was able to raise prices at a time when the industry benefited from the collapse of Jet Airways. Indian carriers, including budget airlines SpiceJet and Interglobe Aviation Ltd's IndiGo, have been taking advantage of debt-laden Jet's downfall, adding flights and routes and raising fares in response to a drop in capacity. "(With) significant improvements in yields and prime slots at key airports, we are confident of a strong performance for FY2020," Chairman and Managing Director Ajay Singh said in a statement. SpiceJet said it added 25 aircraft in April and May. Jet started grounding planes at the beginning of the year and was eventually forced to stop operations in April. On Tuesday, SpiceJet said it would add 35 aircraft to its fleet by fiscal 2020 and that average fare rose 11% and capacity increased 21% in the reported quarter. Standalone net profit, excluding earnings of units SpiceJet Merchandise, SpiceJet Technic and Canvin Real Estate, reached 562.9 million rupees ($8.08 million) in January-March, from 461.5 million rupees in the same period a year earlier.

SpiceJet posts 22% jump in fourth-quarter profit, sees strong year ahead

The rupee Tuesday declined by 18 paise to close at 69.69 against the US currency, weighed down by month-end dollar demand from importers and rising crude oil prices.

Forex traders said that weakened Asian currencies also added to the pressure on the domestic unit.

However, gains in domestic equities supported the rupee and capped its losses to some extent, they added.

At the interbank foreign exchange (forex) market, the domestic currency opened lower at 69.68 per dollar and fell further to touch the day's low of 69.74. It finally settled at 69.69, down 18 paise over its previous close.

The rupee had settled at 69.51 against the US dollar Monday.

"Month end dollar demand from oil importers, weaker Asian currencies and probable foreign funds outflows by MSCI re-balancing dragged the rupee lower in Tuesday's trade," said V K Sharma, Head PCG &amp; Capital Markets Strategy, HDFC Securities.

Going forward, the focus will be on RBI monetary policy outcome scheduled on June 6, on GDP data and manufacturing activity numbers scheduled on Friday this week.

Brent crude futures, the global oil benchmark, climbed 0.53 per cent to&nbsp;USD 70.48 per barrel.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.16 per cent to 97.77.

Meanwhile, government bonds rose, leading to 0.39 per cent drop in the yield to 7.14 per cent.

Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 1,215.36 crore Monday, as per provisional data.

Continuing their record-setting spree for a third day in a row, domestic equity benchmarks Sensex and Nifty Tuesday hit fresh closing highs on sustained foreign fund inflows coupled with positive domestic cues.

After swinging over 300 points in a highly volatile session, the 30-share index ended 66.44 points, or 0.17 per cent, higher at 39,749.73 -- its all-time closing high. Likewise, the broader NSE Nifty inched 4 points, or 0.03 per cent, higher to 11,928.75 -- another closing peak for the index.

Meanwhile, Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.4327 and for rupee/euro at 77.8220. The reference rate for rupee/British pound was fixed at 88.4795 and for rupee/100 Japanese yen at 63.38.&nbsp;

The rupee Tuesday declined by 18 paise to close at 69.69 against the US currency, weighed down by month-end dollar demand from importers and rising crude oil prices.

The rupee Tuesday declined by 18 paise to close at 69.69 against the US currency, weighed down by month-end dollar demand from importers and rising crude oil prices. Forex traders said that weakened Asian currencies also added to the pressure on the domestic unit. However, gains in domestic equities supported the rupee and capped its losses to some extent, they added. At the interbank foreign exchange (forex) market, the domestic currency opened lower at 69.68 per dollar and fell further to touch the day's low of 69.74. It finally settled at 69.69, down 18 paise over its previous close. The rupee had settled at 69.51 against the US dollar Monday. "Month end dollar demand from oil importers, weaker Asian currencies and probable foreign funds outflows by MSCI re-balancing dragged the rupee lower in Tuesday's trade," said V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities. Going forward, the focus will be on RBI monetary policy outcome scheduled on June 6, on GDP data and manufacturing activity numbers scheduled on Friday this week. Brent crude futures, the global oil benchmark, climbed 0.53 per cent to USD 70.48 per barrel. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.16 per cent to 97.77. Meanwhile, government bonds rose, leading to 0.39 per cent drop in the yield to 7.14 per cent. Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 1,215.36 crore Monday, as per provisional data. Continuing their record-setting spree for a third day in a row, domestic equity benchmarks Sensex and Nifty Tuesday hit fresh closing highs on sustained foreign fund inflows coupled with positive domestic cues. After swinging over 300 points in a highly volatile session, the 30-share index ended 66.44 points, or 0.17 per cent, higher at 39,749.73 -- its all-time closing high. Likewise, the broader NSE Nifty inched 4 points, or 0.03 per cent, higher to 11,928.75 -- another closing peak for the index. Meanwhile, Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.4327 and for rupee/euro at 77.8220. The reference rate for rupee/British pound was fixed at 88.4795 and for rupee/100 Japanese yen at 63.38.

Rupee slips 18 paise to 69.69 vs US dollar

Continuing their record-setting spree for a third day in a row, domestic equity benchmarks Sensex and Nifty Tuesday hit fresh closing highs on sustained foreign fund inflows coupled with positive domestic cues.

After swinging over 300 points in a highly volatile session, the 30-share index ended 66.44 points, or 0.17 per cent, higher at 39,749.73 -- its all-time closing high. The gauge hit an intra-day high of 39,828.65 and a low of 39,498.65.

Likewise, the broader NSE Nifty inched 4 points, or 0.03 per cent, higher to 11,928.75 -- another closing peak for the index. During the day, the bourse hit a high of 11,958.55 and a low of 11,864.90.

Yes Bank was the biggest gainer in the Sensex pack, rallying 4.06 per cent.&nbsp;

Other gainers were Coal India, Infosys, PowerGrid, Vedanta, Reliance, TCS, HUL, ONGC, HCL Tech, IndusInd Bank, HDFC Bank and Asian Paints, gaining up to 2.72 per cent.

On the other hand, Hero MotoCorp, Bajaj Auto, Bharti Airtel, L&amp;T, Bajaj Finance, M&amp;M, Tata Steel, HDFC, Kotak Bank and ITC were the major laggards, shedding up to 2.55 per cent.

The broader BSE midcap and smallcap indices closed up to 0.41 per cent higher.

A renewed sense of positivity has been dictating domestic bourses ever since the BJP-led National Democratic Alliance (NDA) won the general elections.

Positive cues from other Asian markets and sustained foreign fund inflows too boosted investor sentiment here, traders said.

Foreign institutional investors bought equity worth Rs 1,215.36 crore on Monday, while domestic institutional investors sold shares to the tune of Rs 327.86 crore, provisional data available with stock exchanges showed.

Meanwhile, the Indian rupee depreciated 20 paise to 69.71 against the US dollar.

Brent crude, the global benchmark, was trading 0.33 per cent higher at 69 per barrel.

Globally, bourses in Asia ended on a positive note, while those in Europe were trading in the red in their respective early deals.

Continuing their record-setting spree for a third day in a row, domestic equity benchmarks Sensex and Nifty Tuesday hit fresh closing highs on sustained foreign fund inflows coupled with positive domestic cues.

Continuing their record-setting spree for a third day in a row, domestic equity benchmarks Sensex and Nifty Tuesday hit fresh closing highs on sustained foreign fund inflows coupled with positive domestic cues. After swinging over 300 points in a highly volatile session, the 30-share index ended 66.44 points, or 0.17 per cent, higher at 39,749.73 -- its all-time closing high. The gauge hit an intra-day high of 39,828.65 and a low of 39,498.65. Likewise, the broader NSE Nifty inched 4 points, or 0.03 per cent, higher to 11,928.75 -- another closing peak for the index. During the day, the bourse hit a high of 11,958.55 and a low of 11,864.90. Yes Bank was the biggest gainer in the Sensex pack, rallying 4.06 per cent. Other gainers were Coal India, Infosys, PowerGrid, Vedanta, Reliance, TCS, HUL, ONGC, HCL Tech, IndusInd Bank, HDFC Bank and Asian Paints, gaining up to 2.72 per cent. On the other hand, Hero MotoCorp, Bajaj Auto, Bharti Airtel, L&T, Bajaj Finance, M&M, Tata Steel, HDFC, Kotak Bank and ITC were the major laggards, shedding up to 2.55 per cent. The broader BSE midcap and smallcap indices closed up to 0.41 per cent higher. A renewed sense of positivity has been dictating domestic bourses ever since the BJP-led National Democratic Alliance (NDA) won the general elections. Positive cues from other Asian markets and sustained foreign fund inflows too boosted investor sentiment here, traders said. Foreign institutional investors bought equity worth Rs 1,215.36 crore on Monday, while domestic institutional investors sold shares to the tune of Rs 327.86 crore, provisional data available with stock exchanges showed. Meanwhile, the Indian rupee depreciated 20 paise to 69.71 against the US dollar. Brent crude, the global benchmark, was trading 0.33 per cent higher at 69 per barrel. Globally, bourses in Asia ended on a positive note, while those in Europe were trading in the red in their respective early deals.

Sensex, Nifty clock fresh closing highs on fund inflows

The<a href="https://www.wionews.com/world/imf-warns-us-china-trade-war-will-jeopardize-2019-global-growth-221117"> trade war between Beijing and Washington </a>has stoked concern in financial markets that China might opt to weaponise its holdings of more than $1.1 trillion worth of US&nbsp;Treasuries in retaliation for the tariffs the Trump administration has imposed on Chinese imports.

Often referred to as the "nuclear option," choosing to dump so large a pool of assets would likely destabilise world financial markets, drive interest rates higher and push tensions between the world's two largest economies into uncharted territory.

China has been slimming its Treasury securities portfolio for some time, but most analysts see an aggressive reduction of its holdings as a remote possibility at most. There is no evidence Beijing is seriously looking to flood markets with its US&nbsp;bonds.

Here are some key points about China's Treasuries portfolio:

How much US debt does Chins own?

About a decade ago, China overtook Japan as the largest foreign holder of US&nbsp;government debt.

Its holdings stood at more than $1.12 trillion at the end of March, according to US&nbsp;Treasury Department data. Japan is a close second with nearly $1.08 trillion.

China's holdings peaked in late 2013 at nearly $1.32 trillion and have come down by about 15% since then. In March they were the lowest in about two years.

Its share of the Treasury market has fallen even faster, due to the steady issuance of US&nbsp;debt required to finance the growing federal budget deficit.

The world's second-biggest economy owns about 7% of the $16.18 trillion of US&nbsp;public debt outstanding, its lowest share in 14 years, and down from a peak of 14% in 2011. Still, its slice of the pie is exceeded only by the US&nbsp;Federal Reserve, which owns $2.15 trillion of Treasuries, or 13.5% of the market.

Treasury issuance is expected to keep accelerating following a massive tax cut enacted in December 2017, so China's share of the market will likely drop even further.

Why does China own so much US debt?

As a net exporter to the United States and the rest of the world, China has the world's largest stash of foreign-exchange reserves at more than $3 trillion. Much of that is denominated in US dollars accumulated through its persistent trade surplus with the United States since the early 1990s.

A natural place for China to park a lot of those greenbacks is the US&nbsp;Treasury market, which is by far the largest and most liquid pool of safe assets in the world.

Also, since the financial crisis of 2007-2009, US&nbsp;Treasuries have consistently yielded more than bonds issued by other large developed economies such as Japan and Germany, which has been another lure.

What is the risk to the United States if China sells?

Most analysts agree that large-scale selling by Beijing would disrupt the Treasury market and other markets.

An abrupt shift in the balance of supply and demand could drive down Treasury prices, and drive up their yields, which move in the opposite direction to prices. That would cause a spike in borrowing costs for the US government.

Also, because Treasury yields are a benchmark for US&nbsp;consumer and business credit, interest rates on everything from corporate bonds to homeowners' mortgages would rise, likely slowing the economy.

Such a jarring move would also erode global investors' confidence in the US&nbsp;dollar as the world's top reserve currency.

What is the risk to China if IT dumbs treasures?

Most analysts argue China has not opted to sell Uncle Sam's IOUs because a nosedive in US&nbsp;bond prices also would bring down the value of China's remaining Treasury holdings.

Also, China's currency, the yuan, is not fully free floating. Beijing uses its Treasury holdings as a key tool to stabilise the yuan within a targeted range, against the dollar in particular.

Some critics have alleged China uses Treasuries and its other currency reserves to hold down the yuan, making its exports more attractive. At the same time, allowing the currency to cheapen too many risks other problems, such as foreign capital flight.

Any sharp depreciation in the greenback might force Beijing to defend the yuan, which may mean shedding more of its Treasuries stake. Back in 2016, China's Treasuries holdings fell sharply by some $200 billion from May to November of that year as the yuan depreciated on worries about the Chinese economy.

Lastly, any knock-on effect in the US&nbsp;economy would also be felt in China because the United States is the destination for nearly a fifth of Chinese exports.

The trade war between Beijing and Washington has stoked concern in financial markets that China might opt to weaponise its holdings of more than $1.1 trillion worth of US Treasuries in retaliation for the tariffs the Trump administration has imposed on Chinese imports.

The trade war between Beijing and Washington has stoked concern in financial markets that China might opt to weaponise its holdings of more than $1.1 trillion worth of US Treasuries in retaliation for the tariffs the Trump administration has imposed on Chinese imports. Often referred to as the "nuclear option," choosing to dump so large a pool of assets would likely destabilise world financial markets, drive interest rates higher and push tensions between the world's two largest economies into uncharted territory. China has been slimming its Treasury securities portfolio for some time, but most analysts see an aggressive reduction of its holdings as a remote possibility at most. There is no evidence Beijing is seriously looking to flood markets with its US bonds. Here are some key points about China's Treasuries portfolio: How much US debt does Chins own? About a decade ago, China overtook Japan as the largest foreign holder of US government debt. Its holdings stood at more than $1.12 trillion at the end of March, according to US Treasury Department data. Japan is a close second with nearly $1.08 trillion. China's holdings peaked in late 2013 at nearly $1.32 trillion and have come down by about 15% since then. In March they were the lowest in about two years. Its share of the Treasury market has fallen even faster, due to the steady issuance of US debt required to finance the growing federal budget deficit. The world's second-biggest economy owns about 7% of the $16.18 trillion of US public debt outstanding, its lowest share in 14 years, and down from a peak of 14% in 2011. Still, its slice of the pie is exceeded only by the US Federal Reserve, which owns $2.15 trillion of Treasuries, or 13.5% of the market. Treasury issuance is expected to keep accelerating following a massive tax cut enacted in December 2017, so China's share of the market will likely drop even further. Why does China own so much US debt? As a net exporter to the United States and the rest of the world, China has the world's largest stash of foreign-exchange reserves at more than $3 trillion. Much of that is denominated in US dollars accumulated through its persistent trade surplus with the United States since the early 1990s. A natural place for China to park a lot of those greenbacks is the US Treasury market, which is by far the largest and most liquid pool of safe assets in the world. Also, since the financial crisis of 2007-2009, US Treasuries have consistently yielded more than bonds issued by other large developed economies such as Japan and Germany, which has been another lure. What is the risk to the United States if China sells? Most analysts agree that large-scale selling by Beijing would disrupt the Treasury market and other markets. An abrupt shift in the balance of supply and demand could drive down Treasury prices, and drive up their yields, which move in the opposite direction to prices. That would cause a spike in borrowing costs for the US government. Also, because Treasury yields are a benchmark for US consumer and business credit, interest rates on everything from corporate bonds to homeowners' mortgages would rise, likely slowing the economy. Such a jarring move would also erode global investors' confidence in the US dollar as the world's top reserve currency. What is the risk to China if IT dumbs treasures? Most analysts argue China has not opted to sell Uncle Sam's IOUs because a nosedive in US bond prices also would bring down the value of China's remaining Treasury holdings. Also, China's currency, the yuan, is not fully free floating. Beijing uses its Treasury holdings as a key tool to stabilise the yuan within a targeted range, against the dollar in particular. Some critics have alleged China uses Treasuries and its other currency reserves to hold down the yuan, making its exports more attractive. At the same time, allowing the currency to cheapen too many risks other problems, such as foreign capital flight. Any sharp depreciation in the greenback might force Beijing to defend the yuan, which may mean shedding more of its Treasuries stake. Back in 2016, China's Treasuries holdings fell sharply by some $200 billion from May to November of that year as the yuan depreciated on worries about the Chinese economy. Lastly, any knock-on effect in the US economy would also be felt in China because the United States is the destination for nearly a fifth of Chinese exports.

Will China dump US bonds as a trade weapon? Not so fast

<a href="https://www.wionews.com/business-economy/oil-prices-fall-on-surging-us-crude-stockpiles-economic-concerns-221236">Oil prices</a> were mixed on Tuesday as supply cuts, led by producer club OPEC, and US&nbsp;sanctions on fuel exports from Iran and Venezuela supported crude, while concerns about an economic slowdown weighed on the market.

Front-month Brent crude futures, the international benchmark for oil prices, were at $69.99 at 0637 GMT, down 12 cents, or 0.2%, from the last session's close, when they rose 2.1%.

US West Texas Intermediate (WTI) crude futures were at $59.03 per barrel, up 40 cents, or 0.7%, from their last close on Friday. WTI did not trade on Monday due to a US&nbsp;public holiday.

Prices have been supported by supply cuts led by the Organisation of the Petroleum Exporting Countries (OPEC) since the start of the year, and by political tensions in the Middle East.

OPEC and some allies including Russia are due to meet on June 25 and 26 to discuss output policy.

Beyond the output cuts, US&nbsp;bank, Citi said, "Geopolitical turmoil across the Middle East ... are likely to encourage financial investors to realign with their bullish physical counterparties."

In physical oil markets, the Middle East crude premiums hit their highest levels in years earlier this month amid falling supply.

Beyond the OPEC cuts, US&nbsp;sanctions on petroleum exports from Iran and Venezuela have tightened markets.

"Iran exports remain under pressure as US sanctions bite. This comes as OPEC appears to be heading towards extending the current production cut agreement," Citi added.

Trump last year withdrew the United States from a 2015 international nuclear deal with Iran, and Washington is ratcheting up sanctions seeking to end Tehran's international sales of crude oil and strangle its economy.

Washington has also imposed sanctions on Venezuela's oil exports, in a bid to topple the government under President Nicolas Maduro there.

Despite this, markets remain cautious amid an economic slowdown as a result of the ongoing trade war between the United States and China, which is also expected to dent fuel consumption.

"We really need to see some strong demand figures, which so far this year has not happened before we can really start listening to the bulls," said Matt Stanley, a broker at Starfuels in Dubai.

Oil prices were mixed on Tuesday as supply cuts, led by producer club OPEC, and US sanctions on fuel exports from Iran and Venezuela supported crude, while concerns about an economic slowdown weighed on the market.

Oil prices were mixed on Tuesday as supply cuts, led by producer club OPEC, and US sanctions on fuel exports from Iran and Venezuela supported crude, while concerns about an economic slowdown weighed on the market. Front-month Brent crude futures, the international benchmark for oil prices, were at $69.99 at 0637 GMT, down 12 cents, or 0.2%, from the last session's close, when they rose 2.1%. US West Texas Intermediate (WTI) crude futures were at $59.03 per barrel, up 40 cents, or 0.7%, from their last close on Friday. WTI did not trade on Monday due to a US public holiday. Prices have been supported by supply cuts led by the Organisation of the Petroleum Exporting Countries (OPEC) since the start of the year, and by political tensions in the Middle East. OPEC and some allies including Russia are due to meet on June 25 and 26 to discuss output policy. Beyond the output cuts, US bank, Citi said, "Geopolitical turmoil across the Middle East ... are likely to encourage financial investors to realign with their bullish physical counterparties." In physical oil markets, the Middle East crude premiums hit their highest levels in years earlier this month amid falling supply. Beyond the OPEC cuts, US sanctions on petroleum exports from Iran and Venezuela have tightened markets. "Iran exports remain under pressure as US sanctions bite. This comes as OPEC appears to be heading towards extending the current production cut agreement," Citi added. Trump last year withdrew the United States from a 2015 international nuclear deal with Iran, and Washington is ratcheting up sanctions seeking to end Tehran's international sales of crude oil and strangle its economy. Washington has also imposed sanctions on Venezuela's oil exports, in a bid to topple the government under President Nicolas Maduro there. Despite this, markets remain cautious amid an economic slowdown as a result of the ongoing trade war between the United States and China, which is also expected to dent fuel consumption. "We really need to see some strong demand figures, which so far this year has not happened before we can really start listening to the bulls," said Matt Stanley, a broker at Starfuels in Dubai.

Oil mixed as OPEC cuts, US sanctions prop up prices while trade war weighs

Alibaba is considering raising as much as $20 billion through a listing in Hong Kong, people familiar with the matter told Reuters, lining up a second blockbuster deal following its 2014 record $25 billion floats in New York.

The deal, the biggest follow-on share sale in seven years globally, would give Alibaba a war chest to keep investing in technology - a priority for China as growth flags and as the world's second-largest economy faces a mounting trade spat with the United States.

The e-commerce giant is working with financial advisers on the offering and is aiming to file an application confidentially in Hong Kong as early as the second half of 2019, three people said on condition of anonymity as the plans are not public yet.

They cautioned that many details were not clear, including the final planned size. One person with direct knowledge said it was more likely to be between $10 billion and $15 billion.

At $20 billion, Alibaba's deal would be the sixth-biggest follow-on share sale ever, Refinitiv data shows, ranking behind NTT's 1987 $36.8 billion sale, crisis-era offerings of $24.4 billion and $22.5 billion from the Royal Bank of Scotland and Lloyds Banking Group, as well as the $20.7 billion raised by US&nbsp;insurer AIG in 2012.

A spokesman for Alibaba declined to comment. SoftBank Group, Alibaba's largest investor, did not immediately respond to a request for comment.

The Japanese tech investor has a 28.8% stake, worth $115.7 billion, in Alibaba after it sold a small part of its original holding via derivatives to fund its acquisition of chip designer ARM in a transaction that completes next month.

SoftBank founder and CEO Masayoshi Son is a close friend of <a href="https://www.wionews.com/world/jack-mas-669-advice-to-alibaba-employees-have-sex-six-times-in-six-days-218815">Alibaba founder Jack Ma.</a> Bloomberg was the first to report the plan for a Hong Kong listing.

ADDED LIQUIDITY

Since its US listing, Alibaba has nearly doubled in size to become the largest-listed Chinese company with a market value of more than $400 billion.

A Hong Kong listing would give mainland investors their first direct access to one of China's biggest success stories, via the stock connect trading link between Hong Kong, Shanghai and Shenzhen.

It would also give the company an extra pocket of liquidity and potentially a better valuation if the household name became a favourite among retail investors in Hong Kong.

A Hong Kong-based analyst said while Alibaba is not in need of cash, the listing could help it improve its access to loans from Asian banks. "It means closer access to Chinese investors, and maybe Chinese investors are more bullish than the global investors in Alibaba," the analyst added.

Rival Tencent, which is listed in Hong Kong, is trading at 26 times its expected earnings compared with Alibaba's 22 times in New York, according to Refinitiv data.

A Hong Kong listing for Alibaba would come as its 54-year-old founder prepares to step down as chairman in September, handing over the mantle to CEO Daniel Zhang.

The company is also expanding into new sectors including cloud computing division and Hema, its chain of brick-and-mortar supermarkets as growth in its core e-commerce business slows.

The listing would provide Alibaba with additional capital to fund its new and expensive initiatives, said James Hull, founder of Hull capital and co-host of the China Tech investor podcast.

"Alibaba has strong and growing free cash flow, but they're also pursuing cash-hungry new initiatives," he added.

HOMECOMING

An Alibaba float would be seen in Hong Kong as a victory after the city lost the tech giant's initial public offering to New York because it then rules precluded it accepting Alibaba's governance structure, where a self-selecting group of senior managers control the majority of board appointments.

Hong Kong amended its rules last year to make it easier for "innovative companies" listed in New York or London to carry out a secondary listing in Hong Kong, as part of a broader shakeup of the city's listing regime.

The new rules allow already-listed companies based in greater China, whose original float was before Dec. 15, 2017, to list in the city even if their current weighted voting rights structures contravene Hong Kong's rules for primary listings.

Such companies can also apply confidentially for a listing, as Alibaba is expected to do.

Early last year, when Hong Kong was preparing to allow dual-class share listings, Alibaba founder Jack Ma had said that the company would "seriously consider" a listing on its exchange.

So far, no company has used the new secondary listing rules to raise funds in Hong Kong.

A spokesman for HKEX declined to comment on news of Alibaba's listing plans in Hong Kong.&nbsp;

Alibaba is considering raising as much as $20 billion through a listing in Hong Kong, people familiar with the matter told Reuters, lining up a second blockbuster deal following its 2014 record $25 billion floats in New York.

Alibaba is considering raising as much as $20 billion through a listing in Hong Kong, people familiar with the matter told Reuters, lining up a second blockbuster deal following its 2014 record $25 billion floats in New York. The deal, the biggest follow-on share sale in seven years globally, would give Alibaba a war chest to keep investing in technology - a priority for China as growth flags and as the world's second-largest economy faces a mounting trade spat with the United States. The e-commerce giant is working with financial advisers on the offering and is aiming to file an application confidentially in Hong Kong as early as the second half of 2019, three people said on condition of anonymity as the plans are not public yet. They cautioned that many details were not clear, including the final planned size. One person with direct knowledge said it was more likely to be between $10 billion and $15 billion. At $20 billion, Alibaba's deal would be the sixth-biggest follow-on share sale ever, Refinitiv data shows, ranking behind NTT's 1987 $36.8 billion sale, crisis-era offerings of $24.4 billion and $22.5 billion from the Royal Bank of Scotland and Lloyds Banking Group, as well as the $20.7 billion raised by US insurer AIG in 2012. A spokesman for Alibaba declined to comment. SoftBank Group, Alibaba's largest investor, did not immediately respond to a request for comment. The Japanese tech investor has a 28.8% stake, worth $115.7 billion, in Alibaba after it sold a small part of its original holding via derivatives to fund its acquisition of chip designer ARM in a transaction that completes next month. SoftBank founder and CEO Masayoshi Son is a close friend of Alibaba founder Jack Ma. Bloomberg was the first to report the plan for a Hong Kong listing. ADDED LIQUIDITY Since its US listing, Alibaba has nearly doubled in size to become the largest-listed Chinese company with a market value of more than $400 billion. A Hong Kong listing would give mainland investors their first direct access to one of China's biggest success stories, via the stock connect trading link between Hong Kong, Shanghai and Shenzhen. It would also give the company an extra pocket of liquidity and potentially a better valuation if the household name became a favourite among retail investors in Hong Kong. A Hong Kong-based analyst said while Alibaba is not in need of cash, the listing could help it improve its access to loans from Asian banks. "It means closer access to Chinese investors, and maybe Chinese investors are more bullish than the global investors in Alibaba," the analyst added. Rival Tencent, which is listed in Hong Kong, is trading at 26 times its expected earnings compared with Alibaba's 22 times in New York, according to Refinitiv data. A Hong Kong listing for Alibaba would come as its 54-year-old founder prepares to step down as chairman in September, handing over the mantle to CEO Daniel Zhang. The company is also expanding into new sectors including cloud computing division and Hema, its chain of brick-and-mortar supermarkets as growth in its core e-commerce business slows. The listing would provide Alibaba with additional capital to fund its new and expensive initiatives, said James Hull, founder of Hull capital and co-host of the China Tech investor podcast. "Alibaba has strong and growing free cash flow, but they're also pursuing cash-hungry new initiatives," he added. HOMECOMING An Alibaba float would be seen in Hong Kong as a victory after the city lost the tech giant's initial public offering to New York because it then rules precluded it accepting Alibaba's governance structure, where a self-selecting group of senior managers control the majority of board appointments. Hong Kong amended its rules last year to make it easier for "innovative companies" listed in New York or London to carry out a secondary listing in Hong Kong, as part of a broader shakeup of the city's listing regime. The new rules allow already-listed companies based in greater China, whose original float was before Dec. 15, 2017, to list in the city even if their current weighted voting rights structures contravene Hong Kong's rules for primary listings. Such companies can also apply confidentially for a listing, as Alibaba is expected to do. Early last year, when Hong Kong was preparing to allow dual-class share listings, Alibaba founder Jack Ma had said that the company would "seriously consider" a listing on its exchange. So far, no company has used the new secondary listing rules to raise funds in Hong Kong. A spokesman for HKEX declined to comment on news of Alibaba's listing plans in Hong Kong.

Alibaba plans $20 billion in Hong Kong listing, biggest follow-on sale in seven years

Shares of InterGlobe Aviation, the parent company of<a href="https://www.wionews.com/business-economy/indigo-forecasts-strong-year-as-jet-airways-collapse-boosts-profit-222065"> IndiGo airline</a>, rallied over 3 per cent in early trade Tuesday, a day after the company posted a five-fold jump in profit after tax to Rs 589.6 crore for March quarter.

The company had posted a profit of Rs 117.6 crore in the corresponding period of 2017-18. On the BSE, the stock opened on a positive note at Rs 1,705 and jumped 3.18 per cent to Rs 1,716 over its previous close. The scrip opened at Rs 1,698 and further rose 3.23 per cent to Rs 1,716 on the NSE.

InterGlobe Aviation Monday said that its annual net profit for 2018-19 stood at Rs 156.1 crore, which was 93 per cent less than Rs 2,242.4 crore for the 2017-18 fiscal.

IndiGo CEO Ronojoy Dutta said, "Fiscal 2019 was a tough year for the airline industry in India because of high fuel prices, weak rupee and intensely competitive environment."

"However, it is a tale of two halves for IndiGo, with the first half of the year incurring losses and the second half of the year experiencing a sharp recovery," he added.

Shares of InterGlobe Aviation, the parent company of IndiGo airline, rallied over 3 per cent in early trade Tuesday, a day after the company posted a five-fold jump in profit after tax to Rs 589.

Shares of InterGlobe Aviation, the parent company of IndiGo airline, rallied over 3 per cent in early trade Tuesday, a day after the company posted a five-fold jump in profit after tax to Rs 589.6 crore for March quarter. The company had posted a profit of Rs 117.6 crore in the corresponding period of 2017-18. On the BSE, the stock opened on a positive note at Rs 1,705 and jumped 3.18 per cent to Rs 1,716 over its previous close. The scrip opened at Rs 1,698 and further rose 3.23 per cent to Rs 1,716 on the NSE. InterGlobe Aviation Monday said that its annual net profit for 2018-19 stood at Rs 156.1 crore, which was 93 per cent less than Rs 2,242.4 crore for the 2017-18 fiscal. IndiGo CEO Ronojoy Dutta said, "Fiscal 2019 was a tough year for the airline industry in India because of high fuel prices, weak rupee and intensely competitive environment." "However, it is a tale of two halves for IndiGo, with the first half of the year incurring losses and the second half of the year experiencing a sharp recovery," he added.

IndiGo shares rise 3% post Q4 results

Fiat Chrysler has made a <a href="https://www.wionews.com/business-economy/fiat-chrysler-in-talks-to-forge-extensive-ties-with-renault-report-says-221647">"transformative merger" proposal</a> to French peer Renault, the Italian carmaker said on Monday, in a deal which would create a world leader and help address some of the weaknesses in both Renault and Fiat.

Fiat said the combined business would be 50% owned by FCA shareholders and 50% owned by those of Renault.

Pressure for consolidation among carmakers has grown with the challenges posed by electrification, tightening emissions regulations and expensive new technologies being developed for connected and autonomous vehicles.

Renault Chairman Jean-Dominique Senard presented an FCA-Renault merger plan to French Finance Minister Bruno Le Maire on Friday, Les Echos reported on its website. The French government has a 15% stake in Renault.

The deal being discussed would include guarantees covering corporate governance and employment in France and Italy, the French daily said.

Pressure for consolidation among carmakers has grown with the challenges posed by electrification, tightening emissions regulations and expensive new technologies being developed for connected and autonomous vehicles.

Earlier this year FCA Chairman John Elkann - a member of Italy's Agnelli dynasty that controls the company - stressed the family's commitment to the automotive industry. But he also added that they were prepared to take "bold and creative decisions" to help build a solid and attractive future for the company.

Regional rationale

FCA has a highly profitable North American RAM trucks business and Jeep brand but has been losing money in Europe, where it may also struggle to keep pace with looming carbon dioxide emissions curbs.

Renault, by contrast, is an electric-car pioneer with relatively fuel-efficient engine technologies and a strong presence in emerging markets, but no U.S. business.

The tie-up would likely face political and workforce hurdles, particularly in Italy. However, most of FCA's European plants are running below 50% capacity.

A deal between FCA and Renault would not preclude a consolidation of Renault's alliance with Japanese carmaker Nissan Motor Co Ltd , a source told Reuters on Saturday.

The Renault-Nissan partnership, underpinned by cross-shareholdings, has been strained by the scandal surrounding former Chairman Carlos Ghosn, who was ousted after his arrest last year.

Speculation about the future of Fiat Chrysler, often seen as a potential M&amp;A target, intensified after the sudden death of long-serving former CEO Sergio Marchionne almost one year ago.

Fiat Chrysler has made a "transformative merger" proposal to French peer Renault, the Italian carmaker said on Monday, in a deal which would create a world leader and help address some of the weaknesses in both Renault and Fiat.

Fiat Chrysler has made a "transformative merger" proposal to French peer Renault, the Italian carmaker said on Monday, in a deal which would create a world leader and help address some of the weaknesses in both Renault and Fiat. Fiat said the combined business would be 50% owned by FCA shareholders and 50% owned by those of Renault. Pressure for consolidation among carmakers has grown with the challenges posed by electrification, tightening emissions regulations and expensive new technologies being developed for connected and autonomous vehicles. Renault Chairman Jean-Dominique Senard presented an FCA-Renault merger plan to French Finance Minister Bruno Le Maire on Friday, Les Echos reported on its website. The French government has a 15% stake in Renault. The deal being discussed would include guarantees covering corporate governance and employment in France and Italy, the French daily said. Pressure for consolidation among carmakers has grown with the challenges posed by electrification, tightening emissions regulations and expensive new technologies being developed for connected and autonomous vehicles. Earlier this year FCA Chairman John Elkann - a member of Italy's Agnelli dynasty that controls the company - stressed the family's commitment to the automotive industry. But he also added that they were prepared to take "bold and creative decisions" to help build a solid and attractive future for the company. Regional rationale FCA has a highly profitable North American RAM trucks business and Jeep brand but has been losing money in Europe, where it may also struggle to keep pace with looming carbon dioxide emissions curbs. Renault, by contrast, is an electric-car pioneer with relatively fuel-efficient engine technologies and a strong presence in emerging markets, but no U.S. business. The tie-up would likely face political and workforce hurdles, particularly in Italy. However, most of FCA's European plants are running below 50% capacity. A deal between FCA and Renault would not preclude a consolidation of Renault's alliance with Japanese carmaker Nissan Motor Co Ltd , a source told Reuters on Saturday. The Renault-Nissan partnership, underpinned by cross-shareholdings, has been strained by the scandal surrounding former Chairman Carlos Ghosn, who was ousted after his arrest last year. Speculation about the future of Fiat Chrysler, often seen as a potential M&A target, intensified after the sudden death of long-serving former CEO Sergio Marchionne almost one year ago.

Fiat Chrysler confirms merger talks with Renault

The benchmark BSE Sensex jumped over 100 points in early trade Monday driven by gains in banking stocks amid unabated foreign fund inflow.

The 30-share index was trading 128.27 points or 0.33 per cent, higher at 39,562.99. Similarly, the broader NSE Nifty spurted 28.75 points, or 0.24 per cent, to 11,872.85.

Top Sensex gainers include NTPC, Tata Steel, Yes Bank, SBI, PowerGrid, L&amp;T, M&amp;M, ITC, HDFC Bank, Maruti, Axis Bank, Infosys, HDFC twins and ICICI Bank, rising up to 4.53 per cent.

While, Bharti Airtel, Asian Paints, IndusInd Bank, RIL, Tata Motors, ONGC and Sun Pharma fell up to 1.63 per cent.

In the previous session on Friday, the Sensex shot up 623.33 points, or 1.61 per cent, to end at 39,434.72, while the broader NSE Nifty surged 187.05 points, or 1.60 per cent, to 11,844.10.

The market is witnessing a board-based rally expecting the better outlook for the economy in the next one-two quarter, experts said.

Domestic and foreign investors have been euphoric ever since Prime Minister Narendra Modi on Thursday led Bharatiya Janata Party (BJP) to a thumping victory for the second term in office.

Foreign institutional investors bought equity worth Rs 2,026.33 crore on Friday, while domestic institutional investors sold shares to the tune of Rs 195.35 crore, provisional data available with stock exchanges showed.

Elsewhere in Asia, bourses in China, Japan and Korea were trading on a mixed note in their respective early sessions.

On the currency front, the rupee also appreciated 11 paise to 69.41 against the US dollar.

Brent crude, the global benchmark, was trading flat at 67.46 per barrel.

The benchmark BSE Sensex jumped over 100 points in early trade Monday driven by gains in banking stocks amid unabated foreign fund inflow. The 30-share index was trading 128.

The benchmark BSE Sensex jumped over 100 points in early trade Monday driven by gains in banking stocks amid unabated foreign fund inflow. The 30-share index was trading 128.27 points or 0.33 per cent, higher at 39,562.99. Similarly, the broader NSE Nifty spurted 28.75 points, or 0.24 per cent, to 11,872.85. Top Sensex gainers include NTPC, Tata Steel, Yes Bank, SBI, PowerGrid, L&T, M&M, ITC, HDFC Bank, Maruti, Axis Bank, Infosys, HDFC twins and ICICI Bank, rising up to 4.53 per cent. While, Bharti Airtel, Asian Paints, IndusInd Bank, RIL, Tata Motors, ONGC and Sun Pharma fell up to 1.63 per cent. In the previous session on Friday, the Sensex shot up 623.33 points, or 1.61 per cent, to end at 39,434.72, while the broader NSE Nifty surged 187.05 points, or 1.60 per cent, to 11,844.10. The market is witnessing a board-based rally expecting the better outlook for the economy in the next one-two quarter, experts said. Domestic and foreign investors have been euphoric ever since Prime Minister Narendra Modi on Thursday led Bharatiya Janata Party (BJP) to a thumping victory for the second term in office. Foreign institutional investors bought equity worth Rs 2,026.33 crore on Friday, while domestic institutional investors sold shares to the tune of Rs 195.35 crore, provisional data available with stock exchanges showed. Elsewhere in Asia, bourses in China, Japan and Korea were trading on a mixed note in their respective early sessions. On the currency front, the rupee also appreciated 11 paise to 69.41 against the US dollar. Brent crude, the global benchmark, was trading flat at 67.46 per barrel.

Sensex jumps over 100 points; Nifty nears 11,900

Interglobe Aviation Ltd, owner of Indian budget airline IndiGo, forecast a strong year ahead after the collapse of Jet Airways&nbsp;helped the company report a fivefold jump in fourth-quarter profit.

IndiGo, the country's largest airline by market share, gained passengers in recent months after Jet Airways shut down operations in April, having been forced to ground its fleet since early this year.

IndiGo also gained by optimising its domestic network and growing its international routes, Chief Executive Ronojoy Dutta said on an analyst call.

"Jet Airways' cessation of service helped our performance in the last week of February and the whole of March," Dutta said.

Interglobe shares set a record closing high, up 2.5% at 1,662.15 rupees in a broader Mumbai market which ended up 0.7%.

Dutta said the shutdown at Jet increased revenue per available seat kilometre by between 3% and 4%. That number, a measure of the carrier's operating earnings, rose 5.9% in total to 3.63 rupees in January through March.

Jet's troubles have allowed IndiGo and other carriers such as SpiceJet to raise prices on some routes, offsetting some of the losses they faced last fiscal year because of high fuel prices and intense competition.

IndiGo's passenger yield, a measure of airfares, rose 12% during the quarter.

Higher fares

CEO Dutta said Jet's grounding helped IndiGo raise fares, but it will see the boost ease by June except in some international markets. "By and large international routes are doing well. We are happy with the utilisation and profitability," he said.

Available seat kilometres, a measure of the airline's passenger carrying capacity, is expected to rise 30% in the current fiscal year, with half of that in the domestic market and the other half in international, Dutta said.

The airline said that while it is studying the use of wide-body planes on international routes, it does not plan to place an order imminently. It will, however, take deliveries of 53 narrow-body Airbus planes and 11 ATR turboprops in the current fiscal year.

IndiGo has also seen significant improvements over the past year in the performance of engines made by Pratt &amp; Whitney (part of United Technologies), troubles with which had forced it to ground planes in the past, Wolfgang Prock-Schauer, the airline's president and chief operating officer, said on the call.

"For most of the issues resolutions have been found and implemented," Prock-Schauer said, adding the group is working with Pratt on two areas, one of which is expected to be fixed in engines to be delivered from June and the other by September.

Until then the airline has sufficient spare engines, he said.

InterGlobe's profit for the quarter rose to 5.9 billion rupees from 1.18 billion a year earlier.

Interglobe Aviation Ltd, owner of Indian budget airline IndiGo, forecast a strong year ahead after the collapse of Jet Airways helped the company report a fivefold jump in fourth-quarter profit.

Interglobe Aviation Ltd, owner of Indian budget airline IndiGo, forecast a strong year ahead after the collapse of Jet Airways helped the company report a fivefold jump in fourth-quarter profit. IndiGo, the country's largest airline by market share, gained passengers in recent months after Jet Airways shut down operations in April, having been forced to ground its fleet since early this year. IndiGo also gained by optimising its domestic network and growing its international routes, Chief Executive Ronojoy Dutta said on an analyst call. "Jet Airways' cessation of service helped our performance in the last week of February and the whole of March," Dutta said. Interglobe shares set a record closing high, up 2.5% at 1,662.15 rupees in a broader Mumbai market which ended up 0.7%. Dutta said the shutdown at Jet increased revenue per available seat kilometre by between 3% and 4%. That number, a measure of the carrier's operating earnings, rose 5.9% in total to 3.63 rupees in January through March. Jet's troubles have allowed IndiGo and other carriers such as SpiceJet to raise prices on some routes, offsetting some of the losses they faced last fiscal year because of high fuel prices and intense competition. IndiGo's passenger yield, a measure of airfares, rose 12% during the quarter. Higher fares CEO Dutta said Jet's grounding helped IndiGo raise fares, but it will see the boost ease by June except in some international markets. "By and large international routes are doing well. We are happy with the utilisation and profitability," he said. Available seat kilometres, a measure of the airline's passenger carrying capacity, is expected to rise 30% in the current fiscal year, with half of that in the domestic market and the other half in international, Dutta said. The airline said that while it is studying the use of wide-body planes on international routes, it does not plan to place an order imminently. It will, however, take deliveries of 53 narrow-body Airbus planes and 11 ATR turboprops in the current fiscal year. IndiGo has also seen significant improvements over the past year in the performance of engines made by Pratt & Whitney (part of United Technologies), troubles with which had forced it to ground planes in the past, Wolfgang Prock-Schauer, the airline's president and chief operating officer, said on the call. "For most of the issues resolutions have been found and implemented," Prock-Schauer said, adding the group is working with Pratt on two areas, one of which is expected to be fixed in engines to be delivered from June and the other by September. Until then the airline has sufficient spare engines, he said. InterGlobe's profit for the quarter rose to 5.9 billion rupees from 1.18 billion a year earlier.

IndiGo forecasts strong year as Jet Airways collapse boosts profit

The rupee Monday gave away its morning gains and closed with a marginal rise of 2 paise at 69.51 against the US dollar amid a recovery in the greenback against Asian currencies and foreign fund flows.

Forex traders said the rise in the rupee was in line with uptrend in equities and foreign fund inflows. However, rising crude oil prices dampened the sentiment of traders.

At the interbank foreign exchange, the domestic unit opened higher at 69.40 and further went to touch the day's high of 69.34.

The local currency, however, pared gains and finally settled at 69.51, registering a rise of 2 paise over its previous close. On Friday, the domestic unit had closed at 69.53.

"Foreign funds back with a bang in domestic equity market with buying $555 million in last week after Prime Minister Narendra Modi lead NDA government got a second term with strong mandate. PM Modi's win assures policy continuity and stability, and economic reform will lead to fresh dollar inflows in domestic market," said V K Sharma, Head PCG &amp; Capital Markets Strategy, HDFC Securities.

The yield of benchmark 10-year government bonds fell to a 13-month low of 7.165 per cent after the Reserve Bank announced open market operations in June, Retail Research Head Deepak Jasani said.

Foreign institutional investors (FIIs) were net buyers in the capital markets, buying shares worth 2,026.33 crore on Friday, according to exchange data.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.12 per cent to 97.72.

"Healthy FPIs flows and decisive general election results appear to have helped INR strengthen against US Dollar," Rajesh Cheruvu, the Chief Investment Officer, WGC Wealth said adding that domestic policy continuity and stability seems to have amplified the strength of domestic currency over its regional and emerging peers.

Brent crude futures, the global oil benchmark, rose 0.70 per cent to trade at USD 69.17 per barrel.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.6096 and for rupee/euro at 77.9744. The reference rate for rupee/British pound was fixed at 88.3021 and for rupee/100 Japanese yen at 63.55.&nbsp;

The rupee Monday gave away its morning gains and closed with a marginal rise of 2 paise at 69.51 against the US dollar amid a recovery in the greenback against Asian currencies and foreign fund flows.

The rupee Monday gave away its morning gains and closed with a marginal rise of 2 paise at 69.51 against the US dollar amid a recovery in the greenback against Asian currencies and foreign fund flows. Forex traders said the rise in the rupee was in line with uptrend in equities and foreign fund inflows. However, rising crude oil prices dampened the sentiment of traders. At the interbank foreign exchange, the domestic unit opened higher at 69.40 and further went to touch the day's high of 69.34. The local currency, however, pared gains and finally settled at 69.51, registering a rise of 2 paise over its previous close. On Friday, the domestic unit had closed at 69.53. "Foreign funds back with a bang in domestic equity market with buying $555 million in last week after Prime Minister Narendra Modi lead NDA government got a second term with strong mandate. PM Modi's win assures policy continuity and stability, and economic reform will lead to fresh dollar inflows in domestic market," said V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities. The yield of benchmark 10-year government bonds fell to a 13-month low of 7.165 per cent after the Reserve Bank announced open market operations in June, Retail Research Head Deepak Jasani said. Foreign institutional investors (FIIs) were net buyers in the capital markets, buying shares worth 2,026.33 crore on Friday, according to exchange data. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.12 per cent to 97.72. "Healthy FPIs flows and decisive general election results appear to have helped INR strengthen against US Dollar," Rajesh Cheruvu, the Chief Investment Officer, WGC Wealth said adding that domestic policy continuity and stability seems to have amplified the strength of domestic currency over its regional and emerging peers. Brent crude futures, the global oil benchmark, rose 0.70 per cent to trade at USD 69.17 per barrel. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.6096 and for rupee/euro at 77.9744. The reference rate for rupee/British pound was fixed at 88.3021 and for rupee/100 Japanese yen at 63.55.

Rupee settles with marginal gain of 2 paise against US dollar amid recovery in greenback

Domestic equity benchmarks <a href="https://www.wionews.com/business-economy/sensex-jumps-over-100-points-nifty-nears-11900-221868">BSE Sensex and NSE Nifty Monday</a> closed at another record highs as investors continued to cheer the decisive mandate for the Narendra Modi's BJP in the national election.

After rallying nearly 400 points, the 30-share index ended 248.57 points, or 0.63 per cent, higher at 39,683.29 -- its all-time closing high. The gauge hit an intra-day high of 39,821.94 and a low of 39,353.16.

Likewise, the broader NSE Nifty jumped 80.65 points, or 0.68 per cent, to 11,924.75 -- a closing peak for the index. During the day, the bourse hit a high of 11,957.15 and a low of 11,812.40.

Tata Steel was the biggest gainer in the Sensex pack, rallying 5.78 per cent; followed by Yes Bank, NTPC, L&amp;T, Axis Bank, SBI, M&amp;M, HDFC twins, Vedanta, HUL, PowerGrid, ICICI Bank, Kotak Bank, HCL, TCS and ITC, gaining up to 3.79 per cent.

On the other hand, IndusInd Bank, RIL, Asian Paints, Bharti Airtel, ONGC, Maruti, Bajaj Auto, Tata Motors, Bajaj Finance, Coal India, Hero MotoCorp, Sun Pharma and Infosys ended in the red, shedding up to 2.37 per cent.

The broader BSE midcap and smallcap indices outperformed benchmarks, ending up to 1.77 per cent higher.

According to experts, the market is witnessing a board-based rally expecting better outlook for the economy in the next one to two quarters, experts said.

Domestic and foreign investors have been euphoric ever since Modi-led NDA registered a thumping victory in the Lok Sabha polls.

Foreign institutional investors bought equity worth Rs 2,026.33 crore on Friday, while domestic institutional investors sold shares to the tune of Rs 195.35 crore, provisional data available with stock exchanges showed.

Meanwhile, the Indian rupee depreciated marginally to 69.59 against the US dollar.

Brent crude, the global benchmark, was trading at 67.50 per barrel, higher by 0.04 per cent.

Globally, bourses in Asia ended on a mixed note, while those in Europe were trading in the green in their respective early deals.

Domestic equity benchmarks BSE Sensex and NSE Nifty Monday closed at another record highs as investors continued to cheer the decisive mandate for the Narendra Modi's BJP in the national election.

Domestic equity benchmarks BSE Sensex and NSE Nifty Monday closed at another record highs as investors continued to cheer the decisive mandate for the Narendra Modi's BJP in the national election. After rallying nearly 400 points, the 30-share index ended 248.57 points, or 0.63 per cent, higher at 39,683.29 -- its all-time closing high. The gauge hit an intra-day high of 39,821.94 and a low of 39,353.16. Likewise, the broader NSE Nifty jumped 80.65 points, or 0.68 per cent, to 11,924.75 -- a closing peak for the index. During the day, the bourse hit a high of 11,957.15 and a low of 11,812.40. Tata Steel was the biggest gainer in the Sensex pack, rallying 5.78 per cent; followed by Yes Bank, NTPC, L&T, Axis Bank, SBI, M&M, HDFC twins, Vedanta, HUL, PowerGrid, ICICI Bank, Kotak Bank, HCL, TCS and ITC, gaining up to 3.79 per cent. On the other hand, IndusInd Bank, RIL, Asian Paints, Bharti Airtel, ONGC, Maruti, Bajaj Auto, Tata Motors, Bajaj Finance, Coal India, Hero MotoCorp, Sun Pharma and Infosys ended in the red, shedding up to 2.37 per cent. The broader BSE midcap and smallcap indices outperformed benchmarks, ending up to 1.77 per cent higher. According to experts, the market is witnessing a board-based rally expecting better outlook for the economy in the next one to two quarters, experts said. Domestic and foreign investors have been euphoric ever since Modi-led NDA registered a thumping victory in the Lok Sabha polls. Foreign institutional investors bought equity worth Rs 2,026.33 crore on Friday, while domestic institutional investors sold shares to the tune of Rs 195.35 crore, provisional data available with stock exchanges showed. Meanwhile, the Indian rupee depreciated marginally to 69.59 against the US dollar. Brent crude, the global benchmark, was trading at 67.50 per barrel, higher by 0.04 per cent. Globally, bourses in Asia ended on a mixed note, while those in Europe were trading in the green in their respective early deals.

Sensex, Nifty close at record highs as rally continues on Modi's return

European shares rose on Monday as investors snapped up automaker stocks following confirmation of merger talks between Fiat Chrysler and Renault, and after European parliamentary elections saw pro-Europe parties cling to a majority.

The gains followed a stronger showing in Asian markets, where shares rose but remained near 4-month lows. The MSCI world equity index, which tracks shares in 47 countries, was ahead by 0.1%.

The pan-European STOXX 600 added 0.4% with all major European indices in the black, although trading volumes were thin with markets in the United States and the United Kingdom closed for market holidays.

Auto stocks climbed 1.8% as Italian-American carmaker Fiat Chrysler confirmed it had made a "transformative merger" proposal to French peer Renault in a deal which would create the world's third-biggest carmaker. Shares of both companies rallied.

Markets were also buoyed as pro-European parties retained a firm grip on the EU parliament, provisional results from the bloc's elections showed, though eurosceptic opponents saw strong gains.

Investors had been worried about eurosceptic parties gaining a 30% vote share - the level at which they could seriously disrupt European governance and the region's ability to show unity in addressing key concerns like a global trade war.

But while far-right, nationalist or anti-EU groups came out on top in Italy, Britain, France and Poland, they failed to alter dramatically the balance of pro-European power in the EU assembly.

"The impression of a fragmented political system remains, but perhaps when all is said and done, the message will be that Brexit has reduced appetite to leave the EU," said Kit Juckes, FX strategist at Societe Generale.

The euro initially rallied above $1.12 but by 0920 GMT the single currency was struggling, down 0.1% at $1.1195.

The dollar index gained 0.1% in quiet trading.

"In the simple world of FX a possible crisis is averted, leaving us with familiar issues. Europe needs more growth and while EU leaders argue over who gets which top jobs, it needs easier fiscal policy perhaps most of all," Juckes said.

European government bond markets were little moved with the spread between the German 10-year bond yield, considered one of the world's safest assets, and the Italian 10-year government bond yield little moved after initially narrowing.

Spanish and Portuguese bond yields hit record lows - a sign of investor confidence after the election results.

Elsewhere, US President Donald Trump's visit to Japan was overshadowed by trade tensions. Trump pressed Japanese Prime Minister Shinzo Abe to even out a trade imbalance with the United States.

Escalating trade tensions between the United States and China have rattled investors in recent weeks, pressuring stocks lower just as concerns build about weakening momentum in the world's largest economies.

The yen, often the currency of choice for nervous investors, fell 0.2% against the dollar to 109.495 but remained close to four-month highs hit earlier in May as traders looked for safety in the face of mounting trade-related woes.

China's yuan rose to a 1-1/2 week high against the US dollar on Monday, buoyed by a senior official's warning not to bet against the Chinese currency.

The pound held around $1.2703. Sterling had bounced back from a near five-month trough of $1.2605 after British Prime Minister Theresa May last week named a date for her to step down - triggering a leadership contest during which investors fear the risk of a no-deal Brexit will rise.

Oil prices mostly fell, extending losses from last week when crude dropped the most this year. Concerns the Sino-US trade war could trigger a broad economic slowdown have sent this year's oil rally into reverse, although OPEC's supply cuts provided some support.

Front-month Brent crude futures, the international benchmark for oil prices, rose 0.1% to $68.80 per barrel while US West Texas Intermediate (WTI) crude futures shed 0.5% to $58.33 per barrel.

European shares rose on Monday as investors snapped up automaker stocks following confirmation of merger talks between Fiat Chrysler and Renault, and after European parliamentary elections saw pro-Europe parties cling to a majority.

European shares rose on Monday as investors snapped up automaker stocks following confirmation of merger talks between Fiat Chrysler and Renault, and after European parliamentary elections saw pro-Europe parties cling to a majority. The gains followed a stronger showing in Asian markets, where shares rose but remained near 4-month lows. The MSCI world equity index, which tracks shares in 47 countries, was ahead by 0.1%. The pan-European STOXX 600 added 0.4% with all major European indices in the black, although trading volumes were thin with markets in the United States and the United Kingdom closed for market holidays. Auto stocks climbed 1.8% as Italian-American carmaker Fiat Chrysler confirmed it had made a "transformative merger" proposal to French peer Renault in a deal which would create the world's third-biggest carmaker. Shares of both companies rallied. Markets were also buoyed as pro-European parties retained a firm grip on the EU parliament, provisional results from the bloc's elections showed, though eurosceptic opponents saw strong gains. Investors had been worried about eurosceptic parties gaining a 30% vote share - the level at which they could seriously disrupt European governance and the region's ability to show unity in addressing key concerns like a global trade war. But while far-right, nationalist or anti-EU groups came out on top in Italy, Britain, France and Poland, they failed to alter dramatically the balance of pro-European power in the EU assembly. "The impression of a fragmented political system remains, but perhaps when all is said and done, the message will be that Brexit has reduced appetite to leave the EU," said Kit Juckes, FX strategist at Societe Generale. The euro initially rallied above $1.12 but by 0920 GMT the single currency was struggling, down 0.1% at $1.1195. The dollar index gained 0.1% in quiet trading. "In the simple world of FX a possible crisis is averted, leaving us with familiar issues. Europe needs more growth and while EU leaders argue over who gets which top jobs, it needs easier fiscal policy perhaps most of all," Juckes said. European government bond markets were little moved with the spread between the German 10-year bond yield, considered one of the world's safest assets, and the Italian 10-year government bond yield little moved after initially narrowing. Spanish and Portuguese bond yields hit record lows - a sign of investor confidence after the election results. Elsewhere, US President Donald Trump's visit to Japan was overshadowed by trade tensions. Trump pressed Japanese Prime Minister Shinzo Abe to even out a trade imbalance with the United States. Escalating trade tensions between the United States and China have rattled investors in recent weeks, pressuring stocks lower just as concerns build about weakening momentum in the world's largest economies. The yen, often the currency of choice for nervous investors, fell 0.2% against the dollar to 109.495 but remained close to four-month highs hit earlier in May as traders looked for safety in the face of mounting trade-related woes. China's yuan rose to a 1-1/2 week high against the US dollar on Monday, buoyed by a senior official's warning not to bet against the Chinese currency. The pound held around $1.2703. Sterling had bounced back from a near five-month trough of $1.2605 after British Prime Minister Theresa May last week named a date for her to step down - triggering a leadership contest during which investors fear the risk of a no-deal Brexit will rise. Oil prices mostly fell, extending losses from last week when crude dropped the most this year. Concerns the Sino-US trade war could trigger a broad economic slowdown have sent this year's oil rally into reverse, although OPEC's supply cuts provided some support. Front-month Brent crude futures, the international benchmark for oil prices, rose 0.1% to $68.80 per barrel while US West Texas Intermediate (WTI) crude futures shed 0.5% to $58.33 per barrel.

European stocks gain on EU election relief and auto shares surge

Fiat Chrysler and Renault are in talks on a comprehensive global tie-up that could address some of the main weaknesses of both carmakers, two sources with knowledge of the discussions told Reuters on Saturday.

The talks are at an advanced stage, the sources said. The Financial Times earlier reported that FCA and Renault were discussing a deal to forge "extensive ties" to tackle structural challenges facing the global auto industry.

A spokesman for FCA declined to comment on the report. Renault spokesman Frederic Texier said the French carmaker had no comment. 
Pressure for consolidation among carmakers has grown with the challenges posed by electrification, tightening emissions regulations and investment-thirsty technologies for connected and autonomous vehicles.

FCA and Renault have a combined market capitalization approaching 33 billion euros ($37 billion) and total global sales of 8.7 million vehicles. Besides bringing greater scale, a tie-up could help patch flaws on both sides.

FCA has a highly profitable North American RAM trucks business and Jeep brand but has been losing money in Europe, where it may also struggle to keep pace with looming carbon dioxide emissions curbs.

Renault, by contrast, is an electric-car pioneer with relatively fuel-efficient engine technologies and a strong presence in emerging markets, but no U.S. business.

Any tie-up would likely face political and workforce hurdles, particularly in Italy. Most of FCA's European plants are running below 50 percent capacity.

It was unclear whether the FCA-Renault deal talks would conclude successfully, the sources said.

The plan under consideration could involve some transfer of equity, one source said. "This isn't just another partnership - it's more than that."

Both carmakers have also been exploring tie-ups with other partners.

While FCA has recently revived discussions with PSA Group - which have been recurrent over the years - Renault is seeking a merger with Nissan, its partner in a troubled 20-year-old alliance.

A tie-up between FCA and Renault would not preclude a consolidation of the alliance with Nissan, one of the sources said.

The Renault-Nissan partnership, underpinned by crossed shareholdings, has been strained by the scandal surrounding former chairman Carlos Ghosn, who was ousted in the wake of a Nissan internal investigation.

A tie-up that included Nissan would vault the ensemble to the rank of global No.1 carmaker with 13.8 million annual sales. It would also maintain a foothold in China, where both FCA and Renault are marginal players.

The discussions follow weakening U.S. auto demand that has prompted cutbacks at several carmakers. FCA reported a 29 percent decline in first-quarter operating profit as sales and margins weakened in its North American profit centre. Sales dropped 5 percent to 24.48 billion euros.

Fiat Chrysler and Renault are in talks on a comprehensive global tie-up that could address some of the main weaknesses of both carmakers, two sources with knowledge of the discussions told Reuters on Saturday.

Fiat Chrysler and Renault are in talks on a comprehensive global tie-up that could address some of the main weaknesses of both carmakers, two sources with knowledge of the discussions told Reuters on Saturday. The talks are at an advanced stage, the sources said. The Financial Times earlier reported that FCA and Renault were discussing a deal to forge "extensive ties" to tackle structural challenges facing the global auto industry. A spokesman for FCA declined to comment on the report. Renault spokesman Frederic Texier said the French carmaker had no comment. Pressure for consolidation among carmakers has grown with the challenges posed by electrification, tightening emissions regulations and investment-thirsty technologies for connected and autonomous vehicles. FCA and Renault have a combined market capitalization approaching 33 billion euros ($37 billion) and total global sales of 8.7 million vehicles. Besides bringing greater scale, a tie-up could help patch flaws on both sides. FCA has a highly profitable North American RAM trucks business and Jeep brand but has been losing money in Europe, where it may also struggle to keep pace with looming carbon dioxide emissions curbs. Renault, by contrast, is an electric-car pioneer with relatively fuel-efficient engine technologies and a strong presence in emerging markets, but no U.S. business. Any tie-up would likely face political and workforce hurdles, particularly in Italy. Most of FCA's European plants are running below 50 percent capacity. It was unclear whether the FCA-Renault deal talks would conclude successfully, the sources said. The plan under consideration could involve some transfer of equity, one source said. "This isn't just another partnership - it's more than that." Both carmakers have also been exploring tie-ups with other partners. While FCA has recently revived discussions with PSA Group - which have been recurrent over the years - Renault is seeking a merger with Nissan, its partner in a troubled 20-year-old alliance. A tie-up between FCA and Renault would not preclude a consolidation of the alliance with Nissan, one of the sources said. The Renault-Nissan partnership, underpinned by crossed shareholdings, has been strained by the scandal surrounding former chairman Carlos Ghosn, who was ousted in the wake of a Nissan internal investigation. A tie-up that included Nissan would vault the ensemble to the rank of global No.1 carmaker with 13.8 million annual sales. It would also maintain a foothold in China, where both FCA and Renault are marginal players. The discussions follow weakening U.S. auto demand that has prompted cutbacks at several carmakers. FCA reported a 29 percent decline in first-quarter operating profit as sales and margins weakened in its North American profit centre. Sales dropped 5 percent to 24.48 billion euros.

Fiat Chrysler in talks to forge extensive ties with Renault, report says

No-frills airline SpiceJet Sunday announced the induction of a Boeing 737, taking its fleet size to 100 aircraft.

SpiceJet is the fourth domestic airline to achieve the feat after national carrier Air India, now defunct Jet Airways and rival IndiGo.

Eight domestic carriers - Air India, IndiGo, SpiceJet, GoAir, Air India&nbsp;Express, Vistara, AirAsia and Alliance together have 595 planes in their fleet at the moment.

Spicejet in a release said it has added some 23 planes in the last one month alone.

"Who could have thought that from the brink of closure in December 2014, SpiceJet would have a 100-aircraft fleet in 2019," SpiceJet chairman and managing director Ajay Singh said on the induction of 100th plane in the fleet.

The Gurugram-based budget carrier now has 68 Boeing 737s, 30 Bombardier Q-400s and two B737 freighters.

The airline at present operates 575 daily flights on an average to 62 destinations 53 domestic and nine international, it said.

SpiceJet is a key player in the Union government's regional connectivity scheme UDAN operating 42 flights per day to and from various regional destinations, it added.

"SpiceJet has added 23 planes and over a hundred new flights, most of them connecting the key metros of Mumbai and Delhi, in just over a month's time," the airline said.

Of the 595 planes, IndiGo has 230, Air India 128 and SpiceJet 100.

Jet Airways, which ceased operations around mid-last month, had 120 planes in its fleet before going bust.

Besides, GoAir has 49 planes, Air India Express 25, Vistara 22 and AirAsia India 21 planes in their fleet.

Alliance Air, which is the regional subsidiary of Air India, has 20 ATRs for operations.

SpiceJet had placed a USD 22 billion order for 205 aircraft with Boeing in 2015 and had followed it up with a USD 1.7 billion order for 50 Bombardier Q400 planes.

No-frills airline SpiceJet Sunday announced the induction of a Boeing 737, taking its fleet size to 100 aircraft. SpiceJet is the fourth domestic airline to achieve the feat after national carrier Air India, now defunct Jet Airways and rival IndiGo.

No-frills airline SpiceJet Sunday announced the induction of a Boeing 737, taking its fleet size to 100 aircraft. SpiceJet is the fourth domestic airline to achieve the feat after national carrier Air India, now defunct Jet Airways and rival IndiGo. Eight domestic carriers - Air India, IndiGo, SpiceJet, GoAir, Air India Express, Vistara, AirAsia and Alliance together have 595 planes in their fleet at the moment. Spicejet in a release said it has added some 23 planes in the last one month alone. "Who could have thought that from the brink of closure in December 2014, SpiceJet would have a 100-aircraft fleet in 2019," SpiceJet chairman and managing director Ajay Singh said on the induction of 100th plane in the fleet. The Gurugram-based budget carrier now has 68 Boeing 737s, 30 Bombardier Q-400s and two B737 freighters. The airline at present operates 575 daily flights on an average to 62 destinations 53 domestic and nine international, it said. SpiceJet is a key player in the Union government's regional connectivity scheme UDAN operating 42 flights per day to and from various regional destinations, it added. "SpiceJet has added 23 planes and over a hundred new flights, most of them connecting the key metros of Mumbai and Delhi, in just over a month's time," the airline said. Of the 595 planes, IndiGo has 230, Air India 128 and SpiceJet 100. Jet Airways, which ceased operations around mid-last month, had 120 planes in its fleet before going bust. Besides, GoAir has 49 planes, Air India Express 25, Vistara 22 and AirAsia India 21 planes in their fleet. Alliance Air, which is the regional subsidiary of Air India, has 20 ATRs for operations. SpiceJet had placed a USD 22 billion order for 205 aircraft with Boeing in 2015 and had followed it up with a USD 1.7 billion order for 50 Bombardier Q400 planes.

Spicejet adds 100th plane to fleet, becomes fourth domestic airline to do so

<a href="https://www.wionews.com/business-economy/amazon-shareholders-reject-facial-recognition-ban-as-concern-grows-in-us-congress-220810">Amazon.com Inc shareholders</a> overwhelmingly rejected a proposal that the company stop selling facial recognition technology to government agencies, while a resolution to audit the service drew more support, a regulatory filing on Friday showed.

Some 2.4% of votes were in favour of the ban. A second proposal that called for a study of the extent to which Amazon's "Rekognition" service harmed civil rights and privacy garnered 27.5% support.

Amazon's sale of the technology to law enforcement in Oregon and Florida has put the company at the centre of a growing US debate over facial recognition, with critics warning of false matches and arrests and proponents arguing it keeps the public safe.

Amazon has defended its work and said all users must follow the law.

These and other Amazon resolutions by shareholders faced an uphill battle to winning majority support, with Amazon's board recommending against them and founder and Chief Executive Jeff Bezos controlling 16% of the stock and voting rights.

Calculation of support was based on the total votes for, against and abstaining. The tallies excluded broker non-votes.

Law enforcement in the United States have used facial recognition for years, and vendors of the technology have abounded, including France's Idemia, Japan's NEC Corp and newer entrants like Israel's Anyvision and Microsoft Corp, which has called for regulation in recent months.

Now, members of the US&nbsp;Congress are looking into the rights impact of the technology. Amazon's marketing of facial recognition has resulted in intense scrutiny, and researchers have said its technology struggled to identify the gender of individuals with darker skin, prompting fears of unjust arrests.

Among other issues, shareholders considered before Amazon's annual meeting on Wednesday was a request to make it easier for investors to call a special meeting, which garnered 35.3% of votes.

A proposal that the company report how it plans to deal with climate change received 29.8% of votes. Nearly 7,700 employees had signed a letter of support of the climate resolution, in a sign of rising worker activism at Amazon.

Watch: Jeff Bezos says he'll send a spaceship to the moon

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Amazon.com Inc shareholders overwhelmingly rejected a proposal that the company stop selling facial recognition technology to government agencies, while a resolution to audit the service drew more support, a regulatory filing on Friday showed.

Amazon.com Inc shareholders overwhelmingly rejected a proposal that the company stop selling facial recognition technology to government agencies, while a resolution to audit the service drew more support, a regulatory filing on Friday showed. Some 2.4% of votes were in favour of the ban. A second proposal that called for a study of the extent to which Amazon's "Rekognition" service harmed civil rights and privacy garnered 27.5% support. Amazon's sale of the technology to law enforcement in Oregon and Florida has put the company at the centre of a growing US debate over facial recognition, with critics warning of false matches and arrests and proponents arguing it keeps the public safe. Amazon has defended its work and said all users must follow the law. These and other Amazon resolutions by shareholders faced an uphill battle to winning majority support, with Amazon's board recommending against them and founder and Chief Executive Jeff Bezos controlling 16% of the stock and voting rights. Calculation of support was based on the total votes for, against and abstaining. The tallies excluded broker non-votes. Law enforcement in the United States have used facial recognition for years, and vendors of the technology have abounded, including France's Idemia, Japan's NEC Corp and newer entrants like Israel's Anyvision and Microsoft Corp, which has called for regulation in recent months. Now, members of the US Congress are looking into the rights impact of the technology. Amazon's marketing of facial recognition has resulted in intense scrutiny, and researchers have said its technology struggled to identify the gender of individuals with darker skin, prompting fears of unjust arrests. Among other issues, shareholders considered before Amazon's annual meeting on Wednesday was a request to make it easier for investors to call a special meeting, which garnered 35.3% of votes. A proposal that the company report how it plans to deal with climate change received 29.8% of votes. Nearly 7,700 employees had signed a letter of support of the climate resolution, in a sign of rising worker activism at Amazon. Watch: Jeff Bezos says he'll send a spaceship to the moon ×

Amazon facial recognition ban won just 2% of shareholder vote

<a href="https://www.wionews.com/world/china-slams-us-lies-about-huaweis-government-ties-221382">China's</a> banking and insurance regulator on Saturday said it did not expect a persistent decline in the yuan and warned speculative short sellers they would suffer "heavy losses" if they bet against the currency.

The yuan has lost more than 2.5% against the dollar since the festering <a href="https://www.wionews.com/world/imf-warns-us-china-trade-war-will-jeopardize-2019-global-growth-221117">China-US trade dispute</a> intensified earlier this month. It is now less than a tenth of a yuan away from the 7-per-dollar level authorities have in the past indicated as a floor.

"Short-term fluctuation of the yuan exchange rate is normal, but in the long-run, China's economic fundamentals determine that the yuan will not depreciate persistently," Xiao Yuanqi, the spokesman for the China Banking and Insurance Regulatory Commission (CBIRC), told a finance forum in Beijing.

"Those who speculate and short the yuan will for sure suffer heavy loss."

Xiao was reading from a script prepared for Guo Shuqing, CBIRC's chairman and the Communist Party chief of the People's Bank of China (PBOC). Guo was scheduled to give a speech at the same forum but couldn't make it due to last minute arrangements.

Xiao also said Beijing must look out for hot money moving in and out of the country, as well as large amounts of capital flowing into the frothy real estate market.

"We must be especially vigilant about money from overseas moving in and out in large quantities, and hot speculative money, and we must resolutely fight bubbles in real estate and financial assets," he said.

Chinese policymakers have struggled to manage bubble risks in the property market, the world's largest, without hurting growth in the sector, which is crucial for the wider economy.

China's banking and insurance regulator on Saturday said it did not expect a persistent decline in the yuan and warned speculative short sellers they would suffer "heavy losses" if they bet against the currency.

China's banking and insurance regulator on Saturday said it did not expect a persistent decline in the yuan and warned speculative short sellers they would suffer "heavy losses" if they bet against the currency. The yuan has lost more than 2.5% against the dollar since the festering China-US trade dispute intensified earlier this month. It is now less than a tenth of a yuan away from the 7-per-dollar level authorities have in the past indicated as a floor. "Short-term fluctuation of the yuan exchange rate is normal, but in the long-run, China's economic fundamentals determine that the yuan will not depreciate persistently," Xiao Yuanqi, the spokesman for the China Banking and Insurance Regulatory Commission (CBIRC), told a finance forum in Beijing. "Those who speculate and short the yuan will for sure suffer heavy loss." Xiao was reading from a script prepared for Guo Shuqing, CBIRC's chairman and the Communist Party chief of the People's Bank of China (PBOC). Guo was scheduled to give a speech at the same forum but couldn't make it due to last minute arrangements. Xiao also said Beijing must look out for hot money moving in and out of the country, as well as large amounts of capital flowing into the frothy real estate market. "We must be especially vigilant about money from overseas moving in and out in large quantities, and hot speculative money, and we must resolutely fight bubbles in real estate and financial assets," he said. Chinese policymakers have struggled to manage bubble risks in the property market, the world's largest, without hurting growth in the sector, which is crucial for the wider economy.

China's top banking regulator says yuan bears will suffer 'heavy losses'

<a href="https://www.wionews.com/business-economy/rbi-to-issue-new-rs-20-denomination-banknotes-213834">The Reserve Bank of India </a>(RBI) on Friday proposed introducing a liquidity coverage ratio (LCR) for large non-banking finance companies (NBFC) to help tackle liquidity problems in the sector.

The central bank said it planned to implement LCR, a liquidity buffer, "in a calibrated manner" over four years starting from April 2020.

The LCR is proposed for all deposit-taking NBFCs, and non-deposit taking NBFCs with an asset size of 50 billion rupees ($720 million) and above.

NBFCs will have to maintain minimum high-quality liquid assets of 100% of total net cash outflows over the following 30 calendar days.

Sources told Reuters this week that the central bank was concerned about liquidity issues facing some of the so-called shadow banks such as mortgage or auto lenders and wants to ensure the problems do not become a systemic issue.

The collapse of the Infrastructure Leasing and Financial Services (IL&amp;FS) last year triggered a series defaults across the shadow banking sector, as borrowing costs for the sector surged.

The Reserve Bank of India (RBI) on Friday proposed introducing a liquidity coverage ratio (LCR) for large non-banking finance companies (NBFC) to help tackle liquidity problems in the sector.

The Reserve Bank of India (RBI) on Friday proposed introducing a liquidity coverage ratio (LCR) for large non-banking finance companies (NBFC) to help tackle liquidity problems in the sector. The central bank said it planned to implement LCR, a liquidity buffer, "in a calibrated manner" over four years starting from April 2020. The LCR is proposed for all deposit-taking NBFCs, and non-deposit taking NBFCs with an asset size of 50 billion rupees ($720 million) and above. NBFCs will have to maintain minimum high-quality liquid assets of 100% of total net cash outflows over the following 30 calendar days. Sources told Reuters this week that the central bank was concerned about liquidity issues facing some of the so-called shadow banks such as mortgage or auto lenders and wants to ensure the problems do not become a systemic issue. The collapse of the Infrastructure Leasing and Financial Services (IL&FS) last year triggered a series defaults across the shadow banking sector, as borrowing costs for the sector surged.

India plans liquidity buffer at shadow banks to aid stressed sector

Former chairman of Jet Airways Naresh Goyal and his wife Anita Goyal were denied permission to travel abroad Saturday by the immigration authority at Mumbai airport, sources said.

The couple was to travel by Dubai-bound Emirates flight EK 507 when the immigration authority denied them permission to fly, they said.

The checked in baggage, which was in the name of Anita Goyal, was also offloaded from the flight. The flight was scheduled to depart at 3.35 pm.

Naresh Goyal could not be reached for comments. Response to a query sent to Emirates was also awaited.

Last month, Jet Airways officers and staff association president Kiran Pawaskar had written to the Mumbai police commissioner that the passports of Goyal and other directors and senior members of the Jet Airways management be impounded as the airline had not paid salaries to its employees for several months.

Naresh Goyal, along with Anita Goyal, had resigned from the board of Jet Airways, which he founded 26 years ago, in March following a debt restructuring plan. He had also resigned as the airline chairman.&nbsp;

Former chairman of Jet Airways Naresh Goyal and his wife Anita Goyal were denied permission to travel abroad Saturday by the immigration authority at Mumbai airport, sources said.

Former chairman of Jet Airways Naresh Goyal and his wife Anita Goyal were denied permission to travel abroad Saturday by the immigration authority at Mumbai airport, sources said. The couple was to travel by Dubai-bound Emirates flight EK 507 when the immigration authority denied them permission to fly, they said. The checked in baggage, which was in the name of Anita Goyal, was also offloaded from the flight. The flight was scheduled to depart at 3.35 pm. Naresh Goyal could not be reached for comments. Response to a query sent to Emirates was also awaited. Last month, Jet Airways officers and staff association president Kiran Pawaskar had written to the Mumbai police commissioner that the passports of Goyal and other directors and senior members of the Jet Airways management be impounded as the airline had not paid salaries to its employees for several months. Naresh Goyal, along with Anita Goyal, had resigned from the board of Jet Airways, which he founded 26 years ago, in March following a debt restructuring plan. He had also resigned as the airline chairman.

Naresh Goyal, wife denied permission to travel abroad: Sources

Less than 10 months after coming to power in Pakistan with visions of creating a welfare system to lift millions out of poverty, the economic crisis has forced Prime Minister Imran Khan into the hard realities of an IMF bail-out.

In the days since last week's agreement in principle with the <a href="http://wionews.com/world/prevent-imf-bailout-to-pakistan-to-repay-chinese-debt-208726">International Monetary Fund for a $6 billion loan</a>, the rupee currency dropped 5 per cent against the dollar, and it has now lost a third of its value in the past year.

<a href="https://www.wionews.com/south-asia/pakistans-currency-reaches-all-time-low-against-us-dollar-219221">Financial crises</a> have shaken the world's sixth-largest nation repeatedly over the years, threatening the stability of a nuclear-armed state plagued by Islamist militancy, and while the IMF programme may help stabilise the economy, it will bring more hardship.

"It is coming with a lot of pain," Ashfaque Hasan Khan, an academic and a member of Khan's economic advisory council, commented on the likely impact.

Under the IMF's terms, the government is expected to let the rupee fall to help correct an unsustainable current account deficit and cut its debt while trying to expand the tax base in a country where only 1% of people file returns.

Just how committed the government is to make changes could become clearer on Saturday when newly appointed Finance Minister Abdul Hafeez Shaikh is due to unveil his plan for the economy.

Shaikh has to present a 2019/20 budget next month, having been told by the IMF that the primary budget deficit - excluding interest payments - should be cut to 0.6 per cent of GDP, implying a $5 billion reduction from the current projection for a deficit of 2.2 per cent.

The crisis has taken a toll on policymakers. Khan has also replaced the central bank governor, and this week the finance secretary and the head of Board of Investment left their posts.

Foreign currency reserves stand at around $8 billion, not enough to cover three months of imports, making Pakistan desperate for the IMF board to give its blessing for the release of the first tranche of the loan.

Warning of growing inflationary pressures that are already squeezing household budgets hard, the central bank has hiked its key interest rate by 150 basis points to 12.25 per cent even though the economy is slowing and millions of people are struggling to find work.

Khan's government had tried to avoid going to the IMF. Instead, it sought billions of dollars in loans from countries including Saudi Arabia, the United Arab Emirates and Pakistan's "all-weather friend" China.

But that money has not been enough, and analysts say the government will suffer for not reaching an agreement with the IMF more quickly.

"The cost of going into this program is far higher than if we had done it much earlier," said Mohammed Sohail, head of Topline Securities in Karachi. "It shattered confidence."

Foreign direct investment halved during the first 10 months of a fiscal year that began in July.

The $60 billion China Pakistan Economic Corridor, launched in 2015, had promised a new beginning, with infrastructure projects that could become a new foundation for growth, but it also required heavy imports of capital equipment, widening the trade deficit.

&nbsp;Fragile democracy&nbsp;&nbsp;

Once the IMF loan is finalised it should open the way for other funding agreements with other lenders.

While that will bring some relief, Yousuf Nazar, former head of emerging market equity investments at Citigroup and author of a book on Pakistan's economy, saw dangers ahead.

"The fallout could be a widespread social and political backlash that could cut short Imran Khan's tenure in the office," he said.

Opposition parties have threatened protests once the Muslim holy month of Ramadan ends in early June.

At least, unlike some other civilian leaders in Pakistan's fragile democracy, Khan appears to have good relations with the country's powerful generals.

But he's working with a budget where more than half of spending currently goes on the military and debt servicing costs.

Problems are deep-rooted. The tax system is weak, carried by customs and sales tax and a tiny minority of salaried employees and companies. In a population of 208 million, only 1.8 million file income tax returns.

Key industries with powerful lobbies including agriculture as well as an informal sector, estimated at anywhere between a third and 90% of the overall economy, are untouched and tax evasion is rampant.

Having widened to its highest in 11 years, the fiscal deficit is forecast by the IMF at more than 7% of GDP, and while data released this week showed the current account narrowing, the IMF has forecast it at 5.2% of GDP.

"The imbalances are out of hand and to fix those you have to take difficult actions," said former finance secretary Waqar Khan, who helped negotiate Pakistan's last IMF bailout in 2013-16.

Less than 10 months after coming to power in Pakistan with visions of creating a welfare system to lift millions out of poverty, the economic crisis has forced Prime Minister Imran Khan into the hard realities of an IMF bail-out.

Less than 10 months after coming to power in Pakistan with visions of creating a welfare system to lift millions out of poverty, the economic crisis has forced Prime Minister Imran Khan into the hard realities of an IMF bail-out. In the days since last week's agreement in principle with the International Monetary Fund for a $6 billion loan, the rupee currency dropped 5 per cent against the dollar, and it has now lost a third of its value in the past year. Financial crises have shaken the world's sixth-largest nation repeatedly over the years, threatening the stability of a nuclear-armed state plagued by Islamist militancy, and while the IMF programme may help stabilise the economy, it will bring more hardship. "It is coming with a lot of pain," Ashfaque Hasan Khan, an academic and a member of Khan's economic advisory council, commented on the likely impact. Under the IMF's terms, the government is expected to let the rupee fall to help correct an unsustainable current account deficit and cut its debt while trying to expand the tax base in a country where only 1% of people file returns. Just how committed the government is to make changes could become clearer on Saturday when newly appointed Finance Minister Abdul Hafeez Shaikh is due to unveil his plan for the economy. Shaikh has to present a 2019/20 budget next month, having been told by the IMF that the primary budget deficit - excluding interest payments - should be cut to 0.6 per cent of GDP, implying a $5 billion reduction from the current projection for a deficit of 2.2 per cent. The crisis has taken a toll on policymakers. Khan has also replaced the central bank governor, and this week the finance secretary and the head of Board of Investment left their posts. Foreign currency reserves stand at around $8 billion, not enough to cover three months of imports, making Pakistan desperate for the IMF board to give its blessing for the release of the first tranche of the loan. Warning of growing inflationary pressures that are already squeezing household budgets hard, the central bank has hiked its key interest rate by 150 basis points to 12.25 per cent even though the economy is slowing and millions of people are struggling to find work. Khan's government had tried to avoid going to the IMF. Instead, it sought billions of dollars in loans from countries including Saudi Arabia, the United Arab Emirates and Pakistan's "all-weather friend" China. But that money has not been enough, and analysts say the government will suffer for not reaching an agreement with the IMF more quickly. "The cost of going into this program is far higher than if we had done it much earlier," said Mohammed Sohail, head of Topline Securities in Karachi. "It shattered confidence." Foreign direct investment halved during the first 10 months of a fiscal year that began in July. The $60 billion China Pakistan Economic Corridor, launched in 2015, had promised a new beginning, with infrastructure projects that could become a new foundation for growth, but it also required heavy imports of capital equipment, widening the trade deficit. Fragile democracy Once the IMF loan is finalised it should open the way for other funding agreements with other lenders. While that will bring some relief, Yousuf Nazar, former head of emerging market equity investments at Citigroup and author of a book on Pakistan's economy, saw dangers ahead. "The fallout could be a widespread social and political backlash that could cut short Imran Khan's tenure in the office," he said. Opposition parties have threatened protests once the Muslim holy month of Ramadan ends in early June. At least, unlike some other civilian leaders in Pakistan's fragile democracy, Khan appears to have good relations with the country's powerful generals. But he's working with a budget where more than half of spending currently goes on the military and debt servicing costs. Problems are deep-rooted. The tax system is weak, carried by customs and sales tax and a tiny minority of salaried employees and companies. In a population of 208 million, only 1.8 million file income tax returns. Key industries with powerful lobbies including agriculture as well as an informal sector, estimated at anywhere between a third and 90% of the overall economy, are untouched and tax evasion is rampant. Having widened to its highest in 11 years, the fiscal deficit is forecast by the IMF at more than 7% of GDP, and while data released this week showed the current account narrowing, the IMF has forecast it at 5.2% of GDP. "The imbalances are out of hand and to fix those you have to take difficult actions," said former finance secretary Waqar Khan, who helped negotiate Pakistan's last IMF bailout in 2013-16.

Reality bites after IMF tells Pakistan to leave rupee to market forces

China's president has called for technological self-reliance in the escalating rivalry with America, but experts believe Beijing's late start on tech and relatively backward capabilities could make that a mission impossible.

China has no doubt made an amazing transformation, from a former basket case wracked by mass famine and political upheaval to a highly connected society marked by the growing use of renewable energy, a space programme, and bullet trains crisscrossing the country.

But a closer look reveals that while China is adept at assembling foreign technologies into commercially successful products at home, its ability to innovate remains deeply hampered, tech experts said.

Take semiconductors, the building blocks of global digital architecture.

China's government has poured money into an effort to develop its own semiconductors and chip designs but has not been able to close the gap with the US, Japanese and South Korean rivals.

"One way to look at (China's situation) is that someone may be able to make beautiful designs out of Legos, but they don't know how to make the Legos themselves," said Gabriel Chou, Asia chair for World Semiconductor Trade Statistics, a grouping of semiconductor-product companies.

"(China) is aggressively attacking the end-market, such as mobile phones or other consumer products. But semiconductors require many very fundamental science skills" that China struggles with, Chou added.

The risks are now clear following last week's move by Washington to ban Chinese telecom and smartphone giant Huawei's access to critical American chips and other technology.

The ban has thrown the company's future into doubt, causing a number of <a href="https://www.wionews.com/world/huawei-executive-facing-extradition-to-appear-in-canada-court-217056">Huawei</a> partners around the world to bail on the company and emphatically illustrating US tech clout.

&nbsp;Long March&nbsp;

<a href="https://www.wionews.com/world/get-ready-for-difficult-times-chinas-xi-warns-during-trade-war-220625">President Xi Jinping</a> this week telegraphed his alarm, calling for self-reliance in "key core technologies" while saying China faced a "Long March" against foreign challengers -- a reference to a now-legendary 1934-35 strategic retreat by Communist revolutionaries.

But a state-directed approach is a bad idea, said Paul Triolo, head of geotechnology at the Eurasia Group.

Triolo said the world's top tech companies got where they are because open competition with rivals forced them to develop better products and attract the best human capital.

And being plugged into the world tech ecosystem encouraged them to constantly tailor products to evolving market needs to stay ahead of the pack -- or die.

"It's incredibly hard to wean yourself off foreign suppliers in such a highly market-driven sector where you must be on the cutting edge, and that edge is constantly changing and moving outward," Triolo said.

The very idea of national self-reliance flies in the face of reality, he adds.

Different countries have excelled in different areas and focused on their core competencies to survive, leading to a complex and interconnected global supply chain.

"The US has a lot of dominance, but there are other big players too. China simply can't be an island and recreate a whole globalised technology ecosystem at home," Triolo said.

"To reduce dependence they will have to take a different paradigm from the rest of world and that's tough. It's not something money is going to solve over the short-term."

Software glitch&nbsp;

Software is another glaring weak spot.&nbsp;

As in the rest of the world, there is no viable alternative in China to Microsoft and Apple on personal computing systems -- or to Google's Android or Apple's iOS on mobile phones.

US companies also dominate the Chinese landscape for enterprise software.

The United States suspects Huawei has ties to China's military and fears the company's installation of telecom networks worldwide could put sensitive data at risk. Huawei denies the charges.

But Chinese software shortcomings leave Huawei vulnerable even on these global networks -- the company relies heavily on US software to power them, Triolo said.

"A database has to be really robust and no company in China can do that database software," he said.

China could nonetheless be a formidable player in next-generation technologies like artificial intelligence, driverless cars and automated manufacturing.

Xi's government has singled out such futuristic technologies for state development -- a programme partly responsible for triggering US pushback on tech.

"We believe China is in a commanding position to become a far more influential player in disruptive technologies globally," said Kenny Liew, a tech analyst with Fitch Solutions.

He adds that the US-China tech rivalry "will contribute positively to the global technological landscape."

China's president has called for technological self-reliance in the escalating rivalry with America, but experts believe Beijing's late start on tech and relatively backward capabilities could make that a mission impossible.

China's president has called for technological self-reliance in the escalating rivalry with America, but experts believe Beijing's late start on tech and relatively backward capabilities could make that a mission impossible. China has no doubt made an amazing transformation, from a former basket case wracked by mass famine and political upheaval to a highly connected society marked by the growing use of renewable energy, a space programme, and bullet trains crisscrossing the country. But a closer look reveals that while China is adept at assembling foreign technologies into commercially successful products at home, its ability to innovate remains deeply hampered, tech experts said. Take semiconductors, the building blocks of global digital architecture. China's government has poured money into an effort to develop its own semiconductors and chip designs but has not been able to close the gap with the US, Japanese and South Korean rivals. "One way to look at (China's situation) is that someone may be able to make beautiful designs out of Legos, but they don't know how to make the Legos themselves," said Gabriel Chou, Asia chair for World Semiconductor Trade Statistics, a grouping of semiconductor-product companies. "(China) is aggressively attacking the end-market, such as mobile phones or other consumer products. But semiconductors require many very fundamental science skills" that China struggles with, Chou added. The risks are now clear following last week's move by Washington to ban Chinese telecom and smartphone giant Huawei's access to critical American chips and other technology. The ban has thrown the company's future into doubt, causing a number of Huawei partners around the world to bail on the company and emphatically illustrating US tech clout. Long March President Xi Jinping this week telegraphed his alarm, calling for self-reliance in "key core technologies" while saying China faced a "Long March" against foreign challengers -- a reference to a now-legendary 1934-35 strategic retreat by Communist revolutionaries. But a state-directed approach is a bad idea, said Paul Triolo, head of geotechnology at the Eurasia Group. Triolo said the world's top tech companies got where they are because open competition with rivals forced them to develop better products and attract the best human capital. And being plugged into the world tech ecosystem encouraged them to constantly tailor products to evolving market needs to stay ahead of the pack -- or die. "It's incredibly hard to wean yourself off foreign suppliers in such a highly market-driven sector where you must be on the cutting edge, and that edge is constantly changing and moving outward," Triolo said. The very idea of national self-reliance flies in the face of reality, he adds. Different countries have excelled in different areas and focused on their core competencies to survive, leading to a complex and interconnected global supply chain. "The US has a lot of dominance, but there are other big players too. China simply can't be an island and recreate a whole globalised technology ecosystem at home," Triolo said. "To reduce dependence they will have to take a different paradigm from the rest of world and that's tough. It's not something money is going to solve over the short-term." Software glitch Software is another glaring weak spot. As in the rest of the world, there is no viable alternative in China to Microsoft and Apple on personal computing systems -- or to Google's Android or Apple's iOS on mobile phones. US companies also dominate the Chinese landscape for enterprise software. The United States suspects Huawei has ties to China's military and fears the company's installation of telecom networks worldwide could put sensitive data at risk. Huawei denies the charges. But Chinese software shortcomings leave Huawei vulnerable even on these global networks -- the company relies heavily on US software to power them, Triolo said. "A database has to be really robust and no company in China can do that database software," he said. China could nonetheless be a formidable player in next-generation technologies like artificial intelligence, driverless cars and automated manufacturing. Xi's government has singled out such futuristic technologies for state development -- a programme partly responsible for triggering US pushback on tech. "We believe China is in a commanding position to become a far more influential player in disruptive technologies globally," said Kenny Liew, a tech analyst with Fitch Solutions. He adds that the US-China tech rivalry "will contribute positively to the global technological landscape."

China's tech 'Long March' could be road to nowhere

All eyes are on the economic performance of India as NDA 2.0 is on power, country is also poised to be the 5th largest economy of the world this year. Watch this video to know more.

WION Wallet: India hopes for economic revival under NDA 2.0

Indian shares jumped over 1.5% on Friday on hopes that Prime Minister Narendra Modi would pursue business-friendly policies following his party's thumping victory in the general election.

"Continuity is important because some of the underlying issues don't have quick fixes like IL&amp;FS and the NBFCs," said Rajeev Thakkar, chief investment officer at PPFAS Mutual Fund.

The broader NSE Nifty ended 1.60% higher at 11,844.1. It gained 3.84% for the week, its biggest since the five sessions to Nov. 2, 2018.

The benchmark BSE Sensex closed up 1.61% at 39,434.72, recording a 3.96% weekly gain.

Financials were top gainers with ICICI Bank Ltd closing 5.1% higher, while State Bank of India Ltd rose 3.84%.

JSW Steel Ltd ended 4.37% higher after reporting its March-quarter results.

Indian shares jumped over 1.5% on Friday on hopes that Prime Minister Narendra Modi would pursue business-friendly policies following his party's thumping victory in the general election.

Indian shares jumped over 1.5% on Friday on hopes that Prime Minister Narendra Modi would pursue business-friendly policies following his party's thumping victory in the general election. "Continuity is important because some of the underlying issues don't have quick fixes like IL&FS and the NBFCs," said Rajeev Thakkar, chief investment officer at PPFAS Mutual Fund. The broader NSE Nifty ended 1.60% higher at 11,844.1. It gained 3.84% for the week, its biggest since the five sessions to Nov. 2, 2018. The benchmark BSE Sensex closed up 1.61% at 39,434.72, recording a 3.96% weekly gain. Financials were top gainers with ICICI Bank Ltd closing 5.1% higher, while State Bank of India Ltd rose 3.84%. JSW Steel Ltd ended 4.37% higher after reporting its March-quarter results.

Nifty, Sensex post best week since November over election

Oil&nbsp;prices dropped on Thursday, extending falls from the previous session amid surging US&nbsp;crude inventories and weak demand from refineries.

Brent crude futures, the international benchmark for&nbsp;oil&nbsp;prices, were at $70.62 per barrel at 0109 GMT, down 37 cents, or 0.5 per cent, from their last close.

US West Texas Intermediate (WTI) crude futures were down by 31 cents, or 0.5 per cent, at $61.11 per barrel.

Crude futures already fell by around 2 per cent the previous day.

"Rising inventories and a slowdown with refined product demand could suggest we could see further pressure (on&nbsp;prices)," said Edward Moya, senior analyst at futures brokerage OANDA.

The<a href="https://www.wionews.com/world/oil-prices-fall-on-surging-us-crude-stockpiles-economic-concerns-220779"> US&nbsp;crude&nbsp;oil&nbsp;</a>inventories rose last week, hitting their highest levels since July 2017, due to weak refinery demand, the Energy Information Administration said on Wednesday.

Commercial US&nbsp;crude inventories rose by 4.7 million barrels in the week ended May 17, to 476.8 million barrels, their highest since July 2017, the EIA data showed.

Beyond weak refinery demand for feedstock crude&nbsp;oil, the increase in commercial inventories also came on the back of planned sales of US&nbsp;strategic petroleum reserves (SPR) into the commercial market.

The US&nbsp;crude&nbsp;oil&nbsp;production climbed by 100,000 barrels per day (bpd) to 12.2 million bpd, putting output near its record of 12.3 million bpd reached late last month.

Ole Hansen, head of the commodity strategy at Saxo Bank, said "concerns about slowing (oil) demand growth due to the negative impact on the global economy of the US-China&nbsp;trade war" were also weighing on&nbsp;oil&nbsp;prices.

Countering these bearish&nbsp;price&nbsp;factors have been escalating political tensions between the United States and Iran, as well as ongoing supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) that started in January in an effort to prop up the market.

"Large but opposing forces have kept Brent in a $70-$75 per barrel range in recent weeks," Morgan Stanley said in a note on&nbsp;oil&nbsp;markets published this week.

"Macroeconomic data has rapidly deteriorated, and this is reflected in weaker&nbsp;oil&nbsp;demand. At the same time, the downside risk to supply is materialising in key countries (adding to OPEC's production cuts)," the US bank said.

"On balance, however, we still see tightness in 2H19," Morgan Stanley said, adding it expected Brent to trade in the $75-$80 per barrel range in the second half of 2019.

French bank BNP Paribas said high inventories meant that OPEC would likely keep its voluntary supply cuts in place. "Supply management is here to stay," the bank said.

Oil prices dropped on Thursday, extending falls from the previous session amid surging US crude inventories and weak demand from refineries. Brent crude futures, the international benchmark for oil prices, were at $70.

Oil prices dropped on Thursday, extending falls from the previous session amid surging US crude inventories and weak demand from refineries. Brent crude futures, the international benchmark for oil prices, were at $70.62 per barrel at 0109 GMT, down 37 cents, or 0.5 per cent, from their last close. US West Texas Intermediate (WTI) crude futures were down by 31 cents, or 0.5 per cent, at $61.11 per barrel. Crude futures already fell by around 2 per cent the previous day. "Rising inventories and a slowdown with refined product demand could suggest we could see further pressure (on prices)," said Edward Moya, senior analyst at futures brokerage OANDA. The US crude oil inventories rose last week, hitting their highest levels since July 2017, due to weak refinery demand, the Energy Information Administration said on Wednesday. Commercial US crude inventories rose by 4.7 million barrels in the week ended May 17, to 476.8 million barrels, their highest since July 2017, the EIA data showed. Beyond weak refinery demand for feedstock crude oil, the increase in commercial inventories also came on the back of planned sales of US strategic petroleum reserves (SPR) into the commercial market. The US crude oil production climbed by 100,000 barrels per day (bpd) to 12.2 million bpd, putting output near its record of 12.3 million bpd reached late last month. Ole Hansen, head of the commodity strategy at Saxo Bank, said "concerns about slowing (oil) demand growth due to the negative impact on the global economy of the US-China trade war" were also weighing on oil prices. Countering these bearish price factors have been escalating political tensions between the United States and Iran, as well as ongoing supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) that started in January in an effort to prop up the market. "Large but opposing forces have kept Brent in a $70-$75 per barrel range in recent weeks," Morgan Stanley said in a note on oil markets published this week. "Macroeconomic data has rapidly deteriorated, and this is reflected in weaker oil demand. At the same time, the downside risk to supply is materialising in key countries (adding to OPEC's production cuts)," the US bank said. "On balance, however, we still see tightness in 2H19," Morgan Stanley said, adding it expected Brent to trade in the $75-$80 per barrel range in the second half of 2019. French bank BNP Paribas said high inventories meant that OPEC would likely keep its voluntary supply cuts in place. "Supply management is here to stay," the bank said.

Oil prices fall on surging US crude stockpiles, economic concerns