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Walt Disney Co is in talks with a financial adviser over a possible bid for Twitter, Bloomberg reported today.&nbsp;

&nbsp;

The social media giant,&nbsp;however,&nbsp;is reportedly&nbsp;discussing a potential deal with Alphabet Inc and might soon get a formal bid offer. &nbsp;Meanwhile,&nbsp;Salesforce.com Inc is also planning a bid, according to Reuters.&nbsp;

&nbsp;

Bloomberg has&nbsp;said in its report that Disney chairman and cheif executive officer Bob Iger has invested in technology-related media businesses because of losing viewevers on cable TV, which is the company&#39;s largest business.

&nbsp;

Iger has also sought to increase Disney&rsquo;s new media proficiency by&nbsp;adding Twitter chief Jack Dorsey and Facebook Inc. Chief Operating Officer Sheryl Sandberg to his board in the past few years.

&nbsp;

Twitter has around 300 million active users since 2015 and according to reports, the microblogging site&nbsp;is having trouble in&nbsp;keeping pace with&nbsp;their growing social networking smartphone apps.

&nbsp;

Twitter&#39;s September results had shown the company weighing ways to cut costs, ramp up revenue or maximise shareholder value by selling itself. 
&nbsp;

(WION)

According to media reports, Twitter is already discussing a potential deal with Alphabet Inc and might soon get a formal bid offer

Walt Disney Co is in talks with a financial adviser over a possible bid for Twitter, Bloomberg reported today. The social media giant, however, is reportedly discussing a potential deal with Alphabet Inc and might soon get a formal bid offer. Meanwhile, Salesforce.com Inc is also planning a bid, according to Reuters. Bloomberg has said in its report that Disney chairman and cheif executive officer Bob Iger has invested in technology-related media businesses because of losing viewevers on cable TV, which is the company's largest business. Iger has also sought to increase Disney’s new media proficiency by adding Twitter chief Jack Dorsey and Facebook Inc. Chief Operating Officer Sheryl Sandberg to his board in the past few years. Twitter has around 300 million active users since 2015 and according to reports, the microblogging site is having trouble in keeping pace with their growing social networking smartphone apps. Twitter's September results had shown the company weighing ways to cut costs, ramp up revenue or maximise shareholder value by selling itself. (WION)

Walt Disney planning Twitter bid: Bloomberg

US drugmaker Pfizer Inc said on Monday it had decided not to separate into two publicly traded companies by separating its low-growth generics from its patent-protected branded medicines. 
 
Instead, with the two operating as separate businesses within Pfizer, the company was already accessing many of the potential benefits of a split while retaining the operational strength, efficiency and financial flexibility of operating as a single company, chief executive Ian Read said. 
 
&quot;Over time, any potential gap between Pfizer&#39;s market valuation and an implied Sum of the Parts (SOTP) market valuation has closed,&quot; said chief financial officer Frank D&#39;Amelio. 
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<h5>The company has for several years weighed whether a split made sense, largely because its patent-protected medicines routinely enjoy sales growth, while its portfolio of generics usually posted sales declines.</h5>
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&quot;We concluded that splitting into two companies at this time would not enhance the cash flow generation and competitive positioning of the businesses and the operational disruption, increased costs of a split and inability to realize any incremental tax efficiencies would likely be value destructive.&quot; 
 
Pfizer&#39;s shares were down 1.3 per cent in premarket trading on Monday. 
 
The company has for several years weighed whether a split made sense, largely because its patent-protected medicines routinely enjoy sales growth, while its portfolio of generics usually posted sales declines. 
 
Investors shifted their focus to whether Pfizer would split after the company terminated a $160 billion deal to acquire Irish drugmaker Allergan Plc in April due to new US tax inversion rules. 
 
Pfizer said on Monday the decision to not split itself would not impact its 2016 forecast, and that it preserved the option to split in the future. 
 
Pfizer in August announced it had agreed to buy cancer drugmaker Medivation Inc for $14 billion to gain access to blockbuster prostate cancer drug Xtandi for its growing oncology roster. 
 
The Medivation deal illustrates a shift in Pfizer&#39;s M&amp;A strategy from lowering taxes, the rationale behind the failed Allergan tax inversion deal, to strengthening its lineup of branded drugs, especially lucrative cancer treatments. 
 
A year ago, Pfizer paid $15 billion for Hospira, which sells generic hospital products and is developing biosimilars meant to compete with big-selling injectable biotech drugs. That deal was seen by Wall Street as a way of bolstering its generic drugs ahead of potentially divesting the business. 
 
(Reuters)

The drugmaker has decided not to separate its low-growth generics from its patent-protected branded medicines

US drugmaker Pfizer Inc said on Monday it had decided not to separate into two publicly traded companies by separating its low-growth generics from its patent-protected branded medicines. Instead, with the two operating as separate businesses within Pfizer, the company was already accessing many of the potential benefits of a split while retaining the operational strength, efficiency and financial flexibility of operating as a single company, chief executive Ian Read said. "Over time, any potential gap between Pfizer's market valuation and an implied Sum of the Parts (SOTP) market valuation has closed," said chief financial officer Frank D'Amelio. The company has for several years weighed whether a split made sense, largely because its patent-protected medicines routinely enjoy sales growth, while its portfolio of generics usually posted sales declines. "We concluded that splitting into two companies at this time would not enhance the cash flow generation and competitive positioning of the businesses and the operational disruption, increased costs of a split and inability to realize any incremental tax efficiencies would likely be value destructive." Pfizer's shares were down 1.3 per cent in premarket trading on Monday. The company has for several years weighed whether a split made sense, largely because its patent-protected medicines routinely enjoy sales growth, while its portfolio of generics usually posted sales declines. Investors shifted their focus to whether Pfizer would split after the company terminated a $160 billion deal to acquire Irish drugmaker Allergan Plc in April due to new US tax inversion rules. Pfizer said on Monday the decision to not split itself would not impact its 2016 forecast, and that it preserved the option to split in the future. Pfizer in August announced it had agreed to buy cancer drugmaker Medivation Inc for $14 billion to gain access to blockbuster prostate cancer drug Xtandi for its growing oncology roster. The Medivation deal illustrates a shift in Pfizer's M&A strategy from lowering taxes, the rationale behind the failed Allergan tax inversion deal, to strengthening its lineup of branded drugs, especially lucrative cancer treatments. A year ago, Pfizer paid $15 billion for Hospira, which sells generic hospital products and is developing biosimilars meant to compete with big-selling injectable biotech drugs. That deal was seen by Wall Street as a way of bolstering its generic drugs ahead of potentially divesting the business. (Reuters)

Pfizer decides not to split into two

Hyundai Motor&rsquo;s South Korean labour union staged their first full strike on Monday in more than a decade after negotiations over a wage increase failed. 
 
Nearly 50,000 workers at Hyundai Motor&#39;s three plants across the country walked off the job throughout Monday, said a spokesman for its labour union. 
 
This is the first full strike at the company in 12 years. 
 
The union also plans to stage a six-hour partial strike from Tuesday to Friday, the union spokesman said. 
 
Hyundai&#39;s union has staged partial strikes every year since 2012, including nearly 20 such stoppages this year, demanding higher wages and better benefits. 
 
Hyundai Motor shares ended down 1.1 per cent at 140,500 Won, compared with a 0.3 per cent fall on the broader market. 
 
Hyundai Motor&#39;s unionised workers in South Korea last month overwhelmingly voted down a tentative wage deal which was less generous than last year&#39;s package. 
 
The latest demands from workers include a wage increase of 7.2 per cent as well as bonuses for employees that would in total be worth 30 per cent of last year&#39;s net profit. 
 
Hyundai is South Korea&#39;s biggest automaker and, along with its smaller affiliate Kia, forms the world&#39;s fifth-largest car making group. 
 
But it has struggled in recent years due to currency swings and slumping sales in emerging markets including China. 
 
Hyundai has reported a drop in net profit for 10 consecutive quarters, most recently the second quarter of this year. 
 
The firm has estimated the financial losses from the series of strikes staged so far this year at more than two trillion won ($1.8 billion). 
 
(WION with inouts from agencies)

Nearly 50,000 workers at Hyundai Motor's three plants across South Korea walked off the job throughout on Monday, demanding higher wages

Hyundai Motor’s South Korean labour union staged their first full strike on Monday in more than a decade after negotiations over a wage increase failed. Nearly 50,000 workers at Hyundai Motor's three plants across the country walked off the job throughout Monday, said a spokesman for its labour union. This is the first full strike at the company in 12 years. The union also plans to stage a six-hour partial strike from Tuesday to Friday, the union spokesman said. Hyundai's union has staged partial strikes every year since 2012, including nearly 20 such stoppages this year, demanding higher wages and better benefits. Hyundai Motor shares ended down 1.1 per cent at 140,500 Won, compared with a 0.3 per cent fall on the broader market. Hyundai Motor's unionised workers in South Korea last month overwhelmingly voted down a tentative wage deal which was less generous than last year's package. The latest demands from workers include a wage increase of 7.2 per cent as well as bonuses for employees that would in total be worth 30 per cent of last year's net profit. Hyundai is South Korea's biggest automaker and, along with its smaller affiliate Kia, forms the world's fifth-largest car making group. But it has struggled in recent years due to currency swings and slumping sales in emerging markets including China. Hyundai has reported a drop in net profit for 10 consecutive quarters, most recently the second quarter of this year. The firm has estimated the financial losses from the series of strikes staged so far this year at more than two trillion won ($1.8 billion). (WION with inouts from agencies)

Hyundai workers on first full strike in 12 years

The Singapore-based BandLab Technologies&nbsp;will buy 49 per cent of Rolling Stone magazine from Wenner Media, 
 
BandLab plans to expand the magazine into new markets and strengthen its profile in Asia where it is not well known, Reuters reported.&nbsp; 
 
Gus Wenner, head of digital of Wenner Media, said, &quot;We see an enormous opportunity to diversify the brand into new markets and new areas of business.&quot; 
 
BandLab, is a music company which creates products for music creators and fans.&nbsp; 
 
The companies did not provide financial details of the deal. BandLab is led and co-founded by&nbsp;Kuok Meng Ru, the son of Singaporean palm oil magnet Kuok Khoon Hong. 
 
The magazine has 12 international editions in Australia, Argentina, Brazil, Colombia, France, Germany, India, Indonesia, Italy, Japan, Mexico, and Russia.&nbsp; 
 
(WION with inputs from Reuters)

It plans to expand the business into new markets and boost its profile in Asia

The Singapore-based BandLab Technologies will buy 49 per cent of Rolling Stone magazine from Wenner Media, BandLab plans to expand the magazine into new markets and strengthen its profile in Asia where it is not well known, Reuters reported. Gus Wenner, head of digital of Wenner Media, said, "We see an enormous opportunity to diversify the brand into new markets and new areas of business." BandLab, is a music company which creates products for music creators and fans. The companies did not provide financial details of the deal. BandLab is led and co-founded by Kuok Meng Ru, the son of Singaporean palm oil magnet Kuok Khoon Hong. The magazine has 12 international editions in Australia, Argentina, Brazil, Colombia, France, Germany, India, Indonesia, Italy, Japan, Mexico, and Russia. (WION with inputs from Reuters)

Singapore's BandLab to buy 49% of Rolling Stone magazine

Former International Monetary Fund (IMF) chief Rodrigo Rato will face trial on Monday over &#39;overseeing a corrupt system that allowed 65 former executives and board members at Spanish banks Caja Madrid and Bankia to misuse funds during Rato&#39;s tenure as their bank head&#39;, AFP reported today.&nbsp; 
 
Prosecutors want Rato to get a prison sentence of four-and-a-half years and a 2.6-million-euro fine for allegedly spending 12 million Euros between 2003 and 2012, leading to Spain&#39;s near financial collapse.&nbsp; 
 
Rato took over as the head of Caja Madrid in 2010 where he indulged in the corrupt practices. He reportedly continued with &#39;similar practices&#39; later in Bankia, the group born in 2011 following the merger of Caja Madrid with six other savings banks.&nbsp; 
 
The Bankia scandal 
 
Rato&#39;s short tenure as a&nbsp;banker in Spain between 2010 and 2012 saw the unfolding of the Bankia scandal, AFP observes.&nbsp; 
 
Thousands of small-scale investors, after being goaded into converting their savings to shares when Bankia was born, lost huge sums of money.&nbsp; 
 
The losses escalated to an extent that the country plunged into a financial crisis. It had to ask the European Union for a bailout for the banking sector. Out of the 41 billion euros, Bankia has paid 1.2 billion euros.&nbsp; 
 
As the head of Caja Madrid Rato is accused of spending 436,000 euros between 2003 and 2010, including more than 100,000 euros in restaurant bills. 
 
Rato, however, has denied any wrongdoing saying that the expenses were for &ldquo;discretionary spending as a part of the pay deal for executives.&quot; 
 
(WION with inputs from AFP) 
 
 
&nbsp;

Rato allowed 65 other top executives to misuse bank Caja Madrid and Bankia's funds during his tenure as the bank head

Former International Monetary Fund (IMF) chief Rodrigo Rato will face trial on Monday over 'overseeing a corrupt system that allowed 65 former executives and board members at Spanish banks Caja Madrid and Bankia to misuse funds during Rato's tenure as their bank head', AFP reported today. Prosecutors want Rato to get a prison sentence of four-and-a-half years and a 2.6-million-euro fine for allegedly spending 12 million Euros between 2003 and 2012, leading to Spain's near financial collapse. Rato took over as the head of Caja Madrid in 2010 where he indulged in the corrupt practices. He reportedly continued with 'similar practices' later in Bankia, the group born in 2011 following the merger of Caja Madrid with six other savings banks. The Bankia scandal Rato's short tenure as a banker in Spain between 2010 and 2012 saw the unfolding of the Bankia scandal, AFP observes. Thousands of small-scale investors, after being goaded into converting their savings to shares when Bankia was born, lost huge sums of money. The losses escalated to an extent that the country plunged into a financial crisis. It had to ask the European Union for a bailout for the banking sector. Out of the 41 billion euros, Bankia has paid 1.2 billion euros. As the head of Caja Madrid Rato is accused of spending 436,000 euros between 2003 and 2010, including more than 100,000 euros in restaurant bills. Rato, however, has denied any wrongdoing saying that the expenses were for “discretionary spending as a part of the pay deal for executives." (WION with inputs from AFP)

Former IMF boss Rodrigo Rato to face trial over corruption charges

The less-than-supersonic sale of French Rafale fighter jets to India has highlighted the obstacles facing foreign arms firms seeking to do business with the world&#39;s biggest weapons importer. 
 
India has signed a series of key defence deals under Indian Prime Minister Narendra Modi as part of a $100 billion upgrade of its Soviet-era military hardware, making it an attractive proposition for arms exporters. 
 
But a series of corruption scandals have made India a challenging environment, with huge delays and a tough negotiation process. 
 
After nearly a decade of discussions and setbacks, India signed a deal Friday to acquire 36 Rafale fighter jets for 7.9 billion Euros ($8.8 billion) as it seeks to bolster its military against an increasingly assertive China. 
 
Defence experts say the aircraft, manufactured by France&#39;s Dassault, will provide a much-needed boost to India&#39;s air force. 
 
But the final windfall was much less than had been hoped for by the French. 
 
&quot;The Indians always conduct very tough negotiations. They are known for it,&quot; said Isabelle Saint-Mezard, a specialist in South Asian strategic issues at the University of Paris. 
 
&quot;They have all the major weapons suppliers knocking at their door, so they are well positioned to do so.&quot; 
 
Eric Trappier, CEO of Dassault Aviation, has gained experience of India&#39;s bargaining tactics in recent years. 
 
&quot;India is a school of patience,&quot; he said. 
 
The country ranks 130 out of 189 on the World Bank&#39;s Ease of Doing Business index -- the worst of all G20 countries -- and regulations vary capriciously across its 29 states, where even the same law can be interpreted in bafflingly different ways. 
 
&nbsp;Fear of corruption&nbsp; 
 
Allegations of corruption have scuppered Indian defence deals as far back as 1987, when then-prime minister Rajiv Gandhi&rsquo;s government collapsed over charges of kickbacks paid to Indian officials by the Swedish group Bofors to clinch a $1.3-billion artillery deal. 
 
Fears of further corruption meant that &quot;the modernisation of the armed forces stalled,&quot; said Gulshan Luthra of the Institute for Defence Studies and Analyses in New Delhi. 
 
To erect safeguards against graft India ramped up its army of bureaucrats dealing with weapons sales, with contracts becoming trapped in a paper maze. 
 
The smallest comment on an arms deal required from a government department can delay a case for several months. 
 
&quot;In recent years, the authorities have tried to clamp down on graft. As a result, officials in charge of issuing contracts fear exposing themselves to suspicion of corruption and are reluctant to engage,&quot; said St. Mezard. 
 
For a contract to succeed, &quot;it usually takes strong political will at the highest level of the state,&quot; she added. 
 
But all these precautions do not prevent old demons resurfacing. 
 
In 2013 the government scrapped a $748 million contract with AgustaWestland helicopters following allegations it was won through kickbacks. 
 
 
Technology transfer&nbsp; 
 
Deals are also complicated because India is determined to achieve its goal of being less dependent on foreign trade for its military equipment. Its tenders are accompanied by significant technology transfer requests. 
 
For example, one mooted deal was to have seen Dassault assemble 108 out of 126 fighter jets on Indian soil. 
 
But the French refused to assume responsibility for all the planes that were to be built in India. 
 
&quot;The Indians insist on such deals, but without always having the means or the expertise to carry them out. As a result, suppliers are reluctant to embark on this sort of agreement,&quot; said St. Mezard. 
 
Faced with an urgent need to modernise its military, Modi&rsquo;s government finally opted for the direct sale of 36 ready-to-fly Rafale jets, which will be manufactured in France. 
 
But Dassault will be contractually bound to reinvest nearly half of the value of the deal in India, an obligation known as the offset clause. 
 
&quot;The offset rules are very complicated and opaque,&quot; said Rahul Bedi, a Jane&#39;s Defence Weekly analyst. &quot;We are talking high-tech and the Indian industry does not have the sophistication to absorb such offsets.&quot; 
 
India has signed several big-ticket deals since Hindu nationalist Modi took power in 2014. 
 
The increasing assertiveness of its giant neighbour China as well as its simmering rivalry with Pakistan has increased its need to upgrade its military. 
 
That signals many potential contracts for foreign arms suppliers -- despite the obstacles. 
 
(AFP)

A series of corruption scandals involving arms deals have made India a challenging environment, with tough negotiations and long delays

The less-than-supersonic sale of French Rafale fighter jets to India has highlighted the obstacles facing foreign arms firms seeking to do business with the world's biggest weapons importer. India has signed a series of key defence deals under Indian Prime Minister Narendra Modi as part of a $100 billion upgrade of its Soviet-era military hardware, making it an attractive proposition for arms exporters. But a series of corruption scandals have made India a challenging environment, with huge delays and a tough negotiation process. After nearly a decade of discussions and setbacks, India signed a deal Friday to acquire 36 Rafale fighter jets for 7.9 billion Euros ($8.8 billion) as it seeks to bolster its military against an increasingly assertive China. Defence experts say the aircraft, manufactured by France's Dassault, will provide a much-needed boost to India's air force. But the final windfall was much less than had been hoped for by the French. "The Indians always conduct very tough negotiations. They are known for it," said Isabelle Saint-Mezard, a specialist in South Asian strategic issues at the University of Paris. "They have all the major weapons suppliers knocking at their door, so they are well positioned to do so." Eric Trappier, CEO of Dassault Aviation, has gained experience of India's bargaining tactics in recent years. "India is a school of patience," he said. The country ranks 130 out of 189 on the World Bank's Ease of Doing Business index -- the worst of all G20 countries -- and regulations vary capriciously across its 29 states, where even the same law can be interpreted in bafflingly different ways. Fear of corruption Allegations of corruption have scuppered Indian defence deals as far back as 1987, when then-prime minister Rajiv Gandhi’s government collapsed over charges of kickbacks paid to Indian officials by the Swedish group Bofors to clinch a $1.3-billion artillery deal. Fears of further corruption meant that "the modernisation of the armed forces stalled," said Gulshan Luthra of the Institute for Defence Studies and Analyses in New Delhi. To erect safeguards against graft India ramped up its army of bureaucrats dealing with weapons sales, with contracts becoming trapped in a paper maze. The smallest comment on an arms deal required from a government department can delay a case for several months. "In recent years, the authorities have tried to clamp down on graft. As a result, officials in charge of issuing contracts fear exposing themselves to suspicion of corruption and are reluctant to engage," said St. Mezard. For a contract to succeed, "it usually takes strong political will at the highest level of the state," she added. But all these precautions do not prevent old demons resurfacing. In 2013 the government scrapped a $748 million contract with AgustaWestland helicopters following allegations it was won through kickbacks. Technology transfer Deals are also complicated because India is determined to achieve its goal of being less dependent on foreign trade for its military equipment. Its tenders are accompanied by significant technology transfer requests. For example, one mooted deal was to have seen Dassault assemble 108 out of 126 fighter jets on Indian soil. But the French refused to assume responsibility for all the planes that were to be built in India. "The Indians insist on such deals, but without always having the means or the expertise to carry them out. As a result, suppliers are reluctant to embark on this sort of agreement," said St. Mezard. Faced with an urgent need to modernise its military, Modi’s government finally opted for the direct sale of 36 ready-to-fly Rafale jets, which will be manufactured in France. But Dassault will be contractually bound to reinvest nearly half of the value of the deal in India, an obligation known as the offset clause. "The offset rules are very complicated and opaque," said Rahul Bedi, a Jane's Defence Weekly analyst. "We are talking high-tech and the Indian industry does not have the sophistication to absorb such offsets." India has signed several big-ticket deals since Hindu nationalist Modi took power in 2014. The increasing assertiveness of its giant neighbour China as well as its simmering rivalry with Pakistan has increased its need to upgrade its military. That signals many potential contracts for foreign arms suppliers -- despite the obstacles. (AFP)

The Rafale saga: Obstacles foreign arms firms face in sealing deals with India

Britain has a lot of work to do before it can exit the European Union (EU) but once it triggers a formal divorce from the EU, the process cannot be dragged on, Britain&#39;s foreign minister Boris Johnson said&nbsp;on Sunday. 
 
&quot;We&#39;ve got to do a lot of work to get our ducks in order,&quot; Johnson told Andy Marr on BBC1&#39;s The Andrew Marr Show. 
 
Johnson suggested last week that Britain would trigger Article 50 of the Lisbon Treaty which would allow Britain to exit from EU early next year. However, Prime Minister Theresa May&#39;s aides have continually said the formal procedure would only start next year. 
 
But some lawmakers and government officials say the government&nbsp;has&nbsp;not had time to form a clear negotiating stance and that, by triggering proceedings too early,&nbsp;Britain&nbsp;may land a poor deal,&nbsp;Reuters said. 
 
Britons voted to leave the EU bloc in a historic referendum in June. 
 
Jeremy Corbyn, who was re-elected as leader of Britain&#39;s main opposition Labour Party&nbsp;on Saturday, said the parliament should be involved in the Brexit process. 
 
&quot;This is a huge political issue, it&#39;s the most significant economic issue facing Britain in my or your lifetime and I think at the very least parliament should be fully informed,&quot; Jeremy Corbyn told BBC&#39;s Andrew Marr. 
 
Stephen Booth, co-director of the Open Europe think-tank, said it was likely that Brexit would end up being a gradual withdrawal from different aspects of the UK&#39;s entanglements with the EU, rather than a single &quot;big bang&quot; event, RT? news reported. 
 
(WION with inputs from agencies)

London is under pressure from EU members and millions of Britons who voted for Brexit in the referendum to start the divorce process soon

Britain has a lot of work to do before it can exit the European Union (EU) but once it triggers a formal divorce from the EU, the process cannot be dragged on, Britain's foreign minister Boris Johnson said on Sunday. "We've got to do a lot of work to get our ducks in order," Johnson told Andy Marr on BBC1's The Andrew Marr Show. Johnson suggested last week that Britain would trigger Article 50 of the Lisbon Treaty which would allow Britain to exit from EU early next year. However, Prime Minister Theresa May's aides have continually said the formal procedure would only start next year. But some lawmakers and government officials say the government has not had time to form a clear negotiating stance and that, by triggering proceedings too early, Britain may land a poor deal, Reuters said. Britons voted to leave the EU bloc in a historic referendum in June. Jeremy Corbyn, who was re-elected as leader of Britain's main opposition Labour Party on Saturday, said the parliament should be involved in the Brexit process. "This is a huge political issue, it's the most significant economic issue facing Britain in my or your lifetime and I think at the very least parliament should be fully informed," Jeremy Corbyn told BBC's Andrew Marr. Stephen Booth, co-director of the Open Europe think-tank, said it was likely that Brexit would end up being a gradual withdrawal from different aspects of the UK's entanglements with the EU, rather than a single "big bang" event, RT? news reported. (WION with inputs from agencies)

Britain has lot to do before triggering EU divorce: Boris Johnson

In response to a slowdown in the Asian markets, Wall Street bank Goldman Sachs is cutting banking jobs in Asia outside of Japan.&nbsp; 
 
It will reduce the number of bankers to almost 30 per cent of the 300 investment banking jobs in the market.&nbsp; 
 
Sources told Reuters that those working on mergers and acquisitions (M&amp;A), and equity and debt capital markets deals will be affected.&nbsp; 
 
It will be left to slightly more than 200 bankers across Asia. 
 
The process is already underway with most of the job cuts expected in Hong Kong, Singapore and China.&nbsp; 
 
Goldman and other big investment banks are grappling with a harsh environment for deals across Asia after the region&#39;s economies and markets failed to deliver sustained growth after the 2008 financial crisis.&nbsp; 
 
The total value of M&amp;A deals across the Asia-Pacific region has dropped to $572.9 billion so far this year, from $745.7 billion in the same period of 2015. 
 
The local competitors have also eaten into their business.&nbsp; 
 
Goldman said in July it had embarked on a cost-cutting plan that would save $700 million a year in response to a &quot;challenging backdrop&quot; for revenue. 
 
Its investment banking revenue fell 11 per cent to $1.79 billion in the second quarter. 
 
Many of Goldman&#39;s European rivals have announced plans to scale down their operations in Asia. 
 
Barclays said in January that it would cut about 1,000 staff in its investment bank operations worldwide, with the bulk happening in Asia, while Societe Generale decided to close its equities research desk in India. 
 
Other European banks including BNP Paribas and Deutsche Bank are expected to scale back operations in non-core Asian markets. 
 
(WION with inputs from Reuters) 
&nbsp;

Grappling with a harsh environment for investment across Asia,Goldman Sachs is cutting nearly 30 per cent banking jobs in the region

In response to a slowdown in the Asian markets, Wall Street bank Goldman Sachs is cutting banking jobs in Asia outside of Japan. It will reduce the number of bankers to almost 30 per cent of the 300 investment banking jobs in the market. Sources told Reuters that those working on mergers and acquisitions (M&A), and equity and debt capital markets deals will be affected. It will be left to slightly more than 200 bankers across Asia. The process is already underway with most of the job cuts expected in Hong Kong, Singapore and China. Goldman and other big investment banks are grappling with a harsh environment for deals across Asia after the region's economies and markets failed to deliver sustained growth after the 2008 financial crisis. The total value of M&A deals across the Asia-Pacific region has dropped to $572.9 billion so far this year, from $745.7 billion in the same period of 2015. The local competitors have also eaten into their business. Goldman said in July it had embarked on a cost-cutting plan that would save $700 million a year in response to a "challenging backdrop" for revenue. Its investment banking revenue fell 11 per cent to $1.79 billion in the second quarter. Many of Goldman's European rivals have announced plans to scale down their operations in Asia. Barclays said in January that it would cut about 1,000 staff in its investment bank operations worldwide, with the bulk happening in Asia, while Societe Generale decided to close its equities research desk in India. Other European banks including BNP Paribas and Deutsche Bank are expected to scale back operations in non-core Asian markets. (WION with inputs from Reuters)

Goldman Sachs scales down investment banking jobs in Asia by 30 per cent

Japanese regulators are considering taking action against Apple Inc over possible antitrust violations that may have helped it dominate the nation&#39;s smartphone sales, government sources said, a move that could hit the company&#39;s profit margins in one of its most profitable markets. 
 
In a report published last month, Japan&#39;s Fair Trade Commission (FTC) said that NTT Docomo, KDDI Corp and Softbank Group were refusing to sell older surplus iPhone models to third party retailers, thereby hobbling smaller competitors. 
 
Apple was not named in that report, but two senior government sources told Reuters that regulators were also focusing on Apple&#39;s supply agreements with all three carriers. 
 
Under those deals, surplus stock of older iPhones is kept out of the market and sent to overseas markets, such as Hong Kong, according to industry sources. 
 
The carriers, locked in a costly battle to win consumers who covet iPhones, also bulk purchase the Apple smartphones and sell them at a discount, which gives the U.S. company an advantage over rivals such as Samsung Electronics Co, according to the two government officials and an industry source. 
 
Both iPhone 7 and Samsung&#39;s Galaxy S7 edge model sell for 93,960 yen ($932) under Docomo&#39;s main service package without any contract, but the cost for the iPhone drops sharply to 38,232 yen with a two-year contract, while the Galaxy falls to 54,432 yen. 
 
When asked about the antitrust concerns, Apple forwarded a link to a webpage published at the time of the Aug. 2 FTC report that says it has created or supports 715,000 jobs in Japan with Japanese-based developers raking in more than $9 billion in revenue from Apple apps since 2008. It did not comment further. 
 
Largest share 
 
The strategy has helped Apple sustain demand for new iPhones, making Japan one of its most profitable markets. The U.S. company accounts for almost one in every two smartphones sold in Japan, its largest share in a major market. 
 
It also kept new mobile service providers such as messaging app firm Line Corp and online retailer Rakuten Inc from selling iPhones, and helped the top three carriers control more than 90 percent of the mobile phone market. 
 
Any government order for corrective measures may crimp demand for more profitable new iPhone models that compete against well-reviewed Android phones such as the Galaxy S7. 
 
&quot;The actions of the three operators alone do not account for the state of the market,&quot; said one of the officials, who confirmed that the August report was also directed at Apple. &quot;We are getting closer to taking action.&quot; 
 
The officials said the watchdog hoped pressing the carriers would get them to solve the antitrust issue, which could include renegotiating contracts with Apple. 
 
They asked not to be identified because they are not authorized to speak to the media. 
 
The FTC did not give a deadline or say what penalties, such as fines, it would impose if the companies did not act. 
 
In the past, FTC has issued cease and desist orders, and imposed a &quot;surplus charge&quot; to recoup profits resulting from antitrust violations. The biggest surplus charge to date for a case, which involved five companies, is 27 billion yen ($269 million). 
 
Fines on companies judged to be operating cartels or monopolies, however, can be higher. 
 
NTT Docomo said it did not believe it was blocking new entrants. &quot;We have always strived to conduct sales and services appropriately and we will take the FTC&#39;s report on board and consider our response,&quot; a spokesman said. 
 
A spokeswoman for KDDI said her company had operated its business in an appropriate manner and followed guidelines. 
 
A Softbank spokesman also said it would work with regulators. &quot;Up to now we have never had any issues with competition laws over our sales practices and pricing,&quot; he said. 
 
Samsung declined to comment. 
 
($1 = 101.87 yen)&nbsp; 
 
(Reuters)

The country's Fair Trade Commission said the carriers were not selling older iPhones to third party retailers, hobbling smaller competitors

Japanese regulators are considering taking action against Apple Inc over possible antitrust violations that may have helped it dominate the nation's smartphone sales, government sources said, a move that could hit the company's profit margins in one of its most profitable markets. In a report published last month, Japan's Fair Trade Commission (FTC) said that NTT Docomo, KDDI Corp and Softbank Group were refusing to sell older surplus iPhone models to third party retailers, thereby hobbling smaller competitors. Apple was not named in that report, but two senior government sources told Reuters that regulators were also focusing on Apple's supply agreements with all three carriers. Under those deals, surplus stock of older iPhones is kept out of the market and sent to overseas markets, such as Hong Kong, according to industry sources. The carriers, locked in a costly battle to win consumers who covet iPhones, also bulk purchase the Apple smartphones and sell them at a discount, which gives the U.S. company an advantage over rivals such as Samsung Electronics Co, according to the two government officials and an industry source. Both iPhone 7 and Samsung's Galaxy S7 edge model sell for 93,960 yen ($932) under Docomo's main service package without any contract, but the cost for the iPhone drops sharply to 38,232 yen with a two-year contract, while the Galaxy falls to 54,432 yen. When asked about the antitrust concerns, Apple forwarded a link to a webpage published at the time of the Aug. 2 FTC report that says it has created or supports 715,000 jobs in Japan with Japanese-based developers raking in more than $9 billion in revenue from Apple apps since 2008. It did not comment further. Largest share The strategy has helped Apple sustain demand for new iPhones, making Japan one of its most profitable markets. The U.S. company accounts for almost one in every two smartphones sold in Japan, its largest share in a major market. It also kept new mobile service providers such as messaging app firm Line Corp and online retailer Rakuten Inc from selling iPhones, and helped the top three carriers control more than 90 percent of the mobile phone market. Any government order for corrective measures may crimp demand for more profitable new iPhone models that compete against well-reviewed Android phones such as the Galaxy S7. "The actions of the three operators alone do not account for the state of the market," said one of the officials, who confirmed that the August report was also directed at Apple. "We are getting closer to taking action." The officials said the watchdog hoped pressing the carriers would get them to solve the antitrust issue, which could include renegotiating contracts with Apple. They asked not to be identified because they are not authorized to speak to the media. The FTC did not give a deadline or say what penalties, such as fines, it would impose if the companies did not act. In the past, FTC has issued cease and desist orders, and imposed a "surplus charge" to recoup profits resulting from antitrust violations. The biggest surplus charge to date for a case, which involved five companies, is 27 billion yen ($269 million). Fines on companies judged to be operating cartels or monopolies, however, can be higher. NTT Docomo said it did not believe it was blocking new entrants. "We have always strived to conduct sales and services appropriately and we will take the FTC's report on board and consider our response," a spokesman said. A spokeswoman for KDDI said her company had operated its business in an appropriate manner and followed guidelines. A Softbank spokesman also said it would work with regulators. "Up to now we have never had any issues with competition laws over our sales practices and pricing," he said. Samsung declined to comment. ($1 = 101.87 yen) (Reuters)

Japan's antitrust watchdog considers action against Apple, carriers: Sources

India has appointed three independent experts to Reserve Bank of India&rsquo;s (RBI) Monetary Policy Committee (MPC) to set interest rates as the central banking institution gears up for a switch in terms of deciding its new policy.&nbsp; 
 
The three experts -- Chetan Ghate, professor at Indian Statistical Institute, Pami Dua, director at Delhi School of Economics, and Ravindra Dholakia, professor at Indian Institute of Management, Ahmedabad -- will join RBI Governor Urjit Patel and two senior officials from the bank&#39;s monetary policy department. 
 
Deputy governor R Gandhi and executive director Michael Patra are the two other senior officials from RBI.&nbsp; 
 
The commitee will be responsible for setting the key interest rates in the monetary policy review, thereby diluting the power of the RBI governor. It will meet four times in a year to decide on the monetary policy of India by a majority vote. In case of a tie, the RBI governor has the deciding vote.&nbsp; 
 
The three independent experts were recommended by a search committee.&nbsp; 
 
It&#39;s pertinent to mention that the Indian government amended the RBI Act on June 27, 2016 to shift the job of monetary policy-making in India to a newly constituted Monetary Policy Committee (MPC). 
 
Until recently, a technical advisory committee was constituted by the RBI, which consisted of governor, deputy governor and external advisors to give their opinion and suggestions for deciding RBI&#39;s monetary policy.&nbsp; 
 
However, the governor&#39;s word was final on the rates and the recommendations of the technical advisors were not binding on the RBI. 
&nbsp; 
In 2014, it was the Urjit Patel Committee that recommended the setting up of an MPC for determining interest rates and also, move from multiple indicator approach to inflation targeting. Having both Government and RBI members on the MPC was suggested for accountability.&nbsp; 
 
The Indian government would have to keep its deficit under check and RBI would owe an explanation for runaway inflation. 
&nbsp; 
Monetary policy decisions by central banks have far-reaching implications for the economy, investors, savers and borrowers. Hence, with only governor having the decision-making authority raises questions the accountability of the entire process. 
 
Across the world, several countries, including New Zealand, England, Canada, South Africa, Sweden, have tried to make the process transparent by appointing a committee and adopting inflation targeting as a monetary policy objective.&nbsp; 
 
(WION)

Newly-constituted Monetary Policy Committee will make the process for setting key interest rates more transparent

India has appointed three independent experts to Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) to set interest rates as the central banking institution gears up for a switch in terms of deciding its new policy. The three experts -- Chetan Ghate, professor at Indian Statistical Institute, Pami Dua, director at Delhi School of Economics, and Ravindra Dholakia, professor at Indian Institute of Management, Ahmedabad -- will join RBI Governor Urjit Patel and two senior officials from the bank's monetary policy department. Deputy governor R Gandhi and executive director Michael Patra are the two other senior officials from RBI. The commitee will be responsible for setting the key interest rates in the monetary policy review, thereby diluting the power of the RBI governor. It will meet four times in a year to decide on the monetary policy of India by a majority vote. In case of a tie, the RBI governor has the deciding vote. The three independent experts were recommended by a search committee. It's pertinent to mention that the Indian government amended the RBI Act on June 27, 2016 to shift the job of monetary policy-making in India to a newly constituted Monetary Policy Committee (MPC). Until recently, a technical advisory committee was constituted by the RBI, which consisted of governor, deputy governor and external advisors to give their opinion and suggestions for deciding RBI's monetary policy. However, the governor's word was final on the rates and the recommendations of the technical advisors were not binding on the RBI. In 2014, it was the Urjit Patel Committee that recommended the setting up of an MPC for determining interest rates and also, move from multiple indicator approach to inflation targeting. Having both Government and RBI members on the MPC was suggested for accountability. The Indian government would have to keep its deficit under check and RBI would owe an explanation for runaway inflation. Monetary policy decisions by central banks have far-reaching implications for the economy, investors, savers and borrowers. Hence, with only governor having the decision-making authority raises questions the accountability of the entire process. Across the world, several countries, including New Zealand, England, Canada, South Africa, Sweden, have tried to make the process transparent by appointing a committee and adopting inflation targeting as a monetary policy objective. (WION)

India appoints three experts for RBI's Monetary Policy Committee

Yahoo Inc on Thursday said investigations into the world&#39;s biggest known cyber breach revealed that the attack on its network in 2014 &nbsp;may have been &quot;state sponsored.&quot; 
 
At least 500 million of its accounts were hacked worldwide and the probe concluded that &quot;certain user account information was stolen.&quot; 
 
&quot;Online intrusions and thefts by state-sponsored actors have become increasingly common across the technology industry,&quot; Yahoo said in a release. 
 
&quot;Yahoo &nbsp;and other companies have launched programs to detect and notify users when a company strongly suspects that a state-sponsored actor has targeted an account.&quot; 
 
Cyber thieves may have stolen names, email addresses, telephone numbers, dates of birth and encrypted passwords, the company said.&nbsp; 
 
But some of the most valuable data including unprotected passwords, payment card data and bank account information did not appear to have been compromised. 
 
The US internet giant said it is working closely with law enforcement on this matter.&nbsp; 
 
Yahoo asked affected users to change passwords and recommended anyone who hasn&#39;t done so since 2014 take the same precaution. 
 
Computer security analyst Graham Cluley said the stolen Yahoo data &quot;could be useful ammunition for any hacker attempting to break into Yahoo accounts, or interested in exploring whether users might have used the same security questions/answers to protect themselves elsewhere on the web.&quot; 
 
The company is under pressure to shore up its flagging fortunes. It agreed to $4.83 billion cash sale of its internet business to Verizon Communications Inc.&nbsp; 
 
It was not immediately clear if the data breach could impact the closing of the deal or the price agreed to by Verizon. 
 
Verizon said in a statement that it was reviewing the new information.&nbsp; 
 
(WION with inputs from agencies) 
&nbsp;

Cyber thieves may have stolen names, email addresses but the company said valuable data did not appear to have been compromised

Yahoo Inc on Thursday said investigations into the world's biggest known cyber breach revealed that the attack on its network in 2014 may have been "state sponsored." At least 500 million of its accounts were hacked worldwide and the probe concluded that "certain user account information was stolen." "Online intrusions and thefts by state-sponsored actors have become increasingly common across the technology industry," Yahoo said in a release. "Yahoo and other companies have launched programs to detect and notify users when a company strongly suspects that a state-sponsored actor has targeted an account." Cyber thieves may have stolen names, email addresses, telephone numbers, dates of birth and encrypted passwords, the company said. But some of the most valuable data including unprotected passwords, payment card data and bank account information did not appear to have been compromised. The US internet giant said it is working closely with law enforcement on this matter. Yahoo asked affected users to change passwords and recommended anyone who hasn't done so since 2014 take the same precaution. Computer security analyst Graham Cluley said the stolen Yahoo data "could be useful ammunition for any hacker attempting to break into Yahoo accounts, or interested in exploring whether users might have used the same security questions/answers to protect themselves elsewhere on the web." The company is under pressure to shore up its flagging fortunes. It agreed to $4.83 billion cash sale of its internet business to Verizon Communications Inc. It was not immediately clear if the data breach could impact the closing of the deal or the price agreed to by Verizon. Verizon said in a statement that it was reviewing the new information. (WION with inputs from agencies)

Yahoo reports biggest data breach, 500 million accounts hacked in 2014 attack

Volkswagen&#39;s MAN division plans to cut 1,400 jobs at its diesel-engine unit with the goal of improving cost savings by more than 450 million Euros ($504.23 million). 
 
Under the new plan called &#39;Basecamp 3000+&#39;, MAN&#39;s Diesel &amp; Turbo division aims to streamline internal processes, improve its cost structure and tackle development of the company&#39;s strategy and portfolio, it said. 
 
(Reuters)

The job cuts are aimed at improving cost savings by more than 450 million Euros ($504.23 million)

Volkswagen's MAN division plans to cut 1,400 jobs at its diesel-engine unit with the goal of improving cost savings by more than 450 million Euros ($504.23 million). Under the new plan called 'Basecamp 3000+', MAN's Diesel & Turbo division aims to streamline internal processes, improve its cost structure and tackle development of the company's strategy and portfolio, it said. (Reuters)

Volkswagen's MAN to cut 1,400 jobs at diesel-engine unit

Shares of social media platform Twitter went up by more than 16 per cent&nbsp;on Friday after CNBC reported that the company was close to a&nbsp;sale deal with Alphabet/Google or Salesforce. 
 
&quot;Twitter&#39;s board of directors is said to be largely desirous of a deal, according to people close to the situation, but no sale is imminent,&quot; CNBC reported. 
 
Twitter shares were up by 16.4 per cent to &nbsp;$21.68 within five minutes of trading, still below their November 2013 IPO price of $26 a share. 
 
Twitter has got a little above 300 million active users since 2015 and is reported to be finding it difficult to keep pace with other growing social networking smartphone apps. 
 
Twitter&#39;s September results had shown the company weighing ways to cut costs, ramp up revenue or maximise shareholder value by selling itself. 
 
(WION with inputs from AFP)

Five minutes into trading early Friday, Twitter shares were up 16.4 per cent at $21.68

Shares of social media platform Twitter went up by more than 16 per cent on Friday after CNBC reported that the company was close to a sale deal with Alphabet/Google or Salesforce. "Twitter's board of directors is said to be largely desirous of a deal, according to people close to the situation, but no sale is imminent," CNBC reported. Twitter shares were up by 16.4 per cent to $21.68 within five minutes of trading, still below their November 2013 IPO price of $26 a share. Twitter has got a little above 300 million active users since 2015 and is reported to be finding it difficult to keep pace with other growing social networking smartphone apps. Twitter's September results had shown the company weighing ways to cut costs, ramp up revenue or maximise shareholder value by selling itself. (WION with inputs from AFP)

Twitter shares soar on report of possible sale

Indian industrialist Mukesh Ambani has topped Forbes Magazine&#39;s list of 100 richest Indians for the ninth year in a row with earnings of $22.7 billion. Sun Pharma&rsquo;s Dilip Shanghvi&#39;s $16.9 billion place him at a distant second. The Hinduja siblings,&nbsp;Srichand, Gopichand, Prakash, and Ashok,&nbsp;are at the third spot with earnings of $15.2, displacing Wipro&#39;s Azim Premiji who has slipped to number 4 with earnings of $15 billion. 
 
The surprise entry this year is Patanjali Ayurved&rsquo;s Acharya Balkrishna, a close associate of India&#39;s famous yoga guru, Ramdev, whose net worth of&nbsp;$2.5 billion have fetched him the 48th spot. &nbsp; 
 
The youngest among the six newcomers in the list are internet entrepreneurs, brothers Bhavin and Divyank Turakhia, who sold their ad tech firm Media.net for USD 900 million to a consortium of Chinese investors. They are at the 95th spot with a net worth of $1.3 billion. Hero group scion Pawan Munjal&#39;s debuted at 29th place with earnings of 3.65 billion. 
 
Eight persons find their way back in this year&#39;s list including Biocon&rsquo;s Kiran Mazumdar-Shaw whose earnings of $1.83 billion place her on the 65th spot. 
 
The combined net worth of India&#39;s 100 wealthiest is $381 billion,&nbsp;an increase of 10 per cent&nbsp;from 2015&#39;s $345 billion. &quot;Handsome gains&quot; in the stock market is the reason why a majority of the names figure in the list, Forbes Asia&rsquo;s India Editor Naazneen Karmali told PTI. 
 
The increase in the wealth of Mukesh Ambani, whose Reliance Industries recently launched the much-awaited 4G mobile services, is on account of a 21 per cent&nbsp;surge in share price of Reliance Industries in the past 12 months. He ranked 36th in the Forbes global rich list. His younger brother and industrialist, Anil Ambani, is at number&nbsp;32 with earnings of $3.4 billion, down from 29th spot last year as per the list for India. 
 
Forbes also said the fortunes of cement and paint tycoons in the country benefitted from the government&rsquo;s infrastructure push and housing-for-all policy. Shree Cement&rsquo;s Benu Gopal Bangur moved up to the 14th place with a networth of USD 5.9 billion, while Asian Paints&rsquo; Ashwin Dani saw his wealth rise to USD 3.3 billion to rank him 34th. 
 
Among those who didn&#39;t make it this year was textile tycoon Balkrishan Goenka and the co-founders of Flipkart,&nbsp;Sachin Bansal and Binny Bansal. 
 
The minimum amount required to make the list was $1.25 billion, up from $1.1 billion in 2015.&nbsp;

(WION with inputs from PTI)

Sun Pharma?s Dilip Shanghvi is at the second spot while the Hinduja siblings are at number 3

Indian industrialist Mukesh Ambani has topped Forbes Magazine's list of 100 richest Indians for the ninth year in a row with earnings of $22.7 billion. Sun Pharma’s Dilip Shanghvi's $16.9 billion place him at a distant second. The Hinduja siblings, Srichand, Gopichand, Prakash, and Ashok, are at the third spot with earnings of $15.2, displacing Wipro's Azim Premiji who has slipped to number 4 with earnings of $15 billion. The surprise entry this year is Patanjali Ayurved’s Acharya Balkrishna, a close associate of India's famous yoga guru, Ramdev, whose net worth of $2.5 billion have fetched him the 48th spot. The youngest among the six newcomers in the list are internet entrepreneurs, brothers Bhavin and Divyank Turakhia, who sold their ad tech firm Media.net for USD 900 million to a consortium of Chinese investors. They are at the 95th spot with a net worth of $1.3 billion. Hero group scion Pawan Munjal's debuted at 29th place with earnings of 3.65 billion. Eight persons find their way back in this year's list including Biocon’s Kiran Mazumdar-Shaw whose earnings of $1.83 billion place her on the 65th spot. The combined net worth of India's 100 wealthiest is $381 billion, an increase of 10 per cent from 2015's $345 billion. "Handsome gains" in the stock market is the reason why a majority of the names figure in the list, Forbes Asia’s India Editor Naazneen Karmali told PTI. The increase in the wealth of Mukesh Ambani, whose Reliance Industries recently launched the much-awaited 4G mobile services, is on account of a 21 per cent surge in share price of Reliance Industries in the past 12 months. He ranked 36th in the Forbes global rich list. His younger brother and industrialist, Anil Ambani, is at number 32 with earnings of $3.4 billion, down from 29th spot last year as per the list for India. Forbes also said the fortunes of cement and paint tycoons in the country benefitted from the government’s infrastructure push and housing-for-all policy. Shree Cement’s Benu Gopal Bangur moved up to the 14th place with a networth of USD 5.9 billion, while Asian Paints’ Ashwin Dani saw his wealth rise to USD 3.3 billion to rank him 34th. Among those who didn't make it this year was textile tycoon Balkrishan Goenka and the co-founders of Flipkart, Sachin Bansal and Binny Bansal. The minimum amount required to make the list was $1.25 billion, up from $1.1 billion in 2015. (WION with inputs from PTI)

Reliance Industries' Mukesh Ambani tops Forbes' list of 100 Richest Indians

India&#39;s national telecom service Bharat Sanchar Nigam Limited (BSNL) is all set to cut its tariffs to compete with Mukesh Ambani&#39;s Reliance Jio, according to Indian media reports. 
&nbsp;
<div class="twitter-block">
<blockquote class="twitter-tweet" data-lang="en">
<a href="https://twitter.com/hashtag/BSNL?src=hash">#BSNL</a> will also launch with lifetime free voice plans from 2017 onwards as part of our renewed offerings <a href="https://t.co/KDuToEMsNc">https://t.co/KDuToEMsNc</a>
&mdash; Anupam Shrivastava (@CMDBSNL) <a href="https://twitter.com/CMDBSNL/status/778839067085594626">September 22, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script></div>
 
BSNL chairman and managing director Anupam Shrivastava told the media, &quot;We are closely observing the market as well as Jio&#39;s performance. We will also come up with lifetime free-voice plans from the new year as part of fresh offerings.&quot; 
 
&quot;We plan to be even lower than the Jio plan, and this could be by Rupees 2-4,&quot; he said. 
 
Before the launch, Mukesh Ambani had said that&nbsp;Jio would be available for free until December 31, even as the network tests continue. 
 
Jio&#39;s roaming charge is free for now and a base rate of Rupees 50 ($0.7468) per gigabyte of data will be charged later. For people who use more data, the price will fall even more. 
 
However, BSNL is planning to top this by offering free voice calls, but unlike Jio it will offer this to 2G, 3G and 4G subscribers. 
 
(WION) 
 
&nbsp;

BSNL chairman and managing director Anupam Shrivastava said that lifetime free voice plans will be offered from 2017

India's national telecom service Bharat Sanchar Nigam Limited (BSNL) is all set to cut its tariffs to compete with Mukesh Ambani's Reliance Jio, according to Indian media reports. #BSNL will also launch with lifetime free voice plans from 2017 onwards as part of our renewed offerings https://t.co/KDuToEMsNc — Anupam Shrivastava (@CMDBSNL) September 22, 2016 BSNL chairman and managing director Anupam Shrivastava told the media, "We are closely observing the market as well as Jio's performance. We will also come up with lifetime free-voice plans from the new year as part of fresh offerings." "We plan to be even lower than the Jio plan, and this could be by Rupees 2-4," he said. Before the launch, Mukesh Ambani had said that Jio would be available for free until December 31, even as the network tests continue. Jio's roaming charge is free for now and a base rate of Rupees 50 ($0.7468) per gigabyte of data will be charged later. For people who use more data, the price will fall even more. However, BSNL is planning to top this by offering free voice calls, but unlike Jio it will offer this to 2G, 3G and 4G subscribers. (WION)

BSNL trumps Reliance Jio, offers lower tariffs

Aviation&nbsp;giants, Airbus and Boeing, announced on Wednesday that they have been given a green light by the United States to sell planes to Iran Air, in what is being viewed as first such deal in decades. &nbsp; 
 
Europe-based Airbus and Chicago-based Boeing have been granted licenses from the US Treasury Office of Foreign Assets Control following last year&#39;s nuclear accord that lifted international sanctions from the West Asian country in exchange of Iran limiting its enrichment of uranium, AFP reported.&nbsp; 
 
Both the companies have struck separate $25 million deal, media reports said.&nbsp; 
 
The deal allows the foreign aviation giants to sell or lease over 200 jets to air carrier IranAir, according to Reuters.&nbsp; 
 
The license issued to Airbus will allow sale of 17 planes, including A320s and A330s, Airbus spokesman Justin Dubon was quoted as saying by the news agency Associated Press.&nbsp; 
&nbsp; 
The move comes along the sidelines of the United Nations General Assembly in New York and signals US President Barack Obama honouring the terms of the nuclear accord. &nbsp; 
 
Meanwhile, the deal, which has been touted as an &#39;international achievement&#39; by Iranian President Hassan Rouhani. is likely to bolster Iran&#39;s economy that had been paralysed by international sanctions.&nbsp; 
 
Opposition from Republicans 
 
United States Republicans have condemned the deal saying that jets could be misused by Iran for military purposes, international news agency Reuters reported today.&nbsp; 
 
The Republicans lashed out at the Obama administration for its favourable policies towards Iran.&nbsp; 
 
Speaker of the US House of Representatives said the administration &ldquo;bended over backwards&rdquo; to help Iran.&nbsp; 
 
(WION with inputs from agencies)&nbsp;

The move follows last year's nuclear accord that lifted sanctions from Iran in exchange of Iran limiting its enrichment of uranium

Aviation giants, Airbus and Boeing, announced on Wednesday that they have been given a green light by the United States to sell planes to Iran Air, in what is being viewed as first such deal in decades. Europe-based Airbus and Chicago-based Boeing have been granted licenses from the US Treasury Office of Foreign Assets Control following last year's nuclear accord that lifted international sanctions from the West Asian country in exchange of Iran limiting its enrichment of uranium, AFP reported. Both the companies have struck separate $25 million deal, media reports said. The deal allows the foreign aviation giants to sell or lease over 200 jets to air carrier IranAir, according to Reuters. The license issued to Airbus will allow sale of 17 planes, including A320s and A330s, Airbus spokesman Justin Dubon was quoted as saying by the news agency Associated Press. The move comes along the sidelines of the United Nations General Assembly in New York and signals US President Barack Obama honouring the terms of the nuclear accord. Meanwhile, the deal, which has been touted as an 'international achievement' by Iranian President Hassan Rouhani. is likely to bolster Iran's economy that had been paralysed by international sanctions. Opposition from Republicans United States Republicans have condemned the deal saying that jets could be misused by Iran for military purposes, international news agency Reuters reported today. The Republicans lashed out at the Obama administration for its favourable policies towards Iran. Speaker of the US House of Representatives said the administration “bended over backwards” to help Iran. (WION with inputs from agencies)

Aviation giants Airbus, Boeing get US green signal to sell aircraft to Iran

Sluggish economic growth in the second quarter forced the Federal Reserve to keep its benchmark interest rate unchanged for the sixth straight meeting on Wednesday.&nbsp; 
 
The central bank kept its target rate for overnight lending between banks in a range of 0.25 percent to 0.50 percent.&nbsp; 
 
Fed Chair Janet Yellen said US growth was looking stronger and rate increases would be needed to keep the economy from overheating and fuelling high inflation. 
 
&quot;We judged that the case for an increase has strengthened but decided for the time being to wait,&quot; Yellen told a news conference. &quot;The economy has a little more room to run.&quot; 
 
Yellen said the Federal Open Market Committee has to thread the needle between stifling growth with a premature increase and allowing the economy, feeding on a decade of easy money, to get away from them. 
 
But the two-meeting showed deep divisions between the policymakers, with three of the 10 arguing for a rate rise now.&nbsp; 
 
While some displayed confidence the economy would continue to grow through the second half, others said they need to see more sign of strength in the economy.&nbsp; 
 
The central bank cut its 2016 growth forecast to 1.8 percent, down from 2.0 percent in June, saying there were some persistent weak signs in the economy.&nbsp; 
 
It also projected a less aggressive rise in interest rates next year and in 2018, and cut its longer-run interest rate forecast to 2.9 percent from 3.0 percent. 
 
The Fed strongly signalled it could still tighten monetary policy by the end of this year as the labour market improved further and the inflation picked up.&nbsp; 
 
Yellen said she expected one rate increase this year if the job market continued to improve and major new risks did not arise. 
 
Analysts said the Fed certainly leaned toward a December hike but nevertheless left open the possibility of not taking any rate action before 2017. 
 
The next policy meetings of the US Federal Reserve are scheduled in early November and mid-December. 
 
(WION with inputs from agencies) 
&nbsp;

US Fed Chair Janet Yellen said the US growth appeared roughly balanced and needed more strength to survive a rate hike

Sluggish economic growth in the second quarter forced the Federal Reserve to keep its benchmark interest rate unchanged for the sixth straight meeting on Wednesday. The central bank kept its target rate for overnight lending between banks in a range of 0.25 percent to 0.50 percent. Fed Chair Janet Yellen said US growth was looking stronger and rate increases would be needed to keep the economy from overheating and fuelling high inflation. "We judged that the case for an increase has strengthened but decided for the time being to wait," Yellen told a news conference. "The economy has a little more room to run." Yellen said the Federal Open Market Committee has to thread the needle between stifling growth with a premature increase and allowing the economy, feeding on a decade of easy money, to get away from them. But the two-meeting showed deep divisions between the policymakers, with three of the 10 arguing for a rate rise now. While some displayed confidence the economy would continue to grow through the second half, others said they need to see more sign of strength in the economy. The central bank cut its 2016 growth forecast to 1.8 percent, down from 2.0 percent in June, saying there were some persistent weak signs in the economy. It also projected a less aggressive rise in interest rates next year and in 2018, and cut its longer-run interest rate forecast to 2.9 percent from 3.0 percent. The Fed strongly signalled it could still tighten monetary policy by the end of this year as the labour market improved further and the inflation picked up. Yellen said she expected one rate increase this year if the job market continued to improve and major new risks did not arise. Analysts said the Fed certainly leaned toward a December hike but nevertheless left open the possibility of not taking any rate action before 2017. The next policy meetings of the US Federal Reserve are scheduled in early November and mid-December. (WION with inputs from agencies)

Federal Reserve keeps interest rates unchanged, Chair Yellen signals one hike by year end

China has lifted a 13-year-old ban on some US beef products, the country&#39;s quality inspection regulator said on Thursday. 
 
China had stopped most beef imports from the US over a decade ago after mad cow disease was detected in Washington state in December 2003. 
 
A ban on imports of &#39;American bone-in beef and boneless beef for cattle under 30 months&#39;&nbsp;has been lifted effective immediately, an official document of the General Administration of Quality Supervision, Inspection and Quarantine stated.

Chinese Premier Li Keqiang said that the decision shows&nbsp;Beijing&#39;s desire to improve commercial ties with the US, the Wall Street Journal reported. 
 
Talking to US business groups in New York on Tuesday, Li had suggested that the ban would soon be lifted, the Wall Street Journal reported, saying: &quot;We also recognise that the United States has very good beef, so why should we deny Chinese customers this choice?&quot;&nbsp; 
 
China is the world&#39;s largest consumer for pork and the demand for beef is growing. 
 
According to the Chinese state media,&nbsp;before the ban was removed Chinese shoppers often bought smuggled beef on online portals.

 
(WION with inputs from AFP)

China had stopped most beef imports from the US after the mad cow disease was found in Washington state in December 2003

China has lifted a 13-year-old ban on some US beef products, the country's quality inspection regulator said on Thursday. China had stopped most beef imports from the US over a decade ago after mad cow disease was detected in Washington state in December 2003. A ban on imports of 'American bone-in beef and boneless beef for cattle under 30 months' has been lifted effective immediately, an official document of the General Administration of Quality Supervision, Inspection and Quarantine stated. Chinese Premier Li Keqiang said that the decision shows Beijing's desire to improve commercial ties with the US, the Wall Street Journal reported. Talking to US business groups in New York on Tuesday, Li had suggested that the ban would soon be lifted, the Wall Street Journal reported, saying: "We also recognise that the United States has very good beef, so why should we deny Chinese customers this choice?" China is the world's largest consumer for pork and the demand for beef is growing. According to the Chinese state media, before the ban was removed Chinese shoppers often bought smuggled beef on online portals. (WION with inputs from AFP)

China lifts decade-old ban on US beef products

Microsoft launched a new Nokia feature phone called the Nokia 216 yesterday (September 20). 
 
The launch comes as a surprise because Microsoft had earlier this year announced its decision to sell the company&rsquo;s entry-level feature phone business to a subsidiary of Foxconn Technology Group, FIH Mobile Ltd, for $350 million. The transaction, however, has not yet happened due to &quot;regulatory approvals&quot; and other &quot;closing conditions&quot;. 
 
The Nokia 216 will be available in India next month for around $37, reports The Verge. 
 
It includes a 2.4-inch QVGA display, with 0.3-megapixel cameras at the front and rear, running on Series 30 OS with the Opera mini browser. It even has a headphone jack. 
 
According to The Verge, Microsoft wants to keep selling feature phones for as long as possible because millions are still being sold every month. 
 
Meanwhile, the MIcrosoft-FIH Mobile is &quot;expected to&nbsp;to close in the second half of 2016, subject to regulatory approvals and other closing conditions&quot;, a Microsoft spokesperson told ZDNet.&nbsp;&quot;Until the closing of the transaction, Microsoft continues to run the feature phone business.&rdquo;&nbsp; 
 
Earlier this year, Microsoft also hinted that it may discontinue its Windows-powered Lumia smartphones by the end of this year. 
 
(WION)

The launch comes as a surprise because Microsoft had announced that it would sell its feature phone business to FIH Mobile Ltd

Microsoft launched a new Nokia feature phone called the Nokia 216 yesterday (September 20). The launch comes as a surprise because Microsoft had earlier this year announced its decision to sell the company’s entry-level feature phone business to a subsidiary of Foxconn Technology Group, FIH Mobile Ltd, for $350 million. The transaction, however, has not yet happened due to "regulatory approvals" and other "closing conditions". The Nokia 216 will be available in India next month for around $37, reports The Verge. It includes a 2.4-inch QVGA display, with 0.3-megapixel cameras at the front and rear, running on Series 30 OS with the Opera mini browser. It even has a headphone jack. According to The Verge, Microsoft wants to keep selling feature phones for as long as possible because millions are still being sold every month. Meanwhile, the MIcrosoft-FIH Mobile is "expected to to close in the second half of 2016, subject to regulatory approvals and other closing conditions", a Microsoft spokesperson told ZDNet. "Until the closing of the transaction, Microsoft continues to run the feature phone business.” Earlier this year, Microsoft also hinted that it may discontinue its Windows-powered Lumia smartphones by the end of this year. (WION)

Microsoft launches new Nokia feature phone

Sentiment at Asian companies edged up to its highest level in five quarters in July-September, boosted by signs that China&#39;s economy is stabilising and as concerns about Britain&#39;s move to exit the European Union recede, a Thomson Reuters/INSEAD survey showed. 
 
But businesses cited the policy uncertainty from a potential victory for US Republican presidential candidate Donald Trump, as well as energy prices as key risks. 
 
The Thomson Reuters/INSEAD Asian Business Sentiment Index, representing the six-month outlook at 118 firms, was 68 in the third quarter against 67 three months prior - marking the third consecutive quarterly gain from a four-year low in December. A reading over 50 indicates a positive view. 
 
&quot;The risks in China look more manageable. Brexit has not yet resulted into a full-blown crisis so there is a hope that it will be contained,&quot; said Antonio Fatas, a Singapore-based economics professor at INSEAD. 
 
The index started in 2009 with an all-time low of 45, but has largely hovered between 60 and 70 in the years since then. 
 
China, the world&#39;s second-biggest economy, had a subindex of 90, its highest since the first quarter of 2011. Four of five respondents in China rated their six-month business outlook as positive, while one was neutral. 
 
China&#39;s factory output and retail sales grew faster than expected in August buoyed by a strong housing market and a government infrastructure spending spree, suggesting the country&#39;s third-quarter growth is holding up better than expected. 
 
Australia, a major supplier of resources to China, saw this quarter&#39;s biggest gain in sentiment, with a 19-point jump in its subindex to 88, as the economy expanded at its fastest annual pace in four years in the second quarter. 
 
Singapore was this quarter&#39;s steepest decliner, with a 25-point slump in its subindex to 38. Singapore&#39;s exports in August stagnated, adding to concerns for the city-state which has been hurt by the tumble in oil prices and last month cut its economic growth forecast. 
 
In contrast, companies in the Philippines were the most optimistic for a fifth straight quarter, with a subindex of 94, due to strong economic growth in the Southeast Asian nation. 
 
South Korea and Japan posted a neutral index of 50 each, with business sentiment dropping from 73 in the case of Korea and climbing from 46 for Japan. &nbsp; 
 
A Trump US presidency and energy prices were most often cited as the biggest business risks for the firms, with 15 of 114 responses each, followed by China&rsquo;s rising corporate debt at 14. 
 
&quot;Yes, Trump represents a risk,&quot; said INSEAD&#39;s Fatas, adding these included geopolitical risk and a lack of concrete economic proposals. 
 
Sector outlooks 
 
Other risks cited by the survey respondents included sluggish consumer sentiment with eight mentions while seven firms cited foreign exchange volatility. 
 
The latest poll, conducted September 1 through Sepember 17, showed 49 per cent of respondents had a positive outlook - the highest in nearly two years. Thirty eight per cent were neutral while 13 per cent were negative. 
 
By sector, sentiment rose the most in the real estate sector, with a subindex climbing 12 points to 75, making it among the top performers. 
 
The biggest decliner was the retail and leisure sector, with its reading falling 14 points to 68. 
 
The construction &amp; engineering sector remained the most downbeat, with a reading of 58. But the mood was bright in South Korea, where construction began on a record 720,000 new residential units last year. 
 
&quot;We expect construction materials to boom until next year as the construction market has been experiencing a strong demand last year and this year&quot;, a leading South Korean construction materials maker, said in an emailed statement. 
 
Respondents who agreed to be identified included Oil Search, Hero MotoCorp, Hitachi, Kossan Rubber, Philippine National Bank, and Advanced Semiconductor Engineering. 
 
(Reuters) 
 
 
&nbsp;

But business cited policy uncertainty from a possible win for Donald Trump as well as energy prices as key risks

Sentiment at Asian companies edged up to its highest level in five quarters in July-September, boosted by signs that China's economy is stabilising and as concerns about Britain's move to exit the European Union recede, a Thomson Reuters/INSEAD survey showed. But businesses cited the policy uncertainty from a potential victory for US Republican presidential candidate Donald Trump, as well as energy prices as key risks. The Thomson Reuters/INSEAD Asian Business Sentiment Index, representing the six-month outlook at 118 firms, was 68 in the third quarter against 67 three months prior - marking the third consecutive quarterly gain from a four-year low in December. A reading over 50 indicates a positive view. "The risks in China look more manageable. Brexit has not yet resulted into a full-blown crisis so there is a hope that it will be contained," said Antonio Fatas, a Singapore-based economics professor at INSEAD. The index started in 2009 with an all-time low of 45, but has largely hovered between 60 and 70 in the years since then. China, the world's second-biggest economy, had a subindex of 90, its highest since the first quarter of 2011. Four of five respondents in China rated their six-month business outlook as positive, while one was neutral. China's factory output and retail sales grew faster than expected in August buoyed by a strong housing market and a government infrastructure spending spree, suggesting the country's third-quarter growth is holding up better than expected. Australia, a major supplier of resources to China, saw this quarter's biggest gain in sentiment, with a 19-point jump in its subindex to 88, as the economy expanded at its fastest annual pace in four years in the second quarter. Singapore was this quarter's steepest decliner, with a 25-point slump in its subindex to 38. Singapore's exports in August stagnated, adding to concerns for the city-state which has been hurt by the tumble in oil prices and last month cut its economic growth forecast. In contrast, companies in the Philippines were the most optimistic for a fifth straight quarter, with a subindex of 94, due to strong economic growth in the Southeast Asian nation. South Korea and Japan posted a neutral index of 50 each, with business sentiment dropping from 73 in the case of Korea and climbing from 46 for Japan. A Trump US presidency and energy prices were most often cited as the biggest business risks for the firms, with 15 of 114 responses each, followed by China’s rising corporate debt at 14. "Yes, Trump represents a risk," said INSEAD's Fatas, adding these included geopolitical risk and a lack of concrete economic proposals. Sector outlooks Other risks cited by the survey respondents included sluggish consumer sentiment with eight mentions while seven firms cited foreign exchange volatility. The latest poll, conducted September 1 through Sepember 17, showed 49 per cent of respondents had a positive outlook - the highest in nearly two years. Thirty eight per cent were neutral while 13 per cent were negative. By sector, sentiment rose the most in the real estate sector, with a subindex climbing 12 points to 75, making it among the top performers. The biggest decliner was the retail and leisure sector, with its reading falling 14 points to 68. The construction & engineering sector remained the most downbeat, with a reading of 58. But the mood was bright in South Korea, where construction began on a record 720,000 new residential units last year. "We expect construction materials to boom until next year as the construction market has been experiencing a strong demand last year and this year", a leading South Korean construction materials maker, said in an emailed statement. Respondents who agreed to be identified included Oil Search, Hero MotoCorp, Hitachi, Kossan Rubber, Philippine National Bank, and Advanced Semiconductor Engineering. (Reuters)

Asia sentiment hits five-quarter high as China, Brexit worries ease - survey

The head of the Organization of the Petroleum Exporting Countries (OPEC) group warned against further cutbacks in investment by petroleum companies.&nbsp; 
 
In an effort to adapt to the falling price of crude, oil firms slashed their investment budgets by 26 percent last year.&nbsp; 
 
Mohammed Barkindo said a 22 percent drop was expected in investments this year which will pose a threat to future supplies.&nbsp; 
 
The OPEC secretary general said the market needs to be rebalanced and more severe cuts could leave the industry unable to meet rising demand in future years.&nbsp; 
 
Oil firms have been forced to cut prices from over $100 per barrel in 2014 to under $30 at the beginning of this year, before recovering to around $45. 
 
The 14 OPEC states and Russia are due to meet next week, with Venezuelan President Nicholas Maduro saying they were close to striking a deal on limiting output. 
 
On Tuesday, Brazil&#39;s state-run oil company Petrobras announced its plan to recover the company&#39;s financial strength, revising its five-year investment plan.&nbsp; 
 
New chief executive Pedro Parente said in a statement they will cut the investments by 25 percent over the next five years.&nbsp; 
 
&quot;In the total five-year horizon this plan encompasses, we propose that the company will have been restructured, that it have unquestionable governance and ethical standards.&quot; 
 
The new business plan projected investments at $74.1 billion from 2017 to 2021.&nbsp; 
 
(WION with inputs from agencies) 
&nbsp;

The OPEC secretary general stressed the need to fast track the process of rebalancing the markets to avoid future instability

The head of the Organization of the Petroleum Exporting Countries (OPEC) group warned against further cutbacks in investment by petroleum companies. In an effort to adapt to the falling price of crude, oil firms slashed their investment budgets by 26 percent last year. Mohammed Barkindo said a 22 percent drop was expected in investments this year which will pose a threat to future supplies. The OPEC secretary general said the market needs to be rebalanced and more severe cuts could leave the industry unable to meet rising demand in future years. Oil firms have been forced to cut prices from over $100 per barrel in 2014 to under $30 at the beginning of this year, before recovering to around $45. The 14 OPEC states and Russia are due to meet next week, with Venezuelan President Nicholas Maduro saying they were close to striking a deal on limiting output. On Tuesday, Brazil's state-run oil company Petrobras announced its plan to recover the company's financial strength, revising its five-year investment plan. New chief executive Pedro Parente said in a statement they will cut the investments by 25 percent over the next five years. "In the total five-year horizon this plan encompasses, we propose that the company will have been restructured, that it have unquestionable governance and ethical standards." The new business plan projected investments at $74.1 billion from 2017 to 2021. (WION with inputs from agencies)

OPEC head warns market instability may threaten future oil supply

After upsetting Mexicans with his &quot;build a wall&quot; rhetoric, US Presidential candidate Donald Trump is now being blamed for the free fall of the North American country&#39;s national currency. 
 
The currency dipped to a record 20 pesos to the dollar on Monday, which is a 2.15 per cent&nbsp;fall from last week, according to Mexican banking firm Banamex, reported AFP. 
 
Fear of a possible interest rate hike by the US Federal Reserve, backed vigorously by Trump, is bing cited as the key factor behind the Peso&#39;s drop. 
 
But analysts now say that &nbsp;the Federal Reserve will keep it unchanged when it meets on Tuesday and Wednesday, AFP reported. 
 
&quot;This &#39;Trump effect&#39; causes much concern for Mexico&#39;s future,&quot; Raul Feliz, an&nbsp;analyst at the Center for Economic Research and Teaching think tank in Mexico City, told AFP. 
 
Talking to AFP about Trump&#39;s threat to deport millions of undocumented migrants from the US, renegotiate a trilateral free trade deal with Mexico and Canada, and make Mexico pay for a giant border wall, Feliz said, &quot; This would have a very negative impact and, facing this anxiety, investors are taking shelter behind the dollar&quot;.&nbsp; 
 
The country&#39;s finance minister Jose Antonio Meade feels that the US election, itself , is playing a role against the peso. 
 
&quot;We are not sure that it is an issue linked to Trump or not,&quot; Meade told AFP, adding that it could be due to &quot;the douts that are always generated by the possible result of the election in the country that is our main trade partner.&quot; 
 
,Mexican central bank&#39;s deputy governor, Manuel Sanchez, had told reporters last week that, in addition to fears over a US rate hike, the peso could also be impacted by Mexico&#39;s weak fiscal position, disappointment over the country&#39;s lower-than-expected growth and &quot;uncertainty (over) the forthcoming US presidential election and its implications.&quot; 
 
(AFP)

The currency dipped to a record 20 pesos to the dollar on Monday, which is a 2.15 per cent?fall from last week

After upsetting Mexicans with his "build a wall" rhetoric, US Presidential candidate Donald Trump is now being blamed for the free fall of the North American country's national currency. The currency dipped to a record 20 pesos to the dollar on Monday, which is a 2.15 per cent fall from last week, according to Mexican banking firm Banamex, reported AFP. Fear of a possible interest rate hike by the US Federal Reserve, backed vigorously by Trump, is bing cited as the key factor behind the Peso's drop. But analysts now say that the Federal Reserve will keep it unchanged when it meets on Tuesday and Wednesday, AFP reported. "This 'Trump effect' causes much concern for Mexico's future," Raul Feliz, an analyst at the Center for Economic Research and Teaching think tank in Mexico City, told AFP. Talking to AFP about Trump's threat to deport millions of undocumented migrants from the US, renegotiate a trilateral free trade deal with Mexico and Canada, and make Mexico pay for a giant border wall, Feliz said, " This would have a very negative impact and, facing this anxiety, investors are taking shelter behind the dollar". The country's finance minister Jose Antonio Meade feels that the US election, itself , is playing a role against the peso. "We are not sure that it is an issue linked to Trump or not," Meade told AFP, adding that it could be due to "the douts that are always generated by the possible result of the election in the country that is our main trade partner." ,Mexican central bank's deputy governor, Manuel Sanchez, had told reporters last week that, in addition to fears over a US rate hike, the peso could also be impacted by Mexico's weak fiscal position, disappointment over the country's lower-than-expected growth and "uncertainty (over) the forthcoming US presidential election and its implications." (AFP)

Trump's call for interest rate hike sends Mexican Peso tumbling down

Asian shares edged lower on Tuesday as investors nervously awaited the outcomes of two-day Federal Reserve and Bank of Japan policy meetings. 
 
&quot;The market is more nervous about the BOJ than the Fed as it may give the market a surprise,&quot; said Yutaka Miura, a senior technical analyst at Mizuho Securities. 
 
Global markets have been blowing hot and cold in recent weeks over the Fed&#39;s intentions, which remain far from clarified after both hawkish and dovish comments from several Fed officials. 
 
The consensus is that the Fed will leave interest rates unchanged at the end of its meeting on Wednesday, with investors focusing on the statement as well as Chair Janet Yellen&#39;s speech for clues on the timing of the central bank&#39;s next interest rate increase. 
 
&quot;It&#39;s a lot of uncertainty, leading into the Fed,&quot; said Jennifer Vail, head of fixed income research at U.S. Bank Wealth Management in Portland, Oregon. 
 
While Vail, like most strategists and investors, expects the Fed to refrain from taking any new steps, she said its statement could include language that&#39;s been missing from its recent assessments, such as whether economic risks were &quot;balanced&quot; or &quot;close to balanced.&quot; 
 
MSCI&#39;s broadest index of Asia-Pacific shares outside Japan slipped 0.2 percent, after major US indexes ended a choppy session nearly flat. 
 
Australian shares were 0.2 percent lower. The Australian Securities Exchange opened without incident on Tuesday after technical faults caused extensive disruptions on Monday. 
 
Japan&#39;s Nikkei stock index erased earlier losses and added 0.1 percent, as trading resumed after a public holiday on Monday. Tokyo markets will be closed for another holiday on Thursday, with the highly-anticipated BOJ meeting sandwiched in between the market closures. 
 
The BOJ could make negative interest rates the primary focus of its monetary policy at the conclusion of its meeting on Wednesday, when it conducts what it described as a &quot;comprehensive&quot; assessment of its policies. 
 
Sources have said BOJ policymakers may consider deepening negative interest rates to show its determination to maintain an ultra-easy policy bias. It unveiled the controversial policy in late January. 
 
&quot;The resulting strength of the yen since then can&#39;t really give them a positive outlook on negative rates,&quot; said US Bank Wealth Management&#39;s Vail, adding that &quot;the risk is for lack of any action, given the lack of consensus&quot; among BOJ members. 
 
Rising speculation that the BOJ will stop short of the dramatic action needed to weaken its currency helped send the dollar to a six-day low against the yen of 101.56 yen on Monday. The dollar was last steady on the day at 101.90 yen. 
 
Wary of a flattening Japanese government bond (JGB) yield curve, the BOJ also could seek ways to steepen the curve, such as making its bond buying more flexible. 
 
Policymakers got a taste last week of how markets might react when investors dumped longer-dated bonds on fears the BOJ would slow its purchasing pace. 
 
&quot;We look for the BOJ to take a more flexible stance on the time horizon for reaching its price stability target and on the pace of its JGB purchases, but expect it to refrain from further easing at this meeting,&quot; strategists at Barclays said. 
 
The euro was also steady at $1.1172, remaining well above Monday&#39;s nearly two-week low of $1.1149. 
 
The dollar index, which tracks the greenback against a basket of six major rivals, was slightly higher at 95.874, though it was shy of Friday&#39;s two-week high of 96.108. 
 
US crude oil futures slipped 0.5 percent to $43.07 a barrel, moving further away from overnight highs. Brent edged 0.3 percent lower to $45.82. 
 
Oil had rallied on Monday before settling off its highs on scepticism over Venezuela&#39;s bid to talk up a potential OPEC output freeze, and on indications US crude stockpiles had risen last week. 
 
Spot gold added 0.2 per cent to $1,315.84 an ounce, on expectations that the Fed will stand pat on rates.

(Reuters)

Global markets have been blowing hot and cold in recent weeks over the Fed's intentions, which remain far from clarified

Asian shares edged lower on Tuesday as investors nervously awaited the outcomes of two-day Federal Reserve and Bank of Japan policy meetings. "The market is more nervous about the BOJ than the Fed as it may give the market a surprise," said Yutaka Miura, a senior technical analyst at Mizuho Securities. Global markets have been blowing hot and cold in recent weeks over the Fed's intentions, which remain far from clarified after both hawkish and dovish comments from several Fed officials. The consensus is that the Fed will leave interest rates unchanged at the end of its meeting on Wednesday, with investors focusing on the statement as well as Chair Janet Yellen's speech for clues on the timing of the central bank's next interest rate increase. "It's a lot of uncertainty, leading into the Fed," said Jennifer Vail, head of fixed income research at U.S. Bank Wealth Management in Portland, Oregon. While Vail, like most strategists and investors, expects the Fed to refrain from taking any new steps, she said its statement could include language that's been missing from its recent assessments, such as whether economic risks were "balanced" or "close to balanced." MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.2 percent, after major US indexes ended a choppy session nearly flat. Australian shares were 0.2 percent lower. The Australian Securities Exchange opened without incident on Tuesday after technical faults caused extensive disruptions on Monday. Japan's Nikkei stock index erased earlier losses and added 0.1 percent, as trading resumed after a public holiday on Monday. Tokyo markets will be closed for another holiday on Thursday, with the highly-anticipated BOJ meeting sandwiched in between the market closures. The BOJ could make negative interest rates the primary focus of its monetary policy at the conclusion of its meeting on Wednesday, when it conducts what it described as a "comprehensive" assessment of its policies. Sources have said BOJ policymakers may consider deepening negative interest rates to show its determination to maintain an ultra-easy policy bias. It unveiled the controversial policy in late January. "The resulting strength of the yen since then can't really give them a positive outlook on negative rates," said US Bank Wealth Management's Vail, adding that "the risk is for lack of any action, given the lack of consensus" among BOJ members. Rising speculation that the BOJ will stop short of the dramatic action needed to weaken its currency helped send the dollar to a six-day low against the yen of 101.56 yen on Monday. The dollar was last steady on the day at 101.90 yen. Wary of a flattening Japanese government bond (JGB) yield curve, the BOJ also could seek ways to steepen the curve, such as making its bond buying more flexible. Policymakers got a taste last week of how markets might react when investors dumped longer-dated bonds on fears the BOJ would slow its purchasing pace. "We look for the BOJ to take a more flexible stance on the time horizon for reaching its price stability target and on the pace of its JGB purchases, but expect it to refrain from further easing at this meeting," strategists at Barclays said. The euro was also steady at $1.1172, remaining well above Monday's nearly two-week low of $1.1149. The dollar index, which tracks the greenback against a basket of six major rivals, was slightly higher at 95.874, though it was shy of Friday's two-week high of 96.108. US crude oil futures slipped 0.5 percent to $43.07 a barrel, moving further away from overnight highs. Brent edged 0.3 percent lower to $45.82. Oil had rallied on Monday before settling off its highs on scepticism over Venezuela's bid to talk up a potential OPEC output freeze, and on indications US crude stockpiles had risen last week. Spot gold added 0.2 per cent to $1,315.84 an ounce, on expectations that the Fed will stand pat on rates. (Reuters)

Asia stocks waver as investors nervously await Fed, BOJ

Global investors are awaiting the outcomes of the US Federal Reserve policy meeting that began on Tuesday.&nbsp; 
 
Policy-settling Federal Open Market Committee is in the same position it was in each of its five previous meetings this year, owing to weak inflation and consumer spending data.&nbsp; 
 
Federal Reserve chair Janet Yellen made encouraging remarks in August that conditions were ripe for an increase, leading the markets to believe that the benchmark federal funds rate would be lifted this week, from its current 0.25-0.50 percent level. 
 
But weak economic data since then has led widespread expectation that the Federal Reserve will keep interest rates locked at an ultra-low level. 
 
&quot;It seems like every time the Fed places a rate hike &#39;on the table,&#39; the economic data quickly weaken, making the chances of an actual rise ever rockier. So it appears set to go with September,&quot; said Pedro da Costa of the Peterson Institute for International Economics. 
 
The Fed has struggled to get away from its extraordinarily loose monetary policy dating back to the 2008 crisis. But the US and global economic uncertainty continue to bind its hands.&nbsp; 
 
&quot;We do not expect a change in Fed policy, and we continue to forecast no policy rate changes for the balance of the year,&quot; said Jason Schenker of Prestige Economics in a client note. 
 
Few expect a rate hike at the end of the two-day meeting on Wednesday. Most analysts were setting their sights on an increase possibly at the December meeting.&nbsp; 
 
(WION with inputs from agencies) 
&nbsp;

Analysts say the tepid economic growth has left no room for changes in the Fed policy and the rates will likely remain at ultra-low level

Global investors are awaiting the outcomes of the US Federal Reserve policy meeting that began on Tuesday. Policy-settling Federal Open Market Committee is in the same position it was in each of its five previous meetings this year, owing to weak inflation and consumer spending data. Federal Reserve chair Janet Yellen made encouraging remarks in August that conditions were ripe for an increase, leading the markets to believe that the benchmark federal funds rate would be lifted this week, from its current 0.25-0.50 percent level. But weak economic data since then has led widespread expectation that the Federal Reserve will keep interest rates locked at an ultra-low level. "It seems like every time the Fed places a rate hike 'on the table,' the economic data quickly weaken, making the chances of an actual rise ever rockier. So it appears set to go with September," said Pedro da Costa of the Peterson Institute for International Economics. The Fed has struggled to get away from its extraordinarily loose monetary policy dating back to the 2008 crisis. But the US and global economic uncertainty continue to bind its hands. "We do not expect a change in Fed policy, and we continue to forecast no policy rate changes for the balance of the year," said Jason Schenker of Prestige Economics in a client note. Few expect a rate hike at the end of the two-day meeting on Wednesday. Most analysts were setting their sights on an increase possibly at the December meeting. (WION with inputs from agencies)

US Federal Reserve meeting opens, markets forecast no policy rate hike

At the end of August, newspapers in India announced in unusually large headlines that the Apex Court had struck down the acquisition of 997 acres of land in Singur by the Left Front government for Tata Motors. The farmers are to get back their land in its pristine, cultivable form, and they can keep their compensation as well.&nbsp;

While the ruling Trinamool party celebrated, news of a more significant nature cropped up in much smaller fonts. The very next day, farmers in Alisha village in Burdwan demanded back their 10.5 acres of land earmarked for a proposed mishti (confectionery) hub &ndash; they were confident their didi, the chief minister would listen to their plea &ndash; and she did accede to their demands the same day. Last Tuesday, farmers in Raghunathpur in Purulia organised a rally asking for their land which had also been acquired by the Left Front government for an industrial park that has failed to take off.

In a twist of irony, the legal vindication of the very stand that propelled Trinamool to power in the state presents them with an economic problem on a massive scale. The current government is now responsible for cleaning up the act of the previous. Returning the already built land to a cultivable form in a matter of twelve weeks involves humongous expenses. The government is now open to lawsuits from Tata Motors as the MOU had explicitly guaranteed them indemnity against losses in case the land acquisition were to be nullified by a court of law.&nbsp;

On September 17, TATA Motors has&nbsp;demanded from the chief minister of West Bengal a compensation amounting to around Rs 154 crore that they have paid to the erstwhile Left Front regime while buying land for its Nano car project.

The SC verdict has already triggered demands elsewhere in the state for the return of land acquired by the Left Front, and the Trinamool cannot change its stand overnight. The victory, while symbolic, is rather ominous in what it portends for the economic health of the state of West Bengal.

Whatever be the rhetoric being bandied around in Kolkata circles, it is clear to all that the state needs industry: a near-constant supply of agricultural land cannot feed the ever-growing population. Moreover, the reality is that the government does not have the financial capital, technical knowledge, or the organisational ability to launch large-scale development projects, making it necessary to seek private investment in industry. However, while the imperative is clear, what makes land acquisition difficult is the complex interplay of economic calculations and political compulsions, often at odds with each other.&nbsp;

Any change creates its winners and losers. The economic calculation involves estimating whether the overall benefit to the community is larger than the overall loss. Although it sounds simple in theory, there are several difficulties along the way. While those adversely affected (landowning farmers, sharecroppers and landless labourers) are visible, the potential beneficiaries are hard to identify, precisely because the benefits are as yet hypothetical. Similarly, it is very hard to estimate the magnitudes of the losses and benefits. Again, the benefits are harder to measure since a large portion arises indirectly out of the general economic expansion which extends well into the future. Moreover, the corporates are almost expected to oversell the benefits, but the farmers about to lose their land and livelihood are justifiably defensive too: all this makes both the reported gains and losses very hard to take at face value.&nbsp;

As long as the total benefit is larger than the total loss, economic logic dictates that the surplus can always be shared in such a way as to make everybody better off. In other words, there is a range of monetary compensation acceptable to the farmers that would still make the project worthwhile for the entire community.&nbsp;

In practice, however, whether and how the surplus is shared depends entirely on the relative bargaining power of the different groups in question. It is very interesting to note that a large majority of land taken over under Eminent Domain in India was owned by tribal populations, who have had very little representation in the state polity. The Singur fiasco was mostly due to the fact that the Left Front did not realise that they were also politically bankrupt by then, along with financial bankruptcy.&nbsp;

Over time, the legal establishment in India has focused on just compensation and consent while considering legal challenges to land acquisition. The principle of compensation stipulates that the landowners have to be paid the market value of the land they part with. The principle, however, might lead to very inadequate compensation as it does not take into account loss of livelihood of farmers. Moreover, market value itself is a nebulous concept: the very act of earmarking agricultural land for industry increases the market value of the land by orders of magnitude. Therefore, there is a clear incentive for landowners to withhold consent and raise compensation.&nbsp;

Of course, holding out against the government is impossible without strong political organisation: and it is practically impossible for impoverished local communities to self-organise. Typically, a coalition of the opposition party with activist groups and quasi-electoral left outfits have mobilised farmer groups and led the resistance to land takeover. There is virtually no such mobilisation for the beneficiaries of the project, simply because they are diffuse, invisible, unidentifiable, and do not make a compelling media story. &nbsp;

While the rhetoric frames resistance as a challenge to the project itself and ultimately to the authority of the government, it is crucial for the government to interpret resistance as a demand for redistribution. The government cannot engage in a course of action more socially harmful (and often suicidal) than trying to force home the project by using coercion. The responsibility of the government is to identify projects that create a social surplus and use appropriate redistributive measures to ensure everyone in the community benefits from the development project. Such measures go beyond compensation for land: these must involve rehabilitation, providing alternative means of livelihood, retraining, obtaining employment guarantees from the corporate and so on.&nbsp;

But politics creates strange bedfellows. While the affected groups mobilise in order to obtain their rightful share of the surplus from the project, the external mobilisers have very different political objectives. Almost always, their long term goals are better served by a complete shutdown of the project &ndash; the classic instance being that of the Trinamool Congress riding the Singur issue to power in the state. This is where political imperatives of the situation run in complete opposition to economic prudence.

The opponents of land acquisition accuse the government of selling out to the corporates. While it is true that many government officials do enjoy huge kickbacks, the danger of such rhetoric being hardwired in the national psyche is that it can easily become self-fulfilling. If the bargaining between the corporate and the government happens in the shadow of resistance, it only weakens the government&rsquo;s ability to extract concessions. In any case, when different states in the country are desperately competing attract the same corporates, the governments are in a race to the bottom where only the corporate dictates terms.

The Trinamool is in a double bind: land acquisition is political quicksand, and the party is constrained by its past. On the other hand, the state needs industry: the average agricultural landholding cannot sustain a family for more than two generations. In fact, this is what eroded the political capital earned by the Left Front government through land reforms, and forced its desperate lunge for industrialisation. Transformation of the state economy through industry is necessary today more than ever, but those depending on land have a huge stake in the status quo. The current chief minister of West Bengal Mamata Banerjee, more than anyone else, has seen at close quarters the fall of one regime trying to manage the transformation, only time will tell what lessons she has drawn from history.&nbsp; &nbsp;

The government needs projects to create a social surplus and ensure the whole community benefits from development.

At the end of August, newspapers in India announced in unusually large headlines that the Apex Court had struck down the acquisition of 997 acres of land in Singur by the Left Front government for Tata Motors. The farmers are to get back their land in its pristine, cultivable form, and they can keep their compensation as well. While the ruling Trinamool party celebrated, news of a more significant nature cropped up in much smaller fonts. The very next day, farmers in Alisha village in Burdwan demanded back their 10.5 acres of land earmarked for a proposed mishti (confectionery) hub – they were confident their didi, the chief minister would listen to their plea – and she did accede to their demands the same day. Last Tuesday, farmers in Raghunathpur in Purulia organised a rally asking for their land which had also been acquired by the Left Front government for an industrial park that has failed to take off. In a twist of irony, the legal vindication of the very stand that propelled Trinamool to power in the state presents them with an economic problem on a massive scale. The current government is now responsible for cleaning up the act of the previous. Returning the already built land to a cultivable form in a matter of twelve weeks involves humongous expenses. The government is now open to lawsuits from Tata Motors as the MOU had explicitly guaranteed them indemnity against losses in case the land acquisition were to be nullified by a court of law. On September 17, TATA Motors has demanded from the chief minister of West Bengal a compensation amounting to around Rs 154 crore that they have paid to the erstwhile Left Front regime while buying land for its Nano car project. The SC verdict has already triggered demands elsewhere in the state for the return of land acquired by the Left Front, and the Trinamool cannot change its stand overnight. The victory, while symbolic, is rather ominous in what it portends for the economic health of the state of West Bengal. Whatever be the rhetoric being bandied around in Kolkata circles, it is clear to all that the state needs industry: a near-constant supply of agricultural land cannot feed the ever-growing population. Moreover, the reality is that the government does not have the financial capital, technical knowledge, or the organisational ability to launch large-scale development projects, making it necessary to seek private investment in industry. However, while the imperative is clear, what makes land acquisition difficult is the complex interplay of economic calculations and political compulsions, often at odds with each other. Any change creates its winners and losers. The economic calculation involves estimating whether the overall benefit to the community is larger than the overall loss. Although it sounds simple in theory, there are several difficulties along the way. While those adversely affected (landowning farmers, sharecroppers and landless labourers) are visible, the potential beneficiaries are hard to identify, precisely because the benefits are as yet hypothetical. Similarly, it is very hard to estimate the magnitudes of the losses and benefits. Again, the benefits are harder to measure since a large portion arises indirectly out of the general economic expansion which extends well into the future. Moreover, the corporates are almost expected to oversell the benefits, but the farmers about to lose their land and livelihood are justifiably defensive too: all this makes both the reported gains and losses very hard to take at face value. As long as the total benefit is larger than the total loss, economic logic dictates that the surplus can always be shared in such a way as to make everybody better off. In other words, there is a range of monetary compensation acceptable to the farmers that would still make the project worthwhile for the entire community. In practice, however, whether and how the surplus is shared depends entirely on the relative bargaining power of the different groups in question. It is very interesting to note that a large majority of land taken over under Eminent Domain in India was owned by tribal populations, who have had very little representation in the state polity. The Singur fiasco was mostly due to the fact that the Left Front did not realise that they were also politically bankrupt by then, along with financial bankruptcy. Over time, the legal establishment in India has focused on just compensation and consent while considering legal challenges to land acquisition. The principle of compensation stipulates that the landowners have to be paid the market value of the land they part with. The principle, however, might lead to very inadequate compensation as it does not take into account loss of livelihood of farmers. Moreover, market value itself is a nebulous concept: the very act of earmarking agricultural land for industry increases the market value of the land by orders of magnitude. Therefore, there is a clear incentive for landowners to withhold consent and raise compensation. Of course, holding out against the government is impossible without strong political organisation: and it is practically impossible for impoverished local communities to self-organise. Typically, a coalition of the opposition party with activist groups and quasi-electoral left outfits have mobilised farmer groups and led the resistance to land takeover. There is virtually no such mobilisation for the beneficiaries of the project, simply because they are diffuse, invisible, unidentifiable, and do not make a compelling media story. While the rhetoric frames resistance as a challenge to the project itself and ultimately to the authority of the government, it is crucial for the government to interpret resistance as a demand for redistribution. The government cannot engage in a course of action more socially harmful (and often suicidal) than trying to force home the project by using coercion. The responsibility of the government is to identify projects that create a social surplus and use appropriate redistributive measures to ensure everyone in the community benefits from the development project. Such measures go beyond compensation for land: these must involve rehabilitation, providing alternative means of livelihood, retraining, obtaining employment guarantees from the corporate and so on. But politics creates strange bedfellows. While the affected groups mobilise in order to obtain their rightful share of the surplus from the project, the external mobilisers have very different political objectives. Almost always, their long term goals are better served by a complete shutdown of the project – the classic instance being that of the Trinamool Congress riding the Singur issue to power in the state. This is where political imperatives of the situation run in complete opposition to economic prudence. The opponents of land acquisition accuse the government of selling out to the corporates. While it is true that many government officials do enjoy huge kickbacks, the danger of such rhetoric being hardwired in the national psyche is that it can easily become self-fulfilling. If the bargaining between the corporate and the government happens in the shadow of resistance, it only weakens the government’s ability to extract concessions. In any case, when different states in the country are desperately competing attract the same corporates, the governments are in a race to the bottom where only the corporate dictates terms. The Trinamool is in a double bind: land acquisition is political quicksand, and the party is constrained by its past. On the other hand, the state needs industry: the average agricultural landholding cannot sustain a family for more than two generations. In fact, this is what eroded the political capital earned by the Left Front government through land reforms, and forced its desperate lunge for industrialisation. Transformation of the state economy through industry is necessary today more than ever, but those depending on land have a huge stake in the status quo. The current chief minister of West Bengal Mamata Banerjee, more than anyone else, has seen at close quarters the fall of one regime trying to manage the transformation, only time will tell what lessons she has drawn from history.

The political economy of land acquisition for industry: Political reality vs economic prudence

Volkswagen division MAN will next year start selling heavy-duty commercial vehicles with new digital services to make its trucks more efficient, as VW looks to challenge rivals Daimler and Volvo AB. 
 
Truck makers are looking for new revenue from connected services that can make vehicles safer and more efficient. For large truck fleets, that can mean big savings. 
 
MAN has developed a cloud-based platform called RIO capable of connecting those in the freight transport business, including hauliers, dispatchers and receivers while feeding truck drivers traffic and navigation data, VW said on Tuesday. 
 
Through RIO, logistics firms will be able to better use vehicle capacity, reduce empty journeys, save fuel and avoid traffic jams, VW said in a statement published on the eve of the Hanover trucks show. 
 
&quot;This is good news for our customers because their business will become more profitable,&quot; VW trucks chief Andreas Renschler said. 
 
Europe&#39;s largest automaker has said it plans to invest hundreds of millions of euros,&nbsp;to expand digital tools for trucks, as it aims to catch up with Daimler and other rivals on developing smart logistics and connected trucks. 
 
Existing Daimler products include Fleetboard, launched in 2000. The software gathers data such as average speed and braking behaviour, allowing freight operators to analyse driving styles and ultimately save 10 to 15 percent on fuel, Daimler has said. 
 
RIO can be used by fleet operators, small and medium-sized hauliers and other firms, MAN digital chief Markus Lipinsky said, citing Continental and TomTom NV among initial partners. 
 
&quot;I&#39;m convinced that no technology company can by itself cope with the complexity of logistics business,&quot; Lipinsky said. &quot;That&#39;s why we&#39;re looking for contact with as many partners as possible.&quot; 
 
(Reuters)

MAN has developed a cloud-based platform called RIO capable of connecting those in the freight transport business

Volkswagen division MAN will next year start selling heavy-duty commercial vehicles with new digital services to make its trucks more efficient, as VW looks to challenge rivals Daimler and Volvo AB. Truck makers are looking for new revenue from connected services that can make vehicles safer and more efficient. For large truck fleets, that can mean big savings. MAN has developed a cloud-based platform called RIO capable of connecting those in the freight transport business, including hauliers, dispatchers and receivers while feeding truck drivers traffic and navigation data, VW said on Tuesday. Through RIO, logistics firms will be able to better use vehicle capacity, reduce empty journeys, save fuel and avoid traffic jams, VW said in a statement published on the eve of the Hanover trucks show. "This is good news for our customers because their business will become more profitable," VW trucks chief Andreas Renschler said. Europe's largest automaker has said it plans to invest hundreds of millions of euros, to expand digital tools for trucks, as it aims to catch up with Daimler and other rivals on developing smart logistics and connected trucks. Existing Daimler products include Fleetboard, launched in 2000. The software gathers data such as average speed and braking behaviour, allowing freight operators to analyse driving styles and ultimately save 10 to 15 percent on fuel, Daimler has said. RIO can be used by fleet operators, small and medium-sized hauliers and other firms, MAN digital chief Markus Lipinsky said, citing Continental and TomTom NV among initial partners. "I'm convinced that no technology company can by itself cope with the complexity of logistics business," Lipinsky said. "That's why we're looking for contact with as many partners as possible." (Reuters)

VW's MAN to sell trucks with new digital services from 2017