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Enforcement Directorate has issued notices to firms linked to Indian arms dealer Sudhir Choudhrie in connection with its foreign exchange violations probe in a 16-year-old case emerging out of alleged payment of kickbacks for providing field guns to the army and certain other defence deals.

Official sources said the agency has sought documents and financial statements of the firms linked to Choudhrie as part of its investigation in the case registered under the Foreign Exchange Management Act (FEMA).

One of the notices issued by the Enforcement Directorate (ED) relates to a case in which a Delhi Court in 2011 had directed the agency to probe the &quot;receipt of commission&quot; to Choudhrie and others.

The court had then accepted the closure report filed by CBI in this case that was registered following a sting operation that had alleged upgrade of the army&#39;s 130 mm field guns involved payment of USD 1,56,940 in kickbacks. The court had given a clean chit to Choudhrie for lack of evidence while asking ED at the same time to go into the matter.

CBI had registered a case in July 2004 against erstwhile Samata Party&#39;s national treasurer R K Jain, also the director of Magnum International Trading Co Ltd (MITCO), Choudhrie and unknown public servants of the Ministry of Defence and the army for alleged cheating and corruption by entering into criminal conspiracy to award the contract for upgrading of 130 mm field guns to 155 mm by importing 185 kits costing Rs 208.15 crore to Israeli firm Soltam Limited.

Sources while said the initial amount under the scanner of ED is about Rs 68 lakh, received by a firm in 2000 through foreign transfer of funds, it is understood that the agency is looking to widen its probe in all the defence deals related to Choudhrie and others.

A media report had recently said that British defence major Rolls Royce made &#39;secret payments&#39; of around 10 million pounds to an Indian defence agent, identified as Choudhrie, that may have helped the company to win a big contract for engines on Hawk aircraft used by the Indian Air Force.

Choudhrie is understood to be settled in the United Kingdom.

As per the CBI case of 2004 registered under sections of the Prevention of Coruption Act and IPC, there were allegations that an unsolicited offer from Soltam was considered by MoD and the army without any proper trials and procedures and that proposals from all other foreign vendors were not considered to favour the Israeli firm with payment of commission to agents for the same.

CBI in its closure report had said that during its probe it was found that there was no major alternative before the defence authorities and hence Ms Soltam&#39;s offer was accepted as it also coincided with urgent requirements of tanks.

It also said that all technical trials for firings, accuracy and others to check the compatibility of 155 mm Bofors ammunition of the modified 130 mm field guns were conducted and its compatibility was confirmed.

CBI had added that no information on objections being raised by other wings of the army and experts was suppressed and all opinions on modification of the field guns were considered.

The agency had noted that its investigation could not corroborate the allegation that other foreign vendors were not considered and a deliberate single vendor situation was created to award the contract to Ms Soltam without ensuring price competitiveness.

On the allegation that there were payments of commission to agents or middlemen as revealed in conversation in the sting operation tapes, CBI had said that the Israeli firm and its general manager for 1992-99 had denied appointing any agent to assist in the matter of import of field guns and that there was no question of payment of any commission.

The CBI probe had said that after the signing of the contract in 2000, MITCO received about Rs 67.48 lakh in its bank account from Ms Soltam.

It was shown as payments in pursuance of an agreement reached in London in June 1999 by which MITCO was appointed the representative of the Israeli firm for their products of &quot;electrical and non-electrical stainless steel kitchen utensils&quot;.

The same agreement was terminated by M/s Soltam in August 2001.

(PTI)

Choudhrie is involved in a case of alleged payment of kickbacks for providing field guns to the army and certain other defence deals

Enforcement Directorate has issued notices to firms linked to Indian arms dealer Sudhir Choudhrie in connection with its foreign exchange violations probe in a 16-year-old case emerging out of alleged payment of kickbacks for providing field guns to the army and certain other defence deals. Official sources said the agency has sought documents and financial statements of the firms linked to Choudhrie as part of its investigation in the case registered under the Foreign Exchange Management Act (FEMA). One of the notices issued by the Enforcement Directorate (ED) relates to a case in which a Delhi Court in 2011 had directed the agency to probe the "receipt of commission" to Choudhrie and others. The court had then accepted the closure report filed by CBI in this case that was registered following a sting operation that had alleged upgrade of the army's 130 mm field guns involved payment of USD 1,56,940 in kickbacks. The court had given a clean chit to Choudhrie for lack of evidence while asking ED at the same time to go into the matter. CBI had registered a case in July 2004 against erstwhile Samata Party's national treasurer R K Jain, also the director of Magnum International Trading Co Ltd (MITCO), Choudhrie and unknown public servants of the Ministry of Defence and the army for alleged cheating and corruption by entering into criminal conspiracy to award the contract for upgrading of 130 mm field guns to 155 mm by importing 185 kits costing Rs 208.15 crore to Israeli firm Soltam Limited. Sources while said the initial amount under the scanner of ED is about Rs 68 lakh, received by a firm in 2000 through foreign transfer of funds, it is understood that the agency is looking to widen its probe in all the defence deals related to Choudhrie and others. A media report had recently said that British defence major Rolls Royce made 'secret payments' of around 10 million pounds to an Indian defence agent, identified as Choudhrie, that may have helped the company to win a big contract for engines on Hawk aircraft used by the Indian Air Force. Choudhrie is understood to be settled in the United Kingdom. As per the CBI case of 2004 registered under sections of the Prevention of Coruption Act and IPC, there were allegations that an unsolicited offer from Soltam was considered by MoD and the army without any proper trials and procedures and that proposals from all other foreign vendors were not considered to favour the Israeli firm with payment of commission to agents for the same. CBI in its closure report had said that during its probe it was found that there was no major alternative before the defence authorities and hence Ms Soltam's offer was accepted as it also coincided with urgent requirements of tanks. It also said that all technical trials for firings, accuracy and others to check the compatibility of 155 mm Bofors ammunition of the modified 130 mm field guns were conducted and its compatibility was confirmed. CBI had added that no information on objections being raised by other wings of the army and experts was suppressed and all opinions on modification of the field guns were considered. The agency had noted that its investigation could not corroborate the allegation that other foreign vendors were not considered and a deliberate single vendor situation was created to award the contract to Ms Soltam without ensuring price competitiveness. On the allegation that there were payments of commission to agents or middlemen as revealed in conversation in the sting operation tapes, CBI had said that the Israeli firm and its general manager for 1992-99 had denied appointing any agent to assist in the matter of import of field guns and that there was no question of payment of any commission. The CBI probe had said that after the signing of the contract in 2000, MITCO received about Rs 67.48 lakh in its bank account from Ms Soltam. It was shown as payments in pursuance of an agreement reached in London in June 1999 by which MITCO was appointed the representative of the Israeli firm for their products of "electrical and non-electrical stainless steel kitchen utensils". The same agreement was terminated by M/s Soltam in August 2001. (PTI)

India: Notices issued to firms linked to arms dealer Choudhrie

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Chinese e-commerce firm Alibaba Group Holding Ltd on Wednesday reported a 55 per cent rise in second-quarter revenue, beating analyst estimates, on the back of core online sales and strong media and entertainment growth.

Revenue reached 34.3 billion Yuan ($5.07 billion) in the three months to September 30, compared with the 33.9 billion Yuan average of 24 analyst estimates surveyed by Thomson Reuters.

Net income attributable to shareholders fell to 2.97 Yuan per share, or 0.45 cents, a 67 per cent drop from 8.87 Yuan per share in the year-earlier quarter.

($1 = 6.7600 Chinese yuan renminbi)

(Reuters)

Revenue reached 34.3 billion Yuan ($5.07 billion) in the three months to September 30

Chinese e-commerce firm Alibaba Group Holding Ltd on Wednesday reported a 55 per cent rise in second-quarter revenue, beating analyst estimates, on the back of core online sales and strong media and entertainment growth. Revenue reached 34.3 billion Yuan ($5.07 billion) in the three months to September 30, compared with the 33.9 billion Yuan average of 24 analyst estimates surveyed by Thomson Reuters. Net income attributable to shareholders fell to 2.97 Yuan per share, or 0.45 cents, a 67 per cent drop from 8.87 Yuan per share in the year-earlier quarter. ($1 = 6.7600 Chinese yuan renminbi) (Reuters)

Alibaba reports 55 per cent rise in second-quarter revenue, beats expectations

World stocks, the dollar and oil fell on Wednesday, while safe-haven assets such as gold and the Swiss franc rose as investors were rattled by signs the US presidential race was tightening just days before the vote.

Investors were beginning to rethink their long-held bets of a November 8 victory for Democratic candidate Hillary Clinton amid signs her Republican rival Donald Trump could be closing the gap, deepening the recent decline across major stock markets.

Asian stocks hit a seven-week low on Wednesday, while European bourses followed Wall Street&#39;s lead overnight and slid to a four-month low.

Bonds rose alongside gold, the Swiss franc and Japanese yen, with the yield on 10-year US Treasuries falling for the third day in a row. British gilts, which have recently been slammed by uncertainty surrounding the post-Brexit UK outlook, surged too.

&quot;The lead up to the US presidential election was always expected to be lively but the events of the last couple of days have seriously taken their toll on investor sentiment,&quot; said Craig Erlam, senior market analyst at Oanda in London.

Investor anxiety has deepened in recent sessions over a possible Trump victory given uncertainty on the Republican candidate&#39;s stance on key issues including foreign policy, trade relations and immigrants, while Clinton is viewed as a candidate of the status quo.

Europe&#39;s index of leading 300 shares was last down 0.4 per cent, having earlier hit a four-month low of 1,313 points. Britain&#39;s Britain&#39;s FTSE and Germany&#39;s DAX fell 0.4 and 0.7 per cent, respectively.

MSCI&#39;s broadest index of Asia-Pacific shares outside Japan dropped 1.1 per cent to seven-week lows while the yen&#39;s rise to a two-week high helped push Japan&#39;s Nikkei down 1.8 percent.

US stock futures recovered earlier losses, pointing to a fall of only 0.1 per cent at the open. This would still signify a fresh four-month low for Wall Street.

Pricing a Trump victory

The tumultuous presidential race appeared to tighten after news that the Federal Bureau of Investigation was reviewing more emails as part of a probe into Clinton&#39;s use of a private email server.

While Clinton held a five-percentage-point lead over Trump, according to a Reuters/Ipsos opinion poll released on Monday, some other polls showed her Republican rival ahead by 1-2 percentage points.

Barclays strategists estimate that a rise in Trump&#39;s polling odds to 50 per cent could see the S&amp;P 500 fall 4-5 percent, and potentially as much as 10-11 percent if he wins.

This has unnerved markets and the CBOE volatility index, often seen as investors&#39; fear gauge, rose to a two-month high above 20 percent.

The tension in markets came as the Federal Reserve holds its two-day policy meeting, with its statement due later on Wednesday. While traders do not expect a rate hike just a week ahead of the presidential election, they are looking for signs that the Fed will move in December.

Investors have grown increasingly confident in recent weeks that the Fed will follow through next month, attaching an 80 percent probability to such a move, according to fed funds futures pricing.

But currency traders have sold the dollar this week in part because they suspect Trump would prefer a weaker dollar given his protectionist stance on international trade, and in part because the uncertainty surrounding a Trump win might lead to a more dovish stance from the Fed in the months ahead.

The dollar fell again on Wednesday, after posting its biggest one-day fall on Tuesday in two months.

The euro rose 0.4 per cent to touch $1.11 for the first time in more than three weeks. It is up about two per cent from its 7-1/2-month low of $1.0851 hit last week.

Against the yen, the dollar fell 0.8 percent to 103.24 yen from three-month high of 105.54 yen set on Friday.

&quot;If you had a long dollar position on the view that the dollar would gain because Clinton would win, you would surely close that position because her victory is less certain,&quot; said Koichi Yoshikawa, executive director of financial markets at Standard Chartered Bank.

Other safe-haven assets also rose. The Swiss franc hit a four-month high of 1.0750 francs per euro, its highest level since late June, while gold reached a four-week high of $1,297 per ounce.

Oil prices fell for the fourth day in a row, sliding to one-month lows. Brent crude futures fell more than 1 percent to $47.53 per barrel, and US crude was down as low as $46.06. Oil has lost 10 percent in the last two weeks.

(Reuters)

Investors fear Trump's victory because of his uncertain stance on issues of foreign policy, trade relations and immigrants

World stocks, the dollar and oil fell on Wednesday, while safe-haven assets such as gold and the Swiss franc rose as investors were rattled by signs the US presidential race was tightening just days before the vote. Investors were beginning to rethink their long-held bets of a November 8 victory for Democratic candidate Hillary Clinton amid signs her Republican rival Donald Trump could be closing the gap, deepening the recent decline across major stock markets. Asian stocks hit a seven-week low on Wednesday, while European bourses followed Wall Street's lead overnight and slid to a four-month low. Bonds rose alongside gold, the Swiss franc and Japanese yen, with the yield on 10-year US Treasuries falling for the third day in a row. British gilts, which have recently been slammed by uncertainty surrounding the post-Brexit UK outlook, surged too. "The lead up to the US presidential election was always expected to be lively but the events of the last couple of days have seriously taken their toll on investor sentiment," said Craig Erlam, senior market analyst at Oanda in London. Investor anxiety has deepened in recent sessions over a possible Trump victory given uncertainty on the Republican candidate's stance on key issues including foreign policy, trade relations and immigrants, while Clinton is viewed as a candidate of the status quo. Europe's index of leading 300 shares was last down 0.4 per cent, having earlier hit a four-month low of 1,313 points. Britain's Britain's FTSE and Germany's DAX fell 0.4 and 0.7 per cent, respectively. MSCI's broadest index of Asia-Pacific shares outside Japan dropped 1.1 per cent to seven-week lows while the yen's rise to a two-week high helped push Japan's Nikkei down 1.8 percent. US stock futures recovered earlier losses, pointing to a fall of only 0.1 per cent at the open. This would still signify a fresh four-month low for Wall Street. Pricing a Trump victory The tumultuous presidential race appeared to tighten after news that the Federal Bureau of Investigation was reviewing more emails as part of a probe into Clinton's use of a private email server. While Clinton held a five-percentage-point lead over Trump, according to a Reuters/Ipsos opinion poll released on Monday, some other polls showed her Republican rival ahead by 1-2 percentage points. Barclays strategists estimate that a rise in Trump's polling odds to 50 per cent could see the S&P 500 fall 4-5 percent, and potentially as much as 10-11 percent if he wins. This has unnerved markets and the CBOE volatility index, often seen as investors' fear gauge, rose to a two-month high above 20 percent. The tension in markets came as the Federal Reserve holds its two-day policy meeting, with its statement due later on Wednesday. While traders do not expect a rate hike just a week ahead of the presidential election, they are looking for signs that the Fed will move in December. Investors have grown increasingly confident in recent weeks that the Fed will follow through next month, attaching an 80 percent probability to such a move, according to fed funds futures pricing. But currency traders have sold the dollar this week in part because they suspect Trump would prefer a weaker dollar given his protectionist stance on international trade, and in part because the uncertainty surrounding a Trump win might lead to a more dovish stance from the Fed in the months ahead. The dollar fell again on Wednesday, after posting its biggest one-day fall on Tuesday in two months. The euro rose 0.4 per cent to touch $1.11 for the first time in more than three weeks. It is up about two per cent from its 7-1/2-month low of $1.0851 hit last week. Against the yen, the dollar fell 0.8 percent to 103.24 yen from three-month high of 105.54 yen set on Friday. "If you had a long dollar position on the view that the dollar would gain because Clinton would win, you would surely close that position because her victory is less certain," said Koichi Yoshikawa, executive director of financial markets at Standard Chartered Bank. Other safe-haven assets also rose. The Swiss franc hit a four-month high of 1.0750 francs per euro, its highest level since late June, while gold reached a four-week high of $1,297 per ounce. Oil prices fell for the fourth day in a row, sliding to one-month lows. Brent crude futures fell more than 1 percent to $47.53 per barrel, and US crude was down as low as $46.06. Oil has lost 10 percent in the last two weeks. (Reuters)

Global stocks fall over chances of Trump's victory in US elections

Women executives left Yahoo Inc at an unusually high rate after the US&nbsp;technology company announced plans to sell itself earlier this year, but it was not immediately clear why, according to the company&#39;s 2016 diversity report&nbsp;released on Monday.

The sharp drop comes as Silicon Valley faces pressure to diversify a workforce heavily dominated by men.

The last year has been turbulent for the web pioneer, which in February announced it would explore alternatives and put in motion a plan to cut about 15 per cent of its workforce. In July, it struck a USD 4.8 billion deal to sell its core internet businesses to Verizon Communications Inc.

The number of women in Yahoo leadership roles slipped to 21 per cent as at June 30, down from 24 per cent the year before, the report showed. Women in non-technical jobs dropped to 52 per cent from 54 per cent. The total number of women at Yahoo remained steady at 31 per cent.

Yahoo had 8,800 employees at the end of the second quarter, down from 9,400 as of March 31.

It was not clear why there was such a marked decline in the proportion of women leaders at Yahoo, which is led by Silicon Valley&#39;s most powerful female CEO, Marissa Mayer.

&quot;Women leaders organically left because other opportunities were more appropriate for them,&quot; said Margenett Moore-Roberts, Yahoo&#39;s global head of diversity and inclusion. She said most of the women executives who left did so voluntarily after the plan to sell the core company was announced.

She said Yahoo will use a combination of internal searches and promotions, outside recruitment and partnerships with women-focused tech organisations to balance the losses.

The dip in women executives does not seem to be mirrored at other major tech companies. Women held 28 per cent of leadership positions at Apple Inc, according to its latest figures, unchanged from the year before.

(AFP)

The drop comes in after Yahoo said it will lay off 15 per cent of its workforce and signed a deal worth $4.8 billion to sell its core company

Women executives left Yahoo Inc at an unusually high rate after the US technology company announced plans to sell itself earlier this year, but it was not immediately clear why, according to the company's 2016 diversity report released on Monday. The sharp drop comes as Silicon Valley faces pressure to diversify a workforce heavily dominated by men. The last year has been turbulent for the web pioneer, which in February announced it would explore alternatives and put in motion a plan to cut about 15 per cent of its workforce. In July, it struck a USD 4.8 billion deal to sell its core internet businesses to Verizon Communications Inc. The number of women in Yahoo leadership roles slipped to 21 per cent as at June 30, down from 24 per cent the year before, the report showed. Women in non-technical jobs dropped to 52 per cent from 54 per cent. The total number of women at Yahoo remained steady at 31 per cent. Yahoo had 8,800 employees at the end of the second quarter, down from 9,400 as of March 31. It was not clear why there was such a marked decline in the proportion of women leaders at Yahoo, which is led by Silicon Valley's most powerful female CEO, Marissa Mayer. "Women leaders organically left because other opportunities were more appropriate for them," said Margenett Moore-Roberts, Yahoo's global head of diversity and inclusion. She said most of the women executives who left did so voluntarily after the plan to sell the core company was announced. She said Yahoo will use a combination of internal searches and promotions, outside recruitment and partnerships with women-focused tech organisations to balance the losses. The dip in women executives does not seem to be mirrored at other major tech companies. Women held 28 per cent of leadership positions at Apple Inc, according to its latest figures, unchanged from the year before. (AFP)

Yahoo diversity report: Women employees leave Yahoo

Royal Dutch Shell and BP on Tuesday joined peers in reporting higher than expected earnings by making further deep cuts in spending to cope with an oil price downturn now in its third year.

The companies said they were well on the way to adapting to the more than halving in prices. But any new sharper downturn would test their ability to invest for growth and retain the relatively large dividends their shareholders expect.

Shell&#39;s stock rose by over 4 per cent as it announced higher quarterly earnings than arch-rival US&nbsp;Exxon Mobil, the world&#39;s largest listed oil company by output and market capitalisation.

The Anglo-Dutch major, which acquired rival BG for $54 billion earlier this year, had been under pressure to cut costs after second quarter earnings came in around 50 per cent below forecasts.

By contrast, BP&#39;s stock fell by more than 4 per cent by 1610 GMT as some analysts said its results were boosted by a one-off tax gain, meaning its longer-term profits and ability to pay dividends could still be at risk. The oil price was trading flat on the day at around $49 a barrel.

Shell&#39;s Chief Executive Officer Ben van Beurden said the oil sector had yet to emerge from troubled waters, but huge cost savings meant oil majors were getting closer to balancing their operations at today&#39;s oil prices of around $50 a barrel.

The prospects for an oil price recovery are still unclear, van Beurden said, despite attempts by OPEC and other producers to agree a deal to limit output and reduce the global glut which has pushed oil prices down by 50 per cent since June 2014.

&quot;Lower oil prices continue to be a significant challenge across the business, and the outlook remains uncertain,&quot; van Beurden said.

Future focus

The world&#39;s top oil and gas companies, including Exxon and Chevron, reported sharp drops in quarterly results last week due to lower oil prices and weaker refining margins.

But at the same time, most have shown they were adjusting to the new environment, with both Exxon and Chevron also beating earnings expectations. Chevron plans to focus future growth on U.S. onshore shale production, where investments are smaller and production starts faster compared to large offshore projects.

Shell also sees shale production as a key future growth engine. Its Chief Financial Officer Simon Henry said the oil-rich Permian Basin in West Texas was a &quot;crown jewel&quot;.

Exxon warned it may need to slash proved oil and gas reserves on its books by nearly 20 per cent, or some 4.6 billion barrels, if oil prices stay low for the rest of 2016.

French oil major Total also beat third quarter income expectations helped by cost cuts and new projects and only smaller rivals Norway&#39;s Statoil and Italy&#39;s ENI missed expectations due to lower-than-expected output. BP Chief Financial Officer Brian Gilvary said the British company was on track to rebalance cash flows next year at $50 to $55 a barrel and its future focus areas would include Russia and areas where it could bring technology to bear.

&quot;This allow us to sustain our dividend whilst still investing enough to grow long term,&quot; he said.

In 2014, the world&#39;s top oil companies required an oil price of $113 a barrel in order to cover their spending and dividends, according to Jefferies analysts. The breakeven dropped to around $60 a barrel in 2016 and is expected to hover at around $50 a barrel next year.

BP benefited from UK fiscal regime changes, resulting an a $164 million tax credit in the third quarter, compared with a $1.16 billion tax bill in the same quarter last year.

&quot;Despite mixed numbers and a modest increase in gearing, the overall trend in cost and capex savings and cash flows at BP continues to head in the right direction,&quot; analysts from Morgan Stanley said in a note.

BP reported a near halving in third-quarter earnings and slashed another $1 billion from its 2016 investment plan, while Shell saw an 18 per cent rise in profits and lowered next year&#39;s capital spending to the bottom of the expected range.

Both Shell and BP maintained their dividends unchanged as expected.

At $2.8 billion in the third quarter, Shell&#39;s net income was above Exxon&#39;s third quarter net income of $2.65 billion.

Exxon has not made a big acquisition for more than 5 years but it is still worth more than Shell - its market cap was $345 billion as of Tuesday while Shell was worth $205 billion.

As well as slashing spending, oil companies have scrapped new projects, cut tens of thousands of jobs, renegotiated supply contracts and increased borrowing since prices began a sustained fall in June 2014.

All the majors apart from Eni have maintained or increased their dividends throughout the downturn to retain shareholder loyalty. Shell has not cut its dividend since World War Two.

(Reuters)

Shell's stock rose by over 4 per cent as it announced higher quarterly earnings than arch-rival US Exxon Mobil

Royal Dutch Shell and BP on Tuesday joined peers in reporting higher than expected earnings by making further deep cuts in spending to cope with an oil price downturn now in its third year. The companies said they were well on the way to adapting to the more than halving in prices. But any new sharper downturn would test their ability to invest for growth and retain the relatively large dividends their shareholders expect. Shell's stock rose by over 4 per cent as it announced higher quarterly earnings than arch-rival US Exxon Mobil, the world's largest listed oil company by output and market capitalisation. The Anglo-Dutch major, which acquired rival BG for $54 billion earlier this year, had been under pressure to cut costs after second quarter earnings came in around 50 per cent below forecasts. By contrast, BP's stock fell by more than 4 per cent by 1610 GMT as some analysts said its results were boosted by a one-off tax gain, meaning its longer-term profits and ability to pay dividends could still be at risk. The oil price was trading flat on the day at around $49 a barrel. Shell's Chief Executive Officer Ben van Beurden said the oil sector had yet to emerge from troubled waters, but huge cost savings meant oil majors were getting closer to balancing their operations at today's oil prices of around $50 a barrel. The prospects for an oil price recovery are still unclear, van Beurden said, despite attempts by OPEC and other producers to agree a deal to limit output and reduce the global glut which has pushed oil prices down by 50 per cent since June 2014. "Lower oil prices continue to be a significant challenge across the business, and the outlook remains uncertain," van Beurden said. Future focus The world's top oil and gas companies, including Exxon and Chevron, reported sharp drops in quarterly results last week due to lower oil prices and weaker refining margins. But at the same time, most have shown they were adjusting to the new environment, with both Exxon and Chevron also beating earnings expectations. Chevron plans to focus future growth on U.S. onshore shale production, where investments are smaller and production starts faster compared to large offshore projects. Shell also sees shale production as a key future growth engine. Its Chief Financial Officer Simon Henry said the oil-rich Permian Basin in West Texas was a "crown jewel". Exxon warned it may need to slash proved oil and gas reserves on its books by nearly 20 per cent, or some 4.6 billion barrels, if oil prices stay low for the rest of 2016. French oil major Total also beat third quarter income expectations helped by cost cuts and new projects and only smaller rivals Norway's Statoil and Italy's ENI missed expectations due to lower-than-expected output. BP Chief Financial Officer Brian Gilvary said the British company was on track to rebalance cash flows next year at $50 to $55 a barrel and its future focus areas would include Russia and areas where it could bring technology to bear. "This allow us to sustain our dividend whilst still investing enough to grow long term," he said. In 2014, the world's top oil companies required an oil price of $113 a barrel in order to cover their spending and dividends, according to Jefferies analysts. The breakeven dropped to around $60 a barrel in 2016 and is expected to hover at around $50 a barrel next year. BP benefited from UK fiscal regime changes, resulting an a $164 million tax credit in the third quarter, compared with a $1.16 billion tax bill in the same quarter last year. "Despite mixed numbers and a modest increase in gearing, the overall trend in cost and capex savings and cash flows at BP continues to head in the right direction," analysts from Morgan Stanley said in a note. BP reported a near halving in third-quarter earnings and slashed another $1 billion from its 2016 investment plan, while Shell saw an 18 per cent rise in profits and lowered next year's capital spending to the bottom of the expected range. Both Shell and BP maintained their dividends unchanged as expected. At $2.8 billion in the third quarter, Shell's net income was above Exxon's third quarter net income of $2.65 billion. Exxon has not made a big acquisition for more than 5 years but it is still worth more than Shell - its market cap was $345 billion as of Tuesday while Shell was worth $205 billion. As well as slashing spending, oil companies have scrapped new projects, cut tens of thousands of jobs, renegotiated supply contracts and increased borrowing since prices began a sustained fall in June 2014. All the majors apart from Eni have maintained or increased their dividends throughout the downturn to retain shareholder loyalty. Shell has not cut its dividend since World War Two. (Reuters)

Shell takes top earnings spot from Exxon as oil majors adapt to low prices

Manufacturing activity in China expanded at its fastest pace in more than two years last month on improving production and demand, an official measure showed Tuesday, boding well for the world&#39;s second-largest economy.

Investors closely watch the purchasing managers&#39; index (PMI), which gauges conditions at factories and mines, as the first indicator of the health of the economy each month.

The PMI came in at 51.2 for October, its highest since July 2014, figures from the National Bureau of Statistics (NBS) showed.

It rose from September&#39;s 50.4 and was well ahead of the median forecast of 50.3 in a Bloomberg News survey of economists.&nbsp;

A figure above 50 signals expanding activity, while anything below demonstrates shrinkage.&nbsp;

&quot;Production and market demand is picking up again, accelerating expansion,&quot; NBS analyst Zhao Qinghe said in a statement.

But Zhao added that downward pressures remain on imports and exports due to the sluggish recovery in global growth.

The key manufacturing sector has been struggling for months in the face of sagging world demand for Chinese products and excess industrial capacity left over from the country&#39;s infrastructure boom.

&quot;This might be as good as it gets,&quot; HSBC Holdings economic researcher Frederic Neumann told Bloomberg.

&quot;A generous stimulus injected earlier this year is still winding itself through the economy,&quot; he added, and with the government now &quot;tapping the brakes&quot; in the property sector &quot;growth will likely cool again in the coming months&quot;.

China is a vital driver of global growth, but its economy expanded only 6.9 per cent in 2015 -- its weakest rate in a quarter of a century -- and has slowed further this year.

Beijing has said it wants to reorient the economy away from relying on debt-fuelled investment to boost growth and towards a consumer-driven model, but the transition has proven challenging.

(AFP)

The purchasing managers' index is the first indicator of an economy's health

Manufacturing activity in China expanded at its fastest pace in more than two years last month on improving production and demand, an official measure showed Tuesday, boding well for the world's second-largest economy. Investors closely watch the purchasing managers' index (PMI), which gauges conditions at factories and mines, as the first indicator of the health of the economy each month. The PMI came in at 51.2 for October, its highest since July 2014, figures from the National Bureau of Statistics (NBS) showed. It rose from September's 50.4 and was well ahead of the median forecast of 50.3 in a Bloomberg News survey of economists. A figure above 50 signals expanding activity, while anything below demonstrates shrinkage. "Production and market demand is picking up again, accelerating expansion," NBS analyst Zhao Qinghe said in a statement. But Zhao added that downward pressures remain on imports and exports due to the sluggish recovery in global growth. The key manufacturing sector has been struggling for months in the face of sagging world demand for Chinese products and excess industrial capacity left over from the country's infrastructure boom. "This might be as good as it gets," HSBC Holdings economic researcher Frederic Neumann told Bloomberg. "A generous stimulus injected earlier this year is still winding itself through the economy," he added, and with the government now "tapping the brakes" in the property sector "growth will likely cool again in the coming months". China is a vital driver of global growth, but its economy expanded only 6.9 per cent in 2015 -- its weakest rate in a quarter of a century -- and has slowed further this year. Beijing has said it wants to reorient the economy away from relying on debt-fuelled investment to boost growth and towards a consumer-driven model, but the transition has proven challenging. (AFP)

China manufacturing index at highest in 2 years

Tata veteran&nbsp;<a data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=http://timesofindia.indiatimes.com/topic/S-Ramadorai&amp;source=gmail&amp;ust=1478096509404000&amp;usg=AFQjCNF0EWaF_UL-Zv79k1dXbUOdgIje9Q" href="http://timesofindia.indiatimes.com/topic/S-Ramadorai" target="_blank">S Ramadorai</a>&nbsp;has resigned as chairman of the government&#39;s skill development agencies &mdash; NSDA and NSDC &mdash; sparking speculation that he might be headed back to India&#39;s largest conglomerate. 
 
Ramadorai, 71, quit sometime last month and his resignation has been accepted by Prime Minister&nbsp;<a data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=http://timesofindia.indiatimes.com/topic/Narendra-Modi&amp;source=gmail&amp;ust=1478096509404000&amp;usg=AFQjCNG65hXQxt7wh3m3-Yg60UoHLls_-w" href="http://timesofindia.indiatimes.com/topic/Narendra-Modi" target="_blank">Narendra Modi</a>, sources privy to the development said. 
 
Rohit Nandan, vice-chairman of the governing body and secretary, ministry of skill development and entrepreneurship, has been appointed interim head of the National Skill Development Agency till a full-time chairman is appointed. 
 
The National Skill Development Corporation (NSDC) Board is likely to meet&nbsp;on Wednesday&nbsp;to discuss the future road map, post the resignation. 
 
The former Tata Consultancy Services (TCS) chief was appointed chairman of the skill development agencies in May 2013 with a Cabinet rank. He is also the chairman of Tata Institute of Social Sciences and AirAsia India. 
 
His resignation triggered talk that he might be headed back to the Tata Group where a search committee is looking for a full-time chairman after the board of&nbsp;<a data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=http://timesofindia.indiatimes.com/topic/Tata-Sons&amp;source=gmail&amp;ust=1478096509404000&amp;usg=AFQjCNFocNSPtcebwjC4IM8WYBGwUwnOug" href="http://timesofindia.indiatimes.com/topic/Tata-Sons" target="_blank">Tata Sons</a>ousted its first non-family chairman,&nbsp;<a data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=http://timesofindia.indiatimes.com/topic/Cyrus-Mistry&amp;source=gmail&amp;ust=1478096509404000&amp;usg=AFQjCNEMlNZLgsYVM2qrXOH563Hm3DZPJw" href="http://timesofindia.indiatimes.com/topic/Cyrus-Mistry" target="_blank">Cyrus Mistry</a>, last month. 
 
Meanwhile, top sources in the ministry of skill development and entrepreneurship said the government is scouting for a replacement. 
 
The Modi government, which has taken the skill development initiatives on top priority, wants to scale up skilling efforts and has set a target to train over 40 crore people in India in different skills by 2022. 
 
To achieve the objective, the government is eyeing revamp of key bodies, including NSDC and NSDA. Ramadorai&#39;s resignation paves the way for a major shake-up of the bodies.

(PTI)

?Chairman of Indian government's skill development agencies S Ramadorai quit at a time when Tata Sons is scouting for a full-time chairman

Tata veteran S Ramadorai has resigned as chairman of the government's skill development agencies — NSDA and NSDC — sparking speculation that he might be headed back to India's largest conglomerate. Ramadorai, 71, quit sometime last month and his resignation has been accepted by Prime Minister Narendra Modi, sources privy to the development said. Rohit Nandan, vice-chairman of the governing body and secretary, ministry of skill development and entrepreneurship, has been appointed interim head of the National Skill Development Agency till a full-time chairman is appointed. The National Skill Development Corporation (NSDC) Board is likely to meet on Wednesday to discuss the future road map, post the resignation. The former Tata Consultancy Services (TCS) chief was appointed chairman of the skill development agencies in May 2013 with a Cabinet rank. He is also the chairman of Tata Institute of Social Sciences and AirAsia India. His resignation triggered talk that he might be headed back to the Tata Group where a search committee is looking for a full-time chairman after the board of Tata Sonsousted its first non-family chairman, Cyrus Mistry, last month. Meanwhile, top sources in the ministry of skill development and entrepreneurship said the government is scouting for a replacement. The Modi government, which has taken the skill development initiatives on top priority, wants to scale up skilling efforts and has set a target to train over 40 crore people in India in different skills by 2022. To achieve the objective, the government is eyeing revamp of key bodies, including NSDC and NSDA. Ramadorai's resignation paves the way for a major shake-up of the bodies. (PTI)

Tata veteran resigns from government posts, sparks talks of reunion

Airbnb is in talks with the New York state to resolve a lawsuit brought by the online marketplace and homestay network challenging a law it says could expose it to penalties for advertising short-term apartment rentals, Reuters reported on Monday.

 
The potential accord was revealed after US district judge Katherine Forrest in Manhattan cancelled a hearing scheduled for Monday. A source told Reuters that the hearing was adjourned so both sides could &quot;work out a consensual resolution.&quot;

 
Forrest, in a one-page order, directed the parties to provide her with a status update by the end of the week.

 
Airbnb filed the lawsuit in Manhattan federal court on October 21 after Governor Andrew&nbsp; 
Cuomo signed a law legislation that imposed fines of up to $7,500 on hosts who advertise illegal short-term rentals on platforms like Airbnb.

 
Airbnb opposed the legislation, saying that the law&rsquo;s ambiguous text could allow New York authorities to apply the law to online platform like itself that host third-party listings, creating a potential risk of &nbsp;criminal liability and significant penalties,&nbsp;

 
The lawsuit comes in the midst of clashes between&nbsp;Airbnb and local public officials seeking to minimise the impact of short-term rentals on neighbourhoods and urban housing market space.

 
The company has also filed a lawsuit in San Francisco to block a new requirement that it reject booking fees from property owners who have not registered with the city.

 
Airbnb says &nbsp;it cannot legally be held responsible for how landlords use the &nbsp;platform. If required to enforce local laws on short-term rentals, the company&#39;s listing could drastically reduce in some of its biggest markets.

&nbsp;

 
(WION with inputs from Reuters) 
&nbsp;

Governor Cuomo signed a law in October that imposed fines on hosts who advertise illegal short-term rentals on platforms like Airbnb

Airbnb is in talks with the New York state to resolve a lawsuit brought by the online marketplace and homestay network challenging a law it says could expose it to penalties for advertising short-term apartment rentals, Reuters reported on Monday. The potential accord was revealed after US district judge Katherine Forrest in Manhattan cancelled a hearing scheduled for Monday. A source told Reuters that the hearing was adjourned so both sides could "work out a consensual resolution." Forrest, in a one-page order, directed the parties to provide her with a status update by the end of the week. Airbnb filed the lawsuit in Manhattan federal court on October 21 after Governor Andrew Cuomo signed a law legislation that imposed fines of up to $7,500 on hosts who advertise illegal short-term rentals on platforms like Airbnb. Airbnb opposed the legislation, saying that the law’s ambiguous text could allow New York authorities to apply the law to online platform like itself that host third-party listings, creating a potential risk of criminal liability and significant penalties, The lawsuit comes in the midst of clashes between Airbnb and local public officials seeking to minimise the impact of short-term rentals on neighbourhoods and urban housing market space. The company has also filed a lawsuit in San Francisco to block a new requirement that it reject booking fees from property owners who have not registered with the city. Airbnb says it cannot legally be held responsible for how landlords use the platform. If required to enforce local laws on short-term rentals, the company's listing could drastically reduce in some of its biggest markets. (WION with inputs from Reuters)

Airbnb, New York in talks to resolve rental law lawsuit

Media speculation was divided Sunday on the fate of the governor of the Bank of England, Mark Carney, with competing claims as to whether he is set to announce his departure amid Brexit tensions.&nbsp;

The Canadian is on a five-year contract that expires in 2018 but has an option to extend the job until 2021, a decision the central bank has said will be made public by the end of this year.

Media reports suggest Carney will not take up the option to stay on, with the Sunday Times newspaper saying he was &quot;disillusioned&quot; with Prime Minister Theresa May&#39;s Conservative government.

Carney has been criticised by eurosceptic Conservatives for his warnings of the economic impact of Brexit before the June referendum vote to leave the European Union.

In her speech to her party conference earlier his month, May also appeared to criticise the bank&#39;s policy, saying quantitative easing and low interest rates hurt savers.

But following speculation Carney would be out the door in 2018, the Financial Times late on Sunday reported the governor is &quot;said to be leaning strongly towards staying in his post&quot; until 2021.

&quot;Friends say Carney is determined to defend the Bank of England&#39;s independence in the face of a sustained attack by Brexiters,&quot; the newspaper reported.

Carney told a parliamentary committee on Tuesday that any decision would be &quot;entirely personal&quot;.

&quot;No one should read anything into that decision in terms of government policy,&quot; he said.

The job was &quot;an absolute privilege&quot;, he said, but added: &quot;Like everyone I have personal circumstances that I have to manage.

&quot;This is a role that requires total attention, devotion, and I intend to give it for as long as I can. Those are the only factors.&quot;

A bank spokesman declined to comment on the speculation, or on reports that Carney may announce his decision as soon as Thursday.

Business secretary Greg Clark told the BBC on Sunday that Carney&#39;s future at the bank was &quot;a decision for him&quot; but said he had done a &quot;fantastic job&quot;.

(AFP) 
&nbsp;

Reports suggest Carney is leaning towards not extending his tenure after 2018 amid criticism about his approach to Brexit

Media speculation was divided Sunday on the fate of the governor of the Bank of England, Mark Carney, with competing claims as to whether he is set to announce his departure amid Brexit tensions. The Canadian is on a five-year contract that expires in 2018 but has an option to extend the job until 2021, a decision the central bank has said will be made public by the end of this year. Media reports suggest Carney will not take up the option to stay on, with the Sunday Times newspaper saying he was "disillusioned" with Prime Minister Theresa May's Conservative government. Carney has been criticised by eurosceptic Conservatives for his warnings of the economic impact of Brexit before the June referendum vote to leave the European Union. In her speech to her party conference earlier his month, May also appeared to criticise the bank's policy, saying quantitative easing and low interest rates hurt savers. But following speculation Carney would be out the door in 2018, the Financial Times late on Sunday reported the governor is "said to be leaning strongly towards staying in his post" until 2021. "Friends say Carney is determined to defend the Bank of England's independence in the face of a sustained attack by Brexiters," the newspaper reported. Carney told a parliamentary committee on Tuesday that any decision would be "entirely personal". "No one should read anything into that decision in terms of government policy," he said. The job was "an absolute privilege", he said, but added: "Like everyone I have personal circumstances that I have to manage. "This is a role that requires total attention, devotion, and I intend to give it for as long as I can. Those are the only factors." A bank spokesman declined to comment on the speculation, or on reports that Carney may announce his decision as soon as Thursday. Business secretary Greg Clark told the BBC on Sunday that Carney's future at the bank was "a decision for him" but said he had done a "fantastic job". (AFP)

Bank of England's governor undecided on job extension amid Brexit tensions

Imports of crude oil by Iran&#39;s four major buyers in Asia in September jumped more than 70 per cent from a year ago as the producer continued to recoup market share lost under sanctions.

Iran&#39;s top four Asian buyers, China, Japan, India and South Korea, imported nearly 1.8 million barrels per day (bpd) in September, government and ship-tracking data showed. That is down from the highest level in at least 5-1/2 years in August.

But oil-purchase arrivals could rise again in October, with Asian buyers loading 1.83 million bpd of crude oil and condensate this month and about 1.96 million bpd in September, according to a source with knowledge of Iran&#39;s tanker schedules.

Economic sanctions targeting the OPEC member&#39;s disputed nuclear programme were lifted in January. Tehran has been battling to raise its output and export levels since then back to where they were before toughened sanctions went into force in early 2012.

Japan&#39;s trade ministry on Monday released official data showing its imports rose 80 per cent from a year earlier to nearly 313,000 bpd in September.

India&#39;s imports more than doubled from a year earlier to 552,200 bpd, down from 575,900 bpd in August, the highest in at least 15 years.

Imports by South Korea also more than doubled, while Chinese imports were up by 18 per cent.

(Reuters) 
&nbsp;

Iran has been battling to raise its oil export levels since economic sanctions on the OPEC member's nuclear project were lifted in January

Imports of crude oil by Iran's four major buyers in Asia in September jumped more than 70 per cent from a year ago as the producer continued to recoup market share lost under sanctions. Iran's top four Asian buyers, China, Japan, India and South Korea, imported nearly 1.8 million barrels per day (bpd) in September, government and ship-tracking data showed. That is down from the highest level in at least 5-1/2 years in August. But oil-purchase arrivals could rise again in October, with Asian buyers loading 1.83 million bpd of crude oil and condensate this month and about 1.96 million bpd in September, according to a source with knowledge of Iran's tanker schedules. Economic sanctions targeting the OPEC member's disputed nuclear programme were lifted in January. Tehran has been battling to raise its output and export levels since then back to where they were before toughened sanctions went into force in early 2012. Japan's trade ministry on Monday released official data showing its imports rose 80 per cent from a year earlier to nearly 313,000 bpd in September. India's imports more than doubled from a year earlier to 552,200 bpd, down from 575,900 bpd in August, the highest in at least 15 years. Imports by South Korea also more than doubled, while Chinese imports were up by 18 per cent. (Reuters)

Asia's September imports of Iranian oil rise 73% from last year

China&#39;s non-financial debt is estimated to be more than $22.7 trillion US, accounting for 227.92 per cent of its GDP, a senior Chinese finance ministry official said today amid concerns it may spiral out control.

&quot;The IMF estimated China&#39;s non-financial debts at 153.4 trillion Yuan ($22.7 trillion US) in 2015, accounting for 220.4 per cent of GDP, while the National Institution for Finance &amp; Development (NFID)&#39;s was 154.3 trillion Yuan, or 227.92 per cent of GDP,&quot; China&#39;s Vice Finance Minister Zhu Guangyao said.

China&#39;s debt calculation is open and transparent and the risks remain controllable, he was quoted as saying by state-run Xinhua news agency.

He said IMF and NFID figures were almost the same, and the difference stemmed from statistical methods.

Zhu&#39;s remarks came amid lingering concerns that China&#39;s policymakers underestimated the country&#39;s debt level.

However, he dismissed worries about rising debt, describing the level as &quot;reasonable&quot; as both debt ratios of central and local governments were well below 40 per cent.

&quot;Public data reflect that debt risk is completely controllable. But we should be alert to corporate debts which are increasing too fast,&quot; Zhu said.

China has an array of measures in place to manage debt risks, especially those of state-owned companies. Guidelines on debt-for-equity swaps have been issued, and a ministerial mechanism has been established to tackle corporate leverage, he said.

(PTI)

This represents 227.92% of its GDP, a senior Chinese finance ministry official said today, amid concerns it may spiral out control

China's non-financial debt is estimated to be more than $22.7 trillion US, accounting for 227.92 per cent of its GDP, a senior Chinese finance ministry official said today amid concerns it may spiral out control. "The IMF estimated China's non-financial debts at 153.4 trillion Yuan ($22.7 trillion US) in 2015, accounting for 220.4 per cent of GDP, while the National Institution for Finance & Development (NFID)'s was 154.3 trillion Yuan, or 227.92 per cent of GDP," China's Vice Finance Minister Zhu Guangyao said. China's debt calculation is open and transparent and the risks remain controllable, he was quoted as saying by state-run Xinhua news agency. He said IMF and NFID figures were almost the same, and the difference stemmed from statistical methods. Zhu's remarks came amid lingering concerns that China's policymakers underestimated the country's debt level. However, he dismissed worries about rising debt, describing the level as "reasonable" as both debt ratios of central and local governments were well below 40 per cent. "Public data reflect that debt risk is completely controllable. But we should be alert to corporate debts which are increasing too fast," Zhu said. China has an array of measures in place to manage debt risks, especially those of state-owned companies. Guidelines on debt-for-equity swaps have been issued, and a ministerial mechanism has been established to tackle corporate leverage, he said. (PTI)

China's non-financial debt reaches about $22.7 trillion US

In a &nbsp;landmark agreement on Friday, European Union&nbsp;nations approved a free-trade deal with Canada clearing the way for its signing after years of negotiations.

European Union (EU) president Donald Tusk tweeted &quot;Missions accomplished!&quot; He also said that the deal will be signed on Sunday at a summit in Brussels.

<blockquote class="twitter-tweet" data-lang="en">
Mission accomplished! Just agreed with PM <a href="https://twitter.com/JustinTrudeau">@JustinTrudeau</a> to hold EU-Canada Summit this Sunday
&mdash; Donald Tusk (@eucopresident) <a href="https://twitter.com/eucopresident/status/792113909708754944">October 28, 2016</a></blockquote>

Canadian Prime Minister Justin Trudeau also tweeted after the deal was announced.

<blockquote class="twitter-tweet" data-lang="en">
I&#39;ve just spoken with <a href="https://twitter.com/eucopresident">@eucopresident</a> Tusk - the Canada-EU Summit will be Sunday. Great news and I&#39;m looking forward to being there. <a href="https://twitter.com/hashtag/CETA?src=hash">#CETA</a>
&mdash; Justin Trudeau (@JustinTrudeau) <a href="https://twitter.com/JustinTrudeau/status/792120166662504448">October 28, 2016</a></blockquote>

In a phone call with Tusk, he hailed the deal as &quot;a good sign in an uncertain world&quot;, an EU source said, news agency AFP reported.

Trudeau also thanked Canada&#39;s trade minister Chrystia Freeland for &quot;her skill and dedication&quot;.

&nbsp;

<blockquote class="twitter-tweet" data-lang="en">
.<a href="https://twitter.com/eucopresident">@eucopresident</a> My thanks to <a href="https://twitter.com/cafreeland">@cafreeland</a> for her skill &amp; dedication in negotiating a deal to grow Canada&rsquo;s middle class &amp; strengthen our economy. <a href="https://twitter.com/hashtag/CETA?src=hash">#CETA</a>
&mdash; Justin Trudeau (@JustinTrudeau) <a href="https://twitter.com/JustinTrudeau/status/792124753414877184">October 28, 2016</a></blockquote>

 
The Comprehensive Economic and Trade Agreement (CETA) deal will remove 99 per cent of customs duties between the two sides, linking the two economies.

The deal linking the single EU market of 500 million people and the world&#39;s 10th largest economy will be signed at summit on Sunday.

Tusk&#39;s spokesman Preban Aamann wrote on Twitter that Sunday&#39;s signing summit will begin at 0930 GMT, with the signing due at 1100 GMT.

The deal which has been in talks for more than seven years now had remained in limbo in the past few days as the parliament of the Belgian region of Wallonia continued to block the deal over concerns about its potential damage to local interests.

The deal requires the approval of all 28 EU member states. In some cases, as in Belgium, the regional governments also had to endorse the deal. Therefore, the accord was hanging on Wallonia&#39;s agreement.

Belgian Prime Minister Charles Michel held marathon talks in a bid to win the holdout regions over, finally announcing Thursday that the two sides had reached a deal, reported AFP.

Once signed, the pact will go into effect on a provisional basis, pending full member state ratification -- a process that could take years.

Head of the southern French-speaking Paul Magnette, who had fought for the region&#39;s farming interests, said he walked away with assurances from the federal government of strengthened social and environmental protection. Belgian Prime Minister Charles Michel, however, said talks with Wallonia &quot;did not change a comma&quot; in the deal.

Prime Minister Robert Fico of Slovakia, which currently holds the EU presidency, hailed the delayed approval of the deal as &quot;a milestone in the EU&#39;s trade policy&quot;.

&quot;It has the potential to set the way forward for future trade deals,&quot; he said, AFP reported.

An even bigger and more controversial Transatlantic Trade and Investment Partnership&nbsp;deal with the United States is dependent on CETA&#39;s outcome

In a speech to the parliament, Magnette warned that Wallonia would never accept a trade treaty that does not have the same guarantees as those in the new CETA.

&quot;From now on, we can draw the lesson: with CETA improved, TTIP is dead and buried&quot;, AFP reported Magette as saying.

(With inputs from AFP)

The Comprehensive Economic and Trade Agreement (CETA) deal will remove 99 per cent of customs duties between the two sides

In a landmark agreement on Friday, European Union nations approved a free-trade deal with Canada clearing the way for its signing after years of negotiations. European Union (EU) president Donald Tusk tweeted "Missions accomplished!" He also said that the deal will be signed on Sunday at a summit in Brussels. Mission accomplished! Just agreed with PM @JustinTrudeau to hold EU-Canada Summit this Sunday — Donald Tusk (@eucopresident) October 28, 2016 Canadian Prime Minister Justin Trudeau also tweeted after the deal was announced. I've just spoken with @eucopresident Tusk - the Canada-EU Summit will be Sunday. Great news and I'm looking forward to being there. #CETA — Justin Trudeau (@JustinTrudeau) October 28, 2016 In a phone call with Tusk, he hailed the deal as "a good sign in an uncertain world", an EU source said, news agency AFP reported. Trudeau also thanked Canada's trade minister Chrystia Freeland for "her skill and dedication". .@eucopresident My thanks to @cafreeland for her skill & dedication in negotiating a deal to grow Canada’s middle class & strengthen our economy. #CETA — Justin Trudeau (@JustinTrudeau) October 28, 2016 The Comprehensive Economic and Trade Agreement (CETA) deal will remove 99 per cent of customs duties between the two sides, linking the two economies. The deal linking the single EU market of 500 million people and the world's 10th largest economy will be signed at summit on Sunday. Tusk's spokesman Preban Aamann wrote on Twitter that Sunday's signing summit will begin at 0930 GMT, with the signing due at 1100 GMT. The deal which has been in talks for more than seven years now had remained in limbo in the past few days as the parliament of the Belgian region of Wallonia continued to block the deal over concerns about its potential damage to local interests. The deal requires the approval of all 28 EU member states. In some cases, as in Belgium, the regional governments also had to endorse the deal. Therefore, the accord was hanging on Wallonia's agreement. Belgian Prime Minister Charles Michel held marathon talks in a bid to win the holdout regions over, finally announcing Thursday that the two sides had reached a deal, reported AFP. Once signed, the pact will go into effect on a provisional basis, pending full member state ratification -- a process that could take years. Head of the southern French-speaking Paul Magnette, who had fought for the region's farming interests, said he walked away with assurances from the federal government of strengthened social and environmental protection. Belgian Prime Minister Charles Michel, however, said talks with Wallonia "did not change a comma" in the deal. Prime Minister Robert Fico of Slovakia, which currently holds the EU presidency, hailed the delayed approval of the deal as "a milestone in the EU's trade policy". "It has the potential to set the way forward for future trade deals," he said, AFP reported. An even bigger and more controversial Transatlantic Trade and Investment Partnership deal with the United States is dependent on CETA's outcome In a speech to the parliament, Magnette warned that Wallonia would never accept a trade treaty that does not have the same guarantees as those in the new CETA. "From now on, we can draw the lesson: with CETA improved, TTIP is dead and buried", AFP reported Magette as saying. (With inputs from AFP)

EU nations approve trade deal with Canada

Ride-sharing cab service Uber on Friday lost a British tribunal case brought by drivers demanding basic workers&#39; rights, in a decision that could have repercussions across the &quot;gig economy&quot;.

The Central London Employment Tribunal ruled in favour of two drivers who argued that they should receive holiday and sick pay and be paid Britain&#39;s national minimum wage as they were effectively employees of the California-based tech company.

They were supported by the GMB union, who said the decision could have &quot;major&quot; implications for around 30,000 drivers across England and Wales.

&quot;We are delighted that the employment tribunal has found in favour of our clients,&quot; Nigel Mackay from law firm Leigh Day said after the decision.

&quot;This judgment acknowledges the central contribution that Uber&#39;s drivers have made to Uber&#39;s success by confirming that its drivers are not self-employed but that they work for Uber as part of the company&#39;s business.&quot;

Self-employed workers in Britain are not entitled to certain rights and privileges, including paid leave and the minimum wage.

Uber, whose European headquarters is in the Netherlands, argued that British drivers should not be allowed to enforce employment rights in British courts but make their claims in Dutch courts instead.

The company&#39;s UK regional general manager, Jo Bertram, said Uber would appeal against the ruling.

&quot;Tens of thousands of people in London drive with Uber precisely because they want to be self-employed and their own boss,&quot; she said in a statement.

She added: &quot;While the decision of this preliminary hearing only affects two people we will be appealing it.&quot;

The cab hire service has been accused of violating employment rights in other countries.

In April 2016, Uber drivers in California and Massachusetts filed a lawsuit against the company claiming they had been misclassified as independent contractors.

But before the trial could begin in California, the company paid $100 million (91 million euros) to the drivers to settle the lawsuit.

Uber is a cab service company that connects passengers to drivers through an app on its passengers&#39; smartphones. Customers pay Uber directly for the journey and the company, in turn, remunerates drivers.

Employment lawyers warned Friday&#39;s ruling could affect other workers who have flexible hours but no labour benefits.

&quot;This landmark decision will not only have huge financial implications for Uber and its drivers... but also the many other companies which operate within the so-called &#39;gig economy&#39;,&quot; said Julie Morris, a senior employment lawyer at Slater and Gordon solicitors firm in London.&nbsp;

&quot;They will now have to review their business model or face a deluge of similar claims from workers.&quot;

(AFP)

The tribunal ruled in favour of two drivers who argued they should receive holiday and sick pay and be paid Britain's national minimum wage

Ride-sharing cab service Uber on Friday lost a British tribunal case brought by drivers demanding basic workers' rights, in a decision that could have repercussions across the "gig economy". The Central London Employment Tribunal ruled in favour of two drivers who argued that they should receive holiday and sick pay and be paid Britain's national minimum wage as they were effectively employees of the California-based tech company. They were supported by the GMB union, who said the decision could have "major" implications for around 30,000 drivers across England and Wales. "We are delighted that the employment tribunal has found in favour of our clients," Nigel Mackay from law firm Leigh Day said after the decision. "This judgment acknowledges the central contribution that Uber's drivers have made to Uber's success by confirming that its drivers are not self-employed but that they work for Uber as part of the company's business." Self-employed workers in Britain are not entitled to certain rights and privileges, including paid leave and the minimum wage. Uber, whose European headquarters is in the Netherlands, argued that British drivers should not be allowed to enforce employment rights in British courts but make their claims in Dutch courts instead. The company's UK regional general manager, Jo Bertram, said Uber would appeal against the ruling. "Tens of thousands of people in London drive with Uber precisely because they want to be self-employed and their own boss," she said in a statement. She added: "While the decision of this preliminary hearing only affects two people we will be appealing it." The cab hire service has been accused of violating employment rights in other countries. In April 2016, Uber drivers in California and Massachusetts filed a lawsuit against the company claiming they had been misclassified as independent contractors. But before the trial could begin in California, the company paid $100 million (91 million euros) to the drivers to settle the lawsuit. Uber is a cab service company that connects passengers to drivers through an app on its passengers' smartphones. Customers pay Uber directly for the journey and the company, in turn, remunerates drivers. Employment lawyers warned Friday's ruling could affect other workers who have flexible hours but no labour benefits. "This landmark decision will not only have huge financial implications for Uber and its drivers... but also the many other companies which operate within the so-called 'gig economy'," said Julie Morris, a senior employment lawyer at Slater and Gordon solicitors firm in London. "They will now have to review their business model or face a deluge of similar claims from workers." (AFP)

Uber loses tribunal decision over drivers' working rights

Microblogging service Twitter announced on Thursday that it would cut about 9 per cent of its workforce after reporting a sharp slowdown in quarterly revenue growth.

Twitter has been struggling to sign up new users amid competition from nimbler rivals such as Instagram and Snapchat.

The microblogging service said its user base grew by 3 per cent to 317 million average monthly active users in the third quarter from $313 million in the second quarter. This was a little more than the $316.3 million that analysts had expected, AFP reported.

Revenue rose about 8 per cent to $616 million, beating its own forecast of $590 million to $610 million.

Revenue grew by 20 per cent in the previous quarter. Revenue rose nearly 58 per cent last year. The company had hired bankers last month to field acquisition offers but major companies did not bid, AFP reported.

Twitter had earlier said it would discontinue its &nbsp;video app Vine next month, clarifying that users would still be able to access and download their videos.

On Thursday, Vine confirmed the news with a post on their site and said the application would be discontinued in the coming months. 
 
(WION with inputs from AFP)

Twitter has been struggling to sign up new users amid competition from rivals Instagram and Snapchat

Microblogging service Twitter announced on Thursday that it would cut about 9 per cent of its workforce after reporting a sharp slowdown in quarterly revenue growth. Twitter has been struggling to sign up new users amid competition from nimbler rivals such as Instagram and Snapchat. The microblogging service said its user base grew by 3 per cent to 317 million average monthly active users in the third quarter from $313 million in the second quarter. This was a little more than the $316.3 million that analysts had expected, AFP reported. Revenue rose about 8 per cent to $616 million, beating its own forecast of $590 million to $610 million. Revenue grew by 20 per cent in the previous quarter. Revenue rose nearly 58 per cent last year. The company had hired bankers last month to field acquisition offers but major companies did not bid, AFP reported. Twitter had earlier said it would discontinue its video app Vine next month, clarifying that users would still be able to access and download their videos. On Thursday, Vine confirmed the news with a post on their site and said the application would be discontinued in the coming months. (WION with inputs from AFP)

Twitter slashes 9% of its workforce with eye on 2017 profit

Uber, perhaps once again, hopes to make science fiction science fact &ndash; by providing aircraft on demand.&nbsp;

The company on Thursday released a 98-page white paper that talked about small, electric aircraft taking off and landing vertically and taking people to and from work in a fraction of the time it takes by road, AFP reported.&nbsp;

&quot;Just as skyscrapers allowed cities to use limited land more efficiently, urban air transportation will use three-dimensional airspace to alleviate transportation congestion on the ground,&quot; said the white paper, authored by Uber chief product officer Jeff Holden and product manager Nikhil Goel.

Diagrams in the paper showed aircraft bodies in multiple designs with propellers that could rotate to allow for vertical lift-off or landing. The VTOL aircraft will be powered by electricity, and hence will not contribute to air or noise pollution.&nbsp;

&quot;A network of small, electric aircraft that take off and land vertically will enable rapid, reliable transportation between suburbs and cities and, ultimately, within cities,&rdquo; the white paper added.&nbsp;

However, the proposal doesn&#39;t come without challenges. Affordability, training pilots, approval of regulators, and making light-weight batteries are likely to be problem areas, AFP said.&nbsp;

&quot;The greatest operational barrier to deploying a VTOL fleet in cities is a lack of sufficient locations to place landing pads,&quot; Holden said.

&quot;Even if VTOLs were certified to fly today, cities simply don&#39;t have the necessary takeoff and landing sites for the vehicles to operate at fleet scale.&quot;

(WION with inputs from AFP)

98-page white paper from the company talks of small, electric aircraft that will take off and land vertically

Uber, perhaps once again, hopes to make science fiction science fact – by providing aircraft on demand. The company on Thursday released a 98-page white paper that talked about small, electric aircraft taking off and landing vertically and taking people to and from work in a fraction of the time it takes by road, AFP reported. "Just as skyscrapers allowed cities to use limited land more efficiently, urban air transportation will use three-dimensional airspace to alleviate transportation congestion on the ground," said the white paper, authored by Uber chief product officer Jeff Holden and product manager Nikhil Goel. Diagrams in the paper showed aircraft bodies in multiple designs with propellers that could rotate to allow for vertical lift-off or landing. The VTOL aircraft will be powered by electricity, and hence will not contribute to air or noise pollution. "A network of small, electric aircraft that take off and land vertically will enable rapid, reliable transportation between suburbs and cities and, ultimately, within cities,” the white paper added. However, the proposal doesn't come without challenges. Affordability, training pilots, approval of regulators, and making light-weight batteries are likely to be problem areas, AFP said. "The greatest operational barrier to deploying a VTOL fleet in cities is a lack of sufficient locations to place landing pads," Holden said. "Even if VTOLs were certified to fly today, cities simply don't have the necessary takeoff and landing sites for the vehicles to operate at fleet scale." (WION with inputs from AFP)

Possible next step from Uber: Aircraft on demand

In a &quot;monumental&quot; verdict on Friday, a British tribunal ruled that taxi app Uber should treat its drivers as employees and pay them the minimum wage and holiday pay.

In July, two Taxi drivers brought their case to an employment tribunal, complaining that the online transportation company was acting unlawfully by treating them as self-employed and not providing certain rights.

Uber said it will appeal against the verdict. The app-based company that allows users to book and pay for a taxi by smartphone had argued that its employees were self-employed contractors.

&quot;This is a monumental victory that will have a hugely positive impact on drivers ... and for thousands more in other industries where bogus self-employment is rife,&quot; said Maria Ludkin, legal director at the GMB union which brought the case, reported Reuters.

The tribunal ruled that the drivers be paid minimum wage and that working hours began when the drivers logged into the app. The current minimum wage is 7.20 pounds ($8.80) for over 21-year-olds.

&quot;The Uber driver&#39;s working time starts as soon as he is within his territory, has the App switched on and is ready and willing to accept trips and ends as soon as one or more of those conditions ceases to apply,&quot; they said in their verdict.

The lawyers representing the drivers said that further hearings will determine the pay they should receive and calculate the holiday. The firm may also have to contribute to&nbsp;pension, they added.

Firms in Britain such as sports retailer Sports Direct have faced a backlash over their use of zero-hour contracts which erode pay and job security, Reuters said.

(With inputs from Reuters)

The company that allows users to book and pay for a taxi by smartphone had argued that its employees were self-employed contractors

In a "monumental" verdict on Friday, a British tribunal ruled that taxi app Uber should treat its drivers as employees and pay them the minimum wage and holiday pay. In July, two Taxi drivers brought their case to an employment tribunal, complaining that the online transportation company was acting unlawfully by treating them as self-employed and not providing certain rights. Uber said it will appeal against the verdict. The app-based company that allows users to book and pay for a taxi by smartphone had argued that its employees were self-employed contractors. "This is a monumental victory that will have a hugely positive impact on drivers ... and for thousands more in other industries where bogus self-employment is rife," said Maria Ludkin, legal director at the GMB union which brought the case, reported Reuters. The tribunal ruled that the drivers be paid minimum wage and that working hours began when the drivers logged into the app. The current minimum wage is 7.20 pounds ($8.80) for over 21-year-olds. "The Uber driver's working time starts as soon as he is within his territory, has the App switched on and is ready and willing to accept trips and ends as soon as one or more of those conditions ceases to apply," they said in their verdict. The lawyers representing the drivers said that further hearings will determine the pay they should receive and calculate the holiday. The firm may also have to contribute to pension, they added. Firms in Britain such as sports retailer Sports Direct have faced a backlash over their use of zero-hour contracts which erode pay and job security, Reuters said. (With inputs from Reuters)

Uber drivers entitled to minimum wage, holiday pay, rules UK tribunal

Cyrus Mistry&#39;s letter has raised one too many questions. The ripple effect across the board and for all Tata Group companies has&nbsp;come under the scanner. Mistry&#39;s letter alleges that Tata indulged in business conflicts, wrong calls and&nbsp;emotion-based deals. According to analysts, the Tata&#39;s seem to be facing a mild jerk.&nbsp;

The Security and Exchange Board of India&nbsp;has stepped in to asses the possible breach of corporate governance norm. They will also be looking into listing regulations for Tata listed companies. The bourses&nbsp;are seeking clarification by Tata listed companies&nbsp;on purported disclosures by Mistry of Rs 1.18 lakh crore ($17.6 billion US) writedown.&nbsp;

Tata Motors, Tata Steel and Tata Consulting Services&nbsp;took a bit of a beating in trade today.&nbsp;While market&nbsp;experts believe that&nbsp;the overall markets seem to be sinking on the back of weak expiry and profit booking across the board, and not just Tata companies, investor confidence in Tata stocks stands to be shaken momentarily.&nbsp;It&#39;s likely that they will see profit booking until the dust settles.&nbsp;

Market experts held&nbsp;that fresh money coming into the Tata stocks seems to be difficult at this point of time. Investors are raising questions about the points stated by the letter by Mistry not being declared by the management prior to the saga.&nbsp;

The impact of Vistara and Air Asia&#39;s non compliance with Indian law could perhaps have the Directorate General of Civil Aviation&nbsp;probe into fradulent transactions.&nbsp;

While it is not fair to asses the long term impact on the tata companies, most market analysts have given a hold call on their positions with the Tata stocks.&nbsp;

The new change of guard&nbsp;would perhaps have to focus on maximising minority stakeholder wealth in these companies.

(WION)&nbsp;

Investors are raising questions about the points stated by the Mistry letter not being declared by management prior to the saga

Cyrus Mistry's letter has raised one too many questions. The ripple effect across the board and for all Tata Group companies has come under the scanner. Mistry's letter alleges that Tata indulged in business conflicts, wrong calls and emotion-based deals. According to analysts, the Tata's seem to be facing a mild jerk. The Security and Exchange Board of India has stepped in to asses the possible breach of corporate governance norm. They will also be looking into listing regulations for Tata listed companies. The bourses are seeking clarification by Tata listed companies on purported disclosures by Mistry of Rs 1.18 lakh crore ($17.6 billion US) writedown. Tata Motors, Tata Steel and Tata Consulting Services took a bit of a beating in trade today. While market experts believe that the overall markets seem to be sinking on the back of weak expiry and profit booking across the board, and not just Tata companies, investor confidence in Tata stocks stands to be shaken momentarily. It's likely that they will see profit booking until the dust settles. Market experts held that fresh money coming into the Tata stocks seems to be difficult at this point of time. Investors are raising questions about the points stated by the letter by Mistry not being declared by the management prior to the saga. The impact of Vistara and Air Asia's non compliance with Indian law could perhaps have the Directorate General of Civil Aviation probe into fradulent transactions. While it is not fair to asses the long term impact on the tata companies, most market analysts have given a hold call on their positions with the Tata stocks. The new change of guard would perhaps have to focus on maximising minority stakeholder wealth in these companies. (WION)

Investor confidence in Tata stocks shaky, momentarily

Shares of various Tata group stocks, including Tata Power and Tata Motors, plunged sharply this morning amid concerns about purported disclosure made by ousted group chairman Cyrus Mistry about huge write-down risks at some firms.

Tata Motors and Tata Power were down nearly 3 per cent each while Tata Steel was trading nearly 2 per cent down in early morning trade at BSE.

Indian Hotels and Tata Tele were down more than 7 per cent each.

Tata Chemicals, Tata Coffee, Tata Global Beverages, Tata Investment Corp, Tata Steel and TCS were also trading with losses.

Stock exchanges late last night sought clarifications from select Tata companies on reports about Mistry listing out possible write-down risk to the tune of USD 18 billion while the group stocks have been losing value for three days now amid concerns over sudden ouster of Mistry as chairman of Tata Sons, the main holding firm for the group companies.

Regulator Sebi and stock exchanges are keeping a close tab on share movement and trading volumes of all listed companies of the group.

(PTI)

Tata Motors and Tata Power were down nearly 3 per cent each while Tata Steel was trading nearly 2 per cent lower in early morning trade

Shares of various Tata group stocks, including Tata Power and Tata Motors, plunged sharply this morning amid concerns about purported disclosure made by ousted group chairman Cyrus Mistry about huge write-down risks at some firms. Tata Motors and Tata Power were down nearly 3 per cent each while Tata Steel was trading nearly 2 per cent down in early morning trade at BSE. Indian Hotels and Tata Tele were down more than 7 per cent each. Tata Chemicals, Tata Coffee, Tata Global Beverages, Tata Investment Corp, Tata Steel and TCS were also trading with losses. Stock exchanges late last night sought clarifications from select Tata companies on reports about Mistry listing out possible write-down risk to the tune of USD 18 billion while the group stocks have been losing value for three days now amid concerns over sudden ouster of Mistry as chairman of Tata Sons, the main holding firm for the group companies. Regulator Sebi and stock exchanges are keeping a close tab on share movement and trading volumes of all listed companies of the group. (PTI)

Tata stocks plunge on concerns over Mistry letter

Members of the Organisation of Petroleum Exporting Countries (OPEC) have finally decided to cut down their oil production&nbsp;after eight long years of large scale production.

The decision has, however, shocked analysts and market watchers given that it included two rival nations -&nbsp;Saudi Arabia and Iran.

The last few years have seen a global&nbsp;slump in oil prices owing to an increase in the supply of crude oil. The increased supply was not matched by an equally increased demand resulting in an oil glut across the world.

The 2008 financial crisis had a severe impact on the global demand for oil, reducing the energy demand across industries and nations.

Ships carrying crude oil were reported to be stranded at sea for days due to the lack of enough demand.

After OPEC&rsquo;s decision to cut oil production, crude oil prices marked an increase of six per cent.

<h3>Kazakhstan opening Kashagan oil field</h3>

 
Recently, non-OPEC member Kazakhstan announced that it is opening its Kashagan oil field at the North Caspian sea.

It is one of the largest oil discoveries in the past 40 years but the project has been stalled since 2013. The government of Kazakhstan has made an investment of around USD 50 billion in the project.

Kazakhstan has also announced the expansion of its Tengiz oil field simultaneously. This decision too would increase global oil supply and disturb the crude oil market.

The central Asian country has been experiencing high current account deficit for the last couple of years and the export of oil can help it better the deficit.

Countries like Venezuela face a&nbsp;serious threat with such announcements as oil is their most crucial source of income for this South American nation. During the boom period, Venezuela had focused so much on oil that when the fall in prices had a severe impact on its economy.

(WION)

The decision that has been long pending led to a six per cent increase in crude oil prices

Members of the Organisation of Petroleum Exporting Countries (OPEC) have finally decided to cut down their oil production after eight long years of large scale production. The decision has, however, shocked analysts and market watchers given that it included two rival nations - Saudi Arabia and Iran. The last few years have seen a global slump in oil prices owing to an increase in the supply of crude oil. The increased supply was not matched by an equally increased demand resulting in an oil glut across the world. The 2008 financial crisis had a severe impact on the global demand for oil, reducing the energy demand across industries and nations. Ships carrying crude oil were reported to be stranded at sea for days due to the lack of enough demand. After OPEC’s decision to cut oil production, crude oil prices marked an increase of six per cent. Kazakhstan opening Kashagan oil field Recently, non-OPEC member Kazakhstan announced that it is opening its Kashagan oil field at the North Caspian sea. It is one of the largest oil discoveries in the past 40 years but the project has been stalled since 2013. The government of Kazakhstan has made an investment of around USD 50 billion in the project. Kazakhstan has also announced the expansion of its Tengiz oil field simultaneously. This decision too would increase global oil supply and disturb the crude oil market. The central Asian country has been experiencing high current account deficit for the last couple of years and the export of oil can help it better the deficit. Countries like Venezuela face a serious threat with such announcements as oil is their most crucial source of income for this South American nation. During the boom period, Venezuela had focused so much on oil that when the fall in prices had a severe impact on its economy. (WION)

OPEC nations to finally cut down oil production

Temporary hiring may see a jump of 20 to 25 per cent this festive season in India as compared to last year, say experts.

The festive season - from Ganesh puja around August to New Year - requires additional staff to handle the rise in demand, especially for e-commerce companies, logistics, FMCG, hospitality, retail, supply chain and transport.

Companies report almost 40-50 per cent of their total business during the festive period and hire temporary resources, including interns and young college-goers, states a PTI report.

&quot;This temporary hiring not only avoids the long-term cost for start-ups, but helps them in experimenting fresh resources in different functional areas. And they observes resources for permanent and long term roles,&quot; said Sunil Goel, MD, executive search firm GlobalHunt, adding that temp hiring will go up by a minimum 20-25 per cent as against last year.

PTI also Sen as saying that the Future group is looking to hire nearly 1,000 additional workers for the festive rush.

&quot;They hire from staffing firms like TeamLease Services, students from tier 2 and 3 cities who are later trained on specific roles like customer-facing, back-end and store management. Wages range from Rs 12,000-15,000 per month and they would also get performance-based variable pay,&quot; he added.

The retail sector sees 15 per cent additional staff as Indians are known to buy new phones and electronic gadgets during this time, experts told PTI.

&quot;In preparation of the festive spike, we had created nearly 10,000 temporary jobs. The temporary positions are mostly in logistics and delivery and some positions are also in the seller support function,&quot; Tony Navin, SVP, Partnerships and Strategic Initiatives, Snapdeal said in a PTI report.

Hiring is heavier in cities of Lucknow, Kolkata and Bengaluru with the highest demand here.

(WION with inputs from PTI)

Companies tend to hire a temporary workforce during the festive season owing to the steep hike in demand for goods

Temporary hiring may see a jump of 20 to 25 per cent this festive season in India as compared to last year, say experts. The festive season - from Ganesh puja around August to New Year - requires additional staff to handle the rise in demand, especially for e-commerce companies, logistics, FMCG, hospitality, retail, supply chain and transport. Companies report almost 40-50 per cent of their total business during the festive period and hire temporary resources, including interns and young college-goers, states a PTI report. "This temporary hiring not only avoids the long-term cost for start-ups, but helps them in experimenting fresh resources in different functional areas. And they observes resources for permanent and long term roles," said Sunil Goel, MD, executive search firm GlobalHunt, adding that temp hiring will go up by a minimum 20-25 per cent as against last year. PTI also Sen as saying that the Future group is looking to hire nearly 1,000 additional workers for the festive rush. "They hire from staffing firms like TeamLease Services, students from tier 2 and 3 cities who are later trained on specific roles like customer-facing, back-end and store management. Wages range from Rs 12,000-15,000 per month and they would also get performance-based variable pay," he added. The retail sector sees 15 per cent additional staff as Indians are known to buy new phones and electronic gadgets during this time, experts told PTI. "In preparation of the festive spike, we had created nearly 10,000 temporary jobs. The temporary positions are mostly in logistics and delivery and some positions are also in the seller support function," Tony Navin, SVP, Partnerships and Strategic Initiatives, Snapdeal said in a PTI report. Hiring is heavier in cities of Lucknow, Kolkata and Bengaluru with the highest demand here. (WION with inputs from PTI)

Temporary hiring to rise during festive season in India

Samsung heir apparent J Y&nbsp;Lee took a major step towards control of the family-run conglomerate on Thursday, joining the board as the company reported a 30 percent profit plunge following a highly damaging recall crisis.

The move is being seen as a coronation of sorts of the 48-year-old Lee, who is already vice chairman of Samsung Electronics and has seen his influence grow since his father, Samsung patriarch Lee Kun-hee, suffered a heart attack and was hospitalised in 2014.

&quot;Mr&nbsp;Lee&#39;s election to the board will allow him to more actively participate in and take formal responsibility for the company&#39;s important decision making, contributing to creating long-term, sustainable value for all of our stakeholders,&quot; board chairman Kwon Oh-Hyun said.

The nomination was approved by an extraordinary meeting of Samsung shareholders which also focused on the recall fiasco surrounding the flagship Galaxy Note 7 smartphone that has hammered the reputation of the world&#39;s largest smartphone maker.

The meeting began just hours after Samsung announced a third quarter operating profit of 5.2 trillion won ($4.6 billion) -- down from 7.3 trillion won a year ago.

The profit slump was in line with a revised earning estimate issued by Samsung two weeks earlier after it killed off its Note 7 smartphone due to devices overheating and bursting into flames.

<h3>Brand hit 
&nbsp;</h3>

The decision to discontinue production of a model aimed at competing with arch-rival Apple&#39;s iPhone was a devastating move for a company that prides itself on the quality production of cutting-edge technology.

Scrapping the Note 7 saw earnings of the company&#39;s core mobile business drop off a cliff, with the mobile division&#39;s operating profit for the third quarter down almost 98 percent from the previous quarter at just 100 billion won.

In an earnings statement, Samsung said its mobile unit would focus on &quot;expanding sales of new flagship products ... as well as regaining consumers&#39; confidence.&quot;

The impact of the Note 7 debacle on the electronics giant&#39;s brand name is still being calculated, with Samsung itself having predicted another $3 billion-plus in lost profits over the next two quarters.

&quot;The mobile business hit bottom, but it should pull off a partial recovery in the fourth quarter where we will be looking for an operating profit of roughly 2.0 trillion won,&quot; said Greg Roh, an analyst at HMC Investment Securities.

&quot;But we&#39;ll have to wait until the second quarter of next year for a full recovery with the launch of the Galaxy 8 smartphone in March,&quot; Roh said.

<h3>Consumer confidence</h3>

<h3>&nbsp;</h3>

&quot;Samsung has lost consumer confidence, but I think it still has at least one more chance. Rather than rushing to release the next product, it should conduct a thorough inspection and explain the results of its investigation into the Note 7,&quot; he added.

As an illustration of the loss of prestige suffered by a company used to being treated as corporate royalty in South Korea, thousands of domestic Note 7 customers are expected to join a class action lawsuit seeking compensation over the recall fiasco.

And one South Korean investment advisory firm went so far as to recommend shareholders vote on Thursday against J.Y. Lee&#39;s nomination to the board.

The founding Lee family controls the Samsung group companies, with interests that extend into financial services, hotels, biopharmaceuticals and fashion, through a complex network of cross-ownership.

Samsung alone accounts for around 17 percent of South Korea&#39;s GDP and the Note 7 crisis has impacted the national economy, with the Bank of Korea adjusting its overall growth forecast.

<h3>Management spotlight</h3>

&nbsp;

Companies like Samsung are not used to dealing with public scrutiny, or indeed with uppity shareholders -- but the handling of the Note 7 recall placed its management style under a very harsh spotlight.

Despite the pall cast over the smartphone division, Samsung&#39;s display and chip businesses -- which supply screens and memory chips to TV makers and rival phone brands - has held up well.

&quot;In particular, demand for memory chips saw a remarkable increase, due mainly to high-density, high-performance mobile and server products,&quot; the company said.

Operating profit in the semiconductor division stood at 3.37 trillion won in the third quarter, up 28 percent from the previous quarter.

(AFP)

The move is being seen as a coronation of sorts of the 48-year-old JY Lee, son of the Samsung patriarch Lee Kun-hee

Samsung heir apparent J Y Lee took a major step towards control of the family-run conglomerate on Thursday, joining the board as the company reported a 30 percent profit plunge following a highly damaging recall crisis. The move is being seen as a coronation of sorts of the 48-year-old Lee, who is already vice chairman of Samsung Electronics and has seen his influence grow since his father, Samsung patriarch Lee Kun-hee, suffered a heart attack and was hospitalised in 2014. "Mr Lee's election to the board will allow him to more actively participate in and take formal responsibility for the company's important decision making, contributing to creating long-term, sustainable value for all of our stakeholders," board chairman Kwon Oh-Hyun said. The nomination was approved by an extraordinary meeting of Samsung shareholders which also focused on the recall fiasco surrounding the flagship Galaxy Note 7 smartphone that has hammered the reputation of the world's largest smartphone maker. The meeting began just hours after Samsung announced a third quarter operating profit of 5.2 trillion won ($4.6 billion) -- down from 7.3 trillion won a year ago. The profit slump was in line with a revised earning estimate issued by Samsung two weeks earlier after it killed off its Note 7 smartphone due to devices overheating and bursting into flames. Brand hit The decision to discontinue production of a model aimed at competing with arch-rival Apple's iPhone was a devastating move for a company that prides itself on the quality production of cutting-edge technology. Scrapping the Note 7 saw earnings of the company's core mobile business drop off a cliff, with the mobile division's operating profit for the third quarter down almost 98 percent from the previous quarter at just 100 billion won. In an earnings statement, Samsung said its mobile unit would focus on "expanding sales of new flagship products ... as well as regaining consumers' confidence." The impact of the Note 7 debacle on the electronics giant's brand name is still being calculated, with Samsung itself having predicted another $3 billion-plus in lost profits over the next two quarters. "The mobile business hit bottom, but it should pull off a partial recovery in the fourth quarter where we will be looking for an operating profit of roughly 2.0 trillion won," said Greg Roh, an analyst at HMC Investment Securities. "But we'll have to wait until the second quarter of next year for a full recovery with the launch of the Galaxy 8 smartphone in March," Roh said. Consumer confidence "Samsung has lost consumer confidence, but I think it still has at least one more chance. Rather than rushing to release the next product, it should conduct a thorough inspection and explain the results of its investigation into the Note 7," he added. As an illustration of the loss of prestige suffered by a company used to being treated as corporate royalty in South Korea, thousands of domestic Note 7 customers are expected to join a class action lawsuit seeking compensation over the recall fiasco. And one South Korean investment advisory firm went so far as to recommend shareholders vote on Thursday against J.Y. Lee's nomination to the board. The founding Lee family controls the Samsung group companies, with interests that extend into financial services, hotels, biopharmaceuticals and fashion, through a complex network of cross-ownership. Samsung alone accounts for around 17 percent of South Korea's GDP and the Note 7 crisis has impacted the national economy, with the Bank of Korea adjusting its overall growth forecast. Management spotlight Companies like Samsung are not used to dealing with public scrutiny, or indeed with uppity shareholders -- but the handling of the Note 7 recall placed its management style under a very harsh spotlight. Despite the pall cast over the smartphone division, Samsung's display and chip businesses -- which supply screens and memory chips to TV makers and rival phone brands - has held up well. "In particular, demand for memory chips saw a remarkable increase, due mainly to high-density, high-performance mobile and server products," the company said. Operating profit in the semiconductor division stood at 3.37 trillion won in the third quarter, up 28 percent from the previous quarter. (AFP)

Samsung scion joins board as profits plunge on Note 7 crisis

Microsoft Corp on Wednesday unveiled its first-ever desktop computer and a free update to its Windows operating system that allows edits using 3D simulations, in hopes of reinvigorating its computing business.

The Windows 10 Creators Update, coming in early 2017, lets mobile devices scan an object on all sides so it can rotate 360 degrees in a photograph. It also allows for three-dimensional graphics in Microsoft&#39;s popular PowerPoint presentation software, and a new &quot;Paint 3D&quot; application allows edits in 3D simulations.

Sales for Microsoft&#39;s computing business have declined since 2015. With the new features, Microsoft is hoping to stand out from the pack and win over creative types who have long preferred products from rival Apple Inc.

&quot;Microsoft has its work cut out in trying to convince potential customers that its products are more than just the workhorses they&#39;ve always been for many,&quot; analyst Jan Dawson of Jackdaw Research said in a note. &quot;That won&#39;t change overnight.&quot;

Microsoft shares closed 0.6 per cent lower at $60.63.

The technology company&#39;s desktop computer, the Surface Studio, has a touch-screen monitor that can lie flat and be drawn on with a stylus. Microsoft also said it would introduce a new Surface Book laptop whose battery life is 30 per cent longer at 16 hours.

At $2,999 and up, the Surface Studio will be &quot;out of reach for the vast majority of consumers,&quot; Dawson said.

The upgrade, for Windows 10 only, has limits as well. While more than 400 million devices run on Windows 10, far more computers still have Windows 7 installed, according to data from NetMarketShare. That means the majority of users will not see any changes.

Nonetheless, analysts said the upgrade puts Microsoft at the forefront of mass-market 3D technology, with the potential to please average users and intensive gamers alike.

&quot;Microsoft is getting ahead of the curve,&quot; Tigress Financial Partners analyst Ivan Feinseth said. &quot;Their marketing efforts to illustrate the 3D ability seems to be ahead of Apple&#39;s.&quot;

Apple has scheduled an event on Thursday where it is expected to unveil updated Mac computers.

Microsoft&#39;s update targets gamers in particular, who are keen on using new virtual reality headsets and have been turned on to augmented reality games since the July launch of hit mobile app Pokemon Go.

Business partners HP, Lenovo, Dell and others will introduce virtual reality headsets, starting at $299, that work with the new Windows 10, Microsoft said.

&quot;We are building Windows for each of us (and enabling) people to experience computing in new ways,&quot; Chief Executive Satya Nadella said at a New York event to launch the new products.

Revenue for the Windows and computing unit fell 1.8 percent last quarter to $9.29 billion, Microsoft said on Thursday. It forecast division sales of as much as $11.6 billion for this quarter, well below year-earlier results of $12.7 billion.

Nonetheless, Microsoft is riding high on its fast-growing cloud business, which companies can use to host their websites, apps or data. Shares of Microsoft have doubled since August 2013, with Nadella restoring investor confidence by focusing on mobile and cloud computing rather than PCs.

(Reuters)

Microsoft is hoping to stand out from the pack and win over creative types who have long preferred products from rival Apple Inc

Microsoft Corp on Wednesday unveiled its first-ever desktop computer and a free update to its Windows operating system that allows edits using 3D simulations, in hopes of reinvigorating its computing business. The Windows 10 Creators Update, coming in early 2017, lets mobile devices scan an object on all sides so it can rotate 360 degrees in a photograph. It also allows for three-dimensional graphics in Microsoft's popular PowerPoint presentation software, and a new "Paint 3D" application allows edits in 3D simulations. Sales for Microsoft's computing business have declined since 2015. With the new features, Microsoft is hoping to stand out from the pack and win over creative types who have long preferred products from rival Apple Inc. "Microsoft has its work cut out in trying to convince potential customers that its products are more than just the workhorses they've always been for many," analyst Jan Dawson of Jackdaw Research said in a note. "That won't change overnight." Microsoft shares closed 0.6 per cent lower at $60.63. The technology company's desktop computer, the Surface Studio, has a touch-screen monitor that can lie flat and be drawn on with a stylus. Microsoft also said it would introduce a new Surface Book laptop whose battery life is 30 per cent longer at 16 hours. At $2,999 and up, the Surface Studio will be "out of reach for the vast majority of consumers," Dawson said. The upgrade, for Windows 10 only, has limits as well. While more than 400 million devices run on Windows 10, far more computers still have Windows 7 installed, according to data from NetMarketShare. That means the majority of users will not see any changes. Nonetheless, analysts said the upgrade puts Microsoft at the forefront of mass-market 3D technology, with the potential to please average users and intensive gamers alike. "Microsoft is getting ahead of the curve," Tigress Financial Partners analyst Ivan Feinseth said. "Their marketing efforts to illustrate the 3D ability seems to be ahead of Apple's." Apple has scheduled an event on Thursday where it is expected to unveil updated Mac computers. Microsoft's update targets gamers in particular, who are keen on using new virtual reality headsets and have been turned on to augmented reality games since the July launch of hit mobile app Pokemon Go. Business partners HP, Lenovo, Dell and others will introduce virtual reality headsets, starting at $299, that work with the new Windows 10, Microsoft said. "We are building Windows for each of us (and enabling) people to experience computing in new ways," Chief Executive Satya Nadella said at a New York event to launch the new products. Revenue for the Windows and computing unit fell 1.8 percent last quarter to $9.29 billion, Microsoft said on Thursday. It forecast division sales of as much as $11.6 billion for this quarter, well below year-earlier results of $12.7 billion. Nonetheless, Microsoft is riding high on its fast-growing cloud business, which companies can use to host their websites, apps or data. Shares of Microsoft have doubled since August 2013, with Nadella restoring investor confidence by focusing on mobile and cloud computing rather than PCs. (Reuters)

Microsoft launches first desktop, Windows update with 3D features

Samsung Electronics on Thursday reported an expected 30 per cent profit plunge on the back of a highly damaging recall crisis that hammered the reputation of the world&#39;s largest smartphone maker.

The third quarter earnings were announced just hours before the start of an annual shareholder meeting which was set to approve the latest step in a complex generational change of leadership at the family-run South Korean conglomerate.

Samsung said its operating profit for the July-September period stood at 5.2 trillion won (USD 4.6 billion), compared with 7.3 trillion won a year ago.

The profit slump was in line with a revised earning estimate issued by Samsung two weeks earlier after it killed off its flagship Galaxy Note 7 smartphone due to devices overheating and bursting into flames.

The decision to discontinue production of a model aimed at competing with arch-rival Apple&#39;s iPhone was a devastating move for a company that prides itself on the quality production of cutting-edge technology.

Scrapping the Note 7 saw earnings of the company&#39;s core mobile business drop off a cliff, with the mobile division&#39;s operating profit for the third quarter down almost 98 per cent from the previous quarter at just 100 billion won.

<h3>Regaining confidence</h3>

&nbsp;

In an earnings statement, Samsung said its mobile unit would focus on &quot;expanding sales of new flagship products ... as well as regaining consumers&#39; confidence.&quot;

The impact of the Note 7 debacle on the electronics giant&#39;s brand name is still being calculated, with Samsung itself having predicted another USD 3 billion-plus in lost profits over the next two quarters.

&quot;The mobile business hit bottom, but it should pull off a partial recovery in the fourth quarter where we will be looking for an operating profit of roughly 2.0 trillion won,&quot; said Greg Roh, an analyst at HMC Investment Securities.

&quot;But we&#39;ll have to wait until the second quarter of next year for a full recovery with the launch of the Galaxy 8 smartphone in March,&quot; Roh said.

&quot;Samsung has lost consumer confidence, but I think it still has at least one more chance. Rather than rushing to release the next product, it should conduct a thorough inspection and explain the results of its investigation into the Note 7,&quot; he added.

As an illustration of the loss of prestige suffered by a company used to being treated as corporate royalty in South Korea, thousands of domestic Note 7 customers are expected to join a class action lawsuit seeking compensation over the recall fiasco.

And one South Korean investment advisory firm went so far as to recommend shareholders vote on Thursday against the nomination to the Samsung Group board of vice chairman JY Lee - the family-run firm&#39;s heir apparent.

<h3>The crown prince</h3>

&nbsp;

Lee is already vice chairman of Samsung Electronics and has gained influence since his father, Samsung patriarch Lee Kun-hee, suffered a heart attack and was hospitalised in 2014.

His elevation to the nine-member board is being seen as a coronation of sorts.&nbsp;

The founding Lee family controls the Samsung group companies, with interests that extend into financial services, hotels, biopharmaceuticals and fashion, through a complex network of cross ownership.

Samsung alone accounts for around 17 percent of South Korea&#39;s GDP and the Note 7 crisis has impacted the national economy, with the Bank of Korea adjusting its overall growth forecast.

Companies like Samsung are not used to dealing with public scrutiny, or indeed with uppity shareholders -- but the handling of the Note 7 recall placed its management style under a very harsh spotlight.

Despite the pall cast over the smartphone division, Samsung&#39;s display and chip businesses -- which supply screens and memory chips to TV makers and rival phone brands -&nbsp;held up well.

&quot;In particular, demand for memory chips saw a remarkable increase, due mainly to high-density, high-performance mobile and server products,&quot; the company said.

Operating profit in the semiconductor division stood at 3.37 trillion won in the third quarter, up 28 percent from the previous quarter.

(AFP)

Samsung has predicted another USD 3 billion-plus in lost profits over the next two quarters

Samsung Electronics on Thursday reported an expected 30 per cent profit plunge on the back of a highly damaging recall crisis that hammered the reputation of the world's largest smartphone maker. The third quarter earnings were announced just hours before the start of an annual shareholder meeting which was set to approve the latest step in a complex generational change of leadership at the family-run South Korean conglomerate. Samsung said its operating profit for the July-September period stood at 5.2 trillion won (USD 4.6 billion), compared with 7.3 trillion won a year ago. The profit slump was in line with a revised earning estimate issued by Samsung two weeks earlier after it killed off its flagship Galaxy Note 7 smartphone due to devices overheating and bursting into flames. The decision to discontinue production of a model aimed at competing with arch-rival Apple's iPhone was a devastating move for a company that prides itself on the quality production of cutting-edge technology. Scrapping the Note 7 saw earnings of the company's core mobile business drop off a cliff, with the mobile division's operating profit for the third quarter down almost 98 per cent from the previous quarter at just 100 billion won. Regaining confidence In an earnings statement, Samsung said its mobile unit would focus on "expanding sales of new flagship products ... as well as regaining consumers' confidence." The impact of the Note 7 debacle on the electronics giant's brand name is still being calculated, with Samsung itself having predicted another USD 3 billion-plus in lost profits over the next two quarters. "The mobile business hit bottom, but it should pull off a partial recovery in the fourth quarter where we will be looking for an operating profit of roughly 2.0 trillion won," said Greg Roh, an analyst at HMC Investment Securities. "But we'll have to wait until the second quarter of next year for a full recovery with the launch of the Galaxy 8 smartphone in March," Roh said. "Samsung has lost consumer confidence, but I think it still has at least one more chance. Rather than rushing to release the next product, it should conduct a thorough inspection and explain the results of its investigation into the Note 7," he added. As an illustration of the loss of prestige suffered by a company used to being treated as corporate royalty in South Korea, thousands of domestic Note 7 customers are expected to join a class action lawsuit seeking compensation over the recall fiasco. And one South Korean investment advisory firm went so far as to recommend shareholders vote on Thursday against the nomination to the Samsung Group board of vice chairman JY Lee - the family-run firm's heir apparent. The crown prince Lee is already vice chairman of Samsung Electronics and has gained influence since his father, Samsung patriarch Lee Kun-hee, suffered a heart attack and was hospitalised in 2014. His elevation to the nine-member board is being seen as a coronation of sorts. The founding Lee family controls the Samsung group companies, with interests that extend into financial services, hotels, biopharmaceuticals and fashion, through a complex network of cross ownership. Samsung alone accounts for around 17 percent of South Korea's GDP and the Note 7 crisis has impacted the national economy, with the Bank of Korea adjusting its overall growth forecast. Companies like Samsung are not used to dealing with public scrutiny, or indeed with uppity shareholders -- but the handling of the Note 7 recall placed its management style under a very harsh spotlight. Despite the pall cast over the smartphone division, Samsung's display and chip businesses -- which supply screens and memory chips to TV makers and rival phone brands - held up well. "In particular, demand for memory chips saw a remarkable increase, due mainly to high-density, high-performance mobile and server products," the company said. Operating profit in the semiconductor division stood at 3.37 trillion won in the third quarter, up 28 percent from the previous quarter. (AFP)

As expected, Samsung posts 30% drop in profit

With Indian fashion businesses becoming a part of the larger consumer story that &nbsp;investors are betting on, the brands are attacting overwhelming valuations.&nbsp;

&nbsp;

According to recent market reports, India stands second amongst all nations in the global consumer confidence index.&nbsp;

&nbsp;

Global corporations are now viewing the South Asian country as one of the key markets from where future growth is likely to emerge and see an uptick in demand going forward on the back of rising consumer disposable income.&nbsp;

&nbsp;

The PE funds investing big bucks in fashion brands include Everstone capital, Warburg Pincus, General Atlantic and Multiples Private Equity.&nbsp;

&nbsp;

The brands that have currently won investor confidence are brands from the house of Arvind Ltd, Biba apparels, Ritu Kumar and Anita Dongre to name a few. &nbsp;For instance, textile manufacturer Arvind Ltd company has made a 10 per cent stake sale to multiples private equity at INR 740 crores.&nbsp;

&nbsp;

A study by McKinsey has suggested that if India&nbsp;holds forth with the current pace, average household incomes will triple over the next two decades. This would make India the world&#39;s fifth largest consumer economy by 2025 from the current 12th position.

&nbsp;

(WION)

The brands that have currently won investor confidence are from the house of Arvind Ltd, Biba apparels, Ritu Kumar and Anita Dongre

With Indian fashion businesses becoming a part of the larger consumer story that investors are betting on, the brands are attacting overwhelming valuations. According to recent market reports, India stands second amongst all nations in the global consumer confidence index. Global corporations are now viewing the South Asian country as one of the key markets from where future growth is likely to emerge and see an uptick in demand going forward on the back of rising consumer disposable income. The PE funds investing big bucks in fashion brands include Everstone capital, Warburg Pincus, General Atlantic and Multiples Private Equity. The brands that have currently won investor confidence are brands from the house of Arvind Ltd, Biba apparels, Ritu Kumar and Anita Dongre to name a few. For instance, textile manufacturer Arvind Ltd company has made a 10 per cent stake sale to multiples private equity at INR 740 crores. A study by McKinsey has suggested that if India holds forth with the current pace, average household incomes will triple over the next two decades. This would make India the world's fifth largest consumer economy by 2025 from the current 12th position. (WION)

It's raining private equity for fashion businesses in India

Cyrus Mistry was removed as the chairman of Tata Sons, the largest conglomerate in India, due to &quot;poor financial performance&quot; and a &quot;divergence&quot;&nbsp;in values, a company&#39;s trustee told Indian television agency NDTV.

VR Mehta, a member of the Sir Dorabji Tata Trust, which along with Sir Ratan Tata Trust hold two-thirds of Tata Sons, said the other major reason the company&#39;s increasing&nbsp;dependence on two companies --&nbsp;Tata Consultancy Services and JLR (Jaguar Land Rover).

Mehta said his trust, which is one of India&#39;s oldest philanthropic organisations in India, said:&nbsp;&quot;We cannot take it for granted that these companies will continue to be as profitable always and contribute as much to Tata Sons.&quot;

He also voiced his concern about the other three-four companies that belong to the group not performing too well currently. He said a prolonged poor performance would have&nbsp;adversely impacted the conglomerate&#39;s revenues in the long term.&nbsp;

As a consequence, falling revenues would have curtailed money available for the trust to carry on its&nbsp;philanthropic activities, he said.

&quot;I had concerns, other trustees had conerns and we were discussing this for some time,&quot; he said.&nbsp;

Asked about whether there was a shift in values of the company, Mehta said: &quot;There was a divergence in the company&#39;s ethos.&quot;

Mehta also spoke about how the DoCoMo case was not handled&nbsp;&quot;very cordially, to say the least&quot;. &quot;Should have handled the case with little more finesse,&quot; he said.&nbsp;

Earlier this year, Tata Sons was directed to pay $1.17 billion to NTT DoCoMo for breach of contract because the company was neither able to find a buyer&nbsp;nor buy back the Japanese partner&#39;s 26 per cent&nbsp;stake in their telecom joint venture.

Mistry &#39;shocked&#39; 

Meanwhile, 48-year-old Mistry shot off a mail to board members saying he was &quot;shocked&quot; that he wasn&#39;t given a chance to defend himself.

The hasty ouster as the company&#39;s chairman, he wrote, meant that the board had not &quot;covered itself with glory&quot;.&nbsp;

On October 24,&nbsp;Mistry was replaced by his predecessor Ratan Tata as the chairman of the conglomerate for four months.

(WION) 
&nbsp;

This is the first time a senior member associated with Tata Sons has publicly detailed the reasons for Mistry's removal as company chairman

Cyrus Mistry was removed as the chairman of Tata Sons, the largest conglomerate in India, due to "poor financial performance" and a "divergence" in values, a company's trustee told Indian television agency NDTV. VR Mehta, a member of the Sir Dorabji Tata Trust, which along with Sir Ratan Tata Trust hold two-thirds of Tata Sons, said the other major reason the company's increasing dependence on two companies -- Tata Consultancy Services and JLR (Jaguar Land Rover). Mehta said his trust, which is one of India's oldest philanthropic organisations in India, said: "We cannot take it for granted that these companies will continue to be as profitable always and contribute as much to Tata Sons." He also voiced his concern about the other three-four companies that belong to the group not performing too well currently. He said a prolonged poor performance would have adversely impacted the conglomerate's revenues in the long term. As a consequence, falling revenues would have curtailed money available for the trust to carry on its philanthropic activities, he said. "I had concerns, other trustees had conerns and we were discussing this for some time," he said. Asked about whether there was a shift in values of the company, Mehta said: "There was a divergence in the company's ethos." Mehta also spoke about how the DoCoMo case was not handled "very cordially, to say the least". "Should have handled the case with little more finesse," he said. Earlier this year, Tata Sons was directed to pay $1.17 billion to NTT DoCoMo for breach of contract because the company was neither able to find a buyer nor buy back the Japanese partner's 26 per cent stake in their telecom joint venture. Mistry 'shocked' Meanwhile, 48-year-old Mistry shot off a mail to board members saying he was "shocked" that he wasn't given a chance to defend himself. The hasty ouster as the company's chairman, he wrote, meant that the board had not "covered itself with glory". On October 24, Mistry was replaced by his predecessor Ratan Tata as the chairman of the conglomerate for four months. (WION)

Cyrus Mistry ousted due to falling revenues, 'divergence in values': Tata trustee