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The Income Tax Department on Wednesday conducted survey operations at major Bitcoin exchanges across the country on suspicion of alleged tax evasion, official sources said.

They said various teams of the sleuths of the department, under the command of the Bengaluru investigation wing, today visited the premises of nine such exchanges in the country including in Delhi, Bengaluru, Hyderabad, Kochi and Gurugram, since early morning.

The survey, under section 133A of the Income Tax Act, is being conducted for &quot;gathering evidence for establishing the identity of investors and traders, transaction undertaken by them, identity of counterparties, related bank accounts used, among others,&quot; they said.

The survey teams, sources said, are armed with various financial data and inputs about the working of these exchanges and this is the first big action against them in the country.

Bitcoin, a virtual currency, is not regulated in the country and its circulation has been a cause of concern among central bankers the world over for quite a while now.

The Reserve Bank of India has also cautioned users, holders and traders of virtual currencies, including bitcoins.

In March, the Union finance ministry had constituted an Inter-Disciplinary Committee to take stock of the present status of VCs both in India and globally and suggest measures for dealing with such currencies.

Bitcoin is not regulated in the country and its circulation has been a cause of concern

The Income Tax Department on Wednesday conducted survey operations at major Bitcoin exchanges across the country on suspicion of alleged tax evasion, official sources said. They said various teams of the sleuths of the department, under the command of the Bengaluru investigation wing, today visited the premises of nine such exchanges in the country including in Delhi, Bengaluru, Hyderabad, Kochi and Gurugram, since early morning. The survey, under section 133A of the Income Tax Act, is being conducted for "gathering evidence for establishing the identity of investors and traders, transaction undertaken by them, identity of counterparties, related bank accounts used, among others," they said. The survey teams, sources said, are armed with various financial data and inputs about the working of these exchanges and this is the first big action against them in the country. Bitcoin, a virtual currency, is not regulated in the country and its circulation has been a cause of concern among central bankers the world over for quite a while now. The Reserve Bank of India has also cautioned users, holders and traders of virtual currencies, including bitcoins. In March, the Union finance ministry had constituted an Inter-Disciplinary Committee to take stock of the present status of VCs both in India and globally and suggest measures for dealing with such currencies.

I-T dept conducts surveys at Bitcoin exchanges country-wide

LG&#39;s much-awaited flagship smartphone of the year, the V30+, was launched in India today at an event in New Delhi.

LG V30+, successor to LG V30, will be available in India December 18 onward via Amazon India.

The premium smartphone was previously launched at LG&rsquo;s press conference at IFA 2017, Berlin.

LG V30+ comes with a large 6-inch 18:9 OLED FullVision display. The main camera on the rear features an F1.6 aperture that facilitates clearer and brighter shots.

&quot;The second lens in the V30+ dual camera is an upgraded 13MP wide-angle lens,&quot; notes the press release.&nbsp;

LG&#39;s new Cine Video mode lets a user take high-quality videos. The camera is capable of zooming in on any subject and not just zoom in on the centre of the frame.

LG V30+ runs on Qualcomm Snapdragon 835 and Android 7.1.2 Nougat.

The dual-camera smartphone boasts of 16MP Standard Angle and 13MP Wide-Angle rear cameras and 5MP Wide Angle camera in front.

The smartphone is backed by a 3,300 mAh battery with QuickCharge 3.0 support. The handset will be available in two exciting colours - Aurora Black and Cloud Silver.&nbsp;

On the storage front, the handset comes with 4GB of RAM and 128GB of internal storage which is also expandable to 2TB with the help of a micro-SD card.

The smartphone also features Google Assistant, voice and face recognition and a fingerprint sensor which doubles up as the power button.&nbsp;

The device is dust resistant and &quot;can be immersed in up to 1.5 meters of water for as long as 30 minutes without impacting the function,&quot; noted the media release. The V30+ also offers wireless charging.&nbsp;

With respect to the &#39;second screen&#39; feature, unlike its predecessors, the LG V30+ comes with a modified version. The AOD replaces the Second Screen when the display is off. It provides shortcuts to Quick Tools and Music Player without letting a user switch on the display.

LG V30+ is priced at Rs 44,990 and is set to compete with other flagship competitors in the market like Google Pixel 2, Samsung Galaxy S8 and OnePlus 5T.&nbsp;

 
&nbsp;

LG V30+ will be available exclusively via Amazon India

LG's much-awaited flagship smartphone of the year, the V30+, was launched in India today at an event in New Delhi. LG V30+, successor to LG V30, will be available in India December 18 onward via Amazon India. The premium smartphone was previously launched at LG’s press conference at IFA 2017, Berlin. LG V30+ comes with a large 6-inch 18:9 OLED FullVision display. The main camera on the rear features an F1.6 aperture that facilitates clearer and brighter shots. "The second lens in the V30+ dual camera is an upgraded 13MP wide-angle lens," notes the press release. LG's new Cine Video mode lets a user take high-quality videos. The camera is capable of zooming in on any subject and not just zoom in on the centre of the frame. LG V30+ runs on Qualcomm Snapdragon 835 and Android 7.1.2 Nougat. The dual-camera smartphone boasts of 16MP Standard Angle and 13MP Wide-Angle rear cameras and 5MP Wide Angle camera in front. The smartphone is backed by a 3,300 mAh battery with QuickCharge 3.0 support. The handset will be available in two exciting colours - Aurora Black and Cloud Silver. On the storage front, the handset comes with 4GB of RAM and 128GB of internal storage which is also expandable to 2TB with the help of a micro-SD card. The smartphone also features Google Assistant, voice and face recognition and a fingerprint sensor which doubles up as the power button. The device is dust resistant and "can be immersed in up to 1.5 meters of water for as long as 30 minutes without impacting the function," noted the media release. The V30+ also offers wireless charging. With respect to the 'second screen' feature, unlike its predecessors, the LG V30+ comes with a modified version. The AOD replaces the Second Screen when the display is off. It provides shortcuts to Quick Tools and Music Player without letting a user switch on the display. LG V30+ is priced at Rs 44,990 and is set to compete with other flagship competitors in the market like Google Pixel 2, Samsung Galaxy S8 and OnePlus 5T.

LG V30+ launches in India at Rs 44,990, comes with modified secondary display

The Asian Development Bank(ADB) in its report said South Asia will remain the fastest growing region in Asia Pacific with India projected to grow at 7.3 per cent next year, slower than ADB&#39;s pervious estimate of 7.4 per cent.

The Manila-based ADB said India&#39;s&nbsp;growth will be at a lower rate of 6.7 per cent in 2017 from previous estimate of 7.0 per cent with South Asia growing a tad slowly at 6.5 per cent from earlier forecast of 6.7 per cent this year.

The recovery in the Indian economy &ldquo;is more subdued than assumed earlier due to rising crude oil prices, soft private investment growth, and weather-related risks to agriculture,&rdquo; the ADB said.

ADB raised the growth outlook for Southeast Asia to 5.2 per cent for both this year and in 2018, higher than the September forecasts of 5.0 per cent and 5.1 per cent, respectively.

ADB said the overall growth forecast for South Asia next year would be maintained at 7.0 per cent.

On China, the ADB report said the country is projected to grow at 6.8 per cent this year which is higher than its estimate of 6.7 per cent, however, in 2018, China&#39;s growth could see a dip with the economy growing at 6.4 per cent.

&quot;Developing Asia&#39;s growth momentum, supported by recovering exports, demonstrates that openness to trade remains an essential component of inclusive economic development,&quot; ADB chief economist Yasuyuki Sawada said in a report.

The Manila-based ADB said India will growth at a lower rate of 6.7 per cent in 2017 from previous estimate of 7.0 per cent

The Asian Development Bank(ADB) in its report said South Asia will remain the fastest growing region in Asia Pacific with India projected to grow at 7.3 per cent next year, slower than ADB's pervious estimate of 7.4 per cent. The Manila-based ADB said India's growth will be at a lower rate of 6.7 per cent in 2017 from previous estimate of 7.0 per cent with South Asia growing a tad slowly at 6.5 per cent from earlier forecast of 6.7 per cent this year. The recovery in the Indian economy “is more subdued than assumed earlier due to rising crude oil prices, soft private investment growth, and weather-related risks to agriculture,” the ADB said. ADB raised the growth outlook for Southeast Asia to 5.2 per cent for both this year and in 2018, higher than the September forecasts of 5.0 per cent and 5.1 per cent, respectively. ADB said the overall growth forecast for South Asia next year would be maintained at 7.0 per cent. On China, the ADB report said the country is projected to grow at 6.8 per cent this year which is higher than its estimate of 6.7 per cent, however, in 2018, China's growth could see a dip with the economy growing at 6.4 per cent. "Developing Asia's growth momentum, supported by recovering exports, demonstrates that openness to trade remains an essential component of inclusive economic development," ADB chief economist Yasuyuki Sawada said in a report.

India's growth set to be higher than China in 2018: Asian Development Bank

In a move to simplify its platform the popular photosharing app, Instagram,&nbsp;has introduced two new features.&nbsp;

The new feature will provide users with a simplified search technique by following hashtags.&nbsp;

They can now follow hashtags in addition to other people&#39;s account.

Users will be able to track the topic of their interest by following a hashtag. Two tabs will appear after the users search for a topic. One of the tab will include the list of people related to the topic, while the other will have related hashtags.&nbsp;

The users can follow any hashtag page from the available list after which they will get to see top feeds and stories related to the hashtag.&nbsp;

Not showing every piece of information tagged with the&nbsp;hashtag, the app will use an algorithm to provide content to the user that he has engaged&nbsp;with the most.

Besides this, it&nbsp;has also introduced another feature which will show the photos liked by user&#39;s friend on the&nbsp;newsfeed.&nbsp;

It will help in the easy discovery of new content in the news feed.&nbsp;

Also, the stories bar will feature the latest story related to the hashtag.&nbsp;

&nbsp;

&nbsp;

&nbsp;

Users will be able to track the topic of their interest by following a hashtag. Two tabs will appear after the users search for a topic. One of the tab will include the list of people related to the topic, while the other will have related hashtags

In a move to simplify its platform the popular photosharing app, Instagram, has introduced two new features. The new feature will provide users with a simplified search technique by following hashtags. They can now follow hashtags in addition to other people's account. Users will be able to track the topic of their interest by following a hashtag. Two tabs will appear after the users search for a topic. One of the tab will include the list of people related to the topic, while the other will have related hashtags. The users can follow any hashtag page from the available list after which they will get to see top feeds and stories related to the hashtag. Not showing every piece of information tagged with the hashtag, the app will use an algorithm to provide content to the user that he has engaged with the most. Besides this, it has also introduced another feature which will show the photos liked by user's friend on the newsfeed. It will help in the easy discovery of new content in the news feed. Also, the stories bar will feature the latest story related to the hashtag.

Now, follow hashtags on Instagram

India&#39;s economy is projected to grow at 7.2 per cent in 2018 and 7.4 per cent in 2019, despite a slowdown observed this year and the lingering effects from the demonetisation, the UN has said.

The outlook for India remains largely positive, underpinned by robust private consumption and public investment as well as ongoing structural reforms, despite the slowdown observed in early 2017 and the lingering effects from the demonetisation policy, the United Nations said.

&quot;GDP growth for India is projected to accelerate from 6.7 per cent in 2017 to 7.2 per cent in 2018 and 7.4 per cent in 2019,&quot; the UN said in its report &#39;World Economic Situation Prospects&#39; (WESP 2018), released at the UN headquarters in New York yesterday.

At the same time, the report said, the performance of private investment remains a key macroeconomic concern.

&quot;Gross fixed capital formation as a share of GDP has declined from about 40 per cent in 2010 to less than 30 per cent in 2017, amid subdued credit growth, low capacity utilisation in some industrial sectors and balance sheet problems in the banking and corporate sectors.

&quot;In this environment, vigorous public investment in infrastructure has been critical in propping up overall investment growth,&quot; it said. 
According to the report, there exists some degree of uncertainty over the monetary policy stance in India.

&quot;Subdued inflation, coupled with a good monsoon season, offers scope for additional monetary easing,&quot; it said.

Fiscal deficit in India has declined visibly, and it is expected to narrow further to 3.2 per cent of GDP in 2018, it added. 
An upturn in the global economy - now growing by about three per cent - paves the way to reorient policy towards longer-term issues such as addressing climate change, tackling existing inequalities and removing institutional obstacles to development, according to the WESP report.

&quot;The World Economic Situation and Prospects 2018 demonstrates that current macroeconomic conditions offer policy-makers greater scope to address some of the deep-rooted issues that continue to hamper progress towards the Sustainable Development Goals,&quot; said UN Secretary-General Antonio Guterres in the foreword of the report.&nbsp;

The UN added that India would grow at 7.4% in 2019

India's economy is projected to grow at 7.2 per cent in 2018 and 7.4 per cent in 2019, despite a slowdown observed this year and the lingering effects from the demonetisation, the UN has said. The outlook for India remains largely positive, underpinned by robust private consumption and public investment as well as ongoing structural reforms, despite the slowdown observed in early 2017 and the lingering effects from the demonetisation policy, the United Nations said. "GDP growth for India is projected to accelerate from 6.7 per cent in 2017 to 7.2 per cent in 2018 and 7.4 per cent in 2019," the UN said in its report 'World Economic Situation Prospects' (WESP 2018), released at the UN headquarters in New York yesterday. At the same time, the report said, the performance of private investment remains a key macroeconomic concern. "Gross fixed capital formation as a share of GDP has declined from about 40 per cent in 2010 to less than 30 per cent in 2017, amid subdued credit growth, low capacity utilisation in some industrial sectors and balance sheet problems in the banking and corporate sectors. "In this environment, vigorous public investment in infrastructure has been critical in propping up overall investment growth," it said. According to the report, there exists some degree of uncertainty over the monetary policy stance in India. "Subdued inflation, coupled with a good monsoon season, offers scope for additional monetary easing," it said. Fiscal deficit in India has declined visibly, and it is expected to narrow further to 3.2 per cent of GDP in 2018, it added. An upturn in the global economy - now growing by about three per cent - paves the way to reorient policy towards longer-term issues such as addressing climate change, tackling existing inequalities and removing institutional obstacles to development, according to the WESP report. "The World Economic Situation and Prospects 2018 demonstrates that current macroeconomic conditions offer policy-makers greater scope to address some of the deep-rooted issues that continue to hamper progress towards the Sustainable Development Goals," said UN Secretary-General Antonio Guterres in the foreword of the report.

India's economy to grow at 7.2% in 2018: UN

In an innovative move to modernise restaurant, a restaurant owner from South India, Tamil Nadu has employed <a href="http://www.wionews.com/business-economy/ges-2017-meet-mitra-the-humanoid-from-hyderabad-25378" target="_blank">robots</a> to serve food to the customers, a media report stated.&nbsp;

A Chinese restaurant in Chennai, located near the Old Mahabalipuram Road, was known&nbsp;for the&nbsp;authentic&nbsp;Chinese&nbsp;food. However, the restaurant is&nbsp;now popular for&nbsp;&quot;one-of-a-kind&quot; waiters.

It has four robots who sever food to the customers.&nbsp;

The owner of the restaurant, Venkatesh, is a former IT employee.&nbsp;He has founded the restaurant in collaboration with another friend.&nbsp;

Venkatesh has imported four robots from China. Each of&nbsp;different colours pink, red, purple and blue.&nbsp;

He said that it took him three months to get the robots from China. It also included getting permissions from the customs department.&nbsp;

Every table in the restaurant has a tablet.&nbsp;The customers place their order by entering it into the tablet. The order reaches the cook in the kitchen who then sends it via robots.&nbsp;

The robots are also designed to understand Tamil.&nbsp;

The restaurant also has trained people to program the robots.&nbsp;

The owner of the restaurant said that the trend of robots restaurants is quite usual in Japan, Bangladesh and Western Countries too.&nbsp;

India already showcased <a href="http://www.wionews.com/business-economy/ges-2017-meet-mitra-the-humanoid-from-hyderabad-25378" target="_blank">country made robot &quot;Mitra&quot; </a>in the&nbsp;<a href="http://www.wionews.com/india-news/live-updates-general-entrepreneurship-summit-25317" target="_blank">Global Entrepreneurship Summit 2017</a>&nbsp;organised in Hyderabad

Mitra is a humanoid invented by a Bengaluru based company&nbsp;&quot;Invento Robotics&quot;.

It has been working in Canara Bank and PVR Cinemas in Bengaluru.The robot speaks to the customers, reviews their preferences based on previous purchases and suggests them for a perfect purchase.&nbsp;

Vishwanathan, owner of Mitra also added that the robot can be used as a customer service agent in multiple domains like banks, hospitals, airports, hotels.&nbsp;

&nbsp;

A Chinese restaurant in Chennai, located near the Old Mahabalipuram Road, was known?for the?authentic?Chinese?food. However, the restaurant is?now popular for?'one-of-a-kind' waiters

In an innovative move to modernise restaurant, a restaurant owner from South India, Tamil Nadu has employed robots to serve food to the customers, a media report stated. A Chinese restaurant in Chennai, located near the Old Mahabalipuram Road, was known for the authentic Chinese food. However, the restaurant is now popular for "one-of-a-kind" waiters. It has four robots who sever food to the customers. The owner of the restaurant, Venkatesh, is a former IT employee. He has founded the restaurant in collaboration with another friend. Venkatesh has imported four robots from China. Each of different colours pink, red, purple and blue. He said that it took him three months to get the robots from China. It also included getting permissions from the customs department. Every table in the restaurant has a tablet. The customers place their order by entering it into the tablet. The order reaches the cook in the kitchen who then sends it via robots. The robots are also designed to understand Tamil. The restaurant also has trained people to program the robots. The owner of the restaurant said that the trend of robots restaurants is quite usual in Japan, Bangladesh and Western Countries too. India already showcased country made robot "Mitra" in the Global Entrepreneurship Summit 2017 organised in Hyderabad Mitra is a humanoid invented by a Bengaluru based company "Invento Robotics". It has been working in Canara Bank and PVR Cinemas in Bengaluru.The robot speaks to the customers, reviews their preferences based on previous purchases and suggests them for a perfect purchase. Vishwanathan, owner of Mitra also added that the robot can be used as a customer service agent in multiple domains like banks, hospitals, airports, hotels.

Chennai restaurant uses robot to serve food

The stock market set the clock back today as the Sensex tumbled 228 points -- in a break with three sessions of gains -- after investor worry heightened over rising global oil prices ahead of inflation numbers.

Participants were at a crossroads as they had a clutch of macro pointers such as industrial production (IIP) and inflation in their sights, slated for release after market hours. Other Asian shares turned weak.

The Sensex closed at 33,227.99, down 227.80 points, or 0.68 per cent. The gauge had rallied 858.61 points in the previous three sessions.

The broader Nifty settled below the key 10,300-level, down 82.10 points, or 0.80 per cent, at 10,240.15.

&quot;With few cues to push ahead, the caution ahead of key macroeconomic release weighed on prices. Asian peers also offered little support with dollar&#39;s firmness ahead of key major central banks&#39; meetings. With pre-Budget talks under way, markets are also weighing the likelihood of the government levying taxes on long-term capital gains,&quot; said Anand James, Chief Market Strategist, Geojit Financial Services.

Realty, power and banking were in the grip of selling.

Global Brent crude oil prices jumped above the USD 65 a barrel for the first time since 2015, which could spoil any chance of rate reduction by the Reserve Bank, traders said.

Losses in oil marketers such as HPCL, BPCL and IOC stocks too weighed.

The Federal Reserve, which is scheduled to issue an interest rate policy update on Wednesday, kicks off its meeting. It is expected to lift rates by 0.25 per cent.

Back home, in the Sensex pack, Coal India tanked the most, losing 2.45 per cent, followed by Cipla, down 2.17 per cent, after participants took profit off the table.

Other major losers were Hero MotoCorp, TCS, Tata Steel, ITC and L&amp;T.

Dr Reddy&#39;s took a different trajectory, advancing the most by 2.83 per cent after the company said it has received Establishment Inspection Report (EIR) from the USFDA for its Hyderabad facility.

Adani Ports, ONGC, Lupin, Infosys, SBI and Maruti Suzuki too rose.

On the sectoral front, telecom fell by the widest margin of 2.12 per cent. Realty, power and FMCG lost too.

A weak trend also extended to the broader markets, with BSE mid-cap and small-cap indices retreating up to 1.01 per cent.

Foreign portfolio investors (FPIs) turned net sellers, diluting shares net Rs 185.60 crore yesterday while domestic institutional investors (DIIs) bought equities to the tune of Rs 108.94 crore, as per provisional data. PTI

The broader Nifty settled below the key 10,300 level, down 82.10 points, or 0.80%, at 10,240.15

The stock market set the clock back today as the Sensex tumbled 228 points -- in a break with three sessions of gains -- after investor worry heightened over rising global oil prices ahead of inflation numbers. Participants were at a crossroads as they had a clutch of macro pointers such as industrial production (IIP) and inflation in their sights, slated for release after market hours. Other Asian shares turned weak. The Sensex closed at 33,227.99, down 227.80 points, or 0.68 per cent. The gauge had rallied 858.61 points in the previous three sessions. The broader Nifty settled below the key 10,300-level, down 82.10 points, or 0.80 per cent, at 10,240.15. "With few cues to push ahead, the caution ahead of key macroeconomic release weighed on prices. Asian peers also offered little support with dollar's firmness ahead of key major central banks' meetings. With pre-Budget talks under way, markets are also weighing the likelihood of the government levying taxes on long-term capital gains," said Anand James, Chief Market Strategist, Geojit Financial Services. Realty, power and banking were in the grip of selling. Global Brent crude oil prices jumped above the USD 65 a barrel for the first time since 2015, which could spoil any chance of rate reduction by the Reserve Bank, traders said. Losses in oil marketers such as HPCL, BPCL and IOC stocks too weighed. The Federal Reserve, which is scheduled to issue an interest rate policy update on Wednesday, kicks off its meeting. It is expected to lift rates by 0.25 per cent. Back home, in the Sensex pack, Coal India tanked the most, losing 2.45 per cent, followed by Cipla, down 2.17 per cent, after participants took profit off the table. Other major losers were Hero MotoCorp, TCS, Tata Steel, ITC and L&T. Dr Reddy's took a different trajectory, advancing the most by 2.83 per cent after the company said it has received Establishment Inspection Report (EIR) from the USFDA for its Hyderabad facility. Adani Ports, ONGC, Lupin, Infosys, SBI and Maruti Suzuki too rose. On the sectoral front, telecom fell by the widest margin of 2.12 per cent. Realty, power and FMCG lost too. A weak trend also extended to the broader markets, with BSE mid-cap and small-cap indices retreating up to 1.01 per cent. Foreign portfolio investors (FPIs) turned net sellers, diluting shares net Rs 185.60 crore yesterday while domestic institutional investors (DIIs) bought equities to the tune of Rs 108.94 crore, as per provisional data. PTI

Caution on inflation puts stocks to test, Sensex slides 228 points

Fuelled by soaring food prices, retail inflation climbed to a 15-month high of 4.88% in November.

It was at 3.58 % in October.

The figure is higher than the Reserve Bank of India&#39;s 4% medium-term target, reducing room for the central bank to change the repo rate -- the rate at which the central bank lends money to commercial banks -- in the near future.&nbsp;

Economists polled by Reuters had predicted consumer inflation would rise to 4.2 % in November, following unseasonably heavy rains which increased food prices.

Also read:&nbsp;<a href="http://www.wionews.com/business-economy/indias-economy-to-grow-at-72-in-2018-un-26543" target="_blank">India&#39;s economy to grow at 7.2% in 2018, says UN</a>

Industrial output growth meanwhile slowed to 2.2% in October from 3.8% in September, with demand continuing to suffer from the&nbsp;disruption caused by the rollout of the new Goods and Services Tax (GST). &nbsp;&nbsp;

At its December 6 policy meeting, the RBI raised its inflation projection by 10 basis points to between 4.3% to 4.7 % for the six months ending in March.

&nbsp;

The number is higher than the RBI's 4% medium-term target

Fuelled by soaring food prices, retail inflation climbed to a 15-month high of 4.88% in November. It was at 3.58 % in October. The figure is higher than the Reserve Bank of India's 4% medium-term target, reducing room for the central bank to change the repo rate -- the rate at which the central bank lends money to commercial banks -- in the near future. Economists polled by Reuters had predicted consumer inflation would rise to 4.2 % in November, following unseasonably heavy rains which increased food prices. Also read: India's economy to grow at 7.2% in 2018, says UN Industrial output growth meanwhile slowed to 2.2% in October from 3.8% in September, with demand continuing to suffer from the disruption caused by the rollout of the new Goods and Services Tax (GST). At its December 6 policy meeting, the RBI raised its inflation projection by 10 basis points to between 4.3% to 4.7 % for the six months ending in March.

Retail inflation hits 15-month high of 4.88% in November

India&#39;s retail inflation likely breached the central bank&#39;s 4&nbsp;per cent medium-term target in November after unseasonably heavy rains sent food prices soaring, a Reuters poll showed.&nbsp;In the poll of more than 30 economists, annual consumer inflation, due to be released on December 12 at 1200 GMT, was seen surging to a 13-month high of 4.2&nbsp;per cent in November from October&#39;s 3.58 per cent.

The higher inflation rate is unlikely to push the Reserve Bank of India (RBI) to change its key rate anytime soon, economists in the poll said.&nbsp;November&#39;s heavy rains &quot;created lots of damage&quot; for perishable fruit and vegetable crops, said Rupa Rege Nitsure, group chief economist at Larsen &amp; Toubro. &quot;We have seen that translated into price rises for onions, tomatoes and other perishable commodities&quot;.&nbsp;

Increased house rent allowances for government employees and rising crude oil prices added to inflationary pressures alongside higher raw material costs due to the Goods and Services Tax (GST) rollout, she said.&nbsp;Wholesale prices are expected to have risen 3.78 percent last month from a year earlier, compared to a 3.59 percent rise in October.

Neutral Stance

At its December 6 policy meeting, the central bank raised its inflation projection by 10 basis points to between 4.3 and 4.7 per cent for the six months ending in March. It kept interest rates steady and stressed a neutral policy stance.&nbsp;The RBI cut rates by 200 basis points from January 2015 until August this year while food and energy prices were down.

It is likely to keep them unchanged through the end of 2018, according to a separate Reuters poll.&nbsp;&quot;Interest rates will remain stable for some time before they (the RBI) start hiking them because industrial growth is still weak&quot;, Nitsure said. &quot;Recovery is happening in a few sectors but it has not spread to all sectors and private investment sentiment also remains low&quot;.

Industrial output growth eased to 3&nbsp;per cent in October from September&#39;s 3.8 per cent, as demand continued to suffer from the disruption caused by the new national sales tax as well as last year&#39;s currency clampdown that wiped out over 85 percent of the cash in circulation.&nbsp;But halting a five-quarter slide, India&#39;s economic growth rebounded in the three months ending in September with businesses starting to overcome troubles from the implementation of the new tax.

&quot;We still have some output gap but it&#39;s not as bad as it used to be a couple of quarters back. It will not make any sense for the RBI to just react to the (inflation) number. They also have to look at other factors&quot;, said Arun Singh, lead economist at Dun &amp; Bradstreet India in Mumbai.&nbsp;The poll also showed India&#39;s trade deficit likely narrowed to $13.75 billion last month from October&#39;s near three-year high of $14.02 billion.

Heavy rainfalls, damage of perishable fruits and vegetables, rising crude oil prices, higher raw material cost, and risen wholesale prices - the inflation rate in India is likely to pass 4 per cent marked target of RBI for the month of November.

India's retail inflation likely breached the central bank's 4 per cent medium-term target in November after unseasonably heavy rains sent food prices soaring, a Reuters poll showed. In the poll of more than 30 economists, annual consumer inflation, due to be released on December 12 at 1200 GMT, was seen surging to a 13-month high of 4.2 per cent in November from October's 3.58 per cent. The higher inflation rate is unlikely to push the Reserve Bank of India (RBI) to change its key rate anytime soon, economists in the poll said. November's heavy rains "created lots of damage" for perishable fruit and vegetable crops, said Rupa Rege Nitsure, group chief economist at Larsen & Toubro. "We have seen that translated into price rises for onions, tomatoes and other perishable commodities". Increased house rent allowances for government employees and rising crude oil prices added to inflationary pressures alongside higher raw material costs due to the Goods and Services Tax (GST) rollout, she said. Wholesale prices are expected to have risen 3.78 percent last month from a year earlier, compared to a 3.59 percent rise in October. Neutral Stance At its December 6 policy meeting, the central bank raised its inflation projection by 10 basis points to between 4.3 and 4.7 per cent for the six months ending in March. It kept interest rates steady and stressed a neutral policy stance. The RBI cut rates by 200 basis points from January 2015 until August this year while food and energy prices were down. It is likely to keep them unchanged through the end of 2018, according to a separate Reuters poll. "Interest rates will remain stable for some time before they (the RBI) start hiking them because industrial growth is still weak", Nitsure said. "Recovery is happening in a few sectors but it has not spread to all sectors and private investment sentiment also remains low". Industrial output growth eased to 3 per cent in October from September's 3.8 per cent, as demand continued to suffer from the disruption caused by the new national sales tax as well as last year's currency clampdown that wiped out over 85 percent of the cash in circulation. But halting a five-quarter slide, India's economic growth rebounded in the three months ending in September with businesses starting to overcome troubles from the implementation of the new tax. "We still have some output gap but it's not as bad as it used to be a couple of quarters back. It will not make any sense for the RBI to just react to the (inflation) number. They also have to look at other factors", said Arun Singh, lead economist at Dun & Bradstreet India in Mumbai. The poll also showed India's trade deficit likely narrowed to $13.75 billion last month from October's near three-year high of $14.02 billion.

India's November inflation likely to exceed RBI's 4 per cent target

Oil prices fell on Monday as last week&#39;s rise in the US rig count pointed to a further increase in American production that could undermine OPEC-led efforts to tighten markets.&nbsp;A statement by Kuwait&#39;s oil minister that OPEC and other oil producers will study before June next year the possibility of exiting their global oil supply-cut agreement also weighed on prices, traders said.&nbsp;

US West Texas Intermediate (WTI) crude futures were at $57.14 a barrel at 0418 GMT, down 22 cents, or 0.4 per cent, from their last settlement.&nbsp;Brent crude futures, the international benchmark for oil prices, were down 25 cents, or 0.4 percent, at $63.15 a barrel.

&quot;The largest concern for investors currently remains the rise in the US rig count, which could potentially jeopardise the OPEC and Russian agreement when they meet for a review in June 2018&quot;, said Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers.&nbsp;

The number of rigs drilling for new oil output in the United States rose by two in the week to December 8, to 751, the highest level since September, General Electric Co&#39;s Baker Hughes energy services firm said on Friday.&nbsp;A higher rig count points to a further rise in US crude production, which is already up by more than 15 percent since mid-2016 to 9.71 million barrels per day (bpd).&nbsp;

That&#39;s the highest level since the early 1970s, and close to levels from top producers Russia and Saudi Arabia.&nbsp;Rising US output threatens to undermine efforts led by the <a href="http://www.wionews.com/business-economy/oil-prices-slip-as-us-drilling-undermines-opec-led-production-cut-16196">Organization of the Petroleum Exporting Countries</a> (OPEC) and a group of non-OPEC producers, including Russia, to support prices by withholding supplies.&nbsp;

OPEC and its allies started withholding supplies last January and currently plan to continue doing so throughout 2018.&nbsp;Kuwait&#39;s oil minister Essam al-Marzouq said on Sunday, however, OPEC and other oil producers will study before June possibly ending the global oil supply cuts earlier.&nbsp;

Also Read:&nbsp;<a href="http://www.wionews.com/business-economy/oil-prices-dive-after-britain-votes-to-leave-eu-1097">Oil prices dive after Britain votes to leave EU</a>

United State's rig count rose to 751 with 2 more adding in last week alone. The number points to rise in crude production in U.S. leading to price drops of crude oil

Oil prices fell on Monday as last week's rise in the US rig count pointed to a further increase in American production that could undermine OPEC-led efforts to tighten markets. A statement by Kuwait's oil minister that OPEC and other oil producers will study before June next year the possibility of exiting their global oil supply-cut agreement also weighed on prices, traders said. US West Texas Intermediate (WTI) crude futures were at $57.14 a barrel at 0418 GMT, down 22 cents, or 0.4 per cent, from their last settlement. Brent crude futures, the international benchmark for oil prices, were down 25 cents, or 0.4 percent, at $63.15 a barrel. "The largest concern for investors currently remains the rise in the US rig count, which could potentially jeopardise the OPEC and Russian agreement when they meet for a review in June 2018", said Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers. The number of rigs drilling for new oil output in the United States rose by two in the week to December 8, to 751, the highest level since September, General Electric Co's Baker Hughes energy services firm said on Friday. A higher rig count points to a further rise in US crude production, which is already up by more than 15 percent since mid-2016 to 9.71 million barrels per day (bpd). That's the highest level since the early 1970s, and close to levels from top producers Russia and Saudi Arabia. Rising US output threatens to undermine efforts led by the Organization of the Petroleum Exporting Countries (OPEC) and a group of non-OPEC producers, including Russia, to support prices by withholding supplies. OPEC and its allies started withholding supplies last January and currently plan to continue doing so throughout 2018. Kuwait's oil minister Essam al-Marzouq said on Sunday, however, OPEC and other oil producers will study before June possibly ending the global oil supply cuts earlier. Also Read: Oil prices dive after Britain votes to leave EU

Oil prices drop on increased US drilling activity

Uber will defend its right to operate in London in a court hearing on Monday after the app was deemed unfit to run a taxi service and stripped of its licence in its most important European market.&nbsp;

Regulator Transport for London (TfL) shocked the Silicon Valley firm by rejecting its licence renewal bid in September, citing its approach to reporting serious criminal offences and background checks on drivers.&nbsp;

Uber&#39;s 40,000 drivers, representing around one in three of all private hire vehicles on the British capital`s roads, can continue to take passengers until the appeals process is exhausted, which could take years.&nbsp;

The legal battle pitches one of the world`s richest cities against a tech giant known for its forays into new markets around the world that have prompted bans, restrictions and protests, including by drivers of London`s famous black cabs.

Uber`s lawyers will begin their appeal at Westminster Magistrates` Court on Monday, in what is expected to be a largely administrative hearing designed to set a date for a fuller hearing next year. 
Chief Executive Dara Khosrowshahi has apologised to Londoners and met TfL Commissioner Mike Brown in October for what both sides described as constructive talks.&nbsp;

Brown told Reuters in November that &quot;there are some discussions going on to make sure they are compliant.&quot;&nbsp;

Months of legal wrangling are likely unless the Silicon Valley app, valued at around $70 billion with investors including Goldman Sachs, can come to a new arrangement with the regulator.&nbsp;

&quot;We continue having constructive discussions with Transport for London in order to resolve this,&quot; an Uber spokesman said ahead of the hearing. &quot;As our new CEO Dara Khosrowshahi has said, we are determined to make things right.&quot;

Losing its London licence was just one of many blows to Uber this year as a stream of executives left amid controversies involving allegations of sexual harassment and issues surrounding data privacy and business practices.

In Britain, Uber is looking to appoint a new boss after Jo Bertram announced her departure less than two weeks after London`s decision.

It also faces potential problems in the northern English city of Sheffield where its licence has been suspended and in Brighton, southern England, where local officials extended the firm`s licence for only six months to give them more time to consider the outcome of the dispute in London.&nbsp;

Uber`s 40,000 drivers can continue to take passengers until the appeals process is exhausted

Uber will defend its right to operate in London in a court hearing on Monday after the app was deemed unfit to run a taxi service and stripped of its licence in its most important European market. Regulator Transport for London (TfL) shocked the Silicon Valley firm by rejecting its licence renewal bid in September, citing its approach to reporting serious criminal offences and background checks on drivers. Uber's 40,000 drivers, representing around one in three of all private hire vehicles on the British capital`s roads, can continue to take passengers until the appeals process is exhausted, which could take years. The legal battle pitches one of the world`s richest cities against a tech giant known for its forays into new markets around the world that have prompted bans, restrictions and protests, including by drivers of London`s famous black cabs. Uber`s lawyers will begin their appeal at Westminster Magistrates` Court on Monday, in what is expected to be a largely administrative hearing designed to set a date for a fuller hearing next year. Chief Executive Dara Khosrowshahi has apologised to Londoners and met TfL Commissioner Mike Brown in October for what both sides described as constructive talks. Brown told Reuters in November that "there are some discussions going on to make sure they are compliant." Months of legal wrangling are likely unless the Silicon Valley app, valued at around $70 billion with investors including Goldman Sachs, can come to a new arrangement with the regulator. "We continue having constructive discussions with Transport for London in order to resolve this," an Uber spokesman said ahead of the hearing. "As our new CEO Dara Khosrowshahi has said, we are determined to make things right." Losing its London licence was just one of many blows to Uber this year as a stream of executives left amid controversies involving allegations of sexual harassment and issues surrounding data privacy and business practices. In Britain, Uber is looking to appoint a new boss after Jo Bertram announced her departure less than two weeks after London`s decision. It also faces potential problems in the northern English city of Sheffield where its licence has been suspended and in Brighton, southern England, where local officials extended the firm`s licence for only six months to give them more time to consider the outcome of the dispute in London.

Uber heads to London court to fight regulation, drivers can continue taking passengers

The craze for cryptocurrencies entered a new chapter on Monday as bitcoin futures rocketed by one-fifth of their value at a closely-watched launch, while Asian shares climbed amid optimism about global growth.&nbsp;

The most-traded contract on the Chicago-based CBOE Global Markets exchange opened at $15,460 in New York on Sunday evening, before leaping to a high of $18,700 - a gain of 21 per cent. They were last quoted at $17,550 a premium of more than $1,600 to the price on Gemini Exchange.&nbsp;

The futures are cash-settled contracts based on the auction price of bitcoin in US&nbsp;dollars on the Gemini Exchange, which is owned and operated by virtual currency entrepreneurs Cameron and Tyler Winklevoss.&nbsp;

The cryptocurrency has boasted a gravity-defying 15-fold gain since the start of the year, attracting institutional interest and no small amount of question marks.&nbsp;The acting governor of the Reserve Bank of New Zealand on Sunday said bitcoin appeared to be a &quot;classic case&quot; of a bubble.

&quot;With a bubble, you never know how far it is going to go before it comes around&quot;, Grant Spencer told TVNZ.&nbsp;Some market participants believe the fallout across other financial assets from a potential bursting of the bubble will be limited.&nbsp;

&quot;Bitcoin&#39;s market capitalisation is currently around $240 billion, which is much smaller, say, than the value of gold outstanding&quot;, said Andrew Kenningham, an economist at Capital Economics.

&quot;If the price of bitcoin fell to zero today, the paper losses would be equivalent to a 0.6 per cent fall in US&nbsp;equity prices. As most investors have bought bitcoin at much lower prices, the relevant losses would arguably be smaller&quot;.&nbsp;Asian shares were buoyant following strong US payrolls data and better-than-expected Chinese trade data on Friday.&nbsp;

The MSCI&#39;s broadest index of Asia-Pacific shares outside Japan was up 0.4 per cent, staying well above a recent two-month trough of 542.27 points.&nbsp;Japan&#39;s Nikkei added 0.4 percent while Chinese shares rallied, with the blue-chip CSI 300 index up 0.9 percent. Hong Kong&#39;s Hang Seng index gained 0.5 percent.&nbsp;

Rate Rises?

Currency market investors were cautious ahead of a big week for policy meetings globally, with the Federal Reserve the only major central bank expected to raise interest rates. The Bank of England and the European Central Bank are likely to hold rates steady.&nbsp;

The dollar rose to a near one-month top against the yen, after climbing 1.2 percent last week. The dollar index, which measures the greenback against a basket of currencies, was steady near a three-week high.&nbsp;

Traders will keep their eyes peeled for the Fed&#39;s future rate projections as US&nbsp;wages growth and inflation crawl at a snail&#39;s pace.&nbsp;Data out on Friday showed average hourly earnings in the United States nudged up 5 cents or 0.2 percent in November when economists had looked for a 0.3 per cent gain.

The weakness persisted despite stronger-than-expected non-farm payrolls, which rose by 228,000 in November.&nbsp;&quot;We&#39;ll be listening closely for any signs of a dovish shift&quot;, said Aerin Williams, New York-based forex strategist for Citi about the Dec. 12-13 Fed meeting.&nbsp;Elsewhere, oil prices slipped after the latest rise in the U.S rig count pointed to an increase in production there.

US&nbsp;crude was down 24 cents at $57.12 a barrel and Brent crude inched 27 cents lower to $63.14, drifting away from a recent 2-1/2 year peak of $64.65.&nbsp;Spot gold was barely changed at $1,248.06 an ounce.

Bitcoin on Monday rocketed by one-fifth of their value at a launch. It opened at the price of $15,460 before leaping to $18,700 - a gain of 21 per cent

The craze for cryptocurrencies entered a new chapter on Monday as bitcoin futures rocketed by one-fifth of their value at a closely-watched launch, while Asian shares climbed amid optimism about global growth. The most-traded contract on the Chicago-based CBOE Global Markets exchange opened at $15,460 in New York on Sunday evening, before leaping to a high of $18,700 - a gain of 21 per cent. They were last quoted at $17,550 a premium of more than $1,600 to the price on Gemini Exchange. The futures are cash-settled contracts based on the auction price of bitcoin in US dollars on the Gemini Exchange, which is owned and operated by virtual currency entrepreneurs Cameron and Tyler Winklevoss. The cryptocurrency has boasted a gravity-defying 15-fold gain since the start of the year, attracting institutional interest and no small amount of question marks. The acting governor of the Reserve Bank of New Zealand on Sunday said bitcoin appeared to be a "classic case" of a bubble. "With a bubble, you never know how far it is going to go before it comes around", Grant Spencer told TVNZ. Some market participants believe the fallout across other financial assets from a potential bursting of the bubble will be limited. "Bitcoin's market capitalisation is currently around $240 billion, which is much smaller, say, than the value of gold outstanding", said Andrew Kenningham, an economist at Capital Economics. "If the price of bitcoin fell to zero today, the paper losses would be equivalent to a 0.6 per cent fall in US equity prices. As most investors have bought bitcoin at much lower prices, the relevant losses would arguably be smaller". Asian shares were buoyant following strong US payrolls data and better-than-expected Chinese trade data on Friday. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.4 per cent, staying well above a recent two-month trough of 542.27 points. Japan's Nikkei added 0.4 percent while Chinese shares rallied, with the blue-chip CSI 300 index up 0.9 percent. Hong Kong's Hang Seng index gained 0.5 percent. Rate Rises? Currency market investors were cautious ahead of a big week for policy meetings globally, with the Federal Reserve the only major central bank expected to raise interest rates. The Bank of England and the European Central Bank are likely to hold rates steady. The dollar rose to a near one-month top against the yen, after climbing 1.2 percent last week. The dollar index, which measures the greenback against a basket of currencies, was steady near a three-week high. Traders will keep their eyes peeled for the Fed's future rate projections as US wages growth and inflation crawl at a snail's pace. Data out on Friday showed average hourly earnings in the United States nudged up 5 cents or 0.2 percent in November when economists had looked for a 0.3 per cent gain. The weakness persisted despite stronger-than-expected non-farm payrolls, which rose by 228,000 in November. "We'll be listening closely for any signs of a dovish shift", said Aerin Williams, New York-based forex strategist for Citi about the Dec. 12-13 Fed meeting. Elsewhere, oil prices slipped after the latest rise in the U.S rig count pointed to an increase in production there. US crude was down 24 cents at $57.12 a barrel and Brent crude inched 27 cents lower to $63.14, drifting away from a recent 2-1/2 year peak of $64.65. Spot gold was barely changed at $1,248.06 an ounce.

Bitcoin futures surge past $18,000 in US

Apple Inc is in talks to acquire Shazam Entertainment Ltd, whose software helps users identify songs by pointing their phone at an audio source, according to a person familiar with the situation.

Shazam&#39;s smartphone app is already tightly integrated with Apple&#39;s Siri digital assistant. Users of Apple&#39;s iPhone with the Shazam app installed can say: &quot;Hey Siri, what&#39;s that song?&quot; and the app will identify it. But Shazam has other features, such as the ability to identify television shows, that do not yet work with Siri.

Tech news website TechCrunch reported the talks earlier, writing that Apple could pay about $400 million for Shazam and that a deal could be signed as early as next week.

Shazam did not respond to a request for comment.

Privately-held, UK-based Shazam has raised $143 million from DN Capital Limited, Institutional Venture Partners, and Kleiner Perkins Caufield &amp; Byers, among others, over its 18-year history, according to PitchBook, a firm that tracks private venture investments.

The price TechCrunch reported would fall far below Shazam&#39;s most recent $1 billion valuations reported by PitchBook.

An acquisition of Shazam could help bolster Apple&#39;s music efforts by making it easier for users to find songs and add them to playlists in its Apple Music service. As of mid-2017, Apple Music had 27 million subscribers, behind rival music streaming service Spotify&#39;s 60 million users.

Shazam's smartphone app is already tightly integrated with Apple's Siri digital assistant.

Apple Inc is in talks to acquire Shazam Entertainment Ltd, whose software helps users identify songs by pointing their phone at an audio source, according to a person familiar with the situation. Shazam's smartphone app is already tightly integrated with Apple's Siri digital assistant. Users of Apple's iPhone with the Shazam app installed can say: "Hey Siri, what's that song?" and the app will identify it. But Shazam has other features, such as the ability to identify television shows, that do not yet work with Siri. Tech news website TechCrunch reported the talks earlier, writing that Apple could pay about $400 million for Shazam and that a deal could be signed as early as next week. Shazam did not respond to a request for comment. Privately-held, UK-based Shazam has raised $143 million from DN Capital Limited, Institutional Venture Partners, and Kleiner Perkins Caufield & Byers, among others, over its 18-year history, according to PitchBook, a firm that tracks private venture investments. The price TechCrunch reported would fall far below Shazam's most recent $1 billion valuations reported by PitchBook. An acquisition of Shazam could help bolster Apple's music efforts by making it easier for users to find songs and add them to playlists in its Apple Music service. As of mid-2017, Apple Music had 27 million subscribers, behind rival music streaming service Spotify's 60 million users.

Apple in talks to acquire music identification app Shazam: Reports

Market benchmark Sensex surged 301 points to close at 33,250.30 today on unabated buying by domestic institutional investors amid positive global leads.&nbsp;The wider NSE Nifty too went past the 10,250-level.&nbsp;

The 30-share BSE Sensex opened on a strong footing at 33,034.20 and maintained its upward trend to hit the day&#39;s high of 33,285.68 before ending at 33,250.30, up 301.09 points, or 0.91 per cent.&nbsp;The index had rallied 352.03 points in the previous session on value-buying by investors in recently-battered blue-chip stocks.

The Nifty finished the day at 10,265.65, a hefty gain of 98.95 points, or 0.97 per cent, after shuttling between 10,270.85 and 10,195.25.&nbsp;

On a weekly basis, the Sensex gained 417.36 points, or 1.27 per cent, while the Nifty advanced 143.85 points or 1.42 per cent.

Most Asian and European markets rallied as investors awaited major economic data from China and the US amid overnight gains at Wall Street following reports that President Donald Trump is planning to unveil a big-spending public works plan.

Most Asian and European markets rallied as investors awaited major economic data from China and the US

Market benchmark Sensex surged 301 points to close at 33,250.30 today on unabated buying by domestic institutional investors amid positive global leads. The wider NSE Nifty too went past the 10,250-level. The 30-share BSE Sensex opened on a strong footing at 33,034.20 and maintained its upward trend to hit the day's high of 33,285.68 before ending at 33,250.30, up 301.09 points, or 0.91 per cent. The index had rallied 352.03 points in the previous session on value-buying by investors in recently-battered blue-chip stocks. The Nifty finished the day at 10,265.65, a hefty gain of 98.95 points, or 0.97 per cent, after shuttling between 10,270.85 and 10,195.25. On a weekly basis, the Sensex gained 417.36 points, or 1.27 per cent, while the Nifty advanced 143.85 points or 1.42 per cent. Most Asian and European markets rallied as investors awaited major economic data from China and the US amid overnight gains at Wall Street following reports that President Donald Trump is planning to unveil a big-spending public works plan.

Sensex soars 301 pts, reclaims 33,000-mark

German exports fell unexpectedly in October while vibrant domestic demand pushed up imports, narrowing its trade surplus and adding to evidence that Europe&#39;s biggest economy started the fourth quarter on a weak footing, data showed on Friday.

The German economy, which is expected to grow by more than 2 percent this year, is enjoying a consumer-led upswing, propelled by record-high employment, rising real wages, moderate inflation, and ultra-low borrowing costs.&nbsp;

Seasonally adjusted exports edged down by 0.4 per cent on the month while imports jumped by 1.8 per cent, data from the Federal Statistics Office showed. The exports figure confounded expectations for a 1.0 per cent rise while imports beat a forecast for a 1.1 per cent increase.

&quot;German industry has gone through a small roller coaster ride since the start of the summer&quot;, ING economist Carsten Brzeski said, adding that disappointing numbers had been followed by impressive rebounds.&nbsp;

&quot;Behind the vacation and weather-driven white noise of monthly data, however, there is a clear upward trend. The export sector has once more become an important growth driver in 2017&quot;, Brzeski&nbsp;continued.

A breakdown of unadjusted figures showed that German imports from other European Union countries surged by 10.1 per cent while those from countries outside the bloc rose by 4.8 per cent.&nbsp;The seasonally adjusted trade surplus narrowed to 19.9 billion euros from an upwardly revised 21.9 billion euros in September. The October reading was lower than the Reuters consensus forecast for 21.8 billion euros.

Germany&#39;s wider current account surplus, which measures the flow of goods, services, and investments, fell to 18.1 billion euros after an upwardly revised reading of 25.8 billion euros in September, unadjusted data showed.&nbsp;

The trade figures followed economic data released on Thursday that showed industrial output fell unexpectedly in October - a drop economists linked to public holidays that let workers take long weekends.

The weak figures came after data on Wednesday showed that industrial orders had risen unexpectedly in October, suggesting that output could bounce back in the coming months.&nbsp;Rising exports and business investment in equipment helped the German economy to shift into a higher gear in the third quarter - it expanded by 0.8 per cent on the quarter, up from 0.6 per cent in the previous three months.

&quot;This week&#39;s industrial data show that even the German economy can have weaker moments&quot;, Brzeski said, adding that the fourth quarter could bring a slowdown in overall growth.&nbsp;For 2017 as a whole, the Ifo Institute for Economic Research predicts economic growth of 2.3 per cent which would translate into a calendar-adjusted expansion rate of 2.6 per cent - the fastest pace in six years.

Europe's second-biggest economy - Germany - takes a hit as it sees an unexpected decline in exports sector

German exports fell unexpectedly in October while vibrant domestic demand pushed up imports, narrowing its trade surplus and adding to evidence that Europe's biggest economy started the fourth quarter on a weak footing, data showed on Friday. The German economy, which is expected to grow by more than 2 percent this year, is enjoying a consumer-led upswing, propelled by record-high employment, rising real wages, moderate inflation, and ultra-low borrowing costs. Seasonally adjusted exports edged down by 0.4 per cent on the month while imports jumped by 1.8 per cent, data from the Federal Statistics Office showed. The exports figure confounded expectations for a 1.0 per cent rise while imports beat a forecast for a 1.1 per cent increase. "German industry has gone through a small roller coaster ride since the start of the summer", ING economist Carsten Brzeski said, adding that disappointing numbers had been followed by impressive rebounds. "Behind the vacation and weather-driven white noise of monthly data, however, there is a clear upward trend. The export sector has once more become an important growth driver in 2017", Brzeski continued. A breakdown of unadjusted figures showed that German imports from other European Union countries surged by 10.1 per cent while those from countries outside the bloc rose by 4.8 per cent. The seasonally adjusted trade surplus narrowed to 19.9 billion euros from an upwardly revised 21.9 billion euros in September. The October reading was lower than the Reuters consensus forecast for 21.8 billion euros. Germany's wider current account surplus, which measures the flow of goods, services, and investments, fell to 18.1 billion euros after an upwardly revised reading of 25.8 billion euros in September, unadjusted data showed. The trade figures followed economic data released on Thursday that showed industrial output fell unexpectedly in October - a drop economists linked to public holidays that let workers take long weekends. The weak figures came after data on Wednesday showed that industrial orders had risen unexpectedly in October, suggesting that output could bounce back in the coming months. Rising exports and business investment in equipment helped the German economy to shift into a higher gear in the third quarter - it expanded by 0.8 per cent on the quarter, up from 0.6 per cent in the previous three months. "This week's industrial data show that even the German economy can have weaker moments", Brzeski said, adding that the fourth quarter could bring a slowdown in overall growth. For 2017 as a whole, the Ifo Institute for Economic Research predicts economic growth of 2.3 per cent which would translate into a calendar-adjusted expansion rate of 2.6 per cent - the fastest pace in six years.

Unexpected decline in German exports narrows trade surplus

U.S. job growth likely increased at a strong clip in November and wages rebounded as the distortions from the recent hurricanes faded, creating a portrait of a healthy economy that analysts say does not require the kind of fiscal stimulus that President Donald Trump is proposing.

According to a Reuters survey of economists, the Labor Department&#39;s closely watched employment report on Friday will likely show that nonfarm payrolls rose by 200,000 jobs last month after surging 261,000 in October.&nbsp;Employment gains in October were boosted by the return to work of thousands of employees who had been temporarily dislocated by Hurricanes - Harvey and Irma. November&#39;s report will be the first clean reading since the storms, which also impacted September&#39;s employment data.&nbsp;

The unemployment rate is forecast to be unchanged at a 17-year low of 4.1 percent. Average hourly earnings are expected to have risen 0.3 percent in November after being flat the prior month. That would lift the annual increase in wages to 2.7 percent from 2.4 percent in October.&nbsp;Readings in line with expectations would underscore the economy&#39;s strength and fuel criticism of efforts by Trump and his fellow Republicans in the U.S. Congress to cut the corporate income tax rate to 20 percent from 35 percent.

&quot;The labor market is in great shape. Tax cuts should be used when the economy needs tax cuts and it doesn&#39;t need tax cuts right now&quot;, said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania. He added, &quot;When politics and economics are mixed in the stew, the policies that are created often have an awful smell&quot;.

Republicans argue that the proposed tax cut package will boost the economy and allow companies to hire more workers. But with the labor market near full employment and companies reporting difficulties finding qualified workers, economists disagree. Job openings are near a record high.&nbsp;

&quot;Companies want workers and do not need tax cuts to give them the financial wherewithal to hire more workers&quot;, said Chris Rupkey, chief economist at MUFG in New York. He said, &quot;It&#39;s labor, that the economy is running out of&quot;.

The economy grew at a 3.3 percent annualized rate in the third quarter, the fastest in three years.

Full Employment

While November`s employment report will probably have little impact on expectations that the Federal Reserve will raise interest rates at its Dec. 12-13 policy meeting, it could help shape the debate on monetary policy next year.&nbsp;The U.S. central bank has increased borrowing costs twice this year. It has forecast three rate hikes in 2018.&nbsp;

Job growth has averaged 168,000 jobs per month this year, down from the average monthly gain of 187,000 in 2016. A slowdown in job growth is normal when the labor market nears full employment.&nbsp;The economy needs to create 75,000 to 100,000 jobs per month to keep up with growth in the working-age population.

The unemployment rate has declined by seven-tenths of a percentage point this year. Economists believe that the tightening labor market will unleash a faster pace of wage growth next year.&nbsp;That, combined with the tax cuts, would help boost inflation. 
&quot;I think that in the next three to six months we will see a broader uptick in wage pressures. Given where we are in the economic cycle, if you throw some gasoline in the fire with fiscal stimulus, that will ultimately spark some higher inflation&quot;, said David Donabedian, chief investment officer of CIBC Atlantic Trust in Baltimore.&nbsp; 
 
Employment gains were likely broad in November. Construction payrolls are expected to show strong growth, thanks in part to rebuilding efforts in the areas devastated by the hurricanes.&nbsp;Another month of steady increases is expected in manufacturing employment while hiring for the holiday season likely boosted retail payrolls.

Retailers, including Macy&#39;s Inc, reported strong Black Friday sales.&nbsp;Macy&#39;s said that this month it would hire an additional 7,000 temporary workers for its stores to deal with heavy customer traffic in the run-up to Christmas.

A growth in United States' job sector is anticipated with hourly earnings going up. The unemployment rate is forecast to remain unchanged

U.S. job growth likely increased at a strong clip in November and wages rebounded as the distortions from the recent hurricanes faded, creating a portrait of a healthy economy that analysts say does not require the kind of fiscal stimulus that President Donald Trump is proposing. According to a Reuters survey of economists, the Labor Department's closely watched employment report on Friday will likely show that nonfarm payrolls rose by 200,000 jobs last month after surging 261,000 in October. Employment gains in October were boosted by the return to work of thousands of employees who had been temporarily dislocated by Hurricanes - Harvey and Irma. November's report will be the first clean reading since the storms, which also impacted September's employment data. The unemployment rate is forecast to be unchanged at a 17-year low of 4.1 percent. Average hourly earnings are expected to have risen 0.3 percent in November after being flat the prior month. That would lift the annual increase in wages to 2.7 percent from 2.4 percent in October. Readings in line with expectations would underscore the economy's strength and fuel criticism of efforts by Trump and his fellow Republicans in the U.S. Congress to cut the corporate income tax rate to 20 percent from 35 percent. "The labor market is in great shape. Tax cuts should be used when the economy needs tax cuts and it doesn't need tax cuts right now", said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania. He added, "When politics and economics are mixed in the stew, the policies that are created often have an awful smell". Republicans argue that the proposed tax cut package will boost the economy and allow companies to hire more workers. But with the labor market near full employment and companies reporting difficulties finding qualified workers, economists disagree. Job openings are near a record high. "Companies want workers and do not need tax cuts to give them the financial wherewithal to hire more workers", said Chris Rupkey, chief economist at MUFG in New York. He said, "It's labor, that the economy is running out of". The economy grew at a 3.3 percent annualized rate in the third quarter, the fastest in three years. Full Employment While November`s employment report will probably have little impact on expectations that the Federal Reserve will raise interest rates at its Dec. 12-13 policy meeting, it could help shape the debate on monetary policy next year. The U.S. central bank has increased borrowing costs twice this year. It has forecast three rate hikes in 2018. Job growth has averaged 168,000 jobs per month this year, down from the average monthly gain of 187,000 in 2016. A slowdown in job growth is normal when the labor market nears full employment. The economy needs to create 75,000 to 100,000 jobs per month to keep up with growth in the working-age population. The unemployment rate has declined by seven-tenths of a percentage point this year. Economists believe that the tightening labor market will unleash a faster pace of wage growth next year. That, combined with the tax cuts, would help boost inflation. "I think that in the next three to six months we will see a broader uptick in wage pressures. Given where we are in the economic cycle, if you throw some gasoline in the fire with fiscal stimulus, that will ultimately spark some higher inflation", said David Donabedian, chief investment officer of CIBC Atlantic Trust in Baltimore. Employment gains were likely broad in November. Construction payrolls are expected to show strong growth, thanks in part to rebuilding efforts in the areas devastated by the hurricanes. Another month of steady increases is expected in manufacturing employment while hiring for the holiday season likely boosted retail payrolls. Retailers, including Macy's Inc, reported strong Black Friday sales. Macy's said that this month it would hire an additional 7,000 temporary workers for its stores to deal with heavy customer traffic in the run-up to Christmas.

Strong November US job gains anticipated; wages seen rising

Apple has revealed its &#39;<a href="http://www.wionews.com/world/the-best-of-apple-a-look-at-top-apps-and-games-of-2017-26155" target="_blank">best of 2017</a>&#39; list that features top rated and most popular apps, games, movies, music and trends across various Apple products and platforms. What&#39;s even more exciting is the fact that some of the popular Indian apps have also been featured under various sections.

Indian apps like Zomato, UrbanClap, Swiggy, OLX Classifieds and BookMyShow were among the top lifestyle applications&nbsp;under &#39;Save Time, Live Life&#39;&nbsp;category.&nbsp;

The category was described as featuring &quot;Time-saving apps that help us get more done each day&quot;. &quot;Time-saving personal services came into their own this year and continue to evolve,&quot; the release noted.&nbsp;

ALTBalaji, Voot, SonyLiv and Hotstar emerged as top applications of the year under &#39;Stream Anytime, Anyplace&#39; category.&nbsp;

Apple also revealed the most popular movies, music across Apple Music, iTunes and iStore for the year.

&quot;Our App Store editors have chosen the most download-worthy games and apps based on topics and trends that were popular on the App Store throughout the year,&quot; noted the official release.

&#39;Enlight Videoleap&#39; was rated as the best app of the year across countries while Splitter Clitters topped the list as the best game of the year in most countries.&nbsp;

ALTBalaji, Voot, SonyLiv and Hotstar emerged top applications of the year under 'Stream Anytime, Anyplace' category

Apple has revealed its 'best of 2017' list that features top rated and most popular apps, games, movies, music and trends across various Apple products and platforms. What's even more exciting is the fact that some of the popular Indian apps have also been featured under various sections. Indian apps like Zomato, UrbanClap, Swiggy, OLX Classifieds and BookMyShow were among the top lifestyle applications under 'Save Time, Live Life' category. The category was described as featuring "Time-saving apps that help us get more done each day". "Time-saving personal services came into their own this year and continue to evolve," the release noted. ALTBalaji, Voot, SonyLiv and Hotstar emerged as top applications of the year under 'Stream Anytime, Anyplace' category. Apple also revealed the most popular movies, music across Apple Music, iTunes and iStore for the year. "Our App Store editors have chosen the most download-worthy games and apps based on topics and trends that were popular on the App Store throughout the year," noted the official release. 'Enlight Videoleap' was rated as the best app of the year across countries while Splitter Clitters topped the list as the best game of the year in most countries.

Zomato, UrbanClap, Swiggy feature in Apple's best apps of 2017

Gold edged up in early trade on Friday as investors resorted to bargain hunting after the yellow metal dropped below its recent trading range to hit the lowest in more than four months overnight.&nbsp;

Spot gold was up 0.2 percent at $1,248.86 an ounce, by 0328 GMT, after hitting its lowest since July 26 at $1,243.71 in the previous session.&nbsp;The metal was down for a third straight week, headed for its biggest weekly decline since early May.&nbsp;U.S. gold futures were 0.2 percent lower at $1,250.70.

&quot;Even as the dollar is firmer, there seems to be a bit of bargain hunting around. I do, however, think that the pressure is on the downside and rallies will still be sold&quot;, a Hong Kong-based trader said.&nbsp;The dollar inched higher on Friday, as the passage of a bill to temporarily extend U.S. government funding raised investors&#39; optimism that a tax reform bill would also pass.&nbsp;

The greenback took a brief knock earlier this week on concerns over a government shutdown, and as U.S. President Donald Trump raised tensions in the Middle East after he recognised Jerusalem as the capital of Israel.&nbsp;The Islamist group Hamas urged Palestinians on Thursday to abandon peace efforts and launch a new uprising against Israel in response to Trump&#39;s recognition of Jerusalem as its capital.&nbsp;

&quot;Gold might have found some support in that but it seems to be just the dollar strength across the board now heading into the end of the year&quot;, the trader said.&nbsp;The number of Americans filing for unemployment benefits unexpectedly fell last week, suggesting a rapid tightening of the labor market that bolsters expectations the Federal Reserve will raise benchmark interest rates next week.

Higher U.S. interest rates tend to boost the dollar, making greenback-denominated gold more expensive for holders in other currencies.&nbsp;Markets will be eyeing the U.S. non-farm payrolls report due later in the day, which will be last employment report before the Fed meeting next week.&nbsp;

&quot;Market-watchers are likely positioning for an FOMC rate hike next week. Overnight, the improvement in risk appetite considering the postponing of the U.S. partial government shutdown and further progress in Brexit talks should buoy market sentiment into the next week&quot;, said OCBC analyst Barnabas Gan.&nbsp;

Meanwhile, Asian shares on Friday rallied for a second session as investors awaited major economic data, and cryptocurrency bitcoin shot above $16,600 to its highest ever.&nbsp;Spot gold may drop more to $1,239 per ounce, according to Reuters technicals analyst Wang Tao.&nbsp;Silver rose 0.3 percent to $15.77 an ounce, after slipping to its lowest since mid-July on Thursday.&nbsp;Platinum climbed 0.3 percent to $894 an ounce, while palladium was 0.1 percent lower at $1,012.25.&nbsp;

Gold, the precious yellow metal dropped to its lowest in last four months. Even the U.S. gold futures were lower than expected

Gold edged up in early trade on Friday as investors resorted to bargain hunting after the yellow metal dropped below its recent trading range to hit the lowest in more than four months overnight. Spot gold was up 0.2 percent at $1,248.86 an ounce, by 0328 GMT, after hitting its lowest since July 26 at $1,243.71 in the previous session. The metal was down for a third straight week, headed for its biggest weekly decline since early May. U.S. gold futures were 0.2 percent lower at $1,250.70. "Even as the dollar is firmer, there seems to be a bit of bargain hunting around. I do, however, think that the pressure is on the downside and rallies will still be sold", a Hong Kong-based trader said. The dollar inched higher on Friday, as the passage of a bill to temporarily extend U.S. government funding raised investors' optimism that a tax reform bill would also pass. The greenback took a brief knock earlier this week on concerns over a government shutdown, and as U.S. President Donald Trump raised tensions in the Middle East after he recognised Jerusalem as the capital of Israel. The Islamist group Hamas urged Palestinians on Thursday to abandon peace efforts and launch a new uprising against Israel in response to Trump's recognition of Jerusalem as its capital. "Gold might have found some support in that but it seems to be just the dollar strength across the board now heading into the end of the year", the trader said. The number of Americans filing for unemployment benefits unexpectedly fell last week, suggesting a rapid tightening of the labor market that bolsters expectations the Federal Reserve will raise benchmark interest rates next week. Higher U.S. interest rates tend to boost the dollar, making greenback-denominated gold more expensive for holders in other currencies. Markets will be eyeing the U.S. non-farm payrolls report due later in the day, which will be last employment report before the Fed meeting next week. "Market-watchers are likely positioning for an FOMC rate hike next week. Overnight, the improvement in risk appetite considering the postponing of the U.S. partial government shutdown and further progress in Brexit talks should buoy market sentiment into the next week", said OCBC analyst Barnabas Gan. Meanwhile, Asian shares on Friday rallied for a second session as investors awaited major economic data, and cryptocurrency bitcoin shot above $16,600 to its highest ever. Spot gold may drop more to $1,239 per ounce, according to Reuters technicals analyst Wang Tao. Silver rose 0.3 percent to $15.77 an ounce, after slipping to its lowest since mid-July on Thursday. Platinum climbed 0.3 percent to $894 an ounce, while palladium was 0.1 percent lower at $1,012.25.

Gold rises on bargain hunting after slumping to over four-month low

China&#39;s exports and imports unexpectedly accelerated last month in an encouraging sign for the world&#39;s second-biggest economy, though analysts expect growth to continue cooling amid a government crackdown on financial risks and polluting factories.&nbsp;

As global demand has surprised with its strength, consumers have lapped up Chinese goods at a rapid rate this year, giving the economy a boost and providing policymakers, room to tighten rules to curb high-risk lending.&nbsp;Exports in November rose 12.3 percent year-on-year, the fastest pace in eight months, led by strong sales of electronics and high-tech goods, while commodity purchases helped lift imports. The number beat analysts&#39; forecast of a 5.0 percent increase and compared with 6.9 percent growth in October.&nbsp;

Imports grew 17.7 percent year-on-year in November, the General Administration of Customs said on Friday, also well above expectations of 11.3 percent growth and rising at the fastest pace since September.&nbsp;The numbers may help to ease concerns of slowing momentum in Asia&#39;s economic powerhouse, which had surprised markets with robust growth of nearly 6.9 percent in the first nine months of this year, thanks to a government-led infrastructure spending spree and unexpected strength in exports.

&quot;While we still expect China&#39;s domestic economy to cool in 2018 on gradually tighter fiscal policies, the November import data shows that there are upside risks to our China outlook&quot;, said Louis Kuijs, head of Asia Economics at Oxford Economics in Hong Kong.&nbsp;Tighter rules to rein in risks from a rapid build-up in debt and cut pollution have weighed on overall activity since the third quarter.

Besides ramped-up efforts to reduce winter pollution, authorities unveiled fresh regulatory measures last month for the financial sector, clamping down on high-risk lending and halting some dubious infrastructure projects that would swell local governments&#39; debt.

Imports Bounce To Tail Off?

Some of China&#39;s northern provinces have ordered factories to throttle back or halt output to reduce notoriously thick winter smog.&nbsp;While the war on pollution had been expected to reduce raw materials imports, Friday&#39;s trade numbers showed commodity imports rebounded last month.&nbsp;

China&#39;s natural gas imports in November rose to a record as domestic demand surged while crude imports were the second-highest ever, as refiners ramped up output to cash in on strong profits as fuel prices soar.&nbsp;China&#39;s iron ore imports rose in November even as steel mills are cutting output as part of a government drive against pollution as some analysts said traders were stockpiling inventory.&nbsp;

Iron ore imports &quot;were not necessarily just by steel mills but could have been also purchased by traders&quot;, said Helen Lau at Argonaut Securities in Hong Kong. He added, &quot;They&#39;re trying to accumulate stocks and will do so maybe through March in anticipation of Chinese mills resuming production when China lifts the winter restrictions&quot;.&nbsp;

Steel exports rose from the previous month to 5.35 million tonnes in November, data showed.&nbsp;The rebound in imports comes as China&#39;s yuan has fallen 2.8 percent against the dollar since hitting its 2017 peak on September 8.&nbsp;The latest data showed the country posted a trade surplus of $40.21 billion for the month versus expectations of $35 billion in November after October&#39;s $38.185 billion. Despite the overall strength of the November data, imports could come under pressure as China&#39;s economy cools, analysts say.&nbsp;

&quot;Chinese trade looks to have been surprisingly strong last month. We expect exports to continue to perform well in the coming months on the back of strong global demand&quot;, Capital Economics China economist Julian Evans-Pritchard wrote in a note.&nbsp;&quot;However, we are skeptical that the strength of imports can be sustained given that the delayed impact of policy tightening and a cooling property market are set to weigh on Chinese demand for commodities in coming quarters&quot;.

China's natural gas imports and iron imports rose in November, while steel mills are trying to cut output in a drive against pollution. The growth is still phenomenal for world's second-biggest economy

China's exports and imports unexpectedly accelerated last month in an encouraging sign for the world's second-biggest economy, though analysts expect growth to continue cooling amid a government crackdown on financial risks and polluting factories. As global demand has surprised with its strength, consumers have lapped up Chinese goods at a rapid rate this year, giving the economy a boost and providing policymakers, room to tighten rules to curb high-risk lending. Exports in November rose 12.3 percent year-on-year, the fastest pace in eight months, led by strong sales of electronics and high-tech goods, while commodity purchases helped lift imports. The number beat analysts' forecast of a 5.0 percent increase and compared with 6.9 percent growth in October. Imports grew 17.7 percent year-on-year in November, the General Administration of Customs said on Friday, also well above expectations of 11.3 percent growth and rising at the fastest pace since September. The numbers may help to ease concerns of slowing momentum in Asia's economic powerhouse, which had surprised markets with robust growth of nearly 6.9 percent in the first nine months of this year, thanks to a government-led infrastructure spending spree and unexpected strength in exports. "While we still expect China's domestic economy to cool in 2018 on gradually tighter fiscal policies, the November import data shows that there are upside risks to our China outlook", said Louis Kuijs, head of Asia Economics at Oxford Economics in Hong Kong. Tighter rules to rein in risks from a rapid build-up in debt and cut pollution have weighed on overall activity since the third quarter. Besides ramped-up efforts to reduce winter pollution, authorities unveiled fresh regulatory measures last month for the financial sector, clamping down on high-risk lending and halting some dubious infrastructure projects that would swell local governments' debt. Imports Bounce To Tail Off? Some of China's northern provinces have ordered factories to throttle back or halt output to reduce notoriously thick winter smog. While the war on pollution had been expected to reduce raw materials imports, Friday's trade numbers showed commodity imports rebounded last month. China's natural gas imports in November rose to a record as domestic demand surged while crude imports were the second-highest ever, as refiners ramped up output to cash in on strong profits as fuel prices soar. China's iron ore imports rose in November even as steel mills are cutting output as part of a government drive against pollution as some analysts said traders were stockpiling inventory. Iron ore imports "were not necessarily just by steel mills but could have been also purchased by traders", said Helen Lau at Argonaut Securities in Hong Kong. He added, "They're trying to accumulate stocks and will do so maybe through March in anticipation of Chinese mills resuming production when China lifts the winter restrictions". Steel exports rose from the previous month to 5.35 million tonnes in November, data showed. The rebound in imports comes as China's yuan has fallen 2.8 percent against the dollar since hitting its 2017 peak on September 8. The latest data showed the country posted a trade surplus of $40.21 billion for the month versus expectations of $35 billion in November after October's $38.185 billion. Despite the overall strength of the November data, imports could come under pressure as China's economy cools, analysts say. "Chinese trade looks to have been surprisingly strong last month. We expect exports to continue to perform well in the coming months on the back of strong global demand", Capital Economics China economist Julian Evans-Pritchard wrote in a note. "However, we are skeptical that the strength of imports can be sustained given that the delayed impact of policy tightening and a cooling property market are set to weigh on Chinese demand for commodities in coming quarters".

China exports growth hits eight-month high, imports defy pollution curbs

Asian shares rallied for a second session on Friday as economic news from China and Japan beat all expectations while bitcoin, the market&#39;s new crypto-star, tumbled more than 10 percent after a meteoric ascent in recent weeks.

Sterling briefly rose after the head of the European Commission Jean-Claude Juncker said the EU and the UK have made a breakthrough in the negotiations on how to run their post-Brexit land border and that the two sides will move to the next step of negotiation.

Beijing reported exports surged 12.3 percent in November from a year earlier, more than double the forecast, while imports climbed almost 18 percent.

Iron ore and copper imports enjoyed a stellar rebound, which could help stem a recent pullback in commodity prices.

Japan&#39;s Nikkei led the way as the yen eased on the dollar, rising 1.1 percent on top of Thursday&#39;s 1.45 percent bounce to be almost back where it started the week.

Revised data showed Japan&#39;s economy grew twice as fast as first thought as business spending jumped.

European stock futures were up, with euro Stoxx 50 futures rising 0.6 percent in early trade.

Australian stocks put on 0.3 percent while MSCI&#39;s broadest index of Asia-Pacific shares outside Japan rose 0.7 percent.

Bidders were encouraged by a steadier performance on Wall Street, where the Dow rose 0.29 percent. The S&amp;P 500 gained 0.29 percent and the Nasdaq 0.54 percent.

Still to come as US&nbsp;nonfarm payrolls, with investors looking for 200,000 new jobs in November and much talk wages might show some welcome strength.

Sterling which briefly rose as high as $1.3521 on the Brexit accord, two cents above its low of $1.3320 on Thursday, last traded at $1.3461, down 0.1 percent for the day.

It was one of only a few currencies to gain on the US&nbsp;dollar, which was otherwise broadly firmer.

The US&nbsp;currency cleared 113.00 yen to reach 113.34, while the euro touched a two-week low at $1.1763. Against a basket of currencies, the dollar held firm at 93.848.

Digital Darling

Bitcoin crested above $16,666 on the Bitstamp exchange having doubled in value in just two weeks.

But within a few hours, it dropped almost 15 percent from that level to as low as 14,239 in volatile trade, intensifying the debate about whether it is a bubble about to burst. It last stood at $15,641, down 6 percent on the day.

The largest US&nbsp;cryptocurrency exchange has been struggling to manage record traffic, with an imminent launch of the first bitcoin futures contract further fuelling investor interest.

Some, however, warned the coming of futures might prove to be the downfall of the digital darling.

&quot;Dragging bitcoin into the futures market poses a risk of big players opening doors to short-selling hell,&quot; said Naeem Aslam, the chief market analyst at Think Markets UK.

&quot;Futures markets make it possible to short in decent size with a lot of liquidity, thus affecting the price discovery in the underlying asset market.&quot;

The spectacular rise of the cryptocurrency has stolen some thunder from gold bulls, providing an asset that is also seen as a hedge against inflation and government interference.

Gold steadied at $1,258.10, having finally breached its recent tight trading range to hit a four-month trough at $1,245.60.

&quot;Demand for gold relative to supply has had centuries to reach an equilibrium,&quot; noted Alan Ruskin, a macro strategist at Deutsche Bank. &quot;Bitcoin global demand is still finding its place relative to constrained/inelastic supply.&quot;

Oil prices had gone the other way as a threatened strike by oil workers in Nigeria forced a bout of short covering.

Brent futures were barely changed at $62.19 a barrel, having climbed 98 cents overnight. US&nbsp;crude was off 4 cents at $56.65. [O/R]

Asian shares rallied for a second session on Friday as economic news from China and Japan beat all expectations while bitcoin, the market's new crypto-star, tumbled more than 10 percent after a meteoric ascent in recent weeks

Asian shares rallied for a second session on Friday as economic news from China and Japan beat all expectations while bitcoin, the market's new crypto-star, tumbled more than 10 percent after a meteoric ascent in recent weeks. Sterling briefly rose after the head of the European Commission Jean-Claude Juncker said the EU and the UK have made a breakthrough in the negotiations on how to run their post-Brexit land border and that the two sides will move to the next step of negotiation. Beijing reported exports surged 12.3 percent in November from a year earlier, more than double the forecast, while imports climbed almost 18 percent. Iron ore and copper imports enjoyed a stellar rebound, which could help stem a recent pullback in commodity prices. Japan's Nikkei led the way as the yen eased on the dollar, rising 1.1 percent on top of Thursday's 1.45 percent bounce to be almost back where it started the week. Revised data showed Japan's economy grew twice as fast as first thought as business spending jumped. European stock futures were up, with euro Stoxx 50 futures rising 0.6 percent in early trade. Australian stocks put on 0.3 percent while MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.7 percent. Bidders were encouraged by a steadier performance on Wall Street, where the Dow rose 0.29 percent. The S&P 500 gained 0.29 percent and the Nasdaq 0.54 percent. Still to come as US nonfarm payrolls, with investors looking for 200,000 new jobs in November and much talk wages might show some welcome strength. Sterling which briefly rose as high as $1.3521 on the Brexit accord, two cents above its low of $1.3320 on Thursday, last traded at $1.3461, down 0.1 percent for the day. It was one of only a few currencies to gain on the US dollar, which was otherwise broadly firmer. The US currency cleared 113.00 yen to reach 113.34, while the euro touched a two-week low at $1.1763. Against a basket of currencies, the dollar held firm at 93.848. Digital Darling Bitcoin crested above $16,666 on the Bitstamp exchange having doubled in value in just two weeks. But within a few hours, it dropped almost 15 percent from that level to as low as 14,239 in volatile trade, intensifying the debate about whether it is a bubble about to burst. It last stood at $15,641, down 6 percent on the day. The largest US cryptocurrency exchange has been struggling to manage record traffic, with an imminent launch of the first bitcoin futures contract further fuelling investor interest. Some, however, warned the coming of futures might prove to be the downfall of the digital darling. "Dragging bitcoin into the futures market poses a risk of big players opening doors to short-selling hell," said Naeem Aslam, the chief market analyst at Think Markets UK. "Futures markets make it possible to short in decent size with a lot of liquidity, thus affecting the price discovery in the underlying asset market." The spectacular rise of the cryptocurrency has stolen some thunder from gold bulls, providing an asset that is also seen as a hedge against inflation and government interference. Gold steadied at $1,258.10, having finally breached its recent tight trading range to hit a four-month trough at $1,245.60. "Demand for gold relative to supply has had centuries to reach an equilibrium," noted Alan Ruskin, a macro strategist at Deutsche Bank. "Bitcoin global demand is still finding its place relative to constrained/inelastic supply." Oil prices had gone the other way as a threatened strike by oil workers in Nigeria forced a bout of short covering. Brent futures were barely changed at $62.19 a barrel, having climbed 98 cents overnight. US crude was off 4 cents at $56.65. [O/R]

Asia cheers China trade boost, bitcoin comes off heady heights

Bitcoin tumbled more than 12 percent in volatile Asian trading on Friday, dropping below the $15,000 level after touching a record high above $16,000 earlier in the session.

Bitcoin was down 12.6 percent on the Bitstamp exchange at $14,500.76 as of 0530 GMT, after rising to a record $16,666.66.&nbsp;

It was still up more than 30 percent for the week, as investors debated about whether the cryptocurrency was in a bubble that was about to burst.

Bitcoin has gone down more than 12 percent from a record high of $16,666.66 to $14,500.76. The drop came after volatile Asian trading on Friday

Bitcoin tumbled more than 12 percent in volatile Asian trading on Friday, dropping below the $15,000 level after touching a record high above $16,000 earlier in the session. Bitcoin was down 12.6 percent on the Bitstamp exchange at $14,500.76 as of 0530 GMT, after rising to a record $16,666.66. It was still up more than 30 percent for the week, as investors debated about whether the cryptocurrency was in a bubble that was about to burst.

Bitcoin plummets more than 12 per cent to below $15,000

Oil prices were stable on Friday, held back by a strengthening U.S. dollar but supported by China&#39;s relentless thirst for crude amid the OPEC-led supply cuts that have already tightened the market this year.

US&nbsp;West Texas Intermediate (WTI) crude futures were at $56.68 a barrel at 0535 GMT, virtually unchanged from their last settlement at $56.69.&nbsp;Brent crude futures, the international benchmark for oil prices, were steady at $62.20 a barrel.&nbsp;

Traders said a stronger dollar, which has gained 0.9 percent this month against a basket of other leading currencies, was weighing on prices.&nbsp;A rising greenback attracts financial traders who switch investments in commodity futures and foreign exchange. A strong dollar is also seen by many as a brake on crude prices, as it makes dollar-denominated oil purchases more expensive in countries that use other currencies.

&quot;A strong U.S. dollar could act as a headwind to commodities&quot;, Bank of America Merrill Lynch (BoAML) said in its 2018 outlook.&nbsp;Despite this, China&#39;s booming oil demand will overtake the United States as the world&#39;s biggest crude importer, this year.

China&#39;s crude oil imports rose to 37.04 million tonnes in November, or 9.01 million barrels per day (bpd), the second highest on record, data from the General Administration of Customs showed on Friday.&nbsp;&quot;China&#39;s crude oil imports will continue to rise over the coming years, as output declines from several of its giant onshore fields... This will inevitably see China become more reliant on crude oil imports over our forecast period, with import dependency set to increase from a record 68.0 percent in 2017 to nearly 80 percent by 2021&quot;, BMI Research said.

Bank of America Merrill Lynch, meanwhile, said healthy global demand and tight supplies should see Brent crude oil rise to $70 per barrel by mid-year.&nbsp;U.S. investment bank Jefferies said it expects 2018 global oil demand growth of 1.5 million bpd, driven by near 10 percent demand growth in China.&nbsp;

On the supply side, oil prices have been receiving support from the Organization of the Petroleum Exporting Countries (OPEC) and a group of non-OPEC producers, most importantly Russia, which has been withholding supplies to tighten the market.&nbsp;Largely because of these voluntary production cuts, oil prices rose sharply between June and October, with Brent gaining around 40 percent in value.

Threatening to undermine OPEC&#39;s goal to tighten markets is U.S. oil production, which has risen by more than 15 percent since mid-2016 to 9.7 million barrels per day (bpd), the highest level since the early 1970s and close to the output of top producers Russia and Saudi Arabia.&nbsp;The EIA monthly data on U.S. crude production published November 30 was also somewhat bearish.

Oil prices in the world were stable on Friday as China's thirst for crude countered continuously strengthening U.S. dollar. It is speculated that China's booming oil demand will result in it becoming the world's biggest crude importer

Oil prices were stable on Friday, held back by a strengthening U.S. dollar but supported by China's relentless thirst for crude amid the OPEC-led supply cuts that have already tightened the market this year. US West Texas Intermediate (WTI) crude futures were at $56.68 a barrel at 0535 GMT, virtually unchanged from their last settlement at $56.69. Brent crude futures, the international benchmark for oil prices, were steady at $62.20 a barrel. Traders said a stronger dollar, which has gained 0.9 percent this month against a basket of other leading currencies, was weighing on prices. A rising greenback attracts financial traders who switch investments in commodity futures and foreign exchange. A strong dollar is also seen by many as a brake on crude prices, as it makes dollar-denominated oil purchases more expensive in countries that use other currencies. "A strong U.S. dollar could act as a headwind to commodities", Bank of America Merrill Lynch (BoAML) said in its 2018 outlook. Despite this, China's booming oil demand will overtake the United States as the world's biggest crude importer, this year. China's crude oil imports rose to 37.04 million tonnes in November, or 9.01 million barrels per day (bpd), the second highest on record, data from the General Administration of Customs showed on Friday. "China's crude oil imports will continue to rise over the coming years, as output declines from several of its giant onshore fields... This will inevitably see China become more reliant on crude oil imports over our forecast period, with import dependency set to increase from a record 68.0 percent in 2017 to nearly 80 percent by 2021", BMI Research said. Bank of America Merrill Lynch, meanwhile, said healthy global demand and tight supplies should see Brent crude oil rise to $70 per barrel by mid-year. U.S. investment bank Jefferies said it expects 2018 global oil demand growth of 1.5 million bpd, driven by near 10 percent demand growth in China. On the supply side, oil prices have been receiving support from the Organization of the Petroleum Exporting Countries (OPEC) and a group of non-OPEC producers, most importantly Russia, which has been withholding supplies to tighten the market. Largely because of these voluntary production cuts, oil prices rose sharply between June and October, with Brent gaining around 40 percent in value. Threatening to undermine OPEC's goal to tighten markets is U.S. oil production, which has risen by more than 15 percent since mid-2016 to 9.7 million barrels per day (bpd), the highest level since the early 1970s and close to the output of top producers Russia and Saudi Arabia. The EIA monthly data on U.S. crude production published November 30 was also somewhat bearish.

Oil prices steady as Chinese demand counters stronger dollar

Benchmark BSE Sensex regained the key 33,000 mark at the start of trading today after buying by retail investors and domestic institutions gathered momentum amid strong global cues.

The broader NSE Nifty too went past the 10,200-level.

The 30-share Sensex was trading higher by 190.36 points, or 0.57 per cent, at 33,139.57, with all sectoral indices in the green, led by consumer durables, bank, metal and auto.

The gauge had rallied 352.03 points yesterday.

The NSE Nifty too rose 60.65 points, or 0.59 per cent, at 10,227.35 in early trade today.

Brokers said unabated buying by retail and domestic institutional investors and a firm trend in other Asian markets influenced sentiment here.

Prominent gainers included Tata Motors, Bharti Airtel, Adani Ports, ICICI Bank, Axis Bank, Maruti Suzuki, ONGC, HDFC Bank, HDFC Ltd, Bajaj Auto, Wipro, TCS, Cipla and SBI, gaining up to 1.68 per cent.

Japan&#39;s Nikkei was up 1.22 per cent while Hong Kong&#39;s Hang Seng rose 0.57 per cent in early trade today. Shanghai Composite, however, shed 0.08 per cent.

The US Dow Jones Industrial Average ended 0.29 per cent higher in yesterday&#39;s trade.&nbsp;

Benchmark BSE Sensex regained the key 33,000 mark at the start of trading today after buying by retail investors and domestic institutions gathered momentum amid strong global cues.

Benchmark BSE Sensex regained the key 33,000 mark at the start of trading today after buying by retail investors and domestic institutions gathered momentum amid strong global cues. The broader NSE Nifty too went past the 10,200-level. The 30-share Sensex was trading higher by 190.36 points, or 0.57 per cent, at 33,139.57, with all sectoral indices in the green, led by consumer durables, bank, metal and auto. The gauge had rallied 352.03 points yesterday. The NSE Nifty too rose 60.65 points, or 0.59 per cent, at 10,227.35 in early trade today. Brokers said unabated buying by retail and domestic institutional investors and a firm trend in other Asian markets influenced sentiment here. Prominent gainers included Tata Motors, Bharti Airtel, Adani Ports, ICICI Bank, Axis Bank, Maruti Suzuki, ONGC, HDFC Bank, HDFC Ltd, Bajaj Auto, Wipro, TCS, Cipla and SBI, gaining up to 1.68 per cent. Japan's Nikkei was up 1.22 per cent while Hong Kong's Hang Seng rose 0.57 per cent in early trade today. Shanghai Composite, however, shed 0.08 per cent. The US Dow Jones Industrial Average ended 0.29 per cent higher in yesterday's trade.

Sensex reclaims 33,000-mark, up 190 points

As more and more businesses turn to social media to educate customers and target audience with respect to their product or service, WhatsApp recently published a blog giving out more information about its brand new application designed especially for business accounts.&nbsp;

&quot;Over 1 billion people use WhatsApp every day to stay connected with their family and friends, and over time, more people are using the app to communicate with businesses they care about too. In the coming months, we&#39;ll be testing new features that aim to solve some of these challenges and make it easier for people to communicate with the businesses they want to reach on WhatsApp,&quot; mentions WhatsApp&#39;s official blog.&nbsp;

A business account will be identified as the one created by using the official WhatsApp Business application. The logo will remain the remain, with a minor change that will replace the call logo at the centre of the green dialogue bubble with a &#39;B&#39;.

While a business account will sport a grey question mark badge in its profile, a confirmed account will have a grey checkmark badge.&nbsp;

A business account will get confirmed only after WhatsApp confirms the phone number associated with the account with the number linked to the business. A verified account, on the other hand, will feature a green checkmark badge in its profile right after WhatsApp confirms that an authentic brand owns the business account.&nbsp;

&quot;We also provide you with the tools you need to control your experience with businesses. You can block business accounts and report them as spam at any time, right within the chat,&quot; as mentioned on WhatsApp&#39;s blog.&nbsp;

The much-awaited WhatsApp Business app is currently being tested by a private group of testers.

WhatsApp is expected to roll out the standalone business app shortly.&nbsp;

The much-awaited WhatsApp Business app is currently being tested by a private group of testers

As more and more businesses turn to social media to educate customers and target audience with respect to their product or service, WhatsApp recently published a blog giving out more information about its brand new application designed especially for business accounts. "Over 1 billion people use WhatsApp every day to stay connected with their family and friends, and over time, more people are using the app to communicate with businesses they care about too. In the coming months, we'll be testing new features that aim to solve some of these challenges and make it easier for people to communicate with the businesses they want to reach on WhatsApp," mentions WhatsApp's official blog. A business account will be identified as the one created by using the official WhatsApp Business application. The logo will remain the remain, with a minor change that will replace the call logo at the centre of the green dialogue bubble with a 'B'. While a business account will sport a grey question mark badge in its profile, a confirmed account will have a grey checkmark badge. A business account will get confirmed only after WhatsApp confirms the phone number associated with the account with the number linked to the business. A verified account, on the other hand, will feature a green checkmark badge in its profile right after WhatsApp confirms that an authentic brand owns the business account. "We also provide you with the tools you need to control your experience with businesses. You can block business accounts and report them as spam at any time, right within the chat," as mentioned on WhatsApp's blog. The much-awaited WhatsApp Business app is currently being tested by a private group of testers. WhatsApp is expected to roll out the standalone business app shortly.

WhatsApp to roll out a standalone Business app soon; features officially revealed

Gold prices steadied on Friday but were on track for their biggest weekly fall since May ahead of US&nbsp;employment data later that could influence the pace of US&nbsp;interest rate rises.

Gold this week broke below a recent trading range and tumbled through technical levels to its lowest since July as progress on US&nbsp;tax reform fuelled optimism about the US&nbsp;economy and boosted the dollar.

&quot;You can put it down to the strength of the dollar and the ebullience of investors regarding equities and all things risk-on,&quot; said ETF Securities analyst Martin Arnold.

&quot;When in such a positive mindset investors don&#39;t look for defensive assets like gold.&quot;

The dollar was given an extra boost on Friday after a funding bill eased fears of a US&nbsp;government shutdown this month. A stronger dollar makes bullion more expensive for holders of other currencies and can dampen demand.

Spot gold was down 0.1 percent at $1,245.66 an ounce at 1109 GMT, close to Thursday&#39;s low of $1243.71, the weakest since July 26. It had fallen 2.7 percent this week, its third consecutive weekly fall and the biggest since early May.

US&nbsp;gold futures were 0.4 percent lower at $1,247.80.

Selling was triggered after gold broke below $1,260, the bottom of its trading range since September, and plunged below its 200-day moving average for the first time since July.

Technical support is now at $1,250 and a Fibonacci level at $1,240.90 but momentum indicators suggest that gold could fall to $1,204.90, the July low, said analysts at ScotiaMocatta.

However, ETF Securities&#39; Arnold said prices were supported by risks including US&nbsp;policy paralysis, tensions in North Korea and the Middle East, and a potential correction in equity valuations. He said gold&#39;s fair value was $1,260-$1,280.

Gold is traditionally seen as a safe investment in times of uncertainty.

Investors were looking ahead to US&nbsp;non-farm payrolls data at 1330 GMT. The US&nbsp;Federal Reserve is expected next week to announce a rise in interest rates and offer guidance on the pace of further increases. Strong payrolls would support the case for aggressive rate rises.

Gold is sensitive to rising interest rates because they push up bond yields, reducing the appeal of non-yielding gold, and tend to boost the dollar.

Among other precious metals, silver was up 0.4 percent at $15.78 but down 4 percent this week.

Platinum was 0.1 percent lower at $892.20 an ounce and on track to fall nearly 5 percent this week, its biggest weekly loss in nine months.

Palladium was up 0.1 percent at $1,013.75 an ounce.

Gold prices steadied on Friday but were on track for their biggest weekly fall since May ahead of US?employment data later that could influence the pace of US?interest rate rises.

Gold prices steadied on Friday but were on track for their biggest weekly fall since May ahead of US employment data later that could influence the pace of US interest rate rises. Gold this week broke below a recent trading range and tumbled through technical levels to its lowest since July as progress on US tax reform fuelled optimism about the US economy and boosted the dollar. "You can put it down to the strength of the dollar and the ebullience of investors regarding equities and all things risk-on," said ETF Securities analyst Martin Arnold. "When in such a positive mindset investors don't look for defensive assets like gold." The dollar was given an extra boost on Friday after a funding bill eased fears of a US government shutdown this month. A stronger dollar makes bullion more expensive for holders of other currencies and can dampen demand. Spot gold was down 0.1 percent at $1,245.66 an ounce at 1109 GMT, close to Thursday's low of $1243.71, the weakest since July 26. It had fallen 2.7 percent this week, its third consecutive weekly fall and the biggest since early May. US gold futures were 0.4 percent lower at $1,247.80. Selling was triggered after gold broke below $1,260, the bottom of its trading range since September, and plunged below its 200-day moving average for the first time since July. Technical support is now at $1,250 and a Fibonacci level at $1,240.90 but momentum indicators suggest that gold could fall to $1,204.90, the July low, said analysts at ScotiaMocatta. However, ETF Securities' Arnold said prices were supported by risks including US policy paralysis, tensions in North Korea and the Middle East, and a potential correction in equity valuations. He said gold's fair value was $1,260-$1,280. Gold is traditionally seen as a safe investment in times of uncertainty. Investors were looking ahead to US non-farm payrolls data at 1330 GMT. The US Federal Reserve is expected next week to announce a rise in interest rates and offer guidance on the pace of further increases. Strong payrolls would support the case for aggressive rate rises. Gold is sensitive to rising interest rates because they push up bond yields, reducing the appeal of non-yielding gold, and tend to boost the dollar. Among other precious metals, silver was up 0.4 percent at $15.78 but down 4 percent this week. Platinum was 0.1 percent lower at $892.20 an ounce and on track to fall nearly 5 percent this week, its biggest weekly loss in nine months. Palladium was up 0.1 percent at $1,013.75 an ounce.

Dollar rise pushes gold toward biggest weekly fall since May

The island-nation of Mauritius has started buying fuel from Saudi Arabia&#39;s state-owned oil company Saudi Aramco after a court ordered a ban on Indian fuel supplies because of a dispute between the country and a shipping firm.

For years, Indian oil refiner Mangalore Refinery and Petrochemicals Ltd (MRPL) has been the sole supplier to Mauritius of fuels such as gasoline and diesel. However, an Indian court has ordered a ship loaded with fuel from MRPL for the island to stay in port until the Mauritian government settles an outstanding $120 million payment to shipper Betamax over a contract dispute.&nbsp;

Mauritian Trade Minister Ashit Gungah told reporters on Thursday in the country&#39;s capital of Port St. Louis that Aramco will supply fuel.&nbsp;&quot;I can reassure the population and economic operators that we have sufficient stock of fuel&quot;, he said. &quot;A first tanker is expected in the country during the weekend and two more tankers will arrive next week. A fourth tanker is due by mid-December&quot;.&nbsp;He further said the supplies would be sufficient to meet demand until January 2018.

&quot;Other friendly countries have also accepted to help Mauritius&quot;, Gungah said.&nbsp;The fuel issues stem from a dispute between the State Trading Corporation of Mauritius (STCM), which buys fuel from MRPL, and Mauritian-based shipper Betamax.

STCM in 2009 signed a 15-year contract with Betamax to transport fuels from MRPL in the southern the Indian state of Karnataka to Port Louis. The contract was worth 8 billion Mauritius rupees ($238 million), according to local media reports.&nbsp;But in 2015 it terminated the contract with Betamax.

The company won a case in June against STCM for premature termination at the Singapore International Arbitration Centre that awarded Betamax more than $120 million.&nbsp;Betamax pressed the case at the Karnataka High Court after STCM did not make payment.

A Karnataka court order reviewed by Reuters directed port authorities at Mangalore &quot;to refrain from providing any clearance&quot; to the tanker Pacific Diamond from leaving India with 40,000 tonnes of unspecified petroleum product for delivery to STCM.&nbsp;The ship is to be held until the next hearing on the matter on Monday, the order said.&nbsp;

Betamax can enforce the arbitration award against STCM&#39;s assets in any country where the award is enforceable.&nbsp;MRPL exports about 1.2 million tonnes of refined fuels to Mauritius a year.&nbsp;MRPL will look at exporting the surplus fuel if the ban continues on supplies to Port Louis, a company official said on condition of anonymity.&nbsp;

An MRPL spokesman declined to comment on the matter while Saudi Aramco did not immediately reply to an e-mail.&nbsp;

After Indian court ordered an oil tanker loaded with fuel for Mauritius to stay in port until all outstanding has been settled, Mauritius buys fuel from Saudi Arabia

The island-nation of Mauritius has started buying fuel from Saudi Arabia's state-owned oil company Saudi Aramco after a court ordered a ban on Indian fuel supplies because of a dispute between the country and a shipping firm. For years, Indian oil refiner Mangalore Refinery and Petrochemicals Ltd (MRPL) has been the sole supplier to Mauritius of fuels such as gasoline and diesel. However, an Indian court has ordered a ship loaded with fuel from MRPL for the island to stay in port until the Mauritian government settles an outstanding $120 million payment to shipper Betamax over a contract dispute. Mauritian Trade Minister Ashit Gungah told reporters on Thursday in the country's capital of Port St. Louis that Aramco will supply fuel. "I can reassure the population and economic operators that we have sufficient stock of fuel", he said. "A first tanker is expected in the country during the weekend and two more tankers will arrive next week. A fourth tanker is due by mid-December". He further said the supplies would be sufficient to meet demand until January 2018. "Other friendly countries have also accepted to help Mauritius", Gungah said. The fuel issues stem from a dispute between the State Trading Corporation of Mauritius (STCM), which buys fuel from MRPL, and Mauritian-based shipper Betamax. STCM in 2009 signed a 15-year contract with Betamax to transport fuels from MRPL in the southern the Indian state of Karnataka to Port Louis. The contract was worth 8 billion Mauritius rupees ($238 million), according to local media reports. But in 2015 it terminated the contract with Betamax. The company won a case in June against STCM for premature termination at the Singapore International Arbitration Centre that awarded Betamax more than $120 million. Betamax pressed the case at the Karnataka High Court after STCM did not make payment. A Karnataka court order reviewed by Reuters directed port authorities at Mangalore "to refrain from providing any clearance" to the tanker Pacific Diamond from leaving India with 40,000 tonnes of unspecified petroleum product for delivery to STCM. The ship is to be held until the next hearing on the matter on Monday, the order said. Betamax can enforce the arbitration award against STCM's assets in any country where the award is enforceable. MRPL exports about 1.2 million tonnes of refined fuels to Mauritius a year. MRPL will look at exporting the surplus fuel if the ban continues on supplies to Port Louis, a company official said on condition of anonymity. An MRPL spokesman declined to comment on the matter while Saudi Aramco did not immediately reply to an e-mail.

Mauritius turns to Saudi fuel cargoes after court bans Indian supplies