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India's merchandise exports in May rose 20.2 per cent year-on-year, the trade ministry said&nbsp;on Friday, but the trade deficit widened to $14.62 billion, driven mainly by a 50 per cent surge in its oil import bill, on higher global prices.

In April trade deficit stood at $13.72 billion.

Merchandise exports last month rose to $28.86 billion from a year ago, while imports rose 14.85 per cent on year to $43.48 billion, the Ministry of Commerce and Industry said in a statement.

India's gold imports fell 29.85 per cent year-on-year to $3.48 billion in May from a year ago, the statement said.

In April trade deficit stood at $13.72 billion

India's merchandise exports in May rose 20.2 per cent year-on-year, the trade ministry said on Friday, but the trade deficit widened to $14.62 billion, driven mainly by a 50 per cent surge in its oil import bill, on higher global prices. In April trade deficit stood at $13.72 billion. Merchandise exports last month rose to $28.86 billion from a year ago, while imports rose 14.85 per cent on year to $43.48 billion, the Ministry of Commerce and Industry said in a statement. India's gold imports fell 29.85 per cent year-on-year to $3.48 billion in May from a year ago, the statement said.

India's May trade deficit widens to $14.62 billion: Trade Ministry

The proposed merger between Tata Steel Europe and Thyssenkrupp of Germany, forming an equal joint venture, is likely to consolidate the European steel sector and may lead to lower costs over time, a report said.

Last September, Thyssenkrupp AG and Tata Steel UK had said they would combine their steel making capacities in Europe into an equal joint venture. This would make their combined operations the second largest in the continent, after ArcelorMittal.

"Market concentration in carbon steel will increase following the planned merger of Tata Steel with Thyssenkrupp and ArcelorMittal's buyout of Italy's largest steelmaker Ilva.

"Assuming these large deals are completed, further consolidation will likely come in from smaller steelmakers seeking to scale up their operations to better compete with these two larger groups," Moody's said in its report today.

The agency also sees scope for M&As in the specialty steel sector.

While Tata- Thyssenkrupp deal is potentially capable of delivering the largest synergies to the tune of 400-600 million euros initially, ArcelorMittal is aiming to make over 300 million euros from the Ilva deal, it said.

However the report said the merger will not reduce current overcapacity in Europe as the curbs placed by trade unions and local authorities limit capacity reductions.

The ongoing excess capacity may become a source of vulnerability in the next cyclical downturn or if significant imports designated for the US get redirected to Europe as a result of the US tariffs on steel.

"We believe that larger groups like ArcelorMittal and Tata-Thyssenkrupp would be better positioned given their economies of scale. The increased consolidation should benefit the industry by bringing higher economies of scale and making the largest

European groups more competitive in terms of cost.

"This should make them more resilient in the next downturn, which could exacerbate the problem of overcapacity in Europe," Moody's said.

The agency believes that ArcelorMittal's acquisition of Ilva will also increase price discipline between the Northern and Southern European markets, which has been disrupted by Ilva's very aggressive pricing in the past.&nbsp

Last September, Thyssenkrupp AG and Tata Steel UK had said they would combine their steel making capacities in Europe into an equal joint venture

The proposed merger between Tata Steel Europe and Thyssenkrupp of Germany, forming an equal joint venture, is likely to consolidate the European steel sector and may lead to lower costs over time, a report said. Last September, Thyssenkrupp AG and Tata Steel UK had said they would combine their steel making capacities in Europe into an equal joint venture. This would make their combined operations the second largest in the continent, after ArcelorMittal. "Market concentration in carbon steel will increase following the planned merger of Tata Steel with Thyssenkrupp and ArcelorMittal's buyout of Italy's largest steelmaker Ilva. "Assuming these large deals are completed, further consolidation will likely come in from smaller steelmakers seeking to scale up their operations to better compete with these two larger groups," Moody's said in its report today. The agency also sees scope for M&As in the specialty steel sector. While Tata- Thyssenkrupp deal is potentially capable of delivering the largest synergies to the tune of 400-600 million euros initially, ArcelorMittal is aiming to make over 300 million euros from the Ilva deal, it said. However the report said the merger will not reduce current overcapacity in Europe as the curbs placed by trade unions and local authorities limit capacity reductions. The ongoing excess capacity may become a source of vulnerability in the next cyclical downturn or if significant imports designated for the US get redirected to Europe as a result of the US tariffs on steel. "We believe that larger groups like ArcelorMittal and Tata-Thyssenkrupp would be better positioned given their economies of scale. The increased consolidation should benefit the industry by bringing higher economies of scale and making the largest European groups more competitive in terms of cost. "This should make them more resilient in the next downturn, which could exacerbate the problem of overcapacity in Europe," Moody's said. The agency believes that ArcelorMittal's acquisition of Ilva will also increase price discipline between the Northern and Southern European markets, which has been disrupted by Ilva's very aggressive pricing in the past.

Tata Steel Europe-Thyssenkrupp merger to cut costs: Moody's

ICICI Bank Board has appointed&nbsp;Sandeep Bakhshi as Wholetime Director and Chief Operating Officer of ICICI Bank as Chanda Kochar will&nbsp;go on leave till completion of enquiry in ICICI-Videocon case.

Following a complaint by an anonymous whistle-blower against Chanda Kochhar the ICICI&nbsp;Bank’s board had decided to set up an inquiry committee, headed by an independent person, to probe into the matter.

ICICI Bank and Kochhar are facing allegations of conflict of interest, unprecedented in a private sector bank – arising out of business dealings between members of the CEO’s family and the Videocon group.

Chief Executive Chanda Kochhar has firmly denied all charges of impropriety and quid pro quo including the suspicion that she violated disclosure requirements relating to NuPower Renewables’ (her husband’s firm) dealings with Videocon Industries.

Bakhshi, whose appointment is for a period of five years beginning June 19, pending regulatory approvals, will report to Kochhar, the bank said in a statement.

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ICICI Bank Board appoints Sandeep Bakhshi as Wholetime Director and 
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(With inputs from agencies)

Following a complaint by an anonymous whistle-blower against Chanda Kochhar the ICICI Bank’s board had decided to set up an inquiry committee, headed by an independent person, to probe into the matter

ICICI Bank Board has appointed Sandeep Bakhshi as Wholetime Director and Chief Operating Officer of ICICI Bank as Chanda Kochar will go on leave till completion of enquiry in ICICI-Videocon case. Following a complaint by an anonymous whistle-blower against Chanda Kochhar the ICICI Bank’s board had decided to set up an inquiry committee, headed by an independent person, to probe into the matter. ICICI Bank and Kochhar are facing allegations of conflict of interest, unprecedented in a private sector bank – arising out of business dealings between members of the CEO’s family and the Videocon group. Chief Executive Chanda Kochhar has firmly denied all charges of impropriety and quid pro quo including the suspicion that she violated disclosure requirements relating to NuPower Renewables’ (her husband’s firm) dealings with Videocon Industries. Bakhshi, whose appointment is for a period of five years beginning June 19, pending regulatory approvals, will report to Kochhar, the bank said in a statement. ICICI Bank Board appoints Sandeep Bakhshi as Wholetime Director and Chief Operating Officer of ICICI Bank. Chanda Kochar to go on leave till completion of enquiry in ICICI-Videocon case. pic.twitter.com/WJ3RwQU5xz — ANI (@ANI) June 18, 2018 × (With inputs from agencies)

ICICI's Chanda Kochar to go on leave till inquiry ends; Sandeep Bakshi appointed COO

Asian stocks sank&nbsp;on Tuesday&nbsp;and Shanghai shares tumbled to near two-year lows as US&nbsp;President Donald Trump threatened new tariffs on Chinese goods in an escalating tit-for-tat trade war between the world's two biggest economies.

US&nbsp;and European equity markets looked set to follow Asia into the red. S&P 500 futures were off 1 per cent and Dow Jones futures were 1.1 per cent lower.

Spreadbetters expected Britain's FTSE to open down 0.3 per cent, with Germany's DAX seen shedding 0.7 per cent and France's CAC losing 0.8 per cent.

Trump threatened to impose a 10 per cent tariff on $200 billion of Chinese goods, prompting a swift warning from Beijing of retaliation, as the trade conflict between the world's two biggest economies quickly escalated.

It was retaliation, Trump said, for China's decision to raise tariffs on $50 billion in US&nbsp;goods, which came after Trump announced similar tariffs on Chinese goods&nbsp;on Friday.

China warned it will take "qualitative" and "quantitative" measures if the US&nbsp;government publishes an additional list of tariffs on its products.

The trade frictions have unnerved financial markets, with investors and businesses increasingly worried that a full-blown trade battle could derail global growth.

"Trump appears to be employing a similar tactic he used with North Korea, by blustering first in order to gain an advantage in negotiations. The problem is, such a tactic is unlikely to work with China," said Kota Hirayama, senior emerging markets economist at SMBC Nikko Securities in Tokyo.

"A US-China trade spat alone won't hurt global growth. But there is always potential for Trump to keep increasing his threats which could have broader implications. Increasing trade has helped growth in emerging markets and this could be negatively affected."

MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.5 per cent to its lowest since early February, with losses intensifying through the day as the rout deepened in China.

The Shanghai Composite Index dropped more than 3 per cent to its lowest since July 2016, while Hong Kong's Hang Seng shed 2.8 per cent.

"China's economy has already been clouded by a sharp slowdown in fixed asset investment growth due to the government's deleveraging drive, a problematic property sector, a mounting debt burden and rising credit defaults," economists at Nomura wrote.

"The rising risk of a disruptive trade conflict makes a bad situation tentatively worse."

Japan's Nikkei lost 1.8 per cent, South Korea's KOSPI retreated 1.3 per cent while Australian stocks bucked the trend and added 0.1 per cent helped by a depreciating currency and an overnight bounce in commodity prices.

The dollar fell 0.75 per cent to 109.715 yen following Trump's tariff comments. The yen is often sought in times of market turmoil and political tensions.

The euro was steady at $1.1622.

China's yuan skidded to a five-month low. The Australian dollar, often seen as a proxy to China-related trades, brushed a one-year low of $0.7381.

In commodities, crude oil markets remained volatile ahead of&nbsp;Friday's&nbsp;OPEC meeting at a time when Russia and Saudi Arabia are pushing for higher output.

Brent crude futures fell 0.8 per cent to $74.76 a barrel after rallying 2.5 per cent overnight, while U.S. light crude futures retreated 0.9 per cent to $65.27.

Lower-risk assets gained on the latest round of trade threats.

Spot gold was up 0.35 per cent at $1,282.26 an ounce.

The 10-year US&nbsp;Treasury note yield touched 2.871 per cent, its lowest since June 1.

US and European equity markets looked set to follow Asia into the red. S&P 500 futures were off 1 per cent and Dow Jones futures were 1.1 per cent lower

Asian stocks sank on Tuesday and Shanghai shares tumbled to near two-year lows as US President Donald Trump threatened new tariffs on Chinese goods in an escalating tit-for-tat trade war between the world's two biggest economies. US and European equity markets looked set to follow Asia into the red. S&P 500 futures were off 1 per cent and Dow Jones futures were 1.1 per cent lower. Spreadbetters expected Britain's FTSE to open down 0.3 per cent, with Germany's DAX seen shedding 0.7 per cent and France's CAC losing 0.8 per cent. Trump threatened to impose a 10 per cent tariff on $200 billion of Chinese goods, prompting a swift warning from Beijing of retaliation, as the trade conflict between the world's two biggest economies quickly escalated. It was retaliation, Trump said, for China's decision to raise tariffs on $50 billion in US goods, which came after Trump announced similar tariffs on Chinese goods on Friday. China warned it will take "qualitative" and "quantitative" measures if the US government publishes an additional list of tariffs on its products. The trade frictions have unnerved financial markets, with investors and businesses increasingly worried that a full-blown trade battle could derail global growth. "Trump appears to be employing a similar tactic he used with North Korea, by blustering first in order to gain an advantage in negotiations. The problem is, such a tactic is unlikely to work with China," said Kota Hirayama, senior emerging markets economist at SMBC Nikko Securities in Tokyo. "A US-China trade spat alone won't hurt global growth. But there is always potential for Trump to keep increasing his threats which could have broader implications. Increasing trade has helped growth in emerging markets and this could be negatively affected." MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.5 per cent to its lowest since early February, with losses intensifying through the day as the rout deepened in China. The Shanghai Composite Index dropped more than 3 per cent to its lowest since July 2016, while Hong Kong's Hang Seng shed 2.8 per cent. "China's economy has already been clouded by a sharp slowdown in fixed asset investment growth due to the government's deleveraging drive, a problematic property sector, a mounting debt burden and rising credit defaults," economists at Nomura wrote. "The rising risk of a disruptive trade conflict makes a bad situation tentatively worse." Japan's Nikkei lost 1.8 per cent, South Korea's KOSPI retreated 1.3 per cent while Australian stocks bucked the trend and added 0.1 per cent helped by a depreciating currency and an overnight bounce in commodity prices. The dollar fell 0.75 per cent to 109.715 yen following Trump's tariff comments. The yen is often sought in times of market turmoil and political tensions. The euro was steady at $1.1622. China's yuan skidded to a five-month low. The Australian dollar, often seen as a proxy to China-related trades, brushed a one-year low of $0.7381. In commodities, crude oil markets remained volatile ahead of Friday's OPEC meeting at a time when Russia and Saudi Arabia are pushing for higher output. Brent crude futures fell 0.8 per cent to $74.76 a barrel after rallying 2.5 per cent overnight, while U.S. light crude futures retreated 0.9 per cent to $65.27. Lower-risk assets gained on the latest round of trade threats. Spot gold was up 0.35 per cent at $1,282.26 an ounce. The 10-year US Treasury note yield touched 2.871 per cent, its lowest since June 1.

Global Markets: Asia stocks skid to four-month low as Trump raises stakes in China trade war

Indian shares fell for a second straight session on Tuesday, as fears of a global trade war intensified after U.S. President Donald Trump threatened to impose a 10 per cent tariff on $200 billion worth of Chinese goods.

The broader NSE Nifty ended 0.83 per cent lower at 10,710.45, while the benchmark BSE Sensex closed 0.74 per cent lower at 35,286.74.

ICICI Bank Ltd edged lower after the country's third-largest lender said Chief Executive Officer Chanda Kochhar would go on leave until the completion of a probe over an alleged conflict of interest.

The broader NSE Nifty ended 0.83 per cent lower at 10,710.45, while the benchmark BSE Sensex closed 0.74 per cent lower at 35,286.74

Indian shares fell for a second straight session on Tuesday, as fears of a global trade war intensified after U.S. President Donald Trump threatened to impose a 10 per cent tariff on $200 billion worth of Chinese goods. The broader NSE Nifty ended 0.83 per cent lower at 10,710.45, while the benchmark BSE Sensex closed 0.74 per cent lower at 35,286.74. ICICI Bank Ltd edged lower after the country's third-largest lender said Chief Executive Officer Chanda Kochhar would go on leave until the completion of a probe over an alleged conflict of interest.

Sensex falls for second day on US-China trade war fears

Shares of&nbspZTE&nbspCorp plummeted&nbspon Tuesday&nbspafter the US&nbspSenate's passage of a defence bill set up a potential battle with the White House over whether the Chinese telecoms firm can resume business with its US&nbspsuppliers.

The 85-10 bipartisan vote - one of the few times the Republican-led Senate has veered from White House policy - came on the same day that US&nbspPresident Donald Trump threatened to impose a 10 per cent tariff on $200 billion of Chinese goods, escalating tensions between the world's two biggest economies.

Trump is, however, expected to lobby hard against the amendment to the National Defense Authorization Act (NDAA), and before it can become law, the bill must be reconciled with one passed by the House of Representatives that does not include the amendment.

Any compromise measure must then be passed by both chambers and signed into law by Trump - a series of hurdles that has Asia-based analysts punting that&nbspZTE&nbspwill get eventually get its reprieve.

"The NDAA is not really a reversal of the&nbspZTE&nbspdeal, but will in all probability prolong the ban-lifting process for&nbspZTE," said Nikhil Batra, a senior research manager with industry consultancy IDC.

ZTE's Hong Kong-listed shares tumbled as much as 27 per cent to HK$9.56, their lowest level in nearly two years, before ending the day down 25 per cent. Its Shenzhen shares fell by their daily limit of 10 per cent.

The stock has lost around 38 per cent, or more than $7.4 billion in market value since trading resumed last week after a suspension in mid-April when the sanctions were announced.

"The longer it goes by without the ban being lifted, the more uncertain and damaging it is," said Jefferies analyst Edison Lee.

ZTE&nbspwas hit in April with a seven-year ban barring U.S. suppliers selling to it after it broke an agreement to discipline executives who conspired to evade US&nbspsanctions on Iran and North Korea.

At Trump's urging,&nbspZTE&nbspand the US&nbspCommerce Department reached an agreement on June 7 to have the supplier ban, which has prevented&nbspZTE&nbspfrom buying the US&nbspcomponents it relies on to make smartphones and other devices, lifted.

According to the agreement, the ban would only be lifted after&nbspZTE&nbsppays a $1 billion fine and puts another $400 million in escrow in a US-approved bank for 10 years. It was also ordered to radically overhaul its management.

Last Wednesday,&nbspZTE&nbspproposed a $10.7 billion financing plan and nominated eight board members as it seeks to rebuild its business.

Trump is, however, expected to lobby hard against the amendment to the National Defense Authorization Act (NDAA)

Shares of&nbspZTE&nbspCorp plummeted&nbspon Tuesday&nbspafter the US&nbspSenate's passage of a defence bill set up a potential battle with the White House over whether the Chinese telecoms firm can resume business with its US&nbspsuppliers. The 85-10 bipartisan vote - one of the few times the Republican-led Senate has veered from White House policy - came on the same day that US&nbspPresident Donald Trump threatened to impose a 10 per cent tariff on $200 billion of Chinese goods, escalating tensions between the world's two biggest economies. Trump is, however, expected to lobby hard against the amendment to the National Defense Authorization Act (NDAA), and before it can become law, the bill must be reconciled with one passed by the House of Representatives that does not include the amendment. Any compromise measure must then be passed by both chambers and signed into law by Trump - a series of hurdles that has Asia-based analysts punting that&nbspZTE&nbspwill get eventually get its reprieve. "The NDAA is not really a reversal of the&nbspZTE&nbspdeal, but will in all probability prolong the ban-lifting process for&nbspZTE," said Nikhil Batra, a senior research manager with industry consultancy IDC. ZTE's Hong Kong-listed shares tumbled as much as 27 per cent to HK$9.56, their lowest level in nearly two years, before ending the day down 25 per cent. Its Shenzhen shares fell by their daily limit of 10 per cent. The stock has lost around 38 per cent, or more than $7.4 billion in market value since trading resumed last week after a suspension in mid-April when the sanctions were announced. "The longer it goes by without the ban being lifted, the more uncertain and damaging it is," said Jefferies analyst Edison Lee. ZTE&nbspwas hit in April with a seven-year ban barring U.S. suppliers selling to it after it broke an agreement to discipline executives who conspired to evade US&nbspsanctions on Iran and North Korea. At Trump's urging,&nbspZTE&nbspand the US&nbspCommerce Department reached an agreement on June 7 to have the supplier ban, which has prevented&nbspZTE&nbspfrom buying the US&nbspcomponents it relies on to make smartphones and other devices, lifted. According to the agreement, the ban would only be lifted after&nbspZTE&nbsppays a $1 billion fine and puts another $400 million in escrow in a US-approved bank for 10 years. It was also ordered to radically overhaul its management. Last Wednesday,&nbspZTE&nbspproposed a $10.7 billion financing plan and nominated eight board members as it seeks to rebuild its business.

ZTE shares tank after US Senate puts Trump reprieve in doubt

A 200 basis-point increase in interest rates could spark a sharp rise in the proportion of emerging market corporate debt issues at risk of default, with Brazilian and Indian firms most vulnerable, a report from McKinsey Global Institute showed.

Following a decade of loose monetary policy and historically low-interest rates aimed at boosting economic growth after the 2008-9 financial crisis, global central banks including the US&nbsp;Federal Reserve and the European Central Bank are either raising interest rates or signalling an end to accommodative policies.

That is pushing many central banks in the developing world into raising rates too, with India, for instance, up rates for the first time since 2014.

McKinsey researchers found more companies had shifted to bond market financing after the 2008 crisis, with nearly 20 per cent of corporate debt now in the form of&nbsp;bonds&nbsp;-- around double the levels of a decade ago.

Higher interest rates will push up refinancing costs and put more&nbsp;bonds&nbsp;at risk of default by lowering companies' interest coverage ratio -- a gauge of how easily a company can pay interest on its debt.

"In advanced economies, the impact of rising interest rates on companies' ability to service their debt will likely be modest," McKinsey analysts told clients.

"In developing countries, it could raise the portion of&nbsp;bonds&nbsp;at risk of default even higher," they said in their paper which simulated the effect of a 200 bps rate rise on companies.

Under such a scenario, the share of&nbsp;bonds&nbsp;at higher risk of default would rise to one-third from 24 per cent in Brazil and to 27 per cent from 18 per cent in India.

China's share of corporate&nbsp;bonds&nbsp;at higher risk of default could rise to 43 per cent -- $850 billion versus 2017 levels of $475 billion -- McKinsey estimated, adding they expected Beijing policymakers to manage the situation by avoiding any large rise in interest rates.

In the developed world, companies were seen faring better, with the exception of Australia, where the share of&nbsp;bonds&nbsp;with higher default risk could jump to 15 per cent from the current one per cent, McKinsey said.

Certain sectors could be vulnerable, though, with 18 per cent of US&nbsp;energy sector&nbsp;bonds&nbsp;-- worth some $104 billion -- seen at higher risk of default in event of a 200-bps rate rise.

McKinsey researchers found more companies had shifted to bond market financing after the 2008 crisis

A 200 basis-point increase in interest rates could spark a sharp rise in the proportion of emerging market corporate debt issues at risk of default, with Brazilian and Indian firms most vulnerable, a report from McKinsey Global Institute showed. Following a decade of loose monetary policy and historically low-interest rates aimed at boosting economic growth after the 2008-9 financial crisis, global central banks including the US Federal Reserve and the European Central Bank are either raising interest rates or signalling an end to accommodative policies. That is pushing many central banks in the developing world into raising rates too, with India, for instance, up rates for the first time since 2014. McKinsey researchers found more companies had shifted to bond market financing after the 2008 crisis, with nearly 20 per cent of corporate debt now in the form of bonds -- around double the levels of a decade ago. Higher interest rates will push up refinancing costs and put more bonds at risk of default by lowering companies' interest coverage ratio -- a gauge of how easily a company can pay interest on its debt. "In advanced economies, the impact of rising interest rates on companies' ability to service their debt will likely be modest," McKinsey analysts told clients. "In developing countries, it could raise the portion of bonds at risk of default even higher," they said in their paper which simulated the effect of a 200 bps rate rise on companies. Under such a scenario, the share of bonds at higher risk of default would rise to one-third from 24 per cent in Brazil and to 27 per cent from 18 per cent in India. China's share of corporate bonds at higher risk of default could rise to 43 per cent -- $850 billion versus 2017 levels of $475 billion -- McKinsey estimated, adding they expected Beijing policymakers to manage the situation by avoiding any large rise in interest rates. In the developed world, companies were seen faring better, with the exception of Australia, where the share of bonds with higher default risk could jump to 15 per cent from the current one per cent, McKinsey said. Certain sectors could be vulnerable, though, with 18 per cent of US energy sector bonds -- worth some $104 billion -- seen at higher risk of default in event of a 200-bps rate rise.

Brazil, India corporate debt most vulnerable to rate hikes: McKinsey

Rolls-Royce said it would exceed its 2020 guidance as it announced new ambitious mid-term goals, sending its shares to four-year highs and reflecting investor faith that CEO Warren East can transform Britain's best known engineering firm.

The maker of engines for civil planes, military jets and ships has been in turnaround mode since 2015. Having on Thursday announced plans to cut 4,600 jobs as part of cost-saving measures, it told shareholders on Friday the foundations were in place for it to deliver higher returns in future.

Rolls&nbsp;said it was well placed to exceed a target of generating free cash flow of 1 billion pounds ($1.3 billion) by 2020. In the mid-term it is aiming for free cash flow per share to exceed 1 pound, up from 15 pence per share it made in 2017.

Shares in&nbsp;Rolls&nbsp;traded up almost 10 percent at 968 pence at 0920 GMT, having earlier hit their highest level for four years, showing investors belief that East can deliver.

The former boss of chip designer ARM, East, took over&nbsp;Rolls&nbsp;three years ago when the company was laid low by multiple profit warnings due to declines in the oil price and older aero-engine programmes.

His plan, to simplify the company and make it more efficient, has been taking shape over the last three years, with the most radical action taken on Thursday when he announced job cuts designed to save 400 million pounds a year by 2020.

That programme was about bringing simplicity to the company, said East, who told the investor day on Friday that making&nbsp;Rolls&nbsp;more simple was key to its transformation.

"Thinking about...the people, the assets, and the money, those are key to create the outputs which is market leadership and strong financial performance," he said.

Despite&nbsp;Rolls's confidence, the engineering company remains under pressure in the near term from airline customers due to ongoing issues with parts not lasting as long as expected on the Trent 1000 which powers the Boeing 787.

&nbsp;

DIVIDEND BOOST?

The new targets would represent the culmination of East's turnaround of the company, and are designed to answer critics who have long said that&nbsp;Rolls&nbsp;underperforms rivals such as GE, which are more profitable.

The higher free cash flow target also raises the prospect of a bigger payout for shareholders after the dividend halved in 2016. Since then&nbsp;Rolls&nbsp;has said any improved shareholder returns will be linked to its free cash flow performance.

The jump in the share price reflects the material upgrade to consensus figures implicit in the new targets, said analysts.

Jefferies analyst Sandy Morris said that free cash flow per share of over 1 pound, was equivalent to total free cash flow of 1.9 billion pounds.

"It's told us that in the mid-term, that's about four years or five years, it (Rolls) can do 1.9 billion pounds. If it does that then it's a cheap stock," he said.

Morgan Stanley analysts praised the company and its leadership, saying the new targets showed a "ruthless focus on optimising investment" and "the emerging benefits of increased focus and rigour".

&nbsp;

POWER SYSTEMS

East's plan has involved dividing the company into three business units, Civil Aerospace, Defence and Power Systems, with the latest restructuring designed to remove management duplication between the three new units.

Rolls&nbsp;on Friday also showcased its often-overlooked power systems unit, saying that the business will drive some of its future growth by achieving revenue growth of 3 to 5 percent above underlying GDP, and an operating profit margin in the mid-teens, up from 11.3 percent in 2017.

Power systems makes high and medium-speed diesel and gas engines that are used on ships, yachts, trains, trucks, mining, nuclear power stations and in providing back-up power for data centres and hospitals.

Rolls&nbsp;said on Friday the Trent engine issue could lead to additional cash costs of 100 million pounds in 2018, but that it was sticking to guidance for this year's free cash flow to come in at about 450 million pounds, give or take 100 million pounds.

It said it would be able to offset those costs through "short-term discretionary cost mitigation actions".

The maker of engines for civil planes, military jets and ships has been in turnaround mode since 2015

Rolls-Royce said it would exceed its 2020 guidance as it announced new ambitious mid-term goals, sending its shares to four-year highs and reflecting investor faith that CEO Warren East can transform Britain's best known engineering firm. The maker of engines for civil planes, military jets and ships has been in turnaround mode since 2015. Having on Thursday announced plans to cut 4,600 jobs as part of cost-saving measures, it told shareholders on Friday the foundations were in place for it to deliver higher returns in future. Rolls said it was well placed to exceed a target of generating free cash flow of 1 billion pounds ($1.3 billion) by 2020. In the mid-term it is aiming for free cash flow per share to exceed 1 pound, up from 15 pence per share it made in 2017. Shares in Rolls traded up almost 10 percent at 968 pence at 0920 GMT, having earlier hit their highest level for four years, showing investors belief that East can deliver. The former boss of chip designer ARM, East, took over Rolls three years ago when the company was laid low by multiple profit warnings due to declines in the oil price and older aero-engine programmes. His plan, to simplify the company and make it more efficient, has been taking shape over the last three years, with the most radical action taken on Thursday when he announced job cuts designed to save 400 million pounds a year by 2020. That programme was about bringing simplicity to the company, said East, who told the investor day on Friday that making Rolls more simple was key to its transformation. "Thinking about...the people, the assets, and the money, those are key to create the outputs which is market leadership and strong financial performance," he said. Despite Rolls's confidence, the engineering company remains under pressure in the near term from airline customers due to ongoing issues with parts not lasting as long as expected on the Trent 1000 which powers the Boeing 787. DIVIDEND BOOST? The new targets would represent the culmination of East's turnaround of the company, and are designed to answer critics who have long said that Rolls underperforms rivals such as GE, which are more profitable. The higher free cash flow target also raises the prospect of a bigger payout for shareholders after the dividend halved in 2016. Since then Rolls has said any improved shareholder returns will be linked to its free cash flow performance. The jump in the share price reflects the material upgrade to consensus figures implicit in the new targets, said analysts. Jefferies analyst Sandy Morris said that free cash flow per share of over 1 pound, was equivalent to total free cash flow of 1.9 billion pounds. "It's told us that in the mid-term, that's about four years or five years, it (Rolls) can do 1.9 billion pounds. If it does that then it's a cheap stock," he said. Morgan Stanley analysts praised the company and its leadership, saying the new targets showed a "ruthless focus on optimising investment" and "the emerging benefits of increased focus and rigour". POWER SYSTEMS East's plan has involved dividing the company into three business units, Civil Aerospace, Defence and Power Systems, with the latest restructuring designed to remove management duplication between the three new units. Rolls on Friday also showcased its often-overlooked power systems unit, saying that the business will drive some of its future growth by achieving revenue growth of 3 to 5 percent above underlying GDP, and an operating profit margin in the mid-teens, up from 11.3 percent in 2017. Power systems makes high and medium-speed diesel and gas engines that are used on ships, yachts, trains, trucks, mining, nuclear power stations and in providing back-up power for data centres and hospitals. Rolls said on Friday the Trent engine issue could lead to additional cash costs of 100 million pounds in 2018, but that it was sticking to guidance for this year's free cash flow to come in at about 450 million pounds, give or take 100 million pounds. It said it would be able to offset those costs through "short-term discretionary cost mitigation actions".

Rolls-Royce soars as CEO East sets ambitious mid-term goals

Benchmark Sensex declined by over 148 points in early trade today, tracking a weak trend in global markets as the trade spat between the US and China intensified.

Unabated capital outflows by foreign funds and profit-booking by retail investors too dampened sentiment.

The 30-share index, which had lost 73.88 points in the previous session, drifted down by 148.34 points, or 0.42 per cent, to 35,399.92.

The NSE Nifty too was quoting lower by 52.55 points, or 0.49 per cent, at 10,747.30.

All sectoral indices, led by oil and gas, power, realty and power were in the negative zone, falling up to 1.31 per cent.

The laggards included Vedanta, HUL, Infosys, Bajaj Auto, Wipro, Coal India, Hero MotoCorp, NTPC, Maruti Suzuki, RIL, ICICI Bank, PowerGrid and IndusInd Bank, falling by up to 1.64 per cent.

Stocks of oil marketing companies such as HPCL, BPCL and IOC, which had a good day yesterday, came under selling pressure in line with the overall trend and fell up to 3 per cent.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net of Rs 754.43 crore, while domestic institutional investors (DIIs) bought shares worth Rs 824.10 crore yesterday, provisional data showed.

Global markets were rattled after US President Donald Trump unveiled plans to impose 10 per cent tariffs on USD 200 billion worth of Chinese goods on top of the previous punitive measures over Beijing's "unacceptable" move to raise its own tariffs.

In Asia, Hong Kong's Hang Seng index tumbled 2.20 per cent, while Japan's Nikkei shed 0.82 per cent in early trade today. Shanghai Composite too declined 2.58 per cent.

The US Dow Jones ended 0.41 per cent lower in yesterday's trade.

Unabated capital outflows by foreign funds and profit-booking by retail investors too dampened sentiment

Benchmark Sensex declined by over 148 points in early trade today, tracking a weak trend in global markets as the trade spat between the US and China intensified. Unabated capital outflows by foreign funds and profit-booking by retail investors too dampened sentiment. The 30-share index, which had lost 73.88 points in the previous session, drifted down by 148.34 points, or 0.42 per cent, to 35,399.92. The NSE Nifty too was quoting lower by 52.55 points, or 0.49 per cent, at 10,747.30. All sectoral indices, led by oil and gas, power, realty and power were in the negative zone, falling up to 1.31 per cent. The laggards included Vedanta, HUL, Infosys, Bajaj Auto, Wipro, Coal India, Hero MotoCorp, NTPC, Maruti Suzuki, RIL, ICICI Bank, PowerGrid and IndusInd Bank, falling by up to 1.64 per cent. Stocks of oil marketing companies such as HPCL, BPCL and IOC, which had a good day yesterday, came under selling pressure in line with the overall trend and fell up to 3 per cent. Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net of Rs 754.43 crore, while domestic institutional investors (DIIs) bought shares worth Rs 824.10 crore yesterday, provisional data showed. Global markets were rattled after US President Donald Trump unveiled plans to impose 10 per cent tariffs on USD 200 billion worth of Chinese goods on top of the previous punitive measures over Beijing's "unacceptable" move to raise its own tariffs. In Asia, Hong Kong's Hang Seng index tumbled 2.20 per cent, while Japan's Nikkei shed 0.82 per cent in early trade today. Shanghai Composite too declined 2.58 per cent. The US Dow Jones ended 0.41 per cent lower in yesterday's trade.

Sensex falls 148 points as Trump threatens all-out trade war with China

Google will invest $550 million in Chinese e-commerce powerhouse JD.com, part of the U.S. internet giant's efforts to expand its presence in fast-growing Asian markets and battle rivals including Amazon.com.

The two companies described the investment as one piece of a broader partnership that will include the promotion of JD.com products on Google's shopping service. This could help JD.com expand beyond its base in China and Southeast Asia and establish a meaningful presence in U.S. and European markets.

Company officials said the agreement initially would not involve any major new Google initiatives in China, where the company's main services are blocked over its refusal to censor search results in line with local laws.

JD.com's investors include Chinese social media powerhouse Tencent Holdings Ltd, the arch-rival of Chinese e-commerce leader Alibaba Group Holding Ltd, and Walmart Inc.

Google is stepping up its investments across Asia, where a rapidly growing middle class and a lack of infrastructure in retail, finance and other areas have made it a battleground for U.S. and Chinese internet giants. Google recently took a stake in Indonesian ride-hailing firm Go-Jek, and sources have told Reuters that it may also invest in Indian e-commerce upstart Flipkart.

Google declined to comment on the rumoured Flipkart deal. The JD.com investment is being made by the operating unit of Google rather than one of parent company Alphabet's investment vehicles.

Google will get 27.1 million newly issued JD.com Class A ordinary shares as part of the deal. This will give them less than a 1 percent stake in JD, a spokesman for JD said.

For JD.com, the Google deal shows its determination to build a set of global alliances as it seeks to counter Alibaba, which has been more focused on forging domestic retail tie-ups. Japan's SoftBank Group Corp, which is making big internet investments around the globe, is a major investor in Alibaba.

"This partnership with Google opens up a broad range of possibilities to offer a superior retail experience to consumers throughout the world," said Jianwen Liao, JD.com's chief strategy officer, in a statement.

Company officials said the deal would marry Google's market reach and strength in analytics with JD.com's expertise in logistics and inventory management.

Company officials said the agreement initially would not involve any major new Google initiatives in China, where the company's main services are blocked over its refusal to censor search results in line with local laws

Google will invest $550 million in Chinese e-commerce powerhouse JD.com, part of the U.S. internet giant's efforts to expand its presence in fast-growing Asian markets and battle rivals including Amazon.com. The two companies described the investment as one piece of a broader partnership that will include the promotion of JD.com products on Google's shopping service. This could help JD.com expand beyond its base in China and Southeast Asia and establish a meaningful presence in U.S. and European markets. Company officials said the agreement initially would not involve any major new Google initiatives in China, where the company's main services are blocked over its refusal to censor search results in line with local laws. JD.com's investors include Chinese social media powerhouse Tencent Holdings Ltd, the arch-rival of Chinese e-commerce leader Alibaba Group Holding Ltd, and Walmart Inc. Google is stepping up its investments across Asia, where a rapidly growing middle class and a lack of infrastructure in retail, finance and other areas have made it a battleground for U.S. and Chinese internet giants. Google recently took a stake in Indonesian ride-hailing firm Go-Jek, and sources have told Reuters that it may also invest in Indian e-commerce upstart Flipkart. Google declined to comment on the rumoured Flipkart deal. The JD.com investment is being made by the operating unit of Google rather than one of parent company Alphabet's investment vehicles. Google will get 27.1 million newly issued JD.com Class A ordinary shares as part of the deal. This will give them less than a 1 percent stake in JD, a spokesman for JD said. For JD.com, the Google deal shows its determination to build a set of global alliances as it seeks to counter Alibaba, which has been more focused on forging domestic retail tie-ups. Japan's SoftBank Group Corp, which is making big internet investments around the globe, is a major investor in Alibaba. "This partnership with Google opens up a broad range of possibilities to offer a superior retail experience to consumers throughout the world," said Jianwen Liao, JD.com's chief strategy officer, in a statement. Company officials said the deal would marry Google's market reach and strength in analytics with JD.com's expertise in logistics and inventory management.

Google to invest $550 million in Chinese e-commerce giant JD.com

The BSE Sensex turned negative after opening 76 points higher in early session today amid weak global cues on rising concerns of a global trade war.

The 30-share index was trading lower by 84.09 points, or 0.24 per cent, at 35,538.05. The gauge had gained 22.32 points in the previous session.

Vedanta, Tata Steel, Coal India, Kotak Bank, PowerGrid, Hero MotoCorp, Axis Bank and Infosys were among the top index losers, shedding up to 3 per cent.

On the other hand, ICICI Bank, Tata Motors, M&M, IndusInd Bank and Bharti Airtel were among the top gainers, rising up to 2 per cent.

The NSE Nifty too edged lower by 14.40 points, or 0.13 per cent, to 10,803.30.

Sectoral indices led by metals, banking and realty stocks fell by up to 2 per cent.

Investor sentiment turned weak after US President Donald Trump on Friday slapped a 25 per cent tariff on USD 50 billion worth of Chinese goods, as he accused Beijing of intellectual property theft and unfair trade practices, triggering a full-fledged trade war between the world's two largest economies.

Reacting to Trump's latest announcement, China said it has imposed "equal" tariffs on US products.

Meanwhile, domestic institutional investors (DIIs) bought shares worth a net of Rs 561.01 crore on Friday, while foreign portfolio investors (FPIs) sold shares worth Rs 1,524.74 crore on Friday, as per provisional data.

Brent crude was down 1.08 per cent to USD 72.65, while WTI oil fell 1.86 per cent to USD 63.85 a barrel in Asian trade.

Elsewhere in Asia, most financial markets in Hong Kong, Shanghai and Taipei are closed for public holidays. Japan's Nikkei fell 1.04 per cent in early trade today.

The US Dow Jones Industrial Average ended 0.34 per cent down on Friday.

The NSE Nifty too edged lower by 14.40 points, or 0.13 per cent

The BSE Sensex turned negative after opening 76 points higher in early session today amid weak global cues on rising concerns of a global trade war. The 30-share index was trading lower by 84.09 points, or 0.24 per cent, at 35,538.05. The gauge had gained 22.32 points in the previous session. Vedanta, Tata Steel, Coal India, Kotak Bank, PowerGrid, Hero MotoCorp, Axis Bank and Infosys were among the top index losers, shedding up to 3 per cent. On the other hand, ICICI Bank, Tata Motors, M&M, IndusInd Bank and Bharti Airtel were among the top gainers, rising up to 2 per cent. The NSE Nifty too edged lower by 14.40 points, or 0.13 per cent, to 10,803.30. Sectoral indices led by metals, banking and realty stocks fell by up to 2 per cent. Investor sentiment turned weak after US President Donald Trump on Friday slapped a 25 per cent tariff on USD 50 billion worth of Chinese goods, as he accused Beijing of intellectual property theft and unfair trade practices, triggering a full-fledged trade war between the world's two largest economies. Reacting to Trump's latest announcement, China said it has imposed "equal" tariffs on US products. Meanwhile, domestic institutional investors (DIIs) bought shares worth a net of Rs 561.01 crore on Friday, while foreign portfolio investors (FPIs) sold shares worth Rs 1,524.74 crore on Friday, as per provisional data. Brent crude was down 1.08 per cent to USD 72.65, while WTI oil fell 1.86 per cent to USD 63.85 a barrel in Asian trade. Elsewhere in Asia, most financial markets in Hong Kong, Shanghai and Taipei are closed for public holidays. Japan's Nikkei fell 1.04 per cent in early trade today. The US Dow Jones Industrial Average ended 0.34 per cent down on Friday.

Sensex, Nifty turn choppy on weak global cues

Chinese telecoms equipment maker Huawei Technologies Co Ltd said Australian claims it poses a security risk are "ill-informed" as it published an open letter on Monday that threatens to inflame already heightened Sino-Canberra tensions.

Huawei is likely to be banned by Australia from participating in a 5G mobile telecommunications roll-out in the nation as it fears Huawei is de facto controlled by China and sensitive infrastructure will fall into the hands of Beijing, according to Australian media reports.

Huawei denies the allegations, and in a move that threatens to draw Australian politicians into a public spat that will further stains relations with China, dismissed Canberra's security concerns.

"Recent public commentary around China has referenced Huawei and its role in Australia and prompted some observations around security concerns," Huawei Australia Chairman John Lord and board directors John Brumby and Lance Hockridge wrote in the unprecedented letter.

"Many of these comments are ill-informed and not based on facts."

Huawei said it operates in 170 countries, abiding by national laws and guidelines. The company said it has 5G investments in Britain, Canada and New Zealand where it said the respective governments had taken up its offer to evaluate the company's technology to make sure it abided by cybersecurity protocols.

A spokesman for Australian Prime Minister Malcolm Turnbull did not immediately respond to a request for comment on Huawei's letter.

Australia has longstanding concerns about Huawei. In 2012 it banned the company from supplying its massive National Broadband Network, and in May Canberra committed millions of dollars to ensure Huawei did not build an internet cable between Australia and the Solomon Islands.

A decision on 5G would come amid a low in Beijing-Canberra relations. Canberra is preparing to pass laws designed to limit Beijing's influence in domestic affairs following criticism by Turnbull late last year that Beijing was meddling in its affairs.

"It won't be great for the relationship if Australia bans Huawei but it won't come as a huge surprise," said Merriden Virrall, director at Australian think tank the Lowy Institute.

"What is important is how Australia articulates it. Australia can't make sweeping statements about great foreign powers. That will determine the response from China."

Alienating China could herald additional trade restrictions from Beijing, analysts said, as six Australian wines, including some produced by Treasury Wine Estates and Pernod Ricard, continue to suffer in shipping supplies to China.

Australia's wine exports to China were worth A$848 million ($631.17 million) last year and are forecast to top A$1 billion in 2018, government figures show. Some analysts say those figures now look optimistic.

"The bilateral relationship isn't in a great place, and the government's announcement will be another major pothole," said Danielle Cave, a former analyst at an Australian security intelligence agency, the Office of National Assessments.

Huawei is likely to be banned by Australia from participating in a 5G mobile telecommunications roll-out in the nation as it fears Huawei is de facto controlled by China and sensitive infrastructure will fall into the hands of Beijing

Chinese telecoms equipment maker Huawei Technologies Co Ltd said Australian claims it poses a security risk are "ill-informed" as it published an open letter on Monday that threatens to inflame already heightened Sino-Canberra tensions. Huawei is likely to be banned by Australia from participating in a 5G mobile telecommunications roll-out in the nation as it fears Huawei is de facto controlled by China and sensitive infrastructure will fall into the hands of Beijing, according to Australian media reports. Huawei denies the allegations, and in a move that threatens to draw Australian politicians into a public spat that will further stains relations with China, dismissed Canberra's security concerns. "Recent public commentary around China has referenced Huawei and its role in Australia and prompted some observations around security concerns," Huawei Australia Chairman John Lord and board directors John Brumby and Lance Hockridge wrote in the unprecedented letter. "Many of these comments are ill-informed and not based on facts." Huawei said it operates in 170 countries, abiding by national laws and guidelines. The company said it has 5G investments in Britain, Canada and New Zealand where it said the respective governments had taken up its offer to evaluate the company's technology to make sure it abided by cybersecurity protocols. A spokesman for Australian Prime Minister Malcolm Turnbull did not immediately respond to a request for comment on Huawei's letter. Australia has longstanding concerns about Huawei. In 2012 it banned the company from supplying its massive National Broadband Network, and in May Canberra committed millions of dollars to ensure Huawei did not build an internet cable between Australia and the Solomon Islands. A decision on 5G would come amid a low in Beijing-Canberra relations. Canberra is preparing to pass laws designed to limit Beijing's influence in domestic affairs following criticism by Turnbull late last year that Beijing was meddling in its affairs. "It won't be great for the relationship if Australia bans Huawei but it won't come as a huge surprise," said Merriden Virrall, director at Australian think tank the Lowy Institute. "What is important is how Australia articulates it. Australia can't make sweeping statements about great foreign powers. That will determine the response from China." Alienating China could herald additional trade restrictions from Beijing, analysts said, as six Australian wines, including some produced by Treasury Wine Estates and Pernod Ricard, continue to suffer in shipping supplies to China. Australia's wine exports to China were worth A$848 million ($631.17 million) last year and are forecast to top A$1 billion in 2018, government figures show. Some analysts say those figures now look optimistic. "The bilateral relationship isn't in a great place, and the government's announcement will be another major pothole," said Danielle Cave, a former analyst at an Australian security intelligence agency, the Office of National Assessments.

China's Huawei blasts Australian security concerns amid Sino-Canberra tensions

Debt-ridden Idea Cellular and Vodafone India will get a breather from a merger deal that is likely to get a nod from the telecom department today. The deal will pave way for largest mobile service operator in the country with the proposed name of Vodafone Idea Ltd.

"DoT is expected to clear the Vodafone-Idea merger on Monday. The certificate will be handed to them," an official source told PTI.

Idea and Vodafone will merge their operations to create the country's largest telecom operator worth over USD 23 billion (or over Rs 1.5 lakh crore). The merge will enjoy a 35 per cent market share and a subscriber base of around 430 million.

Idea Cellular and Vodafone India reel from a combined debt estimated at around Rs 1.15 lakh crore.

"The merger will be taken on-record after Idea furnishes required bank guarantee and gives an undertaking of owning the liabilities of Vodafone India that may arise in future," the source said.

Vodafone will own 45.1 per cent in the combined entity, while Kumar Mangalam Birla-led Aditya Birla Group would have 26 per cent and Idea shareholders 28.9 per cent respectively.

Birla is proposed to be the non-executive chairman of the merged entity and Balesh Sharma is likely to be named the new CEO.

Idea's chief financial officer Akshaya Moondra will head the financial operations of the new entity as its CFO. Ambrish Jain, currently the deputy MD at Idea Cellular, is set to become the new chief operating officer.

Idea Ltd. will hold a general meeting on June 26 to change its name to Vodafone Idea Limited following the completion of the merger.

(With inputs from PTI)&nbsp

Idea Cellular and Vodafone India reel from a combined debt estimated at around Rs 1.15 lakh crore

Debt-ridden Idea Cellular and Vodafone India will get a breather from a merger deal that is likely to get a nod from the telecom department today. The deal will pave way for largest mobile service operator in the country with the proposed name of Vodafone Idea Ltd. "DoT is expected to clear the Vodafone-Idea merger on Monday. The certificate will be handed to them," an official source told PTI. Idea and Vodafone will merge their operations to create the country's largest telecom operator worth over USD 23 billion (or over Rs 1.5 lakh crore). The merge will enjoy a 35 per cent market share and a subscriber base of around 430 million. Idea Cellular and Vodafone India reel from a combined debt estimated at around Rs 1.15 lakh crore. "The merger will be taken on-record after Idea furnishes required bank guarantee and gives an undertaking of owning the liabilities of Vodafone India that may arise in future," the source said. Vodafone will own 45.1 per cent in the combined entity, while Kumar Mangalam Birla-led Aditya Birla Group would have 26 per cent and Idea shareholders 28.9 per cent respectively. Birla is proposed to be the non-executive chairman of the merged entity and Balesh Sharma is likely to be named the new CEO. Idea's chief financial officer Akshaya Moondra will head the financial operations of the new entity as its CFO. Ambrish Jain, currently the deputy MD at Idea Cellular, is set to become the new chief operating officer. Idea Ltd. will hold a general meeting on June 26 to change its name to Vodafone Idea Limited following the completion of the merger. (With inputs from PTI)

Vodafone-Idea merger likely to get nod from telecom department today

Indian benchmark equity indices ended lower today mainly due to sell-offs in metal, bank and IT counters as investors turned cautious over&nbspescalation&nbspof trade tariff spat between the US and China.

The BSE gauge Sensex fell 73.88 points to 35,548.26 and the NSE Nifty slid 17.85 points to 10,799.85, taking cues from tumbling global shares.

"Market remained range-bound with a negative bias due to weak global cues amid concerns of US-China trade tensions. Mid and small caps&nbspunder-performed&nbspwhile metal stocks slid the most due to concerns on rising supply and fall in price," Vinod Nair, Head of Research, Geojit Financial Services Ltd, said.

Crude price is gradually consolidating while investors are awaiting OPEC and Russia meeting this week to decide on&nbsprelaxation&nbspof supply cuts, he added.

US President Donald Trump on Friday slapped a 25 per cent tariff on USD 50 billion worth of Chinese goods, as he accused Beijing of intellectual property theft and unfair trade practices, triggering a full-fledged trade war between the world's two largest economies.

Reacting to Trump's latest announcement, China too imposed "equal" tariffs on US products.

The 30-share Sensex opened on a somewhat better note at 35,698.43 and slipped further to touch a high of 35,721.55, largely on sustained capital inflows by domestic institutional investors (DIIs) and a drop in global crude prices.

However,&nbspabsence&nbspof cues from other Asian markets as most financials&nbspwere&nbspshut today for&nbspa public holiday&nbspand a weak opening in European shares reversed the early gains, with the BSE benchmark hitting a low 35,518.73. It finally ended at 35,548.26, down 73.88 points, or 0.21 per cent.

The Sensex had gained 22.32 points in the previous session on Friday.

The 50-share NSE Nifty cracked the 10,800-mark by falling 17.85 points, or 0.16 per cent, to close at 10,799.85. During the session, it moved between 10,830.20 and 10,787.35.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net of Rs 1,524.74 crore, while domestic institutional investors (DIIs) bought equities to the tune of Rs 561.01 crore on Friday, provisional data showed.

On the BSE, Vedanta has entered the benchmark 30-share Sensex. Dr Reddy's Labs has exited the index.

Vedanta emerged the biggest loser in the Sensex pack with its shares plunging 2.70 per cent, while Tata Steel lost 1.28 per cent on nervous selling, triggered by increasing concerns over a full-fledged trade war between the US and China.

Other laggards include Kotak Bank 1.97 per cent, Bharti Airtel 1.67 per cent, Coal India 1.59 per cent, Axis Bank 1.33 per cent, Infosys 1.09 per cent, HUL 0.81 per cent, ONGC 0.66 per cent, Adani Ports 0.58 per cent , TCS 0.58 per cent, HDFC Bank 0.53 per cent, L&T 0.42 per cent, HDFC Ltd 0.38 per cent, Wipro 0.34 per cent, Hero MotoCorp 0.25 per cent, SBI 0.25 per cent, Asian Paint 0.24 per cent and ITC 0.13 per cent.

Among the winners, ICICI Bank was the top performer,&nbspsporting&nbsp3.61 per cent, followed by Tata Motors at 1.83 per cent.

Bajaj Auto also rose 0.98 per cent, Maruti Suzuki 0.46 per cent, NTPC 0.42 per cent, IndusInd Bank 0.37 per cent, M&M 0.31 per cent, Yes Bank 0.29 per cent, Power Grid 0.20 per cent and RIL 0.11 per cent.

Sector-wise, the BSE metal index shed 1.72 per cent, followed by IT (0.80 per cent), teck (0.73 per cent), consumer durables (0.68 per cent), capital goods (0.58 per cent), infrastructure (0.44 per cent), FMCG (0.33 per cent), realty (0.13 per cent) and power (0.11 per cent).

In the broader markets, the small-cap index fell 0.77 per cent and the mid-cap gauge shed 0.18 per cent.

Oil and gas, auto, PSU, banking and healthcare indices, however, ended in the positive zone, rising up to 1.25 per cent.

Outperforming overall trend, shares of top oil marketing companies gained, led by HPCL 5.19 per cent, IOC 3.54 per cent and BPCL 2.70 per cent, on account of falling crude oil prices in global markets.

Globally, Brent crude was down 1.08 per cent to USD 72.65, while WTI oil fell 1.86 per cent to USD 63.85 a barrel in Asian trade today.

Elsewhere in Asia, most financial markets in Hong Kong, Shanghai and Taipei are closed for public holidays. Japan's Nikkei fell 0.75 per cent, Singapore index shed 0.97 per cent and Korea fell 1.16 per cent.

European markets too were trading in the negative zone in the early session. Frankfurt was down 0.93 per cent and Paris CAC 40 too fell 0.92 per cent. London's FTSE shed 0.41 per cent in initial deals.&nbsp

&nbsp

The BSE gauge Sensex fell 73.88 points to 35,548.26 and the NSE Nifty slid 17.85 points to 10,799.85, taking cues from tumbling global shares

Indian benchmark equity indices ended lower today mainly due to sell-offs in metal, bank and IT counters as investors turned cautious over&nbspescalation&nbspof trade tariff spat between the US and China. The BSE gauge Sensex fell 73.88 points to 35,548.26 and the NSE Nifty slid 17.85 points to 10,799.85, taking cues from tumbling global shares. "Market remained range-bound with a negative bias due to weak global cues amid concerns of US-China trade tensions. Mid and small caps&nbspunder-performed&nbspwhile metal stocks slid the most due to concerns on rising supply and fall in price," Vinod Nair, Head of Research, Geojit Financial Services Ltd, said. Crude price is gradually consolidating while investors are awaiting OPEC and Russia meeting this week to decide on&nbsprelaxation&nbspof supply cuts, he added. US President Donald Trump on Friday slapped a 25 per cent tariff on USD 50 billion worth of Chinese goods, as he accused Beijing of intellectual property theft and unfair trade practices, triggering a full-fledged trade war between the world's two largest economies. Reacting to Trump's latest announcement, China too imposed "equal" tariffs on US products. The 30-share Sensex opened on a somewhat better note at 35,698.43 and slipped further to touch a high of 35,721.55, largely on sustained capital inflows by domestic institutional investors (DIIs) and a drop in global crude prices. However,&nbspabsence&nbspof cues from other Asian markets as most financials&nbspwere&nbspshut today for&nbspa public holiday&nbspand a weak opening in European shares reversed the early gains, with the BSE benchmark hitting a low 35,518.73. It finally ended at 35,548.26, down 73.88 points, or 0.21 per cent. The Sensex had gained 22.32 points in the previous session on Friday. The 50-share NSE Nifty cracked the 10,800-mark by falling 17.85 points, or 0.16 per cent, to close at 10,799.85. During the session, it moved between 10,830.20 and 10,787.35. Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net of Rs 1,524.74 crore, while domestic institutional investors (DIIs) bought equities to the tune of Rs 561.01 crore on Friday, provisional data showed. On the BSE, Vedanta has entered the benchmark 30-share Sensex. Dr Reddy's Labs has exited the index. Vedanta emerged the biggest loser in the Sensex pack with its shares plunging 2.70 per cent, while Tata Steel lost 1.28 per cent on nervous selling, triggered by increasing concerns over a full-fledged trade war between the US and China. Other laggards include Kotak Bank 1.97 per cent, Bharti Airtel 1.67 per cent, Coal India 1.59 per cent, Axis Bank 1.33 per cent, Infosys 1.09 per cent, HUL 0.81 per cent, ONGC 0.66 per cent, Adani Ports 0.58 per cent , TCS 0.58 per cent, HDFC Bank 0.53 per cent, L&T 0.42 per cent, HDFC Ltd 0.38 per cent, Wipro 0.34 per cent, Hero MotoCorp 0.25 per cent, SBI 0.25 per cent, Asian Paint 0.24 per cent and ITC 0.13 per cent. Among the winners, ICICI Bank was the top performer,&nbspsporting&nbsp3.61 per cent, followed by Tata Motors at 1.83 per cent. Bajaj Auto also rose 0.98 per cent, Maruti Suzuki 0.46 per cent, NTPC 0.42 per cent, IndusInd Bank 0.37 per cent, M&M 0.31 per cent, Yes Bank 0.29 per cent, Power Grid 0.20 per cent and RIL 0.11 per cent. Sector-wise, the BSE metal index shed 1.72 per cent, followed by IT (0.80 per cent), teck (0.73 per cent), consumer durables (0.68 per cent), capital goods (0.58 per cent), infrastructure (0.44 per cent), FMCG (0.33 per cent), realty (0.13 per cent) and power (0.11 per cent). In the broader markets, the small-cap index fell 0.77 per cent and the mid-cap gauge shed 0.18 per cent. Oil and gas, auto, PSU, banking and healthcare indices, however, ended in the positive zone, rising up to 1.25 per cent. Outperforming overall trend, shares of top oil marketing companies gained, led by HPCL 5.19 per cent, IOC 3.54 per cent and BPCL 2.70 per cent, on account of falling crude oil prices in global markets. Globally, Brent crude was down 1.08 per cent to USD 72.65, while WTI oil fell 1.86 per cent to USD 63.85 a barrel in Asian trade today. Elsewhere in Asia, most financial markets in Hong Kong, Shanghai and Taipei are closed for public holidays. Japan's Nikkei fell 0.75 per cent, Singapore index shed 0.97 per cent and Korea fell 1.16 per cent. European markets too were trading in the negative zone in the early session. Frankfurt was down 0.93 per cent and Paris CAC 40 too fell 0.92 per cent. London's FTSE shed 0.41 per cent in initial deals.

Indian equities slide as US-China trade war intensifies

According to reports, the United States became the top destination for greenfield FDI investment in 2017. Previously, the top spot was retained by India in 2015/2016.

As per the 2018 report compiled by FDI Intelligence, the number of greenfield FDI projects in India during 2017 fell sharply by 21 per cent to 637.

The United States, in 2017, claimed the spot from India, recording USD 87.4 billion of announced Foreign Direct Investment (FDI).

China tops the list in the Asia-Pacific region in terms of FDI in the total number of new projects and capital investment, followed by India. China received a foreign capital investment of USD 50.8 billion in 2017 in greenfield projects, compared to India's USD 25.1 billion. As per the report, China received investments in 681 projects as against 637 in case of India.

"India was replaced by the US as the highest ranked country for FDI by capital investment, with USD 87.4 billion recorded, boosted by major announcements from Foxconn and Saudi Basic Industries to invest billions in single plants. The US was also the highest ranked country for FDI by a number of projects, recording 1,627 announcements," the FDI report noted.

(With inputs from PTI)&nbsp;

 
&nbsp;

India was replaced by the US as the highest ranked country for FDI by capital investment with USD 87.4 billion recorded

According to reports, the United States became the top destination for greenfield FDI investment in 2017. Previously, the top spot was retained by India in 2015/2016. As per the 2018 report compiled by FDI Intelligence, the number of greenfield FDI projects in India during 2017 fell sharply by 21 per cent to 637. The United States, in 2017, claimed the spot from India, recording USD 87.4 billion of announced Foreign Direct Investment (FDI). China tops the list in the Asia-Pacific region in terms of FDI in the total number of new projects and capital investment, followed by India. China received a foreign capital investment of USD 50.8 billion in 2017 in greenfield projects, compared to India's USD 25.1 billion. As per the report, China received investments in 681 projects as against 637 in case of India. "India was replaced by the US as the highest ranked country for FDI by capital investment, with USD 87.4 billion recorded, boosted by major announcements from Foxconn and Saudi Basic Industries to invest billions in single plants. The US was also the highest ranked country for FDI by a number of projects, recording 1,627 announcements," the FDI report noted. (With inputs from PTI)

US topples India as top greenfield FDI investment destination: Report

The new National Auto Policy, which may seek emission-linked taxation for automobiles and a technology agnostic green mobility roadmap, is likely to be finalised in the next three months, according to official sources.

Discussions with various stakeholders have been on for the past six months to frame the new policy, which envisages having a single nodal regulatory body for the automobile industry, officials in the Heavy Industry Ministry said.

A draft Cabinet note on the policy is being prepared and will be circulated shortly among departments concerned, they disclosed.

"There has also been a discussion on strengthening the FAME India (Faster Adoption and Manufacturing of Electric & Hybrid Vehicles) scheme further for the faster adoption of eco-friendly automobile technologies," a source said.

In terms of emission, it has been suggested to have a comprehensive long-term plan with definite time-lines under the new auto policy, the source added.

The draft of the policy released earlier had recommended rationalization of the GST structure for automobiles that is currently based on length, engine displacement, engine type and ground clearance. It had called for replacing the current classification criteria with a composite criterion based on vehicle length and CO2 emissions.

The draft policy had recommended that vehicle length-based classification will target reduction in vehicular congestion and CO2 emissions based classification will align with the overall vision of green mobility and reduction in Green House Gas(GHG) emissions.

The new policy is expected to define thresholds for length and CO2 emissions with the objective of neutralizing impact on GST revenue.

The draft policy had also recommended finalisation of a technology agnostic green mobility road-map through the evolution of emission regulations, besides defining the long-term road-map for incentives and infrastructure investments for green mobility.

The new policy is also likely to address the concern of the industry over harmonisation of standards for auto components used by original equipment manufacturers and those in the after-market by bringing them under a common system.

It is expected to address the issue of logistics challenges faced by the industry while also finding ways and means to enhance India's automobile exports.

According to another source, while the auto industry was appreciative of most of the measures mooted in the policy, manufacturers were apprehensive of defining emission targets under the long-term plan, considering how technology can evolve over a period of time.

The heavy industries ministry had roped in AT Kearney as a consultant to help finalise the policy, officials said.&nbsp

The new policy is expected to define thresholds for length and CO2 emissions with the objective of neutralizing impact on GST revenue

The new National Auto Policy, which may seek emission-linked taxation for automobiles and a technology agnostic green mobility roadmap, is likely to be finalised in the next three months, according to official sources. Discussions with various stakeholders have been on for the past six months to frame the new policy, which envisages having a single nodal regulatory body for the automobile industry, officials in the Heavy Industry Ministry said. A draft Cabinet note on the policy is being prepared and will be circulated shortly among departments concerned, they disclosed. "There has also been a discussion on strengthening the FAME India (Faster Adoption and Manufacturing of Electric & Hybrid Vehicles) scheme further for the faster adoption of eco-friendly automobile technologies," a source said. In terms of emission, it has been suggested to have a comprehensive long-term plan with definite time-lines under the new auto policy, the source added. The draft of the policy released earlier had recommended rationalization of the GST structure for automobiles that is currently based on length, engine displacement, engine type and ground clearance. It had called for replacing the current classification criteria with a composite criterion based on vehicle length and CO2 emissions. The draft policy had recommended that vehicle length-based classification will target reduction in vehicular congestion and CO2 emissions based classification will align with the overall vision of green mobility and reduction in Green House Gas(GHG) emissions. The new policy is expected to define thresholds for length and CO2 emissions with the objective of neutralizing impact on GST revenue. The draft policy had also recommended finalisation of a technology agnostic green mobility road-map through the evolution of emission regulations, besides defining the long-term road-map for incentives and infrastructure investments for green mobility. The new policy is also likely to address the concern of the industry over harmonisation of standards for auto components used by original equipment manufacturers and those in the after-market by bringing them under a common system. It is expected to address the issue of logistics challenges faced by the industry while also finding ways and means to enhance India's automobile exports. According to another source, while the auto industry was appreciative of most of the measures mooted in the policy, manufacturers were apprehensive of defining emission targets under the long-term plan, considering how technology can evolve over a period of time. The heavy industries ministry had roped in AT Kearney as a consultant to help finalise the policy, officials said.

New National Auto Policy likely to be finalised in 3 months

A merger between Vodafone India and Idea Cellular will likely be approved by the telecom department on Monday. The deal will pave way for largest mobile service operator in the country with the proposed name of Vodafone Idea Ltd.

"DoT is expected to clear the Vodafone-Idea merger on Monday. The certificate will be handed to them," an official source told PTI.

Idea and Vodafone will join hands to create the country's largest telecom operator worth over USD 23 billion (or over Rs 1.5 lakh crore). The merge will enjoy a 35 per cent market share and a subscriber base of around 430 million.

Debt-ridden Idea and Vodafone will get a breather from the merger. The combined debt of both the companies is estimated to be around Rs 1.15 lakh crore.

"The merger will be taken on-record after Idea furnishes required bank guarantee and gives an undertaking of owning the liabilities of Vodafone India that may arise in future," the source said.<iframe width="560" height="315" src="https://www.youtube.com/embed/NLlazA6xTfA" frameborder="0" allow="autoplay; encrypted-media" allowfullscreen></iframe>

Vodafone will own 45.1 per cent in the combined entity, while Kumar Mangalam Birla-led Aditya Birla Group would have 26 per cent and Idea shareholders 28.9 per cent respectively.

Birla is proposed to be the non-executive chairman of the merged entity and Balesh Sharma is likely to be named the new CEO.

Idea's chief financial officer Akshaya Moondra will head the financial operations of the new entity as its CFO. Ambrish Jain, currently the deputy MD at Idea Cellular, is set to become the new chief operating officer.

Idea Ltd. will hold a general meeting on June 26 to change its name to Vodafone Idea Limited following the completion of the merger.

(With inputs from PTI)&nbsp;

Idea Ltd. will hold a general meeting on June 26 to change its name to Vodafone Idea Limited following the completion of the merger

A merger between Vodafone India and Idea Cellular will likely be approved by the telecom department on Monday. The deal will pave way for largest mobile service operator in the country with the proposed name of Vodafone Idea Ltd. "DoT is expected to clear the Vodafone-Idea merger on Monday. The certificate will be handed to them," an official source told PTI. Idea and Vodafone will join hands to create the country's largest telecom operator worth over USD 23 billion (or over Rs 1.5 lakh crore). The merge will enjoy a 35 per cent market share and a subscriber base of around 430 million. Debt-ridden Idea and Vodafone will get a breather from the merger. The combined debt of both the companies is estimated to be around Rs 1.15 lakh crore. "The merger will be taken on-record after Idea furnishes required bank guarantee and gives an undertaking of owning the liabilities of Vodafone India that may arise in future," the source said. Vodafone will own 45.1 per cent in the combined entity, while Kumar Mangalam Birla-led Aditya Birla Group would have 26 per cent and Idea shareholders 28.9 per cent respectively. Birla is proposed to be the non-executive chairman of the merged entity and Balesh Sharma is likely to be named the new CEO. Idea's chief financial officer Akshaya Moondra will head the financial operations of the new entity as its CFO. Ambrish Jain, currently the deputy MD at Idea Cellular, is set to become the new chief operating officer. Idea Ltd. will hold a general meeting on June 26 to change its name to Vodafone Idea Limited following the completion of the merger. (With inputs from PTI)

Telecom department likely to approve Vodafone-Idea merger tomorrow

Wall Street ended lower on Friday and global stocks continued to slide after US&nbspPresident Donald Trump announced new tariffs on Chinese goods, while oil plummeted 3 per cent on expectations that Saudi Arabia and Russia output would soon increase.&nbsp

Trump announced hefty tariffs on $50 billion of Chinese imports starting on July 6, with Beijing immediately vowing to respond in kind, intensifying fears of a growing trade war between the world's two biggest economies.

Trump unveiled a 25 per cent tariff on a list of strategically important imports from China, including cars, promising further measures if Beijing struck back.

"Investors are worried that with the trade war escalating, today it's better to sell out... and take profits," said Michael O’Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut.&nbsp

MSCI's gauge of stocks across the globe shed 0.48 per cent, while the pan-European FTSEurofirst 300 index lost 1.00 per cent.

Emerging market stocks were hit particularly hard, tumbling 1.06 per cent, a move may be attributable as much to a strong dollar as to trade tensions.

In commodities, soybeans sank as the US-China trade spat threatened shipments to the world's biggest buyer of the oilseed. Soybean futures fell 2.5 per cent, hitting their lowest level since June 23 of last year. ICE cotton futures also dropped on the day.

Trump's decision on tariffs comes a day after stock markets rallied on the European Central Bank's decision to hold off on raising rates at least until the middle of next year.

By the close of US&nbspmarkets, the Dow Jones Industrial Average fell 84.83 points, or 0.34 per cent, to 25,090.48, the S&P 500 lost 3.07 points, or 0.11 per cent, to 2,779.42 and the Nasdaq Composite dropped 14.66 points, or 0.19 per cent, to 7,746.38.

The outbreak of a global trade war has been the most frequently cited "biggest tail risk" by investors this year in Bank of America Merrill Lynch's monthly survey of global fund managers, on the back of ramped up protectionist rhetoric and measures by the US&nbspadministration.

MSCI's broadest index of Asia-Pacific shares outside Japan closed 0.65 per cent lower, with Chinese stocks leading the losses.

OPEC in focus

World oil markets cratered on fears of increased supply, with US&nbspCrude on track for its biggest decline since May 15, and to end the week down 1.3 per cent. Brent was headed for a 4 percent loss on the week.

The Organization of Petroleum Exporting Countries is slated to meet next week in Vienna, with two of the biggest producers - Saudi Arabia and Russia - indicating they were prepared to increase output.&nbsp

"Everyone is talking about raising production - the only question is by how much," said Bob Yawger, director, energy at Mizuho in New York.

US&nbspcrude settled at $65.06 per barrel, down 2.74 per cent, and Brent crude was last at $73.44, down 3.29 per cent.

In currencies, the US&nbspdollar slipped against the safe-haven yen in the wake of the announced tariffs, while the dollar index, which measures the greenback against six currencies, rose 0.01 per cent.&nbsp

The euro, which on Thursday suffered its biggest fall against the dollar in two years after the ECB's interest rate decision, rose up 0.35 per cent to $1.1607.

Trade fears drove demand for safe government bonds, causing US&nbspTreasury yields to fall to their lowest levels in a week. Benchmark 10-year notes last rose 7/32 in price to yield 2.9223 per cent, from 2.946 per cent late on Thursday.

The 30-year bond last rose 14/32 in price to yield 3.0434 per cent, from 3.066 per cent Thursday.

“You’ve seen a little bit of a risk-off trade, which is aiding in the Treasury rally,” said Justin Lederer, an interest rate strategist at Cantor Fitzgerald in New York.

The euro, which on Thursday suffered its biggest fall against the dollar in two years

Wall Street ended lower on Friday and global stocks continued to slide after US&nbspPresident Donald Trump announced new tariffs on Chinese goods, while oil plummeted 3 per cent on expectations that Saudi Arabia and Russia output would soon increase. Trump announced hefty tariffs on $50 billion of Chinese imports starting on July 6, with Beijing immediately vowing to respond in kind, intensifying fears of a growing trade war between the world's two biggest economies. Trump unveiled a 25 per cent tariff on a list of strategically important imports from China, including cars, promising further measures if Beijing struck back. "Investors are worried that with the trade war escalating, today it's better to sell out... and take profits," said Michael O’Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut. MSCI's gauge of stocks across the globe shed 0.48 per cent, while the pan-European FTSEurofirst 300 index lost 1.00 per cent. Emerging market stocks were hit particularly hard, tumbling 1.06 per cent, a move may be attributable as much to a strong dollar as to trade tensions. In commodities, soybeans sank as the US-China trade spat threatened shipments to the world's biggest buyer of the oilseed. Soybean futures fell 2.5 per cent, hitting their lowest level since June 23 of last year. ICE cotton futures also dropped on the day. Trump's decision on tariffs comes a day after stock markets rallied on the European Central Bank's decision to hold off on raising rates at least until the middle of next year. By the close of US&nbspmarkets, the Dow Jones Industrial Average fell 84.83 points, or 0.34 per cent, to 25,090.48, the S&P 500 lost 3.07 points, or 0.11 per cent, to 2,779.42 and the Nasdaq Composite dropped 14.66 points, or 0.19 per cent, to 7,746.38. The outbreak of a global trade war has been the most frequently cited "biggest tail risk" by investors this year in Bank of America Merrill Lynch's monthly survey of global fund managers, on the back of ramped up protectionist rhetoric and measures by the US&nbspadministration. MSCI's broadest index of Asia-Pacific shares outside Japan closed 0.65 per cent lower, with Chinese stocks leading the losses. OPEC in focus World oil markets cratered on fears of increased supply, with US&nbspCrude on track for its biggest decline since May 15, and to end the week down 1.3 per cent. Brent was headed for a 4 percent loss on the week. The Organization of Petroleum Exporting Countries is slated to meet next week in Vienna, with two of the biggest producers - Saudi Arabia and Russia - indicating they were prepared to increase output. "Everyone is talking about raising production - the only question is by how much," said Bob Yawger, director, energy at Mizuho in New York. US&nbspcrude settled at $65.06 per barrel, down 2.74 per cent, and Brent crude was last at $73.44, down 3.29 per cent. In currencies, the US&nbspdollar slipped against the safe-haven yen in the wake of the announced tariffs, while the dollar index, which measures the greenback against six currencies, rose 0.01 per cent. The euro, which on Thursday suffered its biggest fall against the dollar in two years after the ECB's interest rate decision, rose up 0.35 per cent to $1.1607. Trade fears drove demand for safe government bonds, causing US&nbspTreasury yields to fall to their lowest levels in a week. Benchmark 10-year notes last rose 7/32 in price to yield 2.9223 per cent, from 2.946 per cent late on Thursday. The 30-year bond last rose 14/32 in price to yield 3.0434 per cent, from 3.066 per cent Thursday. “You’ve seen a little bit of a risk-off trade, which is aiding in the Treasury rally,” said Justin Lederer, an interest rate strategist at Cantor Fitzgerald in New York.

US-China trade fight leads stocks lower, oil sinks on supply fears

Reserve Bank union today requested Governor Urjit Patel to monitor banks through a combination of risk-based supervision, off-site surveillance and on-site inspections of operational systems.

In a letter written to the governor, the union suggested that the RBI should undertake random supervision of bank branches in all parts of the country periodically - possibly 10 per cent of bank branches comprising all regions on an annual basis.

"We would request you that RBI monitoring of banks should be a triad - a combination of risk-based supervision, off-site surveillance and random on-site inspections of operational systems, which, we feel, will give the best result instead of RBI totally dispensing with on-site inspections," the union said in the letter.

"We strongly feel that RBI must remain in the scene, not only as an off-site surveyor but an active and alert inspector," it added.

The letter said that the RBI could train newly recruited computer-savvy assistants in banks for assisting this monitoring exercise, which will stand RBI in good stead without stretching its human resources too much.

Earlier this week, the RBI governor had appeared before a Parliamentary Panel, where he faced tough questions on bad loans, bank frauds and cash crunch, among others.

Patel assured the members of the committee, headed by senior Congress leader Veerappa Moily, that steps were being taken to strengthen the banking system.

"You (Patel) have stressed that it is not possible for RBI to inspect/audit about 1,20,000 branches of banks spread over the whole country. That is unexceptionable," the union wrote.

It added that this should not mean that RBI totally withdraws itself from on-site supervision and relies on reports sent by the banks taking those as "sacrosanct".

"If RBI believes that banking authorities are responsible enough to mind their operations and responsibilities, and RBI can safely rely on them then that will be definitely dereliction of duty," the RBI union said while pointing out the PNB fraud case.

In the letter, the union thanked the governor for bringing to the fore regulatory impediments that the RBI is suffering from with regard to public sector banks.

It also praised him for putting forward that banking regulation and supervision should be "ownership neutral".

In a letter written to the governor, the union suggested that the RBI should undertake random supervision of bank branches in all parts of the country periodically

Reserve Bank union today requested Governor Urjit Patel to monitor banks through a combination of risk-based supervision, off-site surveillance and on-site inspections of operational systems. In a letter written to the governor, the union suggested that the RBI should undertake random supervision of bank branches in all parts of the country periodically - possibly 10 per cent of bank branches comprising all regions on an annual basis. "We would request you that RBI monitoring of banks should be a triad - a combination of risk-based supervision, off-site surveillance and random on-site inspections of operational systems, which, we feel, will give the best result instead of RBI totally dispensing with on-site inspections," the union said in the letter. "We strongly feel that RBI must remain in the scene, not only as an off-site surveyor but an active and alert inspector," it added. The letter said that the RBI could train newly recruited computer-savvy assistants in banks for assisting this monitoring exercise, which will stand RBI in good stead without stretching its human resources too much. Earlier this week, the RBI governor had appeared before a Parliamentary Panel, where he faced tough questions on bad loans, bank frauds and cash crunch, among others. Patel assured the members of the committee, headed by senior Congress leader Veerappa Moily, that steps were being taken to strengthen the banking system. "You (Patel) have stressed that it is not possible for RBI to inspect/audit about 1,20,000 branches of banks spread over the whole country. That is unexceptionable," the union wrote. It added that this should not mean that RBI totally withdraws itself from on-site supervision and relies on reports sent by the banks taking those as "sacrosanct". "If RBI believes that banking authorities are responsible enough to mind their operations and responsibilities, and RBI can safely rely on them then that will be definitely dereliction of duty," the RBI union said while pointing out the PNB fraud case. In the letter, the union thanked the governor for bringing to the fore regulatory impediments that the RBI is suffering from with regard to public sector banks. It also praised him for putting forward that banking regulation and supervision should be "ownership neutral".

RBI must act as alert inspector, not just off-site surveyor, says Union

Wireless and broadband colossus AT&T on Thursday announced the close of its $85 billion merger with media-entertainment conglomerate Time Warner.

The news came just two days after a US federal judge approved the deal, delivering a stinging rebuke to President Donald Trump's administration in its first major antitrust court case.

"We're going to bring a fresh approach to how the media and entertainment industry works for consumers, content creators, distributors and advertisers," AT&T chief executive Randall Stephenson said in a statement stating the acquisition was completed.

Stephenson noted that the merger comes as the way video is created, distributed and consumed is rapidly changing in an age of streaming digital content to a broad spectrum of Internet-linked devices.

"The content and creative talent at Warner Bros., HBO and Turner are first-rate," Stephenson said.

"Combine all that with AT&T's strengths in direct-to-consumer distribution, and we offer customers a differentiated, high-quality, mobile-first entertainment experience."

Justice Department officials who had opposed the deal in court did not to ask a judge to put the merger on hold pending a legal appeal, but the option to appeal remained available.

US District Judge Richard Leon on Tuesday said the government had failed to meet its burden of proof that the tie-up between the largest US pay-TV operator and the media entertainment giant would harm competition.

The case had been closely watched as setting a benchmark for other big corporate mergers, especially in the media and communications sector.

Leon said the case fell short on all counts and warned the government against seeking to hold up the deal with an appeal, saying that would cause "irreparable" harm to the two companies whose tie-up had been delayed for a year and a half.

He maintained that the government's claim that pay TV costs would rise from the merger was based on "speculative" logic and that its study from an expert witness was contradicted by other evidence from the government.

Trump had previously denounced the AT&T deal, vowing that his administration would block it because it would concentrate corporate power unacceptable.

This fueled speculation that Trump could be retaliating due to critical coverage of his administration from news broadcaster CNN, a Time Warner property.

"Trump's meddling in law enforcement actions, his attacks upon particular companies, and his utter unpredictability have created the kind of legal uncertainty common in 'banana republics,'" Berin Szoka of the think tank Tech Freedom said after the judge's decision.

The deal brings together AT&T's wireless and broadband networks and its DirecTV subscription service with the media assets of Time Warner, which include CNN and other Turner cable channels, Cartoon Network, premium channel HBO and the Warner&nbsp;Bros studios.

AT&T and Time Warner argued they need more scale to compete with online rivals like Netflix and Amazon and with Silicon Valley giants like Google, Facebook and Apple, which are expanding in the rapidly evolving sector.

The merger comes after Comcast on Wednesday offered $65 billion for key film and television assets of Rupert Murdoch's 21st Century Fox, topping an offer from Walt Disney Co. for a deal that could create a dominant media-entertainment power.

The move by Comcast, which is the largest US cable provider and also owns the NBCUniversal media group, opens up a new round of competition for the prized assets being shed by the Murdoch family empire.

The deal, if approved, would merge Comcast-owned Universal Studios and the NBC television network with Hollywood rival 20th Century Fox, Fox's cable entertainment networks and international TV businesses.

"These are highly strategic and complementary businesses and we are in our minds the right buyer," said Comcast chairman and chief executive Brian Roberts in a conference call.

With the deal, Roberts said Comcast would stay on track "to build the entertainment company of the future."

Whoever wins the battle for Fox assets would also get its 30 per cent stake in Hulu, the online platform created by media groups to challenge Netflix and Amazon.

Comcast and Disney each own a 30 per cent stake in Hulu and Time Warner holds 10 per cent.

Roberts said the all-cash bid is nearly 20 per cent richer than the $52 billion stock offer from Disney and said Comcast would match the Disney offer of a $2.5 billion fee if the deal fails to win regulatory approval.

The deal with Disney is being submitted for a shareholder vote July 10.

The dealmaking comes with traditional media pressured by new business models from Netflix, Amazon and others.

'The content and creative talent at Warner Bros., HBO and Turner are first-rate,' Stephenson said

Wireless and broadband colossus AT&T on Thursday announced the close of its $85 billion merger with media-entertainment conglomerate Time Warner. The news came just two days after a US federal judge approved the deal, delivering a stinging rebuke to President Donald Trump's administration in its first major antitrust court case. "We're going to bring a fresh approach to how the media and entertainment industry works for consumers, content creators, distributors and advertisers," AT&T chief executive Randall Stephenson said in a statement stating the acquisition was completed. Stephenson noted that the merger comes as the way video is created, distributed and consumed is rapidly changing in an age of streaming digital content to a broad spectrum of Internet-linked devices. "The content and creative talent at Warner Bros., HBO and Turner are first-rate," Stephenson said. "Combine all that with AT&T's strengths in direct-to-consumer distribution, and we offer customers a differentiated, high-quality, mobile-first entertainment experience." Justice Department officials who had opposed the deal in court did not to ask a judge to put the merger on hold pending a legal appeal, but the option to appeal remained available. US District Judge Richard Leon on Tuesday said the government had failed to meet its burden of proof that the tie-up between the largest US pay-TV operator and the media entertainment giant would harm competition. The case had been closely watched as setting a benchmark for other big corporate mergers, especially in the media and communications sector. Leon said the case fell short on all counts and warned the government against seeking to hold up the deal with an appeal, saying that would cause "irreparable" harm to the two companies whose tie-up had been delayed for a year and a half. He maintained that the government's claim that pay TV costs would rise from the merger was based on "speculative" logic and that its study from an expert witness was contradicted by other evidence from the government. Trump had previously denounced the AT&T deal, vowing that his administration would block it because it would concentrate corporate power unacceptable. This fueled speculation that Trump could be retaliating due to critical coverage of his administration from news broadcaster CNN, a Time Warner property. "Trump's meddling in law enforcement actions, his attacks upon particular companies, and his utter unpredictability have created the kind of legal uncertainty common in 'banana republics,'" Berin Szoka of the think tank Tech Freedom said after the judge's decision. The deal brings together AT&T's wireless and broadband networks and its DirecTV subscription service with the media assets of Time Warner, which include CNN and other Turner cable channels, Cartoon Network, premium channel HBO and the Warner Bros studios. AT&T and Time Warner argued they need more scale to compete with online rivals like Netflix and Amazon and with Silicon Valley giants like Google, Facebook and Apple, which are expanding in the rapidly evolving sector. The merger comes after Comcast on Wednesday offered $65 billion for key film and television assets of Rupert Murdoch's 21st Century Fox, topping an offer from Walt Disney Co. for a deal that could create a dominant media-entertainment power. The move by Comcast, which is the largest US cable provider and also owns the NBCUniversal media group, opens up a new round of competition for the prized assets being shed by the Murdoch family empire. The deal, if approved, would merge Comcast-owned Universal Studios and the NBC television network with Hollywood rival 20th Century Fox, Fox's cable entertainment networks and international TV businesses. "These are highly strategic and complementary businesses and we are in our minds the right buyer," said Comcast chairman and chief executive Brian Roberts in a conference call. With the deal, Roberts said Comcast would stay on track "to build the entertainment company of the future." Whoever wins the battle for Fox assets would also get its 30 per cent stake in Hulu, the online platform created by media groups to challenge Netflix and Amazon. Comcast and Disney each own a 30 per cent stake in Hulu and Time Warner holds 10 per cent. Roberts said the all-cash bid is nearly 20 per cent richer than the $52 billion stock offer from Disney and said Comcast would match the Disney offer of a $2.5 billion fee if the deal fails to win regulatory approval. The deal with Disney is being submitted for a shareholder vote July 10. The dealmaking comes with traditional media pressured by new business models from Netflix, Amazon and others.

AT&T closes mega-merger with Time Warner

Japan's SoftBank is planning to invest between $60-100 billion in a solar power project in India, a Japanese report said&nbsp;Friday, as the firm looks to expand its interests into various sectors.

The report by public broadcaster NHK comes after SoftBank announced in March it would partner Saudi Arabia on a multi-billion dollar solar project that the company's founder called the largest in the world.

NHK said the massive investment in India would be funded jointly by SoftBank and Saudi Arabia, which have already partnered to create the Vision Fund investment vehicle.

A spokesman for SoftBank declined to comment on the report.

NHK said the deal would likely be announced by SoftBank and the Indian government after details were finalised, without giving a timeline.

Under CEO Masayoshi Son, SoftBank, which started as a software firm, has increasingly been seen as an investment firm, ploughing funds into a broad range of companies and projects outside its core business. In recent years it has completed deals with the likes of French robotics firm Aldebaran and e-commerce Chinese giant Alibaba.

In March, Son said it would fund the "largest solar project ever", in Saudi Arabia.

The project aims to generate 200 gigawatts of energy by 2030, with building beginning in 2018 and operations to start the following year.

The entire project is expected to cost $200 billion, with the first phase costing $5 billion.

SoftBank's $100-billion Vision Fund, created in 2016 with money from Saudi and other investors, will contribute $1 billion to the first phase.

The report by public broadcaster NHK comes after SoftBank announced in March it would partner Saudi Arabia on a multi-billion dollar solar project that the company's founder called the largest in the world

Japan's SoftBank is planning to invest between $60-100 billion in a solar power project in India, a Japanese report said Friday, as the firm looks to expand its interests into various sectors. The report by public broadcaster NHK comes after SoftBank announced in March it would partner Saudi Arabia on a multi-billion dollar solar project that the company's founder called the largest in the world. NHK said the massive investment in India would be funded jointly by SoftBank and Saudi Arabia, which have already partnered to create the Vision Fund investment vehicle. A spokesman for SoftBank declined to comment on the report. NHK said the deal would likely be announced by SoftBank and the Indian government after details were finalised, without giving a timeline. Under CEO Masayoshi Son, SoftBank, which started as a software firm, has increasingly been seen as an investment firm, ploughing funds into a broad range of companies and projects outside its core business. In recent years it has completed deals with the likes of French robotics firm Aldebaran and e-commerce Chinese giant Alibaba. In March, Son said it would fund the "largest solar project ever", in Saudi Arabia. The project aims to generate 200 gigawatts of energy by 2030, with building beginning in 2018 and operations to start the following year. The entire project is expected to cost $200 billion, with the first phase costing $5 billion. SoftBank's $100-billion Vision Fund, created in 2016 with money from Saudi and other investors, will contribute $1 billion to the first phase.

SoftBank plans $60-100 bn investment in solar in India: report

Gold traded steady in early Asian trade&nbsp;on Friday, after hitting a one-month high in the previous session on the European Central Bank's decision to keep interest rates steady through the summer of 2019 and looming trade worries.

Spot gold&nbsp;was unchanged at $1,301.31 per ounce at 0047 GMT. It touched its highest since&nbsp;May 15&nbsp;at $1,309.30 an ounce&nbsp;on Thursday. The metal was on track for a second straight weekly gain.

US&nbsp;gold futures&nbsp;for August delivery were 0.2 per cent lower at $1,305.10 per ounce.

The European Central Bank will shut its hallmark bond purchase scheme by the close of the year, taking its biggest step yet towards dismantling crisis-era stimulus a decade after the start of the euro zone's economic downturn. It also sees interest rates steady "at least through the summer of 2019"

US&nbsp;President Trump has made up his mind to impose "pretty significant" tariffs on Chinese goods, an administration official said&nbsp;on Thursday, as Beijing warned that it was ready to respond if Washington chose to ratchet up trade tensions.

Tough sanctions will remain on North Korea until its complete denuclearization, the US&nbsp;secretary of state said&nbsp;on Thursday, apparently contradicting the North's view that the process agreed at this week's summit would be phased and reciprocal.

China's economy is finally starting to cool under the weight of a multi-year crackdown on riskier lending that is pushing up borrowing costs for companies and consumers, with data&nbsp;on Thursday&nbsp;pointing to a broad slowdown in activity in May.

Japan's central bank will likely debate&nbsp;on Friday&nbsp;structural factors that may be dragging on inflation, which has been disappointingly weak and could make talk of an exit from ultra-loose monetary policy a distant prospect.

Gold discounts in India were at their widest&nbsp;in nine months&nbsp;this week as higher domestic prices tempered retail purchases while buying in other Asian centres remained subdued amid a lack of significant momentum in global prices.

German technology group Heraeus&nbsp;will open a precious metals refinery and recycling plant in China in September to take advantage of the country's rising demand for platinum group metals.

US gold futures for August delivery were 0.2 per cent lower at $1,305.10 per ounce

Gold traded steady in early Asian trade on Friday, after hitting a one-month high in the previous session on the European Central Bank's decision to keep interest rates steady through the summer of 2019 and looming trade worries. Spot gold was unchanged at $1,301.31 per ounce at 0047 GMT. It touched its highest since May 15 at $1,309.30 an ounce on Thursday. The metal was on track for a second straight weekly gain. US gold futures for August delivery were 0.2 per cent lower at $1,305.10 per ounce. The European Central Bank will shut its hallmark bond purchase scheme by the close of the year, taking its biggest step yet towards dismantling crisis-era stimulus a decade after the start of the euro zone's economic downturn. It also sees interest rates steady "at least through the summer of 2019" US President Trump has made up his mind to impose "pretty significant" tariffs on Chinese goods, an administration official said on Thursday, as Beijing warned that it was ready to respond if Washington chose to ratchet up trade tensions. Tough sanctions will remain on North Korea until its complete denuclearization, the US secretary of state said on Thursday, apparently contradicting the North's view that the process agreed at this week's summit would be phased and reciprocal. China's economy is finally starting to cool under the weight of a multi-year crackdown on riskier lending that is pushing up borrowing costs for companies and consumers, with data on Thursday pointing to a broad slowdown in activity in May. Japan's central bank will likely debate on Friday structural factors that may be dragging on inflation, which has been disappointingly weak and could make talk of an exit from ultra-loose monetary policy a distant prospect. Gold discounts in India were at their widest in nine months this week as higher domestic prices tempered retail purchases while buying in other Asian centres remained subdued amid a lack of significant momentum in global prices. German technology group Heraeus will open a precious metals refinery and recycling plant in China in September to take advantage of the country's rising demand for platinum group metals.

Gold steady below 1-month high heads for second weekly gain

The BSE Sensex recovered by over 66 points to 35,666.07 in opening trade today, aided by continuous buying by domestic investors amid mixed Asian cues.

The 30-share index advanced 66.25 points, or 0.18 per cent, to 35,666.07. It had lost 139.34 points in the previous session.

Sectoral indices such as healthcare, IT, teck, consumer durables, realty, metal and banking, ruled higher, rising by up to 0.96 per cent.

Similarly, the broader 50-share NSE Nifty moved up 15.75 points, or 0.14 per cent, at 10,823.80.

Unabated buying by domestic institutional investors (DIIs) and scattered buying by retail investors helped trading sentiment, traders said.

DIIs bought equities worth Rs 576.19 crore, while foreign portfolio investors (FPIs) sold shares worth a net Rs 1,372.84 crore yesterday, as per provisional data.

In the Sensex pack, Dr Reddy's, Sun Pharma, RIL, TCS, Infosys, ICICI Bank, Tata Steel, Wipro, Tata Motors, Coal India and Axis Bank were the major gainers, advancing by up to 2.77 per cent.

In the Asian region, Japan's Nikkei was up 0.51 per cent while Hong Kong's Hang Seng fell 0.05 per cent in early deals today. Shanghai Composite too was down by 1.02 per cent.

The US Dow Jones Industrial Average ended 0.10 per cent lower yesterday.

The 30-share index advanced 66.25 points, or 0.18 per cent, to 35,666.07. It had lost 139.34 points in the previous session

The BSE Sensex recovered by over 66 points to 35,666.07 in opening trade today, aided by continuous buying by domestic investors amid mixed Asian cues. The 30-share index advanced 66.25 points, or 0.18 per cent, to 35,666.07. It had lost 139.34 points in the previous session. Sectoral indices such as healthcare, IT, teck, consumer durables, realty, metal and banking, ruled higher, rising by up to 0.96 per cent. Similarly, the broader 50-share NSE Nifty moved up 15.75 points, or 0.14 per cent, at 10,823.80. Unabated buying by domestic institutional investors (DIIs) and scattered buying by retail investors helped trading sentiment, traders said. DIIs bought equities worth Rs 576.19 crore, while foreign portfolio investors (FPIs) sold shares worth a net Rs 1,372.84 crore yesterday, as per provisional data. In the Sensex pack, Dr Reddy's, Sun Pharma, RIL, TCS, Infosys, ICICI Bank, Tata Steel, Wipro, Tata Motors, Coal India and Axis Bank were the major gainers, advancing by up to 2.77 per cent. In the Asian region, Japan's Nikkei was up 0.51 per cent while Hong Kong's Hang Seng fell 0.05 per cent in early deals today. Shanghai Composite too was down by 1.02 per cent. The US Dow Jones Industrial Average ended 0.10 per cent lower yesterday.

Sensex edges up 66 points in opening trade

Asian shares wobbled on Friday as investors braced for US&nbsptariffs against China, while the euro flirted with two-week lows after a cautious European Central Bank indicated it would not raise interest rates for some time.

US&nbspPresident Donald Trump has made up his mind to impose "pretty significant" tariffs and has unveiled a list targeting $50 billion of Chinese goods on Friday, an administration official said. Beijing has warned that it was ready to respond.

While it is not clear when Trump will activate the measures, rising Sino-US&nbsptrade tensions will put additional pressure on China`s economy, which is starting to show signs of cooling under the weight of a multi-year crackdown on riskier lending.&nbsp

The Asia Pacific MSCI index edged down 0.2 per cent, with most regional markets shrugging off a strong close on Wall Street. But Japan's Nikkei average added 0.5 per cent.

The euro was headed for its worst weekly loss in 19 months after the ECB signalled on Thursday it will keep interest rates at record lows into at least mid-2019, even as it pledged to end its massive bond purchase scheme by the end of this year.

The common currency shed 1.9 per cent after the rate comments in its sharpest daily fall in almost two years.

In early Asian trade on Friday, it eased 0.1 per cent lower to $1.15595, its lowest level since May 30.

The dollar index&nbspagainst a basket of six major peers gained about 0.2 per cent to a two-week high of 94.973, after rallying more than 1 per cent the previous day.

The 10-year German bund yield also fell to 0.424 per cent from around 0.50 per cent before the ECB.

"The ECB has made it clear that it does not want quick rate hikes, although it now considers progress towards the inflation target as ‘substantial’. Against the background of uncertainties in the world today – such as trade – this makes sense, as does the emphasis on data dependency," Stefan Kreuzkamp, Chief Investment Officer at DWS.

On Wall Street, two of the three main indexes closed higher, with technology stocks leading the charge on the benchmark S&P 500.&nbsp

Helping boost US&nbspequities was a Commerce Department report showing retail sales rose more than expected in May, the latest indication of an acceleration in economic growth in the second quarter.

While the Fed and the ECB provided much of the week`s central bank fireworks, the Bank of Japan is expected to produce no surprises at the end of a two-day policy meeting on Friday. Virtually no one is forecasting changes to its huge stimulus programme given stubbornly weak inflation and recent signs of slowing growth.

Oil markets edged up, despite the strengthening dollar and fears that OPEC countries could decide to increase output at a meeting next week.

West Texas Intermediate (WTI) crude oil futures were up 0.2 per cent at $67.02 per barrel, while Brent was at $76.02.

Many markets in Southeast Asia were closed on Friday for holidays celebrating the end of Ramadan.

US President Donald Trump has made up his mind to impose "pretty significant" tariffs and has unveiled a list targeting $50 billion of Chinese goods on Friday

Asian shares wobbled on Friday as investors braced for US&nbsptariffs against China, while the euro flirted with two-week lows after a cautious European Central Bank indicated it would not raise interest rates for some time. US&nbspPresident Donald Trump has made up his mind to impose "pretty significant" tariffs and has unveiled a list targeting $50 billion of Chinese goods on Friday, an administration official said. Beijing has warned that it was ready to respond. While it is not clear when Trump will activate the measures, rising Sino-US&nbsptrade tensions will put additional pressure on China`s economy, which is starting to show signs of cooling under the weight of a multi-year crackdown on riskier lending. The Asia Pacific MSCI index edged down 0.2 per cent, with most regional markets shrugging off a strong close on Wall Street. But Japan's Nikkei average added 0.5 per cent. The euro was headed for its worst weekly loss in 19 months after the ECB signalled on Thursday it will keep interest rates at record lows into at least mid-2019, even as it pledged to end its massive bond purchase scheme by the end of this year. The common currency shed 1.9 per cent after the rate comments in its sharpest daily fall in almost two years. In early Asian trade on Friday, it eased 0.1 per cent lower to $1.15595, its lowest level since May 30. The dollar index&nbspagainst a basket of six major peers gained about 0.2 per cent to a two-week high of 94.973, after rallying more than 1 per cent the previous day. The 10-year German bund yield also fell to 0.424 per cent from around 0.50 per cent before the ECB. "The ECB has made it clear that it does not want quick rate hikes, although it now considers progress towards the inflation target as ‘substantial’. Against the background of uncertainties in the world today – such as trade – this makes sense, as does the emphasis on data dependency," Stefan Kreuzkamp, Chief Investment Officer at DWS. On Wall Street, two of the three main indexes closed higher, with technology stocks leading the charge on the benchmark S&P 500. Helping boost US&nbspequities was a Commerce Department report showing retail sales rose more than expected in May, the latest indication of an acceleration in economic growth in the second quarter. While the Fed and the ECB provided much of the week`s central bank fireworks, the Bank of Japan is expected to produce no surprises at the end of a two-day policy meeting on Friday. Virtually no one is forecasting changes to its huge stimulus programme given stubbornly weak inflation and recent signs of slowing growth. Oil markets edged up, despite the strengthening dollar and fears that OPEC countries could decide to increase output at a meeting next week. West Texas Intermediate (WTI) crude oil futures were up 0.2 per cent at $67.02 per barrel, while Brent was at $76.02. Many markets in Southeast Asia were closed on Friday for holidays celebrating the end of Ramadan.

Asian shares shaky as US readies China tariffs, euro at 2-week low on ECB

Indian shares posted their fourth consecutive weekly gain on Friday, as Infosys Ltd and Tata Consultancy Services Ltd marked fresh record peaks, while pharmaceutical stocks such as Dr. Reddy`s Laboratories Ltd rallied on the back of US regulatory approvals.

The broader NSE index ended 0.09 per cent higher at 10,817.70, gaining 0.46 per cent for the week.

The benchmark BSE index closed up 0.06 per cent at 35,622.14 and posted a weekly gain of 0.50 per cent.

Infosys ended 3.4 per cent higher, while Tata Consultancy Services Ltd closed up 2.9 per cent after announcing a buyback of shares worth up to 160 billion rupees ($2.35 billion).

The broader NSE index ended 0.09 per cent higher at 10,817.70, gaining 0.46 per cent for the week

Indian shares posted their fourth consecutive weekly gain on Friday, as Infosys Ltd and Tata Consultancy Services Ltd marked fresh record peaks, while pharmaceutical stocks such as Dr. Reddy`s Laboratories Ltd rallied on the back of US regulatory approvals. The broader NSE index ended 0.09 per cent higher at 10,817.70, gaining 0.46 per cent for the week. The benchmark BSE index closed up 0.06 per cent at 35,622.14 and posted a weekly gain of 0.50 per cent. Infosys ended 3.4 per cent higher, while Tata Consultancy Services Ltd closed up 2.9 per cent after announcing a buyback of shares worth up to 160 billion rupees ($2.35 billion).

Sensex posts fourth straight weekly gain; Infosys, TCS boost

India's merchandise exports in May rose 20.2 per cent year-on-year, the trade ministry said on Friday, but the trade deficit widened to $14.62 billion driven mainly by a 50 per cent surge in oil imports despite higher global prices.

Merchandise exports last month rose to $28.86 billion from a year ago, while imports rose 14.85 per cent on year to $43.48 billion, the Ministry of Commerce and Industry said in a statement.

Merchandise exports last month rose to $28.86 billion from a year ago

India's merchandise exports in May rose 20.2 per cent year-on-year, the trade ministry said on Friday, but the trade deficit widened to $14.62 billion driven mainly by a 50 per cent surge in oil imports despite higher global prices. Merchandise exports last month rose to $28.86 billion from a year ago, while imports rose 14.85 per cent on year to $43.48 billion, the Ministry of Commerce and Industry said in a statement.

India's trade deficit widens to $14.62 billion in May