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Oil prices slumped more than 6 per cent to the lowest in more than a year on Friday amid fears of a supply glut even as major producers consider cutting output.

Oil supply, led by US producers, is growing faster than demand and to prevent a build-up of unused fuel such as the one that emerged in 2015, the Organization of the Petroleum Exporting Countries is expected to start trimming output after a meeting on December 6.

But this has done little so far to prop up prices, which have dropped more than per cent so far in November, in a seven-week streak of losses. Prices were on course for their biggest one-month decline since late 2014.

A trade war between the world's two biggest economies and oil consumers, the United States and China, have weighed upon the market.

"The market is pricing in an economic slowdown - they are anticipating that the Chinese trade talks are not going to go well," said Phil Flynn, an analyst at Price Futures Group in Chicago, referring to expected talks next week between US President Donald Trump and his Chinese counterpart Xi Jinping at the G20 summit in Buenos Aires.

"The market doesn't believe that OPEC is going to be able to act swiftly enough to offset the coming slowdown in demand," Flynn said.

Brent crude fell $3.13, or 5 per cent, to $59.47 a barrel by 1:01 p.m. EST (1801 GMT), after earlier touching $58.41, its lowest since October 2017.

US West Texas Intermediate crude (WTI) lost $3.35, or 6.1per cent, to trade at $51.28, and earlier touched a low of $50.53, also the weakest since October 2017.

For the week, Brent was on track for an 11 per cent loss and WTI a 9.4 per cent decline.

Market fears over weak demand intensified after China reported its lowest gasoline exports in more than a year amid a glut of the fuel in Asia and globally.

Stockpiles of gasoline have surged across Asia, with inventories in Singapore, the regional refining hub, rising to a three-month high while Japanese stockpiles also climbed last week. Inventories in the United States are about 7 per cent higher than a year ago.

Crude production has soared as well this year. The International Energy Agency expects non-OPEC output alone to rise by 2.3 million barrels per day (bpd) this year while demand next year was expected to grow 1.3 million bpd.

Adjusting to lower demand, top crude exporter Saudi Arabia said on Thursday that it may reduce supply as it pushes OPEC to agree to a joint output cut of 1.4 million bpd.

However, Trump has made it clear that he does not want oil prices to rise and many analysts think Saudi Arabia is coming under US pressure to resist calls from other OPEC members for lower crude output.

If OPEC decides to cut production at its meeting next month, oil prices could recover, analysts say.

"We expect that OPEC will manage the market in 2019 and assess the probability of an agreement to reduce production at around 2-in-3. In that scenario, Brent prices likely recover back into the $70s," Morgan Stanley commodities strategists Martijn Rats and Amy Sergeant wrote in a note to clients.

If OPEC does not trim production, prices could head much lower, potentially depreciating toward $50 a barrel, argues Lukman Otunuga, Research Analyst at FXTM.

VOLATILITY SPIKES TO 2-YEAR HIGH

By the middle of November, commodity trading advisory funds tracked by Credit Suisse prime services had dropped 1.5 per cent on the month, owing to the losses in energy futures and the increased volatility.

Mark Connors, global head of portfolio and risk advisory at Credit Suisse, told Reuters this week that the action among macro and CTA funds reflects a risk-aversion trade, as net long positions have dropped from near five-year highs to roughly even exposure between longs and shorts.

Volatility, a measure of investor demand for options, has spiked to its highest since late 2016, above 60 percent, as investors have rushed to buy protection against further steep price declines.

The decline in oil prices pulled US energy shares lower. Oil majors Exxon Mobil Corp and Chevron Corp fell more than 3per cent&nbsp;and were the leading decliners on the Dow Jones Industrial Average Oilfield service providers Schlumberger NV and Halliburton Co also fell nearly 3 per cent.

Oil prices slumped more than 6 per cent to the lowest in more than a year on Friday amid fears of a supply glut even as major producers consider cutting output. Oil supply, led by US producers, is growing faster than demand and to prevent a build-up of unused fuel such as the one that emerged in 2015, the Organization of the Petroleum Exporting Countries is expected to start trimming output after a meeting on December 6.

Oil prices slumped more than 6 per cent to the lowest in more than a year on Friday amid fears of a supply glut even as major producers consider cutting output. Oil supply, led by US producers, is growing faster than demand and to prevent a build-up of unused fuel such as the one that emerged in 2015, the Organization of the Petroleum Exporting Countries is expected to start trimming output after a meeting on December 6. But this has done little so far to prop up prices, which have dropped more than per cent so far in November, in a seven-week streak of losses. Prices were on course for their biggest one-month decline since late 2014. A trade war between the world's two biggest economies and oil consumers, the United States and China, have weighed upon the market. "The market is pricing in an economic slowdown - they are anticipating that the Chinese trade talks are not going to go well," said Phil Flynn, an analyst at Price Futures Group in Chicago, referring to expected talks next week between US President Donald Trump and his Chinese counterpart Xi Jinping at the G20 summit in Buenos Aires. "The market doesn't believe that OPEC is going to be able to act swiftly enough to offset the coming slowdown in demand," Flynn said. Brent crude fell $3.13, or 5 per cent, to $59.47 a barrel by 1:01 p.m. EST (1801 GMT), after earlier touching $58.41, its lowest since October 2017. US West Texas Intermediate crude (WTI) lost $3.35, or 6.1per cent, to trade at $51.28, and earlier touched a low of $50.53, also the weakest since October 2017. For the week, Brent was on track for an 11 per cent loss and WTI a 9.4 per cent decline. Market fears over weak demand intensified after China reported its lowest gasoline exports in more than a year amid a glut of the fuel in Asia and globally. Stockpiles of gasoline have surged across Asia, with inventories in Singapore, the regional refining hub, rising to a three-month high while Japanese stockpiles also climbed last week. Inventories in the United States are about 7 per cent higher than a year ago. Crude production has soared as well this year. The International Energy Agency expects non-OPEC output alone to rise by 2.3 million barrels per day (bpd) this year while demand next year was expected to grow 1.3 million bpd. Adjusting to lower demand, top crude exporter Saudi Arabia said on Thursday that it may reduce supply as it pushes OPEC to agree to a joint output cut of 1.4 million bpd. However, Trump has made it clear that he does not want oil prices to rise and many analysts think Saudi Arabia is coming under US pressure to resist calls from other OPEC members for lower crude output. If OPEC decides to cut production at its meeting next month, oil prices could recover, analysts say. "We expect that OPEC will manage the market in 2019 and assess the probability of an agreement to reduce production at around 2-in-3. In that scenario, Brent prices likely recover back into the $70s," Morgan Stanley commodities strategists Martijn Rats and Amy Sergeant wrote in a note to clients. If OPEC does not trim production, prices could head much lower, potentially depreciating toward $50 a barrel, argues Lukman Otunuga, Research Analyst at FXTM. VOLATILITY SPIKES TO 2-YEAR HIGH By the middle of November, commodity trading advisory funds tracked by Credit Suisse prime services had dropped 1.5 per cent on the month, owing to the losses in energy futures and the increased volatility. Mark Connors, global head of portfolio and risk advisory at Credit Suisse, told Reuters this week that the action among macro and CTA funds reflects a risk-aversion trade, as net long positions have dropped from near five-year highs to roughly even exposure between longs and shorts. Volatility, a measure of investor demand for options, has spiked to its highest since late 2016, above 60 percent, as investors have rushed to buy protection against further steep price declines. The decline in oil prices pulled US energy shares lower. Oil majors Exxon Mobil Corp and Chevron Corp fell more than 3per cent and were the leading decliners on the Dow Jones Industrial Average Oilfield service providers Schlumberger NV and Halliburton Co also fell nearly 3 per cent.

Oil plunges to lowest in a year despite potential OPEC cut

Oil prices slumped Friday to lows not seen since last year as concerns over high crude supplies triggered massive selling, dealers said.

The WTI futures contract, the New York commodities markets' benchmark, and its European counterpart Brent Crude both fell more than six percent on the day.

High global oil production compared to demand was the top reason for Friday's selling, while the outlook for a weakening world economy led investors to conclude that growth would not be strong enough to soak up the surplus.

"The truth of the matter remains that rising global crude supply coupled with worrying signs of slowing demand have written a recipe for disaster for the oil markets," said Lukman Otunuga, a research analyst at FXTM.

With a December OPEC meeting not expected to make a major dent in production levels, WTI now had scope to fall to $50 "in the near term", he said.

In late European trading, WTI held just over $51 and Brent around $59.

Some analysts said US President Donald Trump had much to do with falling oil prices.

Some say it's Trump

"Although most analysts claim that this has to do with supply overhang and increased production from Russia and Saudi Arabia, the bottom line is that the US President keeps pushing for lower prices," said Fiona Cincotta, senior market analyst at City Index trading group.

"While this is the case it will be difficult to see a return to oil at a higher level unless oil cartel OPEC decides on a major output cut at its next meeting on December 6."

The pound dropped versus the dollar, a day after spiking on news that Britain and the EU had struck a draft deal over ties post Brexit.

That came ahead of a weekend summit in Brussels to sign off on an overall package on the UK's exit from the European Union in March.&nbsp;

Elsewhere, the euro dropped as data monitoring company IHS Markit said business growth in the 19-nation eurozone pulled back in November to its slowest rate in nearly four years, as exports weakened.

Stocks mixed

Eurozone stock markets, meanwhile, recoverd to show mild gains by the close but London ended lower as weak energy prices weighed.

On Wall Street, the Dow index was also under pressure with shares in energy companies feeling the pain from lower oil prices and investors weighing headwinds facing the global economy.

"US stocks are lower in early action following yesterday's Thanksgiving holiday break, with the energy sector seeing some pressure as crude oil prices are continuing a tumble, while European political uncertainty remains and China/US trade worries are lingering ahead of next week's G-20 summit," analysts at Charles Schwab summed up market sentiment.

Earlier, Asian stock markets had already plunged into the red.

Chinese shares led the downward charge as Shanghai slumped by more than two percent, with the tech sector hit hard by a Wall Street Journal report that Washington is urging its allies to avoid using equipment from Chinese telecoms giant Huawei.&nbsp;

Worsening trade tensions between the United States and China have shattered confidence on global trading floors.

"China wants to make a deal. If we can make a deal, we will," Trump said, ahead of crunch talks with his Chinese counterpart Xi Jinping at the G20 in Argentina next week.

The world's top two economies have been locked in a trade war since the summer, with the US imposing punitive tariffs on Chinese goods worth $250 billion per year. In retaliation, China imposed tariffs on $110 billion of US goods.

Washington has threatened to toughen measures even further if the issue is not resolved before January. 
&nbsp;

Oil prices slumped Friday to lows not seen since last year as concerns over high crude supplies triggered massive selling, dealers said. The WTI futures contract, the New York commodities markets' benchmark, and its European counterpart Brent Crude both fell more than six percent on the day.

Oil prices slumped Friday to lows not seen since last year as concerns over high crude supplies triggered massive selling, dealers said. The WTI futures contract, the New York commodities markets' benchmark, and its European counterpart Brent Crude both fell more than six percent on the day. High global oil production compared to demand was the top reason for Friday's selling, while the outlook for a weakening world economy led investors to conclude that growth would not be strong enough to soak up the surplus. "The truth of the matter remains that rising global crude supply coupled with worrying signs of slowing demand have written a recipe for disaster for the oil markets," said Lukman Otunuga, a research analyst at FXTM. With a December OPEC meeting not expected to make a major dent in production levels, WTI now had scope to fall to $50 "in the near term", he said. In late European trading, WTI held just over $51 and Brent around $59. Some analysts said US President Donald Trump had much to do with falling oil prices. Some say it's Trump "Although most analysts claim that this has to do with supply overhang and increased production from Russia and Saudi Arabia, the bottom line is that the US President keeps pushing for lower prices," said Fiona Cincotta, senior market analyst at City Index trading group. "While this is the case it will be difficult to see a return to oil at a higher level unless oil cartel OPEC decides on a major output cut at its next meeting on December 6." The pound dropped versus the dollar, a day after spiking on news that Britain and the EU had struck a draft deal over ties post Brexit. That came ahead of a weekend summit in Brussels to sign off on an overall package on the UK's exit from the European Union in March. Elsewhere, the euro dropped as data monitoring company IHS Markit said business growth in the 19-nation eurozone pulled back in November to its slowest rate in nearly four years, as exports weakened. Stocks mixed Eurozone stock markets, meanwhile, recoverd to show mild gains by the close but London ended lower as weak energy prices weighed. On Wall Street, the Dow index was also under pressure with shares in energy companies feeling the pain from lower oil prices and investors weighing headwinds facing the global economy. "US stocks are lower in early action following yesterday's Thanksgiving holiday break, with the energy sector seeing some pressure as crude oil prices are continuing a tumble, while European political uncertainty remains and China/US trade worries are lingering ahead of next week's G-20 summit," analysts at Charles Schwab summed up market sentiment. Earlier, Asian stock markets had already plunged into the red. Chinese shares led the downward charge as Shanghai slumped by more than two percent, with the tech sector hit hard by a Wall Street Journal report that Washington is urging its allies to avoid using equipment from Chinese telecoms giant Huawei. Worsening trade tensions between the United States and China have shattered confidence on global trading floors. "China wants to make a deal. If we can make a deal, we will," Trump said, ahead of crunch talks with his Chinese counterpart Xi Jinping at the G20 in Argentina next week. The world's top two economies have been locked in a trade war since the summer, with the US imposing punitive tariffs on Chinese goods worth $250 billion per year. In retaliation, China imposed tariffs on $110 billion of US goods. Washington has threatened to toughen measures even further if the issue is not resolved before January.

Oil prices collapse as glut fear triggers heavy selling

Oil markets remained weak on Friday, <a href="http://www.wionews.com/world/president-donald-trump-thanks-saudi-arabia-for-lower-oil-prices-178671">pressured by concerns that producers</a> are churning out more oil than the world needs amid a bleak economic outlook.

US West Texas Intermediate (WTI) crude futures CLc1, were at $54.07 per barrel at 0204 GMT, down 56 cents, or 1 per cent, below their last settlement.

Front-month Brent crude oil futures LCOc1 were at $62.64 per barrel, 4 cents above their last close amid thin trading due to a holiday in Japan.

“Oil prices fell as concerns of further oversupply drove sentiment lower,” ANZ bank said on Friday.

Brent may revisit its November 20 low of $61.71 per barrel in the near-term, Reuters technical commodity analyst Wang Tao said.

Oil supply has surged this year, with the top-three producers of the United States, Russia and Saudi Arabia pumping out more than a third of global consumption, which stands around 100 million barrels per day (bpd).

High production comes as the demand outlook weakens on the back of a global economic slowdown.

Oil prices have plunged by around 30 per cent since their last peaks in early October, as global production started to exceed consumption in the fourth quarter of this year, ending a period of undersupply that started in the first quarter of 2017, according to data in Refinitiv Eikon.

Adjusting to lower demand, top crude exporter Saudi Arabia said that it may reduce supply.

“We will not sell oil that customers don’t need,” Saudi Energy Minister Khalid al-Falih said.

Saudi Arabia is the de-facto leader of the producer cartel of the Organization of the Petroleum Exporting Countries (OPEC), which is discussing to cut oil supply by as much as 1.4 million bpd to prevent a supply glut.

Oil markets remained weak on Friday, pressured by concerns that producers are churning out more oil than the world needs amid a bleak economic outlook. US West Texas Intermediate (WTI) crude futures CLc1, were at $54.

Oil markets remained weak on Friday, pressured by concerns that producers are churning out more oil than the world needs amid a bleak economic outlook. US West Texas Intermediate (WTI) crude futures CLc1, were at $54.07 per barrel at 0204 GMT, down 56 cents, or 1 per cent, below their last settlement. Front-month Brent crude oil futures LCOc1 were at $62.64 per barrel, 4 cents above their last close amid thin trading due to a holiday in Japan. “Oil prices fell as concerns of further oversupply drove sentiment lower,” ANZ bank said on Friday. Brent may revisit its November 20 low of $61.71 per barrel in the near-term, Reuters technical commodity analyst Wang Tao said. Oil supply has surged this year, with the top-three producers of the United States, Russia and Saudi Arabia pumping out more than a third of global consumption, which stands around 100 million barrels per day (bpd). High production comes as the demand outlook weakens on the back of a global economic slowdown. Oil prices have plunged by around 30 per cent since their last peaks in early October, as global production started to exceed consumption in the fourth quarter of this year, ending a period of undersupply that started in the first quarter of 2017, according to data in Refinitiv Eikon. Adjusting to lower demand, top crude exporter Saudi Arabia said that it may reduce supply. “We will not sell oil that customers don’t need,” Saudi Energy Minister Khalid al-Falih said. Saudi Arabia is the de-facto leader of the producer cartel of the Organization of the Petroleum Exporting Countries (OPEC), which is discussing to cut oil supply by as much as 1.4 million bpd to prevent a supply glut.

International oil prices fall amid supply glut, bleak economic outlook

Petrol prices in national capital continued to witness a slump on Thursday with petrol and diesel now being sold at Rs 75.57 per litre and Rs 78.37 per litre, respectively.

Compared to Wednesday, petrol and diesel prices witnessed a decrease of 40 paise and 60 paise.

In the financial capital Mumbai, petrol prices slipped to Rs 81.10 per litre, a decrease by 40 paise, while diesel saw a fall of Rs 57 paise and is now being reailed at Rs 74.34.

The rates of the fuel across India have been slashing due to the fall in the prices of crude oil.

The United States recently softened its stand on Iran's sanctions and given nod to eight oil countries to continue to import oil from Tehran temporarily. The list includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates and Taiwan.

Meanwhile, global crude oil price also dipped on Thursday.&nbsp;

Benchmark Brent had fallen 10 cents to $63.32 a barrel by 1447 GMT, partially recovering from a more than $1 drop in early European trading. US WTI fell more than a $1 before easing back to trade down 28 cents at $54.35.

Petrol prices in national capital continued to witness a slump on Thursday with petrol and diesel now being sold at Rs 75.57 per litre and Rs 78.37 per litre, respectively.

Petrol prices in national capital continued to witness a slump on Thursday with petrol and diesel now being sold at Rs 75.57 per litre and Rs 78.37 per litre, respectively. Compared to Wednesday, petrol and diesel prices witnessed a decrease of 40 paise and 60 paise. In the financial capital Mumbai, petrol prices slipped to Rs 81.10 per litre, a decrease by 40 paise, while diesel saw a fall of Rs 57 paise and is now being reailed at Rs 74.34. The rates of the fuel across India have been slashing due to the fall in the prices of crude oil. The United States recently softened its stand on Iran's sanctions and given nod to eight oil countries to continue to import oil from Tehran temporarily. The list includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates and Taiwan. Meanwhile, global crude oil price also dipped on Thursday. Benchmark Brent had fallen 10 cents to $63.32 a barrel by 1447 GMT, partially recovering from a more than $1 drop in early European trading. US WTI fell more than a $1 before easing back to trade down 28 cents at $54.35.

Fuel prices continue to fall: Petrol at 75.57 per litre in Delhi

Oil prices slipped on Thursday after US&nbsp;crude inventories swelled to their highest level since December 2017 amid concerns of an emerging global glut, although the potential for a supply cut by OPEC prevented further drops.

US&nbsp;West Texas Intermediate (WTI) crude futures, were at $54.35 per barrel at 0534 GMT, 28 cents, or 0.5 per cent below their last settlement.

Front-month Brent crude oil futures were at $63.25 per barrel, down 23 cents, or 0.4 per cent.

US&nbsp;commercial crude oil inventories rose by 4.9 million barrels to 446.91 million barrels last week, the Energy Information Administration (EIA) said in a weekly report on Wednesday. That was the highest level since December last year.

US&nbsp;crude oil production remained at a record 11.7 million barrels per day (bpd), the EIA said.

"US&nbsp;inventory data...continued to show significant supply builds, which comes on the back of sustained record US&nbsp;crude oil production," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

Some analysts have warned that despite high global production, oil markets have little spare capacity to handle unforeseen supply disruptions.

However, Innes said that once US&nbsp;pipeline bottlenecks were alleviated, which he said he expected in 2019, "the entire notion of a tight global spare capacity argument goes down the well".

A lot of US&nbsp;and also Canadian oil is struggling to get to market because production increases have outpaced pipeline expansions to handle shipping the crude.

As a result, Canada's federal government is considering a proposal from its main oil producing province of Alberta to share the cost of buying rail cars to move oil stuck in the region to refineries in the United States.

Meanwhile, the Middle East-dominated the Organization of the Petroleum Exporting Countries (OPEC) is worried about the emergence of a supply glut that could further pull down prices.

To counter that, the producer group is considering supply cuts when it next meets on Dec. 6, although some members, like Iran, are expected to resist any voluntary reductions.

"While there is talk that OPEC plus Russia may again agree to a production cut, the concern is that not all relevant parties will be able to come to an agreement," said William O'Loughlin, investment analyst at Australia's Rivkin Securities.

"Saudi Arabia has hinted at a unilateral cut, but it will want to be careful about annoying the US&nbsp;given that President Trump has been vocal about his desire for lower oil prices," he added.

Trump on Wednesday praised Saudi Arabia over recent oil prices and called for prices to go even lower.

"Oil prices getting lower. Great! Like a big Tax Cut for America and the World. Enjoy!... Thank you to Saudi Arabia, but let's go lower!" Trump tweeted.

Oil prices slipped on Thursday after US crude inventories swelled to their highest level since December 2017 amid concerns of an emerging global glut, although the potential for a supply cut by OPEC prevented further drops.

Oil prices slipped on Thursday after US crude inventories swelled to their highest level since December 2017 amid concerns of an emerging global glut, although the potential for a supply cut by OPEC prevented further drops. US West Texas Intermediate (WTI) crude futures, were at $54.35 per barrel at 0534 GMT, 28 cents, or 0.5 per cent below their last settlement. Front-month Brent crude oil futures were at $63.25 per barrel, down 23 cents, or 0.4 per cent. US commercial crude oil inventories rose by 4.9 million barrels to 446.91 million barrels last week, the Energy Information Administration (EIA) said in a weekly report on Wednesday. That was the highest level since December last year. US crude oil production remained at a record 11.7 million barrels per day (bpd), the EIA said. "US inventory data...continued to show significant supply builds, which comes on the back of sustained record US crude oil production," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore. Some analysts have warned that despite high global production, oil markets have little spare capacity to handle unforeseen supply disruptions. However, Innes said that once US pipeline bottlenecks were alleviated, which he said he expected in 2019, "the entire notion of a tight global spare capacity argument goes down the well". A lot of US and also Canadian oil is struggling to get to market because production increases have outpaced pipeline expansions to handle shipping the crude. As a result, Canada's federal government is considering a proposal from its main oil producing province of Alberta to share the cost of buying rail cars to move oil stuck in the region to refineries in the United States. Meanwhile, the Middle East-dominated the Organization of the Petroleum Exporting Countries (OPEC) is worried about the emergence of a supply glut that could further pull down prices. To counter that, the producer group is considering supply cuts when it next meets on Dec. 6, although some members, like Iran, are expected to resist any voluntary reductions. "While there is talk that OPEC plus Russia may again agree to a production cut, the concern is that not all relevant parties will be able to come to an agreement," said William O'Loughlin, investment analyst at Australia's Rivkin Securities. "Saudi Arabia has hinted at a unilateral cut, but it will want to be careful about annoying the US given that President Trump has been vocal about his desire for lower oil prices," he added. Trump on Wednesday praised Saudi Arabia over recent oil prices and called for prices to go even lower. "Oil prices getting lower. Great! Like a big Tax Cut for America and the World. Enjoy!... Thank you to Saudi Arabia, but let's go lower!" Trump tweeted.

Oil slips as US inventories swell, but OPEC may cut supply to avoid glut

Asian shares seesawed in cautious trading on Thursday with China extending losses as investors fretted about slowing global growth in the face of rising US&nbsp;interest rates and trade tensions.

US&nbsp;stock futures also briefly pulled down after a bounce in Wall Street overnight, underscoring fragile investor sentiment following a rout in October and steep sell-offs in recent sessions.

MSCI's broadest index of Asia-Pacific shares outside Japan momentarily turned lower after earlier rising about 0.2 per cent. It was last up 0.1 per cent. The index has so far managed to hold up in November after three straight monthly declines, but is on track for its worst annual performance since 2011.

Japan's Nikkei was also off morning highs to be up 0.4 per cent. Chinese shares were in the red after opening higher, with the blue-chip index falling 0.8 per cent. Hong Kong's Hang Seng index slipped 0.1 per cent.

"This was a half-hearted rally to start with," said Shane Oliver, Sydney-based head of investment strategy at AMP.

"Investors are still wary about whether they'll see further lows given none of the issues that drove the recent correction have dissipated."

The bitter Sino-US&nbsp;trade war remains the biggest concern for markets, with signs of weakening corporate profits, steep sell-off in tech stocks and rising US&nbsp;interest rates encouraging investors to take money off the table before year-end.

"And that's all tying in to worries about the global economy," Oliver added.

Singapore warned earlier on Thursday that trade frictions will likely hurt economic growth in the city state, widely seen as a bellwether for international trade and investment.

E-Minis for the S&amp;P 500 were mostly flat during Asian trading while FTSE futures were down 0.1 per cent.

Overnight in Wall Street, the benchmark S&amp;P 500 stock index ended higher but near session lows while the Dow gave up its gains to end flat ahead of the US&nbsp;Thanksgiving holiday in a sign of lingering bearishness.&nbsp;

Investors are looking to a meeting between US&nbsp;President Donald Trump and his Chinese counterpart Xi Jinping late this month for any signs of a de-escalation in the trade war between the economic superpowers.

Trump and Xi plan to meet on the sidelines of a G20 summit, which is being held in Argentina at the end of November and early December.

The United States and China have slapped import duties on each others' goods in a tit-for-tat tariff war that investors worry could put the brakes on global trade and growth.

Markets will also pay close attention to manufacturing activity reports from Japan, Europe and the United States due over the coming week or so.

"PMIs have held up reasonably well so far but if they trend lower it could add to the nervousness," AMP's Oliver said.

The synchronised global expansion that began roughly two years ago has now plateaued, and fresh signs are emerging of a weakening outlook. Global trade volumes are still increasing although at a slower pace.

Moreover, leading economic indicators monitored by the OECD have weakened since the start of the year and point to slower expansion ahead for the United Kingdom and the euro area.

All-weather currency

The Federal Reserve has stayed on its tightening path after ending seven years of near-zero interest rates in December 2015 that took the Fed funds rate to the current 2.00 to 2.25 percent. Investors expect the Fed to go again in December.

In response to the tightening, the US&nbsp;dollar has outperformed most of its peers this year with its index against a basket of major currencies up almost 5 percent. In comparison the Japanese yen is flat so far in 2018.

Marios Hadjikyriacos, analyst at broking firm XM.Com, said the greenback is currently an "all weather currency."

"It can shine both in risk-off sessions given its status as the world's reserve asset, and on risk-on days as wide yield differentials brighten its carry appeal," he said.

The dollar index was last off slightly at 96.64 while the yen inched higher to 112.99 following two straight sessions of losses.

Elsewhere, the euro rose on hopes that the Italian budget dispute would be resolved even as the European Commission took its first step toward disciplining Italy over its deficit. It was last at $1.1396.

Oil reversed early gains although prices were still well above one-year lows touched earlier this week.

US&nbsp;crude futures were last down 16 cents at $54.47 a barrel after hitting a one-year low of $52.77 on Tuesday. Brent eased 18 cents to $63.30 from the last close and well off Tuesday's trough of $61.71.

Gold was firmer, with spot prices at $1,226.5 an ounce.

Asian shares seesawed in cautious trading on Thursday with China extending losses as investors fretted about slowing global growth in the face of rising US interest rates and trade tensions.

Asian shares seesawed in cautious trading on Thursday with China extending losses as investors fretted about slowing global growth in the face of rising US interest rates and trade tensions. US stock futures also briefly pulled down after a bounce in Wall Street overnight, underscoring fragile investor sentiment following a rout in October and steep sell-offs in recent sessions. MSCI's broadest index of Asia-Pacific shares outside Japan momentarily turned lower after earlier rising about 0.2 per cent. It was last up 0.1 per cent. The index has so far managed to hold up in November after three straight monthly declines, but is on track for its worst annual performance since 2011. Japan's Nikkei was also off morning highs to be up 0.4 per cent. Chinese shares were in the red after opening higher, with the blue-chip index falling 0.8 per cent. Hong Kong's Hang Seng index slipped 0.1 per cent. "This was a half-hearted rally to start with," said Shane Oliver, Sydney-based head of investment strategy at AMP. "Investors are still wary about whether they'll see further lows given none of the issues that drove the recent correction have dissipated." The bitter Sino-US trade war remains the biggest concern for markets, with signs of weakening corporate profits, steep sell-off in tech stocks and rising US interest rates encouraging investors to take money off the table before year-end. "And that's all tying in to worries about the global economy," Oliver added. Singapore warned earlier on Thursday that trade frictions will likely hurt economic growth in the city state, widely seen as a bellwether for international trade and investment. E-Minis for the S&P 500 were mostly flat during Asian trading while FTSE futures were down 0.1 per cent. Overnight in Wall Street, the benchmark S&P 500 stock index ended higher but near session lows while the Dow gave up its gains to end flat ahead of the US Thanksgiving holiday in a sign of lingering bearishness. Investors are looking to a meeting between US President Donald Trump and his Chinese counterpart Xi Jinping late this month for any signs of a de-escalation in the trade war between the economic superpowers. Trump and Xi plan to meet on the sidelines of a G20 summit, which is being held in Argentina at the end of November and early December. The United States and China have slapped import duties on each others' goods in a tit-for-tat tariff war that investors worry could put the brakes on global trade and growth. Markets will also pay close attention to manufacturing activity reports from Japan, Europe and the United States due over the coming week or so. "PMIs have held up reasonably well so far but if they trend lower it could add to the nervousness," AMP's Oliver said. The synchronised global expansion that began roughly two years ago has now plateaued, and fresh signs are emerging of a weakening outlook. Global trade volumes are still increasing although at a slower pace. Moreover, leading economic indicators monitored by the OECD have weakened since the start of the year and point to slower expansion ahead for the United Kingdom and the euro area. All-weather currency The Federal Reserve has stayed on its tightening path after ending seven years of near-zero interest rates in December 2015 that took the Fed funds rate to the current 2.00 to 2.25 percent. Investors expect the Fed to go again in December. In response to the tightening, the US dollar has outperformed most of its peers this year with its index against a basket of major currencies up almost 5 percent. In comparison the Japanese yen is flat so far in 2018. Marios Hadjikyriacos, analyst at broking firm XM.Com, said the greenback is currently an "all weather currency." "It can shine both in risk-off sessions given its status as the world's reserve asset, and on risk-on days as wide yield differentials brighten its carry appeal," he said. The dollar index was last off slightly at 96.64 while the yen inched higher to 112.99 following two straight sessions of losses. Elsewhere, the euro rose on hopes that the Italian budget dispute would be resolved even as the European Commission took its first step toward disciplining Italy over its deficit. It was last at $1.1396. Oil reversed early gains although prices were still well above one-year lows touched earlier this week. US crude futures were last down 16 cents at $54.47 a barrel after hitting a one-year low of $52.77 on Tuesday. Brent eased 18 cents to $63.30 from the last close and well off Tuesday's trough of $61.71. Gold was firmer, with spot prices at $1,226.5 an ounce.

Global Markets: Asian shares fragile as growth worries sap confidence

Hiroto Saikawa, tipped to replace disgraced Carlos Ghosn as Nissan chairman, was long considered one of "Ghosn's children", a loyalist to the powerful tycoon who owed him everything -- but then oversaw his downfall.

The mild-mannered 65-year-old bespectacled Nissan lifer stunned observers when he unleashed a string of harsh charges against his mentor following Ghosn's arrest on suspicion of "serious" financial misconduct.

Lashing out at the "dark side" of the Ghosn era, Saikawa appeared to be affected personally by the alleged corruption of a man who had overseen his career.

"It's way beyond being sorry. I feel, I don't know, big disappointment and frustration and despair. Indignation and resentment," said Saikawa.

A year older than Ghosn, Saikawa joined Nissan in 1977 directly from the prestigious University of Tokyo where he studied economics.

He took several brief postings in Europe but his big break came in 2000 when Ghosn officially took the helm of Nissan and embarked on his aggressive campaign to turn the company around.

Under Ghosn's wing, Saikawa rose steadily through the ranks as a procurement specialist, impressing other executives with his zeal to drive down parts and material costs.

Saikawa's career developed quickly as he held various senior positions, ranging from head of the management committee in the Americas and Europe to executive vice-president of purchasing.

As a key member of the auto alliance that combines Nissan, Renault and Mitsubishi Motors, Saikawa also sat on the French firm's board of directors between 2006 and 2016.

In this role, he won praise from Ghosn for his dealings with French officials as he defended Nissan's autonomy from Renault, which holds a 43-per cent stake in the Japanese brand.

A private man, little is known about his personal life, with Nissan insiders telling local media he is a serious businessman with an eye for detail.

"His way of thinking is more business-oriented than French people," the head of a parts maker told industry website Newswitch in 2016, in an apparent comparison to other Japanese business people who prize relationships over profits.

Outside Nissan, Saikawa has also served as chairman of the powerful industry body, the Japan Automobile Manufacturers Association (JAMA).

Finally, Ghosn appointed his right-hand man as co-CEO in 2016 and a year later stepped aside to leave Saikawa in sole charge.

At that time, the two heaped praise on each other, with Ghosn saying "the time is right" for Saikawa to step out from his shadow.

At his news conference following Ghosn's arrest, Saikawa vowed the company would learn from the mistake of placing too much power in the hands of one executive.

"Ghosn-dependent Nissan makes a clean break," said a headline in the Asahi Shimbun after Saikawa's comments.

The ultimate company man, Saikawa is now expected to take the reins as chairman following Ghosn's expected ouster at a board meeting on Thursday.

Hiroto Saikawa, tipped to replace disgraced Carlos Ghosn as Nissan chairman, was long considered one of "Ghosn's children", a loyalist to the powerful tycoon who owed him everything -- but then oversaw his downfall.

Hiroto Saikawa, tipped to replace disgraced Carlos Ghosn as Nissan chairman, was long considered one of "Ghosn's children", a loyalist to the powerful tycoon who owed him everything -- but then oversaw his downfall. The mild-mannered 65-year-old bespectacled Nissan lifer stunned observers when he unleashed a string of harsh charges against his mentor following Ghosn's arrest on suspicion of "serious" financial misconduct. Lashing out at the "dark side" of the Ghosn era, Saikawa appeared to be affected personally by the alleged corruption of a man who had overseen his career. "It's way beyond being sorry. I feel, I don't know, big disappointment and frustration and despair. Indignation and resentment," said Saikawa. A year older than Ghosn, Saikawa joined Nissan in 1977 directly from the prestigious University of Tokyo where he studied economics. He took several brief postings in Europe but his big break came in 2000 when Ghosn officially took the helm of Nissan and embarked on his aggressive campaign to turn the company around. Under Ghosn's wing, Saikawa rose steadily through the ranks as a procurement specialist, impressing other executives with his zeal to drive down parts and material costs. Saikawa's career developed quickly as he held various senior positions, ranging from head of the management committee in the Americas and Europe to executive vice-president of purchasing. As a key member of the auto alliance that combines Nissan, Renault and Mitsubishi Motors, Saikawa also sat on the French firm's board of directors between 2006 and 2016. In this role, he won praise from Ghosn for his dealings with French officials as he defended Nissan's autonomy from Renault, which holds a 43-per cent stake in the Japanese brand. A private man, little is known about his personal life, with Nissan insiders telling local media he is a serious businessman with an eye for detail. "His way of thinking is more business-oriented than French people," the head of a parts maker told industry website Newswitch in 2016, in an apparent comparison to other Japanese business people who prize relationships over profits. Outside Nissan, Saikawa has also served as chairman of the powerful industry body, the Japan Automobile Manufacturers Association (JAMA). Finally, Ghosn appointed his right-hand man as co-CEO in 2016 and a year later stepped aside to leave Saikawa in sole charge. At that time, the two heaped praise on each other, with Ghosn saying "the time is right" for Saikawa to step out from his shadow. At his news conference following Ghosn's arrest, Saikawa vowed the company would learn from the mistake of placing too much power in the hands of one executive. "Ghosn-dependent Nissan makes a clean break," said a headline in the Asahi Shimbun after Saikawa's comments. The ultimate company man, Saikawa is now expected to take the reins as chairman following Ghosn's expected ouster at a board meeting on Thursday.

Nissan's Saikawa: 'Ghosn child' who ousted mentor

Nissan board members have sacked disgraced <a href="http://www.wionews.com/world/nissan-crisis-japan-court-extends-carlos-ghosns-arrest-by-10-days-178536">Carlos Ghosn as chairman</a>, local media reported Thursday, which would be a spectacular fall from grace for the once-revered boss whose arrest for financial misconduct stunned the car industry and the business world.

Public broadcaster NHK and business daily Nikkei both said the seven-member board had decided to remove the 64-year-old from the top of the firm he has led for almost two decades.

<a href="http://www.wionews.com/business-economy/nissan-chairman-carlos-ghosn-arrested-in-tokyo-for-financial-misconduct-178200">Ghosn</a> stands accused of under-reporting his income by millions of dollars and a host of other financial irregularities, alleged after a months-long internal Nissan probe following a whistleblower report.

His ouster as chairman represents an astonishing turnaround for the titan of the auto sector who revived the Japanese brand and forged an alliance with Renault and Mitsubishi Motors, which sold a combined 10.6 million cars last year -- more than any other firm.

It also throws the future of the alliance into doubt, as Ghosn was the architect of the fractious tie-up -- which employs 450,000 people globally -- and the glue holding it together.

Prosecutors intercepted the Brazil-born tycoon Monday as he landed in Tokyo on a private jet, accusing him and another executive Greg Kelly of understating the chairman's income by around $44 million between June 2011 and June 2015.

His fate as Nissan chairman appeared sealed just hours later as his hand-picked successor as CEO, Hiroto Saikawa launched an impassioned broadside at his former mentor, muttering about a "dark side" to the Ghosn era and urging his sacking.

Even after being jettisoned as chairman, Ghosn remains technically a member of the board as a full shareholders' meeting is required to remove him.

'In good health'

Ghosn is being held custody in a Tokyo detention centre and has not been seen in public nor made any comments since his arrest.

He received a visit from Brazilian consul Joao de Mendonca on Thursday who told AFP that Ghosn "sounded very well, in good health".

However, his conditions are likely to be a far cry from what the millionaire businessman is used to. Inmates at the centre are typically allowed 30 minutes exercise per day and only two baths a week.

Ties and strings are removed to prevent suicide attempts and former guards and lawyers said Ghosn was almost certain to be held in a cramped cell on his own.&nbsp;

On Wednesday, prosecutors successfully applied to extend his custody for an additional 10 days as they step up their questioning.

Deputy chief prosecutor Shin Kukimoto said that the type of crime Ghosn is accused of is "one of the most serious types of crime" under Japan's Financial Instruments Act and Ghosn could face a 10-million-yen fine and/or a 10-year prison sentence.

Under the law, companies themselves can also be held accountable for the falsified documents, Kukimoto said, following reports that prosecutors believe Nissan also has a case to answer.

Public broadcaster NHK said Nissan had paid "huge sums" to provide Ghosn with luxury homes in Rio de Janeiro, Beirut, Paris and Amsterdam "without any legitimate business reason".

Ghosn had a reputation as a hard-nosed workaholic with had no qualms about closing factories and slashing jobs -- earning the nickname "Le Cost Killer" in France, where 47,000 employees work for Renault.

But his exorbitant salary and flashy lifestyle -- at odds with Japanese corporate culture -- drew fire and his current accommodation will be a far cry from his usual expensive surroundings.

'Couple divorcing'

According to the Financial Times, Ghosn's fall from grace came as he was working on a full-blown merger of Nissan and Renault.

This was opposed by executives in the Japanese firm that has ended up being the most profitable player in the partnership and the FT said Ghosn's departure could be used as a pretext to rebalance the alliance in Nissan's favour.

Renault has held off jettisoning Ghosn, pointedly saying Nissan had failed to share the evidence it had gathered with its sister company.

Governments in Paris and Tokyo have been scrambling to contain the fallout from the arrest, with President Emmanuel Macron saying France would be "extremely vigilant" about the stability of Renault and the alliance.

Analysts said that despite clear tensions between the two firms headquartered 10,000 kilometres apart, neither company has the financial might alone to make the heavy investments in electric vehicles considered to be the industry's future.

"It would be like a couple divorcing after 20 years -- it would be complicated, very expensive and not easy to do," said Gaetan Toulemonde, an analyst at Deutsche Bank.

"Honestly, I don't know if it's even possible."

Nissan board members have sacked disgraced Carlos Ghosn as chairman, local media reported Thursday, which would be a spectacular fall from grace for the once-revered boss whose arrest for financial misconduct stunned the car industry and the business world.

Nissan board members have sacked disgraced Carlos Ghosn as chairman, local media reported Thursday, which would be a spectacular fall from grace for the once-revered boss whose arrest for financial misconduct stunned the car industry and the business world. Public broadcaster NHK and business daily Nikkei both said the seven-member board had decided to remove the 64-year-old from the top of the firm he has led for almost two decades. Ghosn stands accused of under-reporting his income by millions of dollars and a host of other financial irregularities, alleged after a months-long internal Nissan probe following a whistleblower report. His ouster as chairman represents an astonishing turnaround for the titan of the auto sector who revived the Japanese brand and forged an alliance with Renault and Mitsubishi Motors, which sold a combined 10.6 million cars last year -- more than any other firm. It also throws the future of the alliance into doubt, as Ghosn was the architect of the fractious tie-up -- which employs 450,000 people globally -- and the glue holding it together. Prosecutors intercepted the Brazil-born tycoon Monday as he landed in Tokyo on a private jet, accusing him and another executive Greg Kelly of understating the chairman's income by around $44 million between June 2011 and June 2015. His fate as Nissan chairman appeared sealed just hours later as his hand-picked successor as CEO, Hiroto Saikawa launched an impassioned broadside at his former mentor, muttering about a "dark side" to the Ghosn era and urging his sacking. Even after being jettisoned as chairman, Ghosn remains technically a member of the board as a full shareholders' meeting is required to remove him. 'In good health' Ghosn is being held custody in a Tokyo detention centre and has not been seen in public nor made any comments since his arrest. He received a visit from Brazilian consul Joao de Mendonca on Thursday who told AFP that Ghosn "sounded very well, in good health". However, his conditions are likely to be a far cry from what the millionaire businessman is used to. Inmates at the centre are typically allowed 30 minutes exercise per day and only two baths a week. Ties and strings are removed to prevent suicide attempts and former guards and lawyers said Ghosn was almost certain to be held in a cramped cell on his own. On Wednesday, prosecutors successfully applied to extend his custody for an additional 10 days as they step up their questioning. Deputy chief prosecutor Shin Kukimoto said that the type of crime Ghosn is accused of is "one of the most serious types of crime" under Japan's Financial Instruments Act and Ghosn could face a 10-million-yen fine and/or a 10-year prison sentence. Under the law, companies themselves can also be held accountable for the falsified documents, Kukimoto said, following reports that prosecutors believe Nissan also has a case to answer. Public broadcaster NHK said Nissan had paid "huge sums" to provide Ghosn with luxury homes in Rio de Janeiro, Beirut, Paris and Amsterdam "without any legitimate business reason". Ghosn had a reputation as a hard-nosed workaholic with had no qualms about closing factories and slashing jobs -- earning the nickname "Le Cost Killer" in France, where 47,000 employees work for Renault. But his exorbitant salary and flashy lifestyle -- at odds with Japanese corporate culture -- drew fire and his current accommodation will be a far cry from his usual expensive surroundings. 'Couple divorcing' According to the Financial Times, Ghosn's fall from grace came as he was working on a full-blown merger of Nissan and Renault. This was opposed by executives in the Japanese firm that has ended up being the most profitable player in the partnership and the FT said Ghosn's departure could be used as a pretext to rebalance the alliance in Nissan's favour. Renault has held off jettisoning Ghosn, pointedly saying Nissan had failed to share the evidence it had gathered with its sister company. Governments in Paris and Tokyo have been scrambling to contain the fallout from the arrest, with President Emmanuel Macron saying France would be "extremely vigilant" about the stability of Renault and the alliance. Analysts said that despite clear tensions between the two firms headquartered 10,000 kilometres apart, neither company has the financial might alone to make the heavy investments in electric vehicles considered to be the industry's future. "It would be like a couple divorcing after 20 years -- it would be complicated, very expensive and not easy to do," said Gaetan Toulemonde, an analyst at Deutsche Bank. "Honestly, I don't know if it's even possible."

Nissan board sacks Carlos Ghosn as chairman

The benchmark BSE Sensex recovered over 100 points in early trade on fresh gains in bluechips like Infosys, RIL, TCS and HDFC amid rising rupee and easing crude prices.

The 30-share index bounced by 134.93 points, or 0.38 per cent to 35,334.73, with sectoral indices led by IT, teck, FMCG and oil and gas stocks advancing up to 1.15 per cent.

The barometer had lost over 575 points in the previous two sessions.

Also, the NSE Nifty was up 36.75 points, or 0.36 per cent, at 10,636.80.

Brokers said fresh buying by domestic institutional investors (DIIs) and retailers, coupled with strengthening rupee against the US dollar and falling global crude oil prices, influenced trading sentiments here. 
Negative Asian cues, however, capped the gains.

The rupee rose by 35 paise to trade at 71.11 against the dollar in early trade at the interbank forex market Thursday.

Prominent gainers were TCS, Yes Bank, ONGC, Vedanta, Wipro, HDFC, Adani Ports, RIL, IndusInd Bank, L&amp;T, HUL, Tata Motors, ITC and HDFC Bank, rising up to 1.57 per cent.

However, Bharti Airtel emerged worst Sensex performer, falling over 2 per cent, followed by M&amp;M PowerGrid, Tata Steel and SBI.

Meanwhile, domestic institutional investors (DIIs) bought shares worth a net of Rs 606.73 crore, while foreign institutional investors (FIIs) sold shares to the tune of Rs 1,652.04 crore Wednesday, provisional data showed.

Elsewhere in Asia, Japan's Nikkei fell 0.02 per cent, Shanghai Composite Index shed 0.55 per cent, Hong Kong's Hang Seng dropped 0.31 per cent and Singapore declined 0.30 per cent in early trade.

The US Dow Jones Industrial Average gave up initial gains to end almost flat Wednesday.

The benchmark BSE Sensex recovered over 100 points in early trade on fresh gains in bluechips like Infosys, RIL, TCS and HDFC amid rising rupee and easing crude prices.

The benchmark BSE Sensex recovered over 100 points in early trade on fresh gains in bluechips like Infosys, RIL, TCS and HDFC amid rising rupee and easing crude prices. The 30-share index bounced by 134.93 points, or 0.38 per cent to 35,334.73, with sectoral indices led by IT, teck, FMCG and oil and gas stocks advancing up to 1.15 per cent. The barometer had lost over 575 points in the previous two sessions. Also, the NSE Nifty was up 36.75 points, or 0.36 per cent, at 10,636.80. Brokers said fresh buying by domestic institutional investors (DIIs) and retailers, coupled with strengthening rupee against the US dollar and falling global crude oil prices, influenced trading sentiments here. Negative Asian cues, however, capped the gains. The rupee rose by 35 paise to trade at 71.11 against the dollar in early trade at the interbank forex market Thursday. Prominent gainers were TCS, Yes Bank, ONGC, Vedanta, Wipro, HDFC, Adani Ports, RIL, IndusInd Bank, L&T, HUL, Tata Motors, ITC and HDFC Bank, rising up to 1.57 per cent. However, Bharti Airtel emerged worst Sensex performer, falling over 2 per cent, followed by M&M PowerGrid, Tata Steel and SBI. Meanwhile, domestic institutional investors (DIIs) bought shares worth a net of Rs 606.73 crore, while foreign institutional investors (FIIs) sold shares to the tune of Rs 1,652.04 crore Wednesday, provisional data showed. Elsewhere in Asia, Japan's Nikkei fell 0.02 per cent, Shanghai Composite Index shed 0.55 per cent, Hong Kong's Hang Seng dropped 0.31 per cent and Singapore declined 0.30 per cent in early trade. The US Dow Jones Industrial Average gave up initial gains to end almost flat Wednesday.

Sensex extends gains to over 100 points, Nifty above 10,600

Fuel prices continued to witness a slump in the national capital on Thursday, with petrol and diesel now being sold at Rs 75.97 per litre and Rs 70.97 per litre, respectively.&nbsp;

Compared to Wednesday, <a href="http://www.wionews.com/business-economy/asia-stocks-shaken-by-plunge-in-crude-oil-growth-worries-177178">petrol and diesel prices</a> witnessed a decrease of 41 and 30 paise, respectively in New Delhi.&nbsp;

In the financial capital Mumbai, petrol prices slipped to Rs 81.50 per litre (decrease by Rs 0.40) while diesel saw a fall of Rs 0.32 and is now being retailed at Rs 74.34.&nbsp;

The rates of the fuel across India have been slashing due to the fall in the prices of crude oil.&nbsp;

The United States recently softened its stand on Iran's sanctions and given nod to eight oil countries to continue to import oil from Tehran temporarily. The list includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates and Taiwan.

(With inputs from ANI)

Fuel prices continued to witness a slump in the national capital on Thursday, with petrol and diesel now being sold at Rs 75.97 per litre and Rs 70.97 per litre, respectively.

Fuel prices continued to witness a slump in the national capital on Thursday, with petrol and diesel now being sold at Rs 75.97 per litre and Rs 70.97 per litre, respectively. Compared to Wednesday, petrol and diesel prices witnessed a decrease of 41 and 30 paise, respectively in New Delhi. In the financial capital Mumbai, petrol prices slipped to Rs 81.50 per litre (decrease by Rs 0.40) while diesel saw a fall of Rs 0.32 and is now being retailed at Rs 74.34. The rates of the fuel across India have been slashing due to the fall in the prices of crude oil. The United States recently softened its stand on Iran's sanctions and given nod to eight oil countries to continue to import oil from Tehran temporarily. The list includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates and Taiwan. (With inputs from ANI)

Fuel prices witness steady fall amid faltering global crude rates

To check wilful defaulters and fraudsters from fleeing the country, the government has now authorised CEOs of public sector banks (PSBs) to make a request for issuance of look-out circulars (LOCs) against suspects. 
The move comes against the backdrop of defaults by Vijay Mallya, Nirav Modi and Mehul Choksi and thereafter, fleeing the country.

The Ministry of Home Affairs (MHA) recently made changes in the circular by including CEOs of PSBs in the list of officials who can make a request for issuance of LOCs to the ministry.

The inclusion by MHA was done following the recommendation of an inter-ministerial panel under Financial Services Secretary Rajiv Kumar that made a case for empowering the heads of PSBs to request for the opening of LOCs.

When asked about the changes made in the circular of MHA, Kumar said it was a continuation of the government's clean-up drive of the banking sector.

Soon after the emergence of the PNB fraud and perpetrator Nirav and his uncle Choksi fleeing the country, the Finance Ministry asked PSBs to collect passport details of all those borrowers, who have borrowed loans of more than Rs 50 crore.

However, possession of mere passport detail was not enough but this circular has empowered banks to take a decisive action against wilful defaulters and fraudsters by requesting for issuance of LOC by the concerned authority, thereby thwarting any move by them to flee the country, Kumar said.

"It will act as a big deterrent for wilful defaulters and also bring about a fundamental change in the creditor-debtor relationship," he said.

The Department of Financial Services has also issued an advisery to heads of all PSBs to take note of the changes in the circular and act as and when required in a specified manner.

Pursuant to the amendment of the MHA circular last month, the list now includes the chairman or managing director and CEO of all PSBs, the circular said.

Thus, the heads of PSBs have now been empowered to issue requests of the opening of LOCs for wilful defaulters as per the above-mentioned guidelines of MHA against whom an FIR is yet to be filed, it said.

Earlier this year, the government formed an inter-ministerial panel to look into various issues, including how to put a check on wilful defaulters fleeing the country.

Mallya had fled the country in March 2016 after defaulting on loans given to Kingfisher Airlines, which was promoted by his group.

Moreover, Parliament passed the Fugitive Economic Offenders Bill, 2018, giving authorities powers to attach and confiscate the proceeds of crime and properties of economic offenders, like bank fraudsters or loan defaulters fleeing the country.

The law is aimed at quickly recovering losses to exchequer or PSBs in cases of frauds.

Union Finance Minister Arun Jaitley had in his Budget speech for 2018-19 said the government was considering bringing a new law to confiscate assets of such absconders.

To check wilful defaulters and fraudsters from fleeing the country, the government has now authorised CEOs of public sector banks (PSBs) to make a request for issuance of look-out circulars (LOCs) against suspects.

To check wilful defaulters and fraudsters from fleeing the country, the government has now authorised CEOs of public sector banks (PSBs) to make a request for issuance of look-out circulars (LOCs) against suspects. The move comes against the backdrop of defaults by Vijay Mallya, Nirav Modi and Mehul Choksi and thereafter, fleeing the country. The Ministry of Home Affairs (MHA) recently made changes in the circular by including CEOs of PSBs in the list of officials who can make a request for issuance of LOCs to the ministry. The inclusion by MHA was done following the recommendation of an inter-ministerial panel under Financial Services Secretary Rajiv Kumar that made a case for empowering the heads of PSBs to request for the opening of LOCs. When asked about the changes made in the circular of MHA, Kumar said it was a continuation of the government's clean-up drive of the banking sector. Soon after the emergence of the PNB fraud and perpetrator Nirav and his uncle Choksi fleeing the country, the Finance Ministry asked PSBs to collect passport details of all those borrowers, who have borrowed loans of more than Rs 50 crore. However, possession of mere passport detail was not enough but this circular has empowered banks to take a decisive action against wilful defaulters and fraudsters by requesting for issuance of LOC by the concerned authority, thereby thwarting any move by them to flee the country, Kumar said. "It will act as a big deterrent for wilful defaulters and also bring about a fundamental change in the creditor-debtor relationship," he said. The Department of Financial Services has also issued an advisery to heads of all PSBs to take note of the changes in the circular and act as and when required in a specified manner. Pursuant to the amendment of the MHA circular last month, the list now includes the chairman or managing director and CEO of all PSBs, the circular said. Thus, the heads of PSBs have now been empowered to issue requests of the opening of LOCs for wilful defaulters as per the above-mentioned guidelines of MHA against whom an FIR is yet to be filed, it said. Earlier this year, the government formed an inter-ministerial panel to look into various issues, including how to put a check on wilful defaulters fleeing the country. Mallya had fled the country in March 2016 after defaulting on loans given to Kingfisher Airlines, which was promoted by his group. Moreover, Parliament passed the Fugitive Economic Offenders Bill, 2018, giving authorities powers to attach and confiscate the proceeds of crime and properties of economic offenders, like bank fraudsters or loan defaulters fleeing the country. The law is aimed at quickly recovering losses to exchequer or PSBs in cases of frauds. Union Finance Minister Arun Jaitley had in his Budget speech for 2018-19 said the government was considering bringing a new law to confiscate assets of such absconders.

Govt authorises bank CEOs to request for look-out circulars against wilful defaulters

Sri Lanka`s three state banks will borrow up to $1 billion from foreign sources before the end of 2018 and use the money to pay off maturing foreign loans, Finance Ministry Secretary SR Attygalle said on Thursday.

The move comes as Sri Lanka faces a worsening political crisis with a newly appointed government refusing to resign despite losing two confidence votes in parliament.&nbsp;

The government is now trying to shore up a badly shaken investor confidence which is reflected in the decision by Moody`s Investors Service to downgrade its rating deeper into junk territory on Tuesday.&nbsp;

The Sri Lankan rupee has fallen to record lows in recent days and its dollar bond yields have spiked.

The island nation is scheduled to repay more than $5.8 billion, including $1.54 billion in interest payments, in the next 12 months, the central bank`s latest data showed.&nbsp;

"The state banks will borrow through 1- to 3-year maturity bonds and money can be used to repay foreign loans next year. We expect there could be a slight increase in borrowing costs due to Moody`s rating downgrade," Attygalle told Reuters.

The state banks can borrow on their own balance sheets but if the government gives a sovereign guarantee the loans may require parliamentary approval. That would be difficult to get as Prime Minister Mahinda Rajapaksa does not have majority support in parliament.

President Maithripala Sirisena`s sacking of prime minister Ranil Wickremesinghe and his replacement by Rajapaksa last month, amid the competing influences of China and India, have shattered the island`s fragile ruling coalition.

Bank of Ceylon, People`s Bank, and National Savings Bank will conduct the borrowing through syndicated loans.&nbsp;

Eran Wickramaratne, who was a junior finance minister in the government of the deposed prime minister Wickremesinghe, said the previous administration had not planned to use the state banks for borrowing overseas this year. It was concerned that such borrowings would weaken the state banks, he said.&nbsp;

The previous Rajapaksa-led government did give sovereign guarantees for state bank loans in 2013. National Savings Bank had borrowed $750 million through an international five-year bond in 2013.&nbsp;

Analysts say Sri Lanka will have to borrow at "very expensive" rates on international markets because of the political uncertainty.

Sri Lanka`s three state banks will borrow up to $1 billion from foreign sources before the end of 2018 and use the money to pay off maturing foreign loans, Finance Ministry Secretary SR Attygalle said on Thursday.

Sri Lanka`s three state banks will borrow up to $1 billion from foreign sources before the end of 2018 and use the money to pay off maturing foreign loans, Finance Ministry Secretary SR Attygalle said on Thursday. The move comes as Sri Lanka faces a worsening political crisis with a newly appointed government refusing to resign despite losing two confidence votes in parliament. The government is now trying to shore up a badly shaken investor confidence which is reflected in the decision by Moody`s Investors Service to downgrade its rating deeper into junk territory on Tuesday. The Sri Lankan rupee has fallen to record lows in recent days and its dollar bond yields have spiked. The island nation is scheduled to repay more than $5.8 billion, including $1.54 billion in interest payments, in the next 12 months, the central bank`s latest data showed. "The state banks will borrow through 1- to 3-year maturity bonds and money can be used to repay foreign loans next year. We expect there could be a slight increase in borrowing costs due to Moody`s rating downgrade," Attygalle told Reuters. The state banks can borrow on their own balance sheets but if the government gives a sovereign guarantee the loans may require parliamentary approval. That would be difficult to get as Prime Minister Mahinda Rajapaksa does not have majority support in parliament. President Maithripala Sirisena`s sacking of prime minister Ranil Wickremesinghe and his replacement by Rajapaksa last month, amid the competing influences of China and India, have shattered the island`s fragile ruling coalition. Bank of Ceylon, People`s Bank, and National Savings Bank will conduct the borrowing through syndicated loans. Eran Wickramaratne, who was a junior finance minister in the government of the deposed prime minister Wickremesinghe, said the previous administration had not planned to use the state banks for borrowing overseas this year. It was concerned that such borrowings would weaken the state banks, he said. The previous Rajapaksa-led government did give sovereign guarantees for state bank loans in 2013. National Savings Bank had borrowed $750 million through an international five-year bond in 2013. Analysts say Sri Lanka will have to borrow at "very expensive" rates on international markets because of the political uncertainty.

Sri Lanka state banks to borrow up to $1 billion abroad before end of 2018

March 19, 2018. MG Motor, a 93-year-old British brand that kick-started as an out-and-out racing sportscar brand, announced their launch in India. With an intriguing plan of investing about Rs 5000 crore in India, and a well-constructed blueprint of their future operations for India, MG Motor caught the attention of automotive and business fraternity in the country.

"Our plan is to launch one product every year after 2019. We'll launch our first product in 2019, and subsequently launch one product every year," said Rajeev Chaba, President &amp; MD, MG Motor India, during the company's launch event earlier this year.

As much as this news excited the enthusiasts, some critics and big industry players felt hesitant &amp; iffy of MG's plan. Afterall, MG Motor might be a British brand, but it is owned by a Chinese company. And, the last time a Chinese car company did business in India, it did not end well for the company.

WION breaks down the strategy and the product offensive of MG Motor India. But to understand this let's take a minute and look at something that happened a year ago.

THE FAILURE OF GENERAL MOTOR IN INDIA

Lack of strong products and a failure to update and market their cars, meant American carmaker General Motors (GM) quit India after 22 years of doing business in the country. Just before GM was slowly fading into oblivion, the American carmaker took some frugal steps to revive the brand. Other than joining hands with multiple brands like Hindustan Motors &amp; Daewoo, GM's one last shot at reclaiming its lost glory was led by its Chinese partner SAIC. The partnership with the Chinese failed miserably, and the debacle of SAIL sedan proved to be the final nail in the coffin for GM.

<img alt="A view of the General Motors plant" data-entity-type="file" data-entity-uuid="8783d504-de6c-4980-ac75-4aafd50542e8" src="/sites/default/files/inline-images/gm-plant-wion.jpg" />

A famous Mandarin proverb reads 'The temptation to quit is the greatest just before you are about to succeed'. Staying true to the proverbial idea, the Chinese company decided to re-enter the Indian market. This time, with MG Motor - the British brand they acquired a decade ago.

Having already burnt their fingers experimenting in the Indian marketplace, SAIC is now ready to fight fire with fire. To make most of the brand history &amp; cult-following MG enjoys in India, SAIC is now targeting the premium-car space. They've already acquired the now-defunct General Motor's plant in Gujarat's Halol, and revamped it to manufacture cars in India, for India. However, most of the MG cars for global markets are still produced in China.

SAIC - CHINA'S LARGEST AUTOMAKER

MG cars are produced in four manufacturing bases across China. WION spent a day at MG's Lingang facility, about 50km from China's business capital Shanghai. The facility, built with an investment of four billion yuan, is responsible for the production of SIAC's two important brands from its line-up - MG Motor &amp; Roewe.

<img alt="The SAIC plant in China" data-entity-type="file" data-entity-uuid="5538983b-15a2-4af6-9532-b058bd211c65" src="/sites/default/files/inline-images/saic-plant-china-wion.jpg" />

MG and Roewe are both interchangeable brands of SAIC Motor Corporation. Post the tremendous success of Roewe cars in the mainstream Chinese automotive market, SAIC now aims to share its technologies with the MG brand. What's exciting for the Indian drivers is that SAIC is thinking of bringing these technologies to India with the MG brand.

A MANUFACTURING POWERHOUSE

<img alt="The Lingang plant" data-entity-type="file" data-entity-uuid="0ba9fe53-5c76-48d0-8a75-6dbfa7fc6214" src="/sites/default/files/inline-images/lingang-plant-wion.jpg" />

The Lingang manufacturing plant is almost completely automated with three lines producing most of the cars. The facility, which is capable of churning out an impressive 40 cars per hour, houses a paint shop and engine assembly plant. One aspect of the factory that caught our fancy, and we think should be carried over to MG's Halol facility, is that the assembly area was tuned to produce both Internal Combustion Engined-vehicles and electric cars on the same lines.

GETTING A TASTE OF MG CARS

It all looked good at first sight - the cars, the design centre and the production unit. But they say looks can be deceptive. So, we decided to give the cars a good thrashing to decipher their abilities at Guangde proving ground, the largest such ground in the ASEAN region, in Guangde County in Anhui, China.

<img alt="WION at MG Motors plant in China" data-entity-type="file" data-entity-uuid="7d7943a7-b1ba-4bca-8508-eff0a464b79e" src="/sites/default/files/inline-images/MG-cars-china-wion.jpg" />

Even though we were pressed for time, all the cars were put through tailor-made courses to test different driving credentials. We started off by driving the Blue Marvel from the Land of the Red Dragon.

Roewe Marvel X

<img alt="The Roewe Marvel X" data-entity-type="file" data-entity-uuid="257bf789-43dc-4cd1-90b9-b0e653170ee9" src="/sites/default/files/inline-images/ROEWE-MARVEL-X-WION.jpg" />

Beautiful lines and clear details, topped off by a giant shiny grille, the Marvel X is probably the best-looking car out of the MG line-up. Offering generous amounts of space on the inside, with good quality leather and a 12.3-inch touchscreen infotainment system developed by Alibaba, the Marvel X ticks all the boxes on paper.

<img alt="Marvel X Static" data-entity-type="file" data-entity-uuid="614bd5e6-5d7c-4b88-84ab-1e0b393ab3c2" src="/sites/default/files/inline-images/ROEWE-MARVEL-X-STATIC.jpg" />

Off paper, and on the course, the driving dynamics of Marvel X truly stand out. A 52.5 kWh battery helps the car to go from 0 to 100 km/hr in just 4.8 seconds with power being distributed to all the wheels. Essentially a mid-size SUV that offers a stunning 500km on a single charge, the Marvel X came out as an all-round winner on a patch used to test the ride-quality of the car.

MG HS

<img alt="The MG HS Static" data-entity-type="file" data-entity-uuid="f52f7a48-356c-4a1c-9ba3-87f2c3636e63" src="/sites/default/files/inline-images/MG-HS-STATIC-WION.jpg" />

The MG HS, on the other hand, is a full-blown SUV, and it comes across as an ideal car for MG's first car in India. The Hyundai Creta rival not only looks premium on the outside, it reeks of luxury on the inside. Electrically-adjustable front seats, dual zone climate control, adaptive cruise control and the liberal use of high-quality plastics are some of the elements you'll truly appreciate. Most importantly though, the entire MG HS range received a commendable five-star rating in the Chinese NCAP crash tests.

<img alt="Testing the MG HS Static" data-entity-type="file" data-entity-uuid="e9b2e162-f687-4181-b367-224cf7142540" src="/sites/default/files/inline-images/mg-hs-testing-wion.jpg" />

At the heart of the MG HS is a 2.0-litre turbocharged petrol engine that produces 231 PS of power and 360 Nm of torque, and is mated to a 6-speed automatic transmission. To check out the electronics that's available in the electric car, the MG HS was put through a simulated rain and snow track. Even at full throttle on the super-slippery surface, the MG HS was mighty skillful - thanks to ABS and traction control system. The course highlighted the practicality of the safety system that would come handy if the going got tough.

Roewe ERX5.0

<img alt="THe Roewe ERX5.0" data-entity-type="file" data-entity-uuid="67536489-2c79-4c33-a313-deab859b1852" src="/sites/default/files/inline-images/ROEWE-ERX5-WION.jpg" />

The first in-house developed internet-enabled car by SAIC is the Roewe ERX5. A rather monotonous skin on the outside, is perfectly contrasted by the 11.8 kWh Ternary battery pack under the skin.

The ride quality on offer was pretty impressive for a SUV. The ERX 5.0 was driven over a path that consisted of rough patches, and bumps. Even though it was not the best car we drove at Guangde Proving Grounds, the ERX 5.0 stands out because it is SAIC's first in-house developed internet connected car. Basically, this means that if you happen to pass through a toll gate, the car lets you do the payment. Similarly, at any restaurant's drive-through you can pick up your food and make the payment through your car. It also syncs your calender, e-mail, maps and gives you a notification of upcoming events, and flights. If at all MG get any of these technologies to India, an internet-connected car could truly be a game-changer in the Indian market which is undergoing a rapid digital transformation.

MG e6

<img alt="MG e6 Static" data-entity-type="file" data-entity-uuid="93c1aea8-149e-4058-8ff2-54d30df783ae" src="/sites/default/files/inline-images/MG-e6-static-wion_0.jpg" />

The last car we drove was the e6, a fastback hybrid sedan from the MG stables. Part of the standard equipment on the eMG6 are the electronic parking brake, and remote-control driving system, which allows drivers to control the car at low speeds via a mobile application.

<img alt="Testing the MG e6" data-entity-type="file" data-entity-uuid="419208dd-54c7-4da5-80ce-e2230cd072f5" src="/sites/default/files/inline-images/MG-test-wion_0.jpg" />

A complicated slalom test course and lane-changing sections, set up entirely with cones, brought out the true road-holding potential of the car at high-speeds. With power figures of 228 PS and 622 Nm, the car had absolutely no problem getting off the line. The eMG6 left us with a wide smile on our faces, as the sedan always seemed game for more, with an abundance reserve power available on tap.

CHALLENGES THAT LIE AHEAD

After getting a taste of MG's engineering prowess, we believe SAIC has genuinely capable products in its arsenal. However, the Indian market is not only about products. To get a sense of the strategy and the formula for Indian market, we spoke to Chaba, the man who calls the shots at MG Motor.

WION: What exactly is MG Motor's game plan for the Indian market?

Rajeev Chaba: We are launching our first car in Q2 of 2019. It is going to be a C-segment SUV, which is a large size SUV for our country. Overall, if I can say in one word, it will be that we will try to succeed the consumer expectations in whichever areas we touch. Hopefully, we are able to execute it.

WION: What's more interesting is that you have a strong electric car portfolio, and a specific electric car planned for India. Could you throw some light on the electric mobility plans you have for India?

Rajeev Chaba: SAIC has invested a lot in future technologies, EV and connected systems. So we are trying to get this EV to India at this point of time when the government is showing us the vision, the direction and an intention to introduce electric policies and infrastructure. We are going to launch an electric car as our second car in India. Right now, we are talking to the government about charging infrastructure and policies, so based on that it will depend how much of localisation will be done to the car. But it is not going to be an imported car, the electric car will be manufactured in our Halol facility in Vadodara.

WION: Is there a possibility of developing a shared platform between MG Motor, Volkswagen &amp; General Motors?

Rajeev Chaba: In SAIC's joint-venture with GM and VW, there are some common platforms that are accessible to both partners. So it means if SAIC wants, it can introduce some common platforms in certain territories if they have the contract with GM &amp; VW, so that's possible.

WION: How nervous are you about venturing into the Indian market, this time with a new brand?

Rajeev Chaba: I think the joke in the international auto circle is that if you're successful in India, you can be successful anywhere. This is because, in India we have an unique demand structure, and we have to be relevant. See, consumers are willing to pay if the products are relevant and meaningful for them. So, frankly if you ask me, I'm nervous, I'm not over-confident, I know the challenges, our team knows the challenges, but that keeps us on our toes to make sure that we are able to walk the talk. We are going to do our best, and we are very cautious.

Only when you drive cars like these, and explore car markets like China, do you realise how far India as a car country is. Tier-4 cities in China have charging stations for electric cars. You also understand the kind of potential manufacturers like MG Motor have to dynamically impact the marketplace and do something revolutionary.

Having said that, India is a&nbsp;tough market to crack. Several brands that have done business in India (some of them even quit Indian market) have found India to be a challenging market do to business in. This is mainly due to the fact that India is still a very value-conscious market.

MG Motor has some of the brightest minds working for them, like designers and engineers who develop exciting products for them. They do have the resources and a strong R&amp;D wing to build interesting cars. But more than all this, what will be vital for MG is to provide a quality overall experience to the Indian buyer, and introduce cars that are value-for-money irrespective of the segment and the pricing.

March 19, 2018. MG Motor, a 93-year-old British brand that kick-started as an out-and-out racing sportscar brand, announced their launch in India. With an intriguing plan of investing about Rs 5000 crore in India, and a well-constructed blueprint of their future operations for India, MG Motor caught the attention of automotive and business fraternity in the country.

March 19, 2018. MG Motor, a 93-year-old British brand that kick-started as an out-and-out racing sportscar brand, announced their launch in India. With an intriguing plan of investing about Rs 5000 crore in India, and a well-constructed blueprint of their future operations for India, MG Motor caught the attention of automotive and business fraternity in the country. "Our plan is to launch one product every year after 2019. We'll launch our first product in 2019, and subsequently launch one product every year," said Rajeev Chaba, President & MD, MG Motor India, during the company's launch event earlier this year. As much as this news excited the enthusiasts, some critics and big industry players felt hesitant & iffy of MG's plan. Afterall, MG Motor might be a British brand, but it is owned by a Chinese company. And, the last time a Chinese car company did business in India, it did not end well for the company. WION breaks down the strategy and the product offensive of MG Motor India. But to understand this let's take a minute and look at something that happened a year ago. THE FAILURE OF GENERAL MOTOR IN INDIA Lack of strong products and a failure to update and market their cars, meant American carmaker General Motors (GM) quit India after 22 years of doing business in the country. Just before GM was slowly fading into oblivion, the American carmaker took some frugal steps to revive the brand. Other than joining hands with multiple brands like Hindustan Motors & Daewoo, GM's one last shot at reclaiming its lost glory was led by its Chinese partner SAIC. The partnership with the Chinese failed miserably, and the debacle of SAIL sedan proved to be the final nail in the coffin for GM. A famous Mandarin proverb reads 'The temptation to quit is the greatest just before you are about to succeed'. Staying true to the proverbial idea, the Chinese company decided to re-enter the Indian market. This time, with MG Motor - the British brand they acquired a decade ago. Having already burnt their fingers experimenting in the Indian marketplace, SAIC is now ready to fight fire with fire. To make most of the brand history & cult-following MG enjoys in India, SAIC is now targeting the premium-car space. They've already acquired the now-defunct General Motor's plant in Gujarat's Halol, and revamped it to manufacture cars in India, for India. However, most of the MG cars for global markets are still produced in China. SAIC - CHINA'S LARGEST AUTOMAKER MG cars are produced in four manufacturing bases across China. WION spent a day at MG's Lingang facility, about 50km from China's business capital Shanghai. The facility, built with an investment of four billion yuan, is responsible for the production of SIAC's two important brands from its line-up - MG Motor & Roewe. MG and Roewe are both interchangeable brands of SAIC Motor Corporation. Post the tremendous success of Roewe cars in the mainstream Chinese automotive market, SAIC now aims to share its technologies with the MG brand. What's exciting for the Indian drivers is that SAIC is thinking of bringing these technologies to India with the MG brand. A MANUFACTURING POWERHOUSE The Lingang manufacturing plant is almost completely automated with three lines producing most of the cars. The facility, which is capable of churning out an impressive 40 cars per hour, houses a paint shop and engine assembly plant. One aspect of the factory that caught our fancy, and we think should be carried over to MG's Halol facility, is that the assembly area was tuned to produce both Internal Combustion Engined-vehicles and electric cars on the same lines. GETTING A TASTE OF MG CARS It all looked good at first sight - the cars, the design centre and the production unit. But they say looks can be deceptive. So, we decided to give the cars a good thrashing to decipher their abilities at Guangde proving ground, the largest such ground in the ASEAN region, in Guangde County in Anhui, China. Even though we were pressed for time, all the cars were put through tailor-made courses to test different driving credentials. We started off by driving the Blue Marvel from the Land of the Red Dragon. Roewe Marvel X Beautiful lines and clear details, topped off by a giant shiny grille, the Marvel X is probably the best-looking car out of the MG line-up. Offering generous amounts of space on the inside, with good quality leather and a 12.3-inch touchscreen infotainment system developed by Alibaba, the Marvel X ticks all the boxes on paper. Off paper, and on the course, the driving dynamics of Marvel X truly stand out. A 52.5 kWh battery helps the car to go from 0 to 100 km/hr in just 4.8 seconds with power being distributed to all the wheels. Essentially a mid-size SUV that offers a stunning 500km on a single charge, the Marvel X came out as an all-round winner on a patch used to test the ride-quality of the car. MG HS The MG HS, on the other hand, is a full-blown SUV, and it comes across as an ideal car for MG's first car in India. The Hyundai Creta rival not only looks premium on the outside, it reeks of luxury on the inside. Electrically-adjustable front seats, dual zone climate control, adaptive cruise control and the liberal use of high-quality plastics are some of the elements you'll truly appreciate. Most importantly though, the entire MG HS range received a commendable five-star rating in the Chinese NCAP crash tests. At the heart of the MG HS is a 2.0-litre turbocharged petrol engine that produces 231 PS of power and 360 Nm of torque, and is mated to a 6-speed automatic transmission. To check out the electronics that's available in the electric car, the MG HS was put through a simulated rain and snow track. Even at full throttle on the super-slippery surface, the MG HS was mighty skillful - thanks to ABS and traction control system. The course highlighted the practicality of the safety system that would come handy if the going got tough. Roewe ERX5.0 The first in-house developed internet-enabled car by SAIC is the Roewe ERX5. A rather monotonous skin on the outside, is perfectly contrasted by the 11.8 kWh Ternary battery pack under the skin. The ride quality on offer was pretty impressive for a SUV. The ERX 5.0 was driven over a path that consisted of rough patches, and bumps. Even though it was not the best car we drove at Guangde Proving Grounds, the ERX 5.0 stands out because it is SAIC's first in-house developed internet connected car. Basically, this means that if you happen to pass through a toll gate, the car lets you do the payment. Similarly, at any restaurant's drive-through you can pick up your food and make the payment through your car. It also syncs your calender, e-mail, maps and gives you a notification of upcoming events, and flights. If at all MG get any of these technologies to India, an internet-connected car could truly be a game-changer in the Indian market which is undergoing a rapid digital transformation. MG e6 The last car we drove was the e6, a fastback hybrid sedan from the MG stables. Part of the standard equipment on the eMG6 are the electronic parking brake, and remote-control driving system, which allows drivers to control the car at low speeds via a mobile application. A complicated slalom test course and lane-changing sections, set up entirely with cones, brought out the true road-holding potential of the car at high-speeds. With power figures of 228 PS and 622 Nm, the car had absolutely no problem getting off the line. The eMG6 left us with a wide smile on our faces, as the sedan always seemed game for more, with an abundance reserve power available on tap. CHALLENGES THAT LIE AHEAD After getting a taste of MG's engineering prowess, we believe SAIC has genuinely capable products in its arsenal. However, the Indian market is not only about products. To get a sense of the strategy and the formula for Indian market, we spoke to Chaba, the man who calls the shots at MG Motor. WION: What exactly is MG Motor's game plan for the Indian market? Rajeev Chaba: We are launching our first car in Q2 of 2019. It is going to be a C-segment SUV, which is a large size SUV for our country. Overall, if I can say in one word, it will be that we will try to succeed the consumer expectations in whichever areas we touch. Hopefully, we are able to execute it. WION: What's more interesting is that you have a strong electric car portfolio, and a specific electric car planned for India. Could you throw some light on the electric mobility plans you have for India? Rajeev Chaba: SAIC has invested a lot in future technologies, EV and connected systems. So we are trying to get this EV to India at this point of time when the government is showing us the vision, the direction and an intention to introduce electric policies and infrastructure. We are going to launch an electric car as our second car in India. Right now, we are talking to the government about charging infrastructure and policies, so based on that it will depend how much of localisation will be done to the car. But it is not going to be an imported car, the electric car will be manufactured in our Halol facility in Vadodara. WION: Is there a possibility of developing a shared platform between MG Motor, Volkswagen & General Motors? Rajeev Chaba: In SAIC's joint-venture with GM and VW, there are some common platforms that are accessible to both partners. So it means if SAIC wants, it can introduce some common platforms in certain territories if they have the contract with GM & VW, so that's possible. WION: How nervous are you about venturing into the Indian market, this time with a new brand? Rajeev Chaba: I think the joke in the international auto circle is that if you're successful in India, you can be successful anywhere. This is because, in India we have an unique demand structure, and we have to be relevant. See, consumers are willing to pay if the products are relevant and meaningful for them. So, frankly if you ask me, I'm nervous, I'm not over-confident, I know the challenges, our team knows the challenges, but that keeps us on our toes to make sure that we are able to walk the talk. We are going to do our best, and we are very cautious. Only when you drive cars like these, and explore car markets like China, do you realise how far India as a car country is. Tier-4 cities in China have charging stations for electric cars. You also understand the kind of potential manufacturers like MG Motor have to dynamically impact the marketplace and do something revolutionary. Having said that, India is a tough market to crack. Several brands that have done business in India (some of them even quit Indian market) have found India to be a challenging market do to business in. This is mainly due to the fact that India is still a very value-conscious market. MG Motor has some of the brightest minds working for them, like designers and engineers who develop exciting products for them. They do have the resources and a strong R&D wing to build interesting cars. But more than all this, what will be vital for MG is to provide a quality overall experience to the Indian buyer, and introduce cars that are value-for-money irrespective of the segment and the pricing.

Cars from the land of Red Dragon ready for India

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.

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.

The gauge had lost 575 points in the previous two sessions.

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.

Investor sentiment remained weak in line with extended losses at other Asian markets on worries about slowing global growth in the face of rising US interest rates and escalating US-China trade tensions, brokers said.

Offloading of positions by participants ahead of the long weekend as markets will remain closed Friday on account of "Guru Nanak Jayanti", too, negatively impacted investor sentiment here, they added.

The Indian currency continued its upward rising streak for the seventh straight day by rising 45 paise to 71.01 in late afternoon trade against the American currency (intra-day) at the interbank forex market.

Meanwhile, foreign institutional investors (FIIs) sold shares to the tune of Rs 1,652.04 crore, while domestic institutional investors (DIIs) bought shares worth a net of Rs 606.73 crore, Wednesday, provisional data showed.

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.

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. 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. The gauge had lost 575 points in the previous two sessions. 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. Investor sentiment remained weak in line with extended losses at other Asian markets on worries about slowing global growth in the face of rising US interest rates and escalating US-China trade tensions, brokers said. Offloading of positions by participants ahead of the long weekend as markets will remain closed Friday on account of "Guru Nanak Jayanti", too, negatively impacted investor sentiment here, they added. The Indian currency continued its upward rising streak for the seventh straight day by rising 45 paise to 71.01 in late afternoon trade against the American currency (intra-day) at the interbank forex market. Meanwhile, foreign institutional investors (FIIs) sold shares to the tune of Rs 1,652.04 crore, while domestic institutional investors (DIIs) bought shares worth a net of Rs 606.73 crore, Wednesday, provisional data showed.

Market erases early gains, Sensex falls over 200 points 

Facebook-owned WhatsApp said on Wednesday it had hired Abhijit Bose, the co-founder and chief executive of Indian mobile payments firm Ezetap, to be the head of its operations in India, its biggest market by users.

The Indian government has pressured the messaging service to build a local team and Bose's appointment comes as WhatsApp tries to curb the spread of misinformation on its service in India where it has more than 200 million users.

Bose's appointment is the first time WhatsApp has created a country head role anywhere in the world, the company said in a statement on Wednesday.

The Indian government has previously told the US&nbsp;company to take steps to prevent the circulation of false texts and provocative content that had led to a series of lynchings and mob beatings across India.

WhatsApp has since launched a media advertising blitz, done roadshows, and held workshops with community leaders and police officials to curb the spread of misinformation through its platform.

The appointment of Ezetap's Bose highlights California-based WhatsApp's ambitions in the payments space.

It has been testing a payments service in India and is awaiting a final nod from India's central bank for a full launch of the service.

Credit Suisse estimates the value of transactions in India's digital payments space will grow five-fold to $1 trillion by 2023.

"As a successful entrepreneur himself, Abhijit knows what it takes to build meaningful partnerships that can serve businesses across India," WhatsApp Chief Operating Officer Matt Idema said in the statement.

Bose will begin his new role at WhatsApp in early 2019 and will report to Idema.

Bose's appointment comes just two months after parent Facebook named streaming service Hotstar's chief Ajit Mohan as its first India head.

The two appointments are crucial: India is the biggest market by users for both Facebook and WhatsApp and both firms are trying to get their social media strategies in place ahead of India's general election next year.

Facebook-owned WhatsApp said on Wednesday it had hired Abhijit Bose, the co-founder and chief executive of Indian mobile payments firm Ezetap, to be the head of its operations in India, its biggest market by users.

Facebook-owned WhatsApp said on Wednesday it had hired Abhijit Bose, the co-founder and chief executive of Indian mobile payments firm Ezetap, to be the head of its operations in India, its biggest market by users. The Indian government has pressured the messaging service to build a local team and Bose's appointment comes as WhatsApp tries to curb the spread of misinformation on its service in India where it has more than 200 million users. Bose's appointment is the first time WhatsApp has created a country head role anywhere in the world, the company said in a statement on Wednesday. The Indian government has previously told the US company to take steps to prevent the circulation of false texts and provocative content that had led to a series of lynchings and mob beatings across India. WhatsApp has since launched a media advertising blitz, done roadshows, and held workshops with community leaders and police officials to curb the spread of misinformation through its platform. The appointment of Ezetap's Bose highlights California-based WhatsApp's ambitions in the payments space. It has been testing a payments service in India and is awaiting a final nod from India's central bank for a full launch of the service. Credit Suisse estimates the value of transactions in India's digital payments space will grow five-fold to $1 trillion by 2023. "As a successful entrepreneur himself, Abhijit knows what it takes to build meaningful partnerships that can serve businesses across India," WhatsApp Chief Operating Officer Matt Idema said in the statement. Bose will begin his new role at WhatsApp in early 2019 and will report to Idema. Bose's appointment comes just two months after parent Facebook named streaming service Hotstar's chief Ajit Mohan as its first India head. The two appointments are crucial: India is the biggest market by users for both Facebook and WhatsApp and both firms are trying to get their social media strategies in place ahead of India's general election next year.

WhatsApp hires Ezetap's Abhijit Bose to be its India head

A UK Court on Wednesday asked absconding liquor baron Vijay Mallya to pay 88 thousand pounds to the investment banking company UBS.

UBS Group AG, a Swiss multinational investment bank and financial services company had earlier sought the possession of Mallya's property in London.

The&nbsp;group tried to foreclose on a 26.6 million dollar mortgage loan on former billionaire Vijay Mallya's London house, which overlooks London's regent’s park.

Mallya had used the property as a family home.

Mallya who’s battling extradition in a separate case had taken a loan from the UBS bank for his posh family home in London.

A UK Court on Wednesday asked absconding liquor baron Vijay Mallya to pay 88 thousand pounds to the investment banking company UBS. UBS Group AG, a Swiss multinational investment bank and financial services company had earlier sought the possession of Mallya's property in London.

A UK Court on Wednesday asked absconding liquor baron Vijay Mallya to pay 88 thousand pounds to the investment banking company UBS. UBS Group AG, a Swiss multinational investment bank and financial services company had earlier sought the possession of Mallya's property in London. The group tried to foreclose on a 26.6 million dollar mortgage loan on former billionaire Vijay Mallya's London house, which overlooks London's regent’s park. Mallya had used the property as a family home. Mallya who’s battling extradition in a separate case had taken a loan from the UBS bank for his posh family home in London.

UK court asks Vijay Mallya to pay £88,000 to UBS bank

The benchmark BSE Sensex fell over 100 points in early session Wednesday as selloff continues in global markets.&nbsp;

The BSE Sensex opened over 100 points lower today tracking weak global cues. Most IT stocks like Infosys, TCS and Wipro traded with losses of up to 3%.&nbsp;

The NSE Nifty reclaimed the 10,650-mark after initial losses and traded 1.95 points or 0.02% higher at 10,658.15 points.&nbsp;

Yesterday, breaking its three-day rising streak, the BSE Sensex Tuesday fell over 300 points on heavy selling by market participants, in step with a global selloff despite strengthening rupee and easing crude prices.Besides, profit-booking in recent gainers too fuelled the downward trend.The 30-share Sensex, after starting off lower at 35,730.77, continued to slide as selling pressure picked up momentum and hit a low of 35,416.18, before settling 300.37 points, or 0.84 per cent, down at 35,474.51.

The benchmark BSE Sensex fell over 100 points in early session Wednesday as selloff continues in global markets. The BSE Sensex opened over 100 points lower today tracking weak global cues.

The benchmark BSE Sensex fell over 100 points in early session Wednesday as selloff continues in global markets. The BSE Sensex opened over 100 points lower today tracking weak global cues. Most IT stocks like Infosys, TCS and Wipro traded with losses of up to 3%. The NSE Nifty reclaimed the 10,650-mark after initial losses and traded 1.95 points or 0.02% higher at 10,658.15 points. Yesterday, breaking its three-day rising streak, the BSE Sensex Tuesday fell over 300 points on heavy selling by market participants, in step with a global selloff despite strengthening rupee and easing crude prices.Besides, profit-booking in recent gainers too fuelled the downward trend.The 30-share Sensex, after starting off lower at 35,730.77, continued to slide as selling pressure picked up momentum and hit a low of 35,416.18, before settling 300.37 points, or 0.84 per cent, down at 35,474.51.

Sensex opens over 100 points lower, Nifty below 10,650

Wall Street stocks suffered a <a href="http://www.wionews.com/business-economy/wall-street-tumbles-as-apple-internet-stocks-swoon-178366">second consecutive battering</a> on Tuesday, with weakness in the technology sector spreading to other areas, especially energy and retail.

The Dow Jones Industrial Average plunged 2.2 per cent, or more than 550 points, to finish at 24,465.64, wiping out its gains for the year and then some.

The broad-based S&amp;P 500 shed 1.8 per cent to 2,641.89, while the tech-rich Nasdaq Composite Index fell 1.7 per cent to 6,908.82.&nbsp;

After Tuesday, the Nasdaq was the only one of the three indices still clinging to a modest gain for the year, but stood at its lowest levels in more than seven months.&nbsp;

"Today was again a big sell-off," said JJ Kinahan, chief market strategist at TD Ameritrade. "Investors are repricing stocks."

Analysts have blamed the weakness on worries about slowing global growth exacerbated by a series of Federal Reserve interest rate hikes and the burgeoning US-China trade dispute.&nbsp;

Some market watchers have said the fall has been exacerbated by light trading volumes this week ahead of Thursday's Thanksgiving holidays when markets will be closed.

Most large technology companies dropped again, including Apple and Microsoft, which shed 4.8 per cent and 2.8 per cent respectively. Amazon and Netflix fell more modestly, while Google parent Alphabet and Facebook advanced modestly in apparent bargain hunting.

Petroleum-linked shares were another weak segment, with Dow members ExxonMobil and Chevron plunging nearly three per cent and Apache shedding 5.1 per cent.

The losses came after benchmark US oil prices slid 6.6 per cent to $53.43 per barrel, the lowest level in more than a year, amid worries over excess supply.

Leading retailers mostly fell following mixed earnings reports, with Target dropping 10.5 per cent, Lowe's 5.7 per cent and Kohl's 9.2 per cent. An exception was Best Buy, which advanced 2.2 per cent.

Wall Street stocks suffered a second consecutive battering on Tuesday, with weakness in the technology sector spreading to other areas, especially energy and retail.

Wall Street stocks suffered a second consecutive battering on Tuesday, with weakness in the technology sector spreading to other areas, especially energy and retail. The Dow Jones Industrial Average plunged 2.2 per cent, or more than 550 points, to finish at 24,465.64, wiping out its gains for the year and then some. The broad-based S&P 500 shed 1.8 per cent to 2,641.89, while the tech-rich Nasdaq Composite Index fell 1.7 per cent to 6,908.82. After Tuesday, the Nasdaq was the only one of the three indices still clinging to a modest gain for the year, but stood at its lowest levels in more than seven months. "Today was again a big sell-off," said JJ Kinahan, chief market strategist at TD Ameritrade. "Investors are repricing stocks." Analysts have blamed the weakness on worries about slowing global growth exacerbated by a series of Federal Reserve interest rate hikes and the burgeoning US-China trade dispute. Some market watchers have said the fall has been exacerbated by light trading volumes this week ahead of Thursday's Thanksgiving holidays when markets will be closed. Most large technology companies dropped again, including Apple and Microsoft, which shed 4.8 per cent and 2.8 per cent respectively. Amazon and Netflix fell more modestly, while Google parent Alphabet and Facebook advanced modestly in apparent bargain hunting. Petroleum-linked shares were another weak segment, with Dow members ExxonMobil and Chevron plunging nearly three per cent and Apache shedding 5.1 per cent. The losses came after benchmark US oil prices slid 6.6 per cent to $53.43 per barrel, the lowest level in more than a year, amid worries over excess supply. Leading retailers mostly fell following mixed earnings reports, with Target dropping 10.5 per cent, Lowe's 5.7 per cent and Kohl's 9.2 per cent. An exception was Best Buy, which advanced 2.2 per cent.

Wall Street stocks slum as tech, energy, retail sectors weaken

US oil prices stabilised on Wednesday <a href="http://www.wionews.com/business-economy/oil-prices-edge-up-on-expected-opec-supply-cuts-178286">after slumping more than 6 per cent</a> the previous day, with some support coming from a report of an unexpected drop in US commercial crude inventories.

But investors remained on edge, with the International Energy Agency (IEA) warning of unprecedented uncertainty in oil markets due to a difficult economic environment and political risk.

US West Texas Intermediate (WTI) crude futures were at $53.57 per barrel up 14 cents from their last settlement.

Front-month Brent crude oil futures had yet to trade.

Wednesday's more stable prices came following a report by the American Petroleum Institute on Tuesday that US commercial crude oil inventories had fallen unexpectedly by 1.5 million barrels, to 439.2 million barrels, in the week to November 16.

Yet the slight increase in WTI could not cover up general market weakness, with oil and stock markets both plunging the previous session.

"The global economy is still going through a very difficult time and is very fragile," IEA chief Fatih Birol said.

Fearing a glut like in 2014, when high global output and a slowdown in demand growth triggered a price crash, the Organization of the Petroleum Exporting Countries (OPEC) is pushing for a supply cut of between 1 million and 1.4 million barrels per day (bpd).

Despite the expectation of OPEC-led cuts, Brent and WTI prices have slumped by 28 and 30 per cent respectively since early October.

"Investors are becoming increasingly concerned that any potential production cuts by OPEC will be insufficient to cover the surplus in the market," ANZ bank said on Wednesday.

"The list of reasons for the decline are pretty specific ... too much supply and a risk of slowing demand growth," said James Mick, Energy Portfolio Manager with US investment firm Tortoise.

"Part of the supply issue has been surging US production," he added, referring to an output increase of almost a quarter in the United States to a record 11.7 million barrels per day (bpd).

US oil prices stabilised on Wednesday after slumping more than 6 per cent the previous day, with some support coming from a report of an unexpected drop in US commercial crude inventories.

US oil prices stabilised on Wednesday after slumping more than 6 per cent the previous day, with some support coming from a report of an unexpected drop in US commercial crude inventories. But investors remained on edge, with the International Energy Agency (IEA) warning of unprecedented uncertainty in oil markets due to a difficult economic environment and political risk. US West Texas Intermediate (WTI) crude futures were at $53.57 per barrel up 14 cents from their last settlement. Front-month Brent crude oil futures had yet to trade. Wednesday's more stable prices came following a report by the American Petroleum Institute on Tuesday that US commercial crude oil inventories had fallen unexpectedly by 1.5 million barrels, to 439.2 million barrels, in the week to November 16. Yet the slight increase in WTI could not cover up general market weakness, with oil and stock markets both plunging the previous session. "The global economy is still going through a very difficult time and is very fragile," IEA chief Fatih Birol said. Fearing a glut like in 2014, when high global output and a slowdown in demand growth triggered a price crash, the Organization of the Petroleum Exporting Countries (OPEC) is pushing for a supply cut of between 1 million and 1.4 million barrels per day (bpd). Despite the expectation of OPEC-led cuts, Brent and WTI prices have slumped by 28 and 30 per cent respectively since early October. "Investors are becoming increasingly concerned that any potential production cuts by OPEC will be insufficient to cover the surplus in the market," ANZ bank said on Wednesday. "The list of reasons for the decline are pretty specific ... too much supply and a risk of slowing demand growth," said James Mick, Energy Portfolio Manager with US investment firm Tortoise. "Part of the supply issue has been surging US production," he added, referring to an output increase of almost a quarter in the United States to a record 11.7 million barrels per day (bpd).

International oil prices stabilise as OPEC production cut looms

The man chosen to temporarily replace<a href="http://www.wionews.com/business-economy/nissan-shares-plunge-as-ghosn-faces-ouster-after-arrest-178288"> fallen auto star Carlos Ghosn at Renault</a> is an industry insider with many years of experience working in Asia.

Thierry Bollore, a 55-year-old father of five, has been declared deputy CEO to ensure day-to-day management following Ghosn's stunning arrest in Tokyo on charges of under-reporting his pay at Nissan.

Before his temporary elevation to the top of Renault, Bollore was the French car giant's Chief Operating Officer, a position he was promoted to in February in a move widely seen at the time as Ghosn anointing his successor.

In many ways the two men began with similar career trajectories. Like Ghosn, Bollore was first spotted as a rising talent at Michelin before he switched to a car manufacturer and made his way into the top ranks.

But those who have worked with him paint a somewhat softer portrait than Ghosn, who built a reputation -- and enemies -- as a maverick turnaround specialist who blew a gale through a musty corporate world, especially in Asia.

"(He's) very rigorous, very serious, but at the same time warm. He has calm, analytical qualities and he's level-headed," a senior person in the auto sector who worked with Bollore told AFP.

"I think that his knowledge of Asia and his skills in relationships with the Japanese will give him an advantage in the succession," added the former colleague, who said he appreciated Bollore's "integrity and loyalty".

Business development in China is a major priority for Renault as well as the complex Franco-Japanese coalition between Renault, Nissan and Mitsubishi.

Resentment has long been brewing in Japan over the structure of the alliance, which some say gives French carmaker Renault an undue share of the Japanese company's profits.

Renault currently owns 43 per cent of Nissan, while Nissan only owns 15 per cent of Renault.

A Financial Times report said Ghosn has been working on a merger of the two carmakers that Nissan opposed because it could relegate the Japanese company to a secondary role.

Bollore has plenty of Asia experience to draw on.&nbsp;

With Michelin, he held senior posts in the late 1990s in Japan and Thailand. He later joined auto-parts giant Faurecia, spending much time in China in the early 2000s, before moving to Europe and South Africa.

He joined Renault in 2012, first as executive vice president for manufacturing and supply chain and then as Chief Competitive Officer until his elevation to Ghosn's de facto deputy in February.

A keen sailor, he was viewed at Renault as someone who upped the competitiveness of the company's factories as well as embracing digital transformations.

"He's someone who is open, poised, who listens but at the same time knows when to take a position," Franck Daout, a union leader who represents some Renault workers, said earlier this year.

The man chosen to temporarily replace fallen auto star Carlos Ghosn at Renault is an industry insider with many years of experience working in Asia. Thierry Bollore, a 55-year-old father of five, has been declared deputy CEO to ensure day-to-day management following Ghosn's stunning arrest in Tokyo on charges of under-reporting his pay at Nissan.

The man chosen to temporarily replace fallen auto star Carlos Ghosn at Renault is an industry insider with many years of experience working in Asia. Thierry Bollore, a 55-year-old father of five, has been declared deputy CEO to ensure day-to-day management following Ghosn's stunning arrest in Tokyo on charges of under-reporting his pay at Nissan. Before his temporary elevation to the top of Renault, Bollore was the French car giant's Chief Operating Officer, a position he was promoted to in February in a move widely seen at the time as Ghosn anointing his successor. In many ways the two men began with similar career trajectories. Like Ghosn, Bollore was first spotted as a rising talent at Michelin before he switched to a car manufacturer and made his way into the top ranks. But those who have worked with him paint a somewhat softer portrait than Ghosn, who built a reputation -- and enemies -- as a maverick turnaround specialist who blew a gale through a musty corporate world, especially in Asia. "(He's) very rigorous, very serious, but at the same time warm. He has calm, analytical qualities and he's level-headed," a senior person in the auto sector who worked with Bollore told AFP. "I think that his knowledge of Asia and his skills in relationships with the Japanese will give him an advantage in the succession," added the former colleague, who said he appreciated Bollore's "integrity and loyalty". Business development in China is a major priority for Renault as well as the complex Franco-Japanese coalition between Renault, Nissan and Mitsubishi. Resentment has long been brewing in Japan over the structure of the alliance, which some say gives French carmaker Renault an undue share of the Japanese company's profits. Renault currently owns 43 per cent of Nissan, while Nissan only owns 15 per cent of Renault. A Financial Times report said Ghosn has been working on a merger of the two carmakers that Nissan opposed because it could relegate the Japanese company to a secondary role. Bollore has plenty of Asia experience to draw on. With Michelin, he held senior posts in the late 1990s in Japan and Thailand. He later joined auto-parts giant Faurecia, spending much time in China in the early 2000s, before moving to Europe and South Africa. He joined Renault in 2012, first as executive vice president for manufacturing and supply chain and then as Chief Competitive Officer until his elevation to Ghosn's de facto deputy in February. A keen sailor, he was viewed at Renault as someone who upped the competitiveness of the company's factories as well as embracing digital transformations. "He's someone who is open, poised, who listens but at the same time knows when to take a position," Franck Daout, a union leader who represents some Renault workers, said earlier this year.

Thierry Bollore declared Nissan deputy CEO after Carlos Ghosn's arrest

Changes in regulatory landscape are making it unviable to operate ATMs, and may lead to the closure of half of the 2.38 lakh machines in the country by March 2019, the Confederation of ATM Industry (CATMi) warned Wednesday.

Closure of the ATMs will impact thousands of jobs and also the financial&nbsp;inclusion efforts of the government, the industry body said in a statement.

"Service providers may be forced to close down almost 1.13 lakh ATMs across the country by March 2019. These numbers include approximately one lakh off-site ATMs and a little over 15,000 white label ATMs," it said.

The industry has reached a "tipping point", the body added.

A majority of the ATMs which can be shut down will be in the non-urban areas, it said, underlining that this can impact the financial inclusion efforts as beneficiaries use the machines to withdraw government subsidies.

The industry body said that recent regulatory changes, including those on hardware and software upgrades, coupled with mandates on cash management standards and the cassette swap method of loading cash, will make ATM operations unviable, resulting in the closure.

The new cash logistics and cassette swap method will alone result in costs of Rs 3,000 crore for the industry, it estimated.

It added that the ATM industry, including managed service providers, brown-label ATM deployers and white label ATM operators (WLAO), is still reeling under the shock of demonetisation.

"The situation has further deteriorated now due to the additional compliance requirements that call for a huge cost outlay. The service providers do not have the financial means to meet such massive costs and may be forced to shut down these ATMs," it said.

The only way to salvage the situation for the industry, according to the body, is if banks "step in to bear the load of the additional cost of compliances".

"Unless ATM deployers are compensated by banks for making these investments, there is likely to be a scenario where contracts are surrendered, leading to large scale closure of ATMs," it said.

Revenues for providing ATMs as a service are not growing at all due to very low ATM interchange charges and ever-increasing costs, it said, adding that such changes in the landscape were not anticipated while signing contracts with the banks.

The WLAOs have accumulated losses and the compliance costs can result in over 15,000 machines run by them shutting down, the industry body added.

Changes in regulatory landscape are making it unviable to operate ATMs, and may lead to the closure of half of the 2.38 lakh machines in the country by March 2019, the Confederation of ATM Industry (CATMi) warned Wednesday.

Changes in regulatory landscape are making it unviable to operate ATMs, and may lead to the closure of half of the 2.38 lakh machines in the country by March 2019, the Confederation of ATM Industry (CATMi) warned Wednesday. Closure of the ATMs will impact thousands of jobs and also the financial inclusion efforts of the government, the industry body said in a statement. "Service providers may be forced to close down almost 1.13 lakh ATMs across the country by March 2019. These numbers include approximately one lakh off-site ATMs and a little over 15,000 white label ATMs," it said. The industry has reached a "tipping point", the body added. A majority of the ATMs which can be shut down will be in the non-urban areas, it said, underlining that this can impact the financial inclusion efforts as beneficiaries use the machines to withdraw government subsidies. The industry body said that recent regulatory changes, including those on hardware and software upgrades, coupled with mandates on cash management standards and the cassette swap method of loading cash, will make ATM operations unviable, resulting in the closure. The new cash logistics and cassette swap method will alone result in costs of Rs 3,000 crore for the industry, it estimated. It added that the ATM industry, including managed service providers, brown-label ATM deployers and white label ATM operators (WLAO), is still reeling under the shock of demonetisation. "The situation has further deteriorated now due to the additional compliance requirements that call for a huge cost outlay. The service providers do not have the financial means to meet such massive costs and may be forced to shut down these ATMs," it said. The only way to salvage the situation for the industry, according to the body, is if banks "step in to bear the load of the additional cost of compliances". "Unless ATM deployers are compensated by banks for making these investments, there is likely to be a scenario where contracts are surrendered, leading to large scale closure of ATMs," it said. Revenues for providing ATMs as a service are not growing at all due to very low ATM interchange charges and ever-increasing costs, it said, adding that such changes in the landscape were not anticipated while signing contracts with the banks. The WLAOs have accumulated losses and the compliance costs can result in over 15,000 machines run by them shutting down, the industry body added.

Why half of India's ATMs staring at shut down by March 2019

The BSE benchmark Sensex extended losses for the second session Wednesday by declining over 250 points on heavy selling in IT, teck, metal and auto stocks amid weak global cues. 
Besides, fresh foreign fund outflows further hurt trading sentiments.

However, crude oil's fall to one-year low in the global market on excess supply concerns, capped the fall in the indices.

The 30-share, after rising briefly to 35,494.25 at the outset, quickly slipped into the negative terrain in line with a weak trend at other Asian markets and touched a low of 35,112.49.

However, it pared early losses on emergence of buying after a higher opening of European shares. The index closed 274.71 points, or 0.77 per cent, down at 35,199.80. The gauge had lost 300.37 points Tuesday.

Also, the broader NSE Nifty, after shuttling between 10,562.35 and 10,671.30 points, finally settled 56.15 points, or 0.53 per cent down at 10,600.05.

Sentiments took a hit after broader Asian markets weakened, following a renewed sell-off on Wall Street Tuesday as energy shares dropped after crude oil prices plunged to a 13-month low amid weak earnings and US-China trade disputes, fuelling worries about economic growth, brokers said.

"Wednesday's action accentuates the recent divergence we have witnessed between India and advanced economies. While the Nasdaq Composite is down 7.2 per cent in the past month and the S&amp;P 500 is down 4.6 per cent, the Nifty50 is up 2.8 per cent in the same time," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.&nbsp;

During the day, midcaps rallied strongly while the Nifty ended lower. Separately, the action in PSU banks and financials also suggests that market fears around liquidity and credit rollovers are abating, he added.

Persistent fall in technology stocks globally, and rupee appreciating against the dollar in the past few days, are the key factors fuelling the negative sentiment in IT stocks, brokers said.

Stocks of software services exporter such as TCS, Infosys, Wipro and Tech Mahindra were the worst hit on the bourses with shares falling up to 3.55 per cent.

Other laggards were PowerGrid, RIL, Bajaj Auto, Tata Steel, M&amp;M, Hero MotoCorp, Vedanta, NTPC, IndusInd Bank, L&amp;T, ONGC, HDFC Ltd, ITC Ltd, ICICI Bank, HUL, Bharti Airtel and Coal India, falling up to 2.77 per cent.

Among the gainers, shares of private lender Yes Bank was the top performer, climbing 2.83 per cent after it reassured that the recent resignations bear no impact on the CEO selection process and that efforts are underway for mutual resolution with co-promoter Madhu Kapur and family.

Axis Bank, Adani Ports, SBI, Asian Paints, Maruti Suzuki, Sun Pharma, Tata Motors, HDFC Bank and Kotak Bank also ended higher with gains up to 2.20 per cent. 
 
Shares of aviation and oil marketing companies surged due to sharp drop of nearly 7 per cent in global crude oil prices.

Spicejet, Jet Airways and InterGlobe rose up to 5.63 per cent.

Shares of state-run oil marketing companies such as IOC, HPCL and BPCL, gained up to 1.76 per cent.

Brent crude, the oil prices international benchmark, fell 6.92 per cent to USD 62.17 a barrel on Tuesday on excess supply concerns.

Sector-wise, the BSE IT index emerged biggest loser by plunging 2.92 per cent, followed by teck 2.47 per cent, power 1.04 per cent, metal 0.78 per cent, capital goods 0.58 per cent and FMCG 0.26 per cent, oil&amp;gas 0.12 per cent and auto 0.08 per cent.

In contrast, realty, healthcare, consumer durables, bankex, PSU and infrastructure ended higher, rising up to 1.53 per cent.

Meanwhile, foreign institutional investors (FIIs) sold shares worth a net of Rs 753.17 crore, while domestic institutional investors (DIIs) offloaded shares worth Rs 44.06 crore Tuesday, as per provisional data.

Elsewhere in Asia, Japan's Nikkei fell 0.35 per cent, Korea's KOSPI down 0.29 per cent and Taiwan fell 0.03 per cent. However, Hong Kong's Hang Seng rose 0.51 per cent and Shanghai Composite Index up 0.21 per cent.

In Europe, most markets remained firm in their early session. Frankfurt's DAX rose 0.86 per cent, while Paris CAC up 0.58 per cent. London's FTSE too gained 0.83 per cent.&nbsp;

The BSE benchmark Sensex extended losses for the second session Wednesday by declining over 250 points on heavy selling in IT, teck, metal and auto stocks amid weak global cues.

The BSE benchmark Sensex extended losses for the second session Wednesday by declining over 250 points on heavy selling in IT, teck, metal and auto stocks amid weak global cues. Besides, fresh foreign fund outflows further hurt trading sentiments. However, crude oil's fall to one-year low in the global market on excess supply concerns, capped the fall in the indices. The 30-share, after rising briefly to 35,494.25 at the outset, quickly slipped into the negative terrain in line with a weak trend at other Asian markets and touched a low of 35,112.49. However, it pared early losses on emergence of buying after a higher opening of European shares. The index closed 274.71 points, or 0.77 per cent, down at 35,199.80. The gauge had lost 300.37 points Tuesday. Also, the broader NSE Nifty, after shuttling between 10,562.35 and 10,671.30 points, finally settled 56.15 points, or 0.53 per cent down at 10,600.05. Sentiments took a hit after broader Asian markets weakened, following a renewed sell-off on Wall Street Tuesday as energy shares dropped after crude oil prices plunged to a 13-month low amid weak earnings and US-China trade disputes, fuelling worries about economic growth, brokers said. "Wednesday's action accentuates the recent divergence we have witnessed between India and advanced economies. While the Nasdaq Composite is down 7.2 per cent in the past month and the S&P 500 is down 4.6 per cent, the Nifty50 is up 2.8 per cent in the same time," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management. During the day, midcaps rallied strongly while the Nifty ended lower. Separately, the action in PSU banks and financials also suggests that market fears around liquidity and credit rollovers are abating, he added. Persistent fall in technology stocks globally, and rupee appreciating against the dollar in the past few days, are the key factors fuelling the negative sentiment in IT stocks, brokers said. Stocks of software services exporter such as TCS, Infosys, Wipro and Tech Mahindra were the worst hit on the bourses with shares falling up to 3.55 per cent. Other laggards were PowerGrid, RIL, Bajaj Auto, Tata Steel, M&M, Hero MotoCorp, Vedanta, NTPC, IndusInd Bank, L&T, ONGC, HDFC Ltd, ITC Ltd, ICICI Bank, HUL, Bharti Airtel and Coal India, falling up to 2.77 per cent. Among the gainers, shares of private lender Yes Bank was the top performer, climbing 2.83 per cent after it reassured that the recent resignations bear no impact on the CEO selection process and that efforts are underway for mutual resolution with co-promoter Madhu Kapur and family. Axis Bank, Adani Ports, SBI, Asian Paints, Maruti Suzuki, Sun Pharma, Tata Motors, HDFC Bank and Kotak Bank also ended higher with gains up to 2.20 per cent. Shares of aviation and oil marketing companies surged due to sharp drop of nearly 7 per cent in global crude oil prices. Spicejet, Jet Airways and InterGlobe rose up to 5.63 per cent. Shares of state-run oil marketing companies such as IOC, HPCL and BPCL, gained up to 1.76 per cent. Brent crude, the oil prices international benchmark, fell 6.92 per cent to USD 62.17 a barrel on Tuesday on excess supply concerns. Sector-wise, the BSE IT index emerged biggest loser by plunging 2.92 per cent, followed by teck 2.47 per cent, power 1.04 per cent, metal 0.78 per cent, capital goods 0.58 per cent and FMCG 0.26 per cent, oil&gas 0.12 per cent and auto 0.08 per cent. In contrast, realty, healthcare, consumer durables, bankex, PSU and infrastructure ended higher, rising up to 1.53 per cent. Meanwhile, foreign institutional investors (FIIs) sold shares worth a net of Rs 753.17 crore, while domestic institutional investors (DIIs) offloaded shares worth Rs 44.06 crore Tuesday, as per provisional data. Elsewhere in Asia, Japan's Nikkei fell 0.35 per cent, Korea's KOSPI down 0.29 per cent and Taiwan fell 0.03 per cent. However, Hong Kong's Hang Seng rose 0.51 per cent and Shanghai Composite Index up 0.21 per cent. In Europe, most markets remained firm in their early session. Frankfurt's DAX rose 0.86 per cent, while Paris CAC up 0.58 per cent. London's FTSE too gained 0.83 per cent.

Sensex drops 275 points, Nifty slips below 10,600 on global sell-off

Six years since its first launch, the Ertiga has been quite the favourite among Indian car buyers - playing a major role in Maruti Suzuki’s annual sales figures. The country's largest automaker, with an eye on boosting the numbers, has now launched the 2018 edition of the seven-seater at a starting price of Rs 7.44 lakh (ex-showroom).

The 2018 edition of Ertiga gets a price hike over the outgoing model but there are several new additions which seek to justify this. For starters, the car - although similar in terms of the overall silhouette – looks a lot more contemporary than the outgoing model. This is courtesy its double-barrel headlamps, chrome grille, 20-spoke alloys and waterfall-themed taillights on the outside. On the inside, the car now gets a floating infotainment screen, flat-bottomed steering wheel and promises to have more space for passengers.

Space is key in an MPV and Maruti designers say special attention was given to this aspect of the car. The new Ertiga is 99mm longer and 40mm wider&nbsp; than the older version and although the wheelbase remains the same at 2740mm, there is more space in the third row where the seats can now be individually reclined. It may still not be the best place to stretch out but it can be adequate for adults for short drives and more than enough for kids on drives of any duration. The boot space too sees a bump up to 153 litres from 135 litres in the older version.

The most notable change, however, may well be under the hood with the new Ertiga getting the same petrol option that was seen in the new Ciaz launched earlier this year.&nbsp; The 1.4-litre unit has been replaced with a 1.5-litre motor with mild-hybrid SHVS system. The company says that the car now has peak power stats of 105Ps and peak torque of 138Nm but that it does not affect fuel efficiency. The ARAI-approved figures stand at 19.34kmpl (petrol manual) and 18.69kmpl (petrol automatic).

For patrons of diesel, there is not much happening in terms of the engine with the same DDis 200, 1.3-litre turbocharged unit with SHVS mild hybrid system being carried forward. The fuel efficiency figures reportedly see a minor bump up to 25.47kmpl.

On the safety front, the car gets ABS with EBD, dual airbags, Electronic Stability Program (ESP) and Hill Hold Assist. The company says 35 crash tests from different sides was performed on the car to ensure it complies with Indian safety regulations.

The new Ertiga may still not have a direct rival in the MPV segment - at its price bracket. But the launch of Mahindra Marazzo and the ever-growing popularity of five-seater compact SUVs will remain a factor that could define how much success Maruti’s new car achieves.

Full price list (ex showroom):

LXi: Rs 7.44L 
VXi: Rs 8.16L 
ZXi: Rs 8.99L 
ZXi+: Rs9.50L 
VXi auto: Rs 9.18L 
ZXi auto: Rs 9.95L 
LDi: Rs 8.84L 
VDi: Rs 9.56L 
ZDi: Rs 10.39L 
ZDi+: Rs 10.90L

Six years since its first launch, the Ertiga has been quite the favourite among Indian car buyers - playing a major role in Maruti Suzuki’s annual sales figures.

Six years since its first launch, the Ertiga has been quite the favourite among Indian car buyers - playing a major role in Maruti Suzuki’s annual sales figures. The country's largest automaker, with an eye on boosting the numbers, has now launched the 2018 edition of the seven-seater at a starting price of Rs 7.44 lakh (ex-showroom). The 2018 edition of Ertiga gets a price hike over the outgoing model but there are several new additions which seek to justify this. For starters, the car - although similar in terms of the overall silhouette – looks a lot more contemporary than the outgoing model. This is courtesy its double-barrel headlamps, chrome grille, 20-spoke alloys and waterfall-themed taillights on the outside. On the inside, the car now gets a floating infotainment screen, flat-bottomed steering wheel and promises to have more space for passengers. Space is key in an MPV and Maruti designers say special attention was given to this aspect of the car. The new Ertiga is 99mm longer and 40mm wider than the older version and although the wheelbase remains the same at 2740mm, there is more space in the third row where the seats can now be individually reclined. It may still not be the best place to stretch out but it can be adequate for adults for short drives and more than enough for kids on drives of any duration. The boot space too sees a bump up to 153 litres from 135 litres in the older version. The most notable change, however, may well be under the hood with the new Ertiga getting the same petrol option that was seen in the new Ciaz launched earlier this year. The 1.4-litre unit has been replaced with a 1.5-litre motor with mild-hybrid SHVS system. The company says that the car now has peak power stats of 105Ps and peak torque of 138Nm but that it does not affect fuel efficiency. The ARAI-approved figures stand at 19.34kmpl (petrol manual) and 18.69kmpl (petrol automatic). For patrons of diesel, there is not much happening in terms of the engine with the same DDis 200, 1.3-litre turbocharged unit with SHVS mild hybrid system being carried forward. The fuel efficiency figures reportedly see a minor bump up to 25.47kmpl. On the safety front, the car gets ABS with EBD, dual airbags, Electronic Stability Program (ESP) and Hill Hold Assist. The company says 35 crash tests from different sides was performed on the car to ensure it complies with Indian safety regulations. The new Ertiga may still not have a direct rival in the MPV segment - at its price bracket. But the launch of Mahindra Marazzo and the ever-growing popularity of five-seater compact SUVs will remain a factor that could define how much success Maruti’s new car achieves. Full price list (ex showroom): LXi: Rs 7.44L VXi: Rs 8.16L ZXi: Rs 8.99L ZXi+: Rs9.50L VXi auto: Rs 9.18L ZXi auto: Rs 9.95L LDi: Rs 8.84L VDi: Rs 9.56L ZDi: Rs 10.39L ZDi+: Rs 10.90L

Ertiga MPV launched at starting price of Rs 7.44 lakh

Continuing its rising spree for the sixth straight day, the rupee appreciated by another 29 paise to trade at the nearly three-month high of 71.38 against the dollar in opening trade Tuesday on persistent foreign fund inflows.

Besides, the dollar's weakness against some currencies overseas also supported the rupee.

The domestic unit opened with strength at Rs 71.39 at the Interbank Foreign Exchange and advanced further to trade at 71.38 against the US dollar. This is the highest level since September 4.

Meanwhile, the Reserve Bank and the government Monday agreed to refer to an expert committee the contentious issue of the appropriate size of reserves that the RBI must hold, while restructuring of stressed loans of small businesses would be considered by the central bank.

The domestic currency had gained 26 paise to end at a 10-week high of 71.67 against the dollar Tuesday supported by steady forex inflows amid a crucial RBI board meeting.

Foreign Institutional Investors (Fiis) bought shares worth Rs 1,103.36 crore Tuesday, as per provisional data.

Meanwhile, the benchmark BSE Sensex slipped by 104.41 points, or 0.29 per cent, to 35,670.47 in opening trade.

Continuing its rising spree for the sixth straight day, the rupee appreciated by another 29 paise to trade at the nearly three-month high of 71.38 against the dollar in opening trade Tuesday on persistent foreign fund inflows.

Continuing its rising spree for the sixth straight day, the rupee appreciated by another 29 paise to trade at the nearly three-month high of 71.38 against the dollar in opening trade Tuesday on persistent foreign fund inflows. Besides, the dollar's weakness against some currencies overseas also supported the rupee. The domestic unit opened with strength at Rs 71.39 at the Interbank Foreign Exchange and advanced further to trade at 71.38 against the US dollar. This is the highest level since September 4. Meanwhile, the Reserve Bank and the government Monday agreed to refer to an expert committee the contentious issue of the appropriate size of reserves that the RBI must hold, while restructuring of stressed loans of small businesses would be considered by the central bank. The domestic currency had gained 26 paise to end at a 10-week high of 71.67 against the dollar Tuesday supported by steady forex inflows amid a crucial RBI board meeting. Foreign Institutional Investors (Fiis) bought shares worth Rs 1,103.36 crore Tuesday, as per provisional data. Meanwhile, the benchmark BSE Sensex slipped by 104.41 points, or 0.29 per cent, to 35,670.47 in opening trade.

Rupee strengthens 29 paise to 71.38 against US dollar

The stock market indices opened lower on Tuesday tracking weak global cues. The&nbsp;Sensex slumped 131 points to 35,643 in the opening trade, while the broader Nifty 50 opened below the psychological 10,750-mark.

Yesterday, BSE benchmark Sensex rallied over 300 points to end at over a six-week high of 35,774.88 as investors widened their portfolios ahead of the RBI's board meet outcome amid foreign fund inflows.

Also, positive cues from other Asian markets and a firm opening in European shares buoyed investor sentiment here.

Meanwhile, Continuing its rising spree for the sixth straight day, the rupee appreciated by another 29 paise to trade at a nearly three-month high of 71.38 against the dollar in opening trade on persistent foreign fund inflows.

The stock market indices opened lower on Tuesday tracking weak global cues. The Sensex slumped 131 points to 35,643 in the opening trade, while the broader Nifty 50 opened below the psychological 10,750-mark.

The stock market indices opened lower on Tuesday tracking weak global cues. The Sensex slumped 131 points to 35,643 in the opening trade, while the broader Nifty 50 opened below the psychological 10,750-mark. Yesterday, BSE benchmark Sensex rallied over 300 points to end at over a six-week high of 35,774.88 as investors widened their portfolios ahead of the RBI's board meet outcome amid foreign fund inflows. Also, positive cues from other Asian markets and a firm opening in European shares buoyed investor sentiment here. Meanwhile, Continuing its rising spree for the sixth straight day, the rupee appreciated by another 29 paise to trade at a nearly three-month high of 71.38 against the dollar in opening trade on persistent foreign fund inflows.

Sensex opens 100 points down, Nifty below 10,750

Asian stock markets skidded on Tuesday, extending sharp losses on Wall Street as technology firms bore the brunt of worries about slackening demand, while the dollar sagged after weak US data further sapped confidence in the currency.

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.9 per cent.

The Shanghai Composite Index retreated 1 per cent, Australian stocks lost 0.9 per cent and tech-heavy South Korean shares dropped 0.8 per cent.

In Seoul, Samsung Electronics fell 1.8 per cent and SK Hynix Inc dropped 2.8 per cent, while Japan's Tokyo Electron was down 1.4 per cent, Advantest lost 1.2 per cent and Sony Corp shed 2.6 per cent.

Japan's Nikkei slipped 0.9 per cent. Shares of Nissan Motor Co tumbled 4.3 per cent after its Chairman Carlos Ghosn was arrested on Monday for alleged financial misconduct and will be fired from the board this week.

"By under-reporting his corporate salary, he basically deprived Nissan's shareholders of opportunities to judge if the amount of his salary was appropriate," said Toru Ibayashi, executive director of Wealth Management at UBS Securities Japan."This incident will make investors review if Japanese corporate governance is working."

US stocks came under heavy selling on Monday, with Nasdaq tumbling 3 per cent, as investors dumped Apple, internet and other technology shares. Conflicting signals between the United States and China on their trade dispute added to caution.

"The drop by US stocks will cut short any attempt by equity markets to mount a sustained bounce. Investor sentiment has been subdued by lingering weakness in US technology shares," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management in Tokyo.

Worries of a peak in corporate earnings growth amid rising borrowing costs, slowing global economic momentum and international trade tensions triggered a shakeout in stocks over the past two months, with trillions of dollars wiped off equities in a particularly torrid October month.

In currencies, the dollar struggled at a near two-week low against a basket of currencies.

The greenback was hit after data released on Monday showed US homebuilder sentiment recorded its steepest one-month drop in over 4-1/2 years in November.

The dollar had also been weighed down after Fed Vice Chair Richard Clarida and Dallas Fed President Robert Kaplan late last week raised concerns over a potential global slowdown.

The US currency has rallied strongly this year, buoyed by three Fed rate hikes and a robust economy, though some expect the bull run may be nearing an end.

With long-term US Treasury yields slipping to a seven-week low of 3.052 per cent in the wake of weaker stocks and US housing data, the dollar index against a basket of six major currencies hovered near 96.120, an 11-day low plumbed on Monday.

The euro was little changed at $1.1448 after gaining 0.35 per cent overnight.

The dollar slipped to a three-week low of 112.40 yen and last traded at 112.58.

The Australian dollar, sensitive to shifts in risk sentiment, was steady at $0.7294 after losing 0.5 per cent the previous day.

Crude oil ran out of steam after gaining the previous day on the reported drawdown of US oil inventories, potential European Union sanctions on Iran and possible OPEC production cuts.

US crude futures were flat at $57.20 per barrel and Brent slipped 0.1 per cent to $66.72 per barrel.

Asian stock markets skidded on Tuesday, extending sharp losses on Wall Street as technology firms bore the brunt of worries about slackening demand, while the dollar sagged after weak US data further sapped confidence in the currency.

Asian stock markets skidded on Tuesday, extending sharp losses on Wall Street as technology firms bore the brunt of worries about slackening demand, while the dollar sagged after weak US data further sapped confidence in the currency. MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.9 per cent. The Shanghai Composite Index retreated 1 per cent, Australian stocks lost 0.9 per cent and tech-heavy South Korean shares dropped 0.8 per cent. In Seoul, Samsung Electronics fell 1.8 per cent and SK Hynix Inc dropped 2.8 per cent, while Japan's Tokyo Electron was down 1.4 per cent, Advantest lost 1.2 per cent and Sony Corp shed 2.6 per cent. Japan's Nikkei slipped 0.9 per cent. Shares of Nissan Motor Co tumbled 4.3 per cent after its Chairman Carlos Ghosn was arrested on Monday for alleged financial misconduct and will be fired from the board this week. "By under-reporting his corporate salary, he basically deprived Nissan's shareholders of opportunities to judge if the amount of his salary was appropriate," said Toru Ibayashi, executive director of Wealth Management at UBS Securities Japan."This incident will make investors review if Japanese corporate governance is working." US stocks came under heavy selling on Monday, with Nasdaq tumbling 3 per cent, as investors dumped Apple, internet and other technology shares. Conflicting signals between the United States and China on their trade dispute added to caution. "The drop by US stocks will cut short any attempt by equity markets to mount a sustained bounce. Investor sentiment has been subdued by lingering weakness in US technology shares," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management in Tokyo. Worries of a peak in corporate earnings growth amid rising borrowing costs, slowing global economic momentum and international trade tensions triggered a shakeout in stocks over the past two months, with trillions of dollars wiped off equities in a particularly torrid October month. In currencies, the dollar struggled at a near two-week low against a basket of currencies. The greenback was hit after data released on Monday showed US homebuilder sentiment recorded its steepest one-month drop in over 4-1/2 years in November. The dollar had also been weighed down after Fed Vice Chair Richard Clarida and Dallas Fed President Robert Kaplan late last week raised concerns over a potential global slowdown. The US currency has rallied strongly this year, buoyed by three Fed rate hikes and a robust economy, though some expect the bull run may be nearing an end. With long-term US Treasury yields slipping to a seven-week low of 3.052 per cent in the wake of weaker stocks and US housing data, the dollar index against a basket of six major currencies hovered near 96.120, an 11-day low plumbed on Monday. The euro was little changed at $1.1448 after gaining 0.35 per cent overnight. The dollar slipped to a three-week low of 112.40 yen and last traded at 112.58. The Australian dollar, sensitive to shifts in risk sentiment, was steady at $0.7294 after losing 0.5 per cent the previous day. Crude oil ran out of steam after gaining the previous day on the reported drawdown of US oil inventories, potential European Union sanctions on Iran and possible OPEC production cuts. US crude futures were flat at $57.20 per barrel and Brent slipped 0.1 per cent to $66.72 per barrel.

Stock markets tumble on tech sell-off, dollar sags