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Looking for five more years in power, the ruling Bharatiya Janata Party-led alliance will woo rural and urban middle-class voters with farm relief measures and tax cuts, said officials privy to plans for the final budget before India's general election.

The electoral compulsions mean that major economic reforms, such as tax cuts for bigger companies and plans to bring down the budget deficit, could be put on hold at least until after the election, the sources said.

Piyush Goyal, the interim finance minister, will present the budget on February 1, in the absence of Finance Minister Arun Jaitley, who is currently in the United States for medical treatment.

The higher spending, along with a shortfall in tax collections, will push the fiscal deficit up to the equivalent of 3.5 per cent of gross domestic product for the year ending in March, overshooting a previous 3.3 per cent target, according to one of the sources with direct knowledge of budget discussions.

The source said there was a chance that the government could take corrective action in March, hoping that by that time the election schedule will be settled and the public focus will shift towards campaigning.

"We may resort to spending cuts in March to contain the fiscal deficit," the source said.

The finance ministry had cut capital and other spending amounting to $10.55 billion in the last financial year ending in March 2018. But Modi's government has been stepping back from such fiscal rectitude in recent months.

The government also pressed the Reserve Bank of India to part with more of its reserves, causing a rift that culminated in the resignation of Governor Urjit Patel last month.

"This is an election budget, and most of the economic reforms have been put on hold," said another official, adding the government could defer any decision on business demands for a cut in corporate tax.

Business leaders said the government still has to meet its three-year-old promise of cutting the corporate tax rate for larger companies to 25 per cent from 30 per cent.

"Although all over the world overall tax has started coming down, India is one of the large economies which has corporate taxes on the higher side," said Rohinton Sidhwa, partner at Deloitte India.

The budget, which is interim and is likely to be followed by a full one in July, is expected to project economic growth of around 7.5 per cent for the next financial year, while expanding capital spending on railways, roads, ports by 7-8 per cent, and estimating an increase in revenue of about 15 per cent, officials said.

But the main focus will be on the rural sector and the urban middle-class.

The government is ready with relief measures for farmers, benefits for unemployed youth, higher tax exemptions for the middle class and small businesses, the officials said.

According to two government sources, the farm relief package itself could run to at least $14 billion if the government is to have a meaningful impact on which way voters lean in rural areas, where two-thirds of Indians live.

The pre-election giveaways could give the economy short-term momentum, but result in a hangover after the election.

Credit rating agencies have warned that without bringing down other spending, a higher farm subsidy bill will increase future fiscal deficits.

"In the absence of new revenue boosting measures, the policies will collectively make it harder for the government to achieve its fiscal consolidation objectives," Moody's Investors Service said last week.

LOOKING FOR JOBS

Though he has spent big on building roads and railways, Modi has been fiscally conservative for most of his time in power, helping to bring retail inflation to near two per cent from double-digits during the previous government's time.

Last month's state election upsets have made the Modi government shed some of that caution.

Despite expanding by seven per cent plus annually - the fastest pace among major economies, the uneven nature of the growth has meant that the economy has failed to create enough jobs for millions of youth entering the workforce each year.

Merchandise exports have shown no signs of growth in last four years, and some textile, leather and engineering goods producers have shifted production abroad.

Earlier this month, the Centre for Monitoring Indian Economy (CMIE), a leading independent think tank, issued a report showing the country lost as many as 11 million jobs last year, making it even harder for new entrants to the labour market.

Last week, Raghuram Rajan, former governor of the Reserve Bank of India, said India needed flexible labour and land laws, and to fix glitches in the Goods and Services Tax, launched as a major tax reform in 2017.

"We need two percentage points more growth to provide those jobs that are needed," said Rajan.

Looking for five more years in power, the ruling Bharatiya Janata Party-led alliance will woo rural and urban middle-class voters with farm relief measures and tax cuts, said officials privy to plans for the final budget before India's general election.

Looking for five more years in power, the ruling Bharatiya Janata Party-led alliance will woo rural and urban middle-class voters with farm relief measures and tax cuts, said officials privy to plans for the final budget before India's general election. The electoral compulsions mean that major economic reforms, such as tax cuts for bigger companies and plans to bring down the budget deficit, could be put on hold at least until after the election, the sources said. Piyush Goyal, the interim finance minister, will present the budget on February 1, in the absence of Finance Minister Arun Jaitley, who is currently in the United States for medical treatment. The higher spending, along with a shortfall in tax collections, will push the fiscal deficit up to the equivalent of 3.5 per cent of gross domestic product for the year ending in March, overshooting a previous 3.3 per cent target, according to one of the sources with direct knowledge of budget discussions. The source said there was a chance that the government could take corrective action in March, hoping that by that time the election schedule will be settled and the public focus will shift towards campaigning. "We may resort to spending cuts in March to contain the fiscal deficit," the source said. The finance ministry had cut capital and other spending amounting to $10.55 billion in the last financial year ending in March 2018. But Modi's government has been stepping back from such fiscal rectitude in recent months. The government also pressed the Reserve Bank of India to part with more of its reserves, causing a rift that culminated in the resignation of Governor Urjit Patel last month. "This is an election budget, and most of the economic reforms have been put on hold," said another official, adding the government could defer any decision on business demands for a cut in corporate tax. Business leaders said the government still has to meet its three-year-old promise of cutting the corporate tax rate for larger companies to 25 per cent from 30 per cent. "Although all over the world overall tax has started coming down, India is one of the large economies which has corporate taxes on the higher side," said Rohinton Sidhwa, partner at Deloitte India. The budget, which is interim and is likely to be followed by a full one in July, is expected to project economic growth of around 7.5 per cent for the next financial year, while expanding capital spending on railways, roads, ports by 7-8 per cent, and estimating an increase in revenue of about 15 per cent, officials said. But the main focus will be on the rural sector and the urban middle-class. The government is ready with relief measures for farmers, benefits for unemployed youth, higher tax exemptions for the middle class and small businesses, the officials said. According to two government sources, the farm relief package itself could run to at least $14 billion if the government is to have a meaningful impact on which way voters lean in rural areas, where two-thirds of Indians live. The pre-election giveaways could give the economy short-term momentum, but result in a hangover after the election. Credit rating agencies have warned that without bringing down other spending, a higher farm subsidy bill will increase future fiscal deficits. "In the absence of new revenue boosting measures, the policies will collectively make it harder for the government to achieve its fiscal consolidation objectives," Moody's Investors Service said last week. LOOKING FOR JOBS Though he has spent big on building roads and railways, Modi has been fiscally conservative for most of his time in power, helping to bring retail inflation to near two per cent from double-digits during the previous government's time. Last month's state election upsets have made the Modi government shed some of that caution. Despite expanding by seven per cent plus annually - the fastest pace among major economies, the uneven nature of the growth has meant that the economy has failed to create enough jobs for millions of youth entering the workforce each year. Merchandise exports have shown no signs of growth in last four years, and some textile, leather and engineering goods producers have shifted production abroad. Earlier this month, the Centre for Monitoring Indian Economy (CMIE), a leading independent think tank, issued a report showing the country lost as many as 11 million jobs last year, making it even harder for new entrants to the labour market. Last week, Raghuram Rajan, former governor of the Reserve Bank of India, said India needed flexible labour and land laws, and to fix glitches in the Goods and Services Tax, launched as a major tax reform in 2017. "We need two percentage points more growth to provide those jobs that are needed," said Rajan.

Budget will woo rural voters with farm relief measures, middle class with tax cuts: Sources

Cracks are opening in China's mighty economy: investors are backing away from deals, factories are moving abroad and companies are shedding jobs.

The world's second-largest economy is losing steam, hitting its slowest growth in almost three decades last year, and flagging further in recent months.

While gross domestic product grew at 6.6 per cent in 2018 -- a rate that would be the envy of most nations -- China's efforts to cut its debt mountain have weighed on the economy.

Private businesses in particular face new hurdles as costs rise and financing becomes harder to come by, while the trade war with the United States has not helped.

Here is a look at some of the struggles faced by Chinese companies and people:

Game over for gamers

Feeding China's addiction to video games seemed an easy bet for Beijing Yixin Technology, a tech startup behind the mobile game Farm Take Home.

The game allows players to harvest wheat, raise chickens and plant apple trees -- a bucolic refuge from the pressures of urban China.&nbsp;

But in real life, the tech firm has struggled to find investors.

"In December our company's funding ran out, we had an investment lined up, but the money never came through," said chairman Cui Yi.

"This month I arranged another investor, then he backed out too. I think we can't hold out."&nbsp;

His company is not alone.&nbsp;

Venture capital funding dried up at the end of last year. Total investment in the fourth quarter fell 13 per cent from a year earlier, according to data from Preqin market research.&nbsp;

Policymakers are partly to blame, pushing a war on debt and financial risk that has cut the funding flowing into investment firms, industry insiders say.

Another government diktat halted new video game approvals for months -- officially due to youth gaming addiction concerns -- sending firms like Beijing Yixin into a deep freeze.

Trade war

Other companies are facing the fallout from the trade war with the United States.

More than a handful of exporters have sought to get around US tariffs by building factories outside China, according to a review of public stock filings.&nbsp;

Others are sending workers home early for Chinese New Year or cutting overtime.

Last month China's exports fell.&nbsp;

"It has hit our profits," Harry Shih, manager of Runfine Bearings in eastern Zhejiang province, said of the trade war.

Washington slapped 25 per cent taxes on many types of ball bearings in July. Shih said he had shared the cost increase with his customers, roughly half of whom are from the US.

"Business is going down for most companies including factories. Like me they have the same problems, profits are going down" as costs rise, said Shih.

Dearth for a salesman

Slowing disposable income growth and tighter credit have hit consumer spending, with car sales falling last year for the first time in more than 20 years.

"Volumes have fallen by half," said Wang Jingjing, a fast-talking 23-year-old salesman at a Ford dealership in Beijing, noting about one-third of the salespeople had been fired or left.

Wang's own salary has roughly halved, he said, from around 10,000 yuan ($1,474) a month in 2017 down to less than 5,000 yuan ($737).

"I've definitely controlled my own spending, going out to eat less, buying less, cutting down on these things," he said, adding he believes things will turn around this year with new car models coming out.

Job crunch

Official data shows unemployment at a stable rate, rising slightly to 4.9 per cent last month.

But independent data paints a different picture.&nbsp;

In October-December advertised tech positions fell by 20 per cent from a year earlier, after declining 51 per cent in the third quarter, according to data from Zhaopin, China's largest recruitment website and Renmin University.

China's economy "faces downward pressure, and to some extent, this pressure will be transmitted to the job market," said Meng Wei, a spokeswoman for the National Development and Reform Commission, China's state planner.&nbsp;

A lawyer who consults on labour disputes, Guo Xuehai of Beijing Zhonghai Law Firm, said, "there are definitely more employees coming for help than before," but added this was usually the case at this time of the year.

At Beijing Yixin, Cui said he could only afford to pay his 30-odd employees 70 per cent of their salaries as money ran out in November. By December he paid them nothing and this month he cut their insurance and benefit plan, unofficially firing them.

"We worked 9 am to 9 pm plus Saturdays with no overtime pay and now no pay at all," said a 3D designer surnamed Li, who helped build Farm Take Home.

Employees looking for new jobs have found that companies are not hiring at the moment.&nbsp;

"Hopefully it will be better after Chinese New Year," Li said.

Cracks are opening in China's mighty economy: investors are backing away from deals, factories are moving abroad and companies are shedding jobs. The world's second-largest economy is losing steam, hitting its slowest growth in almost three decades last year, and flagging further in recent months.

Cracks are opening in China's mighty economy: investors are backing away from deals, factories are moving abroad and companies are shedding jobs. The world's second-largest economy is losing steam, hitting its slowest growth in almost three decades last year, and flagging further in recent months. While gross domestic product grew at 6.6 per cent in 2018 -- a rate that would be the envy of most nations -- China's efforts to cut its debt mountain have weighed on the economy. Private businesses in particular face new hurdles as costs rise and financing becomes harder to come by, while the trade war with the United States has not helped. Here is a look at some of the struggles faced by Chinese companies and people: Game over for gamers Feeding China's addiction to video games seemed an easy bet for Beijing Yixin Technology, a tech startup behind the mobile game Farm Take Home. The game allows players to harvest wheat, raise chickens and plant apple trees -- a bucolic refuge from the pressures of urban China. But in real life, the tech firm has struggled to find investors. "In December our company's funding ran out, we had an investment lined up, but the money never came through," said chairman Cui Yi. "This month I arranged another investor, then he backed out too. I think we can't hold out." His company is not alone. Venture capital funding dried up at the end of last year. Total investment in the fourth quarter fell 13 per cent from a year earlier, according to data from Preqin market research. Policymakers are partly to blame, pushing a war on debt and financial risk that has cut the funding flowing into investment firms, industry insiders say. Another government diktat halted new video game approvals for months -- officially due to youth gaming addiction concerns -- sending firms like Beijing Yixin into a deep freeze. Trade war Other companies are facing the fallout from the trade war with the United States. More than a handful of exporters have sought to get around US tariffs by building factories outside China, according to a review of public stock filings. Others are sending workers home early for Chinese New Year or cutting overtime. Last month China's exports fell. "It has hit our profits," Harry Shih, manager of Runfine Bearings in eastern Zhejiang province, said of the trade war. Washington slapped 25 per cent taxes on many types of ball bearings in July. Shih said he had shared the cost increase with his customers, roughly half of whom are from the US. "Business is going down for most companies including factories. Like me they have the same problems, profits are going down" as costs rise, said Shih. Dearth for a salesman Slowing disposable income growth and tighter credit have hit consumer spending, with car sales falling last year for the first time in more than 20 years. "Volumes have fallen by half," said Wang Jingjing, a fast-talking 23-year-old salesman at a Ford dealership in Beijing, noting about one-third of the salespeople had been fired or left. Wang's own salary has roughly halved, he said, from around 10,000 yuan ($1,474) a month in 2017 down to less than 5,000 yuan ($737). "I've definitely controlled my own spending, going out to eat less, buying less, cutting down on these things," he said, adding he believes things will turn around this year with new car models coming out. Job crunch Official data shows unemployment at a stable rate, rising slightly to 4.9 per cent last month. But independent data paints a different picture. In October-December advertised tech positions fell by 20 per cent from a year earlier, after declining 51 per cent in the third quarter, according to data from Zhaopin, China's largest recruitment website and Renmin University. China's economy "faces downward pressure, and to some extent, this pressure will be transmitted to the job market," said Meng Wei, a spokeswoman for the National Development and Reform Commission, China's state planner. A lawyer who consults on labour disputes, Guo Xuehai of Beijing Zhonghai Law Firm, said, "there are definitely more employees coming for help than before," but added this was usually the case at this time of the year. At Beijing Yixin, Cui said he could only afford to pay his 30-odd employees 70 per cent of their salaries as money ran out in November. By December he paid them nothing and this month he cut their insurance and benefit plan, unofficially firing them. "We worked 9 am to 9 pm plus Saturdays with no overtime pay and now no pay at all," said a 3D designer surnamed Li, who helped build Farm Take Home. Employees looking for new jobs have found that companies are not hiring at the moment. "Hopefully it will be better after Chinese New Year," Li said.

Businesses struggle as cracks appear in China's economy

<a href="http://www.wionews.com/india-news/piyush-goyal-may-present-budget-as-he-gets-additional-charge-of-finance-ministry-192343">Finance Minister Piyush Goyal</a> will meet the CEOs of public sector banks Monday to take stock of the banking sector, and discuss ways to improve their financial health, sources said.

The meeting assumes significance as it comes just three days ahead of the Budget 2019-20, the last from this government before the general elections expected to be held in April-May.

The full-day meeting is likely to be attended by Reserve Bank of India Governor Shaktikanta Das, who is going to announce his first monetary policy review on February 7.

Goyal, who was given additional charge of the finance ministry last Wednesday as <a href="http://www.wionews.com/india-news/arun-jaitley-in-good-health-recovering-rapidly-piyush-goyal-192699">Arun Jaitley is away to the US for treatment</a>, is his expected to discuss a host of issues including credit offtake and bad loan position of lenders.

Among the key issues, sources said, the meeting will review the progress of various schemes of the government being implemented through the government. It will also review the credit flow to MSMEs, agriculture and retail sectors.

Besides, sources said, the meeting will also review the financial performance of the banks for the nine months ended December 2018. 
Non-performing assets (NPAs) would also come up for deliberation, they added.

Public sector banks (PSBs) have seen a decline in bad loans by over Rs 23,000 crore from a peak of Rs 9.62 lakh crore in March 2018 due to various initiatives taken by the government.

At the same time, PSBs have also made a record in the recovery of Rs 60,726 crore in the first half of the current financial year, which is more than double the amount recovered in the corresponding period last year.

According to the latest finance ministry data, non-NPA accounts overdue by 31 to 90 days (Special Mention Accounts 1 &amp; 2) of PSBs have declined by 61 per cent over five successive quarters - from Rs 2.25 lakh crore as of June 2017 to Rs 0.87 lakh crore in September 2018.

In his first stint as finance minister for 100 days last year, Goyal was instrumental in setting up a committee headed by the non-executive chairman of Punjab National Bank Sunil Mehta to examine whether the creation of an asset reconstruction company or asset management company to help in the faster resolution of stressed assets.

Finance Minister Piyush Goyal will meet the CEOs of public sector banks Monday to take stock of the banking sector, and discuss ways to improve their financial health, sources said.

Finance Minister Piyush Goyal will meet the CEOs of public sector banks Monday to take stock of the banking sector, and discuss ways to improve their financial health, sources said. The meeting assumes significance as it comes just three days ahead of the Budget 2019-20, the last from this government before the general elections expected to be held in April-May. The full-day meeting is likely to be attended by Reserve Bank of India Governor Shaktikanta Das, who is going to announce his first monetary policy review on February 7. Goyal, who was given additional charge of the finance ministry last Wednesday as Arun Jaitley is away to the US for treatment, is his expected to discuss a host of issues including credit offtake and bad loan position of lenders. Among the key issues, sources said, the meeting will review the progress of various schemes of the government being implemented through the government. It will also review the credit flow to MSMEs, agriculture and retail sectors. Besides, sources said, the meeting will also review the financial performance of the banks for the nine months ended December 2018. Non-performing assets (NPAs) would also come up for deliberation, they added. Public sector banks (PSBs) have seen a decline in bad loans by over Rs 23,000 crore from a peak of Rs 9.62 lakh crore in March 2018 due to various initiatives taken by the government. At the same time, PSBs have also made a record in the recovery of Rs 60,726 crore in the first half of the current financial year, which is more than double the amount recovered in the corresponding period last year. According to the latest finance ministry data, non-NPA accounts overdue by 31 to 90 days (Special Mention Accounts 1 & 2) of PSBs have declined by 61 per cent over five successive quarters - from Rs 2.25 lakh crore as of June 2017 to Rs 0.87 lakh crore in September 2018. In his first stint as finance minister for 100 days last year, Goyal was instrumental in setting up a committee headed by the non-executive chairman of Punjab National Bank Sunil Mehta to examine whether the creation of an asset reconstruction company or asset management company to help in the faster resolution of stressed assets.

Finance minister Piyush Goyal to meet heads of PSU banks on Monday

The Indian media and entertainment industry is estimated to touch $52,683 million (around Rs 3.73 lakh crore) by 2022 led by increasing disposable income, population and content consumption across the formats, according to a survey.

Besides the traditional media such as TV and cinema, new-age digital platforms such as over-the-top (OTT) services would play a key role, said an Assocham-PwC joint study.

By 2022, the Indian video OTT market will be among the top-10 markets globally with a market size of $823 million (Rs 5,363 crore), said the study.

"The entertainment and media industry is projected to grow at a CAGR of 11.7 per cent from $30,364 million in 2017 to $52,683 million in 2022," the report said.

It further added: "TV, cinema and OTT will collectively account for 46 per cent of the overall growth in the Indian entertainment and media industry for the period 2017 to 2022."

The survey added that both the conventional media industry as well OTT players will coexist in India and achieve impressive growth in the coming years.

With the launch of OTT services, video-on-demand (VoD) has been at the forefront of disruption in the media industry, and the production budgets of companies such as Netflix and Amazon now rival those of traditional studios, said PwC India Partner and Leader (Entertainment and Media Sector) Frank D'Souza.

"Globally, the OTT market is set to grow at a CAGR of 10.1 per cent during the period 2017-2022. During the same period in India, the segment is expected to grow from $297 million (Rs 1,932 crore) to $823 million (Rs 5,363 crore) in 2022 at a CAGR of 22.6 per cent," it added.

In this, subscription video on demand (SVoD) will hold a majority share throughout the projected period, it said.

According to the joint survey, over the past decade, the VoD market has evolved across the world, including India, and now with the increase in smartphone penetration and lower data tariffs, it is showing promising growth here.

"Mobile video advertising (largely AVoD) is the fastest growing sub-segment of India's Internet advertising market, projected to rise at a CAGR of 32.8 per cent from 2017 to 2022 and to reach USD 317 million (Rs 2,064 crore) by 2022," it added.

Data consumption in India will grow from 71,67,103 million MB in 2017 to 10,96,58,793 million MB in 2022.

"With lower-than-ever data tariffs and increasing smartphone penetration in the country, which is around 40 per cent as of 2017, it is safe to assume that the VoD market will be a significant beneficiary of these developments," it added.

Now, the regional and quality content, delivered with a focus on unique and customised 'user experience' through the use of technology, is set to become the mainstay of success for VoD service providers.

However, it also added that the country's per-capita media and entertainment spending will be capped at a mere USD USD 32 by 2021.

"The spend is much lower than that of China, which will stand at USD 222 for the same period, and that of the USA, which will have the highest spend at USD 2,260," it added. 
&nbsp;

The Indian media and entertainment industry is estimated to touch $52,683 million (around Rs 3.73 lakh crore) by 2022 led by increasing disposable income, population and content consumption across the formats, according to a survey.

The Indian media and entertainment industry is estimated to touch $52,683 million (around Rs 3.73 lakh crore) by 2022 led by increasing disposable income, population and content consumption across the formats, according to a survey. Besides the traditional media such as TV and cinema, new-age digital platforms such as over-the-top (OTT) services would play a key role, said an Assocham-PwC joint study. By 2022, the Indian video OTT market will be among the top-10 markets globally with a market size of $823 million (Rs 5,363 crore), said the study. "The entertainment and media industry is projected to grow at a CAGR of 11.7 per cent from $30,364 million in 2017 to $52,683 million in 2022," the report said. It further added: "TV, cinema and OTT will collectively account for 46 per cent of the overall growth in the Indian entertainment and media industry for the period 2017 to 2022." The survey added that both the conventional media industry as well OTT players will coexist in India and achieve impressive growth in the coming years. With the launch of OTT services, video-on-demand (VoD) has been at the forefront of disruption in the media industry, and the production budgets of companies such as Netflix and Amazon now rival those of traditional studios, said PwC India Partner and Leader (Entertainment and Media Sector) Frank D'Souza. "Globally, the OTT market is set to grow at a CAGR of 10.1 per cent during the period 2017-2022. During the same period in India, the segment is expected to grow from $297 million (Rs 1,932 crore) to $823 million (Rs 5,363 crore) in 2022 at a CAGR of 22.6 per cent," it added. In this, subscription video on demand (SVoD) will hold a majority share throughout the projected period, it said. According to the joint survey, over the past decade, the VoD market has evolved across the world, including India, and now with the increase in smartphone penetration and lower data tariffs, it is showing promising growth here. "Mobile video advertising (largely AVoD) is the fastest growing sub-segment of India's Internet advertising market, projected to rise at a CAGR of 32.8 per cent from 2017 to 2022 and to reach USD 317 million (Rs 2,064 crore) by 2022," it added. Data consumption in India will grow from 71,67,103 million MB in 2017 to 10,96,58,793 million MB in 2022. "With lower-than-ever data tariffs and increasing smartphone penetration in the country, which is around 40 per cent as of 2017, it is safe to assume that the VoD market will be a significant beneficiary of these developments," it added. Now, the regional and quality content, delivered with a focus on unique and customised 'user experience' through the use of technology, is set to become the mainstay of success for VoD service providers. However, it also added that the country's per-capita media and entertainment spending will be capped at a mere USD USD 32 by 2021. "The spend is much lower than that of China, which will stand at USD 222 for the same period, and that of the USA, which will have the highest spend at USD 2,260," it added.

Indian media and entertainment industry may touch $52,683 million by 2022: Study

State-owned Coal India supplied 360 million tonnes (MT) coal to the power sector during April-December 2018, an increase of 7.9 per cent over the year-ago period, according to official data. Coal India Ltd (CIL) had dispatched 333.4 MT of dry fuel during the corresponding nine months of 2017. 
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The PSU giant’s coal supply in December 2018 was 1.9 per cent higher at 42.4 MT, over 41.6 MT in the corresponding month a year ago, the latest data by the coal ministry showed.

The supply of coal by Singareni Collieries Company Ltd (SCCL) increased by 3.3 per cent to 40 MT in the April-December period of 2018, against 38.7 MT in the same nine months of the previous year.

SCCL fuel supply in December rose by 2 per cent to 5 MT, compared to 4.9 MT in the corresponding month of 2017.

Karnataka Chief Minister H D Kumaraswamy last month met Coal Minister Piyush Goyal and demanded the Centre must ensure immediate supply of the fossil fuel to Raichur Thermal Power Station.

Earlier this month, Goyal had said the country faces no shortage of coal and production has witnessed an increase of 7.4 per cent in the April-December period of the ongoing fiscal. He, however, said that coal production did not go up in the past because of delays in environmental clearances, land acquisition and other problems.

Goyal said Coal India’s production increased by 104 MT in the last four years between 2014-15 and 2017-18.

State-owned Coal India supplied 360 million tonnes (MT) coal to the power sector during April-December 2018, an increase of 7.9 per cent over the year-ago period, according to official data.

State-owned Coal India supplied 360 million tonnes (MT) coal to the power sector during April-December 2018, an increase of 7.9 per cent over the year-ago period, according to official data. Coal India Ltd (CIL) had dispatched 333.4 MT of dry fuel during the corresponding nine months of 2017. Advertising The PSU giant’s coal supply in December 2018 was 1.9 per cent higher at 42.4 MT, over 41.6 MT in the corresponding month a year ago, the latest data by the coal ministry showed. The supply of coal by Singareni Collieries Company Ltd (SCCL) increased by 3.3 per cent to 40 MT in the April-December period of 2018, against 38.7 MT in the same nine months of the previous year. SCCL fuel supply in December rose by 2 per cent to 5 MT, compared to 4.9 MT in the corresponding month of 2017. Karnataka Chief Minister H D Kumaraswamy last month met Coal Minister Piyush Goyal and demanded the Centre must ensure immediate supply of the fossil fuel to Raichur Thermal Power Station. Earlier this month, Goyal had said the country faces no shortage of coal and production has witnessed an increase of 7.4 per cent in the April-December period of the ongoing fiscal. He, however, said that coal production did not go up in the past because of delays in environmental clearances, land acquisition and other problems. Goyal said Coal India’s production increased by 104 MT in the last four years between 2014-15 and 2017-18.

Coal India’s supply to power sector up 8% at 360 million tonnes in Apr-Dec 2018

Germany should shut down its last coal-fired power plant by 2038 at the latest, a government-appointed commission said early on Saturday as part of a roadmap laying out an accelerated phase-out of the polluting fuel.

Commission sources told Reuters the body agreed a total of 40 billion euros ($45.65 billion) should be provided in aid for the states affected by the coal phase-out up to 2040, less than the roughly 60 billion euros that they had asked for.

Over the next four years, plant operators, including RWE and Uniper, will be asked to shut down about 12 gigawatts of capacity early in a first step, members of the commission told Reuters after more than 20 hours of discussions.

This equals about 24 large power station units.

The commission's plans are at the centre of Germany's strategy for how to abandon polluting coal stations in favour of renewables, which accounted for more than 40 per cent of the energy mix last year, beating coal for the first time.

It is the second major intervention in Germany's energy market within a decade after a landmark decision to shut down all nuclear power stations by 2022. The decision to switch away from nuclear was taken in the wake of Japan's Fukishima disaster in 2011.

Following months of negotiations, the proposals of the committee, also known as the coal commission, will serve as a guideline for the government in its effort to turn the planned coal exit into law.

While the 2038 exit date seems broadly in line with estimates, commission sources said that the phase-out could already be completed by 2035, adding it would be decided in 2032 whether this was feasible.

Compensation for companies and consumers experiencing higher electricity prices resulting from the coal phase-out should be 2 billion euros per year, with the exact amount to be fixed in 2023, a text of the commission's recommendations seen by Reuters showed.

Germany should shut down its last coal-fired power plant by 2038 at the latest, a government-appointed commission said early on Saturday as part of a roadmap laying out an accelerated phase-out of the polluting fuel.

Germany should shut down its last coal-fired power plant by 2038 at the latest, a government-appointed commission said early on Saturday as part of a roadmap laying out an accelerated phase-out of the polluting fuel. Commission sources told Reuters the body agreed a total of 40 billion euros ($45.65 billion) should be provided in aid for the states affected by the coal phase-out up to 2040, less than the roughly 60 billion euros that they had asked for. Over the next four years, plant operators, including RWE and Uniper, will be asked to shut down about 12 gigawatts of capacity early in a first step, members of the commission told Reuters after more than 20 hours of discussions. This equals about 24 large power station units. The commission's plans are at the centre of Germany's strategy for how to abandon polluting coal stations in favour of renewables, which accounted for more than 40 per cent of the energy mix last year, beating coal for the first time. It is the second major intervention in Germany's energy market within a decade after a landmark decision to shut down all nuclear power stations by 2022. The decision to switch away from nuclear was taken in the wake of Japan's Fukishima disaster in 2011. Following months of negotiations, the proposals of the committee, also known as the coal commission, will serve as a guideline for the government in its effort to turn the planned coal exit into law. While the 2038 exit date seems broadly in line with estimates, commission sources said that the phase-out could already be completed by 2035, adding it would be decided in 2032 whether this was feasible. Compensation for companies and consumers experiencing higher electricity prices resulting from the coal phase-out should be 2 billion euros per year, with the exact amount to be fixed in 2023, a text of the commission's recommendations seen by Reuters showed.

Germany should fully phase out coal by 2038: Commission

Gold prices edged higher on Friday amid concerns that a prolonged <a href="https://www.google.com/url?q=http://www.wionews.com/world/we-cant-pay-informants-fbi-on-us-government-shutdown-192096&amp;sa=U&amp;ved=0ahUKEwim7JrvjojgAhVKv48KHSO-DdkQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw0dRzgZiX_rSxNlQ65tbxBd">US government shutdown </a>could exacerbate an already slowing global growth, while markets awaited US-China trade talks scheduled for next week.

Spot gold rose 0.2 per cent at $1,282.50 per ounce, as of 0343 GMT, while US gold futures were steady at $1,281.40 per ounce.

Investors are worried about the economic impact of the longest US government shutdown in history, now in its 34th day, with two bills to end the partial shutdown failing to win enough votes in the Senate.

"There are some positive features supporting gold like the US government shutdown, ongoing trade war and potential for slower rate hikes," said John Sharma, an economist with National Australia Bank.

"At the moment, people are waiting for the US-China trade discussions," Sharma said, adding that any development on that front could provide a direction for gold.

The United States and China are "miles and miles" from resolving trade issues, but there is a fair chance the two countries will get a deal, US Commerce Secretary Wilbur Ross said on Thursday.

Concerns about slowing global economy and hopes that the US Federal Reserve will pause its multi-year rate hike cycle are supporting gold, analysts said.

A synchronised global economic slowdown is underway and any escalation in the <a href="https://www.google.com/url?q=http://www.wionews.com/business-economy/imf-cuts-global-forecast-due-to-us-china-trade-tensions-191841&amp;sa=U&amp;ved=0ahUKEwibjvXajojgAhUYaI8KHZdKDtoQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw1P8ubV5EDxGkjQi6PzMCZS">US-China trade</a> war would trigger a sharper downturn, according to the latest Reuters polls of hundreds of economists from around the world.

"We expect that a topping out of US real yields will put a firmer floor under gold prices this year and Fed's hiking cycle to peter out in 2019," said Sabrin Chowdhury, commodities analyst at Fitch Solutions.

"Global risk-aversion will rise in 2019 and flows into safe-haven assets, including gold, are likely to pick up."

Meanwhile, the dollar index, which measures the greenback against a basket of currencies, fell 0.2 per cent, after a report that Northern Ireland's Democratic Unionist Party has privately decided to offer conditional backing for Prime Minister Theresa May's Brexit deal next week.&nbsp;

A softer dollar makes gold less expensive for holders of other currencies.

Technically, spot gold has found support at $1,278 per ounce, and it may hover above this level or bounce towards resistance at $1,289, according to Reuters analyst Wang Tao.

Among other metals, palladium, which hit a record high of $1,434.50 an ounce last week on low inventories and rising demand, was steady at $1,320 on Friday.

It registered its biggest intraday percentage decline since December 21, falling 2 per cent to $1,313.50 on Thursday. The metal also was heading for its first weekly fall in five weeks.

Silver was up 0.3 per cent at $15.35 per ounce while platinum gained 0.3 per cent to $803.

Gold prices edged higher on Friday amid concerns that a prolonged US government shutdown could exacerbate an already slowing global growth, while markets awaited US-China trade talks scheduled for next week.

Gold prices edged higher on Friday amid concerns that a prolonged US government shutdown could exacerbate an already slowing global growth, while markets awaited US-China trade talks scheduled for next week. Spot gold rose 0.2 per cent at $1,282.50 per ounce, as of 0343 GMT, while US gold futures were steady at $1,281.40 per ounce. Investors are worried about the economic impact of the longest US government shutdown in history, now in its 34th day, with two bills to end the partial shutdown failing to win enough votes in the Senate. "There are some positive features supporting gold like the US government shutdown, ongoing trade war and potential for slower rate hikes," said John Sharma, an economist with National Australia Bank. "At the moment, people are waiting for the US-China trade discussions," Sharma said, adding that any development on that front could provide a direction for gold. The United States and China are "miles and miles" from resolving trade issues, but there is a fair chance the two countries will get a deal, US Commerce Secretary Wilbur Ross said on Thursday. Concerns about slowing global economy and hopes that the US Federal Reserve will pause its multi-year rate hike cycle are supporting gold, analysts said. A synchronised global economic slowdown is underway and any escalation in the US-China trade war would trigger a sharper downturn, according to the latest Reuters polls of hundreds of economists from around the world. "We expect that a topping out of US real yields will put a firmer floor under gold prices this year and Fed's hiking cycle to peter out in 2019," said Sabrin Chowdhury, commodities analyst at Fitch Solutions. "Global risk-aversion will rise in 2019 and flows into safe-haven assets, including gold, are likely to pick up." Meanwhile, the dollar index, which measures the greenback against a basket of currencies, fell 0.2 per cent, after a report that Northern Ireland's Democratic Unionist Party has privately decided to offer conditional backing for Prime Minister Theresa May's Brexit deal next week. A softer dollar makes gold less expensive for holders of other currencies. Technically, spot gold has found support at $1,278 per ounce, and it may hover above this level or bounce towards resistance at $1,289, according to Reuters analyst Wang Tao. Among other metals, palladium, which hit a record high of $1,434.50 an ounce last week on low inventories and rising demand, was steady at $1,320 on Friday. It registered its biggest intraday percentage decline since December 21, falling 2 per cent to $1,313.50 on Thursday. The metal also was heading for its first weekly fall in five weeks. Silver was up 0.3 per cent at $15.35 per ounce while platinum gained 0.3 per cent to $803.

Gold rises as US government shutdown deepens global growth concerns

The benchmark BSE Sensex jumped over 250 points and the NSE Nifty reclaimed the 10,900 mark Friday on continued buying by institutional and retail investors amid encouraging 3Q earnings by some more companies.

Besides, positive leads from other Asian markets also buoyed trading sentiments here.

The 30-share index advanced by 253.42 points, or 0.71 per cent, to 36,448.52, after rising to 36,474.05 in early trade.

The gauge had gained about 87 points in the previous session.

The NSE Nifty rose by 79.75 points, or 0.74 per cent, to 10,929.55.

All the sectoral indices, led by capital goods, bankex, oil and gas and metal stocks, were trading higher.

Major gainers that supported the uptrend were Yes Bank, Bharti Airtel, HCL Tech, Axis Bank, Maruti Suzuki, PowerGrid, L&amp;T, IndusInd Bank, ONGC, Tata Motors, Sun Pharma, Vedanta Ltd, RIL, ITC Ltd, TCS, Coal India, Tata Steel, NTPC, HDFC Ltd, Kotak Bank, Bajaj Finance and SBI, rising up to 8.35 per cent.

Brokers said, besides persistent buying by domestic institutional investors (DIIs), a firm trend at other Asian bourses, following gains in US technology stocks influenced sentiments here.

Meanwhile, DIIs bought shares worth a net Rs 389.96 crore, while foreign portfolio investors (FPIs) sold shares to the tune of Rs 94.45 crore Thursday, as per provisional data released by the stock exchanges.

Among other Asian markets, Japan's Nikkei was trading higher by 0.99 per cent, Korea's Kospi was up 1.43 per cent, Hong Kong's Hang Seng gained 1.38 per cent, Shanghai Composite Index was up 0.57 per cent and Taiwan's index rose 0.91 per cent in their late morning deals. Singapore's Straits Times too rose 0.56 per cent.

On Wall Street, the US Dow Jones Industrial Average ended 0.09 per cent down in Thursday's trade.&nbsp;

The benchmark BSE Sensex jumped over 250 points and the NSE Nifty reclaimed the 10,900 mark Friday on continued buying by institutional and retail investors amid encouraging 3Q earnings by some more companies.

The benchmark BSE Sensex jumped over 250 points and the NSE Nifty reclaimed the 10,900 mark Friday on continued buying by institutional and retail investors amid encouraging 3Q earnings by some more companies. Besides, positive leads from other Asian markets also buoyed trading sentiments here. The 30-share index advanced by 253.42 points, or 0.71 per cent, to 36,448.52, after rising to 36,474.05 in early trade. The gauge had gained about 87 points in the previous session. The NSE Nifty rose by 79.75 points, or 0.74 per cent, to 10,929.55. All the sectoral indices, led by capital goods, bankex, oil and gas and metal stocks, were trading higher. Major gainers that supported the uptrend were Yes Bank, Bharti Airtel, HCL Tech, Axis Bank, Maruti Suzuki, PowerGrid, L&T, IndusInd Bank, ONGC, Tata Motors, Sun Pharma, Vedanta Ltd, RIL, ITC Ltd, TCS, Coal India, Tata Steel, NTPC, HDFC Ltd, Kotak Bank, Bajaj Finance and SBI, rising up to 8.35 per cent. Brokers said, besides persistent buying by domestic institutional investors (DIIs), a firm trend at other Asian bourses, following gains in US technology stocks influenced sentiments here. Meanwhile, DIIs bought shares worth a net Rs 389.96 crore, while foreign portfolio investors (FPIs) sold shares to the tune of Rs 94.45 crore Thursday, as per provisional data released by the stock exchanges. Among other Asian markets, Japan's Nikkei was trading higher by 0.99 per cent, Korea's Kospi was up 1.43 per cent, Hong Kong's Hang Seng gained 1.38 per cent, Shanghai Composite Index was up 0.57 per cent and Taiwan's index rose 0.91 per cent in their late morning deals. Singapore's Straits Times too rose 0.56 per cent. On Wall Street, the US Dow Jones Industrial Average ended 0.09 per cent down in Thursday's trade.

Sensex jumps over 250 points, Nifty reclaims 10,900 level

Continuing its upward journey for a third straight day, the rupee strengthened by another 10 paise to 70.97 against the US dollar at the interbank forex market Friday on increased selling of the American currency by exporters and banks.

Dealers said dollar's weakness against some currencies overseas and early gains in domestic equity market supported the rupee.

On Thursday, the rupee had gained 26 paise to end at 71.07 against the US dollar as gains in domestic equities bolstered forex market sentiments.

The benchmark BSE Sensex rallied by 253.42 points, or 0.71 per cent, to 36,448.52 in opening trade Friday.&nbsp;

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net of Rs 94.45 crore, and domestic institutional investors (DIIs) purchased shares worth Rs 389.96 crore Thursday, provisional data showed.

Continuing its upward journey for a third straight day, the rupee strengthened by another 10 paise to 70.97 against the US dollar at the interbank forex market Friday on increased selling of the American currency by exporters and banks.

Continuing its upward journey for a third straight day, the rupee strengthened by another 10 paise to 70.97 against the US dollar at the interbank forex market Friday on increased selling of the American currency by exporters and banks. Dealers said dollar's weakness against some currencies overseas and early gains in domestic equity market supported the rupee. On Thursday, the rupee had gained 26 paise to end at 71.07 against the US dollar as gains in domestic equities bolstered forex market sentiments. The benchmark BSE Sensex rallied by 253.42 points, or 0.71 per cent, to 36,448.52 in opening trade Friday. Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net of Rs 94.45 crore, and domestic institutional investors (DIIs) purchased shares worth Rs 389.96 crore Thursday, provisional data showed.

Rupee rises 10 paise against US dollar in early trade

Asian stocks rose across the board on Friday, buoyed by gains in US technology shares while investors awaited several key events next week including US-China trade talks.

The euro struggled near a six-week low versus the dollar following dovish-sounding comments from European Central Bank President Mario Draghi, who expressed concerns about the eurozone economy.

MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.95 per cent to scale its highest since December 4.

The index was headed for a gain of 0.6 per cent this week, with strong corporate earnings helping somewhat to counter growing concerns over slowing global economic growth.

The Shanghai Composite Index rose 0.6 per cent.

Tech-heavy South Korean shares added 0.9 per cent. Australian stocks climbed 0.8 per cent, lifted by higher prices of commodities such as iron ore and crude oil.

Japan's Nikkei advanced 1.4 per cent with technology companies boosted by a surge in their US peers.

"Investors who were already excited about the U.S. chip sector's earnings the day before got even more reassured after they saw how their stocks moved," said Shogo Maekawa, a global market strategist at JPMorgan Asset Management.

Maekawa added that a recovery in the global cyclical chip sector is taken as a silver-lining amid concerns about a global economic slowdown.

A synchronised global economic slowdown is underway and any escalation in the US-China trade war would trigger a sharper downturn, according to the latest Reuters polls of hundreds of economists from around the world.

"Equities may be drawing some support but the markets are bracing for next week's events," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management.

"The US-China trade discussions will provide insight into how talks are progressing, while the British parliamentary voting is a key Brexit event. And there is also the FOMC (Federal Open Market Committee) meeting."

Chinese Vice Premier Liu He will visit the United States on January 30 and 31 for the next round of trade negotiations with Washington.

The two sides are "miles and miles" from resolving trade issues but there is a fair chance they will get a deal, US Commerce Secretary Wilbur Ross said on Thursday.

The British parliament will debate and vote on Prime Minister Theresa May's Brexit "plan B" on January 29, and the US Federal Reserve concludes a two-day policy setting meeting on January 30.

The Nasdaq had risen roughly 0.7 per cent on Thursday thanks to a rally by chipmakers, while the S&amp;P 500 edged higher and the Dow closed nominally lower as anxiety about slowing global growth and the Sino-U.S. trade dispute undercut a spate of strong earnings.

In currency markets, the euro was a shade firmer at $1.1316 but still in close reach of a six-week trough of $1.1289 plumbed overnight. The euro was down 0.4 per cent this week.

The single currency slid after ECB President Draghi acknowledged on Thursday that economic growth in the euro zone was likely to be weaker than earlier expected due to the fall-out from factors ranging from China's slowdown to Brexit.

Germany has dropped its economic growth forecast for 2019 to 1.0 per cent from 1.8 per cent due to slower global economic growth and uncertainty about Britain's exit from the European Union, the Handelsblatt newspaper reported on Thursday.

The ECB had left its policy stance unchanged as expected on Thursday and Draghi's downbeat comments added to speculation that the central bank will hold back on interest rate hikes that some market watchers had expected in October.

The pound was up 0.4 per cent at $1.3109 after brushing a two-month high of $1.3130, lifted after The Sun reported on Thursday that Northern Ireland's Democratic Unionist Party has privately decided to back Prime Minister May's Brexit deal next week if it includes a clear time limit to the Irish backstop.

The dollar nudged up 0.1 per cent to 109.74 yen and on track to end the week little changed.

The benchmark 10-year US Treasury note yield was slightly higher at 2.724 per cent after dropping to a one-week low as concerns over slowing global growth supported safe-haven government debt.

Crude oil extended gains after rallying the previous day as the United States threatened sanctions on Venezuela's crude exports as the country descended further into political and economic turmoil.

US crude oil futures were up 1.3 per cent at $53.82 per barrel after gaining 1 per cent on Thursday.

Asian stocks rose across the board on Friday, buoyed by gains in US technology shares while investors awaited several key events next week including US-China trade talks.

Asian stocks rose across the board on Friday, buoyed by gains in US technology shares while investors awaited several key events next week including US-China trade talks. The euro struggled near a six-week low versus the dollar following dovish-sounding comments from European Central Bank President Mario Draghi, who expressed concerns about the eurozone economy. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.95 per cent to scale its highest since December 4. The index was headed for a gain of 0.6 per cent this week, with strong corporate earnings helping somewhat to counter growing concerns over slowing global economic growth. The Shanghai Composite Index rose 0.6 per cent. Tech-heavy South Korean shares added 0.9 per cent. Australian stocks climbed 0.8 per cent, lifted by higher prices of commodities such as iron ore and crude oil. Japan's Nikkei advanced 1.4 per cent with technology companies boosted by a surge in their US peers. "Investors who were already excited about the U.S. chip sector's earnings the day before got even more reassured after they saw how their stocks moved," said Shogo Maekawa, a global market strategist at JPMorgan Asset Management. Maekawa added that a recovery in the global cyclical chip sector is taken as a silver-lining amid concerns about a global economic slowdown. A synchronised global economic slowdown is underway and any escalation in the US-China trade war would trigger a sharper downturn, according to the latest Reuters polls of hundreds of economists from around the world. "Equities may be drawing some support but the markets are bracing for next week's events," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management. "The US-China trade discussions will provide insight into how talks are progressing, while the British parliamentary voting is a key Brexit event. And there is also the FOMC (Federal Open Market Committee) meeting." Chinese Vice Premier Liu He will visit the United States on January 30 and 31 for the next round of trade negotiations with Washington. The two sides are "miles and miles" from resolving trade issues but there is a fair chance they will get a deal, US Commerce Secretary Wilbur Ross said on Thursday. The British parliament will debate and vote on Prime Minister Theresa May's Brexit "plan B" on January 29, and the US Federal Reserve concludes a two-day policy setting meeting on January 30. The Nasdaq had risen roughly 0.7 per cent on Thursday thanks to a rally by chipmakers, while the S&P 500 edged higher and the Dow closed nominally lower as anxiety about slowing global growth and the Sino-U.S. trade dispute undercut a spate of strong earnings. In currency markets, the euro was a shade firmer at $1.1316 but still in close reach of a six-week trough of $1.1289 plumbed overnight. The euro was down 0.4 per cent this week. The single currency slid after ECB President Draghi acknowledged on Thursday that economic growth in the euro zone was likely to be weaker than earlier expected due to the fall-out from factors ranging from China's slowdown to Brexit. Germany has dropped its economic growth forecast for 2019 to 1.0 per cent from 1.8 per cent due to slower global economic growth and uncertainty about Britain's exit from the European Union, the Handelsblatt newspaper reported on Thursday. The ECB had left its policy stance unchanged as expected on Thursday and Draghi's downbeat comments added to speculation that the central bank will hold back on interest rate hikes that some market watchers had expected in October. The pound was up 0.4 per cent at $1.3109 after brushing a two-month high of $1.3130, lifted after The Sun reported on Thursday that Northern Ireland's Democratic Unionist Party has privately decided to back Prime Minister May's Brexit deal next week if it includes a clear time limit to the Irish backstop. The dollar nudged up 0.1 per cent to 109.74 yen and on track to end the week little changed. The benchmark 10-year US Treasury note yield was slightly higher at 2.724 per cent after dropping to a one-week low as concerns over slowing global growth supported safe-haven government debt. Crude oil extended gains after rallying the previous day as the United States threatened sanctions on Venezuela's crude exports as the country descended further into political and economic turmoil. US crude oil futures were up 1.3 per cent at $53.82 per barrel after gaining 1 per cent on Thursday.

Asia stocks firm, euro sags after dovish ECB

Oil prices rose by more than one per cent on Friday as turmoil in Venezuela triggered concerns that its oil exports could soon be disrupted.

Washington on Thursday signalled it could impose sanctions on Venezuela's crude exports as Caracas descends further into political and economic turmoil.

International Brent crude oil futures were at $61.89 a barrel at 0246 GMT, 80 cents, or 1.3 per cent, above their last close.

US West Texas Intermediate (WTI) crude futures were at $53.90 per barrel, up 77 cents, or 1.5 per cent.

Amid violent street protests, Venezuela's opposition leader Juan Guaido declared himself interim president earlier this week, winning backing from Washington and large parts of Latin America, prompting Nicolas Maduro, the country's leader since 2013, to break relations with the United States.

Fundamentally, however, global oil markets are still well supplied, thanks in part to surging output in the United States, where crude production rose by more than 2 million barrels per day (bpd) last year to a record 11.9 million bpd.

Record US production would likely offset any short-term disruptions to Venezuelan supply due to possible US sanctions, Britain's Barclays on Thursday said in a note. The bank cut its 2019 average Brent crude oil forecast to $70 a barrel, down from $72 previously.

The surge in US output has resulted in swelling US fuel inventories.

Gasoline stocks rose for an eighth consecutive week in the week to January 18, by 4.1 million barrels to a record 259.6 million barrels, the US Energy Information Administration (EIA) said in a weekly report on Thursday.

Crude inventories rose by 8 million barrels.

Oil prices rose by more than one per cent on Friday as turmoil in Venezuela triggered concerns that its oil exports could soon be disrupted. Washington on Thursday signalled it could impose sanctions on Venezuela's crude exports as Caracas descends further into political and economic turmoil.

Oil prices rose by more than one per cent on Friday as turmoil in Venezuela triggered concerns that its oil exports could soon be disrupted. Washington on Thursday signalled it could impose sanctions on Venezuela's crude exports as Caracas descends further into political and economic turmoil. International Brent crude oil futures were at $61.89 a barrel at 0246 GMT, 80 cents, or 1.3 per cent, above their last close. US West Texas Intermediate (WTI) crude futures were at $53.90 per barrel, up 77 cents, or 1.5 per cent. Amid violent street protests, Venezuela's opposition leader Juan Guaido declared himself interim president earlier this week, winning backing from Washington and large parts of Latin America, prompting Nicolas Maduro, the country's leader since 2013, to break relations with the United States. Fundamentally, however, global oil markets are still well supplied, thanks in part to surging output in the United States, where crude production rose by more than 2 million barrels per day (bpd) last year to a record 11.9 million bpd. Record US production would likely offset any short-term disruptions to Venezuelan supply due to possible US sanctions, Britain's Barclays on Thursday said in a note. The bank cut its 2019 average Brent crude oil forecast to $70 a barrel, down from $72 previously. The surge in US output has resulted in swelling US fuel inventories. Gasoline stocks rose for an eighth consecutive week in the week to January 18, by 4.1 million barrels to a record 259.6 million barrels, the US Energy Information Administration (EIA) said in a weekly report on Thursday. Crude inventories rose by 8 million barrels.

Oil prices jump as US threatens sanctions against Venezuela

Tata Motors-owned Jaguar Land Rover (JLR) has announced plans to halt production for a week at its UK plants in April due to <a href="http://www.wionews.com/opinions/why-a-no-deal-brexit-would-be-less-costly-for-the-eu-than-the-uk-192654">Brexit-related disruption</a>.

Britain's largest carmaker said the temporary production stand-down would take place between April 8 and 12 and affect all three of Jaguar Land Rover's UK car plants, as well as its engine plant.

Also read:<a href="http://www.wionews.com/world/seek-out-common-ground-says-queen-elizabeth-in-veiled-reference-to-brexit-192731"> Seek out common ground, says Queen Elizabeth in </a><a href="http://www.wionews.com/world/seek-out-common-ground-says-queen-elizabeth-in-veiled-reference-to-brexit-192731">veiled</a><a href="http://www.wionews.com/world/seek-out-common-ground-says-queen-elizabeth-in-veiled-reference-to-brexit-192731"> reference to Brexit</a>

"We have confirmed this year's holiday dates to employees across all UK sites. As part of this, we have also confirmed that there will be an additional week of production stand-down 8th-12th April due to potential Brexit disruption," a JLR spokesperson said.

Britain is set to leave the European Union (EU) by the deadline of March 29 this year but the process has been mired in controversy. The JLR has repeatedly warned against a hard exit from the 28-member economic bloc, which would adversely hit its supply chains and put jobs at risk.

The JLR employs just under 39,000 workers at its UK sites&nbsp;Castle Bromwich, Solihull and Wolverhampton in the West Midlands, and Halewood on Merseyside. The plan to pause production follows an announcement earlier this month that the company is to cut 4,500 jobs in a bid to cut costs of up to 2.5 billion pounds.

The luxury car brand had closed its main plant in Solihull for two weeks in October last year to reflect "fluctuating demand" in key markets like China.

The company has told the government that, while its "heart and soul" are in the UK, a bad Brexit or a "no-deal" scenario would severely impact the company's plans.&nbsp;

Tata Motors-owned Jaguar Land Rover (JLR) has announced plans to halt production for a week at its UK plants in April due to Brexit-related disruption. Britain's largest carmaker said the temporary production stand-down would take place between April 8 and 12 and affect all three of Jaguar Land Rover's UK car plants, as well as its engine plant.

Tata Motors-owned Jaguar Land Rover (JLR) has announced plans to halt production for a week at its UK plants in April due to Brexit-related disruption. Britain's largest carmaker said the temporary production stand-down would take place between April 8 and 12 and affect all three of Jaguar Land Rover's UK car plants, as well as its engine plant. Also read: Seek out common ground, says Queen Elizabeth in veiled reference to Brexit "We have confirmed this year's holiday dates to employees across all UK sites. As part of this, we have also confirmed that there will be an additional week of production stand-down 8th-12th April due to potential Brexit disruption," a JLR spokesperson said. Britain is set to leave the European Union (EU) by the deadline of March 29 this year but the process has been mired in controversy. The JLR has repeatedly warned against a hard exit from the 28-member economic bloc, which would adversely hit its supply chains and put jobs at risk. The JLR employs just under 39,000 workers at its UK sites Castle Bromwich, Solihull and Wolverhampton in the West Midlands, and Halewood on Merseyside. The plan to pause production follows an announcement earlier this month that the company is to cut 4,500 jobs in a bid to cut costs of up to 2.5 billion pounds. The luxury car brand had closed its main plant in Solihull for two weeks in October last year to reflect "fluctuating demand" in key markets like China. The company has told the government that, while its "heart and soul" are in the UK, a bad Brexit or a "no-deal" scenario would severely impact the company's plans.

Tata Motors' Jaguar Land Rover to halt production amid Brexit disruption

<a href="https://www.google.com/url?q=http://www.wionews.com/world/unpaid-work-done-by-women-globally-worth-43-times-apples-annual-turnover-oxfam-191775&amp;sa=U&amp;ved=0ahUKEwiCnI7QrojgAhVMuI8KHaWzBtcQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw2lVuPlQ6uybpzP_U5Vk1UD">Apple</a>&nbsp;has dismissed more than 200 employees from its autonomous vehicle group, Project Titan, CNBC reported on Thursday, citing people familiar with the matter.

The dismissals are seen, internally, as anticipated restructuring under the relatively new leadership of Project Titan, CNBC said.

"As the team focuses their work on several key areas for 2019, some groups are being moved to projects in other parts of the company, where they will support machine learning and other initiatives, across all of Apple," the company said in a statement.

However, Apple didn't confirm or deny the layoffs.

Last year, the iPhone maker hired Doug Field, an Apple veteran and a Tesla engineering vice president, to lead the Project Titan team alongside Bob Mansfield.

Apple has dismissed more than 200 employees from its autonomous vehicle group, Project Titan, CNBC reported on Thursday, citing people familiar with the matter. The dismissals are seen, internally, as anticipated restructuring under the relatively new leadership of Project Titan, CNBC said.

Apple has dismissed more than 200 employees from its autonomous vehicle group, Project Titan, CNBC reported on Thursday, citing people familiar with the matter. The dismissals are seen, internally, as anticipated restructuring under the relatively new leadership of Project Titan, CNBC said. "As the team focuses their work on several key areas for 2019, some groups are being moved to projects in other parts of the company, where they will support machine learning and other initiatives, across all of Apple," the company said in a statement. However, Apple didn't confirm or deny the layoffs. Last year, the iPhone maker hired Doug Field, an Apple veteran and a Tesla engineering vice president, to lead the Project Titan team alongside Bob Mansfield.

Apple dismisses over 200 staff from autonomous vehicle group: Report

BuzzFeed, one of the highest profile entertainment and news sites on the internet, plans to cut 15 per cent of its workforce, US media reports said Wednesday.

The cuts stand to affect between 200 to 250 jobs and come as the company is seeking to reinvest resources in more promising areas such as content licensing and e-commerce, The New York Times and Wall Street Journal reported.

The news was announced in an email by chief executive Jonah Peretti titled "Difficult Changes," according to the Times.

"I'm writing with sad news: we are doing layoffs at BuzzFeed next week. We will be making a 15% overall reduction in headcount across the company. I'm sending this tonight because I wanted you to hear it from me directly instead of from the press." According to the Journal's sources, one reason for the changes was to nudge the firm toward profitability while it searches for potential mergers.

The other was to avoid another round of fundraising. BuzzFeed raised around $500 million in the last round in 2016 and was valued at $1.7 billion, with its main investors including Comcast's NBCUniversal which has invested $400 million.

Like other online publishers, it has struggled to expand digital advertising sales in line with its investors' expectations as Google and Facebook continue to dominate the sector.

BuzzFeed launched in 2006 and was long primarily known for its humorous content and memes. Later, it launched a news unit that, despite being a financial drag on the company, has built a strong reputation and was a&nbsp; 
finalist for a Pulitzer prize last year.

BuzzFeed News found itself at the centre of a controversy last week after it reported President Donald Trump instructed his lawyer to lie to Congress about plans to build a Trump Tower in Moscow -- a story that was struck down by the office of Special Counsel Robert Mueller who said it was "not accurate."&nbsp;

BuzzFeed, one of the highest profile entertainment and news sites on the internet, plans to cut 15 per cent of its workforce, US media reports said Wednesday. The cuts stand to affect between 200 to 250 jobs and come as the company is seeking to reinvest resources in more promising areas such as content licensing and e-commerce, The New York Times and Wall Street Journal reported.

BuzzFeed, one of the highest profile entertainment and news sites on the internet, plans to cut 15 per cent of its workforce, US media reports said Wednesday. The cuts stand to affect between 200 to 250 jobs and come as the company is seeking to reinvest resources in more promising areas such as content licensing and e-commerce, The New York Times and Wall Street Journal reported. The news was announced in an email by chief executive Jonah Peretti titled "Difficult Changes," according to the Times. "I'm writing with sad news: we are doing layoffs at BuzzFeed next week. We will be making a 15% overall reduction in headcount across the company. I'm sending this tonight because I wanted you to hear it from me directly instead of from the press." According to the Journal's sources, one reason for the changes was to nudge the firm toward profitability while it searches for potential mergers. The other was to avoid another round of fundraising. BuzzFeed raised around $500 million in the last round in 2016 and was valued at $1.7 billion, with its main investors including Comcast's NBCUniversal which has invested $400 million. Like other online publishers, it has struggled to expand digital advertising sales in line with its investors' expectations as Google and Facebook continue to dominate the sector. BuzzFeed launched in 2006 and was long primarily known for its humorous content and memes. Later, it launched a news unit that, despite being a financial drag on the company, has built a strong reputation and was a finalist for a Pulitzer prize last year. BuzzFeed News found itself at the centre of a controversy last week after it reported President Donald Trump instructed his lawyer to lie to Congress about plans to build a Trump Tower in Moscow -- a story that was struck down by the office of Special Counsel Robert Mueller who said it was "not accurate."

BuzzFeed to cut 15% of its workers: Reports

The benchmark Sensex rose marginally in early trade on Thursday, reversing its two-session losing streak on buying in select bluechips by domestic investors amid positive Asian cues.

Investor sentiment, however, was cautious amid global headwinds, turning key indices choppy.&nbsp;

The 30-share index gained 28.27 points, or 0.08 per cent, at 36,136.74 after rising to 36,1789.36 at the outset.

It also slipped below the 36,000-mark to touch a low of 35,996.68 in early trade.

The gauge had lost 470.49 points in the previous two sessions.

In similar movement, the NSE Nifty edged up by 3.65 points, or 0.03 per cent, to 10,835.15.

After many days, Nifty saw a strong reaction, as the index formed a strong bearish candle which indicates the dominance of sellers, said an Emkay Global Financial Services report.&nbsp;

"With this fall, the index has breached its prior 5-day low. After several failed attempts to breach the 11,000 level and strong reaction, there is a mark of strong resistance. Still, the index is in an ascending triangle and the breakout of it will dictate further trend," it added.&nbsp;&nbsp; &nbsp;

According to analysts, investors are taking a cautious approach given their focus on global headwinds and upcoming general election.&nbsp;

"While foreign institutional investors (FIIs) are sellers in the market, expectations of a slow pace in US Fed rate hike and possibility of rate cut in India will ease liquidity crunch in the market," they added.&nbsp;

Domestic institutional investors (DIIs) made purchases worth Rs 583.77 crore, while FIIs sold shares worth a net of Rs 775.82 crore on Wednesday, as per provisional data.

Major gainers include ITC, PowerGrid, NTPC, HCL Tech, Asian Paint, HUL, Hero MotoCorp, Bajaj Finance, Bharti Airtel, TCS, Maruti Suzuki, ONGC and SBI, rising up to 1.64 per cent.

On the other hand, Tata Motors, Infosys, Tata Steel, M&amp;M, Coal India, L&amp;T and IndusInd Bank were under selling pressure, limiting the gains on key indices.

Elsewhere in Asia, Hong Kong's Hang Seng was up 0.22 per cent, Shanghai Composite Index rose 0.61 per cent, Taiwan's index was up 0.16 per cent in their early deals. Singapore's Straits Times rose 0.35 per cent and Korea's Kospi rose 0.42 per cent.

The US Dow Jones Industrial Average ended 0.70 per cent higher Wednesday following a batch of strong earnings reports.&nbsp;

The benchmark Sensex rose marginally in early trade on Thursday, reversing its two-session losing streak on buying in select bluechips by domestic investors amid positive Asian cues.

The benchmark Sensex rose marginally in early trade on Thursday, reversing its two-session losing streak on buying in select bluechips by domestic investors amid positive Asian cues. Investor sentiment, however, was cautious amid global headwinds, turning key indices choppy. The 30-share index gained 28.27 points, or 0.08 per cent, at 36,136.74 after rising to 36,1789.36 at the outset. It also slipped below the 36,000-mark to touch a low of 35,996.68 in early trade. The gauge had lost 470.49 points in the previous two sessions. In similar movement, the NSE Nifty edged up by 3.65 points, or 0.03 per cent, to 10,835.15. After many days, Nifty saw a strong reaction, as the index formed a strong bearish candle which indicates the dominance of sellers, said an Emkay Global Financial Services report. "With this fall, the index has breached its prior 5-day low. After several failed attempts to breach the 11,000 level and strong reaction, there is a mark of strong resistance. Still, the index is in an ascending triangle and the breakout of it will dictate further trend," it added. According to analysts, investors are taking a cautious approach given their focus on global headwinds and upcoming general election. "While foreign institutional investors (FIIs) are sellers in the market, expectations of a slow pace in US Fed rate hike and possibility of rate cut in India will ease liquidity crunch in the market," they added. Domestic institutional investors (DIIs) made purchases worth Rs 583.77 crore, while FIIs sold shares worth a net of Rs 775.82 crore on Wednesday, as per provisional data. Major gainers include ITC, PowerGrid, NTPC, HCL Tech, Asian Paint, HUL, Hero MotoCorp, Bajaj Finance, Bharti Airtel, TCS, Maruti Suzuki, ONGC and SBI, rising up to 1.64 per cent. On the other hand, Tata Motors, Infosys, Tata Steel, M&M, Coal India, L&T and IndusInd Bank were under selling pressure, limiting the gains on key indices. Elsewhere in Asia, Hong Kong's Hang Seng was up 0.22 per cent, Shanghai Composite Index rose 0.61 per cent, Taiwan's index was up 0.16 per cent in their early deals. Singapore's Straits Times rose 0.35 per cent and Korea's Kospi rose 0.42 per cent. The US Dow Jones Industrial Average ended 0.70 per cent higher Wednesday following a batch of strong earnings reports.

Sensex, Nifty rise in early trade, reversing two-session losing streak

The rupee strengthened 14 paise to 71.19 against the dollar at the interbank forex market Thursday on increased selling of the American currency by exporters and banks.

Dealers said dollar's weakness against other currencies overseas amid fears of a slowing global economy and US government's record-long shutdown and early gains in domestic equity markets supported the rupee.

On Wednesday, the rupee had snapped its three-day losing streak and settled higher by 11 paise at 71.33 against the US dollar.

The benchmark BSE Sensex recovered by 28.27 points, or 0.08 per cent, to 36,136.74 after rising to 36,178.36 in opening trade Thursday.

The rupee strengthened 14 paise to 71.19 against the dollar at the interbank forex market Thursday on increased selling of the American currency by exporters and banks.

The rupee strengthened 14 paise to 71.19 against the dollar at the interbank forex market Thursday on increased selling of the American currency by exporters and banks. Dealers said dollar's weakness against other currencies overseas amid fears of a slowing global economy and US government's record-long shutdown and early gains in domestic equity markets supported the rupee. On Wednesday, the rupee had snapped its three-day losing streak and settled higher by 11 paise at 71.33 against the US dollar. The benchmark BSE Sensex recovered by 28.27 points, or 0.08 per cent, to 36,136.74 after rising to 36,178.36 in opening trade Thursday.

Rupee rises 14 paise against dollar in early trade

The Trump administration ratcheted up pressure on Venezuelan President Nicolas Maduro on Wednesday, signalling potential new sanctions against the country's vital oil sector as it recognized Venezuela's opposition leader as interim president.

With street protests against Maduro under way across Venezuela, President Donald Trump said the United States recognized Juan Guaido, head of the opposition-controlled National Assembly congress, as the country's leader and called socialist Maduro's government "illegitimate."

In response, Maduro said he was breaking diplomatic relations with the United States and giving US embassy personnel 72 hours to leave Venezuela.

The United States, however, rejected Maduro's move to cut ties, saying it did not think he had the authority to sever ties and it would conduct relations with a government led by Guaido.

A senior US official, speaking on condition of anonymity, warned Maduro and his loyalists that Washington was ready to ramp up oil, gold and other sanctions and take unspecified actions "if they choose to harm any of the National Assembly members or any of the other duly legitimate officials of the government of Venezuela."

Asked whether he was considering US military intervention, Trump told reporters: "We're not considering anything, but all options are on the table."

Venezuelan opposition sympathizers had been urging Guaido to assume the presidency since Maduro was inaugurated for a second term on January 10, following a widely boycotted election last year that many foreign governments characterized as fraudulent.

Formal US recognition of Guaido could be complicated, however, by questions of how to deal with Venezuela's US-based diplomats and who would now control its bank accounts and other US assets, which include Citgo, the US&nbsp;refining arm of Venezuelan state-run oil company PDVSA.

The senior administration official told reporters that Washington now regards Guaido and the National Assembly as the "legitimate decision-makers" in transactions between the United States and Venezuela and that there would be a "whole bunch of consequences," but declined to elaborate.

US recognition of Guaido could backfire if Maduro, who accused the opposition of attempting a coup, used it as a pretext to detain Guaido or other opposition figures.

After Trump's announcement, most major Latin American countries made similar moves recognizing Guaido, and a Canadian official said Ottawa would also follow suit. But leftist-governed Mexico said it continued to recognize Maduro as president.

"@NicolasMaduro has undertaken a fight with the US &amp; international community he has no chance of winning," US Senator Marco Rubio said in a message on Twitter.

Rubio, who led a delegation of Florida lawmakers to discuss Venezuela with fellow Republican Trump on Tuesday, is considered to have played a major role since Trump took office in convincing him to take a tougher stand against Maduro.

NEW OIL SANCTIONS

Multiple sources said the Trump administration could impose new US sanctions on Venezuela's oil industry as soon as this week.

US officials are considering a range of potential measures, including restricting US imports of Venezuelan oil or even a full ban, but no final decisions have been made, two people familiar with the matter told Reuters.

Two other sources briefed on the matter said the Trump administration informed U.S. energy companies of its deliberations.

The decision on whether to go ahead could depend on how harshly Maduro cracks down on protesters and how he responds to Guaido's swearing-in, several of the sources said.

Even then, the administration would likely hold further discussions that could delay any final move, one source said.

The Trump administration has been increasingly frustrated with existing sanctions on Venezuela, which have spared oil exports so far. Targeting oil shipments to the United States could choke off significant revenue to the OPEC member nation.

The United States has held off on broad, oil-related measures, mindful of the potential not only for deepening the hardships of the Venezuelan people but also the risk of causing problems for US companies and consumers.

US refiners such as Valero Energy Corp, Chevron Corp and PBF Energy Inc have had discussions about the possibility of such sanctions with the Trump administration in recent weeks.

Venezuelan crude exports to the United States last year fell 15 per cent to the lowest annual average in nearly three decades, according to Refinitiv Eikon data.

Still, some US refineries have equipment specifically designed for heavy grades of crude like those from Venezuela. They imported about 500,000 barrels per day last year, according to the US Energy Information Administration.

The Trump administration ratcheted up pressure on Venezuelan President Nicolas Maduro on Wednesday, signalling potential new sanctions against the country's vital oil sector as it recognized Venezuela's opposition leader as interim president.

The Trump administration ratcheted up pressure on Venezuelan President Nicolas Maduro on Wednesday, signalling potential new sanctions against the country's vital oil sector as it recognized Venezuela's opposition leader as interim president. With street protests against Maduro under way across Venezuela, President Donald Trump said the United States recognized Juan Guaido, head of the opposition-controlled National Assembly congress, as the country's leader and called socialist Maduro's government "illegitimate." In response, Maduro said he was breaking diplomatic relations with the United States and giving US embassy personnel 72 hours to leave Venezuela. The United States, however, rejected Maduro's move to cut ties, saying it did not think he had the authority to sever ties and it would conduct relations with a government led by Guaido. A senior US official, speaking on condition of anonymity, warned Maduro and his loyalists that Washington was ready to ramp up oil, gold and other sanctions and take unspecified actions "if they choose to harm any of the National Assembly members or any of the other duly legitimate officials of the government of Venezuela." Asked whether he was considering US military intervention, Trump told reporters: "We're not considering anything, but all options are on the table." Venezuelan opposition sympathizers had been urging Guaido to assume the presidency since Maduro was inaugurated for a second term on January 10, following a widely boycotted election last year that many foreign governments characterized as fraudulent. Formal US recognition of Guaido could be complicated, however, by questions of how to deal with Venezuela's US-based diplomats and who would now control its bank accounts and other US assets, which include Citgo, the US refining arm of Venezuelan state-run oil company PDVSA. The senior administration official told reporters that Washington now regards Guaido and the National Assembly as the "legitimate decision-makers" in transactions between the United States and Venezuela and that there would be a "whole bunch of consequences," but declined to elaborate. US recognition of Guaido could backfire if Maduro, who accused the opposition of attempting a coup, used it as a pretext to detain Guaido or other opposition figures. After Trump's announcement, most major Latin American countries made similar moves recognizing Guaido, and a Canadian official said Ottawa would also follow suit. But leftist-governed Mexico said it continued to recognize Maduro as president. "@NicolasMaduro has undertaken a fight with the US & international community he has no chance of winning," US Senator Marco Rubio said in a message on Twitter. Rubio, who led a delegation of Florida lawmakers to discuss Venezuela with fellow Republican Trump on Tuesday, is considered to have played a major role since Trump took office in convincing him to take a tougher stand against Maduro. NEW OIL SANCTIONS Multiple sources said the Trump administration could impose new US sanctions on Venezuela's oil industry as soon as this week. US officials are considering a range of potential measures, including restricting US imports of Venezuelan oil or even a full ban, but no final decisions have been made, two people familiar with the matter told Reuters. Two other sources briefed on the matter said the Trump administration informed U.S. energy companies of its deliberations. The decision on whether to go ahead could depend on how harshly Maduro cracks down on protesters and how he responds to Guaido's swearing-in, several of the sources said. Even then, the administration would likely hold further discussions that could delay any final move, one source said. The Trump administration has been increasingly frustrated with existing sanctions on Venezuela, which have spared oil exports so far. Targeting oil shipments to the United States could choke off significant revenue to the OPEC member nation. The United States has held off on broad, oil-related measures, mindful of the potential not only for deepening the hardships of the Venezuelan people but also the risk of causing problems for US companies and consumers. US refiners such as Valero Energy Corp, Chevron Corp and PBF Energy Inc have had discussions about the possibility of such sanctions with the Trump administration in recent weeks. Venezuelan crude exports to the United States last year fell 15 per cent to the lowest annual average in nearly three decades, according to Refinitiv Eikon data. Still, some US refineries have equipment specifically designed for heavy grades of crude like those from Venezuela. They imported about 500,000 barrels per day last year, according to the US Energy Information Administration.

US weighs oil sanctions on Venezuela as it steps up pressure

Shares of Videocon Industries and ICICI Bank fell by up to 3 per cent Thursday after the CBI booked former ICICI Bank CEO and MD Chanda Kochhar, her husband Deepak Kochhar and Videocon group MD Venugopal Dhoot in connection with alleged cheating and irregularities.

The scrip of Videocon Industries Ltd went down by 2.73 per cent to close at Rs 2.85 on the BSE.

Shares of ICICI Bank fell by 0.72 per cent to end at Rs 365 apiece on the BSE.

The CBI has booked Chanda, Deepak and Dhoot in connection with alleged cheating and irregularities in loans sanctioned by the bank to the group in 2012, officials said Thursday.

The agency Thursday carried out searches at multiple locations, including the offices of Videocon group in Mumbai and Aurangabad, offices of Nupower Renewables Pvt Limited which is operated by Deepak Kochhar, and Supreme Energy after registering a case.

In addition to Chanda, Deepak and Dhoot, the agency has also named companies NuPower Renewables, Supreme Energy, Videocon International Electronics and Videocon Industries as accused in the FIR registered under IPC sections related to criminal conspiracy and provisions of the Prevention of Corruption Act, they said.

Shares of Videocon Industries and ICICI Bank fell by up to 3 per cent Thursday after the CBI booked former ICICI Bank CEO and MD Chanda Kochhar, her husband Deepak Kochhar and Videocon group MD Venugopal Dhoot in connection with alleged cheating and irregularities.

Shares of Videocon Industries and ICICI Bank fell by up to 3 per cent Thursday after the CBI booked former ICICI Bank CEO and MD Chanda Kochhar, her husband Deepak Kochhar and Videocon group MD Venugopal Dhoot in connection with alleged cheating and irregularities. The scrip of Videocon Industries Ltd went down by 2.73 per cent to close at Rs 2.85 on the BSE. Shares of ICICI Bank fell by 0.72 per cent to end at Rs 365 apiece on the BSE. The CBI has booked Chanda, Deepak and Dhoot in connection with alleged cheating and irregularities in loans sanctioned by the bank to the group in 2012, officials said Thursday. The agency Thursday carried out searches at multiple locations, including the offices of Videocon group in Mumbai and Aurangabad, offices of Nupower Renewables Pvt Limited which is operated by Deepak Kochhar, and Supreme Energy after registering a case. In addition to Chanda, Deepak and Dhoot, the agency has also named companies NuPower Renewables, Supreme Energy, Videocon International Electronics and Videocon Industries as accused in the FIR registered under IPC sections related to criminal conspiracy and provisions of the Prevention of Corruption Act, they said.

Videocon Industries, ICICI Bank shares fall up to 3 per cent

Domestic equity market on Thursday witnessed moderate recovery after choppy trade as both Sensex and Nifty reversed their two-day losing spell on the back of gains in heavyweights RIL, ITC and Yes Bank.

During the session, the BSE benchmark Sensex swung over 260 points both ways on alternate bouts of buying and selling by participants.

The 30-share index, after opening higher at 36,146.55 points, slipped into the negative terrain to crack below the 36,000-mark.

However, it staged a comeback on the emergence of buying in late afternoon trade to close the day 86.63 points, or 0.24 per cent, higher at 36,195.10.

The gauge had lost over 470 points in the previous two sessions.

Similarly, the 50-share NSE Nifty closed higher by 18.30 points, or 0.17 per cent, at 10,849.80 after shuttling between 10,866.35 and 10,798.65.

Among Sensex components, shares of Reliance Industries, India's largest company by market value, stole the show by surging 1.61 per cent to their highest in over three months.

Yes Bank zoomed 8.39 per cent after private sector lender Thursday named Ravneet Singh Gill, currently heading Deutsche Bank India, as the managing director and chief executive to succeed Rana Kapoor, whose term ends on January 31.

Stocks of cigarette maker ITC rose 0.43 per cent after Wednesday's steep fall over 4 per cent after the company announced its quarterly earnings.

Other gainers in the Sensex kitty include TCS, SBI, Axis Bank, Hero MotoCorp, Asian Paint, HCL Tech, Vedanta Ltd, Infosys, PowerGrid and M&amp;M, rising up to 1.17 per cent.

Among laggards, Tata Motors, Sun Pharma, Kotak Bank, Coal India, Bajaj Auto, ONGC, Bharti Airtel, ICICI Bank, Tata Steel, NTPC, HUL, HDFC Bank, L&amp;T, HDFC Ltd, IndusInd Bank, Maruti Suzuki and Bajaj Finance, fell up to 2.72.

According to Joseph Thomas, Head Research, Emkay Wealth Management, the market was in a tight range with no fresh news or triggers throughout the trading day. The focus was more on the earnings announcements, which also did not give any surprises.

Sectorally, real estate, IT, PSU banks were among the top gainers.

"IT stocks continue to depict strength for the last few sessions amid weaker rupee and a strong set of results delivered by major players in a weak quarter," said Paras Bothra, President, Equity Research, Ashika Group.

PSU banks derived strength from the liquidity-easing talks between the government and RBI, he added.

Among large-caps, Ultratech Cement missed consensus estimates, while Yes Bank shares were propped up after announcing MD and CEO, which was seen an overhang. The bank also delivered a decent set of results, he said

Small-cap and mid-cap indices, however, ended lower by up to 0.59 per cent as investors were seen booking profits.

In global markets, most of the other Asian markets ended higher, but European shares were lower in their early deals.

Shanghai Composite Index rose 0.41 per cent, while Hong Kong's Hang Seng was up 0.27 per cent, Taiwan's index gained 0.31 per cent, and Straits Times was up 0.28 per cent. However, Japan's Nikkei shed 0.09 per cent.

In the Eurozone, Frankfurt's DAX fell 0.32 per cent, while Paris CAC 40 was down 0.14 per cent in their late morning deals. London's FTSE too shed 0.24 per cent.

Domestic equity market on Thursday witnessed moderate recovery after choppy trade as both Sensex and Nifty reversed their two-day losing spell on the back of gains in heavyweights RIL, ITC and Yes Bank.

Domestic equity market on Thursday witnessed moderate recovery after choppy trade as both Sensex and Nifty reversed their two-day losing spell on the back of gains in heavyweights RIL, ITC and Yes Bank. During the session, the BSE benchmark Sensex swung over 260 points both ways on alternate bouts of buying and selling by participants. The 30-share index, after opening higher at 36,146.55 points, slipped into the negative terrain to crack below the 36,000-mark. However, it staged a comeback on the emergence of buying in late afternoon trade to close the day 86.63 points, or 0.24 per cent, higher at 36,195.10. The gauge had lost over 470 points in the previous two sessions. Similarly, the 50-share NSE Nifty closed higher by 18.30 points, or 0.17 per cent, at 10,849.80 after shuttling between 10,866.35 and 10,798.65. Among Sensex components, shares of Reliance Industries, India's largest company by market value, stole the show by surging 1.61 per cent to their highest in over three months. Yes Bank zoomed 8.39 per cent after private sector lender Thursday named Ravneet Singh Gill, currently heading Deutsche Bank India, as the managing director and chief executive to succeed Rana Kapoor, whose term ends on January 31. Stocks of cigarette maker ITC rose 0.43 per cent after Wednesday's steep fall over 4 per cent after the company announced its quarterly earnings. Other gainers in the Sensex kitty include TCS, SBI, Axis Bank, Hero MotoCorp, Asian Paint, HCL Tech, Vedanta Ltd, Infosys, PowerGrid and M&M, rising up to 1.17 per cent. Among laggards, Tata Motors, Sun Pharma, Kotak Bank, Coal India, Bajaj Auto, ONGC, Bharti Airtel, ICICI Bank, Tata Steel, NTPC, HUL, HDFC Bank, L&T, HDFC Ltd, IndusInd Bank, Maruti Suzuki and Bajaj Finance, fell up to 2.72. According to Joseph Thomas, Head Research, Emkay Wealth Management, the market was in a tight range with no fresh news or triggers throughout the trading day. The focus was more on the earnings announcements, which also did not give any surprises. Sectorally, real estate, IT, PSU banks were among the top gainers. "IT stocks continue to depict strength for the last few sessions amid weaker rupee and a strong set of results delivered by major players in a weak quarter," said Paras Bothra, President, Equity Research, Ashika Group. PSU banks derived strength from the liquidity-easing talks between the government and RBI, he added. Among large-caps, Ultratech Cement missed consensus estimates, while Yes Bank shares were propped up after announcing MD and CEO, which was seen an overhang. The bank also delivered a decent set of results, he said Small-cap and mid-cap indices, however, ended lower by up to 0.59 per cent as investors were seen booking profits. In global markets, most of the other Asian markets ended higher, but European shares were lower in their early deals. Shanghai Composite Index rose 0.41 per cent, while Hong Kong's Hang Seng was up 0.27 per cent, Taiwan's index gained 0.31 per cent, and Straits Times was up 0.28 per cent. However, Japan's Nikkei shed 0.09 per cent. In the Eurozone, Frankfurt's DAX fell 0.32 per cent, while Paris CAC 40 was down 0.14 per cent in their late morning deals. London's FTSE too shed 0.24 per cent.

Sensex closes 87 points higher; RIL, YES Bank lead recovery

International Monetary Fund Managing Director Christine Lagarde on Thursday reiterated that the major risk facing the global economy was the trade tension between China and the United States, reported Reuters.

She said it could precipitate the slowdown of the Chinese economy.

"A slowdown of China is fine. It's legitimate," Lagarde told delegates at the World Economic Forum in Davos. "But if the slowdown was fast, it would constitute a real issue," she said.

Lagarde said this at the World Economic Forum (WEF) annual meeting in Davos, Switzerland.&nbsp;

(With inputs from Reuters)&nbsp;

International Monetary Fund Managing Director Christine Lagarde on Thursday reiterated that the major risk facing the global economy was the trade tension between China and the United States, reported Reuters.

International Monetary Fund Managing Director Christine Lagarde on Thursday reiterated that the major risk facing the global economy was the trade tension between China and the United States, reported Reuters. She said it could precipitate the slowdown of the Chinese economy. "A slowdown of China is fine. It's legitimate," Lagarde told delegates at the World Economic Forum in Davos. "But if the slowdown was fast, it would constitute a real issue," she said. Lagarde said this at the World Economic Forum (WEF) annual meeting in Davos, Switzerland. (With inputs from Reuters)

China-US trade tension a major risk to global growth: IMF chief

Benchmark equity indices started on a cautious note, staging a moderate recovery in early trade Wednesday, following tepid sentiment in other Asian markets.

A stronger rupee against the dollar and easing crude prices also influenced market sentiment.

The 30-share Sensex was trading 13.51 points, or 0.04 per cent, lower at 36,431.13, after rising to 36,521.47 at the outset. The gauge had lost 134.32 points in the previous session.

The NSE Nifty was trading flat at 10,922.65 after moving between 10,942.55 and 10,914.60.

Sectorwise, the BSE metal, oil &amp; gas, FMCG, PSU, healthcare and banking indices rose up to 1.05 per cent.

Major gainers were Yes Bank, Tata Steel, HUL, Vedanta, SBI, Maruti Suzuki, Bajaj Finance, ITC, Bharti Airtel, RIL, ICICI Bank, ONGC, NTPC, PowerGrid, Axis Bank and Asian Paint, rising up to 2.03 per cent.

However, Infosys, Kotak Bank, TCS, HDFC, Hero MotoCorp, IndusInd Bank and Coal India fell up to 0.84 per cent.

Brokers said recovery in other Asian markets after initial weakness, following overnight losses on Wall Street, influenced sentiments.

"As we inch closer to the interim budget, one can expect the volatility in the market to increase," said Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas.

Meanwhile, foreign portfolio investors (FPIs) continued their selling activity on domestic bourses here. They sold shares worth a net Rs 78.53 crore, while domestic institutional investors (DIIs) sold shares worth Rs 84.15 crore Tuesday, provisional data showed.

Globally, Hong Kong's Hang Seng was up 0.14 per cent and Shanghai Composite Index rose 0.07 per cent in late morning deals. Japan's Nikkei also gained 0.04 per cent.

The US Dow Jones Industrial Average ended 1.22 per cent lower Tuesday.&nbsp;

Benchmark equity indices started on a cautious note, staging a moderate recovery in early trade Wednesday, following tepid sentiment in other Asian markets. A stronger rupee against the dollar and easing crude prices also influenced market sentiment.

Benchmark equity indices started on a cautious note, staging a moderate recovery in early trade Wednesday, following tepid sentiment in other Asian markets. A stronger rupee against the dollar and easing crude prices also influenced market sentiment. The 30-share Sensex was trading 13.51 points, or 0.04 per cent, lower at 36,431.13, after rising to 36,521.47 at the outset. The gauge had lost 134.32 points in the previous session. The NSE Nifty was trading flat at 10,922.65 after moving between 10,942.55 and 10,914.60. Sectorwise, the BSE metal, oil & gas, FMCG, PSU, healthcare and banking indices rose up to 1.05 per cent. Major gainers were Yes Bank, Tata Steel, HUL, Vedanta, SBI, Maruti Suzuki, Bajaj Finance, ITC, Bharti Airtel, RIL, ICICI Bank, ONGC, NTPC, PowerGrid, Axis Bank and Asian Paint, rising up to 2.03 per cent. However, Infosys, Kotak Bank, TCS, HDFC, Hero MotoCorp, IndusInd Bank and Coal India fell up to 0.84 per cent. Brokers said recovery in other Asian markets after initial weakness, following overnight losses on Wall Street, influenced sentiments. "As we inch closer to the interim budget, one can expect the volatility in the market to increase," said Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas. Meanwhile, foreign portfolio investors (FPIs) continued their selling activity on domestic bourses here. They sold shares worth a net Rs 78.53 crore, while domestic institutional investors (DIIs) sold shares worth Rs 84.15 crore Tuesday, provisional data showed. Globally, Hong Kong's Hang Seng was up 0.14 per cent and Shanghai Composite Index rose 0.07 per cent in late morning deals. Japan's Nikkei also gained 0.04 per cent. The US Dow Jones Industrial Average ended 1.22 per cent lower Tuesday.

Sensex, Nifty start on a cautious note on mixed global cues

The rupee rose 29 paise to 71.15 against the US dollar in early session Wednesday on increased selling of the American currency by exporters and banks amid a positive opening of the domestic equity markets.

At the Interbank forex market, the rupee opened higher at 71.19 and advanced further to quote 29 paise higher at 71.15 against the dollar.

Besides, the dollar falling against other currencies overseas on lingering worries about a global slowdown and continuing US-China trade tensions, supported the Indian rupee, forex dealers said.

However, sustained foreign fund outflows capped the gains, they added.

On Tuesday, the rupee had skidded by 16 paise -- its third straight session of loss -- to close at 71.44 against the US dollar amid strengthening of the greenback and heavy selling in domestic equities.

Foreign portfolio investors (FPIs) sold shares worth a net of Rs 78.53 crore, and domestic institutional investors (DIIs) were sellers to the tune of Rs 84.15 crore Tuesday, provisional data showed.&nbsp;

Meanwhile, the benchmark BSE Sensex rose 37.05 points, or 0.10 per cent, to 36,481.69 after rising to 36,521.47 in opening trade.&nbsp;

The rupee rose 29 paise to 71.15 against the US dollar in early session Wednesday on increased selling of the American currency by exporters and banks amid a positive opening of the domestic equity markets.

The rupee rose 29 paise to 71.15 against the US dollar in early session Wednesday on increased selling of the American currency by exporters and banks amid a positive opening of the domestic equity markets. At the Interbank forex market, the rupee opened higher at 71.19 and advanced further to quote 29 paise higher at 71.15 against the dollar. Besides, the dollar falling against other currencies overseas on lingering worries about a global slowdown and continuing US-China trade tensions, supported the Indian rupee, forex dealers said. However, sustained foreign fund outflows capped the gains, they added. On Tuesday, the rupee had skidded by 16 paise -- its third straight session of loss -- to close at 71.44 against the US dollar amid strengthening of the greenback and heavy selling in domestic equities. Foreign portfolio investors (FPIs) sold shares worth a net of Rs 78.53 crore, and domestic institutional investors (DIIs) were sellers to the tune of Rs 84.15 crore Tuesday, provisional data showed. Meanwhile, the benchmark BSE Sensex rose 37.05 points, or 0.10 per cent, to 36,481.69 after rising to 36,521.47 in opening trade.

Rupee spurts 29 paise against dollar

India will continue to remain the world’s fastest-growing <a href="http://www.wionews.com/india-news/once-fragile-indian-economy-now-worlds-fastest-growing-pm-modi-191614">large economy in 2019</a> as well as in 2020, much ahead of China, a UN report said Wednesday.

According to the UN’s World Economic Situation and Prospects (WESP) 2019, India’s GDP growth is expected to accelerate to 7.6 per cent in 2019-20 from an estimated 7.4 per cent in the current fiscal ending March 2019. The growth rate may come down to 7.4 per cent a year later.

In the case of China, the growth is estimated to decelerate to 6.3 per cent in 2019 from 6.6 per cent in 2018. It may further go down to 6.2 per cent in 2020.

Growth (in India) continues to be underpinned by robust private consumption, a more expansionary fiscal stance and benefits from previous reforms.

“Yet, more robust and sustained recovery of private investment remains crucial to lifting the medium-term growth,” WESP report said.

Referring to China, it said the growth is expected to moderate from 6.6 per cent in 2018 to 6.3 per cent in 2019, with policy support partly offsetting the negative impact of trade tensions.

The report further said the global economy would continue to grow at a steady pace of around 3 per cent in 2019 and 2020 amid signs that global growth has peaked.

However, a worrisome combination of development challenges could further undermine growth, it added.

The report also highlighted that global trade tensions pose a threat to the economic outlook.

Amid the rise in global trade tensions, world trade growth moderated over the course of 2018 to 3.8 per cent from the growth of 5.3 per cent in 2017.

While tensions have materially impacted some specific sectors, stimulus measures and direct subsidies have so far offset much of the direct economic impacts on China and the US, it said.

“But a prolonged escalation of trade tensions could severely disrupt the global economy,” WESP report said.

Directly impacted sectors have already witnessed rising input prices and delayed investment decisions.

These impacts, it said, can be expected to spread through global value chains, particularly in East Asia. Slower growth in China and the United States could also reduce the demand for commodities, affecting commodity exporters from Africa and Latin America.

India will continue to remain the world’s fastest-growing large economy in 2019 as well as in 2020, much ahead of China, a UN report said Wednesday. According to the UN’s World Economic Situation and Prospects (WESP) 2019, India’s GDP growth is expected to accelerate to 7.

India will continue to remain the world’s fastest-growing large economy in 2019 as well as in 2020, much ahead of China, a UN report said Wednesday. According to the UN’s World Economic Situation and Prospects (WESP) 2019, India’s GDP growth is expected to accelerate to 7.6 per cent in 2019-20 from an estimated 7.4 per cent in the current fiscal ending March 2019. The growth rate may come down to 7.4 per cent a year later. In the case of China, the growth is estimated to decelerate to 6.3 per cent in 2019 from 6.6 per cent in 2018. It may further go down to 6.2 per cent in 2020. Growth (in India) continues to be underpinned by robust private consumption, a more expansionary fiscal stance and benefits from previous reforms. “Yet, more robust and sustained recovery of private investment remains crucial to lifting the medium-term growth,” WESP report said. Referring to China, it said the growth is expected to moderate from 6.6 per cent in 2018 to 6.3 per cent in 2019, with policy support partly offsetting the negative impact of trade tensions. The report further said the global economy would continue to grow at a steady pace of around 3 per cent in 2019 and 2020 amid signs that global growth has peaked. However, a worrisome combination of development challenges could further undermine growth, it added. The report also highlighted that global trade tensions pose a threat to the economic outlook. Amid the rise in global trade tensions, world trade growth moderated over the course of 2018 to 3.8 per cent from the growth of 5.3 per cent in 2017. While tensions have materially impacted some specific sectors, stimulus measures and direct subsidies have so far offset much of the direct economic impacts on China and the US, it said. “But a prolonged escalation of trade tensions could severely disrupt the global economy,” WESP report said. Directly impacted sectors have already witnessed rising input prices and delayed investment decisions. These impacts, it said, can be expected to spread through global value chains, particularly in East Asia. Slower growth in China and the United States could also reduce the demand for commodities, affecting commodity exporters from Africa and Latin America.

India to remain fastest-growing economy in 2019-2020: UN report

There is no respite yet for common citizens as prices of fuel and diesel saw a fresh hike on Wednesday.

Petrol is now being sold 13 paise higher at Rs&nbsp;71.27 per litre and diesel at Rs&nbsp;65.90 per litre after a 19 paise hike in New Delhi.

In Mumbai, petrol is retailing at Rs&nbsp;76.90 per litre after an increase of 13 paise and diesel is being sold at Rs&nbsp;69.01 per litre after a 2 paise hike in its price.

The price revision comes amidst a global dip in the price of crude oil.

Analysts say the prices of crude were down owing to a reduction in the global economic growth forecast which triggered concerns over demand for oil in the coming weeks.

There is no respite yet for common citizens as prices of fuel and diesel saw a fresh hike on Wednesday. Petrol is now being sold 13 paise higher at Rs 71.27 per litre and diesel at Rs 65.

There is no respite yet for common citizens as prices of fuel and diesel saw a fresh hike on Wednesday. Petrol is now being sold 13 paise higher at Rs 71.27 per litre and diesel at Rs 65.90 per litre after a 19 paise hike in New Delhi. In Mumbai, petrol is retailing at Rs 76.90 per litre after an increase of 13 paise and diesel is being sold at Rs 69.01 per litre after a 2 paise hike in its price. The price revision comes amidst a global dip in the price of crude oil. Analysts say the prices of crude were down owing to a reduction in the global economic growth forecast which triggered concerns over demand for oil in the coming weeks.

No respite from surging fuel prices, petrol crosses Rs 71 per litre in Delhi

Google disclosed in a quarterly filing on Tuesday that it spent a company-record $21.2 million on lobbying the US government in 2018, topping its previous high of $18.22 million in 2012, as the search engine operator fights wide-ranging scrutiny into its practices.

In its filing to Congress on Tuesday, Facebook&nbsp;disclosed that it also spent more on government lobbying in 2018 than it ever had before at $12.62 million.

That was up from $11.51 million a year ago, according to tracking by the nonpartisan Center for Responsive Politics.

Google's spent $18.04 million on lobbying in 2017, according to the centre's data.

Google and Facebook declined to comment beyond their filings.

US lawmakers and regulators have weighed new privacy and antitrust rules to rein in the power of large internet service providers such as Google, Facebook and Amazon. Regulatory backlash in the United States, as well as Europe and Asia, is near the top of the list of concerns for technology investors, according to financial analysts.

Microsoft Corp spent $9.52 million on lobbying in 2018, according to its disclosure on Tuesday, up from $8.5 million in 2017 but below it's $10.5 million tabs in 2013.

Apple Inc spent $6.62 million last year, compared to its record of $7.15 million in 2017, according to centre data going back to 1998.

Apple and Microsoft did not respond to requests to comment. A filing from Amazon was expected later on Tuesday.

Google disclosed that new discussion topics with regulators in the fourth quarter included its search technology, criminal justice reform and international tax reform. The company is perennially among the top spenders on lobbying in Washington along with a few cable operators, defence contractors and healthcare firms.

Google Chief Executive Sundar Pichai, who testified in December before a US House of Representatives panel for the first time, has said the company backs the idea of national privacy legislation. But he has contested accusations of the company having a political bias in its search results and of stifling competition.

Susan Molinari, Google's top US public policy official, stepped down to take on an advisory role this month.

Facebook said discussing "election integrity" with national security officials was among its new lobbying areas in the fourth quarter. The filing said the company continued to lobby the Federal Trade Commission, which is investigating its data security practices.

Google disclosed in a quarterly filing on Tuesday that it spent a company-record $21.2 million on lobbying the US government in 2018, topping its previous high of $18.

Google disclosed in a quarterly filing on Tuesday that it spent a company-record $21.2 million on lobbying the US government in 2018, topping its previous high of $18.22 million in 2012, as the search engine operator fights wide-ranging scrutiny into its practices. In its filing to Congress on Tuesday, Facebook disclosed that it also spent more on government lobbying in 2018 than it ever had before at $12.62 million. That was up from $11.51 million a year ago, according to tracking by the nonpartisan Center for Responsive Politics. Google's spent $18.04 million on lobbying in 2017, according to the centre's data. Google and Facebook declined to comment beyond their filings. US lawmakers and regulators have weighed new privacy and antitrust rules to rein in the power of large internet service providers such as Google, Facebook and Amazon. Regulatory backlash in the United States, as well as Europe and Asia, is near the top of the list of concerns for technology investors, according to financial analysts. Microsoft Corp spent $9.52 million on lobbying in 2018, according to its disclosure on Tuesday, up from $8.5 million in 2017 but below it's $10.5 million tabs in 2013. Apple Inc spent $6.62 million last year, compared to its record of $7.15 million in 2017, according to centre data going back to 1998. Apple and Microsoft did not respond to requests to comment. A filing from Amazon was expected later on Tuesday. Google disclosed that new discussion topics with regulators in the fourth quarter included its search technology, criminal justice reform and international tax reform. The company is perennially among the top spenders on lobbying in Washington along with a few cable operators, defence contractors and healthcare firms. Google Chief Executive Sundar Pichai, who testified in December before a US House of Representatives panel for the first time, has said the company backs the idea of national privacy legislation. But he has contested accusations of the company having a political bias in its search results and of stifling competition. Susan Molinari, Google's top US public policy official, stepped down to take on an advisory role this month. Facebook said discussing "election integrity" with national security officials was among its new lobbying areas in the fourth quarter. The filing said the company continued to lobby the Federal Trade Commission, which is investigating its data security practices.

Google, Facebook spend big on US lobbying amid policy battles

As much as <a href="http://www.wionews.com/world/us-rejects-advance-trade-meeting-with-china-reports-192094">US&nbsp;President Donald Trump</a> wants to boost markets through a trade pact with China, he will not soften his position that Beijing must make real structural reforms, including how it handles intellectual property, to reach a deal, advisers say.

Offering to buy more American goods is unlikely by itself to overcome an issue that has bedeviled talks between the two countries. Those talks are set to continue when Chinese Vice Premier Liu He visits Washington at the end of January.

The United States accuses China of stealing intellectual property and forcing American companies to share technology when they do business in China. Beijing denies the accusations.

With a March 1 deadline approaching to reach an agreement or risk an escalation of tariffs on another $200 billion worth of Chinese goods, the two sides are still far apart on key, structural elements critical for a deal, according to sources familiar with the talks.

"We're not yet in a position where our concerns have been addressed sufficiently," one US&nbsp;official said, speaking on condition of anonymity. The official said the Trump team, led by hardline US Trade Representative Robert Lighthizer, was focussed on such structural issues as well as trade imbalances.

White House economic adviser Larry Kudlow told Reuters that forced technology transfers, IP theft and ownership restrictions remained a top priority for Trump.

"The president's said many times how crucial that is, and he's not going to back down," Kudlow said.

Lack of progress led the Trump administration to decline an in-person meeting with a lower-level Chinese delegation for preparatory talks ahead of Liu He's visit, a source familiar with the situation told Reuters.

The Financial Times also reported that an offer for preparatory meeting was rejected, but White House officials pushed back on the suggestion that any meeting was cancelled.

"With respect, the story is not true," Kudlow told CNBC, referring to the FT report.

"The teams remain in touch in preparation for high-level talks with Vice Premier Liu He at the end of this month," said White House spokeswoman Lindsay Walters.

Trump and Chinese President Xi Jinping agreed on a ceasefire in their trade war at the G20 meeting in Buenos Aires last year, setting a 90-day period to discuss differences and agree a deal.

Those talks have yet to produce anything on paper.

"There's progress in that the two sides are talking. But I look at it like this: there's still nothing agreed on in writing," said one source familiar with the discussions.

Trump has painted developments in the US-China trade talks as largely positive, aware of the effect that the tensions have had on stock markets.

The S&amp;P 500 registered its biggest four-week percentage gain since 2011 on Friday after dropping nearly 20 per cent from its record September close on Christmas Eve. The benchmark index lost ground on Tuesday after a national holiday on Monday.

"We've really had a very extraordinary number of meetings, and a deal could very well happen with China. It's going very well," Trump told reporters at the White House on Saturday.

China has offered more than $1.2 trillion in additional commitments on trade, Treasury Secretary Steve Mnuchin said last month.

That is not sufficient for Trump or his team.

"To think that this is going to end with simple 'commitments,' I think, is overlooking the historical experience that we've had," the US&nbsp;official said.

Chinese officials pledged to buy enough US&nbsp;products to wipe out the US-China trade deficit at talks in Beijing earlier this month but also hedged its position, saying it depended on the demands of Chinese companies, said Scott Kennedy, director of the Project on Chinese Business and Political Economy at the Center for Strategic and International Studies.

The Chinese have indicated they feel they already addressed US&nbsp;concerns about intellectual property rights through a new law and other actions, Kennedy said.

"These weren't sufficient to satisfy the US negotiation team. So we'll see if the Chinese give any more on those or if they still try to focus on sweetening the purchases side, and hoping that Trump bites on the potential big numbers," he said.

Barring progress at the end of the 90-day period, the Trump administration is scheduled to increase tariffs on $200 billion worth of Chinese goods from the current 10 per cent to 25 per cent.

"All I'll say is the meetings coming up at the end of the month with Liu He are very important," Kudlow said.

As much as US President Donald Trump wants to boost markets through a trade pact with China, he will not soften his position that Beijing must make real structural reforms, including how it handles intellectual property, to reach a deal, advisers say.

As much as US President Donald Trump wants to boost markets through a trade pact with China, he will not soften his position that Beijing must make real structural reforms, including how it handles intellectual property, to reach a deal, advisers say. Offering to buy more American goods is unlikely by itself to overcome an issue that has bedeviled talks between the two countries. Those talks are set to continue when Chinese Vice Premier Liu He visits Washington at the end of January. The United States accuses China of stealing intellectual property and forcing American companies to share technology when they do business in China. Beijing denies the accusations. With a March 1 deadline approaching to reach an agreement or risk an escalation of tariffs on another $200 billion worth of Chinese goods, the two sides are still far apart on key, structural elements critical for a deal, according to sources familiar with the talks. "We're not yet in a position where our concerns have been addressed sufficiently," one US official said, speaking on condition of anonymity. The official said the Trump team, led by hardline US Trade Representative Robert Lighthizer, was focussed on such structural issues as well as trade imbalances. White House economic adviser Larry Kudlow told Reuters that forced technology transfers, IP theft and ownership restrictions remained a top priority for Trump. "The president's said many times how crucial that is, and he's not going to back down," Kudlow said. Lack of progress led the Trump administration to decline an in-person meeting with a lower-level Chinese delegation for preparatory talks ahead of Liu He's visit, a source familiar with the situation told Reuters. The Financial Times also reported that an offer for preparatory meeting was rejected, but White House officials pushed back on the suggestion that any meeting was cancelled. "With respect, the story is not true," Kudlow told CNBC, referring to the FT report. "The teams remain in touch in preparation for high-level talks with Vice Premier Liu He at the end of this month," said White House spokeswoman Lindsay Walters. Trump and Chinese President Xi Jinping agreed on a ceasefire in their trade war at the G20 meeting in Buenos Aires last year, setting a 90-day period to discuss differences and agree a deal. Those talks have yet to produce anything on paper. "There's progress in that the two sides are talking. But I look at it like this: there's still nothing agreed on in writing," said one source familiar with the discussions. Trump has painted developments in the US-China trade talks as largely positive, aware of the effect that the tensions have had on stock markets. The S&P 500 registered its biggest four-week percentage gain since 2011 on Friday after dropping nearly 20 per cent from its record September close on Christmas Eve. The benchmark index lost ground on Tuesday after a national holiday on Monday. "We've really had a very extraordinary number of meetings, and a deal could very well happen with China. It's going very well," Trump told reporters at the White House on Saturday. China has offered more than $1.2 trillion in additional commitments on trade, Treasury Secretary Steve Mnuchin said last month. That is not sufficient for Trump or his team. "To think that this is going to end with simple 'commitments,' I think, is overlooking the historical experience that we've had," the US official said. Chinese officials pledged to buy enough US products to wipe out the US-China trade deficit at talks in Beijing earlier this month but also hedged its position, saying it depended on the demands of Chinese companies, said Scott Kennedy, director of the Project on Chinese Business and Political Economy at the Center for Strategic and International Studies. The Chinese have indicated they feel they already addressed US concerns about intellectual property rights through a new law and other actions, Kennedy said. "These weren't sufficient to satisfy the US negotiation team. So we'll see if the Chinese give any more on those or if they still try to focus on sweetening the purchases side, and hoping that Trump bites on the potential big numbers," he said. Barring progress at the end of the 90-day period, the Trump administration is scheduled to increase tariffs on $200 billion worth of Chinese goods from the current 10 per cent to 25 per cent. "All I'll say is the meetings coming up at the end of the month with Liu He are very important," Kudlow said.

Trump will not soften hard line on China to make deal: Advisers