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Iranian oil minister, Bijan Zanganeh said today, that the country wants its pre-sanctions share of the crude oil market. 
 
This dampens the prospects of agreement on an output freeze at an Organization of the Petroleum Exporting Countries (OPEC) meeting next month.&nbsp; 
 
&quot;Iran had no role in disrupting the stability of the oil market and after the (lifting of) sanctions we seek to revive our share in the global crude market,&quot; the ministry&#39;s SHANA news service quoted him as saying.&nbsp; 
 
On Thursday, he had announced he would attend the informal OPEC meeting in Algiers in late September, on a possible output freeze with Russia. 
 
But today he insisted Iran would not be abandoning its ambitions to restore its market share after the nuclear agreement with world powers led to the&nbsp;lifting of sanctions on its oil exports last year. 
 
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<h5>&quot;Iran will cooperate with OPEC on improving prices and the state of the crude market, but we expect our right to restore our lost market share in the market to be considered,&quot; Iran&#39;s oil minister said.</h5>
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&quot;Iran will cooperate with OPEC on improving prices and the state of the crude market, but we expect our right to restore our lost market share in the market to be considered,&quot; Zanganeh said. 
 
&quot;Iran has made its sacrifices for the market and it`s no longer the time for Iran,&quot; &nbsp;Iranian website, Mizan Online, reported him saying. 
 
Iran has doubled its exports of oil and gas to 2.7 million barrels per day (bpd) since signing the nuclear deal. 
The total output has risen from 2.7 million bpd to 3.85 million bpd. It is close to the level before international sanctions were imposed in 2012.&nbsp; 
 
&quot;When the instability occurred in the market, ... Iran&#39;s oil exports were less than one million bpd,&quot; Bijan Zanganeh said.&nbsp; 
 
&quot;We expect those who disrupted the market&#39;s stability to take the highest responsibility in restoring stability&quot; he said. 
 
Earlier on Friday, prices fell in Asian trade after Saudi energy minister Khalid Al-Falih played down prospects of any major move on output. 
 
&quot;I don&#39;t believe that an intervention of significance is required. I certainly don&#39;t advocate a cut,&quot; he told Bloomberg News. 
 
In April, OPEC&#39;s attempt to freeze output collapsed due to Iran&#39;s refusal to join talks. 
 
(WION with inputs from AFP)

This could dampen the prospects of agreement on an output freeze at an OPEC meeting in September

Iranian oil minister, Bijan Zanganeh said today, that the country wants its pre-sanctions share of the crude oil market. This dampens the prospects of agreement on an output freeze at an Organization of the Petroleum Exporting Countries (OPEC) meeting next month. "Iran had no role in disrupting the stability of the oil market and after the (lifting of) sanctions we seek to revive our share in the global crude market," the ministry's SHANA news service quoted him as saying. On Thursday, he had announced he would attend the informal OPEC meeting in Algiers in late September, on a possible output freeze with Russia. But today he insisted Iran would not be abandoning its ambitions to restore its market share after the nuclear agreement with world powers led to the lifting of sanctions on its oil exports last year. "Iran will cooperate with OPEC on improving prices and the state of the crude market, but we expect our right to restore our lost market share in the market to be considered," Iran's oil minister said. "Iran will cooperate with OPEC on improving prices and the state of the crude market, but we expect our right to restore our lost market share in the market to be considered," Zanganeh said. "Iran has made its sacrifices for the market and it`s no longer the time for Iran," Iranian website, Mizan Online, reported him saying. Iran has doubled its exports of oil and gas to 2.7 million barrels per day (bpd) since signing the nuclear deal. The total output has risen from 2.7 million bpd to 3.85 million bpd. It is close to the level before international sanctions were imposed in 2012. "When the instability occurred in the market, ... Iran's oil exports were less than one million bpd," Bijan Zanganeh said. "We expect those who disrupted the market's stability to take the highest responsibility in restoring stability" he said. Earlier on Friday, prices fell in Asian trade after Saudi energy minister Khalid Al-Falih played down prospects of any major move on output. "I don't believe that an intervention of significance is required. I certainly don't advocate a cut," he told Bloomberg News. In April, OPEC's attempt to freeze output collapsed due to Iran's refusal to join talks. (WION with inputs from AFP)

Iran wants pre-sanctions crude oil market share

Many global investors and Silicon Valley pundits are gradually viewing the rideshare industry as a winner-take-all game.&nbsp; 
 
Chinese powerhouse Didi Chuxing&#39;s acquisition of Uber Technologies Inc&#39;s China operations marked the biggest move yet toward consolidation. On the day, the Didi deal was announced earlier this month, Uber board member Bill Gurley said Uber&#39;s rivals in other markets had a slim chance of splitting the market with the dominant player, just as Uber struggled to erode Didi&#39;s share in China. 
 
After China, the industry will consolidate in other markets, said Hans Tung, an Asia-focused investor and managing partner at GGV Capital, which backed Didi and Grab, a Singapore-based ride service. 
 
&quot;There will be a dominant Number 1,&quot; he said that same day. 
 
Few barriers, perpetual competition&nbsp; 
 
The consensus of 11 economists interviewed by Reuters, however, suggests an entirely different scenario, one of perpetual competition in a business with relatively few barriers to entry. 
 
&quot;That one firm wins is a narrow and not accurate way to think about these firms,&quot; said David Evans, chairman of the Global Economics Group and co-author of a recent book that included Uber, &quot;Matchmakers: The New Economics of Multisided Platforms.&quot; 
 
The growing industry, which UBS estimates to be a $40 billion market, has room for at least two successful players, and perhaps a few smaller ones, ten other economists who have studied ride-hailing agreed.&nbsp; 
 
The industry, they said, has none of the elements that traditionally have enabled single companies to control a sector. If it is the first of its kind, a company can dominate markets that have huge infrastructure costs, such as putting up cell towers or laying pipes; a large workforce of employees with specialised skills; and customers who get locked into a service and have difficulty leaving for competitors. 
 
With free apps that can be downloaded in seconds, ride-services, by contrast, are relatively cheap to start, &nbsp;also because of the dependence on contract labour with no inherent loyalty or specialised skills.&nbsp; 
 
&quot;You may not want to try a new social networking site if your friends aren&#39;t on it,&quot; Evans said. &quot;But you don&#39;t care what app your friends use for ride-hailing.&quot; 
 
&#39;Room for two&#39;&nbsp; 
 
The question of whether on-demand ride services will remain open to new players has vexed startups and investors since Uber started the industry seven years ago. 
 
Companies taking on Uber include Lyft in the United States, Grab in Southeast Asia, Ola in India and newer startups like New York City&#39;s Juno. In the United States, in particular, part of Uber&#39;s attraction to investors is the chance at grabbing the entire industry. 
 
In a statement, Uber said: &quot;The ridesharing industry around the world is highly competitive and innovative. That&#39;s good for riders.&quot; 
 
Uber investor and board member Gurley argued that any competitor would need to pursue a different strategy - perhaps offering more luxury and high-end services - to successfully battle Uber in its strongest markets. 
 
Didi, Ola and Grab did not respond to requests for comment. 
 
When business magnate Carl Icahn invested $100 million into Lyft in early 2015, he told media outlets he saw &quot;room for two.&quot; Chris Sacca, a prominent venture capitalist who invested in Uber, responded &quot;This is a winner-take-all game,&quot; on Bloomberg television. 
 
Lyft has hired an M&amp;A firm and recently explored the possibility of acquisitions by several companies, a source familiar with the discussions said, and reports of a possible sale stimulated talk of whether it could compete with Uber. 
 
Lyft says it can. In the United States, it says it more than tripled its drivers to about 315,000 in the last year. Between October and May, it nearly doubled its annual gross revenue to $1.9 billion - although that figure does not reflect the many rider discounts and promotions Lyft offers. 
 
Uber has 1.5 million drivers and projected $26 billion in gross revenue globally this year, based on a 2015 presentation for investors. 
 
Last year, Lyft hit another benchmark: the wait time for a ride is three minutes, on par with Uber, said president and Co-founder John Zimmer. At three minutes or less, a passenger will almost always complete the ride. 
 
Meanwhile, New York-based Juno has brought on 12,000 drivers since launching earlier this year and already has hit the three-minute wait time in Manhattan, said Co-founder and CEO Talmon Marco. 
 
&quot;This is a fairly local industry,&quot; Marco said. &quot;You can be a hero in New York and you can be zero in California, and it&#39;s OK.&quot; 
 
In India, Uber and Ola are neck and neck around 45 per cent of the market each after Uber&#39;s market share fell and Ola&#39;s rose in 2015, according to market research firm 7Park Data. 
 
The challenge for new startups, however, is that leading companies subsidise their drivers and passengers as they prioritise gaining market share over profit. Both Uber and Lyft have spent heavily on driver bonuses and rider discounts and promotional credits. 
 
Max Wolff, an economist at Manhattan Venture Partners, believes competition will thrive mainly because ride-hailing technologies are not overly complicated and drivers aren&#39;t earning enough money to be loyal to a single company. 
 
There is room for other players even if Uber is dominant, he said. &quot;They&#39;re not as big, but they&#39;re there, too. They&#39;re not some wheezing, dying remnant.&quot; 
 
(WION with inputs from Reuters)&nbsp; 
&nbsp;

The consensus of 11 economists interviewed by Reuters suggests perpetual competition in a business with relatively few barriers to entry

Many global investors and Silicon Valley pundits are gradually viewing the rideshare industry as a winner-take-all game. Chinese powerhouse Didi Chuxing's acquisition of Uber Technologies Inc's China operations marked the biggest move yet toward consolidation. On the day, the Didi deal was announced earlier this month, Uber board member Bill Gurley said Uber's rivals in other markets had a slim chance of splitting the market with the dominant player, just as Uber struggled to erode Didi's share in China. After China, the industry will consolidate in other markets, said Hans Tung, an Asia-focused investor and managing partner at GGV Capital, which backed Didi and Grab, a Singapore-based ride service. "There will be a dominant Number 1," he said that same day. Few barriers, perpetual competition The consensus of 11 economists interviewed by Reuters, however, suggests an entirely different scenario, one of perpetual competition in a business with relatively few barriers to entry. "That one firm wins is a narrow and not accurate way to think about these firms," said David Evans, chairman of the Global Economics Group and co-author of a recent book that included Uber, "Matchmakers: The New Economics of Multisided Platforms." The growing industry, which UBS estimates to be a $40 billion market, has room for at least two successful players, and perhaps a few smaller ones, ten other economists who have studied ride-hailing agreed. The industry, they said, has none of the elements that traditionally have enabled single companies to control a sector. If it is the first of its kind, a company can dominate markets that have huge infrastructure costs, such as putting up cell towers or laying pipes; a large workforce of employees with specialised skills; and customers who get locked into a service and have difficulty leaving for competitors. With free apps that can be downloaded in seconds, ride-services, by contrast, are relatively cheap to start, also because of the dependence on contract labour with no inherent loyalty or specialised skills. "You may not want to try a new social networking site if your friends aren't on it," Evans said. "But you don't care what app your friends use for ride-hailing." 'Room for two' The question of whether on-demand ride services will remain open to new players has vexed startups and investors since Uber started the industry seven years ago. Companies taking on Uber include Lyft in the United States, Grab in Southeast Asia, Ola in India and newer startups like New York City's Juno. In the United States, in particular, part of Uber's attraction to investors is the chance at grabbing the entire industry. In a statement, Uber said: "The ridesharing industry around the world is highly competitive and innovative. That's good for riders." Uber investor and board member Gurley argued that any competitor would need to pursue a different strategy - perhaps offering more luxury and high-end services - to successfully battle Uber in its strongest markets. Didi, Ola and Grab did not respond to requests for comment. When business magnate Carl Icahn invested $100 million into Lyft in early 2015, he told media outlets he saw "room for two." Chris Sacca, a prominent venture capitalist who invested in Uber, responded "This is a winner-take-all game," on Bloomberg television. Lyft has hired an M&A firm and recently explored the possibility of acquisitions by several companies, a source familiar with the discussions said, and reports of a possible sale stimulated talk of whether it could compete with Uber. Lyft says it can. In the United States, it says it more than tripled its drivers to about 315,000 in the last year. Between October and May, it nearly doubled its annual gross revenue to $1.9 billion - although that figure does not reflect the many rider discounts and promotions Lyft offers. Uber has 1.5 million drivers and projected $26 billion in gross revenue globally this year, based on a 2015 presentation for investors. Last year, Lyft hit another benchmark: the wait time for a ride is three minutes, on par with Uber, said president and Co-founder John Zimmer. At three minutes or less, a passenger will almost always complete the ride. Meanwhile, New York-based Juno has brought on 12,000 drivers since launching earlier this year and already has hit the three-minute wait time in Manhattan, said Co-founder and CEO Talmon Marco. "This is a fairly local industry," Marco said. "You can be a hero in New York and you can be zero in California, and it's OK." In India, Uber and Ola are neck and neck around 45 per cent of the market each after Uber's market share fell and Ola's rose in 2015, according to market research firm 7Park Data. The challenge for new startups, however, is that leading companies subsidise their drivers and passengers as they prioritise gaining market share over profit. Both Uber and Lyft have spent heavily on driver bonuses and rider discounts and promotional credits. Max Wolff, an economist at Manhattan Venture Partners, believes competition will thrive mainly because ride-hailing technologies are not overly complicated and drivers aren't earning enough money to be loyal to a single company. There is room for other players even if Uber is dominant, he said. "They're not as big, but they're there, too. They're not some wheezing, dying remnant." (WION with inputs from Reuters)

Rideshare industry not 'a winner-take-all game', economists see scope of competiton

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DO NOT USE Final Dalet Testing Video Task Headline

Apple Inc on Thursday issued a patch to fix the security flaw with its iPhones&nbsp;and iPads following an attempt to hack the phone of a United Arab Emirates&nbsp;(UAE) dissident. 
 
Human rights activist Ahmed Mansoor had received a text asking him to click&nbsp;on a link. Mansoor instead of clicking the link forwarded the message to&nbsp;researchers at the University of Toronto&#39;s Citizen Lab. 
 
The hack was found to be capable of remotely taking over a fully updated&nbsp;iPhone 6. 
 
&quot;Once infected, Mansoor&rsquo;s phone would have become a digital spy in his&nbsp;pocket, capable of employing his iPhone&rsquo;s camera and microphone to snoop on&nbsp;activity in the vicinity of the device, recording his WhatsApp and Viber calls,&nbsp;logging messages sent in mobile chat apps, and tracking his movements,&quot;&nbsp;Citizen Lab wrote in a report released on Thursday. 
 
The company has now developed a fix and distributed it as an automatic update&nbsp;to iPhone 6 owners. 
 
The attack softwarre was attributed to a private seller of monitoring systems,&nbsp;NSO Group, an Israeli company. 
 
NSO spokesman Zamir Dahbash said that the company &quot;cannot confirm the&nbsp;specific cases&quot; covered in the Citizen Lab and Lookout reports. 
 
Citizen Lab did not directly accuse UAE of carrying out the attack on Mansoor&nbsp;but it said that other NSO attacks on critics of the regime were connected to&nbsp;the government. 
 
It also said that a Mexican journalist and a minority party politician in Kenya&nbsp;had been targeted with NSO software too and that domain names set up for&nbsp;other attacks referred to entities in Uzbekistan, Thailand, Saudi Arabia, Turkey,&nbsp;and other nations. 
 
The market for government hacking tools has come under increased scrutiny&nbsp;recently. 
 
(WION with inputs from agencies)

Human rights activist Ahmed Mansoor had received a text asking him to click?on a link

Apple Inc on Thursday issued a patch to fix the security flaw with its iPhones and iPads following an attempt to hack the phone of a United Arab Emirates (UAE) dissident. Human rights activist Ahmed Mansoor had received a text asking him to click on a link. Mansoor instead of clicking the link forwarded the message to researchers at the University of Toronto's Citizen Lab. The hack was found to be capable of remotely taking over a fully updated iPhone 6. "Once infected, Mansoor’s phone would have become a digital spy in his pocket, capable of employing his iPhone’s camera and microphone to snoop on activity in the vicinity of the device, recording his WhatsApp and Viber calls, logging messages sent in mobile chat apps, and tracking his movements," Citizen Lab wrote in a report released on Thursday. The company has now developed a fix and distributed it as an automatic update to iPhone 6 owners. The attack softwarre was attributed to a private seller of monitoring systems, NSO Group, an Israeli company. NSO spokesman Zamir Dahbash said that the company "cannot confirm the specific cases" covered in the Citizen Lab and Lookout reports. Citizen Lab did not directly accuse UAE of carrying out the attack on Mansoor but it said that other NSO attacks on critics of the regime were connected to the government. It also said that a Mexican journalist and a minority party politician in Kenya had been targeted with NSO software too and that domain names set up for other attacks referred to entities in Uzbekistan, Thailand, Saudi Arabia, Turkey, and other nations. The market for government hacking tools has come under increased scrutiny recently. (WION with inputs from agencies)

Apple fixes security flaw after UAE dissident's iPhone targeted

Oil prices dipped on Friday morning after Saudi&#39;s energy minister lowered&nbsp;expectations of strong market intervention by producers in next month&#39;s talks. 
 
International benchmark Brent crude oil prices were trading at $49.55 per&nbsp;barrel at 0114 GMT, 12 cents below their previous close. 
 
US West Texas Intermediate (WTI) crude was seven cents below at $47.26 a&nbsp;barrel. 
 
Saudi Arabian Energy Minister Khalid Al-Falih told Reuters late on Thursday&nbsp;that &quot;we don&#39;t believe any significant intervention in the market is necessary&nbsp;other than to allow the forces of supply and demand to do the work for us,&quot;&nbsp;adding that the &quot;market is moving in the right direction&quot; already. 
 
Members of the Organization of Petroleum Exporting Countries (OPEC) will&nbsp;meet at the International Energy Forum (IEF), with producers and consumers,&nbsp;in Algeria in the last week of September. 
 
The minister&#39;s comments dampened expectations of a significant intervention&nbsp;into the market which has been marked by oversupply for more than two years. 
 
(WION with inputs from agencies)

The oil market has been marked by oversupply for more than two years now

Oil prices dipped on Friday morning after Saudi's energy minister lowered expectations of strong market intervention by producers in next month's talks. International benchmark Brent crude oil prices were trading at $49.55 per barrel at 0114 GMT, 12 cents below their previous close. US West Texas Intermediate (WTI) crude was seven cents below at $47.26 a barrel. Saudi Arabian Energy Minister Khalid Al-Falih told Reuters late on Thursday that "we don't believe any significant intervention in the market is necessary other than to allow the forces of supply and demand to do the work for us," adding that the "market is moving in the right direction" already. Members of the Organization of Petroleum Exporting Countries (OPEC) will meet at the International Energy Forum (IEF), with producers and consumers, in Algeria in the last week of September. The minister's comments dampened expectations of a significant intervention into the market which has been marked by oversupply for more than two years. (WION with inputs from agencies)

Oil prices dip as Saudi Arabia dampens output freeze expectations

Monsanto Co, an American company that provides genetically modified seeds, has pulled out an application in India, under which, it seeks approval of the government to introduce its next generation of genetically modified cotton seeds. 
 
The development comes as a major upsurge in the New Delhi-Monsanto dispute which has been up for a long time. 
 
Indian farmers will suffer from the withdrawal as the new seed technology, Bollgard II Roundup Ready Flex, fights against weed that wears down vital nutrients of the cotton crops and &nbsp;depresses the yields. 
 
This step will also hamper Indian Prime Minister Narendra Modi&#39;s efforts to make the country look more attractive to foreign investors. 
 
A Monsanto spokesman said the withdrawal of the application was &quot;an outcome of the uncertainty in the&nbsp;business&nbsp;and regulatory environment&quot;, but that the move had &quot;no impact on our current cotton portfolio being sold in India&quot;. 
 
A spokesman for the environment ministry, which had the application before it, was not available for comment. 
 
A letter was sent by Monsanto&#39;s local partner in India that strongly objects to a government proposal that would force Monsanto to share its technology with local seed companies. India is the conglomerate&#39;s biggest market outside the Americas. 
 
The company is also at loggerheads with India over how much it can charge for its genetically modified cotton seeds, costing it tens of millions of dollars in lost revenue every year. 
 
In a letter, dated July 5, Maharashtra Hybrid Seeds Co Ltd (Mahyco), Monsanto&#39;s technology partner in India, singled out a government proposal, mooted in May, that would require Monsanto to share its proprietary technology. 
 
After protests by Monsanto and other global seed companies, the government temporarily withdrew the order and decided to seek feedback from stakeholders. It is now evaluating the feedback. 
 
Mahyco said in the letter, a copy of which was seen by Reuters, that the proposal &quot;alarmed us and raised serious concerns about the protection of intellectual property rights&quot;. 
 
Mahyco also asked the regulator, Genetic Engineering Appraisal Committee (GEAC), to return data and other material submitted by it as part of the application. The regulator has done that, a government official said. 
 
Lost Opportunity&nbsp; 
 
India first allowed GM cotton cultivation in 2002 by approving Monsanto&#39;s single-gene Bollgard I technology. 
 
New Delhi approved the double gene Bollgard II in 2006, helping transform India into the world&#39;s top producer and second-largest exporter of the fibre as output jumped fourfold. 
 
Bollgard II Roundup Ready Flex would have been the first technological breakthrough since the launch of Bollgard II, potentially pushing up crop yields at a time when some farmers have said the existing variety was losing its effectiveness. 
 
Bollgard II, introduced in 2006, is slowly becoming vulnerable to bollworms, experts say, and, as any technology, has a limited shelf life. 
 
Still, more than 41 million GM cotton seed packets were sold last year, earning royalties of 6.5 billion Indian rupees ($97 million) for Monsanto. 
 
Mahyco applied to the GEAC for approval of the new GM seed in 2007. The application was in the final stages of a tedious and time-consuming process, which included years of field trials. 
 
In its letter to the GEAC, Mahyco said it would seek to revive the application for Bollgard II Roundup Ready Flex &quot;at a suitable time&quot;. 
 
But the government official said there were no guarantees it would be allowed to do so if it changed its mind in the future and would likely have to start afresh. 
 
(WION with inputs from Reuters)

The withdrawal is 'an outcome of the uncertainty in the?business?and regulatory environment,' said Monsanto spokesman

Monsanto Co, an American company that provides genetically modified seeds, has pulled out an application in India, under which, it seeks approval of the government to introduce its next generation of genetically modified cotton seeds. The development comes as a major upsurge in the New Delhi-Monsanto dispute which has been up for a long time. Indian farmers will suffer from the withdrawal as the new seed technology, Bollgard II Roundup Ready Flex, fights against weed that wears down vital nutrients of the cotton crops and depresses the yields. This step will also hamper Indian Prime Minister Narendra Modi's efforts to make the country look more attractive to foreign investors. A Monsanto spokesman said the withdrawal of the application was "an outcome of the uncertainty in the business and regulatory environment", but that the move had "no impact on our current cotton portfolio being sold in India". A spokesman for the environment ministry, which had the application before it, was not available for comment. A letter was sent by Monsanto's local partner in India that strongly objects to a government proposal that would force Monsanto to share its technology with local seed companies. India is the conglomerate's biggest market outside the Americas. The company is also at loggerheads with India over how much it can charge for its genetically modified cotton seeds, costing it tens of millions of dollars in lost revenue every year. In a letter, dated July 5, Maharashtra Hybrid Seeds Co Ltd (Mahyco), Monsanto's technology partner in India, singled out a government proposal, mooted in May, that would require Monsanto to share its proprietary technology. After protests by Monsanto and other global seed companies, the government temporarily withdrew the order and decided to seek feedback from stakeholders. It is now evaluating the feedback. Mahyco said in the letter, a copy of which was seen by Reuters, that the proposal "alarmed us and raised serious concerns about the protection of intellectual property rights". Mahyco also asked the regulator, Genetic Engineering Appraisal Committee (GEAC), to return data and other material submitted by it as part of the application. The regulator has done that, a government official said. Lost Opportunity India first allowed GM cotton cultivation in 2002 by approving Monsanto's single-gene Bollgard I technology. New Delhi approved the double gene Bollgard II in 2006, helping transform India into the world's top producer and second-largest exporter of the fibre as output jumped fourfold. Bollgard II Roundup Ready Flex would have been the first technological breakthrough since the launch of Bollgard II, potentially pushing up crop yields at a time when some farmers have said the existing variety was losing its effectiveness. Bollgard II, introduced in 2006, is slowly becoming vulnerable to bollworms, experts say, and, as any technology, has a limited shelf life. Still, more than 41 million GM cotton seed packets were sold last year, earning royalties of 6.5 billion Indian rupees ($97 million) for Monsanto. Mahyco applied to the GEAC for approval of the new GM seed in 2007. The application was in the final stages of a tedious and time-consuming process, which included years of field trials. In its letter to the GEAC, Mahyco said it would seek to revive the application for Bollgard II Roundup Ready Flex "at a suitable time". But the government official said there were no guarantees it would be allowed to do so if it changed its mind in the future and would likely have to start afresh. (WION with inputs from Reuters)

Monsanto withdraws latest genetically modified cotton seed technology from India

India has launched its Unified Payments Interface (UPI) with which users will be able to initiate payment requests using a smartphone. 
 
The initiative, launched by the National Payments Corporation of India, is available to customers of 21 banks. 
 
The platform identifies the user using a &#39;virtual payment address&#39;, after which he or she can send and receive money over a smartphone.&nbsp; 
 
Indian Prime Minister Narendra Modi had in May talked about the country becoming a &quot;cashless society&quot;, as this was crucial to curbing the presence of black money in the economy. 
 
&quot;Real-time sending and receiving money through a mobile application at such a scale on inter-operable basis had not been attempted anywhere else in the world. Now the UPI app will be made available on Google Play Store by banks,&quot; NPCI Managing Director and CEO AP Hota said in a statement. 
 
Raghuram Rajan, the outgoing governor of India&#39;s central bank, had announced a soft launch of the interface in April 2016. 
 
The interface has so far been under trial, with employees and customers using the system. The trial run also allowed developers to catch any technical glitches and correct them, NPCI said. 
 
Axis Bank, Vijaya Bank, Andhra bank and, Canara Bank are among the 21 involved in the programme. 
 
NPCI had decided that only banks with 1,000 pilot customers, 5,000 transactions and a success rate of around 80 per cent would be permitted to go live. 
 
&quot;Such a threshold criteria helped banks to refine their systems and procedure,&quot; Hota said. 
 
UPI offers a number of features, for example it allows people to share bills, and the app can also be used in place of paying cash on delivery while shopping online. 
 
Utility bills&nbsp;and school fees, among others, can be paid using UPI. 
 
(WION with inputs from PTI)&nbsp; 
 
&nbsp; 
&nbsp;

The system, which has never been tried elsewhere on this scale, is currently available to customers of 21 banks

India has launched its Unified Payments Interface (UPI) with which users will be able to initiate payment requests using a smartphone. The initiative, launched by the National Payments Corporation of India, is available to customers of 21 banks. The platform identifies the user using a 'virtual payment address', after which he or she can send and receive money over a smartphone. Indian Prime Minister Narendra Modi had in May talked about the country becoming a "cashless society", as this was crucial to curbing the presence of black money in the economy. "Real-time sending and receiving money through a mobile application at such a scale on inter-operable basis had not been attempted anywhere else in the world. Now the UPI app will be made available on Google Play Store by banks," NPCI Managing Director and CEO AP Hota said in a statement. Raghuram Rajan, the outgoing governor of India's central bank, had announced a soft launch of the interface in April 2016. The interface has so far been under trial, with employees and customers using the system. The trial run also allowed developers to catch any technical glitches and correct them, NPCI said. Axis Bank, Vijaya Bank, Andhra bank and, Canara Bank are among the 21 involved in the programme. NPCI had decided that only banks with 1,000 pilot customers, 5,000 transactions and a success rate of around 80 per cent would be permitted to go live. "Such a threshold criteria helped banks to refine their systems and procedure," Hota said. UPI offers a number of features, for example it allows people to share bills, and the app can also be used in place of paying cash on delivery while shopping online. Utility bills and school fees, among others, can be paid using UPI. (WION with inputs from PTI)

India launches Unified Payments Interface, will allow users to make payments over smartphone

Popular messaging service WhatsApp said it would start sharing users&#39; phone numbers with parent Facebook Inc, marking a notable shift in its stance on privacy. 
 
When Facebook bought WhatsApp in 2014, founder Jan Koum vowed to protect its users&#39; data, saying the deal would not affect its privacy policy. 
 
The change in policy, WhatsApp&#39;s first since the deal, will allow for more relevant advertisements and friend recommendations on Facebook, according to a WhatsApp blog post. 
 
WhatsApp, however, sought to reassure users by saying that it would not sell, share, or give users&#39; phone numbers to advertisers. 
 
The company also maintained that messages on the service were encrypted by default and that it would not allow banner advertisements from third parties. 
 
&quot;Our belief in the value of private communications is unshakeable,&quot; WhatsApp said in the post. 
 
Koum had outlined his approach to privacy in a blog post after the deal with Facebook, drawing on his own experiences of growing up in Ukraine during the Soviet era. 
 
Some users, however, were not convinced by the shift in WhatsApp&#39;s stance. 
 
&quot;Phone numbers?!? No! That&#39;s absolutely NOT OKAY. I might need to delete Facebook, people. NOT kidding,&quot; Twitter user Mindy McAdams wrote. 
 
WhatsApp said users could choose not to share account information with Facebook. (http://bit.ly/2biXHVy) 
 
The shared data will also help WhatsApp track information about how often people use its services and tackle spam on the service, it said on Thursday. 
 
WhatsApp, which is has more than 1 billion users, will also explore ways for businesses to send messages using its platform over the next several months, it said. (http://bit.ly/1fi1n5j) 
 
WhatsApp dropped its $1 token fee for some of its users earlier this year and said it was experimenting making businesses pay to reach their customers through the service.

When FB bought WhatsApp in 2014, founder Jan Koum had vowed to protect its users' data, saying the deal would not affect its privacy policy

Popular messaging service WhatsApp said it would start sharing users' phone numbers with parent Facebook Inc, marking a notable shift in its stance on privacy. When Facebook bought WhatsApp in 2014, founder Jan Koum vowed to protect its users' data, saying the deal would not affect its privacy policy. The change in policy, WhatsApp's first since the deal, will allow for more relevant advertisements and friend recommendations on Facebook, according to a WhatsApp blog post. WhatsApp, however, sought to reassure users by saying that it would not sell, share, or give users' phone numbers to advertisers. The company also maintained that messages on the service were encrypted by default and that it would not allow banner advertisements from third parties. "Our belief in the value of private communications is unshakeable," WhatsApp said in the post. Koum had outlined his approach to privacy in a blog post after the deal with Facebook, drawing on his own experiences of growing up in Ukraine during the Soviet era. Some users, however, were not convinced by the shift in WhatsApp's stance. "Phone numbers?!? No! That's absolutely NOT OKAY. I might need to delete Facebook, people. NOT kidding," Twitter user Mindy McAdams wrote. WhatsApp said users could choose not to share account information with Facebook. (http://bit.ly/2biXHVy) The shared data will also help WhatsApp track information about how often people use its services and tackle spam on the service, it said on Thursday. WhatsApp, which is has more than 1 billion users, will also explore ways for businesses to send messages using its platform over the next several months, it said. (http://bit.ly/1fi1n5j) WhatsApp dropped its $1 token fee for some of its users earlier this year and said it was experimenting making businesses pay to reach their customers through the service.

WhatsApp relaxes privacy stance, to share phone numbers with Facebook

World Bank president Jim Yong Kim yesterday formally launched a bid for a second five-year term as head of the multilateral development lender, whose board pledged an &quot;open, merit-based, and transparent&quot; selection process. 
 
Kim, a global public health expert and former Dartmouth College president, notified the board of his intention to continue in the bank&#39;s top job after his current term ends on June 30, 2017, the bank said. 
 
The notification typically kicks off a new selection process, and the bank said it would follow criteria adopted for the 2012 selection, when Kim was first appointed president. 
 
Nominations for the position via the bank&#39;s executive directors will open on Thursday and will close on Sept. 14. 
 
&quot;I have informed the Dean of the Board that I would be honoured to be considered for a second term as head of the World Bank and continue to work with its dedicated staff,&quot; Kim said in a statement. &quot;Together, we have accomplished so much over the past four years, and I would be proud to carry on this important work.&quot; 
 
Kim already has the backing of the World Bank&#39;s largest shareholder, the United States. 
 
&quot;The United States fully supports Dr. Kim&rsquo;s presidency at the World Bank, including the steps he&rsquo;s taken to enact important reforms,&quot; a US treasury spokesman said in a statement. 
 
No challengers have emerged for the job thus far. The World Bank&#39;s former managing director, Sri Mulyani Indrawati, had been considered a possible successor. But last month she returned to Jakarta to become Indonesia&#39;s finance minister for a second time. 
 
Since its founding in 1945, the World Bank has been run by an American citizen, while its sister institution, the International Monetary Fund, has traditionally been run by a European. 
 
Some emerging market countries had challenged these traditions in the 2011 IMF leadership race, backing Mexican central banker Agustin Carsten, who lost out to former French finance minister Christine Lagarde. Such a challenge was not repeated earlier this year when Lagarde was appointed to a second term at the IMF. 
 
Among the selection criteria, the bank said candidates should have a proven leadership track record of managing a large organisation with international exposure; the ability to articulate a clear vision for the World Bank Group&#39;s development mission; a firm commitment to multilateral cooperation; effective communication skills, impartiality and objectivity. 
 
The last World Bank president to serve two terms was James Wolfensohn, from 1995 to 2005. 
 
(Reuters)

Jim Yong Kim already has the backing of the World Bank largest shareholder - the US. Nominations for the position will open on Thursday

World Bank president Jim Yong Kim yesterday formally launched a bid for a second five-year term as head of the multilateral development lender, whose board pledged an "open, merit-based, and transparent" selection process. Kim, a global public health expert and former Dartmouth College president, notified the board of his intention to continue in the bank's top job after his current term ends on June 30, 2017, the bank said. The notification typically kicks off a new selection process, and the bank said it would follow criteria adopted for the 2012 selection, when Kim was first appointed president. Nominations for the position via the bank's executive directors will open on Thursday and will close on Sept. 14. "I have informed the Dean of the Board that I would be honoured to be considered for a second term as head of the World Bank and continue to work with its dedicated staff," Kim said in a statement. "Together, we have accomplished so much over the past four years, and I would be proud to carry on this important work." Kim already has the backing of the World Bank's largest shareholder, the United States. "The United States fully supports Dr. Kim’s presidency at the World Bank, including the steps he’s taken to enact important reforms," a US treasury spokesman said in a statement. No challengers have emerged for the job thus far. The World Bank's former managing director, Sri Mulyani Indrawati, had been considered a possible successor. But last month she returned to Jakarta to become Indonesia's finance minister for a second time. Since its founding in 1945, the World Bank has been run by an American citizen, while its sister institution, the International Monetary Fund, has traditionally been run by a European. Some emerging market countries had challenged these traditions in the 2011 IMF leadership race, backing Mexican central banker Agustin Carsten, who lost out to former French finance minister Christine Lagarde. Such a challenge was not repeated earlier this year when Lagarde was appointed to a second term at the IMF. Among the selection criteria, the bank said candidates should have a proven leadership track record of managing a large organisation with international exposure; the ability to articulate a clear vision for the World Bank Group's development mission; a firm commitment to multilateral cooperation; effective communication skills, impartiality and objectivity. The last World Bank president to serve two terms was James Wolfensohn, from 1995 to 2005. (Reuters)

World Bank president launches bid for second term

BuzzFeed, the online media outlet,&nbsp;has decided to&nbsp;split itself into two new departments that will focus on news and entertainment, CEO Jonah Peretti informed the employees through a memo.&nbsp; 
 
The move to create the&nbsp;two departments,&nbsp;BuzzFeed News and BuzzFeed Entertainment Group,&nbsp;comes at a time when online media companies are grappling with the balance between covering news and politics, and lighter fare like social media, entertainment and lifestyle. 
 
Editor-in-chief Ben Smith will run&nbsp;BuzzFeed News that will be formed after integration of&nbsp;some existing groups like the health team and video news.&nbsp; 
 
Headed by the president of BuzzFeed Motion Pictures, Ze Frank, who will assume the role of president of BuzzFeed Entertainment,&nbsp; 
BuzzFeed Entertainment Group will now become the umbrella for all entertainment news.&nbsp; 
 
&quot;In this new structure, video won&#39;t be the job of just one department. Having a single video department in 2016 makes about as much sense as having a mobile department,&quot; Peretti said in the memo, a copy of which was made available to Reuters. 
 
&quot;Instead of organising around a format or technology, we will organise our work to take full advantage of many formats and technologies,&quot; Peretti said. 
 
The company is best known for online list-based articles and quizzes and is trying to better attract more young internet-focused audiences who have different consumption patterns from their parents.

(Reuters)

The move to create two departments, BuzzFeed News and BuzzFeed Entertainment Group, comes at a time when online media companies are grapplin

BuzzFeed, the online media outlet, has decided to split itself into two new departments that will focus on news and entertainment, CEO Jonah Peretti informed the employees through a memo. The move to create the two departments, BuzzFeed News and BuzzFeed Entertainment Group, comes at a time when online media companies are grappling with the balance between covering news and politics, and lighter fare like social media, entertainment and lifestyle. Editor-in-chief Ben Smith will run BuzzFeed News that will be formed after integration of some existing groups like the health team and video news. Headed by the president of BuzzFeed Motion Pictures, Ze Frank, who will assume the role of president of BuzzFeed Entertainment, BuzzFeed Entertainment Group will now become the umbrella for all entertainment news. "In this new structure, video won't be the job of just one department. Having a single video department in 2016 makes about as much sense as having a mobile department," Peretti said in the memo, a copy of which was made available to Reuters. "Instead of organising around a format or technology, we will organise our work to take full advantage of many formats and technologies," Peretti said. The company is best known for online list-based articles and quizzes and is trying to better attract more young internet-focused audiences who have different consumption patterns from their parents. (Reuters)

BuzzFeed splits into two to balance news and entertainment

Idea Cellular, India&#39;s No 3. mobile phone carrier, on Tuesday strongly denied a report that it was in exploratory talks about a merger with larger rival Vodafone India and termed the news &quot;baseless and absolutely false.&quot;&nbsp; 
 
A spokeswoman for Idea&#39;s parent conglomerate, the Aditya Birla Group, said in an email that the company had &quot;no such intent&quot; and that the report by CNBC TV18 was &quot;absolutely untrue and preposterous.&quot; &nbsp;Idea&#39;s closed 6.9 percent higher on Tuesday after the TV channel said the two sides were in talks, citing unnamed sources. 
 
Vodafone India, India&#39;s No. 2 operator by market share and the local arm of Britain&#39;s Vodafone Group Plc, &nbsp;has declined to comment on the report. 
 
&quot;Both of them are struggling with their data revenue market share and ahead of a big competitive change in the industry they might want to get bigger,&quot; IDFC securities analyst Abhishek Gupta said of Idea and Vodafone India. 
 
Any such deal would also face tough regulatory scrutiny and analysts say approvals would be unlikely, as the companies would breach the 50 percent revenue market share limit in many regions of the country if they did try to merge. 
 
&quot;It&#39;s very unlikely,&quot; PhillipCapital (India) analyst Naveen Kulkarni said, citing the regulatory hurdles. 
 
&quot;I&#39;m doubtful whether this can go through but there could be some other form of merger, such as spectrum-sharing deals,&quot; he added. 
 
Industrialist and India&#39;s richest man Mukesh Ambani&#39;s telecom venture, Reliance Jio, is set to give them competition once it launches its commercial operations in the coming months. 
 
India is the world&#39;s second-biggest mobile phone market by subscriptions, behind China, but high competition in the crowded market has kept profits under pressure.

(Reuters) 
 
 
 
 
 
 
&nbsp;

A spokeswoman for Idea's parent conglomerate , the Aditya Birla Group, called the CNBC TV18 reports 'absolutely untrue and preposterous'

Idea Cellular, India's No 3. mobile phone carrier, on Tuesday strongly denied a report that it was in exploratory talks about a merger with larger rival Vodafone India and termed the news "baseless and absolutely false." A spokeswoman for Idea's parent conglomerate, the Aditya Birla Group, said in an email that the company had "no such intent" and that the report by CNBC TV18 was "absolutely untrue and preposterous." Idea's closed 6.9 percent higher on Tuesday after the TV channel said the two sides were in talks, citing unnamed sources. Vodafone India, India's No. 2 operator by market share and the local arm of Britain's Vodafone Group Plc, has declined to comment on the report. "Both of them are struggling with their data revenue market share and ahead of a big competitive change in the industry they might want to get bigger," IDFC securities analyst Abhishek Gupta said of Idea and Vodafone India. Any such deal would also face tough regulatory scrutiny and analysts say approvals would be unlikely, as the companies would breach the 50 percent revenue market share limit in many regions of the country if they did try to merge. "It's very unlikely," PhillipCapital (India) analyst Naveen Kulkarni said, citing the regulatory hurdles. "I'm doubtful whether this can go through but there could be some other form of merger, such as spectrum-sharing deals," he added. Industrialist and India's richest man Mukesh Ambani's telecom venture, Reliance Jio, is set to give them competition once it launches its commercial operations in the coming months. India is the world's second-biggest mobile phone market by subscriptions, behind China, but high competition in the crowded market has kept profits under pressure. (Reuters)

Idea Cellular says reports of merger with Vodafone 'baseless'

Tesla Motors Inc chief executive Elon Musk said yesterday the company will offer a larger upgraded battery pack for performance versions of its Model S and X vehicles that will extend range and allow for super fast acceleration. 
 
The new 100 kilowatt hour battery pack means high end versions of the Model S sedan, called the P 100D, will be the world&#39;s fastest accelerating car in production, the Silicon Valley automaker said. 
 
&quot;These are very profound milestones and I think will help convince people around the world that electric is the future,&quot; said Musk on a conference call with journalists. 
 
The new battery extends the range of performance versions of the new Model S beyond 482.8 kilometres, Tesla said. Musk said that if the weather is not too hot, a driver could travel from San Francisco to Los Angeles without recharging. 
 
After rising 2.1 per cent to $227.71 in afternoon trade, shares dipped from session highs to $224.87, up less than 1 per cent. 
 
News of the upgrade comes as the all-electric car maker lays the groundwork for a controversial buyout of SolarCity Corp, while it also prepares for next year&#39;s launch of its high profile Model 3 mass-market vehicle. 
 
SolarCity agreed to Tesla&#39;s $2.6 billion offer to buy the solar panel installer earlier this month, clearing one obstacle in the way of Musk&#39;s ambitious goal to create a carbon-free energy and transportation company. Both companies are still trading below where they were when SolarCity&#39;s approval for the deal was announced. 
 
In May, Tesla said it was stepping up production plans for its upcoming Model 3 mass-market sedan and would build a total of 500,000 all-electric vehicles in 2018, two years ahead of schedule, but it warned that spending will ramp up as well. 
 
Tesla earlier this month reported a steeper than expected quarterly loss on higher spending at its vehicle and battery factories. 
 
(Reuters)

The new 100 kilowatt-hour battery means high-end versions of the Model S sedan will be the world's fastest accelerating car in production

Tesla Motors Inc chief executive Elon Musk said yesterday the company will offer a larger upgraded battery pack for performance versions of its Model S and X vehicles that will extend range and allow for super fast acceleration. The new 100 kilowatt hour battery pack means high end versions of the Model S sedan, called the P 100D, will be the world's fastest accelerating car in production, the Silicon Valley automaker said. "These are very profound milestones and I think will help convince people around the world that electric is the future," said Musk on a conference call with journalists. The new battery extends the range of performance versions of the new Model S beyond 482.8 kilometres, Tesla said. Musk said that if the weather is not too hot, a driver could travel from San Francisco to Los Angeles without recharging. After rising 2.1 per cent to $227.71 in afternoon trade, shares dipped from session highs to $224.87, up less than 1 per cent. News of the upgrade comes as the all-electric car maker lays the groundwork for a controversial buyout of SolarCity Corp, while it also prepares for next year's launch of its high profile Model 3 mass-market vehicle. SolarCity agreed to Tesla's $2.6 billion offer to buy the solar panel installer earlier this month, clearing one obstacle in the way of Musk's ambitious goal to create a carbon-free energy and transportation company. Both companies are still trading below where they were when SolarCity's approval for the deal was announced. In May, Tesla said it was stepping up production plans for its upcoming Model 3 mass-market sedan and would build a total of 500,000 all-electric vehicles in 2018, two years ahead of schedule, but it warned that spending will ramp up as well. Tesla earlier this month reported a steeper than expected quarterly loss on higher spending at its vehicle and battery factories. (Reuters)

Tesla touts vehicle speed and range with new upgraded battery

Asia shares inched ahead while oil fell for a second session today, as investors awaited guidance on whether the Federal Reserve (Fed) will raise US interest rates this year. 
 
Morgan Stanley Capital International&#39;s (MSCI) broadest index of Asia-Pacific shares outside Japan added 0.3 per cent in slow trade. South Korea, Australia and Shanghai all gained. 
 
Japan&#39;s Nikkei went the other way and eased 0.2 per cent as the Yen held firm on the Dollar. 
 
A survey of Japanese manufacturing activity showed signs of steadying in August as output rose for the first time in six months, but had little impact on stocks. 
 
The IHS Markit/Nikkei Japan Flash PMI rose to 49.6 in August from a final 49.3 in July. More flash surveys are due from Europe and the United States later in the day. 
 
The whole world seems to have hushed ahead of comments from Fed Chair Janet Yellen at the central bank&#39;s annual meeting in Jackson Hole on Friday. Investors still doubt the stars will align for a hike anytime soon, so a hawkish tone from Yellen would challenge that equanimity. 
 
&quot;Ever so slowly, the market does seem to be reluctantly acknowledging the chorus of senior Fed speakers who have suggested recently that a 2016 rate hike is still quite probable and September is &#39;live&#39;,&quot; wrote analysts at ANZ in a note. 
 
&quot;But in reality, the response has been very muted.&quot; 
 
Indeed, US Treasuries actually rallied on Monday, with 10-year yields at 1.54 per cent after falling 4 basis points overnight. 
 
Fed fund futures imply around a 24 per cent chance of an easing in September, rising to around 50 per cent by December. 
 
A quarter-point hike is not fully priced until September 2017. 
 
Oil gives ground 
 
In commodity markets, oil remained under pressure after shedding 3 per cent on Monday. 
 
Prices retreated from two-month highs on worries about burgeoning Chinese fuel exports, more Iraqi and Nigerian crude shipments and a rising US oil rig count. 
 
Brent crude lost 53 Cents to $48.63 a barrel. It hit a two-month high of $51.22 on Friday. US crude futures fell 66 Cents to $46.75, after the September contract expired on Monday at $47.05. 
 
On Wall Street, the Dow jones Industrial Average (Dow) had ended Monday down 0.12 per cent, while the Standard and Poor&#39;s (S&amp;P) 500 lost 0.06 per cent and the National Association of Securities Dealers Automated Quotations (Nasdaq) added 0.12 per cent. 
 
Biotech stocks received a boost from Pfizer&#39;s $14 billion acquisition of cancer drug maker Medivation, which jumped nearly 20 per cent. 
 
Of the 479 companies in the S&amp;P 500 that have reported earnings, 71 per cent have topped expectations, according to Thomson Reuters data. Earnings are currently showing a decline of 2.3 per cent for the quarter. 
 
In forex markets, the Dollar slipped a touch to 94.466 against a basket of currencies. The index fell about 1.3 per cent last week on what traders perceived as mixed signals from Fed officials. 
 
The Dollar drifted as low as 100.03 Yen in early trade but found enough support to clamber back to 100.27. The Euro was a shade firmer at $1.1332. 
 
The New Zealand Dollar blipped higher after the country&#39;s central bank forecast another 35 basis points in possible rate cuts, less than many investors had wagered on. 
 
The kiwi Dollar rose around a third of a Cent to $0.7310 in reaction. 
 
(Reuters)

Investors await guidance on whether the Federal Reserve will raise US interest rates this year

Asia shares inched ahead while oil fell for a second session today, as investors awaited guidance on whether the Federal Reserve (Fed) will raise US interest rates this year. Morgan Stanley Capital International's (MSCI) broadest index of Asia-Pacific shares outside Japan added 0.3 per cent in slow trade. South Korea, Australia and Shanghai all gained. Japan's Nikkei went the other way and eased 0.2 per cent as the Yen held firm on the Dollar. A survey of Japanese manufacturing activity showed signs of steadying in August as output rose for the first time in six months, but had little impact on stocks. The IHS Markit/Nikkei Japan Flash PMI rose to 49.6 in August from a final 49.3 in July. More flash surveys are due from Europe and the United States later in the day. The whole world seems to have hushed ahead of comments from Fed Chair Janet Yellen at the central bank's annual meeting in Jackson Hole on Friday. Investors still doubt the stars will align for a hike anytime soon, so a hawkish tone from Yellen would challenge that equanimity. "Ever so slowly, the market does seem to be reluctantly acknowledging the chorus of senior Fed speakers who have suggested recently that a 2016 rate hike is still quite probable and September is 'live'," wrote analysts at ANZ in a note. "But in reality, the response has been very muted." Indeed, US Treasuries actually rallied on Monday, with 10-year yields at 1.54 per cent after falling 4 basis points overnight. Fed fund futures imply around a 24 per cent chance of an easing in September, rising to around 50 per cent by December. A quarter-point hike is not fully priced until September 2017. Oil gives ground In commodity markets, oil remained under pressure after shedding 3 per cent on Monday. Prices retreated from two-month highs on worries about burgeoning Chinese fuel exports, more Iraqi and Nigerian crude shipments and a rising US oil rig count. Brent crude lost 53 Cents to $48.63 a barrel. It hit a two-month high of $51.22 on Friday. US crude futures fell 66 Cents to $46.75, after the September contract expired on Monday at $47.05. On Wall Street, the Dow jones Industrial Average (Dow) had ended Monday down 0.12 per cent, while the Standard and Poor's (S&P) 500 lost 0.06 per cent and the National Association of Securities Dealers Automated Quotations (Nasdaq) added 0.12 per cent. Biotech stocks received a boost from Pfizer's $14 billion acquisition of cancer drug maker Medivation, which jumped nearly 20 per cent. Of the 479 companies in the S&P 500 that have reported earnings, 71 per cent have topped expectations, according to Thomson Reuters data. Earnings are currently showing a decline of 2.3 per cent for the quarter. In forex markets, the Dollar slipped a touch to 94.466 against a basket of currencies. The index fell about 1.3 per cent last week on what traders perceived as mixed signals from Fed officials. The Dollar drifted as low as 100.03 Yen in early trade but found enough support to clamber back to 100.27. The Euro was a shade firmer at $1.1332. The New Zealand Dollar blipped higher after the country's central bank forecast another 35 basis points in possible rate cuts, less than many investors had wagered on. The kiwi Dollar rose around a third of a Cent to $0.7310 in reaction. (Reuters)

Asia shares inch ahead, oil falls

Castrol Ltd, a unit of oil major BP Plc, is selling an up to $261 million stake in Castrol India Ltd in a block trade today, according to a termsheet seen by Reuters. 
 
The BP unit is selling shares at between ?385 ($5.7) to ?415.5 ($6.1) apiece, the termsheet showed. Shares of Castrol India ended flat at 416.80 rupees yesterday. 
 
The deal size amounts to an up to 8.53 per cent stake in the company, including an upsize option. 
 
BP owned 59.5 per cent of Castrol India as of the end of June through its units. It had sold another stake in Castrol India in May. 
 
(Reuters)

The deal size amounts to an up to 8.53 per cent stake in the company, including an upsize option

Castrol Ltd, a unit of oil major BP Plc, is selling an up to $261 million stake in Castrol India Ltd in a block trade today, according to a termsheet seen by Reuters. The BP unit is selling shares at between ?385 ($5.7) to ?415.5 ($6.1) apiece, the termsheet showed. Shares of Castrol India ended flat at 416.80 rupees yesterday. The deal size amounts to an up to 8.53 per cent stake in the company, including an upsize option. BP owned 59.5 per cent of Castrol India as of the end of June through its units. It had sold another stake in Castrol India in May. (Reuters)

BP unit selling up to $261 million stake in Castrol India

Auto supplier Robert Bosch GmbH said claims it was a knowing participant in Volkswagen&#39;s decade-long scheme to evade US anti-pollution laws were &quot;wild and unfounded.&quot; 
 
In a filing in US District Court in San Francisco late on Monday, Bosch responded to attorneys who are suing Volkswagen AG on behalf of US owners of the polluting VW diesel vehicles, who had said Bosch was a &quot;knowing and active participant in the scheme&quot;&quot;. 
 
Bosch makes an engine control unit used by several top automakers including VW. It supplied software and components to VW but has said responsibility for how software is used to regulate exhaust emissions or fuel consumption lies with carmakers. 
 
The plaintiffs&#39; attorneys said Bosch had worked with Volkswagen to develop a so-called cheat device to circumvent US emissions tests and trick regulators. 
 
The Bosch filing said an initial review of the plaintiffs&#39; documents &quot;indicates that the plaintiffs have made wild and unfounded allegations&quot; that in some cases are based on speculation. 
 
Most of the allegations involving Bosch remain under seal because the documents have been designated as confidential by Volkswagen. 
 
Bosch said it did not oppose making public most of the allegations under seal, except to keep the names and job titles of Bosch employees confidential, citing strict German privacy laws. Bosch said the plaintiffs&#39; complaint cites 38 Bosch employees - in addition to its chief executive, Volkmar Denner, who is a named defendant. 
 
Bosch said the allegations are supposedly based on documents turned over by Volkswagen &quot;but in many cases based only on speculation, and oftentimes directly contradicted by the terms of the documents cited.&quot; 
 
Bosch has not been charged with any wrongdoing. German prosecutors said in December that they were investigating whether staff at the Stuttgart-based company were involved in the rigging of emissions tests by VW. 
 
The engine control system for VW&#39;s clean diesel engine was customized through years of close collaboration between the carmaker and Bosch, plaintiffs&#39; lawyers said. 
 
Denner said in January he had ordered an internal investigation and was cooperating with authorities. In April, Bosch said it had set aside 650 million euros for potential legal costs, including for a continuing investigation into the company&#39;s role in Volkswagen&#39;s diesel emissions manipulation scandal. 
 
In November the United States federal prosecutors were investigating whether Bosch knew or participated in VW&#39;s efforts to cheat on US diesel emissions tests. 
 
In June, Deputy US Attorney General Sally Yates said the VW investigation is looking at &quot;multiple companies and multiple individuals.&quot; 
 
Reuters reported last week Volkswagen has held preliminary talks with the US Justice Department to settle a criminal investigation of the emissions cheating case. 
 
(AFP)

The plaintiffs' attorneys said Bosch had worked with Volkswagen to develop a so-called cheat device to circumvent US emissions tests

Auto supplier Robert Bosch GmbH said claims it was a knowing participant in Volkswagen's decade-long scheme to evade US anti-pollution laws were "wild and unfounded." In a filing in US District Court in San Francisco late on Monday, Bosch responded to attorneys who are suing Volkswagen AG on behalf of US owners of the polluting VW diesel vehicles, who had said Bosch was a "knowing and active participant in the scheme"". Bosch makes an engine control unit used by several top automakers including VW. It supplied software and components to VW but has said responsibility for how software is used to regulate exhaust emissions or fuel consumption lies with carmakers. The plaintiffs' attorneys said Bosch had worked with Volkswagen to develop a so-called cheat device to circumvent US emissions tests and trick regulators. The Bosch filing said an initial review of the plaintiffs' documents "indicates that the plaintiffs have made wild and unfounded allegations" that in some cases are based on speculation. Most of the allegations involving Bosch remain under seal because the documents have been designated as confidential by Volkswagen. Bosch said it did not oppose making public most of the allegations under seal, except to keep the names and job titles of Bosch employees confidential, citing strict German privacy laws. Bosch said the plaintiffs' complaint cites 38 Bosch employees - in addition to its chief executive, Volkmar Denner, who is a named defendant. Bosch said the allegations are supposedly based on documents turned over by Volkswagen "but in many cases based only on speculation, and oftentimes directly contradicted by the terms of the documents cited." Bosch has not been charged with any wrongdoing. German prosecutors said in December that they were investigating whether staff at the Stuttgart-based company were involved in the rigging of emissions tests by VW. The engine control system for VW's clean diesel engine was customized through years of close collaboration between the carmaker and Bosch, plaintiffs' lawyers said. Denner said in January he had ordered an internal investigation and was cooperating with authorities. In April, Bosch said it had set aside 650 million euros for potential legal costs, including for a continuing investigation into the company's role in Volkswagen's diesel emissions manipulation scandal. In November the United States federal prosecutors were investigating whether Bosch knew or participated in VW's efforts to cheat on US diesel emissions tests. In June, Deputy US Attorney General Sally Yates said the VW investigation is looking at "multiple companies and multiple individuals." Reuters reported last week Volkswagen has held preliminary talks with the US Justice Department to settle a criminal investigation of the emissions cheating case. (AFP)

Auto supplier Bosch rejects diesel allegations as 'wild and unfounded'

Microsoft on Monday announced it bought a startup to boost its artificial intelligence capabilities, and rival Apple confirmed it has boosted its health focus with an acquisition of its own. 
 
Microsoft did not disclose financial terms of its deal to buy Genee, which specialises in using machine smarts to handle the time-sucking task of scheduling meetings. 
 
&quot;Genee uses natural language processing and optimised decision-making algorithms so that interacting with a virtual assistant is just like interacting with a human one,&quot; Outlook and Office 365 corporate vice president Rajesh Jha said in a blog post. 
 
For example, Genee can be copied into an email exchange to act as a virtual assistant of sorts to pin down a time for a business or social meeting. 
 
Jha touted Genee as having designed &quot;an intelligent virtual assistant specialised in the appointment decision.&quot; 
 
The technology was expected to be put to work in Office 365 software that Microsoft offers as a service in the internet cloud. 
 
The team that started Silicon Valley-based Genee in 2014 will join the Microsoft and the existing service will be discontinued next month, according to the companies. 
 
Apple and the &#39;magical machine&#39;&nbsp; 
 
Apple confirmed press reports that it has bought startup Gliimpse, which uses machine learning as part of its formula for letting people manage and share personal medical information. 
 
&quot;Apple buys smaller technology companies from time to time, and we generally do not discuss our purpose or plans,&quot; Apple said in a statement. 
 
Glimpse offers a unique platform allowing users to compile medical and health data from different sources, and share as needed with third parties, including doctors. 
 
&quot;We&#39;ve built a magical machine,&quot; Gliimpse said on its website. 
 
&quot;It takes incomprehensible electronic medical records and turns them into understandable, standardised, coded elements and terminology that both humans and machines can easily understand and use.&quot; 
 
Apple has introduced features and software platforms for its mobile devices to be tools for people to manage and improve fitness and health. 
 
(AFP)

The two tech giants have acquired 'smart startups'. While Apple focuses on health data, Microsoft would help in scheduling meetings

Microsoft on Monday announced it bought a startup to boost its artificial intelligence capabilities, and rival Apple confirmed it has boosted its health focus with an acquisition of its own. Microsoft did not disclose financial terms of its deal to buy Genee, which specialises in using machine smarts to handle the time-sucking task of scheduling meetings. "Genee uses natural language processing and optimised decision-making algorithms so that interacting with a virtual assistant is just like interacting with a human one," Outlook and Office 365 corporate vice president Rajesh Jha said in a blog post. For example, Genee can be copied into an email exchange to act as a virtual assistant of sorts to pin down a time for a business or social meeting. Jha touted Genee as having designed "an intelligent virtual assistant specialised in the appointment decision." The technology was expected to be put to work in Office 365 software that Microsoft offers as a service in the internet cloud. The team that started Silicon Valley-based Genee in 2014 will join the Microsoft and the existing service will be discontinued next month, according to the companies. Apple and the 'magical machine' Apple confirmed press reports that it has bought startup Gliimpse, which uses machine learning as part of its formula for letting people manage and share personal medical information. "Apple buys smaller technology companies from time to time, and we generally do not discuss our purpose or plans," Apple said in a statement. Glimpse offers a unique platform allowing users to compile medical and health data from different sources, and share as needed with third parties, including doctors. "We've built a magical machine," Gliimpse said on its website. "It takes incomprehensible electronic medical records and turns them into understandable, standardised, coded elements and terminology that both humans and machines can easily understand and use." Apple has introduced features and software platforms for its mobile devices to be tools for people to manage and improve fitness and health. (AFP)

Apple boosts health while Microsoft revs machine smarts

Cancer drugmaker Medivation yesterday gained nearly 20 per cent after the announcement it would be bought by Pfizer, but Wall Street stocks were otherwise generally flat. 
 
The Dow Jones Industrial Average closed down 0.1 per cent at 18,529.42 while the S&amp;P 500 fell less than 0.1 per cent to 2,182.64. 
 
The tech-heavy Nasdaq, where Medivation is listed, rose 0.1 per cent 5,244.60 
 
Chris Low of FTN Financial said the markets were in wait-and-see mode, with a lack of economic data coming this week and a much-anticipated speech from Federal Reserve Chair Janet Yellen due on Friday in Jackson Hole, Wyoming. 
 
&quot;Traders are looking at this and are probably reluctant to take a position on either side of the market as long as there are opportunities for surprises,&quot; Low told AFP. 
 
Pfizer on Monday announced it had reached a deal to purchase Medivation, which manufactures a prized prostate cancer medication, for $14 billion. 
 
Pfizer was down 0.4 per cent and Johnson &amp; Johnson fell almost 0.7 per cent. But Merck and Eli Lilly were both up 0.3 per cent 
 
Social media giant Twitter lost 2.3 per cent. 
 
Peter Cardillo of First Standard Financial Company told AFP that markets would likely continue to move sideways until Yellen&#39;s speech. 
 
&quot;We are looking at the Jackson Hole meeting later this week and I think this is going to keep the market in a range, a little higher, a little lower,&quot; he said. &quot;Just trading sideways for most of the week.&quot; 
 
Oil stocks were split on Monday as crude prices sank, with Chevron Corp down 0.4 percent but Exxon Mobil up 0.2 per cent. 
 
Oil services contractor Halliburton fell 3.8 per cent while Baker Hughes was 1.7 per cent lower than Friday&#39;s close. 
 
(AFP)

Chris Low of FTN Financial said the markets were in wait-and-see mode with a much-anticipated speech from Federal Reserve Chair Janet Yellen

Cancer drugmaker Medivation yesterday gained nearly 20 per cent after the announcement it would be bought by Pfizer, but Wall Street stocks were otherwise generally flat. The Dow Jones Industrial Average closed down 0.1 per cent at 18,529.42 while the S&P 500 fell less than 0.1 per cent to 2,182.64. The tech-heavy Nasdaq, where Medivation is listed, rose 0.1 per cent 5,244.60 Chris Low of FTN Financial said the markets were in wait-and-see mode, with a lack of economic data coming this week and a much-anticipated speech from Federal Reserve Chair Janet Yellen due on Friday in Jackson Hole, Wyoming. "Traders are looking at this and are probably reluctant to take a position on either side of the market as long as there are opportunities for surprises," Low told AFP. Pfizer on Monday announced it had reached a deal to purchase Medivation, which manufactures a prized prostate cancer medication, for $14 billion. Pfizer was down 0.4 per cent and Johnson & Johnson fell almost 0.7 per cent. But Merck and Eli Lilly were both up 0.3 per cent Social media giant Twitter lost 2.3 per cent. Peter Cardillo of First Standard Financial Company told AFP that markets would likely continue to move sideways until Yellen's speech. "We are looking at the Jackson Hole meeting later this week and I think this is going to keep the market in a range, a little higher, a little lower," he said. "Just trading sideways for most of the week." Oil stocks were split on Monday as crude prices sank, with Chevron Corp down 0.4 percent but Exxon Mobil up 0.2 per cent. Oil services contractor Halliburton fell 3.8 per cent while Baker Hughes was 1.7 per cent lower than Friday's close. (AFP)

Medivation surges on Pfizer takeover as US markets stay flat

Samsung Electronics Co Ltd plans to launch a programme to sell refurbished used versions of its premium smartphones as early as next year, a person with direct knowledge of the matter told Reuters. 
 
The South Korean technology firm is looking for ways to sustain earnings momentum after reviving its mobile profits by restructuring its product line-up. As growth in the global smartphone market hits a plateau, Samsung wants to maximise its cost efficiency and keep operating margins above 10 percent. 
 
The world&#39;s top smartphone maker will refurbish high-end phones returned to the company by users who signed up for one-year upgrade programmes in markets such as South Korea and the United States. 
 
Samsung would then re-sell these phones at a lower price, the person said, declining to be identified as the plan was not yet public. 
 
The person declined to say how big a discount the refurbished phones would be sold at, which markets the phones would be sold in or how many refurbished devices Samsung could sell. 
 
A Samsung spokeswoman said the company does not comment on speculation. 
 
It was not clear to what extent the phones would be altered, but refurbished phones typically are fitted with parts such as a new casing or battery. 
 
Rival Apple Inc&#39;s iPhone has a re-sale value of around 69 percent of its original price after about one year from launch, while Samsung&#39;s flagship Galaxy sells for 51 percent of the original price in the U.S. market, according to BNP Paribas. 
 
Refurbished phones could help vendors such as Samsung boost their presence in emerging markets such as India, where high-end devices costing $800 or so are beyond most buyers. 
 
Apple sells refurbished iPhones in a number of markets including the United States, but does not disclose sales figures. It is trying to sell such iPhones in India, where the average smartphone sells for less than $90. 
 
Selling used phones could help Samsung fend off lower-cost Chinese rivals that have been eating into its market share, and free up some capital to invest elsewhere or boost marketing expenditure. 
 
Deloitte says the used smartphone market will be worth more than $17 billion this year, with 120 million devices sold or traded in to manufacturers or carriers - around 8 percent of total smartphone sales. Some market experts expect the used market to grow fast as there are fewer technology breakthroughs. 
 
&quot;Some consumers may prefer to buy refurbished, used premium models in lieu of new budget brands, possibly cannibalising sales of new devices from those budget manufacturers,&quot; Deloitte said in a report. 
 
Cannibalisation risk 
 
Samsung&#39;s refurbishment programme, details of which the person said could be finalised as early as 2017, could help the firm generate revenue from dated high-end smartphones returned by users upgrading to newer versions. 
 
The company&#39;s latest premium phones, the Galaxy S7 and Galaxy Note 7, have received favourable reviews, suggesting cheaper, refurbished versions could be popular. At U.S. carrier Verizon Communications, the Galaxy S7 edge with 32-gigabyte storage retails for $792 without subsidies, while the Note 7 costs $864. 
 
The programme could help Samsung defend market share in emerging countries by bolstering mid-tier sales. Refurbished phones could also appeal to enterprise clients who want certain security or software products pre-installed on phones to give to their employees, the source said. 
 
The risk of offering refurbished devices is that they could potentially cannibalise sales of Samsung&#39;s other mid-tier devices. 
 
Expectations for solid smartphone sales helped Samsung shares to a record 1.675 million won each on Friday, taking two-day gains to 7 percent and adding $15 billion in market value. The shares traded down 0.36 percent in Seoul on Monday.

($1 = 1,116.2700 won)

(Reuters) 
 
&nbsp;

The South Korean technology firm is looking for ways to sustain earnings momentum after reviving its mobile profits by restructuring its product line-up

Samsung Electronics Co Ltd plans to launch a programme to sell refurbished used versions of its premium smartphones as early as next year, a person with direct knowledge of the matter told Reuters. The South Korean technology firm is looking for ways to sustain earnings momentum after reviving its mobile profits by restructuring its product line-up. As growth in the global smartphone market hits a plateau, Samsung wants to maximise its cost efficiency and keep operating margins above 10 percent. The world's top smartphone maker will refurbish high-end phones returned to the company by users who signed up for one-year upgrade programmes in markets such as South Korea and the United States. Samsung would then re-sell these phones at a lower price, the person said, declining to be identified as the plan was not yet public. The person declined to say how big a discount the refurbished phones would be sold at, which markets the phones would be sold in or how many refurbished devices Samsung could sell. A Samsung spokeswoman said the company does not comment on speculation. It was not clear to what extent the phones would be altered, but refurbished phones typically are fitted with parts such as a new casing or battery. Rival Apple Inc's iPhone has a re-sale value of around 69 percent of its original price after about one year from launch, while Samsung's flagship Galaxy sells for 51 percent of the original price in the U.S. market, according to BNP Paribas. Refurbished phones could help vendors such as Samsung boost their presence in emerging markets such as India, where high-end devices costing $800 or so are beyond most buyers. Apple sells refurbished iPhones in a number of markets including the United States, but does not disclose sales figures. It is trying to sell such iPhones in India, where the average smartphone sells for less than $90. Selling used phones could help Samsung fend off lower-cost Chinese rivals that have been eating into its market share, and free up some capital to invest elsewhere or boost marketing expenditure. Deloitte says the used smartphone market will be worth more than $17 billion this year, with 120 million devices sold or traded in to manufacturers or carriers - around 8 percent of total smartphone sales. Some market experts expect the used market to grow fast as there are fewer technology breakthroughs. "Some consumers may prefer to buy refurbished, used premium models in lieu of new budget brands, possibly cannibalising sales of new devices from those budget manufacturers," Deloitte said in a report. Cannibalisation risk Samsung's refurbishment programme, details of which the person said could be finalised as early as 2017, could help the firm generate revenue from dated high-end smartphones returned by users upgrading to newer versions. The company's latest premium phones, the Galaxy S7 and Galaxy Note 7, have received favourable reviews, suggesting cheaper, refurbished versions could be popular. At U.S. carrier Verizon Communications, the Galaxy S7 edge with 32-gigabyte storage retails for $792 without subsidies, while the Note 7 costs $864. The programme could help Samsung defend market share in emerging countries by bolstering mid-tier sales. Refurbished phones could also appeal to enterprise clients who want certain security or software products pre-installed on phones to give to their employees, the source said. The risk of offering refurbished devices is that they could potentially cannibalise sales of Samsung's other mid-tier devices. Expectations for solid smartphone sales helped Samsung shares to a record 1.675 million won each on Friday, taking two-day gains to 7 percent and adding $15 billion in market value. The shares traded down 0.36 percent in Seoul on Monday. ($1 = 1,116.2700 won) (Reuters)

Samsung to refurbish smartphones to maximise cost efficiency

Facebook Inc stock has the potential to climb by more than 20 per cent over the next year given the growing advertising revenue among its platforms, according to a Barron&#39;s report on Sunday.

The social media giant, which traded at just under $124 a share on Friday, has seen a recent acceleration in growth in part because of its increasing mobile ad load, or, the number of ads Facebook can serve up to its users, the report said.

Facebook also has other avenues of ad load growth, including Instagram, Messenger and WhatsApp, which have yet to fill up on ads, it said.

Wall Street expects daily average users, which are 1.1 billion now, to reach 1.7 billion in four years. By then, Facebook will have learned more about how to turn its ads into transactions, leading to growth in the advertising rate it charges, Barron&#39;s said.

One concern, however, is Facebook&#39;s appeal to the young, as those under 25 years are spending a lower amount of total mobile time on Facebook compared to other age groups.

Still, Barron&#39;s said that the company could hit $153 a share in a year, which would be a premium price, but not an outlandish one given that investors are paying dearly for rare things like growth, yield and predictability, the report said.

A US financial magazine believes that increasing ad revenues will help the social media network to grow in the next twelve months

Facebook Inc stock has the potential to climb by more than 20 per cent over the next year given the growing advertising revenue among its platforms, according to a Barron's report on Sunday. The social media giant, which traded at just under $124 a share on Friday, has seen a recent acceleration in growth in part because of its increasing mobile ad load, or, the number of ads Facebook can serve up to its users, the report said. Facebook also has other avenues of ad load growth, including Instagram, Messenger and WhatsApp, which have yet to fill up on ads, it said. Wall Street expects daily average users, which are 1.1 billion now, to reach 1.7 billion in four years. By then, Facebook will have learned more about how to turn its ads into transactions, leading to growth in the advertising rate it charges, Barron's said. One concern, however, is Facebook's appeal to the young, as those under 25 years are spending a lower amount of total mobile time on Facebook compared to other age groups. Still, Barron's said that the company could hit $153 a share in a year, which would be a premium price, but not an outlandish one given that investors are paying dearly for rare things like growth, yield and predictability, the report said.

Facebook can surge by 20 per cent on ad growth: Report

Embattled auto giant Volkswagen said today it would halt production at six plants in Germany for several days as a legal dispute with two key suppliers deepened. 
 
Around 27,700 workers would have their work hours slashed by the end of August, in a new headache for the group which is struggling to move past an emissions cheating scandal that is costing billions. 
 
VW had been forced to take the drastic measures at the factories that produce some of its most popular models including Passat sedans and Golf compacts after the two suppliers of gearbox parts and seat covers halted deliveries.&nbsp; 
 
&quot;Although the state court in Brunswick issued temporary injunctions requiring the suppliers to resume deliveries, they so far haven`t fulfilled this obligation,&quot; the VW statement read. 
 
Instead, the components&#39; manufacturers are appealing the court decision.&nbsp;VW said it would resume talks with the suppliers today. 
 
While the group &quot;wishes to achieve a result through negotiations,&quot; it may also pursue legal means, a spokesman said. 
 
The parts suppliers say that VW broke off several contracts with no advance warning or compensation, leaving them with no choice but to suspend deliveries to protect their own businesses and workforce. 
 
A spokesman for Prevent, the parent company of the two firms, told German business daily Handelsblatt on Friday that VW was imposing &quot;unacceptable conditions&quot; on its suppliers. 
 
Handelsblatt also reported that VW has been seeking concessions from all of its suppliers, amounting to several billion Euros. 
 
The battle has also angered Volkswagen worker representatives, who complained that employees are paying for a battle between the manufacturer and its suppliers which they had no role in starting. 
 
Affected factories include Emden, Zwickau, Kassel, Salzgitter, Brunswick, and a key site at the firm&#39;s headquarters at Wolfsburg. One car industry expert told AFP that Volkswagen left itself vulnerable as it depended on a single supplier for the critical gearbox casings. 
 
&quot;It should never be the case that a global company has a medium-sized company as its sole supplier,&quot; Ferdinand Dudenhoeffer of the University of Duisburg-Essen said. 
 
Volkswagen, which also owns brands from luxury Audi to lower-end Skoda, is still in the throes of its biggest-ever crisis after it admitted in September 2015 to a massive emissions cheating scandal affecting 11 million diesel engines. 
 
The revelation slashed the carmaker&#39;s share price by 40 per cent - a drop in market value of 25 billion Euros - in two days. 
 
Chief executive Martin Winterkorn stepped down over the scandal, and prosecutors in the US said in July that his successor, Matthias Mueller, may also have known of cars&#39; failure to meet emissions standards as early as 2006. 
 
VW has had to set aside billions of dollars to settle damage claims from car owners and to retrofit the affected cars.&nbsp;It secured preliminary approval for a $14.7-billion settlement from a California judge in July.&nbsp;But several German states are examining legal action to claw back losses to pension schemes and other holders of VW shares. 
 
The company may also be forced to pay out for environmental damages in cases brought by several US states. 
 
Analysts have estimated the final cost of the affair at between 20 and 30 billion Euros, a steep price tag even for a firm with annual sales of around 200 billion. 
 
(AFP)

The factories produce some of the carmaker's most popular models including Passat sedans and Golf compacts

Embattled auto giant Volkswagen said today it would halt production at six plants in Germany for several days as a legal dispute with two key suppliers deepened. Around 27,700 workers would have their work hours slashed by the end of August, in a new headache for the group which is struggling to move past an emissions cheating scandal that is costing billions. VW had been forced to take the drastic measures at the factories that produce some of its most popular models including Passat sedans and Golf compacts after the two suppliers of gearbox parts and seat covers halted deliveries. "Although the state court in Brunswick issued temporary injunctions requiring the suppliers to resume deliveries, they so far haven`t fulfilled this obligation," the VW statement read. Instead, the components' manufacturers are appealing the court decision. VW said it would resume talks with the suppliers today. While the group "wishes to achieve a result through negotiations," it may also pursue legal means, a spokesman said. The parts suppliers say that VW broke off several contracts with no advance warning or compensation, leaving them with no choice but to suspend deliveries to protect their own businesses and workforce. A spokesman for Prevent, the parent company of the two firms, told German business daily Handelsblatt on Friday that VW was imposing "unacceptable conditions" on its suppliers. Handelsblatt also reported that VW has been seeking concessions from all of its suppliers, amounting to several billion Euros. The battle has also angered Volkswagen worker representatives, who complained that employees are paying for a battle between the manufacturer and its suppliers which they had no role in starting. Affected factories include Emden, Zwickau, Kassel, Salzgitter, Brunswick, and a key site at the firm's headquarters at Wolfsburg. One car industry expert told AFP that Volkswagen left itself vulnerable as it depended on a single supplier for the critical gearbox casings. "It should never be the case that a global company has a medium-sized company as its sole supplier," Ferdinand Dudenhoeffer of the University of Duisburg-Essen said. Volkswagen, which also owns brands from luxury Audi to lower-end Skoda, is still in the throes of its biggest-ever crisis after it admitted in September 2015 to a massive emissions cheating scandal affecting 11 million diesel engines. The revelation slashed the carmaker's share price by 40 per cent - a drop in market value of 25 billion Euros - in two days. Chief executive Martin Winterkorn stepped down over the scandal, and prosecutors in the US said in July that his successor, Matthias Mueller, may also have known of cars' failure to meet emissions standards as early as 2006. VW has had to set aside billions of dollars to settle damage claims from car owners and to retrofit the affected cars. It secured preliminary approval for a $14.7-billion settlement from a California judge in July. But several German states are examining legal action to claw back losses to pension schemes and other holders of VW shares. The company may also be forced to pay out for environmental damages in cases brought by several US states. Analysts have estimated the final cost of the affair at between 20 and 30 billion Euros, a steep price tag even for a firm with annual sales of around 200 billion. (AFP)

VW to halt production at 6 German plants after dispute with suppliers deepens

Indian bonds and currency fell on Monday as investors took the appointment of Urjit Patel as the next governor of the Reserve Bank of India as a signal of policy continuity at the central bank, making a near term cut in interest rates unlikely. 
 
The benchmark 10-year bond yield rose 4 basis points to 7.14 percent, while the rupee fell to a near one-month low of 67.17/67.18 to the Dollar, compared with its close of 67.07. 
 
Patel, currently an RBI deputy governor, had been seen as among the more hawkish candidates that had been in the running to take over from Raghuram Rajan, who steps down as governor on Sept. 4. 
 
Traders expect Patel to keep the repo rate on hold at the RBI&#39;s next policy review on Oct. 4 after inflation accelerated to 6.07 percent in July, above the RBI&#39;s near-term target of 5 percent. 
 
The RBI had cut the policy repo rate by 150 bps from January 2015 to April this year but has held them steady since then. 
 
During his time as deputy governor, Patel had headed a panel that recommended landmark changes to monetary policy in India, including a switch to inflation-targeting and the creation of a committee to set interest rates. 
 
The RBI cut interest rates 150 bps during Rajan&#39;s tenure and the central bank&#39;s pledge to ease cash conditions had also contributed to a rally in bond markets, and investors will be encouraged that one of Rajan&#39;s closest aides will succeed him. 
 
&quot;All investors, both foreign and domestic should take comfort in the fact that there will be policy continuity,&quot; said Kenneth Akintewe, Senior Investment Manager at Aberdeen Asset Management Asia Ltd in Singapore. 
 
&quot;Nevertheless, some of the dovish sentiment that had crept into the market will likely be re-priced given that Dr Patel is viewed as being more hawkish, therefore yields could correct slightly higher in the near term.&quot; 
 
The 10-year bond yield slumped 36 bps, and hit a seven-year low of 7.07 percent earlier this month as some buyers speculated that a more dovish governor would emerge, and there was also strong buying by foreign investors, though that cooled this month. 
 
Prime Minister Narendra Modi&#39;s government this month formally agreed to adopt Rajan&#39;s inflation target of 2 to 6 percent in the medium term. 
 
Analysts said they expect Patel, like Rajan, would steer policy towards keeping inflation at the midpoint of 4 percent, instead of the upper end of the range. 
 
Still, analysts, say they still see scope for an interest rate cut at the end of this year or early in 2017 should food prices moderate in coming months as monsoon rains have been above average. 
 
&quot;The perception is that he is hawkish but he has room to maneuver,&quot; said Radhika Rao, economist, DBS, Singapore.

(Reuters)

Urjit Patel is viewed to be among the more hawkish candidates that had been in the running to take over from Raghuram Rajan

Indian bonds and currency fell on Monday as investors took the appointment of Urjit Patel as the next governor of the Reserve Bank of India as a signal of policy continuity at the central bank, making a near term cut in interest rates unlikely. The benchmark 10-year bond yield rose 4 basis points to 7.14 percent, while the rupee fell to a near one-month low of 67.17/67.18 to the Dollar, compared with its close of 67.07. Patel, currently an RBI deputy governor, had been seen as among the more hawkish candidates that had been in the running to take over from Raghuram Rajan, who steps down as governor on Sept. 4. Traders expect Patel to keep the repo rate on hold at the RBI's next policy review on Oct. 4 after inflation accelerated to 6.07 percent in July, above the RBI's near-term target of 5 percent. The RBI had cut the policy repo rate by 150 bps from January 2015 to April this year but has held them steady since then. During his time as deputy governor, Patel had headed a panel that recommended landmark changes to monetary policy in India, including a switch to inflation-targeting and the creation of a committee to set interest rates. The RBI cut interest rates 150 bps during Rajan's tenure and the central bank's pledge to ease cash conditions had also contributed to a rally in bond markets, and investors will be encouraged that one of Rajan's closest aides will succeed him. "All investors, both foreign and domestic should take comfort in the fact that there will be policy continuity," said Kenneth Akintewe, Senior Investment Manager at Aberdeen Asset Management Asia Ltd in Singapore. "Nevertheless, some of the dovish sentiment that had crept into the market will likely be re-priced given that Dr Patel is viewed as being more hawkish, therefore yields could correct slightly higher in the near term." The 10-year bond yield slumped 36 bps, and hit a seven-year low of 7.07 percent earlier this month as some buyers speculated that a more dovish governor would emerge, and there was also strong buying by foreign investors, though that cooled this month. Prime Minister Narendra Modi's government this month formally agreed to adopt Rajan's inflation target of 2 to 6 percent in the medium term. Analysts said they expect Patel, like Rajan, would steer policy towards keeping inflation at the midpoint of 4 percent, instead of the upper end of the range. Still, analysts, say they still see scope for an interest rate cut at the end of this year or early in 2017 should food prices moderate in coming months as monsoon rains have been above average. "The perception is that he is hawkish but he has room to maneuver," said Radhika Rao, economist, DBS, Singapore. (Reuters)

Indian bonds, rupee fall as Urjit Patel, Rajan's close aide, chosen to head RBI

Media giant Viacom&#39;s nasty corporate power struggle ended&nbsp;on Friday&nbsp;with 93-year-old mogul Sumner Redstone remaining atop his empire and chief executive Philippe Dauman walking.

Viacom chief operating officer Tom Dooley took over as interim chief, with Dauman remaining non-executive chairman until he leaves the board on&nbsp;September 13, according to a copy of a memo obtained by AFP.

&quot;Late last night the boards of Viacom and National Amusements approved an agreement to settle their dispute,&quot; Dooley said in the memo.

&quot;The final agreement is expected to be signed and announced shortly.&quot;

The agreement expands the size of the board, adding five new directors nominated by National Amusements, according to Dooley.

Various media outlets, including the Wall Street Journal, reported that Dauman agreed to resign in exchange for a $72 million severance package.

Under terms of the deal, Dauman would end legal battles against Redstone and his daughter&nbsp;Shari.

The litigation threatened to make public details about the health of the elder Redstone, whose fitness and mental status had already been questioned in legal proceedings by a former companion who described him as &quot;a living ghost.&quot;
Power grab

Viacom&#39;s management, led by Dauman and board member George Abrams, have alleged in court that Shari Redstone effectively controls her ailing father and is making a power grab for his $40 billion media empire.

It includes entertainment conglomerate Viacom which is home to the Paramount Pictures movie studio, and television group CBS.

Dauman and Abrams sought in a Massachusetts court to speed up their fight against being dismissed as trustees of National Amusements Trust, which controls Sumner Redstone&#39;s National Amusements holding company.

They asked the court to quickly order a medical examination of Redstone, alleging he is not mentally competent to make business decisions and that he was being manipulated by his daughter, who was supposedly behind their dismissals.

&quot;He is a 93-year-old man suffering from overwhelming physical ailments, including an inability to speak, stand, walk, eat, write or read,&quot; they alleged.

&quot;He suffers from a progressive neurological disease characterized by dementia.&quot;

A judge in Delaware last month gave the green light for a separate trial over the removal of five Viacom board members, including Dauman. The trial, scheduled for October, would examine Redstone&#39;s ability to manage his operations.

&quot;National Amusements exercised its indisputable rights as Viacom&#39;s majority shareholder to make changes to Viacom&#39;s board,&quot; a spokesperson said at the time.

And in California, a judge dismissed a suit by Redstone&#39;s ex-girlfriend Manuela Herzer who alleged he was incapable of making the decision to kick her out of his house, and requested that she be reappointed his caretaker.

Paramount Pictures play

Long, considered very close to the tycoon&nbsp;Dauman, was ousted in recent months from positions managing the family fortune.

Remaining for a time as non-executive chairman of the board could give Dauman a chance to pitch his plan to sell as much as 49 per cent of Paramount Pictures, according to reports.

That plan is said to be one of the main points of contention with the Redstone family.

Many investors, however, have been critical of Dauman for not reacting more effectively to the rise of online video and a slide in the Viacom share price. 
 
(AFP)

The company's chief executive had accused 93-year-old chairman Sumner Redstone of being unfit to run the media empire

Media giant Viacom's nasty corporate power struggle ended on Friday with 93-year-old mogul Sumner Redstone remaining atop his empire and chief executive Philippe Dauman walking. Viacom chief operating officer Tom Dooley took over as interim chief, with Dauman remaining non-executive chairman until he leaves the board on September 13, according to a copy of a memo obtained by AFP. "Late last night the boards of Viacom and National Amusements approved an agreement to settle their dispute," Dooley said in the memo. "The final agreement is expected to be signed and announced shortly." The agreement expands the size of the board, adding five new directors nominated by National Amusements, according to Dooley. Various media outlets, including the Wall Street Journal, reported that Dauman agreed to resign in exchange for a $72 million severance package. Under terms of the deal, Dauman would end legal battles against Redstone and his daughter Shari. The litigation threatened to make public details about the health of the elder Redstone, whose fitness and mental status had already been questioned in legal proceedings by a former companion who described him as "a living ghost." Power grab Viacom's management, led by Dauman and board member George Abrams, have alleged in court that Shari Redstone effectively controls her ailing father and is making a power grab for his $40 billion media empire. It includes entertainment conglomerate Viacom which is home to the Paramount Pictures movie studio, and television group CBS. Dauman and Abrams sought in a Massachusetts court to speed up their fight against being dismissed as trustees of National Amusements Trust, which controls Sumner Redstone's National Amusements holding company. They asked the court to quickly order a medical examination of Redstone, alleging he is not mentally competent to make business decisions and that he was being manipulated by his daughter, who was supposedly behind their dismissals. "He is a 93-year-old man suffering from overwhelming physical ailments, including an inability to speak, stand, walk, eat, write or read," they alleged. "He suffers from a progressive neurological disease characterized by dementia." A judge in Delaware last month gave the green light for a separate trial over the removal of five Viacom board members, including Dauman. The trial, scheduled for October, would examine Redstone's ability to manage his operations. "National Amusements exercised its indisputable rights as Viacom's majority shareholder to make changes to Viacom's board," a spokesperson said at the time. And in California, a judge dismissed a suit by Redstone's ex-girlfriend Manuela Herzer who alleged he was incapable of making the decision to kick her out of his house, and requested that she be reappointed his caretaker. Paramount Pictures play Long, considered very close to the tycoon Dauman, was ousted in recent months from positions managing the family fortune. Remaining for a time as non-executive chairman of the board could give Dauman a chance to pitch his plan to sell as much as 49 per cent of Paramount Pictures, according to reports. That plan is said to be one of the main points of contention with the Redstone family. Many investors, however, have been critical of Dauman for not reacting more effectively to the rise of online video and a slide in the Viacom share price. (AFP)

Viacom power struggle ends as CEO agrees to walk out

Around 50 companies including global banking institutions like the World Bank, Deutsche Bank and Barclays have expressed their eagerness to be associated with the centre&#39;s postal payments bank initiative, Indian minister Ravi Shankar Prasad said on Saturday. 
 
&quot;We will begin postal payments banking service from September 16, wherein 1.3 lakh postmen will be given hand-held devices, a moving ATM (automated teller machine) to provide banking services, insurance, money-order, as well as third-party service,&quot; the Information technology minister said after inaugurating an incubation centre at the Software Technology Parks of India (STPI) here. 
 
Some 50 companies, including World Bank, Deutsche Bank, Swiss Bank, Barclays, want to be associated with us,&quot; said&nbsp;India&#39;s ruling Bharatiya Janta Party (BJP) leader. 
 
In June, the Indian cabinet had cleared the proposal for postal payments banks with a corpus of Rupees&nbsp;800 crore. The proposal is to set up 650 branches of postal payments banks.&nbsp; 
 
Prasad said his ministry is taking up several initiatives to use IT and related services to improve the services, and asked IT experts to use government services through the STPI to innovate in this direction.&nbsp; 
 
&quot;We will also begin the virtual classroom facility so that we can use technology to offer better education through virtual classrooms. As a pilot project, 3,500 government schools will be given the facility, of which 770 schools are from (western) Gujarat,&quot; he added. 
 
The minister also spoke about the government&#39;s initiative to set up BPOs (business process outsourcing units) in smaller centres in the country. 
 
&quot;We have started BPO scheme to encourage small centres for call centres, BPOs. We started 48,000 call centres/BPOs and will provide a subsidy of Rupees&nbsp;1 lakh to call centres in smaller centres. We are creating a platform across the country for that,&quot; Prasad said, adding, &quot;IT applications will be used for pensioners, distributing scholarships. We want to make India the IT power hub of the world.&quot;&nbsp; 
 
Prasad later visited Bardoli, a city in western Indian state of Gujarat, from where the Indian freedom fighter Sardar Patel had started his historic &#39;Satyagrah&#39; against the British rule. 
 
The minister took a dig at the grand old party&nbsp;Congress for 41-year delay in conferring the Bharat Ratna, the highest civilian award of Republic of India, upon Sardar Patel. 
 
&quot;Sardar Patel died in 1950, and was conferred Bharat Ratna in 1991. Rahulji (Congress vice-president Rahul Gandhi) and Soniaji (Congress chief Sonia Gandhi) must answer as to why they took 41 years for this. Neither has a single family made India independent, nor has a single family been behind taking the country forward,&quot; he said.

(PTI) 
 
 
 
&nbsp;

'Some 50 companies, including World Bank, Deutsche Bank, Swiss Bank, Barclays, want to be associated with us,' Ravi Shankar Prasad said

Around 50 companies including global banking institutions like the World Bank, Deutsche Bank and Barclays have expressed their eagerness to be associated with the centre's postal payments bank initiative, Indian minister Ravi Shankar Prasad said on Saturday. "We will begin postal payments banking service from September 16, wherein 1.3 lakh postmen will be given hand-held devices, a moving ATM (automated teller machine) to provide banking services, insurance, money-order, as well as third-party service," the Information technology minister said after inaugurating an incubation centre at the Software Technology Parks of India (STPI) here. Some 50 companies, including World Bank, Deutsche Bank, Swiss Bank, Barclays, want to be associated with us," said India's ruling Bharatiya Janta Party (BJP) leader. In June, the Indian cabinet had cleared the proposal for postal payments banks with a corpus of Rupees 800 crore. The proposal is to set up 650 branches of postal payments banks. Prasad said his ministry is taking up several initiatives to use IT and related services to improve the services, and asked IT experts to use government services through the STPI to innovate in this direction. "We will also begin the virtual classroom facility so that we can use technology to offer better education through virtual classrooms. As a pilot project, 3,500 government schools will be given the facility, of which 770 schools are from (western) Gujarat," he added. The minister also spoke about the government's initiative to set up BPOs (business process outsourcing units) in smaller centres in the country. "We have started BPO scheme to encourage small centres for call centres, BPOs. We started 48,000 call centres/BPOs and will provide a subsidy of Rupees 1 lakh to call centres in smaller centres. We are creating a platform across the country for that," Prasad said, adding, "IT applications will be used for pensioners, distributing scholarships. We want to make India the IT power hub of the world." Prasad later visited Bardoli, a city in western Indian state of Gujarat, from where the Indian freedom fighter Sardar Patel had started his historic 'Satyagrah' against the British rule. The minister took a dig at the grand old party Congress for 41-year delay in conferring the Bharat Ratna, the highest civilian award of Republic of India, upon Sardar Patel. "Sardar Patel died in 1950, and was conferred Bharat Ratna in 1991. Rahulji (Congress vice-president Rahul Gandhi) and Soniaji (Congress chief Sonia Gandhi) must answer as to why they took 41 years for this. Neither has a single family made India independent, nor has a single family been behind taking the country forward," he said. (PTI)

Global banking institutions keen on tie-up with postal bank initiative: India's IT minister

Asian shares slipped on Monday and the dollar pulled away from last week&#39;s lows on expectations that a signal might emerge from a Federal Reserve gathering this week in Jackson Hole, Wyoming that the US central bank is gearing up to hike interest rates. 
 
Global central bankers will join the annual mountain retreat that opens on Thursday, with Fed Chair Janet Yellen due to speak the following day. 
 
On Sunday, Fed Vice Chairman Stanley Fischer gave a generally upbeat assessment of the US economy&#39;s current strength in prepared remarks, saying the job market was close to full strength and still improving. 
 
&quot;We are close to our targets,&quot; Fischer said, though he did not directly address the timing of when the US central bank should next raise interest rates. 
 
Last week, New York Fed President William Dudley said a rate hike would be possible in September. Fischer&#39;s remarks fuelled that sense of anticipation, though interest rate futures contracts indicate that market is pricing in about 50/50 odds of an increase in December. 
 
&quot;Fischer&#39;s comments have raised some expectations in the market, particularly after Dudley&#39;s recent comments,&quot; said Ayako Sera, market strategist at Sumitomo Mitsui Trust Bank. 
 
MSCI&#39;s broadest index of Asia-Pacific shares outside Japan was down 0.7 per cent, after losing 0.3 per cent last week. Wall Street logged modest losses on Friday, ending nearly flat for the week. 
 
Japan&#39;s Nikkei rose 0.3 per cent, taking solace from a weaker currency ahead of the Jackson Hole meeting. It had skidded 2.2 percent last week, as the dollar dipped below 100 yen. 
 
&quot;Moves in the Japanese market will likely be dominated by the dollar-yen performances after the meeting,&quot; said Masashi Oda, general manager of the strategic investment department at Sumitomo Mitsui Trust Asset Management. &quot;The market could move either way, but most people want some kind of signal at this point.&quot; 
 
The dollar was up 0.6 percent against its Japanese counterpart at 100.84 yen, while the euro was down 0.4 percent at $1.1276, pulling away from last week&#39;s eight-week high of $1.1366. 
 
The dollar index, which tracks the greenback against a basket of six major rivals, added 0.4 per cent to 94.923, pulling away from last week&#39;s low of 94.077, which was its lowest since June 24. 
 
Crude oil futures dropped, giving back some of their recent gains that propelled oil into bull market territory, after technicals had it in a bear market earlier this month. 
 
Crude futures have risen almost $10 a barrel since early August on speculation that Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries will agree next month to a production freeze deal with non-OPEC producers led by Russia. 
 
US crude fell 0.9 percent to $48.09 after gaining 9 per cent last week, rising for a second straight week. Brent crude was 1.3 per cent lower at $50.20 a barrel, after gaining 8 per cent last week, rising for a third week in a row. 
 
Gold fell on Monday to its lowest in over a week as the dollar strengthened. Spot gold was down 0.5 percent at $1,334.01 an ounce.

(Reuters) 
 
&nbsp;

Fed Vice Chairman Stanley Fischer gave an upbeat assessment of the US economy's current strength, saying the job market was close to full strength and still improving

Asian shares slipped on Monday and the dollar pulled away from last week's lows on expectations that a signal might emerge from a Federal Reserve gathering this week in Jackson Hole, Wyoming that the US central bank is gearing up to hike interest rates. Global central bankers will join the annual mountain retreat that opens on Thursday, with Fed Chair Janet Yellen due to speak the following day. On Sunday, Fed Vice Chairman Stanley Fischer gave a generally upbeat assessment of the US economy's current strength in prepared remarks, saying the job market was close to full strength and still improving. "We are close to our targets," Fischer said, though he did not directly address the timing of when the US central bank should next raise interest rates. Last week, New York Fed President William Dudley said a rate hike would be possible in September. Fischer's remarks fuelled that sense of anticipation, though interest rate futures contracts indicate that market is pricing in about 50/50 odds of an increase in December. "Fischer's comments have raised some expectations in the market, particularly after Dudley's recent comments," said Ayako Sera, market strategist at Sumitomo Mitsui Trust Bank. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.7 per cent, after losing 0.3 per cent last week. Wall Street logged modest losses on Friday, ending nearly flat for the week. Japan's Nikkei rose 0.3 per cent, taking solace from a weaker currency ahead of the Jackson Hole meeting. It had skidded 2.2 percent last week, as the dollar dipped below 100 yen. "Moves in the Japanese market will likely be dominated by the dollar-yen performances after the meeting," said Masashi Oda, general manager of the strategic investment department at Sumitomo Mitsui Trust Asset Management. "The market could move either way, but most people want some kind of signal at this point." The dollar was up 0.6 percent against its Japanese counterpart at 100.84 yen, while the euro was down 0.4 percent at $1.1276, pulling away from last week's eight-week high of $1.1366. The dollar index, which tracks the greenback against a basket of six major rivals, added 0.4 per cent to 94.923, pulling away from last week's low of 94.077, which was its lowest since June 24. Crude oil futures dropped, giving back some of their recent gains that propelled oil into bull market territory, after technicals had it in a bear market earlier this month. Crude futures have risen almost $10 a barrel since early August on speculation that Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries will agree next month to a production freeze deal with non-OPEC producers led by Russia. US crude fell 0.9 percent to $48.09 after gaining 9 per cent last week, rising for a second straight week. Brent crude was 1.3 per cent lower at $50.20 a barrel, after gaining 8 per cent last week, rising for a third week in a row. Gold fell on Monday to its lowest in over a week as the dollar strengthened. Spot gold was down 0.5 percent at $1,334.01 an ounce. (Reuters)

Asian shares dip, dollar rises as US Fed set to hike rates

India&#39;s former central bank governor Raghuram Rajan&#39;s abrupt announcement of his departure as governor of the Reserve Bank of India (RBI) came as a nasty surprise to many, especially his fans in the investment community, but the way Urjit Patel was chosen as his successor has been anything but. 
 
Aides to Indian Prime Minister Narendra Modi have sought to show that the search and selection process has been deliberate and controlled, that the nation&rsquo;s leader and the finance minister Arun Jaitley were closely involved, and that the government is fully behind the RBI&rsquo;s battle to control inflation. 
 
Critically for the stability of financial markets, Patel lent his name to the panel that drew up the blueprint for formally adopting a consumer inflation target of 4 per cent, as well as creating a new Monetary Policy Committee to steer interest rates and help India hit that goal. 
 
At the same time, the officials have stressed that no single individual should again dominate the RBI in the way that Rajan did over his three-year term. Where Rajan is known for pithy one-liners at news conferences and speeches larded with social criticism, Patel is seen as more of a backroom technocrat who avoids the limelight. 
 
Rajan&#39;s shock announcement on the afternoon of June 18, a Saturday, caught the government off-guard &ndash; Jaitley was watching a movie at home with his family and took more than two hours to issue a public statement. 
 
The recovery of composure was quick, though. A shortlist of potential successors was floated before the evening was out. Patel, the 52-year-old deputy governor who takes over from Rajan on September 4, was on it, along with a clutch of other contenders that included veterans of the RBI. 
 
On Saturday evening, exactly nine weeks later, the choice was made public. And it was done without Modi holding meetings about the job with any of the candidates, according to sources with direct knowledge of the process. 
 
While Modi may have been involved in the final decision on Patel, he wanted to &quot;keep his distance&quot; in the weeks before as the appointment committee ran the process, one aide said. 
 
&quot;Lobbying does not get you such a job - but Modi ji&#39;s confidence in Patel was a big factor,&rdquo; the official said, using the honorific Indian suffix. 
 
Patel has wide international policy experience. He worked at the IMF as an economist from 1990 to 1995, and for Boston Consulting Group and Indian conglomerate Reliance Industries. 
 
Sources said Patel had been vetted and his candidacy blessed by the Hindu-nationalist umbrella group, the Rashtriya Swayamsevak Sangh (RSS), that backs Modi&#39;s nationalist party. 
 
That marks a big change from its attitude to Rajan, who came under fire from the Rashtriya Swayamsevak Sangh&nbsp;(RSS), a right-wing ,Hindu nationalist Party and in particular from lawmaker Subramanian Swamy who demanded he be fired for being &quot;mentally not fully Indian&quot;. Rajan this month denounced the personal attacks he had faced as &quot;abominable&quot;. 
 
Patel is looked on favourably as dependable and low-key, with no ambition to upstage the government. Rajan, by contrast, drew RSS ire by straying into politically sensitive territory in high-profile speeches in which he said social tolerance was vital to a country&rsquo;s economic development. 
 
That was perceived as an implied attack on the Hindu-nationalist agenda of the RSS and other supporters of Modi. Rajan has denied criticising the government. 
 
Getting to know you 
 
Modi warmed to Patel at a face-to-face meeting earlier this year, when the central banker was given an extension to his term as deputy governor in charge of monetary policy, said a second Modi aide. 
 
&quot;Patel has a direct working equation with the Prime Minister,&quot; this aide said, using an Indian-English expression for a personal relationship, adding the Prime Minister valued Patel as a &quot;clear thinker&quot; and appreciated his &quot;direct approach&quot;. 
 
The only sign of nervousness senior officials betrayed was in their initial suggestion that the next governor would be named by the time of Rajan&#39;s final policy meeting on August 9. 
 
But, after financial markets remained calm despite Rajan&#39;s announcement that he would not seek a second term, they reverted to a timeline that would allow just enough time for an orderly handover - as was the case with Rajan&#39;s own appointment three years ago. 
 
Throughout, the Prime Minister&#39;s Office has owned the process - reflecting Modi&#39;s determination to centralise decision-making in India&#39;s sprawling and often recalcitrant bureaucracy - with cabinet secretary PK Sinha heading the selection committee. 
 
In its initial recommendations in July, the panel called for the next RBI governor to be a technocrat, and not a bureaucrat; a macroeconomist; and team player. 
 
The successful candidate needed to be an individual of stature who could also ensure continuity at the RBI, one of the panel&#39;s members said after Patel&rsquo;s appointment. 
 
Jaitley met Modi to discuss the RBI succession on Thursday. A five-strong candidate list was then submitted to the selection panel, with the field led by Patel and also featuring contenders such as India&#39;s IMF executive director Subir Gokarn and World Bank chief economist Kaushik Basu. 
 
The selection committee provided its feedback after a lengthy session on Friday. It did not recommend any name; nor did it formally interview candidates, the member said, adding the final decision to pick Patel was made by Modi and Jaitley. 
 
&nbsp;Inflation hawk 
 
The choice shows that Modi is paying more than just lip-service to the fight against inflation. 
 
Modi endorsed the inflation fight in his Independence Day speech last Monday, and that will shield Patel as he seeks to consolidate the inflation-targeting framework brought in under the leadership of Rajan. 
 
&quot;While we have embraced the idea of the MPC, it has yet to be tested,&quot; said another senior government official. &nbsp;&quot;You need a smooth transition from the current system of decision making. Patel can ensure that there are no hiccoughs.&quot; 
 
&nbsp;Also, with the inflation rate now pushing above 6 per cent, it is vital to send a clear message to investors that the government would not waver in its resolve to keep inflation in check, this official added. 
 
&nbsp;&quot;It is very important that the credibility we have acquired in managing inflation doesn&#39;t get dented,&quot; the official also said. 
 
(Reuters)

Officials stress no single individual to dominate the Reserve Bank of India, the way former governor Raghuram Rajan did

India's former central bank governor Raghuram Rajan's abrupt announcement of his departure as governor of the Reserve Bank of India (RBI) came as a nasty surprise to many, especially his fans in the investment community, but the way Urjit Patel was chosen as his successor has been anything but. Aides to Indian Prime Minister Narendra Modi have sought to show that the search and selection process has been deliberate and controlled, that the nation’s leader and the finance minister Arun Jaitley were closely involved, and that the government is fully behind the RBI’s battle to control inflation. Critically for the stability of financial markets, Patel lent his name to the panel that drew up the blueprint for formally adopting a consumer inflation target of 4 per cent, as well as creating a new Monetary Policy Committee to steer interest rates and help India hit that goal. At the same time, the officials have stressed that no single individual should again dominate the RBI in the way that Rajan did over his three-year term. Where Rajan is known for pithy one-liners at news conferences and speeches larded with social criticism, Patel is seen as more of a backroom technocrat who avoids the limelight. Rajan's shock announcement on the afternoon of June 18, a Saturday, caught the government off-guard – Jaitley was watching a movie at home with his family and took more than two hours to issue a public statement. The recovery of composure was quick, though. A shortlist of potential successors was floated before the evening was out. Patel, the 52-year-old deputy governor who takes over from Rajan on September 4, was on it, along with a clutch of other contenders that included veterans of the RBI. On Saturday evening, exactly nine weeks later, the choice was made public. And it was done without Modi holding meetings about the job with any of the candidates, according to sources with direct knowledge of the process. While Modi may have been involved in the final decision on Patel, he wanted to "keep his distance" in the weeks before as the appointment committee ran the process, one aide said. "Lobbying does not get you such a job - but Modi ji's confidence in Patel was a big factor,” the official said, using the honorific Indian suffix. Patel has wide international policy experience. He worked at the IMF as an economist from 1990 to 1995, and for Boston Consulting Group and Indian conglomerate Reliance Industries. Sources said Patel had been vetted and his candidacy blessed by the Hindu-nationalist umbrella group, the Rashtriya Swayamsevak Sangh (RSS), that backs Modi's nationalist party. That marks a big change from its attitude to Rajan, who came under fire from the Rashtriya Swayamsevak Sangh (RSS), a right-wing ,Hindu nationalist Party and in particular from lawmaker Subramanian Swamy who demanded he be fired for being "mentally not fully Indian". Rajan this month denounced the personal attacks he had faced as "abominable". Patel is looked on favourably as dependable and low-key, with no ambition to upstage the government. Rajan, by contrast, drew RSS ire by straying into politically sensitive territory in high-profile speeches in which he said social tolerance was vital to a country’s economic development. That was perceived as an implied attack on the Hindu-nationalist agenda of the RSS and other supporters of Modi. Rajan has denied criticising the government. Getting to know you Modi warmed to Patel at a face-to-face meeting earlier this year, when the central banker was given an extension to his term as deputy governor in charge of monetary policy, said a second Modi aide. "Patel has a direct working equation with the Prime Minister," this aide said, using an Indian-English expression for a personal relationship, adding the Prime Minister valued Patel as a "clear thinker" and appreciated his "direct approach". The only sign of nervousness senior officials betrayed was in their initial suggestion that the next governor would be named by the time of Rajan's final policy meeting on August 9. But, after financial markets remained calm despite Rajan's announcement that he would not seek a second term, they reverted to a timeline that would allow just enough time for an orderly handover - as was the case with Rajan's own appointment three years ago. Throughout, the Prime Minister's Office has owned the process - reflecting Modi's determination to centralise decision-making in India's sprawling and often recalcitrant bureaucracy - with cabinet secretary PK Sinha heading the selection committee. In its initial recommendations in July, the panel called for the next RBI governor to be a technocrat, and not a bureaucrat; a macroeconomist; and team player. The successful candidate needed to be an individual of stature who could also ensure continuity at the RBI, one of the panel's members said after Patel’s appointment. Jaitley met Modi to discuss the RBI succession on Thursday. A five-strong candidate list was then submitted to the selection panel, with the field led by Patel and also featuring contenders such as India's IMF executive director Subir Gokarn and World Bank chief economist Kaushik Basu. The selection committee provided its feedback after a lengthy session on Friday. It did not recommend any name; nor did it formally interview candidates, the member said, adding the final decision to pick Patel was made by Modi and Jaitley. Inflation hawk The choice shows that Modi is paying more than just lip-service to the fight against inflation. Modi endorsed the inflation fight in his Independence Day speech last Monday, and that will shield Patel as he seeks to consolidate the inflation-targeting framework brought in under the leadership of Rajan. "While we have embraced the idea of the MPC, it has yet to be tested," said another senior government official. "You need a smooth transition from the current system of decision making. Patel can ensure that there are no hiccoughs." Also, with the inflation rate now pushing above 6 per cent, it is vital to send a clear message to investors that the government would not waver in its resolve to keep inflation in check, this official added. "It is very important that the credibility we have acquired in managing inflation doesn't get dented," the official also said. (Reuters)

India: PM Modi regains composure after Rajan shock, visible in naming of new central bank chief

Moody&#39;s Investors Service on Monday said continued reforms to enhance business environment and moderate inflation will help India achieve robust growth, but cautioned that rising contingent liability risks in the banking sector could affect its credit quality. 
 
Evidence of success in policymakers&#39; efforts to introduce growth-enhancing economic and institutional reforms would provide support for a rating upgrade, Moody&#39;s said in its Annual Credit Analysis as it forecast GDP growth at about 7.5&nbsp;per cent&nbsp;for next two years. 
 
&quot;Sustained fiscal consolidation, stable inflation at moderate levels and progress on reforms aimed at enhancing the business environment would contribute to sustained growth at robust levels. In turn, persistent income and profit growth would raise government revenues and contribute to improved fiscal metrics. However, we expect the benefits to be very gradual,&quot; Moody&#39;s said. 
 
India&#39;s credit profile is supported by strong growth potential and high private savings rate, it said. 
 
&quot;Conversely, signs of slippage in progress towards those goals or indications of rising contingent liability risks related to the banking sector could weigh on India&#39;s credit quality,&quot; Moody&#39;s added. 
 
India&#39;s strengths are balanced against a high government debt burden (67.4 per cent of GDP in 2015), regulatory and infrastructure constraints on its competitiveness,&nbsp;slow&nbsp;pace of policy reform, and the contingent liability risk to the sovereign from public sector banks&#39; high and rising non-performing loans. 
 
&quot;Looking ahead, evidence of success in policymakers&#39; efforts to introduce growth-enhancing and growth-stabilising economic and institutional reforms would provide support for a rating upgrade,&quot; it said. 
 
Moody&#39;s further said that institutional strength is apparent in robust democratic apparatus. Offsetting weaknesses include an uncertain regulatory environment, corruption, a slow-moving judicial system and, in general, inefficiencies in the delivery of government services, it added. 
 
&quot;At the current juncture, political fragmentation leads to slow and ad-hoc progress on reforms. Progress on land and labour reforms, when it has occurred has been limited and gradual,&quot; it said. 
 
Moody&#39;s said the positive outlook on India&#39;s rating reflects our expectation that policies over the next 12 to 18 months will support sustained growth, accompanied by narrower fiscal deficits, low current account deficits, increased savings and investment, and inflation that is within the central bank&#39;s target. 
 
Over the past year, it said external developments favourable to India such as lower global oil prices have combined with policy measures to move the economy towards a more stable macroeconomic development with smaller fiscal deficits, lower inflation and a narrower current account deficit.

Moody&#39;s analyses India&#39;s credit profile in terms of economic, institutional and fiscal strength and susceptibility to event risk.
&quot;We expect corporates&#39; profitability to remain muted which will continue to dampen their ability and willingness to invest in the next few quarters. We forecast real GDP growth at about 7.5&nbsp;per cent&nbsp;in the next two years,&quot; Moody&#39;s said. 
 
Material improvements to India&#39;s public finances will likely be limited in the near term, and deficit reduction will come from either cyclical upswings or tactical fiscal management, rather than a broad-based fiscal consolidation strategy. 
 
Moody&#39;s said India&#39;s susceptibility to event risk is driven by banking sector risk. As banks continue to recognise bad assets, non-performing loans will rise further, particularly for public sector banks (PSBs), albeit at a slower pace than at the end of 2015. 
 
The agency estimates the capital needs of PSBs to be notably larger than the Rs 70,000 crore of equity over the next four years proposed by the government. 
 
&quot;The authorities&#39; focus on bad asset recognition and provisioning in the banking system, as well as the recent passage of a new bankruptcy bill, would be credit positive from a sovereign perspective&nbsp;if it led to improved bank capitalisation levels, renewed loan growth and robust risk processes,&quot; Moody&#39;s said. 
 
The US-based agency said that reforms to improve the business environment will help to realise India&#39;s growth potential, but the benefits of these measures would be very gradual. 
 
The &#39;Make in India&#39; programme aims to increase the share of manufacturing to 25&nbsp;per cent&nbsp;in 2020 from the current 16&nbsp;per cent. This implies growth in manufacturing value added of 12-14&nbsp;per cent&nbsp;per year, compared with only 8.1&nbsp;per cent&nbsp;in FY2016, Moody&#39;s added. 
 
&quot;But inadequate infrastructure, limited flow of workers from the agriculture sector and, to some extent, only moderate levels of investment in innovation will hamper growth in the manufacturing sector and the economy as a whole. These factors are likely to prevent a sharp improvement in India&#39;s competitiveness,&quot; it said. 
 
(PTI)

The study estimates that capital needs of public sector banks will be larger than the proposed $10.45 billion of equity in 4 years

Moody's Investors Service on Monday said continued reforms to enhance business environment and moderate inflation will help India achieve robust growth, but cautioned that rising contingent liability risks in the banking sector could affect its credit quality. Evidence of success in policymakers' efforts to introduce growth-enhancing economic and institutional reforms would provide support for a rating upgrade, Moody's said in its Annual Credit Analysis as it forecast GDP growth at about 7.5 per cent for next two years. "Sustained fiscal consolidation, stable inflation at moderate levels and progress on reforms aimed at enhancing the business environment would contribute to sustained growth at robust levels. In turn, persistent income and profit growth would raise government revenues and contribute to improved fiscal metrics. However, we expect the benefits to be very gradual," Moody's said. India's credit profile is supported by strong growth potential and high private savings rate, it said. "Conversely, signs of slippage in progress towards those goals or indications of rising contingent liability risks related to the banking sector could weigh on India's credit quality," Moody's added. India's strengths are balanced against a high government debt burden (67.4 per cent of GDP in 2015), regulatory and infrastructure constraints on its competitiveness, slow pace of policy reform, and the contingent liability risk to the sovereign from public sector banks' high and rising non-performing loans. "Looking ahead, evidence of success in policymakers' efforts to introduce growth-enhancing and growth-stabilising economic and institutional reforms would provide support for a rating upgrade," it said. Moody's further said that institutional strength is apparent in robust democratic apparatus. Offsetting weaknesses include an uncertain regulatory environment, corruption, a slow-moving judicial system and, in general, inefficiencies in the delivery of government services, it added. "At the current juncture, political fragmentation leads to slow and ad-hoc progress on reforms. Progress on land and labour reforms, when it has occurred has been limited and gradual," it said. Moody's said the positive outlook on India's rating reflects our expectation that policies over the next 12 to 18 months will support sustained growth, accompanied by narrower fiscal deficits, low current account deficits, increased savings and investment, and inflation that is within the central bank's target. Over the past year, it said external developments favourable to India such as lower global oil prices have combined with policy measures to move the economy towards a more stable macroeconomic development with smaller fiscal deficits, lower inflation and a narrower current account deficit. Moody's analyses India's credit profile in terms of economic, institutional and fiscal strength and susceptibility to event risk. "We expect corporates' profitability to remain muted which will continue to dampen their ability and willingness to invest in the next few quarters. We forecast real GDP growth at about 7.5 per cent in the next two years," Moody's said. Material improvements to India's public finances will likely be limited in the near term, and deficit reduction will come from either cyclical upswings or tactical fiscal management, rather than a broad-based fiscal consolidation strategy. Moody's said India's susceptibility to event risk is driven by banking sector risk. As banks continue to recognise bad assets, non-performing loans will rise further, particularly for public sector banks (PSBs), albeit at a slower pace than at the end of 2015. The agency estimates the capital needs of PSBs to be notably larger than the Rs 70,000 crore of equity over the next four years proposed by the government. "The authorities' focus on bad asset recognition and provisioning in the banking system, as well as the recent passage of a new bankruptcy bill, would be credit positive from a sovereign perspective if it led to improved bank capitalisation levels, renewed loan growth and robust risk processes," Moody's said. The US-based agency said that reforms to improve the business environment will help to realise India's growth potential, but the benefits of these measures would be very gradual. The 'Make in India' programme aims to increase the share of manufacturing to 25 per cent in 2020 from the current 16 per cent. This implies growth in manufacturing value added of 12-14 per cent per year, compared with only 8.1 per cent in FY2016, Moody's added. "But inadequate infrastructure, limited flow of workers from the agriculture sector and, to some extent, only moderate levels of investment in innovation will hamper growth in the manufacturing sector and the economy as a whole. These factors are likely to prevent a sharp improvement in India's competitiveness," it said. (PTI)

Moody's: India GDP growth rate will be about 7.5% over next two years