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US stock markets tumbled more than five per cent in after-hours trading early Wednesday as Republican billionaire Donald Trump appeared poised to defeat Democratic rival Hillary Clinton in the race for the White House.

Futures markets for the S&amp;P 500 fell 5.01 per cent and the tech-heavy NASDAQ lost 5.08 per cent, reflecting the growing concerns among investors about the economic risks posed by a Trump presidency. The Dow Jones index fell 4.30 per cent.

As results came in pointing to an astonishing upset win by Trump, markets that had counted on Clinton to win were caught up in a growing wave of panic.

Stocks had risen Tuesday, with Dow Jones index up 0.40 per cent and the Nasdaq up 0.53 per cent.

Futures contracts, which fell while Wall Street was closed, reflect investor sentiment on what will happen down the road.

The wave of panic also hit Asia as markets dropped at the opening bell, mainly in Bombay, which dropped 6.08 per cent and Tokyo, 5.5 per cent.

Markets have long preferred Clinton to Trump, who is seen as unpredictable. His positions against free trade accords and immigration worry big companies and are seen as a possible curb to economic growth.

(AFP)

Markets that had counted on Clinton to win were caught up in a growing wave of panic

US stock markets tumbled more than five per cent in after-hours trading early Wednesday as Republican billionaire Donald Trump appeared poised to defeat Democratic rival Hillary Clinton in the race for the White House. Futures markets for the S&P 500 fell 5.01 per cent and the tech-heavy NASDAQ lost 5.08 per cent, reflecting the growing concerns among investors about the economic risks posed by a Trump presidency. The Dow Jones index fell 4.30 per cent. As results came in pointing to an astonishing upset win by Trump, markets that had counted on Clinton to win were caught up in a growing wave of panic. Stocks had risen Tuesday, with Dow Jones index up 0.40 per cent and the Nasdaq up 0.53 per cent. Futures contracts, which fell while Wall Street was closed, reflect investor sentiment on what will happen down the road. The wave of panic also hit Asia as markets dropped at the opening bell, mainly in Bombay, which dropped 6.08 per cent and Tokyo, 5.5 per cent. Markets have long preferred Clinton to Trump, who is seen as unpredictable. His positions against free trade accords and immigration worry big companies and are seen as a possible curb to economic growth. (AFP)

US stock futures tumble 5% on fears of Trump win

Realty stocks plunged up to 20 per cent in early trade today with scrips of Unitech and DLF taking a major hit following the government&#39;s measures to clamp down on the black money menace.

Deep in the red, S&amp;P BSE Realty index was lower by nearly 11 per cent at 1,314.97 points in the first hour of trading.

In initial trade, Unitech tumbled nearly 20 per cent while DLF dropped over 13 per cent before making a slight recovery.

While Unitech was trading at INR 4.75, DLF was down at INR 126. Among other scrips, Prestige Estates Projects too shed 17 per cent to INR 153.25, Sobha Developers declined over 11 per cent to INR 240 and Godrej Properties slumped 7 per cent to INR 333.

The benchmark 30-share Sensex crashed over 1,500 points in opening trade before making up some of the lost ground but was down by more than 660 points at 26,928.70 points later.

In a major crackdown against black money, Indian Prime Minister Narendra Modi, late on Tuesday, announced that high denomination notes of INR 500 and INR 1000 would no longer be legal tender.

While declaring a &quot;decisive&quot; war against black money and corruption, he also came out with a slew of steps to assure commoners that their money is safe.

New notes of INR 2,000 and INR 500, with completely new design, would be introduced.

According to experts, demonetisation of INR 1,000 and INR 500 notes are likely to hit unorganised builders and secondary (resale) property market. Housing prices could witness downward pressure, helping revive demand in this segment which is seeing sluggish trends.

(PTI)

Unitech tumbled nearly 20% while DLF dropped over 13% before making a slight recovery

Realty stocks plunged up to 20 per cent in early trade today with scrips of Unitech and DLF taking a major hit following the government's measures to clamp down on the black money menace. Deep in the red, S&P BSE Realty index was lower by nearly 11 per cent at 1,314.97 points in the first hour of trading. In initial trade, Unitech tumbled nearly 20 per cent while DLF dropped over 13 per cent before making a slight recovery. While Unitech was trading at INR 4.75, DLF was down at INR 126. Among other scrips, Prestige Estates Projects too shed 17 per cent to INR 153.25, Sobha Developers declined over 11 per cent to INR 240 and Godrej Properties slumped 7 per cent to INR 333. The benchmark 30-share Sensex crashed over 1,500 points in opening trade before making up some of the lost ground but was down by more than 660 points at 26,928.70 points later. In a major crackdown against black money, Indian Prime Minister Narendra Modi, late on Tuesday, announced that high denomination notes of INR 500 and INR 1000 would no longer be legal tender. While declaring a "decisive" war against black money and corruption, he also came out with a slew of steps to assure commoners that their money is safe. New notes of INR 2,000 and INR 500, with completely new design, would be introduced. According to experts, demonetisation of INR 1,000 and INR 500 notes are likely to hit unorganised builders and secondary (resale) property market. Housing prices could witness downward pressure, helping revive demand in this segment which is seeing sluggish trends. (PTI)

India: Real estate shares tumble 20% in early trade

The US dollar sank and stock markets slammed into reverse in wild Asian trade on Wednesday as every new exit poll in the US presidential election showed the race to be a nail-biter, sending investors stampeding to safe-haven assets.

Sovereign bonds and gold shot higher while the Mexican peso went into near free fall as investors faced the real possibility of a shock win by Republican Donald Trump.

As of 0307 GMT, Trump had 139 Electoral College votes to Democrat Hillary Clinton&#39;s 109. It takes 270 to win.

Markets fear a Trump victory could cause economic and global uncertainty, preventing the Federal Reserve from raising interest rates in December, as long expected.

The scale of the scare was clear in the Mexican peso, where the dollar surged over 7 per cent in the biggest daily move since the global financial crisis.

The peso has become a touchstone for sentiment on the election as Trump&#39;s trade policies are seen as damaging to its export-heavy economy.

But the story was very different against the safe-haven yen with the dollar shedding 2.4 per cent to 102.72 yen. The euro gained 1 per cent to $1.1130.

The South Korean authorities were thought to have intervened to steady their currency and dealers were wondering if central banks globally could step in to calm nerves.

Asian stocks first rose only to retreat more than 1 percent as the session wore on and more election results flooded in, while US stock futures surrendered modest gains and recoiled more than 3 per cent.

Trump takes narrow lead

With voting completed in more than two-thirds of the 50 US states, the race was too close to call in Ohio, Florida, North Carolina, Pennsylvania, New Hampshire and Virginia, states that could be vital to deciding who wins the presidency.

Trump held slight leads in Florida and Ohio, while Fox News projected Clinton would take Virginia.

Markets have tended to favour Clinton as a status quo candidate who would be considered a safe pair of hands at home on the world stage.

&quot;In contrast, a Trump victory would trigger massive uncertainty that would likely undermine risk assets at least initially, which in turn could preclude a Fed rate hike this year,&quot; warned Michelle Girard, chief US economist at RBS.

Sovereign bonds flew ahead, pushing yields on 10-year US Treasury notes down sharply to 1.77 per cent. It had briefly touched a six-month high around 1.8960 per cent.

In share markets, MSCI&#39;s broadest index of Asia-Pacific stocks outside Japan swung to a loss of nearly 2, while the Nikkei sank 2.2 per cent.

In commodity markets, gold climbed to $1,308.00 an ounce as the dollar slid.

Oil turned tail, with US crude shedding $1.34 to $43.63 a barrel, while Brent fell $1.24 to $44.80.

(Reuters)

Markets fear a Trump victory could cause economic and global uncertainty, prevent the Fed from raising interest rates in December

The US dollar sank and stock markets slammed into reverse in wild Asian trade on Wednesday as every new exit poll in the US presidential election showed the race to be a nail-biter, sending investors stampeding to safe-haven assets. Sovereign bonds and gold shot higher while the Mexican peso went into near free fall as investors faced the real possibility of a shock win by Republican Donald Trump. As of 0307 GMT, Trump had 139 Electoral College votes to Democrat Hillary Clinton's 109. It takes 270 to win. Markets fear a Trump victory could cause economic and global uncertainty, preventing the Federal Reserve from raising interest rates in December, as long expected. The scale of the scare was clear in the Mexican peso, where the dollar surged over 7 per cent in the biggest daily move since the global financial crisis. The peso has become a touchstone for sentiment on the election as Trump's trade policies are seen as damaging to its export-heavy economy. But the story was very different against the safe-haven yen with the dollar shedding 2.4 per cent to 102.72 yen. The euro gained 1 per cent to $1.1130. The South Korean authorities were thought to have intervened to steady their currency and dealers were wondering if central banks globally could step in to calm nerves. Asian stocks first rose only to retreat more than 1 percent as the session wore on and more election results flooded in, while US stock futures surrendered modest gains and recoiled more than 3 per cent. Trump takes narrow lead With voting completed in more than two-thirds of the 50 US states, the race was too close to call in Ohio, Florida, North Carolina, Pennsylvania, New Hampshire and Virginia, states that could be vital to deciding who wins the presidency. Trump held slight leads in Florida and Ohio, while Fox News projected Clinton would take Virginia. Markets have tended to favour Clinton as a status quo candidate who would be considered a safe pair of hands at home on the world stage. "In contrast, a Trump victory would trigger massive uncertainty that would likely undermine risk assets at least initially, which in turn could preclude a Fed rate hike this year," warned Michelle Girard, chief US economist at RBS. Sovereign bonds flew ahead, pushing yields on 10-year US Treasury notes down sharply to 1.77 per cent. It had briefly touched a six-month high around 1.8960 per cent. In share markets, MSCI's broadest index of Asia-Pacific stocks outside Japan swung to a loss of nearly 2, while the Nikkei sank 2.2 per cent. In commodity markets, gold climbed to $1,308.00 an ounce as the dollar slid. Oil turned tail, with US crude shedding $1.34 to $43.63 a barrel, while Brent fell $1.24 to $44.80. (Reuters)

Dollar, Mexican peso, stocks sink as Trump takes election lead

Action and wearable camera maker GoPro Inc has said it will recall about 2,500 of its Karma drones because they lost power while in use.

GoPro cited technical glitches for the recall, saying that camera units lost power during operation, Reuters reported.&nbsp;

The company did not say how long it would take to resolve the issue, but added that it would resume shipments once it has, Reuters said.&nbsp;

Meanwhile, it said it would refund the purchase price of drones that were bought since October 23, rather than replace them, Reuters reported.&nbsp;

The Karma drones are GoPro&#39;s first commercial drones.&nbsp;

(WION with inputs from Reuters)

The drones were losing power while in use

Action and wearable camera maker GoPro Inc has said it will recall about 2,500 of its Karma drones because they lost power while in use. GoPro cited technical glitches for the recall, saying that camera units lost power during operation, Reuters reported. The company did not say how long it would take to resolve the issue, but added that it would resume shipments once it has, Reuters said. Meanwhile, it said it would refund the purchase price of drones that were bought since October 23, rather than replace them, Reuters reported. The Karma drones are GoPro's first commercial drones. (WION with inputs from Reuters)

GoPro to recall about 2,500 Karma drones

Asian markets were on tenterhooks on Wednesday as early state exit polls in the US&nbsp;presidential election showed wins for both candidates and no clear trend as yet, causing a nervous shift back to safe haven assets.

Asian stocks and US&nbsp;stock futures edged 0.5 per cent higher in volatile trade, while the Dollar slipped on the Yen and Euro as investors hedged against the risk of a shock win by Republican Donald Trump.

Both Trump and Democrat Hillary Clinton scored early victories in their bitter race, with Trump winning as expected in conservative Indiana, Kentucky and West Virginia and Clinton capturing liberal Vermont.

The victories in the four states were long predicted and not especially significant in a national race where opinion polls show Clinton has an edge.

Markets have tended to favour Clinton as a status quo candidate who would be considered a safe pair of hands at home on the world stage.

&quot;In contrast, a Trump victory would trigger massive uncertainty that would likely undermine risk assets at least initially, which in turn could preclude a Fed rate hike this year,&quot; warned Michelle Girard, chief US&nbsp;economist at RBS.

Much of the action was in the currency markets where the Mexican peso has become a touchstone for sentiment on the election as Trump&#39;s trade policies are seen as damaging to its export-heavy economy.

The dollar jumped 1.2 per cent on the peso as the early results were reported, after hitting its lowest in two months overnight.

The dollar backtracked 0.7 per cent on the safe haven yen to 104.48 Yen, while the Euro rose to $1.1048. Against a basket of currencies, the Dollar was off 0.2 per cent at 97.678.

Yields on 10-year US&nbsp;Treasury yields inched down to 1.849 per cent, after touching a high of 1.876 per cent.

In share markets, MSCI&#39;s broadest index of Asia-Pacific stocks outside Japan was still up 0.4 per cent, but the Nikkei rose 0.8 per cent.

Wall Street had added somewhat to Monday&#39;s stellar gains with the Dow ending up 0.4 per cent. The S&amp;P 500 gained 0.38 per cent and the Nasdaq 0.53 per cent.

Shane Oliver, head of investment strategy at fund manager AMP Capital, said the most positive outcome for US&nbsp;equities would be a Clinton win with a split Congress.

&quot;Historically, since 1927 US&nbsp;total share returns have been strongest at an average 16.7 per cent per year when there has been a Democrat president and Republican control of the House, the Senate or both.&quot;

The return only averaged 8.9 per cent when the Republicans controlled the presidency and Congress.

In commodity markets, gold edged up to $1,278.46 an ounce as the Dollar eased.

Oil took a knock from data showing a surprisingly large rise in crude stocks. US&nbsp;crude eased 19 cents to $44.79, while Brent was untraded early in the Asian day.

(Reuters)

Asian stocks and US stock futures edged 0.5 per cent higher in volatile trade, while the Dollar slipped on the Yen and Euro

Asian markets were on tenterhooks on Wednesday as early state exit polls in the US presidential election showed wins for both candidates and no clear trend as yet, causing a nervous shift back to safe haven assets. Asian stocks and US stock futures edged 0.5 per cent higher in volatile trade, while the Dollar slipped on the Yen and Euro as investors hedged against the risk of a shock win by Republican Donald Trump. Both Trump and Democrat Hillary Clinton scored early victories in their bitter race, with Trump winning as expected in conservative Indiana, Kentucky and West Virginia and Clinton capturing liberal Vermont. The victories in the four states were long predicted and not especially significant in a national race where opinion polls show Clinton has an edge. Markets have tended to favour Clinton as a status quo candidate who would be considered a safe pair of hands at home on the world stage. "In contrast, a Trump victory would trigger massive uncertainty that would likely undermine risk assets at least initially, which in turn could preclude a Fed rate hike this year," warned Michelle Girard, chief US economist at RBS. Much of the action was in the currency markets where the Mexican peso has become a touchstone for sentiment on the election as Trump's trade policies are seen as damaging to its export-heavy economy. The dollar jumped 1.2 per cent on the peso as the early results were reported, after hitting its lowest in two months overnight. The dollar backtracked 0.7 per cent on the safe haven yen to 104.48 Yen, while the Euro rose to $1.1048. Against a basket of currencies, the Dollar was off 0.2 per cent at 97.678. Yields on 10-year US Treasury yields inched down to 1.849 per cent, after touching a high of 1.876 per cent. In share markets, MSCI's broadest index of Asia-Pacific stocks outside Japan was still up 0.4 per cent, but the Nikkei rose 0.8 per cent. Wall Street had added somewhat to Monday's stellar gains with the Dow ending up 0.4 per cent. The S&P 500 gained 0.38 per cent and the Nasdaq 0.53 per cent. Shane Oliver, head of investment strategy at fund manager AMP Capital, said the most positive outcome for US equities would be a Clinton win with a split Congress. "Historically, since 1927 US total share returns have been strongest at an average 16.7 per cent per year when there has been a Democrat president and Republican control of the House, the Senate or both." The return only averaged 8.9 per cent when the Republicans controlled the presidency and Congress. In commodity markets, gold edged up to $1,278.46 an ounce as the Dollar eased. Oil took a knock from data showing a surprisingly large rise in crude stocks. US crude eased 19 cents to $44.79, while Brent was untraded early in the Asian day. (Reuters)

Dollar spooked in Asia as US polls too close to call

Chinese exports sank for a seventh consecutive month in October, data showed Tuesday, as weak global demand dealt a blow to the world&#39;s number two economy following recent signs of stability.

The result, which missed forecasts, comes as the country&#39;s export-oriented companies see their margins squeezed by rising labour costs and increasing competition from southeastern Asian countries, despite a falling yuan currency.&nbsp;

Overseas shipments fell 7.3 per cent year-on-year, while imports also dropped 1.4 per cent, with both coming in below expectations in a survey of economists by Bloomberg News.

China is the world&#39;s biggest trader in goods and its performance affects partners from Australia to Zambia, which have been battered as its expansion has slowed to levels not seen in a quarter of a century.

With exports totalling $178.2 billion and imports $129.1 billion the trade surplus dropped to $49.1 billion in October.&nbsp;

Customs earlier gave the figure in yuan terms, showing a 3.2 per cent drop in exports and a 3.2 per cent increase in imports on-year.&nbsp;

Analyst Julian Evans-Pritchard of Capital Economics said the outlook appeared challenging with &quot;global and domestic growth unlikely to accelerate much further&quot;.

&quot;The current pace of global growth is likely to be as good as it gets for the foreseeable future.&quot;

Though the yuan currency`s value has slid to a series of six-year lows against the greenback in recent weeks, making Chinese goods cheaper for trade partners, it has not been enough to lift exports into positive territory.

The yuan weakened further Tuesday after the People&#39;s Bank of China said the country&#39;s foreign exchange reserves dropped nearly $46 billion in October, their second-largest decline this year as capital outflows eat into the world`s largest stockpile.

While Tuesday&#39;s trade figures disappointed, analysts with ANZ said they suggested that external demand had &quot;not worsened significantly&quot; despite earlier data on factory activity that pointed to a larger decline.&nbsp;

Beijing is seeking to transition the economy away from being the world&#39;s factory floor for cheap goods to supplying the country&#39;s growing consumer needs.&nbsp;

&quot;Trade&#39;s contribution to China&#39;s economy is now diminishing as the economy increasingly depends on domestic demand,&quot; Zhu Qibing, chief macro economy analyst at BOCI International in Beijing told Bloomberg.&nbsp;

Authorities have set a growth target of 6.5 to 7 per cent for the year, which they are on track to meet thanks to loose credit, a red-hot real-estate sector, and fiscal stimulus spending on infrastructure.

Government figures last month showed growth was steady at 6.7 per cent in the third quarter, a sign of stabilisation after years of slowing.&nbsp;

Growth momentum should be relatively stable through the rest of the year, Zhao Yang of Nomura said in a note, while high home prices will limit the room for further policy easing.

The recently concluded Canton Fair, in the southern manufacturing hub of Guangzhou showed a pickup in export turnover over last year, CICC Macro analysts noted, a positive sign bolstered by recent

US economic data, though &quot;there are still uncertainties on the US&#39;&nbsp;trade policy after the presidential election&quot;.

Investors shrugged off the latest trade figures, with Chinese stocks closing higher Tuesday.

Zhang Yanbing, an analyst at Zheshang Securities, told AFP that market players ignored the weak data because &quot;all of them have their eyes fixed&quot; on the Trump-Clinton race.&nbsp;

(AFP)

The fall comes as the margins of the export-oriented companies are squeezed by rising labour costs and increasing competition

Chinese exports sank for a seventh consecutive month in October, data showed Tuesday, as weak global demand dealt a blow to the world's number two economy following recent signs of stability. The result, which missed forecasts, comes as the country's export-oriented companies see their margins squeezed by rising labour costs and increasing competition from southeastern Asian countries, despite a falling yuan currency. Overseas shipments fell 7.3 per cent year-on-year, while imports also dropped 1.4 per cent, with both coming in below expectations in a survey of economists by Bloomberg News. China is the world's biggest trader in goods and its performance affects partners from Australia to Zambia, which have been battered as its expansion has slowed to levels not seen in a quarter of a century. With exports totalling $178.2 billion and imports $129.1 billion the trade surplus dropped to $49.1 billion in October. Customs earlier gave the figure in yuan terms, showing a 3.2 per cent drop in exports and a 3.2 per cent increase in imports on-year. Analyst Julian Evans-Pritchard of Capital Economics said the outlook appeared challenging with "global and domestic growth unlikely to accelerate much further". "The current pace of global growth is likely to be as good as it gets for the foreseeable future." Though the yuan currency`s value has slid to a series of six-year lows against the greenback in recent weeks, making Chinese goods cheaper for trade partners, it has not been enough to lift exports into positive territory. The yuan weakened further Tuesday after the People's Bank of China said the country's foreign exchange reserves dropped nearly $46 billion in October, their second-largest decline this year as capital outflows eat into the world`s largest stockpile. While Tuesday's trade figures disappointed, analysts with ANZ said they suggested that external demand had "not worsened significantly" despite earlier data on factory activity that pointed to a larger decline. Beijing is seeking to transition the economy away from being the world's factory floor for cheap goods to supplying the country's growing consumer needs. "Trade's contribution to China's economy is now diminishing as the economy increasingly depends on domestic demand," Zhu Qibing, chief macro economy analyst at BOCI International in Beijing told Bloomberg. Authorities have set a growth target of 6.5 to 7 per cent for the year, which they are on track to meet thanks to loose credit, a red-hot real-estate sector, and fiscal stimulus spending on infrastructure. Government figures last month showed growth was steady at 6.7 per cent in the third quarter, a sign of stabilisation after years of slowing. Growth momentum should be relatively stable through the rest of the year, Zhao Yang of Nomura said in a note, while high home prices will limit the room for further policy easing. The recently concluded Canton Fair, in the southern manufacturing hub of Guangzhou showed a pickup in export turnover over last year, CICC Macro analysts noted, a positive sign bolstered by recent US economic data, though "there are still uncertainties on the US' trade policy after the presidential election". Investors shrugged off the latest trade figures, with Chinese stocks closing higher Tuesday. Zhang Yanbing, an analyst at Zheshang Securities, told AFP that market players ignored the weak data because "all of them have their eyes fixed" on the Trump-Clinton race. (AFP)

Chinese exports drop for 7th straight month in October

Facebook on Monday announced it will start testing a new feature that would allow page administrators to post job openings as well as receive applications from them.

&quot;Based on behaviour we&#39;ve seen on Facebook, where many small businesses post about their job openings on their Page, we&#39;re running a test for Page admins to create job postings and receive applications from candidates,&quot; a Facebook spokesman told Reuters.

However, this move could hamper LinkedIn&#39;s business which is popularly used by job seekers and recruiters to make connections and post resumes.&nbsp;

According to TechCrunch, these companies Facebook page will get more traffic while allowing them to pay and make their vacancies visible for job seekers.&nbsp;

(WION with inputs from Reuters)

LinkedIn makes most of its revenue from job hunters and recruiters who pay a monthly fee to post resumes and connect with people

Facebook on Monday announced it will start testing a new feature that would allow page administrators to post job openings as well as receive applications from them. "Based on behaviour we've seen on Facebook, where many small businesses post about their job openings on their Page, we're running a test for Page admins to create job postings and receive applications from candidates," a Facebook spokesman told Reuters. However, this move could hamper LinkedIn's business which is popularly used by job seekers and recruiters to make connections and post resumes. According to TechCrunch, these companies Facebook page will get more traffic while allowing them to pay and make their vacancies visible for job seekers. (WION with inputs from Reuters)

Facebook takes on LinkedIn with new job opening features

US electric car maker Tesla&nbsp;on Tuesday&nbsp;said it would buy German engineering firm Grohmann to help ramp up production at its heavily-automated factories.

&quot;Several critical elements of Tesla&#39;s automated manufacturing systems will be designed and produced&quot; in Pruem in western Germany, the California-based firm said in a statement.

Tesla, founded by tech billionaire Elon Musk, aims to produce 500,000 cars per year by 2018 after taking some 370,000 pre-orders for its mass-market Model 3, which will sell for around $35,000 (just under 32,000 euros).

This year, the firm hopes to build between 80,000 and 90,000 units of its luxury Model S and Model X vehicles, 50,000 of them in the second half.

&quot;The key to making electric cars affordable are economies of scale and automation in order to have the costs be something that people can afford to buy,&quot; Musk told reporters in a conference call.

Neither Tesla nor Grohmann offered details of how much money is to change hands in the transaction.

According to founder and chief executive Klaus Grohmann, the German company employs around 700 people.

The firm had revenues of 123 million euros in 2015.

Tesla said it expected to close the deal, which still needs to be approved by regulators, by early 2017.

It added that it hopes to create &quot;over 1,000 advanced engineering and skilled technician jobs in Germany over the next two years&quot;.

&quot;Germany has a tremendous amount of talent in automation, we thought that it was important for Tesla to become in part a German company,&quot; Musk added.

Asked about the firm&#39;s expansion plans, Musk said Tesla was considering setting up several factories in Europe.

Tesla currently manufactures its vehicles at a plant in California, and it has built a so-called &quot;gigafactory&quot; in Nevada to make the special batteries needed for its cars.

&quot;There&#39;s no question that long-term Tesla will have at least one and maybe two or three vehicle and gigafactory locations in Europe,&quot; Musk said.

(AFP)

The US electric carmaker's automated manufacturing systems will be 'designed and produced' in the newly-acquired firm

US electric car maker Tesla on Tuesday said it would buy German engineering firm Grohmann to help ramp up production at its heavily-automated factories. "Several critical elements of Tesla's automated manufacturing systems will be designed and produced" in Pruem in western Germany, the California-based firm said in a statement. Tesla, founded by tech billionaire Elon Musk, aims to produce 500,000 cars per year by 2018 after taking some 370,000 pre-orders for its mass-market Model 3, which will sell for around $35,000 (just under 32,000 euros). This year, the firm hopes to build between 80,000 and 90,000 units of its luxury Model S and Model X vehicles, 50,000 of them in the second half. "The key to making electric cars affordable are economies of scale and automation in order to have the costs be something that people can afford to buy," Musk told reporters in a conference call. Neither Tesla nor Grohmann offered details of how much money is to change hands in the transaction. According to founder and chief executive Klaus Grohmann, the German company employs around 700 people. The firm had revenues of 123 million euros in 2015. Tesla said it expected to close the deal, which still needs to be approved by regulators, by early 2017. It added that it hopes to create "over 1,000 advanced engineering and skilled technician jobs in Germany over the next two years". "Germany has a tremendous amount of talent in automation, we thought that it was important for Tesla to become in part a German company," Musk added. Asked about the firm's expansion plans, Musk said Tesla was considering setting up several factories in Europe. Tesla currently manufactures its vehicles at a plant in California, and it has built a so-called "gigafactory" in Nevada to make the special batteries needed for its cars. "There's no question that long-term Tesla will have at least one and maybe two or three vehicle and gigafactory locations in Europe," Musk said. (AFP)

Tesla buys German automation firm to drive up production

Global equities markets were cheered Monday, taking heart in the final hours before the US elections after authorities again cleared Hillary Clinton of criminal wrongdoing over her emails.

The markets rallied, ending days of declines, after Sunday&#39;s announcement by the Federal Bureau of Investigation that the Democratic candidate still would not face charges over her use of a private server following review of the latest batch of emails.

&quot;Hillary Clinton getting the all-clear from the FBI over a new set of emails saw markets convulse into nervous relief,&quot; said Jasper Lawler, an analyst at CMC Markets. &quot;Stocks and North American currencies were in demand and havens like gold and bonds were dumped.&quot;

In New York, the major indices soared, with the S&amp;P 500 snapping a nine-day losing streak and rising 2.2 per cent, its biggest gain since March. The Dow Jones Industrial Average rose 2.1 per cent and the Nasdaq finished 2.4 per cent higher.&nbsp;

In Europe, Frankfurt and Paris both posted gains of 1.9 per cent, with London, up 1.7 per cent, not far behind.

&quot;Looks like a relief rally for investors that were worried about the outcome,&quot; said Jack Ablin of BMO Private Bank. &quot;Now that uncertainty surrounding the FBI investigation has been lifted investors believe that Hillary Clinton will win tomorrow.&quot;

Markets were in turmoil for the past week&nbsp;after the FBI said on October 28 that new emails linked to Clinton were being investigated, less than two weeks before the November 8 vote, this after having cleared Clinton once already in July.

The FBI had probed Clinton&#39;s use of a private email server while serving as secretary of state for possible violations in the handling of classified information.

Investors became more willing Monday to hold more risky assets like equities.

&quot;The FBI news triggered a risk rally across the global financial markets,&quot; said London Capital Group analyst Ipek Ozkardeskaya.

&nbsp;&#39;Suddenly a happy place?&#39;&nbsp;

The Vix volatility index, a benchmark for investor fear, declined after nine straight days of gains.

But JJ Kinahan, chief market strategist at TD Ameritrade, suggested some investors had oversold, since uncertainty about the election result remains, despite stock gains.

&quot;It&#39;s hard to believe that without any results (except for early voting) the world&#39;s suddenly a happy place and there&#39;s no risk any more,&quot; Kinahan said.

Clinton is considered by many investors to be a safer bet than Trump, who is seen as a loose cannon with policies many fear could wreck the world&#39;s top economy.

The dollar rose sharply against the euro, the Yen and the Pound, as exchange markets shared in what investors viewed as positive news about the United States.

The Mexican Peso -- which has taken on an inverse relationship with Trump&#39;s presidential prospects -- also staged a stunning rally against the dollar to recoup all its losses from last week.

The currency is considered a reflection of Trump&#39;s chances because of his anti-Mexican rhetoric -- including his pledge to remove undocumented immigrants, build a border wall and tear up a trade deal.

&nbsp;

(AFP)

Investors became more willing Monday to hold more risky assets like equities

Global equities markets were cheered Monday, taking heart in the final hours before the US elections after authorities again cleared Hillary Clinton of criminal wrongdoing over her emails. The markets rallied, ending days of declines, after Sunday's announcement by the Federal Bureau of Investigation that the Democratic candidate still would not face charges over her use of a private server following review of the latest batch of emails. "Hillary Clinton getting the all-clear from the FBI over a new set of emails saw markets convulse into nervous relief," said Jasper Lawler, an analyst at CMC Markets. "Stocks and North American currencies were in demand and havens like gold and bonds were dumped." In New York, the major indices soared, with the S&P 500 snapping a nine-day losing streak and rising 2.2 per cent, its biggest gain since March. The Dow Jones Industrial Average rose 2.1 per cent and the Nasdaq finished 2.4 per cent higher. In Europe, Frankfurt and Paris both posted gains of 1.9 per cent, with London, up 1.7 per cent, not far behind. "Looks like a relief rally for investors that were worried about the outcome," said Jack Ablin of BMO Private Bank. "Now that uncertainty surrounding the FBI investigation has been lifted investors believe that Hillary Clinton will win tomorrow." Markets were in turmoil for the past week after the FBI said on October 28 that new emails linked to Clinton were being investigated, less than two weeks before the November 8 vote, this after having cleared Clinton once already in July. The FBI had probed Clinton's use of a private email server while serving as secretary of state for possible violations in the handling of classified information. Investors became more willing Monday to hold more risky assets like equities. "The FBI news triggered a risk rally across the global financial markets," said London Capital Group analyst Ipek Ozkardeskaya. 'Suddenly a happy place?' The Vix volatility index, a benchmark for investor fear, declined after nine straight days of gains. But JJ Kinahan, chief market strategist at TD Ameritrade, suggested some investors had oversold, since uncertainty about the election result remains, despite stock gains. "It's hard to believe that without any results (except for early voting) the world's suddenly a happy place and there's no risk any more," Kinahan said. Clinton is considered by many investors to be a safer bet than Trump, who is seen as a loose cannon with policies many fear could wreck the world's top economy. The dollar rose sharply against the euro, the Yen and the Pound, as exchange markets shared in what investors viewed as positive news about the United States. The Mexican Peso -- which has taken on an inverse relationship with Trump's presidential prospects -- also staged a stunning rally against the dollar to recoup all its losses from last week. The currency is considered a reflection of Trump's chances because of his anti-Mexican rhetoric -- including his pledge to remove undocumented immigrants, build a border wall and tear up a trade deal. (AFP)

Clinton all-clear from FBI sends global stocks surging

Indian shares rose about 1 per cent on Monday, snapping four sessions of losses, as Democrat Hillary Clinton&#39;s prospects improved in the US presidential race after federal investigators cleared her in their latest review.

The Federal Bureau of Investigation (FBI)&nbsp;said on Sunday it stood by its earlier finding that no criminal charges were warranted against Clinton for using a private email server for government work.

Asian shares rose on optimism over Clinton&#39;s chances just two days ahead of the election. The MSCI&#39;s broadest index of Asia-Pacific shares outside Japan advanced 0.8 per cent.

Investors had been unnerved by signs of a tightening presidential race between Clinton and Republican candidate Donald Trump, whose stance on foreign policy, trade and immigration are seen as less predictable by financial markets.

&quot;It is basically a sentiment-driven market. Markets are perceiving that Clinton has now become a stronger candidate than Trump,&quot; said Saurabh Jain, assistant vice-president of research at SMC Global Securities.

The broader National Stock Exchange Nifty was up 1.05 per cent at 8,522.50 by 0551 GMT, while the benchmark Bombay Stock Exchange&nbsp;Sensex was 0.91 per cent higher at 27,522.10.

Financial and healthcare stocks were among the biggest percentage gainers on the NSE index after posting heavy losses last week.

The Nifty Bank index and the Nifty Pharma index rose as much as 1.4 per cent and 3.3 per cent, respectively, rebounding after four sessions of declines.

ICICI Bank Ltd &lt;ICBK.NS&gt;, which is set to report quarterly results later in the day, was up 2 per cent after falling 2.6 per cent last week.

Drugmaker Lupin Ltd &lt;LUPN.NS&gt; climbed as much as 8 per cent, after the company on Friday said the US&nbsp;FDA had cleared its Goa manufacturing plant for exports.

(Reuters)

Optimism over Clinton's chances rose as FBI said that no criminal charges were warranted against her for using private email server

Indian shares rose about 1 per cent on Monday, snapping four sessions of losses, as Democrat Hillary Clinton's prospects improved in the US presidential race after federal investigators cleared her in their latest review. The Federal Bureau of Investigation (FBI) said on Sunday it stood by its earlier finding that no criminal charges were warranted against Clinton for using a private email server for government work. Asian shares rose on optimism over Clinton's chances just two days ahead of the election. The MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.8 per cent. Investors had been unnerved by signs of a tightening presidential race between Clinton and Republican candidate Donald Trump, whose stance on foreign policy, trade and immigration are seen as less predictable by financial markets. "It is basically a sentiment-driven market. Markets are perceiving that Clinton has now become a stronger candidate than Trump," said Saurabh Jain, assistant vice-president of research at SMC Global Securities. The broader National Stock Exchange Nifty was up 1.05 per cent at 8,522.50 by 0551 GMT, while the benchmark Bombay Stock Exchange Sensex was 0.91 per cent higher at 27,522.10. Financial and healthcare stocks were among the biggest percentage gainers on the NSE index after posting heavy losses last week. The Nifty Bank index and the Nifty Pharma index rose as much as 1.4 per cent and 3.3 per cent, respectively, rebounding after four sessions of declines. ICICI Bank Ltd <ICBK.NS>, which is set to report quarterly results later in the day, was up 2 per cent after falling 2.6 per cent last week. Drugmaker Lupin Ltd <LUPN.NS> climbed as much as 8 per cent, after the company on Friday said the US FDA had cleared its Goa manufacturing plant for exports. (Reuters)

India: Sensex rises as Clinton's chances brighten

US-based iPhone maker Apple has sought incentives from the government to set up a manufacturing unit in India.&nbsp;

In a communication to the government, the Cupertino-based technology major has asked for incentives related to the Department of Revenue and Department of Electronics and Information Technology (DeITY), an official told PTI.

&quot;They are doing their due diligence from quite some time. The Department of Industrial Policy and Promotion (DIPP) will write to both the departments regarding this communication for their views,&quot; the official added.

At present, to boost electronic manufacturing in the country, the government provides benefits under Modified Special Incentive Package Scheme (MSIPS).

The scheme provides financial incentives to offset disability and attract investments in the electronics hardware segment. It also gives subsidy for investments in Special Economic Zones, among other benefits.

Apple&#39;s products are currently manufactured in six countries, including Korea, Japan and the US.

Apple&#39;s communication regarding setting up of a manufacturing unit assumes significance as the Finance Ministry in May had rejected relaxing the 30 per cent domestic sourcing norms, as sought by the iPhone and iPad maker as a pre-condition for bringing in FDI to set up single-brand retail stores in the country.

The company had sought exemption on the ground that it makes state-of-the-art and cutting-edge technology products for which local sourcing is not possible.

The government had also turned down the firm&#39;s proposal to import refurbished phones and sell them in India.

The company sells its products through Apple-owned retail stores in countries like China, Germany, the US, the UK and France, among others.

It has no wholly-owned store in India and sells its products through distributors such as Redington and Ingram Micro.

The government has announced incentives to promote electronic manufacturing in India and reduce the import bill.

Total import of electronics goods were valued at Rs 2.25 lakh crore in 2014-15 as against Rs 1.95 lakh crore in the previous year.&nbsp;

(PTI)

The tech major had in May asked for a relaxation of the 30% domestic sourcing norm, which the finance ministry turned down

US-based iPhone maker Apple has sought incentives from the government to set up a manufacturing unit in India. In a communication to the government, the Cupertino-based technology major has asked for incentives related to the Department of Revenue and Department of Electronics and Information Technology (DeITY), an official told PTI. "They are doing their due diligence from quite some time. The Department of Industrial Policy and Promotion (DIPP) will write to both the departments regarding this communication for their views," the official added. At present, to boost electronic manufacturing in the country, the government provides benefits under Modified Special Incentive Package Scheme (MSIPS). The scheme provides financial incentives to offset disability and attract investments in the electronics hardware segment. It also gives subsidy for investments in Special Economic Zones, among other benefits. Apple's products are currently manufactured in six countries, including Korea, Japan and the US. Apple's communication regarding setting up of a manufacturing unit assumes significance as the Finance Ministry in May had rejected relaxing the 30 per cent domestic sourcing norms, as sought by the iPhone and iPad maker as a pre-condition for bringing in FDI to set up single-brand retail stores in the country. The company had sought exemption on the ground that it makes state-of-the-art and cutting-edge technology products for which local sourcing is not possible. The government had also turned down the firm's proposal to import refurbished phones and sell them in India. The company sells its products through Apple-owned retail stores in countries like China, Germany, the US, the UK and France, among others. It has no wholly-owned store in India and sells its products through distributors such as Redington and Ingram Micro. The government has announced incentives to promote electronic manufacturing in India and reduce the import bill. Total import of electronics goods were valued at Rs 2.25 lakh crore in 2014-15 as against Rs 1.95 lakh crore in the previous year. (PTI)

Apple seeks incentives to set up manufacturing unit in India

Foreign direct investment (FDI) into India grew by over 30 per cent to USD 21.62 billion during the first half of 2016-17, PTI reported.

During April-September of 2015-16, India received FDI worth USD 16.63 billion, an official told PTI.

&quot;Ease of doing business and relaxation in the FDI policy are helping attract more and more FDI. The recent easing in sectors like civil aviation and construction will help in attracting more overseas funds,&quot; the official was quoted as saying by PTI.

India receives the most FDI from Mauritius, Singapore, the Netherlands, and Japan.

Foreign investment is considered crucial for India, which needs around USD 1 trillion to overhaul its infrastructure and drive growth higher.

(WION with inputs from PTI)

'Ease of doing business and relaxation in the FDI policy are helping attract more and more FDI,' an official said

Foreign direct investment (FDI) into India grew by over 30 per cent to USD 21.62 billion during the first half of 2016-17, PTI reported. During April-September of 2015-16, India received FDI worth USD 16.63 billion, an official told PTI. "Ease of doing business and relaxation in the FDI policy are helping attract more and more FDI. The recent easing in sectors like civil aviation and construction will help in attracting more overseas funds," the official was quoted as saying by PTI. India receives the most FDI from Mauritius, Singapore, the Netherlands, and Japan. Foreign investment is considered crucial for India, which needs around USD 1 trillion to overhaul its infrastructure and drive growth higher. (WION with inputs from PTI)

India: FDI rises 30 per cent to $21.6 billion in April-Sep

A senior Tata Sons executive and a close aide of former chairman Cyrus Mistry said he was fired in a minute, just hours after Mistry was sacked.

Nirmalya Kumar, a member of the Group Executive Committee at Tata Sons, wrote a blog in which he chronicled about how he was swiftly axed on October 24.

Kumar believed his unceremonious departure was due to his close links with Mistry.

Tata Sons is yet to comment on the issue.

In his blog titled &#39;I just got fired&#39;, Kumar said he was given the boot because he worked &quot;intensely and extensively with Cyrus (Mistry)&quot;.

Speaking about the incident, Kumar wrote: &quot;At 9:00 pm, I get a call from a colleague with whom I had worked very closely and got along famously as we were often on the same side of arguments. He informs me: &#39;it is my unpleasant duty to say your services are no longer required.&#39;&nbsp;No explanation. I query does this mean I do not need to show up tomorrow morning? Receive an affirmative reply. That&rsquo;s it. It&rsquo;s all over in a minute.&quot;

&quot;It is something that has happened to many, and there are entire reality shows on TV built around the theme &ldquo;You are fired!&rdquo; But, still nothing prepares you for this.&quot;

Tata Sons has been in the news for all the wrong reasons in recent weeks, after they sacked their chairman Cyrus Mistry and replaced him with Ratan Tata.

The Tata group said Mistry was sacked as he had diverted from the ethos of the company.

The company has since been embroiled in an ugly public spat with Mistry.

(WION)

&nbsp;

&nbsp;

&nbsp;

Senior Tata executive Nirmalya Kumar believes he was sacked for working 'extensively' with ousted chairman Cyrus Mistry

A senior Tata Sons executive and a close aide of former chairman Cyrus Mistry said he was fired in a minute, just hours after Mistry was sacked. Nirmalya Kumar, a member of the Group Executive Committee at Tata Sons, wrote a blog in which he chronicled about how he was swiftly axed on October 24. Kumar believed his unceremonious departure was due to his close links with Mistry. Tata Sons is yet to comment on the issue. In his blog titled 'I just got fired', Kumar said he was given the boot because he worked "intensely and extensively with Cyrus (Mistry)". Speaking about the incident, Kumar wrote: "At 9:00 pm, I get a call from a colleague with whom I had worked very closely and got along famously as we were often on the same side of arguments. He informs me: 'it is my unpleasant duty to say your services are no longer required.' No explanation. I query does this mean I do not need to show up tomorrow morning? Receive an affirmative reply. That’s it. It’s all over in a minute." "It is something that has happened to many, and there are entire reality shows on TV built around the theme “You are fired!” But, still nothing prepares you for this." Tata Sons has been in the news for all the wrong reasons in recent weeks, after they sacked their chairman Cyrus Mistry and replaced him with Ratan Tata. The Tata group said Mistry was sacked as he had diverted from the ethos of the company. The company has since been embroiled in an ugly public spat with Mistry. (WION)

Former Tata chairman's aide says he was fired in 'a minute'

Equity investors froze Friday at the prospect of a tight finish to the US presidential race, with the US S&amp;P&nbsp;500 (Standard and Poor&#39;s 500)&nbsp;sliding for the ninth straight session, its longest fall since 1980.

Investors took refuge in safe havens ahead of the weekend that could bring more surprises affecting the hot race between Democrat Hillary Clinton and Republican Donald Trump, and amid concerns a Trump victory could bring sharp shifts in US economic policy.

Gold prices rose, the dollar dropped and US bond yields fell despite solid US jobs market and trade data that pointed ever more to a rate hike by the Federal Reserve in December.

Tokyo stocks lost 1.3 per cent, London fell 1.4 per cent, and Paris and Frankfurt bourses slipped 0.8 percent and 0.7 percent, respectively, as caution reigned.

On Wall Street, losses were lighter, with selling coming at the end of the session, leaving just one trading day before the November 8 vote.

The three key indices all lost about 0.2 per cent, putting the S&amp;P 500 down 3.1 per cent since its slide began.&nbsp;

&quot;Not good, but not as bad as it sounds,&quot; given the relatively modest loss for such a streak, said Howard Silverblatt of S&amp;P Global.

And Chris Low of FTN Financial said, &quot;The last time the market was at this level was back in early July, right after the terrible Shanghai selloff.

&quot;If we break through these levels technically, it could be a difficult month or two after that.&quot;

Clinton, who has promoted mostly continuity with the political, economic and tax policies of President Barack Obama, still leads Trump in the race. But the separation between the two has narrowed to two percentage points and the outcome of the vote could depend on a handful of swing states the candidates are battling for.

&quot;Investors are clearly nervous or worried that there might be a big surprise Tuesday. That&#39;s the reason why the market&#39;s been drifting down,&quot; said Hugh Johnson of Hugh Johnson Advisors.

&nbsp;US economy shows strength

A solid US October jobs report gave more support for the Federal Reserve to raise rates in December. The economy added 161,000 jobs last month and the unemployment rate dipped to 4.9 per cent.

Fed Vice Chair Stanley Fischer said in a speech that the labor market is in a &quot;powerful&quot; recovery and that inflation is picking up, while not speaking directly to the Fed&#39;s next policy meeting in five weeks.&nbsp;

While this would normally strengthen the case for a Fed rate hike in December, much still hinges on Tuesday&#39;s vote, said John Higgins at Capital Economics.

&quot;US monetary policy would be expected by many to remain looser for longer in the event of a win for Trump,&quot; he said.&nbsp;

&nbsp;Pound up on Brexit politics

&nbsp;The British pound though powered higher on Thursday&#39;s London court ruling that the British government would need parliamentary approval to officially move to pull out of the European Union.

The pound pushed up to $1.2519, its highest level in a month.

&quot;The High Court ruling has introduced a whole new set of political uncertainties,&quot; Rabobank analyst Jane Foley told AFP.

&quot;However, since most of these are seen as reducing the chances of a bitter divorce from the European Union&#39;s single market, the pound is better supported.&quot;

Oil prices meanwhile fell again amid talk Saudi Arabia may raise output again to bring prices down if Iran fails to agree to OPEC production cuts.

(AFP)

The US Standard and Poor 500 slid for the ninth straight session, its longest fall since 1980

Equity investors froze Friday at the prospect of a tight finish to the US presidential race, with the US S&P 500 (Standard and Poor's 500) sliding for the ninth straight session, its longest fall since 1980. Investors took refuge in safe havens ahead of the weekend that could bring more surprises affecting the hot race between Democrat Hillary Clinton and Republican Donald Trump, and amid concerns a Trump victory could bring sharp shifts in US economic policy. Gold prices rose, the dollar dropped and US bond yields fell despite solid US jobs market and trade data that pointed ever more to a rate hike by the Federal Reserve in December. Tokyo stocks lost 1.3 per cent, London fell 1.4 per cent, and Paris and Frankfurt bourses slipped 0.8 percent and 0.7 percent, respectively, as caution reigned. On Wall Street, losses were lighter, with selling coming at the end of the session, leaving just one trading day before the November 8 vote. The three key indices all lost about 0.2 per cent, putting the S&P 500 down 3.1 per cent since its slide began. "Not good, but not as bad as it sounds," given the relatively modest loss for such a streak, said Howard Silverblatt of S&P Global. And Chris Low of FTN Financial said, "The last time the market was at this level was back in early July, right after the terrible Shanghai selloff. "If we break through these levels technically, it could be a difficult month or two after that." Clinton, who has promoted mostly continuity with the political, economic and tax policies of President Barack Obama, still leads Trump in the race. But the separation between the two has narrowed to two percentage points and the outcome of the vote could depend on a handful of swing states the candidates are battling for. "Investors are clearly nervous or worried that there might be a big surprise Tuesday. That's the reason why the market's been drifting down," said Hugh Johnson of Hugh Johnson Advisors. US economy shows strength A solid US October jobs report gave more support for the Federal Reserve to raise rates in December. The economy added 161,000 jobs last month and the unemployment rate dipped to 4.9 per cent. Fed Vice Chair Stanley Fischer said in a speech that the labor market is in a "powerful" recovery and that inflation is picking up, while not speaking directly to the Fed's next policy meeting in five weeks. While this would normally strengthen the case for a Fed rate hike in December, much still hinges on Tuesday's vote, said John Higgins at Capital Economics. "US monetary policy would be expected by many to remain looser for longer in the event of a win for Trump," he said. Pound up on Brexit politics The British pound though powered higher on Thursday's London court ruling that the British government would need parliamentary approval to officially move to pull out of the European Union. The pound pushed up to $1.2519, its highest level in a month. "The High Court ruling has introduced a whole new set of political uncertainties," Rabobank analyst Jane Foley told AFP. "However, since most of these are seen as reducing the chances of a bitter divorce from the European Union's single market, the pound is better supported." Oil prices meanwhile fell again amid talk Saudi Arabia may raise output again to bring prices down if Iran fails to agree to OPEC production cuts. (AFP)

World stocks choke on US election fears, pound powers on

In a first for the oil-rich Gulf nation, Kuwait has decided to put foreign bonds worth billions of dollars on sale in the international markets to finance a budget shortfall, a report said on Saturday.&nbsp;

Breaking a 16-year run of surpluses, the emirate recorded a budget deficit of $15 billion last fiscal year resulting from low oil prices. It is projecting a bigger budget shortfall of $29 billion this year.&nbsp;

Oil income had contributed around 95 per cent of public revenues for the nation. But with oil having lost around 60 per cent of its value in the last two years, Kuwait has been forced to launch the sale of its foreign bonds.&nbsp;

Finance minister Anas al-Saleh said Kuwait will issue US dollar-denominated sovereign bonds of up to $9.6 billion during the 2016/2017 fiscal year which ends March 31, Al-Qabas newspaper reported. This comes on top of a $6.6 billion domestic debt programme which is already underway.

Like its Gulf peers, Kuwait has taken some austerity measures that include liberalising prices of diesel and kerosene and hiking petrol prices. Parliament a few months ago approved a law to raise heavily subsidised power and water fees but exempted citizens.&nbsp;

Saudi Arabia, Qatar, Oman and United Arab Emirates have also sold bonds or took syndicated loans to plug their deficits.

(WION with inputs from AFP) 
&nbsp;

The global oil slump has put pressure on Gulf nations that have projected budget shortfalls worth billions of dollars

In a first for the oil-rich Gulf nation, Kuwait has decided to put foreign bonds worth billions of dollars on sale in the international markets to finance a budget shortfall, a report said on Saturday. Breaking a 16-year run of surpluses, the emirate recorded a budget deficit of $15 billion last fiscal year resulting from low oil prices. It is projecting a bigger budget shortfall of $29 billion this year. Oil income had contributed around 95 per cent of public revenues for the nation. But with oil having lost around 60 per cent of its value in the last two years, Kuwait has been forced to launch the sale of its foreign bonds. Finance minister Anas al-Saleh said Kuwait will issue US dollar-denominated sovereign bonds of up to $9.6 billion during the 2016/2017 fiscal year which ends March 31, Al-Qabas newspaper reported. This comes on top of a $6.6 billion domestic debt programme which is already underway. Like its Gulf peers, Kuwait has taken some austerity measures that include liberalising prices of diesel and kerosene and hiking petrol prices. Parliament a few months ago approved a law to raise heavily subsidised power and water fees but exempted citizens. Saudi Arabia, Qatar, Oman and United Arab Emirates have also sold bonds or took syndicated loans to plug their deficits. (WION with inputs from AFP)

Kuwait launches foreign bond sale to finance budget deficit

With the goods and services tax rates announced, the highest rate is set at 28 per cent.

WION Wallet: The GST roll-out discussion special

British telecom&nbsp;giant Vodafone agreed Friday to sell its Dutch fixed-line business Vodafone Thuis to Germany&#39;s T-Mobile, but did not give a price.

The London-listed firm had pledged to sell the unit in February, in order to win European Commission approval for the merger of Vodafone Netherlands with Liberty Global&#39;s Dutch division Ziggo.

&quot;Vodafone Group Plc confirms that Vodafone Netherlands has agreed to sell its consumer fixed business, Vodafone Thuis, to T-Mobile Netherlands Holding for an undisclosed sum,&quot; it said in a brief statement.

Vodafone Thuis has approximately 150,000 consumer fixed broadband customers. The transaction is expected to close in December 2016.

Britain&#39;s Vodafone is second only to China Mobile in terms of subscriber numbers.

(AFP)

The firm had pledged to sell the unit in February in order to win European Commission approval for a merger

British telecom giant Vodafone agreed Friday to sell its Dutch fixed-line business Vodafone Thuis to Germany's T-Mobile, but did not give a price. The London-listed firm had pledged to sell the unit in February, in order to win European Commission approval for the merger of Vodafone Netherlands with Liberty Global's Dutch division Ziggo. "Vodafone Group Plc confirms that Vodafone Netherlands has agreed to sell its consumer fixed business, Vodafone Thuis, to T-Mobile Netherlands Holding for an undisclosed sum," it said in a brief statement. Vodafone Thuis has approximately 150,000 consumer fixed broadband customers. The transaction is expected to close in December 2016. Britain's Vodafone is second only to China Mobile in terms of subscriber numbers. (AFP)

Vodafone sells Dutch consumer arm to T-Mobile

German luxury carmaker BMW, the world`s biggest, beat expectations on Friday with a new record net profit for the July to September period after selling record numbers of vehicles.

The Munich-based firm said it had made 1.8 billion euros ($2.0 billion) in net profit, up 15 per cent compared with the 1.6 billion euros it made in the same period in 2015.

Analysts surveyed by Factset had predicted net profits would remain stable in the third quarter.

BMW was &quot;maintaining a strong basis for the consistent implementation of our strategy&quot; of investing profits into research and development in areas like electric and driverless cars, chief executive Harald Krueger said in a statement.

Sales by the world`s biggest high-end carmaker by revenue grew to 23.4 billion euros in the third quarter, with its BMW, Mini and Rolls-Royce divisions all booking big increases in unit sales.

The group sold more than 583,000 cars in the July to September period, up 7.1 per cent compared with the second quarter of 2015.

But it wasn`t spared by the cooling-off in the US market, which is on a downwards trend after years of record sales.

CEO Krueger blamed &quot;intense competition&quot; for an 8.7 per cent year-on-year fall in US sales in the first nine months in a press teleconference on Friday.

The carmaker made up ground in other global regions, with net profit for the first nine months of the year growing by 11.7 percent to 5.5 billion euros.

BMW confirmed its &quot;confident&quot; forecast for the full year, saying it would slightly increase unit sales and pre-tax profits compared with 2015.

&quot;We`ve already brought together the things the whole sector is measured against,&quot; Krueger said in his statement, pointing to a &quot;successful&quot; electric car strategy and &quot;high profitability, which enables us to finance future investments from our own resources.&quot;

As German and international rivals look towards an electrified future, BMW recently expanded its plans for electric and hybrid cars beyond its BMWi brand to cover its whole range.

In early October, the group said it would offer an all-electric version of the Mini in 2019 and of its BMW X3 urban 4x4 in 2020.

Shares in BMW slid 0.9 percent to 74.56 euros in early afternoon trading in Frankfurt, down was also down around &nbsp;0.9 per cent.

(AFP)

The firm said it had made 1.8 bn euros ($2.0 billion) in net profit, up 15 per cent compared with last year's 1.6 billion in the same period

German luxury carmaker BMW, the world`s biggest, beat expectations on Friday with a new record net profit for the July to September period after selling record numbers of vehicles. The Munich-based firm said it had made 1.8 billion euros ($2.0 billion) in net profit, up 15 per cent compared with the 1.6 billion euros it made in the same period in 2015. Analysts surveyed by Factset had predicted net profits would remain stable in the third quarter. BMW was "maintaining a strong basis for the consistent implementation of our strategy" of investing profits into research and development in areas like electric and driverless cars, chief executive Harald Krueger said in a statement. Sales by the world`s biggest high-end carmaker by revenue grew to 23.4 billion euros in the third quarter, with its BMW, Mini and Rolls-Royce divisions all booking big increases in unit sales. The group sold more than 583,000 cars in the July to September period, up 7.1 per cent compared with the second quarter of 2015. But it wasn`t spared by the cooling-off in the US market, which is on a downwards trend after years of record sales. CEO Krueger blamed "intense competition" for an 8.7 per cent year-on-year fall in US sales in the first nine months in a press teleconference on Friday. The carmaker made up ground in other global regions, with net profit for the first nine months of the year growing by 11.7 percent to 5.5 billion euros. BMW confirmed its "confident" forecast for the full year, saying it would slightly increase unit sales and pre-tax profits compared with 2015. "We`ve already brought together the things the whole sector is measured against," Krueger said in his statement, pointing to a "successful" electric car strategy and "high profitability, which enables us to finance future investments from our own resources." As German and international rivals look towards an electrified future, BMW recently expanded its plans for electric and hybrid cars beyond its BMWi brand to cover its whole range. In early October, the group said it would offer an all-electric version of the Mini in 2019 and of its BMW X3 urban 4x4 in 2020. Shares in BMW slid 0.9 percent to 74.56 euros in early afternoon trading in Frankfurt, down was also down around 0.9 per cent. (AFP)

BMW drives third-quarter profit into record territory

Skoda has introduced an upgraded Rapid in India. The new Rapid, which is currently Skoda&rsquo;s most affordable sedan, comes in three variants - Active, Ambition and Style. The new Skoda Rapid gives customers an option to choose between the 1.6L MPI petrol engine or the 1.5L TDI diesel engine.

Prices for the petrol variant of the new Skoda range from Rs 8.27 lakh to Rs 11.36 lakh (ex-showroom Delhi). The diesel variant, on the other hand, is priced between Rs 9.48 lakh and Rs 12.67 lakh (ex-showroom Delhi).

The 1.5 litre TDI is claimed to produce 110PS (81kW) of power and a torque output of 250 Nm while delivering fuel efficiency figures of 21.72 kmpl (DSG) and 21.13 kmpl (MT). The 1.6 litre MPI, on the other hand, is said to deliver 105 PS (77kW) of power and a peak torque output of 153Nm while offering fuel efficiency figures of 15.41 kmpl (MT) and 14.84 kmpl (AT). &nbsp;
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The New Rapid boasts of a modern crystalline appearance, which is in line with the brand&rsquo;s signature design language. As explained by the company, the new front dons sharp, precise and angular lines on the bonnet which gives the car an aggressive look. The car also includes a host of other exterior enhancements such as Quartz-cut Halogen Projector Headlights with manual levelling function. &nbsp;

On the inside, the car features perforated leatherette seats and electrically foldable and adjustable mirrors with side turn indicators. The New Rapid boasts of a 460L boot space.

The new Rapid comes with Drive - the company&rsquo;s 6.5-inch touchscreen entertainment system. Drive is equipped with MirrorLink technology which is claimed to ensure seamless connectivity with your smartphone to keep you connected on the go.

The Rain Sensing Wiper system in the car activates wipers as they detect rain. It automatically adjusts the wiper&rsquo;s frequency.

Skoda believes that safety is a priority and not an option. The new Rapid, therefore, comes with dual airbags and ABS as standard across all variants.

The new car will be available in six colour options - Brilliant Silver, Candy White, Cappuccino Beige, Carbon Steel, Silk Blue and Flash Red.

The new Skoda Rapid will compete with the Maruti Ciaz, Hyundai Verna and the Honda City in India.

The new Skoda Rapid comes in three variants - Active, Ambition and Style

Skoda has introduced an upgraded Rapid in India. The new Rapid, which is currently Skoda’s most affordable sedan, comes in three variants - Active, Ambition and Style. The new Skoda Rapid gives customers an option to choose between the 1.6L MPI petrol engine or the 1.5L TDI diesel engine. Prices for the petrol variant of the new Skoda range from Rs 8.27 lakh to Rs 11.36 lakh (ex-showroom Delhi). The diesel variant, on the other hand, is priced between Rs 9.48 lakh and Rs 12.67 lakh (ex-showroom Delhi). The 1.5 litre TDI is claimed to produce 110PS (81kW) of power and a torque output of 250 Nm while delivering fuel efficiency figures of 21.72 kmpl (DSG) and 21.13 kmpl (MT). The 1.6 litre MPI, on the other hand, is said to deliver 105 PS (77kW) of power and a peak torque output of 153Nm while offering fuel efficiency figures of 15.41 kmpl (MT) and 14.84 kmpl (AT). The New Rapid boasts of a modern crystalline appearance, which is in line with the brand’s signature design language. As explained by the company, the new front dons sharp, precise and angular lines on the bonnet which gives the car an aggressive look. The car also includes a host of other exterior enhancements such as Quartz-cut Halogen Projector Headlights with manual levelling function. On the inside, the car features perforated leatherette seats and electrically foldable and adjustable mirrors with side turn indicators. The New Rapid boasts of a 460L boot space. The new Rapid comes with Drive - the company’s 6.5-inch touchscreen entertainment system. Drive is equipped with MirrorLink technology which is claimed to ensure seamless connectivity with your smartphone to keep you connected on the go. The Rain Sensing Wiper system in the car activates wipers as they detect rain. It automatically adjusts the wiper’s frequency. Skoda believes that safety is a priority and not an option. The new Rapid, therefore, comes with dual airbags and ABS as standard across all variants. The new car will be available in six colour options - Brilliant Silver, Candy White, Cappuccino Beige, Carbon Steel, Silk Blue and Flash Red. The new Skoda Rapid will compete with the Maruti Ciaz, Hyundai Verna and the Honda City in India.

Skoda Auto launches new Rapid in India; prices start at Rs 8.27 lakh

According to a report released by the global performance management company, AC Nielsen, Indians are the most confident about&nbsp;job prospects, personal finance and immediate spending intentions in a survey conducted across&nbsp;63 countries.&nbsp;India&#39;s consumer confidence index jumped by 5 points to 133 in the third quarter of 2016, reclaiming the top spot on the global index.&nbsp;Consumer confidence levels above&nbsp;the&nbsp;baseline of 100 indicates optimism.&nbsp;

The confidence of Indians was boosted by good monsoons, controlled inflation, festive season and positive economic outlook.&nbsp;

Following India are Philippines and Indonesia with scores of 132 and 122 respectively.&nbsp;

&quot;The latest score for India is the highest historically for the quarter, and reiterates renewed optimism levels as well...The positive sentiment is helped by delayed but good monsoons, controlled inflation, positive economic outlook and onset of the festive season,&quot; Nielsen President-South Asia Prasun Basu told Indian news agency PTI. As per the report, sentiment levels of Indian on personal finances have gone up by six percentage points to 84 % this quarter (78 % in the second quarter of 2016). Over two in five (81 %) respondents indicate optimism over job prospects, up by two percentage points from last quarter. Recessionary sentiment is lower by four percentage points when compared to the same quarter last year (50 % now, versus 54 % in third quarter of 2015).&nbsp;

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India&#39;s consumer confidence index jumps by 5 points to 133, recording the highest growth till date. (WION)
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Most&nbsp;Indians are either putting their money in savings or willing to&nbsp;spend on vacations, new technology products and new clothes.

However, terrorism and job security in urban cities are still major areas&nbsp;of concern.

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Job security in urban areas and terrorism are still the major areas of concern. (WION)
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On the other hand, two other recently released global reports&nbsp;have&nbsp;put the Narendra Modi government in a position of discomfort.&nbsp;

In recently released figures by the World Bank on&nbsp;ease of doing business index, India has climbed by just one position in the world rankings. India now ranks 130 amongst 190 countries.&nbsp;&nbsp;

The global ratings agency S&amp;P kept the sovereign credit ratings for India unchanged at the lowest investment grade (BBB-) and also ruled out an upgrade till the end of 2017.&nbsp;

Dr Suyash Bhatt, economist, tells WION, &quot;While&nbsp;the Indian&nbsp;consumer confidence index is up there, there is&nbsp;an eerie&nbsp;silence amongst&nbsp;both global&nbsp;and domestic Investors. There are two possible reasons for the same.

First, there is significant&nbsp;averseness&nbsp;amongst investors and fund managers. This is partly due to US elections and partly due to underperformance of&nbsp;emerging markets (EM).&nbsp;The interest in EM is fading away and India does stand out in the EM list.&nbsp;The focus of investors is shifting back to the US economy which is showing some revival.&nbsp;

Secondly,&nbsp;there is a domestic&nbsp;issue,&nbsp;especially on the policy front. A lot is said and done by the current government.&nbsp;However, as the popular saying goes,&nbsp;the proof of the pudding is in the eating.&nbsp;

The recent &#39;ease of doing business&#39; ranking and S&amp;P&nbsp;rating&nbsp;has validated this point.&nbsp;There is a certain degree of cynicism as the policies have not impacted the&nbsp;ground level.&nbsp;This is further discouraging global investors to put their money in India.&quot;

So, even though&nbsp;India has confidence of its citizens,&nbsp;it is unable to gain the confidence of global investors.

India's consumer confidence index is the highest among 63 countries surveyed by AC Nielsen

According to a report released by the global performance management company, AC Nielsen, Indians are the most confident about job prospects, personal finance and immediate spending intentions in a survey conducted across 63 countries. India's consumer confidence index jumped by 5 points to 133 in the third quarter of 2016, reclaiming the top spot on the global index. Consumer confidence levels above the baseline of 100 indicates optimism. The confidence of Indians was boosted by good monsoons, controlled inflation, festive season and positive economic outlook. Following India are Philippines and Indonesia with scores of 132 and 122 respectively. "The latest score for India is the highest historically for the quarter, and reiterates renewed optimism levels as well...The positive sentiment is helped by delayed but good monsoons, controlled inflation, positive economic outlook and onset of the festive season," Nielsen President-South Asia Prasun Basu told Indian news agency PTI. As per the report, sentiment levels of Indian on personal finances have gone up by six percentage points to 84 % this quarter (78 % in the second quarter of 2016). Over two in five (81 %) respondents indicate optimism over job prospects, up by two percentage points from last quarter. Recessionary sentiment is lower by four percentage points when compared to the same quarter last year (50 % now, versus 54 % in third quarter of 2015). India's consumer confidence index jumps by 5 points to 133, recording the highest growth till date. (WION) × Most Indians are either putting their money in savings or willing to spend on vacations, new technology products and new clothes. However, terrorism and job security in urban cities are still major areas of concern. Job security in urban areas and terrorism are still the major areas of concern. (WION) × On the other hand, two other recently released global reports have put the Narendra Modi government in a position of discomfort. In recently released figures by the World Bank on ease of doing business index, India has climbed by just one position in the world rankings. India now ranks 130 amongst 190 countries. The global ratings agency S&P kept the sovereign credit ratings for India unchanged at the lowest investment grade (BBB-) and also ruled out an upgrade till the end of 2017. Dr Suyash Bhatt, economist, tells WION, "While the Indian consumer confidence index is up there, there is an eerie silence amongst both global and domestic Investors. There are two possible reasons for the same. First, there is significant averseness amongst investors and fund managers. This is partly due to US elections and partly due to underperformance of emerging markets (EM). The interest in EM is fading away and India does stand out in the EM list. The focus of investors is shifting back to the US economy which is showing some revival. Secondly, there is a domestic issue, especially on the policy front. A lot is said and done by the current government. However, as the popular saying goes, the proof of the pudding is in the eating. The recent 'ease of doing business' ranking and S&P rating has validated this point. There is a certain degree of cynicism as the policies have not impacted the ground level. This is further discouraging global investors to put their money in India." So, even though India has confidence of its citizens, it is unable to gain the confidence of global investors.

Indians confident about country's economy, global investors beg to differ

Bank of England governor Mark Carney asserted that he will not be reconsidering his decision to stay at the British central bank until June 2019 on Thursday.

&quot;I don&#39;t think we should reopen these things. We have got enough things to worry about,&quot; he told BBC television. &quot;I don&#39;t think we should give real-time commentary on all these things.&quot;

Carney announced on Monday that he was extending his time at the bank for six years instead of the five that he had agreed to stay initially. He decided not to take up the option of staying for a full eight-year term.

&quot;By taking my term in office beyond the expected period of the Article 50 process (for Britain to leave the EU), this should help contribute to securing an orderly transition to the UK&#39;s new relationship with Europe,&quot; he had said, news ageny Reuters reported.

(With inputs from Reuters)

Carney announced on Monday that he was extending his time at the bank for six years instead of the five that he had originally agreed on

Bank of England governor Mark Carney asserted that he will not be reconsidering his decision to stay at the British central bank until June 2019 on Thursday. "I don't think we should reopen these things. We have got enough things to worry about," he told BBC television. "I don't think we should give real-time commentary on all these things." Carney announced on Monday that he was extending his time at the bank for six years instead of the five that he had agreed to stay initially. He decided not to take up the option of staying for a full eight-year term. "By taking my term in office beyond the expected period of the Article 50 process (for Britain to leave the EU), this should help contribute to securing an orderly transition to the UK's new relationship with Europe," he had said, news ageny Reuters reported. (With inputs from Reuters)

Bank of England governor: Won't rethink decision to leave in 2019

Asian stocks struggled again on Thursday, with uncertainty over next week&#39;s presidential election sending investors rushing for the sidelines, pushing safe havens such as the yen and gold higher.

With just days to go until the November 8 poll, maverick tycoon Donald Trump has closed what was once considered an unassailable lead over market-favourite Hillary Clinton, upending early confidence.

The former secretary of state is considered by most investors to be a safer, more stable bet than Trump, who is seen as a loose cannon.

And while she is still tipped to win, analysts said the late run by Trump has fired uncertainty, sparking a sell-off across the world.

&ldquo;The move to take risk off the table continues,&rdquo; Chris Weston, chief market strategist in Melbourne at IG Ltd., said in an e-mail to clients.

&ldquo;We have reached a point where there is a buyers&#39; strike, where money managers have reduced their risk, increased cash allocations within the portfolio and are happy to ride out this mini-storm of uncertainty. This is a perfect breeding ground for short sellers who love the combination of uncertainty and lack of bids.&rdquo;

In Asian trade Hong Kong was 0.2 per cent down in the afternoon and Singapore gave up 0.3 per cent while Sydney closed 0.1 per cent lower and Wellington tanked more than one per cent. There were also deep losses in Taipei and Manila.

But Shanghai ended 0.8 per cent higher and Seoul put on 0.3 per cent. Tokyo was closed for a public holiday.

Dollar struggles

The rush for safety saw gold prices climb back above $1,300 for the first time since the start of October, while the yen was also stronger.

In Asian trade the dollar bought 102.73 yen, down from 103.42 yen in New York and well off the levels above 105 yen seen at the start of the week.

The euro, pound and most high-yielding Asia-Pacific units also made inroads on the greenback, which got no help from an expected Federal Reserve decision to hold interest rates and flag a possible hike in December.

Fears of a Trump presidency has led to speculation the Fed could hold off a December hike, which has been largely priced into markets, owing to fears about his impact on the economy.

The Mexican peso fell further against the dollar, with the greenback buying 19.45 pesos, against 19.36 pesos in the US.

The peso has steadily fallen on concerns of a potential victory for Trump, whose anti-Mexican rhetoric has included a pledge to remove undocumented migrants, build a wall along the border and tear up a US trade deal with its neighbour to the south.

Attention now turns to the release Friday of October US jobs data, which will provide a clearer snapshot of the US economy, with analysts saying a strong reading will cement the argument for a rate rise next month.

The weaker dollar provided some much needed lift to oil prices, with both main contracts rallying after a recent sell-off fuelled by worries over the chances of success for OPEC&#39;s agreement to cut production. Crude is priced in dollars and a weaker unit makes the commodity cheaper for holders of other currencies.

(AFP)

&nbsp;

&nbsp;

With just days left, Donald Trump has closed what was thought of as an unassailable lead over market favourite Hillary Clinton

Asian stocks struggled again on Thursday, with uncertainty over next week's presidential election sending investors rushing for the sidelines, pushing safe havens such as the yen and gold higher. With just days to go until the November 8 poll, maverick tycoon Donald Trump has closed what was once considered an unassailable lead over market-favourite Hillary Clinton, upending early confidence. The former secretary of state is considered by most investors to be a safer, more stable bet than Trump, who is seen as a loose cannon. And while she is still tipped to win, analysts said the late run by Trump has fired uncertainty, sparking a sell-off across the world. “The move to take risk off the table continues,” Chris Weston, chief market strategist in Melbourne at IG Ltd., said in an e-mail to clients. “We have reached a point where there is a buyers' strike, where money managers have reduced their risk, increased cash allocations within the portfolio and are happy to ride out this mini-storm of uncertainty. This is a perfect breeding ground for short sellers who love the combination of uncertainty and lack of bids.” In Asian trade Hong Kong was 0.2 per cent down in the afternoon and Singapore gave up 0.3 per cent while Sydney closed 0.1 per cent lower and Wellington tanked more than one per cent. There were also deep losses in Taipei and Manila. But Shanghai ended 0.8 per cent higher and Seoul put on 0.3 per cent. Tokyo was closed for a public holiday. Dollar struggles The rush for safety saw gold prices climb back above $1,300 for the first time since the start of October, while the yen was also stronger. In Asian trade the dollar bought 102.73 yen, down from 103.42 yen in New York and well off the levels above 105 yen seen at the start of the week. The euro, pound and most high-yielding Asia-Pacific units also made inroads on the greenback, which got no help from an expected Federal Reserve decision to hold interest rates and flag a possible hike in December. Fears of a Trump presidency has led to speculation the Fed could hold off a December hike, which has been largely priced into markets, owing to fears about his impact on the economy. The Mexican peso fell further against the dollar, with the greenback buying 19.45 pesos, against 19.36 pesos in the US. The peso has steadily fallen on concerns of a potential victory for Trump, whose anti-Mexican rhetoric has included a pledge to remove undocumented migrants, build a wall along the border and tear up a US trade deal with its neighbour to the south. Attention now turns to the release Friday of October US jobs data, which will provide a clearer snapshot of the US economy, with analysts saying a strong reading will cement the argument for a rate rise next month. The weaker dollar provided some much needed lift to oil prices, with both main contracts rallying after a recent sell-off fuelled by worries over the chances of success for OPEC's agreement to cut production. Crude is priced in dollars and a weaker unit makes the commodity cheaper for holders of other currencies. (AFP)

Asian markets on edge over election uncertainty

Asian stocks struggled again on Thursday, with uncertainty over next week&#39;s presidential election sending investors rushing for the sidelines, pushing safe havens such as the yen and gold higher.

With just days to go until the November 8 poll, maverick tycoon Donald Trump has closed what was once considered an unassailable lead over market-favourite Hillary Clinton, upending early confidence.

The former secretary of state is considered by most investors to be a safer, more stable bet than Trump, who is seen as a loose cannon.

And while she is still tipped to win, analysts said the late run by Trump has fired uncertainty, sparking a sell-off across the world.

&ldquo;The move to take risk off the table continues,&rdquo; Chris Weston, chief market strategist in Melbourne at IG Ltd., said in an e-mail to clients.

&ldquo;We have reached a point where there is a buyers&#39; strike, where money managers have reduced their risk, increased cash allocations within the portfolio and are happy to ride out this mini-storm of uncertainty. This is a perfect breeding ground for short sellers who love the combination of uncertainty and lack of bids.&rdquo;

In Asian trade Hong Kong was 0.2 per cent down in the afternoon and Singapore gave up 0.3 per cent while Sydney closed 0.1 per cent lower and Wellington tanked more than one per cent. There were also deep losses in Taipei and Manila.

But Shanghai ended 0.8 per cent higher and Seoul put on 0.3 per cent. Tokyo was closed for a public holiday.

Dollar struggles

The rush for safety saw gold prices climb back above $1,300 for the first time since the start of October, while the yen was also stronger.

In Asian trade the dollar bought 102.73 yen, down from 103.42 yen in New York and well off the levels above 105 yen seen at the start of the week.

The euro, pound and most high-yielding Asia-Pacific units also made inroads on the greenback, which got no help from an expected Federal Reserve decision to hold interest rates and flag a possible hike in December.

Fears of a Trump presidency has led to speculation the Fed could hold off a December hike, which has been largely priced into markets, owing to fears about his impact on the economy.

The Mexican peso fell further against the dollar, with the greenback buying 19.45 pesos, against 19.36 pesos in the US.

The peso has steadily fallen on concerns of a potential victory for Trump, whose anti-Mexican rhetoric has included a pledge to remove undocumented migrants, build a wall along the border and tear up a US trade deal with its neighbour to the south.

Attention now turns to the release Friday of October US jobs data, which will provide a clearer snapshot of the US economy, with analysts saying a strong reading will cement the argument for a rate rise next month.

The weaker dollar provided some much needed lift to oil prices, with both main contracts rallying after a recent sell-off fuelled by worries over the chances of success for OPEC&#39;s agreement to cut production. Crude is priced in dollars and a weaker unit makes the commodity cheaper for holders of other currencies.

&nbsp;

(AFP)

&nbsp;

&nbsp;

With just days to go until the US polls, tycoon Donald Trump has closed ?an unassailable lead over market-favourite Hillary Clinton

US elections 2016: Asian markets on edge over election uncertainty

A council of India&#39;s federal and state governments on Thursday approved a four-tier tax structure for the proposed Goods and Services Tax (GST), finance minister Arun Jaitley told reporters.&nbsp;

The GST Council decided on slabs ranging from 5 to 28 per cent, which are steeper than the rates initially propsed by the government.&nbsp;

While there will be two standard tax rates - 12 per cent and 18 per cent - under the GST, half of the items in the consumer price index, mainly foodgrains, would not be taxed at all to safeguard the interests of the poor, Jaitley said. An additional cess will be levied on luxury cars, tobacco and aerated drinks.

The finance minister said, &quot;Considering the inflation impact of having one standard rate, there&rsquo;ll be 2 standard rates of 12 per cent and 18 per cent&quot;.

Industry expert and managing partner of PWC India, Ketan Dalal in an exclusive interview to WION said, &quot;there could be inflationary pressure on the economy initially, but it would settle down once the structure sets in.&quot;&nbsp;

He added, that it is a progressive move to transform India into one single market and will further ensure ease of doing business in India, despite the criticism it has faced.&nbsp;

The council is yet to decide on the jurisdiction of the federal and state governments&nbsp;under the tax regime. The finance minister mentioned Rs 50,000 crore requirement that would compensate states for the loss of revenue on the back of the GST rollout.&nbsp;

The state assemblies must also to approve similar bills for the tax to enter force as planned. The GST council meeting aims to clear out the remaining contentious issues to enable the Parliament to approve the legislations in the upcoming winter session beginning November 16 and pave the way for the rollout of the new indirect tax regime from April 1 next year.

(WION) 
&nbsp;

The GST panel decided on slabs ranging from 5 to 28 per cent with several items exempted to safeguard the interests of poor

A council of India's federal and state governments on Thursday approved a four-tier tax structure for the proposed Goods and Services Tax (GST), finance minister Arun Jaitley told reporters. The GST Council decided on slabs ranging from 5 to 28 per cent, which are steeper than the rates initially propsed by the government. While there will be two standard tax rates - 12 per cent and 18 per cent - under the GST, half of the items in the consumer price index, mainly foodgrains, would not be taxed at all to safeguard the interests of the poor, Jaitley said. An additional cess will be levied on luxury cars, tobacco and aerated drinks. The finance minister said, "Considering the inflation impact of having one standard rate, there’ll be 2 standard rates of 12 per cent and 18 per cent". Industry expert and managing partner of PWC India, Ketan Dalal in an exclusive interview to WION said, "there could be inflationary pressure on the economy initially, but it would settle down once the structure sets in." He added, that it is a progressive move to transform India into one single market and will further ensure ease of doing business in India, despite the criticism it has faced. The council is yet to decide on the jurisdiction of the federal and state governments under the tax regime. The finance minister mentioned Rs 50,000 crore requirement that would compensate states for the loss of revenue on the back of the GST rollout. The state assemblies must also to approve similar bills for the tax to enter force as planned. The GST council meeting aims to clear out the remaining contentious issues to enable the Parliament to approve the legislations in the upcoming winter session beginning November 16 and pave the way for the rollout of the new indirect tax regime from April 1 next year. (WION)

India's Goods and Services Tax Council approves four-tier tax structure

Hillary Clinton began her presidential campaign by promising to do what it takes to rein in Wall Street.

Boosted by Wall Street&#39;s toughest critics, US senators Bernie Sanders and Elizabeth Warren, the Democratic candidate has declared &quot;the deck is still stacked in favor of those at the top&quot; and said she would raise bank fees and tighten banking regulations. She has encouraged regulators to break up too-risky banks.

And yet, Wall Street appears unperturbed by the prospect of a Clinton presidency. In fact, the banking industry has supported Clinton with buckets of cash and stocks have sold off on days when the Clinton campaign stumbles. Privately, bankers say that they trust her to remain a pragmatist who will keep the current regulatory regime laid down by the Dodd-Frank Wall Street reform legislation passed in 2010.

&ldquo;I don&rsquo;t think Clinton wakes up thinking about Wall Street,&quot; one senior banking industry lobbyist said.

There are hints in apparently leaked email discussions among Clinton&#39;s campaign staff that bankers are not far off the mark when they count on her to tread lightly.&nbsp;

Pressed during the campaign by progressive Democrats to call for a revival of the Glass-Steagall Act that would require separation of commercial and investment banking, Clinton ultimately refused. She also weighed another progressive favourite --- a tax on financial transactions --- but instead recommended a far narrower plan to tax only canceled orders by high speed traders.

Ultimately, what bankers most like about Clinton is that she is not Donald Trump.&nbsp;

Many financiers fear her unorthodox Republican rival could disrupt global trade, damage geopolitical relationships and rattle markets, industry analysts and participants say.

&ldquo;Those are the kind of things that corner offices think about,&rdquo; said Karen Shaw Petrou of Federal Financial Analytics Inc, whose firm advises financial firms about US regulatory policy. &ldquo;The overriding concern about Trump has dominated people&rsquo;s thinking.&quot;

Trump&#39;s candidacy has upended traditional political alliances and bankers that usually contribute more to the Republicans have been flinging money at Clinton.

Employees of the 17 largest bank holding companies and their subsidiaries have been sending her $10 for every $1 they contributed to Trump, according to a Reuters analysis. In 2012, the same group contributed twice as much to Republican candidate Mitt Romney as it did to President Barack Obama`s re-election campaign.&nbsp;

People who work for hedge funds and private equity firms have contributed more than $56 million to Clinton&rsquo;s presidential campaign and the supporting groups that face no legal cap on donations. Trump&rsquo;s campaign and related groups received just $243,000 from donors in the same sector, according to data from the Center for Responsive Politics.

&quot;It&rsquo;s basically going with the devil you know over the devil you don&rsquo;t,&rdquo; said Brian Gardner, a managing director of New York investment firm Keefe Bruyette &amp; Woods. What also helped, he said, was the familiarity with Hillary and Bill Clinton dating back to the 1990s when her husband was president and ushered in a period of financial deregulation.

&ldquo;There is a closeness and a comfort level between the titans on Wall Street and the Clintons,&quot; he said.

For bankers, the biggest worry is a scenario where Clinton wins and the Democrats take control of the House and the Senate, with progressives such as Warren and Sanders holding sway over everything from new tax laws to appointments of regulators.

Already, Warren has called for immediate dismissal of the Securities and Exchange Commission Chair Mary Jo White. Last year, Warren successfully led a movement to derail Obama&rsquo;s plan to appoint banker Antonio Weiss to the top job at Treasury.

Warren and other progressives will press Clinton to be tough on Wall Street in return for their campaign support.&nbsp;

Clinton &quot;leaned heavily on Senators Elizabeth Warren and Bernie Sanders, and progressive ideas, when she needed to excite voters,&rdquo; Adam Green with the Progressive Change Campaign Committee said. &ldquo;Elizabeth Warren has proven she&rsquo;s a very powerful ally to have on your side. And it&rsquo;s well known she&rsquo;s also a formidable opponent to have against you,&rdquo; Green said.&nbsp;

However, recent polls suggest it is unlikely that Democrats will take the House and the future of the Senate is far from certain. Even if the Senate goes Democratic, it is likely to be led by New York Senator Chuck Schumer, a moderate who has represented Wall Street with the industry`s backing.

Clinton has said she will propose a &quot;risk fee&quot; on the largest financial firms and tighten up rules which allow banks to circumvent bans on proprietary trading by investing in hedge funds. Like Trump, she has proposed to end the tax break that private equity investors enjoy, termed &quot;carried interest.&quot;

Yet such provisions will be probably tied up in a much larger tax initiative that will involve months, if not a year or more, of horse trading in Washington. Ultimately, it could end up overshadowed by other progressive goals, such as infrastructure funding, college affordability, or raising the minimum wage.

Those are the causes that Clinton has prioritized and they are likely to supersede her anti-bank rhetoric, say bankers. One industry trade group representative said: &quot;We&#39;re not in her top 10 to take care of.&quot; 
 
(Reuters)

Why the banking industry prefers Hillary Clinton as president over Donald Trump

Hillary Clinton began her presidential campaign by promising to do what it takes to rein in Wall Street. Boosted by Wall Street's toughest critics, US senators Bernie Sanders and Elizabeth Warren, the Democratic candidate has declared "the deck is still stacked in favor of those at the top" and said she would raise bank fees and tighten banking regulations. She has encouraged regulators to break up too-risky banks. And yet, Wall Street appears unperturbed by the prospect of a Clinton presidency. In fact, the banking industry has supported Clinton with buckets of cash and stocks have sold off on days when the Clinton campaign stumbles. Privately, bankers say that they trust her to remain a pragmatist who will keep the current regulatory regime laid down by the Dodd-Frank Wall Street reform legislation passed in 2010. “I don’t think Clinton wakes up thinking about Wall Street," one senior banking industry lobbyist said. There are hints in apparently leaked email discussions among Clinton's campaign staff that bankers are not far off the mark when they count on her to tread lightly. Pressed during the campaign by progressive Democrats to call for a revival of the Glass-Steagall Act that would require separation of commercial and investment banking, Clinton ultimately refused. She also weighed another progressive favourite --- a tax on financial transactions --- but instead recommended a far narrower plan to tax only canceled orders by high speed traders. Ultimately, what bankers most like about Clinton is that she is not Donald Trump. Many financiers fear her unorthodox Republican rival could disrupt global trade, damage geopolitical relationships and rattle markets, industry analysts and participants say. “Those are the kind of things that corner offices think about,” said Karen Shaw Petrou of Federal Financial Analytics Inc, whose firm advises financial firms about US regulatory policy. “The overriding concern about Trump has dominated people’s thinking." Trump's candidacy has upended traditional political alliances and bankers that usually contribute more to the Republicans have been flinging money at Clinton. Employees of the 17 largest bank holding companies and their subsidiaries have been sending her $10 for every $1 they contributed to Trump, according to a Reuters analysis. In 2012, the same group contributed twice as much to Republican candidate Mitt Romney as it did to President Barack Obama`s re-election campaign. People who work for hedge funds and private equity firms have contributed more than $56 million to Clinton’s presidential campaign and the supporting groups that face no legal cap on donations. Trump’s campaign and related groups received just $243,000 from donors in the same sector, according to data from the Center for Responsive Politics. "It’s basically going with the devil you know over the devil you don’t,” said Brian Gardner, a managing director of New York investment firm Keefe Bruyette & Woods. What also helped, he said, was the familiarity with Hillary and Bill Clinton dating back to the 1990s when her husband was president and ushered in a period of financial deregulation. “There is a closeness and a comfort level between the titans on Wall Street and the Clintons," he said. For bankers, the biggest worry is a scenario where Clinton wins and the Democrats take control of the House and the Senate, with progressives such as Warren and Sanders holding sway over everything from new tax laws to appointments of regulators. Already, Warren has called for immediate dismissal of the Securities and Exchange Commission Chair Mary Jo White. Last year, Warren successfully led a movement to derail Obama’s plan to appoint banker Antonio Weiss to the top job at Treasury. Warren and other progressives will press Clinton to be tough on Wall Street in return for their campaign support. Clinton "leaned heavily on Senators Elizabeth Warren and Bernie Sanders, and progressive ideas, when she needed to excite voters,” Adam Green with the Progressive Change Campaign Committee said. “Elizabeth Warren has proven she’s a very powerful ally to have on your side. And it’s well known she’s also a formidable opponent to have against you,” Green said. However, recent polls suggest it is unlikely that Democrats will take the House and the future of the Senate is far from certain. Even if the Senate goes Democratic, it is likely to be led by New York Senator Chuck Schumer, a moderate who has represented Wall Street with the industry`s backing. Clinton has said she will propose a "risk fee" on the largest financial firms and tighten up rules which allow banks to circumvent bans on proprietary trading by investing in hedge funds. Like Trump, she has proposed to end the tax break that private equity investors enjoy, termed "carried interest." Yet such provisions will be probably tied up in a much larger tax initiative that will involve months, if not a year or more, of horse trading in Washington. Ultimately, it could end up overshadowed by other progressive goals, such as infrastructure funding, college affordability, or raising the minimum wage. Those are the causes that Clinton has prioritized and they are likely to supersede her anti-bank rhetoric, say bankers. One industry trade group representative said: "We're not in her top 10 to take care of." (Reuters)

Hillary Clinton: Wall Street's favourite enemy

This is the festive season in India. Even before the sounds of firecrackers rattled our nerves, the newspapers and channels were abuzz with discussions about India&rsquo;s growing trade deficit with China. The ruling party at the centre, headed by Prime Minister Narendra Modi, has been giving a clarion call for some years now that Indians celebrating Diwali must do it the &quot;swadeshi&quot; way, that is, lit-up firecrackers made only in India, and not in China.&nbsp; The call in favour of India-made goods has gone so far as to advocate a ban of Chinese crackers.&nbsp;

The sudden surge in anti-China import policy has to be understood in the context of India&#39;s growing trade deficit with China.&nbsp;The trade deficit increased from Rs. 8, 79,50,384 in 2011-12, to 10,34,84,366 in 2012-13 and fell slightly at Rs. 7, 73,92,003 in 2015-16. In other words, in recent years, India is buying more from China than we are selling to China.

Imports from China constitute 13 per cent in 2014-15 and 16 per cent of our total imports in 2015-16. However, the composition of the imports has to be examined to shed light on the nature of imports. This is important, because if we are buying intermediate goods that are being used in our production, then the import is adding value to the Indian economy.

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<h5>If we are buying intermediate goods that are being used in our production, then the import is adding value to the Indian economy</h5>
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The importance of analysing imports in a country&rsquo;s trade has been recognised in recent years. The nature of imports of a country matters since imports of capital goods, raw materials, and final goods depend on the purpose for which the good is being imported. Imports of intermediates are beneficial since they are most likely to be used in the manufacturing sectors of the country, thus contributing to employment.&nbsp;

&nbsp;

What does India buy from China?&nbsp;

Data from India&rsquo;s Ministry of Commerce and Industry shows that the largest imports from China to India over the period 2004 to 2016, has been in the category electrical machinery and equipment, nuclear reactors, boilers, machinery and mechanical appliances and organic&nbsp;chemicals.&nbsp;

Examining the data in greater detail gives us the breakup of imports in the above-mentioned categories. The top ten items imported by India in the last four years (2012-13 to 2015-16 ) are mobile phones, urea, personal computer (including laptops and palmtops), all items of machinery for setting up of industrial plants, power plants, among other things.&nbsp; Items imported in particular years also included diammonium phosphate (DAP), diloxanide furoate, cimetidine, famotidine (or bulk drugs), and solar cells or photovoltaic cells.&nbsp;

&nbsp;

Why are these items being imported by India?&nbsp;

Based on a preliminary assessment of imports from China to India, apart from the cellular phones and laptops, it seems that in certain categories India is importing intermediates. These intermediates can be used for production for the domestic market or for exports. Thus, if some production and value addition is occurring due to the use of intermediate imports, it is contributing to the GDP and the employment of the country and is, therefore, beneficial. This ties in well with the &ldquo;Make in India&rdquo; programme launched by the Ministry of Commerce and Industry. Imports of solar cells are in line with its solar target made as part of India&rsquo;s INDC (Intended Nationally Determined Contributions) commitment at the UNFCCC (United Nations Framework Convention on Climate Change).&nbsp;

&nbsp;

Banning &ndash; repercussions&nbsp;

There has been a recent debate regarding banning of crackers from China. Very little of this category of good, includes ship flares, has been imported from China in the last four years. If so little of this item is imported from China, is the ban justified? Of course, it is possible that some of the ingredients used for making crackers are imported from China. However, even then the argument of the &lsquo;Make in India&rsquo; will hold as the final product is being made in the country and not in China. &nbsp;

Moreover banning Chinese goods, including intermediates for our own production could hurt our own industries. Nor are such bans acceptable under the WTO regime, and in case dumping occurs, both countries can use the dispute settlement mechanism of the WTO&nbsp; for redressal of grievances. &nbsp;

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India is seeking to expand its exports worldwide and become more competitive globally. India&rsquo;s exports to China constitute 3.8 per cent of our exports to the world in 2014-15 and 3.4 per cent in 2015-16. Top goods exported to China in 2014-15 and 2015-16 include, among other, cotton, copper and mineral fuels. India&rsquo;s exports will get hurt if India does ban Chinese goods and China follows suit. Exporters of cotton, copper and mineral fuels etc. will lose the Chinese market. If such a situation prevails, both countries lose and this undermines the multilateral trading system on which the WTO edifice is built.&nbsp;

Disclaimer: The author writes here in a personal capacity.

Is the call for ban on Chinese firecrackers justified on grounds of economic nationalism?

This is the festive season in India. Even before the sounds of firecrackers rattled our nerves, the newspapers and channels were abuzz with discussions about India’s growing trade deficit with China. The ruling party at the centre, headed by Prime Minister Narendra Modi, has been giving a clarion call for some years now that Indians celebrating Diwali must do it the "swadeshi" way, that is, lit-up firecrackers made only in India, and not in China. The call in favour of India-made goods has gone so far as to advocate a ban of Chinese crackers. The sudden surge in anti-China import policy has to be understood in the context of India's growing trade deficit with China. The trade deficit increased from Rs. 8, 79,50,384 in 2011-12, to 10,34,84,366 in 2012-13 and fell slightly at Rs. 7, 73,92,003 in 2015-16. In other words, in recent years, India is buying more from China than we are selling to China. Imports from China constitute 13 per cent in 2014-15 and 16 per cent of our total imports in 2015-16. However, the composition of the imports has to be examined to shed light on the nature of imports. This is important, because if we are buying intermediate goods that are being used in our production, then the import is adding value to the Indian economy. If we are buying intermediate goods that are being used in our production, then the import is adding value to the Indian economy × The importance of analysing imports in a country’s trade has been recognised in recent years. The nature of imports of a country matters since imports of capital goods, raw materials, and final goods depend on the purpose for which the good is being imported. Imports of intermediates are beneficial since they are most likely to be used in the manufacturing sectors of the country, thus contributing to employment. What does India buy from China? Data from India’s Ministry of Commerce and Industry shows that the largest imports from China to India over the period 2004 to 2016, has been in the category electrical machinery and equipment, nuclear reactors, boilers, machinery and mechanical appliances and organic chemicals. Examining the data in greater detail gives us the breakup of imports in the above-mentioned categories. The top ten items imported by India in the last four years (2012-13 to 2015-16 ) are mobile phones, urea, personal computer (including laptops and palmtops), all items of machinery for setting up of industrial plants, power plants, among other things. Items imported in particular years also included diammonium phosphate (DAP), diloxanide furoate, cimetidine, famotidine (or bulk drugs), and solar cells or photovoltaic cells. Why are these items being imported by India? Based on a preliminary assessment of imports from China to India, apart from the cellular phones and laptops, it seems that in certain categories India is importing intermediates. These intermediates can be used for production for the domestic market or for exports. Thus, if some production and value addition is occurring due to the use of intermediate imports, it is contributing to the GDP and the employment of the country and is, therefore, beneficial. This ties in well with the “Make in India” programme launched by the Ministry of Commerce and Industry. Imports of solar cells are in line with its solar target made as part of India’s INDC (Intended Nationally Determined Contributions) commitment at the UNFCCC (United Nations Framework Convention on Climate Change). Banning – repercussions There has been a recent debate regarding banning of crackers from China. Very little of this category of good, includes ship flares, has been imported from China in the last four years. If so little of this item is imported from China, is the ban justified? Of course, it is possible that some of the ingredients used for making crackers are imported from China. However, even then the argument of the ‘Make in India’ will hold as the final product is being made in the country and not in China. Moreover banning Chinese goods, including intermediates for our own production could hurt our own industries. Nor are such bans acceptable under the WTO regime, and in case dumping occurs, both countries can use the dispute settlement mechanism of the WTO for redressal of grievances. Nor are such bans acceptable under the WTO regime × India is seeking to expand its exports worldwide and become more competitive globally. India’s exports to China constitute 3.8 per cent of our exports to the world in 2014-15 and 3.4 per cent in 2015-16. Top goods exported to China in 2014-15 and 2015-16 include, among other, cotton, copper and mineral fuels. India’s exports will get hurt if India does ban Chinese goods and China follows suit. Exporters of cotton, copper and mineral fuels etc. will lose the Chinese market. If such a situation prevails, both countries lose and this undermines the multilateral trading system on which the WTO edifice is built. Disclaimer: The author writes here in a personal capacity.

Banning Chinese goods: Nationalism, economic logic or bad call