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India Inc Monday complimented reforms undertaken by the Prime Minister Narendra Modi-led government to improve the business environment. The country’s rise to the 77th spot in World Bank’s ‘Doing Business’ Report was an outcome of the ‘relentless and untiring’ efforts made by the prime minister, the industry noted.

In his opening remarks at a meeting called on ease of doing business ranking with the Indian industry, the Prime Minister set an ambitious target of India breaking into top 50 nations on the World Bank’s ease of doing business ranking and said efforts are on to nearly double the size of country’s economy to USD 5 trillion.

Top industrialists including Mahindra Group Chairman Anand Mahindra, Vedanta Resources Executive Chairman Anil Agarwal, CII President Rakesh Bharti Mittal, Kotak Mahindra Bank CEO Uday Kotak, Paytm Founder Vijay Shekhar Sharma and Assocham President B K Goenka, among others, attended the meeting, sources said.

“PM Modi’s progressive reforms have helped India move up the ‘ease of doing business’ index. Some more push in the natural resources sector &amp; encouraging domestic exploration &amp; production will help India break into top 30, bringing more investment, growth &amp; prosperity,” Agarwal said in a tweet. “When he (PM) outlined the target of India’s ranking at 50 in the World Bank Doing Business report, we wondered how could we make it possible.

“In the last four years, under his (PM’s) relentless, untiring and proactive leadership and guidance, continuous monitoring, the endeavour has proceeded with the greatest energy and vigour,” Mittal said.

“I think everybody was confident that many of these things (reforms) will go very positively in improving the rank of India in the World Bank ranking of ease of doing business.

“Another significant discussion was about bringing states and districts on board and make sure that these rankings are held not only at the state level but also at the district level,” Assocham Secretary General Uday Kumar Verma said.

India Inc Monday complimented reforms undertaken by the Prime Minister Narendra Modi-led government to improve the business environment. The country’s rise to the 77th spot in World Bank’s ‘Doing Business’ Report was an outcome of the ‘relentless and untiring’ efforts made by the prime minister, the industry noted.

India Inc Monday complimented reforms undertaken by the Prime Minister Narendra Modi-led government to improve the business environment. The country’s rise to the 77th spot in World Bank’s ‘Doing Business’ Report was an outcome of the ‘relentless and untiring’ efforts made by the prime minister, the industry noted. In his opening remarks at a meeting called on ease of doing business ranking with the Indian industry, the Prime Minister set an ambitious target of India breaking into top 50 nations on the World Bank’s ease of doing business ranking and said efforts are on to nearly double the size of country’s economy to USD 5 trillion. Top industrialists including Mahindra Group Chairman Anand Mahindra, Vedanta Resources Executive Chairman Anil Agarwal, CII President Rakesh Bharti Mittal, Kotak Mahindra Bank CEO Uday Kotak, Paytm Founder Vijay Shekhar Sharma and Assocham President B K Goenka, among others, attended the meeting, sources said. “PM Modi’s progressive reforms have helped India move up the ‘ease of doing business’ index. Some more push in the natural resources sector & encouraging domestic exploration & production will help India break into top 30, bringing more investment, growth & prosperity,” Agarwal said in a tweet. “When he (PM) outlined the target of India’s ranking at 50 in the World Bank Doing Business report, we wondered how could we make it possible. “In the last four years, under his (PM’s) relentless, untiring and proactive leadership and guidance, continuous monitoring, the endeavour has proceeded with the greatest energy and vigour,” Mittal said. “I think everybody was confident that many of these things (reforms) will go very positively in improving the rank of India in the World Bank ranking of ease of doing business. “Another significant discussion was about bringing states and districts on board and make sure that these rankings are held not only at the state level but also at the district level,” Assocham Secretary General Uday Kumar Verma said.

Ease of doing business 2.0: Govt to foster competition at district level

Nissan and Mitsubishi shares plunged Tuesday, as the automakers prepared to oust chairman Carlos Ghosn a day after he was arrested for alleged financial misconduct.

Ghosn's arrest sent shockwaves through the auto industry, where he was a towering figure, as well as Tokyo markets, which opened lower as Nissan fell more than six per cent.

And his legacy appeared in danger of total collapse, with his own handpicked successor as Nissan CEO accusing Ghosn of accruing too much power, in what he called the "dark side" of his leadership.

The spectacular fall of the Brazil-born executive also raised questions about the future of the sometimes fractious alliance he led of Nissan, Mitsubishi and Renault.

Both Nissan and Mitsubishi have said they will propose his removal as chairman, with Renault's board also meeting to discuss his fate.

On Tuesday there were still many unanswered questions about the allegations against a man long credited with an almost magical ability to turn around ailing auto companies.

Nissan's CEO said a months-long investigation prompted by a whistleblower had uncovered years of financial wrongdoing, including under-reporting of Ghosn's salary and misuse of company assets.

Prosecutors said they were holding him as they investigated allegations he had under-reported his income by around five billion yen ($44.5 million) over five years.

The shock of his arrest was compounded by the harsh language levelled against him by Nissan CEO, Hiroto Saikawa, who in a press conference accused Ghosn of accruing too much power.

"Too much authority was given to one person in terms of governance," he told reporters at Nissan's headquarters in Yokohama on Monday.

"I have to say that this is a dark side of the Ghosn era which lasted for a long time."

Saikawa said he was still thinking through whether Ghosn was "a charismatic figure or a tyrant."

'Years of financial misconduct'

It was an almost unthinkable turn of events for Ghosn, 64, who had earned a virtually unparalleled reputation, particularly in Japan, for his role in resurrecting Nissan.

Ghosn has dominated the country's corporate landscape and is a well-known figure among the general public, who know him as "Mr Fix It", partly through a popular manga comic of his life story.

But the tables had turned Tuesday, with the Yomiuri Shimbun described executives at Nissan slamming Ghosn as "greedy."

"He says the right things, but in the end, it's all about money," the daily quoted employees as saying.

It was unclear how long Ghosn could be held, or even when prosecutors would officially announce the charges against him.&nbsp;

Nissan said it had uncovered years of financial misconduct by Ghosn and Representative Director Greg Kelly, including under-reporting of income and inappropriate personal use of company assets.

Saikawa gave few details and refused to confirm reports that Ghosn under-reported his income by 5 billion yen, or around $44 million, over five years from 2011.&nbsp;

He said an ongoing investigation limited what details could be shared, and refused to be drawn on whether other people were involved, saying only: "These two gentlemen are the masterminds, that is definite."

Saikawa insisted the partnership among Nissan, Renault and Mitsubishi "will not be affected by this event," but had no details on how the other firms would respond, or who might succeed Ghosn.

The news sparked concern in France, where the state owns a 15 per cent stake in Renault. President Emmanuel Macron said Paris would be "extremely vigilant" about the stability of the firm and its three-way tie-up.

And French Finance Minister Bruno Le Maire said the government would "do everything as a shareholder represented on Renault's board to ensure operational continuity and stable governance at Renault."

Despite his international renown and rock-star status, particularly in Japan, where he was a rare foreign-born executive, Ghosn was not without detractors.

He earned admiration but also anger for his ruthless restructuring at firms like Nissan, and was nicknamed "Le Cost Cutter" in France.

And his pay packet was regularly the subject of criticism, including at Renault, where it sparked a spat with shareholders.

Nissan and Mitsubishi shares plunged Tuesday, as the automakers prepared to oust chairman Carlos Ghosn a day after he was arrested for alleged financial misconduct.

Nissan and Mitsubishi shares plunged Tuesday, as the automakers prepared to oust chairman Carlos Ghosn a day after he was arrested for alleged financial misconduct. Ghosn's arrest sent shockwaves through the auto industry, where he was a towering figure, as well as Tokyo markets, which opened lower as Nissan fell more than six per cent. And his legacy appeared in danger of total collapse, with his own handpicked successor as Nissan CEO accusing Ghosn of accruing too much power, in what he called the "dark side" of his leadership. The spectacular fall of the Brazil-born executive also raised questions about the future of the sometimes fractious alliance he led of Nissan, Mitsubishi and Renault. Both Nissan and Mitsubishi have said they will propose his removal as chairman, with Renault's board also meeting to discuss his fate. On Tuesday there were still many unanswered questions about the allegations against a man long credited with an almost magical ability to turn around ailing auto companies. Nissan's CEO said a months-long investigation prompted by a whistleblower had uncovered years of financial wrongdoing, including under-reporting of Ghosn's salary and misuse of company assets. Prosecutors said they were holding him as they investigated allegations he had under-reported his income by around five billion yen ($44.5 million) over five years. The shock of his arrest was compounded by the harsh language levelled against him by Nissan CEO, Hiroto Saikawa, who in a press conference accused Ghosn of accruing too much power. "Too much authority was given to one person in terms of governance," he told reporters at Nissan's headquarters in Yokohama on Monday. "I have to say that this is a dark side of the Ghosn era which lasted for a long time." Saikawa said he was still thinking through whether Ghosn was "a charismatic figure or a tyrant." 'Years of financial misconduct' It was an almost unthinkable turn of events for Ghosn, 64, who had earned a virtually unparalleled reputation, particularly in Japan, for his role in resurrecting Nissan. Ghosn has dominated the country's corporate landscape and is a well-known figure among the general public, who know him as "Mr Fix It", partly through a popular manga comic of his life story. But the tables had turned Tuesday, with the Yomiuri Shimbun described executives at Nissan slamming Ghosn as "greedy." "He says the right things, but in the end, it's all about money," the daily quoted employees as saying. It was unclear how long Ghosn could be held, or even when prosecutors would officially announce the charges against him. Nissan said it had uncovered years of financial misconduct by Ghosn and Representative Director Greg Kelly, including under-reporting of income and inappropriate personal use of company assets. Saikawa gave few details and refused to confirm reports that Ghosn under-reported his income by 5 billion yen, or around $44 million, over five years from 2011. He said an ongoing investigation limited what details could be shared, and refused to be drawn on whether other people were involved, saying only: "These two gentlemen are the masterminds, that is definite." Saikawa insisted the partnership among Nissan, Renault and Mitsubishi "will not be affected by this event," but had no details on how the other firms would respond, or who might succeed Ghosn. The news sparked concern in France, where the state owns a 15 per cent stake in Renault. President Emmanuel Macron said Paris would be "extremely vigilant" about the stability of the firm and its three-way tie-up. And French Finance Minister Bruno Le Maire said the government would "do everything as a shareholder represented on Renault's board to ensure operational continuity and stable governance at Renault." Despite his international renown and rock-star status, particularly in Japan, where he was a rare foreign-born executive, Ghosn was not without detractors. He earned admiration but also anger for his ruthless restructuring at firms like Nissan, and was nicknamed "Le Cost Cutter" in France. And his pay packet was regularly the subject of criticism, including at Renault, where it sparked a spat with shareholders.

Nissan shares plunge as Ghosn faces ouster after arrest

State-run oil-marketing companies continued to cut the prices of key transport fuels — petrol and diesel — well into the fifth week on Tuesday on lower global crude oil prices.

In New Delhi, petrol is being sold at Rs 76.38 per litre after a decrease of 14 paise, and diesel at Rs 71.27 per litre after a decrease of 12 paise.

Meanwhile, in Mumbai petrol is retailing 14 paise lower at Rs 81.90 per litre and diesel at Rs 74.66 after a decrease of 13 paise.

The rates of fuel across India are witnessing a continuous decline due to a fall in the prices of crude oil.

The United States recently softened its stand on Iran`s sanctions and gave its nod to eight countries to continue importing oil from Iran temporarily.&nbsp;

The list of countries includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates, and Taiwan.

(With inputs from agencies)

State-run oil-marketing companies continued to cut the prices of key transport fuels — petrol and diesel — well into the fifth week on Tuesday on lower global crude oil prices.

State-run oil-marketing companies continued to cut the prices of key transport fuels — petrol and diesel — well into the fifth week on Tuesday on lower global crude oil prices. In New Delhi, petrol is being sold at Rs 76.38 per litre after a decrease of 14 paise, and diesel at Rs 71.27 per litre after a decrease of 12 paise. Meanwhile, in Mumbai petrol is retailing 14 paise lower at Rs 81.90 per litre and diesel at Rs 74.66 after a decrease of 13 paise. The rates of fuel across India are witnessing a continuous decline due to a fall in the prices of crude oil. The United States recently softened its stand on Iran`s sanctions and gave its nod to eight countries to continue importing oil from Iran temporarily. The list of countries includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates, and Taiwan. (With inputs from agencies)

Fuel prices continue to slide as global crude rates ease

Oil prices edged up on Tuesday as markets expected producer club OPEC to agree to supply cuts at their next meeting on December 6, aimed at preventing oversupply amid slowing demand growth and a surge in output from the United States.

US&nbsp;West Texas Intermediate (WTI) crude futures, were at $57.32 per barrel at 0048 GMT, up 12 cents, or 0.2 per cent from their last settlement.

Front-month Brent crude oil futures&nbsp;had yet to trade.

Reuters' technical commodity analyst Wang Tao said on Tuesday Brent may rise into a range of $67.60 to $69.04 per barrel and WTI to $58.29 a barrel in the short-term.

The Organisation of the Petroleum Exporting Countries (OPEC), de facto led by Saudi Arabia, is pushing for the producer cartel and its allies to cut 1 million to 1.4 million barrels per day (bpd) of supply to adjust for a slowdown in demand growth and prevent oversupply.

"Fundamentals over the next six months point to a recovery in oil prices following their sharp decline in October and early November," BNP Paribas said.

The French bank said this was due to "sizeable" losses in Iranian exports expected because of US sanctions against Tehran and because of risks of disruptions in Venezuela and also Libya and Nigeria.

"Meanwhile, producers are considering supply reductions in response and we expect OPEC to agree to a supply cut at its next official meeting on 6 December," BNP said.

The bank, therefore, said it expected Brent to recover to $80 per barrel before the year-end.

"In 2019, we expect WTI to average $69 per barrel and Brent $76 per barrel," BNP said.

Despite the gains, crude prices remain almost a quarter below their recent peaks in early October, weighed down by surging supply and a slowdown in demand growth.

This comes as supply in the United States is surging, with crude oil production&nbsp;up by almost a quarter this year, to a record 11.7 million bpd.

Oil prices edged up on Tuesday as markets expected producer club OPEC to agree to supply cuts at their next meeting on December 6, aimed at preventing oversupply amid slowing demand growth and a surge in output from the United States.

Oil prices edged up on Tuesday as markets expected producer club OPEC to agree to supply cuts at their next meeting on December 6, aimed at preventing oversupply amid slowing demand growth and a surge in output from the United States. US West Texas Intermediate (WTI) crude futures, were at $57.32 per barrel at 0048 GMT, up 12 cents, or 0.2 per cent from their last settlement. Front-month Brent crude oil futures had yet to trade. Reuters' technical commodity analyst Wang Tao said on Tuesday Brent may rise into a range of $67.60 to $69.04 per barrel and WTI to $58.29 a barrel in the short-term. The Organisation of the Petroleum Exporting Countries (OPEC), de facto led by Saudi Arabia, is pushing for the producer cartel and its allies to cut 1 million to 1.4 million barrels per day (bpd) of supply to adjust for a slowdown in demand growth and prevent oversupply. "Fundamentals over the next six months point to a recovery in oil prices following their sharp decline in October and early November," BNP Paribas said. The French bank said this was due to "sizeable" losses in Iranian exports expected because of US sanctions against Tehran and because of risks of disruptions in Venezuela and also Libya and Nigeria. "Meanwhile, producers are considering supply reductions in response and we expect OPEC to agree to a supply cut at its next official meeting on 6 December," BNP said. The bank, therefore, said it expected Brent to recover to $80 per barrel before the year-end. "In 2019, we expect WTI to average $69 per barrel and Brent $76 per barrel," BNP said. Despite the gains, crude prices remain almost a quarter below their recent peaks in early October, weighed down by surging supply and a slowdown in demand growth. This comes as supply in the United States is surging, with crude oil production up by almost a quarter this year, to a record 11.7 million bpd.

Oil prices edge up on expected OPEC supply cuts

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.

Sentiment took a hit on weakness in other Asian and European markets following overnight losses at the Wall Street as technology firms lost on worries over slackening demand, brokers said.

They said, the outcome of the Reserve Bank board's meet also failed to impress investors.

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 index had risen 633 points in the last two sessions on the back of increased foreign fund inflows.

The 50-share NSE Nifty too dropped by 107.20 points, or 1 per cent, to 10,656.20. Intra-day, it traded between 10,640.85 and 10,740.85.

The rupee continued its rising spree for the sixth straight day, and strengthened by another 20 paise to trade at nearly three-month high of 71.47 against the dollar in late afternoon trade after the outcome from Monday's RBI board's meet removed uncertainty over a growing rift over policy decisions between the government and the central bank.

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.

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. Sentiment took a hit on weakness in other Asian and European markets following overnight losses at the Wall Street as technology firms lost on worries over slackening demand, brokers said. They said, the outcome of the Reserve Bank board's meet also failed to impress investors. 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 index had risen 633 points in the last two sessions on the back of increased foreign fund inflows. The 50-share NSE Nifty too dropped by 107.20 points, or 1 per cent, to 10,656.20. Intra-day, it traded between 10,640.85 and 10,740.85. The rupee continued its rising spree for the sixth straight day, and strengthened by another 20 paise to trade at nearly three-month high of 71.47 against the dollar in late afternoon trade after the outcome from Monday's RBI board's meet removed uncertainty over a growing rift over policy decisions between the government and the central bank.

After three-day rally, Sensex falls 300 points

The Reserve Bank of India (RBI) estimates that Indian banks will have capacity to lend an extra 2.5 trillion rupees to 3.0 trillion rupees ($35 billion to $42 billion) over the next year after it decided to relax a deadline for lenders to boost capital ratios, two sources aware of discussions on the matter said on Tuesday.

<a href="http://www.wionews.com/business-economy/govt-to-continue-pressing-rbi-for-relaxing-norms-funds-sources-175945">Under pressure from Prime Minister Narendra Modi's government</a> to spur lending ahead of elections, the RBI agreed at its board meeting on Monday to extend a deadline for lenders to further lift capital conservation buffers by a year to March 31.

The relaxation will also reduce banks' capital requirements by about 300 billion to 350 billion rupees of capital, the two sources said, adding that the numbers were shared by the RBI at the board meeting.

The relaxation is a credit negative for Indian banks, international credit rating agency Moody's Investors Services said.

During Monday's nine-hour meeting, the board advised the central bank to act to support small businesses and give banks more time to step up capital norms. The government had been lobbying furiously for such moves for weeks.

"The RBI has agreed at the board meeting to allow banks to restructure the stressed loans to small and medium size companies," the first source told Reuters, though the central bank had not been so specific in its press statement on Monday.

NO FIREWORKS

The RBI's board meeting, usually a staid affair, came sharply into focus after top government officials pressed the RBI to ease lending and capital rules for banks, provide more liquidity to the shadow banking sector, support lending to small businesses and let the government use more of the RBI's surplus reserves to boost the economy.

"The broad concern that board members wanted the RBI to address was that no one should be starved of credit," the second source said.

The source said there were no fireworks at the meeting unlike during the run-up, when strains between the government and the central bank became public, leading to speculation that Governor Urjit Patel might resign.

"Everyone was sophisticated in their behaviour and everyone participated in the discussions. All the decisions were taken with everyone's consent," the source said.

Three topics were discussed at the meeting - lending to small businesses, capital buffers for banks and the RBI's reserve adequacy. Presentations were made by RBI as well as finance ministry officials.

The Modi government wants to boost growth as it is concerned that low crop prices and difficulties faced by small businesses may dent its prospects in numerous state polls over coming weeks, and a nationwide election due by May next year.

Seeking help to bolster the economy, government officials and one independent RBI director had called for strong actions by the central bank.

Unhappy over the persistent pressure on the RBI, Deputy Governor Viral Acharya warned last month that undermining central bank independence could be "catastrophic".

The next meeting on Dec. 14 will take up issues on liquidity, risk weights and capital provisioning for banks and governance of the RBI, the first source said.

"The RBI, the government and the independent board members - all of us are on the same page when it comes to doing what's the best for the country. The only difference in opinion is on how and how much," the source added.

The Reserve Bank of India (RBI) estimates that Indian banks will have capacity to lend an extra 2.5 trillion rupees to 3.0 trillion rupees ($35 billion to $42 billion) over the next year after it decided to relax a deadline for lenders to boost capital ratios, two sources aware of discussions on the matter said on Tuesday.

The Reserve Bank of India (RBI) estimates that Indian banks will have capacity to lend an extra 2.5 trillion rupees to 3.0 trillion rupees ($35 billion to $42 billion) over the next year after it decided to relax a deadline for lenders to boost capital ratios, two sources aware of discussions on the matter said on Tuesday. Under pressure from Prime Minister Narendra Modi's government to spur lending ahead of elections, the RBI agreed at its board meeting on Monday to extend a deadline for lenders to further lift capital conservation buffers by a year to March 31. The relaxation will also reduce banks' capital requirements by about 300 billion to 350 billion rupees of capital, the two sources said, adding that the numbers were shared by the RBI at the board meeting. The relaxation is a credit negative for Indian banks, international credit rating agency Moody's Investors Services said. During Monday's nine-hour meeting, the board advised the central bank to act to support small businesses and give banks more time to step up capital norms. The government had been lobbying furiously for such moves for weeks. "The RBI has agreed at the board meeting to allow banks to restructure the stressed loans to small and medium size companies," the first source told Reuters, though the central bank had not been so specific in its press statement on Monday. NO FIREWORKS The RBI's board meeting, usually a staid affair, came sharply into focus after top government officials pressed the RBI to ease lending and capital rules for banks, provide more liquidity to the shadow banking sector, support lending to small businesses and let the government use more of the RBI's surplus reserves to boost the economy. "The broad concern that board members wanted the RBI to address was that no one should be starved of credit," the second source said. The source said there were no fireworks at the meeting unlike during the run-up, when strains between the government and the central bank became public, leading to speculation that Governor Urjit Patel might resign. "Everyone was sophisticated in their behaviour and everyone participated in the discussions. All the decisions were taken with everyone's consent," the source said. Three topics were discussed at the meeting - lending to small businesses, capital buffers for banks and the RBI's reserve adequacy. Presentations were made by RBI as well as finance ministry officials. The Modi government wants to boost growth as it is concerned that low crop prices and difficulties faced by small businesses may dent its prospects in numerous state polls over coming weeks, and a nationwide election due by May next year. Seeking help to bolster the economy, government officials and one independent RBI director had called for strong actions by the central bank. Unhappy over the persistent pressure on the RBI, Deputy Governor Viral Acharya warned last month that undermining central bank independence could be "catastrophic". The next meeting on Dec. 14 will take up issues on liquidity, risk weights and capital provisioning for banks and governance of the RBI, the first source said. "The RBI, the government and the independent board members - all of us are on the same page when it comes to doing what's the best for the country. The only difference in opinion is on how and how much," the source added.

After RBI relaxes deadline, banks will be able to lend extra $35-42 billion: Sources

US stocks dropped and the Nasdaq fell 3 per cent on Monday as investors dumped Apple, internet and other technology shares, further shaking confidence in a group of stocks that has propelled the long bull market.

Conflicting signals over the state of play between the United States and China on their trade dispute added to caution in the market.

Shares of Apple Inc fell after the Wall Street Journal reported the company had cut production orders in recent weeks for all three iPhone models launched in September.

The iPhone maker's stock dropped 4.0 per cent to $185.86 and is now down 19.9 per cent from its October 3 record closing high in the wake of a disappointing holiday quarter sales forecast and weak outlooks from several suppliers. The S&amp;P 500 technology index, down 3.8 per cent, led sector losses.

Other market leaders - including the 'FANG' stocks - also fell sharply. Shares of Facebook&nbsp;were down 5.7 per cent, Amazon.com was down 5.1 per cent, Netflix fell 5.5 per cent and Alphabet fell 3.8 per cent.

Since the FANG outperformance run peaked on August 30, the group has underperformed the S&amp;P 500 by 16.25 per cent. That is their worst underperformance since the first half of 2014 when they underperformed by around 20 per cent.

"You're seeing that rotation away from tech. Certainly, the indexes are much more growth-oriented because of the sheer size of those companies now, and they dominate the indexes," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. "You're going to have more underperformance of the growth names."

The S&amp;P utilities and real estate sectors were the only two that ended in positive territory.

The Dow Jones Industrial Average fell 395.78 points, or 1.56 per cent, to 25,017.44, the S&amp;P 500 lost 45.54 points, or 1.66 per cent, to 2,690.73 and the Nasdaq Composite dropped 219.40 points, or 3.03 per cent, to 7,028.48.

Comments by New York Federal Reserve President John Williams on Monday that the US central bank is pushing ahead with gradual rate-hike plans next month as it marches towards a more normal policy stance may have added pressure to stocks.

Some investors questioned whether the Fed will be able to continue raising interest rates, possibly harming growth.

Richard Clarida, the Fed's newly appointed vice chair, said on Friday that US rates are nearing Fed estimates of a neutral rate, which "makes sense."

Over the weekend, Asia-Pacific leaders meeting in Papua New Guinea failed to agree on a communique for the first time, with US-China trade worries on the forefront.

US Vice President Mike Pence said in a blunt speech on Saturday the United States will not back down from its trade dispute with China unless Beijing bows to US demands, dampening Friday's trade optimism that was fuelled by comments from President Donald Trump.

Shares of Apple suppliers were also hit, including Lumentum Holdings Inc, Universal Display Corp, Cirrus Logic Inc and Skyworks Solutions Inc.

The Philadelphia SE Semiconductor index, which includes some Apple suppliers, dropped 3.9 per cent, extending losses from the previous session.

"Lots of times we get a rally started the Friday after Thanksgiving, which is this week. If some of these dominos fall on the positive side, we could see this trend reverse," said Bucky Hellwig, senior vice president at BB&amp;T Wealth Management in Birmingham, Alabama.

"But right now there are several things working against the market - the Fed, the uncertainty with regard to the trade deal with China and some sector disappointments, particularly in technology."

Trading volumes were thin at the start of the holiday-shortened week ahead of Thanksgiving on Thursday and a shorter session on Friday, which brings slight volatility to markets, traders said.

About 7.7 billion shares changed hands on US exchanges. That compares with the 8.7 billion daily average for the past 20 trading days.

Declining issues outnumbered advancing ones on the NYSE by a 2.72-to-1 ratio; on Nasdaq, a 2.94-to-1 ratio favoured decliners.

The S&amp;P 500 posted 28 new 52-week highs and 18 new lows; the Nasdaq Composite recorded 17 new highs and 159 new lows.

US stocks dropped and the Nasdaq fell 3 per cent on Monday as investors dumped Apple, internet and other technology shares, further shaking confidence in a group of stocks that has propelled the long bull market.

US stocks dropped and the Nasdaq fell 3 per cent on Monday as investors dumped Apple, internet and other technology shares, further shaking confidence in a group of stocks that has propelled the long bull market. Conflicting signals over the state of play between the United States and China on their trade dispute added to caution in the market. Shares of Apple Inc fell after the Wall Street Journal reported the company had cut production orders in recent weeks for all three iPhone models launched in September. The iPhone maker's stock dropped 4.0 per cent to $185.86 and is now down 19.9 per cent from its October 3 record closing high in the wake of a disappointing holiday quarter sales forecast and weak outlooks from several suppliers. The S&P 500 technology index, down 3.8 per cent, led sector losses. Other market leaders - including the 'FANG' stocks - also fell sharply. Shares of Facebook were down 5.7 per cent, Amazon.com was down 5.1 per cent, Netflix fell 5.5 per cent and Alphabet fell 3.8 per cent. Since the FANG outperformance run peaked on August 30, the group has underperformed the S&P 500 by 16.25 per cent. That is their worst underperformance since the first half of 2014 when they underperformed by around 20 per cent. "You're seeing that rotation away from tech. Certainly, the indexes are much more growth-oriented because of the sheer size of those companies now, and they dominate the indexes," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. "You're going to have more underperformance of the growth names." The S&P utilities and real estate sectors were the only two that ended in positive territory. The Dow Jones Industrial Average fell 395.78 points, or 1.56 per cent, to 25,017.44, the S&P 500 lost 45.54 points, or 1.66 per cent, to 2,690.73 and the Nasdaq Composite dropped 219.40 points, or 3.03 per cent, to 7,028.48. Comments by New York Federal Reserve President John Williams on Monday that the US central bank is pushing ahead with gradual rate-hike plans next month as it marches towards a more normal policy stance may have added pressure to stocks. Some investors questioned whether the Fed will be able to continue raising interest rates, possibly harming growth. Richard Clarida, the Fed's newly appointed vice chair, said on Friday that US rates are nearing Fed estimates of a neutral rate, which "makes sense." Over the weekend, Asia-Pacific leaders meeting in Papua New Guinea failed to agree on a communique for the first time, with US-China trade worries on the forefront. US Vice President Mike Pence said in a blunt speech on Saturday the United States will not back down from its trade dispute with China unless Beijing bows to US demands, dampening Friday's trade optimism that was fuelled by comments from President Donald Trump. Shares of Apple suppliers were also hit, including Lumentum Holdings Inc, Universal Display Corp, Cirrus Logic Inc and Skyworks Solutions Inc. The Philadelphia SE Semiconductor index, which includes some Apple suppliers, dropped 3.9 per cent, extending losses from the previous session. "Lots of times we get a rally started the Friday after Thanksgiving, which is this week. If some of these dominos fall on the positive side, we could see this trend reverse," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama. "But right now there are several things working against the market - the Fed, the uncertainty with regard to the trade deal with China and some sector disappointments, particularly in technology." Trading volumes were thin at the start of the holiday-shortened week ahead of Thanksgiving on Thursday and a shorter session on Friday, which brings slight volatility to markets, traders said. About 7.7 billion shares changed hands on US exchanges. That compares with the 8.7 billion daily average for the past 20 trading days. Declining issues outnumbered advancing ones on the NYSE by a 2.72-to-1 ratio; on Nasdaq, a 2.94-to-1 ratio favoured decliners. The S&P 500 posted 28 new 52-week highs and 18 new lows; the Nasdaq Composite recorded 17 new highs and 159 new lows.

Wall Street tumbles as Apple, internet stocks swoon

Former Union finance minister P Chidambaram Monday expressed happiness after the government "grudgingly acknowledged" the independence of the Reserve Bank of India.

"Glad that the Government has stepped back and grudgingly acknowledged the independence of the RBI," he said on Twitter.

"My guess is that the independent directors (at least most of them) realized that the government was on a perilous course and refused to go beyond giving advice to the RBI.

"There is no harm in a technical committee examining the issue of Reserves. At least the Reserves are safe until May 2019!," Chidambaram tweeted.

Signalling a temporary truce, the Reserve Bank and the government Monday agreed to refer to an expert committee the contentious issue of 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 setting up of the committee, whose members will be decided by the government and the RBI, followed a marathon nine-hour long meeting of the central board that discussed threadbare issues that had brought the central bank and the Finance Ministry at loggerheads.&nbsp;

"The Board decided to constitute an expert committee to examine the ECF, the membership and terms of reference of which will be jointly determined by the Government of India and the RBI," the central bank said in a statement.

Former Union finance minister P Chidambaram Monday expressed happiness after the government "grudgingly acknowledged" the independence of the Reserve Bank of India.

Former Union finance minister P Chidambaram Monday expressed happiness after the government "grudgingly acknowledged" the independence of the Reserve Bank of India. "Glad that the Government has stepped back and grudgingly acknowledged the independence of the RBI," he said on Twitter. "My guess is that the independent directors (at least most of them) realized that the government was on a perilous course and refused to go beyond giving advice to the RBI. "There is no harm in a technical committee examining the issue of Reserves. At least the Reserves are safe until May 2019!," Chidambaram tweeted. Signalling a temporary truce, the Reserve Bank and the government Monday agreed to refer to an expert committee the contentious issue of 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 setting up of the committee, whose members will be decided by the government and the RBI, followed a marathon nine-hour long meeting of the central board that discussed threadbare issues that had brought the central bank and the Finance Ministry at loggerheads. "The Board decided to constitute an expert committee to examine the ECF, the membership and terms of reference of which will be jointly determined by the Government of India and the RBI," the central bank said in a statement.

Glad government acknowledged independence of RBI: Chidambaram

Bitcoin fell below US $5,000 on Monday for the first time in over a year, slumping to a fresh 13-month low on the Bitstamp platform as a broad sell-off in cryptocurrencies sparked last week gathered momentum.

As of 1645 GMT the original cryptocurrency was down 8.7 per cent at US $5,100, after breaching the landmark for the first time since October 12, 2017.

Traders said selling was largely sentiment-driven and cited fears that Thursday's "hard fork" in bitcoin cash, where the smaller coin split into two separate currencies, could destabilise others.

Bitcoin fell below US $5,000 on Monday for the first time in over a year, slumping to a fresh 13-month low on the Bitstamp platform as a broad sell-off in cryptocurrencies sparked last week gathered momentum.

Bitcoin fell below US $5,000 on Monday for the first time in over a year, slumping to a fresh 13-month low on the Bitstamp platform as a broad sell-off in cryptocurrencies sparked last week gathered momentum. As of 1645 GMT the original cryptocurrency was down 8.7 per cent at US $5,100, after breaching the landmark for the first time since October 12, 2017. Traders said selling was largely sentiment-driven and cited fears that Thursday's "hard fork" in bitcoin cash, where the smaller coin split into two separate currencies, could destabilise others.

Bitcoin breaches $5,000, plumbs fresh 13-month low

Reserve Bank of India(RBI) board <a href="http://www.wionews.com/india-news/govt-pressure-on-rbi-will-become-abundantly-clear-in-monday-meeting-board-members-178018">members N Chandrasekaran along with</a> other members are meeting today amid reports of government pushing for massive capital transfer from India's central banker.

On Saturday, finance minister Arun Jaitley had said that growth must not be "throttled" by limiting credit availability and liquidity. The government is pressing for the creation of a special liquidity window for the troubled non-bank lending sector, liberalising prompt corrective action that restricts normal lending and easier credit supply for small businesses.

The government also wants relaxation in the Prompt Corrective Action (PCA) framework for weak banks and the appropriate size of reserve to be maintained by the central bank.

Economic Affairs Secretary Subhash Chandra Garg had said earlier the government is seeking "appropriate economic capital framework of RBI".

The RBI has repeatedly said it wouldn't yield the government's demands. Reports had suggested in the past week that the government was considering using Section 7 of the RBI Act through which it can direct policy moves to be undertaken by the RBI in "public interest".

"It is necessary that the growth process does not suffer due to the cleaning up of the banking system from the "collectively committed sins" during 2008-14 when the regulatory mechanisms also overlooked high debt accumulation," finance minister Jaitley had said while taking a dig at the central banker and the previous UPA government.

Reports had said the RBI is likely to agree to easing of lending norms for MSMEs to improve credit flow. The central bank is also expected to consider special dispensation for the MSME sector and non-banking financial companies (NBFCs) which have been facing liquidity issues.

Both the government and the RBI have been at loggerheads over several issues with top government officials openly accusing the central bank of stifling India's growth by not releasing capital to spur the economy at a time when oil prices have been going down steadily once again.

RBI Governor Urjit Patel is scheduled to appear before a parliamentary panel on November 27 to brief it on various issues, including the stand-off with the government, status of the economy and demonetisation.

Reserve Bank of India(RBI) board members N Chandrasekaran along with other members are meeting today amid reports of government pushing for massive capital transfer from India's central banker.

Reserve Bank of India(RBI) board members N Chandrasekaran along with other members are meeting today amid reports of government pushing for massive capital transfer from India's central banker. On Saturday, finance minister Arun Jaitley had said that growth must not be "throttled" by limiting credit availability and liquidity. The government is pressing for the creation of a special liquidity window for the troubled non-bank lending sector, liberalising prompt corrective action that restricts normal lending and easier credit supply for small businesses. The government also wants relaxation in the Prompt Corrective Action (PCA) framework for weak banks and the appropriate size of reserve to be maintained by the central bank. Economic Affairs Secretary Subhash Chandra Garg had said earlier the government is seeking "appropriate economic capital framework of RBI". The RBI has repeatedly said it wouldn't yield the government's demands. Reports had suggested in the past week that the government was considering using Section 7 of the RBI Act through which it can direct policy moves to be undertaken by the RBI in "public interest". "It is necessary that the growth process does not suffer due to the cleaning up of the banking system from the "collectively committed sins" during 2008-14 when the regulatory mechanisms also overlooked high debt accumulation," finance minister Jaitley had said while taking a dig at the central banker and the previous UPA government. Reports had said the RBI is likely to agree to easing of lending norms for MSMEs to improve credit flow. The central bank is also expected to consider special dispensation for the MSME sector and non-banking financial companies (NBFCs) which have been facing liquidity issues. Both the government and the RBI have been at loggerheads over several issues with top government officials openly accusing the central bank of stifling India's growth by not releasing capital to spur the economy at a time when oil prices have been going down steadily once again. RBI Governor Urjit Patel is scheduled to appear before a parliamentary panel on November 27 to brief it on various issues, including the stand-off with the government, status of the economy and demonetisation.

RBI board members meet as government seeks credit, liquidity

State-run oil-marketing companies continued to cut the prices of key transport fuels — petrol and diesel — well into the fifth week on Monday on lower global crude oil prices.

In the national capital Delhi, petrol was priced at Rs 76.52 as against Rs 76.71 on Sunday and diesel was sold at Rs 71.39 as compared to Rs 71.56 yesterday, according to data available on Indian Oil Corporation website.

In the country's business capital Mumbai, petrol was sold at Rs 82.04 per litre on Monday compared to Rs 82.23 on Sunday. Diesel in Mumbai became cheaper by 18 paise to Rs 74.79.

The rates of fuel across India are witnessing a continuous decline due to a fall in the prices of crude oil. The United States recently softened its stand on Iran's sanctions and gave its nod to eight countries to continue importing oil from Iran temporarily. The list of countries includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates, and Taiwan.

(With inputs from agencies)

State-run oil-marketing companies continued to cut the prices of key transport fuels — petrol and diesel — well into the fifth week on Monday on lower global crude oil prices.

State-run oil-marketing companies continued to cut the prices of key transport fuels — petrol and diesel — well into the fifth week on Monday on lower global crude oil prices. In the national capital Delhi, petrol was priced at Rs 76.52 as against Rs 76.71 on Sunday and diesel was sold at Rs 71.39 as compared to Rs 71.56 yesterday, according to data available on Indian Oil Corporation website. In the country's business capital Mumbai, petrol was sold at Rs 82.04 per litre on Monday compared to Rs 82.23 on Sunday. Diesel in Mumbai became cheaper by 18 paise to Rs 74.79. The rates of fuel across India are witnessing a continuous decline due to a fall in the prices of crude oil. The United States recently softened its stand on Iran's sanctions and gave its nod to eight countries to continue importing oil from Iran temporarily. The list of countries includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates, and Taiwan. (With inputs from agencies)

Fuel prices continue to slide as global crude rates ease 

BSE benchmark Sensex rose nearly 200 points in early trade on Monday following gains in auto, metals, consumer durables and banking stocks amid buying by domestic institutional investors.&nbsp;

However, the oil and gas sector traded lower in early trades.

The 30-share index spurted 176.60 points, or 0.50 per cent, to 34,633.76.

Sectoral indices, led by auto, banking metal and healthcare, rose up to 0.80 per cent.

The NSE Nifty too was up by 42.95 points, or 0.40 per cent, at 10,725.15.

Today, the crucial board meeting of the Reserve Bank of India will be in focus, where contentious issues like relaxing norms for PSU banks under Prompt Corrective Action (PCA) and transfer of RBI’s reserves are likely to be discussed. Dr Reddy’s Lab, Yes Bank, Jet Airways, JSW Steel are among top stocks to track today.

In the global markets, Asian shares crept cautiously higher on Monday amid conflicting signals on the chance of a truce in the Sino-U.S. trade dispute, while the Federal Reserve’s new-found concern on the global economy undermined the dollar, said a Reuters report.

Oil prices rose by around one per cent as traders expected top exporter Saudi Arabia to push producer club OPEC to cut supply towards year-end.

BSE benchmark Sensex rose nearly 200 points in early trade on Monday following gains in auto, metals, consumer durables and banking stocks amid buying by domestic institutional investors.

BSE benchmark Sensex rose nearly 200 points in early trade on Monday following gains in auto, metals, consumer durables and banking stocks amid buying by domestic institutional investors. However, the oil and gas sector traded lower in early trades. The 30-share index spurted 176.60 points, or 0.50 per cent, to 34,633.76. Sectoral indices, led by auto, banking metal and healthcare, rose up to 0.80 per cent. The NSE Nifty too was up by 42.95 points, or 0.40 per cent, at 10,725.15. Today, the crucial board meeting of the Reserve Bank of India will be in focus, where contentious issues like relaxing norms for PSU banks under Prompt Corrective Action (PCA) and transfer of RBI’s reserves are likely to be discussed. Dr Reddy’s Lab, Yes Bank, Jet Airways, JSW Steel are among top stocks to track today. In the global markets, Asian shares crept cautiously higher on Monday amid conflicting signals on the chance of a truce in the Sino-U.S. trade dispute, while the Federal Reserve’s new-found concern on the global economy undermined the dollar, said a Reuters report. Oil prices rose by around one per cent as traders expected top exporter Saudi Arabia to push producer club OPEC to cut supply towards year-end.

Sensex rises 200 points, Nifty reclaims 10,700

The board of the Reserve Bank of India (RBI) on Monday agreed to ease liquidity for the financial sector and increase credit to small businesses, two sources present at the meeting said.

The move comes in response to pressure from Prime Minister Narendra Modi's government which faces a general election by next May and is concerned that low farm prices and difficulties small businesses face in borrowing, may hurt its prospects with voters.

Some more contentious issues were kicked down the road to be discussed by newly formed committees, the sources said.

The government has been pressuring the RBI to reduce capital ratios for banks to speed up loans to small businesses. There are five key state elections in the next few weeks and a general election due by May.

"The meeting happened in a very cordial environment. Most of the issues were resolved in an amicable manner," a board member, who attended the meeting, told Reuters.

"A panel will be formed to work out a framework to determine the reserves requirements of the RBI and transfer surplus funds to the government," the board member said.

A litany of demands from top finance ministry officials prompted warnings from RBI Deputy Governor Viral Acharya last month that undermining central bank independence could be "catastrophic," triggering a public feud between the bank and the government.

Expert panel to examine economic capital framework

The Reserve Bank of India said on Monday it has decided to set up an expert panel to examine the economic capital framework of the central bank, in a move that could prompt a rethink of what constitutes adequate capital reserves for the central bank.

For weeks, government officials have been pressuring the RBI to accede to a range of demands, from easing lending curbs to handing over surplus reserves to the government.

The government and the central bank will jointly decide on the members of the panel and the scope of the panel, the RBI said in a statement late on Monday.

In addition, the RBI said its financial supervision board will examine the issue around easing of the prompt corrective action plan for some banks - another key of contention between the government and the central bank.

The board of the Reserve Bank of India (RBI) on Monday agreed to ease liquidity for the financial sector and increase credit to small businesses, two sources present at the meeting said.

The board of the Reserve Bank of India (RBI) on Monday agreed to ease liquidity for the financial sector and increase credit to small businesses, two sources present at the meeting said. The move comes in response to pressure from Prime Minister Narendra Modi's government which faces a general election by next May and is concerned that low farm prices and difficulties small businesses face in borrowing, may hurt its prospects with voters. Some more contentious issues were kicked down the road to be discussed by newly formed committees, the sources said. The government has been pressuring the RBI to reduce capital ratios for banks to speed up loans to small businesses. There are five key state elections in the next few weeks and a general election due by May. "The meeting happened in a very cordial environment. Most of the issues were resolved in an amicable manner," a board member, who attended the meeting, told Reuters. "A panel will be formed to work out a framework to determine the reserves requirements of the RBI and transfer surplus funds to the government," the board member said. A litany of demands from top finance ministry officials prompted warnings from RBI Deputy Governor Viral Acharya last month that undermining central bank independence could be "catastrophic," triggering a public feud between the bank and the government. Expert panel to examine economic capital framework The Reserve Bank of India said on Monday it has decided to set up an expert panel to examine the economic capital framework of the central bank, in a move that could prompt a rethink of what constitutes adequate capital reserves for the central bank. For weeks, government officials have been pressuring the RBI to accede to a range of demands, from easing lending curbs to handing over surplus reserves to the government. The government and the central bank will jointly decide on the members of the panel and the scope of the panel, the RBI said in a statement late on Monday. In addition, the RBI said its financial supervision board will examine the issue around easing of the prompt corrective action plan for some banks - another key of contention between the government and the central bank.

After marathon meeting, RBI board agrees to improve liquidity

Oil ended slightly firmer after volatile trading on Friday, supported by expectations that the Organisation of the Petroleum Exporting Countries would agree to cut output next month, though prices fell for the sixth straight week amid global oversupply concerns.

OPEC kingpin Saudi Arabia is keen for the major producers to cut output by about 1.4 million barrels per day, around 1.5 per cent of global supply, to support the market, sources told Reuters this week. But other producers, including Russia, have been reluctant to agree to a cut.

Brent settled up 14 cents, or 0.2 per cent, at $66.76 a barrel. The global benchmark fell 4.6 per cent in the week, the sixth consecutive decline.

US&nbsp;crude&nbsp;settled unchanged at $56.46 a barrel after trading between $55.89 and $57.96. The contract, which had its steepest one-day loss in more than three years on Tuesday, fell 5.6 per cent in the week, also its sixth straight weekly decline.

After Tuesday's sharp fall, the market was due for a slight correction, and was now stabilizing, said Tariq Zahir, managing member at Tyche Capital Advisors in New York.

"A relief rally was in the cards," said Bob Yawger, director of energy futures at Mizuho in New York. OPEC is likely to be spurred to action as US&nbsp;production continues to climb, he said.

Still, the day's gains were likely to be limited as traders were cautious going into the weekend, he said. "It would take a brave soul to go home really long this weekend considering the slaughter we've had in the past eight weeks."

OPEC ministers meet on December 6 in Vienna to decide on production policy for the next six months amid a growing surplus in world markets.

US&nbsp;crude production&nbsp;reached another record last week, at 11.7 million barrels per day, government data showed. The record output contributed to the biggest weekly build in US&nbsp;crude stockpiles in nearly two years.

US&nbsp;drillers added two oil rigs this week, bringing the total count to 888, still the highest level since March 2015, General Electric Co's&nbsp;Baker Hughes energy services firm said in its closely followed report.&nbsp;The rig count is seen as an indicator of future production growth.

The United States imposed sanctions on Iranian oil exports this month and Iranian crude exports have fallen sharply in recent months, although Washington cushioned the blow by granting some temporary exemptions.

Other oil producers have more than compensated for the lost Iranian oil and most analysts now see a significant supply surplus with inventories building, putting pressure on prices.

Fearing a repeat of the 2014 price rout, OPEC is widely expected to start trimming output soon.

This could produce a swift price rebound, some analysts say, especially if production falls further in Venezuela and Libya.

"We are likely from December onwards to have at least 1 million barrels per day (bpd) less of (Iranian) crude exports," Harry Tchilinguirian, global head of commodity markets strategy at BNP Paribas, told Reuters Global Oil Forum.

Tchilinguirian said he would not be surprised if Brent recovered to $80 this year.

Also supporting prices, Iraq resumed exporting oil from its northern Kirkuk oilfields on Friday, pumping 50,000-100,000 bpd, an oil ministry spokesman said. Some analysts had expected the volumes to be much higher, at closer to 300,000 bpd.

Hedge funds and other money managers cut their bullish wagers on U.S. crude futures and options in New York and London during the week ended Nov. 13 by 8,259 contracts to 165,121, the lowest since June 27, 2017, the U.S. Commodity Futures Trading Commission (CFTC) said.

Brent speculators on the Intercontinental Exchange (ICE) cut net longs by 45,216 contracts to 214,832 in the week, also the lowest since June 27, 2017.

Oil ended slightly firmer after volatile trading on Friday, supported by expectations that the Organisation of the Petroleum Exporting Countries would agree to cut output next month, though prices fell for the sixth straight week amid global oversupply concerns.

Oil ended slightly firmer after volatile trading on Friday, supported by expectations that the Organisation of the Petroleum Exporting Countries would agree to cut output next month, though prices fell for the sixth straight week amid global oversupply concerns. OPEC kingpin Saudi Arabia is keen for the major producers to cut output by about 1.4 million barrels per day, around 1.5 per cent of global supply, to support the market, sources told Reuters this week. But other producers, including Russia, have been reluctant to agree to a cut. Brent settled up 14 cents, or 0.2 per cent, at $66.76 a barrel. The global benchmark fell 4.6 per cent in the week, the sixth consecutive decline. US crude settled unchanged at $56.46 a barrel after trading between $55.89 and $57.96. The contract, which had its steepest one-day loss in more than three years on Tuesday, fell 5.6 per cent in the week, also its sixth straight weekly decline. After Tuesday's sharp fall, the market was due for a slight correction, and was now stabilizing, said Tariq Zahir, managing member at Tyche Capital Advisors in New York. "A relief rally was in the cards," said Bob Yawger, director of energy futures at Mizuho in New York. OPEC is likely to be spurred to action as US production continues to climb, he said. Still, the day's gains were likely to be limited as traders were cautious going into the weekend, he said. "It would take a brave soul to go home really long this weekend considering the slaughter we've had in the past eight weeks." OPEC ministers meet on December 6 in Vienna to decide on production policy for the next six months amid a growing surplus in world markets. US crude production reached another record last week, at 11.7 million barrels per day, government data showed. The record output contributed to the biggest weekly build in US crude stockpiles in nearly two years. US drillers added two oil rigs this week, bringing the total count to 888, still the highest level since March 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report. The rig count is seen as an indicator of future production growth. The United States imposed sanctions on Iranian oil exports this month and Iranian crude exports have fallen sharply in recent months, although Washington cushioned the blow by granting some temporary exemptions. Other oil producers have more than compensated for the lost Iranian oil and most analysts now see a significant supply surplus with inventories building, putting pressure on prices. Fearing a repeat of the 2014 price rout, OPEC is widely expected to start trimming output soon. This could produce a swift price rebound, some analysts say, especially if production falls further in Venezuela and Libya. "We are likely from December onwards to have at least 1 million barrels per day (bpd) less of (Iranian) crude exports," Harry Tchilinguirian, global head of commodity markets strategy at BNP Paribas, told Reuters Global Oil Forum. Tchilinguirian said he would not be surprised if Brent recovered to $80 this year. Also supporting prices, Iraq resumed exporting oil from its northern Kirkuk oilfields on Friday, pumping 50,000-100,000 bpd, an oil ministry spokesman said. Some analysts had expected the volumes to be much higher, at closer to 300,000 bpd. Hedge funds and other money managers cut their bullish wagers on U.S. crude futures and options in New York and London during the week ended Nov. 13 by 8,259 contracts to 165,121, the lowest since June 27, 2017, the U.S. Commodity Futures Trading Commission (CFTC) said. Brent speculators on the Intercontinental Exchange (ICE) cut net longs by 45,216 contracts to 214,832 in the week, also the lowest since June 27, 2017.

Oil edges up in volatile session but falls for sixth straight week

Asian shares crept cautiously higher on Monday amid conflicting signals on the chance of a truce in the Sino-US&nbsp;trade dispute, while the Federal Reserve's new-found concern on the global economy undermined the dollar.

MSCI's broadest index of Asia-Pacific shares outside Japan tacked on 0.1 per cent and Chinese blue chips 0.5 per cent.

Japan's Nikkei gained 0.4 per cent, but E-Mini futures for the S&amp;P 500 slipped 0.3 per cent.

Wall Street had firmed on Friday after US&nbsp;President Donald Trump said that he may not impose more tariffs on Chinese goods after Beijing sent a list of measures it was willing to take to resolve trade tensions.

The comment stoked speculation of a deal when Trump meets Chinese President Xi Jinping on the sidelines of a G20 summit in Argentina later this month.

However, Sino-US&nbsp;tensions were clearly on display at an APEC meeting in Papua New Guinea over the weekend, where leaders failed to agree on a communique for the first time ever.

US&nbsp;Vice President Mike Pence said in a blunt speech that there would be no end to US&nbsp;tariffs on $250 billion of Chinese goods until China changed its ways.

"The comments from Trump were seen as offering a glimmer of hope that further tariff action could be held in abeyance," said NAB's head of FX strategy, Ray Attrill.

"The exchange of barbs between Pence and Chinese President Xi Jinping in PNG on the weekend continues to suggest this is unlikely."

Sensing a fed shift

Also uncertain was the outlook for US&nbsp;interest rates.

Federal Reserve policymakers are still signalling rate increases ahead but also sounded more concerned about a potential global slowdown, leading markets to suspect the tightening cycle may not have much further to run.

"Fed officials are having an easier time showing a slightly less hawkish leaning by noting the emerging global slowdown," said Deutsche Bank's macro strategist Alan Ruskin.

"It's undercutting expectations of rate hikes moving above 'neutral'," which the Fed has nominated as between 2.5 and 3 per cent. "This shift in tone is subtle, but fits with the more bullish bond market tone of late, and is starting to have a material impact on the dollar."

That will focus attention on an appearance by New York Fed President John Williams later on Monday to see if he echoes the same theme.

Investors have already lengthened the odds on further hikes, with a December move now priced at 73 per cent, down from over 90 per cent. Futures imply rates around 2.74 per cent for the end of next year, compared to 2.93 per cent early this month.

Yields on US&nbsp;10-year paper have duly declined to 3.06 per cent, from a recent top of 3.25 per cent.

The dollar followed to reach 96.441 against a basket of currencies, down from a peak of 97.693. The euro was up at $1.1414, while the dollar backed off to 112.66 yen.

Sterling remained vulnerable at $1.2833 after political turmoil over Brexit caused steep losses last week.

British Prime Minister Theresa May said on Sunday toppling her would risk delaying Brexit as she faces the possibility of a leadership challenge from within her own party.

With both pro-EU and pro-Brexit lawmakers unhappy with the draft agreement, it is not clear she will be able to win the backing of parliament, raising the risk Britain leaves the EU without a deal.

In commodity markets, gold found support from the drop in the dollar and held firm at $1,1221.92.

Oil prices suffered their sixth straight week of losses last week, but have found some aid from expectations the Organization of the Petroleum Exporting Countries would cut output. [O/R]

Brent crude was up 72 cents at $67.48 a barrel, while US&nbsp;crude gained 76 cents to $57.22.

Asian shares crept cautiously higher on Monday amid conflicting signals on the chance of a truce in the Sino-US trade dispute, while the Federal Reserve's new-found concern on the global economy undermined the dollar.

Asian shares crept cautiously higher on Monday amid conflicting signals on the chance of a truce in the Sino-US trade dispute, while the Federal Reserve's new-found concern on the global economy undermined the dollar. MSCI's broadest index of Asia-Pacific shares outside Japan tacked on 0.1 per cent and Chinese blue chips 0.5 per cent. Japan's Nikkei gained 0.4 per cent, but E-Mini futures for the S&P 500 slipped 0.3 per cent. Wall Street had firmed on Friday after US President Donald Trump said that he may not impose more tariffs on Chinese goods after Beijing sent a list of measures it was willing to take to resolve trade tensions. The comment stoked speculation of a deal when Trump meets Chinese President Xi Jinping on the sidelines of a G20 summit in Argentina later this month. However, Sino-US tensions were clearly on display at an APEC meeting in Papua New Guinea over the weekend, where leaders failed to agree on a communique for the first time ever. US Vice President Mike Pence said in a blunt speech that there would be no end to US tariffs on $250 billion of Chinese goods until China changed its ways. "The comments from Trump were seen as offering a glimmer of hope that further tariff action could be held in abeyance," said NAB's head of FX strategy, Ray Attrill. "The exchange of barbs between Pence and Chinese President Xi Jinping in PNG on the weekend continues to suggest this is unlikely." Sensing a fed shift Also uncertain was the outlook for US interest rates. Federal Reserve policymakers are still signalling rate increases ahead but also sounded more concerned about a potential global slowdown, leading markets to suspect the tightening cycle may not have much further to run. "Fed officials are having an easier time showing a slightly less hawkish leaning by noting the emerging global slowdown," said Deutsche Bank's macro strategist Alan Ruskin. "It's undercutting expectations of rate hikes moving above 'neutral'," which the Fed has nominated as between 2.5 and 3 per cent. "This shift in tone is subtle, but fits with the more bullish bond market tone of late, and is starting to have a material impact on the dollar." That will focus attention on an appearance by New York Fed President John Williams later on Monday to see if he echoes the same theme. Investors have already lengthened the odds on further hikes, with a December move now priced at 73 per cent, down from over 90 per cent. Futures imply rates around 2.74 per cent for the end of next year, compared to 2.93 per cent early this month. Yields on US 10-year paper have duly declined to 3.06 per cent, from a recent top of 3.25 per cent. The dollar followed to reach 96.441 against a basket of currencies, down from a peak of 97.693. The euro was up at $1.1414, while the dollar backed off to 112.66 yen. Sterling remained vulnerable at $1.2833 after political turmoil over Brexit caused steep losses last week. British Prime Minister Theresa May said on Sunday toppling her would risk delaying Brexit as she faces the possibility of a leadership challenge from within her own party. With both pro-EU and pro-Brexit lawmakers unhappy with the draft agreement, it is not clear she will be able to win the backing of parliament, raising the risk Britain leaves the EU without a deal. In commodity markets, gold found support from the drop in the dollar and held firm at $1,1221.92. Oil prices suffered their sixth straight week of losses last week, but have found some aid from expectations the Organization of the Petroleum Exporting Countries would cut output. [O/R] Brent crude was up 72 cents at $67.48 a barrel, while US crude gained 76 cents to $57.22.

Global Markets: Asia shares inch up, Federal Reserves caution curbs dollar

Nissan chairman Carlos Ghosn was arrested on Monday in Tokyo for financial misconduct, news agency AFP reported quoting Japanese media.

"The Tokyo District Public Prosecutor's Office arrested Nissan chairman Ghosn on suspicion of violation of the Financial Instruments and Exchange Act," AFP quoted public broadcaster NHK.

Ghosn was accused by automaker Nissan of "significant acts of misconduct" including underreporting his salary. The company also stated that it would move to fire him.&nbsp;Ghosn leads an alliance of Nissan, Renault and Mitsubishi.

Nissan, in a statement, noted that a probe has been underway on Ghosn for months after receiving a report from a whistleblower. The company added that it had uncovered misconduct going back several years.&nbsp;

According to reports, Ghosn had used company money for personal use. Ghosn is charged of under-reporting nearly 10 billion yen ($88.70 million) in compensation as nearly 5 billion yen, Reuters reported quoting Jiji news agency.&nbsp;

The reported arrest of Nissan chairman Carlos Ghosn will not affect the Japanese automaker's relationship with Renault and Mitsubishi, CEO Hiroto Saikawa said Monday.&nbsp;

"The partnership among the three entities will not be affected by this event, rather we will closely work together with all the partners to contain any possible confusion," Saikawa told reporters after Ghosn's reported arrest for financial misconduct.

Nissan will hold a board meeting on Thursday to fire chairman Carlos Ghosn, who was reportedly under arrest over allegations of financial misconduct, the company's chief executive officer said.

Meanwhile,&nbsp;French automaker Renault's shares&nbsp;tumbled more than 12 per cent on Monday in late-morning trading in Paris after CEO Carlos Ghosn was accused of underreporting his salary as chairman of Japan's Nissan.

(With inputs from agencies)

Nissan chairman Carlos Ghosn was arrested on Monday in Tokyo for financial misconduct, news agency AFP reported quoting Japanese media. "The Tokyo District Public Prosecutor's Office arrested Nissan chairman Ghosn on suspicion of violation of the Financial Instruments and Exchange Act," AFP quoted public broadcaster NHK.

Nissan chairman Carlos Ghosn was arrested on Monday in Tokyo for financial misconduct, news agency AFP reported quoting Japanese media. "The Tokyo District Public Prosecutor's Office arrested Nissan chairman Ghosn on suspicion of violation of the Financial Instruments and Exchange Act," AFP quoted public broadcaster NHK. Ghosn was accused by automaker Nissan of "significant acts of misconduct" including underreporting his salary. The company also stated that it would move to fire him. Ghosn leads an alliance of Nissan, Renault and Mitsubishi. Nissan, in a statement, noted that a probe has been underway on Ghosn for months after receiving a report from a whistleblower. The company added that it had uncovered misconduct going back several years. According to reports, Ghosn had used company money for personal use. Ghosn is charged of under-reporting nearly 10 billion yen ($88.70 million) in compensation as nearly 5 billion yen, Reuters reported quoting Jiji news agency. The reported arrest of Nissan chairman Carlos Ghosn will not affect the Japanese automaker's relationship with Renault and Mitsubishi, CEO Hiroto Saikawa said Monday. "The partnership among the three entities will not be affected by this event, rather we will closely work together with all the partners to contain any possible confusion," Saikawa told reporters after Ghosn's reported arrest for financial misconduct. Nissan will hold a board meeting on Thursday to fire chairman Carlos Ghosn, who was reportedly under arrest over allegations of financial misconduct, the company's chief executive officer said. Meanwhile, French automaker Renault's shares tumbled more than 12 per cent on Monday in late-morning trading in Paris after CEO Carlos Ghosn was accused of underreporting his salary as chairman of Japan's Nissan. (With inputs from agencies)

Nissan chairman Carlos Ghosn arrested in Tokyo for financial misconduct

Virtually ruling out possibility of bailout package for crisis-hit Jet Airways, Civil Aviation Minister Suresh Prabhu Monday said it is for private airlines' boards and managements to ensure that they function properly and take appropriate measures depending on prevailing market conditions.

The Civil Aviation Ministry has also decided not to intervene with respect to Jet Airways' request seeking more time for making payments to airport operators, according to a senior official.

Jet Airways has been grappling with financial woes that has also resulted in the full-service carrier delaying payment of salaries to staff, including pilots. The airline posted a loss of Rs 1,261 crore in the three months ended September.

Responding to queries related to Jet Airways, including possible bailout package, Prabhu said that in a deregulated atmosphere, the ministry's endeavour is to deal with sector-specific issues.

"For a private airline, it is for the board of directors and their management to ensure that the airline functions properly, that (they) have to take appropriate measures depending upon market conditions that will prevail from time to time," the minister said without directly mentioning Jet Airways.

Civil Aviation Secretary R N Choubey said the airline wanted some more lead time with regard to payments to airport operators but that was something to be done commercially between the two entities.

"That is something that they have to deal with airport operators. The ministry does not get into that.

"We don't get into commercial discussions between airlines and airport operators. It is to be done commercially between the two entities," Choubey said.

They were speaking at the sidelines of an event here.

On November 13, cash-strapped Jet Airways said it is at various stages of discussions with multiple "interested parties" for capital infusion and partial stake sale in its loyalty programme Jet Privilege.

The airline is looking for investors to tide over the liquidity crisis, which has resulted in delayed payments to some vendors and salaries to a section of its over 16,000 employees.&nbsp;

Virtually ruling out possibility of bailout package for crisis-hit Jet Airways, Civil Aviation Minister Suresh Prabhu Monday said it is for private airlines' boards and managements to ensure that they function properly and take appropriate measures depending on prevailing market conditions.

Virtually ruling out possibility of bailout package for crisis-hit Jet Airways, Civil Aviation Minister Suresh Prabhu Monday said it is for private airlines' boards and managements to ensure that they function properly and take appropriate measures depending on prevailing market conditions. The Civil Aviation Ministry has also decided not to intervene with respect to Jet Airways' request seeking more time for making payments to airport operators, according to a senior official. Jet Airways has been grappling with financial woes that has also resulted in the full-service carrier delaying payment of salaries to staff, including pilots. The airline posted a loss of Rs 1,261 crore in the three months ended September. Responding to queries related to Jet Airways, including possible bailout package, Prabhu said that in a deregulated atmosphere, the ministry's endeavour is to deal with sector-specific issues. "For a private airline, it is for the board of directors and their management to ensure that the airline functions properly, that (they) have to take appropriate measures depending upon market conditions that will prevail from time to time," the minister said without directly mentioning Jet Airways. Civil Aviation Secretary R N Choubey said the airline wanted some more lead time with regard to payments to airport operators but that was something to be done commercially between the two entities. "That is something that they have to deal with airport operators. The ministry does not get into that. "We don't get into commercial discussions between airlines and airport operators. It is to be done commercially between the two entities," Choubey said. They were speaking at the sidelines of an event here. On November 13, cash-strapped Jet Airways said it is at various stages of discussions with multiple "interested parties" for capital infusion and partial stake sale in its loyalty programme Jet Privilege. The airline is looking for investors to tide over the liquidity crisis, which has resulted in delayed payments to some vendors and salaries to a section of its over 16,000 employees.

Aviation minister says private airlines' management has to take appropriate steps amid Jet Airways crisis

The BSE benchmark Sensex rallied over 300 points Monday 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.

A crucial meet of the Reserve Bank's central board is underway amid a rift between the central bank and the government over future course of policies.

The finance ministry nominees and some independent directors were expected to take on Patel and his team over issues ranging from MSME credit to the central bank's reserves, though both sides are in favour of reaching a common ground.

Expectations of a positive outcome boosted market mood after the meeting began.

The Sensex started off on a high note at 35,647.62 and continued its upward march to hit a high of 35,818.65 as buying activity gathered momentum. It finally settled 317.72 points, or 0.90 per cent, higher at 35,774.88.

This is the benchmark's highest closing since October 3 when it had closed at 35,975.63. The barometer had gained 315.17 points in the previous two sessions.

Also, the broader NSE Nifty raced past the 10,750-mark to touch a high of 10,774.70 before settling at 10,763.40 points, showing a rise of 81.20 points, or 0.76 per cent.

Top gainers include Yes Bank, ITC, Tata Motors, IndusInd Bank, Reliance Industries and Vedanta, rising up to 7.19 per cent.

While, top losers include ONGC, ICICI Bank, SBI and Asian Paints, falling up to 1.37 per cent.

Meanwhile, foreign institutional investors (FIIs) bought shares worth a net of Rs 844.82 crore on Friday, while domestic institutional investors (DIIs) sold shares worth a net of Rs 372.24 crore, provisional data showed.b

The BSE benchmark Sensex rallied over 300 points Monday 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.

The BSE benchmark Sensex rallied over 300 points Monday 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. A crucial meet of the Reserve Bank's central board is underway amid a rift between the central bank and the government over future course of policies. The finance ministry nominees and some independent directors were expected to take on Patel and his team over issues ranging from MSME credit to the central bank's reserves, though both sides are in favour of reaching a common ground. Expectations of a positive outcome boosted market mood after the meeting began. The Sensex started off on a high note at 35,647.62 and continued its upward march to hit a high of 35,818.65 as buying activity gathered momentum. It finally settled 317.72 points, or 0.90 per cent, higher at 35,774.88. This is the benchmark's highest closing since October 3 when it had closed at 35,975.63. The barometer had gained 315.17 points in the previous two sessions. Also, the broader NSE Nifty raced past the 10,750-mark to touch a high of 10,774.70 before settling at 10,763.40 points, showing a rise of 81.20 points, or 0.76 per cent. Top gainers include Yes Bank, ITC, Tata Motors, IndusInd Bank, Reliance Industries and Vedanta, rising up to 7.19 per cent. While, top losers include ONGC, ICICI Bank, SBI and Asian Paints, falling up to 1.37 per cent. Meanwhile, foreign institutional investors (FIIs) bought shares worth a net of Rs 844.82 crore on Friday, while domestic institutional investors (DIIs) sold shares worth a net of Rs 372.24 crore, provisional data showed.b

Sensex rallies over 300 points ahead of RBI board meet outcome

Fuel prices once again witnessed a decline on Sunday in New Delhi and Mumbai owing to a reduction in the rates of crude oil.

In New Delhi, petrol is being sold at Rs 76.71 per litre after a decrease of 20 paise, and diesel at Rs 71.56 per litre after a decrease of 18 paise.

Meanwhile, in Mumbai petrol is retailing 20 paise lower at Rs 82.23 per litre and diesel at Rs 74.97 after a decrease of 19 paise.

The rates of fuel across India are witnessing a continuous decline due to a fall in the prices of crude oil.

The United States recently softened its stand on Iran`s sanctions and gave its nod to eight countries to continue importing oil from Iran temporarily.&nbsp;

The list of countries includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates, and Taiwan.&nbsp;

Fuel prices once again witnessed a decline on Sunday in New Delhi and Mumbai owing to a reduction in the rates of crude oil. In New Delhi, petrol is being sold at Rs 76.

Fuel prices once again witnessed a decline on Sunday in New Delhi and Mumbai owing to a reduction in the rates of crude oil. In New Delhi, petrol is being sold at Rs 76.71 per litre after a decrease of 20 paise, and diesel at Rs 71.56 per litre after a decrease of 18 paise. Meanwhile, in Mumbai petrol is retailing 20 paise lower at Rs 82.23 per litre and diesel at Rs 74.97 after a decrease of 19 paise. The rates of fuel across India are witnessing a continuous decline due to a fall in the prices of crude oil. The United States recently softened its stand on Iran`s sanctions and gave its nod to eight countries to continue importing oil from Iran temporarily. The list of countries includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates, and Taiwan.

Fuel prices continue downward trend today

China's foreign ministry said on Sunday that no developing country would fall into a debt trap simply because of its cooperation with Beijing.

Chinese Foreign Ministry spokeswoman Hua Chunying made the comment in an online statement responding to remarks made by US Vice President Mike Pence.

"No developing country will fall into debt difficulties because of cooperation with China," Hua said.

"On the contrary, cooperating with China helps these countries raise independent development capabilities and levels, and improves the lives of the local people."

Speaking at the Asia Pacific Economic Co-operation (APEC) summit on Saturday, Pence took aim at China's Belt and Road initiative, saying countries should not accept debt that compromised their sovereignty.

China's foreign ministry said on Sunday that no developing country would fall into a debt trap simply because of its cooperation with Beijing. Chinese Foreign Ministry spokeswoman Hua Chunying made the comment in an online statement responding to remarks made by US Vice President Mike Pence.

China's foreign ministry said on Sunday that no developing country would fall into a debt trap simply because of its cooperation with Beijing. Chinese Foreign Ministry spokeswoman Hua Chunying made the comment in an online statement responding to remarks made by US Vice President Mike Pence. "No developing country will fall into debt difficulties because of cooperation with China," Hua said. "On the contrary, cooperating with China helps these countries raise independent development capabilities and levels, and improves the lives of the local people." Speaking at the Asia Pacific Economic Co-operation (APEC) summit on Saturday, Pence took aim at China's Belt and Road initiative, saying countries should not accept debt that compromised their sovereignty.

No developing country will fall into debt trap by cooperating with us: China

Forty-four per cent of German firms expect a further escalation of trade tensions between Europe and the United States, which is likely to continue to dampen new investments, the RND newspaper chain reported, citing a survey by the IW economic institute.

Thirty-four per cent do not see trade ties growing more strained, RND reported.

It said 41 per cent of firms surveyed considered it unlikely that the United States and the European Union (EU) would reach agreement on a transatlantic trade agreement.

US President Donald Trump and European Commission President Jean-Claude Juncker struck an agreement in July that should shield European firms from US auto tariffs while the two sides continue to work on trade issues.&nbsp;

But the EU`s trade commissioner, Cecilia Malmstrom, last week said any US-EU trade deal would be limited in scope, covering industrial goods, but not agriculture.

Pascal Lamy, the former director general of the World Trade Organisation, last month said the EU should also prepare for its companies to be targeted by US sanctions in a worsening trade dispute between the United States and China.

The IW study said continued uncertainty about the global trade environment would weigh on firms` willingness to invest, which in turn would depress German firms` export prospects in the United States and elsewhere.

"Given worldwide economic developments, the downturn of the German economy is expected to continue," IW said in the study, according to RND.

The DIHK German Chambers of Commerce also sees no signs that the United States will change course and back away from threatened tariffs, a situation that is of particular concern to German automakers, the media group reported.

DIHK President Eric Schweitzer said it was imperative to continue dialogue with Washington, with the goal of negotiating a longer-term free trade agreement that would give industry more certainty and room for manouevre.

"For the moment, we are far from such a reasonable agreement with our second most important trading partner, the United States," he added. 
He said the group had halved its export growth forecast for 2018 to 2.8 per cent, and expected modest growth of just 2.5 per cent next year.&nbsp;

Forty-four per cent of German firms expect a further escalation of trade tensions between Europe and the United States, which is likely to continue to dampen new investments, the RND newspaper chain reported, citing a survey by the IW economic institute.

Forty-four per cent of German firms expect a further escalation of trade tensions between Europe and the United States, which is likely to continue to dampen new investments, the RND newspaper chain reported, citing a survey by the IW economic institute. Thirty-four per cent do not see trade ties growing more strained, RND reported. It said 41 per cent of firms surveyed considered it unlikely that the United States and the European Union (EU) would reach agreement on a transatlantic trade agreement. US President Donald Trump and European Commission President Jean-Claude Juncker struck an agreement in July that should shield European firms from US auto tariffs while the two sides continue to work on trade issues. But the EU`s trade commissioner, Cecilia Malmstrom, last week said any US-EU trade deal would be limited in scope, covering industrial goods, but not agriculture. Pascal Lamy, the former director general of the World Trade Organisation, last month said the EU should also prepare for its companies to be targeted by US sanctions in a worsening trade dispute between the United States and China. The IW study said continued uncertainty about the global trade environment would weigh on firms` willingness to invest, which in turn would depress German firms` export prospects in the United States and elsewhere. "Given worldwide economic developments, the downturn of the German economy is expected to continue," IW said in the study, according to RND. The DIHK German Chambers of Commerce also sees no signs that the United States will change course and back away from threatened tariffs, a situation that is of particular concern to German automakers, the media group reported. DIHK President Eric Schweitzer said it was imperative to continue dialogue with Washington, with the goal of negotiating a longer-term free trade agreement that would give industry more certainty and room for manouevre. "For the moment, we are far from such a reasonable agreement with our second most important trading partner, the United States," he added. He said the group had halved its export growth forecast for 2018 to 2.8 per cent, and expected modest growth of just 2.5 per cent next year.

Nearly half of German firms expect growing trade strains with US: Survey

Turkey warned energy companies on Sunday against working with the Greek Cypriot government in carrying out exploratory drilling in the eastern Mediterranean, saying such activities could damage regional stability.

The eastern Mediterranean is believed to be rich in natural gas, and attempts to tap resources there have revived tensions between Turkey and Greece, which has a defence pact with the internationally recognised Greek Cypriot government.

Turkey and Cyprus have overlapping claims of marine jurisdiction and both plan to carry out exploratory drilling this year. Ankara has diplomatic relations only with a breakaway Turkish Cypriot state in the north of the island that no other country recognises.

Foreign Ministry spokesman Hami Aksoy said exploratory drilling by Exxon Mobil in the eastern Mediterranean with permission from the Greek Cypriot government did not help regional stability and would "upset some sensitive balances".

"We renew our warnings to companies participating in the Greek Cypriots` one-sided exploration and drilling. We remind them that sharing the natural resources of the island of Cyprus relates to the core of the Cyprus issue," Aksoy said in a statement.

"In addition to our own continental shelf, we will start carrying out activities in areas where the Turkish Republic of Northern Cyprus has given (state-run oil company) Turk Petrolleri a license," he said.

Last month, Turkey complained that a Greek frigate had hounded a Turkish exploration ship west of Cyprus. Greece denied the charge and Cyprus accused Turkey of stirring tension.

Breakaway north Cyprus, which is supported by Ankara, says any offshore wealth also belongs to its citizens, as partners in the establishment of the Republic of Cyprus in 1960.

The island was split in 1974 after a Turkish invasion triggered by a brief Greek-inspired coup.

Turkey warned energy companies on Sunday against working with the Greek Cypriot government in carrying out exploratory drilling in the eastern Mediterranean, saying such activities could damage regional stability.

Turkey warned energy companies on Sunday against working with the Greek Cypriot government in carrying out exploratory drilling in the eastern Mediterranean, saying such activities could damage regional stability. The eastern Mediterranean is believed to be rich in natural gas, and attempts to tap resources there have revived tensions between Turkey and Greece, which has a defence pact with the internationally recognised Greek Cypriot government. Turkey and Cyprus have overlapping claims of marine jurisdiction and both plan to carry out exploratory drilling this year. Ankara has diplomatic relations only with a breakaway Turkish Cypriot state in the north of the island that no other country recognises. Foreign Ministry spokesman Hami Aksoy said exploratory drilling by Exxon Mobil in the eastern Mediterranean with permission from the Greek Cypriot government did not help regional stability and would "upset some sensitive balances". "We renew our warnings to companies participating in the Greek Cypriots` one-sided exploration and drilling. We remind them that sharing the natural resources of the island of Cyprus relates to the core of the Cyprus issue," Aksoy said in a statement. "In addition to our own continental shelf, we will start carrying out activities in areas where the Turkish Republic of Northern Cyprus has given (state-run oil company) Turk Petrolleri a license," he said. Last month, Turkey complained that a Greek frigate had hounded a Turkish exploration ship west of Cyprus. Greece denied the charge and Cyprus accused Turkey of stirring tension. Breakaway north Cyprus, which is supported by Ankara, says any offshore wealth also belongs to its citizens, as partners in the establishment of the Republic of Cyprus in 1960. The island was split in 1974 after a Turkish invasion triggered by a brief Greek-inspired coup.

Turkey warns companies against energy exploration with Greek Cypriot govt

The partial runway closure and subsequent cancellation of flights at the Delhi airport have led to a sharp rise in last-minute average fares with rates on some key sectors shooting up to 86 per cent amid high weekend travel demand, industry experts claimed Friday.

Delhi International Airport Ltd (DIAL), the private aerodrome operator, had early last month announced closure of one of the three runways for "preventive repairs" for 13 days, starting November 15.

It also told the airlines to tweak their flight schedule accordingly.

On Friday evening, several travel portals showed a sharp rise in spot airfares.

There was an increase in fares from Delhi to Mumbai, Bengaluru, Hyderabad, Kolkata, Chennai and other destinations for the next one week, especially November 16-19.

While the fare for a Delhi-Bengaluru flight on normal days stand around Rs 11,044, for travel on Saturday (November 17), it stood at Rs 13,702 on average, according to the data by travel portal Ixigo.

One travelling to Mumbai from the national capital on Saturday would have to spend Rs 11,060 as against Rs 9,228 on normal days, as per the portal.

The cancellation of flights from the Delhi airport due to the closure of the runway (09/27) has led to an increase in fares for the next one week, said Aloke Bajpai, chief executive and co-founder, Ixigo.

"Another contributing factor is the high travel demand over the upcoming weekend. We have seen an average increase of 86 per cent in air fares for flights from Delhi to key routes such as Mumbai, Bangalore, Hyderabad, Kolkata and Chennai," Bajpai said.

Besides 09/27, the Delhi airport has two more runways -- 11/29 and 10/28 -- which remain operational. The three runways together handle 1,300 flights per day.

Tagged as the busiest airport in the country, the Indira Gandhi International Airport (IGIA) handled 63.5 million passengers in the fiscal ended March 2018.

"The closure of a runway at Delhi for a brief period has disrupted flight schedules and have led to a reduction in the number of flights from the city. This has led to an increase in airfares for the next ten days," said John Nair, head of business Travel, Cox &amp; Kings.

Though spot fares to key destinations such as Delhi- Mumbai, Delhi-Kolkata and Delhi-Bangalore have gone up by 30- 40 per cent, those who booked early grabbed the cheap deals that were available in the market, he added.&nbsp;

The partial runway closure and subsequent cancellation of flights at the Delhi airport have led to a sharp rise in last-minute average fares with rates on some key sectors shooting up to 86 per cent amid high weekend travel demand, industry experts claimed Friday.

The partial runway closure and subsequent cancellation of flights at the Delhi airport have led to a sharp rise in last-minute average fares with rates on some key sectors shooting up to 86 per cent amid high weekend travel demand, industry experts claimed Friday. Delhi International Airport Ltd (DIAL), the private aerodrome operator, had early last month announced closure of one of the three runways for "preventive repairs" for 13 days, starting November 15. It also told the airlines to tweak their flight schedule accordingly. On Friday evening, several travel portals showed a sharp rise in spot airfares. There was an increase in fares from Delhi to Mumbai, Bengaluru, Hyderabad, Kolkata, Chennai and other destinations for the next one week, especially November 16-19. While the fare for a Delhi-Bengaluru flight on normal days stand around Rs 11,044, for travel on Saturday (November 17), it stood at Rs 13,702 on average, according to the data by travel portal Ixigo. One travelling to Mumbai from the national capital on Saturday would have to spend Rs 11,060 as against Rs 9,228 on normal days, as per the portal. The cancellation of flights from the Delhi airport due to the closure of the runway (09/27) has led to an increase in fares for the next one week, said Aloke Bajpai, chief executive and co-founder, Ixigo. "Another contributing factor is the high travel demand over the upcoming weekend. We have seen an average increase of 86 per cent in air fares for flights from Delhi to key routes such as Mumbai, Bangalore, Hyderabad, Kolkata and Chennai," Bajpai said. Besides 09/27, the Delhi airport has two more runways -- 11/29 and 10/28 -- which remain operational. The three runways together handle 1,300 flights per day. Tagged as the busiest airport in the country, the Indira Gandhi International Airport (IGIA) handled 63.5 million passengers in the fiscal ended March 2018. "The closure of a runway at Delhi for a brief period has disrupted flight schedules and have led to a reduction in the number of flights from the city. This has led to an increase in airfares for the next ten days," said John Nair, head of business Travel, Cox & Kings. Though spot fares to key destinations such as Delhi- Mumbai, Delhi-Kolkata and Delhi-Bangalore have gone up by 30- 40 per cent, those who booked early grabbed the cheap deals that were available in the market, he added.

Air fares shoot up by 86% as Delhi runway shuts for repair

Facebook investors have called on the company's chief executive Mark Zuckerberg to step down as chairman following reports that the company hired a public relations firm to smear its critics, a media report said on Saturday.

The New York Times recently published a report revealing that Facebook at times smeared critics as anti-Semitic or tried to link activists to billionaire investor George Soros, and tried to shift public anger away toward rival tech firms.

It also said that the company also used a Republican public relations firm, Definers Public Affairs, to help repair its battered reputation following intense criticism of the social media platform's handling of a scandal over Russian interference in the 2016 US elections and the Cambridge Analytica scandal, The Telegraph reported.&nbsp;

Jonas Kron, a senior vice president at Trillium Asset Management, a US investor which owns an ?8.5m stake in Facebook, last night called on Zuckerberg to step down as board chairman in the wake of the report, the paper said.

"Facebook is behaving like it's a special snowflake," the paper quoted him as saying.

"It's not. It is a company and companies need to have a separation of chair and CEO," he said.

The attack on Zuckerberg is set to complicate the daunting challenge facing Sir Nick Clegg, Facebook's new global head of policy and communications, who joined last month and has been asked to conduct a review of Facebook's use of lobbying firms.

Definers allegedly encouraged the depiction of Facebook's critics as anti-Semites and had published news articles criticising Facebook's competitors.&nbsp;

The business has also been accused of attempting to encourage journalists to report that anti-Facebook groups were linked to Mr Soros, the paper said.

In a call with journalists on Thursday, Zuckerberg denied knowing that his business had hired the firm.&nbsp;

"As soon as I learned about this, I talked to our team and we are no longer working with this firm," he said.&nbsp;

Kron said the new revelations about Facebook's use of Definers offered fresh reasons for Mr Zuckerberg to relinquish his dual role as chairman and chief executive.

"The latest report should remove any lingering doubts that some may have had," he said.

Zuckerberg has retained a high level of control over the social networking business which he founded in 2004 due to his combined role and his ownership of a stake representing 60pc of the company's voting shares, the report said.

Facebook investors have called on the company's chief executive Mark Zuckerberg to step down as chairman following reports that the company hired a public relations firm to smear its critics, a media report said on Saturday.

Facebook investors have called on the company's chief executive Mark Zuckerberg to step down as chairman following reports that the company hired a public relations firm to smear its critics, a media report said on Saturday. The New York Times recently published a report revealing that Facebook at times smeared critics as anti-Semitic or tried to link activists to billionaire investor George Soros, and tried to shift public anger away toward rival tech firms. It also said that the company also used a Republican public relations firm, Definers Public Affairs, to help repair its battered reputation following intense criticism of the social media platform's handling of a scandal over Russian interference in the 2016 US elections and the Cambridge Analytica scandal, The Telegraph reported. Jonas Kron, a senior vice president at Trillium Asset Management, a US investor which owns an ?8.5m stake in Facebook, last night called on Zuckerberg to step down as board chairman in the wake of the report, the paper said. "Facebook is behaving like it's a special snowflake," the paper quoted him as saying. "It's not. It is a company and companies need to have a separation of chair and CEO," he said. The attack on Zuckerberg is set to complicate the daunting challenge facing Sir Nick Clegg, Facebook's new global head of policy and communications, who joined last month and has been asked to conduct a review of Facebook's use of lobbying firms. Definers allegedly encouraged the depiction of Facebook's critics as anti-Semites and had published news articles criticising Facebook's competitors. The business has also been accused of attempting to encourage journalists to report that anti-Facebook groups were linked to Mr Soros, the paper said. In a call with journalists on Thursday, Zuckerberg denied knowing that his business had hired the firm. "As soon as I learned about this, I talked to our team and we are no longer working with this firm," he said. Kron said the new revelations about Facebook's use of Definers offered fresh reasons for Mr Zuckerberg to relinquish his dual role as chairman and chief executive. "The latest report should remove any lingering doubts that some may have had," he said. Zuckerberg has retained a high level of control over the social networking business which he founded in 2004 due to his combined role and his ownership of a stake representing 60pc of the company's voting shares, the report said.

Investors want Zuckerberg to step down after it emerged that Facebook tried to smear critics

Oil prices rose on Friday amid expectations of supply cuts from OPEC, although record US production dragged.

US West Texas Intermediate (WTI) crude oil futures were at $56.84 per barrel at 0353 GMT, up 38 cents, or 0.7 per cent, from their last settlement.

Brent crude oil futures were up 48 cents, or 0.7 per cent, at $67.10 per barrel.

Prices were mainly supported by expectations the Organization of the Petroleum Exporting Countries (OPEC) would start withholding supply soon, fearing a renewed rout such as in 2014 when prices crashed under the weight of oversupply.

OPEC's de-facto leader Saudi Arabia wants the cartel and its allies to cut output by about 1.4 million barrels per day (bpd), around 1.5 per cent of global supply, sources told Reuters this week.

However, Morgan Stanley warned a cut by the Middle East dominated producer cartel may not have the desired effect.

"The main oil price benchmarks - Brent and WTI - are both light-sweet crudes and reflect this glut," the US bank said.

"OPEC production cuts are usually implemented by removing medium and heavier barrels from the market but that does not address the oversupply of light-sweet."

Due to the structural oversupply that has emerged in the market from record production by many countries, Morgan Stanley said that "OPEC cuts are inherently temporary (because) all they can do is shift production from one period to another".

While OPEC considers withholding supply, US crude oil production reached another record last week, at 11.7 million bpd, according to US Energy Information Administration (EIA) data published on Thursday.

US output has surged by almost a quarter since the start of the year.

The record output meant US crude oil stocks posted the biggest weekly build in nearly two years.

Crude inventories soared 10.3 million barrels in the week to November 9 to 442.1 million barrels, the highest level since early December 2017.

This surge contributed to oil prices falling by around a quarter since early October, taking many by surprise.

"Oil bulls, us included, have capitulated and we no longer see oil climbing to $95 per barrel next year," Bank of America Merrill Lynch said in a note.

While sentiment has turned bearish, some analysts warn that 2019 could be tighter than expected.

"We expect 2019 oil demand to reach 101.1 million bpd," natural resources research and investment firm Goehring &amp; Rozencwajg said, up from just under 100 million bpd this year.

At the same time, the firm said production outside North America was set to disappoint.

Add OPEC's expected supply cuts, and Goehring &amp; Rozencwajg said "those investors who are able to adopt a contrarian stance ... and stomach the volatility ... are being presented with an excellent investment opportunity" to buy into oil after the recent slump.

Bank of America agreed, saying "we believe oil is oversold and will likely bounce up from the current levels, as OPEC+ dials back production in December".

Oil prices rose on Friday amid expectations of supply cuts from OPEC, although record US production dragged. US West Texas Intermediate (WTI) crude oil futures were at $56.

Oil prices rose on Friday amid expectations of supply cuts from OPEC, although record US production dragged. US West Texas Intermediate (WTI) crude oil futures were at $56.84 per barrel at 0353 GMT, up 38 cents, or 0.7 per cent, from their last settlement. Brent crude oil futures were up 48 cents, or 0.7 per cent, at $67.10 per barrel. Prices were mainly supported by expectations the Organization of the Petroleum Exporting Countries (OPEC) would start withholding supply soon, fearing a renewed rout such as in 2014 when prices crashed under the weight of oversupply. OPEC's de-facto leader Saudi Arabia wants the cartel and its allies to cut output by about 1.4 million barrels per day (bpd), around 1.5 per cent of global supply, sources told Reuters this week. However, Morgan Stanley warned a cut by the Middle East dominated producer cartel may not have the desired effect. "The main oil price benchmarks - Brent and WTI - are both light-sweet crudes and reflect this glut," the US bank said. "OPEC production cuts are usually implemented by removing medium and heavier barrels from the market but that does not address the oversupply of light-sweet." Due to the structural oversupply that has emerged in the market from record production by many countries, Morgan Stanley said that "OPEC cuts are inherently temporary (because) all they can do is shift production from one period to another". While OPEC considers withholding supply, US crude oil production reached another record last week, at 11.7 million bpd, according to US Energy Information Administration (EIA) data published on Thursday. US output has surged by almost a quarter since the start of the year. The record output meant US crude oil stocks posted the biggest weekly build in nearly two years. Crude inventories soared 10.3 million barrels in the week to November 9 to 442.1 million barrels, the highest level since early December 2017. This surge contributed to oil prices falling by around a quarter since early October, taking many by surprise. "Oil bulls, us included, have capitulated and we no longer see oil climbing to $95 per barrel next year," Bank of America Merrill Lynch said in a note. While sentiment has turned bearish, some analysts warn that 2019 could be tighter than expected. "We expect 2019 oil demand to reach 101.1 million bpd," natural resources research and investment firm Goehring & Rozencwajg said, up from just under 100 million bpd this year. At the same time, the firm said production outside North America was set to disappoint. Add OPEC's expected supply cuts, and Goehring & Rozencwajg said "those investors who are able to adopt a contrarian stance ... and stomach the volatility ... are being presented with an excellent investment opportunity" to buy into oil after the recent slump. Bank of America agreed, saying "we believe oil is oversold and will likely bounce up from the current levels, as OPEC+ dials back production in December".

Oil rises on expected OPEC cuts, but surging US supply drags

Domestic equities opened on a firm note Friday as the benchmark BSE Sensex surged over 150 points on the back of continued foreign fund inflow and appreciating rupee.

Positive leads from the US markets on optimism that the US and China may resolve their trade dispute, and a mixed trend at other Asian bourses too influenced sentiments here.

The 30-share index spurted 159.17 points, or 0.45 per cent, to 35,419.71 points with sectoral indices, led by healthcare, auto, FMCG, capital goods and banking, rising up to 1.03 per cent.

The barometer had gained 118.55 points Thursday. 
 
The NSE Nifty was trading 41 points, or 0.39 per cent, higher at 10,657.70.

Prominent gainers include Sun Pharma, Axis Bank, Asian Paint, RIL, M&amp;M, Hero MotoCorp, TCS, HDFC Bank, Maruti Suzuki, PowerGrid, ICICI Bank, Tata Motors, Bajaj Auto, NTPC and Bharti Airtel, gaining up to 1.37 per cent.

On the other hand, continuing its fall, Yes Bank was the biggest loser, dropping up to 6 per cent.

ONGC, Infosys, Tata Steel, Vedanta and Adani Ports too fell up to 3 per cent.

Meanwhile, the rupee was trading higher by 10 paise at 71.87 against the American currency in early deals Friday.

There was continued buying by foreign funds for the second straight day Thursday.

Foreign institutional investors (FIIs) accumulated shares worth a net of Rs 2,043.06 crore, while domestic institutional investors (DIIs) sold shares worth Rs 165.31 crore Thursday, provisional data showed.&nbsp;&nbsp; &nbsp;&nbsp;

Elsewhere in Asia, Shanghai Composite Index rose 0.71 per cent, Korea's Kospi up 0.20 per cent, while Japan's Nikkei fell 0.52 per cent.

The Dow Jones Industrial Average in the US ended 0.83 per cent higher Thursday.

Domestic equities opened on a firm note Friday as the benchmark BSE Sensex surged over 150 points on the back of continued foreign fund inflow and appreciating rupee.

Domestic equities opened on a firm note Friday as the benchmark BSE Sensex surged over 150 points on the back of continued foreign fund inflow and appreciating rupee. Positive leads from the US markets on optimism that the US and China may resolve their trade dispute, and a mixed trend at other Asian bourses too influenced sentiments here. The 30-share index spurted 159.17 points, or 0.45 per cent, to 35,419.71 points with sectoral indices, led by healthcare, auto, FMCG, capital goods and banking, rising up to 1.03 per cent. The barometer had gained 118.55 points Thursday. The NSE Nifty was trading 41 points, or 0.39 per cent, higher at 10,657.70. Prominent gainers include Sun Pharma, Axis Bank, Asian Paint, RIL, M&M, Hero MotoCorp, TCS, HDFC Bank, Maruti Suzuki, PowerGrid, ICICI Bank, Tata Motors, Bajaj Auto, NTPC and Bharti Airtel, gaining up to 1.37 per cent. On the other hand, continuing its fall, Yes Bank was the biggest loser, dropping up to 6 per cent. ONGC, Infosys, Tata Steel, Vedanta and Adani Ports too fell up to 3 per cent. Meanwhile, the rupee was trading higher by 10 paise at 71.87 against the American currency in early deals Friday. There was continued buying by foreign funds for the second straight day Thursday. Foreign institutional investors (FIIs) accumulated shares worth a net of Rs 2,043.06 crore, while domestic institutional investors (DIIs) sold shares worth Rs 165.31 crore Thursday, provisional data showed. Elsewhere in Asia, Shanghai Composite Index rose 0.71 per cent, Korea's Kospi up 0.20 per cent, while Japan's Nikkei fell 0.52 per cent. The Dow Jones Industrial Average in the US ended 0.83 per cent higher Thursday.

Sensex jumps over 150 pts on funds inflow, global cues