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Sterling suffered a dizzying &quot;flash crash&quot; against the euro and dollar on Friday in a computer-generated sell-off, sending Brexit shockwaves across markets.

In the second-largest intra-day decline, the pound plunged more than six per cent against the dollar in under ten minutes in Asian trading hours. &nbsp;

A spokesman for the Bank of England told AFP that they are &quot;looking into&quot; the cause of the flash crash.&nbsp;

&quot;We are looking into what happened,&quot; &nbsp;he said after sterling suffered a &quot;flash crash&quot; in Asia trading hours -- hitting a new 31-year low point at $1.1841. The pound slumped also to a 6.5-year trough against the euro, at 94.15 pence. 
Market analysts said algorithmic trading programmes apparently triggered the crash that caused the value of sterling to plummet.&nbsp;

&quot;A lot of investors are still scratching their heads as to how and why it happened, whether it was a fat fingered trader in Tokyo, an algorithm scanning for any negative Brexit news, or just a big seller of the pound,&quot; said analyst Alex Edwards at trading firm UKForex.

&quot;Whatever it was, it shows us that the pound is looking very vulnerable right now.&quot;

XTB analyst David Cheetham added that a combination of trades placed by algorithms and stop-loss orders can &quot;exacerbate the move, which is commonly seen to retrace by a significant proportion of the decline within a matter of minutes&quot;.

Stop-loss orders are automatic orders to buy or sell an asset once it reaches a certain price level.

Approaching midday in London, the pound rowed back to $1.2368, while the euro stood at 89.99 pence.

After rebounding, the pound again fell sharply this week on fears of a so-called &quot;hard Brexit&quot; that would see Britain depart the single market, or tariff-free zone, and end free movement of people into the country.

The pound has hit several fresh 31-year lows against the dollar this week, after British Prime Minister Theresa May outlined a timetable at the weekend for Britain to leave the European Union by 2019.

May&#39;s comment led French President Francois Hollande to call Thursday for EU officials to use a firm hand in negotiations with Britain over its exit.

But some market-watchers said the event illustrated the fragility of the British unit since the country&#39;s shock referendum vote on June 23 to leave the European Union.

(WION with inputs from AFP) 
&nbsp;

The British pound plummeted more than six per cent against the dollar in under ten minutes on Friday, baffling traders across global markets

Sterling suffered a dizzying "flash crash" against the euro and dollar on Friday in a computer-generated sell-off, sending Brexit shockwaves across markets. In the second-largest intra-day decline, the pound plunged more than six per cent against the dollar in under ten minutes in Asian trading hours. A spokesman for the Bank of England told AFP that they are "looking into" the cause of the flash crash. "We are looking into what happened," he said after sterling suffered a "flash crash" in Asia trading hours -- hitting a new 31-year low point at $1.1841. The pound slumped also to a 6.5-year trough against the euro, at 94.15 pence. Market analysts said algorithmic trading programmes apparently triggered the crash that caused the value of sterling to plummet. "A lot of investors are still scratching their heads as to how and why it happened, whether it was a fat fingered trader in Tokyo, an algorithm scanning for any negative Brexit news, or just a big seller of the pound," said analyst Alex Edwards at trading firm UKForex. "Whatever it was, it shows us that the pound is looking very vulnerable right now." XTB analyst David Cheetham added that a combination of trades placed by algorithms and stop-loss orders can "exacerbate the move, which is commonly seen to retrace by a significant proportion of the decline within a matter of minutes". Stop-loss orders are automatic orders to buy or sell an asset once it reaches a certain price level. Approaching midday in London, the pound rowed back to $1.2368, while the euro stood at 89.99 pence. After rebounding, the pound again fell sharply this week on fears of a so-called "hard Brexit" that would see Britain depart the single market, or tariff-free zone, and end free movement of people into the country. The pound has hit several fresh 31-year lows against the dollar this week, after British Prime Minister Theresa May outlined a timetable at the weekend for Britain to leave the European Union by 2019. May's comment led French President Francois Hollande to call Thursday for EU officials to use a firm hand in negotiations with Britain over its exit. But some market-watchers said the event illustrated the fragility of the British unit since the country's shock referendum vote on June 23 to leave the European Union. (WION with inputs from AFP)

Pound's 'flash crash' triggers volatility warnings

The rising Japanese Official Development Assistance (ODA) into India for several projects including high-speed railway could widen trade deficit between the two countries, says a report.

&quot;With increase in Japanese ODA for several projects including for the Shinkasen bullet train project and expected further FDI from Japan in the coming years, imports from Japan could see a rise that can widen the trade deficit,&quot; said the report -- &#39;India-Japan CEPA: An Appraisal&#39;.

The report by Research and Information System for Developing Countries, released today, is authored by V S Seshadri.

The Rs 98,000 crore Mumbai-Ahmedabad high-speed rail project is being financed by Japan International Cooperation Agency (JICA), which is providing a soft loan of about Rs 79,380 crore, amounting to 81 per cent of the project cost.

Sustained increase in India&#39;s export to Japan, the report said, will come about only if greater attention is given to increasing competitiveness, strengthening compliance with standards, enhancing export capacity, and moving beyond traditional areas of export.

It pointed out that the utilisation of India-Japan Comprehensive Economic Partnership Agreement (CEPA) for trade in goods is steadily increasing in both directions.

&quot;While CEPA concessions are not relevant for about 75 per cent of India&#39;s export to Japan, since duties on them are zero even on MFN basis, India has benefited from CEPA concessions towards increasing exports in the seafood pharma, garments, leather, dyes and pigments and a few other sectors and products,&quot; the report said.

According to the report, Japan&#39;s utilisation has also been rising judging from the number of certificates of origin issued annually by the authorised agency from Japan.

&quot;It would be very important to ensure immediate ratification of the Totalisation Agreement signed by the two countries in 2012,&quot; it noted.

Referring to Japanese FDI trend in India, the report pointed out that India presents a mixed picture post CEPA with significant fresh investment inflows but also with two large investments, Daiichi Sankyo&#39;s investment in Ranbaxy and NTT Docomo&#39;s investment in Tata Teleservices, seeking to exit their investments.

It further said the &#39;Japan Plus&#39; arrangement to fast track investments from that country and regular engagements between the Japan Chambers of Commerce and Industry in India and DIPP of the government are positive features. 
 
Japan and India are the second and third largest economies in Asia. The economic engagement witnessed significant rise after both countries signed a Comprehensive Economic Partnership Agreement (CEPA) in 2011.

The trade between the two countries pre-CEPA in 2010 was USD 10.4 billion and currently stands at USD 14.5 billion.

(PTI)

The report by Research and Information System for Developing Countries said that imports from Japan could widen the trade deficit

The rising Japanese Official Development Assistance (ODA) into India for several projects including high-speed railway could widen trade deficit between the two countries, says a report. "With increase in Japanese ODA for several projects including for the Shinkasen bullet train project and expected further FDI from Japan in the coming years, imports from Japan could see a rise that can widen the trade deficit," said the report -- 'India-Japan CEPA: An Appraisal'. The report by Research and Information System for Developing Countries, released today, is authored by V S Seshadri. The Rs 98,000 crore Mumbai-Ahmedabad high-speed rail project is being financed by Japan International Cooperation Agency (JICA), which is providing a soft loan of about Rs 79,380 crore, amounting to 81 per cent of the project cost. Sustained increase in India's export to Japan, the report said, will come about only if greater attention is given to increasing competitiveness, strengthening compliance with standards, enhancing export capacity, and moving beyond traditional areas of export. It pointed out that the utilisation of India-Japan Comprehensive Economic Partnership Agreement (CEPA) for trade in goods is steadily increasing in both directions. "While CEPA concessions are not relevant for about 75 per cent of India's export to Japan, since duties on them are zero even on MFN basis, India has benefited from CEPA concessions towards increasing exports in the seafood pharma, garments, leather, dyes and pigments and a few other sectors and products," the report said. According to the report, Japan's utilisation has also been rising judging from the number of certificates of origin issued annually by the authorised agency from Japan. "It would be very important to ensure immediate ratification of the Totalisation Agreement signed by the two countries in 2012," it noted. Referring to Japanese FDI trend in India, the report pointed out that India presents a mixed picture post CEPA with significant fresh investment inflows but also with two large investments, Daiichi Sankyo's investment in Ranbaxy and NTT Docomo's investment in Tata Teleservices, seeking to exit their investments. It further said the 'Japan Plus' arrangement to fast track investments from that country and regular engagements between the Japan Chambers of Commerce and Industry in India and DIPP of the government are positive features. Japan and India are the second and third largest economies in Asia. The economic engagement witnessed significant rise after both countries signed a Comprehensive Economic Partnership Agreement (CEPA) in 2011. The trade between the two countries pre-CEPA in 2010 was USD 10.4 billion and currently stands at USD 14.5 billion. (PTI)

'Rising Japanese assistance to India will widen trade deficit'

The newly launched Mukesh Ambani-led Reliance Jio network is offering free services worth ?18,000 ($270)&nbsp;for one year to all new iPhone users, Press Trust of India reported today.

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 sources said that the iPhone users under Jio&#39;s network will receive one year of complimetary service.

A customer who buys an iPhone from Reliance Retail or Apple store and subscribe to Jio would get the &quot;Welcome offer&quot;&nbsp;paid until the&nbsp;end of this year. From January&nbsp;1, 2017, the consumers will get the ?1,499 (about $23) plan completely free for one&nbsp;year, amounting to ?18,000 in total.

The ?1,499 plan includes unlimited local and STD voice calling and national roaming, 4G Data of up to 20 GB, unlimited 4G data at night, 40GB of WiFi data, unlimited SMS and unlimited Jio Apps subscription, PTI reported.

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. Enterprise customers will additionally get a 25 per cent discount on the device and attractive tariff plans.

The free welcome plan offered free voice calls within India with no roaming charges and free 4G data services upto 4GB daily.

(WION with inputs from PTI)

All new iPhone users will receive complimentary services for a year after the welcome plan expires on 31st December 2016

The newly launched Mukesh Ambani-led Reliance Jio network is offering free services worth ?18,000 ($270) for one year to all new iPhone users, Press Trust of India reported today. 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 sources said that the iPhone users under Jio's network will receive one year of complimetary service. A customer who buys an iPhone from Reliance Retail or Apple store and subscribe to Jio would get the "Welcome offer" paid until the end of this year. From January 1, 2017, the consumers will get the ?1,499 (about $23) plan completely free for one year, amounting to ?18,000 in total. The ?1,499 plan includes unlimited local and STD voice calling and national roaming, 4G Data of up to 20 GB, unlimited 4G data at night, 40GB of WiFi data, unlimited SMS and unlimited Jio Apps subscription, PTI reported. 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. Enterprise customers will additionally get a 25 per cent discount on the device and attractive tariff plans. The free welcome plan offered free voice calls within India with no roaming charges and free 4G data services upto 4GB daily. (WION with inputs from PTI)

Reliance Jio free service to new iPhone users for one year

Germany is moving to close the pay gap between men and women with a proposed new law agreed in principle by the government&#39;s ruling coalition parties Thursday.

Chancellor Angela Merkel&#39;s conservative CDU reached the agreement in talks with its centre-left coalition allies the SPD, without saying when the changes would take effect.

Under the deal, companies with more than 200 employees will have to be transparent about what they pay men and women in equal positions and publish wage data in anonymous form.

Companies with more than 500 staff will have to introduce mechanisms to equalise pay for both sexes, said SPD parliamentary chief Thomas Oppermann.

He hailed the proposed law as &quot;a great step forward&quot; for millions of female employees.

Women in Germany earn around one fifth less than men, according to official data released in May.

In raw or unadjusted terms, the gender pay gap stood at 21 percent in Germany last year, above the European average of 16.5 percent, the federal statistics office Destatis calculated.

In the former communist east of the country, the pay gap was much narrower, standing at eight percent last year, but in the west it stood at 23 percent, Destatis calculated.&nbsp;

Women in Germany tend more often to work in low-paid jobs or sectors and frequently only part time, the statisticians said.

The adjusted pay gap, which compares wages for people with the same qualifications doing the same work, stood at seven per cent.

(AFP)

Under the deal, companies with more than 200 employees will have to be transparent about what they pay men and women

Germany is moving to close the pay gap between men and women with a proposed new law agreed in principle by the government's ruling coalition parties Thursday. Chancellor Angela Merkel's conservative CDU reached the agreement in talks with its centre-left coalition allies the SPD, without saying when the changes would take effect. Under the deal, companies with more than 200 employees will have to be transparent about what they pay men and women in equal positions and publish wage data in anonymous form. Companies with more than 500 staff will have to introduce mechanisms to equalise pay for both sexes, said SPD parliamentary chief Thomas Oppermann. He hailed the proposed law as "a great step forward" for millions of female employees. Women in Germany earn around one fifth less than men, according to official data released in May. In raw or unadjusted terms, the gender pay gap stood at 21 percent in Germany last year, above the European average of 16.5 percent, the federal statistics office Destatis calculated. In the former communist east of the country, the pay gap was much narrower, standing at eight percent last year, but in the west it stood at 23 percent, Destatis calculated. Women in Germany tend more often to work in low-paid jobs or sectors and frequently only part time, the statisticians said. The adjusted pay gap, which compares wages for people with the same qualifications doing the same work, stood at seven per cent. (AFP)

Germany takes step to close pay gap between men, women

Twitter shares dove in after-hours trades on Wednesday on the heels of a report that Google does not plan to bid for the culture-changing but unprofitable one-to-many messaging service.

The technology news website Recode cited unnamed sources close to the situation as saying Google will not be among those in the running to buy San Francisco-based Twitter.

Other sources said that Twitter should have &quot;low expectations&quot; of Apple being among those vying to buy the company, Recode reported.

Twitter shares, which had taken flight on the New York Stock Exchange early in the day and ended formal trading up nearly six per cent, dove more than nine per cent in after-market trades to $22.58.

Long-simmering speculation that Twitter is putting itself up for sale has boiled over in recent weeks, with the share price buoyed by unconfirmed talk that business-cloud software titan Salesforce, Google and other Silicon Valley titans were expected to be suitors.

Twitter and Google did not respond to AFP requests for comment.

Twitter, which celebrated its 10th anniversary this year, has yet to make a profit. Co-founder Jack Dorsey returned as chief executive last year but has yet to ignite growth, with the number of users stagnating at slightly more than 300 million for several quarters.

After falling to its lowest point ever earlier this year, Twitter shares were boosted recently on hopes the company will gain traction or a make a promising match with a suitor.

Twitter was expected to begin accepting bids this week.

The social messaging platform would be a big-ticket item, with its value based on the share price topping $17 billion on Wednesday, and the company likely to want a premium to be paid.

No suitors have declared interest in Twitter publicly, however.

The list of companies that may still seek to buy Twitter includes entertainment giant Disney, Microsoft, and the US telecom service Verizon.

(AFP)

The company's shares dove more than nine per cent following reports saying Google will not plan to bid for the social media app

Twitter shares dove in after-hours trades on Wednesday on the heels of a report that Google does not plan to bid for the culture-changing but unprofitable one-to-many messaging service. The technology news website Recode cited unnamed sources close to the situation as saying Google will not be among those in the running to buy San Francisco-based Twitter. Other sources said that Twitter should have "low expectations" of Apple being among those vying to buy the company, Recode reported. Twitter shares, which had taken flight on the New York Stock Exchange early in the day and ended formal trading up nearly six per cent, dove more than nine per cent in after-market trades to $22.58. Long-simmering speculation that Twitter is putting itself up for sale has boiled over in recent weeks, with the share price buoyed by unconfirmed talk that business-cloud software titan Salesforce, Google and other Silicon Valley titans were expected to be suitors. Twitter and Google did not respond to AFP requests for comment. Twitter, which celebrated its 10th anniversary this year, has yet to make a profit. Co-founder Jack Dorsey returned as chief executive last year but has yet to ignite growth, with the number of users stagnating at slightly more than 300 million for several quarters. After falling to its lowest point ever earlier this year, Twitter shares were boosted recently on hopes the company will gain traction or a make a promising match with a suitor. Twitter was expected to begin accepting bids this week. The social messaging platform would be a big-ticket item, with its value based on the share price topping $17 billion on Wednesday, and the company likely to want a premium to be paid. No suitors have declared interest in Twitter publicly, however. The list of companies that may still seek to buy Twitter includes entertainment giant Disney, Microsoft, and the US telecom service Verizon. (AFP)

Twitter shares dive after Google rules out bid

India&#39;s Reliance Group and France&#39;s Dassault have signed a lucrative defence partnership as part of a fighter jet deal agreed between the two nations last month, the companies said on Monday.

India signed a contract to buy 36 Rafale fighter jets for 7.9 billion Euros ($8.8 billion), France&#39;s biggest ever such sale, as the nation seeks to bolster its military in the face of China&#39;s growing clout.

Dassault, which is building the aircraft, agreed under the terms of the deal to invest about 50 per cent of the value of the contract in India.

It has teamed with Indian billionaire tycoon Anil Ambani&#39;s Reliance Group in a joint venture called &quot;Dassault Reliance Aerospace&quot; to focus on research and development of unspecified defence projects in India.

The partnership &quot;illustrates our strong commitment to establish ourselves in India,&quot; Dassault CEO Eric Trappier said in a joint statement.

Ambani added that the deal was &quot;a transformational moment for the Indian aerospace sector.&quot;

However, the companies did not say how much of Dassault&#39;s estimated 300-billion Rupee ($4.5-billion) required investment would be poured into the joint venture.&nbsp;

India, the world&#39;s top defence importer, is conducting a $100-billion upgrade of its Soviet-era military hardware, facing border disputes with its northern and western neighbours, China and Pakistan.

But Prime Minister Narendra Modi has moved to reduce India&#39;s reliance on expensive imports and called for the manufacturing of defence equipment locally.

Modi&#39;s government has raised the limit on foreign investment in the defence sector and encouraged tie-ups between foreign and local companies.

The Rafale purchase was first mooted in 2012 but has faced major delays and obstacles.

India entered exclusive negotiations on buying 126 Rafale jets four years ago, but the number of planes was scaled back in frustrating negotiations over the cost and assembly of the planes in India.

Modi announced on a visit to Paris last year that his government had agreed in principle to buy the jets.

But the deal continued to be held back by disagreements such as Delhi&#39;s insistence about a percentage of the contract being invested in India, known as the offset clause, before it was eventually signed in September.

(AFP)

India is conducting a $100-billion upgrade of its Soviet-era military hardware

India's Reliance Group and France's Dassault have signed a lucrative defence partnership as part of a fighter jet deal agreed between the two nations last month, the companies said on Monday. India signed a contract to buy 36 Rafale fighter jets for 7.9 billion Euros ($8.8 billion), France's biggest ever such sale, as the nation seeks to bolster its military in the face of China's growing clout. Dassault, which is building the aircraft, agreed under the terms of the deal to invest about 50 per cent of the value of the contract in India. It has teamed with Indian billionaire tycoon Anil Ambani's Reliance Group in a joint venture called "Dassault Reliance Aerospace" to focus on research and development of unspecified defence projects in India. The partnership "illustrates our strong commitment to establish ourselves in India," Dassault CEO Eric Trappier said in a joint statement. Ambani added that the deal was "a transformational moment for the Indian aerospace sector." However, the companies did not say how much of Dassault's estimated 300-billion Rupee ($4.5-billion) required investment would be poured into the joint venture. India, the world's top defence importer, is conducting a $100-billion upgrade of its Soviet-era military hardware, facing border disputes with its northern and western neighbours, China and Pakistan. But Prime Minister Narendra Modi has moved to reduce India's reliance on expensive imports and called for the manufacturing of defence equipment locally. Modi's government has raised the limit on foreign investment in the defence sector and encouraged tie-ups between foreign and local companies. The Rafale purchase was first mooted in 2012 but has faced major delays and obstacles. India entered exclusive negotiations on buying 126 Rafale jets four years ago, but the number of planes was scaled back in frustrating negotiations over the cost and assembly of the planes in India. Modi announced on a visit to Paris last year that his government had agreed in principle to buy the jets. But the deal continued to be held back by disagreements such as Delhi's insistence about a percentage of the contract being invested in India, known as the offset clause, before it was eventually signed in September. (AFP)

India's Reliance Group seals partnership with France's Dassault for Rafale fighter jets

Reserve Bank of India&#39;s (RBI) &nbsp;new management today cut the repo rate by 25 basis points as it released the&nbsp;monetary policy for this quarter.&nbsp;

&nbsp;

In a first, the policy has been decided by recently constituted monetary policy committee (MPC), &nbsp;a committee of six members that included three independent experts, apart from&nbsp;RBI Governor Urjit Patel and two senior officials from the central bank&#39;s monetary policy department.

&nbsp;

The central banking institution&#39;s committee has&nbsp;decided to reduce the repo rate by 25 basis points from 6.50 per cent to 6.25 per cent. It&#39;s pertinent to mention that the repo rate, a&nbsp; monetary policy tool to control inflation,&nbsp;is the rate at which the commercial banks borrow from the central bank.&nbsp;

&nbsp;

A fall in the repo rate should ideally reduce the lending rate and improve investments in India. However, a look at the past figures reveals that a fall in repo rates has hardly ever translated into &nbsp;a subsequent fall in lending rates.&nbsp;

&nbsp;

Lately, RBI has been sluggish &nbsp;in changing the interest rates as it shifted its focus from multiple indicator targetting &nbsp;to inflation targetting, a change suggested by the Urjit Patel Committee itself. Patel took charge as the governor of the central banking institution last month.&nbsp;

&nbsp;

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<h5>The repo rate, a&nbsp; monetary policy tool to control inflation,&nbsp;is the rate at which the commercial banks borrow from the central bank.&nbsp;</h5>
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<div class="share-blockquote"><a class="twitter popup" href="http://twitter.com/intent/tweet?text=The repo rate, a? monetary policy tool to control inflation,?is the rate at which the commercial banks borrow from the central bank.?



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&nbsp;

Revealing the details, RBI&#39;s official statement read: &lsquo;The decision of the MPC is consistent with an accommodative stance of&nbsp;monetary policy in consonance with the objective of achieving consumer price index (CPI) inflation at 5 per cent by Q4 &nbsp;(quarter 4) of 2016-17.&rsquo;

&nbsp;

The official statement also stresses that the International factors have also played an important role in influencing the current monetary policy. Some of these factors are:

&nbsp;

<ul>
	<li>A weak global demand is likely to&nbsp;drag down the global growth and reduce trade volumes to a great extent&nbsp;</li>
</ul>

&nbsp;

<ul>
	<li>At the International Monetary Fund (IMF) meeting this week, scheduled for October 7-9, &nbsp;a further reduction in&nbsp;the global growth rate is expected&nbsp;</li>
</ul>

&nbsp;

<ul>
	<li>The systemic central banks in the world continue to pose problems to the emerging markets as&nbsp;there is mixed macroeconomic data from the US and the European Union (EU). Even the US presidential election has caused an uncertainty in the global markets&nbsp;</li>
</ul>

&nbsp;

<ul>
	<li>Other global factors such as Britain&#39;s exit from EU, bank&nbsp;stress in Europe, rebalancing of debt-fuelled growth in China, oil glut&nbsp;have a bearing on the domestic policies of India as well&nbsp;</li>
</ul>

 
(WION)&nbsp;

A fall in the repo rate should ideally reduce the lending rate and improve investments in India

Reserve Bank of India's (RBI) new management today cut the repo rate by 25 basis points as it released the monetary policy for this quarter. In a first, the policy has been decided by recently constituted monetary policy committee (MPC), a committee of six members that included three independent experts, apart from RBI Governor Urjit Patel and two senior officials from the central bank's monetary policy department. The central banking institution's committee has decided to reduce the repo rate by 25 basis points from 6.50 per cent to 6.25 per cent. It's pertinent to mention that the repo rate, a monetary policy tool to control inflation, is the rate at which the commercial banks borrow from the central bank. A fall in the repo rate should ideally reduce the lending rate and improve investments in India. However, a look at the past figures reveals that a fall in repo rates has hardly ever translated into a subsequent fall in lending rates. Lately, RBI has been sluggish in changing the interest rates as it shifted its focus from multiple indicator targetting to inflation targetting, a change suggested by the Urjit Patel Committee itself. Patel took charge as the governor of the central banking institution last month. The repo rate, a monetary policy tool to control inflation, is the rate at which the commercial banks borrow from the central bank. × Revealing the details, RBI's official statement read: ‘The decision of the MPC is consistent with an accommodative stance of monetary policy in consonance with the objective of achieving consumer price index (CPI) inflation at 5 per cent by Q4 (quarter 4) of 2016-17.’ The official statement also stresses that the International factors have also played an important role in influencing the current monetary policy. Some of these factors are: A weak global demand is likely to drag down the global growth and reduce trade volumes to a great extent At the International Monetary Fund (IMF) meeting this week, scheduled for October 7-9, a further reduction in the global growth rate is expected The systemic central banks in the world continue to pose problems to the emerging markets as there is mixed macroeconomic data from the US and the European Union (EU). Even the US presidential election has caused an uncertainty in the global markets Other global factors such as Britain's exit from EU, bank stress in Europe, rebalancing of debt-fuelled growth in China, oil glut have a bearing on the domestic policies of India as well (WION)

Reserve Bank of India's new management cuts repo rate by 25 basis points

India&rsquo;s GDP growth will remain strong, a World Bank report released Tuesday has said.

According to the report, India will grow at&nbsp;7.6 per cent in 2016 and at 7.7 per cent in 2017. &nbsp;

&quot;In India, GDP growth will remain strong at 7.6 per cent in 2016 and 7.7 per cent in 2017, supported by expectations of a rebound in agriculture, civil service pay reforms supporting consumption, increasingly positive contributions from exports and a recovery of private investment in the medium term,&quot; the World Bank said in its latest report on South Asia Economic Focus released yesterday, PTI reported.

&quot;However, India faces the challenge of further accelerating the responsiveness of poverty reduction to growth, promoting inclusion, and extending gains to a broader range of human development outcomes related to health, nutrition, education and gender,&quot; said the biannual report.

The report&nbsp;added&nbsp;that South Asia remains a global growth hotspot and has not been affected by the slowdown in China, uncertainty around stimulus policy in advanced economies, and slowing remittances, PTI reported.

The report also talked&nbsp;about GDP growth in Pakistan and Bangladesh.

In Pakistan, economic activity is projected to gradually accelerate over the medium term reaching 5&nbsp;per cent in 2017 and 5.4 per cent in 2018, building upon 4.7 per cent GDP growth at factor cost in 2016 (5.7 per cent at market prices), PTI reported.

Growth in Bangladesh has remained robust despite internal and external headwinds, it said. Growth will be sustained at 6.8 per cent in 2017, coming slightly down from 7.1 per cent in 2016, the report added.

(WION with inputs from PTI)

The bank said the country's GDP would grow at 7.6% in 2016 and 7.7% in 2017

India’s GDP growth will remain strong, a World Bank report released Tuesday has said. According to the report, India will grow at 7.6 per cent in 2016 and at 7.7 per cent in 2017. "In India, GDP growth will remain strong at 7.6 per cent in 2016 and 7.7 per cent in 2017, supported by expectations of a rebound in agriculture, civil service pay reforms supporting consumption, increasingly positive contributions from exports and a recovery of private investment in the medium term," the World Bank said in its latest report on South Asia Economic Focus released yesterday, PTI reported. "However, India faces the challenge of further accelerating the responsiveness of poverty reduction to growth, promoting inclusion, and extending gains to a broader range of human development outcomes related to health, nutrition, education and gender," said the biannual report. The report added that South Asia remains a global growth hotspot and has not been affected by the slowdown in China, uncertainty around stimulus policy in advanced economies, and slowing remittances, PTI reported. The report also talked about GDP growth in Pakistan and Bangladesh. In Pakistan, economic activity is projected to gradually accelerate over the medium term reaching 5 per cent in 2017 and 5.4 per cent in 2018, building upon 4.7 per cent GDP growth at factor cost in 2016 (5.7 per cent at market prices), PTI reported. Growth in Bangladesh has remained robust despite internal and external headwinds, it said. Growth will be sustained at 6.8 per cent in 2017, coming slightly down from 7.1 per cent in 2016, the report added. (WION with inputs from PTI)

India to grow at over 7% in 2016 & 17: World Bank

The Reserve Bank of India (RBI) will announce its monetary policy review today. It will be announced in the afternoon at 2.30 pm IST against the existing practice of 11 am.

This will be Urjit Patel&#39;s maiden policy announcement as RBI Governor. Unlike his predecessor Raghuram Rajan who had the final say on interest rate cut decisions, Patel will have to go by the advice of a newly set up six-member monetary policy committee (MPC).

This is the first time that decision&nbsp;making on interest rates will shift to the six-member panel which has equal representation from the RBI and the government.

Since January last year, the RBI has cut the repo rate - the rate at which RBI lends to banks - five times.

India&#39;s retail inflation has touched a five-month low of 5.05 per cent in August, triggering hopes of a rate cut. The RBI and the government have set a retail inflation target of four percent for the next five years with an upper tolerance level of six percent and lower limit of two per cent.

Most analysts expect a status quo on rates. Mounting bad loans will remain another focus area of Patel&#39;s debut policy review.

Rajan has set a deadline of March 2017 for banks to clean up their balance sheets.

Patel has to ensure that there is no let-up on this cut-off date.

(ANI)

For the first time, decision making on interest rates will shift to a newly set up six-member monetary policy committee (MPC)

The Reserve Bank of India (RBI) will announce its monetary policy review today. It will be announced in the afternoon at 2.30 pm IST against the existing practice of 11 am. This will be Urjit Patel's maiden policy announcement as RBI Governor. Unlike his predecessor Raghuram Rajan who had the final say on interest rate cut decisions, Patel will have to go by the advice of a newly set up six-member monetary policy committee (MPC). This is the first time that decision making on interest rates will shift to the six-member panel which has equal representation from the RBI and the government. Since January last year, the RBI has cut the repo rate - the rate at which RBI lends to banks - five times. India's retail inflation has touched a five-month low of 5.05 per cent in August, triggering hopes of a rate cut. The RBI and the government have set a retail inflation target of four percent for the next five years with an upper tolerance level of six percent and lower limit of two per cent. Most analysts expect a status quo on rates. Mounting bad loans will remain another focus area of Patel's debut policy review. Rajan has set a deadline of March 2017 for banks to clean up their balance sheets. Patel has to ensure that there is no let-up on this cut-off date. (ANI)

Reserve Bank of India to roll out monetary policy review today

Tech giant Google unveiled its new line of smartphones called &#39;Pixel&#39; today after much speculation.&nbsp;

&nbsp;

The company took wraps off &nbsp;its Pixel and Pixel XL smartphones, with artificial intelligence built in, as it takes aim at Apple&#39;s iPhone. &nbsp;

&nbsp;

The two phones will be the first to bear the Google&#39;s brand with the with the tagline &#39;Phone by Google&#39;, USA Today reported.&nbsp;

&nbsp;

In its official blog, Google said: &quot;Today, we announced for the first time a phone, made by Google inside and out, &nbsp;that brings people the best of Google through hardware and software made by Google &mdash; Pixel.&quot; &nbsp;The company also announced the launch on social media platforms&nbsp;

&nbsp;

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And that&#39;s a wrap! Say hello to the whole <a href="https://twitter.com/hashtag/madebygoogle?src=hash">#madebygoogle</a> family. <a href="https://t.co/0e0g3PKz6k">https://t.co/0e0g3PKz6k</a> <a href="https://t.co/gV97oQ3KtX">pic.twitter.com/gV97oQ3KtX</a>
&mdash; Google (@google) <a href="https://twitter.com/google/status/783357288622886912">October 4, 2016</a></blockquote>
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&nbsp;

&nbsp;

&quot;We are building hardware with the Google Assistant at its core,&quot; Rick Osterloh, head of a new hardware division at the California-based internet giant, was quoted as saying by the international news agency, AFP.&nbsp;

&nbsp;

&quot;We believe that the next big innovation is going to take place at the intersection of hardware and software, with AI at the center.&quot;

&nbsp;

The new phone starts at a price of $649, and Google is working with exclusively with Verizon Communications in the United States, Google executives were quoted as saying by Reuters.&nbsp;

&nbsp;

Osterloh claimed the camera was the best available on a smartphone.&nbsp;Pixel has a 12.3MP camera, featuring an f/2.0 aperture and big 1.55 micron pixels to capture lots and lots of light.

&nbsp;

Pixel phones, that get a 7-hour charge in 15 minutes according to the company, will come in black, blue and silver and will have 5 and 5.5 inch (12.7 cm and 14 cm) screens, Reuters said.&nbsp;

&nbsp;

While the two phones are similar from a design and specification standpoint, according to USA today, &nbsp;the Pixel will offer a 5-inch display while the Pixel XL will have a 5.5-inch screen. &nbsp;

&nbsp;

Google has sold Nexus phones since 2010, but the devices have gained little traction in a market dominated by Samsung Electronics, Reuters observes.&nbsp;

&nbsp;

(WION with inputs from agencies)&nbsp;

Pixel, a phone made by Google 'inside out', starts at a price of $649

Tech giant Google unveiled its new line of smartphones called 'Pixel' today after much speculation. The company took wraps off its Pixel and Pixel XL smartphones, with artificial intelligence built in, as it takes aim at Apple's iPhone. The two phones will be the first to bear the Google's brand with the with the tagline 'Phone by Google', USA Today reported. In its official blog, Google said: "Today, we announced for the first time a phone, made by Google inside and out, that brings people the best of Google through hardware and software made by Google — Pixel." The company also announced the launch on social media platforms And that's a wrap! Say hello to the whole #madebygoogle family. https://t.co/0e0g3PKz6k pic.twitter.com/gV97oQ3KtX — Google (@google) October 4, 2016 × × "We are building hardware with the Google Assistant at its core," Rick Osterloh, head of a new hardware division at the California-based internet giant, was quoted as saying by the international news agency, AFP. "We believe that the next big innovation is going to take place at the intersection of hardware and software, with AI at the center." The new phone starts at a price of $649, and Google is working with exclusively with Verizon Communications in the United States, Google executives were quoted as saying by Reuters. Osterloh claimed the camera was the best available on a smartphone. Pixel has a 12.3MP camera, featuring an f/2.0 aperture and big 1.55 micron pixels to capture lots and lots of light. Pixel phones, that get a 7-hour charge in 15 minutes according to the company, will come in black, blue and silver and will have 5 and 5.5 inch (12.7 cm and 14 cm) screens, Reuters said. While the two phones are similar from a design and specification standpoint, according to USA today, the Pixel will offer a 5-inch display while the Pixel XL will have a 5.5-inch screen. Google has sold Nexus phones since 2010, but the devices have gained little traction in a market dominated by Samsung Electronics, Reuters observes. (WION with inputs from agencies)

Google unveils Pixel smartphone to rival Apple's iPhone

Canadian oil production will decline by one per cent this year due to lower investment and disruptions from wildfires, says a report released Tuesday.

 
The study also projected that for the first time ever, Canada&#39;s oil sector will lose money,&nbsp;billions, in fact,&nbsp;two years in a row.

 
Canada is the world&#39;s&nbsp;sixth-largest oil producer, and its sector has been hit hard by plunging crude prices over the past two years.

 
An Alberta oil sands production stoppage in May due to wildfires sweeping across the region,&nbsp;which holds the world&#39;s third-largest oil reserve,&nbsp;further exacerbated its woes.

 
The Conference Board of Canada said the sector is on track to post an annual loss of $10 billion ($7.6 billion US) this year, following a record loss of&nbsp;$11 billion ($8.4 billion US) in 2015.

 
&quot;Canadian oil producers continue to be challenged by the extended battle for market-share that has kept global crude prices stubbornly low,&quot; Conference Board economist Carlos Murillo said in a statement.

 
&quot;For the first time in recorded history, the (Canadian) oil industry is expected to post not only the largest level of losses but also back-to-back consecutive losses,&quot; he said.

 
Profitability concerns led to the significant pullback in investment, resulting in lower production levels, said the report. From 2014 to 2017, investment in the Canadian oil industry will have been cut by an estimated $38 billion ($29 billion US).

 
Companies have been also slow to cut costs, as revenues fell.

 
The Conference Board did offer one glimmer of hope, predicting the industry will return to the black in 2017 if oil prices recover.

(AFP)

For the first time ever, Canada's oil sector might lose money, billions, in fact, two years in a row

Canadian oil production will decline by one per cent this year due to lower investment and disruptions from wildfires, says a report released Tuesday. The study also projected that for the first time ever, Canada's oil sector will lose money, billions, in fact, two years in a row. Canada is the world's sixth-largest oil producer, and its sector has been hit hard by plunging crude prices over the past two years. An Alberta oil sands production stoppage in May due to wildfires sweeping across the region, which holds the world's third-largest oil reserve, further exacerbated its woes. The Conference Board of Canada said the sector is on track to post an annual loss of $10 billion ($7.6 billion US) this year, following a record loss of $11 billion ($8.4 billion US) in 2015. "Canadian oil producers continue to be challenged by the extended battle for market-share that has kept global crude prices stubbornly low," Conference Board economist Carlos Murillo said in a statement. "For the first time in recorded history, the (Canadian) oil industry is expected to post not only the largest level of losses but also back-to-back consecutive losses," he said. Profitability concerns led to the significant pullback in investment, resulting in lower production levels, said the report. From 2014 to 2017, investment in the Canadian oil industry will have been cut by an estimated $38 billion ($29 billion US). Companies have been also slow to cut costs, as revenues fell. The Conference Board did offer one glimmer of hope, predicting the industry will return to the black in 2017 if oil prices recover. (AFP)

Canadian oil production to fall: Report

&nbsp;

The World Bank is indirectly financing a boom in some of Asia&#39;s dirtiest coal-fired power generation despite commitments to end most funding for the sector, a development advocacy group charged Monday.

The power plants, which contribute to climate change and deforestation as well as premature deaths due to illness, are cropping up from Bangladesh to the Philippines, all with financing provided by financial intermediaries supported by the Bank, said a report produced by the organisation Inclusive Development International.

In a policy shift in 2013, the Bank said it would end virtually all support for the creation of coal-burning power plants, supporting them only in &quot;rare circumstances&quot; where there are no viable alternatives.

However, since that pledge, 41 coal projects have received funding from banks and investment funds supported by the World Bank&#39;s private-sector arm, the International Finance Corporation, according to the report.

In response to questions from AFP, Frederick Jones, an IFC spokesman, said the global lender took the report seriously.

&quot;It raises important long-term questions about how we need to create stronger markets for clean energy and create incentives for countries and the private sector not to invest in coal, but rather in renewable energy,&quot; he said.

Jones added that since 2005 the IFC had already invested more than $15 billion in renewable energy, energy efficiency and other areas, and had mobilized $10 billion more.

However, Jones conceded that IFC policy did not prohibit equity clients from funding coal plants, meaning the institution might be indirectly exposed to the industry.

This is despite the fact that IFC loans to financial services industry players are not intended to finance coal-related projects and targeted lending is &quot;ring-fenced&quot; to prevent this, according to Jones.

The report&#39;s release coincided with the start of this week&#39;s high-profile annual meetings of the Bank and the International Monetary Fund, as the world&#39;s finance chiefs gather to discuss efforts at poverty reduction.

Campaigners in recent years have been sharply critical of the IFC&#39;s support for third parties in the financial services sector, such as banks and investment funds, saying they can represent an end-run around environmental and social safeguards that apply to projects directly supported by the IFC.

Financial-sector lending now accounts for 52 per cent of the IFC&#39;s long-term commitments, according to IDI, which jointly produced the report with other advocacy organizations including the Bank Information Center and Accountability Counsel. Founded in 2011, IDI is an advocacy organization focusing on human rights and ethics in development.

&nbsp;Seeking compensation tough&nbsp;

The IFC does not identify the end recipients of financing received by such intermediaries.

That can make it difficult for people harmed by such projects to demand compensation or seek redress, the report said.

However, through an analysis of records, the report identified 56,127 megawatts of new coal capacity funded indirectly by the IFC.

These included the planned 1,360-megawatt Rampal power station in Bangladesh, to be situated on the edge of the sprawling Sundarbans mangrove forest, which is home to endangered species and supports the livelihoods of two million people.

The report said the World Bank itself declined to support the project, which could threaten the Sundarbans with air and water pollution. But six local banks, all IFC-financed, agreed to support the project instead.

The report also cited power construction in the Philippines, where coal burning is estimated to result in almost a thousand premature deaths annually and where more than thirty environmental activists were killed in 2015 alone.

IFC-financed banks have supported at least 20 new coal projects since 2013 in the Philippines.

They include the proposed 540-megawatt Lanao Kauswagan power station, which is expected to begin operations next year and may threaten marine life in nearby Panguil Bay and the livelihoods of fishing communities, Inclusive Development International said.

&quot;While the IFC has tried to distance itself from the projects funded by its intermediaries, the fact is that these banks are brazenly disregarding the IFC&rsquo;s environmental and social requirements,&quot; David Pred, IDI&#39;s managing director, said in a statement.

(AFP)

The bank had said in 2013 that it would not fund any more coal power plants but it has indirectly backed 41 since then

The World Bank is indirectly financing a boom in some of Asia's dirtiest coal-fired power generation despite commitments to end most funding for the sector, a development advocacy group charged Monday. The power plants, which contribute to climate change and deforestation as well as premature deaths due to illness, are cropping up from Bangladesh to the Philippines, all with financing provided by financial intermediaries supported by the Bank, said a report produced by the organisation Inclusive Development International. In a policy shift in 2013, the Bank said it would end virtually all support for the creation of coal-burning power plants, supporting them only in "rare circumstances" where there are no viable alternatives. However, since that pledge, 41 coal projects have received funding from banks and investment funds supported by the World Bank's private-sector arm, the International Finance Corporation, according to the report. In response to questions from AFP, Frederick Jones, an IFC spokesman, said the global lender took the report seriously. "It raises important long-term questions about how we need to create stronger markets for clean energy and create incentives for countries and the private sector not to invest in coal, but rather in renewable energy," he said. Jones added that since 2005 the IFC had already invested more than $15 billion in renewable energy, energy efficiency and other areas, and had mobilized $10 billion more. However, Jones conceded that IFC policy did not prohibit equity clients from funding coal plants, meaning the institution might be indirectly exposed to the industry. This is despite the fact that IFC loans to financial services industry players are not intended to finance coal-related projects and targeted lending is "ring-fenced" to prevent this, according to Jones. The report's release coincided with the start of this week's high-profile annual meetings of the Bank and the International Monetary Fund, as the world's finance chiefs gather to discuss efforts at poverty reduction. Campaigners in recent years have been sharply critical of the IFC's support for third parties in the financial services sector, such as banks and investment funds, saying they can represent an end-run around environmental and social safeguards that apply to projects directly supported by the IFC. Financial-sector lending now accounts for 52 per cent of the IFC's long-term commitments, according to IDI, which jointly produced the report with other advocacy organizations including the Bank Information Center and Accountability Counsel. Founded in 2011, IDI is an advocacy organization focusing on human rights and ethics in development. Seeking compensation tough The IFC does not identify the end recipients of financing received by such intermediaries. That can make it difficult for people harmed by such projects to demand compensation or seek redress, the report said. However, through an analysis of records, the report identified 56,127 megawatts of new coal capacity funded indirectly by the IFC. These included the planned 1,360-megawatt Rampal power station in Bangladesh, to be situated on the edge of the sprawling Sundarbans mangrove forest, which is home to endangered species and supports the livelihoods of two million people. The report said the World Bank itself declined to support the project, which could threaten the Sundarbans with air and water pollution. But six local banks, all IFC-financed, agreed to support the project instead. The report also cited power construction in the Philippines, where coal burning is estimated to result in almost a thousand premature deaths annually and where more than thirty environmental activists were killed in 2015 alone. IFC-financed banks have supported at least 20 new coal projects since 2013 in the Philippines. They include the proposed 540-megawatt Lanao Kauswagan power station, which is expected to begin operations next year and may threaten marine life in nearby Panguil Bay and the livelihoods of fishing communities, Inclusive Development International said. "While the IFC has tried to distance itself from the projects funded by its intermediaries, the fact is that these banks are brazenly disregarding the IFC’s environmental and social requirements," David Pred, IDI's managing director, said in a statement. (AFP)

World Bank secretly financing Asian 'coal boom': Development group

Iran has offered up to 13 years of tax holidays to hoteliers at an international tourism summit on Sunday as it seeks to boost visitor numbers and revamp its dilapidated hotels.

&nbsp;

&quot;All economic activities related to... tourism will enjoy 100 per cent tax holidays between five to 13 years depending on the region,&quot; deputy economy minister Mohammad Khazaei told hoteliers from 18 countries who had gathered in Tehran, many from Europe.

&nbsp;

Since the lifting of international sanctions under last year&#39;s nuclear deal, the moderate government of President Hassan Rouhani has made tourism a top priority for rebuilding Iran&#39;s struggling economy.

&nbsp;

Visitor numbers have already boomed in recent years thanks to a partial thaw in the country&#39;s relations with the world, rising from 2.2 million annually in 2009 to 5.2 million in 2015.

&nbsp;

By 2025, they are hoping to reach 20 million visitors a year.

&nbsp;

The government hopes to see 300 new hotels over the next five years as it seeks radical improvements to its low-quality tourist accommodation.

&nbsp;

It is hoped that&nbsp;a rejuvenated tourism sector can create some 140,000 new jobs, with around half coming from Iran&#39;s handicrafts sector, said the minister for roads and urban development, Abbas Akhoundi.&nbsp;

&nbsp;

Projects to build some 170 four- and five-star hotels are already under way, he added.

&nbsp;

&quot;We are working actively on 10 to 15 projects in Iran,&quot; Christophe Landais, chief operating officer for France&#39;s Accor Hotels in Iran, told AFP.

&nbsp;

Accor was the first international company to open hotels after the historic nuclear deal, an Ibis and Novotel outside Tehran&#39;s Imam Khomeini airport last September.

&nbsp;

Landais said the group also hopes to tap the huge religious tourism market of Iran&#39;s second city, Mashhad, which hosts the mausoleum of a key figure in Shiite history, the Eighth Imam.

&nbsp;

&quot;Mashhad is the destination for pilgrims. Actually, Mashhad receives more pilgrims than Mecca in Saudi Arabia, about 25 million,&quot; he said.

&nbsp;

A hotel operator from the United Arab Emirates said he was also about to sign a contract in Mashhad.

&nbsp;

&quot;We&#39;ve been invited by many, many investors, many developers&quot; to join in partnerships there, Imad Elias, chief of the Dubai-based Roda Hotels and Resorts, told AFP.

&nbsp;

&quot;We had Iran as a potential spot for expansion even before the lifting of sanctions. Iran is a gold mine, a jewel that needs to be explored,&quot; he added.

&nbsp;

Akhoundi said the government had also finalised plans for $10 billion worth of rail projects to help improve the country&#39;s connectivity.

&nbsp;

Tourism made up 7.6 per cent of Iran&#39;s GDP in 2015, &quot;which we hope to increase to about nine per cent in 2016&quot;, he added.

&nbsp;

(AFP)

Deputy economy minister Mohammad Khazaei said all economic activities related tourism will enjoy 100% tax holidays between 5-13 years

Iran has offered up to 13 years of tax holidays to hoteliers at an international tourism summit on Sunday as it seeks to boost visitor numbers and revamp its dilapidated hotels. "All economic activities related to... tourism will enjoy 100 per cent tax holidays between five to 13 years depending on the region," deputy economy minister Mohammad Khazaei told hoteliers from 18 countries who had gathered in Tehran, many from Europe. Since the lifting of international sanctions under last year's nuclear deal, the moderate government of President Hassan Rouhani has made tourism a top priority for rebuilding Iran's struggling economy. Visitor numbers have already boomed in recent years thanks to a partial thaw in the country's relations with the world, rising from 2.2 million annually in 2009 to 5.2 million in 2015. By 2025, they are hoping to reach 20 million visitors a year. The government hopes to see 300 new hotels over the next five years as it seeks radical improvements to its low-quality tourist accommodation. It is hoped that a rejuvenated tourism sector can create some 140,000 new jobs, with around half coming from Iran's handicrafts sector, said the minister for roads and urban development, Abbas Akhoundi. Projects to build some 170 four- and five-star hotels are already under way, he added. "We are working actively on 10 to 15 projects in Iran," Christophe Landais, chief operating officer for France's Accor Hotels in Iran, told AFP. Accor was the first international company to open hotels after the historic nuclear deal, an Ibis and Novotel outside Tehran's Imam Khomeini airport last September. Landais said the group also hopes to tap the huge religious tourism market of Iran's second city, Mashhad, which hosts the mausoleum of a key figure in Shiite history, the Eighth Imam. "Mashhad is the destination for pilgrims. Actually, Mashhad receives more pilgrims than Mecca in Saudi Arabia, about 25 million," he said. A hotel operator from the United Arab Emirates said he was also about to sign a contract in Mashhad. "We've been invited by many, many investors, many developers" to join in partnerships there, Imad Elias, chief of the Dubai-based Roda Hotels and Resorts, told AFP. "We had Iran as a potential spot for expansion even before the lifting of sanctions. Iran is a gold mine, a jewel that needs to be explored," he added. Akhoundi said the government had also finalised plans for $10 billion worth of rail projects to help improve the country's connectivity. Tourism made up 7.6 per cent of Iran's GDP in 2015, "which we hope to increase to about nine per cent in 2016", he added. (AFP)

Iran offers hotel tax breaks in bid to boost tourism

Facebook on Monday launched a new feature called Marketplace&nbsp;which will allow users of the social networking site to buy and sell with each other.&nbsp;

The feature will appear as a &quot;shop&quot; icon at the bottom of the Facebook app and will allow users to list or search for items on sale in their neighbourhood. Users can adjust their location and search for specific items or categories like clothing, household items or electronics.

&quot;Facebook is where people connect, and in recent years more people have been using Facebook to connect in another way: buying and selling with each other,&quot; product manager Mary Ku said in a blog post.

Facebook said the new product formalises what some members have already been doing in Facebook Groups for years.

&quot;This activity started in Facebook Groups and has grown substantially. More than 450 million people visit, buy and sell Groups each month,&nbsp;from families in a local neighbourhood to collectors around the world.&quot;

The new feature, which is free of cost, puts Facebook squarely in competition with local online selling platforms like Craigslist and eBay.

It will soon be made available to members above 18 years in the United States, Britain, Australia, and New Zealand in the coming days on the Facebook app for iPhone and Android. A desktop version will be launched in the next few months.

(WION with inputs from agencies)

The feature will allow users to list or search for items on sale in their neighbourhood

Facebook on Monday launched a new feature called Marketplace which will allow users of the social networking site to buy and sell with each other. The feature will appear as a "shop" icon at the bottom of the Facebook app and will allow users to list or search for items on sale in their neighbourhood. Users can adjust their location and search for specific items or categories like clothing, household items or electronics. "Facebook is where people connect, and in recent years more people have been using Facebook to connect in another way: buying and selling with each other," product manager Mary Ku said in a blog post. Facebook said the new product formalises what some members have already been doing in Facebook Groups for years. "This activity started in Facebook Groups and has grown substantially. More than 450 million people visit, buy and sell Groups each month, from families in a local neighbourhood to collectors around the world." The new feature, which is free of cost, puts Facebook squarely in competition with local online selling platforms like Craigslist and eBay. It will soon be made available to members above 18 years in the United States, Britain, Australia, and New Zealand in the coming days on the Facebook app for iPhone and Android. A desktop version will be launched in the next few months. (WION with inputs from agencies)

Facebook launches online 'Marketplace' for buying and selling items

Prince Alwaleed bin Talal's investment firm made a profit of 17 million Canadian dollars from the sale of the hotel

Saudi’s Kingdom Holding Company (KHC), the investment firm owned by billionaire Prince Alwaleed bin Talal, said today it sold the luxury Four Seasons hotel in Toronto for $170 million. The company said it sold the hotel for 225 million Canadian dollars to Shahid Khan, the Pakistani-American businessman, who founded auto parts maker Flex-N-Gate and owns English Premier League club Fulham. KHC said it had made a profit of 17 million Canadian dollars from the sale of the hotel, which it bought four years ago for 200 million Canadian dollars. "This transaction marks yet another success for KHC's value realisation strategy from our high-quality hospitality investments," Prince Alwaleed was quoted as saying by international news agency AFP. "We are particularly pleased to be passing ownership of this property to Mr Shahid Khan who is known for his passion for the Four Seasons brand. Kingdom continues to be a stakeholder in this asset through our interest in the management company Four Seasons Hotels and Resorts which will continue to operate the hotel." The sale occurred as a weak Canadian dollar increases interest among foreign investors eager to diversify their holdings with Canadian assets including real estate, news agency Reuters observed. Four Seasons Hotels and Resorts, in which Kingdom Holding owns 47.5 per cent alongside a similar stake held by Bill Gates’ Cascade Investment, will continue to operate the Four Seasons Toronto, the Reuters report added. (WION with inputs from agencies)

Saudi billionaire sells Toronto Four Seasons for $170 million

India started its biggest ever telecoms airwaves auction on Saturday, receiving 535.31 billion rupees ($8.04 billion) worth of bids on the first day of the sale, a senior government official said.

Market leaders Bharti Airtel Ltd, Vodafone&#39;s local unit and Idea Cellular Ltd are pitted against new entrant Reliance Jio Infocomm Ltd in the battle for airwaves to boost their high-speed data services in what is the world`s second-biggest market by mobile phone subscriptions.

The total value of the airwaves put on the block is estimated to be worth $84 billion based on the auction reserve price set by the government, although industry executives and analysts expect only part of it to be sold.

Data released by the government`s Department of Telecom (DoT) at the end of five rounds of bidding on Saturday showed carriers stayed away from the most-efficient yet pricey 700 megahertz (MHz) band of airwaves.

The 1800 MHz band of airwaves that can also do 4G and are available at less than a quarter of the price of the 700 MHz band saw higher bidding. http://bit.ly/2dwoXy3

The DoT will not release carrier-specific bidding data until the end of the auction. Bidding resumes on Monday. 
($1 = 66.5458 Indian rupees)

(Reuters)

The total value of the airwaves put on the block is estimated to be worth $84 billion

India started its biggest ever telecoms airwaves auction on Saturday, receiving 535.31 billion rupees ($8.04 billion) worth of bids on the first day of the sale, a senior government official said. Market leaders Bharti Airtel Ltd, Vodafone's local unit and Idea Cellular Ltd are pitted against new entrant Reliance Jio Infocomm Ltd in the battle for airwaves to boost their high-speed data services in what is the world`s second-biggest market by mobile phone subscriptions. The total value of the airwaves put on the block is estimated to be worth $84 billion based on the auction reserve price set by the government, although industry executives and analysts expect only part of it to be sold. Data released by the government`s Department of Telecom (DoT) at the end of five rounds of bidding on Saturday showed carriers stayed away from the most-efficient yet pricey 700 megahertz (MHz) band of airwaves. The 1800 MHz band of airwaves that can also do 4G and are available at less than a quarter of the price of the 700 MHz band saw higher bidding. http://bit.ly/2dwoXy3 The DoT will not release carrier-specific bidding data until the end of the auction. Bidding resumes on Monday. ($1 = 66.5458 Indian rupees) (Reuters)

India gets $8 billion worth telecom spectrum bids on auction's first day

Volkswagen on Friday announced it will make $1.21 billion in payments to 652 US dealers as part of its $16.5 billion diesel emissions settlement to date. Under the agreement, the dealers will receive an average of $1.85 million each on average over 18 months.&nbsp;

As part of the settlement with VW brand dealers, the company will continue making some incentive payments to dealers, buy back diesel vehicles that dealers can&#39;t sell and suspend capital improvements for two years that it wanted dealers to make. A federal judge must still approve the settlement.

Fearing it will ever sell diesel vehicles in the United States again, VW also agreed to spend up to $5.3 billion to address claims by federal regulators and 44 US states.&nbsp;

VW is still in talks with the Justice Department and Federal Trade Commission for approval to buy-back 4,75,000 polluting diesel cars and the proposed fixes for the 2.0 vehicles.

&quot;The United States will continue to vigorously pursue its claims for civil penalties to fully hold (Volkswagen) accountable,&quot; the Justice Department filing said Friday.

The carmaker faces billions of dollars in potential civil and criminal US fines for violating emissiosn laws. It will also buy-back 85,000 vehicles equipeed with 3.0 litre diesel engines if it fails to convince regulators that they can be fixed.&nbsp;

The company has been barred from selling all diesel vehicles in the United States since late 2015, after it admitted to installing improper software that deactivated pollution controls on more than 11 million vehicles sold worldwide.&nbsp;

(WION with inputs from agencies)&nbsp; 
&nbsp;

Volkswagen, barred from selling diesel vehicles in the US, will continue making payments as part of its $16.5 billion settlement to date

Volkswagen on Friday announced it will make $1.21 billion in payments to 652 US dealers as part of its $16.5 billion diesel emissions settlement to date. Under the agreement, the dealers will receive an average of $1.85 million each on average over 18 months. As part of the settlement with VW brand dealers, the company will continue making some incentive payments to dealers, buy back diesel vehicles that dealers can't sell and suspend capital improvements for two years that it wanted dealers to make. A federal judge must still approve the settlement. Fearing it will ever sell diesel vehicles in the United States again, VW also agreed to spend up to $5.3 billion to address claims by federal regulators and 44 US states. VW is still in talks with the Justice Department and Federal Trade Commission for approval to buy-back 4,75,000 polluting diesel cars and the proposed fixes for the 2.0 vehicles. "The United States will continue to vigorously pursue its claims for civil penalties to fully hold (Volkswagen) accountable," the Justice Department filing said Friday. The carmaker faces billions of dollars in potential civil and criminal US fines for violating emissiosn laws. It will also buy-back 85,000 vehicles equipeed with 3.0 litre diesel engines if it fails to convince regulators that they can be fixed. The company has been barred from selling all diesel vehicles in the United States since late 2015, after it admitted to installing improper software that deactivated pollution controls on more than 11 million vehicles sold worldwide. (WION with inputs from agencies)

Volkswagen emissions scandal: VW to pay $1.21 billion as settlement to dealers

Eurozone consumer prices rose to a stronger 0.4 per cent in September, official data said, offering hope that a disputed programme by the ECB to stimulate the economy may be finally delivering.

Eurozone unemployment meanwhile was unchanged at 10.1 per cent in August, the Eurostat statistics agency said.

Both figures were in line with forecasts by analysts surveyed by financial services company Factset.

(AFP)

The figures offer some hope that a disputed programme by the ECB to stimulate the economy may be finally delivering

Eurozone consumer prices rose to a stronger 0.4 per cent in September, official data said, offering hope that a disputed programme by the ECB to stimulate the economy may be finally delivering. Eurozone unemployment meanwhile was unchanged at 10.1 per cent in August, the Eurostat statistics agency said. Both figures were in line with forecasts by analysts surveyed by financial services company Factset. (AFP)

Eurozone inflation rises to 0.4 per cent in September: Eurostat

Autonomous, self-driving cars will remain off the cards for Brazil and India, Renault-Nissan head Carlos Ghosn said on Thursday.&nbsp;

&nbsp;

Carlos indirectly slammed India and Brazil for having &ldquo;flexible&rdquo; approaches to mapping and driving rules, international news agency Reuters reported.&nbsp;

&nbsp;

&quot;You need to have a mapping which is precise and reliable... You need to have also driving rules which are being respected, because autonomous cars respect the rules,&quot; Carlos Ghosn told reporters at the Paris motor show.&nbsp;

&nbsp;

Adding that the autonomous cars will hit the streets of &ldquo;disciplined driving countries&rdquo; like the United States, Japan and France, Ghosn said traffic rules in Brazil are a &nbsp;&ldquo;joke&rdquo;. He also said that in India&#39;s Mumbai people don&#39;t respect the rules.&nbsp;

&nbsp;

&quot;You know very well that in some cities in Brazil, this is a joke, you live in Brazil, I live in Brazil, at night cars don&#39;t stop at the red light. Nobody stops,&rdquo; he said.&nbsp;

&nbsp;

(WION with inputs from Reuters)

Renault-Nissan CEO Carlos Ghosn said that the two countries have 'flexible' approaches to mappping and driving rules

Autonomous, self-driving cars will remain off the cards for Brazil and India, Renault-Nissan head Carlos Ghosn said on Thursday. Carlos indirectly slammed India and Brazil for having “flexible” approaches to mapping and driving rules, international news agency Reuters reported. "You need to have a mapping which is precise and reliable... You need to have also driving rules which are being respected, because autonomous cars respect the rules," Carlos Ghosn told reporters at the Paris motor show. Adding that the autonomous cars will hit the streets of “disciplined driving countries” like the United States, Japan and France, Ghosn said traffic rules in Brazil are a “joke”. He also said that in India's Mumbai people don't respect the rules. "You know very well that in some cities in Brazil, this is a joke, you live in Brazil, I live in Brazil, at night cars don't stop at the red light. Nobody stops,” he said. (WION with inputs from Reuters)

No self-driving cars yet for India, Brazil: Renault-Nissan CEO

American multinational tech company, Google, has approached United &nbsp;Nation&#39;s (UN) aviation agency to ask for airspace access for its new initiative &#39;Project Loon&#39;, that aims to provide internet access in remote areas with balloons, AFP reported today.&nbsp;

&nbsp;

Project Loon balloons travel approximately 20 km above the Earth&#39;s surface in the stratosphere and use predictive models of the winds and decision-making algorithms to extend internet connectivity in rural and remote areas.&nbsp;

&nbsp;

The project that was launched in 2013, saw its first baloon take off from South America in February, reports AFP. However, it crashed at a tea plantation in Sri Lanka.&nbsp;

&nbsp;

Google&#39;s parent company, Alphabet, has partnered with Sri Lanka to improve the internet access in targetted areas. &nbsp;The company&#39;s X-Lab says it hopes to set up &nbsp;a network on helium baloons to emit powerful 4G signals.&nbsp;

&nbsp;

The project has &quot;significantly improved the balloon design, manufacture and launch procedure,&quot; X Lab told the UN`s International Civil Aviation Organization (ICAO) Wednesday, according to a document accessed by AFP.

&nbsp;

&quot;The balloons are now robust, remaining aloft well beyond the targeted 100 days, and are launched through a custom developed auto-launcher, allowing rapid multiple launches,&quot; X Lab told the organisation`s executive committee.

&nbsp;

Google&#39;s parent company has requested the assistance of ICAO member states as they met for its 39th triennial assembly. Alphabet appealed to the member states to &quot;establish bilateral or multilateral letters of agreement with adjacent states and Project Loon to allow Loon balloons to safely transit flight information region boundaries.&quot;

&nbsp;

&quot;Safety and coordination with the international civil aviation community is very important to Project Loon,&quot; a X Lab spokeswoman told AFP.

&nbsp;

(WION with inputs from AFP)&nbsp;

Google's Project Loon aims to improve internet access in remote areas worldwide with 'internet balloons' that would emit 4G signals

American multinational tech company, Google, has approached United Nation's (UN) aviation agency to ask for airspace access for its new initiative 'Project Loon', that aims to provide internet access in remote areas with balloons, AFP reported today. Project Loon balloons travel approximately 20 km above the Earth's surface in the stratosphere and use predictive models of the winds and decision-making algorithms to extend internet connectivity in rural and remote areas. The project that was launched in 2013, saw its first baloon take off from South America in February, reports AFP. However, it crashed at a tea plantation in Sri Lanka. Google's parent company, Alphabet, has partnered with Sri Lanka to improve the internet access in targetted areas. The company's X-Lab says it hopes to set up a network on helium baloons to emit powerful 4G signals. The project has "significantly improved the balloon design, manufacture and launch procedure," X Lab told the UN`s International Civil Aviation Organization (ICAO) Wednesday, according to a document accessed by AFP. "The balloons are now robust, remaining aloft well beyond the targeted 100 days, and are launched through a custom developed auto-launcher, allowing rapid multiple launches," X Lab told the organisation`s executive committee. Google's parent company has requested the assistance of ICAO member states as they met for its 39th triennial assembly. Alphabet appealed to the member states to "establish bilateral or multilateral letters of agreement with adjacent states and Project Loon to allow Loon balloons to safely transit flight information region boundaries." "Safety and coordination with the international civil aviation community is very important to Project Loon," a X Lab spokeswoman told AFP. (WION with inputs from AFP)

Internet balloons: Google approaches UN, asks for airspace access for Project Loon?

&nbsp;

Oil prices settled up nearly 6 per cent on Wednesday after OPEC struck a deal to limit crude output at its policy meeting in November, its first agreement to cut production since 2008 and after the market crashed on oversupply.

The Organization of the Petroleum Exporting Countries reached agreement to limit its production to a range of 32.5-33.0 million barrels per day (bpd) in talks held on the sidelines of the September 26-28 International Energy Forum in Algiers, group officials told Reuters.

OPEC estimates its current output at 33.24 million bpd.

&quot;We have decided to decrease the production around 700,000 bpd,&quot; Iranian oil minister Bijan Zanganeh said.

OPEC will agree to production levels for each member country at its November 30 meeting in Vienna, group officials said. After reaching its group target, it will seek support from non-member oil producers to further ease the global glut.

Brent crude settled up $2.72, or 5.9 per cent, at $48.69 a barrel, hitting a more than two-week high of $48.96.

US West Texas Intermediate (WTI) crude rose by $2.38, or 5.3 per cent, to settle at $47.05, after a peak $47.45, its highest since September 8.&nbsp;

The oil rally spilled over into the stock market, with Wall Street&#39;s index of energy shares rising 4 per cent for its best one-day gain since January.

&quot;This is a historic deal. This is the first time OPEC and non-OPEC will agree together in over a decade. This should put a floor on oil and should see oil move back toward the $60s,&quot; Phil Flynn, analyst at Chicago-based brokerage Price Futures Group.

&quot;The cartel proved that it still matters even in the age of shale!,&quot; Flynn wrote in a market commentary. &quot;This is the end of the &#39;production war&#39; - OPEC claims victory.&quot;

Other analysts saw a selloff down the road, citing OPEC&#39;s general lack of adherence to quotas.

Oil prices have more than halved from highs above $100 a barrel in mid-2014 as surging production from US shale oil combined with other global oversupplies and OPEC output.

As oil traders looked to OPEC to cut output, key members such as Saudi Arabia and Iran resisted, becoming more protective of individual market share even though the rout hurt the group&#39;s oil-dependent economies. The deal in Algiers follows failed talks in Qatar in April for a production freeze.

&quot;This was unexpected for sure,&quot; Scott Shelton, energy broker for ICAP in Durham, North Carolina, said, referring to the deal. &quot;No one that I know of saw it coming. The market doesn&#39;t seem positioned for it. The fundamentals in the US are already tighter than we expected and is due to get tighter.&quot;

Oil prices gyrated earlier in the day after US government data showed a surprise drop in domestic crude stockpiles for a fourth week in a row.

Jeff Quigley, director of energy markets at Stratas Advisors in Houston, said it was &quot;too preliminary&quot; to get excited over the OPEC deal.

&quot;The devil&#39;s in the details here,&quot; Quigley said. &quot;And for them to say it&#39;s going to start in November is very suspect to me. We don&rsquo;t know yet who&#39;s going to produce what. I want to hear from the mouth of the Iranian oil minister that he&#39;s not going to go back to pre-sanction levels.&quot;

Before the news of Wednesday&#39;s deal, Iranian&#39;s Zanganeh said the Islamic Republic would agree to curb production &quot;at close to 4 million barrels per day&quot;. Iran&#39;s output has stagnated at 3.6 million bpd since the lifting of Western sanctions.

Michael Cohen, head of energy commodities research at Barclays in New York, was similarly pessimistic.

&quot;Our view is that it is likely that what is going to happen is nothing more than the status quo, in which the Saudis usually reduce their output post-summertime,&quot; Cohen said. &quot;And this is a good way to put a good face on what is likely happening already.&quot;

(Reuters)

 
&nbsp;

The OPEC reached agreement to limit its production to a range of 32.5-33.0 million barrels per day in the International Energy Forum

Oil prices settled up nearly 6 per cent on Wednesday after OPEC struck a deal to limit crude output at its policy meeting in November, its first agreement to cut production since 2008 and after the market crashed on oversupply. The Organization of the Petroleum Exporting Countries reached agreement to limit its production to a range of 32.5-33.0 million barrels per day (bpd) in talks held on the sidelines of the September 26-28 International Energy Forum in Algiers, group officials told Reuters. OPEC estimates its current output at 33.24 million bpd. "We have decided to decrease the production around 700,000 bpd," Iranian oil minister Bijan Zanganeh said. OPEC will agree to production levels for each member country at its November 30 meeting in Vienna, group officials said. After reaching its group target, it will seek support from non-member oil producers to further ease the global glut. Brent crude settled up $2.72, or 5.9 per cent, at $48.69 a barrel, hitting a more than two-week high of $48.96. US West Texas Intermediate (WTI) crude rose by $2.38, or 5.3 per cent, to settle at $47.05, after a peak $47.45, its highest since September 8. The oil rally spilled over into the stock market, with Wall Street's index of energy shares rising 4 per cent for its best one-day gain since January. "This is a historic deal. This is the first time OPEC and non-OPEC will agree together in over a decade. This should put a floor on oil and should see oil move back toward the $60s," Phil Flynn, analyst at Chicago-based brokerage Price Futures Group. "The cartel proved that it still matters even in the age of shale!," Flynn wrote in a market commentary. "This is the end of the 'production war' - OPEC claims victory." Other analysts saw a selloff down the road, citing OPEC's general lack of adherence to quotas. Oil prices have more than halved from highs above $100 a barrel in mid-2014 as surging production from US shale oil combined with other global oversupplies and OPEC output. As oil traders looked to OPEC to cut output, key members such as Saudi Arabia and Iran resisted, becoming more protective of individual market share even though the rout hurt the group's oil-dependent economies. The deal in Algiers follows failed talks in Qatar in April for a production freeze. "This was unexpected for sure," Scott Shelton, energy broker for ICAP in Durham, North Carolina, said, referring to the deal. "No one that I know of saw it coming. The market doesn't seem positioned for it. The fundamentals in the US are already tighter than we expected and is due to get tighter." Oil prices gyrated earlier in the day after US government data showed a surprise drop in domestic crude stockpiles for a fourth week in a row. Jeff Quigley, director of energy markets at Stratas Advisors in Houston, said it was "too preliminary" to get excited over the OPEC deal. "The devil's in the details here," Quigley said. "And for them to say it's going to start in November is very suspect to me. We don’t know yet who's going to produce what. I want to hear from the mouth of the Iranian oil minister that he's not going to go back to pre-sanction levels." Before the news of Wednesday's deal, Iranian's Zanganeh said the Islamic Republic would agree to curb production "at close to 4 million barrels per day". Iran's output has stagnated at 3.6 million bpd since the lifting of Western sanctions. Michael Cohen, head of energy commodities research at Barclays in New York, was similarly pessimistic. "Our view is that it is likely that what is going to happen is nothing more than the status quo, in which the Saudis usually reduce their output post-summertime," Cohen said. "And this is a good way to put a good face on what is likely happening already." (Reuters)

Oil soars 6 per cent as OPEC reaches deal to limit output in November

Uber Technologies announced today that it will launch UberEats, Uber&#39;s food delivery service in Japan. The service will be operational from Thursday, September 29, and initially will deliver in central Tokyo.&nbsp;

The UberEats app can be downloaded on iOS, android or the desktop computer. Dishes from about 150 restaurants will be available to customers, ranging from budget restaurants to fine dining.&nbsp;

The delivery will be free at first but charges are expected to be applied later. UberEats is functional in six countries, and&nbsp;is planning&nbsp;to expand in 22 more.&nbsp;

Daisuke Nomura, owner and chef of Sougo, a Michelin two-star restaurant said, &quot;I have used the car service, and so I trust the brand and the quality of its service,&quot; AFP reported.&nbsp;

 
Uber expanding its service range

Uber has been unsuccessul in the Asian market, with China asking the company to leave&nbsp;just two&nbsp;months after its entry. Uber is facing stiff competition from regional businesses like Singapore-based Grab and Go-jek based in Indonesia, Reuters reported.&nbsp;

Opposition from a powerful taxi lobby and laws barring non-professionals ferrying customers has caused obstacles for Uber in Japan. Currently, the taxi-service connects customers to professional taxi drivers.&nbsp;

Japan recently started two&nbsp;ride-hailing pilot services for the elderly in Japan&#39;s rural areas.&nbsp;

Uber venturing into other services indicates it is being smarter about branching out&nbsp;according to customer demand.&nbsp;

Jan Dawson, chief analyst at Jackdaw Research in Utah, said, &quot;Uber seems to be getting smarter about the mix of services they will offer in various parts of the world, in response to cultural differences, regulation, and competition&quot;.&nbsp;

She added, &quot;It seems to be less willing to simply barge into new markets while ignoring regulations or objections than in the past.&quot;

(WION with inputs from agencies)

The UberEats app can be downloaded on iOS, android or the desktop computer. Dishes from about 150 restaurants will be available to customers

Uber Technologies announced today that it will launch UberEats, Uber's food delivery service in Japan. The service will be operational from Thursday, September 29, and initially will deliver in central Tokyo. The UberEats app can be downloaded on iOS, android or the desktop computer. Dishes from about 150 restaurants will be available to customers, ranging from budget restaurants to fine dining. The delivery will be free at first but charges are expected to be applied later. UberEats is functional in six countries, and is planning to expand in 22 more. Daisuke Nomura, owner and chef of Sougo, a Michelin two-star restaurant said, "I have used the car service, and so I trust the brand and the quality of its service," AFP reported. Uber expanding its service range Uber has been unsuccessul in the Asian market, with China asking the company to leave just two months after its entry. Uber is facing stiff competition from regional businesses like Singapore-based Grab and Go-jek based in Indonesia, Reuters reported. Opposition from a powerful taxi lobby and laws barring non-professionals ferrying customers has caused obstacles for Uber in Japan. Currently, the taxi-service connects customers to professional taxi drivers. Japan recently started two ride-hailing pilot services for the elderly in Japan's rural areas. Uber venturing into other services indicates it is being smarter about branching out according to customer demand. Jan Dawson, chief analyst at Jackdaw Research in Utah, said, "Uber seems to be getting smarter about the mix of services they will offer in various parts of the world, in response to cultural differences, regulation, and competition". She added, "It seems to be less willing to simply barge into new markets while ignoring regulations or objections than in the past." (WION with inputs from agencies)

It fails to click in Japan, so Uber to start food delivery service

Ahead of annual meetings of the IMF and the World Bank, the head of the International Monetary Fund Christine Lagarde warned against protectionism and trade restrictions.&nbsp;

Lagarde, the IMF&#39;s managing director, said the despite signs of current global recovery, the economy was still fragile.&nbsp;

The global economy risked prolonged low growth and advanced economies faced painful inequality, she said.&nbsp;

&quot;Especially for advanced economies, while there are some good signs the overall growth outlook remains subdued,&quot; Lagarde said in prepared remarks delivered at Northwestern University, near Chicago.

&quot;We continue to face the problem of global growth being too low for too long, benefiting too few,&quot; she added.

Lagarde advised governments to preserve policies that had helped the recovery so far, persisting in trade liberalisation while helping workers who have been displaced by off-shoring, outsourcing and new technologies in order to create &quot;inclusive growth.&quot;

&quot;The same applies in reverse. Policies that hurt growth will have real consequences - both for the world at large and very often for the very people they are meant to protect,&quot; she said.

In recent weeks, the IMF has warned that high debt, weak demand, eroding work forces and labor skills were weakening incentives for investment and slowing productivity.

Lagarde said it threatened to create a &quot;low growth trap.&quot;

The IMF has also signaled it expects to downgrade its forecasts for US growth due to sub-par performance in the first half of 2016.

(WION with inputs from agencies) 
&nbsp;

Lagarde said protectionism and trade restrictions risked prolonged low growth in advanced economies

Ahead of annual meetings of the IMF and the World Bank, the head of the International Monetary Fund Christine Lagarde warned against protectionism and trade restrictions. Lagarde, the IMF's managing director, said the despite signs of current global recovery, the economy was still fragile. The global economy risked prolonged low growth and advanced economies faced painful inequality, she said. "Especially for advanced economies, while there are some good signs the overall growth outlook remains subdued," Lagarde said in prepared remarks delivered at Northwestern University, near Chicago. "We continue to face the problem of global growth being too low for too long, benefiting too few," she added. Lagarde advised governments to preserve policies that had helped the recovery so far, persisting in trade liberalisation while helping workers who have been displaced by off-shoring, outsourcing and new technologies in order to create "inclusive growth." "The same applies in reverse. Policies that hurt growth will have real consequences - both for the world at large and very often for the very people they are meant to protect," she said. In recent weeks, the IMF has warned that high debt, weak demand, eroding work forces and labor skills were weakening incentives for investment and slowing productivity. Lagarde said it threatened to create a "low growth trap." The IMF has also signaled it expects to downgrade its forecasts for US growth due to sub-par performance in the first half of 2016. (WION with inputs from agencies)

IMF chief warns trade restrictions creating 'low growth trap'

The German government denied it was preparing a rescue plan for Deutsche Bank as Germany&#39;s biggest lender faces a $12 billion fine from the US Department of Justice.

The bank boosted its balance sheet by selling its British insurance business Abbey Life to Phoenix in a $1.2 billion deal on Wednesday.

Although the sale will result in a pre-tax loss of 800 million euros ($895 mln), mainly from writedowns for Deutsche Bank, it will lift the German lender&#39;s capital ratio by 10 basis points.

The move pushed its shares to a record low on Tuesday and heightened concerns about the health of the financial sector in Europe&#39;s largest economy.

A local daily had reported that a rescue plan was being drafted in case Deutsche was unable to raise capital to pay for costly litigation.

But the German finance ministry dismissed the reports that the government would even offer to take a direct stake of 25 percent in an extreme emergency.

&quot;This report is wrong. The German government is not preparing any rescue plan, there is no reason to speculate on such plans,&quot; the finance ministry said in a statement.

The government was still hoping Deutsche would not need state support and only scenarios for a potential rescue were being discussed so far, the newspaper added.

A Deutsche Bank spokesman referred to an interview chief executive John Cryan gave German daily Bild on Wednesday and denied the report.

&quot;At no point did I ask the chancellor for support. Neither did I suggest anything like that,&quot; the Briton told Bild in response to a report that said he had asked Angela Merkel for her backing with a $14 billion US demand to settle claims it missold mortgage-backed securities.

On Tuesday, Andreas Dombret, the Bundesbank board member in charge of supervision said that support for Europe&#39;s oversized banking sector must stop, comparing banks to dinosaurs facing a threat of extinction.

&quot;Political support for the banking sector must finally come to an end - something that unfortunately I&#39;ve only seen to a limited extent,&quot; he had said.

Analysts at Goldman Sachs on Wednesday estimated that the US mortgages case will cost Deutsche Bank $2.8-8.1 billion. Other analysts have said that any price tag above $5 billion will likely necessitate a capital increase.

Its overall legal provisions stood at 5.5 billion euros at the end of June. However, three other large legal headaches also remain, alleged manipulation of foreign exchange rates, an investigation into suspicious equities trades in Russia and allegations of money laundering.

(WION with inputs from agencies) 
&nbsp;

The lender's litany of legal troubles have spurred worries it may need to raise capital to staunch the damage

The German government denied it was preparing a rescue plan for Deutsche Bank as Germany's biggest lender faces a $12 billion fine from the US Department of Justice. The bank boosted its balance sheet by selling its British insurance business Abbey Life to Phoenix in a $1.2 billion deal on Wednesday. Although the sale will result in a pre-tax loss of 800 million euros ($895 mln), mainly from writedowns for Deutsche Bank, it will lift the German lender's capital ratio by 10 basis points. The move pushed its shares to a record low on Tuesday and heightened concerns about the health of the financial sector in Europe's largest economy. A local daily had reported that a rescue plan was being drafted in case Deutsche was unable to raise capital to pay for costly litigation. But the German finance ministry dismissed the reports that the government would even offer to take a direct stake of 25 percent in an extreme emergency. "This report is wrong. The German government is not preparing any rescue plan, there is no reason to speculate on such plans," the finance ministry said in a statement. The government was still hoping Deutsche would not need state support and only scenarios for a potential rescue were being discussed so far, the newspaper added. A Deutsche Bank spokesman referred to an interview chief executive John Cryan gave German daily Bild on Wednesday and denied the report. "At no point did I ask the chancellor for support. Neither did I suggest anything like that," the Briton told Bild in response to a report that said he had asked Angela Merkel for her backing with a $14 billion US demand to settle claims it missold mortgage-backed securities. On Tuesday, Andreas Dombret, the Bundesbank board member in charge of supervision said that support for Europe's oversized banking sector must stop, comparing banks to dinosaurs facing a threat of extinction. "Political support for the banking sector must finally come to an end - something that unfortunately I've only seen to a limited extent," he had said. Analysts at Goldman Sachs on Wednesday estimated that the US mortgages case will cost Deutsche Bank $2.8-8.1 billion. Other analysts have said that any price tag above $5 billion will likely necessitate a capital increase. Its overall legal provisions stood at 5.5 billion euros at the end of June. However, three other large legal headaches also remain, alleged manipulation of foreign exchange rates, an investigation into suspicious equities trades in Russia and allegations of money laundering. (WION with inputs from agencies)

Germany denies 'emergency plan' to rescue Deutsche Bank

Monetary and fiscal policy reforms, that provided a major impetus to India&#39;s economy, have placed the country among the most competitive economies in the world.&nbsp;

India noted a jump of 16 places from last year&#39;s 55th place, the highest for any economy in 2016, according to the World Economic Forum.&nbsp;

It ranked 39th on the Global Competitiveness Index prepared by the Forum. And the second-most competitive among BRICS nations behind neighbouring China, which is at the 28th position.&nbsp;

India&#39;s &quot;competitiveness has improved across the board, in particular in goods market efficiency, business sophistication, and innovation&quot;.

&quot;Thanks to improved monetary and fiscal policies as well as lower oil prices, the Indian economy has stabilised and now boasts of the highest growth among G20 countries,&quot; according to WEF&#39;s Global Competitiveness Report 2016-17.

Switzerland, with a score of 5.81 on the index, topped the list for the eighth straight time as the most competitive economy.&nbsp;

Singapore and the US are at the second and third positions, respectively. India has a score of 4.52 on the index.

The WEF said, India still needs to work on opening the economy to foreign investors and international trade and increasing transparency in the financial system.

&quot;Declining openness in the global economy is harming competitiveness and making it harder for leaders to drive sustainable and inclusive growth,&quot; WEF founder and executive chairman Klaus Schwab said.&nbsp;

He added that businesses still face&nbsp;rigid labour regulations in India and infrastructure also remains a bottleneck. &nbsp;

The rankings are based on the Global Competitiveness Index (GCI) from country-level data covering 12 categories.&nbsp;

The Forum assessed 138 economies for their competitiveness this year, while there were 140 economies in the 2015-16 rankings.

(WION with inputs from agencies) 
&nbsp;

India's ranking on the Global Competitiveness Index noted an improvement of 16 places, moving it to the 39th spot

Monetary and fiscal policy reforms, that provided a major impetus to India's economy, have placed the country among the most competitive economies in the world. India noted a jump of 16 places from last year's 55th place, the highest for any economy in 2016, according to the World Economic Forum. It ranked 39th on the Global Competitiveness Index prepared by the Forum. And the second-most competitive among BRICS nations behind neighbouring China, which is at the 28th position. India's "competitiveness has improved across the board, in particular in goods market efficiency, business sophistication, and innovation". "Thanks to improved monetary and fiscal policies as well as lower oil prices, the Indian economy has stabilised and now boasts of the highest growth among G20 countries," according to WEF's Global Competitiveness Report 2016-17. Switzerland, with a score of 5.81 on the index, topped the list for the eighth straight time as the most competitive economy. Singapore and the US are at the second and third positions, respectively. India has a score of 4.52 on the index. The WEF said, India still needs to work on opening the economy to foreign investors and international trade and increasing transparency in the financial system. "Declining openness in the global economy is harming competitiveness and making it harder for leaders to drive sustainable and inclusive growth," WEF founder and executive chairman Klaus Schwab said. He added that businesses still face rigid labour regulations in India and infrastructure also remains a bottleneck. The rankings are based on the Global Competitiveness Index (GCI) from country-level data covering 12 categories. The Forum assessed 138 economies for their competitiveness this year, while there were 140 economies in the 2015-16 rankings. (WION with inputs from agencies)

World Economic Forum: India ranked as 39th most competitive economy in world

The board of the World Bank has unanimously agreed to name Jim Yong Kim to a second term as president, the global lender announced on Tuesday.

Kim had been the only candidate in a process criticised by World Bank staff and campaigners as lacking in transparency and dominated by the United States.

In a statement announcing the decision, the Bank&#39;s board offered a strong endorsement of Kim&#39;s record, including setting the goal of eliminating extreme global poverty by 2030 and an internal reorganization to promote better coordination which provoked staff dissent.

The board also said an effort under Kim to cut bank spending had reduced administrative costs by $400 million, money then reinvested to support the bank&#39;s goals.

&quot;Chairs expressed satisfaction that this Expenditure Review is on track, allowing the organization to increase its support for countries and focus on delivering results more quickly,&quot; the statement said.

Following an unwritten rule, the United States, the Bank&#39;s largest shareholder, has chosen all World Bank presidents since the institution&#39;s creation after the Second World War. But when he was nominated for a first term in 2012, Kim was the first US nominee to face a challenger when Nigeria&#39;s Ngozi Okonjo-Iweala entered the contest.

Kim received the US endorsement almost immediately after the window for nominations for the term beginning next July opened, perhaps warding off challengers and avoiding a repeat of 2012.

However, the Bank&#39;s staff association last month delivered a stinging broadside, citing high levels of disaffection among its 15,000 employees and asserting that the Bank faced a &quot;crisis of leadership.&quot;

(AFP)

Kim had been the only candidate in a process criticised for lack of transparency and dominated by the United States

The board of the World Bank has unanimously agreed to name Jim Yong Kim to a second term as president, the global lender announced on Tuesday. Kim had been the only candidate in a process criticised by World Bank staff and campaigners as lacking in transparency and dominated by the United States. In a statement announcing the decision, the Bank's board offered a strong endorsement of Kim's record, including setting the goal of eliminating extreme global poverty by 2030 and an internal reorganization to promote better coordination which provoked staff dissent. The board also said an effort under Kim to cut bank spending had reduced administrative costs by $400 million, money then reinvested to support the bank's goals. "Chairs expressed satisfaction that this Expenditure Review is on track, allowing the organization to increase its support for countries and focus on delivering results more quickly," the statement said. Following an unwritten rule, the United States, the Bank's largest shareholder, has chosen all World Bank presidents since the institution's creation after the Second World War. But when he was nominated for a first term in 2012, Kim was the first US nominee to face a challenger when Nigeria's Ngozi Okonjo-Iweala entered the contest. Kim received the US endorsement almost immediately after the window for nominations for the term beginning next July opened, perhaps warding off challengers and avoiding a repeat of 2012. However, the Bank's staff association last month delivered a stinging broadside, citing high levels of disaffection among its 15,000 employees and asserting that the Bank faced a "crisis of leadership." (AFP)

Jim Yong Kim reappointed as World Bank president