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Most Asian share markets slid on Monday amid reports Washington was about to announce a new round of tariffs on Chinese imports, setting the stage for possible reprisals by Beijing.

Liquidity was thin with Japan on holiday and moves in currencies and bonds were minor. Hong Kong markets opened as normal after a super typhoon brushed the city on its way to landfall in China's Guangdong, the country's most populous province.

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 1.2 per cent, snapping three straight sessions of gains. Shanghai blue chips fell 1.1 per cent, while the Hang Seng shed 1.6 per cent.

EMini futures for the S&P 500 were off 0.2 per cent and spreadbetters expect London's FTSE 100 to open 11 points lower, Frankfurt's DAX 24 points lower and Paris' CAC 40 to ease 9 points.

US&nbspPresident Donald Trump is likely to announce new tariffs on about $200 billion of Chinese imports as early as Monday, a senior administration official told Reuters.

The tariff level will probably be about 10 per cent, the Wall Street Journal reported, below the 25 per cent the administration had said it was considering.

The WSJ also reported Beijing may decline to participate in proposed trade talks with the United States later this month if the Trump administration moves forward with the tariffs.

Other officials who advise the country's leaders are suggesting China impose limits on the sale of parts and supplies needed by US&nbspbusinesses, using "export restraints" to threaten their supply chains.

"Further escalation looks very likely in which the rate will likely be raised to 25 per cent and more US&nbsptariffs threatened, while China may potentially pull out of trade talks entirely and escalate on the new front of outright export restrictions," wrote analysts at JPMorgan.

"This would of course only inflame the situation further."

In currency markets the dollar index was a fraction softer at 94.908, having bounced from a low of 94.359 at the end of last week as Treasury yields rose.

The euro held at $1.1630 after retreating from a peak of $1.1721 on Friday, which also marks stiff chart resistance. The dollar was idling at 111.98 yen having run into offers around 112.15/20.

In commodity markets, gold was stuck at $1,194.70 an ounce and some way from last week's top at $1,212.65.

Oil prices eased as the Sino-US&nbsptrade dispute outweighed the risks to supply from upcoming sanctions on Iran. Brent dipped 11 cents to $77.98 a barrel, while US&nbspcrude fell 10 cents to $68.89.

US President Donald Trump is likely to announce new tariffs on about $200 billion of Chinese imports as early as Monday.

Most Asian share markets slid on Monday amid reports Washington was about to announce a new round of tariffs on Chinese imports, setting the stage for possible reprisals by Beijing. Liquidity was thin with Japan on holiday and moves in currencies and bonds were minor. Hong Kong markets opened as normal after a super typhoon brushed the city on its way to landfall in China's Guangdong, the country's most populous province. MSCI's broadest index of Asia-Pacific shares outside Japan dropped 1.2 per cent, snapping three straight sessions of gains. Shanghai blue chips fell 1.1 per cent, while the Hang Seng shed 1.6 per cent. EMini futures for the S&P 500 were off 0.2 per cent and spreadbetters expect London's FTSE 100 to open 11 points lower, Frankfurt's DAX 24 points lower and Paris' CAC 40 to ease 9 points. US&nbspPresident Donald Trump is likely to announce new tariffs on about $200 billion of Chinese imports as early as Monday, a senior administration official told Reuters. The tariff level will probably be about 10 per cent, the Wall Street Journal reported, below the 25 per cent the administration had said it was considering. The WSJ also reported Beijing may decline to participate in proposed trade talks with the United States later this month if the Trump administration moves forward with the tariffs. Other officials who advise the country's leaders are suggesting China impose limits on the sale of parts and supplies needed by US&nbspbusinesses, using "export restraints" to threaten their supply chains. "Further escalation looks very likely in which the rate will likely be raised to 25 per cent and more US&nbsptariffs threatened, while China may potentially pull out of trade talks entirely and escalate on the new front of outright export restrictions," wrote analysts at JPMorgan. "This would of course only inflame the situation further." In currency markets the dollar index was a fraction softer at 94.908, having bounced from a low of 94.359 at the end of last week as Treasury yields rose. The euro held at $1.1630 after retreating from a peak of $1.1721 on Friday, which also marks stiff chart resistance. The dollar was idling at 111.98 yen having run into offers around 112.15/20. In commodity markets, gold was stuck at $1,194.70 an ounce and some way from last week's top at $1,212.65. Oil prices eased as the Sino-US&nbsptrade dispute outweighed the risks to supply from upcoming sanctions on Iran. Brent dipped 11 cents to $77.98 a barrel, while US&nbspcrude fell 10 cents to $68.89.

Global Markets: Asian shares slugged by new US tariff threat

Walmart Inc's Flipkart unit is in talks to buy a stake in Star India's video streaming service Hotstar, the Mint daily reported on Monday, stepping up the e-commerce firm's battle with Amazon.com Inc by expanding into video content.

Flipkart's reported&nbsp;talks with Hotstar come at a time when there is high demand in the country for video streaming services like Netflix and Amazon Prime Video, which offer original content shows like "Sacred Games" and "Breathe".

Hotstar, owned by Twenty-First Century Fox's Star India unit, launched in India in 2015 - about a year ahead of streaming giant Netflix and nearly two years ahead of Amazon Prime Video debut in the country - remains well ahead of both in terms of its popularity with domestic users.

Hotstar has been offering premium content like HBO's "Game of Thrones" and live-streaming of popular Indian Premier League cricket for an annual subscription of 999 rupees ($13.90).

A Hotstar representative denied any such talks with Flipkart, but said it was open to partnerships that can help grow the Internet ecosystem in India and beyond.

Flipkart was not immediately available for comment.

Flipkart has already tied up with Hotstar to launch a video advertisement platform in July. Hotstar is also one of the Internet partners for Flipkart Plus, its customer loyalty programme competing with Amazon Prime.

Walmart acquired about 77 per cent of Flipkart for nearly $16 billion in what was the US&nbsp;retail giant's largest-ever deal and a move to take on arch-rival Amazon in a key growth market.

Flipkart, along with its fashion units Myntra and Jabong, is slightly ahead of Amazon in India's online retail, according to Forrester estimates.

Hotstar is owned by Twenty-First Century Fox's Star India unit and was launched in India in 2015.

Walmart Inc's Flipkart unit is in talks to buy a stake in Star India's video streaming service Hotstar, the Mint daily reported on Monday, stepping up the e-commerce firm's battle with Amazon.com Inc by expanding into video content. Flipkart's reported talks with Hotstar come at a time when there is high demand in the country for video streaming services like Netflix and Amazon Prime Video, which offer original content shows like "Sacred Games" and "Breathe". Hotstar, owned by Twenty-First Century Fox's Star India unit, launched in India in 2015 - about a year ahead of streaming giant Netflix and nearly two years ahead of Amazon Prime Video debut in the country - remains well ahead of both in terms of its popularity with domestic users. Hotstar has been offering premium content like HBO's "Game of Thrones" and live-streaming of popular Indian Premier League cricket for an annual subscription of 999 rupees ($13.90). A Hotstar representative denied any such talks with Flipkart, but said it was open to partnerships that can help grow the Internet ecosystem in India and beyond. Flipkart was not immediately available for comment. Flipkart has already tied up with Hotstar to launch a video advertisement platform in July. Hotstar is also one of the Internet partners for Flipkart Plus, its customer loyalty programme competing with Amazon Prime. Walmart acquired about 77 per cent of Flipkart for nearly $16 billion in what was the US retail giant's largest-ever deal and a move to take on arch-rival Amazon in a key growth market. Flipkart, along with its fashion units Myntra and Jabong, is slightly ahead of Amazon in India's online retail, according to Forrester estimates.

Flipkart eyes stake in Hotstar: Report

Indian markets on Monday morning opened in red with Sensex trading at 37,738.86 and Nifty at 11,404.20.&nbsp;

Sensex and Nifty ended higher for the second session on Friday, as investors sentiment turned positive.

The broader NSE Nifty closed 1.28 per cent higher at 11,515.20 while the benchmark BSE Sensex ended 0.99 per cent firmer at 38,090.64.

For the week, the NSE Nifty weakened 0.64 per cent while the BSE Sensex was down 0.78 per cent, its biggest weekly fall since the week ended May 18.

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<a href="https://twitter.com/hashtag/Sensex?src=hash&ref_src=twsrc%5Etfw">#Sensex</a> currently at 37,738.86: <a href="https://twitter.com/hashtag/Nifty?src=hash&ref_src=twsrc%5Etfw">#Nifty</a> currently at 11,404.20
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Meanwhile, the Indian currency on Monday depreciated 81 paise to 72.65 against the dollar in early trade.&nbsp;

The dollar rose against a basket of major currencies overseas, with investors cautiously awaiting news on the implementation of US tariffs on an additional $200 billion of Chinese imports, forex dealers said.

On Friday, the rupee had gained 34 paise to close at a one-week high of 71.84 against the US dollar on positive macro data and hopes of policy intervention by the government to defend the volatile currency.

Sensex and Nifty ended higher for the second session on Friday.

Indian markets on Monday morning opened in red with Sensex trading at 37,738.86 and Nifty at 11,404.20. Sensex and Nifty ended higher for the second session on Friday, as investors sentiment turned positive. The broader NSE Nifty closed 1.28 per cent higher at 11,515.20 while the benchmark BSE Sensex ended 0.99 per cent firmer at 38,090.64. For the week, the NSE Nifty weakened 0.64 per cent while the BSE Sensex was down 0.78 per cent, its biggest weekly fall since the week ended May 18. #Sensex currently at 37,738.86: #Nifty currently at 11,404.20 — ANI (@ANI) September 17, 2018 × Meanwhile, the Indian currency on Monday depreciated 81 paise to 72.65 against the dollar in early trade. The dollar rose against a basket of major currencies overseas, with investors cautiously awaiting news on the implementation of US tariffs on an additional $200 billion of Chinese imports, forex dealers said. On Friday, the rupee had gained 34 paise to close at a one-week high of 71.84 against the US dollar on positive macro data and hopes of policy intervention by the government to defend the volatile currency.

Markets open in red, Sensex tumbles by 295.4 points to below 38,000 mark

The government said Monday that it will merge Dena Bank, Vijaya Bank, and Bank of Baroda as part of the effort to revive credit and economic growth.&nbsp;

The new entity after the banks are merged is expected to be the country's third-largest lender.&nbsp;

The merger was announced by Finance Minister Arun Jaitley.&nbsp;

Jaitley said the merger would make the banks stronger, more sustainable, and increase their lending ability.

Jaitley added that bank lending was becoming weak, and hurting corporate-sector investments.

Also, he said, many banks were in fragile condition due to excessive lending and ballooning non-performing assets (NPAs).&nbsp;

"This amalgamated entity will increase banking operations," he said.

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We have decided to merge Dena Bank, Vijaya Bank and Bank of Baroda. 
Merger of the 3 banks will make this the third largest bank of the country: Financial Services Secretary Rajiv Kumar <a href="https://t.co/u7TZs0jOeg">pic.twitter.com/u7TZs0jOeg</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1041671708636274690?ref_src=twsrc%5Etfw">September 17, 2018</a></blockquote>
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No employee will face any service conditions which are adverse in nature. The best of the service conditions will apply to all of them: Finance Minister Arun Jaitley on merger of Dena Bank, Vijaya Bank and Bank of Baroda. <a href="https://t.co/9ym3rL12fi">pic.twitter.com/9ym3rL12fi</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1041674432983519232?ref_src=twsrc%5Etfw">September 17, 2018</a></blockquote>
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The country's largest lender — State Bank of India — had last year <a href="http://www.wionews.com/business-economy/state-bank-of-india-says-will-gain-120-billion-in-assets-from-merger-5213?amp">merged five of its subsidiary banks into itself</a> and taken over Bharatiya Mahila Bank, a niche state-run lender for women.

The government owns majority stakes in 21 lenders, which account for more than two-thirds of banking assets in Asia's third-largest economy.

But these PSU banks also account for the lion's share of bad loans or NPAs plaguing the sector and need crores of rupees in new capital in the next two years to meet global Basel III capital norms.

(With inputs from PTI)

Finance Minister Arun Jaitley said the merger would make the banks stronger, more sustainable, and increase their lending ability.

The government said Monday that it will merge Dena Bank, Vijaya Bank, and Bank of Baroda as part of the effort to revive credit and economic growth. The new entity after the banks are merged is expected to be the country's third-largest lender. The merger was announced by Finance Minister Arun Jaitley. Jaitley said the merger would make the banks stronger, more sustainable, and increase their lending ability. Jaitley added that bank lending was becoming weak, and hurting corporate-sector investments. Also, he said, many banks were in fragile condition due to excessive lending and ballooning non-performing assets (NPAs). "This amalgamated entity will increase banking operations," he said. We have decided to merge Dena Bank, Vijaya Bank and Bank of Baroda. Merger of the 3 banks will make this the third largest bank of the country: Financial Services Secretary Rajiv Kumar pic.twitter.com/u7TZs0jOeg — ANI (@ANI) September 17, 2018 × No employee will face any service conditions which are adverse in nature. The best of the service conditions will apply to all of them: Finance Minister Arun Jaitley on merger of Dena Bank, Vijaya Bank and Bank of Baroda. pic.twitter.com/9ym3rL12fi — ANI (@ANI) September 17, 2018 × The country's largest lender — State Bank of India — had last year merged five of its subsidiary banks into itself and taken over Bharatiya Mahila Bank, a niche state-run lender for women. The government owns majority stakes in 21 lenders, which account for more than two-thirds of banking assets in Asia's third-largest economy. But these PSU banks also account for the lion's share of bad loans or NPAs plaguing the sector and need crores of rupees in new capital in the next two years to meet global Basel III capital norms. (With inputs from PTI)

Government says it will merge Dena Bank, Vijaya Bank and Bank of Baroda

Time Magazine is being sold by Meredith Corp. to Mark Benioff, the co-founder of Salesforce, and his wife Lynne Benioff, for US $190 million, reports said on Sunday.

As per reports, the sale is expected to be closed within 30 days. The couple is buying the magazine personally and not as a part of Salesforce.com.

It would not involve day to day operations and journalistic decisions at Time. Those decisions will continue to be made by Time's current executive leadership team, reports said.

Salesforce, a cloud software company whose products are for businesses, competes with such rivals as Oracle Corp. and Microsoft Corp.

Meredith, the publisher of such magazines as People and Better Homes & Gardens, had put four Time Inc. publications up for sale in March. Negotiations for the sale of the three other publications — Fortune, Money and Sports Illustrated — are still underway

Time has struggled with continued declines in print advertising and newsstand sales.

Under Time Inc., the magazine planned to slash costs incurred on printing while putting more money in the digital front.

Time has cut its circulation significantly to 2.3 million for the six-month period ended June 30, down from 3 million in the same period a year earlier.

The magazine has been trying to increase its digital audience, which grew to 31.7 million multiplatform unique visitors in July 2018, up from nearly 27.4 million in July 2015, according to media measurement firm comScore Inc.

Time has struggled with continued declines in print advertising and newsstand sales.

Time Magazine is being sold by Meredith Corp. to Mark Benioff, the co-founder of Salesforce, and his wife Lynne Benioff, for US $190 million, reports said on Sunday. As per reports, the sale is expected to be closed within 30 days. The couple is buying the magazine personally and not as a part of Salesforce.com. It would not involve day to day operations and journalistic decisions at Time. Those decisions will continue to be made by Time's current executive leadership team, reports said. Salesforce, a cloud software company whose products are for businesses, competes with such rivals as Oracle Corp. and Microsoft Corp. Meredith, the publisher of such magazines as People and Better Homes & Gardens, had put four Time Inc. publications up for sale in March. Negotiations for the sale of the three other publications — Fortune, Money and Sports Illustrated — are still underway Time has struggled with continued declines in print advertising and newsstand sales. Under Time Inc., the magazine planned to slash costs incurred on printing while putting more money in the digital front. Time has cut its circulation significantly to 2.3 million for the six-month period ended June 30, down from 3 million in the same period a year earlier. The magazine has been trying to increase its digital audience, which grew to 31.7 million multiplatform unique visitors in July 2018, up from nearly 27.4 million in July 2015, according to media measurement firm comScore Inc.

Time magazine sold to Salesforce founder Marc Benioff for $190 million

Fuel prices across India rose again on Monday with petrol selling at Rs 82.06 per litre and diesel at Rs 73.78 per litre in Delhi, news agency ANI reported.&nbsp;

Petrol and diesel prices in the national capital went up by Rs 0.15/litre and Rs 0.6/litre respectively.&nbsp;

According to reports, petrol prices in Mumbai were registered at Rs 89.44 &nbsp;per litre, an increase of Rs 0.15/litre, while diesel prices shot up by Rs 0.7per litre at Rs 78.33 for a litre.

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Petrol at Rs 82.06/litre (increase by Rs 0.15/litre) and diesel at Rs 73.78/litre (increase by Rs 0.6/litre) in Delhi. Petrol at Rs 89.44/litre (increase by Rs 0.15/litre) and diesel at Rs 78.33/litre (increase by Rs 0.7/litre) in Mumbai. <a href="https://t.co/Z9Yk0KnJOp">pic.twitter.com/Z9Yk0KnJOp</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1041489291162075136?ref_src=twsrc%5Etfw">September 17, 2018</a></blockquote>
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Fuel prices on Sunday witnessed a new high with petrol and diesel breaching earlier figures.

In Delhi, petrol was being sold 0.28 paise higher at Rs 81.91 per litre, while the price of diesel went up by 0.18 paise to Rs 73.72 per litre.

Mumbai continued to be the worst affected by rising fuel prices, with petrol retailing at a staggering Rs Rs 89.29 per litre and diesel at Rs 78.26 per litre on Saturday.

 
&nbsp;

Petrol and diesel prices in the national capital went up by Rs 0.15/litre and Rs 0.6/litre respectively.

Fuel prices across India rose again on Monday with petrol selling at Rs 82.06 per litre and diesel at Rs 73.78 per litre in Delhi, news agency ANI reported. Petrol and diesel prices in the national capital went up by Rs 0.15/litre and Rs 0.6/litre respectively. According to reports, petrol prices in Mumbai were registered at Rs 89.44 per litre, an increase of Rs 0.15/litre, while diesel prices shot up by Rs 0.7per litre at Rs 78.33 for a litre. Petrol at Rs 82.06/litre (increase by Rs 0.15/litre) and diesel at Rs 73.78/litre (increase by Rs 0.6/litre) in Delhi. Petrol at Rs 89.44/litre (increase by Rs 0.15/litre) and diesel at Rs 78.33/litre (increase by Rs 0.7/litre) in Mumbai. pic.twitter.com/Z9Yk0KnJOp — ANI (@ANI) September 17, 2018 × Fuel prices on Sunday witnessed a new high with petrol and diesel breaching earlier figures. In Delhi, petrol was being sold 0.28 paise higher at Rs 81.91 per litre, while the price of diesel went up by 0.18 paise to Rs 73.72 per litre. Mumbai continued to be the worst affected by rising fuel prices, with petrol retailing at a staggering Rs Rs 89.29 per litre and diesel at Rs 78.26 per litre on Saturday.

Another record high for fuel prices, petrol sells at Rs 82.06 in national capital 

The stock markets underwent intense selling pressure on Monday which sent the benchmark Sensex of the BSE tumbling down over 500 points.&nbsp;

BSE Sensex closed lower by 505.13 points, or 1.33%, to 37,585.51, while the Nifty 50 fell 137.45 points, or 1.19%, to close at 11,377.75.&nbsp;

Financials, led by HDFC twins HDFC Ltd and HDFC Bank, emerged as the biggest draggers of the session, pulling down the key indices from their key levels.

Subdued Asian and European markets due to escalating trade war between the US and China mainly led to a caution on domestic bourses.

The government Friday announced an array of steps, including removal of withholding tax on Masala bonds, relaxation for FPIs and curbs on non-essential imports to contain the widening CAD and check the rupee fall.

The Indian currency once again breached the 72-mark to hit a low of 72.69 (intra-day) against the US dollar.

The rupee weakened against the dollar despite government measures.&nbsp;The rupee fell more than 1 per cent to 72.70 per dollar.

"The news of the possibility of further escalation of the trade war between the US and China didn't go well with the markets. Also, weakness in rupee further dented the sentiment. Most sectoral indices traded in line with the benchmark index and closed lower. Markets are currently dancing to the global tunes and we do not see this changing any time soon..." an analyst commented. 
&nbsp; &nbsp; &nbsp; 
The BSE 30-share barometer, after a lower start at 38,027.81, quickly cracked the 38,000-mark to hit a low of 37,548.93 on across-the-board selling in recent gainers and finally settled 505.13 points, or 1.33 per cent, down at 37,585.51. 
&nbsp; &nbsp; &nbsp; 
The market capitalisation (m-cap) of BSE-listed companies dropped Monday by Rs over 1,14,676 crore. 
&nbsp; &nbsp; &nbsp; 
The gauge had gained 677.51 points in the previous two sessions. 
&nbsp; &nbsp; &nbsp; 
The NSE Nifty hit a low of 11,366.90 and finally ended 137.45 points, or 1.19 per cent, down at 11,377.75. 
&nbsp; &nbsp; &nbsp; 
Meanwhile, on a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 1,090.56 crore, while domestic institutional investors (DIIs) made purchases to the tune of Rs 115.14 crore on Friday, provisional data showed. 
&nbsp; &nbsp;&nbsp; 
In the banking space, prominent losers were HDFC Bank 1.81 per cent, SBI 1.65 per cent, Axis Bank 1.60 per cent, Yes Bank 1.39 per cent, ICICI Bank 0.82 per cent and Kotak Bank 0.61 per cent. 
&nbsp; &nbsp; &nbsp; 
Higher crude oil prices in global markets too weighed on the sentiments here. International benchmark Brent rose 0.65 per cent to quote at USD 78.60 a barrel, while WTI crude was up 0.71 per cent at USD 69.48 a barrel. 
&nbsp; &nbsp;&nbsp; 
Investor sentiment also hurt on reports that global financial services company Goldman Sachs said India's world-beating stock market run is over. 
&nbsp; &nbsp; &nbsp; 
Among the Sensex pack, Sun Pharma was the biggest loser, tumbling by 2.85 per cent, followed by HDFC Ltd 2.47 per cent. 
&nbsp; &nbsp; &nbsp; 
Other laggards included Tata Motors 2.35 per cent, RIL 2.12 per cent, Asian Paints 1.93 per cent, Hero MotoCorp 1.72 per cent, ITC 1.65 per cent, HUL 1.60 per cent, Infosys 1.18 per cent, Maruti Suzuki 1.15 per cent, NTPC 1.14 per cent, L&T 1.08 per cent, Bajaj Auto 0.94 per cent, Coal India 0.83 per cent, ONGC 0.67 per cent, Vedanta 0.36 per cent, M&M 0.35 per cent, Bharti Airtel 0.33 per cent and Wipro 0.30 per cent. 
&nbsp; &nbsp; &nbsp; 
In contrast, PowerGrid stock was the top gainer in the Sensex kitty, surging 0.70 per cent, followed by TCS 0.40 per cent, Adani Ports 0.37 per cent and Tata Steel 0.05 per cent. 
&nbsp; &nbsp; &nbsp; 
Among sectoral indices, the BSE finance index emerged the worst performer by declining 1.44 per cent, followed by energy 1.30 per cent, consumer durables 1.25 per cent, FMCG 1.20 per cent, bankex 1.08 per cent, healthcare 1.08 per cent, auto 1 per cent, capital goods 0.67 per cent, metal 0.29 per cent, PSU 0.25 per cent, oil & gas 0.21 per cent, teck 0.18 per cent and IT 0.13 per cent. 
&nbsp; &nbsp; &nbsp; 
While, realty, power and infrastructure sector indices rose by up to 1.36 per cent. 
&nbsp; &nbsp; &nbsp; 
A similar trend emerged in the broader markets, as the mid-cap index fell by 0.76 per cent, while small-cap index fell 0.05 per cent. 
&nbsp; &nbsp; &nbsp; 
Overseas, Asian stocks ended lower on renewed fears of escalating trade war between the world's two largest economies. 
&nbsp; &nbsp; &nbsp; 
In the Asian region, Hong Kong's Hang Seng was down 1.28 per cent, while Shanghai Composite Index edged lower by 1.11 per cent. Financial markets in Japan were shut Monday on account of a public holiday. 
&nbsp; &nbsp; &nbsp; 
In the Eurozone, Paris CAC 40 fell 0.26 per cent and Frankfurt's DAX was down 0.36 per cent in their late deals. London's FTSE too shed 0.30 per cent.

(With inputs from PTI)

The Sensex closed Monday's trade 505.13 points, or 1.33% lower at 37,585.51 points.

The stock markets underwent intense selling pressure on Monday which sent the benchmark Sensex of the BSE tumbling down over 500 points. BSE Sensex closed lower by 505.13 points, or 1.33%, to 37,585.51, while the Nifty 50 fell 137.45 points, or 1.19%, to close at 11,377.75. Financials, led by HDFC twins HDFC Ltd and HDFC Bank, emerged as the biggest draggers of the session, pulling down the key indices from their key levels. Subdued Asian and European markets due to escalating trade war between the US and China mainly led to a caution on domestic bourses. The government Friday announced an array of steps, including removal of withholding tax on Masala bonds, relaxation for FPIs and curbs on non-essential imports to contain the widening CAD and check the rupee fall. The Indian currency once again breached the 72-mark to hit a low of 72.69 (intra-day) against the US dollar. The rupee weakened against the dollar despite government measures. The rupee fell more than 1 per cent to 72.70 per dollar. "The news of the possibility of further escalation of the trade war between the US and China didn't go well with the markets. Also, weakness in rupee further dented the sentiment. Most sectoral indices traded in line with the benchmark index and closed lower. Markets are currently dancing to the global tunes and we do not see this changing any time soon..." an analyst commented. The BSE 30-share barometer, after a lower start at 38,027.81, quickly cracked the 38,000-mark to hit a low of 37,548.93 on across-the-board selling in recent gainers and finally settled 505.13 points, or 1.33 per cent, down at 37,585.51. The market capitalisation (m-cap) of BSE-listed companies dropped Monday by Rs over 1,14,676 crore. The gauge had gained 677.51 points in the previous two sessions. The NSE Nifty hit a low of 11,366.90 and finally ended 137.45 points, or 1.19 per cent, down at 11,377.75. Meanwhile, on a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 1,090.56 crore, while domestic institutional investors (DIIs) made purchases to the tune of Rs 115.14 crore on Friday, provisional data showed. In the banking space, prominent losers were HDFC Bank 1.81 per cent, SBI 1.65 per cent, Axis Bank 1.60 per cent, Yes Bank 1.39 per cent, ICICI Bank 0.82 per cent and Kotak Bank 0.61 per cent. Higher crude oil prices in global markets too weighed on the sentiments here. International benchmark Brent rose 0.65 per cent to quote at USD 78.60 a barrel, while WTI crude was up 0.71 per cent at USD 69.48 a barrel. Investor sentiment also hurt on reports that global financial services company Goldman Sachs said India's world-beating stock market run is over. Among the Sensex pack, Sun Pharma was the biggest loser, tumbling by 2.85 per cent, followed by HDFC Ltd 2.47 per cent. Other laggards included Tata Motors 2.35 per cent, RIL 2.12 per cent, Asian Paints 1.93 per cent, Hero MotoCorp 1.72 per cent, ITC 1.65 per cent, HUL 1.60 per cent, Infosys 1.18 per cent, Maruti Suzuki 1.15 per cent, NTPC 1.14 per cent, L&T 1.08 per cent, Bajaj Auto 0.94 per cent, Coal India 0.83 per cent, ONGC 0.67 per cent, Vedanta 0.36 per cent, M&M 0.35 per cent, Bharti Airtel 0.33 per cent and Wipro 0.30 per cent. In contrast, PowerGrid stock was the top gainer in the Sensex kitty, surging 0.70 per cent, followed by TCS 0.40 per cent, Adani Ports 0.37 per cent and Tata Steel 0.05 per cent. Among sectoral indices, the BSE finance index emerged the worst performer by declining 1.44 per cent, followed by energy 1.30 per cent, consumer durables 1.25 per cent, FMCG 1.20 per cent, bankex 1.08 per cent, healthcare 1.08 per cent, auto 1 per cent, capital goods 0.67 per cent, metal 0.29 per cent, PSU 0.25 per cent, oil & gas 0.21 per cent, teck 0.18 per cent and IT 0.13 per cent. While, realty, power and infrastructure sector indices rose by up to 1.36 per cent. A similar trend emerged in the broader markets, as the mid-cap index fell by 0.76 per cent, while small-cap index fell 0.05 per cent. Overseas, Asian stocks ended lower on renewed fears of escalating trade war between the world's two largest economies. In the Asian region, Hong Kong's Hang Seng was down 1.28 per cent, while Shanghai Composite Index edged lower by 1.11 per cent. Financial markets in Japan were shut Monday on account of a public holiday. In the Eurozone, Paris CAC 40 fell 0.26 per cent and Frankfurt's DAX was down 0.36 per cent in their late deals. London's FTSE too shed 0.30 per cent. (With inputs from PTI)

Sensex plunges 505 points as rupee woes continue

The stock markets underwent intense selling pressure on Monday which sent the benchmark Sensex of the BSE tumbling down over 500 points.&nbsp

BSE Sensex closed lower by 505.13 points, or 1.33%, to 37,585.51, while the Nifty 50 fell 137.45 points, or 1.19%, to close at 11,377.75.&nbsp

Meanwhile, BSE MidCap and SmallCap were down 0.76% and 0.05%, respectively.

Sixteen out of 19 sectoral indices on BSE declined with finance losing most at 1.44% followed by energy 1.30% and energy 1.20%. On the other hand, realty gained 1.36%. Power and utilities also ended with gains.

BPCL, HPCL, TCS, Tech Mahindra and Power Gird were among the top gainers, whereas Sun Pharma, HDFC, Tata Motors, Bajaj Finance and Titan were among the major losers.

The rupee weakened against the dollar despite the government measures.&nbsp

Moreover, continued selloffs in global markets also added pressure. European shares followed Asian counterparts lower as investors grappled with the latest US threat to announce a new round of tariffs on Chinese goods in the latest escalation of their trade conflict.

The stock markets underwent intense selling pressure on Monday which sent the benchmark Sensex of the BSE tumbling down over 500 points. BSE Sensex closed lower by 505.13 points, or 1.33%, to 37,585.51, while the Nifty 50 fell 137.45 points, or 1.19%, to close at 11,377.75. Meanwhile, BSE MidCap and SmallCap were down 0.76% and 0.05%, respectively. Sixteen out of 19 sectoral indices on BSE declined with finance losing most at 1.44% followed by energy 1.30% and energy 1.20%. On the other hand, realty gained 1.36%. Power and utilities also ended with gains. BPCL, HPCL, TCS, Tech Mahindra and Power Gird were among the top gainers, whereas Sun Pharma, HDFC, Tata Motors, Bajaj Finance and Titan were among the major losers. The rupee weakened against the dollar despite the government measures. Moreover, continued selloffs in global markets also added pressure. European shares followed Asian counterparts lower as investors grappled with the latest US threat to announce a new round of tariffs on Chinese goods in the latest escalation of their trade conflict.

Sensex plunges 505 points; Nifty ends at 11,377

The rupee depreciated 81 paise to 72.65 against the dollar in early trade Monday at the forex market, despite the government's steps to stem a steep fall in the currency, amid reports that the US could announce a new round of tariffs on Chinese imports later in the day.

The dollar rose against a basket of major currencies overseas, with investors cautiously awaiting news on the implementation of US tariffs on an additional USD 200 billion of Chinese imports, forex dealers said.

On Friday, the rupee had gained 34 paise to close at a one-week high of 71.84 against the US dollar on positive macro data and hopes of policy intervention by the government to defend the volatile currency.

Meanwhile, the benchmark BSE Sensex tumbled by 295.40 points or 0.78 per cent to trade below the 38,000 mark at 37,795.24 in early trade.&nbsp;

The dollar rose against a basket of major currencies overseas.

The rupee depreciated 81 paise to 72.65 against the dollar in early trade Monday at the forex market, despite the government's steps to stem a steep fall in the currency, amid reports that the US could announce a new round of tariffs on Chinese imports later in the day. The dollar rose against a basket of major currencies overseas, with investors cautiously awaiting news on the implementation of US tariffs on an additional USD 200 billion of Chinese imports, forex dealers said. On Friday, the rupee had gained 34 paise to close at a one-week high of 71.84 against the US dollar on positive macro data and hopes of policy intervention by the government to defend the volatile currency. Meanwhile, the benchmark BSE Sensex tumbled by 295.40 points or 0.78 per cent to trade below the 38,000 mark at 37,795.24 in early trade.

Rupee breaches 72-mark again, down 81 paise

Fuel prices across India rose again on Sunday with petrol selling at Rs 81.91 per litre and diesel at Rs 73.72 per litre in Delhi, news agency ANI reported.&nbsp;

Petrol and diesel prices in the national capital went up by Rs 0.28/litre and Rs 0.18/litre respectively.&nbsp;

According to reports, petrol prices in Mumbai were registered at Rs 89.29 per litre, an increase of Rs 0.28/litre, while diesel prices shot up by Rs 0.19 per litre at Rs 78.26 for a litre.

Fuel prices on Saturday witnessed a new high with petrol and diesel breaching earlier figures.

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Petrol at Rs 81.91/litre (increase by Rs 0.28/litre) and diesel at Rs 73.72/litre (increase by Rs 0.18/litre) in Delhi. Petrol at Rs 89.29/litre (increase by Rs 0.28/litre) and diesel at Rs 78.26/litre (increase by Rs 0.19/litre) in Mumbai. <a href="https://t.co/sTBpMOHzDC">pic.twitter.com/sTBpMOHzDC</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1041135799411073025?ref_src=twsrc%5Etfw">September 16, 2018</a></blockquote>
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In Delhi, petrol was being sold 35 paise higher at Rs 81.63 per litre, while the price of diesel went up by 24 paise to Rs 73.54 per litre.

Mumbai continued to be the worst affected by rising fuel prices, with petrol retailing at a staggering Rs 89.01 per litre and diesel at Rs 78.07 per litre on Saturday.

(With inputs from ANI)&nbsp;

Petrol and diesel prices in the national capital went up by Rs 0.28/litre and Rs 0.18/litre respectively.

Fuel prices across India rose again on Sunday with petrol selling at Rs 81.91 per litre and diesel at Rs 73.72 per litre in Delhi, news agency ANI reported. Petrol and diesel prices in the national capital went up by Rs 0.28/litre and Rs 0.18/litre respectively. According to reports, petrol prices in Mumbai were registered at Rs 89.29 per litre, an increase of Rs 0.28/litre, while diesel prices shot up by Rs 0.19 per litre at Rs 78.26 for a litre. Fuel prices on Saturday witnessed a new high with petrol and diesel breaching earlier figures. Petrol at Rs 81.91/litre (increase by Rs 0.28/litre) and diesel at Rs 73.72/litre (increase by Rs 0.18/litre) in Delhi. Petrol at Rs 89.29/litre (increase by Rs 0.28/litre) and diesel at Rs 78.26/litre (increase by Rs 0.19/litre) in Mumbai. pic.twitter.com/sTBpMOHzDC — ANI (@ANI) September 16, 2018 × In Delhi, petrol was being sold 35 paise higher at Rs 81.63 per litre, while the price of diesel went up by 24 paise to Rs 73.54 per litre. Mumbai continued to be the worst affected by rising fuel prices, with petrol retailing at a staggering Rs 89.01 per litre and diesel at Rs 78.07 per litre on Saturday. (With inputs from ANI)

Fuel prices hit record high, sells at Rs 81.91 in the national capital 

The government has started the process of de-activating the identification numbers of nearly 21 lakh directors of companies as they failed to comply with KYC norms, according to a senior official.

The Director Identification Numbers (DINs) — a unique number allotted to individuals who are eligible to have directorship on the boards of registered companies — are being de-activated. They will be re-activated after a fee payment of Rs 5,000 along with the requisite form and the individuals concerned might also face action.

The latest move by the Corporate Affairs Ministry also comes at a time when the government has intensified the crackdown on shell companies, which are suspected to be conduits for illicit fund flows.

In June, the ministry decided to carry out KYC (Know Your Customer) process for all directors, including those who have been disqualified. The last date for complying with the new norms by way of submitting form ‘DIR-3 KYC’ without fee ended on September 15.

The senior ministry official said that out of 33 lakh active directors, only around 12.16 lakh directors completed the KYC process. The balance of around 21 lakh individuals failed to comply with the requirement.

“The process of deactivating the non-compliant DINs is in progress and is likely to be completed by September 17, 2018,” the ministry said in a communication on its website.

After the deadline of September 15, the MCA 21 system would mark all approved DINs — allotted on or before March 31 this year — against which DIR-3 KYC form has not been filed as “de-activated”. The reason for de-activation would be ‘non-filing of DIR-3 KYC’, as per the ministry.

MCA 21 is used by stakeholders to submit requisite filings to the ministry.

According to another communication by the ministry, which is implementing the Companies Act, the form may be filed “in respect of such de-activated DINs only with a fee of Rs 5,000, without prejudice to any other action that may be taken”.

Last year, the ministry had disqualified more than three lakh persons from holding a directorship at registered companies amid the fight against illicit fund flows. These individuals were directors at firms that were not carrying out business activities for a long time.

The government has started the process of de-activating the identification numbers of nearly 21 lakh directors of companies as they failed to comply with KYC norms.

The government has started the process of de-activating the identification numbers of nearly 21 lakh directors of companies as they failed to comply with KYC norms, according to a senior official. The Director Identification Numbers (DINs) — a unique number allotted to individuals who are eligible to have directorship on the boards of registered companies — are being de-activated. They will be re-activated after a fee payment of Rs 5,000 along with the requisite form and the individuals concerned might also face action. The latest move by the Corporate Affairs Ministry also comes at a time when the government has intensified the crackdown on shell companies, which are suspected to be conduits for illicit fund flows. In June, the ministry decided to carry out KYC (Know Your Customer) process for all directors, including those who have been disqualified. The last date for complying with the new norms by way of submitting form ‘DIR-3 KYC’ without fee ended on September 15. The senior ministry official said that out of 33 lakh active directors, only around 12.16 lakh directors completed the KYC process. The balance of around 21 lakh individuals failed to comply with the requirement. “The process of deactivating the non-compliant DINs is in progress and is likely to be completed by September 17, 2018,” the ministry said in a communication on its website. After the deadline of September 15, the MCA 21 system would mark all approved DINs — allotted on or before March 31 this year — against which DIR-3 KYC form has not been filed as “de-activated”. The reason for de-activation would be ‘non-filing of DIR-3 KYC’, as per the ministry. MCA 21 is used by stakeholders to submit requisite filings to the ministry. According to another communication by the ministry, which is implementing the Companies Act, the form may be filed “in respect of such de-activated DINs only with a fee of Rs 5,000, without prejudice to any other action that may be taken”. Last year, the ministry had disqualified more than three lakh persons from holding a directorship at registered companies amid the fight against illicit fund flows. These individuals were directors at firms that were not carrying out business activities for a long time.

KYC non-compliance: Government starts de-activating identification numbers of 21 lakh directors

Many senior bank officials who had dealt with loans given to liquor baron Vijay Mallya’s Kingfisher Airlines may be named as accused in a CBI charge sheet which is likely to be filed within a month, sources said.

This would be first charge sheet in the case pertaining to loans of over Rs 6000 crore given to Kingfisher by a consortium of 17 banks led by State Bank of India which alone had an exposure of Rs 1600 crore.

The agency has already filed a charge sheet against Mallya last year in connection with a separate case related to Rs 900 crore pending loan given by IDBI bank in which senior officials of the bank were allegedly involved.

The CBI had registered two cases against Mallya related to the IDBI loans in 2015 and consortium loan in 2016.

Refusing to give names of the officials, the sources said the first phase of a probe into loans given by a consortium of banks is almost complete and the charge sheet may be filed within a month while keeping the investigation open.

Both serving and retired senior officials of the banks including the State Bank of India who had handled Kingfisher Airlines loans may be named as accused in the charge sheet as the agency has gathered enough evidence against them on misuse of official position, they said.

The top brass of erstwhile Kingfisher airlines including Mallya, its CFO A Raghunathan and other former senior executives will also be named as accused in the case, they said.

They said the agency is also looking into the role of Finance Ministry officials who could have influenced the decision of the bankers but their role is still be evaluated.

During the probe, the agency has gathered enough evidence to show that Mallya allegedly diverted the loan funds from the purpose for which they were given, they said.

The agency in its FIR has alleged that State Bank of India and its consortium banks had advanced various credit facilities to Kingfisher Airlines Limited during the period between 2005 and 2010, they said.

During 2009-10, the company failed to meet its repayment commitments to the bank from which it had availed the credit facilities and Kingfisher Airlines did not keep its account with the consortium banks regular which became NPA, the FIR states.

The consortium banks, therefore, recalled the credit facilities and also invoked corporate guarantee of UBHL and personal guarantee of Mallya, it alleged.

Mallya deliberately did not repay the amount, outstanding dues payable by Kingfisher Airlines to consortium of banks, the sources said.

It is alleged that there was a conspiracy among group companies promoter and unknown others to cheat the lenders, they said.

SBI has an exposure of Rs 1,600 crore to the airline. Out of this, the bankers, which recalled the loan in February 2013, could recover only around Rs 1,100 crore after selling pledged shares of UB Group companies.

Other banks that have exposure to the airline include Punjab National Bank and IDBI Bank (Rs 800 crore each), Bank of India (Rs 650 crore), Bank of Baroda (Rs 550 crore), Central Bank of India (Rs 410 crore).

Many senior bank officials who had dealt with loans given to Vijay Mallya's Kingfisher Airlines may be named as accused in a CBI charge sheet which is likely to be filed within a month.

Many senior bank officials who had dealt with loans given to liquor baron Vijay Mallya’s Kingfisher Airlines may be named as accused in a CBI charge sheet which is likely to be filed within a month, sources said. This would be first charge sheet in the case pertaining to loans of over Rs 6000 crore given to Kingfisher by a consortium of 17 banks led by State Bank of India which alone had an exposure of Rs 1600 crore. The agency has already filed a charge sheet against Mallya last year in connection with a separate case related to Rs 900 crore pending loan given by IDBI bank in which senior officials of the bank were allegedly involved. The CBI had registered two cases against Mallya related to the IDBI loans in 2015 and consortium loan in 2016. Refusing to give names of the officials, the sources said the first phase of a probe into loans given by a consortium of banks is almost complete and the charge sheet may be filed within a month while keeping the investigation open. Both serving and retired senior officials of the banks including the State Bank of India who had handled Kingfisher Airlines loans may be named as accused in the charge sheet as the agency has gathered enough evidence against them on misuse of official position, they said. The top brass of erstwhile Kingfisher airlines including Mallya, its CFO A Raghunathan and other former senior executives will also be named as accused in the case, they said. They said the agency is also looking into the role of Finance Ministry officials who could have influenced the decision of the bankers but their role is still be evaluated. During the probe, the agency has gathered enough evidence to show that Mallya allegedly diverted the loan funds from the purpose for which they were given, they said. The agency in its FIR has alleged that State Bank of India and its consortium banks had advanced various credit facilities to Kingfisher Airlines Limited during the period between 2005 and 2010, they said. During 2009-10, the company failed to meet its repayment commitments to the bank from which it had availed the credit facilities and Kingfisher Airlines did not keep its account with the consortium banks regular which became NPA, the FIR states. The consortium banks, therefore, recalled the credit facilities and also invoked corporate guarantee of UBHL and personal guarantee of Mallya, it alleged. Mallya deliberately did not repay the amount, outstanding dues payable by Kingfisher Airlines to consortium of banks, the sources said. It is alleged that there was a conspiracy among group companies promoter and unknown others to cheat the lenders, they said. SBI has an exposure of Rs 1,600 crore to the airline. Out of this, the bankers, which recalled the loan in February 2013, could recover only around Rs 1,100 crore after selling pledged shares of UB Group companies. Other banks that have exposure to the airline include Punjab National Bank and IDBI Bank (Rs 800 crore each), Bank of India (Rs 650 crore), Bank of Baroda (Rs 550 crore), Central Bank of India (Rs 410 crore).

CBI charge sheet against Vijay Mallya likely in a month, bank officials may be included

A&nbspmember of the prime minister's economic advisory panel said on Friday that India needs to be extremely vigilant to check weakness in the rupee and the task was to minimise volatility and avoid contagion to other macro policies,

"The present challenge can be effectively dealt with," said Rathin Roy, in a blog, ahead of Prime Minister Narendra Modi's meeting on Saturday to consider steps to address weak rupee and rising fuel prices, reported news agency Reuters.

Despite the strong economic growth, the rupee has weakened more than 11 per cent to become Asia's worst performing currency this year, hit by higher oil prices and an emerging markets sell-off, widening India's current account deficit and tipping its balance of payments into the red, the report added.

(With Reuters inputs)

PM's economic panel member says India needs to be vigilant to check rupee weakness

A&nbspmember of the prime minister's economic advisory panel said on Friday that India needs to be extremely vigilant to check weakness in the rupee and the task was to minimise volatility and avoid contagion to other macro policies, "The present challenge can be effectively dealt with," said Rathin Roy, in a blog, ahead of Prime Minister Narendra Modi's meeting on Saturday to consider steps to address weak rupee and rising fuel prices, reported news agency Reuters. Despite the strong economic growth, the rupee has weakened more than 11 per cent to become Asia's worst performing currency this year, hit by higher oil prices and an emerging markets sell-off, widening India's current account deficit and tipping its balance of payments into the red, the report added. (With Reuters inputs)

Principal Economic Adviser in the Ministry of Finance, Sanjeev Sanyal, on Friday stated that although the rupee has tumbled recently, in a broader perspective, it has largely been stable against most currencies in the past five years with an exception to the US dollar.

"The rupee has depreciated very significantly since the beginning of the year. But if you take a 5-year perspective you'll see the rupee has by and large been stable against most currencies with one exception of the dollar," Sanyal noted. &nbsp;

Sanyal further added that the Reserve Bank of India "has quite correctly preserved ammunition in terms of foreign exchange reserve."&nbsp;

"It has $400 billion worth of it quite enough to defend rupee if necessary and so it continues to have that ammunition that the powders dry and should the necessity be to defend rupee it'll be done," Sanyal stated.&nbsp;

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Rupee has depreciated very significantly since beginning of the year. But if you take a 5 year perspective you'll see the Rupee has by & large been stable against most currencies with 1 exception of the dollar: Sanjeev Sanyal, Principal Economic Adviser in the Ministry of Finance <a href="https://t.co/oHBQuqmLLj">pic.twitter.com/oHBQuqmLLj</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1040628971409301505?ref_src=twsrc%5Etfw">September 14, 2018</a></blockquote>
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Meanwhile, Union Finance Minister Arun Jaitley outlined <a href="http://wionews.com/india-news/arun-jaitley-outlines-measures-to-stem-decline-in-rupee-165698">measures to stem the decline in tumbling rupee</a>&nbsp;on Friday.&nbsp;&nbsp;

The government will ease overseas borrowing norms for the manufacturing sector, the finance minister said after an economic review meeting chaired by Prime Minister Narendra Modi late on Friday, as the government announced a slew of measures to stem a sharp fall in the rupee, news agency Reuters reported.&nbsp;

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RBI has quite correctly preserved ammunition in terms of foreign exchange reserve. It has$400 billion worth of it quite enough to defend rupee if necessary&so it continues to have that ammunition that the powder's dry&should the necessity be to defend rupee it'll be done:S.Sanyal <a href="https://t.co/7yLnmd6IHR">pic.twitter.com/7yLnmd6IHR</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1040632756827389954?ref_src=twsrc%5Etfw">September 14, 2018</a></blockquote>
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Jaitley said manufacturing entities will be permitted to avail external commercial borrowings (ECBs) of up to $50 million with a minimum maturity of one year, down from three years earlier.

He said India will also relax rules to raise masala bonds or rupee-denominated overseas bonds, for banks and will take measures to cut down "non-necessary" imports.

According to reports, Jaitley also said that the government will boost exports to check the <a href="http://wionews.com/india-news/government-will-boost-exports-to-check-widening-current-account-deficit-arun-jaitley--165700">widening CAD</a>.

"In the meeting, the RBI governor gave a detailed presentation on the condition of world's economy and external factors which can affect Indian economy," Jaitley stated.&nbsp;

(With inputs from agencies)&nbsp;

Sanyal further added that the Reserve Bank of India 'has quite correctly preserved ammunition in terms of foreign exchange reserve.'

Principal Economic Adviser in the Ministry of Finance, Sanjeev Sanyal, on Friday stated that although the rupee has tumbled recently, in a broader perspective, it has largely been stable against most currencies in the past five years with an exception to the US dollar. "The rupee has depreciated very significantly since the beginning of the year. But if you take a 5-year perspective you'll see the rupee has by and large been stable against most currencies with one exception of the dollar," Sanyal noted. Sanyal further added that the Reserve Bank of India "has quite correctly preserved ammunition in terms of foreign exchange reserve." "It has $400 billion worth of it quite enough to defend rupee if necessary and so it continues to have that ammunition that the powders dry and should the necessity be to defend rupee it'll be done," Sanyal stated. Rupee has depreciated very significantly since beginning of the year. But if you take a 5 year perspective you'll see the Rupee has by & large been stable against most currencies with 1 exception of the dollar: Sanjeev Sanyal, Principal Economic Adviser in the Ministry of Finance pic.twitter.com/oHBQuqmLLj — ANI (@ANI) September 14, 2018 × Meanwhile, Union Finance Minister Arun Jaitley outlined measures to stem the decline in tumbling rupee on Friday. The government will ease overseas borrowing norms for the manufacturing sector, the finance minister said after an economic review meeting chaired by Prime Minister Narendra Modi late on Friday, as the government announced a slew of measures to stem a sharp fall in the rupee, news agency Reuters reported. RBI has quite correctly preserved ammunition in terms of foreign exchange reserve. It has$400 billion worth of it quite enough to defend rupee if necessary&so it continues to have that ammunition that the powder's dry&should the necessity be to defend rupee it'll be done:S.Sanyal pic.twitter.com/7yLnmd6IHR — ANI (@ANI) September 14, 2018 × Jaitley said manufacturing entities will be permitted to avail external commercial borrowings (ECBs) of up to $50 million with a minimum maturity of one year, down from three years earlier. He said India will also relax rules to raise masala bonds or rupee-denominated overseas bonds, for banks and will take measures to cut down "non-necessary" imports. According to reports, Jaitley also said that the government will boost exports to check the widening CAD. "In the meeting, the RBI governor gave a detailed presentation on the condition of world's economy and external factors which can affect Indian economy," Jaitley stated. (With inputs from agencies)

In 5-year perspective, rupee has largely been stable against most currencies: Economic Adviser

Volkswagen announced Thursday it would end production of its iconic "Beetle" cars in 2019 after adding a pair of final editions of the insect-inspired vehicles.

The curvy-topped sedans, which shook off Nazi origins to become a global auto phenomenon, are being sidelined as Volkswagen emphasizes electric cars and larger family-oriented vehicles.

But company officials, still trying to completely turn the page after 2015's costly "dieselgate" scandal, opened the door to reviving the model at some point, alluding to the company's 2017 decision to unveil a revamped Volkswagen Bus as a possible template.

"As we move to being a full-line, family-focused automaker in the US and ramp up our electrification strategy...There are no immediate plans to replace it," Hinrich Woebcken, chief executive of Volkswagen Group of America said in a statement.

"But, I would also say, never say never," he added.

"The loss of the Beetle after three generations, over nearly seven decades, will evoke a host of emotions from the Beetle's many devoted fans," Woebcken said.

Volkswagen plans to offer the two final edition models in both coupe and convertible styles. The cars will include nods to earlier versions and be priced at USD 23,045 and up, the company said.

The vehicle's history goes back to the Nazi era, having first been developed by Ferdinand Porsche with support from Adolf Hitler, who in 1937 formed the state-run Volkswagenwerk, or "The People's Car Company." After the war, the Allied countries eventually made Volkswagen a priority in an effort to revive the German auto industry.

The sedans made their US debut in the 1950s, but sales were weak, in part owing to the company's Nazi origins.

The advertising agency Doyle Dane Bernback in 1959 rechristened the car the "Beetle," and began touting the vehicle's small size as an advantage to consumers, according to the History Channel.

The car attained further popularity with the 1968 Disney movie "The Love Bug," the story of a racing Volkswagen with a mind of its own.

Andy Warhol did prints featuring the car and a Beetle was also the most prominent car in the background of "Abbey Road," the final Beatles album to be recorded.

US sales ceased in 1979, but the vehicle continued to be produced in Mexico and Brazil, according to Car and Driver. VW revived the "New Beetle" in the United States 1997.

But sales of the Beetle slipped 3.2 per cent to 15,667 in 2017 in the United States, a fraction of the sales for the Jetta and Passat sedans.

At the Detroit Auto Show in January, the German automaker unveiled a revamped version of the Jetta and also touted the Atlas, a new mid-sized SUV. VW continues to deal with fallout from the "dieselgate" scandal that broke in September 2015.

The company, having already paid out costly government settlements, is fighting billions of dollars in additional claims lodged by shareholders who saw their stock plummet in value after authorities cracked down on VW over the installation of so-called "defeat devices" into 11 million cars worldwide to fool regulatory emissions tests.&nbsp;

The curvy-topped sedans, which shook off Nazi origins to become a global auto phenomenon, are being sidelined as Volkswagen emphasizes electric cars and larger family-oriented vehicles.

Volkswagen announced Thursday it would end production of its iconic "Beetle" cars in 2019 after adding a pair of final editions of the insect-inspired vehicles. The curvy-topped sedans, which shook off Nazi origins to become a global auto phenomenon, are being sidelined as Volkswagen emphasizes electric cars and larger family-oriented vehicles. But company officials, still trying to completely turn the page after 2015's costly "dieselgate" scandal, opened the door to reviving the model at some point, alluding to the company's 2017 decision to unveil a revamped Volkswagen Bus as a possible template. "As we move to being a full-line, family-focused automaker in the US and ramp up our electrification strategy...There are no immediate plans to replace it," Hinrich Woebcken, chief executive of Volkswagen Group of America said in a statement. "But, I would also say, never say never," he added. "The loss of the Beetle after three generations, over nearly seven decades, will evoke a host of emotions from the Beetle's many devoted fans," Woebcken said. Volkswagen plans to offer the two final edition models in both coupe and convertible styles. The cars will include nods to earlier versions and be priced at USD 23,045 and up, the company said. The vehicle's history goes back to the Nazi era, having first been developed by Ferdinand Porsche with support from Adolf Hitler, who in 1937 formed the state-run Volkswagenwerk, or "The People's Car Company." After the war, the Allied countries eventually made Volkswagen a priority in an effort to revive the German auto industry. The sedans made their US debut in the 1950s, but sales were weak, in part owing to the company's Nazi origins. The advertising agency Doyle Dane Bernback in 1959 rechristened the car the "Beetle," and began touting the vehicle's small size as an advantage to consumers, according to the History Channel. The car attained further popularity with the 1968 Disney movie "The Love Bug," the story of a racing Volkswagen with a mind of its own. Andy Warhol did prints featuring the car and a Beetle was also the most prominent car in the background of "Abbey Road," the final Beatles album to be recorded. US sales ceased in 1979, but the vehicle continued to be produced in Mexico and Brazil, according to Car and Driver. VW revived the "New Beetle" in the United States 1997. But sales of the Beetle slipped 3.2 per cent to 15,667 in 2017 in the United States, a fraction of the sales for the Jetta and Passat sedans. At the Detroit Auto Show in January, the German automaker unveiled a revamped version of the Jetta and also touted the Atlas, a new mid-sized SUV. VW continues to deal with fallout from the "dieselgate" scandal that broke in September 2015. The company, having already paid out costly government settlements, is fighting billions of dollars in additional claims lodged by shareholders who saw their stock plummet in value after authorities cracked down on VW over the installation of so-called "defeat devices" into 11 million cars worldwide to fool regulatory emissions tests.

Volkswagen to end production of iconic 'Beetle' cars in 2019

Continuing its recovery, the rupee Friday strengthened by 50 paise to 71.68 against the dollar in early trade in the forex market on the government's assurance that all steps would be taken to ensure the domestic currency does not depreciate to unreasonable levels.

Besides, dollar selling by exporters and banks, the greenback's weakness against other currencies overseas, helped the domestic currency recover, forex dealers said.

They said a higher opening in the equity market and positive macro data released on Wednesday also supported the rupee's recovery, they added.

Industrial production grew at 6.6 per cent in July and retail inflation cooled to a 10-month low of 3.69 per cent in August, according to the data released by Central Statistics Office.

The rupee on Wednesday rebounded from the historic low of 72.91 to end higher by 51 paise at 72.18 against the dollar.

The forex market was closed Thursday on account of Ganesh Chaturthi.

Meanwhile, the BSE benchmark Sensex reclaimed the 38,000-mark to 38,036.81 by climbing 318.85 points, or 0.85 per cent, in opening trade.

BSE benchmark Sensex reclaimed the 38,000-mark to 38,036.81 by climbing 318.85 points, or 0.85 per cent, in opening trade.

Continuing its recovery, the rupee Friday strengthened by 50 paise to 71.68 against the dollar in early trade in the forex market on the government's assurance that all steps would be taken to ensure the domestic currency does not depreciate to unreasonable levels. Besides, dollar selling by exporters and banks, the greenback's weakness against other currencies overseas, helped the domestic currency recover, forex dealers said. They said a higher opening in the equity market and positive macro data released on Wednesday also supported the rupee's recovery, they added. Industrial production grew at 6.6 per cent in July and retail inflation cooled to a 10-month low of 3.69 per cent in August, according to the data released by Central Statistics Office. The rupee on Wednesday rebounded from the historic low of 72.91 to end higher by 51 paise at 72.18 against the dollar. The forex market was closed Thursday on account of Ganesh Chaturthi. Meanwhile, the BSE benchmark Sensex reclaimed the 38,000-mark to 38,036.81 by climbing 318.85 points, or 0.85 per cent, in opening trade.

Rupee strengthens by 50 paise against dollar in early trade

Pakistan's chemicals-to-energy conglomerate Engro Corp has seen its fortunes rise on the back of massive Chinese investment, but plans to shape its future growth around the country's vast population and expanding middle class, its chief executive said.

Engro Corp, best known for its fertiliser and petrochemicals factories, as well as engineering projects, is Pakistan's largest listed conglomerate, and after recovering from a brush with bankruptcy in the early part of this decade is now sitting on a US $500 million cash pile.

It has been a major beneficiary from Beijing's Belt and Road Initiative splurge, working with Chinese firms on coal and power projects worth billions of dollars.

Engro's rising fortunes since 2012, when its factories were crippled by gas shortages, mirror the improvements in Pakistan, a nuclear-armed nation where economic growth has accelerated due to vast Chinese investment and a sharp drop in militancy and power outages.

In the near term, Engro's outlook is linked to a mile-long US $1.5 billion coal mine in the Thar desert near the border with India, part of Beijing's pledge to invest about US $60 billion in Pakistan.

But with Pakistan's new government hinting it may review Belt and Road contracts due to concerns they were too expensive, some analysts see risks on the horizon for Engro and say planned power plants around the mine may struggle to obtain financing.

Ghias Khan, Engro's chief executive, told Reuters this week he was "pretty confident" the government would not re-open deals with sovereign guarantees.

"If they do, that will have a very negative impact," Khan said.

This year Pakistan's economy has also been shaken by a shortage of dollars, and speculation Islamabad may turn to the International Monetary Fund to ease current account pressures.

Undeterred by Chinese investment jitters and the recently wobbly economy, Khan said Engro was weighing acquisitions and starting new businesses in agriculture, healthcare, real estate, communications and other consumer-linked sectors to profit from rising incomes in the Muslim majority country of 208 million people, 60 percent of whom are aged under 30.

"We've come to a realisation what has gotten Engro where it is today is not good enough for our next phase of growth," Khan said in an interview at Engro's ocean-front headquarters in Karachi, an Arabian Sea metropolis.

"What we are proud of is our ability to execute large-scale projects and put up large industrial complexes. But we are mindful we have to get into businesses which are more related to the population growth, and take us closer to the consumers."

In Karachi, mushrooming shopping malls and ever-rising number of cars on the road point to a multi-year consumer boom as people's disposable incomes have doubled this decade, analysts say.

Khan compared Pakistan's current economic level, population growth and per capita income, which stands at about US $1,600, to where China, South Korea and India were at earlier points in their development. "If you look at sectors that did well when they were where Pakistan is today ... like real estate, automobiles, healthcare, logistics - everything is somehow related or linked to population growth or the middle class," Khan said.

The company, born out of an employees' buyout of Exxon's Pakistan operations in the 1990s, was also looking to go deeper into the petrochemicals sector, and was exploring projects to set up naphtha, ethane crackers or polypropylene facilities in the ports of Karachi or Gwadar, Khan added.

What Engro will do with its cash pile of about 60 billion rupees (US $490 million) has been a hot topic in Pakistan's equity market.

"One thing is very clear: how we invest these 60 billion rupees ... will determine how this organization looks 10-15 years from now," said Khan, adding a decision would be made "hopefully soon". In the meantime, the company is busily expanding its coal projects in Thar, located in the remote deserts of Sindh province, of which Karachi is the capital.

Helped by Beijing's cash and Chinese expertise, Engro began digging the Thar mine in 2016 with China Machinery Engineering Corporation (CMEC).

The coal will feed into a 660MW power plant Engro is building, part of about 4,000MW of generation planned by various Pakistani consortiums by 2021.

Pakistan says it has the world's 7th largest coal reserves, but it is of the low-grade lignite variety and for decades successive attempts at large-scale mining have failed.

Analysts say Engro has locked in returns on equity of about 30 percent per annum, in dollar terms and with a sovereign guarantee, on the power projects.

Engro declined to reveal equity returns on power projects, but with Pakistan looking to control its ballooning current account deficit to avoid another IMF bailout, Khan said the new government was likely to want power plants that do not rely on imported fuel.

In the near term, Engro's outlook is linked to a mile-long US $1.5 billion coal mine in the Thar desert near the border with India, part of Beijing's pledge to invest about US $60 billion in Pakistan.

Pakistan's chemicals-to-energy conglomerate Engro Corp has seen its fortunes rise on the back of massive Chinese investment, but plans to shape its future growth around the country's vast population and expanding middle class, its chief executive said. Engro Corp, best known for its fertiliser and petrochemicals factories, as well as engineering projects, is Pakistan's largest listed conglomerate, and after recovering from a brush with bankruptcy in the early part of this decade is now sitting on a US $500 million cash pile. It has been a major beneficiary from Beijing's Belt and Road Initiative splurge, working with Chinese firms on coal and power projects worth billions of dollars. Engro's rising fortunes since 2012, when its factories were crippled by gas shortages, mirror the improvements in Pakistan, a nuclear-armed nation where economic growth has accelerated due to vast Chinese investment and a sharp drop in militancy and power outages. In the near term, Engro's outlook is linked to a mile-long US $1.5 billion coal mine in the Thar desert near the border with India, part of Beijing's pledge to invest about US $60 billion in Pakistan. But with Pakistan's new government hinting it may review Belt and Road contracts due to concerns they were too expensive, some analysts see risks on the horizon for Engro and say planned power plants around the mine may struggle to obtain financing. Ghias Khan, Engro's chief executive, told Reuters this week he was "pretty confident" the government would not re-open deals with sovereign guarantees. "If they do, that will have a very negative impact," Khan said. This year Pakistan's economy has also been shaken by a shortage of dollars, and speculation Islamabad may turn to the International Monetary Fund to ease current account pressures. Undeterred by Chinese investment jitters and the recently wobbly economy, Khan said Engro was weighing acquisitions and starting new businesses in agriculture, healthcare, real estate, communications and other consumer-linked sectors to profit from rising incomes in the Muslim majority country of 208 million people, 60 percent of whom are aged under 30. "We've come to a realisation what has gotten Engro where it is today is not good enough for our next phase of growth," Khan said in an interview at Engro's ocean-front headquarters in Karachi, an Arabian Sea metropolis. "What we are proud of is our ability to execute large-scale projects and put up large industrial complexes. But we are mindful we have to get into businesses which are more related to the population growth, and take us closer to the consumers." In Karachi, mushrooming shopping malls and ever-rising number of cars on the road point to a multi-year consumer boom as people's disposable incomes have doubled this decade, analysts say. Khan compared Pakistan's current economic level, population growth and per capita income, which stands at about US $1,600, to where China, South Korea and India were at earlier points in their development. "If you look at sectors that did well when they were where Pakistan is today ... like real estate, automobiles, healthcare, logistics - everything is somehow related or linked to population growth or the middle class," Khan said. The company, born out of an employees' buyout of Exxon's Pakistan operations in the 1990s, was also looking to go deeper into the petrochemicals sector, and was exploring projects to set up naphtha, ethane crackers or polypropylene facilities in the ports of Karachi or Gwadar, Khan added. What Engro will do with its cash pile of about 60 billion rupees (US $490 million) has been a hot topic in Pakistan's equity market. "One thing is very clear: how we invest these 60 billion rupees ... will determine how this organization looks 10-15 years from now," said Khan, adding a decision would be made "hopefully soon". In the meantime, the company is busily expanding its coal projects in Thar, located in the remote deserts of Sindh province, of which Karachi is the capital. Helped by Beijing's cash and Chinese expertise, Engro began digging the Thar mine in 2016 with China Machinery Engineering Corporation (CMEC). The coal will feed into a 660MW power plant Engro is building, part of about 4,000MW of generation planned by various Pakistani consortiums by 2021. Pakistan says it has the world's 7th largest coal reserves, but it is of the low-grade lignite variety and for decades successive attempts at large-scale mining have failed. Analysts say Engro has locked in returns on equity of about 30 percent per annum, in dollar terms and with a sovereign guarantee, on the power projects. Engro declined to reveal equity returns on power projects, but with Pakistan looking to control its ballooning current account deficit to avoid another IMF bailout, Khan said the new government was likely to want power plants that do not rely on imported fuel.

In shift, Pakistani giant Engro to bet big on rising middle class

Inflation based on wholesale prices eased to a four-month low of 4.53 per cent in August on softening of food prices, but experts warned that a sliding rupee and rising oil prices could prompt an interest rate hike by RBI.

The effect of rising petrol and diesel prices has been neutralised by deflation in food articles, which resulted in a lower wholesale price index (WPI) inflation for August.

The WPI-based inflation stood at 5.09 per cent in July and 3.24 per cent in August last year.

According to government data released Friday, food articles registered deflation at 4.04 per cent in August 2018. Last month, deflation in this category was 2.16 per cent.

Deflation in vegetables was 20.18 per cent in August, as against 14.07 per cent in the previous month.

Inflation in the 'fuel and power' basket was 17.73 per cent in August as prices of domestic fuel increased, in line with high global crude oil rates and a depreciating rupee.

While inflation in liquefied petroleum gas (LPG) was 46.08 per cent, in diesel and petrol it was 19.90 per cent and 16.30 per cent, respectively, during August.

ICRA Principal Economist Aditi Nayar said core inflation hardened to a series high 5 per cent in August, from 4.8 per cent in July, a signal that firms with pricing power are beginning to transmit the weaker rupee and rising costs associated with industrial inputs such as fuels, to final prices.

"The rise in the core-WPI inflation in August 2018, in addition to the risks posed to the outlook for the CPI inflation by the INR depreciation, elevated crude oil prices and revision in MSPs, appear likely to prompt a majority of the MPC members to vote for a rate hike in the October 2018 policy meeting," Nayar said.

RBI's fourth bi-monthly policy review is slated on October 5.

Industry chamber CII, however, said that a decline in both wholesale and retail inflation would boost sentiments and a rate cut by the RBI at this juncture will help revive the investment cycle.

"The decline in the inflation reading, which is in line with the RBI's medium-term inflation target, should induce the RBI to resume the accommodative policy stance to support the incipient recovery currently underway in the economy which in turn would trigger the investment cycle by lowering the borrowing costs of industry," CII Director General Chandrajit Banerjee said.

During August, among food articles, potato inflation continued to rule high at 71.89 per cent, while onion and fruits witnessed deflation of 26.80 per cent and 16.40 per cent, respectively. Deflation continued in pulses at 14.23 per cent in August.

The 4.53 per cent inflation is the lowest in four months, and a lower inflation than this level was last seen in April at 3.62 per cent.

As per the data, the WPI inflation for June was revised downwards to 5.68 per cent from the provisional estimate of 5.77 per cent.

Brent crude oil price is hovering at around USD 79 a barrel. This, along with a depreciating rupee has increased the oil import bill, thereby making petrol and diesel costlier.

Rupee has depreciated over 12 per cent since the beginning of 2018 and is currently trading around 71.90 to a dollar.

Petrol price Thursday climbed to an all-time high of Rs 81 per litre in Delhi, while in Mumbai it inched up to Rs 88.39. A litre of diesel in the national capital was priced at Rs 73.08 and Rs 77.58 in Mumbai.

Data released earlier this week showed retail inflation eased to a 10-month low of 3.69 per cent in August. RBI mainly takes into account retail inflation data while formulating monetary policy.

In its third monetary policy review for the fiscal, the Reserve Bank last month hiked interest rate by 0.25 per cent to 6.5 per cent on inflationary concerns.

For July-September, RBI pegged CPI-based retail inflation at 4.2 per cent, which it saw firming up to 4.8 per cent in the second half of the current fiscal.&nbsp;

The WPI-based inflation stood at 5.09 per cent in July and 3.24 per cent in August last year.

Inflation based on wholesale prices eased to a four-month low of 4.53 per cent in August on softening of food prices, but experts warned that a sliding rupee and rising oil prices could prompt an interest rate hike by RBI. The effect of rising petrol and diesel prices has been neutralised by deflation in food articles, which resulted in a lower wholesale price index (WPI) inflation for August. The WPI-based inflation stood at 5.09 per cent in July and 3.24 per cent in August last year. According to government data released Friday, food articles registered deflation at 4.04 per cent in August 2018. Last month, deflation in this category was 2.16 per cent. Deflation in vegetables was 20.18 per cent in August, as against 14.07 per cent in the previous month. Inflation in the 'fuel and power' basket was 17.73 per cent in August as prices of domestic fuel increased, in line with high global crude oil rates and a depreciating rupee. While inflation in liquefied petroleum gas (LPG) was 46.08 per cent, in diesel and petrol it was 19.90 per cent and 16.30 per cent, respectively, during August. ICRA Principal Economist Aditi Nayar said core inflation hardened to a series high 5 per cent in August, from 4.8 per cent in July, a signal that firms with pricing power are beginning to transmit the weaker rupee and rising costs associated with industrial inputs such as fuels, to final prices. "The rise in the core-WPI inflation in August 2018, in addition to the risks posed to the outlook for the CPI inflation by the INR depreciation, elevated crude oil prices and revision in MSPs, appear likely to prompt a majority of the MPC members to vote for a rate hike in the October 2018 policy meeting," Nayar said. RBI's fourth bi-monthly policy review is slated on October 5. Industry chamber CII, however, said that a decline in both wholesale and retail inflation would boost sentiments and a rate cut by the RBI at this juncture will help revive the investment cycle. "The decline in the inflation reading, which is in line with the RBI's medium-term inflation target, should induce the RBI to resume the accommodative policy stance to support the incipient recovery currently underway in the economy which in turn would trigger the investment cycle by lowering the borrowing costs of industry," CII Director General Chandrajit Banerjee said. During August, among food articles, potato inflation continued to rule high at 71.89 per cent, while onion and fruits witnessed deflation of 26.80 per cent and 16.40 per cent, respectively. Deflation continued in pulses at 14.23 per cent in August. The 4.53 per cent inflation is the lowest in four months, and a lower inflation than this level was last seen in April at 3.62 per cent. As per the data, the WPI inflation for June was revised downwards to 5.68 per cent from the provisional estimate of 5.77 per cent. Brent crude oil price is hovering at around USD 79 a barrel. This, along with a depreciating rupee has increased the oil import bill, thereby making petrol and diesel costlier. Rupee has depreciated over 12 per cent since the beginning of 2018 and is currently trading around 71.90 to a dollar. Petrol price Thursday climbed to an all-time high of Rs 81 per litre in Delhi, while in Mumbai it inched up to Rs 88.39. A litre of diesel in the national capital was priced at Rs 73.08 and Rs 77.58 in Mumbai. Data released earlier this week showed retail inflation eased to a 10-month low of 3.69 per cent in August. RBI mainly takes into account retail inflation data while formulating monetary policy. In its third monetary policy review for the fiscal, the Reserve Bank last month hiked interest rate by 0.25 per cent to 6.5 per cent on inflationary concerns. For July-September, RBI pegged CPI-based retail inflation at 4.2 per cent, which it saw firming up to 4.8 per cent in the second half of the current fiscal.

Wholesale prices inflation drops to 4-month low of 4.53%

Uber Technologies Inc is spending millions of dollars in Toronto to open an engineering hub and expand its self-driving car operations, the strongest indication yet that the company is not retreating from autonomous vehicle development despite recent setbacks.

Chief Executive Dara Khosrowshahi said on Thursday that Uber will invest more than US $150 million over five years to bolster the ride-hailing company's engineering capabilities, with a new office opening in early 2019, and expand its work in artificial intelligence. The San Francisco-based company expects to hire hundreds of new employees, boosting its overall headcount in Toronto to more than 500.

The investment will allow Uber the opportunity to expand its work on self-driving technology, an area where the company has lagged competitors. Uber opened a self-driving car research center in Toronto last year, and named University of Toronto associate professor Raquel Urtasun as head of the organization.

However, Uber's self-driving car business stalled after one if its autonomous SUVs killed a pedestrian in Tempe, Arizona, in March. Uber quickly removed its robot cars from the road, laid off hundreds of test drivers and shuttered operations in Arizona, its autonomous testing hub.

Since the Tempe crash, Khosrowshahi, who took over Uber a year ago, has explored options that include more partnerships with companies developing autonomous cars and a potential sale of the self-driving business, sources have told Reuters. The investment in Toronto is a strong signal that Uber will continue to build its own self-driving technology, at least in the near term.

It also follows a US $500 million investment from Toyota Motor Corp to jointly work on developing self-driving cars, providing the Uber business a badly needed boost.

However, the company still faces battles with regulators and local officials who have raised concerns over the safety of Uber's program.

Six months after the fatal crash, Uber has not resumed testing its cars on public roads, although Khosrowshahi said he expects the company will by the end of the year after undergoing a safety overhaul.

The self-driving unit is a significant contributor to Uber's losses, which in the second quarter were US $891 million. Uber said it will not raise additional financing for the Canada investment.

The separate engineering office set to open early next year is Uber's eighth such office outside of the United States, and will be used for building technology infrastructure for Uber's products, such as ride-hailing and food delivery.

The investment will allow Uber the opportunity to expand its work on self-driving technology, an area where the company has lagged competitors.

Uber Technologies Inc is spending millions of dollars in Toronto to open an engineering hub and expand its self-driving car operations, the strongest indication yet that the company is not retreating from autonomous vehicle development despite recent setbacks. Chief Executive Dara Khosrowshahi said on Thursday that Uber will invest more than US $150 million over five years to bolster the ride-hailing company's engineering capabilities, with a new office opening in early 2019, and expand its work in artificial intelligence. The San Francisco-based company expects to hire hundreds of new employees, boosting its overall headcount in Toronto to more than 500. The investment will allow Uber the opportunity to expand its work on self-driving technology, an area where the company has lagged competitors. Uber opened a self-driving car research center in Toronto last year, and named University of Toronto associate professor Raquel Urtasun as head of the organization. However, Uber's self-driving car business stalled after one if its autonomous SUVs killed a pedestrian in Tempe, Arizona, in March. Uber quickly removed its robot cars from the road, laid off hundreds of test drivers and shuttered operations in Arizona, its autonomous testing hub. Since the Tempe crash, Khosrowshahi, who took over Uber a year ago, has explored options that include more partnerships with companies developing autonomous cars and a potential sale of the self-driving business, sources have told Reuters. The investment in Toronto is a strong signal that Uber will continue to build its own self-driving technology, at least in the near term. It also follows a US $500 million investment from Toyota Motor Corp to jointly work on developing self-driving cars, providing the Uber business a badly needed boost. However, the company still faces battles with regulators and local officials who have raised concerns over the safety of Uber's program. Six months after the fatal crash, Uber has not resumed testing its cars on public roads, although Khosrowshahi said he expects the company will by the end of the year after undergoing a safety overhaul. The self-driving unit is a significant contributor to Uber's losses, which in the second quarter were US $891 million. Uber said it will not raise additional financing for the Canada investment. The separate engineering office set to open early next year is Uber's eighth such office outside of the United States, and will be used for building technology infrastructure for Uber's products, such as ride-hailing and food delivery.

Uber to spend $150 million in Toronto on engineering, self-driving cars

Sensex and Nifty ended higher for the second session on Friday, as investors sentiment turned positive after government officials said Prime Minister Narendra Modi will hold a meeting later in the day with the finance ministry to discuss economic issues.

PM Modi will hold a meeting with finance ministry officials on Friday to discuss the fall in the rupee and other economic issues, a government source told Reuters.

The broader NSE Nifty closed 1.28 per cent higher at 11,515.20 while the benchmark BSE Sensex ended 0.99 per cent firmer at 38,090.64.

For the week, the NSE Nifty weakened 0.64 per cent while the BSE Sensex was down 0.78 per cent, its biggest weekly fall since the week ended May 18.

Financials accounted for nearly half the gains, with Housing Development Finance Corp Ltd closing 2.5 per cent higher. At the close, only four stocks were in the red on the NSE Nifty while two ended lower on the BSE Sensex.

For the week, the NSE Nifty weakened 0.64 per cent while the BSE Sensex was down 0.78 per cent, its biggest weekly fall since the week ended May 18.

Sensex and Nifty ended higher for the second session on Friday, as investors sentiment turned positive after government officials said Prime Minister Narendra Modi will hold a meeting later in the day with the finance ministry to discuss economic issues. PM Modi will hold a meeting with finance ministry officials on Friday to discuss the fall in the rupee and other economic issues, a government source told Reuters. The broader NSE Nifty closed 1.28 per cent higher at 11,515.20 while the benchmark BSE Sensex ended 0.99 per cent firmer at 38,090.64. For the week, the NSE Nifty weakened 0.64 per cent while the BSE Sensex was down 0.78 per cent, its biggest weekly fall since the week ended May 18. Financials accounted for nearly half the gains, with Housing Development Finance Corp Ltd closing 2.5 per cent higher. At the close, only four stocks were in the red on the NSE Nifty while two ended lower on the BSE Sensex.

Sensex and Nifty end higher; PM Modi to review economy

The majority of American companies in China say they are hurting from the escalating US-China trade spat, reporting increased costs, lower profits and stepped-up scrutiny, a survey showed Thursday.

The American Chamber of Commerce in China survey polled more than 430 US companies operating in the country and provides the first detailed look at how Donald Trump's trade fight has harmed business.

His first round of tariffs this summer hit $50 billion in Chinese goods like high-end technology parts and manufactured goods, while Beijing fired back dollar-for-dollar at US soybeans, autos and other farm goods.

But US firms are feeling whiplash from both sides as they sell and make goods in China, with Washington's border tax increase and Beijing's counter-punch hurting more than 60 percent of businesses, according to the poll.

It also showed looming tariffs on $200-billion of Chinese goods is expected to expand the pain to three-quarters of firms.

Chamber president Alan Beebe said the poll would provide officials in Washington and Beijing with facts on how the tariffs are playing out.

Businesses received potentially good news on Wednesday after Treasury Secretary Steven Mnuchin proposed a fresh round of trade talks between the economic superpowers to avert a full-blown trade war.

The talks could stave off the growing costs for American firms, though the two sides have failed to reach an agreement over several rounds of negotiations in spring and summer.&nbsp;

The unpredictability around the trade fight is hampering investment decisions as investors need stability to make sound decisions, Beebe said.

Roughly a third of firms are shifting supply chains out of China, or the US, and an equal proportion are delaying or cancelling investment decisions, the survey showed.

'Too much uncertainty' 
Some 42 percent of American firms report their goods are becoming less attractive to Chinese buyers. Beebe said that could be the consequences of price increases or the psychology around how people make purchasing decisions.

"Chinese customers just see too much uncertainty around buying American and as a result they shift to alternatives," Beebe told AFP.

About half of American firms are making less money, and a similar amount are reporting higher production costs, according to the survey.

Some of their employees are paying the price, with 12 percent of firms cutting staff.

Beebe said that may be because survey respondents were mostly smaller firms, adding larger companies "have the ability to withstand the impact of the tariffs but it's going to be the smaller ones that are going to feel the pinch sooner".

The White House believes China will wave the white flag after the next round of tariffs on $200 billion in goods, said William Zarit, the chamber's chairman.

"But that scenario risks underestimating China's capability to continue meeting fire with fire," he added.

US companies are particularly worried about the "qualitative measures" Beijing has threatened to take as it becomes unable to respond to tariffs dollar-for-dollar -- US goods imports last year totalled only $130 billion.

More than half of firms say they are already feeling Beijing's wrath, with 27 percent reporting increased inspections, 19 percent feeling heightened regulatory scrutiny and 23 percent witnessing slower customs clearance.

"The US administration runs the risk of a downward spiral of attack and counter attack, benefiting no one," Zarit said.

A majority of American companies in China reported increased costs, lower profits, and stepped-up scrutiny, a survey showed Thursday.

The majority of American companies in China say they are hurting from the escalating US-China trade spat, reporting increased costs, lower profits and stepped-up scrutiny, a survey showed Thursday. The American Chamber of Commerce in China survey polled more than 430 US companies operating in the country and provides the first detailed look at how Donald Trump's trade fight has harmed business. His first round of tariffs this summer hit $50 billion in Chinese goods like high-end technology parts and manufactured goods, while Beijing fired back dollar-for-dollar at US soybeans, autos and other farm goods. But US firms are feeling whiplash from both sides as they sell and make goods in China, with Washington's border tax increase and Beijing's counter-punch hurting more than 60 percent of businesses, according to the poll. It also showed looming tariffs on $200-billion of Chinese goods is expected to expand the pain to three-quarters of firms. Chamber president Alan Beebe said the poll would provide officials in Washington and Beijing with facts on how the tariffs are playing out. Businesses received potentially good news on Wednesday after Treasury Secretary Steven Mnuchin proposed a fresh round of trade talks between the economic superpowers to avert a full-blown trade war. The talks could stave off the growing costs for American firms, though the two sides have failed to reach an agreement over several rounds of negotiations in spring and summer. The unpredictability around the trade fight is hampering investment decisions as investors need stability to make sound decisions, Beebe said. Roughly a third of firms are shifting supply chains out of China, or the US, and an equal proportion are delaying or cancelling investment decisions, the survey showed. 'Too much uncertainty' Some 42 percent of American firms report their goods are becoming less attractive to Chinese buyers. Beebe said that could be the consequences of price increases or the psychology around how people make purchasing decisions. "Chinese customers just see too much uncertainty around buying American and as a result they shift to alternatives," Beebe told AFP. About half of American firms are making less money, and a similar amount are reporting higher production costs, according to the survey. Some of their employees are paying the price, with 12 percent of firms cutting staff. Beebe said that may be because survey respondents were mostly smaller firms, adding larger companies "have the ability to withstand the impact of the tariffs but it's going to be the smaller ones that are going to feel the pinch sooner". The White House believes China will wave the white flag after the next round of tariffs on $200 billion in goods, said William Zarit, the chamber's chairman. "But that scenario risks underestimating China's capability to continue meeting fire with fire," he added. US companies are particularly worried about the "qualitative measures" Beijing has threatened to take as it becomes unable to respond to tariffs dollar-for-dollar -- US goods imports last year totalled only $130 billion. More than half of firms say they are already feeling Beijing's wrath, with 27 percent reporting increased inspections, 19 percent feeling heightened regulatory scrutiny and 23 percent witnessing slower customs clearance. "The US administration runs the risk of a downward spiral of attack and counter attack, benefiting no one," Zarit said.

US companies in China say Trump trade war hurting them

Apple&nbsp;Inc introduced its largest-ever iPhone and a watch that detects heart problems on Wednesday in an attempt to get customers to upgrade to more expensive devices in the face of stagnant global demand for smartphones.

The relatively small changes to its lineup, following last year's overhauled iPhone X, were widely expected by investors and the company's shares ended down 1.2 per cent at US $221.07.

The strategy has been successful, helping&nbsp;Apple's stock to rise more than 30 per cent this year and making it the first publicly traded US&nbsp;company to hit a market value of more than US $1 trillion.

Apple's new iPhone XS, pronounced "ten S," has a 5.8-inch (14.7-cm) screen, and will be sold at a starting price of US $999. The XS Max, the largest iPhone to date and one of the biggest on the market, has a 6.5-inch (16.5-cm) screen, and will start selling at US $1,099.

“They have finally added a larger-screen phone so that they can directly compete with the Galaxy Note9 products," Gartner analyst Annette Zimmermann said at the event at&nbsp;Apple's Silicon Valley headquarters, referring to rival Samsung Electronics&nbsp;which has led the trend towards big-screen phones.

"The larger screen will be very important in China to turn around the trend there, because they have lost some share in the last few years, partly because of screen size,” she added.

Apple&nbsp;also introduced a lower-cost 6.1-inch (15.5 cm) iPhone XR made of aluminium, at a starting price at&nbsp;US $749.

The iPhone XS Max's display size is 26 per cent larger than the previous largest iPhone display, marking it the largest increase in screen size since 2014, wrote analyst Gene Munster of Loup Ventures in a note.

This year's three top phones are all more expensive than last year's models.

With two of them starting at US $999 or higher in the United States,&nbsp;Apple&nbsp;appears to be taking advantage of a strong US&nbsp;economy, low unemployment, and rising household wealth. The median US&nbsp;household income rose for a third straight year in 2017 to the highest on record since 1967 by one measure, government data showed on Wednesday.

Looking for ways to lessen reliance on phones, which represent more than 60 per cent its revenue,&nbsp;Apple&nbsp;opened its event by announcing the new&nbsp;Apple&nbsp;Watch Series 4 with edge-to-edge displays, like its latest phones, and they are more than 30 percent bigger than displays on current models.

It is positioning the new watch as a more comprehensive health device, able to take an electrocardiogram to detect an irregular heartbeat and start an emergency call automatically if it detects a user falling down, potentially appealing to older customers.

The US&nbsp;Food and Drug Administration said it worked with&nbsp;Apple&nbsp;to develop apps for the&nbsp;AppleWatch and has been taking steps to ease the regulatory pathway for companies seeking to create digital healthcare products.

As many as 6.1 million Americans have atrial fibrillation, a heart disease involving irregular heart rhythm for which the Watch could offer an early warning. That number is expected to double by 2050 as the population gets older, according to the American Heart Association.

"This does have a lot of potential for patients," said Dr. Michael Valentine, president of the American College of Cardiology and a cardiologist at Central Health in Lynchburg, Virginia. "Clinicians face patients every day with palpitations, rapid heart rates, and other symptoms," and the doctors want a more portable monitoring and recording system.

BMO Capital Markets analyst Joanne Wuensch added that physicians would be unlikely to make medical treatment based on data from the watch, though it could encourage patients to see cardiologists.

Healthcare technology analyst Ross Muken at Evercore said many companies were developing monitoring devices. "This update really establishes the company’s increasing efforts to push the watch as a serious medical device," he said of&nbsp;Apple.

Shares of fitness device rival Fitbit Inc&nbsp;fell 6.9 per cent after the Series 4 announcement on Wednesday.

Apple's event was held at the Steve Jobs Theater in its new circular headquarters in Cupertino, California, named after the company's co-founder who wowed the world with the first iPhone in 2007.

Executives made no mention of a wireless charging mat, or content deals for&nbsp;Apple&nbsp;TV, as some industry analysts had expected.

"We all knew this was going to be a transitional but not transformational phone update," said Trip Miller, managing partner at hedge fund Gullane Capital, which owns&nbsp;Apple&nbsp;shares.

Apple's new iPhone XS, pronounced 'ten S', has a 5.8-inch (14.7-cm) screen, and will be sold at a starting price of US $999. The XS Max, the largest iPhone to date and one of the biggest on the market, has a 6.5-inch (16.5-cm) screen, and will start selling at US $1,099.

Apple Inc introduced its largest-ever iPhone and a watch that detects heart problems on Wednesday in an attempt to get customers to upgrade to more expensive devices in the face of stagnant global demand for smartphones. The relatively small changes to its lineup, following last year's overhauled iPhone X, were widely expected by investors and the company's shares ended down 1.2 per cent at US $221.07. The strategy has been successful, helping Apple's stock to rise more than 30 per cent this year and making it the first publicly traded US company to hit a market value of more than US $1 trillion. Apple's new iPhone XS, pronounced "ten S," has a 5.8-inch (14.7-cm) screen, and will be sold at a starting price of US $999. The XS Max, the largest iPhone to date and one of the biggest on the market, has a 6.5-inch (16.5-cm) screen, and will start selling at US $1,099. “They have finally added a larger-screen phone so that they can directly compete with the Galaxy Note9 products," Gartner analyst Annette Zimmermann said at the event at Apple's Silicon Valley headquarters, referring to rival Samsung Electronics which has led the trend towards big-screen phones. "The larger screen will be very important in China to turn around the trend there, because they have lost some share in the last few years, partly because of screen size,” she added. Apple also introduced a lower-cost 6.1-inch (15.5 cm) iPhone XR made of aluminium, at a starting price at US $749. The iPhone XS Max's display size is 26 per cent larger than the previous largest iPhone display, marking it the largest increase in screen size since 2014, wrote analyst Gene Munster of Loup Ventures in a note. This year's three top phones are all more expensive than last year's models. With two of them starting at US $999 or higher in the United States, Apple appears to be taking advantage of a strong US economy, low unemployment, and rising household wealth. The median US household income rose for a third straight year in 2017 to the highest on record since 1967 by one measure, government data showed on Wednesday. Looking for ways to lessen reliance on phones, which represent more than 60 per cent its revenue, Apple opened its event by announcing the new Apple Watch Series 4 with edge-to-edge displays, like its latest phones, and they are more than 30 percent bigger than displays on current models. It is positioning the new watch as a more comprehensive health device, able to take an electrocardiogram to detect an irregular heartbeat and start an emergency call automatically if it detects a user falling down, potentially appealing to older customers. The US Food and Drug Administration said it worked with Apple to develop apps for the AppleWatch and has been taking steps to ease the regulatory pathway for companies seeking to create digital healthcare products. As many as 6.1 million Americans have atrial fibrillation, a heart disease involving irregular heart rhythm for which the Watch could offer an early warning. That number is expected to double by 2050 as the population gets older, according to the American Heart Association. "This does have a lot of potential for patients," said Dr. Michael Valentine, president of the American College of Cardiology and a cardiologist at Central Health in Lynchburg, Virginia. "Clinicians face patients every day with palpitations, rapid heart rates, and other symptoms," and the doctors want a more portable monitoring and recording system. BMO Capital Markets analyst Joanne Wuensch added that physicians would be unlikely to make medical treatment based on data from the watch, though it could encourage patients to see cardiologists. Healthcare technology analyst Ross Muken at Evercore said many companies were developing monitoring devices. "This update really establishes the company’s increasing efforts to push the watch as a serious medical device," he said of Apple. Shares of fitness device rival Fitbit Inc fell 6.9 per cent after the Series 4 announcement on Wednesday. Apple's event was held at the Steve Jobs Theater in its new circular headquarters in Cupertino, California, named after the company's co-founder who wowed the world with the first iPhone in 2007. Executives made no mention of a wireless charging mat, or content deals for Apple TV, as some industry analysts had expected. "We all knew this was going to be a transitional but not transformational phone update," said Trip Miller, managing partner at hedge fund Gullane Capital, which owns Apple shares.

Apple's new launches: iPhones get bigger, pricier; Watch gets healthier

Oil prices fell more than 2 per cent on Thursday, slipping back from four-month highs as investors focused on the risk that emerging market crises and trade disputes could dent demand even as supply tightens.

The International Energy Agency warned that although the oil market was tightening at the moment and world oil demand would soon reach 100 million barrels per day (bpd) in the next three months, global economic risks were mounting.

"As we move into 2019, a possible risk to our forecast lies in some key emerging economies, partly due to currency depreciations versus the US&nbspdollar raising the cost of imported energy," the agency said.

"In addition, there is a risk to growth from an escalation of trade disputes," the Paris-based agency said.

Brent crude oil fell $1.51, or 1.9 per cent, a barrel at $78.23 by 11:42 a.m. EDT (1542 GMT). The global benchmark on Wednesday hit $80.13, its highest level since May 22.

US&nbsplight crude was down $1.62, or 2.3 per cent, to $68.75 barrel.

For both benchmarks, this was the biggest single-day percentage drop in almost one month, correcting down from Wednesday's jump in prices after the Energy Information Agency reported a 5.3 million-barrel drop in US&nbspcrude inventories, versus forecasts&nbspaN 805,000-barrel drawdown.

"Yesterday's price upsurge was an overreaction to the larger-than-expected crude draw per the EIA while we also believe that today’s selloff is an exaggerated response to the IEA release," Jim Ritterbusch, president of Ritterbusch and Associates said in a note.

US&nbspcompanies in China are being hurt by tariffs in the growing trade war between Washington and Beijing, according to a survey, prompting US&nbspbusiness lobbies to urge President Donald Trump's administration to reconsider its approach.

The White House has invited Chinese officials to restart trade talks just as it prepares to escalate a trade war with China with tariffs on $200 billion worth of Chinese goods.

A weaker U.S. dollar and a reported fall in US&nbspproduction also supported oil prices, Commerzbank said.

US&nbspcrude oil production fell by 100,000 bpd to 10.9 million bpd last week as the industry faces pipeline capacity constraints.

US companies in China are being hurt by tariffs in the growing trade war between Washington and Beijing

Oil prices fell more than 2 per cent on Thursday, slipping back from four-month highs as investors focused on the risk that emerging market crises and trade disputes could dent demand even as supply tightens. The International Energy Agency warned that although the oil market was tightening at the moment and world oil demand would soon reach 100 million barrels per day (bpd) in the next three months, global economic risks were mounting. "As we move into 2019, a possible risk to our forecast lies in some key emerging economies, partly due to currency depreciations versus the US&nbspdollar raising the cost of imported energy," the agency said. "In addition, there is a risk to growth from an escalation of trade disputes," the Paris-based agency said. Brent crude oil fell $1.51, or 1.9 per cent, a barrel at $78.23 by 11:42 a.m. EDT (1542 GMT). The global benchmark on Wednesday hit $80.13, its highest level since May 22. US&nbsplight crude was down $1.62, or 2.3 per cent, to $68.75 barrel. For both benchmarks, this was the biggest single-day percentage drop in almost one month, correcting down from Wednesday's jump in prices after the Energy Information Agency reported a 5.3 million-barrel drop in US&nbspcrude inventories, versus forecasts&nbspaN 805,000-barrel drawdown. "Yesterday's price upsurge was an overreaction to the larger-than-expected crude draw per the EIA while we also believe that today’s selloff is an exaggerated response to the IEA release," Jim Ritterbusch, president of Ritterbusch and Associates said in a note. US&nbspcompanies in China are being hurt by tariffs in the growing trade war between Washington and Beijing, according to a survey, prompting US&nbspbusiness lobbies to urge President Donald Trump's administration to reconsider its approach. The White House has invited Chinese officials to restart trade talks just as it prepares to escalate a trade war with China with tariffs on $200 billion worth of Chinese goods. A weaker U.S. dollar and a reported fall in US&nbspproduction also supported oil prices, Commerzbank said. US&nbspcrude oil production fell by 100,000 bpd to 10.9 million bpd last week as the industry faces pipeline capacity constraints.

Oil drops 2% over trade war, emerging market crises

Hailing Russia as India's largest investment destination in the oil and gas sector, Union Minister Dharmendra Pradhan on Thursday said that Moscow will always be a priority in New Delhi's foreign and energy policy.

Speaking at a conference titled 'India-Russia in the 21st Century: Enhancing the Special Privileged Strategic Partnership' here, Pradhan said: "I believe that our time-tested relationship has no expiry date. Russia will always be a priority in India's foreign and energy policy and both our countries will remain as a role model for global communities."

He told ANI on the sidelines of the conference that Prime Minister Narendra Modi and Russian President Vladimir Putin share a "deep friendship" and that the two countries have built an 'energy bridge' between themselves.

"Prime Minister Modi and Russian President Vladimir Putin share a deep friendship and respect for each other which is beyond the business and diplomatic relations. Today Russia is the closest friend," he noted.

Pradhan also opined that the signing of the declaration on the India-Russia Strategic partnership between former Prime Minister Atal Bihari Vajpayee and President Putin was a "watershed moment in our relations".

"Vajpayee ji's efforts infused warmth and transformed our co-operation into Special and Privileged Strategic Partnership. Last year, we celebrated 70 years of diplomatic ties between India and Russia. The seventy plus years of our bilateral relations have been further strengthened by Prime Minister Modi and President Putin in the last couple of years by adopting the historic St&nbspPetersburg declaration," he said.

"Our energy relations were never as strong as they have become in the last couple of years. Our engagement in the hydrocarbon sector, including some major investments, has become one of the key pillars of our bilateral relations. India and Russia have deeply strengthened their hydrocarbon engagement and we have also built an 'Energy Bridge' between our two countries. Soviet technology helped us in oil and gas since the 1960s. Striking oil at Bombay High, India's biggest oil and gas field, was also due to Soviet experts," the minister added.

Pradhan stated that Prime Minister Modi and President Putin have placed "special emphasis on the energy sector as a priority area in our bilateral cooperation".

"Russia is one of the largest producers of oil and natural gas in the world and it can become an important source to fulfil India's requirements. India has embarked on the path of becoming a gas-based economy. Russian supplies will help us in meeting the objectives of price stability and energy security. Our oil and gas PSUs are continuing to explore their participation in more oil and gas projects in Russia," he underscored.&nbsp

The minister said that PM Modi and Russian President Vladimir Putin share a 'deep friendship' and that the two countries have built an 'energy bridge' between themselves.

Hailing Russia as India's largest investment destination in the oil and gas sector, Union Minister Dharmendra Pradhan on Thursday said that Moscow will always be a priority in New Delhi's foreign and energy policy. Speaking at a conference titled 'India-Russia in the 21st Century: Enhancing the Special Privileged Strategic Partnership' here, Pradhan said: "I believe that our time-tested relationship has no expiry date. Russia will always be a priority in India's foreign and energy policy and both our countries will remain as a role model for global communities." He told ANI on the sidelines of the conference that Prime Minister Narendra Modi and Russian President Vladimir Putin share a "deep friendship" and that the two countries have built an 'energy bridge' between themselves. "Prime Minister Modi and Russian President Vladimir Putin share a deep friendship and respect for each other which is beyond the business and diplomatic relations. Today Russia is the closest friend," he noted. Pradhan also opined that the signing of the declaration on the India-Russia Strategic partnership between former Prime Minister Atal Bihari Vajpayee and President Putin was a "watershed moment in our relations". "Vajpayee ji's efforts infused warmth and transformed our co-operation into Special and Privileged Strategic Partnership. Last year, we celebrated 70 years of diplomatic ties between India and Russia. The seventy plus years of our bilateral relations have been further strengthened by Prime Minister Modi and President Putin in the last couple of years by adopting the historic St&nbspPetersburg declaration," he said. "Our energy relations were never as strong as they have become in the last couple of years. Our engagement in the hydrocarbon sector, including some major investments, has become one of the key pillars of our bilateral relations. India and Russia have deeply strengthened their hydrocarbon engagement and we have also built an 'Energy Bridge' between our two countries. Soviet technology helped us in oil and gas since the 1960s. Striking oil at Bombay High, India's biggest oil and gas field, was also due to Soviet experts," the minister added. Pradhan stated that Prime Minister Modi and President Putin have placed "special emphasis on the energy sector as a priority area in our bilateral cooperation". "Russia is one of the largest producers of oil and natural gas in the world and it can become an important source to fulfil India's requirements. India has embarked on the path of becoming a gas-based economy. Russian supplies will help us in meeting the objectives of price stability and energy security. Our oil and gas PSUs are continuing to explore their participation in more oil and gas projects in Russia," he underscored.

Russia is India's largest investment destination in oil, gas sector: Petroleum Minister

The Trump administration has invited Chinese officials to restart trade talks, the White House's top economic adviser said on Wednesday, as Washington prepares <a href="http://www.wionews.com/world/trump-to-propose-25-tariffs-on-200-billion-of-chinese-imports-source-156130?amp">to escalate the US-China trade war</a> with tariffs on US $200 billion worth of Chinese goods.

Larry Kudlow, who heads the White House Economic Council, told Fox Business Network that US&nbsp;Treasury Secretary Steven Mnuchin had sent an invitation to senior Chinese officials, but he declined to provide further details.

"There’s some discussions and information that we received that the Chinese government – the top of the Chinese government wished to pursue talks," Kudlow said. "And so, Secretary Mnuchin, who is the team leader with China, has apparently issued an invitation."

Two people familiar with the effort said Mnuchin's invitation was sent to his Chinese counterparts, including Vice Premier Liu He, the top economic adviser to Chinese President Xi Jinping, for talks in coming weeks.

The Trump administration is preparing to activate tariffs on US $200 billion worth of Chinese goods, hitting a broad array of internet technology products and consumer goods from handbags to bicycles to furniture. It was unclear whether any US-China talks would delay the duties.

Kudlow earlier told reporters outside the White House that communications with Beijing had "picked up a notch" and added he saw that as "a positive thing."

"I think most of us think it's better to talk than not to talk, and I think the Chinese government is willing to talk," Kudlow said.

Asked if the Trump administration would like to have additional trade talks with China, Kudlow said: "If they come to the table in a serious way to generate some positive results, yes, of course. That's what we've been asking for months and months."

But he cautioned: "I guarantee nothing."

The timing and location of the proposed meeting were unclear, the sources familiar with the matter said. Mid-level US&nbsp;and Chinese officials met on August 22 and 23 with no agreements.

A US&nbsp;Treasury spokesman did not respond to requests for comment.

The invitation was first reported by the Wall Street Journal. A meeting among Cabinet-level officials could ease market worries over the escalating tariff war that threatens to engulf all trade between the world's two largest economies and raise costs for companies and consumers.

So far, the United States and China have hit $50 billion worth of each other's goods with tariffs in a dispute over US&nbsp;demands that China make sweeping economic policy changes, including ending joint venture and technology transfer policies, rolling back industrial subsidy programs and better protecting American intellectual property.

US&nbsp;President Donald Trump said last week that in addition to preparing tariffs on the further US $200 billion worth of goods, he had tariffs on an additional $267 billion worth of goods ready "on short notice if I want."

China has threatened retaliation, which could include action against US&nbsp;companies operating there.

US&nbsp;business groups are escalating their fight against Trump's tariffs, with over 60 industry groups launching a coalition to put political pressure on the Trump administration to seek alternatives to tariffs.

Larry Kudlow, who heads the White House Economic Council, told Fox Business Network that US Treasury Secretary Steven Mnuchin had sent an invitation to senior Chinese officials, but he declined to provide further details.

The Trump administration has invited Chinese officials to restart trade talks, the White House's top economic adviser said on Wednesday, as Washington prepares to escalate the US-China trade war with tariffs on US $200 billion worth of Chinese goods. Larry Kudlow, who heads the White House Economic Council, told Fox Business Network that US Treasury Secretary Steven Mnuchin had sent an invitation to senior Chinese officials, but he declined to provide further details. "There’s some discussions and information that we received that the Chinese government – the top of the Chinese government wished to pursue talks," Kudlow said. "And so, Secretary Mnuchin, who is the team leader with China, has apparently issued an invitation." Two people familiar with the effort said Mnuchin's invitation was sent to his Chinese counterparts, including Vice Premier Liu He, the top economic adviser to Chinese President Xi Jinping, for talks in coming weeks. The Trump administration is preparing to activate tariffs on US $200 billion worth of Chinese goods, hitting a broad array of internet technology products and consumer goods from handbags to bicycles to furniture. It was unclear whether any US-China talks would delay the duties. Kudlow earlier told reporters outside the White House that communications with Beijing had "picked up a notch" and added he saw that as "a positive thing." "I think most of us think it's better to talk than not to talk, and I think the Chinese government is willing to talk," Kudlow said. Asked if the Trump administration would like to have additional trade talks with China, Kudlow said: "If they come to the table in a serious way to generate some positive results, yes, of course. That's what we've been asking for months and months." But he cautioned: "I guarantee nothing." The timing and location of the proposed meeting were unclear, the sources familiar with the matter said. Mid-level US and Chinese officials met on August 22 and 23 with no agreements. A US Treasury spokesman did not respond to requests for comment. The invitation was first reported by the Wall Street Journal. A meeting among Cabinet-level officials could ease market worries over the escalating tariff war that threatens to engulf all trade between the world's two largest economies and raise costs for companies and consumers. So far, the United States and China have hit $50 billion worth of each other's goods with tariffs in a dispute over US demands that China make sweeping economic policy changes, including ending joint venture and technology transfer policies, rolling back industrial subsidy programs and better protecting American intellectual property. US President Donald Trump said last week that in addition to preparing tariffs on the further US $200 billion worth of goods, he had tariffs on an additional $267 billion worth of goods ready "on short notice if I want." China has threatened retaliation, which could include action against US companies operating there. US business groups are escalating their fight against Trump's tariffs, with over 60 industry groups launching a coalition to put political pressure on the Trump administration to seek alternatives to tariffs.

US invites China to restart trade talks: White House adviser

The Dow and S&P 500 ended slightly higher on Wednesday after news of a fresh round of US-China trade talks, while the Nasdaq fell following a decline in&nbspApple&nbspas it unveiled larger iPhones but made just minor changes to its offerings.

The Trump administration has reached out to China for a new round of trade talks as it prepares to activate punitive US&nbsptariffs on US $200 billion worth of Chinese goods, according to two people familiar with the matter.

Trade-sensitive stocks rose, including Boeing, up 2.4 per cent.

Apple&nbspshares were down 1.2 per cent. The company also unveiled health-oriented watches based on the design of current models.

"Looks like the Street is yawning at&nbspApple's new iWatch, iOs12 and&nbspiPhone offerings," said Daniel Morgan, vice president and senior portfolio manager at Synovus Trust Company in Atlanta. "This adds to the concerns on tariffs, social media testimony and chips to make it a tough day for tech."

Shares of fitness device rival Fitbit Inc fell 6.9 while shares of Garmin Ltd&nbsplost some earlier gains and were flat after the launch of&nbspApple's latest&nbspApple&nbspWatch.

The S&P technology index was down 0.5 per cent, reversing Tuesday's gains, with fears of further deregulation also hurting&nbspApple&nbspas well as social media names.

The Dow Jones Industrial Average&nbsprose 27.86 points, or 0.11 per cent, to 25,998.92, the S&P 500 gained 1.03 points, or 0.04 per cent, to 2,888.92 and the Nasdaq Composite dropped 18.25 points, or 0.23 per cent, to 7,954.23.

Six major Web and Internet service companies, including&nbspApple, are to detail their consumer data privacy practices to a US&nbspSenate panel on Sept. 26, raising the spectre of the possibility of stricter regulation.

Among the six companies to testify later this month, Twitter&nbspshares were down 3.7 per cent, while Alphabet was down 1.5 per cent.

Facebook, not among the companies to testify, was down 2.4 per cent.

The Philadelphia Semiconductor index&nbspwas down 1.2 per cent after Goldman Sachs became the latest brokerage to warn of lower prices for memory chips due to an oversupply of DRAM and NAND chips. Micron slid 4.3 percent, while Applied Materials&nbspwas down 2 per cent.

Financial shares lost ground with 10-year bond yields. The S&P financial index&nbspwas down 0.9 per cent.

Advancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio on Nasdaq, a 1.12-to-1 ratio favoured decliners.

The S&P 500 posted 31 new 52-week highs and 6 new lows the Nasdaq Composite recorded 81 new highs and 89 new lows.

About 7.1 billion shares changed hands on US&nbspexchanges. That compares with the 6.2 billion daily average for the past 20 trading days, according to Thomson Reuters data.

Apple shares were down 1.2 per cent. The company also unveiled health-oriented watches based on the design of current models.

The Dow and S&P 500 ended slightly higher on Wednesday after news of a fresh round of US-China trade talks, while the Nasdaq fell following a decline in&nbspApple&nbspas it unveiled larger iPhones but made just minor changes to its offerings. The Trump administration has reached out to China for a new round of trade talks as it prepares to activate punitive US&nbsptariffs on US $200 billion worth of Chinese goods, according to two people familiar with the matter. Trade-sensitive stocks rose, including Boeing, up 2.4 per cent. Apple&nbspshares were down 1.2 per cent. The company also unveiled health-oriented watches based on the design of current models. "Looks like the Street is yawning at&nbspApple's new iWatch, iOs12 and&nbspiPhone offerings," said Daniel Morgan, vice president and senior portfolio manager at Synovus Trust Company in Atlanta. "This adds to the concerns on tariffs, social media testimony and chips to make it a tough day for tech." Shares of fitness device rival Fitbit Inc fell 6.9 while shares of Garmin Ltd&nbsplost some earlier gains and were flat after the launch of&nbspApple's latest&nbspApple&nbspWatch. The S&P technology index was down 0.5 per cent, reversing Tuesday's gains, with fears of further deregulation also hurting&nbspApple&nbspas well as social media names. The Dow Jones Industrial Average&nbsprose 27.86 points, or 0.11 per cent, to 25,998.92, the S&P 500 gained 1.03 points, or 0.04 per cent, to 2,888.92 and the Nasdaq Composite dropped 18.25 points, or 0.23 per cent, to 7,954.23. Six major Web and Internet service companies, including&nbspApple, are to detail their consumer data privacy practices to a US&nbspSenate panel on Sept. 26, raising the spectre of the possibility of stricter regulation. Among the six companies to testify later this month, Twitter&nbspshares were down 3.7 per cent, while Alphabet was down 1.5 per cent. Facebook, not among the companies to testify, was down 2.4 per cent. The Philadelphia Semiconductor index&nbspwas down 1.2 per cent after Goldman Sachs became the latest brokerage to warn of lower prices for memory chips due to an oversupply of DRAM and NAND chips. Micron slid 4.3 percent, while Applied Materials&nbspwas down 2 per cent. Financial shares lost ground with 10-year bond yields. The S&P financial index&nbspwas down 0.9 per cent. Advancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio on Nasdaq, a 1.12-to-1 ratio favoured decliners. The S&P 500 posted 31 new 52-week highs and 6 new lows the Nasdaq Composite recorded 81 new highs and 89 new lows. About 7.1 billion shares changed hands on US&nbspexchanges. That compares with the 6.2 billion daily average for the past 20 trading days, according to Thomson Reuters data.

Dow, S&P 500 end up slightly after trade talk news; Apple slips