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Former president Pranab Mukherjee Wednesday expressed dissatisfaction over India’s economic growth and said the country should have been a five to six trillion US dollar economy. Addressing students of Greenwood High International School on the topic ‘Value of education in today’s scenario,’ Mukherjee said India has the potential to become a global economic power.

Replying to a query on how students can contribute to India’s journey to become a global economic power, Mukherjee said, “India is bound to be a global economic power. Today, as I have mentioned to you, the Indian economy is worth 2.268 trillion US dollar. I am not satisfied. As a former finance minister, I think we should have done much more progress. It should have been five to six trillion US dollar economy.”

Recalling India’s progress from the time when it was not able to even manufacture a fountain pen during the colonial era, Mukherjee said the 71 years of independence and 68 years of planning resulted in India rising to become one of the largest economies. “We are the third military power of the world,” he said.

Mukherjee highlighted the country’s achievements in science and technology besides space research. “We are the only country till today out of 184 members of the United Nations, who succeeded in sending its orbiter to Mars in its very first attempt,” Mukherjee said.

To a question on how a leader should handle criticism, Mukherjee said, “Criticism is part of life, criticism is not always bad, it is not always negative.” Mukherjee also emphasised on access to quality education to all.

Former president Pranab Mukherjee Wednesday expressed dissatisfaction over India’s economic growth and said the country should have been a five to six trillion US dollar economy.

Former president Pranab Mukherjee Wednesday expressed dissatisfaction over India’s economic growth and said the country should have been a five to six trillion US dollar economy. Addressing students of Greenwood High International School on the topic ‘Value of education in today’s scenario,’ Mukherjee said India has the potential to become a global economic power. Replying to a query on how students can contribute to India’s journey to become a global economic power, Mukherjee said, “India is bound to be a global economic power. Today, as I have mentioned to you, the Indian economy is worth 2.268 trillion US dollar. I am not satisfied. As a former finance minister, I think we should have done much more progress. It should have been five to six trillion US dollar economy.” Recalling India’s progress from the time when it was not able to even manufacture a fountain pen during the colonial era, Mukherjee said the 71 years of independence and 68 years of planning resulted in India rising to become one of the largest economies. “We are the third military power of the world,” he said. Mukherjee highlighted the country’s achievements in science and technology besides space research. “We are the only country till today out of 184 members of the United Nations, who succeeded in sending its orbiter to Mars in its very first attempt,” Mukherjee said. To a question on how a leader should handle criticism, Mukherjee said, “Criticism is part of life, criticism is not always bad, it is not always negative.” Mukherjee also emphasised on access to quality education to all.

India should have been a $5-6 trillion economy now: Pranab Mukherjee

If Britain crashes out of the EU without a deal its economy could end up being 9.3 per cent smaller in 15 years' time than would otherwise be the case, the government said on Wednesday.

A cross-departmental analysis found leaving the EU will leave Britain poorer than it would have been had it remained inside the bloc, even accounting for new trade deals it would eventually be able to sign.

It did not exactly model for the deal struck by <a href="http://www.wionews.com/world/uk-pm-theresa-may-opposition-leader-jeremy-corbyn-agree-to-tv-debate-over-brexit-179790">Prime Minister Theresa May </a>with the EU last week, the outlines of which remain vague, but suggests something similar could see the economy shrink by as much as 3.9 per cent.

The 83-page report was published a fortnight before British MPs vote on the deal, with many deeply opposed.

The Brexit deal comprises a divorce agreement and a political declaration on future ties, which offers a "spectrum" of options for how Britain will trade with the EU after Brexit, the report said.

Given this range of options, the economic analysis offered two different models on what the final deal could look like and assessed how they could affect the economy when combined with the government's hopes of ending free moment of EU workers into Britain.

If Britain got the frictionless trade it wants, as outlined in a government plan in July, and there was no change to migration arrangements, the economy would still shrink by 0.6 per cent compared to what it would be otherwise.

If Britain did get frictionless trade and net EEA migration fell to zero, the economy would shrink by 2.5 per cent.

But many believe Britain will not get everything it wants, and the analysis models a trade arrangement halfway between frictionless trade and a standard free trade agreement.

This compromise model with no change to migration would see the economy shrink by 2.1 per cent. With zero net migration, it would shrink by 3.9 per cent.

The document makes clear the paper is not an economic forecast for the UK economy, adding that the results "should be interpreted with caution".

The models also do not take into account changes such as demography or productivity levels, or any changes to EU rules in future.

They do however assume Britain rolls over the trade deals it currently benefits from as part of the EU and strikes new ones with countries including the United States.

But the impact of these trade deals is negligible -- and increase of between 0.1 and 0.2 per cent in GDP compared to today's arrangements.

If Britain crashes out of the EU without a deal its economy could end up being 9.3 per cent smaller in 15 years' time than would otherwise be the case, the government said on Wednesday.

If Britain crashes out of the EU without a deal its economy could end up being 9.3 per cent smaller in 15 years' time than would otherwise be the case, the government said on Wednesday. A cross-departmental analysis found leaving the EU will leave Britain poorer than it would have been had it remained inside the bloc, even accounting for new trade deals it would eventually be able to sign. It did not exactly model for the deal struck by Prime Minister Theresa May with the EU last week, the outlines of which remain vague, but suggests something similar could see the economy shrink by as much as 3.9 per cent. The 83-page report was published a fortnight before British MPs vote on the deal, with many deeply opposed. The Brexit deal comprises a divorce agreement and a political declaration on future ties, which offers a "spectrum" of options for how Britain will trade with the EU after Brexit, the report said. Given this range of options, the economic analysis offered two different models on what the final deal could look like and assessed how they could affect the economy when combined with the government's hopes of ending free moment of EU workers into Britain. If Britain got the frictionless trade it wants, as outlined in a government plan in July, and there was no change to migration arrangements, the economy would still shrink by 0.6 per cent compared to what it would be otherwise. If Britain did get frictionless trade and net EEA migration fell to zero, the economy would shrink by 2.5 per cent. But many believe Britain will not get everything it wants, and the analysis models a trade arrangement halfway between frictionless trade and a standard free trade agreement. This compromise model with no change to migration would see the economy shrink by 2.1 per cent. With zero net migration, it would shrink by 3.9 per cent. The document makes clear the paper is not an economic forecast for the UK economy, adding that the results "should be interpreted with caution". The models also do not take into account changes such as demography or productivity levels, or any changes to EU rules in future. They do however assume Britain rolls over the trade deals it currently benefits from as part of the EU and strikes new ones with countries including the United States. But the impact of these trade deals is negligible -- and increase of between 0.1 and 0.2 per cent in GDP compared to today's arrangements.

No-deal Brexit could cost UK economy 9.3% of GDP over 15 years: govt

Shares closed higher for the third straight session on Wednesday, helped by IT stocks such as Tata Consultancy Services Ltd and Infosys Ltd, although investor sentiment was cautious ahead of the expiry of futures and options contracts later this week.

The broader NSE Nifty closed 0.4 per cent higher at 10,728.85, while the benchmark BSE Sensex ended up 0.57 per cent at 35,716.95.

The Nifty IT index gained 2.9 per cent with TCS rising about 5 per cent and Infosys adding 4.3 per cent.

Meanwhile, state-run lenders fell with the Nifty PSU bank index shedding nearly 2 per cent. Punjab National Bank lost 3.9 per cent, while Bank of Baroda Ltd declined 3.9 per cent.

Private-sector lender Yes Bank Ltd lost the most on both indexes, ending 11.3 per cent lower.

Shares closed higher for the third straight session on Wednesday, helped by IT stocks such as Tata Consultancy Services Ltd and Infosys Ltd, although investor sentiment was cautious ahead of the expiry of futures and options contracts later this week.

Shares closed higher for the third straight session on Wednesday, helped by IT stocks such as Tata Consultancy Services Ltd and Infosys Ltd, although investor sentiment was cautious ahead of the expiry of futures and options contracts later this week. The broader NSE Nifty closed 0.4 per cent higher at 10,728.85, while the benchmark BSE Sensex ended up 0.57 per cent at 35,716.95. The Nifty IT index gained 2.9 per cent with TCS rising about 5 per cent and Infosys adding 4.3 per cent. Meanwhile, state-run lenders fell with the Nifty PSU bank index shedding nearly 2 per cent. Punjab National Bank lost 3.9 per cent, while Bank of Baroda Ltd declined 3.9 per cent. Private-sector lender Yes Bank Ltd lost the most on both indexes, ending 11.3 per cent lower.

Sensex, Nifty extend gains into third session; TCS, Infosys lead

Oil rose further above $60 a barrel on Wednesday, supported by expectations that OPEC and its partners will next week decide to curb supply and helped by a drop in North Sea output.

The Organization of the Petroleum Exporting Countries plus Russia and other allies meet on December 6-7. Producers are discussing a supply curb of 1 to 1.4 million barrels per day and possibly more, OPEC delegates have told Reuters.

Brent crude, the global benchmark, was up 53 cents at $60.74 a barrel at 0919 GMT and traded as high as $61.27.

US crude added 41 cents to $51.97.

"OPEC needs to cut if it wants the market to be a little less over-supplied in the first half of 2019," said Olivier Jakob, analyst at Petromatrix, although he added the rally was limited. "We are not making significant moves."

Despite Wednesday's rise, Brent has slumped 30 per cent from a four-year high above $86 a barrel in early October, pressured by concerns that supply will exceed demand in 2019 as economic growth slows.

The slump since October is so far on a par with the 2008 price crash and steeper than that of 2014-2015 - both of which prompted OPEC to agree output curbs to support the market.

The OPEC meeting in Vienna will follow a gathering by the Group of 20 (G20) nations in Argentina this weekend, at which oil policy is expected to be discussed, potentially laying the groundwork for an OPEC deal.

The market also gained support from a supply outage in the North Sea, home to the crude underpinning the Brent contract.

The Buzzard oilfield, the UK's largest, has closed temporarily after the discovery of pipe corrosion. As a result, trade sources said three December cargoes of Forties crude had been cancelled.

"Few would bet against further disruptions," said Stephen Brennock of oil broker PVM, referring to the impact of the outage on cargo loadings.

A weekly report showing a rise in US crude stockpiles, the 10th consecutive week of gains, limited the rally.

The American Petroleum Institute, an industry group, said on Tuesday US crude stocks rose by 3.5 million barrels, more than analysts had forecast. The government's official supply report is due later on Wednesday at 1530 GMT.

Oil rose further above $60 a barrel on Wednesday, supported by expectations that OPEC and its partners will next week decide to curb supply and helped by a drop in North Sea output.

Oil rose further above $60 a barrel on Wednesday, supported by expectations that OPEC and its partners will next week decide to curb supply and helped by a drop in North Sea output. The Organization of the Petroleum Exporting Countries plus Russia and other allies meet on December 6-7. Producers are discussing a supply curb of 1 to 1.4 million barrels per day and possibly more, OPEC delegates have told Reuters. Brent crude, the global benchmark, was up 53 cents at $60.74 a barrel at 0919 GMT and traded as high as $61.27. US crude added 41 cents to $51.97. "OPEC needs to cut if it wants the market to be a little less over-supplied in the first half of 2019," said Olivier Jakob, analyst at Petromatrix, although he added the rally was limited. "We are not making significant moves." Despite Wednesday's rise, Brent has slumped 30 per cent from a four-year high above $86 a barrel in early October, pressured by concerns that supply will exceed demand in 2019 as economic growth slows. The slump since October is so far on a par with the 2008 price crash and steeper than that of 2014-2015 - both of which prompted OPEC to agree output curbs to support the market. The OPEC meeting in Vienna will follow a gathering by the Group of 20 (G20) nations in Argentina this weekend, at which oil policy is expected to be discussed, potentially laying the groundwork for an OPEC deal. The market also gained support from a supply outage in the North Sea, home to the crude underpinning the Brent contract. The Buzzard oilfield, the UK's largest, has closed temporarily after the discovery of pipe corrosion. As a result, trade sources said three December cargoes of Forties crude had been cancelled. "Few would bet against further disruptions," said Stephen Brennock of oil broker PVM, referring to the impact of the outage on cargo loadings. A weekly report showing a rise in US crude stockpiles, the 10th consecutive week of gains, limited the rally. The American Petroleum Institute, an industry group, said on Tuesday US crude stocks rose by 3.5 million barrels, more than analysts had forecast. The government's official supply report is due later on Wednesday at 1530 GMT.

Oil rises further above $60 as OPEC, North Sea outage support

President Donald Trump has asked General Motors to stop manufacturing cars in China, according to a media report, after the American automobile company announced its <a href="http://www.wionews.com/business-economy/general-motors-shuttering-plants-cutting-15-of-workforce-179659">plans to cut around 14,800 jobs in the US and Canada</a>.

Reacting sharply, Trump asked the General Motors to review its decision, which the auto major said would help it save around $4.5 billion in costs by the end of 2020.

The decision will have a major impact on jobs in some of the key states like Ohio and Michigan.

According to The Wall Street Journal, Trump told the GM chief executive Mary Barra that she should stop making cars in China and open a new plant in Ohio to replace the one that is ending production.

"They better damn well open a new plant there very quickly," Trump told The Wall Street Journal in an interview.&nbsp;

"I love Ohio. I told them, 'You're playing around with the wrong person'," he said, referring to his talks with the GM leadership.

Earlier at the White House, the US President said he did not like GM's decision.&nbsp;

"We don't like it. I believe they'll be opening up something else. I was very tough (with GM leadership). I spoke with her when I heard they were closing. And I said, 'You know, this country has done a lot for General Motors. You better get back in there soon. That's Ohio, and you better get back in there soon'," Trump said.

"So, we have a lot of pressure on them. You have senators, you have a lot of other people -- a lot of pressure. They say the Chevy Cruze is not selling well. I say, 'Well, then get somebody -- get a car that is selling well and put it back in'. So I think you're going to see something else happen there, but I'm not happy about it," he said.

Noting that their car is not selling well, Trump exuded confidence that soon they will put something else.&nbsp;

"I have no doubt that, in a not-too-distant future, they'll put something else. They better put something else in," he said. 
Barra defended the decision of the General Motors.

"The actions we are taking today continue our transformation to be highly agile, resilient and profitable, while giving us the flexibility to invest in the future," Barra said.&nbsp;

"We recognize the need to stay in front of changing market conditions and customer preferences to position our company for long-term success," she added.

"These actions will increase the long-term profit and cash generation potential of the company and improve resilience through the cycle," Barra said.

President Donald Trump has asked General Motors to stop manufacturing cars in China, according to a media report, after the American automobile company announced its plans to cut around 14,800 jobs in the US and Canada.

President Donald Trump has asked General Motors to stop manufacturing cars in China, according to a media report, after the American automobile company announced its plans to cut around 14,800 jobs in the US and Canada. Reacting sharply, Trump asked the General Motors to review its decision, which the auto major said would help it save around $4.5 billion in costs by the end of 2020. The decision will have a major impact on jobs in some of the key states like Ohio and Michigan. According to The Wall Street Journal, Trump told the GM chief executive Mary Barra that she should stop making cars in China and open a new plant in Ohio to replace the one that is ending production. "They better damn well open a new plant there very quickly," Trump told The Wall Street Journal in an interview. "I love Ohio. I told them, 'You're playing around with the wrong person'," he said, referring to his talks with the GM leadership. Earlier at the White House, the US President said he did not like GM's decision. "We don't like it. I believe they'll be opening up something else. I was very tough (with GM leadership). I spoke with her when I heard they were closing. And I said, 'You know, this country has done a lot for General Motors. You better get back in there soon. That's Ohio, and you better get back in there soon'," Trump said. "So, we have a lot of pressure on them. You have senators, you have a lot of other people -- a lot of pressure. They say the Chevy Cruze is not selling well. I say, 'Well, then get somebody -- get a car that is selling well and put it back in'. So I think you're going to see something else happen there, but I'm not happy about it," he said. Noting that their car is not selling well, Trump exuded confidence that soon they will put something else. "I have no doubt that, in a not-too-distant future, they'll put something else. They better put something else in," he said. Barra defended the decision of the General Motors. "The actions we are taking today continue our transformation to be highly agile, resilient and profitable, while giving us the flexibility to invest in the future," Barra said. "We recognize the need to stay in front of changing market conditions and customer preferences to position our company for long-term success," she added. "These actions will increase the long-term profit and cash generation potential of the company and improve resilience through the cycle," Barra said.

After it announces job cuts, Trump asks General Motors to stop making cars in China

The rupee depreciated by 15 paise to 71.02 against the US dollar in early trade Tuesday at the interbank foreign exchange, after US President Donald Trump suggested a tariff hike on Chinese goods.

The domestic unit opened weak in line with other Asian currencies after Trump Monday said that for any trade deal China has to treat his country "fairly".

"Here's what the bottom line is: China has to treat us fairly. They haven't been. They have to treat us fairly," Trump told reporters at the White House.

At the interbank forex market, the rupee opened lower at 70.91 and declined further to quote at 71.02, showing a fall of 15 paise over its previous close.

The rupee Monday fell by 18 paise to close at 70.87 against the US dollar.

Forex dealers said fresh demand for the American currency from importers amid a marginal rise in crude prices weighed on the domestic unit.

The international benchmark, Brent crude was trading higher by 0.28 per cent to USD 60.65 per barrel.

Traders said, fresh foreign inflows restricted the decline in the local unit.

Foreign institutional investors (FIIs) made fresh purchases worth Rs 62.74 crore Monday, as per provisional data.&nbsp;

Meanwhile, the 30-share Sensex was trading 27.28 points, or 0.08 per cent, lower at 35,326.80. The NSE Nifty too witnessed similar movement and was trading 18.70 points, or 0.18 per cent, lower at 10,609.90.

The rupee depreciated by 15 paise to 71.02 against the US dollar in early trade Tuesday at the interbank foreign exchange, after US President Donald Trump suggested a tariff hike on Chinese goods.

The rupee depreciated by 15 paise to 71.02 against the US dollar in early trade Tuesday at the interbank foreign exchange, after US President Donald Trump suggested a tariff hike on Chinese goods. The domestic unit opened weak in line with other Asian currencies after Trump Monday said that for any trade deal China has to treat his country "fairly". "Here's what the bottom line is: China has to treat us fairly. They haven't been. They have to treat us fairly," Trump told reporters at the White House. At the interbank forex market, the rupee opened lower at 70.91 and declined further to quote at 71.02, showing a fall of 15 paise over its previous close. The rupee Monday fell by 18 paise to close at 70.87 against the US dollar. Forex dealers said fresh demand for the American currency from importers amid a marginal rise in crude prices weighed on the domestic unit. The international benchmark, Brent crude was trading higher by 0.28 per cent to USD 60.65 per barrel. Traders said, fresh foreign inflows restricted the decline in the local unit. Foreign institutional investors (FIIs) made fresh purchases worth Rs 62.74 crore Monday, as per provisional data. Meanwhile, the 30-share Sensex was trading 27.28 points, or 0.08 per cent, lower at 35,326.80. The NSE Nifty too witnessed similar movement and was trading 18.70 points, or 0.18 per cent, lower at 10,609.90.

Rupee sheds 15 paise after Trump suggests raising tariffs on Chinese imports

Indian stock markets on Tuesday opened on a flat note with BSE Sensex registering a rise of nearly 40 points in morning trade at 35,394.77.

Nifty, on the other hand, dipped marginally on Tuesday at 10,621.45 over its previous close on Monday at 10,628.60.&nbsp;

On Monday, Indian shares rose about 1 per cent in volatile trading, led by gains in index heavyweights HDFC Bank Ltd and consumer goods giants Hindustan Unilever Ltd and ITC Ltd.

The benchmark BSE Sensex ended 1.07 per cent higher at 35,354.08, while Nifty climbed 0.97 per cent higher to 10,628.60.

Hindustan Unilever jumped nearly 4 per cent. ITC advanced 1.8 per cent.

The domestic markets yesterday opened in green with Sensex registering an increase of over 130 points, at 35,118.09 in morning trade. It crossed over 150 points shortly after opening on Monday.&nbsp;

Nifty, on the other hand, rose by around 41 points at 10,568.30 as compared to its last closing at 10526.75 on Thursday.&nbsp;

Indian stock markets on Tuesday opened on a flat note with BSE Sensex registering a rise of nearly 40 points in morning trade at 35,394.77. Nifty, on the other hand, dipped marginally on Tuesday at 10,621.

Indian stock markets on Tuesday opened on a flat note with BSE Sensex registering a rise of nearly 40 points in morning trade at 35,394.77. Nifty, on the other hand, dipped marginally on Tuesday at 10,621.45 over its previous close on Monday at 10,628.60. On Monday, Indian shares rose about 1 per cent in volatile trading, led by gains in index heavyweights HDFC Bank Ltd and consumer goods giants Hindustan Unilever Ltd and ITC Ltd. The benchmark BSE Sensex ended 1.07 per cent higher at 35,354.08, while Nifty climbed 0.97 per cent higher to 10,628.60. Hindustan Unilever jumped nearly 4 per cent. ITC advanced 1.8 per cent. The domestic markets yesterday opened in green with Sensex registering an increase of over 130 points, at 35,118.09 in morning trade. It crossed over 150 points shortly after opening on Monday. Nifty, on the other hand, rose by around 41 points at 10,568.30 as compared to its last closing at 10526.75 on Thursday.

Markets open on flat note, Sensex up by 40 points 

Asian markets were mixed Tuesday as dealers focused on crunch G20 talks between Donald Trump and Xi Jinping, with the US president warning he will ramp up his trade war with China if the two do not reach a deal.

With the economic superpowers in the middle of an increasingly bitter standoff, there are hopes the two leaders will be able to work out an agreement that brings them back from the brink of a tariffs row that threatens to dent global growth.

In an interview with the Wall Street Journal published Monday, Trump said he thought it "highly unlikely" the US would hold off more than doubling duties on $250 billion of Chinese imports if there is no breakthrough.

"If we don't make a deal, then I'm going to put the $267 billion additional on," he told the newspaper, referring to the remainder of Chinese imports that so far have not been hit with tariffs.

"The only deal would be China has to open up their country to competition from the United States."

While some observers suggested the comments were a typical Trump ploy to apply maximum pressure on Beijing heading into the meeting, there remain fears about what the tycoon has in mind.

"It doesn't sound like we will see Donald the Deal Maker but instead Trump the Trade Warrior at G20," said Stephen Innes, head of Asia-Pacific trade at OANDA.

Asian traders moved cautiously in early exchanges after Monday's global rally, which was fuelled by rising oil prices, Italy's softer tone in its budget standoff with Brussels and Britain's Brexit agreement with the European Union.

Oil outlook warning

Tokyo ended the morning 0.1 per cent higher, Shanghai added 0.1 per cent and Sydney rose 0.5 per cent but Hong Kong and Singapore each slipped 0.6 per cent.

Seoul and Wellington both added 0.3 per cent but Taipei shed 0.6 per cent and Manila gave up 0.5 per cent.

While the meeting is the main event this week, investors are also keeping an eye on speeches from top Federal Reserve officials including boss Jerome Powell, which could signal a softer pace of interest rate hikes.

Rising US borrowing costs -- fuelled by surging US growth -- have been a major cause of concern for investors but recent comments from the central banker appear to show a more dovish outlook for 2019 as the global economy slows.

On oil markets both main contracts remained under pressure despite Monday's jump, with market-watchers waiting for next month's gathering of OPEC and non-OPEC members hoping they will announce a cut in output.

The commodity has been hammered since early October by a series of issues including the uncertain global outlook, the trade war, rising supplies, slowing demand and weakness in China.

As trade tensions begin to bite on the global economy, analysts are predicting slower growth into next year, meaning there would be less demand for oil.&nbsp;

"It has been our long-held view that slower global economic activity would be a factor weighing on oil demand in 2019 and that the market would move into surplus," London-based Capital Economics said.

Key figures around 0245 GMT

Tokyo - Nikkei 225: UP 0.1 percent at 21,843.37 (break)

Hong Kong - Hang Seng: DOWN 0.6 per cent at 26,226.26

Shanghai - Composite: UP 0.4 percent at 2,586.54

Euro/dollar: UP at $1.1332 from $1.1326 at 2130 GMT

Euro/pound: UP at 88.46 pence from 88.44 pence

Pound/dollar: UP at $1.2811 from $1.2806&nbsp;

Oil - West Texas Intermediate: DOWN 26 cents at $51.37 per barrel&nbsp;

Oil - Brent Crude: DOWN 17 cents at $60.31 per barrel

New York - Dow Jones: UP 1.5 percent at 24,640.24 (close)

London - FTSE 100: UP 1.2 percent at 7,036.00 (close)

Asian markets were mixed Tuesday as dealers focused on crunch G20 talks between Donald Trump and Xi Jinping, with the US president warning he will ramp up his trade war with China if the two do not reach a deal.

Asian markets were mixed Tuesday as dealers focused on crunch G20 talks between Donald Trump and Xi Jinping, with the US president warning he will ramp up his trade war with China if the two do not reach a deal. With the economic superpowers in the middle of an increasingly bitter standoff, there are hopes the two leaders will be able to work out an agreement that brings them back from the brink of a tariffs row that threatens to dent global growth. In an interview with the Wall Street Journal published Monday, Trump said he thought it "highly unlikely" the US would hold off more than doubling duties on $250 billion of Chinese imports if there is no breakthrough. "If we don't make a deal, then I'm going to put the $267 billion additional on," he told the newspaper, referring to the remainder of Chinese imports that so far have not been hit with tariffs. "The only deal would be China has to open up their country to competition from the United States." While some observers suggested the comments were a typical Trump ploy to apply maximum pressure on Beijing heading into the meeting, there remain fears about what the tycoon has in mind. "It doesn't sound like we will see Donald the Deal Maker but instead Trump the Trade Warrior at G20," said Stephen Innes, head of Asia-Pacific trade at OANDA. Asian traders moved cautiously in early exchanges after Monday's global rally, which was fuelled by rising oil prices, Italy's softer tone in its budget standoff with Brussels and Britain's Brexit agreement with the European Union. Oil outlook warning Tokyo ended the morning 0.1 per cent higher, Shanghai added 0.1 per cent and Sydney rose 0.5 per cent but Hong Kong and Singapore each slipped 0.6 per cent. Seoul and Wellington both added 0.3 per cent but Taipei shed 0.6 per cent and Manila gave up 0.5 per cent. While the meeting is the main event this week, investors are also keeping an eye on speeches from top Federal Reserve officials including boss Jerome Powell, which could signal a softer pace of interest rate hikes. Rising US borrowing costs -- fuelled by surging US growth -- have been a major cause of concern for investors but recent comments from the central banker appear to show a more dovish outlook for 2019 as the global economy slows. On oil markets both main contracts remained under pressure despite Monday's jump, with market-watchers waiting for next month's gathering of OPEC and non-OPEC members hoping they will announce a cut in output. The commodity has been hammered since early October by a series of issues including the uncertain global outlook, the trade war, rising supplies, slowing demand and weakness in China. As trade tensions begin to bite on the global economy, analysts are predicting slower growth into next year, meaning there would be less demand for oil. "It has been our long-held view that slower global economic activity would be a factor weighing on oil demand in 2019 and that the market would move into surplus," London-based Capital Economics said. Key figures around 0245 GMT Tokyo - Nikkei 225: UP 0.1 percent at 21,843.37 (break) Hong Kong - Hang Seng: DOWN 0.6 per cent at 26,226.26 Shanghai - Composite: UP 0.4 percent at 2,586.54 Euro/dollar: UP at $1.1332 from $1.1326 at 2130 GMT Euro/pound: UP at 88.46 pence from 88.44 pence Pound/dollar: UP at $1.2811 from $1.2806 Oil - West Texas Intermediate: DOWN 26 cents at $51.37 per barrel Oil - Brent Crude: DOWN 17 cents at $60.31 per barrel New York - Dow Jones: UP 1.5 percent at 24,640.24 (close) London - FTSE 100: UP 1.2 percent at 7,036.00 (close)

Asian markets mixed as Trump threatens to ramp up trade war

In a massive restructuring, US auto giant General Motors announced Monday it will cut 15 per cent of its workforce to save $6 billion and adapt to "changing market conditions."

The moves include shuttering seven plants worldwide as the company responds to changing customer preferences and focuses on popular trucks and SUVs and increasingly on electric models. Wall Street cheered the actions, while US and Canadian leaders expressed outrage.

The closures also drew sharp criticism from the US and Canadian labour union representing GM workers, which accused the company of shifting production overseas at the expense of North American workers.

The job cuts from GM's current 180,000-strong work force will be particularly stinging in politically crucial areas of Ohio and Michigan, a region US President Donald Trump has promised to revive.

"The actions we are taking today continue our transformation to be highly agile, resilient and profitable, while giving us the flexibility to invest in the future," GM CEO Mary Barra said in a statement.

"We recognize the need to stay in front of changing market conditions and customer preferences to position our company for long-term success."

Trump expressed dismay at the plan and said he was "very tough" with Barra when they discussed the reorganization.

"I spoke with her when I heard they were closing and I said, 'You know, this country has done a lot for General Motors. You better get back in there soon,'" he told reporters at the White House. "They better put something else in."

Barra also met at the White House with Trump's senior economic adviser Larry Kudlow, in what officials said was a previously scheduled meeting.

Trump's aggressive trade policies have been aimed specifically at saving US manufacturing jobs, including the renegotiation of the North American Free Trade Agreement, which took aim at rules governing auto trade to favour the US industry.

Still, GM will shutter three North American auto assembly plants next year: the Oshawa plant in Ontario, Canada; Hamtramck in Detroit, Michigan and Lordstown in Warren, Ohio.

In addition, GM will close two US propulsion plants -- which produce batteries and transmissions -- in Baltimore, Maryland and Warren, Michigan, as well two unidentified plants outside of North America.&nbsp;

The company already had announced plans to cease operations at its Gunsan, South Korea plant.

While the company said in its quarterly earnings late last month that it saw costs jump by $400 million due to Trump's tariffs on steel and aluminum, a spokeswoman said the latest decisions "are not related to any recent trade or tariff decisions."

'Deep disappointment'

Senator Sherrod Brown, an Ohio Democrat, lambasted GM's move as "corporate greed at its worst" and also took a swipe at the 2017 tax cut favored by Trump which was touted as a jobs winner.

"The company reaped a massive tax break from last year's GOP tax bill and failed to invest that money in American jobs," Brown said on Twitter.

In Canada, Prime Minster Justin Trudeau expressed "deep disappointment" with the plant closure.

Workers at the Ontario plant staged a wildcat strike to protest the closure.

The job cuts will include a 25 per cent reduction in executive-level employees to "streamline decision making," the company said.

According to reports, the five North American plants concerned employ nearly 7,000, including 3,000 workers in the Ontario plant.

GM shares jumped after the announcement, closing up 4.8 per cent on the day. Analysts were generally upbeat about the news.

"In contrast to times past, General Motors under CEO Mary Barra is trying to get ahead of a potential crisis by making cuts now," Michelle Krebs of Autotrader said in a client note.

While GM has been increasing its focus on highly popular trucks and SUVs, the company said it would also prioritize investment in "next-generation battery-electric architectures."

In an investor call, Barra said some GM cars would no longer be available in North America, including the Chevrolet Cruze.

'Slap in the face'

UAW, the autoworkers union, blasted GM's decision, saying the company was just looking for cheaper workers and vowed to fight back.

"This callous decision by GM to reduce or cease operations in American plants, while opening or increasing production in Mexico and China plants for sales to American consumers, is, in its implementation, profoundly damaging to our American workforce," said UAW vice president Terry Dittes.

China has become an increasingly important market for the automaker and in the first nine months of 2018, it sold 2.7 million cars in China compared to 2.6 million in all of North America.

However, spokeswoman Julie Huston-Rough denied the charge, telling AFP that "these products will not be manufactured in other locations for the North American market."

She also said the company remains committed to its facilities in Ohio, despite the closure of the Lordstown plant, with six other locations and 4,000 employees, as well as hundreds of suppliers and dealers.

Jerry Dias, president of Unifor, the Canadian labour union, said he "will vigorously fight again to maintain these good-paying auto jobs."

Huston-Rough said the job cuts will be accomplished through "a combination of retirements, layoffs and work relocations."

In a massive restructuring, US auto giant General Motors announced Monday it will cut 15 per cent of its workforce to save $6 billion and adapt to "changing market conditions.

In a massive restructuring, US auto giant General Motors announced Monday it will cut 15 per cent of its workforce to save $6 billion and adapt to "changing market conditions." The moves include shuttering seven plants worldwide as the company responds to changing customer preferences and focuses on popular trucks and SUVs and increasingly on electric models. Wall Street cheered the actions, while US and Canadian leaders expressed outrage. The closures also drew sharp criticism from the US and Canadian labour union representing GM workers, which accused the company of shifting production overseas at the expense of North American workers. The job cuts from GM's current 180,000-strong work force will be particularly stinging in politically crucial areas of Ohio and Michigan, a region US President Donald Trump has promised to revive. "The actions we are taking today continue our transformation to be highly agile, resilient and profitable, while giving us the flexibility to invest in the future," GM CEO Mary Barra said in a statement. "We recognize the need to stay in front of changing market conditions and customer preferences to position our company for long-term success." Trump expressed dismay at the plan and said he was "very tough" with Barra when they discussed the reorganization. "I spoke with her when I heard they were closing and I said, 'You know, this country has done a lot for General Motors. You better get back in there soon,'" he told reporters at the White House. "They better put something else in." Barra also met at the White House with Trump's senior economic adviser Larry Kudlow, in what officials said was a previously scheduled meeting. Trump's aggressive trade policies have been aimed specifically at saving US manufacturing jobs, including the renegotiation of the North American Free Trade Agreement, which took aim at rules governing auto trade to favour the US industry. Still, GM will shutter three North American auto assembly plants next year: the Oshawa plant in Ontario, Canada; Hamtramck in Detroit, Michigan and Lordstown in Warren, Ohio. In addition, GM will close two US propulsion plants -- which produce batteries and transmissions -- in Baltimore, Maryland and Warren, Michigan, as well two unidentified plants outside of North America. The company already had announced plans to cease operations at its Gunsan, South Korea plant. While the company said in its quarterly earnings late last month that it saw costs jump by $400 million due to Trump's tariffs on steel and aluminum, a spokeswoman said the latest decisions "are not related to any recent trade or tariff decisions." 'Deep disappointment' Senator Sherrod Brown, an Ohio Democrat, lambasted GM's move as "corporate greed at its worst" and also took a swipe at the 2017 tax cut favored by Trump which was touted as a jobs winner. "The company reaped a massive tax break from last year's GOP tax bill and failed to invest that money in American jobs," Brown said on Twitter. In Canada, Prime Minster Justin Trudeau expressed "deep disappointment" with the plant closure. Workers at the Ontario plant staged a wildcat strike to protest the closure. The job cuts will include a 25 per cent reduction in executive-level employees to "streamline decision making," the company said. According to reports, the five North American plants concerned employ nearly 7,000, including 3,000 workers in the Ontario plant. GM shares jumped after the announcement, closing up 4.8 per cent on the day. Analysts were generally upbeat about the news. "In contrast to times past, General Motors under CEO Mary Barra is trying to get ahead of a potential crisis by making cuts now," Michelle Krebs of Autotrader said in a client note. While GM has been increasing its focus on highly popular trucks and SUVs, the company said it would also prioritize investment in "next-generation battery-electric architectures." In an investor call, Barra said some GM cars would no longer be available in North America, including the Chevrolet Cruze. 'Slap in the face' UAW, the autoworkers union, blasted GM's decision, saying the company was just looking for cheaper workers and vowed to fight back. "This callous decision by GM to reduce or cease operations in American plants, while opening or increasing production in Mexico and China plants for sales to American consumers, is, in its implementation, profoundly damaging to our American workforce," said UAW vice president Terry Dittes. China has become an increasingly important market for the automaker and in the first nine months of 2018, it sold 2.7 million cars in China compared to 2.6 million in all of North America. However, spokeswoman Julie Huston-Rough denied the charge, telling AFP that "these products will not be manufactured in other locations for the North American market." She also said the company remains committed to its facilities in Ohio, despite the closure of the Lordstown plant, with six other locations and 4,000 employees, as well as hundreds of suppliers and dealers. Jerry Dias, president of Unifor, the Canadian labour union, said he "will vigorously fight again to maintain these good-paying auto jobs." Huston-Rough said the job cuts will be accomplished through "a combination of retirements, layoffs and work relocations."

General Motors shuttering plants, cutting 15% of workforce

The <a href="http://www.wionews.com/india-news/govt-pressure-on-rbi-will-become-abundantly-clear-in-monday-meeting-board-members-178018">RBI</a> will pump in another set of liquidity in December by infusing Rs 40,000 crore into the system through open market operations (OMOs).

“Based on an assessment of the durable liquidity needs going forward, the RBI has decided to conduct the purchase of government securities under Open Market Operations (OMOs) for an aggregate amount of Rs 400 billion in the month of December 2018,” the central bank said in a release Tuesday.

The Reserve Bank will detail about the auction dates for the OMOs in due course. However, it added that this OMO amount is indicative with the RBI retaining the flexibility to change it, depending on the evolving liquidity and market conditions.

The RBI had announced to inject Rs 40,000 crore into the system in November. It has already infused Rs 30,000 crore into the system while the rest Rs 10,000 crore liquidity would be pumped in through the auction on Thursday.

“Based on an assessment of prevailing liquidity conditions and also of the durable liquidity needs going forward, the Reserve Bank has decided to conduct purchase of the following Government securities under OMOs for an aggregate amount of Rs 100 billion on November 29, 2018 through multi-security auction using the multiple price method,” RBI said in a separate release. In October, the central bank already injected Rs 36,000 crore into the system through OMOs.

The RBI had earlier stated that the system liquidity will move into deficit in the second half of 2018-19 and the evolving liquidity conditions would determine its choice of instruments for both transient and durable liquidity management.

The RBI will pump in another set of liquidity in December by infusing Rs 40,000 crore into the system through open market operations (OMOs). “Based on an assessment of the durable liquidity needs going forward, the RBI has decided to conduct the purchase of government securities under Open Market Operations (OMOs) for an aggregate amount of Rs 400 billion in the month of December 2018,” the central bank said in a release Tuesday.

The RBI will pump in another set of liquidity in December by infusing Rs 40,000 crore into the system through open market operations (OMOs). “Based on an assessment of the durable liquidity needs going forward, the RBI has decided to conduct the purchase of government securities under Open Market Operations (OMOs) for an aggregate amount of Rs 400 billion in the month of December 2018,” the central bank said in a release Tuesday. The Reserve Bank will detail about the auction dates for the OMOs in due course. However, it added that this OMO amount is indicative with the RBI retaining the flexibility to change it, depending on the evolving liquidity and market conditions. The RBI had announced to inject Rs 40,000 crore into the system in November. It has already infused Rs 30,000 crore into the system while the rest Rs 10,000 crore liquidity would be pumped in through the auction on Thursday. “Based on an assessment of prevailing liquidity conditions and also of the durable liquidity needs going forward, the Reserve Bank has decided to conduct purchase of the following Government securities under OMOs for an aggregate amount of Rs 100 billion on November 29, 2018 through multi-security auction using the multiple price method,” RBI said in a separate release. In October, the central bank already injected Rs 36,000 crore into the system through OMOs. The RBI had earlier stated that the system liquidity will move into deficit in the second half of 2018-19 and the evolving liquidity conditions would determine its choice of instruments for both transient and durable liquidity management.

RBI to pump in additional liquidity of Rs 40,000 crore in December

Huawei&nbsp;today unveiled the most highly anticipated device of the year, the Huawei Mate 20 Pro, which will set a new bar for smartphone performance in 2018.&nbsp;

The smartphone is powered by Huawei’s densest and highest performing system on chip (SoC) to date—the Kirin 980. It is manufactured with the advanced 7nm process, the SoC offers improved performance, better battery efficiency and a smoother user experience.&nbsp;

Mate 20 Pro also comes with the world's first 40W HUAWEI Super Charger that can charge the phone’s long lasting 4200 mAh battery to 70% charge in 30 minutes.

Mr Wally Yang, Senior Product Marketing Director, Huawei Consumer Business group, said, “Huawei is introducing cutting edge and high-performance devices globally. We are excited to launch the most powerful and intelligent Mate ever – Mate 20 Pro for the Indian customers.''

“Huawei devices have resonated with consumers in the Indian market because of our commitment and focus on quality, innovation and user experience. In the last couple of months, we have grown significantly in the market and the launch of Mate 20 Pro will usher in the era of intelligent smartphones in India,'' he added.

Huawei Mate 20 Pro supports 3D Face Unlock which securely authenticates users within 0.6s at a false acceptance rate of below 1/1,000,000. Using the 3D Depth Sensing Camera System located at the front, the two devices can accurately read the facial features of a subject and recognize even small details.&nbsp;

Building on the foundation of HUAWEI P20 Series’ camera system, Huawei augmented the Huawei Mate 20 Pro with a powerful addition—16mm Leica Ultra Wide Angle Lens. This wider perspective creates a sense of spaciousness and a three-dimensional effect to the images. The new camera system also supports macro distance, which produces crisp images of objects that are placed as close as 2.5cm from the lens.

Moreover, Huawei Mate 20 Pro supports 15W HUAWEI Wireless Quick Charge, the industry’s fastest wireless charging solution, and Wireless Reverse Charge, which enables the device to work as a power bank for selected electronic devices supporting wireless charging.&nbsp;

Huawei Mate 20 Pro is the world’s first smartphone to support the 4.5G LTE Cat. 21 standard, allowing consumers to experience download speeds of up to 1.4Gbps. It also supports the world’s fastest WiFi connection speeds--2GB footage requires only 10 seconds to download. The top-end flagship also supports dual-band (L1+L5) GPS positioning technology. The AI GPS Satellite Selection technology enhances the positioning accuracy across a wide range of scenarios.

Huawei today unveiled the most highly anticipated device of the year, the Huawei Mate 20 Pro, which will set a new bar for smartphone performance in 2018. The smartphone is powered by Huawei’s densest and highest performing system on chip (SoC) to date—the Kirin 980.

Huawei today unveiled the most highly anticipated device of the year, the Huawei Mate 20 Pro, which will set a new bar for smartphone performance in 2018. The smartphone is powered by Huawei’s densest and highest performing system on chip (SoC) to date—the Kirin 980. It is manufactured with the advanced 7nm process, the SoC offers improved performance, better battery efficiency and a smoother user experience. Mate 20 Pro also comes with the world's first 40W HUAWEI Super Charger that can charge the phone’s long lasting 4200 mAh battery to 70% charge in 30 minutes. Mr Wally Yang, Senior Product Marketing Director, Huawei Consumer Business group, said, “Huawei is introducing cutting edge and high-performance devices globally. We are excited to launch the most powerful and intelligent Mate ever – Mate 20 Pro for the Indian customers.'' “Huawei devices have resonated with consumers in the Indian market because of our commitment and focus on quality, innovation and user experience. In the last couple of months, we have grown significantly in the market and the launch of Mate 20 Pro will usher in the era of intelligent smartphones in India,'' he added. Huawei Mate 20 Pro supports 3D Face Unlock which securely authenticates users within 0.6s at a false acceptance rate of below 1/1,000,000. Using the 3D Depth Sensing Camera System located at the front, the two devices can accurately read the facial features of a subject and recognize even small details. Building on the foundation of HUAWEI P20 Series’ camera system, Huawei augmented the Huawei Mate 20 Pro with a powerful addition—16mm Leica Ultra Wide Angle Lens. This wider perspective creates a sense of spaciousness and a three-dimensional effect to the images. The new camera system also supports macro distance, which produces crisp images of objects that are placed as close as 2.5cm from the lens. Moreover, Huawei Mate 20 Pro supports 15W HUAWEI Wireless Quick Charge, the industry’s fastest wireless charging solution, and Wireless Reverse Charge, which enables the device to work as a power bank for selected electronic devices supporting wireless charging. Huawei Mate 20 Pro is the world’s first smartphone to support the 4.5G LTE Cat. 21 standard, allowing consumers to experience download speeds of up to 1.4Gbps. It also supports the world’s fastest WiFi connection speeds--2GB footage requires only 10 seconds to download. The top-end flagship also supports dual-band (L1+L5) GPS positioning technology. The AI GPS Satellite Selection technology enhances the positioning accuracy across a wide range of scenarios.

Huawei launches Mate 20 Pro, first EMUI 9 based smartphone in India

Shares ended higher for a second consecutive session on Tuesday, mirroring the previous session's move of a surge in the last two hours, ahead of the expiry of futures and options contracts later this week.

The Nifty closed up 0.45 per cent at 35,513.14.

The Sensex ended 0.54 per cent higher at 10,685.60.

The sentiment was boosted by IT stocks while shares of metal firms and Sun Pharmaceutical Industries Ltd dragged it lower.&nbsp;

Shares ended higher for a second consecutive session on Tuesday, mirroring the previous session's move of a surge in the last two hours, ahead of the expiry of futures and options contracts later this week.

Shares ended higher for a second consecutive session on Tuesday, mirroring the previous session's move of a surge in the last two hours, ahead of the expiry of futures and options contracts later this week. The Nifty closed up 0.45 per cent at 35,513.14. The Sensex ended 0.54 per cent higher at 10,685.60. The sentiment was boosted by IT stocks while shares of metal firms and Sun Pharmaceutical Industries Ltd dragged it lower.

Sensex, Nifty end higher for second day; IT stocks lead

Rising for the eighth straight day, the rupee climbed 39 paise to 70.30 against the US dollar in early trade Monday, as global crude prices slipped below the $60 per barrel mark.

Traders said the weakness in the greenback against some currencies overseas and a higher opening of domestic equities supported the rupee.

At the interbank forex market, the rupee opened higher at 70.48 and rose further to quote at 70.30, showing a rise of 39 paise over its previous close.

The rupee had rallied 77 paise to end at 70.69 against the US dollar Thursday, in lock-step with softening crude oil prices and foreign capital inflows.

The forex market was closed Friday on account of Gurunanak Jayanti.

In the last seven trading sessions, the rupee has gained a healthy 220 paise.

Forex traders said the uptrend in the local unit was largely driven by foreign funds inflows to capital markets and softening crude oil prices.

Foreign funds poured in Rs 446.24 crore into the capital markets on a net basis Thursday, while domestic institutional investors also net bought shares worth Rs 49.68 crore, provisional data showed.

Globally, Brent crude, the international benchmark, slipped below the $60 per barrel mark and was trading at $59.47 per barrel Monday.

Meanwhile, the benchmark BSE Sensex opened on a positive note higher by 137.07 points, at 35,118.09 in opening trade.

Rising for the eighth straight day, the rupee climbed 39 paise to 70.30 against the US dollar in early trade Monday, as global crude prices slipped below the $60 per barrel mark.

Rising for the eighth straight day, the rupee climbed 39 paise to 70.30 against the US dollar in early trade Monday, as global crude prices slipped below the $60 per barrel mark. Traders said the weakness in the greenback against some currencies overseas and a higher opening of domestic equities supported the rupee. At the interbank forex market, the rupee opened higher at 70.48 and rose further to quote at 70.30, showing a rise of 39 paise over its previous close. The rupee had rallied 77 paise to end at 70.69 against the US dollar Thursday, in lock-step with softening crude oil prices and foreign capital inflows. The forex market was closed Friday on account of Gurunanak Jayanti. In the last seven trading sessions, the rupee has gained a healthy 220 paise. Forex traders said the uptrend in the local unit was largely driven by foreign funds inflows to capital markets and softening crude oil prices. Foreign funds poured in Rs 446.24 crore into the capital markets on a net basis Thursday, while domestic institutional investors also net bought shares worth Rs 49.68 crore, provisional data showed. Globally, Brent crude, the international benchmark, slipped below the $60 per barrel mark and was trading at $59.47 per barrel Monday. Meanwhile, the benchmark BSE Sensex opened on a positive note higher by 137.07 points, at 35,118.09 in opening trade.

Rupee rises 39 paise to 70.30 against US dollar in early trade

Most Asian markets rose Monday as investors tentatively pick up cheap stocks, with focus on an expected meeting between Donald Trump and Xi Jinping at the weekend that will be watched for signs of a softening in the China-US trade war.

The broad gains came despite more hefty selling in energy firms after another collapse in oil prices on Friday, while the pound was flat against the dollar after European Union leaders approved a Brexit deal but which must be cleared by British MPs who mostly oppose it.

The positive mood comes at the start of a key week that sees a speech by Federal Reserve boss Jerome Powell and the release of the bank's last policy meeting minutes, before culminating in the G20 in Buenos Aires.

While the summit will focus on several global issues, the meeting between Trump and Xi will get the most attention with the economic superpowers engaged in a trade war just as global growth starts to stutter.

But expectations for a deal to end the standoff are low.

"It would seem that President Xi and President Trump have every incentive to come to an agreement on trade issues, even if that agreement does not significantly change the status quo," said JP Morgan Asset Management chief global strategist David Kelly.

"However, perceptions are important on both sides. While some hold out the hope that an agreement in principle will be reached, it seems more likely that an agreement will have to wait for more posturing on both sides."

Stephen Innes, head of Asia-Pacific trade at OANDA, called the meeting "possibly the best and last opportunity for the two leaders to share middle ground".

"The big question is are we going to see Trump the 'deal maker' or Trump the 'trade warrior' who wants China to 'feel more pain'? Keeping in mind that betting against the latter has been a poor bet for traders this year."

Crude woes

Still, the week has started on an upbeat note with Hong Kong jumping 1.5 per cent and Shanghai 0.4 per cent higher, while Tokyo went into the break 0.8 per cent higher.

Singapore added 0.6 per cent, Seoul and Taipei each jumped more than one per cent, and Manila gained 0.6 per cent.

However, Wellington and Sydney both declined.

Oil prices edged up slightly but remain well beaten down after Friday's hammering, which saw WTI sink 7.7 per cent and Brent more than six per cent, putting them at lows not seen for more than a year.

The commodity has plunged by about a third from its four-year highs touched at the start of October owing to a range of issues, including a global slowdown, the trade row, rising supplies, softer-than-expected US sanctions on Iran, a stuttering China and strong dollar.

The retreat comes ahead of a meeting of the Organization of the Petroleum Exporting Countries on December 6.

"At the root of the oil market woes, there is too much supply and too little demand," said Innes. "But much of the near term price recovery will be driven by what happens in G20 in Buenos Aires and at the OPEC summit in Vienna a week later."

The losses in crude prices have battered energy firms over the past two months, and they continued to fall Monday.

Hong Kong-listed PetroChina fell 1.5 per cent, while Sinopec was one per cent off. Inpex dropped 2.9 per cent in Tokyo and Woodside Petroleum sank 2.2 per cent in Sydney.

On currency markets, the pound was barely moved against the dollar as British Prime Minister Theresa May faces an uphill struggle pushing through her draft Brexit deal, with MPs on both sides against it.

May has staked her political future on the agreement and failure would likely lead to the toppling of her government, fuelling fresh uncertainty and hitting the sterling.

EU leaders have said the deal is the best possible one Britain could hope for, meaning a rejection of it will more than likely see the country crash out of the bloc.

Key figures around 0230 GMT&nbsp;

Tokyo - Nikkei 225: UP 0.8 percent at 21,815.55 (break)

Hong Kong - Hang Seng: UP 1.5 percent at 26,314.63

Shanghai - Composite: UP 0.4 percent at 2,590.89

Pound/dollar: UP at $1.2810 from $1.2805 at 1930 GMT Friday

Euro/dollar: UP at $1.1333 from $1.1331

Dollar/yen: UP at 113.07 yen from 112.85 yen

Oil - West Texas Intermediate: UP 40 cents at $50.82 per barrel

Oil - Brent Crude: UP 67 cents at $59.47 per barrel

New York - Dow Jones: DOWN 0.7 percent at 24,285.95 (close)

London - FTSE 100: DOWN 0.1 percent at 6,952.86 (close)

Most Asian markets rose Monday as investors tentatively pick up cheap stocks, with focus on an expected meeting between Donald Trump and Xi Jinping at the weekend that will be watched for signs of a softening in the China-US trade war.

Most Asian markets rose Monday as investors tentatively pick up cheap stocks, with focus on an expected meeting between Donald Trump and Xi Jinping at the weekend that will be watched for signs of a softening in the China-US trade war. The broad gains came despite more hefty selling in energy firms after another collapse in oil prices on Friday, while the pound was flat against the dollar after European Union leaders approved a Brexit deal but which must be cleared by British MPs who mostly oppose it. The positive mood comes at the start of a key week that sees a speech by Federal Reserve boss Jerome Powell and the release of the bank's last policy meeting minutes, before culminating in the G20 in Buenos Aires. While the summit will focus on several global issues, the meeting between Trump and Xi will get the most attention with the economic superpowers engaged in a trade war just as global growth starts to stutter. But expectations for a deal to end the standoff are low. "It would seem that President Xi and President Trump have every incentive to come to an agreement on trade issues, even if that agreement does not significantly change the status quo," said JP Morgan Asset Management chief global strategist David Kelly. "However, perceptions are important on both sides. While some hold out the hope that an agreement in principle will be reached, it seems more likely that an agreement will have to wait for more posturing on both sides." Stephen Innes, head of Asia-Pacific trade at OANDA, called the meeting "possibly the best and last opportunity for the two leaders to share middle ground". "The big question is are we going to see Trump the 'deal maker' or Trump the 'trade warrior' who wants China to 'feel more pain'? Keeping in mind that betting against the latter has been a poor bet for traders this year." Crude woes Still, the week has started on an upbeat note with Hong Kong jumping 1.5 per cent and Shanghai 0.4 per cent higher, while Tokyo went into the break 0.8 per cent higher. Singapore added 0.6 per cent, Seoul and Taipei each jumped more than one per cent, and Manila gained 0.6 per cent. However, Wellington and Sydney both declined. Oil prices edged up slightly but remain well beaten down after Friday's hammering, which saw WTI sink 7.7 per cent and Brent more than six per cent, putting them at lows not seen for more than a year. The commodity has plunged by about a third from its four-year highs touched at the start of October owing to a range of issues, including a global slowdown, the trade row, rising supplies, softer-than-expected US sanctions on Iran, a stuttering China and strong dollar. The retreat comes ahead of a meeting of the Organization of the Petroleum Exporting Countries on December 6. "At the root of the oil market woes, there is too much supply and too little demand," said Innes. "But much of the near term price recovery will be driven by what happens in G20 in Buenos Aires and at the OPEC summit in Vienna a week later." The losses in crude prices have battered energy firms over the past two months, and they continued to fall Monday. Hong Kong-listed PetroChina fell 1.5 per cent, while Sinopec was one per cent off. Inpex dropped 2.9 per cent in Tokyo and Woodside Petroleum sank 2.2 per cent in Sydney. On currency markets, the pound was barely moved against the dollar as British Prime Minister Theresa May faces an uphill struggle pushing through her draft Brexit deal, with MPs on both sides against it. May has staked her political future on the agreement and failure would likely lead to the toppling of her government, fuelling fresh uncertainty and hitting the sterling. EU leaders have said the deal is the best possible one Britain could hope for, meaning a rejection of it will more than likely see the country crash out of the bloc. Key figures around 0230 GMT Tokyo - Nikkei 225: UP 0.8 percent at 21,815.55 (break) Hong Kong - Hang Seng: UP 1.5 percent at 26,314.63 Shanghai - Composite: UP 0.4 percent at 2,590.89 Pound/dollar: UP at $1.2810 from $1.2805 at 1930 GMT Friday Euro/dollar: UP at $1.1333 from $1.1331 Dollar/yen: UP at 113.07 yen from 112.85 yen Oil - West Texas Intermediate: UP 40 cents at $50.82 per barrel Oil - Brent Crude: UP 67 cents at $59.47 per barrel New York - Dow Jones: DOWN 0.7 percent at 24,285.95 (close) London - FTSE 100: DOWN 0.1 percent at 6,952.86 (close)

Asian markets mostly up as eyes turn to Trump-Xi talks

Top executives from Mitsubishi Motors gather on Monday to sack Carlos Ghosn as chairman over alleged financial misconduct that the once-revered tycoon denies, as further allegations leaked out against him.

At an emergency meeting in Tokyo, "it is to be proposed to the Board of Directors to promptly remove Ghosn from his position as... chairman," said the Japanese firm, the third company in the powerful alliance also involving Nissan and Renault.

Following his stunning arrest last Monday, the 64-year-old Brazil-born Frenchman began his second week in a Japanese detention centre facing allegations he under-reported his salary to the tune of $44 million over several years.

He has not been formally charged and denies the allegations, telling prosecutors he had no intention of under-declaring his compensation.

Fellow executive Greg Kelly, described as the mastermind behind the alleged misconduct, has also reportedly denied the allegations, stressing that his boss's compensation was paid in an appropriate fashion.

The board of Nissan decided unanimously on Thursday to oust Ghosn as chairman, a spectacular fall from grace for the dynamic businessman credited with turning around the firm's once-flagging fortunes by tying its fate to Renault.

The executives made their decision "based on the copious amount and compelling nature of the evidence of misconduct presented," said a company spokesman.

According to local media, Nissan formed a "secret" cell within the firm to look into the alleged financial misdeed.

Executives accelerated the probe amid concerns Ghosn was working on a fully-fledged merger between Nissan and Renault, Kyodo News said without naming its sources.

Renault is the dominant partner in the alliance, holding 43 per cent of the shares in Nissan, but the Japanese firm outsells its French counterpart -- sparking concern in Tokyo about the balance of power.

Together, the three-way alliance is the world's top-selling car company, with some 10.6 million vehicles rolling off the production line. It employs around 450,000 people worldwide.

Renault, which is 15-percent owned by the French state, has decided to stick by Ghosn for now, appointing an interim boss while the current CEO and chairman is "incapacitated."

'Conspiracy theory'

France's economy minister Bruno Le Maire has urged the Japanese firm to share "quickly" whatever evidence it has gathered and stressed Ghosn will stay at the helm of Renault "until there are tangible charges."

However, Le Maire also said "I do not believe in a conspiracy theory" amid talk of a so-called "palace coup" within Nissan to prevent Ghosn merging the firm with Renault.

Nissan's CEO Hiroto Saikawa spoke to staff on Monday to address the issue. Saikawa, who rose through the Nissan ranks under Ghosn's wing, has already spoken of his "great resentment and dismay" at the allegations.

Meanwhile, further claims continued to leak out in the Japanese media of Ghosn's alleged misconduct.

Officially, prosecutors are looking into allegations that he understated his income by around five billion yen ($44 million) between June 2011 and June 2015.

But the Asahi Shimbun said authorities are planning to re-arrest him on charges of understating his income by a further three billion yen -- for a total of $71 million -- for the following three fiscal years.

Under Japanese law, suspects can face additional arrest warrants, which can result in heavier penalties. The current allegations could see Ghosn facing 10 years behind bars and/or a 10-million-yen fine.

Separately, Kyodo has reported that Nissan paid $100,000 annually since 2002 to Ghosn's sister for a fictive "advisory" role.

And the Mainichi Shimbun reported on Monday that Ghosn used Nissan's corporate money to pay a donation to his daughter's university and also charged family trips to the company.

Top executives from Mitsubishi Motors gather on Monday to sack Carlos Ghosn as chairman over alleged financial misconduct that the once-revered tycoon denies, as further allegations leaked out against him.

Top executives from Mitsubishi Motors gather on Monday to sack Carlos Ghosn as chairman over alleged financial misconduct that the once-revered tycoon denies, as further allegations leaked out against him. At an emergency meeting in Tokyo, "it is to be proposed to the Board of Directors to promptly remove Ghosn from his position as... chairman," said the Japanese firm, the third company in the powerful alliance also involving Nissan and Renault. Following his stunning arrest last Monday, the 64-year-old Brazil-born Frenchman began his second week in a Japanese detention centre facing allegations he under-reported his salary to the tune of $44 million over several years. He has not been formally charged and denies the allegations, telling prosecutors he had no intention of under-declaring his compensation. Fellow executive Greg Kelly, described as the mastermind behind the alleged misconduct, has also reportedly denied the allegations, stressing that his boss's compensation was paid in an appropriate fashion. The board of Nissan decided unanimously on Thursday to oust Ghosn as chairman, a spectacular fall from grace for the dynamic businessman credited with turning around the firm's once-flagging fortunes by tying its fate to Renault. The executives made their decision "based on the copious amount and compelling nature of the evidence of misconduct presented," said a company spokesman. According to local media, Nissan formed a "secret" cell within the firm to look into the alleged financial misdeed. Executives accelerated the probe amid concerns Ghosn was working on a fully-fledged merger between Nissan and Renault, Kyodo News said without naming its sources. Renault is the dominant partner in the alliance, holding 43 per cent of the shares in Nissan, but the Japanese firm outsells its French counterpart -- sparking concern in Tokyo about the balance of power. Together, the three-way alliance is the world's top-selling car company, with some 10.6 million vehicles rolling off the production line. It employs around 450,000 people worldwide. Renault, which is 15-percent owned by the French state, has decided to stick by Ghosn for now, appointing an interim boss while the current CEO and chairman is "incapacitated." 'Conspiracy theory' France's economy minister Bruno Le Maire has urged the Japanese firm to share "quickly" whatever evidence it has gathered and stressed Ghosn will stay at the helm of Renault "until there are tangible charges." However, Le Maire also said "I do not believe in a conspiracy theory" amid talk of a so-called "palace coup" within Nissan to prevent Ghosn merging the firm with Renault. Nissan's CEO Hiroto Saikawa spoke to staff on Monday to address the issue. Saikawa, who rose through the Nissan ranks under Ghosn's wing, has already spoken of his "great resentment and dismay" at the allegations. Meanwhile, further claims continued to leak out in the Japanese media of Ghosn's alleged misconduct. Officially, prosecutors are looking into allegations that he understated his income by around five billion yen ($44 million) between June 2011 and June 2015. But the Asahi Shimbun said authorities are planning to re-arrest him on charges of understating his income by a further three billion yen -- for a total of $71 million -- for the following three fiscal years. Under Japanese law, suspects can face additional arrest warrants, which can result in heavier penalties. The current allegations could see Ghosn facing 10 years behind bars and/or a 10-million-yen fine. Separately, Kyodo has reported that Nissan paid $100,000 annually since 2002 to Ghosn's sister for a fictive "advisory" role. And the Mainichi Shimbun reported on Monday that Ghosn used Nissan's corporate money to pay a donation to his daughter's university and also charged family trips to the company.

Carlos Ghosn faces Mitsubishi sack as more allegations surface

In a massive restructuring, auto giant General Motors announced Monday it would cut 15 per cent of its workforce to save $6 billion and adapt to "changing market conditions."

The moves include shuttering three North American auto assembly plants next year: the Oshawa plan in Ontario, Canada; Hamtramck in Detroit, Michigan and Lordstown in Warren, Ohio.

In addition, it will close propulsion plants in Baltimore, Maryland and Warren, Michigan, and two more plants outside of North America.

GM has been increasing its focus on highly popular trucks and SUVs and "now intends to prioritize future vehicle investments in its next-generation battery-electric architectures."

"The actions we are taking today continue our transformation to be highly agile, resilient and profitable, while giving us the flexibility to invest in the future," GM CEO Mary Barra said in a statement.

"We recognize the need to stay in front of changing market conditions and customer preferences to position our company for long-term success."

The job cuts from the 180,000 GM workers will included a 25 per cent reduction in executive-level employees to "streamline decision making." The Canadian plant employs about 3,000 workers.

GM already had announced plans to cease operations at its Gunsan, Korea plant.

Trading in GM shares was halted just before the announcement. Once it restarted 20 minutes later, prices jumped and continued rising, showing a gain of nearly six per cent to $37.95.

In a massive restructuring, auto giant General Motors announced Monday it would cut 15 per cent of its workforce to save $6 billion and adapt to "changing market conditions.

In a massive restructuring, auto giant General Motors announced Monday it would cut 15 per cent of its workforce to save $6 billion and adapt to "changing market conditions." The moves include shuttering three North American auto assembly plants next year: the Oshawa plan in Ontario, Canada; Hamtramck in Detroit, Michigan and Lordstown in Warren, Ohio. In addition, it will close propulsion plants in Baltimore, Maryland and Warren, Michigan, and two more plants outside of North America. GM has been increasing its focus on highly popular trucks and SUVs and "now intends to prioritize future vehicle investments in its next-generation battery-electric architectures." "The actions we are taking today continue our transformation to be highly agile, resilient and profitable, while giving us the flexibility to invest in the future," GM CEO Mary Barra said in a statement. "We recognize the need to stay in front of changing market conditions and customer preferences to position our company for long-term success." The job cuts from the 180,000 GM workers will included a 25 per cent reduction in executive-level employees to "streamline decision making." The Canadian plant employs about 3,000 workers. GM already had announced plans to cease operations at its Gunsan, Korea plant. Trading in GM shares was halted just before the announcement. Once it restarted 20 minutes later, prices jumped and continued rising, showing a gain of nearly six per cent to $37.95.

General Motors says cutting 15% of workforce to save $6 billion

Indian stock markets on Monday opened in green with Sensex registering an increase of over 130 points, at 35,118.09 in morning trade. It crossed over 150 points shortly after opening on Monday.&nbsp;

Nifty, on the other hand, rose by around 41 points at 10,568.30 as compared to its last closing at 10526.75 on Thursday.&nbsp;

The BSE Sensex gave up all its early gains in choppy trade Thursday and ended lower for the third straight session by falling over 200 points due to selling in metal, PSU, auto and banking stocks amid fresh fund outflows and a weak trend in the global market, news agency PTI reported.

The 30-share Sensex opened higher at 35,282.33 points and advanced further to the day's high of 35,364.50 on the back of fresh buying by domestic investors amid further strength in the rupee.

It, however, slipped into the negative zone on selling pressure at improved levels, following a weak opening of European equities, and slipped below the 35,000-mark to hit a low of 34,937.98 before closing at 34,981.02, recording a fall of 218.78 points, or 0.62 per cent.

Similarly, NSE Nifty 73.30 points, or 0.69 per cent, to close at 10,526.75. The indices closed with losses for the week, with the Sensex declining 476.14 points, and the broader NSE Nifty falling 155.45 points during the period. 
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Indian stock markets on Monday opened in green with Sensex registering an increase of over 130 points, at 35,118.09 in morning trade. It crossed over 150 points shortly after opening on Monday.

Indian stock markets on Monday opened in green with Sensex registering an increase of over 130 points, at 35,118.09 in morning trade. It crossed over 150 points shortly after opening on Monday. Nifty, on the other hand, rose by around 41 points at 10,568.30 as compared to its last closing at 10526.75 on Thursday. The BSE Sensex gave up all its early gains in choppy trade Thursday and ended lower for the third straight session by falling over 200 points due to selling in metal, PSU, auto and banking stocks amid fresh fund outflows and a weak trend in the global market, news agency PTI reported. The 30-share Sensex opened higher at 35,282.33 points and advanced further to the day's high of 35,364.50 on the back of fresh buying by domestic investors amid further strength in the rupee. It, however, slipped into the negative zone on selling pressure at improved levels, following a weak opening of European equities, and slipped below the 35,000-mark to hit a low of 34,937.98 before closing at 34,981.02, recording a fall of 218.78 points, or 0.62 per cent. Similarly, NSE Nifty 73.30 points, or 0.69 per cent, to close at 10,526.75. The indices closed with losses for the week, with the Sensex declining 476.14 points, and the broader NSE Nifty falling 155.45 points during the period.

Markets open in green, Sensex surges over 150 points

Saudi energy giant Aramco has signed 31 agreements and memoranda of understandings worth $27.5 billion with local and international suppliers, CEO Amin Nasser said Monday.

"We signed $27.5 billion (24 billion euros) in a total of 31 commercial collaborations," Nasser said in a statement at an investment forum held in the eastern Saudi city of Dhahran.

The company did not provide details on the nature of the deals.

Last month, Aramco said it signed agreements and MOUs with scores of energy companies worth over $50 billion at a showcase investment summit boycotted by many international companies and dignitaries over the murder of journalist Jamal Khashoggi.

Insider-turned-critic Khashoggi was killed and reportedly dismembered in Saudi Arabia's Istanbul consulate on October 2 in what the kingdom said was a "rogue" operation.

More than 1,000 local and international energy service and equipment suppliers and manufacturers attended Monday's forum.

OPEC kingpin Saudi Arabia pumps over 10 million barrels per day of crude oil in addition to around 12 billion cubic feet of natural gas.

Saudi energy giant Aramco has signed 31 agreements and memoranda of understandings worth $27.5 billion with local and international suppliers, CEO Amin Nasser said Monday.

Saudi energy giant Aramco has signed 31 agreements and memoranda of understandings worth $27.5 billion with local and international suppliers, CEO Amin Nasser said Monday. "We signed $27.5 billion (24 billion euros) in a total of 31 commercial collaborations," Nasser said in a statement at an investment forum held in the eastern Saudi city of Dhahran. The company did not provide details on the nature of the deals. Last month, Aramco said it signed agreements and MOUs with scores of energy companies worth over $50 billion at a showcase investment summit boycotted by many international companies and dignitaries over the murder of journalist Jamal Khashoggi. Insider-turned-critic Khashoggi was killed and reportedly dismembered in Saudi Arabia's Istanbul consulate on October 2 in what the kingdom said was a "rogue" operation. More than 1,000 local and international energy service and equipment suppliers and manufacturers attended Monday's forum. OPEC kingpin Saudi Arabia pumps over 10 million barrels per day of crude oil in addition to around 12 billion cubic feet of natural gas.

Saudi energy giant Aramco signs deals worth $27.5 billion

Japanese car firm <a href="http://www.wionews.com/world/nissan-ceo-tells-staff-feels-dismay-at-ghosn-scandal-179100">Mitsubishi Motors today</a>&nbsp;sacked Carlos Ghosn, 64, as chairman&nbsp;over alleged financial misconduct at the Japanese-based car company.

"During today's board meeting, it was decided that he is dismissed as chairman," the company said in a statement.

The <a href="http://www.wionews.com/business-economy/nissan-board-sacks-carlos-ghosn-as-chairman-media-178798">high-profile ex-chairman was arrested</a> last week after reports of financial mismanagement emerged. The eight-member Mitsubishi board met at the Yokohama headquarters in Tokyo to dismiss Ghosn. The meeting was attended by several hundred staff members which was presided by CEO Hiroto Saikawa.

Nissan CEO Hiroto Saikawa had said earlier that concentration of power in Ghosn meant there was a lack of direct communication between the other alliance board members, Reuters reported.

Ghosn allegedly underreported his salary to the tune of&nbsp; $44 million between June 2011 and June 2015. The company said Ghosn was ousted "based on the copious amount and compelling nature of the evidence of misconduct presented."

Japanese media reports said authorities are planning to re-arrest him on charges of understating his income totaling $71 million. According to local media reports, Nissan has formed a secret cell within the company to look into the alleged financial misconduct of Ghosn.

However, France has decided to stand by Ghosn for now, it has appointed Thierry Bollore as the interim CEO of Renault. The Mitsubishi-Nissan-Renault trinity is one of the biggest car entity in the world selling over 10 million cars worldwide employing thousands of employees.

Ghosn faces 10 years imprisonment according to Japanese law. Ghosn has denied the allegations.

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Japanese car firm Mitsubishi Motors today sacked Carlos Ghosn, 64, as chairman over alleged financial misconduct at the Japanese-based car company. "During today's board meeting, it was decided that he is dismissed as chairman," the company said in a statement.

Japanese car firm Mitsubishi Motors today sacked Carlos Ghosn, 64, as chairman over alleged financial misconduct at the Japanese-based car company. "During today's board meeting, it was decided that he is dismissed as chairman," the company said in a statement. The high-profile ex-chairman was arrested last week after reports of financial mismanagement emerged. The eight-member Mitsubishi board met at the Yokohama headquarters in Tokyo to dismiss Ghosn. The meeting was attended by several hundred staff members which was presided by CEO Hiroto Saikawa. Nissan CEO Hiroto Saikawa had said earlier that concentration of power in Ghosn meant there was a lack of direct communication between the other alliance board members, Reuters reported. Ghosn allegedly underreported his salary to the tune of $44 million between June 2011 and June 2015. The company said Ghosn was ousted "based on the copious amount and compelling nature of the evidence of misconduct presented." Japanese media reports said authorities are planning to re-arrest him on charges of understating his income totaling $71 million. According to local media reports, Nissan has formed a secret cell within the company to look into the alleged financial misconduct of Ghosn. However, France has decided to stand by Ghosn for now, it has appointed Thierry Bollore as the interim CEO of Renault. The Mitsubishi-Nissan-Renault trinity is one of the biggest car entity in the world selling over 10 million cars worldwide employing thousands of employees. Ghosn faces 10 years imprisonment according to Japanese law. Ghosn has denied the allegations. ×

Mitsubishi sacks Carlos Ghosn over alleged financial misconduct

Shares rose about 1 per cent on Monday in volatile trading, led by gains in index heavyweights HDFC Bank Ltd and consumer goods giants Hindustan Unilever Ltd and ITC Ltd.

The benchmark BSE Sensex ended 1.07 per cent higher at 35,354.08, while Nifty climbed 0.97 per cent higher to 10,628.60.

Hindustan Unilever jumped nearly 4 per cent. ITC advanced 1.8 per cent.

Shares rose about 1 per cent on Monday in volatile trading, led by gains in index heavyweights HDFC Bank Ltd and consumer goods giants Hindustan Unilever Ltd and ITC Ltd.

Shares rose about 1 per cent on Monday in volatile trading, led by gains in index heavyweights HDFC Bank Ltd and consumer goods giants Hindustan Unilever Ltd and ITC Ltd. The benchmark BSE Sensex ended 1.07 per cent higher at 35,354.08, while Nifty climbed 0.97 per cent higher to 10,628.60. Hindustan Unilever jumped nearly 4 per cent. ITC advanced 1.8 per cent.

Sensex rises 373 points, Nifty settles above 10,600 

The Central Bureau of Investigation (CBI) on Monday informed the Patiala House Court that it has been granted permission by the government to prosecute former finance minister P <a href="http://www.wionews.com/india-news/aircel-maxis-case-p-chidambaram-son-deny-allegations-of-non-cooperation-levelled-by-cbi-ed-179027">Chidambaram</a> in connection with the <a href="http://www.wionews.com/india-news/aircel-maxis-case-chidambaram-describes-cbis-allegations-unfounded-179146">Aircel-Maxis case</a>.

Patiala House Court`s Special Judge OP Saini took up the Aircel-Maxis case, which arose out of the 2G spectrum allocation scam case. Solicitor General Tushar Mehta appeared for the CBI and the Enforcement Directorate (ED) and submitted that requisite sanction from the concerned authority has been received to prosecute Chidambaram in the matter.

Mehta further said that there were a total of 18 accused in the case and prosecution sanctions were needed for six of them. He added that efforts were being made to obtain prosecution sanctions in respect of other five accused.

Meanwhile, the court extended the interim protection granted to Chidambaram and his son, Karti, till December 18.

On Saturday, Chidambaram had denied all charges levelled by the CBI and said the decision of his arrest was "plainly motivated and totally untenable."

In his rejoinder submitted to the Patiala House Court, Chidambaram said that after he was granted interim protection on July 23 this year, a reason was "suddenly discovered" to arrest him without even having issued summons in the past four years.

The Aircel Maxis case emerged out of the 2G spectrum cases, pertaining to a grant of FIPB approval to firm M/S Global Communication and Services Holdings Limited, Mauritius for investment in Aircel.

The FIPB approval was allegedly granted in the year 2006 when Chidambaram was the finance minister. According to the rules and Foreign Direct Investment (FDI) policy of the government, Chidambaram was only empowered to give approval to proposals involving a foreign investment amount of up to Rs 600 crore.&nbsp;

However, he reportedly approved the foreign investment proposal of Global Communication and Services Holdings Ltd worth Rs 3560 crore approximately.

The Central Bureau of Investigation (CBI) on Monday informed the Patiala House Court that it has been granted permission by the government to prosecute former finance minister P Chidambaram in connection with the Aircel-Maxis case.

The Central Bureau of Investigation (CBI) on Monday informed the Patiala House Court that it has been granted permission by the government to prosecute former finance minister P Chidambaram in connection with the Aircel-Maxis case. Patiala House Court`s Special Judge OP Saini took up the Aircel-Maxis case, which arose out of the 2G spectrum allocation scam case. Solicitor General Tushar Mehta appeared for the CBI and the Enforcement Directorate (ED) and submitted that requisite sanction from the concerned authority has been received to prosecute Chidambaram in the matter. Mehta further said that there were a total of 18 accused in the case and prosecution sanctions were needed for six of them. He added that efforts were being made to obtain prosecution sanctions in respect of other five accused. Meanwhile, the court extended the interim protection granted to Chidambaram and his son, Karti, till December 18. On Saturday, Chidambaram had denied all charges levelled by the CBI and said the decision of his arrest was "plainly motivated and totally untenable." In his rejoinder submitted to the Patiala House Court, Chidambaram said that after he was granted interim protection on July 23 this year, a reason was "suddenly discovered" to arrest him without even having issued summons in the past four years. The Aircel Maxis case emerged out of the 2G spectrum cases, pertaining to a grant of FIPB approval to firm M/S Global Communication and Services Holdings Limited, Mauritius for investment in Aircel. The FIPB approval was allegedly granted in the year 2006 when Chidambaram was the finance minister. According to the rules and Foreign Direct Investment (FDI) policy of the government, Chidambaram was only empowered to give approval to proposals involving a foreign investment amount of up to Rs 600 crore. However, he reportedly approved the foreign investment proposal of Global Communication and Services Holdings Ltd worth Rs 3560 crore approximately.

Aircel-Maxis case: CBI says it has Centre’s permission to prosecute P Chidambaram

Oil prices on Monday clawed back some losses from a nearly 8-per cent plunge the previous session, but Brent failed to hold above $60 per barrel amid generally weak financial markets.

Front-month Brent crude oil futures had risen by 96 cents, or 1.6 per cent, to $59.76 per barrel by 0745 GMT.

US West Texas Intermediate (WTI) crude futures were up 62 cents, or 1.2 per cent, at $51.04 per barrel.

The gains partly made up for Friday's selloff, which traders have already dubbed 'Black Friday'.

Reacting to Friday's falls in Brent and WTI, China's Shanghai crude futures on Monday fell by 5 per cent, hitting their daily downside-limit.

Judging by exchange data, traders are preparing for more price falls.

Managed short positions in front-month WTI crude futures, which would profit from further price declines, have surged from record lows in July to the highest number of short positions since October 2017.

What's more, the number of puts - which give a trader the option though not obligation to sell a financial instrument at a certain price - in February Brent crude oil futures at $55 and $50 per barrel has surged to record levels since October.

The downward pressure comes from surging supply and a slowdown in demand growth which is expected to result in an oil supply overhang by next year.

"2019 will be a choppy year for the oil market as questions surrounding the prospect of a slowing global economy and a supply surplus are expected to increase," analysts at Fitch Solutions said on Monday.

Fitch said that even an expected supply cut led by the Organization of the Petroleum Exporting Countries (OPEC) following an official meeting on December 6 "may not be enough to counteract the bearish forces".

WIDER DOWNTURN

Oil markets are also being affected by a downturn in wider financial markets.

"2018 clearly marked the end of the 10-year Asia credit bull market due to tightening financial conditions in Asia (especially China), and we expect this to remain the case in 2019," Morgan Stanley said in a note released on Sunday.

"We don't think that we are at the bottom of the cycle yet," the US bank said.

Oil markets have also been weighed down by a strong US-dollar, which has surged against most other currencies this year, thanks to rising interest rates that have pulled investor money out of other currencies and also assets like oil, which are seen as more risky than the greenback.

"Anything denominated against the USD is under pressure right now, said McKenna.

Another risk to global trade and overall economic growth is the trade war between the world's two biggest economies, the United States and China.

"The US-China trade conflict poses a downside risk as we forecast the US to impose 25 percent tariffs on all China imports by Q1 2019," US bank JP Morgan said in a note published on Friday. 
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Oil prices on Monday clawed back some losses from a nearly 8-per cent plunge the previous session, but Brent failed to hold above $60 per barrel amid generally weak financial markets.

Oil prices on Monday clawed back some losses from a nearly 8-per cent plunge the previous session, but Brent failed to hold above $60 per barrel amid generally weak financial markets. Front-month Brent crude oil futures had risen by 96 cents, or 1.6 per cent, to $59.76 per barrel by 0745 GMT. US West Texas Intermediate (WTI) crude futures were up 62 cents, or 1.2 per cent, at $51.04 per barrel. The gains partly made up for Friday's selloff, which traders have already dubbed 'Black Friday'. Reacting to Friday's falls in Brent and WTI, China's Shanghai crude futures on Monday fell by 5 per cent, hitting their daily downside-limit. Judging by exchange data, traders are preparing for more price falls. Managed short positions in front-month WTI crude futures, which would profit from further price declines, have surged from record lows in July to the highest number of short positions since October 2017. What's more, the number of puts - which give a trader the option though not obligation to sell a financial instrument at a certain price - in February Brent crude oil futures at $55 and $50 per barrel has surged to record levels since October. The downward pressure comes from surging supply and a slowdown in demand growth which is expected to result in an oil supply overhang by next year. "2019 will be a choppy year for the oil market as questions surrounding the prospect of a slowing global economy and a supply surplus are expected to increase," analysts at Fitch Solutions said on Monday. Fitch said that even an expected supply cut led by the Organization of the Petroleum Exporting Countries (OPEC) following an official meeting on December 6 "may not be enough to counteract the bearish forces". WIDER DOWNTURN Oil markets are also being affected by a downturn in wider financial markets. "2018 clearly marked the end of the 10-year Asia credit bull market due to tightening financial conditions in Asia (especially China), and we expect this to remain the case in 2019," Morgan Stanley said in a note released on Sunday. "We don't think that we are at the bottom of the cycle yet," the US bank said. Oil markets have also been weighed down by a strong US-dollar, which has surged against most other currencies this year, thanks to rising interest rates that have pulled investor money out of other currencies and also assets like oil, which are seen as more risky than the greenback. "Anything denominated against the USD is under pressure right now, said McKenna. Another risk to global trade and overall economic growth is the trade war between the world's two biggest economies, the United States and China. "The US-China trade conflict poses a downside risk as we forecast the US to impose 25 percent tariffs on all China imports by Q1 2019," US bank JP Morgan said in a note published on Friday.

Oil prices claw back some losses after 'Black Friday' plunge

To make recovery of about Rs 1,553 crore, state-owned Andhra Bank has invited bids from asset reconstruction companies (ARCs) to sell non-performing assets of more than 50 accounts.

The bank has invited expressions of interest (EoIs) from ARCs for the sale of its non-performing assets (NPAs) by November 30, according to the tender document.

"Andhra Bank invites EoIs from ARCs for the proposed sale of its NPAs comprising 53 accounts with principal balance of Rs 1,552.96 crore on cash basis only," the bank said.

The state-owned lender said that the bids may be submitted for tranches and/or individual basis.

All ARCs that are registered as a securitisation and reconstruction company pursuant to Section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, (SARFAESI Act), that have tendered their letters of interest and non-disclosure agreements pursuant to the notification of the bank are eligible to participate in the sale process subject to applicable regulations, it added.

The bank's major NPA accounts include Corporate Power Ltd at Rs 125.95 crore (total outstanding Rs 306.65 crore); Visa Steel Ltd Rs 128.71 (total Rs 211.76 crore); Tulsyan NEC Ltd Rs 106.44 crore (Rs 154.15 crore) and Corporate Ispat Alloys Ltd Rs 65.06 crore (Rs 147.86 crore).

A few others include Transstroy Dindigul-Theni-Kumli Tollways Rs 127.57 crore (total Rs 146.73 crore); Transstroy Krishnagiri Tindivanam Highways Pvt Ltd Rs 68.94 crore (Rs 102.72 crore); Barasat Krishnagar Expressways Rs 106.41 crore (Rs 128.66 crore) and ISMT Ltd Rs 85.74 crore (Rs 136.33 crore).

The e-bidding will take place on December 3, while the bank will execute the assignment agreements and fund transfer on or before December 10, 2018. PTI&nbsp;

To make recovery of about Rs 1,553 crore, state-owned Andhra Bank has invited bids from asset reconstruction companies (ARCs) to sell non-performing assets of more than 50 accounts.

To make recovery of about Rs 1,553 crore, state-owned Andhra Bank has invited bids from asset reconstruction companies (ARCs) to sell non-performing assets of more than 50 accounts. The bank has invited expressions of interest (EoIs) from ARCs for the sale of its non-performing assets (NPAs) by November 30, according to the tender document. "Andhra Bank invites EoIs from ARCs for the proposed sale of its NPAs comprising 53 accounts with principal balance of Rs 1,552.96 crore on cash basis only," the bank said. The state-owned lender said that the bids may be submitted for tranches and/or individual basis. All ARCs that are registered as a securitisation and reconstruction company pursuant to Section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, (SARFAESI Act), that have tendered their letters of interest and non-disclosure agreements pursuant to the notification of the bank are eligible to participate in the sale process subject to applicable regulations, it added. The bank's major NPA accounts include Corporate Power Ltd at Rs 125.95 crore (total outstanding Rs 306.65 crore); Visa Steel Ltd Rs 128.71 (total Rs 211.76 crore); Tulsyan NEC Ltd Rs 106.44 crore (Rs 154.15 crore) and Corporate Ispat Alloys Ltd Rs 65.06 crore (Rs 147.86 crore). A few others include Transstroy Dindigul-Theni-Kumli Tollways Rs 127.57 crore (total Rs 146.73 crore); Transstroy Krishnagiri Tindivanam Highways Pvt Ltd Rs 68.94 crore (Rs 102.72 crore); Barasat Krishnagar Expressways Rs 106.41 crore (Rs 128.66 crore) and ISMT Ltd Rs 85.74 crore (Rs 136.33 crore). The e-bidding will take place on December 3, while the bank will execute the assignment agreements and fund transfer on or before December 10, 2018. PTI

Andhra Bank puts up Rs 1,553-cr NPAs for sale, would prefer cash bids

Ahead of general elections, public sector oil companies plan to allot about 65,000 petrol pumps across the country to nearly double the existing retail network, officials said Sunday.

Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) Sunday issued advertisements for setting up 55,649 petrol pumps across the country.

"This does not include any sites in poll-bound states," HPCL's state-level coordinator Vishal Bajpai told reporters here.

Assembly elections are on in Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana and Mizoram and advertisement for these would be issued after polling is completed.

IOC, which already has 27,377 petrol pumps across the country, has advertised for setting up 26,982 more in states that are not going to polls. BPCL will add 15,802 outlets to its existing strength of 14,592 and HPCL would add 12,865 petrol pumps to its existing tally of 15,287.

Delhi has 390 petrol pumps and 170 more are to be set up, Bajpai said.

The poll-bound states may have some 9,000-10,000 sites, another official said.

The allotments will be done on relaxed guidelines which has lowered the educational qualification to 10th pass from 12th pass and graduate currently and the only essential requirement is ownership of the land where the pump is to be set up, Bajpai said.

This is the first time in almost four years that allotment of petrol pump sites is being advertised.

India currently has 63,674 petrol pumps, most of them with public sector firms. Nayara Energy Ltd, formerly Essar Oil Ltd, has the highest number of outlets in the private sector at 4,895 while Reliance Industries has 1,400 pumps. Royal Dutch/Shell has 116 outlets.

"For a fast-growing economy like ours, energy needs are growing manifold. PSU oil marketing companies are undertaking retail outlet (petrol pump) network expansion in tandem with the growth in demand for petrol and diesel. Retail sales of petrol and diesel are increasing at the rate of approximately 8 per cent and 4 per cent per annum," Bajpai said.

The expansion, he said, was being undertaken to meet the growing fuel needs and convenience of customers in emerging markets like upcoming highways, agricultural pockets and industrial hubs.

The retail outlet network in rural, remote and far-flung areas is also being expanded with the intention of increasing availability of products, predominantly diesel, ensuring quality and correct price to meet the rural agricultural demand and cater to people in remote areas, he said.

He said the process of dealer selection has been simplified by introducing online applications and doing away with the requirement of submitting voluminous documents in support of eligibility.

"Only the selected candidate would be required to produce the documents. Similarly, the eligibility norms have also been relaxed," he said. "Availability of suitable land at the advertised location/stretch is the most important requirement. Applicants without land can also apply, however, they are expected to offer land when called for," he added.

For the first time, the computerised draw of lots or bid opening would be held under the aegis of an independent agency to bring in more transparency.&nbsp;

Ahead of general elections, public sector oil companies plan to allot about 65,000 petrol pumps across the country to nearly double the existing retail network, officials said Sunday.

Ahead of general elections, public sector oil companies plan to allot about 65,000 petrol pumps across the country to nearly double the existing retail network, officials said Sunday. Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) Sunday issued advertisements for setting up 55,649 petrol pumps across the country. "This does not include any sites in poll-bound states," HPCL's state-level coordinator Vishal Bajpai told reporters here. Assembly elections are on in Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana and Mizoram and advertisement for these would be issued after polling is completed. IOC, which already has 27,377 petrol pumps across the country, has advertised for setting up 26,982 more in states that are not going to polls. BPCL will add 15,802 outlets to its existing strength of 14,592 and HPCL would add 12,865 petrol pumps to its existing tally of 15,287. Delhi has 390 petrol pumps and 170 more are to be set up, Bajpai said. The poll-bound states may have some 9,000-10,000 sites, another official said. The allotments will be done on relaxed guidelines which has lowered the educational qualification to 10th pass from 12th pass and graduate currently and the only essential requirement is ownership of the land where the pump is to be set up, Bajpai said. This is the first time in almost four years that allotment of petrol pump sites is being advertised. India currently has 63,674 petrol pumps, most of them with public sector firms. Nayara Energy Ltd, formerly Essar Oil Ltd, has the highest number of outlets in the private sector at 4,895 while Reliance Industries has 1,400 pumps. Royal Dutch/Shell has 116 outlets. "For a fast-growing economy like ours, energy needs are growing manifold. PSU oil marketing companies are undertaking retail outlet (petrol pump) network expansion in tandem with the growth in demand for petrol and diesel. Retail sales of petrol and diesel are increasing at the rate of approximately 8 per cent and 4 per cent per annum," Bajpai said. The expansion, he said, was being undertaken to meet the growing fuel needs and convenience of customers in emerging markets like upcoming highways, agricultural pockets and industrial hubs. The retail outlet network in rural, remote and far-flung areas is also being expanded with the intention of increasing availability of products, predominantly diesel, ensuring quality and correct price to meet the rural agricultural demand and cater to people in remote areas, he said. He said the process of dealer selection has been simplified by introducing online applications and doing away with the requirement of submitting voluminous documents in support of eligibility. "Only the selected candidate would be required to produce the documents. Similarly, the eligibility norms have also been relaxed," he said. "Availability of suitable land at the advertised location/stretch is the most important requirement. Applicants without land can also apply, however, they are expected to offer land when called for," he added. For the first time, the computerised draw of lots or bid opening would be held under the aegis of an independent agency to bring in more transparency.

Oil PSUs to allot 65,000 petrol pumps ahead of general elections

The Reserve Bank will hold the rates for the remainder of the fiscal year ending March 2019 and is likely to go for “measured hikes” in FY20 as inflation inches up, Singaporean lender DBS has said. 
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The decision on rates will be majorly influenced by the movement in oil prices and also the currency, which were termed as “wildcards” by its house economists.

In a report that comes days after the headline inflation print eased to a surprising 3.31 per cent for October, the lender lowered its consumer price inflation (CPI) expectations for FY19 to 4 per cent from 4.4 per cent earlier.

It said the price rise scenario will go up to 4.2 per cent for FY20, which may prompt the RBI to go in for a hike.

“The RBI is likely to get the leeway to hold the rates unchanged this year owing to the below-target inflation. We pencil in measured hikes in FY20 to contain core pressures, with oil and currency direction seen as wildcards,” it said in the note.

The lender said inflation is averaging at 4.2 per cent for the first seven months of the fiscal year and points out to lower procurement of food crops by the government through the minimum support price (MSP) mechanism. The increase in inflation expectations next fiscal will be largely driven by food, it said.

“While (slower procurement) is positive for inflation, a prolonged phase of weak food/farm prices trigger concern over the negative repercussions for agricultural incomes and rural demand,” the lender warned.

It can be noted that under its medium-term inflation targeting framework, the RBI is committed to anchor the price rise at 4 per cent with a leeway on either side.

So far, the RBI has hiked rates twice by a cumulative 0.50 per cent this fiscal, responding to inflationary concerns from factors like rupee depreciation which lost over 13 per cent year to date and higher oil prices which had jumped to USD 86 a barrel earlier this month but considerably down now.

However, in the past month, both the crude prices and the rupee have shown movements which are positive for the domestic economy.

The RBI’s inflation modelling has also come for criticism following the release of data for October, which saw the headline number declining to a surprising low.

Even as the rupee strengthens, the Singaporean lender said, India needs to be watchful of hardening of rates in the US, which may lead to capital outflows.

The Reserve Bank will hold the rates for the remainder of the fiscal year ending March 2019 and is likely to go for “measured hikes” in FY20 as inflation inches up, Singaporean lender DBS has said.

The Reserve Bank will hold the rates for the remainder of the fiscal year ending March 2019 and is likely to go for “measured hikes” in FY20 as inflation inches up, Singaporean lender DBS has said. Advertising The decision on rates will be majorly influenced by the movement in oil prices and also the currency, which were termed as “wildcards” by its house economists. In a report that comes days after the headline inflation print eased to a surprising 3.31 per cent for October, the lender lowered its consumer price inflation (CPI) expectations for FY19 to 4 per cent from 4.4 per cent earlier. It said the price rise scenario will go up to 4.2 per cent for FY20, which may prompt the RBI to go in for a hike. “The RBI is likely to get the leeway to hold the rates unchanged this year owing to the below-target inflation. We pencil in measured hikes in FY20 to contain core pressures, with oil and currency direction seen as wildcards,” it said in the note. The lender said inflation is averaging at 4.2 per cent for the first seven months of the fiscal year and points out to lower procurement of food crops by the government through the minimum support price (MSP) mechanism. The increase in inflation expectations next fiscal will be largely driven by food, it said. “While (slower procurement) is positive for inflation, a prolonged phase of weak food/farm prices trigger concern over the negative repercussions for agricultural incomes and rural demand,” the lender warned. It can be noted that under its medium-term inflation targeting framework, the RBI is committed to anchor the price rise at 4 per cent with a leeway on either side. So far, the RBI has hiked rates twice by a cumulative 0.50 per cent this fiscal, responding to inflationary concerns from factors like rupee depreciation which lost over 13 per cent year to date and higher oil prices which had jumped to USD 86 a barrel earlier this month but considerably down now. However, in the past month, both the crude prices and the rupee have shown movements which are positive for the domestic economy. The RBI’s inflation modelling has also come for criticism following the release of data for October, which saw the headline number declining to a surprising low. Even as the rupee strengthens, the Singaporean lender said, India needs to be watchful of hardening of rates in the US, which may lead to capital outflows.

RBI may hold the rates baton till March: Report

Stressing on achieving self-reliance for input material, SAIL chairman Anil Chaudhary said Saturday the company should meet two-third ferro alloy requirement in-house for better cost efficiency.

"It is time for us to not just concentrate on increasing production capacity but also to become self-reliant in terms of input material as well," said Chaudhary, during his visit to the state-run steel maker SAIL's Chandrapur Ferro Alloy Plant in Maharashtra.

"Chandrapur Ferro Alloy Plant (CFP) which meets about 40 of SAIL's Manganese ore based ferro-alloy requirement must raise the production to the rated capacity, so as to enable SAIL to meet two-thirds of its total ferro-alloy requirement. This will not just be a strategic advantage for SAIL but will also lead to better cost efficiency, he was quoted as said in a statement.&nbsp;

Chaudhary also said that each unit is important in reaching the set targets of production.

Elaborating further, he said SAIL is committed to the Ministry of Steel's target of increasing steel production to 300 million tonnes by 2030-31 and in the process, it will augment production capacity to 50 million tonnes.&nbsp;

Chaudhary said CFP must tighten its belt start preparing now because this will warrant an increased requirement of ferroalloys and the unit must be able to undertake such an increased requirement in the future.

He further said "the more self-reliant we are in terms of inputs and raw materials, the more will we be able to assert our presence in the market".

CFP is India's largest and the only public sector company producing ferroalloys in the country with an installed high carbon ferromanganese installed capacity of 1,90,000 tonnes per year or silicomanganese installed capacity of 1,30,000 tonnes per year.

CFP manufactures three kinds of ferroalloy products comprising high carbon ferromanganese, silicomanganese and medium carbon ferromanganese. CFP, erstwhile Maharashtra Elektrosmelt Ltd (MEL), was amalgamated into SAIL in July 2011.&nbsp;

Since then it has been playing a pivotal role in meeting the internal requirements of ferroalloys in the company.

Chaudhary's CFP visit comes as a part of his structured visits to all the plants and units of SAIL to make a direct connection with the employees.

During his visit, Chaudhary met with a cross section of employees and employee unions. He also visited the raw material and product handling yard, two submerged arc furnaces (SAF) of 33 MVA and 1 SAF of 45 MVA capacity as well as other facilities in the unit.

Stressing on achieving self-reliance for input material, SAIL chairman Anil Chaudhary said Saturday the company should meet two-third ferro alloy requirement in-house for better cost efficiency.

Stressing on achieving self-reliance for input material, SAIL chairman Anil Chaudhary said Saturday the company should meet two-third ferro alloy requirement in-house for better cost efficiency. "It is time for us to not just concentrate on increasing production capacity but also to become self-reliant in terms of input material as well," said Chaudhary, during his visit to the state-run steel maker SAIL's Chandrapur Ferro Alloy Plant in Maharashtra. "Chandrapur Ferro Alloy Plant (CFP) which meets about 40 of SAIL's Manganese ore based ferro-alloy requirement must raise the production to the rated capacity, so as to enable SAIL to meet two-thirds of its total ferro-alloy requirement. This will not just be a strategic advantage for SAIL but will also lead to better cost efficiency, he was quoted as said in a statement. Chaudhary also said that each unit is important in reaching the set targets of production. Elaborating further, he said SAIL is committed to the Ministry of Steel's target of increasing steel production to 300 million tonnes by 2030-31 and in the process, it will augment production capacity to 50 million tonnes. Chaudhary said CFP must tighten its belt start preparing now because this will warrant an increased requirement of ferroalloys and the unit must be able to undertake such an increased requirement in the future. He further said "the more self-reliant we are in terms of inputs and raw materials, the more will we be able to assert our presence in the market". CFP is India's largest and the only public sector company producing ferroalloys in the country with an installed high carbon ferromanganese installed capacity of 1,90,000 tonnes per year or silicomanganese installed capacity of 1,30,000 tonnes per year. CFP manufactures three kinds of ferroalloy products comprising high carbon ferromanganese, silicomanganese and medium carbon ferromanganese. CFP, erstwhile Maharashtra Elektrosmelt Ltd (MEL), was amalgamated into SAIL in July 2011. Since then it has been playing a pivotal role in meeting the internal requirements of ferroalloys in the company. Chaudhary's CFP visit comes as a part of his structured visits to all the plants and units of SAIL to make a direct connection with the employees. During his visit, Chaudhary met with a cross section of employees and employee unions. He also visited the raw material and product handling yard, two submerged arc furnaces (SAF) of 33 MVA and 1 SAF of 45 MVA capacity as well as other facilities in the unit.

SAIL chairman stresses on meeting 2-third ferro alloy requirement in-house