National Handloom Day 2026: From Alia Bhatt to Samantha Ruth Prabhu; Actresses who celebrated India's textile heritage as brides

The Royals enter the Doctor Who universe: King Charles and Queen Camilla beam into Commonwealth Games in TARDIS

Unitree Robotics targets $9 billion valuation in landmark IPO backed by DeepSeek and Tencent

India names 27 sites in Arunachal Pradesh

Bharat Bhhagya Viddhaata OTT: When will Kangana Ranaut's film stream online?

How many soldiers operate one S-400 battery?

Shakib Al Hasan ready to return to Bangladesh—under one condition

‘Fake news’: MEA rejects report claiming India sought defence pact with Israel after Pakistan, Saudi Arabia, Turkey deal

Rockstar to unveil GTA 6 extended look ahead of November launch

Russia forms Ukrainian Volunteer Spetsnaz Brigade to fight Ukraine

Drug-resistant fungus that hides in hair and enters bloodstream reported in 23 US states

Technology transfer deal boosts India's defence manufacturing ambitions

Border row erupts in Europe after Ceuta crossings, Spain imposes border controls on Italy

Morale plummets on USS Abraham Lincoln: Are US sailors reaching a breaking point? | GRAVITAS

'Security can't be bought with Pakistan, Turkey deal': Iran tells Saudi Arabia

Baba Vanga's 2026 prophecy: 2 predictions 'already came true', 3 terrifying ones remain. Details inside

Colombia’s new president Abelardo de la Espriella vows to ‘defeat narco-terrorists’, signals hardline shift

New Friday OTT releases (August 7, 2026): Operation Safed Sagar, Vadhandhi, Main Vaapis Aaunga- 6 movies and TV shows on Netflix, Prime Video and more

Squadron Leader Bhawana Kanth scripts history as Indian Air Force gets its first woman ‘Top Gun’ pilot

RSS says Gen Z protests reflect genuine distress

Trump says Iranian school bombing photos could be AI-generated - 'I don’t think...'

IAF officer held for sharing sensitive information in 'honey trap' case, booked under Official Secrets Act

Stray Kids under scrutiny? Fans react to Grammy submission silence after BTS boycott

Why the Su-30MKI doesn't need external fuel tanks to fly vast distances

Jugal Hansraj reunites with Shekhar Kapur after 40 years for Masoom: The Next Generation

New speed limits, automatic challans: Big traffic change coming to Delhi-Meerut Expressway. All you need to know

India officially names 27 places in Arunachal to counter China's renaming claims

Trump calls White House ballroom ruling a 'national disgrace' as court says Congress approval needed

US sanctions Iran’s crypto network after Strait of Hormuz attacks, offers $15m bounty for intel on IRGC finance

Why the Su-30MKI is one of the heaviest fighters ever built

Uttarakhand young innovator builds India's own flying vehicle, conducts first test flight: WATCH

Chilling video shows students take cover as teen opens fire at Thai school

Reese Witherspoon's father hospitalised after poolside incident in Nashville: Report

From Airtel's free domestic roaming to the launch of Nokia 3310, WION brings you the top headlines from the world of Business

WION Wallet: Airtel to offer free domestic roaming and more

Alphabet&#39;s&nbsp;Waymo self-driving car unit sued Uber Technologies and its autonomous trucking subsidiary Otto in federal court on Thursday over allegations of theft of its confidential and proprietary sensor technology.

Waymo accused Uber and Otto, acquired by the ride services company in August, with stealing confidential information on Waymo&#39;s Lidar sensor technology to help speed its own efforts in autonomous technology.&nbsp;

Uber and Otto did not immediately respond to requests for comment.&nbsp;

&quot;While Waymo developed its custom LiDAR systems with sustained effort over many years, defendants leveraged stolen information to shortcut the process and purportedly build a comparable LiDAR system in only nine months,&quot; the complaint in the Northern District of California said.

Waymo is seeking an unspecified amount of damages and a court order preventing Uber from using its proprietary information.&nbsp;

Otto launched with much fanfare in May, due in part to the high profile of one of its co-founders, Anthony Levandowski, who had been an executive on Google&#39;s self-driving project. Uber acquired the company in August for what Waymo said in the lawsuit was $680 million.&nbsp;

Waymo said that before Levandowski&#39;s resignation in January 2016 from Google, whose self-driving unit was renamed Waymo in December, he downloaded over 14,000 confidential files, including Lidar circuit board designs.

Lidar is a main component of autonomous driving systems that bounces light pulses off objects to help vehicles know where they are on the road.

Waymo accused Levandowski of attempting to &quot;erase any forensic fingerprints&quot; via a reformat of his laptop.

(Reuters)

Waymo accused Uber and Otto with stealing confidential information on it's Lidar sensor technology?

Alphabet's Waymo self-driving car unit sued Uber Technologies and its autonomous trucking subsidiary Otto in federal court on Thursday over allegations of theft of its confidential and proprietary sensor technology. Waymo accused Uber and Otto, acquired by the ride services company in August, with stealing confidential information on Waymo's Lidar sensor technology to help speed its own efforts in autonomous technology. Uber and Otto did not immediately respond to requests for comment. "While Waymo developed its custom LiDAR systems with sustained effort over many years, defendants leveraged stolen information to shortcut the process and purportedly build a comparable LiDAR system in only nine months," the complaint in the Northern District of California said. Waymo is seeking an unspecified amount of damages and a court order preventing Uber from using its proprietary information. Otto launched with much fanfare in May, due in part to the high profile of one of its co-founders, Anthony Levandowski, who had been an executive on Google's self-driving project. Uber acquired the company in August for what Waymo said in the lawsuit was $680 million. Waymo said that before Levandowski's resignation in January 2016 from Google, whose self-driving unit was renamed Waymo in December, he downloaded over 14,000 confidential files, including Lidar circuit board designs. Lidar is a main component of autonomous driving systems that bounces light pulses off objects to help vehicles know where they are on the road. Waymo accused Levandowski of attempting to "erase any forensic fingerprints" via a reformat of his laptop. (Reuters)

Alphabet's self-driving car unit sues Uber over allegations of stolen technology

The economic affairs secretary Wednesday quashed rumours of a new Rs 1,000 note being rolled out.&nbsp;

&quot;No plans to introduce Rs 1000 notes. Focus is on production &amp; supply of Rs 500 and lower deonomination notes,&quot; Shaktikanta Das tweeted.&nbsp;

Social media had been abuzz recently with the rumour that a new note was in the offing.

The government had demonetised the old Rs 1,000 and Rs 500 notes on November 8 last year. It has since then rolled out new Rs 2,000 and Rs 500 notes.

The demonetisation of the old notes added up 86 per cent of the country&#39;s currency being taken out of circulation, leading to severe problems all around.&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
No plans to introduce ?1000 notes. Focus is on production &amp; supply of ?500 &amp; lower denomination notes,tweets Eco Affairs Secy Shaktikant Das <a href="https://t.co/k3ugryuJVU">pic.twitter.com/k3ugryuJVU</a>
&mdash; ANI (@ANI_news) <a href="https://twitter.com/ANI_news/status/834269088687980544">February 22, 2017</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
Complaints of cash out in ATMs being addressed.Request ppl to draw cash they actually require.Overdrawal by some deprives others ,tweets Das <a href="https://t.co/qPv9qSIiiY">pic.twitter.com/qPv9qSIiiY</a>
&mdash; ANI (@ANI_news) <a href="https://twitter.com/ANI_news/status/834270122860826624">February 22, 2017</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
Enough cash available. Logistics, issues of reloading ATMs more frequently being addressed, tweets Economic Affairs Secy Shaktikanta Das <a href="https://t.co/Ea3iB0tS5f">pic.twitter.com/Ea3iB0tS5f</a>
&mdash; ANI (@ANI_news) <a href="https://twitter.com/ANI_news/status/834310258952634369">February 22, 2017</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

Das addressed some of those problems too on Wednesday, tweeting: &quot;Complaints of cash out in ATMs being addressed.&quot;&nbsp;

But he put the onus on the people, saying, &quot;Request ppl to draw cash they actually require. Overdrawal by some deprives others.&quot;

He added: &quot;Enough cash available. Logistics, issues of reloading ATMs more frequently being addressed.&quot;&nbsp;

(WION)

Social media had been abuzz recently with the rumour that a new note was in the offing

The economic affairs secretary Wednesday quashed rumours of a new Rs 1,000 note being rolled out. "No plans to introduce Rs 1000 notes. Focus is on production & supply of Rs 500 and lower deonomination notes," Shaktikanta Das tweeted. Social media had been abuzz recently with the rumour that a new note was in the offing. The government had demonetised the old Rs 1,000 and Rs 500 notes on November 8 last year. It has since then rolled out new Rs 2,000 and Rs 500 notes. The demonetisation of the old notes added up 86 per cent of the country's currency being taken out of circulation, leading to severe problems all around. No plans to introduce ?1000 notes. Focus is on production & supply of ?500 & lower denomination notes,tweets Eco Affairs Secy Shaktikant Das pic.twitter.com/k3ugryuJVU — ANI (@ANI_news) February 22, 2017 × Complaints of cash out in ATMs being addressed.Request ppl to draw cash they actually require.Overdrawal by some deprives others ,tweets Das pic.twitter.com/qPv9qSIiiY — ANI (@ANI_news) February 22, 2017 × Enough cash available. Logistics, issues of reloading ATMs more frequently being addressed, tweets Economic Affairs Secy Shaktikanta Das pic.twitter.com/Ea3iB0tS5f — ANI (@ANI_news) February 22, 2017 × Das addressed some of those problems too on Wednesday, tweeting: "Complaints of cash out in ATMs being addressed." But he put the onus on the people, saying, "Request ppl to draw cash they actually require. Overdrawal by some deprives others." He added: "Enough cash available. Logistics, issues of reloading ATMs more frequently being addressed." (WION)

Demonetisation: No new Rs 1,000 note coming, says Shaktikanta Das

The announcement by&nbsp;Mukesh Ambani, on Tuesday, that Reliance Jio will stop offering free data services from April has raised the question if it will end telecom industry&#39;s suffering.

Analysts say it will take at least one or two years before the industry gets back on track.&nbsp;

Free voice and data services offered by Jio since last year had thrown the financials of its rival companies like&nbsp;Bharti Airtel, Vodafone, Idea Cellular and others under stress.

&quot;With the commercial launch of Jio&#39;s services, I foresee that in a year or so, things overall will have a more stable and financial outlook will be sound. Telecom industry will be going through a period of pain but at the end of it, there will be some good coming out of it,&quot; Ambani said.

G Krishna Kumar, Bengaluru-based telecom analyst, expects the upheaval in the sector to continue as competition to grab data market will intensify.

He said that Reliance Jio may find it tough to retain its current user base after its data services become paid.

Krishna Kumar predicted that 50-60 per cent&nbsp;of the users will withdraw from Jio post commercial launch on April 1.

&quot;In the Indian context, most users are prepaid users and the average revenue per user (Arpu) in this segment is around Rs 100-130 (about $1.50-$2.00 US). If you compare that with Rs 300 ($4.50 US) that Reliance is offering, how many people will be able to afford that? Today, people are on Jio network because it is free. I believe 50-60 per cent&nbsp;of the users will pull off,&quot; he said

Today 96 per cent&nbsp;of mobile users in India were prepaid subscribers.

&quot;Jio is trying to attract prepaid subscribers through the Rs 303 ($4.50 US) per month plan but may not be able to convert the prepaid subscribers There may also not be many takers for mobile porting as the quality of voice call on Jio network is very poor,&quot; he said.

According to him, Jio may be able to attract customers in the post-paid segment, which is only 4 per cent&nbsp;of the users and where the Arpu is about Rs 490 ($7.30 US) per subscriber.

&quot;Jio could attract customers in this (postpaid) segment. Considering that the Jio&#39;s voice quality is not good, the subscribers may go with incumbent connection for voice and Jio for data,&quot; he said. Another analyst, who did not want to be named, said since Jio&#39;s mobile data usage was comparatively higher than rivals, it will earn better Arpu even if its rates are lower by few percentage.

&quot;While the incumbent&#39;s data usage is less than 1 GB per subscribers and Jio&#39;s running in excess of 3-4 GB per subscriber, it went to 6 GB last month. So I would expect that Jio users being used to 6 GB data usage, even when they (Jio) start paying a price for that which is lower than the price of others, the 6 GB wouldn&#39;t go down much. It will definitely be 50 per cent&nbsp;or 40 per cent&nbsp;of that because once you get used to it becomes an additive. And so, even at 20 per cent&nbsp;lower price, he (Ambani) can still get better ARPU&nbsp;[average revenue per user]&nbsp;than others. That seems to be the commercial strategy behind it,&quot; said the telecom expert.

(This report first appeared on DNA)

But they add that its average revenue per user (Arpu) may be higher than bigger rivals

The announcement by Mukesh Ambani, on Tuesday, that Reliance Jio will stop offering free data services from April has raised the question if it will end telecom industry's suffering. Analysts say it will take at least one or two years before the industry gets back on track. Free voice and data services offered by Jio since last year had thrown the financials of its rival companies like Bharti Airtel, Vodafone, Idea Cellular and others under stress. "With the commercial launch of Jio's services, I foresee that in a year or so, things overall will have a more stable and financial outlook will be sound. Telecom industry will be going through a period of pain but at the end of it, there will be some good coming out of it," Ambani said. G Krishna Kumar, Bengaluru-based telecom analyst, expects the upheaval in the sector to continue as competition to grab data market will intensify. He said that Reliance Jio may find it tough to retain its current user base after its data services become paid. Krishna Kumar predicted that 50-60 per cent of the users will withdraw from Jio post commercial launch on April 1. "In the Indian context, most users are prepaid users and the average revenue per user (Arpu) in this segment is around Rs 100-130 (about $1.50-$2.00 US). If you compare that with Rs 300 ($4.50 US) that Reliance is offering, how many people will be able to afford that? Today, people are on Jio network because it is free. I believe 50-60 per cent of the users will pull off," he said Today 96 per cent of mobile users in India were prepaid subscribers. "Jio is trying to attract prepaid subscribers through the Rs 303 ($4.50 US) per month plan but may not be able to convert the prepaid subscribers There may also not be many takers for mobile porting as the quality of voice call on Jio network is very poor," he said. According to him, Jio may be able to attract customers in the post-paid segment, which is only 4 per cent of the users and where the Arpu is about Rs 490 ($7.30 US) per subscriber. "Jio could attract customers in this (postpaid) segment. Considering that the Jio's voice quality is not good, the subscribers may go with incumbent connection for voice and Jio for data," he said. Another analyst, who did not want to be named, said since Jio's mobile data usage was comparatively higher than rivals, it will earn better Arpu even if its rates are lower by few percentage. "While the incumbent's data usage is less than 1 GB per subscribers and Jio's running in excess of 3-4 GB per subscriber, it went to 6 GB last month. So I would expect that Jio users being used to 6 GB data usage, even when they (Jio) start paying a price for that which is lower than the price of others, the 6 GB wouldn't go down much. It will definitely be 50 per cent or 40 per cent of that because once you get used to it becomes an additive. And so, even at 20 per cent lower price, he (Ambani) can still get better ARPU [average revenue per user] than others. That seems to be the commercial strategy behind it," said the telecom expert. (This report first appeared on DNA)

Half of Reliance Jio users may drop out after service goes paid: Analysts

Indian bankers on Wednesday poured scepticism on a proposal by the RBI to set up new private or state companies to buy up bad debt from lenders, warning that the plan would add more complexity and delay restructuring.

Economists say it has become imperative to tackle record stressed loans of $133 billion held by Indian banks by last September, or about 12.34 per cent of their total loans, as the burden constrains lending and delays private investment.

The Reserve Bank of India Deputy Governor Viral Acharya, in a major speech to bankers on Tuesday, proposed the creation of a private-based agency or a government asset management entity to buy and restructure the soured loans.

But in a sign of the difficulties the RBI would face, bankers expressed opposition to the proposal, saying it would take too long to agree on how the scheme would work and then risk further delays as the institutions are set up.

Instead, bankers urged the RBI to stick to an existing framework and make improvements, if required.

New rules under the former RBI governor Raghuram Rajan forced banks to first recognise the true extent of bad loans and then provided flexibility to restructure them, including by measures such as selling them off to private companies.

&quot;Creating an institution itself is not an easy task,&quot; said a senior banker at a state-run lender, who declined to be identified commenting on the RBI. &quot;The better way would be to use the existing infrastructure.&quot;

Critics of the existing RBI framework for restructuring bad loans have warned it leaves banks with too much discretion in solving the problems - a view echoed by Acharya, who called for a new approach of &quot;tough love&quot; for lenders.

But the creation of a so-called &quot;bad bank&quot; also has its own critics, including Rajan, who felt such an approach would simply shift the soured debt from banks to another firm, and said the focus needed to be on how to restructure the bad loans.

Banks continue to see sour loans growing, although the pace has slowed. Resolution, however, remains slow, including sales of bad loans to so-called asset reconstruction companies.

Up to government

Ultimately, much will depend on the government&#39;s stance.

The Finance Ministry appears open to Acharya&#39;s approach, having already proposed in January setting up a bad bank to buy soured loans from lenders and then restructure them, including such measures as converting debt to equity.

On Wednesday, Arvind Subramanian, chief economic adviser to the finance ministry, reiterated that the government was looking at the creation of a bad bank, adding that it was in touch with the RBI.

But even if the government and the RBI agree on creating an institution to tackle bad debt, the differences in structures under the existing plans would need to be ironed out.

Acharya was careful to avoid saying his proposal would create a bad bank, saying he wanted institutions with a narrow mandate to deal with soured loans, while warning that an unduly broad mandate risked creating &quot;mission creep&quot;.

Instead, he said his speech marked the start of fresh discussions on a topic that has cast a shadow over the economy.

&quot;There are many details to work out. But I hope this provides a start,&quot; Acharya said. 
 
(Reuters) 
&nbsp;

Bankers have urged the RBI to stick to an existing framework instead of a separate asset management entity to restructure soured loans

Indian bankers on Wednesday poured scepticism on a proposal by the RBI to set up new private or state companies to buy up bad debt from lenders, warning that the plan would add more complexity and delay restructuring. Economists say it has become imperative to tackle record stressed loans of $133 billion held by Indian banks by last September, or about 12.34 per cent of their total loans, as the burden constrains lending and delays private investment. The Reserve Bank of India Deputy Governor Viral Acharya, in a major speech to bankers on Tuesday, proposed the creation of a private-based agency or a government asset management entity to buy and restructure the soured loans. But in a sign of the difficulties the RBI would face, bankers expressed opposition to the proposal, saying it would take too long to agree on how the scheme would work and then risk further delays as the institutions are set up. Instead, bankers urged the RBI to stick to an existing framework and make improvements, if required. New rules under the former RBI governor Raghuram Rajan forced banks to first recognise the true extent of bad loans and then provided flexibility to restructure them, including by measures such as selling them off to private companies. "Creating an institution itself is not an easy task," said a senior banker at a state-run lender, who declined to be identified commenting on the RBI. "The better way would be to use the existing infrastructure." Critics of the existing RBI framework for restructuring bad loans have warned it leaves banks with too much discretion in solving the problems - a view echoed by Acharya, who called for a new approach of "tough love" for lenders. But the creation of a so-called "bad bank" also has its own critics, including Rajan, who felt such an approach would simply shift the soured debt from banks to another firm, and said the focus needed to be on how to restructure the bad loans. Banks continue to see sour loans growing, although the pace has slowed. Resolution, however, remains slow, including sales of bad loans to so-called asset reconstruction companies. Up to government Ultimately, much will depend on the government's stance. The Finance Ministry appears open to Acharya's approach, having already proposed in January setting up a bad bank to buy soured loans from lenders and then restructure them, including such measures as converting debt to equity. On Wednesday, Arvind Subramanian, chief economic adviser to the finance ministry, reiterated that the government was looking at the creation of a bad bank, adding that it was in touch with the RBI. But even if the government and the RBI agree on creating an institution to tackle bad debt, the differences in structures under the existing plans would need to be ironed out. Acharya was careful to avoid saying his proposal would create a bad bank, saying he wanted institutions with a narrow mandate to deal with soured loans, while warning that an unduly broad mandate risked creating "mission creep". Instead, he said his speech marked the start of fresh discussions on a topic that has cast a shadow over the economy. "There are many details to work out. But I hope this provides a start," Acharya said. (Reuters)

India's bankers sceptical over central bank's proposal on bad loans

Chandrasekaran, a former Tata Consultancy Services CEO and MD, has taken the corner office at Bombay House, with investors cheering the move

Chandrasekaran takes over as Tata Sons chairman

The 53-year-old N. Chandrasekaran will be the first Chairman of the $103 billion tata group with no family links to the Tata's, although he has spent all his working life at one tata company, Tata Consultancy Services Ltd (TCS)

N. Chandrasekaran takes charge at Tata Sons(WION Wallet)

N Chandrasekaran, or Chandra as he is fondly known, took over as the chairman of Tata Sons on Tuesday.

He will be the first non-Parsi to become chairman of Tata Sons -- India&#39;s most diversified business group.

He replaces ex-Chairman Cyrus Mistry, who was unceremoniously driven out of the company on October 24, 2016, and Ratan Tata who had been interim chairman after Mistry.

Chandra, before entering Bombay House, said he &quot;will do everything we need to do, to delight (the) people who are proud of the group&quot;.&nbsp;

Chandra, a former Tata Consultancy Services CEO and MD, has taken the corner office at Bombay House, with investors cheering the move.

The stocks of listed Tata Group companies were in the green, rising between 36 bps and 2% from their previous close.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
Will do everything we need to do,to delight people who are proud of the group: N.Chandrasekaran(he will take over as chairman of Tata Sons ) <a href="https://t.co/SlJgFTTJTF">pic.twitter.com/SlJgFTTJTF</a>
&mdash; ANI (@ANI_news) <a href="https://twitter.com/ANI_news/status/833890051994054657">February 21, 2017</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
Mumbai: N.Chandrasekaran reaches Bombay House, he will take over as chairman of Tata Sons today. <a href="https://t.co/ZW6PXZS3qu">pic.twitter.com/ZW6PXZS3qu</a>
&mdash; ANI (@ANI_news) <a href="https://twitter.com/ANI_news/status/833889151372161024">February 21, 2017</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
Mumbai: Ratan Tata also reached Bombay House, he was serving as interim-chairman of Tata Sons, will handover the charge to N.Chandrasekaran. <a href="https://t.co/TDeyPCqVrz">pic.twitter.com/TDeyPCqVrz</a>
&mdash; ANI (@ANI_news) <a href="https://twitter.com/ANI_news/status/833895841693892612">February 21, 2017</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

Speaking to reporters on Tuesday, Natarajan said he would do his best to keep enhancing the company&#39;s goodwill.

&quot;The group is in the hearts and minds of people in India and globally. We will work together to drive discipline on capital allocation and shareholder returns. The company has always shown tremendous spirits in terms of pioneering and leadership,&quot; he said.

On Monday, Chandra was also appointed the non-executive chairman of TCS effective February 21.

Chandrasekaran joined TCS in 1987 after completing his education in computer applications from Royal Engineering College, Trichy in India&#39;s southern state of Tamil Nadu.

(WION)

'Will do everything we need to do to delight people who are proud of the group,' he says

N Chandrasekaran, or Chandra as he is fondly known, took over as the chairman of Tata Sons on Tuesday. He will be the first non-Parsi to become chairman of Tata Sons -- India's most diversified business group. He replaces ex-Chairman Cyrus Mistry, who was unceremoniously driven out of the company on October 24, 2016, and Ratan Tata who had been interim chairman after Mistry. Chandra, before entering Bombay House, said he "will do everything we need to do, to delight (the) people who are proud of the group". Chandra, a former Tata Consultancy Services CEO and MD, has taken the corner office at Bombay House, with investors cheering the move. The stocks of listed Tata Group companies were in the green, rising between 36 bps and 2% from their previous close. Will do everything we need to do,to delight people who are proud of the group: N.Chandrasekaran(he will take over as chairman of Tata Sons ) pic.twitter.com/SlJgFTTJTF — ANI (@ANI_news) February 21, 2017 × Mumbai: N.Chandrasekaran reaches Bombay House, he will take over as chairman of Tata Sons today. pic.twitter.com/ZW6PXZS3qu — ANI (@ANI_news) February 21, 2017 × Mumbai: Ratan Tata also reached Bombay House, he was serving as interim-chairman of Tata Sons, will handover the charge to N.Chandrasekaran. pic.twitter.com/TDeyPCqVrz — ANI (@ANI_news) February 21, 2017 × Speaking to reporters on Tuesday, Natarajan said he would do his best to keep enhancing the company's goodwill. "The group is in the hearts and minds of people in India and globally. We will work together to drive discipline on capital allocation and shareholder returns. The company has always shown tremendous spirits in terms of pioneering and leadership," he said. On Monday, Chandra was also appointed the non-executive chairman of TCS effective February 21. Chandrasekaran joined TCS in 1987 after completing his education in computer applications from Royal Engineering College, Trichy in India's southern state of Tamil Nadu. (WION)

N Chandrasekaran takes over as Tata Sons chairman, investors cheer

HSBC Holdings reported a 62 percent slump in annual pre-tax profit that fell way short of analysts&#39; estimates due to one-time charges related to some businesses, and announced a new $1 billion share buy-back.

Europe&#39;s biggest bank by assets said on Tuesday profit before tax for 2016 fell to $7.1 billion from $18.87 billion in the previous year. That compared with the average analyst estimate of $14.4 billion, according to Thomson Reuters data.

The 2016 profit reflected a $3.2 billion impairment of goodwill in its global private banking business in Europe and the impact of its sale of operations in Brazil, the bank said in a statement to the stock exchanges.

The private banking impairment charges mainly relate to its acquisition of Safra Republic Holdings in 1999, it said, without giving details.

&quot;We have considered it appropriate to write off the remaining goodwill in the European private banking business,&quot; it said, adding the restructuring of global private banking is now largely complete.

The $1 billion share buy-back takes HSBC&#39;s announced buy-backs since the second half of 2016 to $3.5 billion following the bank&#39;s disposal of its Brazil unit in July last year in a $5.2 billion deal.

&quot;We are investing over $2 billion in digital transformation initiatives to improve our offer to customers, and are instigating a further $1 billion buy-back programme reflecting the strength and flexibility of our balance sheet,&quot; Stuart Gulliver, group chief executive, said in a statement.

HSBC&#39;s shares have been among the best-performing European bank stocks since Britain voted in June to leave the European Union, climbing 53 per cent against a 28 per cent increase in the STOXX Europe index of 600 banks as the bank benefited from appreciation of the US dollar and stronger capital levels.

The British bank, which has said it may move 1, 000 jobs to Paris following Britain&#39;s exit from the European Union, has said it had so far seen little impact from the referendum outcome on its business.

(Reuters)

HSBC's profit before tax for 2016 fell to $7.1 billion from $18.87 billion in the previous year

HSBC Holdings reported a 62 percent slump in annual pre-tax profit that fell way short of analysts' estimates due to one-time charges related to some businesses, and announced a new $1 billion share buy-back. Europe's biggest bank by assets said on Tuesday profit before tax for 2016 fell to $7.1 billion from $18.87 billion in the previous year. That compared with the average analyst estimate of $14.4 billion, according to Thomson Reuters data. The 2016 profit reflected a $3.2 billion impairment of goodwill in its global private banking business in Europe and the impact of its sale of operations in Brazil, the bank said in a statement to the stock exchanges. The private banking impairment charges mainly relate to its acquisition of Safra Republic Holdings in 1999, it said, without giving details. "We have considered it appropriate to write off the remaining goodwill in the European private banking business," it said, adding the restructuring of global private banking is now largely complete. The $1 billion share buy-back takes HSBC's announced buy-backs since the second half of 2016 to $3.5 billion following the bank's disposal of its Brazil unit in July last year in a $5.2 billion deal. "We are investing over $2 billion in digital transformation initiatives to improve our offer to customers, and are instigating a further $1 billion buy-back programme reflecting the strength and flexibility of our balance sheet," Stuart Gulliver, group chief executive, said in a statement. HSBC's shares have been among the best-performing European bank stocks since Britain voted in June to leave the European Union, climbing 53 per cent against a 28 per cent increase in the STOXX Europe index of 600 banks as the bank benefited from appreciation of the US dollar and stronger capital levels. The British bank, which has said it may move 1, 000 jobs to Paris following Britain's exit from the European Union, has said it had so far seen little impact from the referendum outcome on its business. (Reuters)

HSBC sees 62% decline in pre-tax profit for 2016

The US food giant Kraft Heinz has dropped its bid to buy Unilever days after it rejected a $143 billion buyout offer, the companies said on Sunday.

Kraft Heinz had signaled on Friday that it would press ahead with its campaign after the British-Dutch consumer products manufacturer said the initial proposal &quot;fundamentally undervalues&quot; its worth.

However, strong resistance from Unilever reportedly persuaded Kraft Heinz over the weekend to back out.

&quot;Unilever and Kraft Heinz hereby announce that Kraft Heinz has amicably agreed to withdraw its proposal for a combination of the two companies,&quot; they announced in a joint statement.

&quot;Unilever and Kraft Heinz hold each other in high regard,&quot; it added. &quot;Kraft Heinz has the utmost respect for the culture, strategy and leadership of Unilever.&quot;

The deal would have created a giant in global food, second only to Nestle, joining the maker of Kraft cheese and Heinz ketchup to its European counterpart, whose products include Q-tips, Hellmann&#39;s mayonnaise and Ben &amp; Jerry&#39;s ice cream.

Analysts had said the potentially massive merger,which would have been one of the largest corporate deals in history, could have raised red flags for antitrust regulators over the effect on consumers, and for politicians given the possibly large job cuts.

Kraft&#39;s pursuit of Unilever came as global food companies struggle with anemic economic growth in many key markets.

Kraft Heinz is the fifth-biggest food and beverage company in the world and the third-biggest in North America. It was formed by the 2015 merger struck between Heinz&#39;s controlling shareholders, US billionaire Warren Buffet&#39;s Berkshire Hathaway, and 3G Capital of Brazil.

(AFP)

The merger would have been one of the largest corporate deals in history and would have created a giant in global food, second only to Nestle

The US food giant Kraft Heinz has dropped its bid to buy Unilever days after it rejected a $143 billion buyout offer, the companies said on Sunday. Kraft Heinz had signaled on Friday that it would press ahead with its campaign after the British-Dutch consumer products manufacturer said the initial proposal "fundamentally undervalues" its worth. However, strong resistance from Unilever reportedly persuaded Kraft Heinz over the weekend to back out. "Unilever and Kraft Heinz hereby announce that Kraft Heinz has amicably agreed to withdraw its proposal for a combination of the two companies," they announced in a joint statement. "Unilever and Kraft Heinz hold each other in high regard," it added. "Kraft Heinz has the utmost respect for the culture, strategy and leadership of Unilever." The deal would have created a giant in global food, second only to Nestle, joining the maker of Kraft cheese and Heinz ketchup to its European counterpart, whose products include Q-tips, Hellmann's mayonnaise and Ben & Jerry's ice cream. Analysts had said the potentially massive merger,which would have been one of the largest corporate deals in history, could have raised red flags for antitrust regulators over the effect on consumers, and for politicians given the possibly large job cuts. Kraft's pursuit of Unilever came as global food companies struggle with anemic economic growth in many key markets. Kraft Heinz is the fifth-biggest food and beverage company in the world and the third-biggest in North America. It was formed by the 2015 merger struck between Heinz's controlling shareholders, US billionaire Warren Buffet's Berkshire Hathaway, and 3G Capital of Brazil. (AFP)

Kraft Heinz withdraws $143 billion Unilever bid

Asian stocks edged up to fresh 19-month highs on Thursday, helped by an extended rally on Wall Street and strong US&nbsp;data though the Dollar stepped back after a recent bounce.

MSCI&#39;s broadest index of Asia-Pacific shares outside Japan&nbsp;was up 0.2 per cent, rising to its highest since July 2015. It is up by a tenth so far this year partly underpinned by more optimistic earnings expectations and a gradual unwinding of bearish emerging market bets.

Australian stocks&nbsp;advanced 0.4 per cent in early deals with looming jobs data the key event risk on the day. A strong showing would set the market up for further gains with technical indicators helping.

&quot;The index has now closed above the key technical resistance level at 5,800 which is a bullish sign opening up further gains in the coming months back towards 6,000,&quot; said James Woods, global investment analyst at Rivkin Securities in Sydney.

The Australian employment data is due at 00:30 GMT with market expectations centering around 10,000 jobs being created.

Wall Street pushed further into record-high territory on Wednesday, with the S&amp;P 500 notching a seven-session winning streak, helped by robust economic data and optimism that President Donald Trump will cut corporate taxes. That optimism was not shared in the currency markets with the dollar&#39;s recent bounce running out of steam as investors took profits even as fresh data showed a pick up in inflationary pressures.

US&nbsp;consumer prices recorded their biggest increase in nearly four years in January, backing expectations for the Federal Reserve to raise interest rates at a steady pace over the course of the year.

Fed Chair Janet Yellen, in her second day of economic testimony before Congress, offered no additional insight on the timing of the central bank&#39;s next rate hike after her comments a day earlier had hinted at a fairly hawkish policy stance.

Traders may also be leaning towards a rate increase delayed beyond the Fed&#39;s March meeting, with the futures markets only pricing a 27 per cent chance of a tightening next month.

The Dollar index, which measures the currency against a trade-weighted basket of six major peers, slipped to 101.02. It rallied to a one-month high of 101.76 on Wednesday.

In commodity markets, oil prices softened as record high US&nbsp;crude and gasoline inventories fed concerns about a global glut. US crude&nbsp;was down 0.15 per cent at $53.03 a barrel and Brent was flat at $55.75 a barrel.

(Reuters)

Wall Street pushed further into record-high territory, helped by robust economic data and optimism Trump will cut corporate taxes

Asian stocks edged up to fresh 19-month highs on Thursday, helped by an extended rally on Wall Street and strong US data though the Dollar stepped back after a recent bounce. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2 per cent, rising to its highest since July 2015. It is up by a tenth so far this year partly underpinned by more optimistic earnings expectations and a gradual unwinding of bearish emerging market bets. Australian stocks advanced 0.4 per cent in early deals with looming jobs data the key event risk on the day. A strong showing would set the market up for further gains with technical indicators helping. "The index has now closed above the key technical resistance level at 5,800 which is a bullish sign opening up further gains in the coming months back towards 6,000," said James Woods, global investment analyst at Rivkin Securities in Sydney. The Australian employment data is due at 00:30 GMT with market expectations centering around 10,000 jobs being created. Wall Street pushed further into record-high territory on Wednesday, with the S&P 500 notching a seven-session winning streak, helped by robust economic data and optimism that President Donald Trump will cut corporate taxes. That optimism was not shared in the currency markets with the dollar's recent bounce running out of steam as investors took profits even as fresh data showed a pick up in inflationary pressures. US consumer prices recorded their biggest increase in nearly four years in January, backing expectations for the Federal Reserve to raise interest rates at a steady pace over the course of the year. Fed Chair Janet Yellen, in her second day of economic testimony before Congress, offered no additional insight on the timing of the central bank's next rate hike after her comments a day earlier had hinted at a fairly hawkish policy stance. Traders may also be leaning towards a rate increase delayed beyond the Fed's March meeting, with the futures markets only pricing a 27 per cent chance of a tightening next month. The Dollar index, which measures the currency against a trade-weighted basket of six major peers, slipped to 101.02. It rallied to a one-month high of 101.76 on Wednesday. In commodity markets, oil prices softened as record high US crude and gasoline inventories fed concerns about a global glut. US crude was down 0.15 per cent at $53.03 a barrel and Brent was flat at $55.75 a barrel. (Reuters)

Asian stocks at one-and-a-half year highs on robust Wall St; Dollar retreats

Verizon Communications Inc is close to a revised deal to buy Yahoo Inc&#39;s core internet business for $250 million to $350 million less than the original agreed price of $4.83 billion, according to a source briefed on the matter.

Since last year, Verizon had been trying to persuade Yahoo to amend the terms of the acquisition agreement to reflect the economic damage from two cyber attacks.

Another person familiar with the situation said the price cut was likely to be around $250 million, a figure that Bloomberg reported earlier on Wednesday.

Yahoo and Verizon did not immediately respond to requests for comment.

Verizon hopes to combine Yahoo&#39;s search, email and messenger assets, as well as advertising technology tools, with its AOL unit, which Verizon bought in 2015 for $4.4 billion. Verizon has been looking to mobile video and advertising for new sources of revenue outside an oversaturated wireless market.

Sunnyvale, California-based Yahoo has been under scrutiny by federal investigators and lawmakers since disclosing the largest known data breach in history.

Yahoo shares rose 1.6 per cent to $45.76 in morning trading. Verizon shares fell 0.7 per cent to $47.96.

(Reuters)

Verizon hopes to combine Yahoo's search, email and messenger assets, as well as advertising technology tools, with its AOL unit

Verizon Communications Inc is close to a revised deal to buy Yahoo Inc's core internet business for $250 million to $350 million less than the original agreed price of $4.83 billion, according to a source briefed on the matter. Since last year, Verizon had been trying to persuade Yahoo to amend the terms of the acquisition agreement to reflect the economic damage from two cyber attacks. Another person familiar with the situation said the price cut was likely to be around $250 million, a figure that Bloomberg reported earlier on Wednesday. Yahoo and Verizon did not immediately respond to requests for comment. Verizon hopes to combine Yahoo's search, email and messenger assets, as well as advertising technology tools, with its AOL unit, which Verizon bought in 2015 for $4.4 billion. Verizon has been looking to mobile video and advertising for new sources of revenue outside an oversaturated wireless market. Sunnyvale, California-based Yahoo has been under scrutiny by federal investigators and lawmakers since disclosing the largest known data breach in history. Yahoo shares rose 1.6 per cent to $45.76 in morning trading. Verizon shares fell 0.7 per cent to $47.96. (Reuters)

Verizon close to Yahoo deal, price cut of $250-350 million: Sources

From Porsche's two new launches in India to metal mining problems in Africa, WION brings you the top headlines from the world of Business.

Porsche launches new luxury cars in India & more (WION Wallet)

The European Parliament backed a contested EU-Canada free trade deal on Wednesday, facing down protests by activists and Donald Trump-inspired calls for protectionism.

MEPs meeting in Strasbourg, France, approved the pact with 408 votes in favour, 254 against and 33 abstentions.&nbsp;

Approval by the parliament allows the provisional implementation of the Comprehensive Economic and Trade Agreement as early as next month.

EU states and Canada formally signed the deal in October after seven years of tough talks, overcoming last-minute resistance from a small Belgian region that blocked its national government from approving the accord.

Protests marked the vote, with about 700 people marching outside parliament to voice their opposition to the deal.

Anti-globalisation activists dressed in surgical masks dramatically blocked entrance to the parliament building, before being dragged off by riot police.

&quot;Saying yes to CETA is a trampling of the people,&quot; said a banner.

Following the approval by parliament, Canadian Prime Minister Justin Trudeau will address MEPs in person on Thursday.

EU leaders see the deal as a victory for an imperilled global trade system that is under threat from US President Donald Trump who opposes international trade deals.

Opponents to the accord, which is known as CETA, slam the deal as a danger to health, democracy and the rule of law.

&quot;CETA is the best trade agreement the EU has ever concluded. It will bring Canada and Europe even closer together,&quot; said German MEP Manfred Weber, the head of the conservative EPP group, the parliament&#39;s biggest bloc.

Deal &#39;attacks governments&#39;

Some of the more controversial aspects, including a much-derided investor court system, still require ratification by EU member states, which could take years.

The EU is very ambitious about the deal, calling it Europe&#39;s most modern ever, and saying it will become a template for later deals, including with post-Brexit Britain.

CETA will remove 99 percent of non-farm customs duties between the two sides, a big win for exporters on both sides of the Atlantic.

And unlike classic trade deals, CETA harmonises regulations on matters such as health and the environment, a major concern for activists.

A major flashpoint for opponents is the proposal to set up special courts to settle disputes between investors and national authorities that is central to the deal.

Opponents believe this provision hands too much power to multinationals that will use powerful lawyers to undermine national regulation.

&quot;Multinationals will be able to attack governments in a privatised court system,&quot; said France&#39;s far-right presidential candidate and MEP Marine Le Pen, who voted against CETA.

But the deal&#39;s EU negotiator, Commissioner Cecilia Malmstroem, told MEPs that &quot;nothing in this agreement undermines a government&#39;s right to regulate in the public interest&quot;.&nbsp;

The vote comes at a particularly sensitive time for global trade matters, with Britain poised to leave the European Union and new US president Trump rejecting an Asia-Pacific trade deal.

Trump is also widely expected to drop a similar proposed deal with the EU known as the Transatlantic Trade and Investment Partnership or TTIP.

Trudeau met with Trump on Monday in Washington.

Trump had vowed to put &quot;America first&quot; and rip up the North America Free Trade Agreement with Canada and Mexico, but significantly toned down that rhetoric after meeting Trudeau.

(AFP) 
&nbsp;

CETA will remove 99 percent of non-farm customs duties between the two sides, a big win for exporters on both sides

The European Parliament backed a contested EU-Canada free trade deal on Wednesday, facing down protests by activists and Donald Trump-inspired calls for protectionism. MEPs meeting in Strasbourg, France, approved the pact with 408 votes in favour, 254 against and 33 abstentions. Approval by the parliament allows the provisional implementation of the Comprehensive Economic and Trade Agreement as early as next month. EU states and Canada formally signed the deal in October after seven years of tough talks, overcoming last-minute resistance from a small Belgian region that blocked its national government from approving the accord. Protests marked the vote, with about 700 people marching outside parliament to voice their opposition to the deal. Anti-globalisation activists dressed in surgical masks dramatically blocked entrance to the parliament building, before being dragged off by riot police. "Saying yes to CETA is a trampling of the people," said a banner. Following the approval by parliament, Canadian Prime Minister Justin Trudeau will address MEPs in person on Thursday. EU leaders see the deal as a victory for an imperilled global trade system that is under threat from US President Donald Trump who opposes international trade deals. Opponents to the accord, which is known as CETA, slam the deal as a danger to health, democracy and the rule of law. "CETA is the best trade agreement the EU has ever concluded. It will bring Canada and Europe even closer together," said German MEP Manfred Weber, the head of the conservative EPP group, the parliament's biggest bloc. Deal 'attacks governments' Some of the more controversial aspects, including a much-derided investor court system, still require ratification by EU member states, which could take years. The EU is very ambitious about the deal, calling it Europe's most modern ever, and saying it will become a template for later deals, including with post-Brexit Britain. CETA will remove 99 percent of non-farm customs duties between the two sides, a big win for exporters on both sides of the Atlantic. And unlike classic trade deals, CETA harmonises regulations on matters such as health and the environment, a major concern for activists. A major flashpoint for opponents is the proposal to set up special courts to settle disputes between investors and national authorities that is central to the deal. Opponents believe this provision hands too much power to multinationals that will use powerful lawyers to undermine national regulation. "Multinationals will be able to attack governments in a privatised court system," said France's far-right presidential candidate and MEP Marine Le Pen, who voted against CETA. But the deal's EU negotiator, Commissioner Cecilia Malmstroem, told MEPs that "nothing in this agreement undermines a government's right to regulate in the public interest". The vote comes at a particularly sensitive time for global trade matters, with Britain poised to leave the European Union and new US president Trump rejecting an Asia-Pacific trade deal. Trump is also widely expected to drop a similar proposed deal with the EU known as the Transatlantic Trade and Investment Partnership or TTIP. Trudeau met with Trump on Monday in Washington. Trump had vowed to put "America first" and rip up the North America Free Trade Agreement with Canada and Mexico, but significantly toned down that rhetoric after meeting Trudeau. (AFP)

EU Parliament approves contested free trade deal with Canada

Toshiba shares plunged again Wednesday as it warned of a $6.2 billion writedown in its US nuclear power business and announced a probe into possible wrongdoing by the unit&#39;s senior executives.

One of Japan&#39;s best-known firms, Toshiba shocked investors Tuesday when it failed to report its results for April-December as scheduled then said it needed more time to sort out the situation at troubled atomic division Westinghouse Electric.

Instead it issued a grim preliminary forecast forecast a net loss of 390 billion yen ($3.4 billion) in the fiscal year to March, dragged by a huge writedown topping 700 billion yen at Westinghouse.

The revelation prompted Toshiba chairman Shigenori Shiga to quit his post.

It also said lawyers and an independent auditing firm were sifting through details of an acquisition by Westinghouse, after a whistleblower complained executives exerted &quot;inappropriate pressure&quot; over accounting at the US-based company.

The firm&#39;s Tokyo-listed stock dropped more than 13 percent at one stage before paring losses to sit at 205.9 ($1.80) by the lunch break, down 10.4 percent and extending Tuesday&#39;s eight percent selloff.

The crisis comes less than two years after the conglomerate, which makes everything from trains to memory chips, suffered an embarrassing profit-padding scandal that involved bosses pressuring subordinates to cover up weak earnings.

The company&#39;s stock has lost 60 percent since that crisis came to light in April 2015.

&quot;There is no room for optimism,&quot; said Toshihiko Matsuno, chief strategist at SMBC Friend Securities.

&quot;The share price is still higher than the low at the time of the accounting scandal when investors were pricing in the possibility of its shares being taken off the exchange,&quot; he told AFP, adding that the firm was likely working to avoid an embarrassing delisting.

&quot;Its corporate governance has been called into question and I cannot rule out the possibility that investors are pricing that scenario in&quot; again.

Numerous questions 
On Tuesday, Toshiba warned that any improper accounting at its US nuclear power unit could affect its latest earnings.

&quot;The questions surrounding Toshiba are so numerous, where do you even begin,&quot; Masahiko Ishino, an analyst at Tokai Tokyo Securities, told Bloomberg News.&nbsp;

&quot;Investors want to know what will happen to its nuclear and chip businesses, whether elevator operations and some of Toshiba&#39;s listed subsidiaries will be sold off. &nbsp;There is also the question of why the nuclear writedown happened in the first place.

The industrial giant once touted its overseas nuclear business as a future growth driver, filling a hole left after the 2011 Fukushima crisis slammed the brakes on new atomic projects in Japan.

But it turned out to be a bad bet and on Tuesday it confirmed speculation it would dramatically reduce its nuclear ambitions overseas.

It said it would stop building new atomic power plants, but would continue making related equipment.&nbsp;

And company officials have approached South Korean utility Korea Electric Power Corp about buying part of its stake in British nuclear joint venture NuGeneration.

The atomic strategy U-turn comes as Toshiba undergoes a major restructuring following its 2015 accounting scandal.

It has sold its medical devices unit to camera and copier maker Canon and most of its appliance business to China&#39;s Midea Group while it is also moving to spin off its prized memory chip unit.

(AFP)

The company shocked investors Tuesday when it failed to report its results for April-December as scheduled

Toshiba shares plunged again Wednesday as it warned of a $6.2 billion writedown in its US nuclear power business and announced a probe into possible wrongdoing by the unit's senior executives. One of Japan's best-known firms, Toshiba shocked investors Tuesday when it failed to report its results for April-December as scheduled then said it needed more time to sort out the situation at troubled atomic division Westinghouse Electric. Instead it issued a grim preliminary forecast forecast a net loss of 390 billion yen ($3.4 billion) in the fiscal year to March, dragged by a huge writedown topping 700 billion yen at Westinghouse. The revelation prompted Toshiba chairman Shigenori Shiga to quit his post. It also said lawyers and an independent auditing firm were sifting through details of an acquisition by Westinghouse, after a whistleblower complained executives exerted "inappropriate pressure" over accounting at the US-based company. The firm's Tokyo-listed stock dropped more than 13 percent at one stage before paring losses to sit at 205.9 ($1.80) by the lunch break, down 10.4 percent and extending Tuesday's eight percent selloff. The crisis comes less than two years after the conglomerate, which makes everything from trains to memory chips, suffered an embarrassing profit-padding scandal that involved bosses pressuring subordinates to cover up weak earnings. The company's stock has lost 60 percent since that crisis came to light in April 2015. "There is no room for optimism," said Toshihiko Matsuno, chief strategist at SMBC Friend Securities. "The share price is still higher than the low at the time of the accounting scandal when investors were pricing in the possibility of its shares being taken off the exchange," he told AFP, adding that the firm was likely working to avoid an embarrassing delisting. "Its corporate governance has been called into question and I cannot rule out the possibility that investors are pricing that scenario in" again. Numerous questions On Tuesday, Toshiba warned that any improper accounting at its US nuclear power unit could affect its latest earnings. "The questions surrounding Toshiba are so numerous, where do you even begin," Masahiko Ishino, an analyst at Tokai Tokyo Securities, told Bloomberg News. "Investors want to know what will happen to its nuclear and chip businesses, whether elevator operations and some of Toshiba's listed subsidiaries will be sold off. There is also the question of why the nuclear writedown happened in the first place. The industrial giant once touted its overseas nuclear business as a future growth driver, filling a hole left after the 2011 Fukushima crisis slammed the brakes on new atomic projects in Japan. But it turned out to be a bad bet and on Tuesday it confirmed speculation it would dramatically reduce its nuclear ambitions overseas. It said it would stop building new atomic power plants, but would continue making related equipment. And company officials have approached South Korean utility Korea Electric Power Corp about buying part of its stake in British nuclear joint venture NuGeneration. The atomic strategy U-turn comes as Toshiba undergoes a major restructuring following its 2015 accounting scandal. It has sold its medical devices unit to camera and copier maker Canon and most of its appliance business to China's Midea Group while it is also moving to spin off its prized memory chip unit. (AFP)

Toshiba shares plunge again as it warns of $6.2 bn writedown

British engine maker Rolls-Royce slumped into a record &pound;4-billion annual net loss in 2016, ravaged by a Brexit-fuelled collapse in the pound and a corruption fine.

The loss after tax, equivalent to $5.0 billion or 4.8 billion euros, contrasted with a slender profit of &pound;84 million in the 2015, the company said in a results statement.

Rolls took a vast &pound;4.4-billion hit from the drop in the value of the pound in the wake of Britain&#39;s shock EU exit referendum, alongside a &pound;671-million penalty to settle bribery allegations.

The London-listed company, whose engines are used in Airbus and Boeing aircraft, added that underlying pre-tax profits almost halved to &pound;813 million.

Rolls-Royce, which also makes power systems for use on land and at sea, stated it was on track with efforts to slash costs and expected a &quot;modest&quot; performance improvement in 2017.

&quot;2016 has been an important year as we accelerated the transformation of Rolls-Royce,&quot; said chief executive Warren East, who has overseen a radical restructuring.&nbsp;

&quot;We have made operational progress and performed ahead of our expectations for the year as a whole.

&quot;At the same time, we have delivered major changes to our management and processes and, while we have made good progress in our cost cutting and efficiency programmes, more needs to be done to ensure we drive sustainable margin improvements within the business.&quot;

The huge annual loss also follows a tough past few years for Rolls, which faced a string of profit warnings on the back of weak demand in its aerospace and marine markets.

The company was fined &pound;671 million in January to settle bribery and corruption claims probed by Britain&#39;s Serious Fraud Office and authorities in Brazil and the United States.

Rolls will pay the penalty over five years but has taken the full cost as an impairment charge against its 2016 profits.

Pound slump

The pound has meanwhile fallen by almost a fifth against the dollar since the Brexit referendum that was held last June.

The slide is pushing up the costs of imported goods, sending British annual inflation to the highest levels in 2.5 years.

Official data Tuesday showed 12-month consumer price inflation rising to 1.8 per cent in January -- the highest level since June 2014.

&quot;Surging inflation, in particularly food and fuel prices, are eating into disposable incomes and in turn that is starting to hit spending,&quot; said ING bank economist James Smith.

&quot;We expect to see further evidence of this in this week&#39;s retail sales data.&quot;

Looking ahead for Rolls, East told reporters that 2017 would be &quot;challenging&quot; for the embattled group.

&quot;We have to look after the short term or there won&#39;t be a long term.&quot;

In morning deals, Rolls-Royce shares slid but analysts described the move as a &quot;kneejerk&quot; reaction.

Around 1000 GMT, the stock was down 4.9 per cent at 704.50 pence, topping the losers&#39; board on London&#39;s benchmark FTSE 100 index.

Analysts remained bullish over the firm&#39;s performance.

&quot;The company chalked up one of the biggest losses in corporate history -- but it&#39;s not as bad as it looks and that is perhaps why we&#39;re seeing the stock coming back a tad after the initial kneejerk,&quot; said Neil Wilson at trading firm ETX Capital.

&quot;Rolls took a &pound;4.4-billion hit from the weak pound following the EU referendum last June and it was fined &pound;671 million to settle bribery charges. Strip those out and the results do not look half as bad.&quot;

(AFP)

The huge annual loss also follows a tough past few years for Rolls on the back of weak demand in aerospace and marine markets

British engine maker Rolls-Royce slumped into a record £4-billion annual net loss in 2016, ravaged by a Brexit-fuelled collapse in the pound and a corruption fine. The loss after tax, equivalent to $5.0 billion or 4.8 billion euros, contrasted with a slender profit of £84 million in the 2015, the company said in a results statement. Rolls took a vast £4.4-billion hit from the drop in the value of the pound in the wake of Britain's shock EU exit referendum, alongside a £671-million penalty to settle bribery allegations. The London-listed company, whose engines are used in Airbus and Boeing aircraft, added that underlying pre-tax profits almost halved to £813 million. Rolls-Royce, which also makes power systems for use on land and at sea, stated it was on track with efforts to slash costs and expected a "modest" performance improvement in 2017. "2016 has been an important year as we accelerated the transformation of Rolls-Royce," said chief executive Warren East, who has overseen a radical restructuring. "We have made operational progress and performed ahead of our expectations for the year as a whole. "At the same time, we have delivered major changes to our management and processes and, while we have made good progress in our cost cutting and efficiency programmes, more needs to be done to ensure we drive sustainable margin improvements within the business." The huge annual loss also follows a tough past few years for Rolls, which faced a string of profit warnings on the back of weak demand in its aerospace and marine markets. The company was fined £671 million in January to settle bribery and corruption claims probed by Britain's Serious Fraud Office and authorities in Brazil and the United States. Rolls will pay the penalty over five years but has taken the full cost as an impairment charge against its 2016 profits. Pound slump The pound has meanwhile fallen by almost a fifth against the dollar since the Brexit referendum that was held last June. The slide is pushing up the costs of imported goods, sending British annual inflation to the highest levels in 2.5 years. Official data Tuesday showed 12-month consumer price inflation rising to 1.8 per cent in January -- the highest level since June 2014. "Surging inflation, in particularly food and fuel prices, are eating into disposable incomes and in turn that is starting to hit spending," said ING bank economist James Smith. "We expect to see further evidence of this in this week's retail sales data." Looking ahead for Rolls, East told reporters that 2017 would be "challenging" for the embattled group. "We have to look after the short term or there won't be a long term." In morning deals, Rolls-Royce shares slid but analysts described the move as a "kneejerk" reaction. Around 1000 GMT, the stock was down 4.9 per cent at 704.50 pence, topping the losers' board on London's benchmark FTSE 100 index. Analysts remained bullish over the firm's performance. "The company chalked up one of the biggest losses in corporate history -- but it's not as bad as it looks and that is perhaps why we're seeing the stock coming back a tad after the initial kneejerk," said Neil Wilson at trading firm ETX Capital. "Rolls took a £4.4-billion hit from the weak pound following the EU referendum last June and it was fined £671 million to settle bribery charges. Strip those out and the results do not look half as bad." (AFP)

Brexit- and penalty-hit Rolls-Royce slumps to record $5 billion net loss

Shares in Toshiba dived more than nine percent Tuesday after the huge conglomerate delayed the release of financial results expected to include billions of dollars in losses tied to its ailing US nuclear power unit.

The firm plunged 9.45 percent to 226.2 yen ($2) after it surprised markets by saying its nine-month earnings report had &quot;not yet become available&quot;.

A spokeswoman declined to elaborate and it was not clear when the figures, originally due around noon local time (0300 GMT), would be released.

It was also unclear if company executives would still hold a previously scheduled news briefing later in the day.&nbsp;

The sell-off extended morning losses that were sparked by a report in Japan&#39;s Nikkei business daily, which said it is going to issue a warning to shareholders that its future is in jeopardy.

Shares in the firm have almost halved since late December when Toshiba first flagged huge losses in its atomic unit.

Earlier reports said Toshiba -- one of Japan&#39;s best-known firms and a cornerstone of its post-war industrial rise -- was likely to log a net loss of more than $4.0 billion in the April-December period.&nbsp;

The shortfall is linked to losses reportedly topping $6.0 billion at the troubled US nuclear business, once touted as filling a hole left after the 2011 Fukushima crisis slammed the brakes on new atomic projects in Japan.

The reported loss is related to problems with the value placed on a deal involving the purchase of a nuclear services company by Toshiba subsidiary Westinghouse Electric.

The Nikkei report said Toshiba&#39;s mounting losses would force the company to warn investors over its ability to continue as a going concern in its current form.

It would be the first such warning by the group since its birth from a 1939 merger, according to the Nikkei.

Some other reports have said Toshiba chairman Shigenori Shiga and Danny Roderick -- an executive and the former head of Westinghouse Electric -- are expected to step down.

There is speculation that Toshiba will dramatically reduce its nuclear operations and stop building new atomic power plants, but would continue designing and making reactors and other components.

Toshiba has approached South Korean utility Korea Electric Power Corp. about selling part of its stake in British nuclear joint venture NuGeneration.

In April-December 2015, Toshiba reported a 479 billion yen ($4.2 billion) net loss due largely to an embarrassing profit-padding scandal, in which bosses for years systematically pushed subordinates to cover up weak financial results.

The engineering conglomerate, which makes everything from trains to memory chips, is undergoing a major restructuring after the accounting scandal and the losses in its nuclear business.

The company has already sold its medical devices unit to Canon and most of its appliance business to China&#39;s Midea Group.

It is also moving to spin off its memory chip business to repair its battered balance sheet.&nbsp;

(AFP)

The firm's shares plunged 9.45% after it surprised markets by saying its nine-month earnings report had 'not yet become available'

Shares in Toshiba dived more than nine percent Tuesday after the huge conglomerate delayed the release of financial results expected to include billions of dollars in losses tied to its ailing US nuclear power unit. The firm plunged 9.45 percent to 226.2 yen ($2) after it surprised markets by saying its nine-month earnings report had "not yet become available". A spokeswoman declined to elaborate and it was not clear when the figures, originally due around noon local time (0300 GMT), would be released. It was also unclear if company executives would still hold a previously scheduled news briefing later in the day. The sell-off extended morning losses that were sparked by a report in Japan's Nikkei business daily, which said it is going to issue a warning to shareholders that its future is in jeopardy. Shares in the firm have almost halved since late December when Toshiba first flagged huge losses in its atomic unit. Earlier reports said Toshiba -- one of Japan's best-known firms and a cornerstone of its post-war industrial rise -- was likely to log a net loss of more than $4.0 billion in the April-December period. The shortfall is linked to losses reportedly topping $6.0 billion at the troubled US nuclear business, once touted as filling a hole left after the 2011 Fukushima crisis slammed the brakes on new atomic projects in Japan. The reported loss is related to problems with the value placed on a deal involving the purchase of a nuclear services company by Toshiba subsidiary Westinghouse Electric. The Nikkei report said Toshiba's mounting losses would force the company to warn investors over its ability to continue as a going concern in its current form. It would be the first such warning by the group since its birth from a 1939 merger, according to the Nikkei. Some other reports have said Toshiba chairman Shigenori Shiga and Danny Roderick -- an executive and the former head of Westinghouse Electric -- are expected to step down. There is speculation that Toshiba will dramatically reduce its nuclear operations and stop building new atomic power plants, but would continue designing and making reactors and other components. Toshiba has approached South Korean utility Korea Electric Power Corp. about selling part of its stake in British nuclear joint venture NuGeneration. In April-December 2015, Toshiba reported a 479 billion yen ($4.2 billion) net loss due largely to an embarrassing profit-padding scandal, in which bosses for years systematically pushed subordinates to cover up weak financial results. The engineering conglomerate, which makes everything from trains to memory chips, is undergoing a major restructuring after the accounting scandal and the losses in its nuclear business. The company has already sold its medical devices unit to Canon and most of its appliance business to China's Midea Group. It is also moving to spin off its memory chip business to repair its battered balance sheet. (AFP)

Toshiba stocks nosedive after it delays release of financial results

Indian carmaker Tata Motors&#39;s quarterly profits went downhill by 96 per cent, owing to Indian government&#39;s sudden decision to replace currency notes and its luxury Jaguar Land Rover unit&#39;s weak performance.

Last year, India&#39;s largest carmaker had recorded a Rs 29.53 billion in the three months ending December last year, but this year the profits plummetted to Rs 1.12 billion.

The company&#39;s revenue fell 4.3 per cent to Rs 685.41 billion.&nbsp;

The company&#39;s commercial vehicles business saw a &quot;demand shrinkage&quot; owing to the Indian government&#39;s shock move in November to withdraw high-value banknotes from circulation, it said.

Prime Minister Narendra Modi&#39;s demonetisation drive removed around 86 per cent of India&#39;s cash at a stroke, triggering massive queues outside banks and a cash shortage that has hit businesses across the country.

&quot;The segment witnessed major pressure with a fall of nine per cent year-on-year&quot; in sales, the company said.

Its Jaguar Land Rover business saw &quot;lower wholesale volumes and relatively weaker product mix... and overall higher marketing expenses,&quot; the company said in its statement.

Shares in Tata Motors, part of the sprawling tea-to-steel conglomerate, fell 7.3 per cent on the Bombay Stock Exchange on Tuesday.

(WION with inputs from AFP)

India's largest carmaker's domestic business was ravaged by demonetisation and further hit by weak sales of its Jaguar Land Rover unit

Indian carmaker Tata Motors's quarterly profits went downhill by 96 per cent, owing to Indian government's sudden decision to replace currency notes and its luxury Jaguar Land Rover unit's weak performance. Last year, India's largest carmaker had recorded a Rs 29.53 billion in the three months ending December last year, but this year the profits plummetted to Rs 1.12 billion. The company's revenue fell 4.3 per cent to Rs 685.41 billion. The company's commercial vehicles business saw a "demand shrinkage" owing to the Indian government's shock move in November to withdraw high-value banknotes from circulation, it said. Prime Minister Narendra Modi's demonetisation drive removed around 86 per cent of India's cash at a stroke, triggering massive queues outside banks and a cash shortage that has hit businesses across the country. "The segment witnessed major pressure with a fall of nine per cent year-on-year" in sales, the company said. Its Jaguar Land Rover business saw "lower wholesale volumes and relatively weaker product mix... and overall higher marketing expenses," the company said in its statement. Shares in Tata Motors, part of the sprawling tea-to-steel conglomerate, fell 7.3 per cent on the Bombay Stock Exchange on Tuesday. (WION with inputs from AFP)

Tata Motors' quarterly profits plummet by 96%

Oil prices fell nearly one percent on Monday in response to growing evidence that US&nbsp;production is rising and as some investors unwound positions ahead of OPEC&#39;s first report on compliance with its deal to cut production.

Global benchmark Brent crude futures were down 45 cents at $56.25 a barrel at 0947 GMT and touched a session low of $56.04 a barrel. West Texas Intermediate (WTI) crude futures were down 41 cents at $53.45 a barrel and traded as low as $53.86 earlier in the day.

&quot;Bulls are liquidating ahead of the release of the monthly OPEC report due out shortly and yet another increase in US rig counts is also playing part in the weakness,&quot; said Tamas Varga, senior analyst at London brokerage PVM Oil Associates.

US oil drillers have added most drilling rigs since 2012 over the past month, bringing the total count to 591 rigs, the most since October 2015, Baker Hughes said in its weekly report.

This rise in US activity comes just as some oil producers are reducing output to reverse global oversupply in a bid to prop up prices.

The Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, agreed late last year to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017.

The group will publish its first assessment of compliance with the deal on Monday.

Sources told Reuters last week compliance according to OPEC calculations was 92 per cent in January, while the International Energy Agency said the rate was 90 per cent.

Kuwait&#39;s oil minister said on Monday that OPEC compliance was 92 per cent while that of non-OPEC producers was 50 per cent.

(Reuters)

Global benchmark Brent crude futures were down 45 cents at $56.25 a barrel at 0947 GMT and touched a session low of $56.04 a barrel

Oil prices fell nearly one percent on Monday in response to growing evidence that US production is rising and as some investors unwound positions ahead of OPEC's first report on compliance with its deal to cut production. Global benchmark Brent crude futures were down 45 cents at $56.25 a barrel at 0947 GMT and touched a session low of $56.04 a barrel. West Texas Intermediate (WTI) crude futures were down 41 cents at $53.45 a barrel and traded as low as $53.86 earlier in the day. "Bulls are liquidating ahead of the release of the monthly OPEC report due out shortly and yet another increase in US rig counts is also playing part in the weakness," said Tamas Varga, senior analyst at London brokerage PVM Oil Associates. US oil drillers have added most drilling rigs since 2012 over the past month, bringing the total count to 591 rigs, the most since October 2015, Baker Hughes said in its weekly report. This rise in US activity comes just as some oil producers are reducing output to reverse global oversupply in a bid to prop up prices. The Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, agreed late last year to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017. The group will publish its first assessment of compliance with the deal on Monday. Sources told Reuters last week compliance according to OPEC calculations was 92 per cent in January, while the International Energy Agency said the rate was 90 per cent. Kuwait's oil minister said on Monday that OPEC compliance was 92 per cent while that of non-OPEC producers was 50 per cent. (Reuters)

Oil falls on rise in US drilling, selling ahead of OPEC report

World stocks and bond yields rose on Monday, lifted by a re-emergence of so-called &quot;Trump trades&quot; as investors bet that the US&nbsp;president&#39;s tax reform plans will boost economic growth and corporate profits.

Following on from Friday&#39;s record high closes on Wall Street, Asian stocks rallied to 1-1/2-year peaks and European stocks rose for the fifth consecutive session on Monday, their longest winning stretch for two months.

The Japanese yen was the biggest underperformer among major currencies, as is typical when riskier assets like stocks are doing well.

Investors were also comforted by the two-day US-Japan summit held over the weekend apparently having ended smoothly without President Donald Trump talking tough on trade, currency and security issues.

&quot;Markets have continued Friday&#39;s upbeat theme,&quot; said Kathleen Brooks, research director at City Index in London, noting that the VIX measure of US&nbsp;stock market volatility closed last week below 11 for the third week in a row.

The last time this happened was over a decade ago.

&quot;This is another sign that, for now, the Trump trade is still on. It also suggests that even with the controversy Trump has caused since he took office, financial markets are still willing to give him the benefit of the doubt,&quot; Brooks said.

Europe&#39;s benchmark index of leading 300 shares was up 0.3 per cent at 1453 points, lifted by the mining and basic resources sectors. Basic resources rose 2.5 per cent to their highest since August 2014.

Germany&#39;s DAX was up 0.4 per cent, led by a 15 per cent rise in drugmaker Stada after the company said it had received two offers for the acquisition of the company, one of which is private equity group Cinven Partners LLP.

MSCI&#39;s broadest index of Asia-Pacific shares outside Japan gained 0.5 per cent, with resource-related stocks again the driving force, while Japan&#39;s Nikkei rose 0.4 per cent.

US&nbsp;futures pointed to a higher open on Wall Street. The S&amp;P 500, Dow Jones Industrials and Nasdaq Composite all posted record closing highs on Friday.

Conformity

Comments from Trump on Thursday that he plans to announce what he said would be the most ambitious tax reform plan since the Reagan era in the next few weeks rekindled hopes for big tax cuts.

Economic data from major economies has also been upbeat, including Friday&#39;s Chinese trade figures, while US&nbsp;corporate earnings have been also solid so far.

In the weekend meeting with Japanese Prime Minister Shinzo Abe, Trump held off from repeating harsh rhetoric that accused Japan of taking advantage of US&nbsp;security aid, stealing American jobs and &quot;playing money markets.&quot; Nor were currency issues discussed.

&quot;The US&nbsp;president has shown further signs of conformity in US&nbsp;foreign policy during his weekend summit with Japan&#39;s prime minister Abe,&quot; Rabobank analysts said in a note on Monday.

Those apparently cordial discussions drove the dollar as much as 0.9 per cent higher against the yen to 114.17 yen. It last stood at 113.65 yen, up 0.4 per cent on the day and extending its rebound from a 10-week low of 111.59 yen touched last week.

Figures on Monday showed that Japan&#39;s economy grew for a fourth straight quarter in the final three months of last year as a weaker yen supported exports, but doubts over the sustainability of the recovery persisted.

The euro&#39;s rise of 0.5 per cent against the yen to 121.00 yen, helped lift the European currency slightly against the dollar. The euro was last up 0.1 per cent at $1.0650, inching further away from Friday&#39;s three-week low of $1.0608.

The euro has been dogged by fears about a strong showing for French far-right leader Marine Le Pen ahead of a presidential election.

Ten-year US&nbsp;Treasury yields rose 3 basis points to 2.44 per cent.

In commodities, copper hit its highest levels since May 2015 after shipments were shut off from the world&#39;s two biggest copper mines - due to a strike in Chile and an export&#39;s ban by Indonesia.

It last traded at $6,129 per tonne, up 0.7 per cent on the day. On Friday it jumped more than 4 per cent, its biggest one-day rise in almost four years.

Oil prices dipped slightly after strong gains on Friday on reports that OPEC members delivered more than 90 per cent of the output cuts they pledged in a landmark deal that took effect in January.

International benchmark Brent crude futures fell 0.8 per cent to $56.25 per barrel.

(Reuters)

Following on from Friday's record high closes, Asian stocks rallied to 1-1/2-year peaks and European stocks rose for 5th consecutive session

World stocks and bond yields rose on Monday, lifted by a re-emergence of so-called "Trump trades" as investors bet that the US president's tax reform plans will boost economic growth and corporate profits. Following on from Friday's record high closes on Wall Street, Asian stocks rallied to 1-1/2-year peaks and European stocks rose for the fifth consecutive session on Monday, their longest winning stretch for two months. The Japanese yen was the biggest underperformer among major currencies, as is typical when riskier assets like stocks are doing well. Investors were also comforted by the two-day US-Japan summit held over the weekend apparently having ended smoothly without President Donald Trump talking tough on trade, currency and security issues. "Markets have continued Friday's upbeat theme," said Kathleen Brooks, research director at City Index in London, noting that the VIX measure of US stock market volatility closed last week below 11 for the third week in a row. The last time this happened was over a decade ago. "This is another sign that, for now, the Trump trade is still on. It also suggests that even with the controversy Trump has caused since he took office, financial markets are still willing to give him the benefit of the doubt," Brooks said. Europe's benchmark index of leading 300 shares was up 0.3 per cent at 1453 points, lifted by the mining and basic resources sectors. Basic resources rose 2.5 per cent to their highest since August 2014. Germany's DAX was up 0.4 per cent, led by a 15 per cent rise in drugmaker Stada after the company said it had received two offers for the acquisition of the company, one of which is private equity group Cinven Partners LLP. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.5 per cent, with resource-related stocks again the driving force, while Japan's Nikkei rose 0.4 per cent. US futures pointed to a higher open on Wall Street. The S&P 500, Dow Jones Industrials and Nasdaq Composite all posted record closing highs on Friday. Conformity Comments from Trump on Thursday that he plans to announce what he said would be the most ambitious tax reform plan since the Reagan era in the next few weeks rekindled hopes for big tax cuts. Economic data from major economies has also been upbeat, including Friday's Chinese trade figures, while US corporate earnings have been also solid so far. In the weekend meeting with Japanese Prime Minister Shinzo Abe, Trump held off from repeating harsh rhetoric that accused Japan of taking advantage of US security aid, stealing American jobs and "playing money markets." Nor were currency issues discussed. "The US president has shown further signs of conformity in US foreign policy during his weekend summit with Japan's prime minister Abe," Rabobank analysts said in a note on Monday. Those apparently cordial discussions drove the dollar as much as 0.9 per cent higher against the yen to 114.17 yen. It last stood at 113.65 yen, up 0.4 per cent on the day and extending its rebound from a 10-week low of 111.59 yen touched last week. Figures on Monday showed that Japan's economy grew for a fourth straight quarter in the final three months of last year as a weaker yen supported exports, but doubts over the sustainability of the recovery persisted. The euro's rise of 0.5 per cent against the yen to 121.00 yen, helped lift the European currency slightly against the dollar. The euro was last up 0.1 per cent at $1.0650, inching further away from Friday's three-week low of $1.0608. The euro has been dogged by fears about a strong showing for French far-right leader Marine Le Pen ahead of a presidential election. Ten-year US Treasury yields rose 3 basis points to 2.44 per cent. In commodities, copper hit its highest levels since May 2015 after shipments were shut off from the world's two biggest copper mines - due to a strike in Chile and an export's ban by Indonesia. It last traded at $6,129 per tonne, up 0.7 per cent on the day. On Friday it jumped more than 4 per cent, its biggest one-day rise in almost four years. Oil prices dipped slightly after strong gains on Friday on reports that OPEC members delivered more than 90 per cent of the output cuts they pledged in a landmark deal that took effect in January. International benchmark Brent crude futures fell 0.8 per cent to $56.25 per barrel. (Reuters)

Global Markets: 'Trump trades' on boost to economic growth come back with a bang

India&#39;s inflation cooled to its lowest in at least five years in January as food prices fell following the government&#39;s cash clampdown, but emerging price pressures mean the Reserve Bank of India (RBI) will probably keep interest rates on hold.

Consumer prices rose by an annual 3.17 per cent last month - their slowest pace since January 2012, when the government launched the current index series.

Economists surveyed by Reuters had expected prices to rise by 3.22 per cent from a year earlier, compared with December&#39;s 3.41 percent increase.

Annual retail food inflation eased to 0.53 per cent last month from 1.37 percent in December, helped by lower prices for vegetables and pulses, government data showed on Monday.

In a worry for the central bank, another inflation gauge that excludes volatile food and fuel prices accelerated to around 5.1 per cent in January, after hovering around 4.9 per cent since September.

The RBI&#39;s monetary policy committee reckons sticky core inflation could trigger wide side-effects.

&quot;The RBI is seeing upside risks to inflation and one data point is not going to change their view dramatically,&quot; said Varun Khandelwal, managing director at Bullero Capital.

&quot;Interest rates will remain on hold in the near term.&quot;

Headline inflation has been under 4 per cent since November, well below the RBI&#39;s 5 per cent target for March and medium-term target of 4 per cent.

End of loosening cycle

Still, the RBI last week shocked investors by holding the repo rate at 6.25 per cent and shifting its monetary policy stance to &quot;neutral&quot; from &quot;accommodative&quot;.

The shift comes as Asia&#39;s third-largest economy is still limping back to health after Prime Minister Narendra Modi&#39;s Nov. 8 decision to outlaw old 500- and 1,000- rupee banknotes wiped out 86 per cent of the currency in circulation overnight.

Industrial production fell 0.4 per cent, year on year, in December, government data showed last week.

Even as the economic fallout of demonetisation remains unclear, the RBI is worried about a pick-up in global crude prices along with exchange rate volatility, which it says could push headline inflation above its medium-term target.

Global crude oil prices are up nearly 14 per cent since end-November. The Indian rupee is expected to weaken by nearly 4 percent from its current levels to 69.50 a dollar in 12 months.

Most economists now expect the RBI to hold rates until at least the second half of next year.

&quot;We continue to believe that the RBI will have to tighten

policy sooner than most are anticipating,&quot; Capital Economics said in a flash note.

(Reuters)

But emerging price pressures mean India's central bank will probably keep interest rates on hold

India's inflation cooled to its lowest in at least five years in January as food prices fell following the government's cash clampdown, but emerging price pressures mean the Reserve Bank of India (RBI) will probably keep interest rates on hold. Consumer prices rose by an annual 3.17 per cent last month - their slowest pace since January 2012, when the government launched the current index series. Economists surveyed by Reuters had expected prices to rise by 3.22 per cent from a year earlier, compared with December's 3.41 percent increase. Annual retail food inflation eased to 0.53 per cent last month from 1.37 percent in December, helped by lower prices for vegetables and pulses, government data showed on Monday. In a worry for the central bank, another inflation gauge that excludes volatile food and fuel prices accelerated to around 5.1 per cent in January, after hovering around 4.9 per cent since September. The RBI's monetary policy committee reckons sticky core inflation could trigger wide side-effects. "The RBI is seeing upside risks to inflation and one data point is not going to change their view dramatically," said Varun Khandelwal, managing director at Bullero Capital. "Interest rates will remain on hold in the near term." Headline inflation has been under 4 per cent since November, well below the RBI's 5 per cent target for March and medium-term target of 4 per cent. End of loosening cycle Still, the RBI last week shocked investors by holding the repo rate at 6.25 per cent and shifting its monetary policy stance to "neutral" from "accommodative". The shift comes as Asia's third-largest economy is still limping back to health after Prime Minister Narendra Modi's Nov. 8 decision to outlaw old 500- and 1,000- rupee banknotes wiped out 86 per cent of the currency in circulation overnight. Industrial production fell 0.4 per cent, year on year, in December, government data showed last week. Even as the economic fallout of demonetisation remains unclear, the RBI is worried about a pick-up in global crude prices along with exchange rate volatility, which it says could push headline inflation above its medium-term target. Global crude oil prices are up nearly 14 per cent since end-November. The Indian rupee is expected to weaken by nearly 4 percent from its current levels to 69.50 a dollar in 12 months. Most economists now expect the RBI to hold rates until at least the second half of next year. "We continue to believe that the RBI will have to tighten policy sooner than most are anticipating," Capital Economics said in a flash note. (Reuters)

India's retail inflation lowest in about five years

RBI Governor Urjit Patel today attributed the banks grappling with high bad loans to legacy issues saying they are mostly on account of credit facility provided for long-gestation projects before 2011-12.

He further said the problem of non-performing assets (NPAs) was earlier also but it is only recently that the issue is being recognised.

Patel said that sectors in which bad loans have emerged over the years pertain to long-gestation projects, which were mostly funded before 2011-12.

&quot;Therefore, ...By definition, this proportionate amount is a legacy issue, although the recognition and reporting of these have taken place only recently,&quot; the RBI Governor said.

Finance Minister Arun Jaitley after addressing the RBI board said a legal and executive framework to deal with NPAs has been put in place by the government as its resolution is an ongoing process.

Jaitley also said the bad loans figure has increased owing to emergence of some new NPAs or loans that have been continuing. Congress leader Veerappa Moily had recently raised the bad loans issue in Parliament and said the NPAs figure has grown since 2014.

&quot;I was in Parliament responding to a comment which Moily had made. What was figure in 2014, then 2015, 16, 17 it increased. So I had said these are all loans which have been continuing and what&#39;s have been added is either the discovery of some non-performing assets as a result of some exercise that RBI had directed to be undertaken and also the interest factor has increased,&quot; Jaitley said.

After the Asset Quality Review (AQR), there was huge surge in NPA. In the third quarter of the last fiscal alone, NPAs rose over Rs 1-lakh crore.

&quot;Now resolution of these is an ongoing process...Now for individual bankers to get into exercise of resolving each one of the pending issues,&quot; he said.

On when the RBI will be able to come out with the figures of scrapped notes which have been deposited with the banks, the Governor said the number that should divulge should be a verified number and a number that is congruent with the complex accounting.

&quot;Given that the window is open until March 31 and then at a lower level until June 30 we need to be careful and try as hard as possible that this is a number that is not a mere estimate but a verifiable number both physically and in accounting stance,&quot; he said.

Following the shock demonetisation announcement on November 8, the government had asked people to deposit old notes in banks by December 30.

Indians who were abroad during November 9 to December 30 have been given a 3-month grace period till March 31 to deposit the junked notes, while for the NRIs, it is 6 months till June 30.

Earlier this week, RBI Deputy Governor S S Mundra said the final numbers can only be revealed after counting the notes deposited in cooperative banks, receipt of information from Nepal and Bhutan and close of the window for deposit of notes by NRIs.

(PTI)

Patel said that sectors in which bad loans have emerged over the years pertain to long-gestation projects

RBI Governor Urjit Patel today attributed the banks grappling with high bad loans to legacy issues saying they are mostly on account of credit facility provided for long-gestation projects before 2011-12. He further said the problem of non-performing assets (NPAs) was earlier also but it is only recently that the issue is being recognised. Patel said that sectors in which bad loans have emerged over the years pertain to long-gestation projects, which were mostly funded before 2011-12. "Therefore, ...By definition, this proportionate amount is a legacy issue, although the recognition and reporting of these have taken place only recently," the RBI Governor said. Finance Minister Arun Jaitley after addressing the RBI board said a legal and executive framework to deal with NPAs has been put in place by the government as its resolution is an ongoing process. Jaitley also said the bad loans figure has increased owing to emergence of some new NPAs or loans that have been continuing. Congress leader Veerappa Moily had recently raised the bad loans issue in Parliament and said the NPAs figure has grown since 2014. "I was in Parliament responding to a comment which Moily had made. What was figure in 2014, then 2015, 16, 17 it increased. So I had said these are all loans which have been continuing and what's have been added is either the discovery of some non-performing assets as a result of some exercise that RBI had directed to be undertaken and also the interest factor has increased," Jaitley said. After the Asset Quality Review (AQR), there was huge surge in NPA. In the third quarter of the last fiscal alone, NPAs rose over Rs 1-lakh crore. "Now resolution of these is an ongoing process...Now for individual bankers to get into exercise of resolving each one of the pending issues," he said. On when the RBI will be able to come out with the figures of scrapped notes which have been deposited with the banks, the Governor said the number that should divulge should be a verified number and a number that is congruent with the complex accounting. "Given that the window is open until March 31 and then at a lower level until June 30 we need to be careful and try as hard as possible that this is a number that is not a mere estimate but a verifiable number both physically and in accounting stance," he said. Following the shock demonetisation announcement on November 8, the government had asked people to deposit old notes in banks by December 30. Indians who were abroad during November 9 to December 30 have been given a 3-month grace period till March 31 to deposit the junked notes, while for the NRIs, it is 6 months till June 30. Earlier this week, RBI Deputy Governor S S Mundra said the final numbers can only be revealed after counting the notes deposited in cooperative banks, receipt of information from Nepal and Bhutan and close of the window for deposit of notes by NRIs. (PTI)

Non-performing assets a legacy issue, RBI governor says

The Infosys Ltd board does not want a war of words with the Indian software services company&#39;s former leadership to descend into the kind of damaging row seen at Tata, an Infosys boardroom source said on Friday.&nbsp;

India&#39;s second biggest IT services company, based in the southern tech hub of Bengaluru, has been in an escalating public dispute with its founders and former executives this week, who have accused the board of lapses in corporate governance.

The founders own 12.75 per cent of the company.

The boardroom tussle at Infosys comes at a time when another iconic Indian firm, Tata Sons, has been hit by allegations of corporate governance lapses following the ouster of former Chairman Cyrus Mistry. The Tata row has spilled into the courts and has tainted the reputation of one of India&#39;s most respected business houses.

&quot;For sure we don&#39;t want another Tata happening. We don&#39;t want that replay and therefore we will do what it takes to avoid that kind of situation,&quot; said the boardroom source, asking not to be named given the sensitivity of the situation.

The strain between Infosys and its founders also comes at a turbulent time for the Indian IT sector in general, which is expecting changes to visa laws in their biggest market, the United States, to raise costs and dent business.

Earlier on Friday, V Balakrishnan, a former chief financial officer at Infosys, told Reuters the company&#39;s board had become &quot;lax on corporate governance and was undermining the values on which the company was built&quot;.

Balakrishnan said founders including NR Narayana Murthy, Kris Gopalakrishnan and Nandan Nilekani had been engaging with Infosys since last year but the board had not addressed any of the concerns raised.

&quot;They have validly raised certain governance issues,&quot; Balakrishnan, who is aware of the exchanges between the founders and the board, told Reuters.

&quot;It is not about performance, or Vishal Sikka,&quot; he said declining to give further details.

Infosys Chief Executive Vishal Sikka&#39;s pay rise and large severance packages offered to two former executives were among a host of issues that have not sat well with Infosys founders, local media reported this week.

&quot;Big letdown&quot;

Infosys declined to respond to Balakrishnan&#39;s comments. The company downplayed talk of governance lapses in a lengthy statement issued on Thursday that backed Sikka&#39;s performance.

The company said: &quot;Vishal and the board, while being pleased with the company&#39;s resumption of industry leading performance on many parameters, are keen to further accelerate the progress and achieve even more shareholder value increase.&quot;

Balakrishnan said he had stopped communicating with the board some two years ago after failing to get a reply on a share buyback suggestion.

&quot;This board is a big letdown,&quot; said Balakrishnan, who also criticised the appointment of a law firm to receive and assess input from stakeholders and make recommendations to the board.&nbsp;

&quot;The board has to personally engage with the founders,&quot; he said.

The Infosys boardroom source insisted there had been no breakdown in communication breakdown with the founders. &quot;We&#39;ve been engaging directly with the founders for several months, we&#39;ll continue to do so.&quot;

(Reuters) 
&nbsp;

Founders and former executives, including Narayana Murthy and Nandan Nilekani have accused the board of lapses in corporate governance

The Infosys Ltd board does not want a war of words with the Indian software services company's former leadership to descend into the kind of damaging row seen at Tata, an Infosys boardroom source said on Friday. India's second biggest IT services company, based in the southern tech hub of Bengaluru, has been in an escalating public dispute with its founders and former executives this week, who have accused the board of lapses in corporate governance. The founders own 12.75 per cent of the company. The boardroom tussle at Infosys comes at a time when another iconic Indian firm, Tata Sons, has been hit by allegations of corporate governance lapses following the ouster of former Chairman Cyrus Mistry. The Tata row has spilled into the courts and has tainted the reputation of one of India's most respected business houses. "For sure we don't want another Tata happening. We don't want that replay and therefore we will do what it takes to avoid that kind of situation," said the boardroom source, asking not to be named given the sensitivity of the situation. The strain between Infosys and its founders also comes at a turbulent time for the Indian IT sector in general, which is expecting changes to visa laws in their biggest market, the United States, to raise costs and dent business. Earlier on Friday, V Balakrishnan, a former chief financial officer at Infosys, told Reuters the company's board had become "lax on corporate governance and was undermining the values on which the company was built". Balakrishnan said founders including NR Narayana Murthy, Kris Gopalakrishnan and Nandan Nilekani had been engaging with Infosys since last year but the board had not addressed any of the concerns raised. "They have validly raised certain governance issues," Balakrishnan, who is aware of the exchanges between the founders and the board, told Reuters. "It is not about performance, or Vishal Sikka," he said declining to give further details. Infosys Chief Executive Vishal Sikka's pay rise and large severance packages offered to two former executives were among a host of issues that have not sat well with Infosys founders, local media reported this week. "Big letdown" Infosys declined to respond to Balakrishnan's comments. The company downplayed talk of governance lapses in a lengthy statement issued on Thursday that backed Sikka's performance. The company said: "Vishal and the board, while being pleased with the company's resumption of industry leading performance on many parameters, are keen to further accelerate the progress and achieve even more shareholder value increase." Balakrishnan said he had stopped communicating with the board some two years ago after failing to get a reply on a share buyback suggestion. "This board is a big letdown," said Balakrishnan, who also criticised the appointment of a law firm to receive and assess input from stakeholders and make recommendations to the board. "The board has to personally engage with the founders," he said. The Infosys boardroom source insisted there had been no breakdown in communication breakdown with the founders. "We've been engaging directly with the founders for several months, we'll continue to do so." (Reuters)

Infosys board backs CEO, keen to avoid Tata-style row

China&#39;s January exports easily exceeded analysts&#39; expectations, rising 7.9 per cent from a year earlier, while imports rose by 16.7 per cent, also topping forecasts, preliminary data showed on Friday.

That left the country with a trade surplus of $51.35 billion for the month, the General Administration of Customs said.

But China watchers caution that trends in January and February can be distorted by the long Lunar New Year holidays, with business slowing down weeks ahead of time and many firms scaling back operations or closing. The holiday fell on January 28 this year, 11 days earlier than last year.

Customs is due to release the final data for trade on February 23.

Analysts polled by Reuters had expected January shipments from the world&#39;s largest exporter to have risen 3.3 per cent, after a dismal 2016 that saw exports slump 7.7 per cent as China lagged an export rebound enjoyed by some of its North Asian neighbours.

Imports had been forecast to rise 10.0 per cent, accelerating from 3.1 per cent growth in December.

Analysts were expecting China&#39;s trade surplus to have risen to $47.90 billion in January, versus December&#39;s $40.71 billion, with growing attention on its large trade surplus with the United States as new US&nbsp;President Donald Trump ramps up his protectionist rhetoric.

(Reuters)

Imports, also topping forecasts, rose by 16.7 per cent. That left the country with a trade surplus of $51.35 billion for the month

China's January exports easily exceeded analysts' expectations, rising 7.9 per cent from a year earlier, while imports rose by 16.7 per cent, also topping forecasts, preliminary data showed on Friday. That left the country with a trade surplus of $51.35 billion for the month, the General Administration of Customs said. But China watchers caution that trends in January and February can be distorted by the long Lunar New Year holidays, with business slowing down weeks ahead of time and many firms scaling back operations or closing. The holiday fell on January 28 this year, 11 days earlier than last year. Customs is due to release the final data for trade on February 23. Analysts polled by Reuters had expected January shipments from the world's largest exporter to have risen 3.3 per cent, after a dismal 2016 that saw exports slump 7.7 per cent as China lagged an export rebound enjoyed by some of its North Asian neighbours. Imports had been forecast to rise 10.0 per cent, accelerating from 3.1 per cent growth in December. Analysts were expecting China's trade surplus to have risen to $47.90 billion in January, versus December's $40.71 billion, with growing attention on its large trade surplus with the United States as new US President Donald Trump ramps up his protectionist rhetoric. (Reuters)

China January exports rise 7.9%, beating forecasts

A key suspect in the Indore-Patna Express derailment in Kanpur&nbsp;was arrested from Nepal&#39;s Tribhuvan International Airport on Monday&nbsp;after he was deported from Dubai.&nbsp;

A special team comprising of Nepal police captured Samshul Hoda along with three others.&nbsp;

During interrogation, Brij Kishor Giri, Ashish Singh and Umesh Kumar Kurmi, provided leads about the Indore-Patna Express derailment which left 150 dead.&nbsp;

The three belong to Kalaiya district in southern Nepal.

Deputy inspector general of police (DIG) Pashupati Upadhyaya said, &quot;We have heard that Hoda is wanted in a railway accident that took place in Kanpur last year killing 150 people.&quot;

&quot;Nepal Police will also work in close coordination with the Indian Police for Hoda&#39;s alleged involvement in criminal activities in India.&quot;

Hoda is believed to be an ISI agent after three people arrested by the Bihar police said they were working for the Pakistan intelligence agency to carry out attacks on Indian railways.&nbsp;

The Bihar police said&nbsp;the three were paid Rs three lakh (approx. $4,500) by a Nepali man who had links to Hoda.

(WION with inputs from agencies)

Spot gold was down 0.4 per cent at $1,225.42 per ounce by 0326 GMT. On Wednesday, it touched its highest since November 11 at $1,244.67

A key suspect in the Indore-Patna Express derailment in Kanpur was arrested from Nepal's Tribhuvan International Airport on Monday after he was deported from Dubai. A special team comprising of Nepal police captured Samshul Hoda along with three others. During interrogation, Brij Kishor Giri, Ashish Singh and Umesh Kumar Kurmi, provided leads about the Indore-Patna Express derailment which left 150 dead. The three belong to Kalaiya district in southern Nepal. Deputy inspector general of police (DIG) Pashupati Upadhyaya said, "We have heard that Hoda is wanted in a railway accident that took place in Kanpur last year killing 150 people." "Nepal Police will also work in close coordination with the Indian Police for Hoda's alleged involvement in criminal activities in India." Hoda is believed to be an ISI agent after three people arrested by the Bihar police said they were working for the Pakistan intelligence agency to carry out attacks on Indian railways. The Bihar police said the three were paid Rs three lakh (approx. $4,500) by a Nepali man who had links to Hoda. (WION with inputs from agencies)

Gold falls on Trump tax pledge, US rate hike expectations

Asian shares rallied to an 18-month peak on Friday, as investors cheered upbeat Chinese trade data and strong gains on Wall Street after US&nbsp;President Donald Trump promised to unveil a major tax announcement to lower the burden on businesses.

China&#39;s January exports rose 7.9 per cent from a year earlier, while imports jumped 16.7 per cent, beating expectations, preliminary data showed, getting the economy off to a strong start in 2017.

The increase &quot;is related to the global pick-up in growth in the US, Europe and also emerging economies,&quot; said Jianguang Shen, chief economist at Mizuho Securities in Hong Kong.

MSCI&#39;s broadest index of Asia-Pacific shares outside Japan was up 0.5 per cent to the highest level since July 2015&nbsp;and was on track to gain 1.5 for the week. The Shanghai Composite Index was up 0.4 per cent.

Japan&#39;s Nikkei stock index surged 2.3 per cent thanks to the tailwind from a weaker currency&nbsp;and was poised to added 2.2 per cent for the week.

&quot;Weaker yen combined with US&nbsp;stock price gains are fuelling an upward trend in the Tokyo market,&quot; said Hiroki Allen, chief representative of Superfund Japan.

Wall Street&#39;s three main indexes notched record highs on Thursday after President Donald Trump said he would make a major tax announcement in a few weeks, though he offered no details.

&quot;The market loves the idea of tax reform,&quot; Chris Weston, chief market strategist at IG in Melbourne, said in a note. &quot;It has corporate tax cuts in its sights and if Trump can push that along, with a more simplified personal tax regime the US&nbsp;and global equities will find buyers.&quot;

US&nbsp;economic data also underpinned the dollar. Initial jobless claims unexpectedly dropped last week to a nearly 43-year low, while inventories at wholesalers surged in December for a second straight month.

The dollar index, which tracks the greenback against a basket of six major currencies, was steady on the day at 100.64, on track to gain 0.8 per cent for the week.

The Australian dollar rode the trade data from the China, Australia&#39;s major export market. The Aussie rose 0.3 per cent to $0.7646, also supported by an optimistic view from the country&#39;s central bank, which suggested that further interest rate cuts were off the table.

The euro, under pressure from political concerns as the campaign for France&#39;s presidential election heated up, was 0.1 per cent higher at $1.0663. It was still down 1.1 per cent for the week.

Against its Japanese counterpart, the dollar gained 0.4 per cent to 113.66 yen, up 1 per cent for the week ahead of a meeting later on Friday between Trump and Japan&#39;s Prime Minister Shinzo Abe.

Abe will propose a new cabinet level framework for US-Japan talks on trade, security and macroeconomic issues, including currencies, a Japanese government official involved in planning the summit said.

Crude oil prices extended gains, with US&nbsp;prices bolstered by evidence that gasoline demand could strengthen in the world&#39;s biggest oil market.

US&nbsp;crude added 0.2 per cent to $53.09 a barrel. Brent crude rose 0.1 per cent to at $55.70.

(Reuters)

China's January exports rose 7.9 per cent from a year earlier, while imports jumped 16.7 per cent, beating expectations

Asian shares rallied to an 18-month peak on Friday, as investors cheered upbeat Chinese trade data and strong gains on Wall Street after US President Donald Trump promised to unveil a major tax announcement to lower the burden on businesses. China's January exports rose 7.9 per cent from a year earlier, while imports jumped 16.7 per cent, beating expectations, preliminary data showed, getting the economy off to a strong start in 2017. The increase "is related to the global pick-up in growth in the US, Europe and also emerging economies," said Jianguang Shen, chief economist at Mizuho Securities in Hong Kong. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5 per cent to the highest level since July 2015 and was on track to gain 1.5 for the week. The Shanghai Composite Index was up 0.4 per cent. Japan's Nikkei stock index surged 2.3 per cent thanks to the tailwind from a weaker currency and was poised to added 2.2 per cent for the week. "Weaker yen combined with US stock price gains are fuelling an upward trend in the Tokyo market," said Hiroki Allen, chief representative of Superfund Japan. Wall Street's three main indexes notched record highs on Thursday after President Donald Trump said he would make a major tax announcement in a few weeks, though he offered no details. "The market loves the idea of tax reform," Chris Weston, chief market strategist at IG in Melbourne, said in a note. "It has corporate tax cuts in its sights and if Trump can push that along, with a more simplified personal tax regime the US and global equities will find buyers." US economic data also underpinned the dollar. Initial jobless claims unexpectedly dropped last week to a nearly 43-year low, while inventories at wholesalers surged in December for a second straight month. The dollar index, which tracks the greenback against a basket of six major currencies, was steady on the day at 100.64, on track to gain 0.8 per cent for the week. The Australian dollar rode the trade data from the China, Australia's major export market. The Aussie rose 0.3 per cent to $0.7646, also supported by an optimistic view from the country's central bank, which suggested that further interest rate cuts were off the table. The euro, under pressure from political concerns as the campaign for France's presidential election heated up, was 0.1 per cent higher at $1.0663. It was still down 1.1 per cent for the week. Against its Japanese counterpart, the dollar gained 0.4 per cent to 113.66 yen, up 1 per cent for the week ahead of a meeting later on Friday between Trump and Japan's Prime Minister Shinzo Abe. Abe will propose a new cabinet level framework for US-Japan talks on trade, security and macroeconomic issues, including currencies, a Japanese government official involved in planning the summit said. Crude oil prices extended gains, with US prices bolstered by evidence that gasoline demand could strengthen in the world's biggest oil market. US crude added 0.2 per cent to $53.09 a barrel. Brent crude rose 0.1 per cent to at $55.70. (Reuters)

Asian shares scale 1-1/2-year peak on China trade, Trump's tax cut talk