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The Reserve Bank Of India Thursday revised downwards the retail inflation forecast to 2.8 per cent for the last quarter of the current fiscal on account of favourable factors including benign monsoon.

The RBI in its last bi-monthly monetary policy announcement for the current fiscal also lowered the retail inflation forecast for the first half of next fiscal beginning April, to 3.2-3.4 per.

For the third quarter of 2019-20, the inflation target is set at 3.9 per cent.

"Several factors will shape the inflation path, going forward. First, food inflation has continued to surprise on the downside with continuing deflation across several items and a significant moderation in inflation in cereals. Several food groups are experiencing excess supply conditions domestically as well as internationally," RBI said.

RBI said the short-term outlook for food inflation appears particularly benign, despite adverse base effects.

The central bank Thursday cut the key repo rate -- at which it lends to banks -- by 0.25 per cent to 6.25 per cent.

"These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of plus/minus 2 per cent while supporting growth," RBI said.

The moderation in the fuel group was larger than anticipated. Inflation in items of rural consumption such as firewood and chips, which had remained sticky and at elevated levels, has collapsed in recent months, it added.

"Taking into consideration these developments and assuming a normal monsoon in 2019, the path of CPI inflation is revised downwards to 2.8 per cent in Q4:2018-19, 3.2-3.4 per cent in H1:2019-20 and 3.9 per cent in Q3:2019-20, with risks broadly balanced around the central trajectory," RBI said.&nbsp;

The Reserve Bank Of India Thursday revised downwards the retail inflation forecast to 2.8 per cent for the last quarter of the current fiscal on account of favourable factors including benign monsoon.

The Reserve Bank Of India Thursday revised downwards the retail inflation forecast to 2.8 per cent for the last quarter of the current fiscal on account of favourable factors including benign monsoon. The RBI in its last bi-monthly monetary policy announcement for the current fiscal also lowered the retail inflation forecast for the first half of next fiscal beginning April, to 3.2-3.4 per. For the third quarter of 2019-20, the inflation target is set at 3.9 per cent. "Several factors will shape the inflation path, going forward. First, food inflation has continued to surprise on the downside with continuing deflation across several items and a significant moderation in inflation in cereals. Several food groups are experiencing excess supply conditions domestically as well as internationally," RBI said. RBI said the short-term outlook for food inflation appears particularly benign, despite adverse base effects. The central bank Thursday cut the key repo rate -- at which it lends to banks -- by 0.25 per cent to 6.25 per cent. "These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of plus/minus 2 per cent while supporting growth," RBI said. The moderation in the fuel group was larger than anticipated. Inflation in items of rural consumption such as firewood and chips, which had remained sticky and at elevated levels, has collapsed in recent months, it added. "Taking into consideration these developments and assuming a normal monsoon in 2019, the path of CPI inflation is revised downwards to 2.8 per cent in Q4:2018-19, 3.2-3.4 per cent in H1:2019-20 and 3.9 per cent in Q3:2019-20, with risks broadly balanced around the central trajectory," RBI said.

RBI cuts inflation forecast to 2.8% for Q419; 3.2-3.4% for H1FY20

The rupee Wednesday appreciated by 8 paise to 71.49 in early trade on the forex market amid a positive opening in domestic equities and fresh foreign fund inflows.

Forex traders said investors were cautious ahead RBI's Monetary Policy Committee outcome scheduled for February 7.

Moreover, rising crude prices capped the gains for the domestic unit.

At the Interbank Foreign Exchange, the rupee opened higher at 71.56 then gained further ground to touch 71.49 against the US $, showing a gain of 8 paise over its previous closing.

In a very volatile trade, the domestic currency also touched a low of 71.60, showing a loss of 3 paise over its last close.

On Tuesday, the rupee had settled 23 paise higher at 71.57 against the US $.

Foreign funds purchased shares worth Rs 420.65 crore on a net basis, and domestic institutional investors bought shares worth Rs 194.31 crore Tuesday, provisional data showed.

The global benchmark, Brent crude oil was trading at the US $ 62.02 per barrel, higher by 0.06 per cent.

Meanwhile, the domestic equity market opened on a higher note. The 30-share BSE benchmark Sensex was trading at 36,833.84, up 217.03 points in early trade. The wide-based Nifty was also trading up by 65 points at 10,999.35.&nbsp; 
&nbsp;

The rupee Wednesday appreciated by 8 paise to 71.49 in early trade on the forex market amid a positive opening in domestic equities and fresh foreign fund inflows.

The rupee Wednesday appreciated by 8 paise to 71.49 in early trade on the forex market amid a positive opening in domestic equities and fresh foreign fund inflows. Forex traders said investors were cautious ahead RBI's Monetary Policy Committee outcome scheduled for February 7. Moreover, rising crude prices capped the gains for the domestic unit. At the Interbank Foreign Exchange, the rupee opened higher at 71.56 then gained further ground to touch 71.49 against the US $, showing a gain of 8 paise over its previous closing. In a very volatile trade, the domestic currency also touched a low of 71.60, showing a loss of 3 paise over its last close. On Tuesday, the rupee had settled 23 paise higher at 71.57 against the US $. Foreign funds purchased shares worth Rs 420.65 crore on a net basis, and domestic institutional investors bought shares worth Rs 194.31 crore Tuesday, provisional data showed. The global benchmark, Brent crude oil was trading at the US $ 62.02 per barrel, higher by 0.06 per cent. Meanwhile, the domestic equity market opened on a higher note. The 30-share BSE benchmark Sensex was trading at 36,833.84, up 217.03 points in early trade. The wide-based Nifty was also trading up by 65 points at 10,999.35.

Rupee gains 8 paise to 71.49 vs US dollar

BSE benchmark Sensex jumped over 250 points and NSE Nifty breached the 11,000 marks in early trade Wednesday led by gains in IT and metal stocks amid heavy buying by domestic and foreign institutional investors.

The 30-share index was trading 255.89 points or 0.70 per cent, higher at 36,872.70.

Similarly, the 50-share NSE Nifty reclaimed the 11,000 marks, rallying 81.40 points, or 0.74 per cent, 11,015.75.

On Tuesday, the Sensex ended 34.07 points, or 0.09 per cent, higher at 36,616.81; and the NSE Nifty edged up 22.10 points, or 0.20 per cent, to 10,934.35.

"The Indian market is embracing for the monetary policy to be released on February 7; and a majority of the economists now expect status quo against a rate cut sometime back," said Paras Bothra, President, Equity Research, Ashika Group.

The RBI's Monetary Policy Committee (MPC) began its three-day review meet on Tuesday.

"Foreign participation has certainly gained pace after the US Fed's patient view and is expected to support stocks with strong underlying fundamentals," he added.

In the morning session on Tuesday, HCL Tech, NTPC, ONGC, RIL, Infosys, ICICI Bank, Asian Paints, Bajaj Finance, ITC and HDFC were the top gainers in the Sensex pack, rising up to 2 per cent.

Meanwhile, Hero Bharti Airtel, IndusInd Bank, Tata Motors, Vedanta and L&amp;T were the losers, shedding up to 1.33 per cent.

On a net basis, foreign portfolio investors (FPIs) bought shares worth a net of Rs 420.65 crore Tuesday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs 194.31 crore, provisional data available with BSE showed.

Elsewhere in Asia, Japan's Nikkei rose 0.41 per cent. Bourses in China and Korea remained closed for the Lunar New Year.

On Wall Street, Dow Jones Industrial Average ended 0.68 per cent higher on Tuesday.

The rupee, meanwhile, appreciated 5 paise against US dollar to 71.52.

The benchmark Brent crude futures slipped 0.10 per cent to USD 61.92 per barrel.

BSE benchmark Sensex jumped over 250 points and NSE Nifty breached the 11,000 marks in early trade Wednesday led by gains in IT and metal stocks amid heavy buying by domestic and foreign institutional investors.

BSE benchmark Sensex jumped over 250 points and NSE Nifty breached the 11,000 marks in early trade Wednesday led by gains in IT and metal stocks amid heavy buying by domestic and foreign institutional investors. The 30-share index was trading 255.89 points or 0.70 per cent, higher at 36,872.70. Similarly, the 50-share NSE Nifty reclaimed the 11,000 marks, rallying 81.40 points, or 0.74 per cent, 11,015.75. On Tuesday, the Sensex ended 34.07 points, or 0.09 per cent, higher at 36,616.81; and the NSE Nifty edged up 22.10 points, or 0.20 per cent, to 10,934.35. "The Indian market is embracing for the monetary policy to be released on February 7; and a majority of the economists now expect status quo against a rate cut sometime back," said Paras Bothra, President, Equity Research, Ashika Group. The RBI's Monetary Policy Committee (MPC) began its three-day review meet on Tuesday. "Foreign participation has certainly gained pace after the US Fed's patient view and is expected to support stocks with strong underlying fundamentals," he added. In the morning session on Tuesday, HCL Tech, NTPC, ONGC, RIL, Infosys, ICICI Bank, Asian Paints, Bajaj Finance, ITC and HDFC were the top gainers in the Sensex pack, rising up to 2 per cent. Meanwhile, Hero Bharti Airtel, IndusInd Bank, Tata Motors, Vedanta and L&T were the losers, shedding up to 1.33 per cent. On a net basis, foreign portfolio investors (FPIs) bought shares worth a net of Rs 420.65 crore Tuesday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs 194.31 crore, provisional data available with BSE showed. Elsewhere in Asia, Japan's Nikkei rose 0.41 per cent. Bourses in China and Korea remained closed for the Lunar New Year. On Wall Street, Dow Jones Industrial Average ended 0.68 per cent higher on Tuesday. The rupee, meanwhile, appreciated 5 paise against US dollar to 71.52. The benchmark Brent crude futures slipped 0.10 per cent to USD 61.92 per barrel.

Sensex jumps over 250 points; Nifty breaches 11,000 mark

Pilots of crisis-hit Jet Airways this week discussed the current situation and are likely to take a final call next month in case the airline fails to adhere to the timeline set for partial payment of salaries, according to a source.

Grappling with acute financial woes, the full service carrier is looking to restructure debt and raise funds.

Jet Airways has been making salary payments to many of its employees, including pilots, in a staggered manner, amid financial crunch.

The current situation of the airline was discussed during an open house meeting, organised by the National Aviator's Guild (NAG), in Mumbai Monday, the source said.

The NAG is a grouping of the airline's pilots.

The source said, the main issue was regarding non-adherence to the salary payment schedule that was communicated to the pilots in December.

According to the source, it was decided at the meeting that in case of a default in the salary payout committed for February, then the pilots would collectively take a final call next month.

The airline will seek approval for conversion of loans into shares, among other proposals, at the meeting of shareholders to be held on February 21.

Jet Airways would seek nod to "convert the whole or part of the outstanding under loans, extended/to be extended by the lenders, into shares, or convertible instruments or other securities, of the company...", as per a filing made last month.

The conversion would be done as per the terms contained in the respective loan documents between the company and its lenders. It would also be subject to all requisite regulatory approvals.

Besides, Jet Airways would seek shareholders' approval to negotiate and finalise the terms and conditions with the lenders for raising further loans from time to time as well as provide the lenders with a right to convert such loans into shares, or convertible instruments or other securities.&nbsp; 
&nbsp;

Pilots of crisis-hit Jet Airways this week discussed the current situation and are likely to take a final call next month in case the airline fails to adhere to the timeline set for partial payment of salaries, according to a source.

Pilots of crisis-hit Jet Airways this week discussed the current situation and are likely to take a final call next month in case the airline fails to adhere to the timeline set for partial payment of salaries, according to a source. Grappling with acute financial woes, the full service carrier is looking to restructure debt and raise funds. Jet Airways has been making salary payments to many of its employees, including pilots, in a staggered manner, amid financial crunch. The current situation of the airline was discussed during an open house meeting, organised by the National Aviator's Guild (NAG), in Mumbai Monday, the source said. The NAG is a grouping of the airline's pilots. The source said, the main issue was regarding non-adherence to the salary payment schedule that was communicated to the pilots in December. According to the source, it was decided at the meeting that in case of a default in the salary payout committed for February, then the pilots would collectively take a final call next month. The airline will seek approval for conversion of loans into shares, among other proposals, at the meeting of shareholders to be held on February 21. Jet Airways would seek nod to "convert the whole or part of the outstanding under loans, extended/to be extended by the lenders, into shares, or convertible instruments or other securities, of the company...", as per a filing made last month. The conversion would be done as per the terms contained in the respective loan documents between the company and its lenders. It would also be subject to all requisite regulatory approvals. Besides, Jet Airways would seek shareholders' approval to negotiate and finalise the terms and conditions with the lenders for raising further loans from time to time as well as provide the lenders with a right to convert such loans into shares, or convertible instruments or other securities.

Jet pilots discuss airline's current situation; may take final call on salary payment delays in March

The BSE benchmark Sensex rallied over 358 points Wednesday while the NSE Nifty recaptured the key 11,000 mark as investors wagered on the RBI changing its policy stance to neutral.

The 30-share Sensex soared 358.42 points, or 0.98 per cent, to close at 36,975.23. The broader Nifty jumped 128.10 points, or 1.17 per cent, to 11,062.45.

Investor sentiment was bullish ahead of the Reserve Bank of India's policy outcome, scheduled for Thursday, analysts said.

The RBI's Monetary Policy Committee (MPC) began its three-day meet Tuesday to decide on key rates.

According to experts, the MPC is likely to change its policy stance to 'neutral' from the current 'calibrated tightening' on low inflation footprint but would refrain from cutting interest rates due to fiscal challenges and rising crude oil prices.

BI will have room to provide a dovish tilt to the upcoming policy along with a change in stance, a Kotak report said.

In the Sensex pack, Bajaj Finance, Tata Steel, ONGC, Bajaj Auto, Sun Pharma, NPTC, Coal India, Maruti, Tata Motors, ICICI Bank and Reliance surged up to 4.34 per cent.

On the other hand, Axis Bank and IndusInd Bank fell up to 0.54 per cent.

Broader indices, however, ended on a mixed note, with the BSE LargeCap rallying 1.13 per cent, BSE MidCap slipping 0.12 per cent and BSE SmallCap inching up 0.05 per cent.

Sectorally, banking, pharma, metal and IT stocks led the rally, jumping over 2 per cent.

Sustained buying by domestic and foreign institutional investors also boosted trading sentiment, traders said.

On a net basis, foreign portfolio investors (FPIs) bought shares worth a net of Rs 420.65 crore Tuesday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs 194.31 crore, provisional data available with BSE showed.

Elsewhere in Asia, Japan's Nikkei rose 0.14 per cent. Bourses in China and Korea remained closed for the Lunar New Year holidays.

In the Eurozone, Frankfurt's DAX was down 0.43 per cent while Paris CAC 40 fell 0.40 per cent in late morning deals. London's FTSE shed 0.32 per cent.

The rupee, meanwhile, depreciated 5 paise against the US dollar to 71.62 intra-day.

The benchmark Brent crude futures fell 0.76 per cent to US $61.51 per barrel.

The BSE benchmark Sensex rallied over 358 points Wednesday while the NSE Nifty recaptured the key 11,000 mark as investors wagered on the RBI changing its policy stance to neutral.

The BSE benchmark Sensex rallied over 358 points Wednesday while the NSE Nifty recaptured the key 11,000 mark as investors wagered on the RBI changing its policy stance to neutral. The 30-share Sensex soared 358.42 points, or 0.98 per cent, to close at 36,975.23. The broader Nifty jumped 128.10 points, or 1.17 per cent, to 11,062.45. Investor sentiment was bullish ahead of the Reserve Bank of India's policy outcome, scheduled for Thursday, analysts said. The RBI's Monetary Policy Committee (MPC) began its three-day meet Tuesday to decide on key rates. According to experts, the MPC is likely to change its policy stance to 'neutral' from the current 'calibrated tightening' on low inflation footprint but would refrain from cutting interest rates due to fiscal challenges and rising crude oil prices. BI will have room to provide a dovish tilt to the upcoming policy along with a change in stance, a Kotak report said. In the Sensex pack, Bajaj Finance, Tata Steel, ONGC, Bajaj Auto, Sun Pharma, NPTC, Coal India, Maruti, Tata Motors, ICICI Bank and Reliance surged up to 4.34 per cent. On the other hand, Axis Bank and IndusInd Bank fell up to 0.54 per cent. Broader indices, however, ended on a mixed note, with the BSE LargeCap rallying 1.13 per cent, BSE MidCap slipping 0.12 per cent and BSE SmallCap inching up 0.05 per cent. Sectorally, banking, pharma, metal and IT stocks led the rally, jumping over 2 per cent. Sustained buying by domestic and foreign institutional investors also boosted trading sentiment, traders said. On a net basis, foreign portfolio investors (FPIs) bought shares worth a net of Rs 420.65 crore Tuesday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs 194.31 crore, provisional data available with BSE showed. Elsewhere in Asia, Japan's Nikkei rose 0.14 per cent. Bourses in China and Korea remained closed for the Lunar New Year holidays. In the Eurozone, Frankfurt's DAX was down 0.43 per cent while Paris CAC 40 fell 0.40 per cent in late morning deals. London's FTSE shed 0.32 per cent. The rupee, meanwhile, depreciated 5 paise against the US dollar to 71.62 intra-day. The benchmark Brent crude futures fell 0.76 per cent to US $61.51 per barrel.

Sensex soars 358 points; Nifty reclaims 11,000-mark

Automobile giant Jaguar Land Rover has launched the brand new Range Rover Velar SV Autobiography Dynamic Edition.&nbsp;

The mid-size premium SUV is charged with 5.0 l V8 petrol engine which seamlessly delivers 404 kW with signature Range Rover composure. The SUV comes studded with uprated high-performance SV brakes, enveloped by lightweight 53.34 cm (21) forged wheels, with optional 55.88 cm (22) designs featuring diamond-turned finish.

Velar was named World Car Design of the Year at the 2018 World Car Awards and is the second model in the Range Rover family to wear the coveted badge, after the introduction of the Range Rover SVAutobiography Dynamic in 2017, the official press release noted.

Key specs and enhancements

Supercharged engine

With a V8 engine, the most powerful Velar accelerates from 0-100 km/h in 4.5 s (0-96 km/h in 4.3 s) and is capable of 274 km/h.

Performance car 
Uprated brakes and suspension components, plus bespoke settings for everything from the powertrain to the safety systems, ensure the SVAutobiography Dynamic Edition mixes the personality of a performance car with the go-anywhere capability of a luxury mid-size SUV.

Stylish appearance 
The powerful new model is distinguished by a range of visual enhancements and unique trim finishes, delivering a more purposeful appearance and heightened attention to detail.

Enhanced exterior 
On the outside, it includes a new front bumper with larger air intakes to feed the V8 Supercharged engine and cool the uprated braking system. A new grille and lower side mouldings combine with a revised rear bumper featuring integrated quad exhaust finishers.

Larger wheels and brakes

Distinctive forged aluminium wheels provide another clue to the enhanced performance. The larger wheels support the performance focus of the SVAutobiography Dynamic Edition, helping to generate more grip and accommodating larger brakes. 
&nbsp; 
The extra stopping power is highlighted by red brake calipers (four-piston at the front, sliding at the rear) which feature Land Rover lettering. Gloss Black calipers are also available for a more discreet appearance.

Attractive options

The new Velar SVAutobiography Dynamic Edition is available in six exterior colours - Firenze Red; Santorini Black; Corris Grey; Fuji White; Indus Silver and, by special order, Satin Byron Blue.

"The Velar SVAutobiography Dynamic Edition retains the all-terrain capability and comfort customers expect from a Range Rover, with even more rewarding and engaging driving experience. The result is a composed and luxurious SUV that looks, sounds and feels unique,” said Stuart Adlard, SV Senior Vehicle Engineering Manager, Land Rover. 
&nbsp;

Automobile giant Jaguar Land Rover has launched the brand new Range Rover Velar SV Autobiography Dynamic Edition. The mid-size premium SUV is charged with 5.0 l V8 petrol engine which seamlessly delivers 404 kW with signature Range Rover composure.

Automobile giant Jaguar Land Rover has launched the brand new Range Rover Velar SV Autobiography Dynamic Edition. The mid-size premium SUV is charged with 5.0 l V8 petrol engine which seamlessly delivers 404 kW with signature Range Rover composure. The SUV comes studded with uprated high-performance SV brakes, enveloped by lightweight 53.34 cm (21) forged wheels, with optional 55.88 cm (22) designs featuring diamond-turned finish. Velar was named World Car Design of the Year at the 2018 World Car Awards and is the second model in the Range Rover family to wear the coveted badge, after the introduction of the Range Rover SVAutobiography Dynamic in 2017, the official press release noted. Key specs and enhancements Supercharged engine With a V8 engine, the most powerful Velar accelerates from 0-100 km/h in 4.5 s (0-96 km/h in 4.3 s) and is capable of 274 km/h. Performance car Uprated brakes and suspension components, plus bespoke settings for everything from the powertrain to the safety systems, ensure the SVAutobiography Dynamic Edition mixes the personality of a performance car with the go-anywhere capability of a luxury mid-size SUV. Stylish appearance The powerful new model is distinguished by a range of visual enhancements and unique trim finishes, delivering a more purposeful appearance and heightened attention to detail. Enhanced exterior On the outside, it includes a new front bumper with larger air intakes to feed the V8 Supercharged engine and cool the uprated braking system. A new grille and lower side mouldings combine with a revised rear bumper featuring integrated quad exhaust finishers. Larger wheels and brakes Distinctive forged aluminium wheels provide another clue to the enhanced performance. The larger wheels support the performance focus of the SVAutobiography Dynamic Edition, helping to generate more grip and accommodating larger brakes. The extra stopping power is highlighted by red brake calipers (four-piston at the front, sliding at the rear) which feature Land Rover lettering. Gloss Black calipers are also available for a more discreet appearance. Attractive options The new Velar SVAutobiography Dynamic Edition is available in six exterior colours - Firenze Red; Santorini Black; Corris Grey; Fuji White; Indus Silver and, by special order, Satin Byron Blue. "The Velar SVAutobiography Dynamic Edition retains the all-terrain capability and comfort customers expect from a Range Rover, with even more rewarding and engaging driving experience. The result is a composed and luxurious SUV that looks, sounds and feels unique,” said Stuart Adlard, SV Senior Vehicle Engineering Manager, Land Rover.

Jaguar Land Rover introduces new Range Rover Velar SVAutobiography Dynamic Edition 

Air India chief Pradeep Singh Kharola has been appointed Civil Aviation secretary as part of a minor bureaucratic reshuffle effected on Wednesday, according to an official order.

Kharola, a 1985 batch IAS officer of Karnataka cadre, was in November 2017 named the chairman and managing director of Air India Ltd.

The vacancy had come up due to the superannuation of Rajiv Nayan Choubey on January 31.

Choubey has taken over as a member in the Union Public Service Commission (UPSC).

Air India chief Pradeep Singh Kharola has been appointed Civil Aviation secretary as part of a minor bureaucratic reshuffle effected on Wednesday, according to an official order.

Air India chief Pradeep Singh Kharola has been appointed Civil Aviation secretary as part of a minor bureaucratic reshuffle effected on Wednesday, according to an official order. Kharola, a 1985 batch IAS officer of Karnataka cadre, was in November 2017 named the chairman and managing director of Air India Ltd. The vacancy had come up due to the superannuation of Rajiv Nayan Choubey on January 31. Choubey has taken over as a member in the Union Public Service Commission (UPSC).

Air India CMD Pradeep Singh Kharola appointed Civil Aviation secretary

Shares flitted between negative and positive territory on Tuesday as investors kept a cautious stance ahead of the three-day central bank policy meet, while gains in automobile stocks offset declines in telecom companies.

According to a Reuters poll of 65 analysts, two-thirds have said the Reserve Bank of India (RBI) would hold its repo rate, a surprise change of stance following the appointment of Shaktikanta Das as the central bank chief in December. The central bank will start its three-day policy meet later in the session.

The 'neutral' stance would be in line with Prime Minister Narendra Modi-led Bharatiya Janata Party's aim for a stimulative monetary policy ahead of national elections in May.

The RBI's mandate is to control price pressures, which historically have been difficult to tame in India.

However, analysts feel the possibility of a rejig in the indexes by global index provider MSCI Inc could impact some of the large-cap players.

"If MSCI does an index rejig, then the weight of some of the stocks could come down," said Deven Choksey, founder, KR Choksey Investment Managers.

Companies in the American depositary receipts (ADR) and global depositary receipt (GDR) lists such as Tata Motors Ltd and Infosys Ltd could be affected, Choksey added.

Tata Motors was trading 2.1 per cent lower, while Infosys slipped 0.9 per cent.

The broader Nifty was up 0.02 per cent at 10,914.55, as of 0605 GMT, while the benchmark Sensex was largely flat at 36,580.64.

Telecom bellwether Bharti Airtel Ltd fell as much as 4.5 per cent after rating agency Moody's Investor Service downgraded some of the company's notes.

Most automobile majors were in the green with Hero MotoCorp Ltd and Mahindra &amp; Mahindra Ltd gaining 1.8 per cent and 2.1 per cent, respectively.

Consumer giant Hindustan Unilever Ltd was among the biggest boost on the NSE index, rising as much as 1.4 per cent while extending gains to a fourth session.

IT stocks such as Wipro Ltd dropped 0.8 per cent, while Tech Mahindra Ltd, which is scheduled to report its quarterly results later in the day, fell nearly 1 per cent.

Reliance Communications Ltd dived as much as 16.7 per cent, a day after it sought fast-track resolution of its debt through the National Company Law Tribunal (NCLT), the country`s court that deals with bankruptcy cases.

Shares flitted between negative and positive territory on Tuesday as investors kept a cautious stance ahead of the three-day central bank policy meet, while gains in automobile stocks offset declines in telecom companies.

Shares flitted between negative and positive territory on Tuesday as investors kept a cautious stance ahead of the three-day central bank policy meet, while gains in automobile stocks offset declines in telecom companies. According to a Reuters poll of 65 analysts, two-thirds have said the Reserve Bank of India (RBI) would hold its repo rate, a surprise change of stance following the appointment of Shaktikanta Das as the central bank chief in December. The central bank will start its three-day policy meet later in the session. The 'neutral' stance would be in line with Prime Minister Narendra Modi-led Bharatiya Janata Party's aim for a stimulative monetary policy ahead of national elections in May. The RBI's mandate is to control price pressures, which historically have been difficult to tame in India. However, analysts feel the possibility of a rejig in the indexes by global index provider MSCI Inc could impact some of the large-cap players. "If MSCI does an index rejig, then the weight of some of the stocks could come down," said Deven Choksey, founder, KR Choksey Investment Managers. Companies in the American depositary receipts (ADR) and global depositary receipt (GDR) lists such as Tata Motors Ltd and Infosys Ltd could be affected, Choksey added. Tata Motors was trading 2.1 per cent lower, while Infosys slipped 0.9 per cent. The broader Nifty was up 0.02 per cent at 10,914.55, as of 0605 GMT, while the benchmark Sensex was largely flat at 36,580.64. Telecom bellwether Bharti Airtel Ltd fell as much as 4.5 per cent after rating agency Moody's Investor Service downgraded some of the company's notes. Most automobile majors were in the green with Hero MotoCorp Ltd and Mahindra & Mahindra Ltd gaining 1.8 per cent and 2.1 per cent, respectively. Consumer giant Hindustan Unilever Ltd was among the biggest boost on the NSE index, rising as much as 1.4 per cent while extending gains to a fourth session. IT stocks such as Wipro Ltd dropped 0.8 per cent, while Tech Mahindra Ltd, which is scheduled to report its quarterly results later in the day, fell nearly 1 per cent. Reliance Communications Ltd dived as much as 16.7 per cent, a day after it sought fast-track resolution of its debt through the National Company Law Tribunal (NCLT), the country`s court that deals with bankruptcy cases.

Sensex, Nifty subdued ahead of RBI policy meet

The rupee appreciated by 13 paise to 71.67 against the US dollar in opening trade Tuesday, driven by positive opening in domestic equities and weakening of the greenback in overseas markets.

Forex dealers said investors were cautious ahead RBI's Monetary Policy Committee outcome scheduled for February 7. However, selling of the American currency by exporters supported the rupee.

The rupee opened strong at 71.72 at the interbank forex market then gained further ground to touch 71.67 per dollar amid a positive opening in domestic equities, displaying gains of the 13 paise against the greenback.

On Monday, the rupee had plunged by 55 paise to close at 71.80 against the US dollar.

Forex traders said, sustained foreign fund outflows and surging crude oil prices restricted the rupee up move.

Foreign funds pulled out Rs 112.13 crore from the capital markets on a net basis, while domestic institutional investors sold shares worth Rs 65.22 crore Monday, provisional data showed.

Meanwhile, Brent crude, the global benchmark, was trading higher at 62.79 per barrel higher by 0.45 per cent.

The benchmark BSE Sensex was trading with gains of 29.40 points, or 0.08 per cent to quote at 36,612.14 while the NSE Nifty was trading at 10,920.75, up 8.50 points, or 0.08 per cent.

The rupee appreciated by 13 paise to 71.67 against the US dollar in opening trade Tuesday, driven by positive opening in domestic equities and weakening of the greenback in overseas markets.

The rupee appreciated by 13 paise to 71.67 against the US dollar in opening trade Tuesday, driven by positive opening in domestic equities and weakening of the greenback in overseas markets. Forex dealers said investors were cautious ahead RBI's Monetary Policy Committee outcome scheduled for February 7. However, selling of the American currency by exporters supported the rupee. The rupee opened strong at 71.72 at the interbank forex market then gained further ground to touch 71.67 per dollar amid a positive opening in domestic equities, displaying gains of the 13 paise against the greenback. On Monday, the rupee had plunged by 55 paise to close at 71.80 against the US dollar. Forex traders said, sustained foreign fund outflows and surging crude oil prices restricted the rupee up move. Foreign funds pulled out Rs 112.13 crore from the capital markets on a net basis, while domestic institutional investors sold shares worth Rs 65.22 crore Monday, provisional data showed. Meanwhile, Brent crude, the global benchmark, was trading higher at 62.79 per barrel higher by 0.45 per cent. The benchmark BSE Sensex was trading with gains of 29.40 points, or 0.08 per cent to quote at 36,612.14 while the NSE Nifty was trading at 10,920.75, up 8.50 points, or 0.08 per cent.

Rupee rises 13 paise to 71.67 vs US dollar

Alphabet Inc reported sharply higher fourth-quarter spending on video content, employees and facilities, worrying investors who sent the tech company's shares down about 3 per cent after hours on Monday.

Google's <a href="http://www.wionews.com/world/alphabet-board-sued-on-allegations-of-sexual-misconduct-cover-up-189502">parent company</a>&nbsp;beat Wall Street's estimates for revenue and profit, but the bigger-than-expected spending prompted investors to question whether cash funnelled into Alphabet's newer businesses will generate the returns that its search engine unit historically has.

"While the core business is still growing impressively, the significant spending shows growth isn’t quite as capital-light as had been hoped," said George Salmon, a stock analyst at financial firm Hargreaves Lansdown.

The company reported $31.07 billion in total fourth-quarter costs and expenses, up 26 per cent from last year. Capital expenditures rose 64 per cent compared to last year, up to $7.08 billion.

Spending was pushed higher by Google boosting staffing on its cloud computing division, promoting its consumer devices and YouTube subscription packages and acquiring office buildings in Silicon Valley and New York City.

Alphabet Chief Financial Officer Ruth Porat told analysts that capital expenditures would moderate significantly this year, but the company would continue to invest in long-term bets on artificial intelligence services, consumer hardware and emerging markets.

Revenue, profit beats

Alphabet's fourth-quarter revenue rose 22 per cent from a year ago to $39.28 billion, compared with Wall Street's average estimate of $38.93 billion, according to IBES data from Refinitiv. About 83 per cent of the revenue came from Google's ad system.

Heavy advertising in the run-up to the holiday shopping season boosted sales. Google Chief Executive Sundar Pichai told analysts the number of people shopping on Google.com each day during the holidays doubled over last year.

Profit for the quarter was $8.95 billion, or $12.77 per share, compared with a $3 billion loss a year ago. That beat analysts' average estimates of $7.69 billion, or $10.87 per share.

Partly because of the higher spending, the Alphabet's operating margin was 21 per cent, down from 24 per cent in the year-ago period.

"For a growth company, investment should be applauded," said Atlantic Equities analyst James Cordwell. "But a lot of the additional expenditure is going into the cloud where it is unclear whether there will ever be a return on that investment." Google remains behind rival Amazon.com Inc in the cloud, said Cordwell.

The company has authorized a plan to buy back an additional $12.5 billion worth of its shares, Porat said.

No news on waymo

Google's mostly free search, video and productivity tools are used by billions of people across the world, despite a backlash in some countries over how the company uses and protects customer information.

Investors concerned that Alphabet's future growth, especially in emerging markets, will not match its previous rates, are looking to the company's other businesses to provide new streams of revenue. But Alphabet gave away little new information on its other ventures on Monday.

It gave no indication when its self-driving car company Waymo will generate noticeable revenue. In October, Alphabet said Waymo had begun revenue-generating rides within a small section of Arizona but did not break out the company's financials.

Pichai said Google's cloud computing unit last year doubled the number of deals it struck worth more than $1 million. The cloud unit's G Suite productivity product now has 5 million customers, he said, up from 4 million in last year's first quarter.

Alphabet Inc reported sharply higher fourth-quarter spending on video content, employees and facilities, worrying investors who sent the tech company's shares down about 3 per cent after hours on Monday.

Alphabet Inc reported sharply higher fourth-quarter spending on video content, employees and facilities, worrying investors who sent the tech company's shares down about 3 per cent after hours on Monday. Google's parent company beat Wall Street's estimates for revenue and profit, but the bigger-than-expected spending prompted investors to question whether cash funnelled into Alphabet's newer businesses will generate the returns that its search engine unit historically has. "While the core business is still growing impressively, the significant spending shows growth isn’t quite as capital-light as had been hoped," said George Salmon, a stock analyst at financial firm Hargreaves Lansdown. The company reported $31.07 billion in total fourth-quarter costs and expenses, up 26 per cent from last year. Capital expenditures rose 64 per cent compared to last year, up to $7.08 billion. Spending was pushed higher by Google boosting staffing on its cloud computing division, promoting its consumer devices and YouTube subscription packages and acquiring office buildings in Silicon Valley and New York City. Alphabet Chief Financial Officer Ruth Porat told analysts that capital expenditures would moderate significantly this year, but the company would continue to invest in long-term bets on artificial intelligence services, consumer hardware and emerging markets. Revenue, profit beats Alphabet's fourth-quarter revenue rose 22 per cent from a year ago to $39.28 billion, compared with Wall Street's average estimate of $38.93 billion, according to IBES data from Refinitiv. About 83 per cent of the revenue came from Google's ad system. Heavy advertising in the run-up to the holiday shopping season boosted sales. Google Chief Executive Sundar Pichai told analysts the number of people shopping on Google.com each day during the holidays doubled over last year. Profit for the quarter was $8.95 billion, or $12.77 per share, compared with a $3 billion loss a year ago. That beat analysts' average estimates of $7.69 billion, or $10.87 per share. Partly because of the higher spending, the Alphabet's operating margin was 21 per cent, down from 24 per cent in the year-ago period. "For a growth company, investment should be applauded," said Atlantic Equities analyst James Cordwell. "But a lot of the additional expenditure is going into the cloud where it is unclear whether there will ever be a return on that investment." Google remains behind rival Amazon.com Inc in the cloud, said Cordwell. The company has authorized a plan to buy back an additional $12.5 billion worth of its shares, Porat said. No news on waymo Google's mostly free search, video and productivity tools are used by billions of people across the world, despite a backlash in some countries over how the company uses and protects customer information. Investors concerned that Alphabet's future growth, especially in emerging markets, will not match its previous rates, are looking to the company's other businesses to provide new streams of revenue. But Alphabet gave away little new information on its other ventures on Monday. It gave no indication when its self-driving car company Waymo will generate noticeable revenue. In October, Alphabet said Waymo had begun revenue-generating rides within a small section of Arizona but did not break out the company's financials. Pichai said Google's cloud computing unit last year doubled the number of deals it struck worth more than $1 million. The cloud unit's G Suite productivity product now has 5 million customers, he said, up from 4 million in last year's first quarter.

Alphabet's higher spending worries investors, shares dip

Apple said Tuesday it had reached an agreement with French authorities to settle 10 years of back taxes, becoming the latest US company to reach a deal with France which has led a European push for higher taxes on tech giants.

French news weekly L'Express reported that Apple had paid nearly 500 million euros ($570 million) to resolve the case in a confidential settlement reached in December.

Apple declined to disclose the amount paid, but a source familiar with the case confirmed the figure to AFP.

"The French tax administration recently concluded a multi-year audit on the company's French accounts and an adjustment will be published in our public accounts," Apple said in a statement.&nbsp;

"We know the important role taxes play in society and we pay our taxes in all the countries where we operate, in complete conformity with laws and practices in force at the local level," added the company.

French authorities declined to comment further, citing the confidentiality of tax matters.

French tech tax looms&nbsp;

Apple is one of several American technology giants in the line of fire in Europe over their tax strategies, which see them route their income through low-tax nations such as Ireland or Luxembourg.

In 2016, it was ordered by the European Commission to pay 13 billion euros in back taxes to Ireland.

The European Commission said Apple paid an effective corporate tax rate of just 0.005 per cent on its European profits in 2014 -- equivalent to just 50 euros for every million.

The deal in France comes as the government prepares to push ahead with its own unilateral "GAFA tax" -- named after Google, Apple, Facebook and Amazon -- faced with the failure of EU members to agree on how to get technology companies to pay more tax on their European operations.

The tax, to be put to parliament in a bill later this month, would affect companies with global sales of more than 750 million euros and 25 million euros in France, according to the government.

It would be retroactive to January 1 and is expected to raise 500 million euros this year.

French Economy Minister Bruno Le Maire has called the question of how and where global companies pay their taxes "a major issue in the 21st century".

But an agreement among EU members has proved elusive.

Ireland, Denmark and Sweden have all blocked plans for a levy for fear of dissuading investment and Germany has proved lukewarm on the issue, fearing US retaliation against its car industry.

The issue has been referred to the OECD, which aims to come up with an international tax by 2020.

Scramble to settle&nbsp;

Apple is the second major technology company to reach a tax deal with French authorities within the past year, reflecting the growing pressure from voters on governments to bring foreign companies to book.

In February 2018, Amazon said it had settled a French claim for nearly 200 million euros and would start declaring all its earnings in the country, ending a dispute that had dragged on for years.

In 2017, however, France's tax collection drive suffered a setback with a local court ruling that Google was not liable to pay 1.1 billion euros in taxes claimed on revenues transferred from France to Ireland.

According to L'Express, the deal between France and Apple was clinched after several months of talks, and concerned the small amount of revenue the firm booked in France while the sales it reported in Europe ballooned.

The report said Apple's European revenues exploded seven-fold, from 6.6 billion euros in 2008 to 47.7 billion in 2017, most of which was booked in Ireland where it has its European headquarters.

Apple said Tuesday it had reached an agreement with French authorities to settle 10 years of back taxes, becoming the latest US company to reach a deal with France which has led a European push for higher taxes on tech giants.

Apple said Tuesday it had reached an agreement with French authorities to settle 10 years of back taxes, becoming the latest US company to reach a deal with France which has led a European push for higher taxes on tech giants. French news weekly L'Express reported that Apple had paid nearly 500 million euros ($570 million) to resolve the case in a confidential settlement reached in December. Apple declined to disclose the amount paid, but a source familiar with the case confirmed the figure to AFP. "The French tax administration recently concluded a multi-year audit on the company's French accounts and an adjustment will be published in our public accounts," Apple said in a statement. "We know the important role taxes play in society and we pay our taxes in all the countries where we operate, in complete conformity with laws and practices in force at the local level," added the company. French authorities declined to comment further, citing the confidentiality of tax matters. French tech tax looms Apple is one of several American technology giants in the line of fire in Europe over their tax strategies, which see them route their income through low-tax nations such as Ireland or Luxembourg. In 2016, it was ordered by the European Commission to pay 13 billion euros in back taxes to Ireland. The European Commission said Apple paid an effective corporate tax rate of just 0.005 per cent on its European profits in 2014 -- equivalent to just 50 euros for every million. The deal in France comes as the government prepares to push ahead with its own unilateral "GAFA tax" -- named after Google, Apple, Facebook and Amazon -- faced with the failure of EU members to agree on how to get technology companies to pay more tax on their European operations. The tax, to be put to parliament in a bill later this month, would affect companies with global sales of more than 750 million euros and 25 million euros in France, according to the government. It would be retroactive to January 1 and is expected to raise 500 million euros this year. French Economy Minister Bruno Le Maire has called the question of how and where global companies pay their taxes "a major issue in the 21st century". But an agreement among EU members has proved elusive. Ireland, Denmark and Sweden have all blocked plans for a levy for fear of dissuading investment and Germany has proved lukewarm on the issue, fearing US retaliation against its car industry. The issue has been referred to the OECD, which aims to come up with an international tax by 2020. Scramble to settle Apple is the second major technology company to reach a tax deal with French authorities within the past year, reflecting the growing pressure from voters on governments to bring foreign companies to book. In February 2018, Amazon said it had settled a French claim for nearly 200 million euros and would start declaring all its earnings in the country, ending a dispute that had dragged on for years. In 2017, however, France's tax collection drive suffered a setback with a local court ruling that Google was not liable to pay 1.1 billion euros in taxes claimed on revenues transferred from France to Ireland. According to L'Express, the deal between France and Apple was clinched after several months of talks, and concerned the small amount of revenue the firm booked in France while the sales it reported in Europe ballooned. The report said Apple's European revenues exploded seven-fold, from 6.6 billion euros in 2008 to 47.7 billion in 2017, most of which was booked in Ireland where it has its European headquarters.

Apple agrees 500-million-euro tax settlement with France

The three-way alliance of Renault, Nissan and Mitsubishi Motors is planning a deal to work with Google's Waymo to jointly develop self-driving taxis, Japan's Nikkei said Tuesday.

The three automakers are finalising tie-up negotiations with Waymo, a Google-affiliated developer of self-driving car technology, the business daily said on its website.

The two sides are expected to announce details of the deal "as early as this spring," it added.

One project that the joint operation is considering would involve developing unmanned taxis using Nissan and other vehicles under a new system that handles reservation and payments, the newspaper said.

In September last year, the alliance decided to use a Google operating system for their cars' information systems, and the tech giant has already forged similar deals with Fiat Chrysler Automobiles and Jaguar Land Rover.

The report comes as the alliance reels from the arrest of Carlos Ghosn, the auto tycoon who forged and led the partnership before his shock November 19 detention.

His arrest and subsequent indictment on three charges has exposed rifts between Nissan and Renault, which, together with Mitsubishi, make up the world's top-selling auto manufacturing group.

Born in a Google lab devoted to big-vision new technology, Waymo became a subsidiary of parent company Alphabet in 2016.

Waymo already runs a self-driving car service in Phoenix, Arizona.

Those taking part in the service can use a smartphone application to summon autonomous vehicles any time of day to get about in an area about 100 square miles at its maximum, according to Waymo chief John Krafcik.

The firm last year announced it was adding as many as 62,000 Fiat Chrysler minivans to its autonomous fleet in an expanded collaboration announced by the companies.

The three-way alliance of Renault, Nissan and Mitsubishi Motors is planning a deal to work with Google's Waymo to jointly develop self-driving taxis, Japan's Nikkei said Tuesday.

The three-way alliance of Renault, Nissan and Mitsubishi Motors is planning a deal to work with Google's Waymo to jointly develop self-driving taxis, Japan's Nikkei said Tuesday. The three automakers are finalising tie-up negotiations with Waymo, a Google-affiliated developer of self-driving car technology, the business daily said on its website. The two sides are expected to announce details of the deal "as early as this spring," it added. One project that the joint operation is considering would involve developing unmanned taxis using Nissan and other vehicles under a new system that handles reservation and payments, the newspaper said. In September last year, the alliance decided to use a Google operating system for their cars' information systems, and the tech giant has already forged similar deals with Fiat Chrysler Automobiles and Jaguar Land Rover. The report comes as the alliance reels from the arrest of Carlos Ghosn, the auto tycoon who forged and led the partnership before his shock November 19 detention. His arrest and subsequent indictment on three charges has exposed rifts between Nissan and Renault, which, together with Mitsubishi, make up the world's top-selling auto manufacturing group. Born in a Google lab devoted to big-vision new technology, Waymo became a subsidiary of parent company Alphabet in 2016. Waymo already runs a self-driving car service in Phoenix, Arizona. Those taking part in the service can use a smartphone application to summon autonomous vehicles any time of day to get about in an area about 100 square miles at its maximum, according to Waymo chief John Krafcik. The firm last year announced it was adding as many as 62,000 Fiat Chrysler minivans to its autonomous fleet in an expanded collaboration announced by the companies.

Renault-Nissan to work with Google's Waymo on driverless cars: Report

India is among the several countries that stand to benefit from the ongoing trade tensions between the world's top two economies - the US and China, the UN has said in its latest report.

The US and China are locked in a trade war since President Donald Trump imposed heavy tariffs on imported steel and aluminium items in March last year, a move that sparked fears of a global trade war.

In response, China imposed tit-for-tat tariffs on billions of dollars worth of American imports.

The United Nations experts said Monday that the tit-for-tat trade dispute between China and the United States may do little to protect domestic producers in either country and could have "massive" implications on the global economy unless it is resolved.

Of the $250 billion in Chinese exports that are subject to US tariffs, only about six per cent will be picked up by firms in the US, according to a report by the UN Conference on Trade and Development (UNCTAD).

And of the approximately $85 billion in US exports that are subject to China's tariffs, only about five per cent of this will be taken up by Chinese firms, according to the UN research.

In a bid to meet the US' demand for bringing down the $375 billion bilateral trade deficit, China has pledged to take measures to step-up American imports and investments. March 1, 2019, is the deadline for implementing the measures.

Unless the US and China agree to drop their tariff dispute by March 1, duty on each country's products will rise to 25 per cent, up from the current 10 per cent level, the UN said.

Countries that are expected to benefit the most from the trade war are the EU members as exports in the bloc are likely to grow by $70 billion. Japan and Canada will see exports increase by more than $20 billion each, it said.

Other countries set to benefit from the trade tensions include Australia, with 4.6 per cent export gains, Brazil (3.8) India (3.5), Philippines (3.2) and Vietnam (5), the study said.

Quoting former US Secretary of State Cordell Hull, UNCTAD's Pamela Coke-Hamilton repeated his description of protective tariffs as "a gun that recoils on ourselves", which had also contributed to the Great Depression of the 1930s and the rise of extremism.

"I think that is a single lesson from what we have had here today. If - barring an agreement between the US, China on March 1 - tariffs will escalate to 25 per cent, which is a significant difference from the 10 per cent as it currently exists," Coke-Hamilton said.

The implications of such a development would be "massive", the UNCTAD Director, Division on International Trade in Goods and Services, and Commodities continued, adding that its effects would, first of all, involve "an economic downturn... Due to instability in commodities and financial markets".

"One major concern is the risk that trade tensions could spiral into currency wars, making dollar-denominated debt more difficult to service," the report added.

Imposing tariffs make US-made products cheaper than imported ones and encourage consumers to buy American.&nbsp;

India is among the several countries that stand to benefit from the ongoing trade tensions between the world's top two economies - the US and China, the UN has said in its latest report.

India is among the several countries that stand to benefit from the ongoing trade tensions between the world's top two economies - the US and China, the UN has said in its latest report. The US and China are locked in a trade war since President Donald Trump imposed heavy tariffs on imported steel and aluminium items in March last year, a move that sparked fears of a global trade war. In response, China imposed tit-for-tat tariffs on billions of dollars worth of American imports. The United Nations experts said Monday that the tit-for-tat trade dispute between China and the United States may do little to protect domestic producers in either country and could have "massive" implications on the global economy unless it is resolved. Of the $250 billion in Chinese exports that are subject to US tariffs, only about six per cent will be picked up by firms in the US, according to a report by the UN Conference on Trade and Development (UNCTAD). And of the approximately $85 billion in US exports that are subject to China's tariffs, only about five per cent of this will be taken up by Chinese firms, according to the UN research. In a bid to meet the US' demand for bringing down the $375 billion bilateral trade deficit, China has pledged to take measures to step-up American imports and investments. March 1, 2019, is the deadline for implementing the measures. Unless the US and China agree to drop their tariff dispute by March 1, duty on each country's products will rise to 25 per cent, up from the current 10 per cent level, the UN said. Countries that are expected to benefit the most from the trade war are the EU members as exports in the bloc are likely to grow by $70 billion. Japan and Canada will see exports increase by more than $20 billion each, it said. Other countries set to benefit from the trade tensions include Australia, with 4.6 per cent export gains, Brazil (3.8) India (3.5), Philippines (3.2) and Vietnam (5), the study said. Quoting former US Secretary of State Cordell Hull, UNCTAD's Pamela Coke-Hamilton repeated his description of protective tariffs as "a gun that recoils on ourselves", which had also contributed to the Great Depression of the 1930s and the rise of extremism. "I think that is a single lesson from what we have had here today. If - barring an agreement between the US, China on March 1 - tariffs will escalate to 25 per cent, which is a significant difference from the 10 per cent as it currently exists," Coke-Hamilton said. The implications of such a development would be "massive", the UNCTAD Director, Division on International Trade in Goods and Services, and Commodities continued, adding that its effects would, first of all, involve "an economic downturn... Due to instability in commodities and financial markets". "One major concern is the risk that trade tensions could spiral into currency wars, making dollar-denominated debt more difficult to service," the report added. Imposing tariffs make US-made products cheaper than imported ones and encourage consumers to buy American.

India among countries to benefit from US-China trade war: United Nations

The Indian government expects the central bank to pay a dividend of 690 billion rupees ($9.63 billion) in the next financial year beginning April 2019, a senior finance ministry source, who requested anonymity, told reporters on Tuesday.

Piyush Goyal, India's interim finance minister, in his annual budget for 2019/20 tabled in parliament last week, estimated to get 829.11 billion rupees through dividend from banks, financial institutions and the Reserve Bank of India next financial year.

Meanwhile, the Reserve Bank of India is likely to change its monetary policy stance to "neutral" from "calibrated tightening" on Thursday and move closer to a rate cut in April as inflation stays below the central bank's 4per cent target.

A softer stance would bode well for Prime Minister Narendra Modi's government, which wants to boost lending and lift growth as it faces elections by May.

While two-thirds of 65 economists expected the RBI to hold the repo rate at 6.50 per cent, most respondents predicted the six-member monetary policy committee (MPC) would shift its stance to neutral, according to a Reuters poll published on Jan. 24. Nearly half of respondents expected a 25 basis point rate cut by mid-2019.

At Thursday's MPC meeting - the first for RBI Governor Shaktikanta Das - it will be tough to balance desire to support economic growth with the need to contain inflationary expectations.

Some economists said Das, a seasoned bureaucrat, is likely to promote growth and aid the fragile financial sector, as inflation is comfortable at present, in December dropping to an 18-month low of 2.19 per cent.

The Indian government expects the central bank to pay a dividend of 690 billion rupees ($9.63 billion) in the next financial year beginning April 2019, a senior finance ministry source, who requested anonymity, told reporters on Tuesday.

The Indian government expects the central bank to pay a dividend of 690 billion rupees ($9.63 billion) in the next financial year beginning April 2019, a senior finance ministry source, who requested anonymity, told reporters on Tuesday. Piyush Goyal, India's interim finance minister, in his annual budget for 2019/20 tabled in parliament last week, estimated to get 829.11 billion rupees through dividend from banks, financial institutions and the Reserve Bank of India next financial year. Meanwhile, the Reserve Bank of India is likely to change its monetary policy stance to "neutral" from "calibrated tightening" on Thursday and move closer to a rate cut in April as inflation stays below the central bank's 4per cent target. A softer stance would bode well for Prime Minister Narendra Modi's government, which wants to boost lending and lift growth as it faces elections by May. While two-thirds of 65 economists expected the RBI to hold the repo rate at 6.50 per cent, most respondents predicted the six-member monetary policy committee (MPC) would shift its stance to neutral, according to a Reuters poll published on Jan. 24. Nearly half of respondents expected a 25 basis point rate cut by mid-2019. At Thursday's MPC meeting - the first for RBI Governor Shaktikanta Das - it will be tough to balance desire to support economic growth with the need to contain inflationary expectations. Some economists said Das, a seasoned bureaucrat, is likely to promote growth and aid the fragile financial sector, as inflation is comfortable at present, in December dropping to an 18-month low of 2.19 per cent.

Government expects 690 billion rupees in dividend from RBI in coming financial year

Punjab National Bank (PNB) chairman Sunil Mehta&nbsp;said Tuesday that the state-run bank, which has been hit by India's biggest banking scam in 2018, had posted a quarterly profit helped by a sharp drop in provisions. PNB had been scammed of over Rs 13,000 crore by the jewellers Nirav Modi and his uncle Mehul Choksi.&nbsp;

"Our recovery for the first three quarters is Rs.16,000 crore, which is almost three times the recovery last year. This, in turn, has helped us in reducing our Gross NPA percentages from 18.32% to 16.33% right now," Mehta said Tuesday.&nbsp;

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Sunil Mehta, Chairman Punjab National Bank (PNB): Our recovery for the first three quarters is Rs.16000 crore, which is almost three times the recovery last year. This in turn has helped us in reducing our Gross NPA percentages from 18.32% to 16.33% right now. <a href="https://t.co/0vMvhTwqGa">pic.twitter.com/0vMvhTwqGa</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1092711493122936832?ref_src=twsrc%5Etfw">February 5, 2019</a></blockquote>
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Reacting to the matter of the recovery of fugitive liquor baron <a href="http://www.wionews.com/india-news/uk-home-secretary-signs-order-to-extradite-vijay-mallya-to-india-195145">Vijay Mallya</a>'s assets. Mehta stated that the "recovery will be done as per legal procedures. The judicial process is still underway."

On Nirav Modi, Mehta noted that 100 per cent provisioning in the matter has been done. "It was completed till the third quarter," he added.&nbsp;

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Sunil Mehta,Chairman PNB: Slippage in 1st quarter was Rs.5250cr, in 2nd quarter it was Rs.4470cr, in 3rd quarter it was Rs.3200cr. So, slippages in every quarter have reduced which reduces requirement of provisioning. It helped us in absorbing the loss that bank suffered in past <a href="https://t.co/zZY5UMroFz">pic.twitter.com/zZY5UMroFz</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1092715503594889217?ref_src=twsrc%5Etfw">February 5, 2019</a></blockquote>
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Fugitive liquor baron Vijay Mallya's extradition to India has been ordered by the United Kingdom. UK Home Secretary Sajid Javid Monday ordered Mallya's extradition to India on Monday.&nbsp;

Accused of conspiracy to defraud banks and money laundering offence, the 63-year-old business tycoon is wanted in India for charges amounting to an estimated Rs 9,000 crores.

Mallya is also accused of violating the Foreign Exchange Management Act (FEMA). &nbsp;

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Sunil Mehta, Chairman Punjab National Bank (PNB) on Vijay Mallya: Recovery of his assets will be done as per legal procedures. Judicial process is still underway. <a href="https://t.co/8eeOqWl27B">pic.twitter.com/8eeOqWl27B</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1092717706682392577?ref_src=twsrc%5Etfw">February 5, 2019</a></blockquote>
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"Vijay Mallya is accused in India of conspiracy to defraud, making false representations and money laundering offences,” the order said. "

Mallya has decided to initiate the appeal process after the UK Home Office approved his extradition to India on Monday.

(With inputs from agencies)&nbsp;

Punjab National Bank (PNB) chairman Sunil Mehta said Tuesday that the state-run bank, which has been hit by India's biggest banking scam in 2018, had posted a quarterly profit helped by a sharp drop in provisions.

Punjab National Bank (PNB) chairman Sunil Mehta said Tuesday that the state-run bank, which has been hit by India's biggest banking scam in 2018, had posted a quarterly profit helped by a sharp drop in provisions. PNB had been scammed of over Rs 13,000 crore by the jewellers Nirav Modi and his uncle Mehul Choksi. "Our recovery for the first three quarters is Rs.16,000 crore, which is almost three times the recovery last year. This, in turn, has helped us in reducing our Gross NPA percentages from 18.32% to 16.33% right now," Mehta said Tuesday. Sunil Mehta, Chairman Punjab National Bank (PNB): Our recovery for the first three quarters is Rs.16000 crore, which is almost three times the recovery last year. This in turn has helped us in reducing our Gross NPA percentages from 18.32% to 16.33% right now. pic.twitter.com/0vMvhTwqGa — ANI (@ANI) February 5, 2019 × Reacting to the matter of the recovery of fugitive liquor baron Vijay Mallya's assets. Mehta stated that the "recovery will be done as per legal procedures. The judicial process is still underway." On Nirav Modi, Mehta noted that 100 per cent provisioning in the matter has been done. "It was completed till the third quarter," he added. Sunil Mehta,Chairman PNB: Slippage in 1st quarter was Rs.5250cr, in 2nd quarter it was Rs.4470cr, in 3rd quarter it was Rs.3200cr. So, slippages in every quarter have reduced which reduces requirement of provisioning. It helped us in absorbing the loss that bank suffered in past pic.twitter.com/zZY5UMroFz — ANI (@ANI) February 5, 2019 × Fugitive liquor baron Vijay Mallya's extradition to India has been ordered by the United Kingdom. UK Home Secretary Sajid Javid Monday ordered Mallya's extradition to India on Monday. Accused of conspiracy to defraud banks and money laundering offence, the 63-year-old business tycoon is wanted in India for charges amounting to an estimated Rs 9,000 crores. Mallya is also accused of violating the Foreign Exchange Management Act (FEMA). Sunil Mehta, Chairman Punjab National Bank (PNB) on Vijay Mallya: Recovery of his assets will be done as per legal procedures. Judicial process is still underway. pic.twitter.com/8eeOqWl27B — ANI (@ANI) February 5, 2019 × "Vijay Mallya is accused in India of conspiracy to defraud, making false representations and money laundering offences,” the order said. " Mallya has decided to initiate the appeal process after the UK Home Office approved his extradition to India on Monday. (With inputs from agencies)

Punjab National Bank, hit by biggest Indian banking scam last year, posts quarterly profit

Indian shares ended slightly higher on Tuesday, lifted by gains in consumer stocks, while investors kept a cautious stance ahead of the three-day central bank policy meeting outcome.

According to a Reuters poll of 65 analysts, two-thirds have said the Reserve Bank of India (RBI) would hold its repo rate, a surprise change of stance following the appointment of Shaktikanta Das as the central bank chief in December.&nbsp;

The broader Nifty closed 0.20 per cent higher at 10,934.35, while the benchmark Sensex edged up 0.09 per cent at 36,616.81.

Both indexes closed higher for a fourth straight session.

Titan Co Ltd extended gains to close 4 per cent firmer after it posted upbeat quarterly results on Friday. Financial stocks also climbed, with IndusInd Bank ending 2.47 per cent higher.&nbsp;

Indian shares ended slightly higher on Tuesday, lifted by gains in consumer stocks, while investors kept a cautious stance ahead of the three-day central bank policy meeting outcome.

Indian shares ended slightly higher on Tuesday, lifted by gains in consumer stocks, while investors kept a cautious stance ahead of the three-day central bank policy meeting outcome. According to a Reuters poll of 65 analysts, two-thirds have said the Reserve Bank of India (RBI) would hold its repo rate, a surprise change of stance following the appointment of Shaktikanta Das as the central bank chief in December. The broader Nifty closed 0.20 per cent higher at 10,934.35, while the benchmark Sensex edged up 0.09 per cent at 36,616.81. Both indexes closed higher for a fourth straight session. Titan Co Ltd extended gains to close 4 per cent firmer after it posted upbeat quarterly results on Friday. Financial stocks also climbed, with IndusInd Bank ending 2.47 per cent higher.

Sensex, Nifty end firmer as consumer, financials boost

The BSE benchmark Sensex Monday fell over 100 points tracking selloff in banking, auto and metal stocks amid mixed cues from global markets.

The 30-share index was trading 109.53 points, or 0.30 per cent, lower at 36,359.90.

Similarly, the 50-share NSE Nifty fell 31.75 points, or 0.29 per cent, to 10,861.90.

On Friday, however, key indices finished with robust gains Friday after the government made a big populist push in its final budget before elections, even as some investors fretted about the fiscal impact of farm sops and tax rebates.

The BSE Sensex had climbed 212.74 points, or 0.59 per cent, to finish at 36,469.43, while the broader NSE Nifty rose 62.70 points, or 0.58 per cent, to 10,893.65.

Top gainers in the Sensex pack include ONGC, RIL, HCL Tech, Vedanta, HUL, Coal India, HDFC Bank, HDFC, TCS and Infosys, rising up to 2.39 per cent. 
On the other hand, Yes Bank, Tata Steel, Hero MotoCorp, ICICI Bank, Bharti Airtel, IndusInd Bank, M&amp;M, PowerGrid and Tata Motors were the top losers, falling up to 3.15 per cent.

On a net basis, foreign portfolio investors (FPIs) bought shares worth a net of Rs 1,315.89 crore Friday, and domestic institutional investors (DIIs) were net sellers to the tune of Rs 5.07 crore, provisional data available with BSE showed.

Elsewhere in Asia, Shanghai Composite Index jumped 1.30 per cent, Hong Kong's Hang Seng rose 0.02 per cent, and Japan's Nikkei gained 0.53 per cent; while Kospi slipped 0.06 per cent in early trade.

On Wall Street, Dow Jones Industrial Average ended 0.26 per cent higher on Friday.

The rupee, meanwhile, depreciated 37 paise against US dollar to 71.64.

The benchmark Brent crude futures fell 0.16 per cent to USD 62.65 per barrel.

The BSE benchmark Sensex Monday fell over 100 points tracking selloff in banking, auto and metal stocks amid mixed cues from global markets. The 30-share index was trading 109.

The BSE benchmark Sensex Monday fell over 100 points tracking selloff in banking, auto and metal stocks amid mixed cues from global markets. The 30-share index was trading 109.53 points, or 0.30 per cent, lower at 36,359.90. Similarly, the 50-share NSE Nifty fell 31.75 points, or 0.29 per cent, to 10,861.90. On Friday, however, key indices finished with robust gains Friday after the government made a big populist push in its final budget before elections, even as some investors fretted about the fiscal impact of farm sops and tax rebates. The BSE Sensex had climbed 212.74 points, or 0.59 per cent, to finish at 36,469.43, while the broader NSE Nifty rose 62.70 points, or 0.58 per cent, to 10,893.65. Top gainers in the Sensex pack include ONGC, RIL, HCL Tech, Vedanta, HUL, Coal India, HDFC Bank, HDFC, TCS and Infosys, rising up to 2.39 per cent. On the other hand, Yes Bank, Tata Steel, Hero MotoCorp, ICICI Bank, Bharti Airtel, IndusInd Bank, M&M, PowerGrid and Tata Motors were the top losers, falling up to 3.15 per cent. On a net basis, foreign portfolio investors (FPIs) bought shares worth a net of Rs 1,315.89 crore Friday, and domestic institutional investors (DIIs) were net sellers to the tune of Rs 5.07 crore, provisional data available with BSE showed. Elsewhere in Asia, Shanghai Composite Index jumped 1.30 per cent, Hong Kong's Hang Seng rose 0.02 per cent, and Japan's Nikkei gained 0.53 per cent; while Kospi slipped 0.06 per cent in early trade. On Wall Street, Dow Jones Industrial Average ended 0.26 per cent higher on Friday. The rupee, meanwhile, depreciated 37 paise against US dollar to 71.64. The benchmark Brent crude futures fell 0.16 per cent to USD 62.65 per barrel.

Sensex drops over 100 points; bank, auto stocks fall

Britain on Monday will seek to reassure foreign investors worried about Britain leaving the EU after Japanese automaker Nissan said it was scrapping a major planned investment less than two months before Brexit.

Prime Minister Theresa May was due to hold a conference call with around 55 chairmen and chief executives of European multinationals with operations in Britain.

"She'll be stressing on that call the importance of the UK leaving the EU with a deal," her spokesman said.

Nissan's decision not to build its new X-Trail vehicle at its factory in Sunderland in northeast England was "very disappointing," he said, adding however that the company had confirmed no jobs would be lost as a result.

Business Secretary Greg Clark was also due to make a statement to parliament on Nissan as Brexit supporters and opponents fiercely debated whether the decision was motivated by Britain's impending withdrawal from the EU.

Britain is on course to crash out of the bloc on March 29 after MPs last month voted massively against a divorce deal struck between May and EU leaders in December.

Clark himself told the Financial Times that Nissan told him their decision was "a warning sign" of the damage that a no-deal Brexit could have on Britain's car sector.

'Still, time to reach agreement'

May is now seeking to renegotiate her deal, particularly its contentious "backstop" provision to keep the Irish border free-flowing, in a bid to secure parliament's support.

EU leaders have so far refused, and German Chancellor Angela Merkel repeated this on Monday, saying the Brexit agreement had been painstakingly negotiated and reopening it "is not on the agenda".

But speaking alongside Japanese Prime Minister Shinzo Abe in Tokyo, she said: "We want to do everything to avoid a no-deal because that would increase the uncertainty."

Merkel said questions about the backstop could be discussed in the so-called political agreement that accompanies the Brexit deal, adding: "We need to show creativity, we need to listen to each other.

"We can still use the time to come to an agreement over the things that are standing in our way if everyone shows goodwill."

In London, May has invited hardline eurosceptics and Remain supporters within her Conservative Party to come up with possible alternatives to the backstop.

The MPs were set to meet later on Monday and again on Tuesday and Wednesday.&nbsp;

May wrote in the Sunday Telegraph that she intends to return to Brussels where she will be "battling for Britain and Northern Ireland" to change the deal.

"If we stand together and speak with one voice, I believe we can find the right way forward," she wrote.

Meanwhile, Brexit figurehead Boris Johnson, Britain's former foreign secretary, warned that rumours of an imminent election could be a government "scare tactic" aimed at getting Conservative MPs to support a Brexit deal.

Writing in the Daily Telegraph, he said that "if Tory MPs were asked to go into electoral battle in the next few months, there would be a hole in the heart of our manifesto".

"I have no idea what we would say about the EU - because after two-and-a-half years of dither the truly astonishing feature of the UK position is that the big questions have still not been answered," he wrote.

Britain on Monday will seek to reassure foreign investors worried about Britain leaving the EU after Japanese automaker Nissan said it was scrapping a major planned investment less than two months before Brexit.

Britain on Monday will seek to reassure foreign investors worried about Britain leaving the EU after Japanese automaker Nissan said it was scrapping a major planned investment less than two months before Brexit. Prime Minister Theresa May was due to hold a conference call with around 55 chairmen and chief executives of European multinationals with operations in Britain. "She'll be stressing on that call the importance of the UK leaving the EU with a deal," her spokesman said. Nissan's decision not to build its new X-Trail vehicle at its factory in Sunderland in northeast England was "very disappointing," he said, adding however that the company had confirmed no jobs would be lost as a result. Business Secretary Greg Clark was also due to make a statement to parliament on Nissan as Brexit supporters and opponents fiercely debated whether the decision was motivated by Britain's impending withdrawal from the EU. Britain is on course to crash out of the bloc on March 29 after MPs last month voted massively against a divorce deal struck between May and EU leaders in December. Clark himself told the Financial Times that Nissan told him their decision was "a warning sign" of the damage that a no-deal Brexit could have on Britain's car sector. 'Still, time to reach agreement' May is now seeking to renegotiate her deal, particularly its contentious "backstop" provision to keep the Irish border free-flowing, in a bid to secure parliament's support. EU leaders have so far refused, and German Chancellor Angela Merkel repeated this on Monday, saying the Brexit agreement had been painstakingly negotiated and reopening it "is not on the agenda". But speaking alongside Japanese Prime Minister Shinzo Abe in Tokyo, she said: "We want to do everything to avoid a no-deal because that would increase the uncertainty." Merkel said questions about the backstop could be discussed in the so-called political agreement that accompanies the Brexit deal, adding: "We need to show creativity, we need to listen to each other. "We can still use the time to come to an agreement over the things that are standing in our way if everyone shows goodwill." In London, May has invited hardline eurosceptics and Remain supporters within her Conservative Party to come up with possible alternatives to the backstop. The MPs were set to meet later on Monday and again on Tuesday and Wednesday. May wrote in the Sunday Telegraph that she intends to return to Brussels where she will be "battling for Britain and Northern Ireland" to change the deal. "If we stand together and speak with one voice, I believe we can find the right way forward," she wrote. Meanwhile, Brexit figurehead Boris Johnson, Britain's former foreign secretary, warned that rumours of an imminent election could be a government "scare tactic" aimed at getting Conservative MPs to support a Brexit deal. Writing in the Daily Telegraph, he said that "if Tory MPs were asked to go into electoral battle in the next few months, there would be a hole in the heart of our manifesto". "I have no idea what we would say about the EU - because after two-and-a-half years of dither the truly astonishing feature of the UK position is that the big questions have still not been answered," he wrote.

UK seeks to reassure foreign investors over Brexit

The pound dropped Monday following weak UK construction data and as Prime Minister Theresa May seeks to try and finally unlock the <a href="http://www.wionews.com/world/uk-trade-minister-says-eu-irresponsible-to-refuse-to-reopen-brexit-deal-194815">Brexit stalemate</a>.

London's benchmark FTSE 100 index, featuring large multinationals earning in dollars and euros, climbed to a two-month high above 7,000 points thanks to the weaker pound.

Eurozone stock markets faltered, while Asia mostly advanced.

Oil prices hit the highest levels this year as the crisis in OPEC producer Venezuela fuels concerns over potential tighter crude supplies.&nbsp;

"A minor decline for the pound, one that followed a 10- month low UK construction PMI... allowed the FTSE to hit a fresh two-month high," noted Connor Campbell, financial analyst at Spreadex traders.

The IHS Markit/CIPS UK Construction purchasing managers' index fell to 50.6 in January from 52.8 the previous month.

"Uncertainty about Brexit has snuffed out the recovery in the construction sector," said Samuel Tombs, chief UK economist at Pantheon Macroeconomics.

"In the unlikely event of a no-deal Brexit, the sector likely will slide into another recession, amid weaker business confidence and tighter credit conditions.&nbsp;

"But provided a deal is signed off, the construction sector likely will enjoy strong growth soon.&nbsp;

"Business investment should rebound later this year, given that firms' profit margins are relatively healthy and their balance sheets are awash with cash," Tombs added.

May on Sunday said she would be "armed with a fresh mandate and new ideas" when she next meets European Union negotiators over her Brexit deal.

EU officials have insisted that the deal -- rejected by British lawmakers -- is not open for renegotiation.

But May wrote in the Sunday Telegraph that she would be "battling for Britain and Northern Ireland" in her efforts to get rid of the agreement's unpopular "backstop" provision.

The so-called backstop is intended to ensure there is no return to a hard border with Ireland, but Brexit supporters fear it will keep Britain tied to the EU's customs rules.

Aside from Brexit, markets continued to feast over strong US jobs data published Friday, helping Asian stock markets to gain in thin trade owing to the three-day Lunar New Year break.

Expectations that the Federal Reserve will take its foot off the gas in raising US interest rates -- and optimism that China and the United States will eventually hammer out a deal to resolve their long-running trade war -- provided support.

The US, the world's biggest economy, added 304,000 new posts in January, almost double what was expected and the strongest reading for almost a year, while growth in pay held steady above inflation.

All three main indices on Wall Street ended with gains Friday, which filtered through to Asia.

The pound dropped Monday following weak UK construction data and as Prime Minister Theresa May seeks to try and finally unlock the Brexit stalemate. London's benchmark FTSE 100 index, featuring large multinationals earning in dollars and euros, climbed to a two-month high above 7,000 points thanks to the weaker pound.

The pound dropped Monday following weak UK construction data and as Prime Minister Theresa May seeks to try and finally unlock the Brexit stalemate. London's benchmark FTSE 100 index, featuring large multinationals earning in dollars and euros, climbed to a two-month high above 7,000 points thanks to the weaker pound. Eurozone stock markets faltered, while Asia mostly advanced. Oil prices hit the highest levels this year as the crisis in OPEC producer Venezuela fuels concerns over potential tighter crude supplies. "A minor decline for the pound, one that followed a 10- month low UK construction PMI... allowed the FTSE to hit a fresh two-month high," noted Connor Campbell, financial analyst at Spreadex traders. The IHS Markit/CIPS UK Construction purchasing managers' index fell to 50.6 in January from 52.8 the previous month. "Uncertainty about Brexit has snuffed out the recovery in the construction sector," said Samuel Tombs, chief UK economist at Pantheon Macroeconomics. "In the unlikely event of a no-deal Brexit, the sector likely will slide into another recession, amid weaker business confidence and tighter credit conditions. "But provided a deal is signed off, the construction sector likely will enjoy strong growth soon. "Business investment should rebound later this year, given that firms' profit margins are relatively healthy and their balance sheets are awash with cash," Tombs added. May on Sunday said she would be "armed with a fresh mandate and new ideas" when she next meets European Union negotiators over her Brexit deal. EU officials have insisted that the deal -- rejected by British lawmakers -- is not open for renegotiation. But May wrote in the Sunday Telegraph that she would be "battling for Britain and Northern Ireland" in her efforts to get rid of the agreement's unpopular "backstop" provision. The so-called backstop is intended to ensure there is no return to a hard border with Ireland, but Brexit supporters fear it will keep Britain tied to the EU's customs rules. Aside from Brexit, markets continued to feast over strong US jobs data published Friday, helping Asian stock markets to gain in thin trade owing to the three-day Lunar New Year break. Expectations that the Federal Reserve will take its foot off the gas in raising US interest rates -- and optimism that China and the United States will eventually hammer out a deal to resolve their long-running trade war -- provided support. The US, the world's biggest economy, added 304,000 new posts in January, almost double what was expected and the strongest reading for almost a year, while growth in pay held steady above inflation. All three main indices on Wall Street ended with gains Friday, which filtered through to Asia.

Pound falls as PM May plans fresh Brexit assault

The rupee on Monday dropped by 55 paise to close at 71.80 to the US dollar, the lowest level since December 17, ahead of the Reserve Bank of India's policy review meet.

This is the second straight session of loss for the domestic unit, during which it lost a total 72 paise.

Forex traders said foreign fund outflows and a stronger dollar following blockbuster US employment and factory data impacted the rupee sentiment.

Moreover, investors were cautious ahead of the next meeting of RBI's Monetary Policy Committee scheduled during February 5-7.

At the Interbank Foreign Exchange (forex) market, the rupee opened lower at 71.57 and fell further to touch the day's low of 71.82.

The domestic unit pared some losses before ending at 71.80 per dollar, down by 55 paise against its previous close.

On Friday, the rupee had settled 17 paise lower at 71.25 against the US dollar.

"Brent crude rose for fifth straight day to gain almost 6 per cent in last one week. The resultant pressure on Indian rupee is visible as it is trading lower," Sanctum Wealth Management Chief Investment Officer Sunil Sharma said.

Brent crude, the global oil benchmark, was trading at $62.97 per barrel, higher by 0.16 per cent.

Forex traders said concerns related to fiscal slippage weighed on the sentiment.&nbsp;

"The fiscal deficit for the current financial year is likely to be around 3.4 per cent of GDP, marginally higher than the targeted 3.3 per cent," said V K Sharma, Head PCG &amp; Capital Markets Strategy, HDFC Securities.

The benchmark BSE Sensex Monday recovered from the day's low to end 113.31 points or 0.31 per cent, higher at 36,582.74. The NSE Nifty also edged higher by 18.60 points, or 0.17 per cent, to close at 10,912.25.

Meanwhile, foreign funds sold shares worth Rs 112.13 crore from the capital markets on a net basis Friday, while domestic institutional investors sold shares worth Rs 65.22 crore, provisional data showed.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.6580 and for rupee/euro at 81.9997. The reference rate for rupee/British pound was fixed at 93.7067 and for rupee/100 Japanese yen at 65.29.

The rupee on Monday dropped by 55 paise to close at 71.80 to the US dollar, the lowest level since December 17, ahead of the Reserve Bank of India's policy review meet.

The rupee on Monday dropped by 55 paise to close at 71.80 to the US dollar, the lowest level since December 17, ahead of the Reserve Bank of India's policy review meet. This is the second straight session of loss for the domestic unit, during which it lost a total 72 paise. Forex traders said foreign fund outflows and a stronger dollar following blockbuster US employment and factory data impacted the rupee sentiment. Moreover, investors were cautious ahead of the next meeting of RBI's Monetary Policy Committee scheduled during February 5-7. At the Interbank Foreign Exchange (forex) market, the rupee opened lower at 71.57 and fell further to touch the day's low of 71.82. The domestic unit pared some losses before ending at 71.80 per dollar, down by 55 paise against its previous close. On Friday, the rupee had settled 17 paise lower at 71.25 against the US dollar. "Brent crude rose for fifth straight day to gain almost 6 per cent in last one week. The resultant pressure on Indian rupee is visible as it is trading lower," Sanctum Wealth Management Chief Investment Officer Sunil Sharma said. Brent crude, the global oil benchmark, was trading at $62.97 per barrel, higher by 0.16 per cent. Forex traders said concerns related to fiscal slippage weighed on the sentiment. "The fiscal deficit for the current financial year is likely to be around 3.4 per cent of GDP, marginally higher than the targeted 3.3 per cent," said V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities. The benchmark BSE Sensex Monday recovered from the day's low to end 113.31 points or 0.31 per cent, higher at 36,582.74. The NSE Nifty also edged higher by 18.60 points, or 0.17 per cent, to close at 10,912.25. Meanwhile, foreign funds sold shares worth Rs 112.13 crore from the capital markets on a net basis Friday, while domestic institutional investors sold shares worth Rs 65.22 crore, provisional data showed. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.6580 and for rupee/euro at 81.9997. The reference rate for rupee/British pound was fixed at 93.7067 and for rupee/100 Japanese yen at 65.29.

Rupee slumps 55 paise to 71.80 US dollar

India's April-December fiscal deficit narrowed to 7.01 trillion rupees ($97.80 billion), or 112.4 per cent of the budgeted target for the current fiscal year, government data showed on Monday.

In April-November, the country's fiscal deficit was 7.17 trillion rupees or about 115 per cent of the budgeted target.

Net tax receipts in the first nine months of the fiscal year that ends in March were 9.36 trillion rupees, the data showed.

The government has revised upward its fiscal deficit target to 3.4 per cent of GDP in the current fiscal year from the previously estimated 3.3 per cent.

India's April-December fiscal deficit narrowed to 7.01 trillion rupees ($97.80 billion), or 112.4 per cent of the budgeted target for the current fiscal year, government data showed on Monday.

India's April-December fiscal deficit narrowed to 7.01 trillion rupees ($97.80 billion), or 112.4 per cent of the budgeted target for the current fiscal year, government data showed on Monday. In April-November, the country's fiscal deficit was 7.17 trillion rupees or about 115 per cent of the budgeted target. Net tax receipts in the first nine months of the fiscal year that ends in March were 9.36 trillion rupees, the data showed. The government has revised upward its fiscal deficit target to 3.4 per cent of GDP in the current fiscal year from the previously estimated 3.3 per cent.

India's April-December fiscal deficit narrows to 7.01 trillion rupees: Government

Ryanair on Monday unveiled plans for an overhaul to create four subsidiaries, as the Irish no-frills airline revealed also a third-quarter loss of 20 million euros and said a no-deal Brexit "remains worryingly high".

Mirroring a set-up by British Airways and Iberia owner IAG, a statement said Ryanair planned to have four distinct operations, each with its own chief executive.

The airline's current chief executive, Michael O'Leary, will head up the overall group, Ryanair said. Under him will be Ryanair DAC overseeing the Irish operations and there will be also Ryanair UK, Laudamotion for its Austrian business and Ryanair Sun, or Polish unit.

"Having agreed to this group strategy as the best way to grow Ryanair, Sun, Lauda and other possible airline brands, Michael O'Leary has agreed a new five-year contract as group CEO," the statement said.

It added: "Over the next 12 months Ryanair Holdings Plc will move to a group structure not dissimilar to that of IAG.&nbsp;

"A small senior management team will oversee the development of four airline subsidiaries... (focusing) upon efficient capital allocation, cost reductions, aircraft acquisitions, and small scale M&amp;A opportunities," the statement said

On the latest group earnings performance, O'Leary said that while the 20 million euros ($23 million) net loss was "disappointing", the group takes "comfort that this was entirely due to weaker than expected airfares".

Last month, Ryanair cut its annual profit forecast for a second time, blaming lower airfares caused by overcapacity in the European short-haul sector.

Following Monday's update, Ryanair's share price slumped 4.4 per cent to 10.94 euros.

“For all the controversy and success, investors are entitled to at least question if O'Leary is the right man to take the company forward given the patchy recent track record and a stalling share price," said Russ Mould, investment director at AJ Bell.

"A new management structure... will probably put some distance between him and the unions."

Ryanair's recent performance has been hit also by pan-European strikes last year that forced it to cancel flights, affecting thousands of passengers, and offer improved pay deals to staff via landmark deals with unions.

On Monday meanwhile, the Dublin-based airline again spoke out on Brexit.

"The risk of a 'no-deal' Brexit remains worryingly high. While we hope that common sense will prevail and lead to either a delay in Brexit or agreement on the 21-month transition deal currently on the table, we have taken all necessary steps to protect Ryanair’s business in a no-deal environment," the statement said.&nbsp;

Britain accounts for about one-quarter of revenues at Ryanair, causing the airline to warn frequently about potential fallout from the UK's rocky path to exiting the European Union.

And while the airline sector as a whole took a knock last year from high oil prices, a sharp reduction in fuel costs in recent months has removed such pressures.

But the European short-haul sector remains weighed down by fierce competition despite some consolidation, including Ryanair's purchase of Austrian carrier Laudamotion in 2018.&nbsp;

Ryanair on Monday unveiled plans for an overhaul to create four subsidiaries, as the Irish no-frills airline revealed also a third-quarter loss of 20 million euros and said a no-deal Brexit "remains worryingly high".

Ryanair on Monday unveiled plans for an overhaul to create four subsidiaries, as the Irish no-frills airline revealed also a third-quarter loss of 20 million euros and said a no-deal Brexit "remains worryingly high". Mirroring a set-up by British Airways and Iberia owner IAG, a statement said Ryanair planned to have four distinct operations, each with its own chief executive. The airline's current chief executive, Michael O'Leary, will head up the overall group, Ryanair said. Under him will be Ryanair DAC overseeing the Irish operations and there will be also Ryanair UK, Laudamotion for its Austrian business and Ryanair Sun, or Polish unit. "Having agreed to this group strategy as the best way to grow Ryanair, Sun, Lauda and other possible airline brands, Michael O'Leary has agreed a new five-year contract as group CEO," the statement said. It added: "Over the next 12 months Ryanair Holdings Plc will move to a group structure not dissimilar to that of IAG. "A small senior management team will oversee the development of four airline subsidiaries... (focusing) upon efficient capital allocation, cost reductions, aircraft acquisitions, and small scale M&A opportunities," the statement said On the latest group earnings performance, O'Leary said that while the 20 million euros ($23 million) net loss was "disappointing", the group takes "comfort that this was entirely due to weaker than expected airfares". Last month, Ryanair cut its annual profit forecast for a second time, blaming lower airfares caused by overcapacity in the European short-haul sector. Following Monday's update, Ryanair's share price slumped 4.4 per cent to 10.94 euros. “For all the controversy and success, investors are entitled to at least question if O'Leary is the right man to take the company forward given the patchy recent track record and a stalling share price," said Russ Mould, investment director at AJ Bell. "A new management structure... will probably put some distance between him and the unions." Ryanair's recent performance has been hit also by pan-European strikes last year that forced it to cancel flights, affecting thousands of passengers, and offer improved pay deals to staff via landmark deals with unions. On Monday meanwhile, the Dublin-based airline again spoke out on Brexit. "The risk of a 'no-deal' Brexit remains worryingly high. While we hope that common sense will prevail and lead to either a delay in Brexit or agreement on the 21-month transition deal currently on the table, we have taken all necessary steps to protect Ryanair’s business in a no-deal environment," the statement said. Britain accounts for about one-quarter of revenues at Ryanair, causing the airline to warn frequently about potential fallout from the UK's rocky path to exiting the European Union. And while the airline sector as a whole took a knock last year from high oil prices, a sharp reduction in fuel costs in recent months has removed such pressures. But the European short-haul sector remains weighed down by fierce competition despite some consolidation, including Ryanair's purchase of Austrian carrier Laudamotion in 2018.

Ryanair to restructure, posts quarterly loss

The domestic stock markets on Monday closed in green with Sensex ending 113.31 points higher at 36,582.74. Nifty, on the other hand, rose 18.60 points to end at 10,912.25.&nbsp;

The BSE benchmark Sensex Monday fell over 100 points tracking selloff in banking, auto and metal stocks amid mixed cues from global markets.

The 30-share index was trading 109.53 points, or 0.30 per cent, lower at 36,359.90.

Similarly, the 50-share NSE Nifty fell 31.75 points, or 0.29 per cent, to 10,861.90.

On Friday, however, key indices finished with robust gains Friday after the government made a big populist push in its final budget before elections, even as some investors fretted about the fiscal impact of farm sops and tax rebates, news agency PTI reported.&nbsp;

The BSE Sensex had climbed 212.74 points, or 0.59 per cent, to finish at 36,469.43, while the broader NSE Nifty rose 62.70 points, or 0.58 per cent, to 10,893.65.

The domestic stock markets on Monday closed in green with Sensex ending 113.31 points higher at 36,582.74. Nifty, on the other hand, rose 18.60 points to end at 10,912.

The domestic stock markets on Monday closed in green with Sensex ending 113.31 points higher at 36,582.74. Nifty, on the other hand, rose 18.60 points to end at 10,912.25. The BSE benchmark Sensex Monday fell over 100 points tracking selloff in banking, auto and metal stocks amid mixed cues from global markets. The 30-share index was trading 109.53 points, or 0.30 per cent, lower at 36,359.90. Similarly, the 50-share NSE Nifty fell 31.75 points, or 0.29 per cent, to 10,861.90. On Friday, however, key indices finished with robust gains Friday after the government made a big populist push in its final budget before elections, even as some investors fretted about the fiscal impact of farm sops and tax rebates, news agency PTI reported. The BSE Sensex had climbed 212.74 points, or 0.59 per cent, to finish at 36,469.43, while the broader NSE Nifty rose 62.70 points, or 0.58 per cent, to 10,893.65.

Markets end in green, Sensex closes over 100 points higher 

The government will find it difficult to meet the fiscal deficit target of 3.4 per cent in 2019-20 on account on higher spending and low revenue growth, Moody's Investors Service said.

Observing that Indian government's debt is "stubbornly high" as a percentage of GDP, Moody's Investors Service Managing Director, Sovereign Risk Group, Gene Fang said it could be brought down only if the Centre sticks to the fiscal consolidation path.

Deviating from the path laid down in the Fiscal Responsibility and Budget Management (FRBM) Act, the government has pegged the fiscal deficit for the next financial year at 3.4 per cent of GDP, as against the original target of 3.1 per cent.

"While the government's growth assumptions appear reasonable, we think the government will continue to face challenges in meeting its fiscal targets, primarily due to structural increases in spending and difficulties in raising revenue further," Fang told PTI in an interview.

Fang said the 3.4 per cent fiscal deficit target for the year ending March 2020 is wider than expected, largely driven by increased spending to provide income support to small farmers and tax rebates ahead of the general elections in April-May this year.

The Interim Budget for 2019-20 doled out a scheme under which farmers holding up to 2 hectares of land would get an annual payout of Rs 6,000 -- a move intended to benefit about 12 crore farmers, among other measures for middle-class taxpayers.

However, there was a 0.1 per cent slip in the fiscal deficit estimate for the current financial year to 3.4 per cent.

While presenting the Budget, Finance Minister Piyush Goyal had said the government has provided Rs 20,000 crore in 2018-19 and Rs 75,000 crore in 2019-20 for providing income support to farmers, which has led to the slippage in the fiscal deficit.

Asked if India risks a rating downgrade following the breach in fiscal deficit target, Moody's said the country's 'Baa2' rating has a 'Stable' outlook, which indicates a balance of upside and downside risks.

"India's government debt remains stubbornly high as a per cent of GDP, but it's mostly domestically funded with a relatively long dated maturity structure.&nbsp;

India's economic growth also offers the potential to bring debt/GDP down, but only if the medium-term fiscal objectives of the FRBM are realised," Fang said.

As per the FRBM Act, debt-to-GDP ratio was to be brought down to 40 per cent by 2024-25 from 50.1 per cent in 2017-18.

In the 2018-19 Budget, the government had targeted to reduce its debt-to-GDP ratio to 48.8 per cent in 2018-19, 46.7 per cent in 2019-20 and 44.6 per cent in 2020-21, while fiscal deficit as a percentage of GDP was targeted to be reduced to 3.3 per cent, 3.1 per cent and 3 per cent, respectively during the same period.

US-based ratings agency Moody's had in 2017 upped India's rating to Baa2 from Baa3, changing outlook to 'stable' from 'positive', and said that reforms will help stabilise rising levels of debt.

The government will find it difficult to meet the fiscal deficit target of 3.4 per cent in 2019-20 on account on higher spending and low revenue growth, Moody's Investors Service said.

The government will find it difficult to meet the fiscal deficit target of 3.4 per cent in 2019-20 on account on higher spending and low revenue growth, Moody's Investors Service said. Observing that Indian government's debt is "stubbornly high" as a percentage of GDP, Moody's Investors Service Managing Director, Sovereign Risk Group, Gene Fang said it could be brought down only if the Centre sticks to the fiscal consolidation path. Deviating from the path laid down in the Fiscal Responsibility and Budget Management (FRBM) Act, the government has pegged the fiscal deficit for the next financial year at 3.4 per cent of GDP, as against the original target of 3.1 per cent. "While the government's growth assumptions appear reasonable, we think the government will continue to face challenges in meeting its fiscal targets, primarily due to structural increases in spending and difficulties in raising revenue further," Fang told PTI in an interview. Fang said the 3.4 per cent fiscal deficit target for the year ending March 2020 is wider than expected, largely driven by increased spending to provide income support to small farmers and tax rebates ahead of the general elections in April-May this year. The Interim Budget for 2019-20 doled out a scheme under which farmers holding up to 2 hectares of land would get an annual payout of Rs 6,000 -- a move intended to benefit about 12 crore farmers, among other measures for middle-class taxpayers. However, there was a 0.1 per cent slip in the fiscal deficit estimate for the current financial year to 3.4 per cent. While presenting the Budget, Finance Minister Piyush Goyal had said the government has provided Rs 20,000 crore in 2018-19 and Rs 75,000 crore in 2019-20 for providing income support to farmers, which has led to the slippage in the fiscal deficit. Asked if India risks a rating downgrade following the breach in fiscal deficit target, Moody's said the country's 'Baa2' rating has a 'Stable' outlook, which indicates a balance of upside and downside risks. "India's government debt remains stubbornly high as a per cent of GDP, but it's mostly domestically funded with a relatively long dated maturity structure. India's economic growth also offers the potential to bring debt/GDP down, but only if the medium-term fiscal objectives of the FRBM are realised," Fang said. As per the FRBM Act, debt-to-GDP ratio was to be brought down to 40 per cent by 2024-25 from 50.1 per cent in 2017-18. In the 2018-19 Budget, the government had targeted to reduce its debt-to-GDP ratio to 48.8 per cent in 2018-19, 46.7 per cent in 2019-20 and 44.6 per cent in 2020-21, while fiscal deficit as a percentage of GDP was targeted to be reduced to 3.3 per cent, 3.1 per cent and 3 per cent, respectively during the same period. US-based ratings agency Moody's had in 2017 upped India's rating to Baa2 from Baa3, changing outlook to 'stable' from 'positive', and said that reforms will help stabilise rising levels of debt.

Difficult for govt to maintain 3.4% fiscal deficit in FY'20: Moody's

Japanese car manufacturer Nissan announced Sunday it was cancelling plans to build its X-Trail SUV at its plant in northeast England despite Brexit assurances from the government.

"While we have taken this decision for business reasons, the continued uncertainty around the UK's future relationship with the EU is not helping companies like ours to plan for the future," Nissan Europe Chairman Gianluca de Ficchy said in a statement.

The car giant announced in 2016 that it planned to build the model at its plant in Sunderland, but will now assemble it instead at Nissan's global production hub in Kyushu, Japan.&nbsp;

"Other future models planned for Nissan Sunderland Plant -- the next-generation Juke and Qashqai -- are unaffected," added the statement.

"A model like X-Trail is manufactured in multiple locations globally, and can, therefore, be re-evaluated based on changes to the business environment," said Hideyuki Sakamoto, Nissan's executive vice president for manufacturing and supply chain management.

Japanese car manufacturer Nissan announced Sunday it was cancelling plans to build its X-Trail SUV at its plant in northeast England despite Brexit assurances from the government.

Japanese car manufacturer Nissan announced Sunday it was cancelling plans to build its X-Trail SUV at its plant in northeast England despite Brexit assurances from the government. "While we have taken this decision for business reasons, the continued uncertainty around the UK's future relationship with the EU is not helping companies like ours to plan for the future," Nissan Europe Chairman Gianluca de Ficchy said in a statement. The car giant announced in 2016 that it planned to build the model at its plant in Sunderland, but will now assemble it instead at Nissan's global production hub in Kyushu, Japan. "Other future models planned for Nissan Sunderland Plant -- the next-generation Juke and Qashqai -- are unaffected," added the statement. "A model like X-Trail is manufactured in multiple locations globally, and can, therefore, be re-evaluated based on changes to the business environment," said Hideyuki Sakamoto, Nissan's executive vice president for manufacturing and supply chain management.

Nissan cancels investment plan for UK plant

Wall Street ended mixed on Friday, as optimism from a surge in January US job growth was offset by a weaker-than-expected outlook from Amazon that battered retail stocks.

The online retail heavyweight slumped 5.38 per cent after its quarterly sales forecast fell short of Wall Street estimates, overshadowing its record sales and profit during the holiday season.

Those results put the Nasdaq in negative territory, while retailers Walmart Inc, Macy's Inc and Kohl's Corp each dropped more than 2 per cent. The S&amp;P consumer discretionary index fell 1.77 per cent.

A US Labor Department report showed nonfarm payrolls jumped by 304,000 jobs last month, the largest gain since February 2018 and beating economists' expectations for an increase of 165,000.

That report, along with better-than-expected ISM manufacturing activity numbers for January, pointed to underlying strength in the economy despite an uncertain outlook that has left the Federal Reserve wary about more US interest rate hikes this year.

"What the unemployment report is telling you is that people want to go back to work," said Tom Martin, senior portfolio manager at GlobAlt Investments in Atlanta. "The consumer needs to be strong, and if the consumer is employed, the consumer will stay strong."

Even as the US economy remains on a stable footing, investors are concerned that a slowdown overseas could hurt profit growth, with high-profile companies such as Apple Inc warning of slower demand in China.

Data showed China's manufacturing sector shrank in January for the second straight month, heightening risks for global growth amid a trade war with the United States.

The Dow Jones Industrial Average climbed 0.26 per cent to end the week at 25,063.89 points, while the S&amp;P 500 edged 0.09 per cent higher to 2,706.53.

The Nasdaq Composite dropped 0.25 per cent to 7,263.87.

The S&amp;P 500 rose 1.6 per cent for the week and the benchmark index is up 8 per cent so far in 2019, but it still remains 8 per cent below its record high close on Sept. 20, 2018.

The Dow added 1.3 per cent for the week and the Nasdaq gained 1.4 per cent.

During Friday's session, Exxon Mobil Corp and Chevron Corp jumped more than 3 per cent apiece after the oil majors reported better-than-expected quarterly profits, boosting the Dow Jones Industrials.

The S&amp;P energy index rallied 1.83 per cent, also helped by higher oil prices.

Cigna Corp slid 2.88 per cent lower after the health insurer forecast 2019 revenue and earnings below estimates.

Advancing issues outnumbered declining ones on the NYSE by a 1.30-to-1 ratio; on Nasdaq, a 1.37-to-1 ratio favoured advancers.

The S&amp;P 500 posted 29 new 52-week highs and no new lows; the Nasdaq Composite recorded 51 new highs and 20 new lows.

Volume on US exchanges was 7.5 billion shares, compared with the 7.7 billion share average over the last 20 trading days.

Wall Street ended mixed on Friday, as optimism from a surge in January US job growth was offset by a weaker-than-expected outlook from Amazon that battered retail stocks.

Wall Street ended mixed on Friday, as optimism from a surge in January US job growth was offset by a weaker-than-expected outlook from Amazon that battered retail stocks. The online retail heavyweight slumped 5.38 per cent after its quarterly sales forecast fell short of Wall Street estimates, overshadowing its record sales and profit during the holiday season. Those results put the Nasdaq in negative territory, while retailers Walmart Inc, Macy's Inc and Kohl's Corp each dropped more than 2 per cent. The S&P consumer discretionary index fell 1.77 per cent. A US Labor Department report showed nonfarm payrolls jumped by 304,000 jobs last month, the largest gain since February 2018 and beating economists' expectations for an increase of 165,000. That report, along with better-than-expected ISM manufacturing activity numbers for January, pointed to underlying strength in the economy despite an uncertain outlook that has left the Federal Reserve wary about more US interest rate hikes this year. "What the unemployment report is telling you is that people want to go back to work," said Tom Martin, senior portfolio manager at GlobAlt Investments in Atlanta. "The consumer needs to be strong, and if the consumer is employed, the consumer will stay strong." Even as the US economy remains on a stable footing, investors are concerned that a slowdown overseas could hurt profit growth, with high-profile companies such as Apple Inc warning of slower demand in China. Data showed China's manufacturing sector shrank in January for the second straight month, heightening risks for global growth amid a trade war with the United States. The Dow Jones Industrial Average climbed 0.26 per cent to end the week at 25,063.89 points, while the S&P 500 edged 0.09 per cent higher to 2,706.53. The Nasdaq Composite dropped 0.25 per cent to 7,263.87. The S&P 500 rose 1.6 per cent for the week and the benchmark index is up 8 per cent so far in 2019, but it still remains 8 per cent below its record high close on Sept. 20, 2018. The Dow added 1.3 per cent for the week and the Nasdaq gained 1.4 per cent. During Friday's session, Exxon Mobil Corp and Chevron Corp jumped more than 3 per cent apiece after the oil majors reported better-than-expected quarterly profits, boosting the Dow Jones Industrials. The S&P energy index rallied 1.83 per cent, also helped by higher oil prices. Cigna Corp slid 2.88 per cent lower after the health insurer forecast 2019 revenue and earnings below estimates. Advancing issues outnumbered declining ones on the NYSE by a 1.30-to-1 ratio; on Nasdaq, a 1.37-to-1 ratio favoured advancers. The S&P 500 posted 29 new 52-week highs and no new lows; the Nasdaq Composite recorded 51 new highs and 20 new lows. Volume on US exchanges was 7.5 billion shares, compared with the 7.7 billion share average over the last 20 trading days.

Amazon jitters offset upbeat jobs data on Wall Street