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Asian shares eked out small gains on Tuesday as expectations that Beijing will maintain support for its economy ahead of a key congress supported Chinese stocks and metals prices, but worries about North Korea kept many investors on edge.

European shares were expected rise slightly after a slide on Monday. Spread betters see Germany&#39;s DAX and France&#39;s CAC gaining 0.3 percent and Britain&#39;s FTSE 0.1 percent.

But Wall Street looked set to open slightly softer after a long holiday weekend during which Pyongyang triggered its most powerful nuclear test yet. S&amp;P500 mini futures, which had slid on Monday, last stood at 2,469, 0.2 percent below Friday&#39;s close.

MSCI&#39;s index of Asia-Pacific shares outside Japan was up 0.2 percent thanks to gains in Chinese shares, though many markets were in the red.

Japan&#39;s Nikkei fell 0.6 percent on fears that more provocation from North Korea is possible. Media said the North appeared to be preparing for further ballistic missile tests.

The White House said on Monday that &quot;all options to address the North Korean threat are on the table&quot; while US&nbsp;Ambassador to the United Nations Nikki Haley urged the 15-member UN&nbsp;Security Council to impose the &quot;strongest possible&quot; sanctions to deter Pyongyang.

&quot;It&#39;s not clear whether diplomacy can solve this problem given it has failed for the last 25 years,&quot; said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities.

&quot;But the US&nbsp;doesn&#39;t seem to be ready for a military action soon, either. So we are likely to see continued stalemate, which will keep a tab on share prices.&quot;

Fears about North Korea kept safe-haven assets in demand, with gold rising 0.1 percent to $1,336 per ounce, after having hit a 11-month high of $1,339.8 on Monday.

In the currency market, the yen, which usually gains on risk aversion due to Japan&#39;s net creditor nation status, gained 0.4 percent to 109.32 yen to the dollar, near Monday&#39;s high of 109.22 yen.

The euro slightly extended its gains to trade at $1.1905.

But it kept some distance from a 2-1/2-year high of $1.2070 hit last week on rising expectations that a stronger euro could slow the European Central Bank&#39;s (ECB) plans to rein in its bond-buying stimulus scheme.

The Chinese yuan hit a near 16-month high of 6.515 per dollar. It has gained 2.0 percent in less than two weeks, a sizable move for the pair, in response to dollar weakness and a series of stronger midpoints set by the central bank.

The Shanghai composite index of mainland Chinese shares hit its highest levels since January 2016, due to solid economic and earnings growth in China in recent months and expectations that Beijing will not tolerate any disruptions ahead of a key Communist Party Congress in mid-October.

Such expectations also helped to lift copper to a near three-year of $6,944.5 per tonne. It last stood at $6,933, up 0.2 percent on the day.

The prices of steel and iron ore have rallied in recent weeks.

But some analysts say profit-taking in base metals could start soon.

&quot;Now that Beijing fixed its schedule on the national congress, it may no longer accelerate infrastructure spending,&quot; said Tatsufumi Okoshi, senior economist at Nomura Securities.

&quot;We should be mindful of the possibility that iron ores, steel and other non-ferrous metals will peak out soon.&quot;

US&nbsp;crude oil prices edged higher while U.S. gasoline prices slumped to pre-Hurricane Harvey levels, as oil refineries and pipelines in the US&nbsp;Gulf Coast slowly resumed activity, easing supply concerns.

US&nbsp;West Texas Intermediate (WTI) crude futures ticked up 0.2 percent to trade at $47.38 per barrel.

The return of US&nbsp;refineries ended a spike in gasoline prices as initial fears of a serious supply crunch faded.

US&nbsp;gasoline futures dropped 4.1 percent from their last close, to $1.67 per gallon, down from $2.17 touched on Aug. 31 and back to levels last seen before Harvey hit the US&nbsp;Gulf coast and its large refining industry.

Elsewhere, bitcoin dropped further from Saturday&#39;s all-time high of $4,979.9 to trade at $4,012 after China on Monday banned the practice of raising funds through launches of token-based digital currencies, or so-called initial coin offerings (ICO).

European shares were expected rise slightly after a slide on Monday. Spread betters see Germany's DAX and France's CAC gaining 0.3 percent and Britain's FTSE 0.1 percent.

Asian shares eked out small gains on Tuesday as expectations that Beijing will maintain support for its economy ahead of a key congress supported Chinese stocks and metals prices, but worries about North Korea kept many investors on edge. European shares were expected rise slightly after a slide on Monday. Spread betters see Germany's DAX and France's CAC gaining 0.3 percent and Britain's FTSE 0.1 percent. But Wall Street looked set to open slightly softer after a long holiday weekend during which Pyongyang triggered its most powerful nuclear test yet. S&P500 mini futures, which had slid on Monday, last stood at 2,469, 0.2 percent below Friday's close. MSCI's index of Asia-Pacific shares outside Japan was up 0.2 percent thanks to gains in Chinese shares, though many markets were in the red. Japan's Nikkei fell 0.6 percent on fears that more provocation from North Korea is possible. Media said the North appeared to be preparing for further ballistic missile tests. The White House said on Monday that "all options to address the North Korean threat are on the table" while US Ambassador to the United Nations Nikki Haley urged the 15-member UN Security Council to impose the "strongest possible" sanctions to deter Pyongyang. "It's not clear whether diplomacy can solve this problem given it has failed for the last 25 years," said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. "But the US doesn't seem to be ready for a military action soon, either. So we are likely to see continued stalemate, which will keep a tab on share prices." Fears about North Korea kept safe-haven assets in demand, with gold rising 0.1 percent to $1,336 per ounce, after having hit a 11-month high of $1,339.8 on Monday. In the currency market, the yen, which usually gains on risk aversion due to Japan's net creditor nation status, gained 0.4 percent to 109.32 yen to the dollar, near Monday's high of 109.22 yen. The euro slightly extended its gains to trade at $1.1905. But it kept some distance from a 2-1/2-year high of $1.2070 hit last week on rising expectations that a stronger euro could slow the European Central Bank's (ECB) plans to rein in its bond-buying stimulus scheme. The Chinese yuan hit a near 16-month high of 6.515 per dollar. It has gained 2.0 percent in less than two weeks, a sizable move for the pair, in response to dollar weakness and a series of stronger midpoints set by the central bank. The Shanghai composite index of mainland Chinese shares hit its highest levels since January 2016, due to solid economic and earnings growth in China in recent months and expectations that Beijing will not tolerate any disruptions ahead of a key Communist Party Congress in mid-October. Such expectations also helped to lift copper to a near three-year of $6,944.5 per tonne. It last stood at $6,933, up 0.2 percent on the day. The prices of steel and iron ore have rallied in recent weeks. But some analysts say profit-taking in base metals could start soon. "Now that Beijing fixed its schedule on the national congress, it may no longer accelerate infrastructure spending," said Tatsufumi Okoshi, senior economist at Nomura Securities. "We should be mindful of the possibility that iron ores, steel and other non-ferrous metals will peak out soon." US crude oil prices edged higher while U.S. gasoline prices slumped to pre-Hurricane Harvey levels, as oil refineries and pipelines in the US Gulf Coast slowly resumed activity, easing supply concerns. US West Texas Intermediate (WTI) crude futures ticked up 0.2 percent to trade at $47.38 per barrel. The return of US refineries ended a spike in gasoline prices as initial fears of a serious supply crunch faded. US gasoline futures dropped 4.1 percent from their last close, to $1.67 per gallon, down from $2.17 touched on Aug. 31 and back to levels last seen before Harvey hit the US Gulf coast and its large refining industry. Elsewhere, bitcoin dropped further from Saturday's all-time high of $4,979.9 to trade at $4,012 after China on Monday banned the practice of raising funds through launches of token-based digital currencies, or so-called initial coin offerings (ICO).

Global stocks on defensive after selloff on North Korea fears

Aerospace supplier United Technologies has struck a $30 billion agreement to buy avionics and interiors maker Rockwell Collins, the companies said on Monday, in a deal that bulks up UTC&#39;s power with plane makers by creating one of the world&#39;s largest makers of civilian and defense aircraft components.

Farmington, Connecticut-based United Technologies will pay $140 per share for Rockwell Collins, split between $93.33 per in cash and $46.67 in stock, according to the companies. The price represents a 17.6 per cent premium to Rockwell&#39;s $119 share price before news of the talks emerged on Aug. 4.

Shares of Cedar Rapids, Iowa-based Rockwell Collins closed at $130.61 on Friday US markets were closed on Monday for the Labor Day holiday.

The acquisition price implies a total transaction value of $30 billion, including Rockwell Collins&#39; debt, and a total equity value of $23 billion. United Tech said it plans to fund the cash portion through debt issuances and cash on hand.

Under the deal, the companies said that Rockwell Collins and UTC&#39;s aerospace systems segment will be combined to create a new business unit named Collins Aerospace Systems.

&quot;This acquisition adds tremendous capabilities to our aerospace businesses and strengthens our complementary offerings of technologically advanced aerospace systems,&quot; UTC&#39;s chairman and chief executive officer, Greg Hayes, said in the statement.

&quot;Together, Rockwell Collins and UTC Aerospace Systems will enhance customer value in a rapidly evolving aerospace industry by making aircraft more intelligent and more connected,&quot; he said.

Suppliers VS Planemakers

The creation of a new giant in the top echelon of aircraft parts makers comes as planemakers Boeing and Airbus SE are trying to capture more of the profits earned by their suppliers. Both are pushing suppliers to lower prices and are moving into the high-margin aftermarket arena for parts and services that suppliers now enjoy.

In a move seen as a threat to Rockwell, Boeing said in July that it would build up its own avionics business.

Last week, Airbus urged supplier UTC to stay focused on fixing industrial problems that have delayed new aircraft deliveries.

If plane makers &quot;are going to take more of the aftermarket or demand more of the aftermarket, we&#39;re going to have to think about how we price our products,&quot; Hayes told analysts in July.

By making more of the components needed on each aircraft, analysts say, United Technologies likely will gain some leverage to resist such pressures.

The deal also follows a wave of consolidation among smaller aerospace manufacturers in recent years that was caused in part by the need to invest in new technologies such as metal 3-D printing and connected factories to stay competitive. A combined United Technologies and Rockwell Collins could similarly invest, and their broad portfolios have little overlap.

United Technologies makes Pratt &amp; Whitney jet engines used by Airbus, Bombardier Inc, Embraer SA and other plane makers. It supplies engines for Lockheed Martin Corp&#39;s F-35 Joint Strike Fighter. It also supplies such key components as landing gear, air conditioning systems and engine covers to a wide range of jetliners.

Rockwell Collins is a major avionics supplier to Boeing and Airbus and other plane makers. In April it added passenger seating, cabin interiors, lavatories and galleys through its $6.4 billion acquisition of B/E Aerospace.

The two companies have spent a month trying to reach an agreement, and their combined sales would be more than $62 billion, compared with about $95 billion for Boeing.

United Technologies expects to close the purchase in the third quarter of 2018. The company, with a $94.2 billion market value, also owns Otis Elevator and air conditioner maker Carrier.

Rockwell Collins has a market value of $21.2 billion.

The deal, which includes $7 billion in Rockwell&#39;s debt, is expected to save more than $500 million by the fourth year after its completion, the companies said.

Morgan Stanley &amp; Co LLC was the financial adviser to United Tech, and Wachtell, Lipton, Rosen &amp; Katz was its legal adviser.

J.P&nbsp;Morgan Securities LLC and Citigroup Global Markets Inc were Rockwell&#39;s financial advisers, while Skadden, Arps, Slate, Meagher &amp; Flom was its legal adviser.

Aerospace supplier United Technologies has struck a $30 billion agreement to buy avionics and interiors maker Rockwell Collins

Aerospace supplier United Technologies has struck a $30 billion agreement to buy avionics and interiors maker Rockwell Collins, the companies said on Monday, in a deal that bulks up UTC's power with plane makers by creating one of the world's largest makers of civilian and defense aircraft components. Farmington, Connecticut-based United Technologies will pay $140 per share for Rockwell Collins, split between $93.33 per in cash and $46.67 in stock, according to the companies. The price represents a 17.6 per cent premium to Rockwell's $119 share price before news of the talks emerged on Aug. 4. Shares of Cedar Rapids, Iowa-based Rockwell Collins closed at $130.61 on Friday US markets were closed on Monday for the Labor Day holiday. The acquisition price implies a total transaction value of $30 billion, including Rockwell Collins' debt, and a total equity value of $23 billion. United Tech said it plans to fund the cash portion through debt issuances and cash on hand. Under the deal, the companies said that Rockwell Collins and UTC's aerospace systems segment will be combined to create a new business unit named Collins Aerospace Systems. "This acquisition adds tremendous capabilities to our aerospace businesses and strengthens our complementary offerings of technologically advanced aerospace systems," UTC's chairman and chief executive officer, Greg Hayes, said in the statement. "Together, Rockwell Collins and UTC Aerospace Systems will enhance customer value in a rapidly evolving aerospace industry by making aircraft more intelligent and more connected," he said. Suppliers VS Planemakers The creation of a new giant in the top echelon of aircraft parts makers comes as planemakers Boeing and Airbus SE are trying to capture more of the profits earned by their suppliers. Both are pushing suppliers to lower prices and are moving into the high-margin aftermarket arena for parts and services that suppliers now enjoy. In a move seen as a threat to Rockwell, Boeing said in July that it would build up its own avionics business. Last week, Airbus urged supplier UTC to stay focused on fixing industrial problems that have delayed new aircraft deliveries. If plane makers "are going to take more of the aftermarket or demand more of the aftermarket, we're going to have to think about how we price our products," Hayes told analysts in July. By making more of the components needed on each aircraft, analysts say, United Technologies likely will gain some leverage to resist such pressures. The deal also follows a wave of consolidation among smaller aerospace manufacturers in recent years that was caused in part by the need to invest in new technologies such as metal 3-D printing and connected factories to stay competitive. A combined United Technologies and Rockwell Collins could similarly invest, and their broad portfolios have little overlap. United Technologies makes Pratt & Whitney jet engines used by Airbus, Bombardier Inc, Embraer SA and other plane makers. It supplies engines for Lockheed Martin Corp's F-35 Joint Strike Fighter. It also supplies such key components as landing gear, air conditioning systems and engine covers to a wide range of jetliners. Rockwell Collins is a major avionics supplier to Boeing and Airbus and other plane makers. In April it added passenger seating, cabin interiors, lavatories and galleys through its $6.4 billion acquisition of B/E Aerospace. The two companies have spent a month trying to reach an agreement, and their combined sales would be more than $62 billion, compared with about $95 billion for Boeing. United Technologies expects to close the purchase in the third quarter of 2018. The company, with a $94.2 billion market value, also owns Otis Elevator and air conditioner maker Carrier. Rockwell Collins has a market value of $21.2 billion. The deal, which includes $7 billion in Rockwell's debt, is expected to save more than $500 million by the fourth year after its completion, the companies said. Morgan Stanley & Co LLC was the financial adviser to United Tech, and Wachtell, Lipton, Rosen & Katz was its legal adviser. J.P Morgan Securities LLC and Citigroup Global Markets Inc were Rockwell's financial advisers, while Skadden, Arps, Slate, Meagher & Flom was its legal adviser.

United Tech to buy Rockwell Collins for $30 billion, combine aerospace operations

Electric cars are yet to dominate the automobile market but WION presents to you the report on the situation of electric car market in India. Watch to know more.

How electric cars are changing India

Apex Frozen Food debuted in the stock market today.

&nbsp;The company was listed at RS 199.90 on BSE which is 14.23 per cent premium over its issue price of RS 175.&nbsp;

Whereas on The National Stock Exchange the company was listed at Rs 202, 15 per cent premium over the issue price of Rs 175.&nbsp;

The stock was fixed at 5 percent upper circuit of Rs 212.10 (the intraday high).

The company launched the public issue of up to 87 lakh shares that was opened for subscription during August 22-24. The price band for the issue was Rs 171-175 per share.

The company deals in a variety of white shrimp which is sold under different brands- Bay Fresh, Bay Harvest, and BayPremium.

It will use the proceeds earned for setting up a new shrimp processing unit of 20,000 tonnes per annum which is expected to&nbsp;come up in Andhra Pradesh.

&nbsp;

?The company was listed at RS 199.90 on BSE which is 14.23 per cent premium over its issue price of RS 175

Apex Frozen Food debuted in the stock market today. The company was listed at RS 199.90 on BSE which is 14.23 per cent premium over its issue price of RS 175. Whereas on The National Stock Exchange the company was listed at Rs 202, 15 per cent premium over the issue price of Rs 175. The stock was fixed at 5 percent upper circuit of Rs 212.10 (the intraday high). The company launched the public issue of up to 87 lakh shares that was opened for subscription during August 22-24. The price band for the issue was Rs 171-175 per share. The company deals in a variety of white shrimp which is sold under different brands- Bay Fresh, Bay Harvest, and BayPremium. It will use the proceeds earned for setting up a new shrimp processing unit of 20,000 tonnes per annum which is expected to come up in Andhra Pradesh.

Apex Frozen Food debuts with high mark

Indian shares fell on Monday in line with Asian markets as <a href="http://www.wionews.com/world/north-korea-declares-h-bomb-test-a-perfect-success-19816">North Korea&#39;s latest nuclear test</a> prompted investors to seek refuge in safe havens such as gold.

<a href="http://www.wionews.com/world/46-quake-detected-in-n-korea-due-to-cave-in-china-19810">North Korea on Sunday conducted its sixth and most powerful nuclear test</a>, which it said was of an advanced hydrogen bomb for a long-range missile, marking a dramatic escalation of the regime&#39;s stand-off with the United States and its allies.

Japan&#39;s Nikkei closed about 1 per cent lower, while MSCI&#39;s broadest index of Asia-Pacific shares outside Japan dipped 0.8 per cent.

&quot;The markets are struggling to go up because of North Korea tensions,&quot; said Deven Choksey, promoter, KR Choksey.

The broader Nifty was down 0.97 per cent at9,877.70 as of 0637 GMT, while the benchmark Sensex was 0.87 per cent lower at 31,613.89.

Technical charts showed the NSE index broke out of a triangle formation last week, suggesting consolidation was complete and a rally might resume.

&quot;Banking stocks such as HDFC Bank are a bit highly valued and are seeing some corrections,&quot; Choksey said.

HDFC Bank and Housing Development Finance Corp were down for a second straight session, trading 0.9 per cent and 0.7 per cent lower respectively.

The Nifty Auto index fell 0.8 per cent after gaining nearly 2 per cent on Friday when most automakers reported August sales numbers. Hero MotoCorp, which reported a 10 per cent rise in sales, was trading 1.6 per cent lower.

Meanwhile, Coal India surged as much as 2.9 per cent after the miner said on Friday that the company along with its units produced 37.63 million tonnes of coal in August, beating its target of 36.96 million tonnes.

North Korea's latest nuclear test prompted investors to seek refuge in safe havens such as gold

Indian shares fell on Monday in line with Asian markets as North Korea's latest nuclear test prompted investors to seek refuge in safe havens such as gold. North Korea on Sunday conducted its sixth and most powerful nuclear test, which it said was of an advanced hydrogen bomb for a long-range missile, marking a dramatic escalation of the regime's stand-off with the United States and its allies. Japan's Nikkei closed about 1 per cent lower, while MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.8 per cent. "The markets are struggling to go up because of North Korea tensions," said Deven Choksey, promoter, KR Choksey. The broader Nifty was down 0.97 per cent at9,877.70 as of 0637 GMT, while the benchmark Sensex was 0.87 per cent lower at 31,613.89. Technical charts showed the NSE index broke out of a triangle formation last week, suggesting consolidation was complete and a rally might resume. "Banking stocks such as HDFC Bank are a bit highly valued and are seeing some corrections," Choksey said. HDFC Bank and Housing Development Finance Corp were down for a second straight session, trading 0.9 per cent and 0.7 per cent lower respectively. The Nifty Auto index fell 0.8 per cent after gaining nearly 2 per cent on Friday when most automakers reported August sales numbers. Hero MotoCorp, which reported a 10 per cent rise in sales, was trading 1.6 per cent lower. Meanwhile, Coal India surged as much as 2.9 per cent after the miner said on Friday that the company along with its units produced 37.63 million tonnes of coal in August, beating its target of 36.96 million tonnes.

Sensex, Nifty snap gains over North Korea tensions

&nbsp;Novartis&nbsp;Chief Executive Joseph Jimenez will retire in 2018, with chief drug developer Vasant Narasimhan taking over as CEO starting in February, the Swiss drugmaker said on Monday.

Jimenez, 58, is stepping down following a decade at&nbsp;Novartis&nbsp;after having successfully secured US approval for a new gene therapy for leukemia last week but before&nbsp;Novartis&nbsp;returned to sales growth, which the company has forecast will resume in 2018.

&quot;After 10 wonderful years in Switzerland, my family is ready to return to Silicon Valley and the United States,&quot; said Jimenez, a Stanford University graduate.

A&nbsp;Novartis&nbsp;employee since 2005, Narasimhan has increased his public presence at&nbsp;Novartis&nbsp;since becoming global head of drug development and chief medical officer in 2016.

Just 41, he is among a new generation of youthful leaders at&nbsp;Novartis&nbsp;that include head researcher Jay Bradner at the&nbsp;Novartis&nbsp;Institutes For Biomedical Research who have sought to improve the process in which drugs move from research to actually becoming a commercial product.

Novartis&nbsp;has been criticised for missing the first wave of promising cancer immunotherapy drugs and billions in sales.

&quot;Vas is deeply anchored in medical science, has significant experience in managing the interfaces between research and development and commercial units and has strong business acumen with a track record of outstanding achievements,&quot; Chairman Joerg Reinhardt said.

Last week,&nbsp;Novartis&nbsp;won US Food and Drug Administration approval for the $475,000-per-patient Kymriah for children and young patients with B-cell acute lymphoblastic leukemia, the first so-called CAR-T therapy to win the regulator&#39;s blessing.

Dismantling Novartis

Jimenez arrived in 2007 to lead&nbsp;Novartis&#39;s consumer health division and rose to CEO in 2010 under former Chairman Daniel Vasella, who left in 2013.

Under Jimenez&#39;s tenure,&nbsp;Novartis&nbsp;has largely dismantled Vasella&#39;s efforts to build a European healthcare giant by unloading animal care businesses, vaccines and over-the-counter drugs and instead focusing on its prescription drugs business, including an emphasis on cancer medicines and its Sandoz generics unit.

The loss of patent protection for&nbsp;Novartis&#39;s top-selling Gleevec blood cancer drug has led to stagnating sales as generic competition escalated.

Jimenez has promised a return to growth in 2018, as new drugs including psoriasis medicine Cosentyx absorb the hit.

Jimenez has also been plagued by problems at&nbsp;Novartis&#39;s Alcon eye care unit, where slumping sales of surgical equipment were blamed on poor customer service and a failure to innovate.

He swapped out nearly all of the division&#39;s leadership, and last quarter lifted the forecast for the division&#39;s sales to rise by a low single-digit percentage rate as&nbsp;Novartis&nbsp;said measures including increased marketing spending are helping turn the division around.

Alcon is currently being reviewed for a possible sale, and Jimenez has said its improving results open the door for a possible spin-off IPO.

Jimenez, 58, is stepping down following a decade at?Novartis?after having successfully secured US approval for a new gene therapy for leukemia last week but before?Novartis?returned to sales growth, which the company has forecast will resume in 2018

Novartis Chief Executive Joseph Jimenez will retire in 2018, with chief drug developer Vasant Narasimhan taking over as CEO starting in February, the Swiss drugmaker said on Monday. Jimenez, 58, is stepping down following a decade at Novartis after having successfully secured US approval for a new gene therapy for leukemia last week but before Novartis returned to sales growth, which the company has forecast will resume in 2018. "After 10 wonderful years in Switzerland, my family is ready to return to Silicon Valley and the United States," said Jimenez, a Stanford University graduate. A Novartis employee since 2005, Narasimhan has increased his public presence at Novartis since becoming global head of drug development and chief medical officer in 2016. Just 41, he is among a new generation of youthful leaders at Novartis that include head researcher Jay Bradner at the Novartis Institutes For Biomedical Research who have sought to improve the process in which drugs move from research to actually becoming a commercial product. Novartis has been criticised for missing the first wave of promising cancer immunotherapy drugs and billions in sales. "Vas is deeply anchored in medical science, has significant experience in managing the interfaces between research and development and commercial units and has strong business acumen with a track record of outstanding achievements," Chairman Joerg Reinhardt said. Last week, Novartis won US Food and Drug Administration approval for the $475,000-per-patient Kymriah for children and young patients with B-cell acute lymphoblastic leukemia, the first so-called CAR-T therapy to win the regulator's blessing. Dismantling Novartis Jimenez arrived in 2007 to lead Novartis's consumer health division and rose to CEO in 2010 under former Chairman Daniel Vasella, who left in 2013. Under Jimenez's tenure, Novartis has largely dismantled Vasella's efforts to build a European healthcare giant by unloading animal care businesses, vaccines and over-the-counter drugs and instead focusing on its prescription drugs business, including an emphasis on cancer medicines and its Sandoz generics unit. The loss of patent protection for Novartis's top-selling Gleevec blood cancer drug has led to stagnating sales as generic competition escalated. Jimenez has promised a return to growth in 2018, as new drugs including psoriasis medicine Cosentyx absorb the hit. Jimenez has also been plagued by problems at Novartis's Alcon eye care unit, where slumping sales of surgical equipment were blamed on poor customer service and a failure to innovate. He swapped out nearly all of the division's leadership, and last quarter lifted the forecast for the division's sales to rise by a low single-digit percentage rate as Novartis said measures including increased marketing spending are helping turn the division around. Alcon is currently being reviewed for a possible sale, and Jimenez has said its improving results open the door for a possible spin-off IPO.

Novartis's Jimenez to step down, Narasimhan named new CEO

The RBI has told a parliamentary panel that it has &quot;no information&quot; on how much black money has been extinguished as a result of demonetisation of Rs 500/1,000 notes or about unaccounted cash legitimised through exchange of currency post note ban.

Stating that an estimated Rs 15.28 lakh crore in junked notes has come back &quot;subject to future corrections based on verification process&quot;, the Reserve Bank also said it has &quot;no information&quot; whether demonetisation is being planned to be implemented at regular intervals.

The RBI has been facing flak from the opposition parties for demonetisation and delay in disclosing figures on the junked notes, even as the government has maintained that the November 8, 2016 decision to ban Rs 500/1,000 notes in circulation at that time has helped in curbing black money, among other benefits.

Last week in its annual report, the RBI finally made public the details of the junked notes that have come back into the system putting the figure at Rs 15.28 lakh crore. The same figure has now been shared with the Parliamentary Standing Committee on Finance.

Replying to queries from the panel, the RBI said the verification for authenticity and numerical accuracy are still on, while some of the specified bank notes (old Rs 500/1,000 notes) which were accepted by banks and post offices are still lying in currency chests.

The central bank also informed the panel that the completion of the process of verification will take time in view of the large volume involved.

The process is &quot;going on in full swing&quot; with most RBI offices working in double shifts and with the help of high-end verification machines, the central bank said.

&quot;Till such time, these notes are processed by the RBI, their numerical accuracy and authenticity, only in estimation of SBNs received back is possible. Subject to future correction, based on verification process when completed, the estimated value of SBNs received as on June 30 is Rs 15.28 trillion,&quot; the RBI said in its written reply to the panel.

To a query on how much amount of black money has been extinguished as a result of demonetisation, the central bank said, &quot;The RBI has no information in this regard.&quot;

The RBI gave similar reply to another question on how much unaccounted money has been legitimised through exchange of junked currency.

The central bank did not give any direct reply on adverse impact on the informal and unorganised sector, as also about the GDP loss. The RBI said the deceleration in overall economic growth figures for 2016-17 had begun &quot;much before demonetisation&quot; due to weakness in industrial and services sector.

Last week, several members of the panel had sought redrafting of its draft report on demonetisation as the RBI at that time had not provided some crucial details including on the quantum of junked Rs 500/1,000 notes.

The acceptance of the report was deferred as member MPs across party lines including BJD MP Bhartruhari Mahtab, SP MP Naresh Agrawal and BJP MP Nishikant had said that the panel&#39;s report on demonetisation needed to be &quot;redrafted&quot; while some of them stated that it &quot;lacks punch&quot;.

In its annual report for 2016-17, the RBI had disclosed that all but about 1 per cent of the scrapped currency notes have come back into the system.

The government had on November 8, banned old Rs 500 and Rs 1,000 notes in an attempt to weed out black money in the country. The old notes were allowed to be deposited in banks, with unusual deposits coming under income tax scrutiny.

The government replaced old Rs 500 notes with new ones, but no replacement for Rs 1,000 notes has been made. Instead, a new Rs 2,000 note was introduced post note ban.&nbsp;

The Reserve Bank also said it has 'no information' on whether demonetisation is being planned at regular intervals

The RBI has told a parliamentary panel that it has "no information" on how much black money has been extinguished as a result of demonetisation of Rs 500/1,000 notes or about unaccounted cash legitimised through exchange of currency post note ban. Stating that an estimated Rs 15.28 lakh crore in junked notes has come back "subject to future corrections based on verification process", the Reserve Bank also said it has "no information" whether demonetisation is being planned to be implemented at regular intervals. The RBI has been facing flak from the opposition parties for demonetisation and delay in disclosing figures on the junked notes, even as the government has maintained that the November 8, 2016 decision to ban Rs 500/1,000 notes in circulation at that time has helped in curbing black money, among other benefits. Last week in its annual report, the RBI finally made public the details of the junked notes that have come back into the system putting the figure at Rs 15.28 lakh crore. The same figure has now been shared with the Parliamentary Standing Committee on Finance. Replying to queries from the panel, the RBI said the verification for authenticity and numerical accuracy are still on, while some of the specified bank notes (old Rs 500/1,000 notes) which were accepted by banks and post offices are still lying in currency chests. The central bank also informed the panel that the completion of the process of verification will take time in view of the large volume involved. The process is "going on in full swing" with most RBI offices working in double shifts and with the help of high-end verification machines, the central bank said. "Till such time, these notes are processed by the RBI, their numerical accuracy and authenticity, only in estimation of SBNs received back is possible. Subject to future correction, based on verification process when completed, the estimated value of SBNs received as on June 30 is Rs 15.28 trillion," the RBI said in its written reply to the panel. To a query on how much amount of black money has been extinguished as a result of demonetisation, the central bank said, "The RBI has no information in this regard." The RBI gave similar reply to another question on how much unaccounted money has been legitimised through exchange of junked currency. The central bank did not give any direct reply on adverse impact on the informal and unorganised sector, as also about the GDP loss. The RBI said the deceleration in overall economic growth figures for 2016-17 had begun "much before demonetisation" due to weakness in industrial and services sector. Last week, several members of the panel had sought redrafting of its draft report on demonetisation as the RBI at that time had not provided some crucial details including on the quantum of junked Rs 500/1,000 notes. The acceptance of the report was deferred as member MPs across party lines including BJD MP Bhartruhari Mahtab, SP MP Naresh Agrawal and BJP MP Nishikant had said that the panel's report on demonetisation needed to be "redrafted" while some of them stated that it "lacks punch". In its annual report for 2016-17, the RBI had disclosed that all but about 1 per cent of the scrapped currency notes have come back into the system. The government had on November 8, banned old Rs 500 and Rs 1,000 notes in an attempt to weed out black money in the country. The old notes were allowed to be deposited in banks, with unusual deposits coming under income tax scrutiny. The government replaced old Rs 500 notes with new ones, but no replacement for Rs 1,000 notes has been made. Instead, a new Rs 2,000 note was introduced post note ban.

No information on black money removed by note ban: RBI to Parliamentary panel

Infosys promoters, including iconic co-founders N R Narayana Murthy and Nandan Nilekani, have offered to sell as many as 1.77 crore shares -- worth up to Rs 2,038 crore -- in the company&#39;s Rs 13,000 crore buyback offer.

The promoters group -- which includes most of the founders and their families -- have expressed their intention to be part of the company&#39;s first buyback plan in its over three-decade history and have offered to tender a maximum of 1.77 crore shares.

At a buyback price of Rs 1,150 per share, this could mean a windfall of Rs 2,038.94 crore for the promoter group, if all the shares tendered by them are accepted in the buyback offer.

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The founders and families -- classified as promoters group -- held 29.28 crore shares, or 12.75 per cent, in Infosys at the end of June 2017.

The Bengaluru-based firm has been in the eye of a storm over the past few months, with founders and erstwhile board members clashing over allegations such as corporate governance lapses and irregularities in Infosys&#39; USD 200-million Panaya acquisition.

The spat -- often public -- culminated in the sudden resignation of the then CEO Vishal Sikka and exit of four board members, including Chairman R Seshasayee. They blamed Murthy&#39;s &quot;misguided campaign&quot; for Sikka&#39;s abrupt exit.

Infosys, on August 24, named co-founder Nandan Nilekani as its new Non-Executive Chairman, bowing to the demands of co-founders and large institutional investors.

However, the tensions between the two camps do not seem to be subsiding as Seshasayee launched another offensive last week against alleged &quot;personal attacks&quot; by Murthy.

Infosys&#39; buyback offer of up to 11.3 crore shares comes at an almost 25 per cent premium over Friday&#39;s closing price of Rs 920.10 a share. The record date is expected to be on or after October 25, 2017.

The two key players in Infosys&#39; changing narrative - Nilekani and Murthy along with families - have offered to tender maximum number of shares in the buyback.

Nilekani, along with family, has offered to tender 58 lakh shares. Murthy, along with wife Sudha and two children, has put over 54 lakh shares on the block. 
 
S Gopalakrishnan and family have offered 22 lakh shares while in the case of K Dinesh, the number stands at 29 lakh.

Sudha Gopalakrishnan, wife of S Gopalakrishnan, currently holds the largest share in individual capacity among promoters group members with 2.14 per cent shareholding.

SD Shibulal will not participate in the buyback per se, but his wife and son have offered to sell over 14 lakh shares.&nbsp;

Infosys is offering its first buyback programme

Infosys promoters, including iconic co-founders N R Narayana Murthy and Nandan Nilekani, have offered to sell as many as 1.77 crore shares -- worth up to Rs 2,038 crore -- in the company's Rs 13,000 crore buyback offer. The promoters group -- which includes most of the founders and their families -- have expressed their intention to be part of the company's first buyback plan in its over three-decade history and have offered to tender a maximum of 1.77 crore shares. At a buyback price of Rs 1,150 per share, this could mean a windfall of Rs 2,038.94 crore for the promoter group, if all the shares tendered by them are accepted in the buyback offer. Murthy and Nilekani -- who was recently named the company's new non-executive chairman -- have offered to sell back the most number of shares × The founders and families -- classified as promoters group -- held 29.28 crore shares, or 12.75 per cent, in Infosys at the end of June 2017. The Bengaluru-based firm has been in the eye of a storm over the past few months, with founders and erstwhile board members clashing over allegations such as corporate governance lapses and irregularities in Infosys' USD 200-million Panaya acquisition. The spat -- often public -- culminated in the sudden resignation of the then CEO Vishal Sikka and exit of four board members, including Chairman R Seshasayee. They blamed Murthy's "misguided campaign" for Sikka's abrupt exit. Infosys, on August 24, named co-founder Nandan Nilekani as its new Non-Executive Chairman, bowing to the demands of co-founders and large institutional investors. However, the tensions between the two camps do not seem to be subsiding as Seshasayee launched another offensive last week against alleged "personal attacks" by Murthy. Infosys' buyback offer of up to 11.3 crore shares comes at an almost 25 per cent premium over Friday's closing price of Rs 920.10 a share. The record date is expected to be on or after October 25, 2017. The two key players in Infosys' changing narrative - Nilekani and Murthy along with families - have offered to tender maximum number of shares in the buyback. Nilekani, along with family, has offered to tender 58 lakh shares. Murthy, along with wife Sudha and two children, has put over 54 lakh shares on the block. S Gopalakrishnan and family have offered 22 lakh shares while in the case of K Dinesh, the number stands at 29 lakh. Sudha Gopalakrishnan, wife of S Gopalakrishnan, currently holds the largest share in individual capacity among promoters group members with 2.14 per cent shareholding. SD Shibulal will not participate in the buyback per se, but his wife and son have offered to sell over 14 lakh shares.

Infosys promoters, including Murthy & Nilekani, offer to sell back shares worth Rs 2,038 crore

Adani Group has announced the collaboration with Swedish defence company SAAB. The two companies will manufacture Gripen Jets in India if IAF allocates them tender. Watch to know more.

Adani Group collaborates with Swedish defence company SAAB

As part of its global restructuring process, US-based sportswear major Nike has fired 20 per cent of its employees in India while others have been given the option of joining its operations in Southeast Asia.

According to a report in The Times of India, the company has found operating in India difficult and had closed 35 per cent of its outlets in India.

&quot;In June, we announced that as part of Nike&#39;s move to align the company against the Consumer Direct Offence, a strategy that allows us to serve our consumers faster and more personally, there would be workforce reductions, and that has been the case in India. Our headquarters in India remain in Bangalore with two other offices in Delhi and Mumbai,&quot; the report quoted a Nike India spokesperson as saying.

The company&#39;s revenue in FY 16 fell to Rs 764 crore from Rs 803 crore in FY 15.

The company had earlier closed 35% of its outlets in India, a report in The Times of India said

As part of its global restructuring process, US-based sportswear major Nike has fired 20 per cent of its employees in India while others have been given the option of joining its operations in Southeast Asia. According to a report in The Times of India, the company has found operating in India difficult and had closed 35 per cent of its outlets in India. "In June, we announced that as part of Nike's move to align the company against the Consumer Direct Offence, a strategy that allows us to serve our consumers faster and more personally, there would be workforce reductions, and that has been the case in India. Our headquarters in India remain in Bangalore with two other offices in Delhi and Mumbai," the report quoted a Nike India spokesperson as saying. The company's revenue in FY 16 fell to Rs 764 crore from Rs 803 crore in FY 15.

Nike India fires 20% of its staff as part of global restructuring

After the successful <a href="http://www.wionews.com/business-economy/aditya-birla-capital-lists-on-nse-marks-aditya-birla-nuvos-merger-with-grasim-19754" target="_blank">listing of its financial services company Aditya Birla Capital</a> on Friday, the Kumar Mangalam Birla-led Aditya Birla Group has added another feather to its cap.

The conglomerate has crossed the $50 billion mark in terms of market capitalisation for the first time, according to a report in The Times of India.

Aditya Birla Capital listed on the NSE at a price of Rs 255 per share after Aditya Birla Nuvo merged with Grasim and the group&#39;s financial services business was spun off into a separate entity.

By achieving a market capitalisation of $50 billion, Aditya Birla Group has become the third largest after Tata Sons and Reliance Industries.

The milestone was reached after the successful completion of merger of Aditya Birla Nuvo with Grasim on Friday

After the successful listing of its financial services company Aditya Birla Capital on Friday, the Kumar Mangalam Birla-led Aditya Birla Group has added another feather to its cap. The conglomerate has crossed the $50 billion mark in terms of market capitalisation for the first time, according to a report in The Times of India. Aditya Birla Capital listed on the NSE at a price of Rs 255 per share after Aditya Birla Nuvo merged with Grasim and the group's financial services business was spun off into a separate entity. By achieving a market capitalisation of $50 billion, Aditya Birla Group has become the third largest after Tata Sons and Reliance Industries.

Aditya Birla Group crosses $50 billion in market capitalisation

South Asian countries- India, Nepal and Bangladesh which have recently been the victim of the <a href="http://www.wionews.com/india-news/infographic-the-19677">deadly&nbsp;flood</a>, will be getting aid from the American multinational technology company- Google.

Google has diverted $1 million relief fund to the flood affected areas of <a href="http://www.wionews.com/india-news/uttar-pradesh-flood-death-toll-rises-to-103-19695">India</a>,<a href="http://www.wionews.com/south-asia/16-million-people-in-south-asia-affected-by-floods-red-cross-19205"> Nepal</a> and <a href="http://www.wionews.com/india-news/at-least-221-dead-in-india-bangladesh-nepal-floods-19016">Bangladesh</a>.&nbsp;

The funds that are generated from Google.org and Google employees will be provided to organisations working in favour of the relief work.

&quot;We are committing $1 million from Google.org and Google employees to Goonj and Save the Children for their relief efforts,&quot; Rajan Anandan, Vice-President, South East Asia and India, wrote in a blog post.

Save the Children organisation is providing food, water, temporary shelter and hygiene items to the victims. Besides the basic amenities, the organisation will also provide educational materials to the flood affected children by setting child-friendly spaces.&nbsp;

The organisation is providing livelihood support to flood victims from three countries and aims to expand to around 1,60,000 people.&nbsp;

The other organisation working with Google, Goonj, is an NGO that plans to provide a helping hand to over 75,000 flood affected families from rural India. In addition to the basic amenities- food, mats, blankets and hygiene items they will also be rebuilding the destroyed roads, bridges and schools.

Google&#39;s Crises Response team has also activated an &quot;SOS Alert&quot; for the floods in India, Nepal, Bangladesh.

The <a href="http://www.wionews.com/photos/mumbai-revives-back-430">flood</a> in these countries has claimed over 1200 lives and uprooted million of people from their homes.

&nbsp;

&nbsp;

&nbsp;

The funds that are generated from Google.org and Google employees will be provided to organisations working in favour of the relief work

South Asian countries- India, Nepal and Bangladesh which have recently been the victim of the deadly flood, will be getting aid from the American multinational technology company- Google. Google has diverted $1 million relief fund to the flood affected areas of India, Nepal and Bangladesh. The funds that are generated from Google.org and Google employees will be provided to organisations working in favour of the relief work. "We are committing $1 million from Google.org and Google employees to Goonj and Save the Children for their relief efforts," Rajan Anandan, Vice-President, South East Asia and India, wrote in a blog post. Save the Children organisation is providing food, water, temporary shelter and hygiene items to the victims. Besides the basic amenities, the organisation will also provide educational materials to the flood affected children by setting child-friendly spaces. The organisation is providing livelihood support to flood victims from three countries and aims to expand to around 1,60,000 people. The other organisation working with Google, Goonj, is an NGO that plans to provide a helping hand to over 75,000 flood affected families from rural India. In addition to the basic amenities- food, mats, blankets and hygiene items they will also be rebuilding the destroyed roads, bridges and schools. Google's Crises Response team has also activated an "SOS Alert" for the floods in India, Nepal, Bangladesh. The flood in these countries has claimed over 1200 lives and uprooted million of people from their homes.

Google to give $1 million flood relief fund to India, Nepal, Bangladesh

Aditya Birla Capital Ltd listed on the NSE today at Rs 250.&nbsp;

The listing marks the culmination of an arrangement under which Aditya Birla Nuvo merged with Grasim Industries and the financial services arm was demerged.

Under the arrangement, investors in Grasim will get ten shares of Aditya Birla Nuvo for every three shares after which they will get seven shares in Aditya Birla Capital for every one share they hold in Grasim.

The swap ratio will allow investors of Grasim and Aditya Birla Nuvo to hold 25 per cent of Aditya Birla Capital.

The stock listed at a price of Rs 250 per share

Aditya Birla Capital Ltd listed on the NSE today at Rs 250. The listing marks the culmination of an arrangement under which Aditya Birla Nuvo merged with Grasim Industries and the financial services arm was demerged. Under the arrangement, investors in Grasim will get ten shares of Aditya Birla Nuvo for every three shares after which they will get seven shares in Aditya Birla Capital for every one share they hold in Grasim. The swap ratio will allow investors of Grasim and Aditya Birla Nuvo to hold 25 per cent of Aditya Birla Capital.

Aditya Birla Capital lists on NSE, marks Aditya Birla Nuvo's merger with Grasim

The US agency in charge of enforcing labour law on Thursday filed a complaint against <a href="http://www.wionews.com/business-economy/over-60000-orders-of-tesla-model-3-cancelled-18552">electric car maker Tesla</a> saying it found merit to workers&#39; complaints about unfair labour practices.

According to the National Labor Relations Board complaint, <a href="http://www.wionews.com/videos/wion-wallet-tesla-starts-solar-roof-installations-at-home-4403">Tesla </a>violated workers&#39; rights by requiring them to sign a confidentiality&nbsp;agreement that could bar them from talking about their working conditions and safety issues at the&nbsp;company&#39;s facility in Fremont, California.

The agency also investigated charges by the workers that Tesla intimidated and harassed them and violated workers&#39; rights under federal labour law.

Tesla has denied the allegations.

The company must respond to the charges by Sept. 14. The NLRB has scheduled a hearing for Nov. 14 before an administrative law judge in Oakland, California.

&quot;These allegations, which have been filed by the same contingent of union organisers who have been so outspoken with media, are entirely without merit,&quot; <a href="http://www.wionews.com/science-tech/tesla-3-musks-addition-to-his-eco-friendly-cars-18362">Tesla </a>said in a statement.

Complaints were filed by three employees and the United Auto Workers union, which has encouraged Tesla employees to unionize.

The workers said <a href="http://www.wionews.com/science-tech/musk-hands-over-first-tesla-model-3-electric-cars-to-early-buyers-18373">Tesla</a> made them sign a document that they may face termination or criminal prosecution for speaking publicly, or to the media, about anything they observed at work or their working conditions, NLRB said.

According to the National Labor Relations Board complaint, Tesla violated workers' rights by requiring them to sign a confidentiality?agreement that could bar them from talking about their working conditions and safety issues at the?company's facility in Fremont, California

The US agency in charge of enforcing labour law on Thursday filed a complaint against electric car maker Tesla saying it found merit to workers' complaints about unfair labour practices. According to the National Labor Relations Board complaint, Tesla violated workers' rights by requiring them to sign a confidentiality agreement that could bar them from talking about their working conditions and safety issues at the company's facility in Fremont, California. The agency also investigated charges by the workers that Tesla intimidated and harassed them and violated workers' rights under federal labour law. Tesla has denied the allegations. The company must respond to the charges by Sept. 14. The NLRB has scheduled a hearing for Nov. 14 before an administrative law judge in Oakland, California. "These allegations, which have been filed by the same contingent of union organisers who have been so outspoken with media, are entirely without merit," Tesla said in a statement. Complaints were filed by three employees and the United Auto Workers union, which has encouraged Tesla employees to unionize. The workers said Tesla made them sign a document that they may face termination or criminal prosecution for speaking publicly, or to the media, about anything they observed at work or their working conditions, NLRB said.

US labour board files complaint against Tesla

&nbsp;Facebook launched its <a href="http://www.wionews.com/videos/wion-focus-what-is-facebook-watch-4439">Watch video </a>service to US&nbsp;users on Thursday with plans to allow people to submit shows, as the No. 1 social media network vies with Alphabet&#39;s YouTube for advertising revenue.

Advertisers are shifting more of their budgets from television to online as viewers have migrated to watching shows on smartphones and tablets.

On Watch, which Facebook began testing earlier this month, users can see hundreds of shows from the likes of Vox, Buzzfeed, Discovery Communications Inc, A&amp;E Networks, Walt Disney ABC, as well as live sports like Major League Baseball.

Americans spend more than 73 minutes a day watching digital video, up more than 7 per cent from last year, according to eMarketer data. TV watching has dropped 2 per cent from last year to 244 minutes a day, a trend that is expected to continue.

Facebook is initially paying some content creators for shows to drive interest. The company is paying $10,000-$35,000 for shorter form shows and up to $250,000 for longer shows, sources told Reuters in May.

The company declined to comment on how much it was spending on shows.

Facebook does not intend to make buying content a core piece of its strategy, Dan Rose, vice president of partnerships at Facebook, told Reuters.

&quot;We are not focused on acquiring exclusive rights,&quot; he said. &quot;The idea is to seed this with good content.&quot;

Facebook plans to eventually open the platform to everyone to submit shows for approval and share 55 per cent of ad revenue, Rose said.

The company is testing how ads will work within the shows, he added.

<a href="http://www.wionews.com/science-tech/now-connect-to-people-while-watching-videos-on-facebook-watch-18805">Watch</a><a href="http://www.wionews.com/science-tech/now-connect-to-people-while-watching-videos-on-facebook-watch-18805"> should help Facebook </a>solidify its position alongside YouTube, the leader in the digital video space, for advertisers, said Paul Verna, a senior analyst with eMarketer.

Facebook said Watch is more personal and community-oriented than competitors. For example, it can suggest shows based on a user&#39;s interests and friends can share their thoughts as they watch a video.

For example, fans of the exercise program &quot;CrossFit&quot; can watch and share commentary on live CrossFit events streamed on Facebook while chatting in groups, Rose said.

Similarly, fans of Spanish soccer can watch and chat online about &quot;Hala Madrid,&quot; a show about Real Madrid.

&quot;We think our unique opportunity is around a community and engaging with people on topics they love to talk about,&quot; said Rose.

Advertisers are shifting more of their budgets from television to online as viewers have migrated to watching shows on smartphones and tablets

Facebook launched its Watch video service to US users on Thursday with plans to allow people to submit shows, as the No. 1 social media network vies with Alphabet's YouTube for advertising revenue. Advertisers are shifting more of their budgets from television to online as viewers have migrated to watching shows on smartphones and tablets. On Watch, which Facebook began testing earlier this month, users can see hundreds of shows from the likes of Vox, Buzzfeed, Discovery Communications Inc, A&E Networks, Walt Disney ABC, as well as live sports like Major League Baseball. Americans spend more than 73 minutes a day watching digital video, up more than 7 per cent from last year, according to eMarketer data. TV watching has dropped 2 per cent from last year to 244 minutes a day, a trend that is expected to continue. Facebook is initially paying some content creators for shows to drive interest. The company is paying $10,000-$35,000 for shorter form shows and up to $250,000 for longer shows, sources told Reuters in May. The company declined to comment on how much it was spending on shows. Facebook does not intend to make buying content a core piece of its strategy, Dan Rose, vice president of partnerships at Facebook, told Reuters. "We are not focused on acquiring exclusive rights," he said. "The idea is to seed this with good content." Facebook plans to eventually open the platform to everyone to submit shows for approval and share 55 per cent of ad revenue, Rose said. The company is testing how ads will work within the shows, he added. Watch should help Facebook solidify its position alongside YouTube, the leader in the digital video space, for advertisers, said Paul Verna, a senior analyst with eMarketer. Facebook said Watch is more personal and community-oriented than competitors. For example, it can suggest shows based on a user's interests and friends can share their thoughts as they watch a video. For example, fans of the exercise program "CrossFit" can watch and share commentary on live CrossFit events streamed on Facebook while chatting in groups, Rose said. Similarly, fans of Spanish soccer can watch and chat online about "Hala Madrid," a show about Real Madrid. "We think our unique opportunity is around a community and engaging with people on topics they love to talk about," said Rose.

Facebook's Watch goes up against YouTube for ad dollars

India&#39;s growth slumped to 5.7 per cent in the first quarter of the financial year - weighed down by slow growth in construction following demonetisation&nbsp;- official data showed.

Two&nbsp;large economic reforms undertaken by Prime Minister Narendra Modi&#39;s BJP government &nbsp;-- the goods and services tax (GST), and the demonetisation of high value currency are perceived to be the reason for the slowdown.

The combination of higher discounts preceding the roll-out of GST&nbsp;and an increase in wholesale price inflation pulled down growth, Reuters quoted an analyst as saying.

&quot;The lingering impact of demonetisation is visible in the low growth of construction. The&nbsp;GDP&nbsp;and GVA (growth value added) estimates have undershot our and market expectations by a considerable degree.&nbsp;

&quot;The combination of lower volumes and higher discounts pre-GST (goods and services tax) and positive WPI (wholesale price inflation) weighed upon the manufacturing sector in Q1,&quot;&nbsp;Aditi Nayar, an economist with credit rating agency ICRA, told Reuters.

The figures released by the Central Statistics Office were lower than the 6.1 per cent recorded in the previous quarter, and less than forecast by many economists in one of the world&#39;s fastest growing economies.

India&#39;s economic growth still lags far behind that of regional rival China, which grew at 6.9 per cent over the same period.

Last year, India&#39;s economy grew at 7.1 per cent for the first quarter.

In February, the government had forecast GDP growth of between 6.75 per cent and 7.5 per cent for 2017/18.

However, in a survey released August, the government warned several factors including the introduction of the GST and appreciation of the Indian currency, could drag on growth.

 
&nbsp;

The figure was lower than the 6.1 per cent recorded in the previous quarter, and less than forecast by many economists

India's growth slumped to 5.7 per cent in the first quarter of the financial year - weighed down by slow growth in construction following demonetisation - official data showed. Two large economic reforms undertaken by Prime Minister Narendra Modi's BJP government -- the goods and services tax (GST), and the demonetisation of high value currency are perceived to be the reason for the slowdown. The combination of higher discounts preceding the roll-out of GST and an increase in wholesale price inflation pulled down growth, Reuters quoted an analyst as saying. "The lingering impact of demonetisation is visible in the low growth of construction. The GDP and GVA (growth value added) estimates have undershot our and market expectations by a considerable degree. "The combination of lower volumes and higher discounts pre-GST (goods and services tax) and positive WPI (wholesale price inflation) weighed upon the manufacturing sector in Q1," Aditi Nayar, an economist with credit rating agency ICRA, told Reuters. The figures released by the Central Statistics Office were lower than the 6.1 per cent recorded in the previous quarter, and less than forecast by many economists in one of the world's fastest growing economies. India's economic growth still lags far behind that of regional rival China, which grew at 6.9 per cent over the same period. Last year, India's economy grew at 7.1 per cent for the first quarter. In February, the government had forecast GDP growth of between 6.75 per cent and 7.5 per cent for 2017/18. However, in a survey released August, the government warned several factors including the introduction of the GST and appreciation of the Indian currency, could drag on growth.

India first quarter economic growth slips to 5.7%

Alphabet&#39;s Google on Wednesday unveiled tools to make augmented reality apps for mobile devices using the Android operating system, setting up its latest showdown with Apple&nbsp;iPhone over next-generation smartphone features.

Phone-based augmented reality (AR), in which digital objects are superimposed onto the real world on screen, got a huge boost from the popularity of the Pok&eacute;mon Go game. The game, launched in the United States in July last year, sent players into city streets, offices, parks and restaurants to search for colourful animated characters.

Analysts expected the game to make $3 billion for Apple over two years as gamers buy &quot;Pok&eacute;Coins&quot; from its app store.

Google&#39;s take on the technology will first be available on the Samsung Galaxy S8 and Google&#39;s own Pixel phone. The company said in a blog post that it hoped to make the system, called ARCore, available to at least 100 million users, but did not set a date for a broad release.

Apple in June announced a similar system called ARKit that it plans to release this fall on &quot;hundreds of millions&quot; of devices.

Google and Apple will jockey for the attention of customers and software developers who will build the games, walking guides and other applications that would make AR a compelling feature.

Many tech industry leaders envision a future in which eyeglasses, car windshields, and other surfaces can overlay digital information on the real world. Google and Microsoft&nbsp;have already experimented with AR glasses.

&quot;AR is big and profound,&quot; Apple Chief Executive Tim Cook told investors earlier in August. &quot;And this is one of those huge things that we&#39;ll look back at and marvel on the start of it.&quot;

Apple and Google have had to make compromises to bring the technology to market.

In Apple&#39;s case, the Cupertino, California-based company decided to make its AR system work with devices capable of running iOS 11, its next-generation operating system due out this fall.

This means it will work on phones going back to the iPhone 6s, which have a single camera at the back and standard motion sensors, rather than a dual camera system found on newer models such as the iPhone 7 Plus or special depth-sensing chips in competing phones. That limits the range of images that can be displayed.

Google initially aimed to solve this problem with an AR system called Tango that uses a special depth-sensor, but only two phone makers so far support it. With ARCore, Google changed course to work on phones without depth sensors.

But the fragmentation of the Android ecosystem presents challenges. To spread its AR system beyond the Galaxy S8 and Pixel phone, Google will have to figure out how to account for the wide variety of Android phone cameras or require phone makers to use specific parts.

Apple, however, is able to make its system work well because it knows exactly which hardware and software are on the iPhone and calibrates them tightly.

Michael Valdsgaard, a developer with the furniture chain IKEA, called the system &quot;rock solid,&quot; noting that it could estimate the size of virtual furniture placed in a room with 98 per cent accuracy, despite lacking special sensors.

&quot;This is a classic example of where Apple&#39;s ownership of the whole widget including both hardware and software is a huge advantage over device vendors dependent on Android and the broader value chain of component vendors,&quot; said Jan Dawson, founder and chief analyst of Jackdaw Research.

Alphabet's Google on Wednesday unveiled tools to make augmented reality apps for mobile devices using the Android operating system, setting up its latest showdown with Apple?iPhone over next-generation smartphone features

Alphabet's Google on Wednesday unveiled tools to make augmented reality apps for mobile devices using the Android operating system, setting up its latest showdown with Apple iPhone over next-generation smartphone features. Phone-based augmented reality (AR), in which digital objects are superimposed onto the real world on screen, got a huge boost from the popularity of the Pokémon Go game. The game, launched in the United States in July last year, sent players into city streets, offices, parks and restaurants to search for colourful animated characters. Analysts expected the game to make $3 billion for Apple over two years as gamers buy "PokéCoins" from its app store. Google's take on the technology will first be available on the Samsung Galaxy S8 and Google's own Pixel phone. The company said in a blog post that it hoped to make the system, called ARCore, available to at least 100 million users, but did not set a date for a broad release. Apple in June announced a similar system called ARKit that it plans to release this fall on "hundreds of millions" of devices. Google and Apple will jockey for the attention of customers and software developers who will build the games, walking guides and other applications that would make AR a compelling feature. Many tech industry leaders envision a future in which eyeglasses, car windshields, and other surfaces can overlay digital information on the real world. Google and Microsoft have already experimented with AR glasses. "AR is big and profound," Apple Chief Executive Tim Cook told investors earlier in August. "And this is one of those huge things that we'll look back at and marvel on the start of it." Apple and Google have had to make compromises to bring the technology to market. In Apple's case, the Cupertino, California-based company decided to make its AR system work with devices capable of running iOS 11, its next-generation operating system due out this fall. This means it will work on phones going back to the iPhone 6s, which have a single camera at the back and standard motion sensors, rather than a dual camera system found on newer models such as the iPhone 7 Plus or special depth-sensing chips in competing phones. That limits the range of images that can be displayed. Google initially aimed to solve this problem with an AR system called Tango that uses a special depth-sensor, but only two phone makers so far support it. With ARCore, Google changed course to work on phones without depth sensors. But the fragmentation of the Android ecosystem presents challenges. To spread its AR system beyond the Galaxy S8 and Pixel phone, Google will have to figure out how to account for the wide variety of Android phone cameras or require phone makers to use specific parts. Apple, however, is able to make its system work well because it knows exactly which hardware and software are on the iPhone and calibrates them tightly. Michael Valdsgaard, a developer with the furniture chain IKEA, called the system "rock solid," noting that it could estimate the size of virtual furniture placed in a room with 98 per cent accuracy, despite lacking special sensors. "This is a classic example of where Apple's ownership of the whole widget including both hardware and software is a huge advantage over device vendors dependent on Android and the broader value chain of component vendors," said Jan Dawson, founder and chief analyst of Jackdaw Research.

Google, Apple face off over augmented reality technology

US <a href="http://www.wionews.com/business-economy/amazon-launches-instant-pickup-for-quick-delivery-in-the-us-19037">based e-commerce marketplace Amazon</a> has been dragged to the Bombay High Court by Global E-services.&nbsp;

The Mumbai based firm, <a href="http://www.wionews.com/science-tech/amazon-pay-expands-its-service-to-mobile-recharges-18822">Global E services </a><a href="http://www.wionews.com/science-tech/amazon-pay-expands-its-service-to-mobile-recharges-18822">has</a><a href="http://www.wionews.com/science-tech/amazon-pay-expands-its-service-to-mobile-recharges-18822"> sued Amazon</a> for non-payment of rental dues.&nbsp;

Punit Damodar, the lawyer representing the Mumbai based company said that Amazon vacated the premises without clearing the dues. Though he did not clarify the actual outstanding amount but said it is &quot;substantial&quot;.&nbsp;

Before this, in 2016 &nbsp;Amazon had been sued by a Chennai based ed-tech startup &#39;Flintobox&#39;. The startup had then filed a legal notice against Amazon claiming the e-commerce marketplace had indulged&nbsp;in the illegal use of its brand name.&nbsp;

The Bombay High Court is to hear the Global E services case on September 4.&nbsp;

The US e-commerce giant&nbsp;Amazon&nbsp;has been caught in the court proceedings at a time when it is focusing on expanding its market in the Indian subcontinent.

Recently the company <a href="http://www.wionews.com/science-tech/amazon-gets-doorway-to-indias-food-retail-17816">had invested over 300 crores in its </a>Indian wholesale business.

US based e-commerce marketplace Amazon has been dragged to the Bombay High Court by Global E-services.?

US based e-commerce marketplace Amazon has been dragged to the Bombay High Court by Global E-services. The Mumbai based firm, Global E services has sued Amazon for non-payment of rental dues. Punit Damodar, the lawyer representing the Mumbai based company said that Amazon vacated the premises without clearing the dues. Though he did not clarify the actual outstanding amount but said it is "substantial". Before this, in 2016 Amazon had been sued by a Chennai based ed-tech startup 'Flintobox'. The startup had then filed a legal notice against Amazon claiming the e-commerce marketplace had indulged in the illegal use of its brand name. The Bombay High Court is to hear the Global E services case on September 4. The US e-commerce giant Amazon has been caught in the court proceedings at a time when it is focusing on expanding its market in the Indian subcontinent. Recently the company had invested over 300 crores in its Indian wholesale business.

Mumbai firm sends legal notice to Amazon

Amid <a href="http://www.wionews.com/india-news/light-moderate-rainfall-expected-in-mumbai-today-indian-metrological-department-19653">heavy downpour in Mumbai&nbsp;which has disrupted life</a> in India&#39;s financial capital, Ola and Uber have announced free rides and other concessions to the riders.&nbsp;

Uber has introduced <a href="http://www.wionews.com/india-news/rain-brings-mumbai-to-grinding-halt-trains-roads-flights-hitrains-wreak-havoc-in-mumbai-rail-road-air-services-disrupted-19638">free UberPool rides for the people of Mumbai</a>. Mumbai riders can avail the free pool rides by typing in the promo code &quot;MUMBAIRAINS&quot; in the Promo Section option. Promo Section option can be accessed by opening the Uber app and selecting the Payments option.&nbsp;

Ola, on the other hand, has introduced free shuttle services for every Mumbai citizen. The riders do not even need to book cabs for availing the Ola service.

The company will connect people to Powai Hiranandani - Bhayander via Western Express Highway, Bandra Kurla Complex - Bhayandar via Western Express Highway, Domestic Airport - Thane side via JVLR &amp; then Eastern Express, Lower Parel, Currey Road - Thane via Lalbaugh Parel Central Route, Goregaon Hub Mall: Vasai via Western Express Highway.

Also, both the service providers have suspended surge prices.&nbsp;

The highest <a href="https://www.wionews.com/india-news/heavy-rains-lash-mumbai-several-areas-waterlogged-19617">recorded rainfall since 2005 has </a><a href="https://www.wionews.com/india-news/heavy-rains-lash-mumbai-several-areas-waterlogged-19617">paralysed</a><a href="https://www.wionews.com/india-news/heavy-rains-lash-mumbai-several-areas-waterlogged-19617"> the transportation</a> system in and around the city.&nbsp;

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Incessant downpour lashed Mumbai city police on Tuesday with citizens abandoning their cars as water submerged several vehicles. (WION)
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Amid the heavy downpour in Mumbai, which has disrupted the life of the financial capital, Ola and Uber have announced free rides and other concessions to the riders

Amid heavy downpour in Mumbai which has disrupted life in India's financial capital, Ola and Uber have announced free rides and other concessions to the riders. Uber has introduced free UberPool rides for the people of Mumbai. Mumbai riders can avail the free pool rides by typing in the promo code "MUMBAIRAINS" in the Promo Section option. Promo Section option can be accessed by opening the Uber app and selecting the Payments option. Ola, on the other hand, has introduced free shuttle services for every Mumbai citizen. The riders do not even need to book cabs for availing the Ola service. The company will connect people to Powai Hiranandani - Bhayander via Western Express Highway, Bandra Kurla Complex - Bhayandar via Western Express Highway, Domestic Airport - Thane side via JVLR & then Eastern Express, Lower Parel, Currey Road - Thane via Lalbaugh Parel Central Route, Goregaon Hub Mall: Vasai via Western Express Highway. Also, both the service providers have suspended surge prices. The highest recorded rainfall since 2005 has paralysed the transportation system in and around the city. Incessant downpour lashed Mumbai city police on Tuesday with citizens abandoning their cars as water submerged several vehicles. (WION) ×

Ola, Uber offer free services to Mumbaikars, type promo code 'MUMBAIRAINS' on your phone

Uber on Tuesday confirmed that <a href="http://www.wionews.com/business-economy/expedia-chief-dara-khosrowshahi-set-to-be-new-uber-ceo-reports-19571" target="_blank">Dara Khosrowshahi will take over as its new chief</a>.

Dara Khosrowshahi is currently the chief executive of Expedia.

Uber&#39;s board chose him to replace its former embattled CEO and co-founder Travis Kalanick.

Kalanick expressed happiness with the appointment of Dara.

<a href="http://www.wionews.com/business-economy/uber-ceo-kalanick-to-temporarily-step-down-16718" target="_blank">Kalanick had to step down</a> as Uber&#39;s CEO under pressure from the investors who were worried after a string of governance related issues.

Dara will replace Travis Kalanick who stepped down under investor pressure after a string of governance failures

Uber on Tuesday confirmed that Dara Khosrowshahi will take over as its new chief. Dara Khosrowshahi is currently the chief executive of Expedia. Uber's board chose him to replace its former embattled CEO and co-founder Travis Kalanick. Kalanick expressed happiness with the appointment of Dara. Kalanick had to step down as Uber's CEO under pressure from the investors who were worried after a string of governance related issues.

Uber confirms Expedia chief Dara Khosrowshahi as next chief

Infosys co-founder N R Narayana Murthy has defended his role in the last few months which saw him raising questions over the deteriorating governance stadards of the company.

Murthy said that his actions were taken keeping in mind the&nbsp;interest of the shareholders and not for personal gains.

Murthy was speaking at a conference call with investors.

He expressed hope that the management will support Nandan Nilekani who took over as the non-executive chairman of the company after former chief executive officer Vishal Sikka&#39;s tumultuous exit.

Sikka&#39;s exit led to a flurry of exchanges between the board of the company and Murthy.&nbsp;

The board blamed him for Sikka&#39;s exit.&nbsp;

Sikka&#39;s exit triggered panic on the street and led to a significant fall in the company&#39;s share prices.&nbsp;

However, the stock recovered some of the losses after Nilekani took over the reins of the company. 
&nbsp;

He hoped management will support Nandan Nilekani in his new role as non-executive chairman

Infosys co-founder N R Narayana Murthy has defended his role in the last few months which saw him raising questions over the deteriorating governance stadards of the company. Murthy said that his actions were taken keeping in mind the interest of the shareholders and not for personal gains. Murthy was speaking at a conference call with investors. He expressed hope that the management will support Nandan Nilekani who took over as the non-executive chairman of the company after former chief executive officer Vishal Sikka's tumultuous exit. Sikka's exit led to a flurry of exchanges between the board of the company and Murthy. The board blamed him for Sikka's exit. Sikka's exit triggered panic on the street and led to a significant fall in the company's share prices. However, the stock recovered some of the losses after Nilekani took over the reins of the company.

'My actions always in shareholders' interest, not for personal gains': Narayana Murthy

The US space agency&#39;s Cassini spacecraft will end its 13-year mission to Saturn in mid-September by transmitting data until the final moment before it plunges into the ringed planet&#39;s atmosphere, officials said on Tuesday.

Cassini, the first spacecraft to orbit Saturn, will make the last of 22 farewell dives between the planet&#39;s rings and surface on Sept. 15. The spacecraft will then burn up as it heads straight into the gas giant&#39;s crushing atmosphere.

Cassini&#39;s final dive will end a mission that provided groundbreaking discoveries that included seasonal changes on Saturn, the moon Titan&#39;s resemblance to a primordial Earth, and a global ocean on the moon Enceladus with ice plumes spouting from its surface.

&quot;The mission has been insanely, wildly, beautifully successful, and it&#39;s coming to an end in about two weeks,&quot; Curt Niebur, Cassini program scientist, said on a telephone conference call with reporters from NASA&#39;s Jet Propulsion Laboratory in California.

Cassini&#39;s final photo as it heads into Saturn&#39;s atmosphere will likely be of propellers, or gaps in the rings caused by moonlets, said project scientist Linda Spilker.

The spacecraft will provide near real-time data on the atmosphere until it loses contact with Earth at 4:54 am&nbsp;PDT (1154 GMT) on Sept. 15, the National Aeronautics and Space Administration said.

Spilker said Cassini&#39;s latest data on the rings had shown they had a lighter mass than forecast. That suggests they are younger than expected, at about 120 million years, and thus were created after the birth of the solar system, she said.

During its final orbits between the atmosphere and the rings, Cassini also studied Saturn&#39;s atmosphere and took measurements to determine the size of the planet&#39;s rocky core.

Cassini has been probing Saturn, the sixth planet from the sun, and its entourage of 62 known moons since July 2004. It has provided enough data for almost 4,000 scientific papers.

Since the craft is running low on fuel, NASA is crashing it into Saturn to avoid any chance Cassini could someday collide with Titan, Enceladus or any other moon that has the potential to support indigenous microbial life.

By destroying the spacecraft, NASA will ensure that any hitchhiking Earth microbes still alive on Cassini will not contaminate the moons for future study.

Cassini, the first spacecraft to orbit Saturn, will make the last of 22 farewell dives between the planet's rings and surface on Sept. 15.

The US space agency's Cassini spacecraft will end its 13-year mission to Saturn in mid-September by transmitting data until the final moment before it plunges into the ringed planet's atmosphere, officials said on Tuesday. Cassini, the first spacecraft to orbit Saturn, will make the last of 22 farewell dives between the planet's rings and surface on Sept. 15. The spacecraft will then burn up as it heads straight into the gas giant's crushing atmosphere. Cassini's final dive will end a mission that provided groundbreaking discoveries that included seasonal changes on Saturn, the moon Titan's resemblance to a primordial Earth, and a global ocean on the moon Enceladus with ice plumes spouting from its surface. "The mission has been insanely, wildly, beautifully successful, and it's coming to an end in about two weeks," Curt Niebur, Cassini program scientist, said on a telephone conference call with reporters from NASA's Jet Propulsion Laboratory in California. Cassini's final photo as it heads into Saturn's atmosphere will likely be of propellers, or gaps in the rings caused by moonlets, said project scientist Linda Spilker. The spacecraft will provide near real-time data on the atmosphere until it loses contact with Earth at 4:54 am PDT (1154 GMT) on Sept. 15, the National Aeronautics and Space Administration said. Spilker said Cassini's latest data on the rings had shown they had a lighter mass than forecast. That suggests they are younger than expected, at about 120 million years, and thus were created after the birth of the solar system, she said. During its final orbits between the atmosphere and the rings, Cassini also studied Saturn's atmosphere and took measurements to determine the size of the planet's rocky core. Cassini has been probing Saturn, the sixth planet from the sun, and its entourage of 62 known moons since July 2004. It has provided enough data for almost 4,000 scientific papers. Since the craft is running low on fuel, NASA is crashing it into Saturn to avoid any chance Cassini could someday collide with Titan, Enceladus or any other moon that has the potential to support indigenous microbial life. By destroying the spacecraft, NASA will ensure that any hitchhiking Earth microbes still alive on Cassini will not contaminate the moons for future study.

NASA to crash US spacecraft into Saturn, 13-year mission to complete soon

Over the years mobile games have evolved from a mere combination of black pixels to deliver PC quality graphics. The ever growing popularity of mobile phones forced the video gaming industry to shift their focus onto mobile gaming.

Mobile Gaming: Tetris, Tap Tap Revenge and the rise of Angry Birds

World&nbsp;stocks&nbsp;tumbled and safe-haven assets jumped on Tuesday after <a href="http://www.wionews.com/world/north-korea-fires-missile-over-japan-19605">North Korea fired a missile over northern Japan</a>, fuelling worries of fresh tension between Washington and Pyongyang.

The pan-European STOXX 600 index fell more than 1 percent to a six-month low, also weighed down by the surge of the&nbsp;euro&nbsp;above a key level, while US futures fell as much as 0.85 percent on the missile news before paring losses.

Japan&#39;s Nikkei hit a four-month low before paring losses to end 0.5 percent down. South Korea&#39;s Kospi, meanwhile, shed as much as 1.6 percent, helping to drag down MSCI&#39;s broadest index of Asia-Pacific shares outside Japan by 0.5 percent.

&quot;The North Korean escalation has triggered a significant risk-off move,&quot; Alessandro Balsotti, head of asset management at JCI Capital Limited, said in his daily note to clients.

&quot;However ... observers believe it won&#39;t be enough to trigger a material reaction from the United States-South Korea axis. It wouldn&#39;t be surprising, then, if investors take advantage of this geopolitical fear to buy the dips.&quot;

North Korea fired a missile that flew over Japan and landed in the Pacific about 1,180 km (735 miles) off the northern region of Hokkaido in a sharp escalation of&nbsp;tensions&nbsp;on the Korean peninsula.

North Korea has conducted dozens of ballistic missile tests under young leader Kim Jong-Un, but firing projectiles over mainland Japan is his first.

&quot;The missile flew across Japan this time, so the implications will likely be a bit different from previous ones,&quot; said Hirokazu Kabeya, chief global strategist at Daiwa Securities.

North Korea threatened this month to fire missiles into the sea near the US Pacific territory of Guam, host to major US&nbsp;military installations after US&nbsp;President Donald Trump warned that Pyongyang would face &quot;fire and fury&quot; if it threatened the United States.

The dollar was down 0.6 percent at 108.63 yen after hitting its lowest level since mid-April despite Japan&#39;s proximity to North Korea.

The yen tends to benefit during times of geopolitical or financial stress because Japan is the world&#39;s biggest creditor nation and there is an assumption that Japanese investors will repatriate funds should a crisis materialize.

Also, the safe-haven Swiss franc strengthened, with the dollar falling 0.6 percent to a one-month low against the Swiss currency.

Though the risk-averse mood prevailed broadly across financial markets, the&nbsp;euro&nbsp;appeared immune to the geopolitical news.

The single currency surged above 1.20 to the dollar, breaching a key level as investors grew bullish about its outlook after the head of the&nbsp;European Central Bank refrained from talking about the currency&#39;s recent strength and in the backdrop of brewing U.S. fiscal problems.

&quot;The market is still digesting Draghi&#39;s comments from Jackson Hole and the U.S. outlook is looking difficult with concerns around the budget and a looming shutdown,&quot; said Esther Maria Reichelt, an FX strategist at Commerzbank in Frankfurt.

GOLD SHINES

Gold prices jumped 0.85 percent to $1,321 an ounce, hitting its highest level in more than nine months and rising for a third straight session.

The metal also drew support from uncertainty surrounding the Trump administration after remarks last week raised fears of a government shutdown.

Investors also rushed to the safety of U.S. Treasuries, pushing down the 10-year yield to a low of 2.102 percent, its lowest since mid-November, while the yield on Germany&#39;s 10-year government bond fell 3 basis points to 0.34 percent, the lowest since June 28.

&quot;Financial markets think the only realistic option for the U.S. and North Korea will be to sit down and talk at some point because other options are too costly for everyone involved,&quot; said Masayoshi Kichikawa, chief strategist at Sumitomo Mitsui Asset Management.

&quot;But no one can rule out the risk of accidents. Markets think the chicken game will continue for now and North Korea will remain a risk,&quot; he added.

Crude oil prices bounced back a tad on the back of supply disruptions in Colombia and Libya, a day after U.S. crude futures dropped on worries that refinery shutdowns caused by flooding could boost inventory.

U.S. West Texas Intermediate (WTI) crude futures rose 0.26 percent to $46.69 a barrel after falling to as low as $46.15 in the previous session.

U.S. gasoline price, which surged as much as 7 percent to a two-year peak of $1.7799 a gallon on Monday, traded at $1.7263 in early Tuesday trade.

The pan-European STOXX 600 index fell more than 1 percent to a six-month low

World stocks tumbled and safe-haven assets jumped on Tuesday after North Korea fired a missile over northern Japan, fuelling worries of fresh tension between Washington and Pyongyang. The pan-European STOXX 600 index fell more than 1 percent to a six-month low, also weighed down by the surge of the euro above a key level, while US futures fell as much as 0.85 percent on the missile news before paring losses. Japan's Nikkei hit a four-month low before paring losses to end 0.5 percent down. South Korea's Kospi, meanwhile, shed as much as 1.6 percent, helping to drag down MSCI's broadest index of Asia-Pacific shares outside Japan by 0.5 percent. "The North Korean escalation has triggered a significant risk-off move," Alessandro Balsotti, head of asset management at JCI Capital Limited, said in his daily note to clients. "However ... observers believe it won't be enough to trigger a material reaction from the United States-South Korea axis. It wouldn't be surprising, then, if investors take advantage of this geopolitical fear to buy the dips." North Korea fired a missile that flew over Japan and landed in the Pacific about 1,180 km (735 miles) off the northern region of Hokkaido in a sharp escalation of tensions on the Korean peninsula. North Korea has conducted dozens of ballistic missile tests under young leader Kim Jong-Un, but firing projectiles over mainland Japan is his first. "The missile flew across Japan this time, so the implications will likely be a bit different from previous ones," said Hirokazu Kabeya, chief global strategist at Daiwa Securities. North Korea threatened this month to fire missiles into the sea near the US Pacific territory of Guam, host to major US military installations after US President Donald Trump warned that Pyongyang would face "fire and fury" if it threatened the United States. The dollar was down 0.6 percent at 108.63 yen after hitting its lowest level since mid-April despite Japan's proximity to North Korea. The yen tends to benefit during times of geopolitical or financial stress because Japan is the world's biggest creditor nation and there is an assumption that Japanese investors will repatriate funds should a crisis materialize. Also, the safe-haven Swiss franc strengthened, with the dollar falling 0.6 percent to a one-month low against the Swiss currency. Though the risk-averse mood prevailed broadly across financial markets, the euro appeared immune to the geopolitical news. The single currency surged above 1.20 to the dollar, breaching a key level as investors grew bullish about its outlook after the head of the European Central Bank refrained from talking about the currency's recent strength and in the backdrop of brewing U.S. fiscal problems. "The market is still digesting Draghi's comments from Jackson Hole and the U.S. outlook is looking difficult with concerns around the budget and a looming shutdown," said Esther Maria Reichelt, an FX strategist at Commerzbank in Frankfurt. GOLD SHINES Gold prices jumped 0.85 percent to $1,321 an ounce, hitting its highest level in more than nine months and rising for a third straight session. The metal also drew support from uncertainty surrounding the Trump administration after remarks last week raised fears of a government shutdown. Investors also rushed to the safety of U.S. Treasuries, pushing down the 10-year yield to a low of 2.102 percent, its lowest since mid-November, while the yield on Germany's 10-year government bond fell 3 basis points to 0.34 percent, the lowest since June 28. "Financial markets think the only realistic option for the U.S. and North Korea will be to sit down and talk at some point because other options are too costly for everyone involved," said Masayoshi Kichikawa, chief strategist at Sumitomo Mitsui Asset Management. "But no one can rule out the risk of accidents. Markets think the chicken game will continue for now and North Korea will remain a risk," he added. Crude oil prices bounced back a tad on the back of supply disruptions in Colombia and Libya, a day after U.S. crude futures dropped on worries that refinery shutdowns caused by flooding could boost inventory. U.S. West Texas Intermediate (WTI) crude futures rose 0.26 percent to $46.69 a barrel after falling to as low as $46.15 in the previous session. U.S. gasoline price, which surged as much as 7 percent to a two-year peak of $1.7799 a gallon on Monday, traded at $1.7263 in early Tuesday trade.

Stocks tumble as N.Korea tensions escalate; euro tops $1.20

Indian shares fell on Tuesday and were set to snap four consecutive sessions of gains<a href="http://www.wionews.com/world/north-korea-fires-missile-over-japan-19605"> as the firing of a missile over Japan by North Korea rattled investors</a>, while the expiry of local derivatives contracts this week also hit sentiment.

In a sharp escalation of tensions on the Korean peninsula, North Korea fired a missile early on Tuesday that flew over Japan and landed in Pacific waters about 1,180 kilometres (735 miles) off the northern region of Hokkaido.

Asian share markets tumbled, with MSCI&#39;s broadest index of Asia-Pacific shares outside Japan down 0.6 per cent.

The missile firing added to the unease in Indian markets that were already cautious ahead of the monthly derivatives contracts expiry on Thursday.

&quot;Early negativity from Asian markets over North Korea followed through to the domestic market,&quot; said Anand James, chief market strategist with Geojit Financial Services.

&quot;Investors are also booking profits after Nifty tested 9,900 levels on Monday while there is some volatility ahead of the expiry,&quot; he added.

The broader NSE Nifty was down 0.7 per cent at 9,841.50 as of 0637 GMT, while the benchmark BSE Sensex also eased 0.7 per cent at 31,521.05.

Power producer NTPC&nbsp;was the biggest loser on both the indexes. The stock declined over 4 per cent after the Indian government said it would sell a 5 per cent stake in the company with an option to sell 5 per cent more through a two-day stock market auction in a potential $2.2 billion deal.

Meanwhile, shares in Infosys fell 1 per cent on profit-booking after having risen nearly 8 per cent in the last four sessions.

The stock had gained more than 3 per cent in the previous session, with co-founder Nandan Nilekani returning as chairman after the shock resignation of chief executive Vishal Sikka last week.

Shares in ACC , Bank of Baroda and Tata Power&nbsp;dropped after their exclusion from the NSE index.

Meanwhile, Reliance Infrastructure &nbsp;surged 7.7 per cent on reports that renewable energy firm Greenko is in talks to buy the company&#39;s electricity business in Mumbai.

The firing of a missile over Japan by North Korea rattled investors, while the expiry of local derivatives contracts this week also hit sentiment

Indian shares fell on Tuesday and were set to snap four consecutive sessions of gains as the firing of a missile over Japan by North Korea rattled investors, while the expiry of local derivatives contracts this week also hit sentiment. In a sharp escalation of tensions on the Korean peninsula, North Korea fired a missile early on Tuesday that flew over Japan and landed in Pacific waters about 1,180 kilometres (735 miles) off the northern region of Hokkaido. Asian share markets tumbled, with MSCI's broadest index of Asia-Pacific shares outside Japan down 0.6 per cent. The missile firing added to the unease in Indian markets that were already cautious ahead of the monthly derivatives contracts expiry on Thursday. "Early negativity from Asian markets over North Korea followed through to the domestic market," said Anand James, chief market strategist with Geojit Financial Services. "Investors are also booking profits after Nifty tested 9,900 levels on Monday while there is some volatility ahead of the expiry," he added. The broader NSE Nifty was down 0.7 per cent at 9,841.50 as of 0637 GMT, while the benchmark BSE Sensex also eased 0.7 per cent at 31,521.05. Power producer NTPC was the biggest loser on both the indexes. The stock declined over 4 per cent after the Indian government said it would sell a 5 per cent stake in the company with an option to sell 5 per cent more through a two-day stock market auction in a potential $2.2 billion deal. Meanwhile, shares in Infosys fell 1 per cent on profit-booking after having risen nearly 8 per cent in the last four sessions. The stock had gained more than 3 per cent in the previous session, with co-founder Nandan Nilekani returning as chairman after the shock resignation of chief executive Vishal Sikka last week. Shares in ACC , Bank of Baroda and Tata Power dropped after their exclusion from the NSE index. Meanwhile, Reliance Infrastructure surged 7.7 per cent on reports that renewable energy firm Greenko is in talks to buy the company's electricity business in Mumbai.

Sensex falls as North Korea fires missile

Samsung&nbsp;Electronics Co Ltd expects to invest $7 billion over the next three years to expand its NAND memory chip production in China&#39;s northwestern city of Xi&#39;an, the South Korean tech giant said on Monday.

In a regulatory filing, Samsung&nbsp;said it approved $2.3 billion of the expected investment of $7 billion on Monday.

In early July, when&nbsp;Samsung&nbsp;announced an investment of $18.6 billion in South Korea, it said it would add a production line at its NAND plant in Xi&#39;an, but did not set an investment amount.

A&nbsp;Samsung&nbsp;Electronics spokesman declined to comment on the amount of capacity to be added by the approved or planned investment.

The firm accounted for 38.3 percent of global NAND flash memory chip revenue in April-June, the latest data from researcher IHS showed.

China is trying to develop its own memory chip producers but it is likely to be several years before they can compete with existing makers, analysts said.

Samsung&nbsp;Electronics said a memory chip boom that propelled it to record profit in the second quarter was likely to continue in the July-to-September quarter.

Samsung said it approved $2.3 billion of the expected investment of $7 billion on Monday

Samsung Electronics Co Ltd expects to invest $7 billion over the next three years to expand its NAND memory chip production in China's northwestern city of Xi'an, the South Korean tech giant said on Monday. In a regulatory filing, Samsung said it approved $2.3 billion of the expected investment of $7 billion on Monday. In early July, when Samsung announced an investment of $18.6 billion in South Korea, it said it would add a production line at its NAND plant in Xi'an, but did not set an investment amount. A Samsung Electronics spokesman declined to comment on the amount of capacity to be added by the approved or planned investment. The firm accounted for 38.3 percent of global NAND flash memory chip revenue in April-June, the latest data from researcher IHS showed. China is trying to develop its own memory chip producers but it is likely to be several years before they can compete with existing makers, analysts said. Samsung Electronics said a memory chip boom that propelled it to record profit in the second quarter was likely to continue in the July-to-September quarter.

Samsung Elec to invest $7 billion to boost China NAND chip output