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Volkswagen AG, in another step to move past its costly diesel emissions cheating scandal, has agreed to pay $175 million to US lawyers suing the German automaker on behalf of the owners of 475,000 polluting vehicles, two people briefed on the agreement said on Friday. 
&nbsp; 
In August, the lawyers in the class action litigation sought up to $332.5 million in fees and costs for their work in a $10 billion settlement that gives US owners of 2.0 litre polluting cars the ability to sell back their vehicles to Volkswagen.

The latest deal with the lawyers means VW has now agreed to spend up to $16.7 billion to compensate US owners and address claims from states, federal regulators and dealers arising from the &quot;Dieselgate&quot; scandal.

The resolution of legal fees clears another hurdle as the world&#39;s No 2 automaker looks to resolve all of the outstanding aspects of a scandal that disrupted its global business, hurt its reputation and led to the ouster of its CEO last year.

VW in September 2015 admitted using sophisticated secret software in its cars to cheat exhaust emissions tests, with millions of vehicles worldwide affected. The cheating allowed VW&#39;s US vehicles sold since 2009 to emit up to 40 times legally allowable pollution levels.

The $175 million includes attorneys&#39; fees and other costs, according to the sources, who spoke on condition of anonymity.

Lawyers for the owners of polluting vehicles and a spokeswoman for Volkswagen declined to comment.

US District Judge Charles Breyer on Tuesday is set to hold a hearing in San Francisco on whether to grant final approval of the vehicle owners&#39; settlement announced in June, which would be the largest-ever automotive buy-back offer in the United States.

VW has agreed to spend up to $10.033 billion to buy back the vehicles and compensate owners.

It may also offer vehicle fixes if regulators approve. Under a timetable announced this summer, regulators could approve a fix for some 2015 VW diesel vehicles as early as next month.

In addition, VW has agreed to pay up to $1.21 billion to compensate US VW brand dealers, pay more than $600 million to 44 US states, spend $2 billion on zero-emission vehicle promotion and infrastructure, and another $2.7 billion to offset diesel pollution.

It still faces billions of dollars in potential fines from the US Justice Department in its criminal probe into VW&#39;s cheating scandal, and must resolve the fate of larger vehicles that were not part of the initial $10 billion settlement.

VW and US regulators are in continuing discussions over whether the automaker should agree to buy back 85,000 larger 3.0-liter Porsche, Audi and VW vehicles that also exceeded US emission standards, and whether it should offer additional compensation to those owners.&nbsp; 
 
(Reuters)

Volkswagen will spend up to $16.7 billion to compensate US owners and address claims from states, federal regulators and dealers

Volkswagen AG, in another step to move past its costly diesel emissions cheating scandal, has agreed to pay $175 million to US lawyers suing the German automaker on behalf of the owners of 475,000 polluting vehicles, two people briefed on the agreement said on Friday. In August, the lawyers in the class action litigation sought up to $332.5 million in fees and costs for their work in a $10 billion settlement that gives US owners of 2.0 litre polluting cars the ability to sell back their vehicles to Volkswagen. The latest deal with the lawyers means VW has now agreed to spend up to $16.7 billion to compensate US owners and address claims from states, federal regulators and dealers arising from the "Dieselgate" scandal. The resolution of legal fees clears another hurdle as the world's No 2 automaker looks to resolve all of the outstanding aspects of a scandal that disrupted its global business, hurt its reputation and led to the ouster of its CEO last year. VW in September 2015 admitted using sophisticated secret software in its cars to cheat exhaust emissions tests, with millions of vehicles worldwide affected. The cheating allowed VW's US vehicles sold since 2009 to emit up to 40 times legally allowable pollution levels. The $175 million includes attorneys' fees and other costs, according to the sources, who spoke on condition of anonymity. Lawyers for the owners of polluting vehicles and a spokeswoman for Volkswagen declined to comment. US District Judge Charles Breyer on Tuesday is set to hold a hearing in San Francisco on whether to grant final approval of the vehicle owners' settlement announced in June, which would be the largest-ever automotive buy-back offer in the United States. VW has agreed to spend up to $10.033 billion to buy back the vehicles and compensate owners. It may also offer vehicle fixes if regulators approve. Under a timetable announced this summer, regulators could approve a fix for some 2015 VW diesel vehicles as early as next month. In addition, VW has agreed to pay up to $1.21 billion to compensate US VW brand dealers, pay more than $600 million to 44 US states, spend $2 billion on zero-emission vehicle promotion and infrastructure, and another $2.7 billion to offset diesel pollution. It still faces billions of dollars in potential fines from the US Justice Department in its criminal probe into VW's cheating scandal, and must resolve the fate of larger vehicles that were not part of the initial $10 billion settlement. VW and US regulators are in continuing discussions over whether the automaker should agree to buy back 85,000 larger 3.0-liter Porsche, Audi and VW vehicles that also exceeded US emission standards, and whether it should offer additional compensation to those owners. (Reuters)

Volkswagen 'Dieselgate': Company to pay $175 million to US lawyers

Indian banks&#39; loans rose 10.4 per cent in the two weeks to September 30 from a year earlier, while deposits rose 11.3 per cent, the Reserve Bank of India&#39;s weekly statistical supplement showed on Friday.

Outstanding loans rose 2.11 trillion Indian Rupees ($31.56 billion) to 75.21 trillion Rupees in the two weeks to September 30. Non-food credit rose 2.21 trillion Indian Rupees to 74.35 trillion Rupees, while food credit fell 105.30 billion Indian Rupees to 854.60 billion Rupees.

Bank deposits rose 3.52 trillion Indian Rupees to 101.43 trillion Rupees in the two weeks to September 30.

(Reuters)

Outstanding loans rose 2.11 trillion Indian Rupees ($31.56 billion) to 75.21 trillion Rupees in the two weeks to September 30

Indian banks' loans rose 10.4 per cent in the two weeks to September 30 from a year earlier, while deposits rose 11.3 per cent, the Reserve Bank of India's weekly statistical supplement showed on Friday. Outstanding loans rose 2.11 trillion Indian Rupees ($31.56 billion) to 75.21 trillion Rupees in the two weeks to September 30. Non-food credit rose 2.21 trillion Indian Rupees to 74.35 trillion Rupees, while food credit fell 105.30 billion Indian Rupees to 854.60 billion Rupees. Bank deposits rose 3.52 trillion Indian Rupees to 101.43 trillion Rupees in the two weeks to September 30. (Reuters)

Indian banks' loans rose 10.4 per cent in two weeks to September 30 : Reserve Bank of India

US officials on Friday banned Samsung Galaxy Note 7 smartphones from airplanes under an emergency order after reports of the device catching fire.

The ban will be effective from Saturday noon, said US transportation secretary Anthony Foxx. Anyone in violation of the ban will be fined and have the phone confiscated. They may also be subject to a criminal prosecution,&nbsp;the transport department said in a press statement, Reuters reported.

&quot;We recognise that banning these phones from airlines will inconvenience some passengers, but the safety of all those aboard an aircraft must take priority,&quot; Foxx said in a statement.

&quot;We are taking this additional step because even one fire incident inflight poses a high risk of severe personal injury and puts many lives at risk.&quot;

Passengers will be barred from carrying the Note 7 on planes, in hand luggage or in checked baggage on domestic flights and international flights to or from the United States, the agency said.

The agency said Samsung had received reports of at least 96 of the US handsets overheating, with 13 reports of burn injuries and 47 incidents of property damage, AFP reported.

On Monday, US mobile carriers AT&amp;T and T-mobile both&nbsp;said in separate statements they were temporarily halting the exchange of Note 7 smartphones citing safety concerns.

The technology giant has permanently halted the production of the Galaxy Note 7 smartphone nearly two months after its launch following reports of batteries catching fire. In September, it had announced a global recall of at least 2.5 million Galaxy Note 7 smartphones in 10 markets including the&nbsp;US due to faulty batteries causing explosions and fires.

(WION with inputs from agencies)

The ban on carrying Samsung's faulty devices on US airlines will be effective from Saturday noon and those in violation will be fined

US officials on Friday banned Samsung Galaxy Note 7 smartphones from airplanes under an emergency order after reports of the device catching fire. The ban will be effective from Saturday noon, said US transportation secretary Anthony Foxx. Anyone in violation of the ban will be fined and have the phone confiscated. They may also be subject to a criminal prosecution, the transport department said in a press statement, Reuters reported. "We recognise that banning these phones from airlines will inconvenience some passengers, but the safety of all those aboard an aircraft must take priority," Foxx said in a statement. "We are taking this additional step because even one fire incident inflight poses a high risk of severe personal injury and puts many lives at risk." Passengers will be barred from carrying the Note 7 on planes, in hand luggage or in checked baggage on domestic flights and international flights to or from the United States, the agency said. The agency said Samsung had received reports of at least 96 of the US handsets overheating, with 13 reports of burn injuries and 47 incidents of property damage, AFP reported. On Monday, US mobile carriers AT&T and T-mobile both said in separate statements they were temporarily halting the exchange of Note 7 smartphones citing safety concerns. The technology giant has permanently halted the production of the Galaxy Note 7 smartphone nearly two months after its launch following reports of batteries catching fire. In September, it had announced a global recall of at least 2.5 million Galaxy Note 7 smartphones in 10 markets including the US due to faulty batteries causing explosions and fires. (WION with inputs from agencies)

Samsung Note 7 phones banned from US airplanes

Indian budget passenger carrier SpiceJet has sealed $12 billion (over Rs 80,000 crore) deal for 100 aircraft, &nbsp;news agency ANI reported today.&nbsp;

&nbsp;

SpiceJet&#39;s chairman and managing director Ajay Singh, while talking to reporters at the Young FICCI Ladies Organisation (YLFO), said: &quot;We are going to finalise the deal in a month or so.&quot;

&nbsp;

In a bid to increase daily flights and enter into newer international destinations, SpiceJet will also buy five aircraft from Boeing and lease three aircraft from Bombardier this financial year.&nbsp;

&nbsp;

&quot;We have significant financial resources to fund the purchase of the aircraft as we have been profitable for the past few quarters and also have significant ability to use the (credit) limits from banks,&quot; Singh was quoted as saying.&nbsp;

&nbsp;

According to the news agency, SpiceJet is planning to tap two to three international destinations in the four to five-hour haul from the current presence in six countries including Dubai, Bangkok, Colombo, and Maldives.

&nbsp;

In the coming few years, the budget carrier is expected to hire nearly 600 pilots taking the total to 1,000 as it continues to grow its fleet that currently stands at 43.&nbsp;

&nbsp;

(WION with inputs from ANI)&nbsp; 
&nbsp;

SpiceJet is planning to tap more international destinations as it continues to grow its fleet that currently stands at 43

Indian budget passenger carrier SpiceJet has sealed $12 billion (over Rs 80,000 crore) deal for 100 aircraft, news agency ANI reported today. SpiceJet's chairman and managing director Ajay Singh, while talking to reporters at the Young FICCI Ladies Organisation (YLFO), said: "We are going to finalise the deal in a month or so." In a bid to increase daily flights and enter into newer international destinations, SpiceJet will also buy five aircraft from Boeing and lease three aircraft from Bombardier this financial year. "We have significant financial resources to fund the purchase of the aircraft as we have been profitable for the past few quarters and also have significant ability to use the (credit) limits from banks," Singh was quoted as saying. According to the news agency, SpiceJet is planning to tap two to three international destinations in the four to five-hour haul from the current presence in six countries including Dubai, Bangkok, Colombo, and Maldives. In the coming few years, the budget carrier is expected to hire nearly 600 pilots taking the total to 1,000 as it continues to grow its fleet that currently stands at 43. (WION with inputs from ANI)

Indian budget carrier SpiceJet seals $12 billion deal as it eyes expansion

A group led by Russian oil major Rosneft will invest around $12.9 billion in India&#39;s Essar Oil, chief executive Igor Sechin told reporters today.

&nbsp;

Sechin was quoted as saying by international agency Reuters that&nbsp;a refinery and port owned by the Indian firm were worth around $10 billion and $2.9 billion respectively.

&nbsp;

On the sidelines of BRICS Summit 2016, India and Russia signed a deal today&nbsp;to pave the way for a group led by Rosneft to acquire Essar.

&nbsp;

Officials from Russian lender VTB, which is giving Essar $3.9 billion in credit for debt reconstruction, said Rosneft would pay around $3.5 billion for its stake in Essar, the same amount as European trader Trafigura and Russian fund UCP.

&nbsp;

(Reuters)

CEO Igor Sechin said a refinery and port owned by the Indian firm were worth around $10 billion and $2.9 billion respectively

A group led by Russian oil major Rosneft will invest around $12.9 billion in India's Essar Oil, chief executive Igor Sechin told reporters today. Sechin was quoted as saying by international agency Reuters that a refinery and port owned by the Indian firm were worth around $10 billion and $2.9 billion respectively. On the sidelines of BRICS Summit 2016, India and Russia signed a deal today to pave the way for a group led by Rosneft to acquire Essar. Officials from Russian lender VTB, which is giving Essar $3.9 billion in credit for debt reconstruction, said Rosneft would pay around $3.5 billion for its stake in Essar, the same amount as European trader Trafigura and Russian fund UCP. (Reuters)

Russia's Rosneft, partners to invest around $12.9 billion in Essar Oil: CEO

India&#39;s retail inflation cooled to a 13-month low in September, helped by moderating food prices, giving room for the central bank to cut interest rates again if needed.

The consumer price index (CPI) rose 4.31 per cent last month from a year earlier, its slowest pace since August 2015, government data showed on Thursday.

Analysts polled by Reuters had expected the CPI to rise 4.80 per cent, after a 5.05 per cent gain in August.

In a surprise move earlier this month, the Reserve Bank of India (RBI), under new Governor Urjit Patel, cut interest rates by 25 basis points to 6.25 per cent on expectations that food inflation would ease in the months ahead.

The latest prices data backed that assessment as annual food inflation sharply slowed to 3.88 per cent in September from 5.91 per cent a month ago.

With strong crop sowing on the back of good summer rains widely expected to keep a lid on food prices, and a benign outlook for global commodity prices, inflation is expected to remain in check.

&quot;Until February we are going to see benign prints in CPI, which will open up space for at least one more rate cut in fiscal year 2016-17 under the present regime,&quot; said Rupa Rege Nitsure, group chief economist at L&amp;T Finance Holdings.

After this month&#39;s surprise rate cut, many economists revised their interest rate outlook and are now expecting the central bank to cut its key repo rate further by as much as 50 bps.

Bolstering the rate cut hopes is the decision of the RBI&#39;s recently formed monetary policy committee to relax the timeline for meeting its inflation target.

The central bank now expects to hit its 4 per cent inflation target by 2021 instead of 2018 as proposed earlier.

It also slashed the real interest rate target to 1.25 per cent, from the 1.5-2 per cent band set by Patel&#39;s predecessor Raghuram Rajan, giving itself more room to cut rates further.

However, a pending increase in house rent allowance for millions of government employees and pensioners as well as a nationwide rollout of a new sales tax next year are expected to increase prices.&nbsp;

Analysts at Nomura expect the rise in house rent allowance to add 100-150 bps to the headline inflation. Similarly, the implementation of a general sales tax from next April is likely to increase inflation by as much as 70 bps, they say.

 
 
&nbsp;

(Reuters)

Strong crop sowing on the back of good summer rains widely expected to keep food prices from soaring

India's retail inflation cooled to a 13-month low in September, helped by moderating food prices, giving room for the central bank to cut interest rates again if needed. The consumer price index (CPI) rose 4.31 per cent last month from a year earlier, its slowest pace since August 2015, government data showed on Thursday. Analysts polled by Reuters had expected the CPI to rise 4.80 per cent, after a 5.05 per cent gain in August. In a surprise move earlier this month, the Reserve Bank of India (RBI), under new Governor Urjit Patel, cut interest rates by 25 basis points to 6.25 per cent on expectations that food inflation would ease in the months ahead. The latest prices data backed that assessment as annual food inflation sharply slowed to 3.88 per cent in September from 5.91 per cent a month ago. With strong crop sowing on the back of good summer rains widely expected to keep a lid on food prices, and a benign outlook for global commodity prices, inflation is expected to remain in check. "Until February we are going to see benign prints in CPI, which will open up space for at least one more rate cut in fiscal year 2016-17 under the present regime," said Rupa Rege Nitsure, group chief economist at L&T Finance Holdings. After this month's surprise rate cut, many economists revised their interest rate outlook and are now expecting the central bank to cut its key repo rate further by as much as 50 bps. Bolstering the rate cut hopes is the decision of the RBI's recently formed monetary policy committee to relax the timeline for meeting its inflation target. The central bank now expects to hit its 4 per cent inflation target by 2021 instead of 2018 as proposed earlier. It also slashed the real interest rate target to 1.25 per cent, from the 1.5-2 per cent band set by Patel's predecessor Raghuram Rajan, giving itself more room to cut rates further. However, a pending increase in house rent allowance for millions of government employees and pensioners as well as a nationwide rollout of a new sales tax next year are expected to increase prices. Analysts at Nomura expect the rise in house rent allowance to add 100-150 bps to the headline inflation. Similarly, the implementation of a general sales tax from next April is likely to increase inflation by as much as 70 bps, they say. (Reuters)

Indian inflation slows, down to 13-month low

Indian software giant Infosys cut its annual earnings outlook for the second time in just three months on Friday, sending shares down almost three per cent, as cautious clients rein in spending.

The Bangalore-based IT services exporter reported a 6.1 per cent rise in quarterly net profits year-on-year but revised down its sales forecast for the financial year, citing an &quot;uncertain&quot; future.

Infosys shares slumped 2.57 per cent on the Bombay Stock Exchange in morning trade as a sluggish global economy hits India&#39;s outsourcing industry hard with companies inclined to think twice before rushing to sign contracts.

&quot;Considering our performance in the first half of the year and the near-term uncertain business outlook, we are revising our revenue guidance,&quot; CEO Vishal Sikka said in a statement.&nbsp;

In July, Infosys reduced its growth projection in US dollar terms for the fiscal year 2016-17 from between 11.8 per cent and 13.8 per cent to between 10.8 and 12.3 per cent.

On Friday that was revised down again to between 8.2 and 9.2 per cent.

Infosys and rival Tata Consultancy Services benefited as India became a back office to the world with companies taking advantage of the country&#39;s skilled English-speaking workforce by subcontracting work.

The companies are seen as the bellwether of India&#39;s flagship outsourcing industry but a recent tightening of the purse strings has put pressure on profits with contracts being postponed and in some cases,&nbsp;cancelled.

Infosys said consolidated net profit for the three months to September 30 was 36.06 billion Indian Rupees ($542 million) compared with 33.98 billion Rupees for the same period last year.

Revenues were 173.10 billion Rupees, slightly above a prediction of 171.8 billion Rupees by a survey of analysts done by Bloomberg News.

(AFP)

It reported a 6.1 per cent rise in quarterly net profits year-on-year but revised down its sales forecast for the financial year

Indian software giant Infosys cut its annual earnings outlook for the second time in just three months on Friday, sending shares down almost three per cent, as cautious clients rein in spending. The Bangalore-based IT services exporter reported a 6.1 per cent rise in quarterly net profits year-on-year but revised down its sales forecast for the financial year, citing an "uncertain" future. Infosys shares slumped 2.57 per cent on the Bombay Stock Exchange in morning trade as a sluggish global economy hits India's outsourcing industry hard with companies inclined to think twice before rushing to sign contracts. "Considering our performance in the first half of the year and the near-term uncertain business outlook, we are revising our revenue guidance," CEO Vishal Sikka said in a statement. In July, Infosys reduced its growth projection in US dollar terms for the fiscal year 2016-17 from between 11.8 per cent and 13.8 per cent to between 10.8 and 12.3 per cent. On Friday that was revised down again to between 8.2 and 9.2 per cent. Infosys and rival Tata Consultancy Services benefited as India became a back office to the world with companies taking advantage of the country's skilled English-speaking workforce by subcontracting work. The companies are seen as the bellwether of India's flagship outsourcing industry but a recent tightening of the purse strings has put pressure on profits with contracts being postponed and in some cases, cancelled. Infosys said consolidated net profit for the three months to September 30 was 36.06 billion Indian Rupees ($542 million) compared with 33.98 billion Rupees for the same period last year. Revenues were 173.10 billion Rupees, slightly above a prediction of 171.8 billion Rupees by a survey of analysts done by Bloomberg News. (AFP)

India: Software giant Infosys cuts earning outlook 2nd time in 3 months

HP Inc said it expects to cut about 3,000 to 4,000 jobs over the next three years, as the maker of printers and personal computers continues to struggle with a subdued market, sending its shares down 1.3 per cent in extended trading.

HP, which houses the hardware business of former Hewlett-Packard Co, said in February it would accelerate its restructuring program and slash around 3,000 jobs by the end of fiscal 2016.

HP chief executive Dion Weisler said the market continued to be volatile, facing pressures and uncertainties.

&quot;Our core markets are challenged and macroeconomic conditions are in flux right now,&quot; Weisler said.

HP expects adjusted profit for fiscal 2017 to be $1.55-$1.65 per share. Analysts on average had expected $1.61 per share, according to Thomson Reuters.

Raising its quarterly dividend by 7 per cent, HP also said it would increase its share buyback program by $3 billion.

The company expects restructuring and other charges of $350 million to $500 million and the move is expected to generate gross annual run rate savings of $200 million to $300 million beginning in fiscal 2020, HP said.

According to research firm Gartner, worldwide PC shipments in Q3 fell 5.7 per cent, eighth consecutive quarter of PC shipment decline. Gartner also said that this is the longest duration of decline in the history of the PC industry.

HP shares have gained 28 per cent this year up to Thursday&#39;s close.

(Reuters)

HP chief executive Dion Weisler said the market continued to be volatile, facing pressures and uncertainties

HP Inc said it expects to cut about 3,000 to 4,000 jobs over the next three years, as the maker of printers and personal computers continues to struggle with a subdued market, sending its shares down 1.3 per cent in extended trading. HP, which houses the hardware business of former Hewlett-Packard Co, said in February it would accelerate its restructuring program and slash around 3,000 jobs by the end of fiscal 2016. HP chief executive Dion Weisler said the market continued to be volatile, facing pressures and uncertainties. "Our core markets are challenged and macroeconomic conditions are in flux right now," Weisler said. HP expects adjusted profit for fiscal 2017 to be $1.55-$1.65 per share. Analysts on average had expected $1.61 per share, according to Thomson Reuters. Raising its quarterly dividend by 7 per cent, HP also said it would increase its share buyback program by $3 billion. The company expects restructuring and other charges of $350 million to $500 million and the move is expected to generate gross annual run rate savings of $200 million to $300 million beginning in fiscal 2020, HP said. According to research firm Gartner, worldwide PC shipments in Q3 fell 5.7 per cent, eighth consecutive quarter of PC shipment decline. Gartner also said that this is the longest duration of decline in the history of the PC industry. HP shares have gained 28 per cent this year up to Thursday's close. (Reuters)

HP to cut up to 4,000 jobs over next three years

Samsung on Friday said the crisis over its exploding Note 7 smartphones would cost another $3 billion-plus in lost profit over the next two-quarters, but hoped expanded sales of its other flagship handset would help cushion the impact.

The profit warning came two days after the South Korean electronics giant slashed its operating profit for the third quarter by $2.3 billion.

After a recall problem with the large-sized Galaxy Note 7 turned into a full-blown crisis, Samsung announced earlier this week that it was scrapping the model entirely, a devastating move for a company that prides itself on the quality production of cutting-edge technology.

On top of the third-quarter loss, Samsung said the drop in sales arising from the decision to discontinue the Note 7 would continue to impact profit margins during the October-March period, including the crucial holiday buying season.

It estimated operating profit loss in the fourth quarter at around the &quot;mid-2 trillion ($2.2 billion) won range&quot; and 1.0 trillion won for the first quarter of 2017.

&quot;Moving forward, Samsung Electronics plans to normalise its mobile business by expanding sales of flagship models such as the Galaxy S7 and Galaxy S7 edge,&quot; the company said in a statement.

Samsung announced a recall of 2.5 million units of the oversized Galaxy Note 7 smartphone in early September after several devices exploded or caught fire.

When replacement phones also started to combust, the company eventually decided to kill off the Note 7 for good.

The company blamed faulty batteries made by an unnamed supplier, widely believed to be its sister company Samsung SDI.&nbsp;

But numerous experts and analysts said the problem may have been with the handset&#39;s underlying technology, and Samsung&#39;s decision to rush the launch of the smartphone ahead of the latest iPhone from arch-rival Apple.

In its statement, Samsung vowed to &quot;focus on enhancing product safety for consumers by making significant changes in its quality assurance processes&quot;.

Industry analysts have suggested the Note 7 fiasco could end up costing Samsung anywhere between $10 billion and $20 billion, with a lot of the losses tied up with the harder-to-calculate damage done to brand reputation.

&quot;And this figure doesn&#39;t take into account the huge marketing costs for Samsung to win back customer loyalty and to regain the trust of mobile carriers,&quot; said Greg Roh, an analyst at HMC Investment Securities

&quot;It will have to spend a lot of money to recover and much work has to be done,&quot; Roh said.

The stock market, which has largely factored in the inevitable profit hit Samsung will be forced to take, reacted calmly to Friday&#39;s announcement.

Samsung&#39;s share price dropped 0.4 per cent at the opening bell, but then recovered to move into positive territory, up 0.5 per cent.

(AFP)

The profit warning came two days after the South Korean electronics giant slashed its operating profit for the third quarter by $2.3 billion

Samsung on Friday said the crisis over its exploding Note 7 smartphones would cost another $3 billion-plus in lost profit over the next two-quarters, but hoped expanded sales of its other flagship handset would help cushion the impact. The profit warning came two days after the South Korean electronics giant slashed its operating profit for the third quarter by $2.3 billion. After a recall problem with the large-sized Galaxy Note 7 turned into a full-blown crisis, Samsung announced earlier this week that it was scrapping the model entirely, a devastating move for a company that prides itself on the quality production of cutting-edge technology. On top of the third-quarter loss, Samsung said the drop in sales arising from the decision to discontinue the Note 7 would continue to impact profit margins during the October-March period, including the crucial holiday buying season. It estimated operating profit loss in the fourth quarter at around the "mid-2 trillion ($2.2 billion) won range" and 1.0 trillion won for the first quarter of 2017. "Moving forward, Samsung Electronics plans to normalise its mobile business by expanding sales of flagship models such as the Galaxy S7 and Galaxy S7 edge," the company said in a statement. Samsung announced a recall of 2.5 million units of the oversized Galaxy Note 7 smartphone in early September after several devices exploded or caught fire. When replacement phones also started to combust, the company eventually decided to kill off the Note 7 for good. The company blamed faulty batteries made by an unnamed supplier, widely believed to be its sister company Samsung SDI. But numerous experts and analysts said the problem may have been with the handset's underlying technology, and Samsung's decision to rush the launch of the smartphone ahead of the latest iPhone from arch-rival Apple. In its statement, Samsung vowed to "focus on enhancing product safety for consumers by making significant changes in its quality assurance processes". Industry analysts have suggested the Note 7 fiasco could end up costing Samsung anywhere between $10 billion and $20 billion, with a lot of the losses tied up with the harder-to-calculate damage done to brand reputation. "And this figure doesn't take into account the huge marketing costs for Samsung to win back customer loyalty and to regain the trust of mobile carriers," said Greg Roh, an analyst at HMC Investment Securities "It will have to spend a lot of money to recover and much work has to be done," Roh said. The stock market, which has largely factored in the inevitable profit hit Samsung will be forced to take, reacted calmly to Friday's announcement. Samsung's share price dropped 0.4 per cent at the opening bell, but then recovered to move into positive territory, up 0.5 per cent. (AFP)

Samsung sees further $3 billion profit hit from Note 7 crisis

The price of goods at the factory gate rose in China for the first time in more than four years in September, officials said on Friday, in a positive sign for demand in the world&#39;s second-largest economy.

The producer price index (PPI) rose 0.1 per cent year-on-year in the month, according to the National Bureau of Statistics, adding it &quot;ended 54 consecutive months of year-on-year falls&quot;.

Chinese firms have for years been battered by falling prices for their goods in the face of chronic overcapacity and weak demand, putting a damper on growth in a key driver of the world economy. &nbsp;

Protracted drops in PPI bode ill for industrial prospects and economic growth, as they put off customers, who seek to delay purchases in anticipation of cheaper deals in future, starving companies of business and funds.

September&#39;s increase was the first rise since January 2012 and came in ahead of expectations of a 0.3 per cent fall in a survey of economists by Bloomberg News.

The consumer price index, a key gauge of retail inflation, rose 1.9 per cent, also above expectations of 1.6 per cent.

China expanded last year at its slowest rate in a quarter of a century as Beijing strives to effect a difficult transition from reliance on exports and fixed-asset investment to an economy driven by consumers.

(AFP)

The producer price index rose 0.1%, ending 54 consecutive months of year-on-year falls

The price of goods at the factory gate rose in China for the first time in more than four years in September, officials said on Friday, in a positive sign for demand in the world's second-largest economy. The producer price index (PPI) rose 0.1 per cent year-on-year in the month, according to the National Bureau of Statistics, adding it "ended 54 consecutive months of year-on-year falls". Chinese firms have for years been battered by falling prices for their goods in the face of chronic overcapacity and weak demand, putting a damper on growth in a key driver of the world economy. Protracted drops in PPI bode ill for industrial prospects and economic growth, as they put off customers, who seek to delay purchases in anticipation of cheaper deals in future, starving companies of business and funds. September's increase was the first rise since January 2012 and came in ahead of expectations of a 0.3 per cent fall in a survey of economists by Bloomberg News. The consumer price index, a key gauge of retail inflation, rose 1.9 per cent, also above expectations of 1.6 per cent. China expanded last year at its slowest rate in a quarter of a century as Beijing strives to effect a difficult transition from reliance on exports and fixed-asset investment to an economy driven by consumers. (AFP)

First rise in China producer prices in over 4 years: Officials

Wells Fargo &amp; Co&#39;s veteran chairman and chief executive officer, John Stumpf, abruptly departed on Wednesday bowing to pressure over its sales tactics that has damaged the bank&#39;s reputation and put Wall Street under renewed scrutiny.

San Francisco-based Wells Fargo said Stumpf, 63, was retiring and would be replaced as chief executive by President and Chief Operating Officer Tim Sloan, 56.

The bank is splitting the role of chairman and CEO with Stephen Sanger, its lead director, becoming chairman.

Stumpf&#39;s exit leaves Sloan with a steep challenge in rebuilding its reputation and overhauling its hard-charging sales culture without gutting profits. The new CEO will also contend with ongoing regulatory investigations and private litigation.

The departure is a stunning reversal of fortune for Stumpf, who successfully navigated Wells through the financial crisis and built it into the world&#39;s most valuable bank with a focus on Main Street-style lending that was the envy of Wall Street.

&quot;I have decided it is best for the company that I step aside,&quot; he said in a statement.

The bank&#39;s shares, which have slumped in the wake of the scandal, rose 2 per cent in after-hours trading after the bank announced Stumpf&#39;s exit.

Sloan said his immediate priority was to restore trust in the bank.

Long considered Stumpf`s successor, Sloan has spent most of his career at Wells working with corporations and institutional investors not the retail division, where the fraudulent accounts were opened.

But as the former CFO, and president and COO of the company since November, he has been responsible for the entire company, including the retail bank at the heart of the scandal.

Carrie Tolstedt, the woman who ran the retail division when the misconduct occurred, reported to Sloan from November of last year. She left the bank last month.

&ldquo;They had three goals in replacing Stumpf: speed, integrity, and competence. If you want to move very fast and find someone intimately familiar with the business, you&rsquo;ve got to hire an insider,&quot; said

Peter Conti-Brown, a business ethics and law professor at University of Pennsylvania`s Wharton School of Business.

&quot;If you want to hire someone with unimpeachable integrity, that`s going to take time to find,&quot; Conti-Brown said.

Sloan will preside over the bank`s third-quarter earnings on Friday.&nbsp;

Fall from grace&nbsp;

Stumpf&#39;s fall from grace started with a $185 million regulatory settlement between the bank, regulatory authorities and a Los Angeles prosecutor over its staff opening as many as 2 million accounts without customers` knowledge.

The misconduct, carried out by low-level branch staff to meet internal sales targets, shattered the bank`s folksy image and a raft of federal and state investigations followed. 
Stumpf was summoned before the U.S. Senate and faced calls for his resignation after repeatedly deferring responsibility to low level workers and decision-making authority to his board of directors.

Massachusetts Senator Elizabeth Warren called him a &quot;gutless leader&quot; who &quot;should be criminally investigated.&quot;

A week after that hearing, he agreed to forgo $41 million in unvested stock awards.

However, that was not enough and at a second hearing, some lawmakers called for the bank to be broken up.

California State Treasurer John Chiang, who announced a year-long ban on state business with Wells Fargo, released a statement praising Stumpf`s resignation.

&quot;Based on his duck, dodge, and deny performance in the wake of admissions that his bank had fleeced legions of its own customers, he was not &ndash; and would never be &ndash; the change agent leader Wells

Fargo so desperately needs,&quot; Chiang said in the statement.

John Thielen, who grew up with Stumpf in Piers, Minnesota where he was a year behind the future CEO in school, said he felt sorry for Stumpf.&nbsp;

&quot;He&#39;s in hot water, but I think he put himself there,&quot; Thielen told Reuters in a recent interview that preceded Stumpf&#39;s resignation.

(Reuters)

Stumpf's abrupt departure comes in the wake of pressure over its sales tactics that has known to have damaged the bank's reputation

Wells Fargo & Co's veteran chairman and chief executive officer, John Stumpf, abruptly departed on Wednesday bowing to pressure over its sales tactics that has damaged the bank's reputation and put Wall Street under renewed scrutiny. San Francisco-based Wells Fargo said Stumpf, 63, was retiring and would be replaced as chief executive by President and Chief Operating Officer Tim Sloan, 56. The bank is splitting the role of chairman and CEO with Stephen Sanger, its lead director, becoming chairman. Stumpf's exit leaves Sloan with a steep challenge in rebuilding its reputation and overhauling its hard-charging sales culture without gutting profits. The new CEO will also contend with ongoing regulatory investigations and private litigation. The departure is a stunning reversal of fortune for Stumpf, who successfully navigated Wells through the financial crisis and built it into the world's most valuable bank with a focus on Main Street-style lending that was the envy of Wall Street. "I have decided it is best for the company that I step aside," he said in a statement. The bank's shares, which have slumped in the wake of the scandal, rose 2 per cent in after-hours trading after the bank announced Stumpf's exit. Sloan said his immediate priority was to restore trust in the bank. Long considered Stumpf`s successor, Sloan has spent most of his career at Wells working with corporations and institutional investors not the retail division, where the fraudulent accounts were opened. But as the former CFO, and president and COO of the company since November, he has been responsible for the entire company, including the retail bank at the heart of the scandal. Carrie Tolstedt, the woman who ran the retail division when the misconduct occurred, reported to Sloan from November of last year. She left the bank last month. “They had three goals in replacing Stumpf: speed, integrity, and competence. If you want to move very fast and find someone intimately familiar with the business, you’ve got to hire an insider," said Peter Conti-Brown, a business ethics and law professor at University of Pennsylvania`s Wharton School of Business. "If you want to hire someone with unimpeachable integrity, that`s going to take time to find," Conti-Brown said. Sloan will preside over the bank`s third-quarter earnings on Friday. Fall from grace Stumpf's fall from grace started with a $185 million regulatory settlement between the bank, regulatory authorities and a Los Angeles prosecutor over its staff opening as many as 2 million accounts without customers` knowledge. The misconduct, carried out by low-level branch staff to meet internal sales targets, shattered the bank`s folksy image and a raft of federal and state investigations followed. Stumpf was summoned before the U.S. Senate and faced calls for his resignation after repeatedly deferring responsibility to low level workers and decision-making authority to his board of directors. Massachusetts Senator Elizabeth Warren called him a "gutless leader" who "should be criminally investigated." A week after that hearing, he agreed to forgo $41 million in unvested stock awards. However, that was not enough and at a second hearing, some lawmakers called for the bank to be broken up. California State Treasurer John Chiang, who announced a year-long ban on state business with Wells Fargo, released a statement praising Stumpf`s resignation. "Based on his duck, dodge, and deny performance in the wake of admissions that his bank had fleeced legions of its own customers, he was not – and would never be – the change agent leader Wells Fargo so desperately needs," Chiang said in the statement. John Thielen, who grew up with Stumpf in Piers, Minnesota where he was a year behind the future CEO in school, said he felt sorry for Stumpf. "He's in hot water, but I think he put himself there," Thielen told Reuters in a recent interview that preceded Stumpf's resignation. (Reuters)

Wells Fargo CEO John Stumpf quits, replaced by Tim Sloan

Samsung is sending fireproof boxes and protective gloves to customers returning potentially explosive Galaxy Note 7 phones, sparking humour on social media.

The technology giant has permanently halted the production of the Galaxy Note 7 smartphone nearly two months after its launch following reports of batteries catching fire.

Reports of the replacement devices catching fire added to the crisis.

Samsung in a statement said it was sending the fireproof return kit to customers who bought the Galaxy Note 7 phone on its website.

&quot;Samsung fireproof boxes? Have they been tested?&quot; wrote Twitter user @powermax_news, a sales and service group that works on products from Samsung rival Apple Inc, Reuters reported.

A YouTube video by Android developer news site XDA Developers on Tuesday showed a &quot;return kit,&quot; including a fireproof box with a &quot;forbidden for transport by aircraft&quot; warning and blue gloves to handle the device, Reuters reported.

The thermally insulated outer box that has ceramic fibre paper lining has two smaller boxes within it and a static shielding bag, the video showed.

US wireless carriers described getting similar materials to return the phones.

Sprint Corp spokeswoman Laura Lisec told Reuters retail employees had been asked to remove phones from packaging, power them down and secure them in the heat-proof boxes.

Sprint phones nationwide are being consolidated at a warehouse in Illinois before being forwarded to Samsung.

Verizon Communications Inc spokeswoman Kelly Crummey told Reuters that retail stores were keeping returned Note 7s separate from other merchandise.

 
&nbsp;

(WION with inputs from Reuters)

The thermally insulated outer box that has ceramic fibre paper lining has two smaller boxes within it and a static shielding bag

Samsung is sending fireproof boxes and protective gloves to customers returning potentially explosive Galaxy Note 7 phones, sparking humour on social media. The technology giant has permanently halted the production of the Galaxy Note 7 smartphone nearly two months after its launch following reports of batteries catching fire. Reports of the replacement devices catching fire added to the crisis. Samsung in a statement said it was sending the fireproof return kit to customers who bought the Galaxy Note 7 phone on its website. "Samsung fireproof boxes? Have they been tested?" wrote Twitter user @powermax_news, a sales and service group that works on products from Samsung rival Apple Inc, Reuters reported. A YouTube video by Android developer news site XDA Developers on Tuesday showed a "return kit," including a fireproof box with a "forbidden for transport by aircraft" warning and blue gloves to handle the device, Reuters reported. The thermally insulated outer box that has ceramic fibre paper lining has two smaller boxes within it and a static shielding bag, the video showed. US wireless carriers described getting similar materials to return the phones. Sprint Corp spokeswoman Laura Lisec told Reuters retail employees had been asked to remove phones from packaging, power them down and secure them in the heat-proof boxes. Sprint phones nationwide are being consolidated at a warehouse in Illinois before being forwarded to Samsung. Verizon Communications Inc spokeswoman Kelly Crummey told Reuters that retail stores were keeping returned Note 7s separate from other merchandise. (WION with inputs from Reuters)

Samsung mocked on social media after customers receive 'fireproof return kits'

The first rule in a corporate crisis is to staunch the bleeding. However, PR experts say, Samsung Electronics bungled in not just misdiagnosing the fault afflicting its top-end phones but appearing uncommunicative with an aloof bedside manner.

As a result, the South Korean company has its work cut out as it embarks on a vast and costly exercise to win back trust and prove that it is still a byword for quality at a time when its rivals are going full tilt in the smartphone wars.

&quot;The basis of crisis management is to make sure that when you give a solution, it&#39;s the right solution and it is going to enable you to move forward,&quot; Andy Holdsworth, a crisis management specialist at the British PR firm Bell Pottinger, told AFP.

That has not been the case with Samsung. Perhaps reluctant to lose too much ground to rivals such as Apple and Google, who were busy launching their own new models, the company rushed out replacements for its Galaxy Note 7 &#39;phablet&#39; series when some in the first global batch spontaneously caught fire.

The incendiary problem persisted, however, and now Samsung has been forced to scrap the entire line in an embarrassing setback for a brand image that took years to build up. Some airplanes had banned passengers from boarding with the phones. Social media is rife with anger and ridicule. One video, of a Burger King employee in South Korea gingerly handling a smoking Note 7 with oven gloves, has gone viral.

Disjointed response&nbsp;

Holdsworth said Samsung&rsquo;s response throughout had been &quot;disjointed&quot;.

&quot;I would question the investigation and I would question why Samsung said last night the product is safe if this morning (Tuesday) they then decide to recall all units and stop production. There seems to be a slight miscommunication somewhere.

&quot;You kind of lose faith in it because your remedy (suffered) the same problem and this problem is quite a dangerous one.&quot;

The family-run corporations, or &quot;chaebol&quot;, which dominate the South Korean economy are used to running their businesses their own way.

As companies like Samsung and LG have become global brands, their corporate governance and PR cultures have improved as they have adapted to the rigours of international markets, but analysts say the old family-run structure, with its rigid top-down decision-making, leaves them vulnerable to a crisis.

Who&#39;s in charge? 

In Samsung&#39;s case a generational leadership transfer, with family patriarch and group chairman Lee Kun-Hee bedridden since suffering a heart attack in 2014, may have contributed to the company&rsquo;s failure to deal efficiently with the Note 7 crisis.

&quot;In chaebol like Samsung, the all-powerful chairman makes key decisions and these are swiftly translated into actions by his underlings,&quot; said Chung Sun-sup, head of corporate analysis group Chaebul.com.

&quot;But if such a patriarchal leader is somehow absent, such a decision-making structure may fall into limbo. The current crisis at Samsung is related with this corporate structure. If Lee was in charge, he might have sorted it out, bringing in every available expert from both inside and outside the company. But Samsung just tried to tinker with the problem and failed,&quot; Chung said.

It could be worse. There has been no loss of life, unlike other PR disasters such as the 2010 explosion at BP&#39;s Deepwater Horizon oil rig which now features in a Hollywood movie.

And other companies have also struggled with the challenge of extracting more power and faster charge times from the lithium-ion technology used in smartphones today.

Boeing suffered electrical fires from the lithium-ion batteries aboard its new 787 jet, and Dell with self-combusting laptops, noted ManMohan Sodhi, a professor of operations management and supply chain at Cass Business School in London.

But Samsung erred in striving to &quot;fix the problem too quickly&quot;, he said. Now, with the total shutdown of Note 7 production, &quot;it sends a bad signal to the market that there is panic in the boardroom&quot;.

There may be no quick fix to undo the past few weeks, during which it appeared that Samsung&#39;s official response appeared to lag that of national regulators, airlines and mobile phone carriers.

But Samsung should at least shed any inhibitions it may feel about being more forthright with its customers, said Yves Robert-Paul, who heads crisis communications for French advertising group Havas.

Since Samsung started recalling the phablets last month, he said, it has offered only &quot;a pragmatic response, devoid of all emotion&quot;.

&quot;They&rsquo;ve run it like an industrial disaster but they forgot to think about their customers.&quot;

Experts say not only did they misdiagnose the fault with their phones but also appeared uncommunicative with an aloof bedside manner

The first rule in a corporate crisis is to staunch the bleeding. However, PR experts say, Samsung Electronics bungled in not just misdiagnosing the fault afflicting its top-end phones but appearing uncommunicative with an aloof bedside manner. As a result, the South Korean company has its work cut out as it embarks on a vast and costly exercise to win back trust and prove that it is still a byword for quality at a time when its rivals are going full tilt in the smartphone wars. "The basis of crisis management is to make sure that when you give a solution, it's the right solution and it is going to enable you to move forward," Andy Holdsworth, a crisis management specialist at the British PR firm Bell Pottinger, told AFP. That has not been the case with Samsung. Perhaps reluctant to lose too much ground to rivals such as Apple and Google, who were busy launching their own new models, the company rushed out replacements for its Galaxy Note 7 'phablet' series when some in the first global batch spontaneously caught fire. The incendiary problem persisted, however, and now Samsung has been forced to scrap the entire line in an embarrassing setback for a brand image that took years to build up. Some airplanes had banned passengers from boarding with the phones. Social media is rife with anger and ridicule. One video, of a Burger King employee in South Korea gingerly handling a smoking Note 7 with oven gloves, has gone viral. Disjointed response Holdsworth said Samsung’s response throughout had been "disjointed". "I would question the investigation and I would question why Samsung said last night the product is safe if this morning (Tuesday) they then decide to recall all units and stop production. There seems to be a slight miscommunication somewhere. "You kind of lose faith in it because your remedy (suffered) the same problem and this problem is quite a dangerous one." The family-run corporations, or "chaebol", which dominate the South Korean economy are used to running their businesses their own way. As companies like Samsung and LG have become global brands, their corporate governance and PR cultures have improved as they have adapted to the rigours of international markets, but analysts say the old family-run structure, with its rigid top-down decision-making, leaves them vulnerable to a crisis. Who's in charge? In Samsung's case a generational leadership transfer, with family patriarch and group chairman Lee Kun-Hee bedridden since suffering a heart attack in 2014, may have contributed to the company’s failure to deal efficiently with the Note 7 crisis. "In chaebol like Samsung, the all-powerful chairman makes key decisions and these are swiftly translated into actions by his underlings," said Chung Sun-sup, head of corporate analysis group Chaebul.com. "But if such a patriarchal leader is somehow absent, such a decision-making structure may fall into limbo. The current crisis at Samsung is related with this corporate structure. If Lee was in charge, he might have sorted it out, bringing in every available expert from both inside and outside the company. But Samsung just tried to tinker with the problem and failed," Chung said. It could be worse. There has been no loss of life, unlike other PR disasters such as the 2010 explosion at BP's Deepwater Horizon oil rig which now features in a Hollywood movie. And other companies have also struggled with the challenge of extracting more power and faster charge times from the lithium-ion technology used in smartphones today. Boeing suffered electrical fires from the lithium-ion batteries aboard its new 787 jet, and Dell with self-combusting laptops, noted ManMohan Sodhi, a professor of operations management and supply chain at Cass Business School in London. But Samsung erred in striving to "fix the problem too quickly", he said. Now, with the total shutdown of Note 7 production, "it sends a bad signal to the market that there is panic in the boardroom". There may be no quick fix to undo the past few weeks, during which it appeared that Samsung's official response appeared to lag that of national regulators, airlines and mobile phone carriers. But Samsung should at least shed any inhibitions it may feel about being more forthright with its customers, said Yves Robert-Paul, who heads crisis communications for French advertising group Havas. Since Samsung started recalling the phablets last month, he said, it has offered only "a pragmatic response, devoid of all emotion". "They’ve run it like an industrial disaster but they forgot to think about their customers."

Samsung crisis violated PR rulebook

Samsung Electronics&#39; worst-ever recall could cost the company as much as $17 billion after it halted sales of its flagship Galaxy Note 7 for a second time, spelling an almost certain end for the ill-fated premium model.

Samsung announced the recall of 2.5 million Note 7s in early September following numerous reports of the phones catching fire and on Tuesday the crisis deepened: The company told mobile carriers to stop sales or exchange of the $882 device and asked users to shut off their phones while it investigated new reports of fires in replacement Note 7s.

As the world&#39;s top-selling smartphone company awaits results of probe by US safety regulators, some investors and analysts predict Samsung may scrap the Note 7 and move on to successor models to limit the financial and reputational damage.

&quot;In the worst case scenario, the US could conclude the product is fundamentally flawed and ban sales of the device,&quot; said Song Myung-sub, an analyst at HI Investment Securities.

If Samsung stops selling the Note 7s, that will translate into lost sales of up to 19 million phones that the firm was expected to generate during the Note 7&#39;s product cycle, according to analysts.

That would equate to nearly $17 billion in lost revenue, based on a Reuters calculation of the cost of the phones.

That&#39;s a big increase from $5 billion in missed sales and recall costs analysts initially expected Samsung to incur under the assumption that the firm would resume global Note 7 sales in the fourth quarter.

Chances of that now look slim. South Korea&#39;s Hankyoreh newspaper, citing unnamed sources, said on Tuesday Samsung will likely stop Note 7 sales permanently. Samsung did not comment on the report.

&quot;This has probably killed the Note 7 brand name,&quot; said Edward Snyder, the managing director of Charter Equity Research.

&quot;By the time they fix the problem they have to go through recertification and requalification and by the time that happens, they&#39;re going up against the (Galaxy) S8 launch.&quot;

Wider problem&nbsp;

Samsung has already temporarily halted Note 7 production, a source familiar with the matter said on Monday. That could lead to a write-down in inventory in the event Samsung has to end sales entirely.

Broker Nomura estimates Samsung may have to incur up to 1.6 trillion won of disposal costs in the fourth quarter, assuming around 4 million Note 7s have been made.

For Samsung, with a market value of $235 billion and $69 billion in cash and equivalents at the end of June, the loss of sales of one model could be absorbed.

The bigger problem will be long-term impact on its reputation and brand, analysts and experts say.

&quot;We think the Note 7 incident may hurt demand for Samsung&#39;s other smartphone models as well,&quot; Nomura analysts said in a note, adding it may have to slash Samsung&#39;s fourth-quarter mobile division profit estimates by as much as 85 percent.

Verizon Communications Inc, the largest US wireless carrier, is already considering shifting marketing away from the troubled Note 7s, a company spokesman said on Monday.

That will likely boost rival products such as the new Google Pixel and Apple Inc&#39;s new iPhone taking market share from Samsung, as most vendors launch new products ahead of the critical year-end holiday sales season.

&quot;The (Note 7) unit is forever going to be tarnished and the danger is that the brand becomes irretrievably damaged as well,&quot; said Stephen Robb, a partner at UK law firm Weightmans.

&quot;They need to be writing to every customer with an apology and some form of &#39;compensation&#39;... It will clearly be costly for the company but the alternative is to end up going the way of Nokia and Blackberry.&quot;

Samsung also faces lawsuits, with at least two consumers taking the company to the court in the United States to claim compensation on damages stemming from the faulty smartphone.

The firm received 92 reports of batteries overheating in the United States, including 26 reports of burns and 55 reports of property damage, according to the US regulator&#39;s announcement of the Sept. 15 recall.

The Note 7 woes may also roil Samsung&#39;s component business, an important and growing source of revenue, as it provides key smartphone parts such as phone screens and memory chips.

Falling Note 7-related orders could not only cut overall revenue for the component business unit, but also crimp prices of such parts, analysts said.

(Reuters)

If Samsung stops selling the Note 7, that will translate into lost sales of up to 19 million phones

Samsung Electronics' worst-ever recall could cost the company as much as $17 billion after it halted sales of its flagship Galaxy Note 7 for a second time, spelling an almost certain end for the ill-fated premium model. Samsung announced the recall of 2.5 million Note 7s in early September following numerous reports of the phones catching fire and on Tuesday the crisis deepened: The company told mobile carriers to stop sales or exchange of the $882 device and asked users to shut off their phones while it investigated new reports of fires in replacement Note 7s. As the world's top-selling smartphone company awaits results of probe by US safety regulators, some investors and analysts predict Samsung may scrap the Note 7 and move on to successor models to limit the financial and reputational damage. "In the worst case scenario, the US could conclude the product is fundamentally flawed and ban sales of the device," said Song Myung-sub, an analyst at HI Investment Securities. If Samsung stops selling the Note 7s, that will translate into lost sales of up to 19 million phones that the firm was expected to generate during the Note 7's product cycle, according to analysts. That would equate to nearly $17 billion in lost revenue, based on a Reuters calculation of the cost of the phones. That's a big increase from $5 billion in missed sales and recall costs analysts initially expected Samsung to incur under the assumption that the firm would resume global Note 7 sales in the fourth quarter. Chances of that now look slim. South Korea's Hankyoreh newspaper, citing unnamed sources, said on Tuesday Samsung will likely stop Note 7 sales permanently. Samsung did not comment on the report. "This has probably killed the Note 7 brand name," said Edward Snyder, the managing director of Charter Equity Research. "By the time they fix the problem they have to go through recertification and requalification and by the time that happens, they're going up against the (Galaxy) S8 launch." Wider problem Samsung has already temporarily halted Note 7 production, a source familiar with the matter said on Monday. That could lead to a write-down in inventory in the event Samsung has to end sales entirely. Broker Nomura estimates Samsung may have to incur up to 1.6 trillion won of disposal costs in the fourth quarter, assuming around 4 million Note 7s have been made. For Samsung, with a market value of $235 billion and $69 billion in cash and equivalents at the end of June, the loss of sales of one model could be absorbed. The bigger problem will be long-term impact on its reputation and brand, analysts and experts say. "We think the Note 7 incident may hurt demand for Samsung's other smartphone models as well," Nomura analysts said in a note, adding it may have to slash Samsung's fourth-quarter mobile division profit estimates by as much as 85 percent. Verizon Communications Inc, the largest US wireless carrier, is already considering shifting marketing away from the troubled Note 7s, a company spokesman said on Monday. That will likely boost rival products such as the new Google Pixel and Apple Inc's new iPhone taking market share from Samsung, as most vendors launch new products ahead of the critical year-end holiday sales season. "The (Note 7) unit is forever going to be tarnished and the danger is that the brand becomes irretrievably damaged as well," said Stephen Robb, a partner at UK law firm Weightmans. "They need to be writing to every customer with an apology and some form of 'compensation'... It will clearly be costly for the company but the alternative is to end up going the way of Nokia and Blackberry." Samsung also faces lawsuits, with at least two consumers taking the company to the court in the United States to claim compensation on damages stemming from the faulty smartphone. The firm received 92 reports of batteries overheating in the United States, including 26 reports of burns and 55 reports of property damage, according to the US regulator's announcement of the Sept. 15 recall. The Note 7 woes may also roil Samsung's component business, an important and growing source of revenue, as it provides key smartphone parts such as phone screens and memory chips. Falling Note 7-related orders could not only cut overall revenue for the component business unit, but also crimp prices of such parts, analysts said. (Reuters)

Note 7 fiasco could drill $17 billion hole in Samsung accounts

Shares of Samsung Electronics Co Ltd opened weaker on Wednesday, touching a one-month low due to concerns about the firm&#39;s prospects after it scrapped its flagship Galaxy Note 7 smartphones due to continuing safety risks.

The world&#39;s top smartphone on Tuesday said it permanently halted sales of the beleaguered flagship smartphone in what could be one of the costliest product safety failures in tech history.

Samsung announced the recall of 2.5 million Note 7s in early September following reports of the phones catching fire. The firm appeared to have the situation under control as it started replacing the phones with devices using different batteries, until the emergence of fresh reports of fires in these new phones.

Samsung shares were down 2.9 per cent in early Wednesday trade after touching a one-month low of 1.494 million won ($1,340.21), reflecting concerns about fourth-quarter earnings as well as the potential long-term impact on the firm&#39;s smartphone business.

&quot;Damage control at Samsung will face an uphill battle to redeem the company&#39;s tarnished image owing to the dangerous and dramatic nature of the phone&#39;s failure,&quot; Frost &amp; Sullivan analyst Vijay Michalik said.

Analysts say a permanent end to Note 7 sales could cost Samsung up to $17 billion. While the damage to Samsung&#39;s brand remains hard to quantify, negative publicity from the botched recall could boost rivals such as Apple Inc at Samsung&#39;s expense.

(Reuters)

The electronics giant's stock plunged a day after it decided to permanently halt production of its flagship phone due to safety risks

Shares of Samsung Electronics Co Ltd opened weaker on Wednesday, touching a one-month low due to concerns about the firm's prospects after it scrapped its flagship Galaxy Note 7 smartphones due to continuing safety risks. The world's top smartphone on Tuesday said it permanently halted sales of the beleaguered flagship smartphone in what could be one of the costliest product safety failures in tech history. Samsung announced the recall of 2.5 million Note 7s in early September following reports of the phones catching fire. The firm appeared to have the situation under control as it started replacing the phones with devices using different batteries, until the emergence of fresh reports of fires in these new phones. Samsung shares were down 2.9 per cent in early Wednesday trade after touching a one-month low of 1.494 million won ($1,340.21), reflecting concerns about fourth-quarter earnings as well as the potential long-term impact on the firm's smartphone business. "Damage control at Samsung will face an uphill battle to redeem the company's tarnished image owing to the dangerous and dramatic nature of the phone's failure," Frost & Sullivan analyst Vijay Michalik said. Analysts say a permanent end to Note 7 sales could cost Samsung up to $17 billion. While the damage to Samsung's brand remains hard to quantify, negative publicity from the botched recall could boost rivals such as Apple Inc at Samsung's expense. (Reuters)

Samsung shares slide after company suspends Note 7 sale

Apple Inc&rsquo;s stock on Monday soared&nbsp;by &nbsp;2.2 per cent, reaching its highest since December, after competitor Samsung suspended production of its flagship Galaxy Note 7 smartphones following reports of fires even in the replacement devices.

Samsung in September announced a global recall of at least 2.5 million Galaxy Note 7 smartphones in 10 markets including the US due to faulty batteries causing some of the phones to catch fire. Now with the replacement devices showing a similar fault the world&rsquo;s biggest smartphone maker is in fresh trouble &nbsp;

Following the reports of fire in replacement devices, Verizon Communications Inc , AT&amp;T Inc and other wireless carriers suspended sales and exchanges of Note 7s.

Best Buy Co Inc will no longer sell the Note 7 and said customers could return their smartphones or exchange them for a different device.

Apple&rsquo;s stock has gained 13 per cent since mid-September on optimism about demand for the recently launched iPhone 7.&nbsp;

Shares are up 30 per cent from lows hit in May, when fears about weak iPhone demand allowed Google parent Alphabet Inc to briefly take-over Apple as the world&rsquo;s largest company by market capitalisation.

Samsung is the world&rsquo;s largest seller of smartphones by volume, with about 23 per cent market share, followed by Apple with 12 per cent, according to market research firm IDC, Reuters reported.

&nbsp;

(WION with inputs from Reuters)

Apple Inc's stocks went up by 2.2 per cent after reports claimed that Samsung is halting the production of its flagship Note 7

Apple Inc’s stock on Monday soared by 2.2 per cent, reaching its highest since December, after competitor Samsung suspended production of its flagship Galaxy Note 7 smartphones following reports of fires even in the replacement devices. Samsung in September announced a global recall of at least 2.5 million Galaxy Note 7 smartphones in 10 markets including the US due to faulty batteries causing some of the phones to catch fire. Now with the replacement devices showing a similar fault the world’s biggest smartphone maker is in fresh trouble Following the reports of fire in replacement devices, Verizon Communications Inc , AT&T Inc and other wireless carriers suspended sales and exchanges of Note 7s. Best Buy Co Inc will no longer sell the Note 7 and said customers could return their smartphones or exchange them for a different device. Apple’s stock has gained 13 per cent since mid-September on optimism about demand for the recently launched iPhone 7. Shares are up 30 per cent from lows hit in May, when fears about weak iPhone demand allowed Google parent Alphabet Inc to briefly take-over Apple as the world’s largest company by market capitalisation. Samsung is the world’s largest seller of smartphones by volume, with about 23 per cent market share, followed by Apple with 12 per cent, according to market research firm IDC, Reuters reported. (WION with inputs from Reuters)

Apple stocks highest since December after Samsung Note 7 fire fiasco

Singapore&#39;s central bank on Tuesday shut down a second Swiss bank under investigation for alleged money-laundering activities linked to Malaysian state fund 1Malaysia Development Berhad (1MDB) as it vowed strong action against potential violators.

1MDB was set up in 2009 by Malaysian Prime Minister Najib Razak for turning Kuala Lumpur into a destination for investors. It started to attract negative attention in early 2015 after it missed payments for some of the $11bn it owed to banks and bondholders.

The Monetary Authority of Singapore (MAS) said it had ordered Falcon Bank to cease operations in the city-state because of &quot;serious failures in anti-money-laundering (AML) controls and improper conduct&quot; by senior management both at the head office in Switzerland and the local branch.

&quot;Falcon Bank has demonstrated a persistent and severe lack of understanding of MAS AML requirements and expectations,&quot; it said in a statement.

&quot;Taking into account the totality of Falcon Bank&rsquo;s conduct, MAS&rsquo; assessment is that the merchant bank will be unable to comply with these requirements and expectations going forward.&quot;

The central bank said it fined Falcon Bank Sg$4.3 million (US$3.1 million) for 14 breaches of a law on&nbsp;preventing money laundering and countering the financing of terrorism.

MAS also said it received information that Falcon Bank&#39;s Singapore branch manager, Jens Sturzenegger, had been arrested on October 5 by the Commercial Affairs Department (CAD), the Singapore government&#39;s main white-collar crime investigation agency.

The bank&#39;s parent firm Falcon Private Bank said in a statement from Zurich that it welcomed the completion of investigations by Singaporean and Swiss regulators of its involvement in 1MDB. However, it said that while the withdrawal of its Singapore banking license is &quot;regrettable and disappointing, the decision will not impact the strategic development of the bank&quot;.

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It pledged an orderly winding down of its Singapore operations. Singapore, a regional financial hub, last year launched a probe into alleged illicit fund flows linked to a 1MDB.

Allegations of misappropriations of millions of dollars from 1MDB have triggered a corruption scandal in neighbouring Malaysia that has embroiled Prime Minister Najib Razak. Both Najib and 1MDB have strongly denied any wrongdoing. Switzerland and the United States are also conducting their own investigations into 1MDB.

MAS announced that it has also fined local bank DBS and Swiss lender UBS for several breaches of anti-money laundering requirements.

&nbsp;

Aggressive action

It said the &quot;control lapses observed in DBS and UBS relate to specific bank officers who failed to carry out their duties effectively&quot; and that it did not find &quot;pervasive control weaknesses&quot; in these banks.

DBS, Singapore&#39;s biggest lender, was ordered to pay Sg$1 million for 10 violations while UBS was ordered to pay Sg$1.3 million for 13 breaches. A DBS spokesman said the bank takes its anti-money laundering obligations seriously and will take action to punish those staff responsible, including senior executives.

DBS will donate profits from its lapses to a &quot;worthy cause,&quot; the spokesman said.

Singapore&#39;s regulator in May kicked out Swiss bank BSI for similar violations linked to the 1MDB probe, the first time it ordered a bank to shut in 32 years. At least three former BSI private bankers have been charged in Singapore in relation to the investigations.

In July, Singapore authorities said they had seized nearly $180 million in assets through investigations into the 1MDB scandal.

Singapore closely guards its reputation for financial integrity and has admitted that money laundering hurts its image.

The Paris-based financial watchdog Financial Action Task Force last month urged Singapore to take more aggressive action against complex cross-border money laundering. MAS chief Ravi Menon said on Tuesday that &quot;keeping Singapore a clean and trusted financial centre is a shared responsibility&quot; and urged bank senior management to play a crucial role.

&quot;They must set the tone from the top --- that profits do not come before right conduct,&quot; he said, warning that the MAS &quot;will take strong deterrent actions against institutions that fall short&quot;.

The MAS also said it is in the final stages of assessment for the Singapore branch of Standard Chartered Bank and has referred Raffles Money Change, a local financial company, for investigation by the CAD.

Falcon Private Bank is owned by the International Petroleum Investment Company from Abu Dhabi, one of the &nbsp;world&#39;s leading sovereign wealth funds. 
 
(AFP)

Singapore launched a probe last year into alleged illicit fund flows linked to the Malaysian fund 1MDB

Singapore's central bank on Tuesday shut down a second Swiss bank under investigation for alleged money-laundering activities linked to Malaysian state fund 1Malaysia Development Berhad (1MDB) as it vowed strong action against potential violators. 1MDB was set up in 2009 by Malaysian Prime Minister Najib Razak for turning Kuala Lumpur into a destination for investors. It started to attract negative attention in early 2015 after it missed payments for some of the $11bn it owed to banks and bondholders. The Monetary Authority of Singapore (MAS) said it had ordered Falcon Bank to cease operations in the city-state because of "serious failures in anti-money-laundering (AML) controls and improper conduct" by senior management both at the head office in Switzerland and the local branch. "Falcon Bank has demonstrated a persistent and severe lack of understanding of MAS AML requirements and expectations," it said in a statement. "Taking into account the totality of Falcon Bank’s conduct, MAS’ assessment is that the merchant bank will be unable to comply with these requirements and expectations going forward." The central bank said it fined Falcon Bank Sg$4.3 million (US$3.1 million) for 14 breaches of a law on preventing money laundering and countering the financing of terrorism. MAS also said it received information that Falcon Bank's Singapore branch manager, Jens Sturzenegger, had been arrested on October 5 by the Commercial Affairs Department (CAD), the Singapore government's main white-collar crime investigation agency. The bank's parent firm Falcon Private Bank said in a statement from Zurich that it welcomed the completion of investigations by Singaporean and Swiss regulators of its involvement in 1MDB. However, it said that while the withdrawal of its Singapore banking license is "regrettable and disappointing, the decision will not impact the strategic development of the bank". The central bank said it fined Falcon Bank Sg$4.3 million (US$3.1 million) for 14 breaches of a law on preventing money laundering and countering the financing of terrorism. × It pledged an orderly winding down of its Singapore operations. Singapore, a regional financial hub, last year launched a probe into alleged illicit fund flows linked to a 1MDB. Allegations of misappropriations of millions of dollars from 1MDB have triggered a corruption scandal in neighbouring Malaysia that has embroiled Prime Minister Najib Razak. Both Najib and 1MDB have strongly denied any wrongdoing. Switzerland and the United States are also conducting their own investigations into 1MDB. MAS announced that it has also fined local bank DBS and Swiss lender UBS for several breaches of anti-money laundering requirements. Aggressive action It said the "control lapses observed in DBS and UBS relate to specific bank officers who failed to carry out their duties effectively" and that it did not find "pervasive control weaknesses" in these banks. DBS, Singapore's biggest lender, was ordered to pay Sg$1 million for 10 violations while UBS was ordered to pay Sg$1.3 million for 13 breaches. A DBS spokesman said the bank takes its anti-money laundering obligations seriously and will take action to punish those staff responsible, including senior executives. DBS will donate profits from its lapses to a "worthy cause," the spokesman said. Singapore's regulator in May kicked out Swiss bank BSI for similar violations linked to the 1MDB probe, the first time it ordered a bank to shut in 32 years. At least three former BSI private bankers have been charged in Singapore in relation to the investigations. In July, Singapore authorities said they had seized nearly $180 million in assets through investigations into the 1MDB scandal. Singapore closely guards its reputation for financial integrity and has admitted that money laundering hurts its image. The Paris-based financial watchdog Financial Action Task Force last month urged Singapore to take more aggressive action against complex cross-border money laundering. MAS chief Ravi Menon said on Tuesday that "keeping Singapore a clean and trusted financial centre is a shared responsibility" and urged bank senior management to play a crucial role. "They must set the tone from the top --- that profits do not come before right conduct," he said, warning that the MAS "will take strong deterrent actions against institutions that fall short". The MAS also said it is in the final stages of assessment for the Singapore branch of Standard Chartered Bank and has referred Raffles Money Change, a local financial company, for investigation by the CAD. Falcon Private Bank is owned by the International Petroleum Investment Company from Abu Dhabi, one of the world's leading sovereign wealth funds. (AFP)

Singapore shuts down second bank for alleged link to Malaysian money laundering scam

Samsung on Tuesday announced a total halt to production of its troubled Galaxy Note 7 smartphone, citing continued safety concerns over the device exploding.

&quot;We recently readjusted the production volume for a&nbsp;thorough investigation and quality control, but putting consumer safety as top priority, we have reached a final decision to halt production of Galaxy Note 7s,&quot; the company said in a statement.

The world&rsquo;s largest seller of smartphones told its customers to stop using their Galaxy Note 7 smartphones while it investigates reports of fires in the devices.

&quot;Consumers with either an original Galaxy Note 7 or replacement Galaxy Note 7 device should power down and stop using the device,&quot; the company said.

The company, which was banking on its flagship Note 7 to take on competitors like Apple&rsquo;s iPhone 7, hit rock bottom when reports of battery explosion began surfacing.

Samsung then initiated a global recall of at least 2.5 million devices in 10 countries in September. But with even the replacement devices reportedly catching fire Samsung might be heading towards a global scandal.

Top US and Australian carriers had suspended sales or exchange of Note 7s, after there were reports of even the replacement devices exploding.

Samsung&rsquo;s decision to pull Note 7s off the shelves for the second time in two months underscores the South Korean firm&rsquo;s struggles to fix the over-heating issue.

The premium device was launched in August but within weeks of the launch images of charred Note 7s began appearing on social media.

Edward Snyder, managing director of Charter Equity Research, told Reuters it was important to get the Note 7 off the market.

&quot;This has probably killed the Note 7 brand name, who knows if they&rsquo;ll even be allowed to re-release it,&quot; Snyder said.

&quot;By the time they fix the problem they have to go through re-certification and re-qualification and by the time that happens they&rsquo;re going up against the (Galaxy) S8 launch.&rdquo;

The US Consumer Product Safety Commission said Samsung was making the right decision by halting sales and exchanges of the device.

&quot;No one should have to be concerned their phone will endanger them, their family or their property,&quot; CPSC Chairman Elliott Kaye said in a statement.

&quot;While we continue our active investigation into reports of phones overheating and burning in multiple states, consumers should power down and stop using all Galaxy Note 7s. This is the safest course of action.&rdquo;

(WION with inputs from Reuters)

&nbsp;

With replacement devices also reportedly exploding, Samsung tells Note 7 users to switch off devices till further investigation

Samsung on Tuesday announced a total halt to production of its troubled Galaxy Note 7 smartphone, citing continued safety concerns over the device exploding. "We recently readjusted the production volume for a thorough investigation and quality control, but putting consumer safety as top priority, we have reached a final decision to halt production of Galaxy Note 7s," the company said in a statement. The world’s largest seller of smartphones told its customers to stop using their Galaxy Note 7 smartphones while it investigates reports of fires in the devices. "Consumers with either an original Galaxy Note 7 or replacement Galaxy Note 7 device should power down and stop using the device," the company said. The company, which was banking on its flagship Note 7 to take on competitors like Apple’s iPhone 7, hit rock bottom when reports of battery explosion began surfacing. Samsung then initiated a global recall of at least 2.5 million devices in 10 countries in September. But with even the replacement devices reportedly catching fire Samsung might be heading towards a global scandal. Top US and Australian carriers had suspended sales or exchange of Note 7s, after there were reports of even the replacement devices exploding. Samsung’s decision to pull Note 7s off the shelves for the second time in two months underscores the South Korean firm’s struggles to fix the over-heating issue. The premium device was launched in August but within weeks of the launch images of charred Note 7s began appearing on social media. Edward Snyder, managing director of Charter Equity Research, told Reuters it was important to get the Note 7 off the market. "This has probably killed the Note 7 brand name, who knows if they’ll even be allowed to re-release it," Snyder said. "By the time they fix the problem they have to go through re-certification and re-qualification and by the time that happens they’re going up against the (Galaxy) S8 launch.” The US Consumer Product Safety Commission said Samsung was making the right decision by halting sales and exchanges of the device. "No one should have to be concerned their phone will endanger them, their family or their property," CPSC Chairman Elliott Kaye said in a statement. "While we continue our active investigation into reports of phones overheating and burning in multiple states, consumers should power down and stop using all Galaxy Note 7s. This is the safest course of action.” (WION with inputs from Reuters)

Samsung halts production of Note 7 over safety concerns

Global Ratings agency S&amp;P today said India&#39;s new Goods and Services Tax bill will provide impetus to the country&#39;s target of 8 per cent growth in the next few years.&nbsp;

S&amp;P termed GST the most important structural reform till date by the Narendra Modi-led government, saying it will only improve efficiency, cross-state trade and tax buoyancy in the economy.&nbsp;

In its report titled &quot;Asia-Pacific steadies while China goes silent&quot;, the agency said, &quot;India&#39;s GST passage gives us additional conviction around our 8%-ish GDP growth forecast over the next few years.&quot;

Indian central bank, Reserve Bank of India, too gave a positive growth outlook for the near future. The country&#39;s growth projections seem brighter than last fiscal&#39;s and the economy is likely to expand at 7.6 per cent in 2016-17, it said. &nbsp;

However, S&amp;P said inflation remained a risk in the Reserve Bank&#39;s target basket. The latest gross domestic production (GDP) figures showed that India&#39;s growth slowed to 7.1 per cent in the April-June quarter, from 7.9 per cent in January-March.

In comparison, S&amp;P said China has been nudged up as it raised the GDP growth forecast by about a quarter percentage point in 2016 and 2017 to 6.6 per cent and 6.4 per cent, respectively, and has kept its 2018 forecast roughly unchanged at 6.1 per cent.

It saw a reasonably firm pick-up in Asia-Pacific&#39;s macro momentum indicators, with pick-up in retail sales offering the clearest sign in most of the region&#39;s economies. This, it said, stems from rising income with consumption playing a larger role.

(WION with inputs from PTI) 
&nbsp;

The S&P Global Ratings agency said the passage of the indirect tax law gives additional conviction to India's growth projections

Global Ratings agency S&P today said India's new Goods and Services Tax bill will provide impetus to the country's target of 8 per cent growth in the next few years. S&P termed GST the most important structural reform till date by the Narendra Modi-led government, saying it will only improve efficiency, cross-state trade and tax buoyancy in the economy. In its report titled "Asia-Pacific steadies while China goes silent", the agency said, "India's GST passage gives us additional conviction around our 8%-ish GDP growth forecast over the next few years." Indian central bank, Reserve Bank of India, too gave a positive growth outlook for the near future. The country's growth projections seem brighter than last fiscal's and the economy is likely to expand at 7.6 per cent in 2016-17, it said. However, S&P said inflation remained a risk in the Reserve Bank's target basket. The latest gross domestic production (GDP) figures showed that India's growth slowed to 7.1 per cent in the April-June quarter, from 7.9 per cent in January-March. In comparison, S&P said China has been nudged up as it raised the GDP growth forecast by about a quarter percentage point in 2016 and 2017 to 6.6 per cent and 6.4 per cent, respectively, and has kept its 2018 forecast roughly unchanged at 6.1 per cent. It saw a reasonably firm pick-up in Asia-Pacific's macro momentum indicators, with pick-up in retail sales offering the clearest sign in most of the region's economies. This, it said, stems from rising income with consumption playing a larger role. (WION with inputs from PTI)

GST lends more weight to India's 8% growth projection: S&P

Two US&nbsp;mobile carriers said they will stop issuing Samsung Electronics Co Ltd&#39;s new Galaxy Note 7 smartphones due to safety concerns, a further setback for the world&#39;s top smartphone maker trying to manage a growing recall crisis.

AT&amp;T Inc said on Sunday it will stop exchanging new Note 7 smartphones due to reports of fires from replacement devices that Samsung has said used safe batteries. T-Mobile said in a separate statement it is temporarily halting sales of new Note 7s as well as exchanges.

Samsung in September announced a global recall of at least 2.5 million Galaxy Note 7 smartphones, its flagship new device, in 10 markets including the United States due to faulty batteries causing some of the phones to catch fire.

A Southwest Airline flight was evacuated earlier this week after a replacement model Note 7 smartphone began smoking inside the plane.

Samsung shares were down 3.7 per cent as of 0042 GMT, compared with a 0.1 per cent fall for the broader market.

Samsung said it was investigating reports of &quot;heat damage issues&quot; and would share its findings when the investigation is complete.

&quot;If we determine a product safety issue exists, Samsung will take immediate steps approved by the CPSC (US&nbsp;Consumer Product Safety Commission) to resolve the situation.&quot;

(Reuters)

AT&T and T-mobile both said in separate statements they were temporarily halting the exchange of Note 7 smartphones citing safety concerns

Two US mobile carriers said they will stop issuing Samsung Electronics Co Ltd's new Galaxy Note 7 smartphones due to safety concerns, a further setback for the world's top smartphone maker trying to manage a growing recall crisis. AT&T Inc said on Sunday it will stop exchanging new Note 7 smartphones due to reports of fires from replacement devices that Samsung has said used safe batteries. T-Mobile said in a separate statement it is temporarily halting sales of new Note 7s as well as exchanges. Samsung in September announced a global recall of at least 2.5 million Galaxy Note 7 smartphones, its flagship new device, in 10 markets including the United States due to faulty batteries causing some of the phones to catch fire. A Southwest Airline flight was evacuated earlier this week after a replacement model Note 7 smartphone began smoking inside the plane. Samsung shares were down 3.7 per cent as of 0042 GMT, compared with a 0.1 per cent fall for the broader market. Samsung said it was investigating reports of "heat damage issues" and would share its findings when the investigation is complete. "If we determine a product safety issue exists, Samsung will take immediate steps approved by the CPSC (US Consumer Product Safety Commission) to resolve the situation." (Reuters)

Two US carriers halt Samsung Note 7 exchanges on safety concerns

Samsung Electronics Co Ltd has suspended production of its Galaxy Note 7 smartphones following reports of fires in replacement devices, South Korean media said on Monday, a further setback for the tech giant trying to manage its worst ever phone recall crisis.

Samsung&#39;s decision to temporarily halt Note 7 production was done in cooperation with authorities in China and the United States, as two US&nbsp;carriers have stopped exchanging or selling new Note 7 phones, Yonhap News Agency cited an unnamed source at a Samsung partner firm as saying.

Samsung did not immediately comment on the Yonhap report.

Problems with replacements for the Note 7 model would create a new and potentially costly chapter to a global scandal which has hurt the reputation of the world&#39;s biggest smartphone maker. It also could add new dangers for consumers.

AT&amp;T Inc, the No.2 US&nbsp;wireless carrier, said on Sunday it will stop exchanging new Note 7 smartphones due to reports of fires from replacement devices that Samsung has said used safe batteries.

No.3 wireless carrier T-Mobile US Inc said it was temporarily halting sales of new Note 7s as well as exchanges while Samsung investigated &quot;multiple reports of issues&quot; with its flagship device.

T-Mobile offered customers who brought in their Note 7s a $25 credit on their phone bill.

Samsung announced on Sept. 2 a global recall of 2.5 million Note 7s in 10 markets including the United States due to faulty batteries causing some of the phones to catch fire.

A Southwest Airline flight was evacuated earlier this week after a replacement model Note 7 smartphone began smoking inside the plane, according to the family who owns the phone.

Samsung earlier said it was investigating reports of &quot;heat damage issues&quot; and would share its findings when the investigation is complete.

&quot;If we determine a product safety issue exists, Samsung will take immediate steps approved by the CPSC (U.S. Consumer Product Safety Commission) to resolve the situation,&quot; Samsung told Reuters in a statement.

Samsung shares were down 3.3 percent as of 0125 GMT, compared with a 0.1 percent fall for the broader market.

&quot;I thought the Note 7 matter was coming to an end, but it&rsquo;s becoming an issue again,&quot; Alpha Asset Management fund manager CJ Heo said.

Samsung should be able to recover from the short-term reputational damage of the recalls, but fourth-quarter sales of the Note 7 would be hurt, he added.

South Korea&#39;s largest mobile carrier, SK Telecom, said it was closely monitoring the situation and would not comment further. KT Corp, the No.2 South Korean carrier, said it had taken no steps in regards to sales or exchange of new Note 7s.

(Reuters)

Samsung did not immediately comment on the Yonhap report

Samsung Electronics Co Ltd has suspended production of its Galaxy Note 7 smartphones following reports of fires in replacement devices, South Korean media said on Monday, a further setback for the tech giant trying to manage its worst ever phone recall crisis. Samsung's decision to temporarily halt Note 7 production was done in cooperation with authorities in China and the United States, as two US carriers have stopped exchanging or selling new Note 7 phones, Yonhap News Agency cited an unnamed source at a Samsung partner firm as saying. Samsung did not immediately comment on the Yonhap report. Problems with replacements for the Note 7 model would create a new and potentially costly chapter to a global scandal which has hurt the reputation of the world's biggest smartphone maker. It also could add new dangers for consumers. AT&T Inc, the No.2 US wireless carrier, said on Sunday it will stop exchanging new Note 7 smartphones due to reports of fires from replacement devices that Samsung has said used safe batteries. No.3 wireless carrier T-Mobile US Inc said it was temporarily halting sales of new Note 7s as well as exchanges while Samsung investigated "multiple reports of issues" with its flagship device. T-Mobile offered customers who brought in their Note 7s a $25 credit on their phone bill. Samsung announced on Sept. 2 a global recall of 2.5 million Note 7s in 10 markets including the United States due to faulty batteries causing some of the phones to catch fire. A Southwest Airline flight was evacuated earlier this week after a replacement model Note 7 smartphone began smoking inside the plane, according to the family who owns the phone. Samsung earlier said it was investigating reports of "heat damage issues" and would share its findings when the investigation is complete. "If we determine a product safety issue exists, Samsung will take immediate steps approved by the CPSC (U.S. Consumer Product Safety Commission) to resolve the situation," Samsung told Reuters in a statement. Samsung shares were down 3.3 percent as of 0125 GMT, compared with a 0.1 percent fall for the broader market. "I thought the Note 7 matter was coming to an end, but it’s becoming an issue again," Alpha Asset Management fund manager CJ Heo said. Samsung should be able to recover from the short-term reputational damage of the recalls, but fourth-quarter sales of the Note 7 would be hurt, he added. South Korea's largest mobile carrier, SK Telecom, said it was closely monitoring the situation and would not comment further. KT Corp, the No.2 South Korean carrier, said it had taken no steps in regards to sales or exchange of new Note 7s. (Reuters)

After replacements catch fire, Samsung stops production of Note 7: Report

Facebook said its main UK subsidiary generated an 11-million-Pound tax credit in 2015 even as revenues soared, thanks to its tax efficient structure, accounts published on the weekend showed.

Analysts say Facebook generates hundreds of millions of dollars in revenue from UK clients each year but until this year all transactions were booked in Ireland, minimising the social media group&#39;s UK tax bill.

Facebook UK Ltd is funded by affiliates such as the main Irish unit. It received over 210 million Pounds ($261.14 million) in 2015 from these affiliates. But that wasn&#39;t enough to cover its costs and the UK subsidiary reported a loss of 52 million Pounds.

A spokeswoman said Facebook paid all the taxes it was required to under UK law.

&ldquo;We are proud that in 2015 we have continued to grow our business in the UK and created over 300 new high-skilled jobs,&rdquo; she added.

UK politicians, spurred by public anger about corporate tax avoidance, have criticised the tax arrangements of Facebook and other US&nbsp;tech giants in recent years. The companies exploit loopholes in US&nbsp;and international tax rules to pay almost no tax on non-US&nbsp;profits.

Last year, the UK government introduced a new tax to target structures like Facebook&rsquo;s. In March, Facebook said it would begin to report some UK revenues in Britain from 2016, although it&rsquo;s unclear what impact, if any, this change will have on its tax bill.

Facebook&#39;s UK loss was swelled by charges for share incentive schemes, which have not yet vested.

Facebook won&rsquo;t get the benefit of the tax deduction until this happens, which means the company may still have to pay tax for 2015. Excluding the deduction for share schemes, Facebook would have a tax bill of 4 million Pounds for last year.

However, the spokeswoman declined to say if Facebook had paid any tax in respect of 2015.

Facebook reported worldwide net income of $3.7 billion last year, on turnover of $17.9 billion, according to its annual report. European revenue jumped 34 per cent last year to $1.4 billion.

(Reuters)

Until this year all of Facebook's transactions were booked in Ireland, minimising the social media group's UK tax bill

Facebook said its main UK subsidiary generated an 11-million-Pound tax credit in 2015 even as revenues soared, thanks to its tax efficient structure, accounts published on the weekend showed. Analysts say Facebook generates hundreds of millions of dollars in revenue from UK clients each year but until this year all transactions were booked in Ireland, minimising the social media group's UK tax bill. Facebook UK Ltd is funded by affiliates such as the main Irish unit. It received over 210 million Pounds ($261.14 million) in 2015 from these affiliates. But that wasn't enough to cover its costs and the UK subsidiary reported a loss of 52 million Pounds. A spokeswoman said Facebook paid all the taxes it was required to under UK law. “We are proud that in 2015 we have continued to grow our business in the UK and created over 300 new high-skilled jobs,” she added. UK politicians, spurred by public anger about corporate tax avoidance, have criticised the tax arrangements of Facebook and other US tech giants in recent years. The companies exploit loopholes in US and international tax rules to pay almost no tax on non-US profits. Last year, the UK government introduced a new tax to target structures like Facebook’s. In March, Facebook said it would begin to report some UK revenues in Britain from 2016, although it’s unclear what impact, if any, this change will have on its tax bill. Facebook's UK loss was swelled by charges for share incentive schemes, which have not yet vested. Facebook won’t get the benefit of the tax deduction until this happens, which means the company may still have to pay tax for 2015. Excluding the deduction for share schemes, Facebook would have a tax bill of 4 million Pounds for last year. However, the spokeswoman declined to say if Facebook had paid any tax in respect of 2015. Facebook reported worldwide net income of $3.7 billion last year, on turnover of $17.9 billion, according to its annual report. European revenue jumped 34 per cent last year to $1.4 billion. (Reuters)

Facebook reports 11-million-Pound UK tax credit as revenues soar

At the annual fall meeting of the International Monetary Fund and the World Bank, Indian finance minister Arun Jaitley warned about the risks of low and negative interest rates and &quot;significant loan impairments&quot; in the banking system to the global financial stability.

In an effort to guard against these risks, Jaitley said policy frameworks will need to be strengthened. He advocated &quot;deleveraging&quot; balance sheets and accumulating buffers to spur growth.&nbsp;

&quot;Gains from product and labour market reforms and strengthening of risk management practices to address balance sheet vulnerabilities would be helpful in further enhancing resilience,&quot; he said.

The minister said prolonged accommodative monetary policies in advanced economies will have serious implications for the emerging market and developing economies (EMDEs), including spillovers.&nbsp;

Voicing concerns that normalisation of the US monetary policy could have adverse effects globally, he said the central banks in major advanced economies should be mindful of financial stability risks arising out of monetary policy normalisation.

&quot;However, risks to global financial stability persist because of low and negative interest rates, the&nbsp;overhang of private debt and significant loan impairments in the banking system,&quot; he said.

Jaitley said though the global financial stability appeared to have improved with easing financing conditions, he warned that the risks to global stability would have deeper implications for the IMF and the World Bank too. In all likelihood, the bodies could be pressed with larger demands on their resources.&nbsp;

Both the global financial institutions need to be adequately resourced, specifically to meet a wider canvas of development aspirations arising out of the Sustainable Development Goals, he said.&nbsp;

(WION with inputs from PTI) 
&nbsp;

Indian finance minister said accommodative monetary policies in advanced economies could adversely affect emerging market

At the annual fall meeting of the International Monetary Fund and the World Bank, Indian finance minister Arun Jaitley warned about the risks of low and negative interest rates and "significant loan impairments" in the banking system to the global financial stability. In an effort to guard against these risks, Jaitley said policy frameworks will need to be strengthened. He advocated "deleveraging" balance sheets and accumulating buffers to spur growth. "Gains from product and labour market reforms and strengthening of risk management practices to address balance sheet vulnerabilities would be helpful in further enhancing resilience," he said. The minister said prolonged accommodative monetary policies in advanced economies will have serious implications for the emerging market and developing economies (EMDEs), including spillovers. Voicing concerns that normalisation of the US monetary policy could have adverse effects globally, he said the central banks in major advanced economies should be mindful of financial stability risks arising out of monetary policy normalisation. "However, risks to global financial stability persist because of low and negative interest rates, the overhang of private debt and significant loan impairments in the banking system," he said. Jaitley said though the global financial stability appeared to have improved with easing financing conditions, he warned that the risks to global stability would have deeper implications for the IMF and the World Bank too. In all likelihood, the bodies could be pressed with larger demands on their resources. Both the global financial institutions need to be adequately resourced, specifically to meet a wider canvas of development aspirations arising out of the Sustainable Development Goals, he said. (WION with inputs from PTI)

India warns against risks of low, negative interest rates on global economy

The International Monetary Fund will not join the Greek bailout programme but will likely accept a special advisory status with limited powers that keeps it at the table, two senior sources with direct knowledge of the proposals said.

The IMF has been holding out for more than a year over the terms under which it would participate in any new program, arguing that the financial targets set in the European bailout are unrealistic without major debt relief.&nbsp;

But the Fund is increasingly resigned to European resistance to debt relief for Greece and it is now in talks to accept a newly created role that would let it play a part with limited formality, the sources said.&nbsp;

&quot;It will be more than an advisor but the role will not have the strict conditionality, like the compliance and economic health checks every three months,&quot; one of the sources told Reuters.&nbsp;

Talks between Greece, its European creditors and the IMF have been at an impasse since German finance minister Wolfgang Schaeuble insisted on the IMF taking part but rejected calls from IMF Managing Director Christine Lagarde for a big debt restructuring.

&quot;This way Lagarde can go to the board and say, hey, &#39;I&#39;m not violating our rules&#39;&nbsp;and Schaeuble, whose government is facing an election next fall, can say, &#39;see, I have the IMF on board`&quot; the source said.&nbsp;

The exact nature of the IMF`s role has not been decided but it would have more powers than a simple advisor and would&nbsp;for example, be responsible for drawing up certain proposed agreements and negotiating documents, coordinating with the Greek and European Union sides.&quot;

They won&#39;t put money into the programme but it won&#39;t be just technical assistance; they will probably take a special advisory role to be created especially for the Greek bailout,&quot; the second source said.&nbsp;

&quot;Talks this week just made it clear that the IMF just can`t come on board formally.&quot;

&quot;They will remain part of the troika and be at all the talks,&quot; the source added.

Greek and IMF officials held talks at the Funds&#39;&nbsp;fall meetings in Washington this week, discussing this special status, which was supported by the Greek side. Despite the change in the IMF`s role, Greek officials believe it will aid them having a body that supports debt restructuring at the table.

The IMF was not immediately available for comment on the what the sources said.&nbsp;

Poul Thomsen, director of the IMF&#39;s European Department, said on Friday that the IMF is still &quot;fully engaged&quot; on Greece but is insisting on debt relief, although this need not come in the form of principal reduction, Reuters reported.&nbsp;

&quot;We have not changed our mind on this. This discussion we will have in the coming months,&quot; Thomsen said.

The Greek economy has suffered from a deep recession with demand weighed down by fiscal cutbacks, a heavy tax burden, capital controls and a lack of investment.&nbsp;

The sources added that while the IMF is officially expecting the economy to grow by 0.1 per cent, the actual figure is still likely to be in negative territory. That is far short of the IMF`s 2.8 per cent target for next year in the Fund`s latest economic projections.

The sources said that an agreement over Greek debt relief was still possible but the window of opportunity was very narrow and depended on the quick conclusion of the next bailout review.

If the review drags on, then talks would be put off until after German elections next fall as any discussion on restructuring debt will irk German voters, the sources said.

The Greek side argues that it does not need a haircut but could manage its debt if its repayments were smoothed out, maturities were extended and more expensive IMF debt was swapped for cheaper European funding.

Some of these measures are not acceptable for the EU, however, so talks have moved only slowly.&nbsp;

The Greek economy would also get a major boost from being included in the European Central Bank`s sovereign debt buying programme but that is not likely to happen until the end of the first quarter of 2017, at the earliest, one of the sources said.

The ECB could buy just under 3 billion Euros of Greek debt, a relatively small amount for the economy, but potentially a major confidence booster.&nbsp;

(Reuters)

Two senior sources said IMF will accept a special advisory status with limited powers that keeps it at the table

The International Monetary Fund will not join the Greek bailout programme but will likely accept a special advisory status with limited powers that keeps it at the table, two senior sources with direct knowledge of the proposals said. The IMF has been holding out for more than a year over the terms under which it would participate in any new program, arguing that the financial targets set in the European bailout are unrealistic without major debt relief. But the Fund is increasingly resigned to European resistance to debt relief for Greece and it is now in talks to accept a newly created role that would let it play a part with limited formality, the sources said. "It will be more than an advisor but the role will not have the strict conditionality, like the compliance and economic health checks every three months," one of the sources told Reuters. Talks between Greece, its European creditors and the IMF have been at an impasse since German finance minister Wolfgang Schaeuble insisted on the IMF taking part but rejected calls from IMF Managing Director Christine Lagarde for a big debt restructuring. "This way Lagarde can go to the board and say, hey, 'I'm not violating our rules' and Schaeuble, whose government is facing an election next fall, can say, 'see, I have the IMF on board`" the source said. The exact nature of the IMF`s role has not been decided but it would have more powers than a simple advisor and would for example, be responsible for drawing up certain proposed agreements and negotiating documents, coordinating with the Greek and European Union sides." They won't put money into the programme but it won't be just technical assistance; they will probably take a special advisory role to be created especially for the Greek bailout," the second source said. "Talks this week just made it clear that the IMF just can`t come on board formally." "They will remain part of the troika and be at all the talks," the source added. Greek and IMF officials held talks at the Funds' fall meetings in Washington this week, discussing this special status, which was supported by the Greek side. Despite the change in the IMF`s role, Greek officials believe it will aid them having a body that supports debt restructuring at the table. The IMF was not immediately available for comment on the what the sources said. Poul Thomsen, director of the IMF's European Department, said on Friday that the IMF is still "fully engaged" on Greece but is insisting on debt relief, although this need not come in the form of principal reduction, Reuters reported. "We have not changed our mind on this. This discussion we will have in the coming months," Thomsen said. The Greek economy has suffered from a deep recession with demand weighed down by fiscal cutbacks, a heavy tax burden, capital controls and a lack of investment. The sources added that while the IMF is officially expecting the economy to grow by 0.1 per cent, the actual figure is still likely to be in negative territory. That is far short of the IMF`s 2.8 per cent target for next year in the Fund`s latest economic projections. The sources said that an agreement over Greek debt relief was still possible but the window of opportunity was very narrow and depended on the quick conclusion of the next bailout review. If the review drags on, then talks would be put off until after German elections next fall as any discussion on restructuring debt will irk German voters, the sources said. The Greek side argues that it does not need a haircut but could manage its debt if its repayments were smoothed out, maturities were extended and more expensive IMF debt was swapped for cheaper European funding. Some of these measures are not acceptable for the EU, however, so talks have moved only slowly. The Greek economy would also get a major boost from being included in the European Central Bank`s sovereign debt buying programme but that is not likely to happen until the end of the first quarter of 2017, at the earliest, one of the sources said. The ECB could buy just under 3 billion Euros of Greek debt, a relatively small amount for the economy, but potentially a major confidence booster. (Reuters)

IMF to stay out of Greek bailout: Report

Mukesh Ambani-led newly launched Reliance Jio network announced that it has gained a record 16 million subscribers during the first month of its operations in September 2016.

The Welcome Offer by Jio was rolled out on September 5 and has since achieved the fastest growth than any other telecom operator or start-up in the world including Facebook, WhatsApp and Skype, ANI news agency reported.

&quot;We are delighted and humbled by the overwhelming response across India to the JioWelcome Offer. Jio is built to empower every Indian with the power of data. We are delighted that people have recognised this and are utilising our services to the fullest.

&quot;We are customer-obsessed and committed to improve every day to exceed expectations of our customers,&quot; Mukesh Ambani, chairman of Reliance Industries Limited said.

The free welcome plan offers free voice calls within India with no roaming charges and free 4G data services up to 4GB daily until December 31. Jio customers will also be able to enjoy access to Jio&#39;s premium apps like JioMusic, MyJio, JioChat, JioMoney and more for free until the&nbsp;end of this year.

Jio is also offering free services worth ?18,000 ($270) for one year to all customers who purchase a new iPhone, Press Trust of India reported on Friday. All new iPhone users on the Jio network can avail free voice calls, 20GB data and unlimited SMS from January 1 of next year after their &quot;welcome plan&quot;&nbsp;expires on December 31, 2016. The offer is open to not only the newly launched iPhone 7 and 7-Plus but also on iPhone 6, 6-Plus, 6S-Plus, SE.

Mukesh Ambani has claimed that Jio&#39;s data plans are the cheapest in the world at ?50/GB.

(WION with inputs from ANI)

The Welcome Offer by Jio rolled out on September 5 offers free voice calls within India with no roaming charges and free 4G data services

Mukesh Ambani-led newly launched Reliance Jio network announced that it has gained a record 16 million subscribers during the first month of its operations in September 2016. The Welcome Offer by Jio was rolled out on September 5 and has since achieved the fastest growth than any other telecom operator or start-up in the world including Facebook, WhatsApp and Skype, ANI news agency reported. "We are delighted and humbled by the overwhelming response across India to the JioWelcome Offer. Jio is built to empower every Indian with the power of data. We are delighted that people have recognised this and are utilising our services to the fullest. "We are customer-obsessed and committed to improve every day to exceed expectations of our customers," Mukesh Ambani, chairman of Reliance Industries Limited said. The free welcome plan offers free voice calls within India with no roaming charges and free 4G data services up to 4GB daily until December 31. Jio customers will also be able to enjoy access to Jio's premium apps like JioMusic, MyJio, JioChat, JioMoney and more for free until the end of this year. Jio is also offering free services worth ?18,000 ($270) for one year to all customers who purchase a new iPhone, Press Trust of India reported on Friday. All new iPhone users on the Jio network can avail free voice calls, 20GB data and unlimited SMS from January 1 of next year after their "welcome plan" expires on December 31, 2016. The offer is open to not only the newly launched iPhone 7 and 7-Plus but also on iPhone 6, 6-Plus, 6S-Plus, SE. Mukesh Ambani has claimed that Jio's data plans are the cheapest in the world at ?50/GB. (WION with inputs from ANI)

Reliance Jio's 'welcome plan' draws 16 million subscribers in first month

Continuing its longest streak of total job growth on record, the United States added 156,000 jobs in September.&nbsp;

According to Labour department data released on Friday, after strong job creation in the summer months, the recent numbers were weaker than expected.&nbsp;

The monthly totals had surpassed more than a quarter million jobs in June and July. Analysts had forecast 176,000 positions to be added in the month of September.&nbsp;

The unemployment rate also rose slightly by 0.1 per cent to five per cent, with 7.9 million people counted as unemployed.&nbsp;

The data which is closely monitored by US policymakers is likely to fuel divisions among members of the US Federal Reserve on whether to raise interest rates in the near future.&nbsp;

Most of the hiring have been noted in the business and professional services sector, that added 67,000 jobs. Healthcare positions also grew by 33,000 while restaurants, caterers and bars added 30,000 new positions.

Chairman of the Council of Economic Advisors, Jason Furman, said in a statement that the US businesses have consistently grown since early 2010. However he felt, more work still remains to be done to sustain faster wage growth.

(WION with inputs from agencies) 
&nbsp;

US Labour department data showed weaker-than-expected job creation in September, adding 156,000 positions

Continuing its longest streak of total job growth on record, the United States added 156,000 jobs in September. According to Labour department data released on Friday, after strong job creation in the summer months, the recent numbers were weaker than expected. The monthly totals had surpassed more than a quarter million jobs in June and July. Analysts had forecast 176,000 positions to be added in the month of September. The unemployment rate also rose slightly by 0.1 per cent to five per cent, with 7.9 million people counted as unemployed. The data which is closely monitored by US policymakers is likely to fuel divisions among members of the US Federal Reserve on whether to raise interest rates in the near future. Most of the hiring have been noted in the business and professional services sector, that added 67,000 jobs. Healthcare positions also grew by 33,000 while restaurants, caterers and bars added 30,000 new positions. Chairman of the Council of Economic Advisors, Jason Furman, said in a statement that the US businesses have consistently grown since early 2010. However he felt, more work still remains to be done to sustain faster wage growth. (WION with inputs from agencies)

US unemployment at five per cent after lacklustre jobs growth in September