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An Indian-origin banker in Singapore has been named as the best central bank governor in Asia-Pacific for 2018, a media report said today.

Ravi Menon, managing director of Singapore&#39;s central bank Monetary Authority of Singapore (MAS), was recognised by the leading UK-based magazine &#39;The Banker&#39; for his contribution in the makeover of Singapore&#39;s financial system.

The annual recognition is by the magazine, a publication under The Financial Times Group, is based on a selection process involving a survey of bankers and economists.

&quot;The Monetary Authority of Singapore (MAS), the country&#39;s central bank, stands out for its cutting-edge regulatory approach to fintech while maintaining macroeconomic stability,&quot; the magazine said in an article.

&quot;These are the key reasons for selecting Ravi Menon, managing director of MAS, as the Central Bank Governor of the Year for Asia-Pacific,&quot; The Straits Times reported, quoting the magazine article.

The article noted that the MAS was among the first regulators to set up a dedicated fintech group that focuses on understanding technology&#39;s risks and benefits.

&quot;You can only encourage technology to the extent that you can also contain and manage its risks. A smart financial centre must be a safe financial centre as well,&quot; Menon was quoted as saying in the article. 
Singapore&#39;s Finance Minister Heng Swee Keat was also named the best banker in 2011. He was then as MAS&#39;s managing director.

Over the last three years, the central bankers of Vietnam, India and Bangladesh were named for the recognition.

Ravi Menon, managing director of Singapore's central bank Monetary Authority of Singapore (MAS), was recognised by the leading UK-based magazine 'The Banker' for his contribution in the makeover of Singapore's financial system.

An Indian-origin banker in Singapore has been named as the best central bank governor in Asia-Pacific for 2018, a media report said today. Ravi Menon, managing director of Singapore's central bank Monetary Authority of Singapore (MAS), was recognised by the leading UK-based magazine 'The Banker' for his contribution in the makeover of Singapore's financial system. The annual recognition is by the magazine, a publication under The Financial Times Group, is based on a selection process involving a survey of bankers and economists. "The Monetary Authority of Singapore (MAS), the country's central bank, stands out for its cutting-edge regulatory approach to fintech while maintaining macroeconomic stability," the magazine said in an article. "These are the key reasons for selecting Ravi Menon, managing director of MAS, as the Central Bank Governor of the Year for Asia-Pacific," The Straits Times reported, quoting the magazine article. The article noted that the MAS was among the first regulators to set up a dedicated fintech group that focuses on understanding technology's risks and benefits. "You can only encourage technology to the extent that you can also contain and manage its risks. A smart financial centre must be a safe financial centre as well," Menon was quoted as saying in the article. Singapore's Finance Minister Heng Swee Keat was also named the best banker in 2011. He was then as MAS's managing director. Over the last three years, the central bankers of Vietnam, India and Bangladesh were named for the recognition.

Indian-origin banker named the best governor of Asia Pacific

Benchmark Sensex reversed a three-session slide to end at 33,970 today after the government moved forward on its bank recapitalisation programme.

Investors also took heart from upbeat macro indicators and firm global cues, brokers said.

The finance ministry today sought Parliament&#39;s nod for the extra expenditure of Rs 80,000 crore towards recapitalisation of bad loans-saddled public sector banks through bonds.

State-run lenders made handsome gains in today&#39;s session.

Index heavyweight SBI rose 1.72 per cent, while UCO Bank, IDBI, Punjab National Bank, Bank of India, Bank of Baroda and Oriental Bank of Commerce, among others, rallied by up to 8.50 per cent.

Market sentiment was bolstered after a monthly survey showed the Indian services sector returned to marginal growth in December as new orders broadly stabilised.

The BSE benchmark Sensex opened higher at 33,912.49 and hovered in a range of 33,995.40 to 33,802.13 before finishing at 33,969.64, showing a gain of 176.26 points or 0.52 per cent.

The gauge had lost 263.45 points in the previous three sessions.

The NSE 50-share Nifty also closed higher by 61.60 points, or 0.59 per cent, at 10,504.80 after shuttling between 10,513 and 10,441.45.

&quot;Positive global cues and improvement in services PMI data for December helped the market move out of the subdued phase of trading.

&quot;Global growth expectation and continued buying in metal stocks raised the market sentiment, while PSU banks outperformed on account of finalisation of recapitalisation,&quot; said Vinod Nair, Head of Research, Geojit Financial Services.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth Rs 96.31 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 269.20 crore yesterday, provisional data showed.

Asian bourses displayed a firm trend, led by Japan which began the first trading of 2018 on a strong footing. European markets opened higher.

Back home, Tata Steel was the biggest gainer in the Sensex kitty, rising 3.74 per cent, followed by Dr Reddy&#39;s, which advanced 3.14 per cent.

Other gainers were L&amp;T, ONGC, Asian Paints, Sun Pharma, Coal India, SBI, IndusInd Bank, Bharti Airtel, TCS, Bajaj Auto, Reliance Industries, Yes Bank, Adani Ports, HDFC Ltd and HDFC Bank, rising by up to 3.08 per cent.

Among the sectoral indices, metal climbed 2.77 per cent, consumer durables 2.53 per cent, capital goods 2.11 per cent, PSU 1.55 per cent, infrastructure 1.03 per cent, healthcare 0.99 per cent, oil and gas 0.80 per cent, bankex 0.51 per cent and power 0.33 per cent.

The broader markets continued to outperform the benchmark. The BSE small-cap and mid-cap indices rose by 0.88 per cent and 0.71 per cent, respectively.

Globally, Asian stocks ended higher as soaring oil prices helped energy firms post bumper gains, following more records on Wall Street.

Japan&#39;s Nikkei rose 3.26 per cent, Hong Kong&#39;s Hang Seng gained 0.57 per cent and Shanghai Composite Index was up 0.49 per cent. In Europe, Frankfurt&#39;s DAX rose 0.94 per cent, while Paris gained 0.85 per cent. London FTSE was up 0.15 per cent.

Index heavyweight SBI rose 1.72 per cent, while UCO Bank, IDBI, Punjab National Bank, Bank of India, Bank of Baroda and Oriental Bank of Commerce, among others, rallied by up to 8.50 per cent.

Benchmark Sensex reversed a three-session slide to end at 33,970 today after the government moved forward on its bank recapitalisation programme. Investors also took heart from upbeat macro indicators and firm global cues, brokers said. The finance ministry today sought Parliament's nod for the extra expenditure of Rs 80,000 crore towards recapitalisation of bad loans-saddled public sector banks through bonds. State-run lenders made handsome gains in today's session. Index heavyweight SBI rose 1.72 per cent, while UCO Bank, IDBI, Punjab National Bank, Bank of India, Bank of Baroda and Oriental Bank of Commerce, among others, rallied by up to 8.50 per cent. Market sentiment was bolstered after a monthly survey showed the Indian services sector returned to marginal growth in December as new orders broadly stabilised. The BSE benchmark Sensex opened higher at 33,912.49 and hovered in a range of 33,995.40 to 33,802.13 before finishing at 33,969.64, showing a gain of 176.26 points or 0.52 per cent. The gauge had lost 263.45 points in the previous three sessions. The NSE 50-share Nifty also closed higher by 61.60 points, or 0.59 per cent, at 10,504.80 after shuttling between 10,513 and 10,441.45. "Positive global cues and improvement in services PMI data for December helped the market move out of the subdued phase of trading. "Global growth expectation and continued buying in metal stocks raised the market sentiment, while PSU banks outperformed on account of finalisation of recapitalisation," said Vinod Nair, Head of Research, Geojit Financial Services. Meanwhile, foreign portfolio investors (FPIs) bought shares worth Rs 96.31 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 269.20 crore yesterday, provisional data showed. Asian bourses displayed a firm trend, led by Japan which began the first trading of 2018 on a strong footing. European markets opened higher. Back home, Tata Steel was the biggest gainer in the Sensex kitty, rising 3.74 per cent, followed by Dr Reddy's, which advanced 3.14 per cent. Other gainers were L&T, ONGC, Asian Paints, Sun Pharma, Coal India, SBI, IndusInd Bank, Bharti Airtel, TCS, Bajaj Auto, Reliance Industries, Yes Bank, Adani Ports, HDFC Ltd and HDFC Bank, rising by up to 3.08 per cent. Among the sectoral indices, metal climbed 2.77 per cent, consumer durables 2.53 per cent, capital goods 2.11 per cent, PSU 1.55 per cent, infrastructure 1.03 per cent, healthcare 0.99 per cent, oil and gas 0.80 per cent, bankex 0.51 per cent and power 0.33 per cent. The broader markets continued to outperform the benchmark. The BSE small-cap and mid-cap indices rose by 0.88 per cent and 0.71 per cent, respectively. Globally, Asian stocks ended higher as soaring oil prices helped energy firms post bumper gains, following more records on Wall Street. Japan's Nikkei rose 3.26 per cent, Hong Kong's Hang Seng gained 0.57 per cent and Shanghai Composite Index was up 0.49 per cent. In Europe, Frankfurt's DAX rose 0.94 per cent, while Paris gained 0.85 per cent. London FTSE was up 0.15 per cent.

Sensex marks first gain of 2018, rebounds 176 points

Benchmark Sensex rebounded by over 176 points to finish at 33,970 on Thursday while the broader Nifty reclaimed the 10,500-mark as investors piled into recently- battered metal, capital goods, and consumer durables stocks.

The BSE benchmark Sensex opened higher at 33,912.49 and hovered in a range of 33,995.40 to 33,802.13 before finishing at 33,969.64, showing a gain of 176.26 points or 0.52 per cent.

The gauge had lost 263.45 points in the previous three sessions.

The NSE 50-share Nifty also closed higher by 61.60 points, or 0.59 per cent, at 10,504.80 after shuttling between 10,513 and 10,441.45.

Investor sentiment was bolstered after a monthly survey showed the Indian services sector returned to marginal growth in December as new orders broadly stabilised.

The BSE benchmark Sensex opened higher at 33,912.49 and hovered in a range of 33,995.40 to 33,802.13 before finishing at 33,969.64, showing a gain of 176.26 points or 0.52 per cent.

Benchmark Sensex rebounded by over 176 points to finish at 33,970 on Thursday while the broader Nifty reclaimed the 10,500-mark as investors piled into recently- battered metal, capital goods, and consumer durables stocks. The BSE benchmark Sensex opened higher at 33,912.49 and hovered in a range of 33,995.40 to 33,802.13 before finishing at 33,969.64, showing a gain of 176.26 points or 0.52 per cent. The gauge had lost 263.45 points in the previous three sessions. The NSE 50-share Nifty also closed higher by 61.60 points, or 0.59 per cent, at 10,504.80 after shuttling between 10,513 and 10,441.45. Investor sentiment was bolstered after a monthly survey showed the Indian services sector returned to marginal growth in December as new orders broadly stabilised.

Sensex rebounds 176 points; Nifty reclaims 10,500-mark

Governments are extremely worried about cryptocurrencies such as bitcoin. These virtual currencies mean you can make payments without involving the banks that most economies and government financial models are built on. People can transfer large amounts of money without the authorities knowing, potentially making it easier to evade tax or launder money.

So several countries&rsquo; central banks, including the Bank of England and the Bank of Israel, are reportedly planning to launch their own digital currencies. This could help lure people back into using an official system that combines some of the benefits of both traditional and crypto- currencies. But the risks involved may be too great for many typical cash users to bear.

One of the major drawbacks of existing cryptocurrencies is that their value tends to swing widely and it is often difficult to pinpoint how much they are really worth. National cryptocurrencies would be tied to the value of the country&rsquo;s official currency, making them less volatile and easier to actually use as a way of spending.

National cryptocurrencies would also make payments much faster because transactions would be recorded instantly and wouldn&rsquo;t have to be cleared by a bank (although some implementations require around eight minutes to be verified). The existing systems for electronic payments and transfers can often involve several banks and companies sending each other data and running security checks that add time and expense to transactions. Cryptocurrencies are able to bypass this clearing process altogether because they don&rsquo;t actually involve transfers from one entity to another.

Instead they use a technology known as a blockchain, which keeps a public but encrypted record of all transactions. Basically, as illustrated in the figure below, the payer (in this case, Bob) signs a transaction to agree to pay someone (Alice) a given amount. The transaction is then validated using Bob&rsquo;s personal encryption code known as his &ldquo;private key&rdquo;. If the transaction is valid, it is added onto the blockchain, recording how much money Alice and Bob now have.

<figure class="align-center "><img alt="" src="https://images.theconversation.com/files/200544/original/file-20180102-26160-12zl5wb.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" />
<figcaption>Outline of traditional transactions and blockchain based ones. Author supplied</figcaption>
</figure>

&nbsp;

Because all transactions would be recorded in this way, the government would have much greater oversight of who is paying whom and how much, helping to crack down on financial crime. Unfortunately, because transactions on blockchain ledger are typically kept as a public record, it might also be possible for other people to access this information and see how much you or anyone else is spending and what you&rsquo;re buying.

Your money might also be at greater risk if it&rsquo;s stored as a cryptocurrency. Currently banks guard your wealth and will always release it if you can prove your identity, while credit card companies insure you against fraud. If your bank account is hacked, there is a good chance you will get your money back. But cryptocurrencies store money in independent digital wallets that can be lost or broken into. If that happens there is no one who can help you.

Currency needs trust

For a typical shopper, there would be little difference between using a national cryptocurrency and something like Apple Pay, which makes payments at the click of a trusted application on a mobile device. I love using Apple Pay on my iPhone to purchase my coffee in the morning, as well as my bus tickets and even my parking. I now have little use of cash and only carry around my credit cards in a wallet as a backup in case my battery fails.

Having found out over Christmas that most supermarkets now do not have a limit on Apple Pay, I see it as one of the most trusted methods of payment, especially as I trust the fingerprint scanner on my phone. I also know that my bank is involved in the transaction. So I believe the days of paper money &ndash; and even carrying around cards &ndash; are rapidly fading. Our mobile phone and our trust in our apps provide us with more trusted ways of making transactions.

But Apple Pay is still backed up by trusted financial institutions. The step to cryptocurrency may be one step too far for most people. Few people would actually understand the risks of storing the cryptocurrency in a digital wallet and could leave themselves open to losing all their money.

I believe that most countries will deal with cryptocurrencies by regulating them and monitoring their use rather than co-opting them. But it will be interesting to see whether regulation or competition will win in the battle of crytocurrencies. While the encryption of crytocurrencies can create strong digital trust in the technology, human trust in the transactions themselves will likely be the key factor that determines whether citizens adopt government-backed cryptocurrencies.

&nbsp;

This article was originally published on <a href="http://theconversation.com">The Conversation</a>. Read the <a href="https://theconversation.com/the-bank-of-england-is-planning-a-bitcoin-style-virtual-currency-but-could-it-really-replace-cash-89585">original article</a>.

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL).

&nbsp;

While the encryption of crytocurrencies can create strong digital trust in the technology, human trust in the transactions themselves will likely be the key factor that determines whether citizens adopt government-backed cryptocurrencies.

Governments are extremely worried about cryptocurrencies such as bitcoin. These virtual currencies mean you can make payments without involving the banks that most economies and government financial models are built on. People can transfer large amounts of money without the authorities knowing, potentially making it easier to evade tax or launder money. So several countries’ central banks, including the Bank of England and the Bank of Israel, are reportedly planning to launch their own digital currencies. This could help lure people back into using an official system that combines some of the benefits of both traditional and crypto- currencies. But the risks involved may be too great for many typical cash users to bear. One of the major drawbacks of existing cryptocurrencies is that their value tends to swing widely and it is often difficult to pinpoint how much they are really worth. National cryptocurrencies would be tied to the value of the country’s official currency, making them less volatile and easier to actually use as a way of spending. National cryptocurrencies would also make payments much faster because transactions would be recorded instantly and wouldn’t have to be cleared by a bank (although some implementations require around eight minutes to be verified). The existing systems for electronic payments and transfers can often involve several banks and companies sending each other data and running security checks that add time and expense to transactions. Cryptocurrencies are able to bypass this clearing process altogether because they don’t actually involve transfers from one entity to another. Instead they use a technology known as a blockchain, which keeps a public but encrypted record of all transactions. Basically, as illustrated in the figure below, the payer (in this case, Bob) signs a transaction to agree to pay someone (Alice) a given amount. The transaction is then validated using Bob’s personal encryption code known as his “private key”. If the transaction is valid, it is added onto the blockchain, recording how much money Alice and Bob now have. Outline of traditional transactions and blockchain based ones. Author supplied Because all transactions would be recorded in this way, the government would have much greater oversight of who is paying whom and how much, helping to crack down on financial crime. Unfortunately, because transactions on blockchain ledger are typically kept as a public record, it might also be possible for other people to access this information and see how much you or anyone else is spending and what you’re buying. Your money might also be at greater risk if it’s stored as a cryptocurrency. Currently banks guard your wealth and will always release it if you can prove your identity, while credit card companies insure you against fraud. If your bank account is hacked, there is a good chance you will get your money back. But cryptocurrencies store money in independent digital wallets that can be lost or broken into. If that happens there is no one who can help you. Currency needs trust For a typical shopper, there would be little difference between using a national cryptocurrency and something like Apple Pay, which makes payments at the click of a trusted application on a mobile device. I love using Apple Pay on my iPhone to purchase my coffee in the morning, as well as my bus tickets and even my parking. I now have little use of cash and only carry around my credit cards in a wallet as a backup in case my battery fails. Having found out over Christmas that most supermarkets now do not have a limit on Apple Pay, I see it as one of the most trusted methods of payment, especially as I trust the fingerprint scanner on my phone. I also know that my bank is involved in the transaction. So I believe the days of paper money – and even carrying around cards – are rapidly fading. Our mobile phone and our trust in our apps provide us with more trusted ways of making transactions. But Apple Pay is still backed up by trusted financial institutions. The step to cryptocurrency may be one step too far for most people. Few people would actually understand the risks of storing the cryptocurrency in a digital wallet and could leave themselves open to losing all their money. I believe that most countries will deal with cryptocurrencies by regulating them and monitoring their use rather than co-opting them. But it will be interesting to see whether regulation or competition will win in the battle of crytocurrencies. While the encryption of crytocurrencies can create strong digital trust in the technology, human trust in the transactions themselves will likely be the key factor that determines whether citizens adopt government-backed cryptocurrencies. This article was originally published on The Conversation. Read the original article. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL).

Opinion: Can Bitcoin like cryptocurrencies really replace cash?

Security researchers on Wednesday disclosed a set of security flaws that they said could let hackers steal sensitive information from nearly every modern computing device containing chips from Intel Corp, Advanced Micro Devices Inc and ARM Holdings.

One of the bugs is specific to Intel but another affects laptops, desktop computers, smartphones, tablets and internet servers alike. Intel and ARM insisted that the issue was not a design flaw, but it will require users to download a patch and update their operating system to fix.

&ldquo;Phones, PCs, everything are going to have some impact, but it&rsquo;ll vary from product to product,&rdquo; Intel CEO Brian Krzanich said in an interview with CNBC Wednesday afternoon.

Researchers with Alphabet Inc&#39;s Google Project Zero, in conjunction with academic and industry researchers from several countries, discovered two flaws.

The first, called Meltdown, affects Intel chips and lets hackers bypass the hardware barrier between applications run by users and the computer&#39;s memory, potentially letting hackers read a computer&#39;s memory and steal passwords. The second, called Spectre, affects chips from Intel, AMD and ARM and lets hackers potentially trick otherwise error-free applications into giving up secret information.

The researchers said Apple Inc and Microsoft Corp had patches ready for users for desktop computers affected by Meltdown. Microsoft declined to comment and Apple did not immediately return requests for comment.

Daniel Gruss, one of the researchers at Graz University of Technology who discovered Meltdown, called it &quot;probably one of the worst CPU bugs ever found&quot; in an interview with Reuters.

Gruss said Meltdown was the more serious problem in the short term but could be decisively stopped with software patches. Spectre, the broader bug that applies to nearly all computing devices, is harder for hackers to take advantage of but less easily patched and will be a bigger problem in the long term, he said.

Speaking on CNBC, Intel&#39;s Krzanich said Google researchers told Intel of the flaws &quot;a while ago&quot; and that Intel had been testing fixes that device makers who use its chips will push out next week. Before the problems became public, Google on its blog said Intel and others planned to disclose the issues on January 9. Google said it informed the affected companies about the &quot;Spectre&quot; flaw on June 1, 2017 and reported the &quot;Meltdown&quot; flaw after the first flaw but before July 28, 2017.

The flaws were first reported by tech publication The Register. It also reported that the updates to fix the problems could causes Intel chips to operate five per cent to 30 per cent more slowly.

Intel denied that the patches would bog down computers based on Intel chips.

&quot;Intel has begun providing software and firmware updates to mitigate these exploits,&quot; Intel said in a statement. &quot;Contrary to some reports, any performance impacts are workload-dependent, and, for the average computer user, should not be significant and will be mitigated over time.&quot;

ARM spokesman Phil Hughes said that patches had already been shared with the companies` partners, which include many smartphone manufacturers.

&quot;This method only works if a certain type of malicious code is already running on a device and could at worst result in small pieces of data being accessed from privileged memory,&quot; Hughes said in an email.

AMD chips are also affected by at least one variant of a set of security flaws but that it can be patched with a software update. The company said it believes there &quot;is near zero risk to AMD products at this time.&quot;

Google said in a blog post that Android phones running the latest security updates are protected, as are its own Nexus and Pixel phones with the latest security updates. Gmail users do not need to take any additional action to protect themselves, but users of its Chromebooks, Chrome web browser and many of its Google Cloud services will need to install updates.

Amazon Web Services, a cloud computing service used by businesses, said that most of its internet servers were already patched and the rest were in the process of being patched.

The defect affects the so-called kernel memory on Intel x86 processor chips manufactured over the past decade, The Register reported citing unnamed programmers, allowing users of normal applications to discern the layout or content of protected areas on the chips.

That could make it possible for hackers to exploit other security bugs or, worse, expose secure information such as passwords, thus compromising individual computers or even entire server networks.

Dan Guido, chief executive of cyber security consulting firm Trail of Bits, said that businesses should quickly move to update vulnerable systems, saying he expects hackers to quickly develop code they can use to launch attacks that exploit the vulnerabilities. &ldquo;Exploits for these bugs will be added to hacker&rsquo;s standard toolkits,&rdquo; said Guido.

Shares in Intel were down by 3.4 per cent following the report but nudged back up 1.2 per cent to $44.70 in after-hours trading while shares in AMD were up one per cent to $11.77, shedding many of the gains they had made earlier in the day when reports suggested its chips were not affected.

It was not immediately clear whether Intel would face any significant financial liability arising from the reported flaw.

&quot;The current Intel problem, if true, would likely not require CPU replacement in our opinion. However the situation is fluid,&quot; Hans Mosesmann of Rosenblatt Securities in New York said in a note, adding it could hurt the company&#39;s reputation.

Shares in Intel were down by 3.4 per cent following the report but nudged back up 1.2 per cent to $44.70 in after-hours trading.

Security researchers on Wednesday disclosed a set of security flaws that they said could let hackers steal sensitive information from nearly every modern computing device containing chips from Intel Corp, Advanced Micro Devices Inc and ARM Holdings. One of the bugs is specific to Intel but another affects laptops, desktop computers, smartphones, tablets and internet servers alike. Intel and ARM insisted that the issue was not a design flaw, but it will require users to download a patch and update their operating system to fix. “Phones, PCs, everything are going to have some impact, but it’ll vary from product to product,” Intel CEO Brian Krzanich said in an interview with CNBC Wednesday afternoon. Researchers with Alphabet Inc's Google Project Zero, in conjunction with academic and industry researchers from several countries, discovered two flaws. The first, called Meltdown, affects Intel chips and lets hackers bypass the hardware barrier between applications run by users and the computer's memory, potentially letting hackers read a computer's memory and steal passwords. The second, called Spectre, affects chips from Intel, AMD and ARM and lets hackers potentially trick otherwise error-free applications into giving up secret information. The researchers said Apple Inc and Microsoft Corp had patches ready for users for desktop computers affected by Meltdown. Microsoft declined to comment and Apple did not immediately return requests for comment. Daniel Gruss, one of the researchers at Graz University of Technology who discovered Meltdown, called it "probably one of the worst CPU bugs ever found" in an interview with Reuters. Gruss said Meltdown was the more serious problem in the short term but could be decisively stopped with software patches. Spectre, the broader bug that applies to nearly all computing devices, is harder for hackers to take advantage of but less easily patched and will be a bigger problem in the long term, he said. Speaking on CNBC, Intel's Krzanich said Google researchers told Intel of the flaws "a while ago" and that Intel had been testing fixes that device makers who use its chips will push out next week. Before the problems became public, Google on its blog said Intel and others planned to disclose the issues on January 9. Google said it informed the affected companies about the "Spectre" flaw on June 1, 2017 and reported the "Meltdown" flaw after the first flaw but before July 28, 2017. The flaws were first reported by tech publication The Register. It also reported that the updates to fix the problems could causes Intel chips to operate five per cent to 30 per cent more slowly. Intel denied that the patches would bog down computers based on Intel chips. "Intel has begun providing software and firmware updates to mitigate these exploits," Intel said in a statement. "Contrary to some reports, any performance impacts are workload-dependent, and, for the average computer user, should not be significant and will be mitigated over time." ARM spokesman Phil Hughes said that patches had already been shared with the companies` partners, which include many smartphone manufacturers. "This method only works if a certain type of malicious code is already running on a device and could at worst result in small pieces of data being accessed from privileged memory," Hughes said in an email. AMD chips are also affected by at least one variant of a set of security flaws but that it can be patched with a software update. The company said it believes there "is near zero risk to AMD products at this time." Google said in a blog post that Android phones running the latest security updates are protected, as are its own Nexus and Pixel phones with the latest security updates. Gmail users do not need to take any additional action to protect themselves, but users of its Chromebooks, Chrome web browser and many of its Google Cloud services will need to install updates. Amazon Web Services, a cloud computing service used by businesses, said that most of its internet servers were already patched and the rest were in the process of being patched. The defect affects the so-called kernel memory on Intel x86 processor chips manufactured over the past decade, The Register reported citing unnamed programmers, allowing users of normal applications to discern the layout or content of protected areas on the chips. That could make it possible for hackers to exploit other security bugs or, worse, expose secure information such as passwords, thus compromising individual computers or even entire server networks. Dan Guido, chief executive of cyber security consulting firm Trail of Bits, said that businesses should quickly move to update vulnerable systems, saying he expects hackers to quickly develop code they can use to launch attacks that exploit the vulnerabilities. “Exploits for these bugs will be added to hacker’s standard toolkits,” said Guido. Shares in Intel were down by 3.4 per cent following the report but nudged back up 1.2 per cent to $44.70 in after-hours trading while shares in AMD were up one per cent to $11.77, shedding many of the gains they had made earlier in the day when reports suggested its chips were not affected. It was not immediately clear whether Intel would face any significant financial liability arising from the reported flaw. "The current Intel problem, if true, would likely not require CPU replacement in our opinion. However the situation is fluid," Hans Mosesmann of Rosenblatt Securities in New York said in a note, adding it could hurt the company's reputation.

Major security flaw in Intel and AMD chips revealed, virtually all phones & computers at risk

BlackBerry Ltd and Chinese internet search firm Baidu Inc on Wednesday signed a deal to jointly develop self-driving vehicle technology, sending BlackBerry&#39;s Toronto-listed shares up 13 percent to a four-year high.

The deal follows similar agreements with firms including Qualcomm Inc, Denso and Aptiv Plc to develop autonomous-driving technology with BlackBerry&#39;s QNX software, which are expected to start generating revenue in 2019.

Investors and analysts are closely watching what comes of those agreements amid expectations that QNX could become a key technology in the burgeoning self-driving vehicle industry, serving as the operating system for computer chips used to run self-driving vehicles.

QNX will be the operating system for Apollo, a platform for self-driving vehicles that Baidu announced in April and has billed as the &quot;Android&quot; of the autonomous driving industry.

&quot;The opportunity is global, it&#39;s for a very large market and I think it&#39;s a very solid win for BlackBerry,&quot; said CIBC Capital Markets analyst Todd Coupland.

Apollo has since signed up several major automakers, including Ford Motor Co, Hyundai Motor Group and several Chinese carmakers.

QNX has long been used to run car infotainment consoles. BlackBerry has recently developed the software to run sophisticated computer chips for autos that manage multiple safety-critical systems.

BlackBerry shares rose 13 per cent in Toronto to C$16.95, their sharpest one-day gain since April and highest close since March 2013.

The two companies said they will also integrate Baidu&#39;s CarLife, a leading smartphone integration software for connected cars in China, its conversational AI system and high definition maps with BlackBerry&#39;s infotainment platform.

BlackBerry shares rose 13 per cent in Toronto to C$16.95, their sharpest one-day gain since April and highest close since March 2013.

BlackBerry Ltd and Chinese internet search firm Baidu Inc on Wednesday signed a deal to jointly develop self-driving vehicle technology, sending BlackBerry's Toronto-listed shares up 13 percent to a four-year high. The deal follows similar agreements with firms including Qualcomm Inc, Denso and Aptiv Plc to develop autonomous-driving technology with BlackBerry's QNX software, which are expected to start generating revenue in 2019. Investors and analysts are closely watching what comes of those agreements amid expectations that QNX could become a key technology in the burgeoning self-driving vehicle industry, serving as the operating system for computer chips used to run self-driving vehicles. QNX will be the operating system for Apollo, a platform for self-driving vehicles that Baidu announced in April and has billed as the "Android" of the autonomous driving industry. "The opportunity is global, it's for a very large market and I think it's a very solid win for BlackBerry," said CIBC Capital Markets analyst Todd Coupland. Apollo has since signed up several major automakers, including Ford Motor Co, Hyundai Motor Group and several Chinese carmakers. QNX has long been used to run car infotainment consoles. BlackBerry has recently developed the software to run sophisticated computer chips for autos that manage multiple safety-critical systems. BlackBerry shares rose 13 per cent in Toronto to C$16.95, their sharpest one-day gain since April and highest close since March 2013. The two companies said they will also integrate Baidu's CarLife, a leading smartphone integration software for connected cars in China, its conversational AI system and high definition maps with BlackBerry's infotainment platform.

BlackBerry surges on deal with Baidu for self-driving cars

Allahabad Bank has said the Reserve Bank of India (RBI) has initiated &#39;prompt corrective action&#39; (PCA) against the state-run lender over its high bad loans.

High net non-performing assets (NPA) and a negative Return On Assets (ROA) for two years in a row has prompted the action, the bank said in a statement late on Wednesday, although it added the action would help improve its risk management, asset quality and profits.

The central bank has so far ordered corrective action for about 10 lenders, mostly due to their high bad loan ratios.

Depending on the risk thresholds set in the Reserve Bank of India corrective action rules, lenders can be asked by the regulator to restrict branch expansion and make higher provisions on sour loans, among other curbs.

Allahabad Bank shares fell as much as 2.6 per cent in Thursday morning trade in a Mumbai market that was trading 0.1 per cent higher.

The central bank has so far ordered corrective action for about 10 lenders, mostly due to their high bad loan ratios.

Allahabad Bank has said the Reserve Bank of India (RBI) has initiated 'prompt corrective action' (PCA) against the state-run lender over its high bad loans. High net non-performing assets (NPA) and a negative Return On Assets (ROA) for two years in a row has prompted the action, the bank said in a statement late on Wednesday, although it added the action would help improve its risk management, asset quality and profits. The central bank has so far ordered corrective action for about 10 lenders, mostly due to their high bad loan ratios. Depending on the risk thresholds set in the Reserve Bank of India corrective action rules, lenders can be asked by the regulator to restrict branch expansion and make higher provisions on sour loans, among other curbs. Allahabad Bank shares fell as much as 2.6 per cent in Thursday morning trade in a Mumbai market that was trading 0.1 per cent higher.

RBI puts Allahabad Bank under prompt corrective action

The Nokia 6 (2018) will be officially announced on Friday by HMD Global.&nbsp;

A day before its official announcement the specifications and details of the handset are already out on a Chinese microblogging site.&nbsp;

The phone, which will be a revised version of Nokia 6, will be released first in China. Later,&nbsp;it may hit&nbsp;other markets including in India.&nbsp; 
 
Nokia 6 was released last year.&nbsp;

The new handset measuring 148.8 x 75.8 x 8.15 mm with a weight of 172 g is designed with a fingerprint scanner on the back. The phone has redesigned accents around the edges and the camera.

The audio recording and photos feature is similar to that of Nokia 8.

Incorporated with Snapdragon 630 chipset the model is built with near-stock Android 7.1.1. Nougat Operating System.

The handset has 4GB RAM with two additional internal storage versions- 32 or 64 GB. The memory can be extended with a microSD for up to 128 GB.

The 3,000 mAh battery will be charged via the micro USB port.

The back camera is 16 MegaPixel with f/2.0 lens, while the front camera has an 8-megapixel sensor. It comes with OZO Audio recording.&nbsp;

The handset will be available in Black with Orange accents and White with Red accents.&nbsp;

The phone, which will be a revised version of Nokia 6, will be released first in China. Later,?it may hit?other markets including in India

The Nokia 6 (2018) will be officially announced on Friday by HMD Global. A day before its official announcement the specifications and details of the handset are already out on a Chinese microblogging site. The phone, which will be a revised version of Nokia 6, will be released first in China. Later, it may hit other markets including in India. Nokia 6 was released last year. The new handset measuring 148.8 x 75.8 x 8.15 mm with a weight of 172 g is designed with a fingerprint scanner on the back. The phone has redesigned accents around the edges and the camera. The audio recording and photos feature is similar to that of Nokia 8. Incorporated with Snapdragon 630 chipset the model is built with near-stock Android 7.1.1. Nougat Operating System. The handset has 4GB RAM with two additional internal storage versions- 32 or 64 GB. The memory can be extended with a microSD for up to 128 GB. The 3,000 mAh battery will be charged via the micro USB port. The back camera is 16 MegaPixel with f/2.0 lens, while the front camera has an 8-megapixel sensor. It comes with OZO Audio recording. The handset will be available in Black with Orange accents and White with Red accents.

Nokia 6 features released before launch

The move signals closer cooperation between New Delhi and Moscow to bolster Afghanistan's air capabilities.

India's bid to boost Afghan air support

China&#39;s ambition of becoming a world leader in <a href="http://www.wionews.com/world/facebook-using-artificial-intelligence-to-spot-signs-of-suicide-25299" target="_blank">Artificial Intelligence</a> is all set to&nbsp;take off with the country&#39;s new AI development park.&nbsp;

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China is planning to build a 13.8 billion yuan ($2.12 billion) <a href="http://www.wionews.com/science-tech/acquisitions-accelerate-as-tech-giants-seek-to-build-ai-smarts-16103" target="_blank">artificial intelligence</a> development park.&nbsp;

The project will be developed by Zhongguancun Development Group in collaboration with foreign universities.

It will be designed to attract enterprises that work on big data, biometric identification, deep learning and cloud computing.&nbsp;

The park will be constructed&nbsp;to house up to 400 enterprises and to yield an annual output of 50 billion yuan.&nbsp;

It will be built in west Beijing.&nbsp;

Also&nbsp;read: <a href="http://www.wionews.com/india-news/this-black-metal-album-was-created-using-artificial-intelligence-and-sounds-just-like-a-human-band-26258" target="_blank">This black metal album was created using Artificial Intelligence and sounds just like a human band</a>

Also read: <a href="http://www.wionews.com/world/opinion-revolutionise-talent-management-with-chatbots-ai-26231" target="_blank">Opinion: Chatbots &amp; AI to revolutionise talent management</a>

China aspires to become a world leader in Artificial Intelligence by 2025.

There is an increasing competition between China and United States of America for utilising the <a href="http://www.wionews.com/videos/is-artificial-intelligence-boon-or-bane-4703" target="_blank">Artificial Intelligence technology</a> in the military.&nbsp;

In the development roadmap released by the country in 2017, China unwrapped a series of plans to boost talent, investment and research in Artificial Intelligence. The roadmap also wanted collective efforts from private, public and military firms on national AI goals.&nbsp;

AI is the intelligence displayed by machines, wherein the device perceives its environment and takes action.

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It will be designed to attract enterprises that work on big data, biometric identification, deep learning and cloud computing

China's ambition of becoming a world leader in Artificial Intelligence is all set to take off with the country's new AI development park. × China is planning to build a 13.8 billion yuan ($2.12 billion) artificial intelligence development park. The project will be developed by Zhongguancun Development Group in collaboration with foreign universities. It will be designed to attract enterprises that work on big data, biometric identification, deep learning and cloud computing. The park will be constructed to house up to 400 enterprises and to yield an annual output of 50 billion yuan. It will be built in west Beijing. Also read: This black metal album was created using Artificial Intelligence and sounds just like a human band Also read: Opinion: Chatbots & AI to revolutionise talent management China aspires to become a world leader in Artificial Intelligence by 2025. There is an increasing competition between China and United States of America for utilising the Artificial Intelligence technology in the military. In the development roadmap released by the country in 2017, China unwrapped a series of plans to boost talent, investment and research in Artificial Intelligence. The roadmap also wanted collective efforts from private, public and military firms on national AI goals. AI is the intelligence displayed by machines, wherein the device perceives its environment and takes action.

China to construct $2 billion Artificial Intelligence development park

The benchmark Sensex staged a strong come back in early trade today gaining over 158 points on widespread buying by participants in banking, auto, pharma and oil and gas stocks.

Asian stocks notched moderate gains, tracking sizable increases seen on Wall Street overnight also boosted the sentiments.

The 30-share index was trading higher by 158.35 points, or 0.46 per cent at 33,970.61.

All the sectoral indices led by metal, consumer durables, power, bank and infrastructure were trading in the green with gains up to 0.79 per cent.

The 30-share Sensex had lost 244.57 points in the previous two sessions.

Also, the NSE Nifty went up by 43.30 points or 0.41 per cent to 10.485.50.

Major gainers were ICICI Bank, Reliance industries, SBI, Adani Ports, TCS, Tata Steel and Power Grid, rising up to 1.84 per cent.

Brokers said buying by domestic institutional investors (DIIs) and foreign funds amid a firm trend at other Asian bourses following yet another record close on Wall Street improved the market sentiment.

In the Asian region, Hong Kong&#39;s Hang Seng was up 0.23 per cent and Shanghai Composite Index by 0.82 per cent in early trade. Japan&#39;s Nikkei remained closed today.

The US Dow Jones Industrial Average ended 0.42 per cent higher yesterday.&nbsp;

The NSE Nifty was up by 43.30 points or 0.41 per cent to 10.485.50

The benchmark Sensex staged a strong come back in early trade today gaining over 158 points on widespread buying by participants in banking, auto, pharma and oil and gas stocks. Asian stocks notched moderate gains, tracking sizable increases seen on Wall Street overnight also boosted the sentiments. The 30-share index was trading higher by 158.35 points, or 0.46 per cent at 33,970.61. All the sectoral indices led by metal, consumer durables, power, bank and infrastructure were trading in the green with gains up to 0.79 per cent. The 30-share Sensex had lost 244.57 points in the previous two sessions. Also, the NSE Nifty went up by 43.30 points or 0.41 per cent to 10.485.50. Major gainers were ICICI Bank, Reliance industries, SBI, Adani Ports, TCS, Tata Steel and Power Grid, rising up to 1.84 per cent. Brokers said buying by domestic institutional investors (DIIs) and foreign funds amid a firm trend at other Asian bourses following yet another record close on Wall Street improved the market sentiment. In the Asian region, Hong Kong's Hang Seng was up 0.23 per cent and Shanghai Composite Index by 0.82 per cent in early trade. Japan's Nikkei remained closed today. The US Dow Jones Industrial Average ended 0.42 per cent higher yesterday.

Sensex rises 158 points in early trade

Euro zone manufacturers ended 2017 by ramping up activity at the fastest pace in more than two decades, a survey showed on Tuesday, and rising demand suggests they will start the new year on a high.

The bloc&#39;s economy outpaced its peers last year, and the European Central Bank plans to scale back its stimulus programme from this month.

IHS Markit&#39;s December final manufacturing Purchasing Managers&#39; Index for the bloc was 60.6, matching an earlier preliminary reading and above November&#39;s 60.1. That was the highest since the survey began in June 1997.

An index measuring output, which feeds into a composite PMI due on Thursday and seen as a good guide to economic health, rose to 62.2 from November&#39;s 61.0 - its highest in over 17 years and has only been above that once in the survey&#39;s history.

&quot;The euro zone manufacturing boom gained further momentum in December, rounding off the best year on record and setting the scene for a strong start to 2018,&quot; said Chris Williamson, chief business economist at IHS Markit.

&quot;Forward-looking indicators bode well for the new year: new orders rose at a near-record pace while purchasing growth hit a new peak as firms readied themselves for higher production. Meanwhile, job creation was maintained at November&#39;s record pace.&quot;

Despite factories raising prices again last month, albeit, at a slightly weaker rate than in November, an index measuring new orders nudged up to 61.5 from 61.4, a level not seen since around the start of the century.

Inflation was 1.5 per cent in November, below the ECB&#39;s 2 per cent target ceiling, but the central bank announced in October it will halve its monthly asset purchases to 30 billion euros from January.

A majority of economists in a Reuters poll last year said they thought the ECB should shut the door on the programme in September, but they were split on whether it actually would.

Eurozone manufacturers ended 2017 by ramping up activity at the fastest pace in more than two decades, a survey showed on Tuesday, and rising demand suggests they will start the new year on a high

Euro zone manufacturers ended 2017 by ramping up activity at the fastest pace in more than two decades, a survey showed on Tuesday, and rising demand suggests they will start the new year on a high. The bloc's economy outpaced its peers last year, and the European Central Bank plans to scale back its stimulus programme from this month. IHS Markit's December final manufacturing Purchasing Managers' Index for the bloc was 60.6, matching an earlier preliminary reading and above November's 60.1. That was the highest since the survey began in June 1997. An index measuring output, which feeds into a composite PMI due on Thursday and seen as a good guide to economic health, rose to 62.2 from November's 61.0 - its highest in over 17 years and has only been above that once in the survey's history. "The euro zone manufacturing boom gained further momentum in December, rounding off the best year on record and setting the scene for a strong start to 2018," said Chris Williamson, chief business economist at IHS Markit. "Forward-looking indicators bode well for the new year: new orders rose at a near-record pace while purchasing growth hit a new peak as firms readied themselves for higher production. Meanwhile, job creation was maintained at November's record pace." Despite factories raising prices again last month, albeit, at a slightly weaker rate than in November, an index measuring new orders nudged up to 61.5 from 61.4, a level not seen since around the start of the century. Inflation was 1.5 per cent in November, below the ECB's 2 per cent target ceiling, but the central bank announced in October it will halve its monthly asset purchases to 30 billion euros from January. A majority of economists in a Reuters poll last year said they thought the ECB should shut the door on the programme in September, but they were split on whether it actually would.

Euro zone factories ended 2017 with record high growth: PMI

Indian shares closed little changed on Tuesday as caution prevailed ahead of corporate results next week, while oil retailers such as Bharat Petroleum Corp Ltd fell after crude prices strengthened.

The benchmark BSE index ended flat at 33,812.26, while the broader NSE index closed 0.06 per cent higher at 10,442.20.

BPCL closed 2.5 per cent lower.

Indian shares closed little changed on Tuesday as caution prevailed ahead of corporate results next week, while oil retailers such as Bharat Petroleum Corp Ltd fell after crude prices strengthened

Indian shares closed little changed on Tuesday as caution prevailed ahead of corporate results next week, while oil retailers such as Bharat Petroleum Corp Ltd fell after crude prices strengthened. The benchmark BSE index ended flat at 33,812.26, while the broader NSE index closed 0.06 per cent higher at 10,442.20. BPCL closed 2.5 per cent lower.

Sensex, Nifty close little changed ahead of corporate results

In a move aimed at electoral reforms, finance&nbsp;minister Arun Jaitley today announced guidelines for electoral bonds for funding of political parties.

The finance minister said the electoral bonds would be available in multiples of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh and Rs 1 crore.

&quot;Interest-free bonds for donation to political parties can&nbsp;be purchased from SBI for 10 days in the months of January, April, July and October,&quot; Jaitley said.

The finance minister in his budget last year had announced the introduction of &quot;electoral bonds&quot; aimed at improving transparency in funding of political parties.

The bonds can only be issued by a notified bank and can be bought using cheques or digital payment, negating the prevalence of hawala money.

All political parties are required to inform the Election Commission about the bonds and from where it would be accessed.

The finance minister in his budget last year had announced the introduction of "electoral bonds" aimed at improving transparency in funding of political parties.

In a move aimed at electoral reforms, finance minister Arun Jaitley today announced guidelines for electoral bonds for funding of political parties. The finance minister said the electoral bonds would be available in multiples of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh and Rs 1 crore. "Interest-free bonds for donation to political parties can be purchased from SBI for 10 days in the months of January, April, July and October," Jaitley said. The finance minister in his budget last year had announced the introduction of "electoral bonds" aimed at improving transparency in funding of political parties. The bonds can only be issued by a notified bank and can be bought using cheques or digital payment, negating the prevalence of hawala money. All political parties are required to inform the Election Commission about the bonds and from where it would be accessed.

Finance minister Jaitley announces guidelines for electoral bonds

Citi analysts&nbsp;Jim Suva and Asiya Merchant&nbsp;have anticipated a 40 per cent chance of Apple acquiring Netflix.

Several media reports citing the analysts have said that Apple may acquire the popular entertainment company Netflix.

The prediction has come after the clearing of US President&#39;s&nbsp;new corporate tax.

The recent change to the tax system will allow Apple to bring back huge funds in the country that was stocked outside due to the previous&nbsp;taxation system.

Reports say that about 90 per cent of the Apple&#39;s cash is sitting overseas.&nbsp;

Trump&#39;s Corporate Tax cut will repatriate over $200 billion cash to Apple, which it can utilise to buy the leading entertainment company.&nbsp;

Analysts have said that the tech giant had been avoiding repatriating cash to the US under the previous tax system to avoid high taxation.&nbsp;

Apple had been trying to offer compelling TV shows and movies, however, with the popularity of services such as Netflix, Amazon, Hulu, the tech giant was struggling to offer such services.&nbsp;Though iTunes had been a huge hit for the company.

Netflix, one of the leading video streaming services,&nbsp;has&nbsp;emerged as a major player in the TV game.

The company diverts billions of dollars on original series. The streaming service has designed some of the most popular shows like House of Cards, Black Mirror, 13 reasons why, Better call Saul and many more.&nbsp;

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Citi analysts?Jim Suva and Asiya Merchant?have anticipated a 40 per cent chance of Apple acquiring Netflix

Citi analysts Jim Suva and Asiya Merchant have anticipated a 40 per cent chance of Apple acquiring Netflix. Several media reports citing the analysts have said that Apple may acquire the popular entertainment company Netflix. The prediction has come after the clearing of US President's new corporate tax. The recent change to the tax system will allow Apple to bring back huge funds in the country that was stocked outside due to the previous taxation system. Reports say that about 90 per cent of the Apple's cash is sitting overseas. Trump's Corporate Tax cut will repatriate over $200 billion cash to Apple, which it can utilise to buy the leading entertainment company. Analysts have said that the tech giant had been avoiding repatriating cash to the US under the previous tax system to avoid high taxation. Apple had been trying to offer compelling TV shows and movies, however, with the popularity of services such as Netflix, Amazon, Hulu, the tech giant was struggling to offer such services. Though iTunes had been a huge hit for the company. Netflix, one of the leading video streaming services, has emerged as a major player in the TV game. The company diverts billions of dollars on original series. The streaming service has designed some of the most popular shows like House of Cards, Black Mirror, 13 reasons why, Better call Saul and many more.

Apple may acquire Netflix: Reports

Amid reports of the rising presence of bitcoins and other forms of virtual currencies (VCs) in India, Union Finance Minister Arun Jaitley on Tuesday reiterated that the former are not accepted as a lawful and legal tender in India.

&quot;Since December 24, 2013, the government and the Reserve Bank of India (RBI) have maintained the same stand on bitcoins and other forms of virtual currencies. Through multiple notifications, the two parties have notified the public time and again that bitcoins will not be considered lawful or legal tender in India,&quot; Jaitley said while responding to a question raised in the Rajya Sabha earlier today.

Further, Jaitley stated that an expert group was commissioned to look into the matter, adding that a report will be filed by them on the matter.

&quot;The government does not want to take any substantial steps before the report is filed. We will look into the report and then issue corrective measures after a thorough understanding of the situation. We will also take the global scenario into consideration. However, we have clearly stated that dealing with VCs is at one&#39;s own risk,&quot; he said.

When asked on measures taken to protect citizens from the dangers involved in cryptocurrencies and availability of data on the same, Jaitley noted that 11 exchanges have been identified in India, and reiterated that experts groups are looking into the same.

&quot;Bitcoins are not restricted to India; it is a problem world over. There are 785 VCs in operation worldwide presently. Cryptocurrency lacks dependence and function with anonymity within a virtual community. All operations are online. We have identified 11 exchanges dealing with VCs in India. We are awaiting the official report from experts,&quot; said Jaitley.

On a related note, the Ministry of Finance on Friday issued a statement cautioning investors regarding risks of dealing with cryptocurrencies.

Linking them to &#39;Ponzi schemes&#39;, the ministry argued that unlike others, virtual currencies have no intrinsic value and are not backed by any kind of assets. The price of Bitcoin and other VCs, therefore, is entirely based on speculation, which results in spurt and volatility in their prices.

Prior to this, the users, holders, and traders of VCs were cautioned three times, in December 2013, February 2017 and December, 2017, by the RBI about potential financial, operational, legal, customer protection and security related risks that they are exposing themselves to by investing in Bitcoin and/ or other VCs.

For the unversed, Bitcoins are a part of a rising new genre of digital payments called &#39;cryptocurrencies&#39; that work on blockchain technology with no centralised administrator.

This virtual currency emerged in the aftermath of the financial crisis and allows people to bypass banks and traditional payment processes to pay for goods and services.

Arun Jaitley further stated that an expert group was commissioned to look into the matter, adding that a report will be filed by them on the matter

Amid reports of the rising presence of bitcoins and other forms of virtual currencies (VCs) in India, Union Finance Minister Arun Jaitley on Tuesday reiterated that the former are not accepted as a lawful and legal tender in India. "Since December 24, 2013, the government and the Reserve Bank of India (RBI) have maintained the same stand on bitcoins and other forms of virtual currencies. Through multiple notifications, the two parties have notified the public time and again that bitcoins will not be considered lawful or legal tender in India," Jaitley said while responding to a question raised in the Rajya Sabha earlier today. Further, Jaitley stated that an expert group was commissioned to look into the matter, adding that a report will be filed by them on the matter. "The government does not want to take any substantial steps before the report is filed. We will look into the report and then issue corrective measures after a thorough understanding of the situation. We will also take the global scenario into consideration. However, we have clearly stated that dealing with VCs is at one's own risk," he said. When asked on measures taken to protect citizens from the dangers involved in cryptocurrencies and availability of data on the same, Jaitley noted that 11 exchanges have been identified in India, and reiterated that experts groups are looking into the same. "Bitcoins are not restricted to India; it is a problem world over. There are 785 VCs in operation worldwide presently. Cryptocurrency lacks dependence and function with anonymity within a virtual community. All operations are online. We have identified 11 exchanges dealing with VCs in India. We are awaiting the official report from experts," said Jaitley. On a related note, the Ministry of Finance on Friday issued a statement cautioning investors regarding risks of dealing with cryptocurrencies. Linking them to 'Ponzi schemes', the ministry argued that unlike others, virtual currencies have no intrinsic value and are not backed by any kind of assets. The price of Bitcoin and other VCs, therefore, is entirely based on speculation, which results in spurt and volatility in their prices. Prior to this, the users, holders, and traders of VCs were cautioned three times, in December 2013, February 2017 and December, 2017, by the RBI about potential financial, operational, legal, customer protection and security related risks that they are exposing themselves to by investing in Bitcoin and/ or other VCs. For the unversed, Bitcoins are a part of a rising new genre of digital payments called 'cryptocurrencies' that work on blockchain technology with no centralised administrator. This virtual currency emerged in the aftermath of the financial crisis and allows people to bypass banks and traditional payment processes to pay for goods and services.

Bitcoins not legal tender in India, reiterates Jaitley

Indian shares ended lower on Monday, recording their biggest daily percentage fall in a month, with financial and IT stocks leading the losses.

The benchmark BSE Sensex closed down 244.08 points or 0.72 per cent at 33,812.75.

The broader NSE Nifty ended 95.15 points down or 0.90 per cent lower at 10,435.55.

Both the indexes ended 2017 with the biggest annual gain since 2014, with equities on a record-setting run last year.

Pharma stocks edged higher, with Sun Pharmaceutical Industries Ltd up 1.8 percent, among the top percentage gainers.

IT stocks fell, with the Nifty IT index down 0.4 percent after it climbed 12 percent last year.

Most global markets were shut on Monday.

Both the indexes ended 2017 with the biggest annual gain since 2014, with equities on a record-setting run last year.

Indian shares ended lower on Monday, recording their biggest daily percentage fall in a month, with financial and IT stocks leading the losses. The benchmark BSE Sensex closed down 244.08 points or 0.72 per cent at 33,812.75. The broader NSE Nifty ended 95.15 points down or 0.90 per cent lower at 10,435.55. Both the indexes ended 2017 with the biggest annual gain since 2014, with equities on a record-setting run last year. Pharma stocks edged higher, with Sun Pharmaceutical Industries Ltd up 1.8 percent, among the top percentage gainers. IT stocks fell, with the Nifty IT index down 0.4 percent after it climbed 12 percent last year. Most global markets were shut on Monday.

Sensex, Nifty start 2018 on weak note; see worst day in a month

The rupee edged higher by five paise to trade at 63.82 against the US dollar on the first trading day of 2018 on the back of increased selling of the American currency by banks and exporters.

At the Interbank Foreign Exchange, the rupee was trading higher by 5 paise against the previous close of 63.82. It opened higher by two paise at 63.85 and touched a high of 63.81 in early trade.

Dealers said increased selling of the dollar by exporters supported the rupee.

The rupee had appreciated 21 paise to end at a fresh four-month high of 63.87 against the greenback on Friday.

Meanwhile, stock markets <a href="http://www.wionews.com/business-economy/sensex-begins-2018-on-negative-note-down-18-points-28215">opened flat on Monday</a> with the benchmark BSE Sensex opening marginally higher at 34,059.99.

Dealers said increased selling of the dollar by exporters supported the rupee.

The rupee edged higher by five paise to trade at 63.82 against the US dollar on the first trading day of 2018 on the back of increased selling of the American currency by banks and exporters. At the Interbank Foreign Exchange, the rupee was trading higher by 5 paise against the previous close of 63.82. It opened higher by two paise at 63.85 and touched a high of 63.81 in early trade. Dealers said increased selling of the dollar by exporters supported the rupee. The rupee had appreciated 21 paise to end at a fresh four-month high of 63.87 against the greenback on Friday. Meanwhile, stock markets opened flat on Monday with the benchmark BSE Sensex opening marginally higher at 34,059.99.

Rupee starts 2018 on a better note, up 5 paise against dollar

Stock markets opened on a subdued note on the first trading day of 2018, with the benchmark BSE Sensex declining over 18 points in early trade on profit-booking after recent gains.

The 30-share index, which had gained 208.80 points in the previous session, fell 18.19 points, or 0.05 per cent, to 34,038.64 in early trade on Monday.

Technology, power and metal stocks were leading the fall in early trade.

Major losers were Wipro, Hindustan Unilever, TCS, NTPC, HDFC Ltd, ICICI Bank, Hero MotoCorp and Bajaj Auto, falling up to 0.88 per cent.

However, L&amp;T, SBI, Bharti Airtel, Tata Motors, ITC Ltd, Sun Pharma, Maruti Suzuki, Infosys and Asian Paint were trading in the positive zone.

The broad-based NSE Nifty was down 12.70 points, or 0.12 per cent, to 10,518.

Traders said profit-booking emerged in stocks that logged gains recently in absence of cues from other Asian markets that were closed for public holiday today.

The US Dow Jones Industrial Average closed 0.48 per cent down on the final day of 2017 on Friday.

The 30-share index, which had gained 208.80 points in the previous session, fell 18.19 points, or 0.05 per cent, to 34,038.64 in early trade on Monday.

Stock markets opened on a subdued note on the first trading day of 2018, with the benchmark BSE Sensex declining over 18 points in early trade on profit-booking after recent gains. The 30-share index, which had gained 208.80 points in the previous session, fell 18.19 points, or 0.05 per cent, to 34,038.64 in early trade on Monday. Technology, power and metal stocks were leading the fall in early trade. Major losers were Wipro, Hindustan Unilever, TCS, NTPC, HDFC Ltd, ICICI Bank, Hero MotoCorp and Bajaj Auto, falling up to 0.88 per cent. However, L&T, SBI, Bharti Airtel, Tata Motors, ITC Ltd, Sun Pharma, Maruti Suzuki, Infosys and Asian Paint were trading in the positive zone. The broad-based NSE Nifty was down 12.70 points, or 0.12 per cent, to 10,518. Traders said profit-booking emerged in stocks that logged gains recently in absence of cues from other Asian markets that were closed for public holiday today. The US Dow Jones Industrial Average closed 0.48 per cent down on the final day of 2017 on Friday.

Sensex begins 2018 on negative note, down 18 points

Debt-laden Reliance Communications has signed a deal to sell its wireless assets to Reliance Jio Infocomm, for a total value of nearly 240 billion rupees ($3.75 billion), two sources familiar with the matter told Reuters on Friday.

The two companies had announced late on Thursday that Reliance Communications, backed by businessman Anil Ambani, would sell all its spectrum, tower, fibre optic and other telecom infrastructure assets to Jio, which is owned by Reliance Industries and is controlled by Anil Ambani&#39;s elder brother Mukesh Ambani, India&#39;s richest person. They did not give the value of the deal.

The sale, if finalised, would mark a big step in Reliance Communication&#39;s quest to cut down its debt, which had sent its shares to record lows and led creditors such as China Development Bank (CDB) to start insolvency proceedings over missed payments.

CDB said earlier on Friday it is in talks with Reliance Communications, or RCom as it is called.

RCom shares rose as much as 29.9 per cent on Friday while Reliance Industries rose as much as 0.9 per cent.

The sale would also mark the return of the telecom operations back into the fold of Reliance Industries, which forayed into telecoms in 2002, spearheaded by the elder Ambani, under the name of Reliance Infocomm Ltd.

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A feud between the two brothers in 2005 led to the split of Reliance Industries, with Mukesh Ambani keeping the cash cow oil and gas business and Anil Ambani walking away with telecoms and power.

But Mukesh Ambani has re-entered the telecoms space with the launch of Jio in September 2016, upending the sector with cut-price data and free voice service and pushing RCom into a debt spiral.

RCom has said it is retreating from the consumer telecom space to focus on its enterprise business, and on Tuesday announced a new plan to slash its debt pile by 390 billion rupees ($6.09 billion) without any haircut by the banks, leaving it with only around 60 billion rupees in debt.

Morgan Stanley analysts said the deal would allow Jio to further expand into India&#39;s telecom space, though it would also add to its debt.

&quot;Acquisition of RCom&#39;s telecom infrastructure should bring synergies and lower costs while raising clarity on growth capex. The deal could potentially raise balance sheet leverage by 10-12 per cent near term,&quot; Morgan Stanley wrote in a note on Friday.

Reliance Jio is India&#39;s fastest growing telecoms company with a subscriber base of close to 140 million. Through the deal, Jio gets access to four bands of spectrum and 43,000 telecom towers and a countrywide fibre optic network.

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The sale, if finalised, would mark a big step in Reliance Communication's quest to cut down its debt.

Debt-laden Reliance Communications has signed a deal to sell its wireless assets to Reliance Jio Infocomm, for a total value of nearly 240 billion rupees ($3.75 billion), two sources familiar with the matter told Reuters on Friday. The two companies had announced late on Thursday that Reliance Communications, backed by businessman Anil Ambani, would sell all its spectrum, tower, fibre optic and other telecom infrastructure assets to Jio, which is owned by Reliance Industries and is controlled by Anil Ambani's elder brother Mukesh Ambani, India's richest person. They did not give the value of the deal. The sale, if finalised, would mark a big step in Reliance Communication's quest to cut down its debt, which had sent its shares to record lows and led creditors such as China Development Bank (CDB) to start insolvency proceedings over missed payments. CDB said earlier on Friday it is in talks with Reliance Communications, or RCom as it is called. RCom shares rose as much as 29.9 per cent on Friday while Reliance Industries rose as much as 0.9 per cent. The sale would also mark the return of the telecom operations back into the fold of Reliance Industries, which forayed into telecoms in 2002, spearheaded by the elder Ambani, under the name of Reliance Infocomm Ltd. × A feud between the two brothers in 2005 led to the split of Reliance Industries, with Mukesh Ambani keeping the cash cow oil and gas business and Anil Ambani walking away with telecoms and power. But Mukesh Ambani has re-entered the telecoms space with the launch of Jio in September 2016, upending the sector with cut-price data and free voice service and pushing RCom into a debt spiral. RCom has said it is retreating from the consumer telecom space to focus on its enterprise business, and on Tuesday announced a new plan to slash its debt pile by 390 billion rupees ($6.09 billion) without any haircut by the banks, leaving it with only around 60 billion rupees in debt. Morgan Stanley analysts said the deal would allow Jio to further expand into India's telecom space, though it would also add to its debt. "Acquisition of RCom's telecom infrastructure should bring synergies and lower costs while raising clarity on growth capex. The deal could potentially raise balance sheet leverage by 10-12 per cent near term," Morgan Stanley wrote in a note on Friday. Reliance Jio is India's fastest growing telecoms company with a subscriber base of close to 140 million. Through the deal, Jio gets access to four bands of spectrum and 43,000 telecom towers and a countrywide fibre optic network.

Reliance Jio to buy RCom's wireless assets in $3.75 billion deal: Sources

LG Electronics Wednesday announced signing an agreement with navigational solution provider HERE Technologies.

The collaboration would facilitate research and innovative solutions in the field of self-driving vehicles.

HERE technologies is known to provide navigational solutions to close to 100 million automobiles across the world.&nbsp;

HERE Technologies and LG Electronics now dream of developing &quot;connected cars&quot;, noted a Yonhap news report.

HERE Technologies will facilitate devising better and improved communication solutions for autonomous vehicles with the help of its sophisticated mapping technology.&nbsp; 
&nbsp; 
LG Electronics claims to be a global player with respect to providing communications technologies solutions to automobiles.

The company reported an operating loss of nearly $26.9 million in the third quarter under its vehicle components division.

LG Electronics has been investing aggressively into the segment. 
&nbsp;

HERE technologies is known to provide navigational solutions to close to 100 million automobiles across the world

LG Electronics Wednesday announced signing an agreement with navigational solution provider HERE Technologies. The collaboration would facilitate research and innovative solutions in the field of self-driving vehicles. HERE technologies is known to provide navigational solutions to close to 100 million automobiles across the world. HERE Technologies and LG Electronics now dream of developing "connected cars", noted a Yonhap news report. HERE Technologies will facilitate devising better and improved communication solutions for autonomous vehicles with the help of its sophisticated mapping technology. LG Electronics claims to be a global player with respect to providing communications technologies solutions to automobiles. The company reported an operating loss of nearly $26.9 million in the third quarter under its vehicle components division. LG Electronics has been investing aggressively into the segment.

LG Electronics joins hands with HERE Technologies for self-driving cars

India is set to surpass China as the biggest importer of liquefied petroleum gas (LPG) this month as a drive to replace wood and animal dung fires for cooking boosts consumption.

Shipping data in Thomson Reuters Eikon shows LPG shipments to India will reach 2.4 million tonnes in December, pushing it ahead of top importer China, on 2.3 million tonnes, for the first time.

India&#39;s LPG purchases have surged from just 1 million tonnes a month in early 2015 on the back of a government programme to bring energy to millions of poor households relying on open fires.

&quot;The growth in India is amazing. The fact that they have grown from 140 million subsidized household connections in 2015 to 181 million now is very impressive,&quot; Ted Young, chief financial officer at Dorian LPG told Reuters.

With a fleet of 22 tankers, US-based Dorian is one of the world&#39;s biggest LPG shippers.

LPG, a mixture of propane and butane, is used for cooking and transport, as well as in the petrochemical industry. The global market is similar in size to liquefied natural gas (LNG), at around 300 million tonnes traded a year, although both are dwarfed by the market for crude oil, which stands at well over 4 billion tonnes a year.

India&#39;s average monthly imports in 2017 of about 1.7 million tonnes are well still behind China&#39;s 2.2 million tonnes, but it has jumped ahead of third-placed Japan on about 1 million tonnes.

Dorian LPG expects &quot;plenty of upside for Indian LPG&quot; imports due to rising use in cars following an Indian tax on gasoline, the company said in a presentation this month.

China, India and Japan together make up about 45 percent of global LPG purchases.

NEW SUPPLIER: USA

India&#39;s biggest supplier by a large margin is the Middle East, which has so far enjoyed a virtual supply monopoly.

However, a surge in US shale drilling, which yields LPG as a byproduct of crude oil and natural gas output, means American LPG exports have started to appear in India.

Eikon data shows the first regular US LPG shipments to India began at the start of 2017 at around 50,000 tonnes to 100,000 tonnes a month, rising to more than 200,000 tonnes in December.

While that is just a tenth of Middle Eastern shipments, U.S. LPG is becoming increasingly price competitive.

Propane at the Texan Mont Belvieu hub costs $99 cents per gallon ($516 per tonne), excluding freight. The current Saudi contract price is $590 a tonne, excluding shipping.

US suppliers have already made big inroads in Japan, currently meeting half of all demand.

India's average monthly imports in 2017 of about 1.7 million tonnes are well still behind China's 2.2 million tonnes, but it has jumped ahead of third-placed Japan on about 1 million tonnes.

India is set to surpass China as the biggest importer of liquefied petroleum gas (LPG) this month as a drive to replace wood and animal dung fires for cooking boosts consumption. Shipping data in Thomson Reuters Eikon shows LPG shipments to India will reach 2.4 million tonnes in December, pushing it ahead of top importer China, on 2.3 million tonnes, for the first time. India's LPG purchases have surged from just 1 million tonnes a month in early 2015 on the back of a government programme to bring energy to millions of poor households relying on open fires. "The growth in India is amazing. The fact that they have grown from 140 million subsidized household connections in 2015 to 181 million now is very impressive," Ted Young, chief financial officer at Dorian LPG told Reuters. With a fleet of 22 tankers, US-based Dorian is one of the world's biggest LPG shippers. LPG, a mixture of propane and butane, is used for cooking and transport, as well as in the petrochemical industry. The global market is similar in size to liquefied natural gas (LNG), at around 300 million tonnes traded a year, although both are dwarfed by the market for crude oil, which stands at well over 4 billion tonnes a year. India's average monthly imports in 2017 of about 1.7 million tonnes are well still behind China's 2.2 million tonnes, but it has jumped ahead of third-placed Japan on about 1 million tonnes. Dorian LPG expects "plenty of upside for Indian LPG" imports due to rising use in cars following an Indian tax on gasoline, the company said in a presentation this month. China, India and Japan together make up about 45 percent of global LPG purchases. NEW SUPPLIER: USA India's biggest supplier by a large margin is the Middle East, which has so far enjoyed a virtual supply monopoly. However, a surge in US shale drilling, which yields LPG as a byproduct of crude oil and natural gas output, means American LPG exports have started to appear in India. Eikon data shows the first regular US LPG shipments to India began at the start of 2017 at around 50,000 tonnes to 100,000 tonnes a month, rising to more than 200,000 tonnes in December. While that is just a tenth of Middle Eastern shipments, U.S. LPG is becoming increasingly price competitive. Propane at the Texan Mont Belvieu hub costs $99 cents per gallon ($516 per tonne), excluding freight. The current Saudi contract price is $590 a tonne, excluding shipping. US suppliers have already made big inroads in Japan, currently meeting half of all demand.

LPG imports: India set to surpass China

Oil prices on Wednesday slipped away from two-and-a-half year highs hit the previous session as the gradual resumption of flows through a major North Sea pipeline made up for supply disruption in Libya.

But the two outages in quick succession have highlighted how much tighter global oil markets have become a year into supply cuts led by OPEC and Russia.

US West Texas Intermediate (WTI) crude futures were at $59.73 a barrel at 0421 GMT, down 24 cents from their last settlement. WTI broke through $60 a barrel for the first time since June 2015 in the previous session.

Brent crude futures were at $66.71 a barrel, down 31 cents after breaking through $67 for the first time since May 2015 the previous day.

&quot;Crude spiked sharply in reaction to an explosion at a Libyan pipeline...(but) the price spike came with light volumes as London was closed for Boxing Day,&quot; said Sukrit Vijayakar, director of energy consultancy Trifecta.

Libya lost around 90,000 barrels per day (bpd) of crude oil supplies from a blast on a pipeline feeding Es Sider port on Tuesday.

Wednesday&#39;s dips were a result of the gradual return of the 450,000 bpd capacity Forties pipeline system in the North Sea. Flows through Forties will return to normal early in the New Year, operator Ineos said.

Both the Forties and Libyan outages, which together amount to around 500,000 bpd, are small in a global context where both production and demand are approaching 100 million bpd.

But the disruptions highlight that markets have tightened significantly a year into voluntary supply restraint led by top producer Russia and the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC).

Data from the US Energy Information Administration (EIA) shows that following rampant oversupply in 2015, global oil markets gradually came into balance by 2016 and started to show a slight supply deficit this year, resulting in a reduction of global fuel inventories.

EIA data implies a slight supply shortfall of 180,000 bpd for the first quarter of 2018.

OPEC and Russia started withholding production last January, and the current schedule is to continue cutting throughout 2018.

A major factor countering efforts by OPEC and Russia efforts to prop up prices is US oil production, which has soared more than 16 percent since mid-2016 and is fast approaching 10 million bpd.

Only OPEC king-pin Saudi Arabia and Russia produce more.

The latest US production figures are due to be published by the EIA on Thursday.

Wednesday's dips were a result of the gradual return of the 450,000 bpd capacity Forties pipeline system in the North Sea.

Oil prices on Wednesday slipped away from two-and-a-half year highs hit the previous session as the gradual resumption of flows through a major North Sea pipeline made up for supply disruption in Libya. But the two outages in quick succession have highlighted how much tighter global oil markets have become a year into supply cuts led by OPEC and Russia. US West Texas Intermediate (WTI) crude futures were at $59.73 a barrel at 0421 GMT, down 24 cents from their last settlement. WTI broke through $60 a barrel for the first time since June 2015 in the previous session. Brent crude futures were at $66.71 a barrel, down 31 cents after breaking through $67 for the first time since May 2015 the previous day. "Crude spiked sharply in reaction to an explosion at a Libyan pipeline...(but) the price spike came with light volumes as London was closed for Boxing Day," said Sukrit Vijayakar, director of energy consultancy Trifecta. Libya lost around 90,000 barrels per day (bpd) of crude oil supplies from a blast on a pipeline feeding Es Sider port on Tuesday. Wednesday's dips were a result of the gradual return of the 450,000 bpd capacity Forties pipeline system in the North Sea. Flows through Forties will return to normal early in the New Year, operator Ineos said. Both the Forties and Libyan outages, which together amount to around 500,000 bpd, are small in a global context where both production and demand are approaching 100 million bpd. But the disruptions highlight that markets have tightened significantly a year into voluntary supply restraint led by top producer Russia and the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC). Data from the US Energy Information Administration (EIA) shows that following rampant oversupply in 2015, global oil markets gradually came into balance by 2016 and started to show a slight supply deficit this year, resulting in a reduction of global fuel inventories. EIA data implies a slight supply shortfall of 180,000 bpd for the first quarter of 2018. OPEC and Russia started withholding production last January, and the current schedule is to continue cutting throughout 2018. A major factor countering efforts by OPEC and Russia efforts to prop up prices is US oil production, which has soared more than 16 percent since mid-2016 and is fast approaching 10 million bpd. Only OPEC king-pin Saudi Arabia and Russia produce more. The latest US production figures are due to be published by the EIA on Thursday.

Oil prices slip away from 2015 highs, but market remains tight

The Sensex and Nifty rose in early trade to scale new highs on Tuesday morning.&nbsp;

While the Sensex crossed the 34,000 mark for the first time ever, the Nifty hovered above the 10,500 mark today.&nbsp;

The 30-share index jumped 65.07 points, or 0.19 percent, to reach 34,005.37 in the early morning trade.&nbsp;

It received support from all sectoral indices, driven by technology and oil and gas. &nbsp;with gains of up to 0.90 percent.

The Nifty jumped 22.10 points, or 0.21 percent, to a new peak of 10.515.10.

Among the BSE indices, realty index gained the most by 0.89 per cent, followed by metal 0.87 per cent, infrastructure 0.53 per cent and oil &amp; gas 0.53 per cent.

On the other hand, banking index was down by 0.24 per cent and consumer durables by 0.12 per cent.

The top five Sensex gainers were ONGC (+1.24%), Wipro (+0.85%), Tata Steel (+0.85%), Asian Paints (+0.85%) and TCS (+0.73%), while the major losers were ICICI Bank (-0.71%), State Bank of India (-0.67%), Infosys (-0.66%), M&amp;M (-0.48%) and Coal India (-0.39%).

The Sensex opened at 33,980.76, moving up to 34,005.37 a short while later.?

The Sensex and Nifty rose in early trade to scale new highs on Tuesday morning. While the Sensex crossed the 34,000 mark for the first time ever, the Nifty hovered above the 10,500 mark today. The 30-share index jumped 65.07 points, or 0.19 percent, to reach 34,005.37 in the early morning trade. It received support from all sectoral indices, driven by technology and oil and gas. with gains of up to 0.90 percent. The Nifty jumped 22.10 points, or 0.21 percent, to a new peak of 10.515.10. Among the BSE indices, realty index gained the most by 0.89 per cent, followed by metal 0.87 per cent, infrastructure 0.53 per cent and oil & gas 0.53 per cent. On the other hand, banking index was down by 0.24 per cent and consumer durables by 0.12 per cent. The top five Sensex gainers were ONGC (+1.24%), Wipro (+0.85%), Tata Steel (+0.85%), Asian Paints (+0.85%) and TCS (+0.73%), while the major losers were ICICI Bank (-0.71%), State Bank of India (-0.67%), Infosys (-0.66%), M&M (-0.48%) and Coal India (-0.39%).

Sensex tops 34,000 for first time, Nifty hits record high

India&#39;s Reliance Communications Ltd outlined on Tuesday a plan to cut its debt by 390 billion rupees ($6.09 billion) underpinned by the sale of assets for which some non-binding offers had already been made.

The plan, which sent the company&#39;s shares soaring, expands on one it announced in late October. Reliance Communications (RCom) said on Tuesday it would involve no write-offs to lenders or bondholders, nor conversion of debt to equity.

The firm will exit the &quot;strategic debt restructuring&quot; process that allows lenders to conduct takeovers by swapping loans for equity, Anil Ambani, the businessman backing the company, told a news conference on Tuesday.

Foreign lenders have supported the plan, and RCom has received non-binding offers for some of assets, through whose sales it hoped to raise about 250 billion rupees by March, he added.

The announcement sent the company&#39;s shares up to almost 40 percent, and marks its latest attempt to remove a big cloud hanging over what was once the flagship of Ambani&#39;s business empire but has been hit with concerns about its ability to repay its debt after failing to pay interest on some of it.

Rising competition in India&#39;s telecom sector, including the entry of start-up Jio - backed by Anil Ambani&#39;s brother Mukesh - has trimmed margins in India&#39;s telecom sector to wafer-thin levels.

Competing in it would require &quot;a pipeline into the Reserve Bank of India&#39;s printing press,&quot; Anil Ambani said at a news briefing in Mumbai.

&quot;It is a guzzler of currency... It has engulfed many, many people and many many companies.&quot;

RCom had net debt of 450 billion rupees at the end of October, according to a slide presented on Tuesday, putting it among India&rsquo;s most indebted companies.

As part of Tuesday&#39;s plan, RCom will shift 100 billion rupees of its debt into a special purpose vehicle that will develop the company&#39;s real estate assets in the suburbs of Mumbai.

RCom will also receive investments from private equity companies, helping further reduce debt, Ambani added, without providing details.

The asset sales would help RCom reduce its debt to below 60 billion rupees, he said, estimating the remaining enterprise-focused business&#39; value at 150 billion rupees.

RCom has previously tried and failed to cut its debt, including through merging with fellow telecoms operator Aircel and by selling a stake in the firm to Canada&#39;s Brookfield.

Its shares slid to record lows after it presented its last plan in October.

Lenders and business partners have taken it to court after it missed debt payments.

China Development Bank last month initiated insolvency proceedings, saying a large amount of principal and interest from RCom was overdue. The lender was not immediately available for comment outside of business hours.

Ambani did not say whether CDB had signed off on the new plan, but noted he had landed at 4 a.m. from Beijing without explaining the reason for his visit to China.

&nbsp;

India's Reliance Communications Ltd outlined a plan to cut its debt by 390 billion rupees ($6.09 billion)

India's Reliance Communications Ltd outlined on Tuesday a plan to cut its debt by 390 billion rupees ($6.09 billion) underpinned by the sale of assets for which some non-binding offers had already been made. The plan, which sent the company's shares soaring, expands on one it announced in late October. Reliance Communications (RCom) said on Tuesday it would involve no write-offs to lenders or bondholders, nor conversion of debt to equity. The firm will exit the "strategic debt restructuring" process that allows lenders to conduct takeovers by swapping loans for equity, Anil Ambani, the businessman backing the company, told a news conference on Tuesday. Foreign lenders have supported the plan, and RCom has received non-binding offers for some of assets, through whose sales it hoped to raise about 250 billion rupees by March, he added. The announcement sent the company's shares up to almost 40 percent, and marks its latest attempt to remove a big cloud hanging over what was once the flagship of Ambani's business empire but has been hit with concerns about its ability to repay its debt after failing to pay interest on some of it. Rising competition in India's telecom sector, including the entry of start-up Jio - backed by Anil Ambani's brother Mukesh - has trimmed margins in India's telecom sector to wafer-thin levels. Competing in it would require "a pipeline into the Reserve Bank of India's printing press," Anil Ambani said at a news briefing in Mumbai. "It is a guzzler of currency... It has engulfed many, many people and many many companies." RCom had net debt of 450 billion rupees at the end of October, according to a slide presented on Tuesday, putting it among India’s most indebted companies. As part of Tuesday's plan, RCom will shift 100 billion rupees of its debt into a special purpose vehicle that will develop the company's real estate assets in the suburbs of Mumbai. RCom will also receive investments from private equity companies, helping further reduce debt, Ambani added, without providing details. The asset sales would help RCom reduce its debt to below 60 billion rupees, he said, estimating the remaining enterprise-focused business' value at 150 billion rupees. RCom has previously tried and failed to cut its debt, including through merging with fellow telecoms operator Aircel and by selling a stake in the firm to Canada's Brookfield. Its shares slid to record lows after it presented its last plan in October. Lenders and business partners have taken it to court after it missed debt payments. China Development Bank last month initiated insolvency proceedings, saying a large amount of principal and interest from RCom was overdue. The lender was not immediately available for comment outside of business hours. Ambani did not say whether CDB had signed off on the new plan, but noted he had landed at 4 a.m. from Beijing without explaining the reason for his visit to China.

Anil Ambani's RCom outlines new debt reduction plan with no write-offs

Shares in several of Apple Inc&#39;s Asian suppliers fell for a second straight day on Tuesday, hurt by a report from Taiwan&#39;s Economic Daily and some analysts saying that iPhone X demand could come in below expectations in the first quarter.

Apple will slash its sales forecast for the iPhone X in the quarter to 30 million units, the Taiwanese newspaper said on Monday, citing unidentified sources - down from what it said was an initial plan of 50 million units.

Apple has not publicly disclosed quarterly sales targets for the iPhone X, which went on sale in November.

Some analysts have also flagged disappointing demand. US-based JL Warren Capital is predicting shipments of just 25 million units as consumers baulk at the &quot;high price point and a lack of interesting innovations&quot;.

Chinese broker Sinolink Securities said it expects the model&#39;s price would dampen consumer enthusiasm for the product, adding that slow production rates could also hinder sales.

But others were more bullish.

&quot;Our work continues to suggest the March and June quarters will have a significant amount of iPhone X make-up shipments,&quot; Chicago-based Loop Capital said in a note last week, forecasting shipments of 40-45 million units in the first quarter of 2018, up from an estimated 30-35 million units in the current quarter.

Analysts at Jefferies have also forecast around 40 million iPhone X sales for the first quarter.

An Apple spokeswoman said the company does not comment on market rumors. During a trip to China this month Apple CEO Tim Cook said he &quot;couldn&#39;t be happier&quot; with the demand for the iPhone X in the country.

Apple suppliers that were most hit included Genius Electronic Optical Co Ltd which dropped 2.4 percent on Tuesday to take its losses this week to 11.4 percent. Pegatron Corp also fell on both days, losing 3.2 percent this week.

But falls for Foxconn, one of Apple&#39;s main suppliers formally known as Hon Hai Precision Industry Co Ltd, were milder and it has lost only 1.8 percent over the two days.

A Reuters analysis of Chinese social media shows that interest in the iPhone X - which spiked around its launch - has not kept pace with the highly popular iPhone 6 released in 2014, which helped then drive massive sales for Apple in China.

There were only 4.97 million Weibo posts mentioning the iPhone X so far in December compared to over 11 million for the iPhone 6 in the equivalent period in 2014, the analysis showed.

Apple&#39;s stock has risen over 50 percent in 2017 and is currently valued at just under $900 billion.

Shares in several of Apple Inc's Asian suppliers fell for a second straight day on Tuesday

Shares in several of Apple Inc's Asian suppliers fell for a second straight day on Tuesday, hurt by a report from Taiwan's Economic Daily and some analysts saying that iPhone X demand could come in below expectations in the first quarter. Apple will slash its sales forecast for the iPhone X in the quarter to 30 million units, the Taiwanese newspaper said on Monday, citing unidentified sources - down from what it said was an initial plan of 50 million units. Apple has not publicly disclosed quarterly sales targets for the iPhone X, which went on sale in November. Some analysts have also flagged disappointing demand. US-based JL Warren Capital is predicting shipments of just 25 million units as consumers baulk at the "high price point and a lack of interesting innovations". Chinese broker Sinolink Securities said it expects the model's price would dampen consumer enthusiasm for the product, adding that slow production rates could also hinder sales. But others were more bullish. "Our work continues to suggest the March and June quarters will have a significant amount of iPhone X make-up shipments," Chicago-based Loop Capital said in a note last week, forecasting shipments of 40-45 million units in the first quarter of 2018, up from an estimated 30-35 million units in the current quarter. Analysts at Jefferies have also forecast around 40 million iPhone X sales for the first quarter. An Apple spokeswoman said the company does not comment on market rumors. During a trip to China this month Apple CEO Tim Cook said he "couldn't be happier" with the demand for the iPhone X in the country. Apple suppliers that were most hit included Genius Electronic Optical Co Ltd which dropped 2.4 percent on Tuesday to take its losses this week to 11.4 percent. Pegatron Corp also fell on both days, losing 3.2 percent this week. But falls for Foxconn, one of Apple's main suppliers formally known as Hon Hai Precision Industry Co Ltd, were milder and it has lost only 1.8 percent over the two days. A Reuters analysis of Chinese social media shows that interest in the iPhone X - which spiked around its launch - has not kept pace with the highly popular iPhone 6 released in 2014, which helped then drive massive sales for Apple in China. There were only 4.97 million Weibo posts mentioning the iPhone X so far in December compared to over 11 million for the iPhone 6 in the equivalent period in 2014, the analysis showed. Apple's stock has risen over 50 percent in 2017 and is currently valued at just under $900 billion.

Apple suppliers drop on report of weak iPhone X demand; analysts' views mixed